Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of General and Administrative Expenses and Other Expenses

Components of our general and administrative expenses, portfolio management costs, loan acquisition costs, and other expenses for the years ended December 31, 2023, 2022 and 2021 are presented in the following table.

Table 22.1 – Components of Operating Expenses


	Years Ended December 31,
(In Thousands)	2023		2022		2021
General and Administrative Expenses
Fixed compensation expense(1)	$	53,525	$	63,642	$	46,328
Annual variable compensation expense	14,752		12,873		58,569
Long-term incentive award expense (2)	24,854		23,101		19,938
Acquisition-related equity compensation expense (3)	—		—		3,813
Systems and consulting	12,454		14,193		14,445
Office costs	8,590		8,574		7,837
Accounting and legal	5,191		6,644		4,975
Corporate costs	3,628		3,675		3,388
Other	5,301		8,206		5,925
Total General and Administrative Expenses	128,295		140,908		165,218

Portfolio Management Costs	14,571		7,951		5,758

Loan Acquisition Costs
Commissions	3,746		7,154		7,116
Underwriting costs	1,633		3,368		7,645
Transfer and holding costs	1,787		1,244		1,458
Total Loan Acquisition Costs	7,166		11,766		16,219

Other Expenses
Amortization of purchase-related intangible assets	12,430		13,969		15,304
Other(4)	3,808		1,621		1,391
Total Other Expenses	16,238		15,590		16,695
Total Operating Expenses	$	166,270	$	176,215	$	203,890

(1)Includes $2 million and $7 million of severance and transition-related expenses for the years ended December 31, 2023 and 2022, respectively.

(2)For the years ended December 31, 2023, 2022 and 2021, long-term incentive award expense includes $18 million, $20 million and $14 million, respectively, of expense for awards settleable in shares of our common stock and $6 million, $3 million and $6 million, respectively, of expense for awards settleable in cash.

(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.

(4)For the year ended December 31, 2023, Other includes a $6 million allocation of income to our servicing investment co-investors, net of a contra-expense for the reversal of a $2 million litigation reserve.