Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

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, 2026 and 2025.

Table 4.1 – Business Segment Financial Information

	Three Months Ended June 30, 2026
(In Thousands)	Sequoia		Aspire		CoreVest		Redwood Investments		Legacy Investments		Corporate/ Other		Total
Interest income	$	58,354	$	18,109	$	3,491	$	301,749	$	3,334	$	187	$	385,224
Interest expense	(31,080)		(14,548)		(2,209)		(291,579)		(13,737)		—		(353,153)
Net interest income (expense)	27,274		3,561		1,282		10,170		(10,403)		187		32,071
Non-interest income
Mortgage banking activities, net, excluding risk management derivatives	58,697		(6,039)		9,946		—		—		—		62,604
Risk management derivatives (losses) gains, net (1)	(45,753)		15,238		(18)		—		—		—		(30,533)
Total Mortgage banking activities, net	12,944		9,199		9,928		—		—		—		32,071
Investment fair value changes, net, excluding risk management derivatives	—		—		(38)		26,153		(12,314)		—		13,801
Risk management derivatives (losses) gains, net (1)	—		—		—		(36,324)		—		—		(36,324)
Total Investment fair value changes, net	—		—		(38)		(10,171)		(12,314)		—		(22,523)
HEI income, net	—		—		—		493		2,305		—		2,798
Servicing income, net	—		30		—		2,618		—		—		2,648
Fee income, net	—		—		2,496		453		11		—		2,960
Other income (loss), net	—		—		(182)		5,193		974		—		5,985
Realized gains, net	—		—		—		—		—		—		—
Total non-interest income (loss), net	12,944		9,229		12,204		(1,414)		(9,024)		—		23,939
General and administrative expenses	(6,134)		(2,826)		(7,679)		(853)		(15)		(20,691)		(38,198)
Portfolio management costs	—		—		—		(3,436)		(3,591)		(3)		(7,030)
Loan acquisition costs	(2,098)		(1,067)		(2,825)		—		—		—		(5,990)
Other expenses	—		—		(2,011)		(2,343)		(393)		—		(4,747)
Benefit from (Provision for) income taxes	134		(1,419)		285		(623)		328		150		(1,145)
Net Income (Loss)	$	32,120	$	7,478	$	1,256	$	1,501	$	(23,098)	$	(20,357)	$	(1,100)
Dividends on preferred stock	(519)		(170)		(89)		(758)		(222)		—		(1,758)
Net Income (Loss) Available (Related) To Common Stockholders (2)	$	31,601	$	7,308	$	1,167	$	743	$	(23,320)	$	(20,357)	$	(2,858)
Total Assets	$	2,236,378	$	835,233	$	320,658	$	24,322,023	$	915,571	$	188,268	$	28,818,131

(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).

	Six Months Ended June 30, 2026
(In Thousands)	Sequoia		Aspire		CoreVest		Redwood Investments		Legacy Investments		Corporate/ Other		Total
Interest income	$	119,660	$	36,517	$	7,683	$	570,497	$	7,334	$	452	$	742,143
Interest expense	(67,417)		(29,314)		(4,292)		(547,885)		(26,447)		—		(675,355)
Net interest income (expense)	52,243		7,203		3,391		22,612		(19,113)		452		66,788
Non-interest income
Mortgage banking activities, net, excluding risk management derivatives	116,659		(7,583)		16,874		—		—		—		125,950
Risk management derivatives (losses) gains, net (1)	(81,664)		19,466		283		—		—		—		(61,915)
Total Mortgage banking activities, net	34,995		11,883		17,157		—		—		—		64,035
Investment fair value changes, net, excluding risk management derivatives	—		—		(303)		48,968		(19,789)		—		28,876
Risk management derivatives (losses) gains, net (1)	—		—		—		(74,582)		(16)		—		(74,598)
Total Investment fair value changes, net	—		—		(303)		(25,614)		(19,805)		—		(45,722)
HEI income, net	—		—		—		1,068		8,839		—		9,907
Servicing income, net	—		30		—		10,639		—		—		10,669
Fee income (loss), net	—		—		5,323		645		(122)		—		5,846
Other income, net	—		—		407		6,091		1,924		—		8,422
Realized gains, net	—		—		—		—		—		—		—
Total non-interest income (loss), net	34,995		11,913		22,584		(7,171)		(9,164)		—		53,157
General and administrative expenses	(13,183)		(5,292)		(20,667)		(4,237)		(31)		(44,146)		(87,556)
Portfolio management costs	—		—		—		(7,591)		(8,138)		(30)		(15,759)
Loan acquisition costs	(4,939)		(2,113)		(5,667)		—		—		—		(12,719)
Other expenses	—		—		(4,021)		(7,458)		(393)		—		(11,872)
Benefit from (Provision for) income taxes	1,379		(1,761)		2,346		(1,996)		938		452		1,358
Net Income (Loss)	$	70,495	$	9,950	$	(2,034)	$	(5,841)	$	(35,901)	$	(43,272)	$	(6,603)
Dividends on preferred stock	(1,063)		(374)		(176)		(1,416)		(479)		—		(3,508)
Net Income (Loss) Available (Related) To Common Stockholders (2)	$	69,432	$	9,576	$	(2,210)	$	(7,257)	$	(36,380)	$	(43,272)	$	(10,111)
Total Assets	$	2,236,378	$	835,233	$	320,658	$	24,322,023	$	915,571	$	188,268	$	28,818,131

(1)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations, 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 June 30, 2025
(In Thousands)	Sequoia		Aspire		CoreVest		Redwood Investments		Legacy Investments		Corporate/ Other		Total
Interest income	$	35,503	$	1,518	$	3,737	$	219,744	$	23,449	$	385	$	284,336
Interest expense	(24,915)		(1,587)		(2,841)		(202,280)		(38,879)		—		(270,502)
Net interest income (expense)	10,588		(69)		896		17,464		(15,430)		385		13,834
Non-interest income (loss)
Mortgage banking activities, net, excluding risk management derivatives	(23,756)		1,124		15,354		—		—		—		(7,278)
Risk management derivatives gains (losses), net (1)	48,069		(1,041)		1,107		—		—		—		48,135
Total Mortgage banking activities, net	24,313		83		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), net	24,313		83		19,958		(5,818)		(89,584)		(889)		(51,937)
General and administrative expenses	(6,015)		(1,190)		(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	(9,310)		21		278		1,567		2,535		347		(4,562)
Net Income (Loss)	$	18,309	$	(1,155)	$	5,197	$	7,259	$	(109,970)	$	(18,132)	$	(98,492)
Dividends on preferred stock	(483)		(28)		(101)		(500)		(645)		—		(1,757)
Net Income (Loss) Available (Related) To Common Stockholders (2)	$	17,826	$	(1,183)	$	5,096	$	6,759	$	(110,615)	$	(18,132)	$	(100,249)
Total Assets	$	1,551,366	$	137,751	$	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 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).

	Six Months Ended June 30, 2025
(In Thousands)	Sequoia		Aspire		CoreVest		Redwood Investments		Legacy Investments		Corporate/ Other		Total
Interest income	$	67,142	$	1,562	$	8,131	$	421,313	$	57,601	$	681	$	556,430
Interest expense	(41,933)		(1,814)		(5,851)		(387,325)		(77,731)		—		(514,654)
Net interest income (expense)	25,209		(252)		2,280		33,988		(20,130)		681		41,776
Non-interest income (loss)
Mortgage banking activities, net, excluding risk management derivatives	(22,624)		1,356		29,201		—		—		—		7,933
Risk management derivatives gains (losses), net (1)	68,856		(1,041)		(1,838)		—		—		—		65,977
Total Mortgage banking activities, net	46,232		315		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), net	46,232		315		35,621		2,346		(89,074)		(1,471)		(6,031)
General and administrative expenses	(11,433)		(2,118)		(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	(16,502)		(49)		927		1,871		2,535		394		(10,824)
Net Income (Loss)	$	41,168	$	(2,104)	$	7,597	$	27,135	$	(118,607)	$	(37,534)	$	(82,345)
Dividends on preferred stock	(889)		(45)		(168)		(1,051)		(1,354)		—		(3,507)
Net Income (Loss) Available (Related) To Common Stockholders (2)	$	40,279	$	(2,149)	$	7,429	$	26,084	$	(119,961)	$	(37,534)	$	(85,852)
Total Assets	$	1,551,366	$	137,751	$	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 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).