SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2014

Summary of effects of the revision on financial statements

Consolidated Statements of Income

	Three Months Ended March 31, 2013
	As Originally Reported		Adjustments		As Revised

Interest expense	$	11,322,239	(115,043	)	$	11,207,196
Net interest income	19,939,093		115,043		20,054,136
Net interest income after provision for loan losses	19,789,093		115,043		19,904,136
Sale of loans, net	85,157,414		(2,149,952	)	83,007,462
Unrealized gain (loss) on agency IO securities, net	—		(249,900	)	(249,900		)
Total other income	102,006,085		(2,399,852	)	99,606,233
Income before taxes	92,402,544		(2,284,809	)	90,117,735
Net Income	90,334,781		(2,284,809	)	88,049,972
Net income attributable to preferred and common unit holders	90,307,537		(2,284,809	)	88,022,728

Consolidated Statements of Comprehensive Income

	Three Months Ended March 31, 2013
	As Originally Reported			Adjustments			As Revised

Net Income	$	90,334,781		$	(2,284,809	)	$	88,049,972
Unrealized gain (loss) on real estate securities, available for sale	737,856			249,900			987,756
Total Other Comprehensive Income (loss)	(1,827,037		)	249,900			(1,577,137		)
Comprehensive Income	88,507,744			(2,034,909		)	86,472,835
Comprehensive income attributable to preferred and common unit holders	88,480,500			(2,034,909		)	86,445,591

Consolidated Statements of Cash Flows

	Three Months Ended March 31, 2013
	As Originally Reported			Adjustments			As Revised

Net Income	$	90,334,781		$	(2,284,809	)	$	88,049,972
Unrealized gain (loss) on agency IO securities, net	—			249,900			249,900
Amortization of (premium) discount on long-term debt	—			(115,043		)	(115,043		)
Realized gain on sale of mortgage loan receivables	(85,157,414		)	2,149,952			(83,007,462		)
Proceeds from sales of mortgage loan receivables held for sale	949,269,406			(2,149,952		)	947,119,454
Net cash provided by (used in) operating activities	152,445,877			(2,149,952		)	150,295,925
Reduction (addition) of cash collateral held by broker	(21,687,366		)	(972,367		)	(22,659,733		)
Net cash provided by financing activities	39,524,186			(972,367		)	38,551,819
Proceeds from long-term financing	50,243,577			2,149,952			52,393,529
Net cash used in financing activities	(202,077,511		)	2,149,952			(199,927,559		)
Net increase/(decrease) in cash	(10,107,448		)	(972,367		)	(11,079,815		)
Cash at beginning of period	43,795,663			1,382,902			45,178,565
Cash at end of period	33,688,215			410,535			34,098,750

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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