Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
ASSETS
Real estate securities, at fair value	[1]	$ 1,099,874	$ 1,452,494
Other investments	[1]	358,130	438,518
Cash and cash equivalents	[1]	196,966	175,764
Restricted cash	[1]	93,867	29,313
Goodwill	[1]	88,675	0
Intangible assets	[1]	72,789	0
Accrued interest receivable	[1]	71,058	47,105
Derivative assets	[1]	35,701	35,789
Other assets	[1]	348,263	217,825
Total Assets	[1]	17,995,440	11,937,406
Liabilities
Short-term debt	[1],[2]	2,329,145	2,400,279
Accrued interest payable	[1]	60,655	42,528
Derivative liabilities	[1]	163,424	84,855
Accrued expenses and other liabilities	[1]	146,238	78,719
Asset-backed securities issued, at fair value	[1]	10,515,475	5,410,073
Long-term debt, net	[1]	2,953,272	2,572,158
Total liabilities	[1]	16,168,209	10,588,612
Commitments and Contingencies (see Note 16)	[1]
Equity
Common stock, par value $0.01 per share, 270,000,000 and 180,000,000 shares authorized; 114,353,036 and 84,884,344 issued and outstanding	[1]	1,144	849
Additional paid-in capital	[1]	2,269,617	1,811,422
Accumulated other comprehensive income	[1]	41,513	61,297
Cumulative earnings	[1]	1,579,124	1,409,941
Cumulative distributions to stockholders	[1]	(2,064,167)	(1,934,715)
Total equity	[1]	1,827,231	1,348,794
Total Liabilities and Equity	[1]	17,995,440	11,937,406
Convertible notes			201,000
Residential loans, held-for-sale, at fair value
ASSETS
Loan market valuation adjustment	[1]	536,385	1,048,801
Residential loans, held-for-investment, at fair value
ASSETS
Loan market valuation adjustment	[1]	7,178,465	6,205,941
Business purpose residential loans, held-for-sale, at fair value
ASSETS
Loan market valuation adjustment	[1]	331,565	28,460
Business purpose residential loans, held-for-investment, at fair value
ASSETS
Loan market valuation adjustment	[1]	3,175,178	112,798
Multifamily loans, held-for-investment, at fair value
ASSETS
Loan market valuation adjustment	[1]	$ 4,408,524	$ 2,144,598

[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, 2019 and December 31, 2018, assets of consolidated VIEs totaled $11,931,869 and $6,331,191, respectively. At December 31, 2019 and December 31, 2018, liabilities of consolidated VIEs totaled $10,717,072 and $5,709,807, respectively. See Note 4 for further discussion.

[2] Includes $201 million of convertible notes at December 31, 2018, which were reclassified from Long-term debt, net to Short-term debt as the maturity of the notes was less than one year as of the date presented. See Note 13 for further discussion.