Interest income and interest expense (Tables)

6 Months Ended

Jun. 30, 2024

Interest income and interest expense

Schedule of components of interest income and expense

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Interest income
Loans, net
Bridge	$	146,418	$	165,788	$	294,691	$	326,219
Fixed rate		11,693		12,164		23,959		25,192
Construction		25,963		22,337		56,131		34,503
SBA - 7(a)		31,945		15,335		63,235		30,256
PPP (1)		127		3,435		428		6,442
Other		8,218		7,857		16,003		16,232
Total loans, net (2)	$	224,364	$	226,916	$	454,447	$	438,844
Loans, held for sale
Bridge		124		—		124		—
Fixed rate		264		701		264		1,436
Construction		4,400		—		4,400		—
Other		538		24		756		31
Total loans, held for sale (2)	$	5,326	$	725	$	5,544	$	1,467
Investments held to maturity (1)		14		12		27		20
Preferred equity investment (2)		3,439		2,193		4,523		4,361
MBS		976		1,158		1,932		2,280
Total interest income	$	234,119	$	231,004	$	466,473	$	446,972
Interest expense
Secured borrowings		(51,500)		(47,282)		(99,138)		(92,502)
PPPLF borrowings (3)		(24)		(124)		(52)		(288)
Securitized debt obligations of consolidated VIEs		(94,476)		(99,558)		(194,728)		(190,159)
Guaranteed loan financing		(17,782)		(4,693)		(36,290)		(9,565)
Senior secured notes		(6,368)		(4,397)		(10,749)		(8,778)
Convertible note		—		(2,188)		—		(4,376)
Corporate debt		(13,017)		(11,979)		(26,015)		(23,421)
Total interest expense	$	(183,167)	$	(170,221)	$	(366,972)	$	(329,089)
Net interest income before provision for loan losses	$	50,952	$	60,783	$	99,501	$	117,883
(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.