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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
ASSETS    
Residential loans $ 3,715,056 $ 3,928,803
Commercial loans 363,893 402,647
Real estate securities, at fair value [1] 919,927 1,233,256
Mortgage servicing rights, at fair value 126,620 191,976 [1]
Cash and cash equivalents [1] 305,115 220,229
Total earning assets [1] 5,430,611 5,976,911
Restricted cash [1] 2,137 5,567
Accrued interest receivable [1] 19,766 23,290
Derivative assets [1] 31,975 16,393
Other assets [1] 242,391 197,886
Total Assets [1] 5,726,880 6,220,047
Liabilities    
Short-term debt [1] 804,175 1,855,003
Accrued interest payable [1] 15,522 8,936
Derivative liabilities [1] 97,468 62,794
Accrued expenses and other liabilities [1] 82,169 69,897
Asset-backed securities issued (includes $1,105,588 and $0 at fair value) [1],[2] 958,364 1,049,415
Long-term debt (includes $65,181 and $63,152 at fair value), net (2) [1],[2] 2,683,432 2,027,737
Total liabilities [1] 4,641,130 5,073,782
Equity    
Common stock, par value $0.01 per share, 180,000,000 shares authorized; 76,627,231 and 78,162,765 issued and outstanding [1] 766 782
Additional paid-in capital [1] 1,680,981 1,695,956
Accumulated other comprehensive income [1] 56,712 91,993
Cumulative earnings [1] 1,030,746 1,018,683
Cumulative distributions to stockholders [1] (1,683,455) (1,661,149)
Total equity [1] 1,085,750 1,146,265
Total Liabilities and Equity [1] 5,726,880 6,220,047
Residential loans, held-for-sale, at fair value    
ASSETS    
Residential loans [1] 441,076 1,115,738
Residential loans, held-for-investment, at fair value    
ASSETS    
Residential loans [1] 3,273,980 2,813,065
Commercial loans, held-for-sale, at fair value    
ASSETS    
Commercial loans [1] 0 39,141
Commercial loans, held-for-investment (includes $69,674 and $67,657 at fair value)    
ASSETS    
Commercial loans [1] $ 363,893 $ 363,506
[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 March 31, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,102,195 and $1,195,574, respectively. At March 31, 2016 and December 31, 2015, liabilities of consolidated VIEs totaled $959,464 and $1,050,861, respectively. See Note 4 for further discussion.
[2] At March 31, 2016 and December 31, 2015, Asset-backed securities issued, net included $339 and $542, respectively, of deferred debt issuance costs, and long-term debt, net included $9,513 and $10,438, respectively, of deferred debt issuance costs.