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CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Statement of Cash Flows [Abstract]    
Cash and cash equivalents [1] $ 426,019 $ 461,260
Restricted cash [1] $ 95,775 $ 83,190
[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 March 31, 2021 and December 31, 2020, assets of consolidated VIEs totaled $7,724,203 and $8,141,069, respectively. At March 31, 2021 and December 31, 2020, liabilities of consolidated VIEs totaled $6,704,943 and $7,148,414, respectively. See Note 4 for further discussion.