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Interest income and interest expense (Tables)

9 Months Ended

Sep. 30, 2022

Interest income and interest expense

Schedule of components of interest income and expense


		Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)		2022			2021			2022			2021
Interest income
Loans
Bridge		$	118,755		$	40,602		$	266,234		$	97,891
Fixed rate			13,473			16,431			42,412			45,119
Construction			9,942			—			18,942			—
SBA - 7(a)			10,604			10,059			29,725			28,377
PPP			14,000			18,680			50,140			51,927
Residential			53			44			103			166
Other			9,090			11,256			29,381			35,236
Total loans ⁽¹⁾		$	175,917		$	97,072		$	436,937		$	258,716
Held for sale, at fair value, loans
Fixed rate		$	2,292		$	786		$	6,585		$	1,356
Freddie Mac			230			235			729			997
Residential			2,103			3,225			6,401			8,511
Other			—			—			46			—
Total loans, held for sale, at fair value⁽¹⁾		$	4,625		$	4,246		$	13,761		$	10,864
Investments held to maturity		$	4,764		$	—		$	8,983		$	—
MBS, at fair value		$	720		$	3,818		$	4,421		$	11,974
Total interest income		$	186,026		$	105,136		$	464,102		$	281,554
Interest expense
Secured borrowings		$	(42,124)		$	(14,048)		$	(89,894)		$	(49,687)
Paycheck Protection Program Liquidity Facility borrowings			(323)			(2,258)			(1,470)			(4,137)
Securitized debt obligations of consolidated VIEs			(52,186)			(19,490)			(110,241)			(60,004)
Guaranteed loan financing			(3,798)			(3,472)			(10,069)			(10,595)
Senior secured note			(4,380)			(3,465)			(13,117)			(10,380)
Convertible note			(2,188)			(2,188)			(6,564)			(6,564)
Corporate debt			(10,496)			(5,215)			(25,984)			(14,945)
Total interest expense		$	(115,495)		$	(50,136)		$	(257,339)		$	(156,312)
Net interest income before provision for loan losses		$	70,531		$	55,000		$	206,763		$	125,242
(1) Includes interest income on loans in consolidated VIEs.