Real Estate Loans (Tables)

6 Months Ended

Jun. 30, 2011

Summary of the Classifications and Carrying Value of Residential and Commercial Real Estate Loans

The following table summarizes the classifications and carrying value of the residential and commercial real estate loans recorded on our consolidated balance sheets at June 30, 2011 and December 31, 2010.

June 30, 2011 (In Thousands)	Redwood		Sequoia		Acacia		Total Loans
Residential real estate loans
Held-for-sale	$	1,836	$	—	$	—	$	1,836
Held-for-investment		203,465		3,654,932		—		3,858,397
Total residential real estate loans		205,301		3,654,932		—		3,860,233
Commercial real estate loans
Fair value		—		—		12,698		12,698
Held-for-investment		71,168		—		—		71,168
Total commercial real estate loans		71,168		—		12,698		83,866
Total Real Estate Loans	$	276,469	$	3,654,932	$	12,698	$	3,944,099

December 31, 2010 (In Thousands)	Redwood		Sequoia		Acacia		Total Loans
Residential real estate loans
Held-for-sale	$	1,855	$	—	$	—	$	1,855
Held-for-investment		253,081		3,542,159		—		3,795,240
Total residential real estate loans		254,936		3,542,159		—		3,797,095
Commercial real estate loans
Fair value		—		—		19,850		19,850
Held-for-investment		30,536		—		—		30,536
Total commercial real estate loans		30,536		—		19,850		50,386
Total Real Estate Loans	$	285,472	$	3,542,159	$	19,850	$	3,847,481

Additional Information on Residential Real Estate Loans Held-for-Investment

The following table provides additional information on residential real estate loans held-for-investment at June 30, 2011 and December 31, 2010.

(In Thousands)	June 30, 2011			December 31, 2010
Principal value	$	3,882,603		$	3,815,273
Unamortized premium, net		38,100			42,399
Recorded investment		3,920,703			3,857,672
Allowance for loan losses		(62,306	)		(62,432	)
Carrying Value	$	3,858,397		$	3,795,240