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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, 2022 USD ($) investment | Dec. 31, 2021 USD ($) investment
--- | --- | ---
Variable Interest Entity [Line Items] |  |  |
Home equity investments |  | $ 340,437 | $ 192,740
Other investments | [1] | 412,762 | 449,229
Cash and cash equivalents | [1] | 297,092 | 450,485
Restricted cash | [1] | 71,996 | 80,999
Accrued interest receivable |  | 54,944 | 47,515
Other assets | [1] | 194,500 | 231,117
Total Assets | [1] | 13,145,947 | 14,706,944
Short-term debt | [1] | 2,110,279 | 2,177,362
Accrued interest payable |  | 46,938 | 39,297
Accrued expenses and other liabilities | [1] | 201,125 | 245,788
Asset-backed securities issued | [1] | 8,139,293 | 9,253,557
Total liabilities | [1] | 11,991,705 | 13,320,857
CAFL |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of securities owned |  | 314,000 | 302,000
Freddie Mac SLST |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of securities owned |  | 335,000 | 445,000
Variable Interest Entity, Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Total Assets |  | 9,449,163 | 10,661,081
Total liabilities |  | 8,448,479 | 9,619,347
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Home equity investments |  | 139,728 |
Other investments |  | 307,723 | 544,307
Cash and cash equivalents |  | 15,923 | 6,481
Restricted cash |  | 38,168 | 46,086
Accrued interest receivable |  | 36,284 | 35,401
Other assets |  | 34,355 | 41,826
Total Assets |  | 9,449,163 | 10,661,081
Short-term debt |  | 233,104 | 294,447
Accrued interest payable |  | 25,580 | 25,018
Accrued expenses and other liabilities |  | 50,502 | 46,325
Asset-backed securities issued |  | 8,139,293 | 9,253,557
Total liabilities |  | 8,448,479 | 9,619,347
Value of our investments in VIEs |  | $ 993,406 | $ 1,033,913
Number of VIEs | investment |  | 64 | 60
Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 4,918,295 | $ 5,747,150
Business purpose loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans | [1] | 4,919,980 | 4,432,680
Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 3,531,229 | 3,766,316
Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 427,458 | 473,514
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 |  | 92 | 148
Accrued interest receivable |  | 226 | 210
Other assets |  | 407 | 61
Total Assets |  | 198,886 | 230,874
Short-term debt |  | 0 | 0
Accrued interest payable |  | 224 | 99
Accrued expenses and other liabilities |  | (58) | 0
Asset-backed securities issued |  | 197,354 | 227,881
Total liabilities |  | 197,520 | 227,980
Value of our investments in VIEs |  | $ 1,214 | $ 2,634
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 |  | $ 198,161 | $ 230,455
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 | Consolidated Agency multifamily loans | 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 |  | 78 | 5
Accrued interest receivable |  | 11,295 | 10,885
Other assets |  | 0 | 0
Total Assets |  | 3,248,543 | 3,639,355
Short-term debt |  | 0 | 0
Accrued interest payable |  | 9,003 | 8,452
Accrued expenses and other liabilities |  | 80 | 5
Asset-backed securities issued |  | 3,013,249 | 3,383,048
Total liabilities |  | 3,022,332 | 3,391,505
Value of our investments in VIEs |  | $ 223,920 | $ 245,417
Number of VIEs | investment |  | 17 | 16
Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 3,237,170 | $ 3,628,465
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 | Consolidated Agency multifamily loans | 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 |  | 15,889 | 15,221
Accrued interest receivable |  | 17,497 | 15,737
Other assets |  | 24,084 | 32,510
Total Assets |  | 3,588,699 | 3,829,784
Short-term debt |  | 0 | 0
Accrued interest payable |  | 11,202 | 11,030
Accrued expenses and other liabilities |  | 1,903 | 1,171
Asset-backed securities issued |  | 3,179,487 | 3,474,898
Total liabilities |  | 3,192,592 | 3,487,099
Value of our investments in VIEs |  | $ 393,015 | $ 339,419
Number of VIEs | investment |  | 19 | 16
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 |  | 3,531,229 | 3,766,316
CAFL | Consolidated Agency multifamily loans | 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 |  | 5,247 | 5,792
Other assets |  | 2,544 | 2,028
Total Assets |  | 1,490,755 | 1,896,050
Short-term debt |  | 0 | 0
Accrued interest payable |  | 3,630 | 4,055
Accrued expenses and other liabilities |  | 0 | 0
Asset-backed securities issued |  | 1,249,041 | 1,588,463
Total liabilities |  | 1,252,671 | 1,592,518
Value of our investments in VIEs |  | $ 236,467 | $ 301,795
Number of VIEs | investment |  | 3 | 3
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 |  | $ 1,482,964 | $ 1,888,230
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 | Consolidated Agency multifamily loans | 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 |  | 1,299 | 1,315
Other assets |  | 0 | 0
Total Assets |  | 428,757 | 474,829
Short-term debt |  | 0 | 0
Accrued interest payable |  | 1,173 | 1,190
Accrued expenses and other liabilities |  | 0 | 0
Asset-backed securities issued |  | 395,411 | 441,857
Total liabilities |  | 396,584 | 443,047
Value of our investments in VIEs |  | $ 32,047 | $ 31,657
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 | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 427,458 | 473,514
Servicing Investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 307,723 | 384,754
Cash and cash equivalents |  | 15,923 | 6,481
Restricted cash |  | 18,569 | 25,420
Accrued interest receivable |  | 720 | 1,462
Other assets |  | 7,270 | 7,177
Total Assets |  | 350,205 | 425,294
Short-term debt |  | 233,104 | 294,447
Accrued interest payable |  | 348 | 192
Accrued expenses and other liabilities |  | 24,223 | 28,115
Asset-backed securities issued |  | 0 | 0
Total liabilities |  | 257,675 | 322,754
Value of our investments in VIEs |  | $ 92,530 | $ 102,540
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 | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
HEI | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Home equity investments |  | 139,728 |
Other investments |  | 0 | 159,553
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 3,540 | 5,292
Accrued interest receivable |  | 0 | 0
Other assets |  | 50 | 50
Total Assets |  | 143,318 | 164,895
Short-term debt |  | 0 | 0
Accrued interest payable |  | 0 | 0
Accrued expenses and other liabilities |  | 24,354 | 17,034
Asset-backed securities issued |  | 104,751 | 137,410
Total liabilities |  | 129,105 | 154,444
Value of our investments in VIEs |  | $ 14,213 | $ 10,451
Number of VIEs | investment |  | 1 | 1
Fair value of securities owned |  | $ 14,000 |
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
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
HEI | Consolidated Agency multifamily loans | 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, 2022 and December 31, 2021, assets of consolidated VIEs totaled $9,449,163 and $10,661,081, respectively. At September 30, 2022 and December 31, 2021, liabilities of consolidated VIEs totaled $8,448,479 and $9,619,347, respectively. See Note 4 for further discussion.

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