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Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014
--- | --- | ---
ASSETS |  |  |
Residential loans |  | $ 3,286,480 | $ 3,398,573
Commercial loans |  | 551,331 | 566,927
Real estate securities, at fair value | [1] | 1,157,599 | 1,379,230
Mortgage servicing rights, at fair value | [1] | 168,462 | 139,293
Cash and cash equivalents | [1] | 226,426 | 269,730
Total earning assets | [1] | 5,390,298 | 5,753,753
Restricted cash | [1] | 2,389 | 628
Accrued interest receivable | [1] | 16,151 | 18,222
Derivative assets | [1] | 26,252 | 16,417
Deferred securities issuance costs | [1] | 13,174 | 16,050
Other assets | [1] | 147,620 | 113,896
Total Assets | [1] | 5,595,884 | 5,918,966
Liabilities |  |  |
Short-term debt | [1] | 1,367,062 | 1,793,825
Accrued interest payable | [1] | 8,291 | 8,503
Derivative liabilities | [1] | 54,109 | 58,331
Accrued expenses and other liabilities | [1] | 49,925 | 52,244
Deferred tax liability | [1] | 10,237 | 10,236
Asset-backed securities issued (includes $1,173,336 and $0 at fair value) | [1],[2] | 1,262,122 | 1,545,119
Long-term debt (includes $65,232 and $66,707 at fair value) | [1] | 1,579,354 | 1,194,567
Total liabilities | [1] | 4,331,100 | 4,662,825
Equity |  |  |
Common stock, par value $0.01 per share, 180,000,000 shares authorized; 84,552,232 and 83,443,141 issued and outstanding | [1] | 846 | 834
Additional paid-in capital | [1] | 1,779,330 | 1,774,030
Accumulated other comprehensive income | [1] | 140,694 | 140,688
Cumulative earnings | [1] | 958,460 | 906,867
Cumulative distributions to stockholders | [1] | (1,614,546) | (1,566,278)
Total equity | [1] | 1,264,784 | 1,256,141
Total Liabilities and Equity | [1] | 5,595,884 | 5,918,966
Residential Loans Held For Sale |  |  |
ASSETS |  |  |
Residential loans | [1] | 892,081 | 1,342,519
Residential Loans Held For Investment |  |  |
ASSETS |  |  |
Residential loans | [1],[2] | 2,394,399 | 2,056,054
Commercial Loans Held For Sale |  |  |
ASSETS |  |  |
Commercial loans | [1] | 165,853 | 166,234
Commercial Loans Held For Investment |  |  |
ASSETS |  |  |
Commercial loans | [1] | $ 385,478 | $ 400,693
[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 the primary beneficiary (Redwood Trust, Inc.). At June 30, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,622,636 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,263,249 and $1,546,490, respectively. See Note 4 for further discussion.
[2] | On January 1, 2015, we adopted ASU 2014-13 and began to account for residential loans held-for-investment and asset backed securities issued at consolidated Sequoia entities (which are VIEs) at fair value. At December 31, 2014, amounts presented in residential loans held-for-investment for these assets included $1,474,386 at historical cost. See Note 3 for further discussion.

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