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, 2013
Dec. 31, 2012
Assets    
Real estate securities, available-for-sale $ 777,102 [1] $ 1,691,575
Real estate related loans, held-for-sale, net 837,427 843,132
Residential mortgage loans, held-for-investment, net 273,332 292,461
Residential mortgage loans, held-for-sale, net 2,266 2,471
Subprime mortgage loans subject to call option 406,217 405,814
Investments in real estate, net of accumulated depreciation 167,878 169,473
Intangibles, net of accumulated amortization 13,349 19,086
Other investments 24,907 24,907
Cash and cash equivalents 271,052 231,898
Restricted cash 7,173 2,064
Derivative assets 43,470 165
Due from affiliates 1,254   
Receivables and other assets 19,907 17,197
Assets of discontinued operations    245,069
Total Assets 2,845,334 3,945,312
Liabilities    
CDO bonds payable 844,484 1,091,354
Other bonds and notes payable 163,718 183,390
Repurchase agreements 311,276 929,435
Mortgage notes payable 120,525 120,525
Financing of subprime mortgage loans subject to call option 406,217 405,814
Junior subordinated notes payable 51,240 51,243
Derivative liabilities 20,197 31,576
Dividends Payable 43,951 38,884
Due to affiliates 3,216 3,620
Accrued expenses and other liabilities 16,884 15,931
Liabilities of discontinued operations    480
Total Liabilities 1,981,708 2,872,252
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 June 30, 2013 and December 31, 2012 61,583 61,583
Common stock, $0.01 par value, 1,000,000,000 and 500,000,000 shares authorized, 293,326,085 and 172,525,645 shares issued and outstanding at June 30, 2013 and December 31, 2012 2,933 1,725
Additional paid-in capital 2,670,444 1,710,083
Accumulated deficit (1,940,305) (771,095)
Accumulated other comprehensive income (loss) 68,971 70,764
Total Equity 863,626 1,073,060
Total Liabilities and Stockholders' Equity 2,845,334 3,945,312
Non Recourse VIE Financing Structures
    
Assets    
Real estate securities, available-for-sale 427,818 567,685
Real estate related loans, held-for-sale, net 660,065 813,301
Residential mortgage loans, held-for-investment, net 237,348 292,461
Subprime mortgage loans subject to call option 406,217 405,814
Investments in real estate, net of accumulated depreciation 6,686 6,672
Other investments 18,883 18,883
Restricted cash 7,173 2,064
Receivables and other assets 4,911 7,535
Total Assets 1,769,101 2,114,415
Liabilities    
CDO bonds payable 844,484 1,091,354
Other bonds and notes payable 163,718 183,390
Repurchase agreements    4,244
Financing of subprime mortgage loans subject to call option 406,217 405,814
Derivative liabilities 20,197 31,576
Accrued expenses and other liabilities 7,093 8,365
Total Liabilities $ 1,441,709 $ 1,724,743
[1] (G) The total outstanding face amount was $0.4 billion for fixed rate securities and $0.6 billion for floating rate securities.