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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2025 and 2024.
Table 4.1 – Business Segment Financial Information
Three Months Ended June 30, 2025
(In Thousands)Sequoia Mortgage BankingCoreVest Mortgage BankingRedwood InvestmentsLegacy InvestmentsCorporate/
Other		Total
Interest income$37,021 $3,737 $219,744 $23,449 $385 $284,336 
Interest expense(21,502)(1,903)(197,647)(32,898)(16,552)(270,502)
Net interest income (expense)15,519 1,834 22,097 (9,449)(16,167)13,834 
Non-interest income
Mortgage banking activities, net, excluding risk management derivatives(22,632)15,354 — — — (7,278)
Risk management derivatives gains, net (1)
47,028 1,107 — — — 48,135 
Total Mortgage banking activities, net24,396 16,461 — — — 40,857 
Investment fair value changes, net, excluding risk management derivatives— — (26,958)(74,606)(132)(101,696)
Risk management derivatives gains (losses), net (1)
— — 17,960 (968)— 16,992 
Total Investment fair value changes, net— — (8,998)(75,574)(132)(84,704)
HEI income (loss), net— — 126 (13,025)— (12,899)
Servicing income, net— — 1,608 — — 1,608 
Fee income (loss), net— 2,782 412 (985)— 2,209 
Other income (loss), net— 715 394 — (757)352 
Realized gains, net— — 640 — — 640 
Total non-interest income (loss), net24,396 19,958 (5,818)(89,584)(889)(51,937)
General and administrative expenses(7,205)(10,218)(1,528)(57)(17,975)(36,983)
Portfolio management costs— — (2,594)(7,434)— (10,028)
Loan acquisition costs(1,267)(3,514)— — — (4,781)
Other expenses— (2,203)(1,832)— — (4,035)
(Provision for) benefit from income taxes(9,289)278 1,567 2,535 347 (4,562)
Net Income (Loss) (2)
$22,154 $6,135 $11,892 $(103,989)$(34,684)$(98,492)
Total Assets$1,689,117 $301,743 $15,982,357 $2,953,731 $406,072 $21,333,020 
(1)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations, Redwood Investments and Legacy 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.
Six Months Ended June 30, 2025
(In Thousands)Sequoia Mortgage BankingCoreVest Mortgage BankingRedwood InvestmentsLegacy InvestmentsCorporate/
Other		Total
Interest income$68,704 $8,131 $421,313 $57,601 $681 $556,430 
Interest expense(34,841)(4,293)(377,601)(65,212)(32,707)(514,654)
Net interest income (expense)33,863 3,838 43,712 (7,611)(32,026)41,776 
Non-interest income
Mortgage banking activities, net, excluding risk management derivatives(21,268)29,201 — — — 7,933 
Risk management derivatives gains, net (1)
67,815 (1,838)— — — 65,977 
Total Mortgage banking activities, net46,547 27,363 — — — 73,910 
Investment fair value changes, net, excluding risk management derivatives— — (49,626)(77,677)(212)(127,515)
Risk management derivatives gains (losses), net (1)
— — 44,251 (6,628)— 37,623 
Total Investment fair value changes, net— — (5,375)(84,305)(212)(89,892)
HEI income (loss), net— — 181 (2,914)— (2,733)
Servicing income, net— — 5,015 — — 5,015 
Fee income (loss), net— 5,861 554 (1,855)— 4,560 
Other income (loss), net— 2,397 764 — (1,259)1,902 
Realized gains, net— — 1,207 — — 1,207 
Total non-interest income (loss), net46,547 35,621 2,346 (89,074)(1,471)(6,031)
General and administrative expenses(13,551)(20,815)(2,877)(73)(37,138)(74,454)
Portfolio management costs— — (4,654)(11,865)— (16,519)
Loan acquisition costs(2,338)(6,011)— — — (8,349)
Other expenses— (4,405)(3,539)— — (7,944)
(Provision for) benefit from income taxes(16,551)927 1,871 2,535 394 (10,824)
Net Income (Loss) (2)
$47,970 $9,155 $36,859 $(106,088)$(70,241)$(82,345)
Total Assets$1,689,117 $301,743 $15,982,357 $2,953,731 $406,072 $21,333,020 
(1)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations, Redwood Investments and Legacy 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 June 30, 2024
(In Thousands)Sequoia Mortgage BankingCoreVest Mortgage BankingRedwood InvestmentsLegacy InvestmentsCorporate/
Other		Total
Interest income$21,097 $7,008 $155,045 $41,697 $570 $225,417 
Interest expense(9,922)(5,504)(130,575)(39,861)(14,262)(200,124)
Net interest income (expense)11,175 1,504 24,470 1,836 (13,692)25,293 
Non-interest income (loss)
Mortgage banking activities, net, excluding risk management derivatives18,264 13,046 — — — 31,310 
Risk management derivatives (losses), net (1)
(12,019)(367)— — — (12,386)
Total Mortgage banking activities, net6,245 12,679 — — — 18,924 
Investment fair value changes, net, excluding risk management derivatives— — 17,083 (17,079)(1,450)(1,446)
Risk management derivatives gains, net (1)
— — — 2,544 — 2,544 
Total Investment fair value changes, net— — 17,083 (14,535)(1,450)1,098 
HEI income, net— — — 15,883 — 15,883 
Servicing income, net— — 3,549 — — 3,549 
Fee income, net— 1,174 428 61 — 1,663 
Other income (loss), net— — 1,038 — (1)1,037 
Realized gains, net— — — — — — 
Total non-interest income (loss), net6,245 13,853 22,098 1,409 (1,451)42,154 
General and administrative expenses(4,957)(9,677)(1,349)(88)(17,213)(33,284)
Portfolio management costs— — (1,201)(3,642)(21)(4,864)
Loan acquisition costs(980)(2,433)(13)(238)— (3,664)
Other expenses— (2,203)(2,974)— — (5,177)
(Provision for) Benefit from income taxes(1,560)(449)(2,914)— (1)(4,924)
Net Income (Loss) (2)
$9,923 $595 $38,117 $(723)$(32,378)$15,534 
Total Assets$1,106,416 $371,980 $11,420,075 $3,230,928 $361,705 $16,491,104 
(1)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and Legacy 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.
Six Months Ended June 30, 2024
(In Thousands)Sequoia Mortgage BankingCoreVest Mortgage BankingRedwood InvestmentsLegacy InvestmentsCorporate/
Other		Total
Interest income$35,409 $10,779 $294,818 $86,822 $2,329 $430,157 
Interest expense(18,188)(8,381)(247,049)(78,685)(28,351)(380,654)
Net interest income (expense)17,221 2,398 47,769 8,137 (26,022)49,503 
Non-interest income (loss)
Mortgage banking activities, net, excluding risk management derivatives23,002 17,266 — — — 40,268 
Risk management derivatives (losses) gains, net (1)
(8,930)2,142 — — — (6,788)
Total Mortgage banking activities, net14,072 19,408 — — — 33,480 
Investment fair value changes, net, excluding risk management derivatives— — 40,637 (23,827)(800)16,010 
Risk management derivatives gains, net (1)
— — — 6,925 — 6,925 
Total Investment fair value changes, net— — 40,637 (16,902)(800)22,935 
HEI income, net— — — 24,969 — 24,969 
Servicing income, net— — 7,774 — — 7,774 
Fee income, net— 1,800 733 131 — 2,664 
Other income (loss), net— — 1,208 — (946)262 
Realized gains, net— — 314 — 95 409 
Total non-interest income (loss), net14,072 21,208 50,666 8,198 (1,651)92,493 
General and administrative expenses(9,746)(21,102)(4,164)(52)(32,789)(67,853)
Portfolio management costs— — (2,210)(6,225)(26)(8,461)
Loan acquisition costs(1,551)(4,097)(14)(239)— (5,901)
Other expenses— (5,008)(3,530)— — (8,538)
(Provision for) Benefit from income taxes(3,054)1,687 (4,060)— (20)(5,447)
Net Income (Loss) (2)
$16,942 $(4,914)$84,457 $9,819 $(60,508)$45,796 
Total Assets$1,106,416 $371,980 $11,420,075 $3,230,928 $361,705 $16,491,104 
(1)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and Legacy 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.