v3.26.1
Interest Income and Interest Expense (Tables)
 6 Months Ended
Jun. 30, 2026
Banking and Thrift, Interest [Abstract]  
Schedule of Interest Income and Interest Expense Disclosure The table below presents the components of interest income and expense.
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2026
2025
2026
2025
Interest income
Loans, net
Bridge
$24,500
$83,125
$52,728
$179,322
Fixed rate
7,464
9,969
14,491
20,184
Construction
12,345
15,461
23,280
23,004
SBA - 7(a)
20,789
27,677
40,689
54,676
PPP (1)
1
342
51
788
Other
4,691
6,081
9,628
12,372
Total loans, net (2)
$69,790
$142,655
$140,867
$290,346
Loans, held for sale
Bridge
1,356
3,530
5,405
3,530
Fixed rate
—
—
411
26
Construction
—
—
—
327
SBA - 7(a)
1,191
1,922
2,599
4,303
Other
312
282
569
490
Total loans, held for sale (2)
$2,859
$5,734
$8,984
$8,676
Loans, held at fair value
Other
16
38
25
76
Total loans, held at fair value
$16
$38
$25
$76
Preferred equity investment (2)
3,289
3,289
6,542
6,591
MBS
1,447
1,019
2,713
2,013
Total interest income
$77,401
$152,735
$159,131
$307,702
Interest expense
Secured borrowings
(42,585)
(54,288)
(90,440)
(95,411)
PPPLF borrowings (3)
(7)
(11)
(7)
(25)
Securitized debt obligations of consolidated VIEs
(6,824)
(42,154)
(21,350)
(102,834)
Guaranteed loan financing
(9,152)
(12,489)
(17,975)
(25,419)
Senior secured notes
(15,035)
(13,569)
(29,560)
(23,679)
Corporate debt
(9,250)
(13,326)
(20,355)
(28,935)
Total interest expense
$(82,853)
$(135,837)
$(179,687)
$(276,303)
Net interest income (loss) before provision for loan losses
$(5,452)
$16,898
$(20,556)
$31,399
(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.