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 consolidated balance sheet as of December 31, 2017. The following table represents the restated audited consolidated balance sheet as of December 31, 2017.

Consolidated Balance Sheet



	December 31, 2017
	As previously reported			Restatement adjustments			As restated
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $1,295,225,428 for December 31, 2017	$	1,290,825,648		$	—		$	1,290,825,648
Mortgage loans held-for-sale, at fair value	—			$	—		$	—
Multi-family loans held in securitization trusts, at fair value	1,130,874,274			$	—		$	1,130,874,274
Residential loans held in securitization trusts, at fair value	119,756,455			$	—		$	119,756,455
Mortgage servicing rights, at fair value	2,963,861			$	—		$	2,963,861
Linked transactions, net, at fair value	—			$	—		$	—
Cash and cash equivalents	34,347,339			$	—		$	34,347,339
Restricted cash	11,275,263			$	—		$	11,275,263
Deferred offering costs	179,382			$	—		$	179,382
Accrued interest receivable	8,852,036			$	—		$	8,852,036
Dividends receivable	—			$	—		$	—
Investment related receivable	7,461,128			$	—		$	7,461,128
Derivative assets, at fair value	5,349,613			$	—		$	5,349,613
FHLB stock	—			$	—		$	—
Other assets	656,117			$	—		$	656,117
Total assets	$	2,612,541,116		$	—		$	2,612,541,116
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Repurchase agreements:
Available-for-sale securities	$	1,234,522,000		$	—		$	1,234,522,000
Mortgage loans held-for-sale	—			$	—		$	—
FHLB Advances	—			$	—		$	—
Multi-family securitized debt obligations	1,109,204,743			$	—		$	1,109,204,743
Residential securitized debt obligations	114,418,318			$	—		$	114,418,318
Derivatives liabilities, at fair value	—			$	—		$	—
Accrued interest payable	6,194,464			$	—		$	6,194,464
Dividends payable	39,132			$	—		$	39,132
Deferred income	222,518			$	—		$	222,518
Due to broker	1,123,463			$	—		$	1,123,463
Fees and expenses payable to Manager	752,000			$	—		$	752,000
Other accounts payable and accrued expenses	273,201			$	—		$	273,201
Total liabilities	2,466,749,839			—			2,466,749,839
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 December 31, 2017	37,156,972			—			37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 22,143,758 shares issued and outstanding, at December 31, 2017	221,393			—			221,393
Additional paid-in capital	224,048,169			—			224,048,169
Accumulated other comprehensive income (loss)	(15,054,484		)	2,436,690			(12,617,794		)
Cumulative distributions to stockholders	(104,650,235		)	—			(104,650,235		)
Accumulated earnings (deficit)	4,069,462			(2,436,690		)	1,632,772
Total stockholders' equity	145,791,277			—			145,791,277
Total liabilities and stockholders' equity	$	2,612,541,116		$	—		$	2,612,541,116