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General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses | 9 Months Ended
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Sep. 30, 2022
Other Income and Expenses [Abstract] |
General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses | General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses Components of our general and administrative expenses, loan acquisition costs, and other expenses for the three and nine months ended September 30, 2022 and 2021 are presented in the following table. Table 22.1 – Components of General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
General and Administrative Expenses |  |  |  |  |  |  |  |
Fixed compensation expense (1) |  | $ | 18,626 |  |  | $ | 11,285 |  |  | $ | 45,364 |  |  | $ | 34,359 |
Annual variable compensation expense |  | 3,521 |  |  | 19,844 |  |  | 8,689 |  |  | 51,021 |
Long-term incentive award expense (2) |  | 4,998 |  |  | 4,915 |  |  | 16,190 |  |  | 14,766 |
Acquisition-related equity compensation expense (3) |  | — |  |  | 1,189 |  |  | — |  |  | 3,613 |
Systems and consulting |  | 3,909 |  |  | 2,975 |  |  | 10,796 |  |  | 9,224 |
Office costs |  | 2,381 |  |  | 2,197 |  |  | 6,489 |  |  | 6,029 |
Accounting and legal |  | 1,775 |  |  | 1,197 |  |  | 5,026 |  |  | 3,132 |
Corporate costs |  | 928 |  |  | 964 |  |  | 2,792 |  |  | 2,528 |
Other |  | 3,969 |  |  | 3,126 |  |  | 11,581 |  |  | 7,165 |
Total General and Administrative Expenses |  | 40,107 |  |  | 47,692 |  |  | 106,927 |  |  | 131,837 |
Loan Acquisition Costs |  |  |  |  |  |  |  |
Commissions |  | 1,549 |  |  | 1,906 |  |  | 6,279 |  |  | 4,830 |
Underwriting costs |  | 545 |  |  | 2,351 |  |  | 3,013 |  |  | 5,872 |
Transfer and holding costs |  | 332 |  |  | 364 |  |  | 1,079 |  |  | 1,226 |
Total Loan Acquisition Costs |  | 2,426 |  |  | 4,621 |  |  | 10,371 |  |  | 11,928 |
Other Expenses |  |  |  |  |  |  |  |
Amortization of purchase-related intangible assets |  | 3,891 |  |  | 3,873 |  |  | 10,731 |  |  | 11,619 |
Other |  | 370 |  |  | 150 |  |  | 1,083 |  |  | 485 |
Total Other Expenses |  | 4,261 |  |  | 4,023 |  |  | 11,814 |  |  | 12,104 |
Total General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses |  | $ | 46,794 |  |  | $ | 56,336 |  |  | $ | 129,112 |  |  | $ | 155,869 |
(1)Includes $3 million of severance and transition-related expenses for the three and nine months ended September 30, 2022. (2)For the three months ended September 30, 2022 and 2021, long-term incentive award expense included $5 million and $3 million of expense for awards settleable in shares of our common stock, and $0.1 million and $1 million of expense for awards settleable in cash, respectively. For the nine months ended September 30, 2022 and 2021, long-term incentive award expense included $15 million and $10 million of expense for awards settleable in shares of our common stock, and $1 million and $4 million of expense for awards settleable in cash, respectively. (3)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. Long-Term Cash-Based Awards and Cash Settled Deferred Stock Units During the nine months ended September 30, 2022, $2 million of long-term cash-based retention awards were granted to employees that will vest and be paid over a three-year period, subject to continued employment through the vesting periods from 2022 through 2025. At both September 30, 2022 and December 31, 2021, the unamortized compensation cost of long-term cash-based awards was $4 million. During the nine months ended September 30, 2022, there were no cash-settled deferred stock units granted to employees. Cash-settled deferred stock units that were granted in 2020 and 2021 vest over four years through 2025. At September 30, 2022 and December 31, 2021, the unamortized compensation cost of cash-settled deferred stock units was $2 million and $7 million, respectively. The unamortized compensation cost is adjusted for changes in the value of our common stock at the end of each reporting period. Refer to Note 21 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, for additional information regarding long-term cash-based awards and cash-settled deferred stock units.

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 720 -URI https://asc.fasb.org/topic&trid=2122503 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 610 -URI https://asc.fasb.org/topic&trid=49130413 + Details
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