RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Changes and Error Corrections [Abstract]

Unaudited Condensed Consolidated Balance Sheet Restatement

Unaudited Condensed Consolidated Balance Sheet

	June 30, 2018
	As previously reported			Restatement adjustments			As restated
ASSETS
Commercial mortgage loans, held-for-investment, at amortized cost	326,883,547			—			326,883,547
Multi-family loans held in securitization trusts, at fair value	23,842,162			—			23,842,162
Mortgage servicing rights, at fair value	4,105,613			—			4,105,613
Cash and cash equivalents	73,380,534			—			73,380,534
Restricted cash	7,932,233			—			7,932,233
Deferred offering costs	154,616			—			154,616
Accrued interest receivable	1,856,506			—			1,856,506
Investment related receivable	20,505,834			—			20,505,834
Other assets	871,239			—			871,239
Total assets	$	459,532,284		$	—		$	459,532,284
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Collateralized loan obligation	287,738,948			—			287,738,948
Multi-family securitized debt obligations	19,481,546			—			19,481,546
Accrued interest payable	526,251			—			526,251
Dividends payable	29,349			—			29,349
Deferred income	310,250			—			310,250
Fees and expenses payable to Manager	1,185,000			—			1,185,000
Other accounts payable and accrued expenses	225,980			—			225,980
Total liabilities	309,497,324			—			309,497,324
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 and 1,610,000 issued and outstanding at June 30, 2018 and December 31, 2017, respectively	37,156,972			—			37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,683,164 and 22,143,758 shares issued and outstanding, at June 30, 2018 and December 31, 2017, respectively	236,787			—			236,787
Additional paid-in capital	231,320,638			—			231,320,638
Accumulated other comprehensive income (loss)	(2,436,690		)	2,436,690			—
Cumulative distributions to stockholders	(110,137,146		)	—			(110,137,146		)
Accumulated earnings	(6,105,601		)	(2,436,690		)	(8,542,291		)
Total stockholders' equity	150,034,960			—			150,034,960
Total liabilities and stockholders' equity	$	459,532,284		$	—		$	459,532,284