RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)		Jun. 30, 2017		Dec. 31, 2016		Jun. 30, 2016
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,212,027,963 and $876,121,505 for June 30, 2017 and December 31, 2016, respectively)	[1]	$ 1,252,375,950		$ 870,929,601
Mortgage loans held-for-sale, at fair value	[1]	2,795,951		2,849,536
Multi-family loans held in securitization trusts, at fair value	[1]	1,175,419,031		1,222,905,433
Residential loans held in securitization trusts, at fair value	[1]	128,679,142		141,126,720
Mortgage servicing rights, at fair value	[1]	3,096,943		3,440,809
Cash and cash equivalents	[1]	41,424,138		27,534,374
Restricted cash	[1]	15,816,577		10,355,222
Deferred offering costs	[1]	87,482		96,489
Accrued interest receivable	[1]	8,280,086		7,619,717
Investment related receivable	[1]	4,618,226		3,914,458
Derivative assets, at fair value	[1]	0		8,053,813
Other assets	[1]	1,119,584		775,031
Total assets	[1]	2,633,713,110		2,299,601,203
LIABILITIES:
Available-for-sale securities	[1]	1,146,628,000		804,811,000
Multi-family securitized debt obligations	[1]	1,154,997,075		1,204,583,678
Residential securitized debt obligations	[1]	123,007,454		134,846,348
Accrued interest payable	[1]	5,356,244		5,467,916
Derivative liabilities, at fair value	[1]	836,338		0
Dividends payable		29,349	[1]	39,132	[1]	$ 29,349
Deferred income	[1]	188,760		203,743
Due to broker	[1]	45,081,053		4,244,678
Fees and expenses payable to Manager	[1]	563,000		880,000
Other accounts payable and accrued expenses	[1]	143,972		2,057,843
Total liabilities	[1]	2,476,831,245		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 June 30, 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, 22,139,258 and 17,539,258 shares issued and outstanding, at June 30, 2017 and December 31, 2016, respectively	[1]	221,348		175,348
Additional paid-in capital	[1]	224,135,827		204,264,868
Accumulated other comprehensive income (loss)	[1]	(5,393,457)		(6,831,940)
Cumulative distributions to stockholders	[1]	(96,237,206)		(89,224,194)
Accumulated earnings (deficit)	[1]	(3,001,619)		(3,074,189)
Total stockholders' equity	[1]	156,881,865		142,466,865
Total liabilities and stockholders' equity	[1]	2,633,713,110		$ 2,299,601,203
As previously reported
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,212,027,963 and $876,121,505 for June 30, 2017 and December 31, 2016, respectively)		1,252,375,950
Mortgage loans held-for-sale, at fair value		2,795,951
Multi-family loans held in securitization trusts, at fair value		1,175,419,031
Residential loans held in securitization trusts, at fair value		128,679,142
Mortgage servicing rights, at fair value		3,096,943
Cash and cash equivalents		41,424,138
Restricted cash		15,816,577
Deferred offering costs		87,482
Accrued interest receivable		8,280,086
Investment related receivable		4,618,226
Derivative assets, at fair value		0
Other assets		1,119,584
Total assets		2,633,713,110
LIABILITIES:
Available-for-sale securities		1,146,628,000
Multi-family securitized debt obligations		1,154,997,075
Residential securitized debt obligations		123,007,454
Accrued interest payable		5,356,244
Derivative liabilities, at fair value		836,338
Dividends payable		29,349
Deferred income		188,760
Due to broker		45,081,053
Fees and expenses payable to Manager		563,000
Other accounts payable and accrued expenses		143,972
Total liabilities		2,476,831,245
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 June 30, 2017 and December 31, 2016, respectively		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 22,139,258 and 17,539,258 shares issued and outstanding, at June 30, 2017 and December 31, 2016, respectively		221,348
Additional paid-in capital		224,135,827
Accumulated other comprehensive income (loss)		(7,830,147)
Cumulative distributions to stockholders		(96,237,206)
Accumulated earnings (deficit)		(564,929)
Total stockholders' equity		156,881,865
Total liabilities and stockholders' equity		2,633,713,110
Restatement adjustments
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,212,027,963 and $876,121,505 for June 30, 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
Derivative liabilities, at fair value		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 June 30, 2017 and December 31, 2016, respectively		0
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 22,139,258 and 17,539,258 shares issued and outstanding, at June 30, 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 June 30, 2017 and December 31, 2016, assets of consolidated VIEs totaled $1,308,989,628 and $1,369,120,941 respectively, and the liabilities of consolidated VIEs totaled $1,282,788,661 and $1,344,404,080 respectively