RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Changes and Error Corrections [Abstract]

Unaudited Condensed Consolidated Balance Sheet Restatement

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