RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details 3) - USD ($)	3 Months Ended											12 Months Ended
	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
Cash flows from operating activities:
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
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges												(561,702)		3,636,431		0
Amortization/accretion of available-for-sale securities premiums and discounts, net												(6,751,667)		(13,210,849)		(4,705,639)
Realized (gain) loss on sale of investments, net												7,216,137		533,832		3,877,356
Realized (gain) loss on derivative contracts												3,089,001		12,024,730		18,214,460
Realized (gain) loss on mortgage loans held-for-sale												(94,187)		(1,216,314)		776,971
Unrealized (gain) loss on fair value option securities												8,406,934
Unrealized (gain) loss on derivative contracts												(5,495,463)		(4,909,858)		2,931,249
Unrealized (gain) loss on mortgage loans held-for-sale												151,023		197,179		(329,728)
Unrealized (gain) loss on mortgage service rights												827,864		671,957		0
Unrealized (gain) loss on multi-family loans held in securitization trusts												5,219,530		(6,097,000)		(1,473,485)
Unrealized (gain) loss on residential loans held in securitization trusts												(404,720)		8,153,474		(3,059,647)
Restricted stock compensation expense												35,785		63,275		13,457
Net change in:
Accrued interest receivable												(707,019)		1,204,188		(1,874,785)
Deferred offering costs												(96,489)		945,661		187,457
Dividends receivable												25,900		(26,022)		0
Other assets												(244,441)		(458,869)		(5,052)
Accrued interest payable												119,993		(693,848)		501,584
Deferred income												203,743		0		0
Fees and expenses payable to Manager												37,097		(219,097)		732,000
Other accounts payable and accrued expenses												1,790,336		(27,522)		(322,485)
Net cash provided by operating activities												2,341,010
Cash flows from investing activities:
Purchase of available-for-sale securities												(585,984,081)		(241,590,864)		(521,681,124)
Purchase of mortgage loans held-for-sale												(14,772,535)		(502,308,627)		(451,629,615)
Proceeds from sales of available-for-sale securities												263,153,843		333,672,932		296,246,293
Proceeds from mortgage loans held-for-sale												22,490,929		531,673,280		388,053,342
Proceeds from FHLBI stock												2,403,000		0		0
Net proceeds from (payments for) derivative contracts												(3,089,001)		(11,940,730)		(17,878,460)
Principal payments from available-for-sale securities												96,655,967		70,476,212		45,077,314
Principal payments from mortgage loans held-for-sale												275,636		15,432,462		8,450,648
Investment related receivable												(2,323,115)		0		506,892
Restricted cash												(2,180,584)		3,226,007		1,942,528
Due to broker												4,244,678		0		0
Net cash used in investing activities												(219,125,263)
Cash flows from financing activities:
Net proceeds from issuance of common stock												15,503,885		0		79,263,318
Purchase of treasury stock												(283,565)		(358,991)		0
Dividends paid on common stock												(29,898,918)		(19,874,663)		(18,229,875)
Dividends paid on preferred stock												(3,522,036)		(3,522,036)		(2,890,665)
Proceeds from repurchase agreements - available-for-sale securities												7,940,492,000		5,951,792,999		4,528,080,286
Proceeds from repurchase agreements - mortgage loans held-for-sale												16,405,081		66,937,322		401,295,517
Payments for FHLBI advances												(49,697,000)		(105,800,000)		0
Principal repayments of repurchase agreements - available-for-sale securities												(7,644,912,000)		(6,136,468,999)		(4,395,638,286)
Principal repayments of repurchase agreements - mortgage loans held-for-sale												(25,909,538)		(107,696,717)		(351,031,665)
Net cash provided by financing activities												218,177,909
Net increase (decrease) in cash and cash equivalents												1,393,656		(6,133,567)		(788,646)
Cash and cash equivalents, beginning of period					26,140,718	[1]					$ 32,274,285	26,140,718	[1]	32,274,285		33,062,931
Cash and cash equivalents, end of period	27,534,374	[1]					26,140,718	[1]				27,534,374	[1]	26,140,718	[1]	32,274,285
Supplemental disclosure of cash flow information
Cash paid for interest												6,355,591		8,554,565		4,363,706
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	39,132	[1]					39,132	[1]				39,132	[1]	39,132	[1]	39,132
Net change in unrealized gain (loss) on available-for-sale securities												(6,436,169)		(7,604,122)		18,303,304
Consolidation of multi-family loans held in securitization trusts												1,227,523,075		1,455,155,339		1,677,847,006
Consolidation of residential loans held in securitization trusts												141,597,866		413,327,217		507,423,695
Consolidation of multi-family securitized debt obligations												1,209,181,035		1,369,124,789		1,676,373,521
Consolidation of residential securitized debt obligations												135,223,045		381,791,476		$ 433,698,636
As previously reported
Cash flows from operating activities:
Net income (loss)												(7,989,955)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges												725,132
Amortization/accretion of available-for-sale securities premiums and discounts, net												(6,751,667)
Realized (gain) loss on sale of investments, net												7,216,137
Realized (gain) loss on derivative contracts												3,089,001
Realized (gain) loss on mortgage loans held-for-sale												(94,187)
Unrealized (gain) loss on fair value option securities												4,683,410
Unrealized (gain) loss on derivative contracts												(5,495,463)
Unrealized (gain) loss on mortgage loans held-for-sale												151,023
Unrealized (gain) loss on mortgage service rights												827,864
Unrealized (gain) loss on multi-family loans held in securitization trusts												5,219,530
Unrealized (gain) loss on residential loans held in securitization trusts												(404,720)
Restricted stock compensation expense												35,785
Net change in:
Accrued interest receivable												(707,019)
Deferred offering costs												(96,489)
Dividends receivable												25,900
Other assets												(244,441)
Accrued interest payable												119,993
Deferred income												203,743
Fees and expenses payable to Manager												37,097
Other accounts payable and accrued expenses												1,790,336
Net cash provided by operating activities												2,341,010
Cash flows from investing activities:
Purchase of available-for-sale securities												(585,984,081)
Purchase of mortgage loans held-for-sale												(14,772,535)
Proceeds from sales of available-for-sale securities												263,153,843
Proceeds from mortgage loans held-for-sale												22,490,929
Proceeds from FHLBI stock												2,403,000
Net proceeds from (payments for) derivative contracts												(3,089,001)
Principal payments from available-for-sale securities												96,655,967
Principal payments from mortgage loans held-for-sale												275,636
Investment related receivable												(2,323,115)
Restricted cash												(2,180,584)
Due to broker												4,244,678
Net cash used in investing activities												(219,125,263)
Cash flows from financing activities:
Net proceeds from issuance of common stock												15,503,885
Purchase of treasury stock												(283,565)
Dividends paid on common stock												(29,898,918)
Dividends paid on preferred stock												(3,522,036)
Proceeds from repurchase agreements - available-for-sale securities												7,940,492,000
Proceeds from repurchase agreements - mortgage loans held-for-sale												16,405,081
Payments for FHLBI advances												(49,697,000)
Principal repayments of repurchase agreements - available-for-sale securities												(7,644,912,000)
Principal repayments of repurchase agreements - mortgage loans held-for-sale												(25,909,538)
Net cash provided by financing activities												218,177,909
Net increase (decrease) in cash and cash equivalents												1,393,656
Cash and cash equivalents, beginning of period					26,140,718							26,140,718
Cash and cash equivalents, end of period	27,534,374						26,140,718					27,534,374		26,140,718
Supplemental disclosure of cash flow information
Cash paid for interest												6,355,591
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	39,132											39,132
Net change in unrealized gain (loss) on available-for-sale securities												(8,872,859)
Consolidation of multi-family loans held in securitization trusts												1,227,523,075
Consolidation of residential loans held in securitization trusts												141,597,866
Consolidation of multi-family securitized debt obligations												1,209,181,035
Consolidation of residential securitized debt obligations												135,223,045
Restatement adjustments
Cash flows from operating activities:
Net income (loss)												(2,436,690)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges												(1,286,834)
Amortization/accretion of available-for-sale securities premiums and discounts, net												0
Realized (gain) loss on sale of investments, net												0
Realized (gain) loss on derivative contracts												0
Realized (gain) loss on mortgage loans held-for-sale												0
Unrealized (gain) loss on fair value option securities												3,723,524
Unrealized (gain) loss on derivative contracts												0
Unrealized (gain) loss on mortgage loans held-for-sale												0
Unrealized (gain) loss on mortgage service rights												0
Unrealized (gain) loss on multi-family loans held in securitization trusts												0
Unrealized (gain) loss on residential loans held in securitization trusts												0
Restricted stock compensation expense												0
Net change in:
Accrued interest receivable												0
Deferred offering costs												0
Dividends receivable												0
Other assets												0
Accrued interest payable												0
Deferred income												0
Fees and expenses payable to Manager												0
Other accounts payable and accrued expenses												0
Net cash provided by operating activities												0
Cash flows from investing activities:
Purchase of available-for-sale securities												0
Purchase of mortgage loans held-for-sale												0
Proceeds from sales of available-for-sale securities												0
Proceeds from mortgage loans held-for-sale												0
Proceeds from FHLBI stock												0
Net proceeds from (payments for) derivative contracts												0
Principal payments from available-for-sale securities												0
Principal payments from mortgage loans held-for-sale												0
Investment related receivable												0
Restricted cash												0
Due to broker												0
Net cash used in investing activities												0
Cash flows from financing activities:
Net proceeds from issuance of common stock												0
Purchase of treasury stock												0
Dividends paid on common stock												0
Dividends paid on preferred stock												0
Proceeds from repurchase agreements - available-for-sale securities												0
Proceeds from repurchase agreements - mortgage loans held-for-sale												0
Payments for FHLBI advances												0
Principal repayments of repurchase agreements - available-for-sale securities												0
Principal repayments of repurchase agreements - mortgage loans held-for-sale												0
Net cash provided by financing activities												0
Net increase (decrease) in cash and cash equivalents												0
Cash and cash equivalents, beginning of period					$ 0							0
Cash and cash equivalents, end of period	0						$ 0					0		$ 0
Supplemental disclosure of cash flow information
Cash paid for interest												0
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	$ 0											0
Net change in unrealized gain (loss) on available-for-sale securities												2,436,690
Consolidation of multi-family loans held in securitization trusts												0
Consolidation of residential loans held in securitization trusts												0
Consolidation of multi-family securitized debt obligations												0
Consolidation of residential securitized debt obligations												$ 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