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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
ASSETS    
Real estate securities, at fair value [1] $ 1,357,720 $ 1,476,510
Mortgage servicing rights, at fair value [1] 66,496 63,598
Cash and cash equivalents [1] 178,562 144,663
Total earning assets [1] 6,748,518 6,799,981
Restricted cash [1] 2,406 2,144
Accrued interest receivable [1] 27,257 27,013
Derivative assets [1] 63,544 15,718
Other assets [1] 157,848 194,966
Total Assets [1] 6,999,573 7,039,822
Liabilities    
Short-term debt [1],[2] 1,504,460 1,938,682
Accrued interest payable [1] 23,492 18,435
Derivative liabilities [1] 56,201 63,081
Accrued expenses and other liabilities [1] 77,762 67,729
Asset-backed securities issued, at fair value [1] 1,542,087 1,164,585
Long-term debt, net [1] 2,575,588 2,575,023
Total liabilities [1] 5,779,590 5,827,535
Equity    
Common stock, par value $0.01 per share, 180,000,000 shares authorized; 75,703,107 and 76,599,972 issued and outstanding [1] 757 766
Additional paid-in capital [1] 1,661,701 1,673,845
Accumulated other comprehensive income [1] 80,055 85,248
Cumulative earnings [1] 1,337,186 1,290,341
Cumulative distributions to stockholders [1] (1,859,716) (1,837,913)
Total equity [1] 1,219,983 1,212,287
Total Liabilities and Equity [1] 6,999,573 7,039,822
Residential loans, held-for-sale, at fair value    
ASSETS    
Residential loans, held-for-sale and investment, at fair value [1] 1,130,185 1,427,945
Residential loans, held-for-investment, at fair value    
ASSETS    
Residential loans, held-for-sale and investment, at fair value [1] $ 4,015,555 $ 3,687,265
[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, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,647,850 and $1,259,774, respectively. At March 31, 2018 and December 31, 2017, liabilities of consolidated VIEs totaled $1,546,066 and $1,167,157, respectively. See Note 4 for further discussion.
[2] Includes $250 million of convertible notes, which were reclassified from Long-term debt, net to Short-term debt as the maturity of the notes was less than one year as of March 31, 2018 and December 31, 2017. See Note 11 for further discussion.