The following table details the components of the Company's interest income and interest expense for the three months ended March 31, 2026 and 2025, respectively (dollar amounts in thousands):


	For the Three Months Ended March 31,
	2026		2025
Interest income
Investment securities available for sale	$	97,221	$	61,049
Residential loans
Residential loans	9,787		11,018
Consolidated SLST	13,885		10,740
Residential loans held in securitization trusts	44,567		43,241
Total residential loans	68,239		64,999
Residential loans held for sale	3,411		—
Multi-family loans	1,632		2,580
Other	1,562		1,106
Total interest income	172,065		129,734
Interest expense
Repurchase agreements and warehouse facilities	71,274		52,489
Collateralized debt obligations
Consolidated SLST	11,120		6,964
Residential loan securitizations	30,699		30,325
Non-Agency RMBS re-securitization	1,187		1,290
Total collateralized debt obligations	43,006		38,579
Senior unsecured notes	8,496		4,617
Subordinated debentures	878		951
Total interest expense	123,654		96,636
Net interest income	$	48,411	$	33,098