Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
ASSETS
Real estate securities, at fair value	[1]	$ 344,125	$ 1,099,874
Other investments	[1]	348,175	358,130
Cash and cash equivalents	[1]	461,260	196,966
Restricted cash	[1]	83,190	93,867
Goodwill and intangible assets	[1]	56,865	161,464
Derivative assets	[1]	53,238	35,701
Other assets	[1]	130,588	419,321
Total Assets	[1]	10,355,066	17,995,440
Liabilities
Short-term debt	[1]	522,609	2,329,145
Derivative liabilities	[1]	16,072	163,424
Accrued expenses and other liabilities	[1]	179,340	206,893
Asset-backed securities issued (includes $6,900,362 and $10,515,475 at fair value), net	[1]	7,100,661	10,515,475
Long-term debt, net	[1]	1,425,485	2,953,272
Total liabilities	[1]	9,244,167	16,168,209
Commitments and Contingencies (see Note 16)	[1]
Equity
Common stock, par value $0.01 per share, 395,000,000 and 270,000,000 shares authorized; 112,090,006 and 114,353,036 issued and outstanding	[1]	1,121	1,144
Additional paid-in capital	[1]	2,264,874	2,269,617
Accumulated other comprehensive (loss) income	[1]	(4,221)	41,513
Cumulative earnings	[1]	997,277	1,579,124
Cumulative distributions to stockholders	[1]	(2,148,152)	(2,064,167)
Total equity	[1]	1,110,899	1,827,231
Total Liabilities and Equity	[1]	10,355,066	17,995,440
Residential loans, held-for-sale, at fair value
ASSETS
Loan market valuation adjustment	[1]	176,641	536,385
Residential loans, held-for-investment, at fair value
ASSETS
Loan market valuation adjustment	[1]	4,072,410	7,178,465
Business purpose loans, held-for-sale, at fair value
ASSETS
Loan market valuation adjustment	[1]	245,394	331,565
Business purpose loans, held-for-investment, at fair value
ASSETS
Loan market valuation adjustment	[1]	3,890,959	3,175,178
Multifamily loans, held-for-investment, at fair value
ASSETS
Loan market valuation adjustment	[1]	$ 492,221	$ 4,408,524

[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.