CONSOLIDATED BALANCE SHEETS (USD $) In Thousands	Jun. 30, 2011		Dec. 31, 2010
ASSETS
Residential real estate loans	$ 3,860,233		$ 3,797,095
Commercial real estate loans	83,866		50,386
Real estate securities, at fair value:
Trading securities	296,978		329,717
Available-for-sale securities	740,623		825,119
Total real estate securities	1,037,601		1,154,836
Other investments
Cash and cash equivalents	79,977		46,937
Total earning assets	5,061,677		5,049,254
Restricted cash	35,673		24,524
Accrued interest receivable	13,690		13,782
Derivative assets	4,013		8,051
Deferred tax asset			3,487
Deferred securities issuance costs	6,472		5,928
Other assets	43,463		38,662
Total Assets	5,164,988	[1]	5,143,688	[1]
Liabilities
Short-term debt	40,891		44,137
Accrued interest payable	6,422		5,930
Derivative liabilities	82,639		83,115
Accrued expenses and other liabilities	9,954		14,305
Dividends payable	19,640		19,531
Long-term debt	139,500		139,500
Total liabilities	4,138,372	[2]	4,068,096	[2]
Equity
Common stock, par value $0.01 per share, 125,000,000 shares authorized; 78,554,965 and 78,124,668 issued and outstanding	786		781
Additional paid-in capital	1,694,077		1,689,851
Accumulated other comprehensive income	80,621		112,339
Cumulative earnings	502,544		474,940
Cumulative distributions to stockholders	(1,253,518)		(1,213,158)
Total stockholders' equity	1,024,510		1,064,753
Noncontrolling interest	2,106		10,839
Total equity	1,026,616		1,075,592
Total Liabilities and Equity	5,164,988		5,143,688
Asset-backed Securities
Liabilities
Asset-backed securities issued	3,839,326		3,761,578
Asset-backed Securities | Sequoia
Liabilities
Asset-backed securities issued	3,566,001		3,458,501
Asset-backed Securities | Acacia
Liabilities
Asset-backed securities issued	273,325		303,077
Sequoia
ASSETS
Residential real estate loans	3,654,932		3,542,159
Acacia
ASSETS
Commercial real estate loans	12,698		19,850
Real estate securities, at fair value:
Trading securities	276,527		308,363
Total real estate securities	$ 276,527		$ 308,363

[1] Our consolidated balance sheets include assets of consolidated variable interest entities (VIEs) that can only be used to settle obligations of these VIEs. At June 30, 2011 and December 31, 2010, these assets totaled $4,005,933 and $3,941,212, respectively.

[2] Our consolidated balance sheets include liabilities of consolidated VIEs for which creditors do not have recourse to the primary beneficiary (Redwood Trust, Inc.). At June 30, 2011 and December 31, 2010, these liabilities totaled $3,912,958 and $3,838,386, respectively.