|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
2011
|
|
|
2010
|
|
|
ASSETS
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale, at fair value (including pledged
securities of $133,008 and $38,475, respectively)
|
|
$
|
170,393
|
|
|
$
|
86,040
|
|
|
Mortgage loans held in securitization trusts (net)
|
|
|
210,423
|
|
|
|
228,185
|
|
|
Mortgage loans held for investment
|
|
|
5,117
|
|
|
|
7,460
|
|
|
Investments in limited partnership and limited liability company
|
|
|
16,887
|
|
|
|
18,665
|
|
|
Cash and cash equivalents
|
|
|
11,679
|
|
|
|
19,375
|
|
|
Receivable for securities sold
|
|
|
5,400
|
|
|
|
5,653
|
|
|
Derivative assets
|
|
|
75,053
|
|
|
|
-
|
|
|
Receivables and other assets
|
|
|
29,587
|
|
|
|
8,916
|
|
|
Total Assets
|
|
$
|
524,539
|
|
|
$
|
374,294
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Financing arrangements, portfolio investments
|
|
$
|
111,500
|
|
|
$
|
35,632
|
|
|
Collateralized debt obligations
|
|
|
203,054
|
|
|
|
219,993
|
|
|
Derivative liabilities
|
|
|
3,619
|
|
|
|
1,087
|
|
|
Payable for securities purchased
|
|
|
79,585
|
|
|
|
-
|
|
|
Accrued expenses and other liabilities
|
|
|
5,360
|
|
|
|
4,095
|
|
|
Subordinated debentures (net)
|
|
|
45,000
|
|
|
|
45,000
|
|
|
Total liabilities
|
|
|
448,118
|
|
|
|
305,807
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 400,000,000 authorized, 11,178,273 and 9,425,442
shares issued and outstanding, respectively
|
|
|
112
|
|
|
|
94
|
|
|
Additional paid-in capital
|
|
|
140,843
|
|
|
|
135,300
|
|
|
Accumulated other comprehensive income
|
|
|
12,453
|
|
|
|
17,732
|
|
|
Accumulated deficit
|
|
|
(77,971
|
)
|
|
|
(84,639
|
)
|
|
Total stockholders' equity
|
|
|
75,437
|
|
|
|
68,487
|
|
|
Noncontrolling interest
|
|
|
984
|
|
|
|
-
|
|
|
Total equity
|
|
|
76,421
|
|
|
|
68,487
|
|
|
Total Liabilities and Equity
|
|
$
|
524,539
|
|
|
$
|
374,294
|
|