EXHIBIT 21
| Subsidiaries | State of Incorporation or Organization |
|
| Sequoia Mortgage Funding Corporation | Delaware | |
| Sequoia Mortgage Funding Trust 2004-A | Delaware | |
| Sequoia Mortgage Trust 5 | Delaware | |
| Sequoia Mortgage Trust 6 | Delaware | |
| Sequoia HELOC Trust 2004-1 | Delaware | |
| 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 | |
| Acacia CDO 9, Ltd | Cayman Islands | |
| Acacia CDO 10, Ltd | Cayman Islands | |
| Acacia CDO 11, Ltd | Cayman Islands | |
| Acacia CDO 12, Ltd | Cayman Islands | |
| Acacia CDO Option ARM 1, Ltd. | Cayman Islands | |
| RWT Holdings, Inc. | Delaware | |
| Sequoia Residential Funding, Inc. | Delaware | |
| Madrona Residential Funding LLC | Delaware | |
| Madrona LLC | Delaware | |
| Redwood Mortgage Funding, Inc. | Delaware | |
| Redwood Asset Management, Inc. | Delaware | |
| Juniper Trust, Inc. | Maryland | |
| Juniper Holdings, Inc. | Delaware | |
| Sycamore Capital Trust | Maryland | |
| Redwood Capital Trust I | Delaware | |
| Tanoak Commercial Capital Corporation | Delaware | |
| Redwood Trust Japan, Ltd. | Japan | |
| RWT LLC | Delaware | |
| Redwood Opportunity Fund, LP | Delaware | |
| Redwood Opportunity Master Fund, LP | Cayman Islands |