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Components of Operating Expenses | 6 Months Ended
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Jun. 30, 2024
Other Income and Expenses [Abstract] |
Components of Operating Expenses | Components of Operating Expenses Components of our general and administrative expenses, portfolio management costs, loan acquisition costs, and other expenses for the three and six months ended June 30, 2024 and 2023 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) |  | 2024 |  | 2023 |  | 2024 |  | 2023
General and Administrative Expenses |  |  |  |  |  |  |  |
Fixed compensation expense (1) |  | $ | 13,073 |  |  | $ | 12,786 |  |  | $ | 29,330 |  |  | $ | 28,145 |
Annual variable compensation expense |  | 4,051 |  |  | 3,187 |  |  | 6,968 |  |  | 7,192 |
Long-term incentive award expense (2) |  | 7,338 |  |  | 6,237 |  |  | 13,825 |  |  | 14,179 |
Systems and consulting |  | 3,254 |  |  | 2,854 |  |  | 6,455 |  |  | 5,966 |
Office costs |  | 2,076 |  |  | 2,289 |  |  | 4,158 |  |  | 4,329 |
Accounting and legal |  | 789 |  |  | 1,176 |  |  | 2,006 |  |  | 2,095 |
Corporate costs |  | 985 |  |  | 957 |  |  | 1,857 |  |  | 1,886 |
Other |  | 1,718 |  |  | 1,319 |  |  | 3,254 |  |  | 2,568 |
Total General and Administrative Expenses |  | 33,284 |  |  | 30,805 |  |  | 67,853 |  |  | 66,360 |
Portfolio Management Costs |  | 4,864 |  |  | 3,100 |  |  | 8,461 |  |  | 6,610 |
Loan Acquisition Costs |  |  |  |  |  |  |  |
Commissions |  | 1,571 |  |  | 1,023 |  |  | 2,452 |  |  | 1,851 |
Underwriting costs |  | 1,039 |  |  | 219 |  |  | 1,721 |  |  | 461 |
Transfer and holding costs |  | 1,054 |  |  | 202 |  |  | 1,728 |  |  | 421 |
Total Loan Acquisition Costs |  | 3,664 |  |  | 1,444 |  |  | 5,901 |  |  | 2,733 |
Other Expenses |  |  |  |  |  |  |  |
Amortization of purchase-related intangible assets |  | 2,202 |  |  | 3,107 |  |  | 5,007 |  |  | 6,214 |
Other |  | 2,975 |  |  | 1,868 |  |  | 3,531 |  |  | 2,445 |
Total Other Expenses |  | 5,177 |  |  | 4,975 |  |  | 8,538 |  |  | 8,659 |
Total Operating Expenses |  | $ | 46,989 |  |  | $ | 40,324 |  |  | $ | 90,753 |  |  | $ | 84,362 |
(1)Includes $2 million and $1 million of severance and transition-related expenses for the six months ended June 30, 2024 and 2023, respectively. (2)Includes $1 million of equity amortization expense related to employee terminations for both the six months ended June 30, 2024 and 2023. For the three months ended June 30, 2024 and 2023, long-term incentive award expense included $5 million and $4 million of expense, respectively, for awards settleable in shares of our common stock, and $2 million and $1 million of expense, respectively, for awards settleable in cash. For the six months ended June 30, 2024 and 2023, long-term incentive award expense included $11 million and $10 million of expense, respectively, for awards settleable in shares of our common stock, and $3 million and $3 million of expense, respectively, for awards settleable in cash. For additional information related to cash-settled, long-term incentive awards, see Note 22 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/720/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 610 -Publisher FASB -URI https://asc.fasb.org/610/tableOfContent + Details
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