2.2.0.7 false Principles of Consolidation 10401 - Disclosure - Principles of Consolidation true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 Principles of Consolidaton 3 us-gaap_ConsolidationPolicyTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false terselabel false 1 false false false false 0 0 <div> Note 4. Principles of Consolidation   We apply ASC 860 and ASC 810-10 to determine whether we must consolidate transferred financial assets and variable interest entities (VIEs) for financial reporting purposes. ASC 860 considers whether securitizations and other transfers of financial assets are treated as sales or financings. Additionally, ASC 810-10 addresses whether VIEs (e.g., certain legal entities often used in securitization and other structured finance transactions) should be included in the consolidated financial statements of any particular interested party. These standards became effective for our interests in all VIEs as of January 1, 2010, except for the Fund as a result of the FASB's decision to delay the applicability of ASC 810-10 for private equity funds. Our determination of whether we must consolidate the Fund was performed in accordance with FASB Interpretation No. 46 (revised), Consolidation of Variable Interest Entities (FIN 46(R)), at the time we acquired our interests in the Fund.   Analysis of Consolidated VIEs   The VIEs we are required to consolidate include the Fund, certain Sequoia securitization entities, and the Acacia entities. The following table presents a summary of the assets and liabilities of these VIEs.   Assets and Liabilities of Consolidated VIEs at June 30, 2010 <div align="center"> <table style="line-height: 115%; width: 456pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="608"> <tr><td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; padding-top: 3pt;">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 3pt;" valign="bottom" width="12">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; padding-top: 3pt;" colspan="3">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 3pt;" valign="bottom" width="12">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; padding-top: 3pt;" colspan="3">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 3pt;" valign="bottom" width="12">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; padding-top: 3pt;" colspan="3">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 3pt;" valign="bottom" width="12">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; padding-top: 3pt;" colspan="3">  </td></tr> <tr><td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> (Dollars in thousands)</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" colspan="3"> The Fund</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" colspan="3"> Sequoia Entities</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" colspan="3"> Acacia Entities</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" colspan="3"> Total</td></tr> <tr><td style="padding-bottom: 3pt; padding-left: 10pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> Real estate loans</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> —</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> 3,788,024</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> 19,485</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> 3,807,509</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="padding-bottom: 3pt; padding-left: 10pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> Real estate securities</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 25,080</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> —</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 257,530</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 282,610</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="padding-bottom: 3pt; padding-left: 10pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> Other investments</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> —</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> —</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> 3,654</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> 3,654</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 10pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> Other assets</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 2,428</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 23,882</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 32,993</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 59,303</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 20pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> Total Assets</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 27,508</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 3,811,906</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 313,662</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 4,153,076</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="padding-bottom: 3pt; padding-left: 10pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> Asset-backed securities</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> —</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 3,708,395</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 253,104</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 3,961,499</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 10pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> Other liabilities</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 806</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 2,892</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 84,491</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 88,189</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 20pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> Total Liabilities</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 806</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 3,711,287</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 337,595</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 4,049,688</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="padding-bottom: 3pt; padding-left: 10pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> Noncontrolling Interest</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> 11,993</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> —</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> —</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> 11,993</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="padding-bottom: 3pt; padding-left: 10pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> Number of VIEs</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 1</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 37</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 10</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 48</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr></table></div>   We determined that we are the primary beneficiary of the Fund as our ongoing asset management responsibilities provide us with the power to direct the activities that most significantly impact the economic performance of the Fund, and our significant general and limited partnership interests provide us with the obligation to absorb losses or the right to receive benefits that are significant.   We consolidate the assets and liabilities of certain Sequoia securitization entities issued prior to 2010, as we did not meet the sale criteria at the time we transferred financial assets to these entities. Had we not been the transferor and depositor of these securitizations, we would likely not have consolidated them as we determined that we are not the primary beneficiary of these entities in accordance with ASC 810-10. In April 2010, we sponsored a $238 million residential prime jumbo mortgage securitization through our Sequoia program and recorded the assets and liabilities of this entity on our consolidated balance sheet, as we did not meet the sale criteria at the time we transferred financial assets to this entity. We determined that we are the primary beneficiary of this Sequoia entity as our ongoing loss mitigation and resolution responsibilities provide us with the power to direct the activities that most significantly impact the economic performance of the entity and our significant investment interests provide us with the obligation to absorb losses or the right to receive benefits that are significant.   We consolidate the assets and liabilities of the Acacia securitization entities on our consolidated balance sheets, as we did not meet the sale criteria at the time we transferred financial assets to these entities and we are the primary beneficiary of these Acacia VIEs. Our ongoing asset management responsibilities and call options provide us with the power to direct the activities that most significantly impact the economic performance of these individual entities, and our equity investments in each entity provide us with the obligation to absorb losses or the right to receive benefits that are significant.   Analysis of Non-Consolidated VIEs   Third party VIEs are securitization entities that Redwood did not sponsor. We may own several securities from a third party VIE, and in those cases, the analysis is done in consideration of all of our interests in that VIE. We determined that we are not the primary beneficiary of any third-party residential, commercial, re-REMIC, or CDO entities in any third party VIEs, as we do not have the required power to direct the activities that most significantly impact the economic performance of these entities. Specifically, we do not service or manage these entities or otherwise hold decision making powers that are significant. As a result of this assessment, we do not consolidate any of the underlying assets and liabilities of these VIEs — we only account for our specific interests in each. The following table presents a summary of Redwood's interest in third party VIEs at June 30, 2010, grouped by collateral type and ownership interest.   VIE Summary <div align="center"> <table style="line-height: 115%; width: 456pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="608"> <tr><td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; padding-top: 3pt;">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 3pt;" valign="bottom" width="12">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; padding-top: 3pt;" colspan="3">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 3pt;" valign="bottom" width="12">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; padding-top: 3pt;" colspan="3">  </td></tr> <tr><td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> June 30, 2010 (Dollars in Thousands)</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" colspan="3"> Fair Value</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" colspan="3"> Number of VIEs</td></tr> <tr><td style="padding-bottom: 3pt; padding-left: 10pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> Real estate securities at Redwood</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="padding-bottom: 3pt; padding-left: 20pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> Residential</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="padding-bottom: 3pt; padding-left: 30pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> Senior</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> 630,099</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> 99</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="padding-bottom: 3pt; padding-left: 30pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> Re-REMIC</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 69,070</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 10</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="padding-bottom: 3pt; padding-left: 30pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> Subordinate</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> 26,436</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom"> 203</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="padding-bottom: 3pt; padding-left: 20pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> Commercial</td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 7,610</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom"> 15</td> <td style="padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 20pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> CDO</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 1,132</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 10</td> <td style="border-bottom: white 1pt solid; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr> <tr><td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 10pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> Total Third-party Real Estate Securities</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6"> $</td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 734,347</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; width: 4.5pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" width="6">  </td> <td style="border-bottom: black 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom"> 337</td> <td style="border-bottom: white 3px double; border-left: medium none; padding-bottom: 3pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 3pt;" valign="bottom" nowrap="nowrap">  </td></tr></table></div>   Our future assessments of whether we are required to consolidate a VIE may change based upon the facts and circumstances pertaining to each VIE. Changes in accounting for any VIE could result in a material impact to our financial statements in subsequent reporting periods.   </div> Note 4. Principles of Consolidation   We apply ASC 860 and ASC 810-10 to determine whether we must consolidate transferred financial assets and variable false false false us-types:textBlockItemType textblock Describes an entity's accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. An entity also may describe its accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 4 -Subparagraph c Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph k -Article 1 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 5, 6, 16-19 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02, 03 -Article 3A Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 2-6 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 140 -Paragraph 46 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -Subparagraph a(2) Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 4 -Subparagraph d Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 97-2 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 96-16 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 14, 15 false 1 1 false UnKnown UnKnown UnKnown false true