NOTE 20 – RESTATEMENT OF PREVIOUSLY ISSUED UNAUDITED FINANCIAL STATEMENTS

In connection with the preparation of this Annual Report on Form 10-K, the Company determined that it had been improperly accounting for two Non-Agency RMBS IO securities for which the Company had elected the fair value option at the inception of each transaction, and accordingly, unrealized gains and losses on such securities should have been reported in the Company’s unaudited condensed consolidated statement of operations instead of in the Company’s unaudited condensed consolidated statement of other comprehensive income. As a result of this determination, the Audit Committee of the Company’s Board of Directors has determined that this error had a material effect on the Company’s previously issued financial statements for the quarters ended June 30, 2015, and September 30, 2015, and accordingly, that these financial statements should be restated. The following tables represent the restated unaudited condensed consolidated balance sheets, restated unaudited condensed consolidated statements of operations and restated unaudited condensed consolidated statements of cash flows as of, and for the periods ended, June 30, 2015 and September 30, 2015, respectively.

Unaudited Condensed Consolidated Balance Sheet	June 30, 2015
	As previously reported		Restatement adjustments		As restated
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $491,584,595 and $366,103,204 for
June 30, 2015)	$	491,584,595	$	-	$	491,584,595
Mortgage loans held-for-sale, at fair value		48,978,699		-		48,978,699
Multi-family loans held in securitization trusts, at fair value		1,620,066,565		-		1,620,066,565
Residential loans held in securitization trusts, at fair value		472,629,816		-		472,629,816
Mortgage service rights, at fair value		2,457,374		-		2,457,374
Cash and cash equivalents		30,060,855		-		30,060,855
Restricted cash		14,291,416		-		14,291,416
Deferred offering costs		900,150		-		900,150
Deferred securitization costs		89,643		-		89,643
Accrued interest receivable		9,126,537		-		9,126,537
Investment related receivable		1,443,832		-		1,443,832
FHLB stock		2,403,000		-		2,403,000
Other assets		325,307		-		325,307

Total assets	$	2,694,357,789	$	-	$	2,694,357,789

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:
Repurchase agreements:
Available-for-sale securities	$	498,378,000	$	-	$	498,378,000
Mortgage loans held-for-sale		42,663,099		-		42,663,099
FHLB Advances		53,400,000		-		53,400,000
Multi-family securitized debt obligations		1,536,502,579		-		1,536,502,579
Residential securitized debt obligations		356,104,980		-		356,104,980
Derivative liabilities, at fair value		3,200,514		-		3,200,514
Accrued interest payable		6,934,955		-		6,934,955
Dividends payable		29,349		-		29,349
Fees and expenses payable to Manager		1,155,000		-		1,155,000
Other accounts payable and accrued expenses		1,144,418		-		1,144,418

Total liabilities		2,499,512,894		-		2,499,512,894

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 June 30, 2015		37,156,972		-		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,724,750
shares issued and outstanding, at June 30, 2015		146,953		-		146,953
Additional paid-in capital		189,152,358		-		189,152,358
Accumulated other comprehensive income (loss)		7,781,228		232,273		8,013,501
Cumulative distributions to stockholders		(45,197,589)		-		(45,197,589)
Accumulated earnings		5,804,973		(232,273)		5,572,700

Total stockholders' equity		194,844,895		-		194,844,895

Total liabilities and stockholders' equity	$	2,694,357,789	$	-	$	2,694,357,789

FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2015

Unaudited Condensed Consolidated Statement of Operations	Three Months Ended June 30, 2015						Six Months Ended June 30, 2015
	As previously reported*		Restatement Adjustments		As restated		As previously reported*		Restatement Adjustments		As restated
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Revenues:
Interest income:
Available-for-sale securities	$	6,753,580	$	-	$	6,753,580	$	13,559,539	$	-	$	13,559,539
Mortgage loans held-for-sale		585,566		-		585,566		1,291,027		-		1,291,027
Multi-family loans held in securitization trusts		17,249,728		-		17,249,728		34,885,204		-		34,885,204
Residential loans held in securitization trusts		5,039,380		-		5,039,380		10,931,159		-		10,931,159
Cash and cash equivalents		4,236		-		4,236		8,577		-		8,577
Interest expense:						-						-
Repurchase agreements - available-for-sale securities		(1,789,532)		-		(1,789,532)		(3,502,300)		-		(3,502,300)
Repurchase agreements - mortgage loans held-for-sale		(392,394)		-		(392,394)		(828,987)		-		(828,987)
Multi-family securitized debt obligations		(15,778,322)		-		(15,778,322)		(31,913,781)		-		(31,913,781)
Residential securitized debt obligations		(3,102,240)		-		(3,102,240)		(6,757,709)		-		(6,757,709)

Net interest income		8,570,002		-		8,570,002		17,672,729		-		17,672,729

Other-than-temporary impairments
Increase in credit reserves		567,205		-		567,205		(1,410,284)		-		(1,410,284)
Additional other-than-temporary credit impairment losses		-		-		-		(2,890,939)		-		(2,890,939)

Total impairment losses recognized in earnings		567,205		-		567,205		(4,301,223)		-		(4,301,223)

Other income:
Realized gain (loss) on sale of investments, net		524,156		-		524,156		369,843		-		369,843
Change in unrealized gain (loss) on fair value option securities		-		(232,273)		(232,273)		-		(232,273)		(232,273)
Change in unrealized gain (loss) and net interest income from Linked Transactions		-		-		-		-		-		-
Realized gain (loss) on derivative contracts, net		(1,217,392)		-		(1,217,392)		(4,047,878)		-		(4,047,878)
Change in unrealized gain (loss) on derivative contracts, net		902,032		-		902,032		(849,006)		-		(849,006)
Realized loss on mortgage loans held-for-sale		759,059		-		759,059		1,031,291		-		1,031,291
Change in unrealized gain on mortgage loans held-for-sale		(594,542)		-		(594,542)		(43,159)		-		(43,159)
Change in unrealized gain on mortgage service rights		(268,311)		-		(268,311)		(268,311)		-		(268,311)
Change in unrealized gain/(loss) on multi-family loans held in securitization trusts		1,803,472		-		1,803,472		3,840,584		-		3,840,584
Change in unrealized gain/(loss) on residential loans held in securitization trusts		(2,975,798)		-		(2,975,798)		(6,332,205)		-		(6,332,205)
Servicing income		56,538		-		56,538		56,538		-		56,538
Other income		26,611		-		26,611		26,611		-		26,611

Total other income (loss)		(984,175)		(232,273)		(1,216,448)		(6,215,692)		(232,273)		(6,447,965)

Expenses:
Management fee		698,629		-		698,629		1,416,404		-		1,416,404
General and administrative expenses		1,717,361		-		1,717,361		3,401,237		-		3,401,237
Operating expenses reimbursable to Manager		1,055,075		-		1,055,075		2,106,642		-		2,106,642
Other operating expenses		586,298		-		586,298		1,205,541		-		1,205,541
Compensation expense		62,348		-		62,348		122,995		-		122,995

Total expenses		4,119,711		-		4,119,711		8,252,819		-		8,252,819

Net income before provision for income taxes		4,033,321		(232,273)		3,801,048		(1,097,005)		(232,273)		(1,329,278)
(Provision for) benefit from income taxes		-						-
Net income (loss)		4,033,321		(232,273)		3,801,048		(1,097,005)		(232,273)		(1,329,278)

Dividends to preferred stockholders		(870,726)		-		(870,726)		(1,751,235)		-		(1,751,235)

Net income (loss) attributable to common stockholders	$	3,162,595	$	(232,273)	$	2,930,322	$	(2,848,240)	$	(232,273)	$	(3,080,513)

Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)	$	3,162,595	$	(232,273)	$	2,930,322	$	(2,848,240)	$	(232,273)	$	(3,080,513)
Weighted average number of shares of common stock outstanding		14,721,492		14,721,492		14,721,492		14,720,051		14,720,051		14,720,051
Basic and diluted income per share	$	0.21	$	(0.01)	$	0.20	$	(0.19)	$	(0.02)	$	(0.21)
Dividends declared per share of common stock	$	0.38	$	-	$	0.38	$	0.75	$	-	$	0.75

* Includes certain reclassifications to conform to the presentation used in the financial statements as of, and for the periods ended, December 31, 2015.

FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2015

Unaudited Condensed Consolidated Statement of Cash Flows	June 30, 2015
	As previously reported		Restatement adjustments		As restated
Cash flows from operating activities:
Net income (loss)	$	(1,097,005)	$	(232,273)	$	(1,329,278)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges		4,301,223		-		4,301,223
Amortization/accretion of available-for-sale securities premiums and discounts, net		(7,882,863)		-		(7,882,863)
Realized (gain) loss on sale of investments, net		(369,843)		-		(369,843)
Unrealized gain (loss) on fair value option securities		-		232,273		232,273
Unrealized (gain) loss on Linked Transactions, net		-		-		-
Realized (gain) loss on derivative contracts		4,047,878		-		4,047,878
Unrealized (gain) loss on derivative contracts		849,006		-		849,006
Realized (gain) loss on mortgage loans held-for-sale		(1,031,291)		-		(1,031,291)
Unrealized (gain) on mortgage loans held-for-sale		43,159		-		43,159
Unrealized gain (loss)on mortgage servicing rights		268,311		-		268,311
Unrealized (gain) loss on multi-family loans held in securitization trusts		(3,840,584)		-		(3,840,584)
Unrealized (gain) loss on residential loans held in securitization trusts		6,332,205		-		6,332,205
Restricted stock compensation expense		45,078		-		45,078
Net change in:
Accrued interest receivable		1,168,276		-		1,168,276
Other assets		(253,708)		-		(253,708)
Accrued interest payable		(603,702)		-		(603,702)
Fees and expenses payable to Manager		93,000		-		93,000
Other accounts payable and accrued expenses		849,389		-		849,389
Net cash provided by operating activities		2,918,529		-		2,918,529
Cash flows from investing activities:
Purchase of available-for-sale securities		(109,389,530)		-		(109,389,530)
Purchase of mortgage loans held-for-sale		(282,639,129)		-		(282,639,129)
Purchase of mortgage service rights		(2,725,685)		-		(2,725,685)
Purchase of FHLB stock		(2,403,000)		-		(2,403,000)
Proceeds from mortgage loans held-for-sale		288,811,206		-		288,811,206
Proceeds from sales of available-for-sale securities		162,351,939		-		162,351,939
Net proceeds from (payments for) derivative contracts		(3,963,878)		-		(3,963,878)
Principal payments from available-for-sale securities		39,601,721		-		39,601,721
Principal payments from mortgage loans held-for-sale		515,738		-		515,738
Deferred securitization costs		(89,643)		-		(89,643)
Investment related receivable		70,399,740		-		70,399,740
Restricted cash		(2,890,771)		-		(2,890,771)
Net cash used in investing activities		157,578,708		-		157,578,708
Cash flows from financing activities:
Net proceeds from issuance of common stock		(225,594)		-		(225,594)
Net proceeds from issuance of preferred stock		45,511		-		45,511
Change in deferred offering costs		-		-		-
Dividends paid on common stock		(11,039,813)		-		(11,039,813)
Dividends paid on preferred stock		(1,761,018)		-		(1,761,018)
Proceeds from repurchase agreements - available-for-sale securities		3,192,400,999		-		3,192,400,999
Proceeds from repurchase agreements - mortgage loans held-for-sale		47,097,001		-		47,097,001
Proceeds from FHLBI advances		53,400,000		-		53,400,000
Principal repayments of repurchase agreements - available-for-sale securities		(3,387,929,999)		-		(3,387,929,999)
Principal repayments of repurchase agreements - mortgage loans held-for-sale		(54,697,754)		-		(54,697,754)
Net cash provided by financing activities		(162,710,667)		-		(162,710,667)
Net increase (decrease) in cash and cash equivalents		(2,213,430)		-		(2,213,430)
Cash and cash equivalents, beginning of period		32,274,285		-		32,274,285
Cash and cash equivalents, end of period	$	30,060,855	$	-	$	30,060,855
Supplemental disclosure of cash flow information
Cash paid for interest	$	4,934,989	$	-	$	4,934,989
Non-cash investing and financing activities information
Restricted stock compensation expense	$	45,078	$	-	$	45,078
Dividends declared but not paid at end of period	$	29,349	$	-	$	29,349
Net change in unrealized gain (loss) on available-for-sale securities	$	(993,726)	$	-	$	(993,726)
Consolidation of multi-family loans held in securitization trusts	$	1,625,701,369	$	-	$	1,625,701,369
Consolidation of residential loans held in securitization trusts	$	474,205,879	$	-	$	474,205,879
Consolidation of multi-family securitized debt obligations	$	1,541,927,234	$	-	$	1,541,927,234
Consolidation of residential securitized debt obligations	$	357,151,265	$	-	$	357,151,265
MBS securities recorded upon adoption of revised accounting standard for repurchase agreement financing	$	210,238,653	$	-	$	210,238,653
Repurchase agreements recorded upon adoption of revised accounting standard for repurchase agreement financing	$	149,293,000	$	-	$	149,293,000

FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2015

Unaudited Condensed Consolidated Balance Sheet	September 30, 2015
	As previously reported		Restatement adjustments		As restated
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $462,558,886
for September 30, 2015)	$	462,558,886	$	-	$	462,558,886
Mortgage loans held-for-sale, at fair value		61,999,865		-		61,999,865
Multi-family loans held in securitization trusts, at fair value		1,557,938,059		-		1,557,938,059
Residential loans held in securitization trusts, at fair value		443,717,026		-		443,717,026
Mortgage service rights, at fair value		1,915,317		-		1,915,317
Cash and cash equivalents		27,482,330		-		27,482,330
Restricted cash		11,544,758		-		11,544,758
Deferred offering costs		1,022,427		-		1,022,427
Deferred securitization costs		189,244		-		189,244
Accrued interest receivable		8,606,987		-		8,606,987
Dividends receivable		26,022		-		26,022
Investment related receivable		837,045		-		837,045
FHLB stock		2,403,000		-		2,403,000
Other assets		361,661		-		361,661

Total assets	$	2,580,602,627	$	-	$	2,580,602,627

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:
Repurchase agreements:
Available-for-sale securities	$	413,342,000	$	-	$	413,342,000
Mortgage loans held-for-sale		52,998,963		-		52,998,963
FHLB Advances		51,400,000		-		51,400,000
Multi-family securitized debt obligations		1,472,569,737		-		1,472,569,737
Residential securitized debt obligations		392,065,402		-		392,065,402
Derivative liabilities, at fair value		1,495,225		-		1,495,225
Accrued interest payable		6,850,611		-		6,850,611
Dividends payable		29,349		-		29,349
Fees and expenses payable to Manager		920,000		-		920,000
Other accounts payable and accrued expenses		628,474		-		628,474

Total liabilities		2,392,299,761		-		2,392,299,761

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, 2015		37,156,972		-		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,724,750 shares
issued and outstanding, at September 30, 2015		146,953		-		146,953
Additional paid-in capital		189,038,520		-		189,038,520
Accumulated other comprehensive income (loss)		7,956,008		625,958		8,581,966
Cumulative distributions to stockholders		(50,495,523)		-		(50,495,523)
Accumulated earnings		4,499,936		(625,958)		3,873,978

Total stockholders' equity		188,302,866		-		188,302,866

Total liabilities and stockholders' equity	$	2,580,602,627	$	-	$	2,580,602,627

FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2015

Unaudited Condensed Consolidated Statement of Operations	Three Months Ended September 30, 2015						Nine Months Ended September 30, 2015
	As previously reported*		Restatement Adjustments		As restated		As previously reported*		Restatement Adjustments		As restated
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Revenues:
Interest income:
Available-for-sale securities	$	5,460,965	$	-	$	5,460,965	$	19,020,504	$	-	$	19,020,504
Mortgage loans held-for-sale		499,335		-		499,335		1,790,362		-		1,790,362
Multi-family loans held in securitization trusts		16,794,338		-		16,794,338		51,679,542		-		51,679,542
Residential loans held in securitization trusts		4,641,887		-		4,641,887		15,573,046		-		15,573,046
Cash and cash equivalents		4,809		-		4,809		13,386		-		13,386
Interest expense:						-						-
Repurchase agreements - available-for-sale securities		(1,490,698)		-		(1,490,698)		(4,992,998)		-		(4,992,998)
Repurchase agreements - mortgage loans held-for-sale		(300,297)		-		(300,297)		(1,129,284)		-		(1,129,284)
Multi-family securitized debt obligations		(15,372,832)		-		(15,372,832)		(47,286,613)		-		(47,286,613)
Residential securitized debt obligations		(3,137,247)		-		(3,137,247)		(9,894,956)		-		(9,894,956)

Net interest income		7,100,260		-		7,100,260		24,772,989		-		24,772,989

Other-than-temporary impairments
Increase in credit reserves		(350,924)		-		(350,924)		(1,761,208)		-		(1,761,208)
Additional other-than-temporary credit impairment losses		-		-		-		(2,890,939)		-		(2,890,939)

Total impairment losses recognized in earnings		(350,924)		-		(350,924)		(4,652,147)		-		(4,652,147)

Other income:
Realized gain (loss) on sale of investments, net		1,464,308		-		1,464,308		1,834,151		-		1,834,151
Change in unrealized gain (loss) on fair value option securities		-		(393,685)		(393,685)		-		(625,958)		(625,958)
Realized gain (loss) on derivative contracts, net		(8,262,423)		-		(8,262,423)		(12,310,301)		-		(12,310,301)
Change in unrealized gain (loss) on derivative contracts, net		1,631,907		-		1,631,907		782,901		-		782,901
Realized gain (loss) on mortgage loans held-for-sale		(13,666)		-		(13,666)		1,017,625		-		1,017,625
Change in unrealized gain on mortgage loans held-for-sale		539,456		-		539,456		496,297		-		496,297
Change in unrealized gain on mortgage service rights		(488,247)		-		(488,247)		(756,558)		-		(756,558)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts		1,804,190		-		1,804,190		5,644,774		-		5,644,774
Change in unrealized gain (loss) on residential loans held in securitization trusts		(1,323,697)		-		(1,323,697)		(7,655,902)		-		(7,655,902)
Servicing income		64,962		-		64,962		121,500		-		121,500
Other income		33,374		-		33,374		59,985		-		59,985

Total other income (loss)		(4,549,836)		(393,685)		(4,943,521)		(10,765,528)		(625,958)		(11,391,486)

Expenses:
Management fee		703,167		-		703,167		2,119,571		-		2,119,571
General and administrative expenses		1,419,268		-		1,419,268		4,820,505		-		4,820,505
Operating expenses reimbursable to Manager		1,338,272		-		1,338,272		3,444,914		-		3,444,914
Other operating expenses		(20,377)		-		(20,377)		1,185,164		-		1,185,164
Compensation expense		64,207		-		64,207		187,202		-		187,202

Total expenses		3,504,537		-		3,504,537		11,757,356		-		11,757,356

Net income (loss) before provision for income taxes		(1,305,037)		(393,685)		(1,698,722)		(2,402,042)		(625,958)		(3,028,000)
(Provision for) benefit from income taxes		-						-
Net income (loss)		(1,305,037)		(393,685)		(1,698,722)		(2,402,042)		(625,958)		(3,028,000)

Dividends to preferred stockholders		(880,509)		-		(880,509)		(2,631,744)		-		(2,631,744)

Net income (loss) attributable to common stockholders	$	(2,185,546)	$	(393,685)	$	(2,579,231)	$	(5,033,786)	$	(625,958)	$	(5,659,744)

Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$	(2,185,546)	$	(393,685)	$	(2,579,231)	$	(5,033,786)	$	(625,958)	$	(5,659,744)
Weighted average number of shares of common stock outstanding		14,724,750		14,724,750		14,724,750		14,721,635		14,721,635		14,721,635
Basic and diluted net income (loss) per share	$	(0.15)	$	(0.03)	$	(0.18)	$	(0.34)	$	(0.04)	$	(0.38)
Dividends declared per share of common stock	$	0.30	$	-	$	0.30	$	1.05	$	-	$	1.05

* Includes certain reclassifications to conform to the presentation used in the financial statements as of, and for the periods ended, December 31, 2015.

FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2015

Unaudited Condensed Consolidated Statement of Cash Flows	September 30, 2015
	As previously reported		Restatement adjustments		As restated
Cash flows from operating activities:
Net income (loss)	$	(2,402,042)	$	(625,958)	$	(3,028,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges		4,652,147		-		4,652,147
Amortization/accretion of available-for-sale securities premiums and discounts, net		(11,111,926)		-		(11,111,926)
Realized (gain) loss on sale of investments, net		(1,834,151)		-		(1,834,151)
Unrealized gain (loss) on fair value option securities		-		625,958		625,958
Unrealized (gain) loss on Linked Transactions, net		-		-		-
Realized (gain) loss on derivative contracts		12,310,301		-		12,310,301
Unrealized (gain) loss on derivative contracts		(782,901)		-		(782,901)
Realized (gain) loss on mortgage loans held-for-sale		(1,017,625)		-		(1,017,625)
Unrealized (gain) on mortgage loans held-for-sale		(496,297)		-		(496,297)
Unrealized gain (loss)on mortgage servicing rights		756,558		-		756,558
Unrealized (gain) loss on multi-family loans held in securitization trusts		(5,644,774)		-		(5,644,774)
Unrealized (gain) loss on residential loans held in securitization trusts		7,655,902		-		7,655,902
Restricted stock compensation expense		50,535		-		50,535
Net change in:
Accrued interest receivable		1,438,767		-		1,438,767
Dividends receivable		(26,022)		-		(26,022)
Other assets		(290,062)		-		(290,062)
Accrued interest payable		(608,536)		-		(608,536)
Fees and expenses payable to Manager		(142,000)		-		(142,000)
Other accounts payable and accrued expenses		333,445		-		333,445
Net cash provided by operating activities		2,841,319		-		2,841,319
Cash flows from investing activities:
Purchase of available-for-sale securities		(109,386,478)		-		(109,386,478)
Purchase of mortgage loans held-for-sale		(297,706,381)		-		(297,706,381)
Purchase of mortgage service rights		(2,671,876)		-		(2,671,876)
Purchase of FHLB stock		(2,403,000)		-		(2,403,000)
Proceeds from mortgage loans held-for-sale		291,898,820		-		291,898,820
Proceeds from sales of available-for-sale securities		245,214,358		-		245,214,358
Net proceeds from (payments for) derivative contracts		(12,299,683)		-		(12,299,683)
Principal payments from available-for-sale securities		53,998,105		-		53,998,105
Principal payments from mortgage loans held-for-sale		-		-		-
Deferred securitization costs		(189,244)		-		(189,244)
Investment related receivable		71,006,526		-		71,006,526
Restricted cash		(144,112)		-		(144,112)
Net cash used in investing activities		237,317,035		-		237,317,035
Cash flows from financing activities:
Net proceeds from issuance of common stock		(344,889)		-		(344,889)
Net proceeds from issuance of preferred stock		-		-		-
Change in deferred offering costs		(76,766)		-		(76,766)
Dividends paid on common stock		(15,457,238)		-		(15,457,238)
Dividends paid on preferred stock		(2,641,527)		-		(2,641,527)
Proceeds from repurchase agreements - available-for-sale securities		4,432,684,999		-		4,432,684,999
Proceeds from repurchase agreements - mortgage loans held-for-sale		57,432,865		-		57,432,865
Proceeds from FHLBI advances		104,800,000		-		104,800,000
Payments for FHLBI advances		(53,400,000)
Principal repayments of repurchase agreements - available-for-sale securities		(4,713,249,999)		-		(4,713,249,999)
Principal repayments of repurchase agreements - mortgage loans held-for-sale		(54,697,754)		-		(54,697,754)
Net cash provided by financing activities		(244,950,309)		-		(191,550,309)
Net increase (decrease) in cash and cash equivalents		(4,791,955)		-		48,608,045
Cash and cash equivalents, beginning of period		32,274,285		-		32,274,285
Cash and cash equivalents, end of period	$	27,482,330	$	-	$	80,882,330
Supplemental disclosure of cash flow information
Cash paid for interest	$	6,730,818	$	-	$	6,730,818
Non-cash investing and financing activities information
Restricted stock compensation expense	$	50,585	$	-	$	50,585
Dividends declared but not paid at end of period	$	29,349	$	-	$	29,349
Net change in unrealized gain (loss) on available-for-sale securities	$	3,638,597	$	-	$	3,638,597
Consolidation of multi-family loans held in securitization trusts	$	1,563,385,916	$	-	$	1,563,385,916
Consolidation of residential loans held in securitization trusts	$	445,230,977	$	-	$	445,230,977
Consolidation of multi-family securitized debt obligations	$	1,477,807,591	$	-	$	1,477,807,591
Consolidation of residential securitized debt obligations	$	393,218,978	$	-	$	393,218,978
MBS securities recorded upon adoption of revised accounting standard for repurchase agreement financing	$	210,238,653	$	-	$	210,238,653
Repurchase agreements recorded upon adoption of revised accounting standard for repurchase agreement financing	$	149,293,000	$	-	$	149,293,000