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Residential Loans (Tables) - Residential Loans | 9 Months Ended
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Sep. 30, 2015
Mortgage Loans on Real Estate [Line Items] |
Summary of Classifications and Carrying Value of Loans | The following table summarizes the classifications and carrying values of the residential loans owned at Redwood and at consolidated Sequoia entities at September 30, 2015 and December 31, 2014. Table 6.1 – Classifications and Carrying Values of the Residential Loans
September 30, 2015 |  |  |  |  |  |
(In Thousands) |  | Redwood |  | Sequoia (1) |  | Total
Held-for-sale |  |  |  |  |  |
Fair value - conforming |  | $ | 236,314 |  |  | $ | — |  |  | $ | 236,314 |
Fair value - jumbo |  | 1,268,391 |  |  | — |  |  | 1,268,391 |
Lower of cost or fair value |  | 1,446 |  |  | — |  |  | 1,446 |
Held-for-investment |  |  |  |  |  |  |
Fair value - jumbo |  | 1,360,277 |  |  | 1,170,246 |  |  | 2,530,523 |
Total Residential Loans |  | $ | 2,866,428 |  |  | $ | 1,170,246 |  |  | $ | 4,036,674 |
December 31, 2014 |  |  |  |  |  |
(In Thousands) |  | Redwood |  | Sequoia (1) |  | Total
Held-for-sale |  |  |  |  |  |
Fair value - conforming |  | $ | 244,714 |  |  | $ | — |  |  | $ | 244,714 |
Fair value - jumbo |  | 1,096,317 |  |  | — |  |  | 1,096,317 |
Lower of cost or fair value |  | 1,488 |  |  | — |  |  | 1,488 |
Held-for-investment |  |  |  |  |  |
Fair value - jumbo |  | 581,668 |  |  | — |  |  | 581,668 |
At amortized cost |  | — |  |  | 1,474,386 |  |  | 1,474,386 |
Total Residential Loans |  | $ | 1,924,187 |  |  | $ | 1,474,386 |  |  | $ | 3,398,573 |
(1) | Upon adoption of ASU 2014-13 on January 1, 2015, we began to record loans held-for-investment at consolidated Sequoia entities at fair value. See Note 3 for further discussion.
Carrying Value for Loans Held-for-Investment | The following table details the carrying value for residential loans held-for-investment at consolidated Sequoia entities at September 30, 2015 and December 31, 2014. Table 6.2 – Carrying Value for Held-for-Investment Residential Loans at Sequoia Entities
(In Thousands) |  | September 30, 2015 |  | December 31, 2014
Principal balance |  | $ | 1,275,609 |  |  | $ | 1,483,213 |
Unamortized premium, net |  | — |  |  | 12,511 |
Allowance for loan losses |  | — |  |  | (21,338 | )
Valuation adjustment |  | (105,363 | ) |  | — |
Carrying value |  | $ | 1,170,246 |  |  | $ | 1,474,386 |

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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