Interest income and interest expense (Tables)

3 Months Ended

Mar. 31, 2024

Interest income and interest expense

Schedule of components of interest income and expense

	Three Months Ended March 31,
(in thousands)	2024		2023
Interest income
Loans, net
Bridge	$	148,273	$	160,431
Fixed rate		12,266		13,028
Construction		30,168		12,166
SBA - 7(a)		31,290		14,921
PPP (1)		301		3,007
Other		7,785		8,375
Total loans, net (2)	$	230,083	$	211,928
Loans, held for sale, at fair value
Fixed rate		—		735
Other		218		7
Total loans, held for sale, at fair value (2)	$	218	$	742
Investments held to maturity (1)		13		8
Preferred equity investment (2)		1,084		2,168
MBS		956		1,122
Total interest income	$	232,354	$	215,968
Interest expense
Secured borrowings		(47,638)		(45,220)
PPPLF borrowings (3)		(28)		(164)
Securitized debt obligations of consolidated VIEs		(100,252)		(90,601)
Guaranteed loan financing		(18,508)		(4,872)
Senior secured note		(4,381)		(4,381)
Convertible note		—		(2,188)
Corporate debt		(12,998)		(11,442)
Total interest expense	$	(183,805)	$	(158,868)
Net interest income before provision for loan losses	$	48,549	$	57,100
(1) Included in Other assets on the consolidated balance sheets.
(2) Includes interest income on assets in consolidated VIEs.
(3) Included in Other liabilities on the consolidated balance sheets.