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Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018
--- | --- | ---
ASSETS |  |  |
Real estate securities, at fair value | [1] | $ 1,099,874 | $ 1,452,494
Other investments | [1] | 358,130 | 438,518
Cash and cash equivalents | [1] | 196,966 | 175,764
Restricted cash | [1] | 93,867 | 29,313
Goodwill | [1] | 88,675 | 0
Intangible assets | [1] | 72,789 | 0
Accrued interest receivable | [1] | 71,058 | 47,105
Derivative assets | [1] | 35,701 | 35,789
Other assets | [1] | 348,263 | 217,825
Total Assets | [1] | 17,995,440 | 11,937,406
Liabilities |  |  |
Short-term debt | [1],[2] | 2,329,145 | 2,400,279
Accrued interest payable | [1] | 60,655 | 42,528
Derivative liabilities | [1] | 163,424 | 84,855
Accrued expenses and other liabilities | [1] | 146,238 | 78,719
Asset-backed securities issued, at fair value | [1] | 10,515,475 | 5,410,073
Long-term debt, net | [1] | 2,953,272 | 2,572,158
Total liabilities | [1] | 16,168,209 | 10,588,612
Commitments and Contingencies (see Note 16) | [1] |  |
Equity |  |  |
Common stock, par value $0.01 per share, 270,000,000 and 180,000,000 shares authorized; 114,353,036 and 84,884,344 issued and outstanding | [1] | 1,144 | 849
Additional paid-in capital | [1] | 2,269,617 | 1,811,422
Accumulated other comprehensive income | [1] | 41,513 | 61,297
Cumulative earnings | [1] | 1,579,124 | 1,409,941
Cumulative distributions to stockholders | [1] | (2,064,167) | (1,934,715)
Total equity | [1] | 1,827,231 | 1,348,794
Total Liabilities and Equity | [1] | 17,995,440 | 11,937,406
Convertible notes |  |  | 201,000
Residential loans, held-for-sale, at fair value |  |  |
ASSETS |  |  |
Loan market valuation adjustment | [1] | 536,385 | 1,048,801
Residential loans, held-for-investment, at fair value |  |  |
ASSETS |  |  |
Loan market valuation adjustment | [1] | 7,178,465 | 6,205,941
Business purpose residential loans, held-for-sale, at fair value |  |  |
ASSETS |  |  |
Loan market valuation adjustment | [1] | 331,565 | 28,460
Business purpose residential loans, held-for-investment, at fair value |  |  |
ASSETS |  |  |
Loan market valuation adjustment | [1] | 3,175,178 | 112,798
Multifamily loans, held-for-investment, at fair value |  |  |
ASSETS |  |  |
Loan market valuation adjustment | [1] | $ 4,408,524 | $ 2,144,598
[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 December 31, 2019 and December 31, 2018, assets of consolidated VIEs totaled $11,931,869 and $6,331,191, respectively. At December 31, 2019 and December 31, 2018, liabilities of consolidated VIEs totaled $10,717,072 and $5,709,807, respectively. See Note 4 for further discussion.
[2] | Includes $201 million of convertible notes at December 31, 2018, 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 the date presented. See Note 13 for further discussion.

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