General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Components of General and Administrative Expenses and Other Expenses

Components of our general and administrative expenses, loan acquisition costs, and other expenses for the three and six months ended June 30, 2022 and 2021 are presented in the following table.

Table 21.1 – Components of General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses


	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands)	2022		2021		2022		2021
General and Administrative Expenses
Fixed compensation expense	$	12,110	$	11,269	$	26,738	$	23,074
Annual variable compensation expense	1,811		12,508		5,168		31,177
Long-term incentive award expense (1)	5,532		5,682		11,192		9,851
Acquisition-related equity compensation expense (2)	—		1,212		—		2,424
Systems and consulting	3,703		3,272		6,887		6,249
Office costs	2,083		2,024		4,108		3,832
Accounting and legal	1,576		1,221		3,251		1,935
Corporate costs	1,000		873		1,864		1,564
Other	4,151		2,533		7,612		4,039
Total General and Administrative Expenses	31,966		40,594		66,820		84,145

Loan Acquisition Costs
Commissions	2,116		1,661		4,730		2,924
Underwriting costs	1,096		1,836		2,468		3,521
Transfer and holding costs	268		251		747		862

Total Loan Acquisition Costs	3,480		3,748		7,945		7,307

Other Expenses

Amortization of purchase-related intangible assets	3,306		3,873		6,840		7,746

Other	162		112		713		335
Total Other Expenses	3,468		3,985		7,553		8,081
Total General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses	$	38,914	$	48,327	$	82,318	$	99,533

(1)For the three months ended June 30, 2022 and 2021, long-term incentive award expense included $5 million and $4 million of expense for awards settleable in shares of our common stock, and $0.4 million and $1 million of expense for awards settleable in cash, respectively. For the six months ended June 30, 2022 and 2021, long-term incentive award expense included $10 million and $7 million of expense for awards settleable in shares of our common stock, and $1 million and $3 million of expense for awards settleable in cash, respectively.

(2)Acquisition-related equity compensation expense relates to 588,260 shares of restricted stock that were issued to members of CoreVest management as a component of the consideration paid to them for our purchase of their interests in CoreVest in 2019. The grant date fair value of these restricted stock awards was $10 million, which was recognized as compensation expense over the two-year vesting period on a straight-line basis in accordance with GAAP.