This is a double definition - the clue gives you two different meanings of the same word, both of which lead to the answer.
Look for a four-letter word that can mean both 'considered' (as in thought or believed) and also describes a type of soft fabric. Both parts of the clue are definitions pointing to the same answer.
Answer: FELT | Double definition: FELT means 'considered' or 'thought' (as in 'I felt it was wrong'), and FELT is also a soft fabric material.