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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017
--- | --- | ---
ASSETS |  |  |
Real estate securities, at fair value | [1] | $ 1,470,084 | $ 1,476,510
Cash and cash equivalents | [1] | 173,516 | 144,663
Restricted cash | [1] | 27,253 | 2,144
Accrued interest receivable | [1] | 35,644 | 27,013
Derivative assets | [1] | 87,219 | 15,718
Other assets | [1] | 365,875 | 258,564
Total Assets | [1] | 9,139,635 | 7,039,822
Liabilities |  |  |
Short-term debt | [1],[2] | 1,424,275 | 1,938,682
Accrued interest payable | [1] | 31,076 | 18,435
Derivative liabilities | [1] | 42,724 | 63,081
Accrued expenses and other liabilities | [1] | 102,278 | 67,729
Asset-backed securities issued, at fair value | [1] | 3,406,985 | 1,164,585
Long-term debt, net | [1] | 2,770,970 | 2,575,023
Total liabilities | [1] | 7,778,308 | 5,827,535
Equity |  |  |
Common stock, par value $0.01 per share, 180,000,000 shares authorized; 82,930,281 and 76,599,972 issued and outstanding | [1] | 829 | 766
Additional paid-in capital | [1] | 1,785,957 | 1,673,845
Accumulated other comprehensive income | [1] | 72,327 | 85,248
Cumulative earnings | [1] | 1,410,854 | 1,290,341
Cumulative distributions to stockholders | [1] | (1,908,640) | (1,837,913)
Total equity | [1] | 1,361,327 | 1,212,287
Total Liabilities and Equity | [1] | 9,139,635 | 7,039,822
Residential loans, held-for-sale, at fair value |  |  |
ASSETS |  |  |
Loans, at fair value | [1] | 866,444 | 1,427,945
Residential loans, held-for-investment, at fair value |  |  |
ASSETS |  |  |
Loans, at fair value | [1] | 5,055,815 | 3,687,265
Business purpose loans, at fair value |  |  |
ASSETS |  |  |
Loans, at fair value | [1] | 115,620 | 0
Multifamily loans, held-for-investment, at fair value |  |  |
ASSETS |  |  |
Loans, at fair value | [1] | $ 942,165 | $ 0
[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, 2018 and December 31, 2017, assets of consolidated VIEs totaled $3,693,140 and $1,259,774, respectively. At September 30, 2018 and December 31, 2017, liabilities of consolidated VIEs totaled $3,417,835 and $1,167,157, respectively. See Note 4 for further discussion.
[2] | At December 31, 2017, balance includes $250 million of convertible notes, which matured in April 2018. See Note 12 for further discussion.

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