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Principles of Consolidation - Assets and Liabilities of Consolidated Variable Interest Entity's (Details) $ in Thousands | Dec. 31, 2020 USD ($) investment | Dec. 31, 2019 USD ($) investment | Dec. 31, 2018 USD ($)
--- | --- | --- | ---
Variable Interest Entity [Line Items] |  |  |  |  |  |
Other investments | [1] | $ 348,175 |  | $ 358,130 |  |
Cash and cash equivalents |  | 461,260 | [1] | 196,966 | [1] | $ 176,000
Restricted cash |  | 83,190 | [1] | 93,867 | [1] | $ 29,000
Accrued interest receivable |  | 39,445 |  | 71,058 |  |
Other assets | [1] | 130,588 |  | 419,321 |  |
Total Assets | [1] | 10,355,066 |  | 17,995,440 |  |
Short-term debt | [1] | 522,609 |  | 2,329,145 |  |
Accrued interest payable |  | 34,858 |  | 60,655 |  |
Accrued expenses and other liabilities | [1] | 179,340 |  | 206,893 |  |
Asset-backed securities issued | [1] | 7,100,661 |  | 10,515,475 |  |
Total liabilities | [1] | $ 9,244,167 |  | $ 16,168,209 |  |
Number of VIEs | investment |  | 50 |  | 49 |  |
Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Other investments |  | $ 251,773 |  | $ 184,802 |  |
Cash and cash equivalents |  | 11,579 |  | 9,015 |  |
Restricted cash |  | 23,368 |  | 21,936 |  |
Accrued interest receivable |  | 30,587 |  | 45,772 |  |
Other assets |  | 9,937 |  | 2,700 |  |
Total Assets |  | 8,141,069 |  | 11,931,869 |  |
Short-term debt |  | 208,375 |  | 152,554 |  |
Accrued interest payable |  | 21,274 |  | 34,060 |  |
Accrued expenses and other liabilities |  | 18,403 |  | 14,983 |  |
Asset-backed securities issued |  | 6,900,362 |  | 10,515,475 |  |
Total liabilities |  | 7,148,414 |  | 10,717,072 |  |
Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 4,072,410 |  | 5,066,568 |  |
Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 3,249,194 |  | 2,192,552 |  |
Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | $ 492,221 |  | $ 4,408,524 |  |
Legacy Sequoia |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Number of VIEs | investment |  | 20 |  | 20 |  |
Legacy Sequoia | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Other investments |  | $ 0 |  | $ 0 |  |
Cash and cash equivalents |  | 0 |  | 0 |  |
Restricted cash |  | 148 |  | 143 |  |
Accrued interest receivable |  | 305 |  | 655 |  |
Other assets |  | 638 |  | 460 |  |
Total Assets |  | 287,026 |  | 409,148 |  |
Short-term debt |  | 0 |  | 0 |  |
Accrued interest payable |  | 141 |  | 395 |  |
Accrued expenses and other liabilities |  | 0 |  | 0 |  |
Asset-backed securities issued |  | 282,326 |  | 402,465 |  |
Total liabilities |  | 282,467 |  | 402,860 |  |
Legacy Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 285,935 |  | 407,890 |  |
Legacy Sequoia | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 0 |  | 0 |  |
Legacy Sequoia | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | $ 0 |  | $ 0 |  |
Sequoia Choice |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Number of VIEs | investment |  | 10 |  | 9 |  |
Sequoia Choice | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Other investments |  | $ 0 |  | $ 0 |  |
Cash and cash equivalents |  | 0 |  | 0 |  |
Restricted cash |  | 0 |  | 27 |  |
Accrued interest receivable |  | 6,802 |  | 9,824 |  |
Other assets |  | 0 |  | 0 |  |
Total Assets |  | 1,572,124 |  | 2,301,314 |  |
Short-term debt |  | 0 |  | 0 |  |
Accrued interest payable |  | 4,697 |  | 7,732 |  |
Accrued expenses and other liabilities |  | 50 |  | 27 |  |
Asset-backed securities issued |  | 1,347,357 |  | 2,037,198 |  |
Total liabilities |  | 1,352,104 |  | 2,044,957 |  |
Sequoia Choice | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 1,565,322 |  | 2,291,463 |  |
Sequoia Choice | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 0 |  | 0 |  |
Sequoia Choice | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | $ 0 |  | $ 0 |  |
Freddie Mac SLST |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Number of VIEs | investment |  | 2 |  | 2 |  |
Freddie Mac SLST | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Other investments |  | $ 0 |  | $ 0 |  |
Cash and cash equivalents |  | 0 |  | 0 |  |
Restricted cash |  | 0 |  | 0 |  |
Accrued interest receivable |  | 6,754 |  | 7,313 |  |
Other assets |  | 646 |  | 445 |  |
Total Assets |  | 2,228,553 |  | 2,374,973 |  |
Short-term debt |  | 0 |  | 0 |  |
Accrued interest payable |  | 4,846 |  | 5,374 |  |
Accrued expenses and other liabilities |  | 0 |  | 0 |  |
Asset-backed securities issued |  | 1,793,620 |  | 1,918,322 |  |
Total liabilities |  | 1,798,466 |  | 1,923,696 |  |
Freddie Mac SLST | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 2,221,153 |  | 2,367,215 |  |
Freddie Mac SLST | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 0 |  | 0 |  |
Freddie Mac SLST | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | $ 0 |  | $ 0 |  |
Freddie Mac K-Series |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Number of VIEs | investment |  | 1 |  | 5 |  |
Freddie Mac K-Series | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Other investments |  | $ 0 |  | $ 0 |  |
Cash and cash equivalents |  | 0 |  | 0 |  |
Restricted cash |  | 0 |  | 0 |  |
Accrued interest receivable |  | 1,337 |  | 13,539 |  |
Other assets |  | 0 |  | 0 |  |
Total Assets |  | 493,558 |  | 4,422,063 |  |
Short-term debt |  | 0 |  | 0 |  |
Accrued interest payable |  | 1,177 |  | 12,887 |  |
Accrued expenses and other liabilities |  | 0 |  | 0 |  |
Asset-backed securities issued |  | 463,966 |  | 4,156,239 |  |
Total liabilities |  | 465,143 |  | 4,169,126 |  |
Freddie Mac K-Series | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 0 |  | 0 |  |
Freddie Mac K-Series | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 0 |  | 0 |  |
Freddie Mac K-Series | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | $ 492,221 |  | $ 4,408,524 |  |
CAFL |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Number of VIEs | investment |  | 14 |  | 10 |  |
CAFL | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Other investments |  | $ 0 |  | $ 0 |  |
Cash and cash equivalents |  | 0 |  | 0 |  |
Restricted cash |  | 0 |  | 0 |  |
Accrued interest receivable |  | 13,055 |  | 9,572 |  |
Other assets |  | 2,930 |  | 1,795 |  |
Total Assets |  | 3,265,179 |  | 2,203,919 |  |
Short-term debt |  | 0 |  | 0 |  |
Accrued interest payable |  | 10,278 |  | 7,485 |  |
Accrued expenses and other liabilities |  | 0 |  | 0 |  |
Asset-backed securities issued |  | 3,013,093 |  | 2,001,251 |  |
Total liabilities |  | 3,023,371 |  | 2,008,736 |  |
CAFL | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 0 |  | 0 |  |
CAFL | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 3,249,194 |  | 2,192,552 |  |
CAFL | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | $ 0 |  | $ 0 |  |
Servicing Investment |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Number of VIEs | investment |  | 3 |  | 3 |  |
Servicing Investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Other investments |  | $ 251,773 |  | $ 184,802 |  |
Cash and cash equivalents |  | 11,579 |  | 9,015 |  |
Restricted cash |  | 23,220 |  | 21,766 |  |
Accrued interest receivable |  | 2,334 |  | 4,869 |  |
Other assets |  | 5,723 |  | 0 |  |
Total Assets |  | 294,629 |  | 220,452 |  |
Short-term debt |  | 208,375 |  | 152,554 |  |
Accrued interest payable |  | 135 |  | 187 |  |
Accrued expenses and other liabilities |  | 18,353 |  | 14,956 |  |
Asset-backed securities issued |  | 0 |  | 0 |  |
Total liabilities |  | 226,863 |  | 167,697 |  |
Servicing Investment | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 0 |  | 0 |  |
Servicing Investment | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
Variable Interest Entity [Line Items] |  |  |  |  |  |
Loans, at fair value |  | 0 |  | 0 |  |
Servicing Investment | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary |  |  |  |  |  |
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 December 31, 2020 and December 31, 2019, assets of consolidated VIEs totaled $8,141,069 and $11,931,869, respectively. At December 31, 2020 and December 31, 2019, liabilities of consolidated VIEs totaled $7,148,414 and $10,717,072, respectively. See Note 4 for further discussion.

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