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
Mar. 31, 2013
Dec. 31, 2012
Assets    
Real estate securities, available-for-sale $ 2,495,473 [1],[2] $ 1,691,575
Real estate related loans, held-for-sale, net 851,525 843,132
Residential mortgage loans, held-for-investment, net 317,708 292,461
Residential mortgage loans, held-for-sale, net 2,380 2,471
Investments in excess mortgage servicing rights at fair value 236,555 245,036
Investments in equity method investees at fair value 102,588   
Subprime mortgage loans subject to call option 406,115 405,814
Investments in real estate, net of accumulated depreciation 168,515 169,473
Intangibles, net of accumulated amortization 16,218 19,086
Other investments 24,907 24,907
Cash and cash equivalents 534,772 231,898
Restricted cash 11,494 2,064
Derivative assets 176 165
Receivables and other assets 27,577 17,230
Total Assets 5,196,003 3,945,312
Liabilities    
CDO bonds payable 1,015,560 1,091,354
Other bonds and notes payable 173,723 183,390
Repurchase agreements 1,473,586 929,435
Mortgage notes payable 120,525 120,525
Financing of subprime mortgage loans subject to call option 406,115 405,814
Junior subordinated notes payable 51,242 51,243
Derivative liabilities 26,612 31,576
Dividends Payable 56,596 38,884
Due to affiliates 4,611 3,620
Purchase price payable on investments in excess mortgage servicing rights 59 59
Accrued expenses and other liabilities 17,875 16,352
Total Liabilities 3,346,504 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 March 31, 2013 and December 31, 2012 61,583 61,583
Common stock, $0.01 par value, 500,000,000 shares authorized, 253,025,645 and 172,525,645 shares issued and outstanding at March 31, 2013 and December 31, 2012 2,530 1,725
Additional paid-in capital 2,472,931 1,710,083
Accumulated deficit (790,143) (771,095)
Accumulated other comprehensive income (loss) 102,598 70,764
Total Equity 1,849,499 1,073,060
Total Liabilities and Stockholders' Equity 5,196,003 3,945,312
Non Recourse VIE Financing Structures
    
Assets    
Real estate securities, available-for-sale 563,639 567,685
Real estate related loans, held-for-sale, net 754,913 813,301
Residential mortgage loans, held-for-investment, net 244,552 292,461
Subprime mortgage loans subject to call option 406,115 405,814
Investments in real estate, net of accumulated depreciation 6,740 6,672
Other investments 18,883 18,883
Restricted cash 11,494 2,064
Receivables and other assets 7,647 7,535
Total Assets 2,013,983 2,114,415
Liabilities    
CDO bonds payable 1,015,560 1,091,354
Other bonds and notes payable 173,723 183,390
Repurchase agreements    4,244
Financing of subprime mortgage loans subject to call option 406,115 405,814
Derivative liabilities 26,612 31,576
Accrued expenses and other liabilities 6,954 8,365
Total Liabilities $ 1,628,964 $ 1,724,743
[1] (A) See Note 9 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2] (G) The total outstanding face amount of fixed rate securities was $0.5 billion, and of floating rate securities was $2.4 billion.