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v3.25.3

Net Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2025 | Sep. 30, 2024
Interest income | $ 160,633 | $ 108,361 | $ 431,268 | $ 283,027
Interest expense | 124,047 | 88,124 | 325,137 | 225,883
Total net interest income | 36,586 | 20,237 | 106,131 | 57,144
Senior unsecured notes |  |  |  |
Senior unsecured notes | 7,615 | 3,001 | 17,160 | 6,303
Subordinated debentures |  |  |  |
Subordinated debentures | 966 | 1,081 | 2,871 | 3,225
Investment securities available for sale |  |  |  |
Investment securities available for sale | 87,565 | 44,431 | 220,106 | 112,785
Residential loans |  |  |  |
Interest income | 9,036 | 16,237 | 27,694 | 39,723
Consolidated SLST | VIE, Primary Beneficiary |  |  |  |
Interest income | 14,306 | 11,002 | 36,936 | 28,284
Interest expense | 11,199 | 7,375 | 26,592 | 19,928
Residential loans held in securitization trusts |  |  |  |
Interest income | 43,392 | 31,833 | 132,609 | 88,866
Total Residential loans |  |  |  |
Interest income | 66,734 | 59,072 | 197,239 | 156,873
Residential loans held for sale |  |  |  |
Interest income | 2,149 | 0 | 2,149 | 0
Multi-family loans |  |  |  |
Interest income | 2,090 | 2,646 | 6,846 | 7,957
Other |  |  |  |
Other | 2,095 | 2,212 | 4,928 | 5,412
Repurchase agreements and warehouse facilities |  |  |  |
Interest expense | 71,550 | 52,326 | 180,063 | 133,059
Residential loan securitizations |  |  |  |
Interest expense | 31,478 | 23,435 | 94,657 | 62,462
Non-Agency RMBS Re-Securitization |  |  |  |
Interest expense | 1,239 | 906 | 3,794 | 906
Total collateralized debt obligations |  |  |  |
Interest expense | $ 43,916 | $ 31,716 | $ 125,043 | $ 83,296

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