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Residential Loans (Tables) - Residential Loans

9 Months Ended

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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Reference 1: http://www.xbrl.org/2003/role/presentationRef



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-Name Accounting Standards Codification



-Topic 210



-SubTopic 10



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