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 September 30, 2017. The following table represents the restated unaudited condensed consolidated balance sheet for the period ended September 30, 2017.

Unaudited Condensed Consolidated Balance Sheet



	September 30, 2017
	As previously reported			Restatement adjustments		As restated
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $1,309,061,643 for September 30, 2017	$	1,304,486,040		—		1,304,486,040
Mortgage loans held-for-sale, at fair value	495,486			—		495,486
Multi-family loans held in securitization trusts, at fair value	1,149,888,917			—		1,149,888,917
Residential loans held in securitization trusts, at fair value	125,403,499			—		125,403,499
Mortgage servicing rights, at fair value	2,993,997			—		2,993,997
Cash and cash equivalents	30,554,867			—		30,554,867
Restricted cash	15,437,341			—		15,437,341
Deferred offering costs	78,432			—		78,432
Accrued interest receivable	8,732,428			—		8,732,428
Investment related receivable	4,699,021			—		4,699,021
Derivative assets, at fair value	—			—		—
Other assets	912,719			—		912,719
Total assets	$	2,643,682,747		—		2,643,682,747
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Repurchase agreements:
Available-for-sale securities	$	1,237,661,000		—		1,237,661,000
Multi-family securitized debt obligations	1,128,773,402			—		1,128,773,402
Residential securitized debt obligations	119,882,464			—		119,882,464
Accrued interest payable	5,205,165			—		5,205,165
Derivative liabilities, at fair value	529,075			—		529,075
Dividends payable	29,349			—		29,349
Deferred income	202,896			—		202,896
Due to broker	—			—		—
Fees and expenses payable to Manager	587,000			—		587,000
Other accounts payable and accrued expenses	273,732			—		273,732
Total liabilities	2,493,144,083			—		2,493,144,083
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 September 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 September 30, 2017	221,393			—		221,393
Additional paid-in capital	224,063,268			—		224,063,268
Accumulated other comprehensive income (loss)	(5,643,099		)	2,436,690		(3,206,409	)
Cumulative distributions to stockholders	(100,438,604		)	—		(100,438,604	)
Accumulated earnings (deficit)	(4,821,266		)	(2,436,690	)	(7,257,956	)
Total stockholders' equity	150,538,664			—		150,538,664
Total liabilities and stockholders' equity	$	2,643,682,747		—		2,643,682,747