Components of Operating Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Components 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 three months ended March 31, 2024 and 2023 are presented in the following table.

Table 22.1 – Components of Operating Expenses


	Three Months Ended March 31,
(In Thousands)	2024		2023
General and Administrative Expenses
Fixed compensation expense (1)	$	16,257	$	15,359
Annual variable compensation expense	2,917		4,005
Long-term incentive award expense (2)	6,487		7,942
Systems and consulting	3,201		3,112
Office costs	2,082		2,040
Accounting and legal	1,217		919
Corporate costs	872		929
Other	1,536		1,249
Total General and Administrative Expenses	34,569		35,555

Portfolio Management Costs	3,597		3,510

Loan Acquisition Costs
Commissions	881		828
Underwriting costs	682		242
Transfer and holding costs	674		219
Total Loan Acquisition Costs	2,237		1,289

Other Expenses

Amortization of purchase-related intangible assets	2,805		3,107

Other	556		577
Total Other Expenses	3,361		3,684
Total Operating Expenses	$	43,764	$	44,038

(1)Includes $2 million and $1 million of severance and transition-related expenses for the three months ended March 31, 2024 and 2023, respectively.

(2)Includes $1 million and $0.1 million of equity amortization expense related to employee terminations during the three months ended March 31, 2024 and March 31, 2023, respectively. For the three months ended March 31, 2024 and 2023, long-term incentive award expense included $6 million and $6 million of expense, respectively, for awards settleable in shares of our common stock, and $1 million and $2 million of expense, respectively, for awards settleable in cash.