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Summary of Significant Accounting Policies - Effect of ASU 2014-13 on Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Jun. 30, 2015
--- | --- | ---
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |  |  |
Cumulative adjustment - adoption of ASU 2014-13 | [1] | $ 9,728 |
Residential loans |  | 3,398,573 | $ 3,286,480
Other assets | [2] | 113,896 | 147,620
Total Assets | [2] | 5,918,966 | 5,595,884
ABS issued principal | [2],[3] | 1,545,119 | 1,262,122
Total liabilities | [2] | 4,662,825 | 4,331,100
Residential Loans Held for Investment |  |  |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |  |  |
Loan Principal |  | 1,483,213 | 1,343,333
Residential loans |  | 1,474,386 | $ 1,237,114
Variable Interest Entity, Primary Beneficiary |  |  |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |  |  |
Loan Principal |  | 1,486,000 |
Loan unamortized premium |  | 0 |
Allowance for loan losses |  | 0 |
Loan market valuation adjustment |  | (113,000) |
Deferred bond issuance costs |  | 0 |
Other assets |  | 5,000 |
Total Assets |  | 1,377,000 |
ABS issued principal |  | 1,428,000 |
ABS issued unamortized discount |  | 0 |
Asset Backed Securities, Valuation Adjustment |  | (125,000) |
Total liabilities |  | 1,303,000 |
Redwood's investment in consolidated Sequoia entities |  | 74,000 |
Variable Interest Entity, Primary Beneficiary | Residential Loans Held for Investment |  |  |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |  |  |
Residential loans |  | 1,373,000 |
Variable Interest Entity, Primary Beneficiary | Previously Reported |  |  |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |  |  |
Loan Principal |  | 1,486,000 |
Loan unamortized premium |  | 13,000 |
Allowance for loan losses |  | (21,000) |
Deferred bond issuance costs |  | 1,000 |
Other assets |  | 5,000 |
Total Assets |  | 1,482,000 |
ABS issued principal |  | 1,428,000 |
ABS issued unamortized discount |  | (10,000) |
Total liabilities |  | 1,418,000 |
Redwood's investment in consolidated Sequoia entities |  | 64,000 |
Variable Interest Entity, Primary Beneficiary | Previously Reported | Residential Loans Held for Investment |  |  |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |  |  |
Residential loans |  | 1,478,000 |
Variable Interest Entity, Primary Beneficiary | Restatement Adjustment |  |  |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |  |  |
Loan market valuation adjustment |  | 0 |
Asset Backed Securities, Valuation Adjustment |  | 0 |
Accounting Standards Update 2014-13 | Variable Interest Entity, Primary Beneficiary | Restatement Adjustment |  |  |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |  |  |
Loan Principal |  | 0 |
Loan unamortized premium |  | (13,000) |
Allowance for loan losses |  | 21,000 |
Loan market valuation adjustment |  | (113,000) |
Deferred bond issuance costs |  | (1,000) |
Other assets |  | 0 |
Total Assets |  | (105,000) |
ABS issued principal |  | 0 |
ABS issued unamortized discount |  | 10,000 |
Asset Backed Securities, Valuation Adjustment |  | (125,000) |
Total liabilities |  | (115,000) |
Redwood's investment in consolidated Sequoia entities |  | 10,000 |
Accounting Standards Update 2014-13 | Variable Interest Entity, Primary Beneficiary | Restatement Adjustment | Residential Loans Held for Investment |  |  |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |  |  |
Residential loans |  | (105,000) |
Retained Earnings | Accounting Standards Update 2014-13 |  |  |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |  |  |
Cumulative adjustment - adoption of ASU 2014-13 | [1] | $ 9,728 |
[1] | On January 1, 2015, we adopted ASU 2014-13. See Note 3 for further discussion.
[2] | Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to the primary beneficiary (Redwood Trust, Inc.). At June 30, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,622,636 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,263,249 and $1,546,490, respectively. See Note 4 for further discussion.
[3] | On January 1, 2015, we adopted ASU 2014-13 and began to account for residential loans held-for-investment and asset backed securities issued at consolidated Sequoia entities (which are VIEs) at fair value. At December 31, 2014, amounts presented in residential loans held-for-investment for these assets included $1,474,386 at historical cost. See Note 3 for further discussion.

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