XML 55 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
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