RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)		Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2013
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $876,121,505 for December 31, 2016	[1]	$ 870,929,601		$ 571,466,581
Mortgage loans held-for-sale, at fair value	[1]	2,849,536		10,900,402
Multi-family loans held in securitization trusts, at fair value	[1]	1,222,905,433		1,449,774,383
Residential loans held in securitization trusts, at fair value	[1]	141,126,720		411,881,097
Mortgage servicing rights, at fair value	[1]	3,440,809		4,268,673
Cash and cash equivalents		27,534,374	[1]	26,140,718	[1]	$ 32,274,285	$ 33,062,931
Restricted cash	[1]	10,355,222		8,174,638
Deferred offering costs	[1]	96,489		0
Accrued interest receivable	[1]	7,619,717		8,650,986
Dividends receivable	[1]	122		26,022
Investment related receivable	[1]	3,914,458		1,591,343
Derivative assets, at fair value	[1]	8,053,813		2,558,350
Other assets	[1]	774,909		530,468
Total assets	[1]	2,299,601,203		2,498,366,661
Repurchase agreements:
Available-for-sale securities	[1]	804,811,000		509,231,000
Multi-family securitized debt obligations	[1]	1,204,583,678		1,364,077,012
Residential securitized debt obligations	[1]	134,846,348		380,638,423
Accrued interest payable	[1]	5,467,916		6,574,699
Dividends payable		39,132	[1]	39,132	[1]	39,132
Deferred income	[1]	203,743		0
Due to broker	[1]	4,244,678		0
Fees and expenses payable to Manager	[1]	880,000		842,903
Other accounts payable and accrued expenses	[1]	2,057,843		267,507
Total liabilities	[1]	2,157,134,338		2,320,872,133
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 December 31, 2016	[1]	37,156,972		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 17,539,258 shares issued and outstanding, at December 31, 2016	[1]	175,348		146,409
Additional paid-in capital	[1]	204,264,868		189,037,702
Accumulated other comprehensive income (loss)	[1]	(6,831,940)		(395,771)
Cumulative distributions to stockholders	[1]	(89,224,194)		(55,803,240)
Accumulated earnings (deficit)	[1]	(3,074,189)		7,352,456
Total stockholders' equity		142,466,865	[1]	177,494,528	[1]	$ 212,798,130	$ 113,925,362
Total liabilities and stockholders' equity	[1]	2,299,601,203		2,498,366,661
As previously reported
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $876,121,505 for December 31, 2016		870,929,601
Mortgage loans held-for-sale, at fair value		2,849,536
Multi-family loans held in securitization trusts, at fair value		1,222,905,433
Residential loans held in securitization trusts, at fair value		141,126,720
Mortgage servicing rights, at fair value		3,440,809
Cash and cash equivalents		27,534,374		26,140,718
Restricted cash		10,355,222
Deferred offering costs		96,489
Accrued interest receivable		7,619,717
Dividends receivable		122
Investment related receivable		3,914,458
Derivative assets, at fair value		8,053,813
Other assets		774,909
Total assets		2,299,601,203
Repurchase agreements:
Available-for-sale securities		804,811,000
Multi-family securitized debt obligations		1,204,583,678
Residential securitized debt obligations		134,846,348
Accrued interest payable		5,467,916
Dividends payable		39,132
Deferred income		203,743
Due to broker		4,244,678
Fees and expenses payable to Manager		880,000
Other accounts payable and accrued expenses		2,057,843
Total liabilities		2,157,134,338
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 December 31, 2016		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 17,539,258 shares issued and outstanding, at December 31, 2016		175,348
Additional paid-in capital		204,264,868
Accumulated other comprehensive income (loss)		(9,268,630)
Cumulative distributions to stockholders		(89,224,194)
Accumulated earnings (deficit)		(637,499)
Total stockholders' equity		142,466,865
Total liabilities and stockholders' equity		2,299,601,203
Restatement adjustments
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $876,121,505 for December 31, 2016		0
Mortgage loans held-for-sale, at fair value		0
Multi-family loans held in securitization trusts, at fair value		0
Residential loans held in securitization trusts, at fair value		0
Mortgage servicing rights, at fair value		0
Cash and cash equivalents		0		$ 0
Restricted cash		0
Deferred offering costs		0
Accrued interest receivable		0
Dividends receivable		0
Investment related receivable		0
Derivative assets, at fair value		0
Other assets		0
Total assets		0
Repurchase agreements:
Available-for-sale securities		0
Multi-family securitized debt obligations		0
Residential securitized debt obligations		0
Accrued interest payable		0
Dividends payable		0
Deferred income		0
Due to broker		0
Fees and expenses payable to Manager		0
Other accounts payable and accrued expenses		0
Total liabilities		0
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 December 31, 2016		0
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 17,539,258 shares issued and outstanding, at December 31, 2016		0
Additional paid-in capital		0
Accumulated other comprehensive income (loss)		2,436,690
Cumulative distributions to stockholders		0
Accumulated earnings (deficit)		(2,436,690)
Total stockholders' equity		0
Total liabilities and stockholders' equity		$ 0

[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIE's) as the Company is the primary beneficiary of these VIEs. As of December 31, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,369,120,941 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,344,404,080 and $1,750,916,265, respectively