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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2018
Segment Reporting [Abstract] |
Business Segment Financial Information | The following tables present financial information by segment for the three months ended March 31, 2018 and 2017. Table 21.1 – Business Segment Financial Information
|  | Three Months Ended March 31, 2018
(In Thousands) |  | Investment Portfolio |  | Residential Mortgage Banking |  | Corporate/ Other |  | Total
Interest income |  | $ | 58,757 |  |  | $ | 12,897 |  |  | $ | 4,965 |  |  | $ | 76,619 |
Interest expense |  | (19,863 | ) |  | (6,137 | ) |  | (15,514 | ) |  | (41,514 | )
Net interest income (loss) |  | 38,894 |  |  | 6,760 |  |  | (10,549 | ) |  | 35,105 |
Non-interest income |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | — |  |  | 26,576 |  |  | — |  |  | 26,576 |
MSR income, net |  | 957 |  |  | — |  |  | — |  |  | 957 |
Investment fair value changes, net |  | 1,590 |  |  | — |  |  | 19 |  |  | 1,609 |
Other income |  | 1,161 |  |  | — |  |  | — |  |  | 1,161 |
Realized gains, net |  | 9,363 |  |  | — |  |  | — |  |  | 9,363 |
Total non-interest income, net |  | 13,071 |  |  | 26,576 |  |  | 19 |  |  | 39,666 |
Direct operating expenses |  | (2,007 | ) |  | (8,632 | ) |  | (12,391 | ) |  | (23,030 | )
Provision for income taxes |  | (888 | ) |  | (4,008 | ) |  | — |  |  | (4,896 | )
Segment Contribution |  | $ | 49,070 |  |  | $ | 20,696 |  |  | $ | (22,921 | ) |  |
Net Income |  |  |  |  |  |  |  | $ | 46,845 |
Non-cash amortization income (expense), net |  | $ | 4,617 |  |  | $ | (22 | ) |  | $ | (858 | ) |  | $ | 3,737 |
|  | Three Months Ended March 31, 2017
(In Thousands) |  | Investment Portfolio |  | Residential Mortgage Banking |  | Corporate/ Other |  | Total
Interest income |  | $ | 42,250 |  |  | $ | 7,474 |  |  | $ | 4,904 |  |  | $ | 54,628 |
Interest expense |  | (5,264 | ) |  | (2,924 | ) |  | (12,843 | ) |  | (21,031 | )
Net interest income (loss) |  | 36,986 |  |  | 4,550 |  |  | (7,939 | ) |  | 33,597 |
Non-interest income |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | — |  |  | 17,604 |  |  | — |  |  | 17,604 |
MSR income, net |  | 1,713 |  |  | — |  |  | — |  |  | 1,713 |
Investment fair value changes, net |  | 3,359 |  |  | — |  |  | (1,808 | ) |  | 1,551 |
Other income |  | 1,184 |  |  | — |  |  | — |  |  | 1,184 |
Realized gains, net |  | 5,703 |  |  | — |  |  | — |  |  | 5,703 |
Total non-interest income, net |  | 11,959 |  |  | 17,604 |  |  | (1,808 | ) |  | 27,755 |
Direct operating expenses |  | (1,593 | ) |  | (5,881 | ) |  | (10,752 | ) |  | (18,226 | )
Provision for income taxes |  | (1,737 | ) |  | (4,420 | ) |  | — |  |  | (6,157 | )
Segment Contribution |  | $ | 45,615 |  |  | $ | 11,853 |  |  | $ | (20,499 | ) |  |
Net Income |  |  |  |  |  |  |  | $ | 36,969 |
Non-cash amortization income (expense) |  | $ | 5,847 |  |  | $ | (27 | ) |  | $ | (997 | ) |  | $ | 4,823 |
Components of Corporate and Other | The following table presents the components of Corporate/Other for the three months ended March 31, 2018 and 2017. Table 21.2 – Components of Corporate/Other
|  | Three Months Ended March 31,
|  | 2018 |  | 2017
(In Thousands) |  | Legacy Consolidated VIEs (1) |  | Other |  | Total |  | Legacy Consolidated VIEs (1) |  | Other |  | Total
Interest income |  | $ | 4,812 |  |  | $ | 153 |  |  | $ | 4,965 |  |  | $ | 4,838 |  |  | $ | 66 |  |  | $ | 4,904 |
Interest expense |  | (3,852 | ) |  | (11,662 | ) |  | (15,514 | ) |  | (3,516 | ) |  | (9,327 | ) |  | (12,843 | )
Net interest income (loss) |  | 960 |  |  | (11,509 | ) |  | (10,549 | ) |  | 1,322 |  |  | (9,261 | ) |  | (7,939 | )
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Investment fair value changes, net |  | (8 | ) |  | 27 |  |  | 19 |  |  | (1,810 | ) |  | 2 |  |  | (1,808 | )
Total non-interest income, net |  | (8 | ) |  | 27 |  |  | 19 |  |  | (1,810 | ) |  | 2 |  |  | (1,808 | )
Direct operating expenses |  | — |  |  | (12,391 | ) |  | (12,391 | ) |  | — |  |  | (10,752 | ) |  | (10,752 | )
Total |  | $ | 952 |  |  | $ | (23,873 | ) |  | $ | (22,921 | ) |  | $ | (488 | ) |  | $ | (20,011 | ) |  | $ | (20,499 | )
(1) | Legacy consolidated VIEs represent Legacy Sequoia entities that are consolidated for GAAP financial reporting purposes. See Note 4 for further discussion on VIEs.
Supplemental Information by Segment | The following table presents supplemental information by segment at March 31, 2018 and December 31, 2017. Table 21.3 – Supplemental Segment Information
(In Thousands) |  | Investment Portfolio |  | Residential Mortgage Banking |  | Corporate/ Other |  | Total
March 31, 2018 |  |  |  |  |  |  |  |
Residential loans |  | $ | 3,389,404 |  |  | $ | 1,130,185 |  |  | $ | 626,151 |  |  | $ | 5,145,740 |
Real estate securities |  | 1,357,720 |  |  | — |  |  | — |  |  | 1,357,720 |
Mortgage servicing rights |  | 66,496 |  |  | — |  |  | — |  |  | 66,496 |
Total assets |  | 5,012,235 |  |  | 1,154,413 |  |  | 832,925 |  |  | 6,999,573 |
December 31, 2017 |  |  |  |  |  |  |  |
Residential loans |  | $ | 3,054,448 |  |  | $ | 1,427,945 |  |  | $ | 632,817 |  |  | $ | 5,115,210 |
Real estate securities |  | 1,476,510 |  |  | — |  |  | — |  |  | 1,476,510 |
Mortgage servicing rights |  | 63,598 |  |  | — |  |  | — |  |  | 63,598 |
Total assets |  | 4,743,873 |  |  | 1,453,069 |  |  | 842,880 |  |  | 7,039,822 |

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