RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)		Mar. 31, 2017		Dec. 31, 2016		Mar. 31, 2016
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,040,598,558 and $876,121,505 for March 31, 2017 and December 31, 2016, respectively)	[1]	$ 1,035,720,870		$ 870,929,601
Mortgage loans held-for-sale, at fair value	[1]	2,822,751		2,849,536
Multi-family loans held in securitization trusts, at fair value	[1]	1,215,157,038		1,222,905,433
Residential loans held in securitization trusts, at fair value	[1]	132,454,523		141,126,720
Mortgage servicing rights, at fair value	[1]	3,314,363		3,440,809
Cash and cash equivalents	[1]	32,713,356		27,534,374
Restricted cash	[1]	7,693,120		10,355,222
Deferred offering costs	[1]	96,532		96,489
Accrued interest receivable	[1]	8,078,915		7,619,717
Investment related receivable	[1]	2,193,766		3,914,458
Derivative assets, at fair value	[1]	4,976,938		8,053,813
Other Assets	[1]	724,267		775,031
Total assets	[1]	2,445,946,439		2,299,601,203
LIABILITIES:
Available-for-sale securities	[1]	971,225,000		804,811,000
Multi-family securitized debt obligations	[1]	1,195,536,818		1,204,583,678
Residential securitized debt obligations	[1]	126,535,978		134,846,348
Accrued interest payable	[1]	5,534,935		5,467,916
Dividends payable		39,132	[1]	39,132	[1]	$ 39,132
Deferred income	[1]	200,534		203,743
Due to broker	[1]	915,590		4,244,678
Fees and expenses payable to Manager	[1]	709,000		880,000
Other accounts payable and accrued expenses	[1]	376,632		2,057,843
Total liabilities	[1]	2,301,073,619		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 and 1,610,000 issued and outstanding at March 31, 2017 and December 31, 2016, respectively	[1]	37,156,972		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 17,539,258 and 17,539,258 shares issued and outstanding, at March 31, 2017 and December 31, 2016, respectively	[1]	175,348		175,348
Additional paid-in capital	[1]	204,262,178		204,264,868
Accumulated other comprehensive income (loss)	[1]	(3,281,038)		(6,831,940)
Cumulative distributions to stockholders	[1]	(92,735,592)		(89,224,194)
Accumulated earnings (deficit)	[1]	(705,048)		(3,074,189)
Total stockholders' equity	[1]	144,872,820		142,466,865
Total liabilities and stockholders' equity	[1]	2,445,946,439		$ 2,299,601,203
As previously reported
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,040,598,558 and $876,121,505 for March 31, 2017 and December 31, 2016, respectively)		1,035,720,870
Mortgage loans held-for-sale, at fair value		2,822,751
Multi-family loans held in securitization trusts, at fair value		1,215,157,038
Residential loans held in securitization trusts, at fair value		132,454,523
Mortgage servicing rights, at fair value		3,314,363
Cash and cash equivalents		32,713,356
Restricted cash		7,693,120
Deferred offering costs		96,532
Accrued interest receivable		8,078,915
Investment related receivable		2,193,766
Derivative assets, at fair value		4,976,938
Other Assets		724,267
Total assets		2,445,946,439
LIABILITIES:
Available-for-sale securities		971,225,000
Multi-family securitized debt obligations		1,195,536,818
Residential securitized debt obligations		126,535,978
Accrued interest payable		5,534,935
Dividends payable		39,132
Deferred income		200,534
Due to broker		915,590
Fees and expenses payable to Manager		709,000
Other accounts payable and accrued expenses		376,632
Total liabilities		2,301,073,619
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 and 1,610,000 issued and outstanding at March 31, 2017 and December 31, 2016, respectively		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 17,539,258 and 17,539,258 shares issued and outstanding, at March 31, 2017 and December 31, 2016, respectively		175,348
Additional paid-in capital		204,262,178
Accumulated other comprehensive income (loss)		(5,717,728)
Cumulative distributions to stockholders		(92,735,592)
Accumulated earnings (deficit)		1,731,642
Total stockholders' equity		144,872,820
Total liabilities and stockholders' equity		2,445,946,439
Restatement adjustments
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,040,598,558 and $876,121,505 for March 31, 2017 and December 31, 2016, respectively)		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
Restricted cash		0
Deferred offering costs		0
Accrued interest receivable		0
Investment related receivable		0
Derivative assets, at fair value		0
Other Assets		0
Total assets		0
LIABILITIES:
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 and 1,610,000 issued and outstanding at March 31, 2017 and December 31, 2016, respectively		0
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 17,539,258 and 17,539,258 shares issued and outstanding, at March 31, 2017 and December 31, 2016, respectively		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 ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2017 and December 31, 2016, assets of consolidated VIEs totaled $1,352,801,814 and $1,369,120,941 respectively, and the liabilities of consolidated VIEs totaled $1,327,153,665 and $1,344,404,080 respectively