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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020
--- | --- | ---
Fair value |  | $ 8,843,147 | $ 6,900,362
Common stock, par value (in dollars per share) |  | $ 0.01 | $ 0.01
Common stock, authorized (in shares) |  | 395,000,000 | 395,000,000
Common stock, issued (in shares) |  | 114,892,309 | 112,090,006
Common stock, outstanding (in shares) |  | 114,892,309 | 112,090,006
Assets | [1] | $ 14,706,944 | $ 10,355,066
Variable Interest Entity, Primary Beneficiary |  |  |
Assets |  | 10,661,081 | 8,141,069
Liabilities |  | $ 9,619,347 | $ 7,148,414
[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, 2021 and 2020, assets of consolidated VIEs totaled $10,661,081 and $8,141,069, respectively. At December 31, 2021 and 2020, liabilities of consolidated VIEs totaled $9,619,347 and $7,148,414, respectively. See Note 4 for further discussion.

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