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Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Business Segment Financial Information

The following tables present financial information by segment for the three months ended March 31, 2024 and 2023.

Table 24.1 – Business Segment Financial Information

						Three Months Ended March 31, 2024
(In Thousands)						Residential Consumer Mortgage Banking						Residential Investor Mortgage Banking						Investment Portfolio						Corporate/ Other						Total
Interest income						$	14,313					$	3,771					$	182,600					$	4,056					$	204,740
Interest expense						(8,266)						(2,877)						(153,105)						(16,282)						(180,530)
Net interest income (expense)						6,047						894						29,495						(12,226)						24,210
Non-interest income (loss)
Mortgage banking activities, net						7,827						6,729						—						—						14,556
Investment fair value changes, net						—						—						21,405						432						21,837
HEI income, net						—						—						9,031						—						9,031
Other income, net						—						626						4,825						(945)						4,506
Realized gains, net						—						—						314						95						409
Total non-interest income (loss), net						7,827						7,355						35,575						(418)						50,339
General and administrative expenses						(4,789)						(11,425)						(2,175)						(16,180)						(34,569)
Portfolio management costs						—						—						(3,588)						(9)						(3,597)
Loan acquisition costs						(572)						(1,663)						—						(2)						(2,237)
Other expenses						—						(2,806)						(555)						—						(3,361)
(Provision for) Benefit from income taxes						(1,494)						2,136						(1,146)						(19)						(523)
Segment Contribution						$	7,019					$	(5,509)					$	57,606					$	(28,854)
Net Income																														$	30,262
Non-cash amortization (expense), net						$	(284)					$	(3,073)					$	(3,017)					$	(1,940)					$	(8,314)

						Three Months Ended March 31, 2023
(In Thousands)						Residential Consumer Mortgage Banking						Residential Investor Mortgage Banking						Investment Portfolio						Corporate/ Other						Total
Interest income						$	5,510					$	4,494					$	163,660					$	4,852					$	178,516
Interest expense						(6,866)						(4,038)						(123,452)						(17,723)						(152,079)
Net interest income (expense)						(1,356)						456						40,208						(12,871)						26,437
Non-interest income (loss)
Mortgage banking activities, net						3,365						13,306						—						—						16,671
Investment fair value changes, net						1,076						—						(5,279)						(189)						(4,392)
HEI income, net						—						—						4,265						—						4,265
Other income, net						—						2,408						2,168						(20)						4,556
Realized gains, net						—						—						(117)						115						(2)
Total non-interest income (loss), net						4,441						15,714						1,037						(94)						21,098
General and administrative expenses						(4,806)						(13,678)						(1,409)						(15,662)						(35,555)
Portfolio management costs						—						—						(3,510)						—						(3,510)
Loan acquisition costs						(175)						(1,114)						—						—						(1,289)
Other expenses						—						(3,108)						(576)						—						(3,684)
Benefit from income taxes						633						703						(213)						—						1,123
Segment Contribution						$	(1,263)					$	(1,027)					$	35,537					$	(28,627)
Net Income																														$	4,620
Non-cash amortization (expense), net						$	(255)					$	(3,701)					$	(2,833)					$	(2,106)					$	(8,895)

Schedule of Components of Corporate and Other

The following table presents the components of Corporate/Other for the three months ended March 31, 2024 and 2023.

Table 24.2 – Components of Corporate/Other

						Three Months Ended March 31,
						2024																		2023
(In Thousands)						Legacy Consolidated VIEs (1)						Other						Total						Legacy Consolidated VIEs (1)						Other						Total
Interest income						$	2,298					$	1,758					$	4,056					$	2,543					$	2,309					$	4,852
Interest expense						(2,194)						(14,088)						(16,282)						(2,504)						(15,219)						(17,723)
Net interest income (expense)						104						(12,330)						(12,226)						39						(12,910)						(12,871)
Non-interest income (loss)
Investment fair value changes, net						(218)						650						432						(94)						(95)						(189)
Other income, net						—						(945)						(945)						—						(20)						(20)
Realized gains, net						—						95						95						—						115						115
Total non-interest income (loss), net						(218)						(200)						(418)						(94)						—						(94)
General and administrative expenses						—						(16,180)						(16,180)						—						(15,662)						(15,662)
Portfolio management costs						—						(9)						(9)						—						—						—
Loan acquisition costs						—						(2)						(2)						—						—						—
Benefit from income taxes						—						(19)						(19)						—						—						—
Total						$	(114)					$	(28,740)					$	(28,854)					$	(55)					$	(28,572)					$	(28,627)

(1)     Legacy consolidated VIEs represent Legacy Sequoia entities that are consolidated for GAAP financial reporting purposes. See Note 4 for further discussion on VIEs.

Schedule of Supplemental Information by Segment

The following table presents supplemental information by segment at March 31, 2024 and December 31, 2023.

Table 24.3 – Supplemental Segment Information

(In Thousands)						Residential Consumer Mortgage Banking						Residential Investor Mortgage Banking												Investment Portfolio						Corporate/ Other						Total
March 31, 2024
Residential consumer loans						$	511,706					$	—											$	6,973,027					$	131,859					$	7,616,592
Residential investor loans						—						280,551												4,901,443						—						5,181,994
Consolidated Agency multifamily loans						—						—												422,788						—						422,788
Real estate securities						62,815						—												149,492						—						212,307
Home equity investments						—						—												560,325						420						560,745
Other investments						—						—												279,737						57,608						337,345
Goodwill						—						23,373												—						—						23,373
Intangible assets						—						25,657												—						—						25,657
Total assets						594,842						383,090												13,560,010						520,032						15,057,974
December 31, 2023
Residential consumer loans						$	911,192					$	—											$	5,999,706					$	139,739					$	7,050,637
Residential investor loans						—						180,250												5,040,048						—						5,220,298
Consolidated Agency multifamily loans						—						—												425,285						—						425,285
Real estate securities						4,995						—												122,802						—						127,797
Home equity investments						—						—												550,323						113						550,436
Other investments						—						—												287,822						56,108						343,930
Goodwill						—						23,373												—						—						23,373
Intangible assets						—						28,462												—						—						28,462
Total assets						971,535						293,225												12,718,201						521,366						14,504,327

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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-Name Accounting Standards Codification
-Topic 350
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