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
Sep. 30, 2013
Dec. 31, 2012
Assets    
Real estate securities, available-for-sale $ 825,499 [1],[2] $ 1,691,575
Real estate related loans and other loans, held-for-sale, net 795,297 843,132
Residential mortgage loans, held-for-investment, net 260,463 292,461
Residential mortgage loans, held-for-sale, net 2,236 2,471
Subprime mortgage loans subject to call option 406,217 405,814
Investments in real estate, net of accumulated depreciation 409,041 169,473
Intangibles, net of accumulated amortization 41,371 19,086
Equity method investments in Local Media Group 57,384   
Other investments 25,133 24,907
Cash and cash equivalents 92,134 231,898
Restricted cash 1,827 2,064
Derivative assets 43,172 165
Receivables and other assets 27,003 17,197
Assets of discontinued operations    245,069
Total Assets 2,986,777 3,945,312
Liabilities    
CDO bonds payable 718,473 1,091,354
Other bonds and notes payable 153,798 183,390
Repurchase agreements 376,886 929,435
Mortgage notes payable 335,238 120,525
Financing of subprime mortgage loans subject to call option 406,217 405,814
Junior subordinated notes payable 51,239 51,243
Derivative liabilities 17,115 31,576
Dividends Payable 30,279 38,884
Due to affiliates 4,911 3,620
Accrued expenses and other liabilities 25,266 15,931
Liabilities of discontinued operations 2,380 480
Total Liabilities 2,121,802 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 September 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, 293,488,981 and 172,525,645 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively 2,935 1,725
Additional paid-in capital 2,670,442 1,710,083
Accumulated deficit (1,941,805) (771,095)
Accumulated other comprehensive income 71,820 70,764
Total Equity 864,975 1,073,060
Total Liabilities and Stockholders' Equity 2,986,777 3,945,312
Non Recourse VIE Financing Structures
    
Assets    
Real estate securities, available-for-sale 429,304 567,685
Real estate related loans and other loans, held-for-sale, net 584,628 813,301
Residential mortgage loans, held-for-investment, net 227,782 292,461
Subprime mortgage loans subject to call option 406,217 405,814
Investments in real estate, net of accumulated depreciation 6,632 6,672
Other investments 19,055 18,883
Restricted cash 1,827 2,064
Receivables and other assets 3,497 7,535
Total Assets 1,678,942 2,114,415
Liabilities    
CDO bonds payable 718,473 1,091,354
Other bonds and notes payable 153,798 183,390
Repurchase agreements    4,244
Financing of subprime mortgage loans subject to call option 406,217 405,814
Derivative liabilities 17,115 31,576
Accrued expenses and other liabilities 7,114 8,365
Total Liabilities $ 1,302,717 $ 1,724,743
[1] (A) See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2] (G) The total outstanding face amount was $0.4 billion for fixed rate securities and $0.6 billion for floating rate securities.