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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.