Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Assets    
Cash and cash equivalents $ 102,647 $ 157,356
[Assets] 4,193,690 3,651,799
Liabilities    
[Liabilities] 3,590,960 3,459,710
Stockholders' Equity    
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of June 30, 2012 and December 31, 2011 61,583 61,583
Common stock, $0.01 par value, 500,000,000 shares authorized, 147,187,757 and 105,181,009 shares issued and outstanding at June 30, 2012 and December 31, 2011 1,472 1,052
Additional paid-in capital 1,542,806 1,275,792
Accumulated deficit (1,022,604) (1,073,252)
Accumulated other comprehensive income (loss) 19,473 (73,086)
[StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest] 602,730 192,089
[LiabilitiesAndStockholdersEquity] 4,193,690 3,651,799
Non Recourse VIE Financing Structures
    
Assets    
Real estate securities, available-for-sale 1,505,791 1,479,214
Real estate related loans, held-for-sale, net 891,953 807,214
Residential mortgage loans, held-for-investment, net 311,097 331,236
Residential mortgage loans, held-for-sale, net 0 0
Subprime mortgage loans subject to call option 405,247 404,723
Operating real estate, held-for-sale 7,737 7,741
Other investments 18,883 18,883
Restricted cash 62,692 105,040
Derivative assets 966 1,954
Receivables from brokers, dealers and clearing organizations 30,632  
Receivables and other assets 21,021 23,319
[Assets] 3,256,019 3,179,324
Liabilities    
CDO bonds payable 2,350,648 2,403,605
Other bonds and notes payable 179,001 200,377
Repurchase agreements 5,538 6,546
Financing of subprime mortgage loans subject to call option 405,247 404,723
Derivative liabilities 101,809 119,320
Payables to brokers, dealers and clearing organizations 20,560  
Accrued expenses and other liabilities 14,228 16,112
[Liabilities] 3,077,031 3,150,683
Recourse Financing Structures Unlevered Assets and Other Liabilities
    
Assets    
Real estate securities, available-for-sale 532,609 252,530
Real estate related loans, held-for-sale, net 0 6,366
Residential mortgage loans, held-for-sale, net 2,946 2,687
Investments in excess mortgage servicing rights at fair value 265,132 43,971
Other investments 6,024 6,024
Receivables and other assets 28,313 3,541
Cash and cash equivalents 102,647 157,356
[Assets] 937,671 472,475
Liabilities    
Repurchase agreements 317,972 233,194
Payables to brokers, dealers and clearing organizations 68,296  
Accrued expenses and other liabilities 6,219 2,969
Junior subordinated notes payable 51,246 51,248
Dividends Payable 30,366 16,707
Purchase price payable on investments in excess mortgage servicing rights 31,382 3,250
Due to affiliates 8,448 1,659
[Liabilities] $ 513,929 $ 309,027