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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Business Segment Financial Information
The following tables present financial information by segment for the three and six months ended June 30, 2020 and 2019.
Table 23.1 – Business Segment Financial Information
Three Months Ended June 30, 2020
(In Thousands)Residential LendingBusiness Purpose LendingThird-Party Investments Corporate/
Other 		 Total
Interest income$36,653  $53,742  $36,811  $2,740  $129,946  
Interest expense(30,169) (38,837) (27,869) (5,791) (102,666) 
Net interest income6,484  14,905  8,942  (3,051) 27,280  
Non-interest income
Mortgage banking activities, net(8,005) 2,233  —  —  (5,772) 
Investment fair value changes, net35,085  40,401  76,972  (230) 152,228  
Other income, net230  476  (509) 758  955  
Realized gains, net205  —  578  25,182  25,965  
Total non-interest income, net27,515  43,110  77,041  25,710  173,376  
General and administrative expenses(3,875) (10,293) (2,106) (13,818) (30,092) 
Other expenses—  (3,884) (1,065) (134) (5,083) 
Benefit from (provision for) income taxes3,323  2,439  (5,799) —  (37) 
Segment Contribution$33,447  $46,277  $77,013  $8,707  
Net Income$165,444  
Non-cash amortization (expense) income, net$(1,265) $(6,391) $312  $(1,619) $(8,963) 
Six Months Ended June 30, 2020
(In Thousands)Residential LendingBusiness Purpose LendingThird-Party Investments Corporate/
Other 		 Total
Interest income$97,284  $106,802  $118,007  $5,934  $328,027  
Interest expense(71,571) (73,827) (95,626) (8,313) (249,337) 
Net interest income25,713  32,975  22,381  (2,379) 78,690  
Non-interest income
Mortgage banking activities, net(31,086) (3,097) —  —  (34,183) 
Investment fair value changes, net(161,550) (101,729) (454,586) (739) (718,604) 
Other income, net(267) 2,169  732  758  3,392  
Realized gains, net2,001  —  2,634  25,182  29,817  
Total non-interest income, net(190,902) (102,657) (451,220) 25,201  (719,578) 
General and administrative expenses(9,507) (24,626) (3,894) (24,733) (62,760) 
Other expenses—  (96,869) 817  (446) (96,498) 
Benefit from income taxes8,653  9,021  4,518  —  22,192  
Segment Contribution$(166,043) $(182,156) $(427,398) $(2,357) 
Net Loss$(777,954) 
Non-cash amortization (expense) income, net$(1,053) $(11,316) $1,053  $(1,728) $(13,044) 
Other significant non-cash expense: goodwill impairment$—  $(88,675) $—  $—  $(88,675) 

Three Months Ended June 30, 2019
(In Thousands)Residential LendingBusiness Purpose LendingThird-Party Investments Corporate/
Other 		 Total
Interest income$67,611  $4,131  $72,024  $4,776  $148,542  
Interest expense(49,321) (2,238) (60,680) (3,981) (116,220) 
Net interest income18,290  1,893  11,344  795  32,322  
Non-interest income
Mortgage banking activities, net15,359  3,801  —  —  19,160  
Investment fair value changes, net(8,102) (457) 11,856  (159) 3,138  
Other income, net2,990  1,829  40  —  4,859  
Realized gains, net2,791  —  36  —  2,827  
Total non-interest income, net13,038  5,173  11,932  (159) 29,984  
General and administrative expenses(6,799) (6,120) (900) (12,436) (26,255) 
Other expenses—  (1,899) (242) (311) (2,452) 
(Provision for) benefit from income taxes(1,484) 38  (887) —  (2,333) 
Segment Contribution$23,045  $(915) $21,247  $(12,111) 
Net Income$31,266  
Non-cash amortization income (expense), net$2,268  $(2,068) $(417) $(300) $(517) 
Six Months Ended June 30, 2019
(In Thousands)Residential LendingBusiness Purpose LendingThird-Party Investments Corporate/
Other 		 Total
Interest income$134,450  $7,068  $128,436  $9,629  $279,583  
Interest expense(96,997) (3,777) (106,626) (8,096) (215,496) 
Net interest income37,453  3,291  21,810  1,533  64,087  
Non-interest income
Mortgage banking activities, net26,186  5,283  —  —  31,469  
Investment fair value changes, net(9,822) (760) 34,435  (556) 23,297  
Other income, net4,439  2,295  40  2,710  9,484  
Realized gains, net7,728  —  5,785  —  13,513  
Total non-interest income, net28,531  6,818  40,260  2,154  77,763  
General and administrative expenses(14,002) (8,685) (1,886) (24,841) (49,414) 
Other expenses—  (2,532) (469) (489) (3,490) 
(Provision for) benefit from income taxes(1,985) 33  (1,264) —  (3,216) 
Segment Contribution$49,997  $(1,075) $58,451  $(21,643) 
Net Income$85,730  
Non-cash amortization income (expense), net$4,243  $(2,800) $(688) $(791) $(36) 
Components of Corporate and Other
The following table presents the components of Corporate/Other for the three and six months ended June 30, 2020 and 2019.

Table 23.2 – Components of Corporate/Other
Three Months Ended June 30,
20202019
(In Thousands)
Legacy Consolidated VIEs (1)
OtherTotal
Legacy Consolidated VIEs (1)
Other Total
Interest income$2,686  $54  $2,740  $4,776  $—  $4,776  
Interest expense(1,518) (4,273) (5,791) (3,981) —  (3,981) 
Net interest income1,168  (4,219) (3,051) 795  —  795  
Non-interest income
Investment fair value changes, net(230) —  (230) (123) (36) (159) 
Other income—  758  758  —  —  —  
Realized gains, net—  25,182  25,182  —  —  —  
Total non-interest income, net(230) 25,940  25,710  (123) (36) (159) 
General and administrative expenses—  (13,818) (13,818) —  (12,436) (12,436) 
Other expenses—  (134) (134) —  (311) (311) 
Total$938  $7,769  $8,707  $672  $(12,783) $(12,111) 
Six Months Ended June 30,
20202019
(In Thousands)
Legacy Consolidated VIEs (1)
OtherTotal
Legacy Consolidated VIEs (1)
Other Total
Interest income$5,880  $54  $5,934  $9,629  $—  $9,629  
Interest expense(4,040) (4,273) (8,313) (8,096) —  (8,096) 
Net interest income1,840  (4,219) (2,379) 1,533  —  1,533  
Non-interest income
Investment fair value changes, net(621) (118) (739) (497) (59) (556) 
Other income—  758  758  —  2,710  2,710  
Realized gains, net—  25,182  25,182  —  —  —  
Total non-interest income, net(621) 25,822  25,201  (497) 2,651  2,154  
General and administrative expenses—  (24,733) (24,733) —  (24,841) (24,841) 
Other expenses—  (446) (446) —  (489) (489) 
Total$1,219  $(3,576) $(2,357) $1,036  $(22,679) $(21,643) 
(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 June 30, 2020 and December 31, 2019.
Table 23.3 – Supplemental Segment Information
(In Thousands)Residential LendingBusiness Purpose LendingThird-Party Investments Corporate/
Other		Total
June 30, 2020
Residential loans$2,084,587  $—  $2,145,111  $304,632  $4,534,330  
Business purpose residential loans—  3,782,200  —  —  3,782,200  
Multifamily loans—  —  489,075  —  489,075  
Real estate securities142,713  —  173,723  —  316,436  
Other investments19,661  26,933  383,246  —  429,840  
Goodwill and intangible assets—  64,610  —  —  64,610  
Total assets2,303,320  4,009,371  3,211,030  837,821  10,361,542  
December 31, 2019
Residential loans$4,939,745  $—  $2,367,215  $407,890  $7,714,850  
Business purpose residential loans—  3,506,743  —  —  3,506,743  
Multifamily loans—  —  4,408,524  —  4,408,524  
Real estate securities229,074  —  870,800  —  1,099,874  
Other investments42,224  21,002  294,904  —  358,130  
Goodwill and intangible assets—  161,464  —  —  161,464  
Total assets5,410,540  3,786,641  8,028,946  769,313  17,995,440