Interest income and interest expense (Tables)

12 Months Ended

Dec. 31, 2021

Interest income and interest expense

Schedule of components of interest income and expense

	Year Ended December 31,
(in thousands)	2021		2020		2019
Interest income
Loans
Originated transitional loans	$	151,803	$	88,271	$	69,217
Originated SBC loans		49,099		57,134		51,617
Acquired loans		56,156		57,471		63,879
Acquired SBA 7(a) loans		15,906		18,251		20,687
Originated SBA 7(a) loans		21,634		20,434		11,409
Originated SBC loans, at fair value		886		1,938		1,383
Originated residential agency loans		138		149		75
Total loans (1)	$	295,622	$	243,648	$	218,267
Held for sale, at fair value, loans
Originated residential agency loans	$	11,250	$	7,532	$	4,328
Originated Freddie loans		2,661		1,193		1,008
Acquired loans		1,080		166		217
Total loans, held for sale, at fair value (1)	$	14,991	$	8,891	$	5,553
Paycheck Protection Program loans
Paycheck Protection Program loans		78,932		—		—
Paycheck Protection Program loans, at fair value		269		—		—
Total Paycheck Protection Program loans	$	79,201	$	—	$	—
Mortgage backed securities, at fair value	$	13,682	$	6,097	$	6,096
Total interest income	$	403,496	$	258,636	$	229,916
Interest expense
Secured borrowings	$	(65,692)	$	(45,430)	$	(49,009)
Paycheck Protection Program Liquidity Facility borrowings		(7,140)		—		—
Securitized debt obligations of consolidated VIEs		(82,249)		(78,029)		(69,152)
Guaranteed loan financing		(13,900)		(18,399)		(5,125)
Senior secured note		(15,472)		(13,870)		(13,920)
Convertible note		(8,752)		(8,752)		(8,752)
Corporate debt		(20,356)		(11,001)		(5,922)
Total interest expense	$	(213,561)	$	(175,481)	$	(151,880)
Net interest income before provision for loan losses	$	189,935	$	83,155	$	78,036
(1) Includes interest income on loans in consolidated VIEs.