RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Changes and Error Corrections [Abstract]

Unaudited Condensed Consolidated Balance Sheet Restatement

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

As a result of the filing of our Amendment No.1 on Form 10-K/A for the fiscal year ended December 31, 2017, the Company determined it had incorrectly stated accumulated other comprehensive income (loss) and accumulated earnings by equal and offsetting amounts in our condensed consolidated balance sheet as of March 31, 2018. The following table represents the restated unaudited condensed consolidated balance sheet for the period ended March 31, 2018.

Unaudited Condensed Consolidated Balance Sheet

	March 31, 2018
	As previously reported			Restatement adjustments			As restated
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $1,099,341,757 for March 31, 2018	$	1,095,189,264		—			1,095,189,264
Mortgage loans held-for-sale, at fair value	—			—			—
Multi-family loans held in securitization trusts, at fair value	1,106,592,612			—			1,106,592,612
Residential loans held in securitization trusts, at fair value	111,764,070			—			111,764,070
Mortgage servicing rights, at fair value	3,021,549			—			3,021,549
Cash and cash equivalents	42,257,248			—			42,257,248
Restricted cash	11,658,225			—			11,658,225
Deferred offering costs	186,999			—			186,999
Accrued interest receivable	8,854,367			—			8,854,367
Investment related receivable (includes pledged securities of $138,262,099 for March 31, 2018)	143,801,279			—			143,801,279
Derivative assets, at fair value	18,132,700			—			18,132,700
Other assets	512,358			—			512,358
Total assets	$	2,541,970,671		$	—		$	2,541,970,671
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Repurchase agreements:
Available-for-sale securities	$	1,177,060,000		—			1,177,060,000
Multi-family securitized debt obligations	1,086,279,589			—			1,086,279,589
Residential securitized debt obligations	106,676,747			—			106,676,747
Accrued interest payable	6,009,300			—			6,009,300
Derivative liabilities, at fair value	—			—			—
Dividends payable	39,132			—			39,132
Deferred income	273,968			—			273,968
Due to broker	13,741,125			—			13,741,125
Fees and expenses payable to Manager	1,319,711			—			1,319,711
Other accounts payable and accrued expenses	209,976			—			209,976
Total liabilities	2,391,609,548			—			2,391,609,548
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 March 31, 2018	37,156,972			—			37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,683,164 shares issued and outstanding, at March 31, 2018	236,787			—			236,787
Additional paid-in capital	231,348,163			—			231,348,163
Accumulated other comprehensive income (loss)	(25,919,831		)	2,436,690			(23,483,141		)
Cumulative distributions to stockholders	(107,845,430		)	—			(107,845,430		)
Accumulated earnings	15,384,462			(2,436,690		)	12,947,772
Total stockholders' equity	150,361,123			—			150,361,123
Total liabilities and stockholders' equity	$	2,541,970,671		$	—		$	2,541,970,671