CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012		Dec. 31, 2011
ASSETS
Residential loans	$ 3,651,058		$ 4,194,885
Commercial loans (includes $12,103 and $12,129 at fair value)	190,518		169,855
Real estate securities, at fair value	1,262,156		981,837
Cash and cash equivalents	149,558		267,176
Total earning assets	5,253,290		5,613,753
Restricted cash	15,795		14,987
Accrued interest receivable	16,213		15,840
Derivative assets	3,185		2,373
Deferred securities issuance costs	7,459		8,083
Other assets	76,145		88,262
Total Assets	5,372,087	[1]	5,743,298	[1]
Liabilities
Short-Term Debt	440,965		428,056
Accrued interest payable	7,774		8,134
Derivative liabilities	103,826		127,564
Accrued expenses and other liabilities	13,983		8,105
Long-term debt	139,500		139,500
Total liabilities	4,409,830	[1]	4,850,714	[1]
Equity
Common stock, par value $0.01 per share, 125,000,000 shares authorized; 78,756,319 and 78,555,908 issued and outstanding	788		786
Additional paid-in capital	1,702,412		1,697,979
Accumulated other comprehensive income	41,856		(13,151)
Cumulative earnings	531,746		501,283
Cumulative distributions to stockholders	(1,314,545)		(1,294,313)
Total stockholders' equity	962,257		892,584
Noncontrolling interest
Total equity	962,257		892,584
Total Liabilities and Equity	5,372,087		5,743,298
Asset-backed Securities
Liabilities
Asset-backed securities issued (includes $236,925 and $209,381 at fair value)	3,703,782		4,139,355
Residential Loans Held For Sale
ASSETS
Residential loans	303,106		395,237
Residential Loans Held for Investment
ASSETS
Residential loans	$ 3,347,952		$ 3,799,648

[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2012 and December 31, 2011, assets of consolidated VIEs totaled $3,985,463 and $4,408,350, respectively, and liabilities of consolidated VIEs totaled $3,770,197 and $4,209,124, respectively. See Note 4 for further discussion.