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Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Financial Information by Segment

The following tables present financial information by segment for the years ended December 31, 2021, 2020, and 2019.

Table 23.1 – Business Segment Financial Information

						Year Ended December 31, 2021
(In Thousands)						Residential Mortgage Banking						Business Purpose Mortgage Banking						Investment Portfolio						Corporate/ Other						Total
Interest income						$	48,953					$	14,054					$	507,173					$	4,746					$	574,926
Interest expense						(26,963)						(7,230)						(351,635)						(40,921)						(426,749)
Net interest income						21,990						6,824						155,538						(36,175)						148,177
Non-interest income
Mortgage banking activities, net						127,151						108,593						—						—						235,744
Investment fair value changes, net						—						—						129,614						(1,565)						128,049
Other income, net						—						1,046						10,021						951						12,018
Realized gains, net						—						—						17,993						—						17,993
Total non-interest income, net						127,151						109,639						157,628						(614)						393,804
General and administrative expenses						(33,574)						(46,586)						(13,633)						(77,066)						(170,859)
Loan acquisition costs						(7,480)						(8,100)						(752)						(4)						(16,336)
Other expenses						104						(15,127)						(1,689)						17						(16,695)
(Provision for) benefit from income taxes						(25,777)						(8,122)						(3,862)						19,283						(18,478)
Segment Contribution						$	82,414					$	38,528					$	293,230					$	(94,559)
Net Income																														$	319,613
Non-cash amortization (expense) income, net						$	(82)					$	(16,452)					$	(20,781)					$	(7,878)					$	(45,193)

						Year Ended December 31, 2020
(In Thousands)						Residential Mortgage Banking						Business Purpose Mortgage Banking						Investment Portfolio						Corporate/ Other						Total
Interest income						$	17,839					$	19,200					$	525,741					$	9,136					$	571,916
Interest expense						(11,978)						(13,145)						(375,262)						(47,620)						(448,005)
Net interest income						5,861						6,055						150,479						(38,484)						123,911
Non-interest income
Mortgage banking activities, net						3,721						74,622						129						—						78,472
Investment fair value changes, net						—						(101)						(586,333)						(2,004)						(588,438)
Other income, net						—						3,228						(1,725)						2,685						4,188
Realized gains, net						—						—						5,242						25,182						30,424
Total non-interest income (loss), net						3,721						77,749						(582,687)						25,863						(475,354)
General and administrative expenses						(16,297)						(37,460)						(8,547)						(52,900)						(115,204)
Loan acquisition costs						(2,727)						(5,860)						(2,426)						(10)						(11,023)
Other expenses						(4,114)						(104,147)						194						(718)						(108,785)
Benefit from (provision for) income taxes						4,567						(4,063)						4,104						—						4,608
Segment Contribution						$	(8,989)					$	(67,726)					$	(438,883)					$	(66,249)
Net Loss																														$	(581,847)
Non-cash amortization income (expense), net						$	(662)					$	(18,426)					$	(1,282)					$	(4,954)					$	(25,324)
Other significant non-cash expense: goodwill impairment						$	—					$	(88,675)					$	—					$	—					$	(88,675)

						Year Ended December 31, 2019
(In Thousands)						Residential Mortgage Banking						Business Purpose Mortgage Banking						Investment Portfolio						Corporate/ Other						Total
Interest income						$	40,901					$	8,212					$	555,519					$	17,649					$	622,281
Interest expense						(21,503)						(4,972)						(390,188)						(63,145)						(479,808)
Net interest income						19,398						3,240						165,331						(45,496)						142,473
Non-interest income
Mortgage banking activities, net						47,743						39,523						—						—						87,266
Investment fair value changes, net						(1)						(175)						37,293						(1,617)						35,500
Other income, net						—						5,139						11,407						2,711						19,257
Realized gains, net						—						—						23,821						—						23,821
Total non-interest income, net						47,742						44,487						72,521						1,094						165,844
General and administrative expenses						(21,724)						(24,832)						(9,313)						(52,868)						(108,737)
Loan acquisition costs						(3,954)						(4,226)						(1,618)						(137)						(9,935)
Other expense						—						(8,521)						(1,106)						(3,395)						(13,022)
Provision for income taxes						(4,074)						(947)						(2,419)						—						(7,440)
Segment Contribution						$	37,388					$	9,201					$	223,396					$	(100,802)
Net Income																														$	169,183
Non-cash amortization income (expense), net						$	(97)					$	(8,896)					$	10,445					$	(4,813)					$	(3,361)

Schedule Of Corporate And Other

The following table presents the components of Corporate/Other for the years ended December 31, 2021, 2020, and 2019.

Table 23.2 – Components of Corporate/Other

						Years Ended December 31,
						2021																		2020																		2019
(In Thousands)						Legacy Consolidated VIEs (1)						Other						Total						Legacy Consolidated VIEs (1)						Other						Total						Legacy Consolidated VIEs (1)						Other						Total
Interest income						$	4,709					$	37					$	4,746					$	9,060					$	76					$	9,136					$	17,649					$	—					$	17,649
Interest expense						(3,040)						(37,881)						(40,921)						(5,945)						(41,675)						(47,620)						(14,418)						(48,727)						(63,145)
Net interest income (loss)						1,669						(37,844)						(36,175)						3,115						(41,599)						(38,484)						3,231						(48,727)						(45,496)
Non-interest income
Investment fair value changes, net						(1,558)						(7)						(1,565)						(1,512)						(492)						(2,004)						(1,545)						(72)						(1,617)
Other income, net						—						951						951						—						2,685						2,685						—						2,711						2,711
Realized gains, net						—						—						—						—						25,182						25,182						—						—						—
Total non-interest (loss) income, net						(1,558)						944						(614)						(1,512)						27,375						25,863						(1,545)						2,639						1,094
General and administrative expenses						—						(77,066)						(77,066)						—						(52,900)						(52,900)						—						(52,868)						(52,868)
Loan acquisition costs						—						(4)						(4)						—						(10)						(10)						—						(137)						(137)
Other expenses						—						17						17						—						(718)						(718)						—						(3,395)						(3,395)
Benefit from income taxes						—						19,283						19,283						—						—						—						—						—						—
Total						$	111					$	(94,670)					$	(94,559)					$	1,603					$	(67,852)					$	(66,249)					$	1,686					$	(102,488)					$	(100,802)

(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 Balance Sheet

The following table presents supplemental information by segment at December 31, 2021 and 2020.

Table 23.3 – Supplemental Segment Information

(In Thousands)						Residential Mortgage Banking						Business Purpose Mortgage Banking						Investment Portfolio						Corporate/ Other						Total
December 31, 2021
Residential loans						$	1,673,235					$	—					$	5,688,742					$	230,455					$	7,592,432
Business purpose loans						—						347,860						4,443,129						—						4,790,989
Multifamily loans						—						—						473,514						—						473,514
Real estate securities						4,927						—						372,484						—						377,411
Other investments						—						—						606,267						35,702						641,969
Intangible assets						—						41,561						—						—						41,561
Total assets						1,716,285						464,967						11,770,486						755,206						14,706,944
December 31, 2020
Residential loans						$	176,641					$	—					$	3,786,475					$	285,935					$	4,249,051
Business purpose loans						—						245,394						3,890,959						—						4,136,353
Multifamily loans						—						—						492,221						—						492,221
Real estate securities						5,279						—						338,846						—						344,125
Other investments						—						—						343,724						4,451						348,175
Intangible assets						—						56,865						—						—						56,865
Total assets						242,060						328,564						8,970,633						813,809						10,355,066

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