v3.26.1
Interest Income and Interest Expense
 3 Months Ended
Mar. 31, 2026
Banking and Thrift, Interest [Abstract]  
Interest Income and Interest Expense Note 14. Interest Income and Interest Expense
Interest income and expense are recorded in the consolidated statements of operations and classified based on the nature
of the underlying asset or liability.
The table below presents the components of interest income and expense.
Three Months Ended March 31,
(in thousands)
2026
2025
Interest income
Loans, net
Bridge
$28,228
$96,197
Fixed rate
7,027
10,215
Construction
10,935
7,543
SBA - 7(a)
19,900
26,999
PPP (1)
50
446
Other
4,937
6,291
Total loans, net (2)
$71,077
$147,691
Loans, held for sale
Bridge
4,049
—
Fixed rate
411
26
Construction
—
327
SBA - 7(a)
1,408
2,381
Other
257
208
Total loans, held for sale (2)
$6,125
$2,942
Loans, held at fair value
Other
9
38
Total loans, held at fair value
$9
$38
Preferred equity investment (2)
3,253
3,302
MBS
1,266
994
Total interest income
$81,730
$154,967
Interest expense
Secured borrowings
(47,855)
(41,123)
PPPLF borrowings (3)
—
(14)
Securitized debt obligations of consolidated VIEs
(14,526)
(60,680)
Guaranteed loan financing
(8,823)
(12,930)
Senior secured notes
(14,525)
(10,110)
Corporate debt
(11,105)
(15,609)
Total interest expense
$(96,834)
$(140,466)
Net interest income (loss) before provision for loan losses
$(15,104)
$14,501
(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.