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Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016
--- | --- | ---
ASSETS |  |  |
Loan market valuation adjustment |  | $ 3,472,241 | $ 3,888,051
Real estate securities, at fair value | [1] | 1,165,940 | 1,018,439
Mortgage servicing rights, at fair value | [1] | 111,013 | 118,526
Cash and cash equivalents | [1] | 221,781 | 212,844
Total earning assets | [1] | 4,970,975 | 5,237,860
Restricted cash | [1] | 1,929 | 8,623
Accrued interest receivable | [1] | 17,645 | 18,454
Derivative assets | [1] | 26,660 | 36,595
Other assets | [1] | 197,082 | 181,945
Total Assets | [1] | 5,214,291 | 5,483,477
Liabilities |  |  |
Short-term debt | [1] | 563,773 | 791,539
Accrued interest payable | [1] | 16,035 | 9,608
Derivative liabilities | [1] | 66,867 | 66,329
Accrued expenses and other liabilities | [1] | 51,960 | 72,428
Asset-backed securities issued at fair value, net | [1] | 728,391 | 773,462
Long-term debt, net | [1] | 2,621,494 | 2,620,683
Total liabilities | [1] | 4,048,520 | 4,334,049
Equity |  |  |
Common stock, par value $0.01 per share, 180,000,000 shares authorized; 77,038,725 and 76,834,663 issued and outstanding | [1] | 770 | 768
Additional paid-in capital | [1] | 1,677,198 | 1,676,486
Accumulated other comprehensive income | [1] | 72,602 | 71,853
Cumulative earnings | [1] | 1,186,904 | 1,149,935
Cumulative distributions to stockholders | [1] | (1,771,703) | (1,749,614)
Total equity | [1] | 1,165,771 | 1,149,428
Total Liabilities and Equity | [1] | 5,214,291 | 5,483,477
Residential loans, held-for-sale, at fair value |  |  |
ASSETS |  |  |
Loan market valuation adjustment | [1] | 376,607 | 835,399
Residential loans, held-for-investment, at fair value |  |  |
ASSETS |  |  |
Loan market valuation adjustment | [1] | $ 3,095,634 | $ 3,052,652
[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, 2017 and December 31, 2016, assets of consolidated VIEs totaled $750,694 and $798,317, respectively. At March 31, 2017 and December 31, 2016, liabilities of consolidated VIEs totaled $728,923 and $773,980, respectively. See Note 4 for further discussion.

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