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Taxes - Components of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014
--- | --- | ---
Deferred tax assets |  |  |
Net operating loss carryforward - state |  | $ 95,972 | $ 91,579
Net capital loss carryforward - state |  | 22,603 | 27,308
Net operating loss carryforward - federal |  | 32,929 | 18,765
Net capital loss carryforward - federal |  | 7,971 | 7,903
Real estate assets |  | 5,144 | 0
Interest rate agreements |  | 1,472 | 0
Allowances and accruals |  | 3,458 | 2,355
Other |  | 513 | 210
Total deferred tax assets |  | 170,062 | 148,120
Deferred Tax Liabilities |  |  |
Real estate assets |  | 0 | (6,821)
Mortgage Servicing Rights |  | (50,630) | (37,581)
Interest rate agreements |  | 0 | (87)
Tax effect of unrealized gains - OCI |  | (2,638) | (2,684)
Total deferred tax liabilites |  | (53,268) | (47,173)
Valuation allowance |  | (116,794) | (111,183)
Total Deferred Tax Asset (Liability), net of Valuation Allowance | [1] | $ 0 | $ (10,236)
[1] | 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 December 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,195,574 and $1,900,208, respectively. At December 31, 2015 and December 31, 2014, liabilities of consolidated VIEs totaled $1,050,861 and $1,546,490, respectively. See Note 4 for further discussion.

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