RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details 1) - USD ($)	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 27, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income:
Available-for-sale securities										$ 23,475,765	$ 24,298,156	$ 16,560,338
Mortgage loans held-for-sale										430,986	2,097,702	3,634,264
Multi-family loans held in securitization trusts										58,587,780	68,016,595	21,158,102
Residential loans held in securitization trusts										10,585,191	19,986,204	4,438,634
Cash and cash equivalents										41,994	16,351	21,274
Interest expense:
Repurchase agreements - available-for-sale securities										(6,237,777)	(6,467,312)	(2,661,329)
Repurchase agreements - mortgage loans held-for-sale										(237,807)	(1,323,892)	(2,203,961)
Multi-family securitized debt obligations										(54,940,386)	(62,157,176)	(19,400,851)
Residential securitized debt obligations										(8,117,402)	(13,156,912)	(3,575,168)
Net interest income		$ 5,903	$ 6,153	$ 5,772	$ 5,760	$ 6,537	$ 7,100	$ 8,570	$ 9,103	23,588,344	31,309,716	17,971,303
Other-than-temporary impairments
Increase in credit reserves										745,492	(745,492)	0
Additional other-than-temporary credit impairment losses										(183,790)	(2,890,939)	0
Total impairment losses recognized in earnings										561,702	(3,636,431)	0
Other income:
Realized gain (loss) on sale of investments, net										(7,216,137)	(533,832)	3,271,592
Change in unrealized gain (loss) on fair value option securities										(8,406,934)
Realized gain (loss) on derivative contracts, net										(3,089,001)	(12,024,730)	(18,214,460)
Change in unrealized gain (loss) on derivative contracts, net										5,495,463	4,909,858	(2,931,249)
Realized gain (loss) on mortgage loans held-for-sale										94,187	1,216,314	(776,971)
Change in unrealized gain (loss) on mortgage loans held-for-sale										(151,023)	(197,179)	329,728
Change in unrealized gain (loss) on mortgage service rights										(827,864)	(671,957)	0
Change in unrealized gain (loss) on multi-family loans held in securitization trusts										(5,219,530)	6,097,000	1,473,485
Change in unrealized gain (loss) on residential loans held in securitization trusts										404,720	(8,153,474)	3,059,647
Tax interest expense										(1,860,000)	0	0
Servicing income										932,424	211,878	0
Other income										32,276	85,726	59,590
Total other income (loss)										(19,811,419)	(10,102,045)	(3,122,790)
Expenses:
Management fee										2,472,353	2,774,432	2,627,592
General and administrative expenses										5,867,851	6,660,934	2,901,076
Operating expenses reimbursable to Manager										4,747,275
Other operating expenses										1,480,341	2,448,439	2,504,741
Compensation expense										197,452	256,608	253,635
Total expenses										14,765,272	17,120,761	11,534,727
Net income (loss)		12,470	1,851	(7,800)	(16,948)	3,479	(1,699)	3,801	(5,130)	(10,426,645)	450,479	3,313,786
Dividends to preferred stockholders										(3,522,036)	(3,522,036)	(2,887,296)
Net income (loss) attributable to common stockholders		11,580	970	(8,671)	(17,828)	2,588	(2,579)	2,930	(6,011)	(13,948,681)	(3,071,557)	426,490
Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)		$ 11,580	$ 970	$ (8,671)	$ (17,828)	$ 2,588	$ (2,579)	$ 2,930	$ (6,011)	$ (13,948,681)	$ (3,071,557)	$ 426,490
Weighted average number of shares of common stock outstanding		14,762,006	14,600,193	14,597,894	14,605,515	14,719,632	14,724,750	14,721,492	14,718,750	14,641,701	14,721,074	12,358,587
Basic and diluted income per share		$ 0.78	$ 0.07	$ (0.59)	$ (1.22)	$ 0.18	$ (0.18)	$ 0.20	$ (0.41)	$ (0.95)	$ (0.21)	$ 0.03
Dividends declared per share of common stock	$ 1.33									$ 2.04	$ 1.35	$ 1.47
As previously reported
Interest income:
Available-for-sale securities										$ 23,475,765
Mortgage loans held-for-sale										430,986
Multi-family loans held in securitization trusts										58,587,780
Residential loans held in securitization trusts										10,585,191
Cash and cash equivalents										41,994
Interest expense:
Repurchase agreements - available-for-sale securities										(6,237,777)
Repurchase agreements - mortgage loans held-for-sale										(237,807)
Multi-family securitized debt obligations										(54,940,386)
Residential securitized debt obligations										(8,117,402)
Net interest income										23,588,344
Other-than-temporary impairments
Increase in credit reserves										(541,342)
Additional other-than-temporary credit impairment losses										(183,790)
Total impairment losses recognized in earnings										(725,132)
Other income:
Realized gain (loss) on sale of investments, net										(7,216,137)
Change in unrealized gain (loss) on fair value option securities										(4,683,410)
Realized gain (loss) on derivative contracts, net										(3,089,001)
Change in unrealized gain (loss) on derivative contracts, net										5,495,463
Realized gain (loss) on mortgage loans held-for-sale										94,187
Change in unrealized gain (loss) on mortgage loans held-for-sale										(151,023)
Change in unrealized gain (loss) on mortgage service rights										(827,864)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts										(5,219,530)
Change in unrealized gain (loss) on residential loans held in securitization trusts										404,720
Tax interest expense										(1,860,000)
Servicing income										932,424
Other income										32,276
Total other income (loss)										(16,087,895)
Expenses:
Management fee										2,472,353
General and administrative expenses										5,867,851
Operating expenses reimbursable to Manager										4,747,275
Other operating expenses										1,480,341
Compensation expense										197,452
Total expenses										14,765,272
Net income (loss)										(7,989,955)
Dividends to preferred stockholders										(3,522,036)
Net income (loss) attributable to common stockholders										(11,511,991)
Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)										$ (11,511,991)
Weighted average number of shares of common stock outstanding										14,641,701
Basic and diluted income per share										$ (0.79)
Dividends declared per share of common stock										$ 2.04
Restatement adjustments
Interest income:
Available-for-sale securities										$ 0
Mortgage loans held-for-sale										0
Multi-family loans held in securitization trusts										0
Residential loans held in securitization trusts										0
Cash and cash equivalents										0
Interest expense:
Repurchase agreements - available-for-sale securities										0
Repurchase agreements - mortgage loans held-for-sale										0
Multi-family securitized debt obligations										0
Residential securitized debt obligations										0
Net interest income										0
Other-than-temporary impairments
Increase in credit reserves										1,286,834
Additional other-than-temporary credit impairment losses										0
Total impairment losses recognized in earnings										1,286,834
Other income:
Realized gain (loss) on sale of investments, net										0
Change in unrealized gain (loss) on fair value option securities										(3,723,524)
Realized gain (loss) on derivative contracts, net										0
Change in unrealized gain (loss) on derivative contracts, net										0
Realized gain (loss) on mortgage loans held-for-sale										0
Change in unrealized gain (loss) on mortgage loans held-for-sale										0
Change in unrealized gain (loss) on mortgage service rights										0
Change in unrealized gain (loss) on multi-family loans held in securitization trusts										0
Change in unrealized gain (loss) on residential loans held in securitization trusts										0
Tax interest expense										0
Servicing income										0
Other income										0
Total other income (loss)										(3,723,524)
Expenses:
Management fee										0
General and administrative expenses										0
Operating expenses reimbursable to Manager										0
Other operating expenses										0
Compensation expense										0
Total expenses										0
Net income (loss)										(2,436,690)
Dividends to preferred stockholders										0
Net income (loss) attributable to common stockholders										(2,436,690)
Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)										$ (2,436,690)
Weighted average number of shares of common stock outstanding										14,641,701
Basic and diluted income per share										$ (0.17)
Dividends declared per share of common stock										$ 0