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Net Interest Income | 9 Months Ended
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Sep. 30, 2025
Banking and Thrift, Interest [Abstract] |
Net Interest Income | 22. Net Interest Income The following table details the components of the Company's interest income and interest expense for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest income |  |  |  |  |  |  |
Investment securities available for sale | $ | 87,565 |  |  | $ | 44,431 |  |  | $ | 220,106 |  |  | $ | 112,785 |
Residential loans |  |  |  |  |  |  |
Residential loans | 9,036 |  |  | 16,237 |  |  | 27,694 |  |  | 39,723 |
Consolidated SLST | 14,306 |  |  | 11,002 |  |  | 36,936 |  |  | 28,284 |
Residential loans held in securitization trusts | 43,392 |  |  | 31,833 |  |  | 132,609 |  |  | 88,866 |
Total residential loans | 66,734 |  |  | 59,072 |  |  | 197,239 |  |  | 156,873 |
Residential loans held for sale | 2,149 |  |  | — |  |  | 2,149 |  |  | — |
Multi-family loans | 2,090 |  |  | 2,646 |  |  | 6,846 |  |  | 7,957 |
Other | 2,095 |  |  | 2,212 |  |  | 4,928 |  |  | 5,412 |
Total interest income | 160,633 |  |  | 108,361 |  |  | 431,268 |  |  | 283,027 |
Interest expense |  |  |  |  |  |  |
Repurchase agreements and warehouse facilities | 71,550 |  |  | 52,326 |  |  | 180,063 |  |  | 133,059 |
Collateralized debt obligations |  |  |  |  |  |  |
Consolidated SLST | 11,199 |  |  | 7,375 |  |  | 26,592 |  |  | 19,928 |
Residential loan securitizations | 31,478 |  |  | 23,435 |  |  | 94,657 |  |  | 62,462 |
Non-Agency RMBS re-securitization | 1,239 |  |  | 906 |  |  | 3,794 |  |  | 906 |
Total collateralized debt obligations | 43,916 |  |  | 31,716 |  |  | 125,043 |  |  | 83,296 |
Senior unsecured notes | 7,615 |  |  | 3,001 |  |  | 17,160 |  |  | 6,303 |
Subordinated debentures | 966 |  |  | 1,081 |  |  | 2,871 |  |  | 3,225 |
Total interest expense | 124,047 |  |  | 88,124 |  |  | 325,137 |  |  | 225,883 |
Net interest income | $ | 36,586 |  |  | $ | 20,237 |  |  | $ | 106,131 |  |  | $ | 57,144 |

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