EXHIBIT 21
LIST OF SUBSIDIARIES
OF REDWOOD TRUST, INC.
     
    State of Incorporation
Subsidiaries   or Organization
Sequoia Mortgage Funding Corporation
  Delaware
Sequoia Mortgage Funding Company 2002-B
  Delaware
Sequoia Mortgage Funding Trust 2003-A
  Delaware
Sequoia Mortgage Funding Trust 2004-A
  Delaware
Sequoia Mortgage Trust 5
  Delaware
Sequoia Mortgage Trust 6
  Delaware
Sequoia Mortgage Trust 7
  Delaware
Sequoia HELOC Trust 2004-1
  Delaware
Acacia CDO 2, Ltd.
  Cayman Islands
Acacia CDO 3, Ltd.
  Cayman Islands
Acacia CDO 4, Ltd.
  Cayman Islands
Acacia CDO 5, Ltd.
  Cayman Islands
Acacia CDO 6, Ltd.
  Cayman Islands
Acacia CDO 7, Ltd.
  Cayman Islands
Acacia CDO 8, Ltd.
  Cayman Islands
Acacia CDO CRE 1, Ltd.
  Cayman Islands
RWT Holdings, Inc.
  Delaware
Sequoia Residential Funding, Inc.
  Delaware
Redwood Commercial Funding, Inc.
  Delaware
Madrona Residential Funding LLC
  Delaware
Madrona LLC
  Delaware