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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Financial Information by Segment
The following tables present financial information by segment for the years ended December 31, 2022, 2021, and 2020.
Table 24.1 – Business Segment Financial Information
Year Ended December 31, 2022
(In Thousands)Residential Mortgage BankingBusiness Purpose Mortgage BankingInvestment Portfolio Corporate/
Other 		 Total
Interest income$45,202 $28,674 $627,134 $6,844 $707,854 
Interest expense(32,735)(18,041)(445,154)(56,470)(552,400)
Net interest income12,467 10,633 181,980 (49,626)155,454 
Non-interest (loss) income
Mortgage banking activities, net(21,282)7,623 — — (13,659)
Investment fair value changes, net— — (191,148)15,590 (175,558)
Other income, net— 3,509 18,596 (901)21,204 
Realized gains, net— — 3,174 2,160 5,334 
Total non-interest (loss) income, net(21,282)11,132 (169,378)16,849 (162,679)
General and administrative expenses (22,566)(56,557)(6,036)(55,749)(140,908)
Portfolio management costs— — (7,951)— (7,951)
Loan acquisition costs(3,085)(8,681)— — (11,766)
Other expenses74 (13,969)(1,695)— (15,590)
Benefit from (Provision for) income taxes12,814 13,157 (6,051)— 19,920 
Segment Contribution$(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 Mortgage BankingBusiness Purpose 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 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— — 129,614 (1,565)128,049 
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 expenses104 (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$319,613 
Non-cash amortization (expense) income, net$(82)$(16,452)$(20,781)$(7,878)$(45,193)
Table 24.1 – Business Segment Financial Information (continued)
Year Ended December 31, 2020
(In Thousands)Residential Mortgage BankingBusiness Purpose Mortgage BankingInvestment PortfolioCorporate/
Other		 Total
Interest income$17,839 $19,200 $525,741 $9,136 $571,916 
Interest expense(11,978)(13,145)(375,262)(47,620)(448,005)
Net interest income 5,861 6,055 150,479 (38,484)123,911 
Non-interest income
Mortgage banking activities, net3,721 74,622 129 — 78,472 
Investment fair value changes, net— (101)(586,333)(2,004)(588,438)
Other income, net— 3,228 (1,725)2,685 4,188 
Realized gains, net— — 5,242 25,182 30,424 
Total non-interest income (loss), net3,721 77,749 (582,687)25,863 (475,354)
General and administrative expenses(16,318)(37,461)(6,819)(52,900)(113,498)
Portfolio management costs(50)— (4,154)— (4,204)
Loan acquisition costs(2,656)(5,859)— (10)(8,525)
Other expense(4,114)(104,147)194 (718)(108,785)
Benefit from (provision for) income taxes4,567 (4,063)4,104 — 4,608 
Segment Contribution$(8,989)$(67,726)$(438,883)$(66,249)
Net (loss)$(581,847)
Non-cash amortization income (expense), net$(662)$(18,426)$(1,282)$(4,954)$(25,324)
Other significant non-cash expense: goodwill impairment— (88,675)— — (88,675)
Schedule Of Corporate And Other
The following table presents the components of Corporate/Other for the years ended December 31, 2022, 2021, and 2020.
Table 24.2 – Components of Corporate/Other
Years Ended December 31,
202220212020
(In Thousands)
Legacy Consolidated VIEs (1)
OtherTotal
Legacy Consolidated VIEs (1)
Other Total
Legacy Consolidated VIEs (1)
Other Total
Interest income$5,672 $1,172 $6,844 $4,709 $37 $4,746 $9,061 $75 $9,136 
Interest expense(5,206)(51,264)(56,470)(3,040)(37,881)(40,921)(5,945)(41,675)(47,620)
Net interest income (loss)466 (50,092)(49,626)1,669 (37,844)(36,175)3,116 (41,600)(38,484)
Non-interest income
Investment fair value changes, net(1,302)16,892 15,590 (1,558)(7)(1,565)(1,512)(492)(2,004)
Other income, net— (901)(901)— 951 951 — 2,685 2,685 
Realized gains, net— 2,160 2,160 — — — — 25,182 25,182 
Total non-interest (loss) income, net(1,302)18,151 16,849 (1,558)944 (614)(1,512)27,375 25,863 
General and administrative expenses— (55,749)(55,749)— (77,066)(77,066)— (52,900)(52,900)
Portfolio management costs— — — — — — — — — 
Loan acquisition costs— — — — (4)(4)— (10)(10)
Other expenses— — — — 17 17 — (718)(718)
Benefit from income taxes— — — — 19,283 19,283 — — — 
Total$(836)$(87,690)$(88,526)$111 $(94,670)$(94,559)$1,604 $(67,853)$(66,249)
(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 Balance Sheet
The following table presents supplemental information by segment at December 31, 2022 and 2021.
Table 24.3 – Supplemental Segment Information
(In Thousands)Residential Mortgage BankingBusiness Purpose Mortgage BankingInvestment Portfolio Corporate/
Other		Total
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 
December 31, 2021
Residential loans$1,673,235 $— $5,688,742 $230,455 $7,592,432 
Business purpose loans— 347,860 4,443,129 — 4,790,989 
Consolidated Agency multifamily loans— — 473,514 — 473,514 
Real estate securities4,927 — 372,484 — 377,411 
Home equity investments— — 192,740 — 192,740 
Other investments— — 413,527 35,702 449,229 
Intangible assets— 41,561 — — 41,561 
Total assets1,716,285 464,967 11,770,486 755,206 14,706,944