XML 118 R49.htm IDEA: XBRL DOCUMENT v3.3.0.814
Summary of Significant Accounting Policies - Effect of ASU 2014-13 on Balance Sheet (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cumulative adjustment - adoption of ASU 2014-13 [1]   $ 9,728
Residential loans $ 4,036,674 3,398,573
Other assets [2] 201,596 113,896
Total Assets [2] 6,269,026 5,918,966
ABS issued principal [2],[3] 1,178,795 1,545,119
Total liabilities [2] 5,062,451 4,662,825
Residential Loans Held for Investment    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Loan Principal 1,275,609 1,483,213
Residential loans $ 1,170,246 1,474,386
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)
Loan market valuation adjustment   0
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)
Asset Backed Securities, Valuation Adjustment   0
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 | Accounting Standards Update 2014-13    
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
Variable Interest Entity, Primary Beneficiary | Restatement Adjustment | Accounting Standards Update 2014-13 | 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 Redwood Trust, Inc. or its affiliates. At September 30, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,539,350 and $1,900,208, respectively. At September 30, 2015 and December 31, 2014, liabilities of consolidated VIEs totaled $1,179,884 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.