RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Accounting Changes and Error Corrections [Abstract]

Unaudited Condensed Consolidated Balance Sheet Restatement

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