Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
ASSETS
Residential loans	$ 2,592,532		$ 2,835,470
Commercial loans	379,853		313,010
Real estate securities, at fair value	1,324,678		1,108,753
Mortgage servicing rights, at fair value	60,234		5,315
Cash and cash equivalents	204,646		81,080
Total earning assets	4,561,943		4,343,628
Restricted cash	417		383
Accrued interest receivable	14,523		12,442
Derivative assets	4,852		2,972
Deferred securities issuance costs	14,694		9,293
Other assets	63,087		75,380
Total Assets	4,659,516	[1]	4,444,098	[1]
Liabilities
Short-term debt	838,299		551,918
Accrued interest payable	11,162		4,592
Derivative liabilities	32,697		51,081
Accrued expenses and other liabilities	36,918		26,902
Long-term debt	471,605		139,500
Total liabilities	3,452,346	[1]	3,303,934	[1]
Equity
Common stock, par value $0.01 per share, 180,000,000 and 165,000,000 shares authorized; 82,388,502 and 81,716,416 issued and outstanding	824		817
Additional paid-in capital	1,757,680		1,744,554
Accumulated other comprehensive income	114,768		138,332
Cumulative earnings	781,164		633,052
Cumulative distributions to stockholders	(1,447,266)		(1,376,591)
Total equity	1,207,170		1,140,164
Total Liabilities and Equity	4,659,516		4,444,098
Asset-backed Securities
Liabilities
Asset-backed securities issued	2,061,665		2,529,941
Residential Loans Held For Sale
ASSETS
Residential loans	727,879		562,658
Residential Loans Held for Investment
ASSETS
Residential loans	1,864,653		2,272,812
Commercial Loans Held For Sale
ASSETS
Commercial loans	27,413		8,500
Commercial Loans Held For Investment
ASSETS
Commercial loans	$ 352,440		$ 304,510

[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 September 30, 2013 and December 31, 2012, assets of consolidated VIEs totaled $2,419,786 and $2,901,214, respectively, and liabilities of consolidated VIEs totaled $2,063,758 and $2,532,916, respectively. See Note 4 for further discussion.