Components of Operating Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Schedule of 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, 2023 and 2022 are presented in the following table.

Table 22.1 – Components of Operating Expenses


	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands)	2023		2022		2023		2022
General and Administrative Expenses
Fixed compensation expense (1)	$	12,786	$	12,110	$	28,145	$	26,738
Annual variable compensation expense	3,187		1,811		7,192		5,168
Long-term incentive award expense (1) (2)	6,237		5,532		14,179		11,192
Systems and consulting	2,854		3,703		5,966		6,887
Office costs	2,289		2,083		4,329		4,108
Accounting and legal	1,176		1,576		2,095		3,251
Corporate costs	957		1,000		1,886		1,864
Other	1,319		2,384		2,568		4,267
Total General and Administrative Expenses	30,805		30,199		66,360		63,475

Portfolio Management Costs	3,100		1,767		6,610		3,345

Loan Acquisition Costs	1,444		3,480		2,733		7,945

Other Expenses

Amortization of purchase-related intangible assets	3,107		3,306		6,214		6,840

Other	1,868		162		2,445		713
Total Other Expenses	4,975		3,468		8,659		7,553
Total Operating Expenses	$	40,324	$	38,914	$	84,362	$	82,318

(1)Includes $1 million and $2 million of severance and transition-related expenses for the three and six months ended June 30, 2023, respectively.

(2)For the three months ended June 30, 2023 and 2022, long-term incentive award expense included $4 million and $5 million of expense, respectively, for awards settleable in shares of our common stock, and $1 million and $0.4 million of expense, respectively, for awards settleable in cash. For both the six months ended June 30, 2023 and 2022, long-term incentive award expense included $10 million of expense for awards settleable in shares of our common stock, and $3 million and $1 million of expense, respectively, for awards settleable in cash.