FINANCIAL INSTRUMENTS (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets:
Assets, Fair Value Disclosure	$ 2,638,120,049	$ 2,865,575,195
Liabilities:
Liabilities, Fair Value Disclosure	(1,895,808,079)	(2,104,898,490)
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	2,403,000	0
Liabilities:
Liabilities, Fair Value Disclosure	0	(533,951)
Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	2,633,259,675	2,865,575,195
Liabilities:
Liabilities, Fair Value Disclosure	(1,895,808,079)	(2,104,364,539)
Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	2,457,374	0
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Residential Mortgage Backed Securities [Member]
Assets:
Assets, Fair Value Disclosure	491,584,595	368,315,738	[1]
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0	0	[1]
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	491,584,595	368,315,738	[1]
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0	0	[1]
Residential mortgage loans [Member]
Assets:
Assets, Fair Value Disclosure	48,978,699	54,678,382
Residential mortgage loans [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Residential mortgage loans [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	48,978,699	54,678,382
Residential mortgage loans [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Multi-Family mortgage loans held in securitization trusts [Member]
Assets:
Assets, Fair Value Disclosure	1,620,066,565	1,750,294,430
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	1,620,066,565	1,750,294,430
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Residential mortgage loans held in securitization trusts [Member]
Assets:
Assets, Fair Value Disclosure	472,629,816	631,446,984
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	472,629,816	631,446,984
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Linked transactions [Member]
Assets:
Assets, Fair Value Disclosure		60,818,111
Linked transactions [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		0
Linked transactions [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		60,818,111
Linked transactions [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		0
Swaptions [Member]
Assets:
Assets, Fair Value Disclosure		21,550
Swaptions [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		0
Swaptions [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		21,550
Swaptions [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		0
Interest rate swaps [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(2,850,933)	(1,755,107)
Interest rate swaps [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Interest rate swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(2,850,933)	(1,755,107)
Interest rate swaps [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Multi-family securitized debt obligations [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(1,536,502,580)	(1,670,573,456)
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(1,536,502,580)	(1,670,573,456)
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Residential securitized debt obligations [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(356,104,980)	(432,035,976)
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(356,104,980)	(432,035,976)
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Futures [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(349,586)	(533,951)
Futures [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	(533,951)
Futures [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(349,586)	0
Futures [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Mortgage Servicing Rights [Member]
Assets:
Assets, Fair Value Disclosure	2,457,374	0
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	2,457,374	$ 0
FHLB Stock [Member]
Assets:
Assets, Fair Value Disclosure	2,403,000
FHLB Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	2,403,000
FHLB Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	0
FHLB Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	$ 0

[1] For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4.