RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2017

Accounting Changes and Error Corrections [Abstract]

Unaudited Condensed Consolidated Balance Sheet Restatement

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