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Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014
--- | --- | ---
ASSETS |  |  |  |
Residential loans |  | $ 4,036,674 | $ 3,398,573 |
Commercial loans |  | 468,157 | 566,927 |
Real estate securities, at fair value | [1] | 1,085,224 | 1,379,230 |
Mortgage servicing rights, at fair value |  | 162,726 | 139,293 | [1]
Cash and cash equivalents | [1] | 235,362 | 269,730 |
Total earning assets | [1] | 5,988,143 | 5,753,753 |
Restricted cash | [1] | 8,361 | 628 |
Accrued interest receivable | [1] | 20,223 | 18,222 |
Derivative assets | [1] | 38,623 | 16,417 |
Deferred securities issuance costs | [1] | 12,080 | 16,050 |
Other assets | [1] | 201,596 | 113,896 |
Total Assets | [1] | 6,269,026 | 5,918,966 |
Liabilities |  |  |  |
Short-term debt | [1] | 1,872,793 | 1,793,825 |
Accrued interest payable | [1] | 14,738 | 8,503 |
Derivative liabilities | [1] | 88,044 | 58,331 |
Accrued expenses and other liabilities | [1] | 75,968 | 52,244 |
Deferred tax liability | [1] | 10,236 | 10,236 |
Asset-backed securities issued (includes $1,105,588 and $0 at fair value) | [1],[2] | 1,178,795 | 1,545,119 |
Long-term debt (includes $65,578 and $66,707 at fair value) | [1] | 1,821,877 | 1,194,567 |
Total liabilities | [1] | 5,062,451 | 4,662,825 |
Equity |  |  |  |
Common stock, par value $0.01 per share, 180,000,000 shares authorized; 82,124,927 and 83,443,141 issued and outstanding | [1] | 821 | 834 |
Additional paid-in capital | [1] | 1,746,775 | 1,774,030 |
Accumulated other comprehensive income | [1] | 119,721 | 140,688 |
Cumulative earnings | [1] | 977,624 | 906,867 |
Cumulative distributions to stockholders | [1] | (1,638,366) | (1,566,278) |
Total equity | [1] | 1,206,575 | 1,256,141 |
Total Liabilities and Equity | [1] | 6,269,026 | 5,918,966 |
Residential Loans Held For Sale |  |  |  |
ASSETS |  |  |  |
Residential loans | [1] | 1,506,151 | 1,342,519 |
Residential Loans Held For Investment |  |  |  |
ASSETS |  |  |  |
Residential loans | [1],[2] | 2,530,523 | 2,056,054 |
Commercial Loans Held For Sale |  |  |  |
ASSETS |  |  |  |
Commercial loans | [1] | 80,756 | 166,234 |
Commercial Loans Held For Investment |  |  |  |
ASSETS |  |  |  |
Commercial loans | [1] | $ 387,401 | $ 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 Redwood Trust, Inc. or its affiliates. At September 30, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,539,350 and $1,900,208, respectively. At September 30, 2015 and December 31, 2014, liabilities of consolidated VIEs totaled $1,179,884 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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