RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2017

Accounting Changes and Error Corrections [Abstract]

Unaudited Condensed Consolidated Balance Sheet Restatement

Unaudited Condensed Consolidated Balance Sheet

	June 30, 2017
	As previously reported			Restatement adjustments		As restated
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $1,212,027,963 for June 30, 2017	$	1,252,375,950		—		1,252,375,950
Mortgage loans held-for-sale, at fair value	2,795,951			—		2,795,951
Multi-family loans held in securitization trusts, at fair value	1,175,419,031			—		1,175,419,031
Residential loans held in securitization trusts, at fair value	128,679,142			—		128,679,142
Mortgage servicing rights, at fair value	3,096,943			—		3,096,943
Cash and cash equivalents	41,424,138			—		41,424,138
Restricted cash	15,816,577			—		15,816,577
Deferred offering costs	87,482			—		87,482
Accrued interest receivable	8,280,086			—		8,280,086
Investment related receivable	4,618,226			—		4,618,226
Derivative assets, at fair value	—			—		—
Other assets	1,119,584			—		1,119,584
Total assets	$	2,633,713,110		—		2,633,713,110
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Repurchase agreements:
Available-for-sale securities	$	1,146,628,000		—		1,146,628,000
Multi-family securitized debt obligations	1,154,997,075			—		1,154,997,075
Residential securitized debt obligations	123,007,454			—		123,007,454
Accrued interest payable	5,356,244			—		5,356,244
Derivative liabilities, at fair value	836,338			—		836,338
Dividends payable	29,349			—		29,349
Deferred income	188,760			—		188,760
Due to broker	45,081,053			—		45,081,053
Fees and expenses payable to Manager	563,000			—		563,000
Other accounts payable and accrued expenses	143,972			—		143,972
Total liabilities	2,476,831,245			—		2,476,831,245
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 June 30, 2017	37,156,972			—		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 22,139,258 shares issued and outstanding, at June 30, 2017	221,348			—		221,348
Additional paid-in capital	224,135,827			—		224,135,827
Accumulated other comprehensive income (loss)	(7,830,147		)	2,436,690		(5,393,457	)
Cumulative distributions to stockholders	(96,237,206		)	—		(96,237,206	)
Accumulated earnings (deficit)	(564,929		)	(2,436,690	)	(3,001,619	)
Total stockholders' equity	156,881,865			—		156,881,865
Total liabilities and stockholders' equity	$	2,633,713,110		—		2,633,713,110