It is possible to generalize the fruitful interaction between (real or complex) Jacobi matrices, orthogonal polynomials and Padé approximants at infinity by considering rational interpolants, (bi)orthogonal rational functions and linear pencils z B − A of two tridiagonal matrices A, B, following Spiridonov and Zhedanov.In the present paper, as well as revisiting the underlying generalized Favard theorem, we suggest a new criterion for the resolvent set of this linear pencil in terms of the underlying associated rational functions. This enables us to generalize several convergence results for Padé approximants in terms of complex Jacobi matrices to the more general case of convergence of rational interpolants in terms of the linear pencil. We also study generalizations of the Darboux transformations and the link to biorthogonal rational functions. Finally, for a Markov function and for pairwise conjugate interpolation points tending to ∞, we compute the spectrum and the numerical range of the underlying linear pencil explicitly.