Components of Operating Expenses (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022 are presented in the following table.

Table 22.1 – Components of Operating Expenses


	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2023		2022		2023		2022
General and Administrative Expenses
Fixed compensation expense (1)	$	12,579	$	18,626	$	40,724	$	45,364
Annual variable compensation expense	3,383		3,521		10,575		8,689
Long-term incentive award expense (1) (2)	5,013		4,998		19,192		16,190
Systems and consulting	3,108		3,909		9,074		10,796
Office costs	2,131		2,381		6,460		6,489
Accounting and legal	1,307		1,775		3,402		5,026
Corporate costs	959		928		2,845		2,792
Other	1,217		2,106		3,785		6,373
Total General and Administrative Expenses	29,697		38,244		96,057		101,719

Portfolio Management Costs	3,661		1,863		10,271		5,208

Loan Acquisition Costs	1,880		2,426		4,613		10,371

Other Expenses

Amortization of purchase-related intangible assets	3,107		3,891		9,321		10,731

Other	1,526		370		3,971		1,083
Total Other Expenses	4,633		4,261		13,292		11,814
Total Operating Expenses	$	39,871	$	46,794	$	124,233	$	129,112

(1)Includes $2 million of severance and transition-related expenses for the nine months ended September 30, 2023.

(2)For the three months ended September 30, 2023 and 2022, long-term incentive award expense included $3 million and $5 million of expense, respectively, for awards settleable in shares of our common stock, and $2 million and $0.1 million of expense, respectively, for awards settleable in cash. For the nine months ended September 30, 2023 and 2022, long-term incentive award expense included $14 million and $15 million, respectively, of expense for awards settleable in shares of our common stock, and $5 million and $1 million of expense, respectively, for awards settleable in cash.