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Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015
--- | --- | ---
ASSETS |  |  |
Residential loans |  | $ 4,040,138 | $ 3,928,803
Commercial loans |  | 325,063 | 402,647
Real estate securities, at fair value | [1] | 883,801 | 1,233,256
Mortgage servicing rights, at fair value | [1] | 110,046 | 191,976
Cash and cash equivalents | [1] | 216,923 | 220,229
Total earning assets | [1] | 5,575,971 | 5,976,911
Restricted cash | [1] | 8,293 | 5,567
Accrued interest receivable | [1] | 20,594 | 23,290
Derivative assets | [1] | 57,610 | 16,393
Other assets | [1] | 235,124 | 197,886
Total Assets | [1] | 5,897,592 | 6,220,047
Liabilities |  |  |
Short-term debt | [1] | 1,059,045 | 1,855,003
Accrued interest payable | [1] | 9,515 | 8,936
Derivative liabilities | [1] | 119,161 | 62,794
Accrued expenses and other liabilities | [1] | 73,338 | 69,897
Asset-backed securities issued (includes $859,628 and $996,820 at fair value), net (2) | [1],[2] | 859,628 | 1,049,415
Long-term debt (includes $65,240 and $63,152 at fair value), net (2) | [1],[2] | 2,684,302 | 2,027,737
Total liabilities | [1] | 4,804,989 | 5,073,782
Equity |  |  |
Common stock, par value $0.01 per share, 180,000,000 shares authorized; 76,935,053 and 78,162,765 issued and outstanding | [1] | 769 | 782
Additional paid-in capital | [1] | 1,678,928 | 1,695,956
Accumulated other comprehensive income | [1] | 46,331 | 91,993
Cumulative earnings | [1] | 1,072,027 | 1,018,683
Cumulative distributions to stockholders | [1] | (1,705,452) | (1,661,149)
Total equity | [1] | 1,092,603 | 1,146,265
Total Liabilities and Equity | [1] | 5,897,592 | 6,220,047
Residential loans, held-for-sale, at fair value |  |  |
ASSETS |  |  |
Residential loans | [1] | 882,380 | 1,115,738
Residential loans, held-for-investment, at fair value |  |  |
ASSETS |  |  |
Residential loans | [1] | 3,157,758 | 2,813,065
Commercial loans, held-for-sale |  |  |
ASSETS |  |  |
Commercial loans | [1] | 302,778 | 39,141
Commercial Loans Held For Investment |  |  |
ASSETS |  |  |
Commercial loans | [1] | $ 22,285 | $ 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 June 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $888,026 and $1,195,574, respectively. At June 30, 2016 and December 31, 2015, liabilities of consolidated VIEs totaled $860,256 and $1,050,861, respectively. See Note 4 for further discussion.
[2] | At June 30, 2016 and December 31, 2015, Asset-backed securities issued, net included $0 and $542, respectively, of deferred debt issuance costs, and long-term debt, net included $8,702 and $10,438, respectively, of deferred debt issuance costs.

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