XML 81 R62.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment
The following tables present financial information by segment for the years ended December 31, 2023, 2022, and 2021.
Table 24.1 – Business Segment Financial Information
Year Ended December 31, 2023
(In Thousands)Residential Consumer Mortgage BankingResidential Investor Mortgage BankingInvestment Portfolio Corporate/
Other 		 Total
Interest income$25,404 $15,896 $665,152 $18,010 $724,462 
Interest expense(24,114)(13,078)(526,547)(67,780)(631,519)
Net interest income (expense)1,290 2,818 138,605 (49,770)92,943 
Non-interest income (loss)
Mortgage banking activities, net27,782 39,604 — — 67,386 
Investment fair value changes, net1,076 — (42,322)(3,154)(44,400)
HEI income, net— — 35,117 — 35,117 
Other income, net— 5,613 10,361 (3,088)12,886 
Realized gains, net— — 858 841 1,699 
Total non-interest income (loss), net28,858 45,217 4,014 (5,401)72,688 
General and administrative expenses (17,171)(44,547)(5,638)(60,939)(128,295)
Portfolio management costs— — (14,516)(55)(14,571)
Loan acquisition costs(1,266)(5,900)— — (7,166)
Other expenses (1)
— (12,442)(5,796)2,000 (16,238)
(Provision for) benefit from income taxes(1,659)2,279 (2,946)691 (1,635)
Segment Contribution$10,052 $(12,575)$113,723 $(113,474)
Net (Loss)$(2,274)
Non-cash amortization (expense) income, net$(1,097)$(13,610)$(8,657)$(8,176)$(31,540)
(1)Corporate/other includes contra-expense from reversal of litigation reserve. See Note 17 for additional detail.
Table 24.1 – Business Segment Financial Information (continued)
Year Ended December 31, 2022
(In Thousands)Residential Consumer Mortgage BankingResidential Investor Mortgage BankingInvestment PortfolioCorporate/
Other		 Total
Interest income$45,202 $28,674 $627,134 $6,844 $707,854 
Interest expense(32,735)(18,041)(445,154)(56,470)(552,400)
Net interest income (expense)12,467 10,633 181,980 (49,626)155,454 
Non-interest (loss) income
Mortgage banking activities, net(21,282)7,623 — — (13,659)
Investment fair value changes, net— — (193,862)15,590 (178,272)
HEI income, net— — 2,714 — 2,714 
Other income, net— 3,509 18,596 (901)21,204 
Realized gains, net— — 3,174 2,160 5,334 
Total non-interest (loss) income, net(21,282)11,132 (169,378)16,849 (162,679)
General and administrative expenses (22,566)(56,557)(6,036)(55,749)(140,908)
Portfolio management costs— — (7,951)— (7,951)
Loan acquisition costs(3,085)(8,681)— — (11,766)
Other expenses74 (13,969)(1,695)— (15,590)
Benefit from (provision for) income taxes12,814 13,157 (6,051)— 19,920 
Segment Contribution$(21,578)$(44,285)$(9,131)$(88,526)
Net (Loss)$(163,520)
Non-cash amortization (expense) income, net$(1,075)$(15,071)$2,507 $(8,289)$(21,928)
Table 24.1 – Business Segment Financial Information (continued)
Year Ended December 31, 2021
(In Thousands)Residential Consumer Mortgage BankingResidential Investor Mortgage BankingInvestment PortfolioCorporate/
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 (expense)21,990 6,824 155,538 (36,175)148,177 
Non-interest income (loss)
Mortgage banking activities, net127,151 108,593 — — 235,744 
Investment fair value changes, net— — 116,189 (1,565)114,624 
HEI income, net— — 13,425 — 13,425 
Other income, net— 1,046 10,021 951 12,018 
Realized gains, net— — 17,993 — 17,993 
Total non-interest income (loss), net127,151 109,639 157,628 (614)393,804 
General and administrative expenses(33,574)(46,586)(7,992)(77,066)(165,218)
Portfolio management costs— — (5,758)— (5,758)
Loan acquisition costs(7,480)(8,100)(635)(4)(16,219)
Other expense104 (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$319,613 
Non-cash amortization income (expense), net$(82)$(16,452)$(20,781)$(7,878)$(45,193)
Schedule of Corporate and Other
The following table presents the components of Corporate/Other for the years ended December 31, 2023, 2022, and 2021.
Table 24.2 – Components of Corporate/Other
Years Ended December 31,
202320222021
(In Thousands)
Legacy Consolidated VIEs (1)
OtherTotal
Legacy Consolidated VIEs (1)
Other Total
Legacy Consolidated VIEs (1)
Other Total
Interest income$10,326 $7,684 $18,010 $5,672 $1,172 $6,844 $4,709 $37 $4,746 
Interest expense(9,980)(57,800)(67,780)(5,206)(51,264)(56,470)(3,040)(37,881)(40,921)
Net interest income (expense)346 (50,116)(49,770)466 (50,092)(49,626)1,669 (37,844)(36,175)
Non-interest income (loss)
Investment fair value changes, net(160)(2,994)(3,154)(1,302)16,892 15,590 (1,558)(7)(1,565)
Other income, net— (3,088)(3,088)— (901)(901)— 951 951 
Realized gains, net— 841 841 — 2,160 2,160 — — — 
Total non-interest (loss) income, net(160)(5,241)(5,401)(1,302)18,151 16,849 (1,558)944 (614)
General and administrative expenses— (60,939)(60,939)— (55,749)(55,749)— (77,066)(77,066)
Portfolio management costs— (55)(55)— — — — — — 
Loan acquisition costs— — — — — — — (4)(4)
Other expenses— 2,000 2,000 — — — — 17 17 
Benefit from income taxes— 691 691 — — — — 19,283 19,283 
Total$186 $(113,660)$(113,474)$(836)$(87,690)$(88,526)$111 $(94,670)$(94,559)
(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 Balance Sheet
The following table presents supplemental information by segment at December 31, 2023 and 2022.
Table 24.3 – Supplemental Segment Information
(In Thousands)Residential Consumer Mortgage BankingResidential Investor Mortgage BankingInvestment Portfolio Corporate/
Other		Total
December 31, 2023
Residential loans$911,192 $— $5,999,706 $139,739 $7,050,637 
Business purpose loans— 180,250 5,040,048 — 5,220,298 
Consolidated Agency multifamily loans— — 425,285 — 425,285 
Real estate securities4,995 — 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 assets971,535 293,225 12,718,201 521,366 14,504,327 
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