XML 46 R35.htm IDEA: XBRL DOCUMENT
v3.25.1

Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Business Segment Financial Information | The following tables present financial information by segment for the three months ended March 31, 2025 and 2024. Table 4.1 – Business Segment Financial Information
|  | Three Months Ended March 31, 2025
(In Thousands) |  | Sequoia Mortgage Banking |  | CoreVest Mortgage Banking |  | Redwood Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 31,683 |  |  | $ | 4,394 |  |  | $ | 235,721 |  |  | $ | 296 |  |  | $ | 272,094 |
Interest expense |  | (13,339) |  |  | (2,389) |  |  | (212,268) |  |  | (16,156) |  |  | (244,152) |
Net interest income (expense) |  | 18,344 |  |  | 2,005 |  |  | 23,453 |  |  | (15,860) |  |  | 27,942 |
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net, excluding risk management derivatives |  | 1,364 |  |  | 13,847 |  |  | — |  |  | — |  |  | 15,211 |
Risk management derivatives gains (losses), net (1) |  | 20,787 |  |  | (2,945) |  |  | — |  |  | — |  |  | 17,842 |
Total Mortgage banking activities, net |  | 22,151 |  |  | 10,902 |  |  | — |  |  | — |  |  | 33,053 |
Investment fair value changes, net, excluding risk management derivatives |  | — |  |  | — |  |  | (25,739) |  |  | (80) |  |  | (25,819) |
Risk management derivatives gains, net (1) |  | — |  |  | — |  |  | 20,631 |  |  | — |  |  | 20,631 |
Total Investment fair value changes, net |  | — |  |  | — |  |  | (5,108) |  |  | (80) |  |  | (5,188) |
HEI income, net |  | — |  |  | — |  |  | 10,166 |  |  | — |  |  | 10,166 |
Servicing income, net |  | — |  |  | — |  |  | 3,407 |  |  | — |  |  | 3,407 |
Fee income, net |  | — |  |  | 3,079 |  |  | (728) |  |  | — |  |  | 2,351 |
Other income (loss), net |  | — |  |  | — |  |  | 370 |  |  | 1,180 |  |  | 1,550 |
Realized gains, net |  | — |  |  | — |  |  | 567 |  |  | — |  |  | 567 |
Total non-interest income, net |  | 22,151 |  |  | 13,981 |  |  | 8,674 |  |  | 1,100 |  |  | 45,906 |
General and administrative expenses |  | (6,346) |  |  | (10,597) |  |  | (1,365) |  |  | (19,163) |  |  | (37,471) |
Portfolio management costs |  | — |  |  | — |  |  | (6,491) |  |  | — |  |  | (6,491) |
Loan acquisition costs |  | (1,071) |  |  | (2,497) |  |  | — |  |  | — |  |  | (3,568) |
Other expenses |  | — |  |  | (2,202) |  |  | (1,707) |  |  | — |  |  | (3,909) |
(Provision for) benefit from income taxes |  | (7,261) |  |  | 648 |  |  | 304 |  |  | 47 |  |  | (6,262) |
Net Income (Loss) (2) |  | $ | 25,817 |  |  | $ | 1,338 |  |  | $ | 22,868 |  |  | $ | (33,876) |  |  | $ | 16,147 |
Total Assets |  | $ | 1,559,117 |  |  | $ | 343,985 |  |  | $ | 17,601,951 |  |  | $ | 366,722 |  |  | $ | 19,871,775 |
(1)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and Redwood Investments. For mortgage banking, also includes other derivative financial instruments such as loan purchase commitments and interest rate locks. (2)Net Income (Loss) by segment is also referred to as Segment Contribution.
|  | Three Months Ended March 31, 2024
(In Thousands) |  | Sequoia Mortgage Banking |  | CoreVest Mortgage Banking |  | Redwood Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 14,313 |  |  | $ | 3,771 |  |  | $ | 184,898 |  |  | $ | 1,758 |  |  | $ | 204,740 |
Interest expense |  | (8,266) |  |  | (2,877) |  |  | (155,299) |  |  | (14,088) |  |  | (180,530) |
Net interest income (expense) |  | 6,047 |  |  | 894 |  |  | 29,599 |  |  | (12,330) |  |  | 24,210 |
Non-interest income (loss) |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net, excluding risk management derivatives |  | 4,738 |  |  | 4,220 |  |  | — |  |  | — |  |  | 8,958 |
Risk management derivatives gains, net (1) |  | 3,089 |  |  | 2,509 |  |  | — |  |  | — |  |  | 5,598 |
Total Mortgage banking activities, net |  | 7,827 |  |  | 6,729 |  |  | — |  |  | — |  |  | 14,556 |
Investment fair value changes, net, excluding risk management derivatives |  | — |  |  | — |  |  | 16,806 |  |  | 650 |  |  | 17,456 |
Risk management derivatives gains, net (1) |  | — |  |  | — |  |  | 4,381 |  |  | — |  |  | 4,381 |
Total Investment fair value changes, net |  | — |  |  | — |  |  | 21,187 |  |  | 650 |  |  | 21,837 |
HEI income, net |  | — |  |  | — |  |  | 9,086 |  |  | — |  |  | 9,086 |
Servicing income, net |  | — |  |  | — |  |  | 4,225 |  |  | — |  |  | 4,225 |
Fee income, net |  | — |  |  | 626 |  |  | 375 |  |  | — |  |  | 1,001 |
Other income (loss), net |  | — |  |  | — |  |  | 170 |  |  | (945) |  |  | (775) |
Realized gains, net |  | — |  |  | — |  |  | 314 |  |  | 95 |  |  | 409 |
Total non-interest income (loss), net |  | 7,827 |  |  | 7,355 |  |  | 35,357 |  |  | (200) |  |  | 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) |
Net Income (Loss) (2) |  | $ | 7,019 |  |  | $ | (5,509) |  |  | $ | 57,492 |  |  | $ | (28,740) |  |  | $ | 30,262 |
Total Assets |  | $ | 594,842 |  |  | $ | 383,090 |  |  | $ | 13,692,180 |  |  | $ | 387,862 |  |  | $ | 15,057,974 |
(1)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and Redwood Investments. For mortgage banking, also includes other derivative financial instruments such as loan purchase commitments and interest rate locks. (2)Net Income (Loss) by segment is also referred to as Segment Contribution.

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration