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Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Business Segment Financial Information

The following tables present financial information by segment for the three months ended March 31, 2022 and 2021.

Table 23.1 – Business Segment Financial Information

						Three Months Ended March 31, 2022
(In Thousands)						Residential Mortgage Banking						Business Purpose Mortgage Banking						Investment Portfolio						Corporate/ Other						Total
Interest income						$	12,967					$	4,841					$	170,572					$	1,020					$	189,400
Interest expense						(6,936)						(2,568)						(116,581)						(10,213)						(136,298)
Net interest income						6,031						2,273						53,991						(9,193)						53,102
Non-interest income
Mortgage banking activities, net						7,935						8,380						—						—						16,315
Investment fair value changes, net						—						—						(5,406)						(714)						(6,120)
Other income, net						—						575						5,282						126						5,983
Realized gains, net						—						—						2,581						—						2,581
Total non-interest income, net						7,935						8,955						2,457						(588)						18,759
General and administrative expenses						(6,101)						(10,472)						(3,133)						(15,148)						(34,854)
Loan acquisition costs						(1,417)						(3,048)						—						—						(4,465)
Other expenses						—						(3,534)						(551)						—						(4,085)
Benefit from (provision for) income taxes						1,007						3,281						(1,830)						—						2,458
Segment Contribution						$	7,455					$	(2,545)					$	50,934					$	(24,929)
Net Income																														$	30,915
Non-cash amortization (expense) income, net						$	104					$	(3,890)					$	7,300					$	(2,033)					$	1,481

						Three Months Ended March 31, 2021
(In Thousands)						Residential Mortgage Banking						Business Purpose Mortgage Banking						Investment Portfolio						Corporate/ Other						Total
Interest income						$	7,579					$	2,855					$	116,509					$	1,362					$	128,305
Interest expense						(4,747)						(1,599)						(85,945)						(10,261)						(102,552)
Net interest income						2,832						1,256						30,564						(8,899)						25,753
Non-interest income
Mortgage banking activities, net						61,435						21,172						—						—						82,607
Investment fair value changes, net						—						—						45,761						(674)						45,087
Other income, net						—						122						3,574						147						3,843
Realized gains, net						—						—						2,716						—						2,716
Total non-interest income (loss), net						61,435						21,294						52,051						(527)						134,253
General and administrative expenses						(12,689)						(10,194)						(3,164)						(17,504)						(43,551)
Loan acquisition costs						(1,404)						(1,492)						(659)						(4)						(3,559)
Other expenses						(6)						(3,777)						(330)						17						(4,096)
Provision for income taxes						(9,486)						(1,321)						(736)						—						(11,543)
Segment Contribution						$	40,682					$	5,766					$	77,726					$	(26,917)
Net Income																														$	97,257
Non-cash amortization income (expense), net						$	(3)					$	(4,098)					$	(234)					$	(1,895)					$	(6,230)

Components of Corporate and Other

The following table presents the components of Corporate/Other for the three months ended March 31, 2022 and 2021.

Table 23.2 – Components of Corporate/Other

						Three Months Ended March 31,
						2022																		2021
(In Thousands)						Legacy Consolidated VIEs (1)						Other						Total						Legacy Consolidated VIEs (1)						Other						Total
Interest income						$	1,012					$	8					$	1,020					$	1,348					$	14					$	1,362
Interest expense						(701)						(9,512)						(10,213)						(875)						(9,386)						(10,261)
Net interest income						311						(9,504)						(9,193)						473						(9,372)						(8,899)
Non-interest income
Investment fair value changes, net						(714)						—						(714)						(699)						25						(674)
Other income						—						126						126						—						147						147
Total non-interest income, net						(714)						126						(588)						(699)						172						(527)
General and administrative expenses						—						(15,148)						(15,148)						—						(17,504)						(17,504)
Loan acquisition costs						—						—						—						—						(4)						(4)
Other expenses						—						—						—						—						17						17
Total						$	(403)					$	(24,526)					$	(24,929)					$	(226)					$	(26,691)					$	(26,917)

(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, 2022 and December 31, 2021.

Table 23.3 – Supplemental Segment Information

(In Thousands)						Residential Mortgage Banking						Business Purpose Lending Mortgage Banking												Investment Portfolio						Corporate/ Other						Total
March 31, 2022
Residential loans						$	1,101,006					$	—											$	5,893,918					$	222,213					$	7,217,137
Business purpose loans						—						496,280												4,258,498						—						4,754,778
Multifamily loans						—						—												451,804						—						451,804
Real estate securities						7,714						—												351,168						—						358,882
Other investments						—						—												595,056						40,525						635,581
Intangible assets						—						38,027												—						—						38,027
Total assets						1,234,502						607,991												11,546,776						864,023						14,253,292
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

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