During the three and nine months ended September 30, 2024, interest income increased primarily due to increased investment in Agency RMBS and business purpose loans. The increase in interest expense during the three and nine months ended September 30, 2024 was due primarily to an increase in repurchase agreement financing of our Agency RMBS portfolio and additional securitization financings completed in 2024.
Income from real estate decreased in the three-month and nine-month periods primarily due to a decrease in rental income as a result of the sale or de-consolidation since September 30, 2023 of certain multi-family real estate assets owned by entities in which we had joint venture equity investments.
Expenses related to real estate decreased in the three-month and nine-month periods due to a decrease in interest expense on mortgages payable and a decrease in operating expenses due to the aforementioned sales or de-consolidation of multi-family real estate assets. This decrease was partially offset by an increase in depreciation expense and amortization of lease intangibles as a result of the return of certain multi-family real estate assets owned by entities in which we have joint venture equity investments to held and used since September 30, 2023.
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