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Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Business Segment Financial Information

The following tables present financial information by segment for the three months ended March 31, 2021 and 2020.

Table 23.1 – Business Segment Financial Information

						Three Months Ended March 31, 2021
(In Thousands)						Residential Lending						Business Purpose Lending						Third-Party Investments						Corporate/ Other						Total
Interest income						$	27,548					$	64,405					$	34,990					$	1,362					$	128,305
Interest expense						(19,037)						(50,075)						(23,179)						(10,261)						(102,552)
Net interest income						8,511						14,330						11,811						(8,899)						25,753
Non-interest income
Mortgage banking activities, net						61,435						21,172						—						—						82,607
Investment fair value changes, net						2,746						3,299						39,716						(674)						45,087
Other income, net						2,853						843						—						147						3,843
Realized gains, net						2,408						108						200						—						2,716
Total non-interest income (loss), net						69,442						25,422						39,916						(527)						134,253
General and administrative expenses						(13,757)						(11,159)						(1,131)						(17,504)						(43,551)
Loan acquisition costs						(1,416)						(2,052)						(87)						(4)						(3,559)
Other expenses						(6)						(3,777)						(330)						17						(4,096)
Provision for income taxes						(9,979)						(1,321)						(243)						—						(11,543)
Segment Contribution						$	52,795					$	21,443					$	49,936					$	(26,917)
Net Income																														$	97,257
Non-cash amortization (expense) income, net						$	1,666					$	(5,857)					$	(144)					$	(1,895)					$	(6,230)

						Three Months Ended March 31, 2020
(In Thousands)						Residential Lending						Business Purpose Lending						Third-Party Investments						Corporate/ Other						Total
Interest income						$	60,631					$	53,060					$	81,196					$	3,194					$	198,081
Interest expense						(37,562)						(32,353)						(62,501)						(14,255)						(146,671)
Net interest income						23,069						20,707						18,695						(11,061)						51,410
Non-interest income
Mortgage banking activities, net						(23,081)						(5,821)						—						—						(28,902)
Investment fair value changes, net						(196,635)						(142,130)						(531,558)						(509)						(870,832)
Other income, net						(497)						2,184						1,241						—						2,928
Realized gains, net						1,796						—						2,056						—						3,852
Total non-interest income, net						(218,417)						(145,767)						(528,261)						(509)						(892,954)
General and administrative expenses						(4,599)						(11,640)						(1,535)						(10,908)						(28,682)
Loan acquisition costs						(1,033)						(2,693)						(253)						(7)						(3,986)
Other expenses						—						(92,985)						1,882						(312)						(91,415)
Benefit from income taxes						5,330						6,582						10,317						—						22,229
Segment Contribution						$	(195,650)					$	(225,796)					$	(499,155)					$	(22,797)
Net Loss																														$	(943,398)
Non-cash amortization income (expense), net						$	367					$	(5,363)					$	866					$	(367)					$	(4,497)
Other significant non-cash expense: goodwill impairment						$	—					$	(88,675)					$	—					$	—					$	(88,675)

Components of Corporate and Other

The following table presents the components of Corporate/Other for the three months ended March 31, 2021 and 2020.

Table 23.2 – Components of Corporate/Other

						Three Months Ended March 31,
						2021																		2020
(In Thousands)						Legacy Consolidated VIEs (1)						Other						Total						Legacy Consolidated VIEs (1)						Other						Total
Interest income						$	1,348					$	14					$	1,362					$	3,194					$	—					$	3,194
Interest expense						(875)						(9,386)						(10,261)						(2,522)						(11,733)						(14,255)
Net interest income						473						(9,372)						(8,899)						672						(11,733)						(11,061)
Non-interest income
Investment fair value changes, net						(699)						25						(674)						(391)						(118)						(509)
Other income						—						147						147						—						—						—
Total non-interest income, net						(699)						172						(527)						(391)						(118)						(509)
General and administrative expenses						—						(17,504)						(17,504)						—						(10,908)						(10,908)
Loan acquisition costs						—						(4)						(4)						—						(7)						(7)
Other expenses						—						17						17						—						(312)						(312)
Total						$	(226)					$	(26,691)					$	(26,917)					$	281					$	(23,078)					$	(22,797)

(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, 2021 and December 31, 2020.

Table 23.3 – Supplemental Segment Information

(In Thousands)						Residential Lending						Business Purpose Lending												Third-Party Investments						Corporate/ Other						Total
March 31, 2021
Residential loans						$	2,272,624					$	—											$	2,154,351					$	274,861					$	4,701,836
Business purpose loans						—						4,172,120												—						—						4,172,120
Multifamily loans						—						—												489,545						—						489,545
Real estate securities						167,040						—												197,280						—						364,320
Other investments						7,945						19,405												293,776						1,453						322,579
Intangible assets						—						52,992												—						—						52,992
Total assets						2,601,672						4,359,491												3,155,645						780,040						10,896,848
December 31, 2020
Residential loans						$	1,741,963					$	—											$	2,221,153					$	285,935					$	4,249,051
Business purpose loans						—						4,136,353												—						—						4,136,353
Multifamily loans						—						—												492,221						—						492,221
Real estate securities						160,780						—												183,345						—						344,125
Other investments						8,815						21,627												317,282						451						348,175
Intangible assets						—						56,865												—						—						56,865
Total assets						1,989,802						4,323,040												3,232,415						809,809						10,355,066

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