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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Schedule of Business Segment Financial Information
The following tables present financial information by segment for the three and six months ended June 30, 2023 and 2022.
Table 24.1 – Business Segment Financial Information
Three Months Ended June 30, 2023
(In Thousands)Residential Mortgage BankingBusiness Purpose Mortgage BankingInvestment PortfolioCorporate/
Other		Total
Interest income$2,434 $4,397 $166,603 $5,547 $178,981 
Interest expense(1,700)(3,673)(129,855)(17,657)(152,885)
Net interest income (expense)734 724 36,748 (12,110)26,096 
Non-interest income (loss)
Mortgage banking activities, net7,061 9,491 — — 16,552 
Investment fair value changes, net— — (1,837)(2,759)(4,596)
Other income, net— 1,076 4,013 (931)4,158 
Realized gains, net— — 949 107 1,056 
Total non-interest income (loss), net7,061 10,567 3,125 (3,583)17,170 
General and administrative expenses(3,738)(11,638)(1,241)(14,188)(30,805)
Portfolio management costs— — (3,087)(13)(3,100)
Loan acquisition costs(149)(1,295)— — (1,444)
Other expenses— (3,107)(1,868)— (4,975)
(Provision for) Benefit from income taxes(707)1,406 (1,465)697 (69)
Segment Contribution$3,201 $(3,343)$32,212 $(29,197)
Net income$2,873 
Non-cash amortization (expense), net$(292)$(3,333)$(1,857)$(2,086)$(7,568)
Six Months Ended June 30, 2023
(In Thousands)Residential Mortgage BankingBusiness Purpose Mortgage BankingInvestment PortfolioCorporate/
Other		Total
Interest income$7,944 $8,891 $330,263 $10,399 $357,497 
Interest expense(8,566)(7,711)(253,307)(35,380)(304,964)
Net interest income (expense)(622)1,180 76,956 (24,981)52,533 
Non-interest income (loss)
Mortgage banking activities, net10,426 22,797 — — 33,223 
Investment fair value changes, net1,076 — (2,851)(2,948)(4,723)
Other income, net— 3,484 6,181 (951)8,714 
Realized gains, net— — 832 222 1,054 
Total non-interest income (loss), net11,502 26,281 4,162 (3,677)38,268 
General and administrative expenses(8,544)(25,316)(2,650)(29,850)(66,360)
Portfolio management costs— — (6,597)(13)(6,610)
Loan acquisition costs(324)(2,409)— — (2,733)
Other expenses— (6,215)(2,444)— (8,659)
(Provision for) Benefit from income taxes(74)2,109 (1,678)697 1,054 
Segment Contribution$1,938 $(4,370)$67,749 $(57,824)
Net Income$7,493 
Non-cash amortization (expense), net$(547)$(7,035)$(4,690)$(4,193)$(16,465)
Three Months Ended June 30, 2022
(In Thousands)Residential Mortgage BankingBusiness Purpose Mortgage BankingInvestment PortfolioCorporate/
Other		Total
Interest income$13,199 $8,586 $144,478 $1,192 $167,455 
Interest expense(8,297)(4,258)(102,589)(11,823)(126,967)
Net interest income (expense)4,902 4,328 41,889 (10,631)40,488 
Non-interest income (loss)
Mortgage banking activities, net(17,787)(12,230)— — (30,017)
Investment fair value changes, net— — (98,111)10,139 (87,972)
Other income, net— 1,054 6,235 (283)7,006 
Realized gains, net— — — — — 
Total non-interest income (loss), net(17,787)(11,176)(91,876)9,856 (110,983)
General and administrative expenses(6,082)(11,069)(1,274)(11,774)(30,199)
Portfolio management costs— — (1,767)— (1,767)
Loan acquisition costs(881)(2,599)— — (3,480)
Other expenses74 (3,306)(236)— (3,468)
Benefit from income taxes5,588 3,169 686 — 9,443 
Segment Contribution$(14,186)$(20,653)$(52,578)$(12,549)
Net (Loss)$(99,966)
Non-cash amortization (expense), net$(760)$(3,480)$(1,450)$(2,137)$(7,827)
Schedule of Components of Corporate and Other
The following table presents the components of Corporate/Other for the three and six months ended June 30, 2023 and 2022.

Table 24.2 – Components of Corporate/Other
Three Months Ended June 30,
20232022
(In Thousands)
Legacy Consolidated VIEs (1)
OtherTotal
Legacy Consolidated VIEs (1)
Other Total
Interest income$2,740 $2,807 $5,547 $1,108 $84 $1,192 
Interest expense(2,659)(14,998)(17,657)(967)(10,856)(11,823)
Net interest income (expense)81 (12,191)(12,110)141 (10,772)(10,631)
Non-interest income (loss)
Investment fair value changes, net(10)(2,749)(2,759)(336)10,475 10,139 
Other income, net— (931)(931)— (283)(283)
Realized gains, net— 107 107 — — — 
Total non-interest income (loss), net(10)(3,573)(3,583)(336)10,192 9,856 
General and administrative expenses— (14,188)(14,188)— (11,774)(11,774)
Portfolio management costs — (13)(13)— — — 
Benefit from income taxes— 697 697 — — — 
Total$71 $(29,268)$(29,197)$(195)$(12,354)$(12,549)
Six Months Ended June 30,
20232022
(In Thousands)
Legacy Consolidated VIEs(1)
OtherTotal
Legacy Consolidated VIEs(1)
Other Total
Interest income$5,283 $5,116 $10,399 $2,120 $92 $2,212 
Interest expense(5,163)(30,217)(35,380)(1,668)(20,367)(22,035)
Net interest income (expense)120 (25,101)(24,981)452 (20,275)(19,823)
Non-interest income (loss)
Investment fair value changes, net(104)(2,844)(2,948)(1,050)10,475 9,425 
Other income, net— (951)(951)— (157)(157)
Realized gains, net— 222 222 — — — 
Total non-interest income, net(104)(3,573)(3,677)(1,050)10,318 9,268 
General and administrative expenses— (29,850)(29,850)— (26,922)(26,922)
Portfolio management costs— (13)(13)— — — 
Benefit from income taxes— 697 697 — — — 
Total$16 $(57,840)$(57,824)$(598)$(36,879)$(37,477)
(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 June 30, 2023 and December 31, 2022.
Table 24.3 – Supplemental Segment Information
(In Thousands)Residential Mortgage BankingBusiness Purpose Mortgage BankingInvestment Portfolio Corporate/
Other		Total
June 30, 2023
Residential loans$196,737 $— $5,095,940 $163,222 $5,455,899 
Business purpose loans— 282,836 4,943,887 — 5,226,723 
Consolidated Agency multifamily loans— — 420,096 — 420,096 
Real estate securities9,752 — 157,067 — 166,819 
Home equity investments— — 427,307 — 427,307 
Other investments— — 300,670 54,867 355,537 
Goodwill— 23,373 — — 23,373 
Intangible assets— 34,677 — — 34,677 
Total assets221,282 380,404 11,559,826 635,222 12,796,734 
December 31, 2022
Residential loans$628,160 $— $4,800,096 $184,932 $5,613,188 
Business purpose loans— 364,073 4,968,513 — 5,332,586 
Consolidated Agency multifamily loans— — 424,551 — 424,551 
Real estate securities— — 240,475 — 240,475 
Home equity investments— — 403,462 — 403,462 
Other investments— — 334,420 56,518 390,938 
Goodwill— 23,373 — — 23,373 
Intangible assets— 40,892 — — 40,892 
Total assets660,916 487,159 11,303,991 578,833 13,030,899