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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, 2021 USD ($) investment | Dec. 31, 2020 USD ($) investment
--- | --- | ---
Variable Interest Entity [Line Items] |  |  |
Other investments | [1] | $ 422,366 | $ 348,175
Cash and cash equivalents | [1] | 556,989 | 461,260
Restricted cash | [1] | 88,717 | 83,190
Accrued interest receivable |  | 41,997 | 39,445
Other assets | [1] | 162,193 | 130,588
Total Assets | [1] | 13,072,714 | 10,355,066
Short-term debt | [1] | 1,750,941 | 522,609
Accrued interest payable |  | 34,545 | 34,858
Accrued expenses and other liabilities | [1] | 251,576 | 179,340
Asset-backed securities issued | [1] | 8,183,825 | 7,100,661
Total liabilities | [1] | 11,696,891 | 9,244,167
Variable Interest Entity, Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Total Assets |  | 9,358,317 | 8,141,069
Total liabilities |  | 8,391,761 | 7,348,713
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 355,322 | 251,773
Cash and cash equivalents |  | 12,977 | 11,579
Restricted cash |  | 25,053 | 23,368
Accrued interest receivable |  | 30,009 | 30,587
Other assets |  | 21,738 | 9,937
Total Assets |  | 9,051,689 | 8,141,069
Short-term debt |  | 151,910 | 208,375
Accrued interest payable |  | 22,288 | 21,274
Accrued expenses and other liabilities |  | 32,799 | 18,403
Asset-backed securities issued |  | 7,756,101 | 6,900,362
Total liabilities |  | 7,963,098 | 7,148,414
Fair value of our investments |  | $ 1,080,553 | $ 992,655
Number of VIEs | investment |  | 56 | 50
Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 4,721,389 | $ 4,072,410
Business purpose loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans | [1] | 4,227,209 | 3,890,959
Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 3,402,410 | 3,249,194
Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 482,791 | 492,221
Legacy Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 148 | 148
Accrued interest receivable |  | 232 | 305
Other assets |  | 275 | 638
Total Assets |  | 242,889 | 287,026
Short-term debt |  | 0 | 0
Accrued interest payable |  | 108 | 141
Accrued expenses and other liabilities |  | 0 | 0
Asset-backed securities issued |  | 239,447 | 282,326
Total liabilities |  | 239,555 | 282,467
Fair value of our investments |  | $ 3,062 | $ 4,559
Number of VIEs | investment |  | 20 | 20
Legacy Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 242,234 | $ 285,935
Legacy Sequoia | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Legacy Sequoia | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 0 | 0
Accrued interest receivable |  | 7,869 | 6,802
Other assets |  | 0 | 0
Total Assets |  | 2,487,619 | 1,572,124
Short-term debt |  | 0 | 0
Accrued interest payable |  | 5,918 | 4,697
Accrued expenses and other liabilities |  | 0 | 50
Asset-backed securities issued |  | 2,243,299 | 1,347,357
Total liabilities |  | 2,249,217 | 1,352,104
Fair value of our investments |  | $ 236,451 | $ 220,020
Number of VIEs | investment |  | 13 | 10
Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 2,479,750 | $ 1,565,322
Sequoia | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Sequoia | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
CAFL | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 0 | 0
Accrued interest receivable |  | 13,451 | 13,055
Other assets |  | 13,172 | 2,930
Total Assets |  | 3,429,033 | 3,265,179
Short-term debt |  | 0 | 0
Accrued interest payable |  | 10,691 | 10,278
Accrued expenses and other liabilities |  | 224 | 0
Asset-backed securities issued |  | 3,126,405 | 3,013,093
Total liabilities |  | 3,137,320 | 3,023,371
Fair value of our investments |  | $ 287,813 | $ 241,808
Number of VIEs | investment |  | 15 | 14
CAFL | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 0 | $ 0
CAFL | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 3,402,410 | 3,249,194
CAFL | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Freddie Mac SLST | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 0 | 0
Accrued interest receivable |  | 6,068 | 6,754
Other assets |  | 1,958 | 646
Total Assets |  | 2,007,431 | 2,228,553
Short-term debt |  | 0 | 0
Accrued interest payable |  | 4,279 | 4,846
Accrued expenses and other liabilities |  | 0 | 0
Asset-backed securities issued |  | 1,550,111 | 1,793,620
Total liabilities |  | 1,554,390 | 1,798,466
Fair value of our investments |  | $ 451,252 | $ 430,087
Number of VIEs | investment |  | 3 | 2
Freddie Mac SLST | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 1,999,405 | $ 2,221,153
Freddie Mac SLST | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Freddie Mac SLST | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Freddie Mac K-Series | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 0 | 0
Accrued interest receivable |  | 1,321 | 1,337
Other assets |  | 0 | 0
Total Assets |  | 484,112 | 493,558
Short-term debt |  | 0 | 0
Accrued interest payable |  | 1,195 | 1,177
Accrued expenses and other liabilities |  | 0 | 0
Asset-backed securities issued |  | 451,402 | 463,966
Total liabilities |  | 452,597 | 465,143
Fair value of our investments |  | $ 31,389 | $ 28,415
Number of VIEs | investment |  | 1 | 1
Freddie Mac K-Series | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 0 | $ 0
Freddie Mac K-Series | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Freddie Mac K-Series | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 482,791 | 492,221
Servicing Investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 187,880 | 251,773
Cash and cash equivalents |  | 12,977 | 11,579
Restricted cash |  | 19,872 | 23,220
Accrued interest receivable |  | 1,068 | 2,334
Other assets |  | 6,283 | 5,723
Total Assets |  | 228,080 | 294,629
Short-term debt |  | 151,910 | 208,375
Accrued interest payable |  | 97 | 135
Accrued expenses and other liabilities |  | 15,835 | 18,353
Asset-backed securities issued |  | 0 | 0
Total liabilities |  | 167,842 | 226,863
Fair value of our investments |  | $ 60,238 | $ 67,766
Number of VIEs | investment |  | 3 | 3
Servicing Investment | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 0 | $ 0
Servicing Investment | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Servicing Investment | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Point HEI | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 167,442 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 5,033 | 0
Accrued interest receivable |  | 0 | 0
Other assets |  | 50 | 0
Total Assets |  | 172,525 | 0
Short-term debt |  | 0 | 0
Accrued interest payable |  | 0 | 0
Accrued expenses and other liabilities |  | 16,740 | 0
Asset-backed securities issued |  | 145,437 | 0
Total liabilities |  | 162,177 | 0
Fair value of our investments |  | $ 10,348 | $ 0
Number of VIEs | investment |  | 1 | 0
Point HEI | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 0 | $ 0
Point HEI | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Point HEI | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $9,358,317 and $8,141,069, respectively. At September 30, 2021 and December 31, 2020, liabilities of consolidated VIEs totaled $8,391,761 and $7,348,713, respectively. See Note 4 for further discussion.

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