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, 2012
Dec. 31, 2011
Assets    
Subprime mortgage loans subject to call option $ 405,525  
Cash and cash equivalents 229,036 157,356
[Assets] 3,636,862 3,651,799
Liabilities    
Derivative liabilities (36,519)  
[Liabilities] 2,602,676 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 September 30, 2012 and December 31, 2011 61,583 61,583
Common stock, $0.01 par value, 500,000,000 shares authorized, 172,487,757 and 105,181,009 shares issued and outstanding at September 30, 2012 and December 31, 2011 1,725 1,052
Additional paid-in capital 1,709,905 1,275,792
Accumulated deficit (788,725) (1,073,252)
Accumulated other comprehensive income (loss) 49,698 (73,086)
[StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest] 1,034,186 192,089
[LiabilitiesAndStockholdersEquity] 3,636,862 3,651,799
Non Recourse VIE Financing Structures
    
Assets    
Real estate securities, available-for-sale 591,929 1,479,214
Real estate related loans, held-for-sale, net 832,885 807,214
Residential mortgage loans, held-for-investment, net 301,370 331,236
Subprime mortgage loans subject to call option 405,525 404,723
Operating real estate, held-for-sale 7,839 7,741
Other investments 18,883 18,883
Restricted cash 2,829 105,040
Derivative assets    1,954
Receivables and other assets 6,432 23,319
[Assets] 2,167,692 3,179,324
Liabilities    
CDO bonds payable 1,155,080 2,403,605
Other bonds and notes payable 197,583 200,377
Repurchase agreements 5,368 6,546
Financing of subprime mortgage loans subject to call option 405,525 404,723
Derivative liabilities 36,519 119,320
Accrued expenses and other liabilities 8,241 16,112
[Liabilities] 1,808,316 3,150,683
Recourse Financing Structures Unlevered Assets and Other Liabilities
    
Assets    
Real estate securities, available-for-sale 788,431 252,530
Real estate related loans, held-for-sale, net 9,418 6,366
Residential mortgage loans, held-for-sale, net 2,566 2,687
Investments in excess mortgage servicing rights at fair value 258,347 43,971
Investments in real estate, net of accumulated depreciation 126,798   
Resident lease intangibles, net of accumulated depreciation 14,755   
Other investments 6,024 6,024
Derivative assets 224   
Receivables and other assets 33,571 3,541
Cash and cash equivalents 229,036 157,356
[Assets] 1,469,170 472,475
Liabilities    
Repurchase agreements 599,959 233,194
Accrued expenses and other liabilities 9,278 2,969
Mortgage notes payable 88,400   
Junior subordinated notes payable 51,245 51,248
Dividends Payable 38,877 16,707
Due to affiliates 3,351 1,659
Purchase price payable on investments in excess mortgage servicing rights 3,250 3,250
[Liabilities] $ 794,360 $ 309,027