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Principles of Consolidation - Assets and Liabilities of Consolidated Variable Interest Entities Accounted for as Collateralized Financing Entities (Details) $ in Thousands | Sep. 30, 2020 USD ($) investment | Dec. 31, 2019 USD ($) investment
--- | --- | ---
Variable Interest Entity [Line Items] |  |  |
Other investments | [1] | $ 384,628 | $ 358,130
Cash and cash equivalents | [1] | 450,684 | 196,966
Restricted cash | [1] | 73,594 | 93,867
Accrued interest receivable |  | 39,330 | 71,058
Other assets | [1] | 124,273 | 419,321
Total Assets | [1] | 10,402,412 | 17,995,440
Short-term debt | [1] | 482,761 | 2,329,145
Accrued interest payable |  | 34,225 | 60,655
Accrued expenses and other liabilities | [1] | 155,989 | 206,893
Asset-backed securities issued | [1] | 7,172,398 | 10,515,475
Total liabilities | [1] | $ 9,348,948 | $ 16,168,209
Number of VIEs | investment |  | 49 | 49
Business purpose residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value | [1] | $ 3,670,552 | $ 3,175,178
Legacy Sequoia |  |  |
Variable Interest Entity [Line Items] |  |  |
Number of VIEs | investment |  | 20 | 20
Sequoia Choice |  |  |
Variable Interest Entity [Line Items] |  |  |
Number of VIEs | investment |  | 10 | 9
Freddie Mac SLST |  |  |
Variable Interest Entity [Line Items] |  |  |
Number of VIEs | investment |  | 2 | 2
Freddie Mac K-Series |  |  |
Variable Interest Entity [Line Items] |  |  |
Number of VIEs | investment |  | 1 | 5
CAFL |  |  |
Variable Interest Entity [Line Items] |  |  |
Number of VIEs | investment |  | 13 | 10
Servicing Investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Number of VIEs | investment |  | 3 | 3
Variable Interest Entity, Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | $ 278,487 | $ 184,802
Cash and cash equivalents |  | 10,425 | 9,015
Restricted cash |  | 20,795 | 21,936
Accrued interest receivable |  | 30,644 | 45,772
Other assets |  | 5,829 | 2,700
Total Assets |  | 8,197,095 | 11,931,869
Short-term debt |  | 228,998 | 152,554
Accrued interest payable |  | 21,497 | 34,060
Accrued expenses and other liabilities |  | 18,176 | 14,983
Asset-backed securities issued |  | 6,969,376 | 10,515,475
Total liabilities |  | 7,238,047 | 10,717,072
Variable Interest Entity, Primary Beneficiary | Residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 4,389,808 | 5,066,568
Variable Interest Entity, Primary Beneficiary | Business purpose residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 2,969,692 | 2,192,552
Variable Interest Entity, Primary Beneficiary | Multifamily loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 491,415 | 4,408,524
Variable Interest Entity, Primary Beneficiary | Legacy Sequoia |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 146 | 143
Accrued interest receivable |  | 402 | 655
Other assets |  | 784 | 460
Total Assets |  | 298,097 | 409,148
Short-term debt |  | 0 | 0
Accrued interest payable |  | 180 | 395
Accrued expenses and other liabilities |  | 0 | 0
Asset-backed securities issued |  | 292,484 | 402,465
Total liabilities |  | 292,664 | 402,860
Variable Interest Entity, Primary Beneficiary | Legacy Sequoia | Residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 296,765 | 407,890
Variable Interest Entity, Primary Beneficiary | Legacy Sequoia | Business purpose residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Variable Interest Entity, Primary Beneficiary | Legacy Sequoia | Multifamily loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Variable Interest Entity, Primary Beneficiary | Sequoia Choice |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 0 | 27
Accrued interest receivable |  | 7,292 | 9,824
Other assets |  | 0 | 0
Total Assets |  | 1,843,653 | 2,301,314
Short-term debt |  | 0 | 0
Accrued interest payable |  | 5,652 | 7,732
Accrued expenses and other liabilities |  | 47 | 27
Asset-backed securities issued |  | 1,626,564 | 2,037,198
Total liabilities |  | 1,632,263 | 2,044,957
Variable Interest Entity, Primary Beneficiary | Sequoia Choice | Residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 1,836,361 | 2,291,463
Variable Interest Entity, Primary Beneficiary | Sequoia Choice | Business purpose residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Variable Interest Entity, Primary Beneficiary | Sequoia Choice | Multifamily loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 0 | 0
Accrued interest receivable |  | 6,928 | 7,313
Other assets |  | 887 | 445
Total Assets |  | 2,264,497 | 2,374,973
Short-term debt |  | 0 | 0
Accrued interest payable |  | 5,009 | 5,374
Accrued expenses and other liabilities |  | 0 | 0
Asset-backed securities issued |  | 1,841,313 | 1,918,322
Total liabilities |  | 1,846,322 | 1,923,696
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST | Residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 2,256,682 | 2,367,215
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST | Business purpose residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST | Multifamily loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 0 | 0
Accrued interest receivable |  | 1,342 | 13,539
Other assets |  | 0 | 0
Total Assets |  | 492,757 | 4,422,063
Short-term debt |  | 0 | 0
Accrued interest payable |  | 1,182 | 12,887
Accrued expenses and other liabilities |  | 0 | 0
Asset-backed securities issued |  | 464,865 | 4,156,239
Total liabilities |  | 466,047 | 4,169,126
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series | Residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series | Business purpose residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series | Multifamily loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 491,415 | 4,408,524
Variable Interest Entity, Primary Beneficiary | CAFL |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 0 | 0
Accrued interest receivable |  | 12,071 | 9,572
Other assets |  | 4,158 | 1,795
Total Assets |  | 2,985,921 | 2,203,919
Short-term debt |  | 0 | 0
Accrued interest payable |  | 9,337 | 7,485
Accrued expenses and other liabilities |  | 0 | 0
Asset-backed securities issued |  | 2,744,150 | 2,001,251
Total liabilities |  | 2,753,487 | 2,008,736
Variable Interest Entity, Primary Beneficiary | CAFL | Residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Variable Interest Entity, Primary Beneficiary | CAFL | Business purpose residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 2,969,692 | 2,192,552
Variable Interest Entity, Primary Beneficiary | CAFL | Multifamily loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Variable Interest Entity, Primary Beneficiary | Servicing Investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 278,487 | 184,802
Cash and cash equivalents |  | 10,425 | 9,015
Restricted cash |  | 20,649 | 21,766
Accrued interest receivable |  | 2,609 | 4,869
Other assets |  | 0 | 0
Total Assets |  | 312,170 | 220,452
Short-term debt |  | 228,998 | 152,554
Accrued interest payable |  | 137 | 187
Accrued expenses and other liabilities |  | 18,129 | 14,956
Asset-backed securities issued |  | 0 | 0
Total liabilities |  | 247,264 | 167,697
Variable Interest Entity, Primary Beneficiary | Servicing Investment | Residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Variable Interest Entity, Primary Beneficiary | Servicing Investment | Business purpose residential loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Variable Interest Entity, Primary Beneficiary | Servicing Investment | Multifamily loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Loans, at fair value |  | $ 0 | $ 0
[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 September 30, 2020 and December 31, 2019, assets of consolidated VIEs totaled $8,197,095 and $11,931,869, respectively. At September 30, 2020 and December 31, 2019, liabilities of consolidated VIEs totaled $7,238,047 and $10,717,072, respectively. See Note 4 for further discussion.

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