Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Business Segment Financial Information

The following tables present financial information by segment for the three months ended March 31, 2026 and 2025.

Table 4.1 – Business Segment Financial Information

	Three Months Ended March 31, 2026
(In Thousands)	Sequoia		Aspire		CoreVest		Redwood Investments		Legacy Investments		Corporate/ Other		Total
Interest income	$	61,306	$	18,408	$	4,192	$	268,748	$	4,000	$	265	$	356,919
Interest expense	(36,337)		(14,766)		(2,083)		(256,306)		(12,710)		—		(322,202)
Net interest income (expense)	24,969		3,642		2,109		12,442		(8,710)		265		34,717
Non-interest income
Mortgage banking activities, net, excluding risk management derivatives	57,962		(1,544)		6,928		—		—		—		63,346
Risk management derivatives (losses) gains, net (1)	(35,911)		4,228		301		—		—		—		(31,382)
Total Mortgage banking activities, net	22,051		2,684		7,229		—		—		—		31,964
Investment fair value changes, net, excluding risk management derivatives	—		—		(265)		22,815		(7,475)		—		15,075
Risk management derivatives (losses) gains, net (1)	—		—		—		(38,258)		(16)		—		(38,274)
Total Investment fair value changes, net	—		—		(265)		(15,443)		(7,491)		—		(23,199)
HEI income, net	—		—		—		575		6,534		—		7,109
Servicing income, net	—		—		—		8,021		—		—		8,021
Fee income (loss), net	—		—		2,827		192		(133)		—		2,886
Other income, net	—		—		589		898		950		—		2,437
Realized gains, net	—		—		—		—		—		—		—
Total non-interest income (loss), net	22,051		2,684		10,380		(5,757)		(140)		—		29,218
General and administrative expenses	(7,049)		(2,466)		(12,988)		(3,384)		(16)		(23,455)		(49,358)
Portfolio management costs	—		—		—		(4,155)		(4,547)		(27)		(8,729)
Loan acquisition costs	(2,841)		(1,046)		(2,842)		—		—		—		(6,729)
Other expenses	—		—		(2,010)		(5,115)		—		—		(7,125)
Benefit from (Provision for) income taxes	1,245		(342)		2,061		(1,373)		610		302		2,503
Net Income (Loss)	$	38,375	$	2,472	$	(3,290)	$	(7,342)	$	(12,803)	$	(22,915)	$	(5,503)
Dividends on preferred stock	(544)		(204)		(87)		(658)		(257)		—		(1,750)
Net Income (Loss) Available (Related) To Common Stockholders (2)	$	37,831	$	2,268	$	(3,377)	$	(8,000)	$	(13,060)	$	(22,915)	$	(7,253)
Total Assets	$	2,573,719	$	891,538	$	329,333	$	21,903,485	$	945,021	$	172,701	$	26,815,797

(1)Represents market valuation changes of derivatives that were used to manage risks associated with our Mortgage Banking platforms, Redwood Investments and Legacy Investments. Mortgage banking activities, net, 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 (Loss).

	Three Months Ended March 31, 2025
(In Thousands)	Sequoia		Aspire		CoreVest		Redwood Investments		Legacy Investments		Corporate/ Other		Total
Interest income	$	31,639	$	44	$	4,394	$	201,570	$	34,151	$	296	$	272,094
Interest expense	(17,017)		(227)		(3,011)		(185,046)		(38,851)		—		(244,152)
Net interest income (expense)	14,622		(183)		1,383		16,524		(4,700)		296		27,942
Non-interest income (loss)
Mortgage banking activities, net, excluding risk management derivatives	1,131		233		13,847		—		—		—		15,211
Risk management derivatives gains, net (1)	20,787		—		(2,945)		—		—		—		17,842
Total Mortgage banking activities, net	21,918		233		10,902		—		—		—		33,053
Investment fair value changes, net, excluding risk management derivatives	—		—		—		(22,748)		(3,071)		—		(25,819)
Risk management derivatives (losses), net (1)	—		—		—		26,291		(5,660)		—		20,631
Total Investment fair value changes, net	—		—		—		3,543		(8,731)		—		(5,188)
HEI income, net	—		—		—		55		10,111		—		10,166
Servicing income, net	—		—		—		3,407		—		—		3,407
Fee income, net	—		—		3,079		142		(870)		—		2,351
Other income (loss), net	—		—		—		507		—		1,043		1,550
Realized gains, net	—		—		—		567		—		—		567
Total non-interest income (loss), net	21,918		233		13,981		8,221		510		1,043		45,906
General and administrative expenses	(5,418)		(928)		(9,958)		(1,870)		(16)		(19,281)		(37,471)
Portfolio management costs	—		—		—		(2,060)		(4,431)		—		(6,491)
Loan acquisition costs	(1,071)		—		(2,497)		—		—		—		(3,568)
Other expenses	—		—		(2,202)		(1,707)		—		—		(3,909)
(Provision for) Benefit from income taxes	(7,191)		(70)		648		304		—		47		(6,262)
Net Income (Loss)	$	22,860	$	(948)	$	1,355	$	19,412	$	(8,637)	$	(17,895)	$	16,147
Dividends on preferred stock	(406)		(17)		(67)		(552)		(708)		—		(1,750)
Net Income (Loss) Available (Related) To Common Stockholders (2)	$	22,454	$	(965)	$	1,288	$	18,860	$	(9,345)	$	(17,895)	$	14,397
Total Assets	$	1,543,436	$	15,681	$	343,985	$	14,514,702	$	3,087,249	$	366,722	$	19,871,775

(1)Represents market valuation changes of derivatives that were used to manage risks associated with our Mortgage Banking platforms, Redwood Investments and Legacy Investments. Mortgage banking activities, net, 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 (Loss).