Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
ASSETS
Residential loans	$ 2,166,434		$ 2,835,470
Commercial loans	432,455		313,010
Real estate securities, at fair value	1,682,861		1,108,753
Mortgage servicing rights, at fair value	64,824		5,315
Cash and cash equivalents	173,201		81,080
Total earning assets	4,519,775		4,343,628
Restricted cash	398		383
Accrued interest receivable	13,475		12,442
Derivative assets	7,787		2,972
Deferred securities issuance costs	13,453		9,293
Other assets	53,640		75,380
Total Assets	4,608,528	[1]	4,444,098	[1]
Liabilities
Short-term debt	862,763		551,918
Accrued interest payable	6,366		4,592
Derivative liabilities	18,167		51,081
Accrued expenses and other liabilities	48,704		26,902
Deferred tax liability	7,316
Long-term debt	476,467		139,500
Total liabilities	3,362,745	[1]	3,303,934	[1]
Equity
Common stock, par value $0.01 per share, 180,000,000 and 165,000,000 shares authorized; 82,504,801 and 81,716,416 issued and outstanding	825		817
Additional paid-in capital	1,760,899		1,744,554
Accumulated other comprehensive income	148,766		138,332
Cumulative earnings	806,298		633,052
Cumulative distributions to stockholders	(1,471,005)		(1,376,591)
Total equity	1,245,783		1,140,164
Total Liabilities and Equity	4,608,528		4,444,098
Asset-backed Securities
Liabilities
Asset-backed securities issued	1,942,962		2,529,941
Residential Loans Held For Sale
ASSETS
Residential loans	404,267		562,658
Residential Loans Held for Investment
ASSETS
Residential loans	1,762,167		2,272,812
Commercial Loans Held For Sale
ASSETS
Commercial loans	89,111		8,500
Commercial Loans Held For Investment
ASSETS
Commercial loans	$ 343,344		$ 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 December 31, 2013 and 2012, assets of consolidated VIEs totaled $2,299,576 and $2,893,117, respectively, and liabilities of consolidated VIEs totaled $1,944,911 and $2,532,916 respectively. See Note 4 for further discussion.