RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

As a result of the filing of our Amendment No. 2 on Form 10-K/A for the fiscal year ended December 31, 2016, the Company determined it had incorrectly stated accumulated other comprehensive income (loss) and accumulated earnings (deficit) by equal and offsetting amounts in our condensed consolidated balance sheet as of March 31, 2017. The following table represents the restated unaudited condensed consolidated balance sheet for the period ended March 31, 2017.

Unaudited Condensed Consolidated Balance Sheet



	March 31, 2017
	As previously reported			Restatement adjustments			As restated
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $1,040,598,558 for March 31, 2017 )	$	1,035,720,870		$	—		$	1,035,720,870
Mortgage loans held-for-sale, at fair value	2,822,751			—			$	2,822,751
Multi-family loans held in securitization trusts, at fair value	1,215,157,038			—			$	1,215,157,038
Residential loans held in securitization trusts, at fair value	132,454,523			—			$	132,454,523
Mortgage servicing rights, at fair value	3,314,363			—			$	3,314,363
Cash and cash equivalents	32,713,356			—			$	32,713,356
Restricted cash	7,693,120			—			$	7,693,120
Deferred offering costs	96,532			—			$	96,532
Accrued interest receivable	8,078,915			—			$	8,078,915
Investment related receivable	2,193,766			—			$	2,193,766
Derivative assets, at fair value	4,976,938			—			$	4,976,938
Other assets	724,267			—			$	724,267
Total assets	$	2,445,946,439		$	—		$	2,445,946,439
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Repurchase agreements:
Available-for-sale securities	$	971,225,000		$	—		$	971,225,000
Multi-family securitized debt obligations	1,195,536,818			—			$	1,195,536,818
Residential securitized debt obligations	126,535,978			—			$	126,535,978
Accrued interest payable	5,534,935			—			$	5,534,935
Dividends payable	39,132			—			$	39,132
Deferred income	200,534			—			$	200,534
Due to broker	915,590			—			$	915,590
Fees and expenses payable to Manager	709,000			—			$	709,000
Other accounts payable and accrued expenses	376,632			—			$	376,632
Total liabilities	2,301,073,619			—			2,301,073,619
STOCKHOLDERS' EQUITY:
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative redeemable, $25 liquidation preference, 1,610,000 issued and outstanding at March 31, 2017	37,156,972			—			37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 17,539,258 issued and outstanding, at March 31, 2017	175,348			—			175,348
Additional paid-in capital	204,262,178			—			204,262,178
Accumulated other comprehensive income (loss)	(5,717,728		)	2,436,690			(3,281,038		)
Cumulative distributions to stockholders	(92,735,592		)	—			(92,735,592		)
Accumulated earnings (deficit)	1,731,642			(2,436,690		)	(705,048		)
Total stockholders' equity	144,872,820			—			144,872,820
Total liabilities and stockholders' equity	$	2,445,946,439		$	—		$	2,445,946,439