Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Assets    
Real estate securities, available-for-sale $ 1,691,575 $ 1,731,744
Real estate related loans, held-for-sale, net 843,132 813,580
Residential mortgage loans, held-for-investment, net 292,461 331,236
Residential mortgage loans, held-for-sale, net 2,471 2,687
Investments in excess mortgage servicing rights at fair value 245,036 43,971
Subprime mortgage loans subject to call option 405,814 404,723
Investments in real estate, net of accumulated depreciation 169,473   
Intangibles, net of accumulated amortization 19,086   
Operating real estate, held-for-sale    7,741
Other investments 24,907 24,907
Cash and cash equivalents 231,898 157,356
Restricted cash 2,064 105,040
Derivative assets 165 1,954
Receivables and other assets 17,230 26,860
Total Assets 3,945,312 3,651,799
Liabilities    
CDO bonds payable 1,091,354 2,403,605
Other bonds and notes payable 183,390 200,377
Repurchase agreements 929,435 239,740
Mortgage notes payable 120,525   
Financing of subprime mortgage loans subject to call option 405,814 404,723
Junior subordinated notes payable 51,243 51,248
Derivative liabilities 31,576 119,320
Dividends Payable 38,884 16,707
Due to affiliates 3,620 1,659
Purchase price payable on investments in excess mortgage servicing rights 59 3,250
Accrued expenses and other liabilities 16,352 19,081
Total Liabilities 2,872,252 3,459,710
Commitments and contingencies      
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 December 31, 2012 and December 31, 2011 61,583 61,583
Common stock, $0.01 par value, 500,000,000 shares authorized, 172,525,645 and 105,181,009 shares issued and outstanding at December 31, 2012 and December 31, 2011 1,725 1,052
Additional paid-in capital 1,710,083 1,275,792
Accumulated deficit (771,095) (1,073,252)
Accumulated other comprehensive income (loss) 70,764 (73,086)
Total Equity 1,073,060 192,089
Total Liabilities and Stockholders' Equity 3,945,312 3,651,799
Non Recourse VIE Financing Structures
    
Assets    
Real estate securities, available-for-sale 567,685 1,479,214
Real estate related loans, held-for-sale, net 813,301 807,214
Residential mortgage loans, held-for-investment, net 292,461 331,236
Subprime mortgage loans subject to call option 405,814 404,723
Investments in real estate, net of accumulated depreciation 6,672   
Operating real estate, held-for-sale    7,741
Other investments 18,883 18,883
Restricted cash 2,064 105,040
Derivative assets    1,954
Receivables and other assets 7,535 23,319
Total Assets 2,114,415 3,179,324
Liabilities    
CDO bonds payable 1,091,354 2,403,605
Other bonds and notes payable 183,390 200,377
Repurchase agreements 4,244 6,546
Financing of subprime mortgage loans subject to call option 405,814 404,723
Derivative liabilities 31,576 119,320
Accrued expenses and other liabilities 8,365 16,112
Total Liabilities $ 1,724,743 $ 3,150,683