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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019
--- | --- | ---
Fair value |  | $ 6,900,362 | $ 10,515,475
Common stock, par value (in dollars per share) |  | $ 0.01 | $ 0.01
Common stock, shares authorized (in shares) |  | 395,000,000 | 270,000,000
Common stock, issued (in shares) |  | 112,090,006 | 114,353,036
Common stock, outstanding (in shares) |  | 112,090,006 | 114,353,036
Assets | [1] | $ 10,355,066 | $ 17,995,440
Liabilities | [1] | 9,244,167 | 16,168,209
Variable Interest Entity, Primary Beneficiary |  |  |
Assets |  | 8,141,069 | 11,931,869
Liabilities |  | $ 7,148,414 | $ 10,717,072
[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, 2020 and December 31, 2019, assets of consolidated VIEs totaled $8,141,069 and $11,931,869, respectively. At December 31, 2020 and December 31, 2019, liabilities of consolidated VIEs totaled $7,148,414 and $10,717,072, respectively. See Note 4 for further discussion.

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