Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
ASSETS
Real estate securities, at fair value	[1]	$ 1,018,439	$ 1,233,256
Mortgage servicing rights, at fair value	[1]	118,526	191,976
Cash and cash equivalents	[1]	212,844	220,229
Total earning assets	[1]	5,240,560	5,976,911
Restricted cash	[1]	8,623	5,567
Accrued interest receivable	[1]	18,454	23,290
Derivative assets	[1]	36,595	16,393
Other assets	[1]	179,245	197,886
Total Assets	[1]	5,483,477	6,220,047
Liabilities
Short-term debt	[1]	791,539	1,855,003
Accrued interest payable	[1]	9,608	8,936
Derivative liabilities	[1]	66,329	62,794
Accrued expenses and other liabilities	[1]	72,428	69,897
Asset-backed securities issued (includes $773,462 and $996,820 at fair value), net	[1],[2]	773,462	1,049,415
Long-term debt (includes $0 and $63,152 at fair value), net	[1],[2]	2,620,683	2,027,737
Total liabilities	[1]	4,334,049	5,073,782
Equity
Common stock, par value $0.01 per share, 180,000,000 shares authorized; 76,834,663 and 78,162,765 issued and outstanding	[1]	768	782
Additional paid-in capital	[1]	1,676,486	1,695,956
Accumulated other comprehensive income	[1]	71,853	91,993
Cumulative earnings	[1]	1,149,935	1,018,683
Cumulative distributions to stockholders	[1]	(1,749,614)	(1,661,149)
Total equity	[1]	1,149,428	1,146,265
Total Liabilities and Equity	[1]	5,483,477	6,220,047
Residential Loans Held For Sale
ASSETS
Loan market valuation adjustment	[1]	835,399	1,115,738
Residential Loans Held For Investment
ASSETS
Loan market valuation adjustment	[1]	3,052,652	2,813,065
Commercial Loans Held For Sale
ASSETS
Loan market valuation adjustment	[1]	2,700	39,141
Commercial loans, held-for-investment
ASSETS
Loan market valuation adjustment	[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 December 31, 2016 and December 31, 2015, assets of consolidated VIEs totaled $798,317 and $1,195,574, respectively. At December 31, 2016 and December 31, 2015, liabilities of consolidated VIEs totaled $773,980 and $1,050,861, respectively. See Note 4 for further discussion.

[2] At December 31, 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 $7,081 and $10,438, respectively, of deferred debt issuance costs.