| Net Interest Income |
22. Net Interest Income
The following table details the components of the Company's interest income and interest expense for the years ended December 31, 2025, 2024 and 2023, respectively (dollar amounts in thousands): | | | | | | | | | | | | | | | | | | | For the Years Ended December 31, | | 2025 | | 2024 | | 2023 | | Interest income | | | | | | | Investment securities available for sale | $ | 316,737 | | | $ | 163,977 | | | $ | 57,514 | | Residential loans | | | | | | | Residential loans | 34,347 | | | 50,266 | | | 54,188 | | | Consolidated SLST | 50,970 | | | 39,194 | | | 34,061 | | | Residential loans held in securitization trusts | 179,178 | | | 129,905 | | | 97,492 | | Total residential loans | 264,495 | | | 219,365 | | | 185,741 | | | Residential loans held for sale | 5,244 | | | — | | | — | | Multi-family loans | 8,528 | | | 10,589 | | | 10,519 | | Other | 6,944 | | | 7,349 | | | 4,886 | | | Total interest income | 601,948 | | | 401,280 | | | 258,660 | | | Interest expense | | | | | | Repurchase agreements and warehouse facilities | 253,960 | | | 183,285 | | | 91,814 | | Collateralized debt obligations | | | | | | | Consolidated SLST | 37,547 | | | 26,491 | | | 24,506 | | | Residential loan securitizations | 127,333 | | | 91,884 | | | 65,184 | | | Non-Agency RMBS re-securitization | 5,007 | | | 2,221 | | | — | | Total collateralized debt obligations | 169,887 | | | 120,596 | | | 89,690 | | | Senior unsecured notes | 24,998 | | | 9,308 | | | 6,476 | | | Subordinated debentures | 3,802 | | | 4,236 | | | 4,154 | | | Total interest expense | 452,647 | | | 317,425 | | | 192,134 | | | Net interest income | $ | 149,301 | | | $ | 83,855 | | | $ | 66,526 | |
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