Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
ASSETS
Residential loans		$ 4,311,164	$ 3,928,803
Commercial loans		30,400	402,647
Real estate securities, at fair value	[1]	936,910	1,233,256
Mortgage servicing rights, at fair value	[1]	106,009	191,976
Cash and cash equivalents	[1]	221,372	220,229
Total earning assets	[1]	5,605,855	5,976,911
Restricted cash	[1]	2,044	5,567
Accrued interest receivable	[1]	20,054	23,290
Derivative assets	[1]	36,880	16,393
Other assets	[1]	207,786	197,886
Total Assets	[1]	5,872,619	6,220,047
Liabilities
Short-term debt	[1]	1,117,405	1,855,003
Accrued interest payable	[1]	15,518	8,936
Derivative liabilities	[1]	100,117	62,794
Accrued expenses and other liabilities	[1]	69,708	69,897
Asset-backed securities issued (includes $819,868 and $996,820 at fair value), net	[1],[2]	819,868	1,049,415
Long-term debt (includes $0 and $63,152 at fair value), net	[1],[2]	2,619,873	2,027,737
Total liabilities	[1]	4,742,489	5,073,782
Equity
Common stock, par value $0.01 per share, 180,000,000 shares authorized; 76,682,333 and 78,162,765 issued and outstanding	[1]	767	782
Additional paid-in capital	[1]	1,677,623	1,695,956
Accumulated other comprehensive income	[1]	54,715	91,993
Cumulative earnings	[1]	1,124,580	1,018,683
Cumulative distributions to stockholders	[1]	(1,727,555)	(1,661,149)
Total equity	[1]	1,130,130	1,146,265
Total Liabilities and Equity	[1]	5,872,619	6,220,047
Residential loans, held-for-sale, at fair value
ASSETS
Residential loans	[1]	1,188,514	1,115,738
Residential loans, held-for-investment, at fair value
ASSETS
Residential loans	[1]	3,122,650	2,813,065
Commercial Loans, Held-for-sale
ASSETS
Commercial loans	[1]	30,400	39,141
Commercial loans, held-for-investment
ASSETS
Commercial loans	[1]	$ 0	$ 363,506

[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, 2016 and December 31, 2015, assets of consolidated VIEs totaled $847,399 and $1,195,574, respectively. At September 30, 2016 and December 31, 2015, liabilities of consolidated VIEs totaled $820,391 and $1,050,861, respectively. See Note 4 for further discussion.

[2] At September 30, 2016 and December 31, 2015, Asset-backed securities issued, net included $0 and $542, respectively, of deferred debt issuance costs, and long-term debt, net included $7,891 and $10,438, respectively, of deferred debt issuance costs.