RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)		Sep. 30, 2017		Dec. 31, 2016		Sep. 30, 2016
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,309,061,643 and $876,121,505 for September 30, 2017 and December 31, 2016, respectively)	[1]	$ 1,304,486,040		$ 870,929,601
Mortgage loans held-for-sale, at fair value	[1]	495,486		2,849,536
Multi-family loans held in securitization trusts, at fair value	[1]	1,149,888,917		1,222,905,433
Residential loans held in securitization trusts, at fair value	[1]	125,403,499		141,126,720
Mortgage servicing rights, at fair value	[1]	2,993,997		3,440,809
Cash and cash equivalents	[1]	30,554,867		27,534,374
Restricted cash	[1]	15,437,341		10,355,222
Deferred offering costs	[1]	78,432		96,489
Accrued interest receivable	[1]	8,732,428		7,619,717
Investment related receivable	[1]	4,699,021		3,914,458
Derivative assets, at fair value	[1]	0		8,053,813
Other assets	[1]	912,719		775,031
Total assets	[1]	2,643,682,747		2,299,601,203
LIABILITIES:
Available-for-sale securities	[1]	1,237,661,000		804,811,000
Multi-family securitized debt obligations	[1]	1,128,773,402		1,204,583,678
Residential securitized debt obligations	[1]	119,882,464		134,846,348
Accrued interest payable	[1]	5,205,165		5,467,916
Derivative liabilities, at fair value	[1]	529,075		0
Dividends payable		29,349	[1]	39,132	[1]	$ 29,349
Deferred income	[1]	202,896		203,743
Due to broker	[1]	0		4,244,678
Fees and expenses payable to Manager	[1]	587,000		880,000
Other accounts payable and accrued expenses	[1]	273,732		2,057,843
Total liabilities	[1]	2,493,144,083		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 September 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 September 30, 2017 and December 31, 2016, respectively	[1]	221,393		175,348
Additional paid-in capital	[1]	224,063,268		204,264,868
Accumulated other comprehensive income (loss)	[1]	(3,206,409)		(6,831,940)
Cumulative distributions to stockholders	[1]	(100,438,604)		(89,224,194)
Accumulated earnings (deficit)	[1]	(7,257,956)		(3,074,189)
Total stockholders' equity	[1]	150,538,664		142,466,865
Total liabilities and stockholders' equity	[1]	2,643,682,747		$ 2,299,601,203
As previously reported
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,309,061,643 and $876,121,505 for September 30, 2017 and December 31, 2016, respectively)		1,304,486,040
Mortgage loans held-for-sale, at fair value		495,486
Multi-family loans held in securitization trusts, at fair value		1,149,888,917
Residential loans held in securitization trusts, at fair value		125,403,499
Mortgage servicing rights, at fair value		2,993,997
Cash and cash equivalents		30,554,867
Restricted cash		15,437,341
Deferred offering costs		78,432
Accrued interest receivable		8,732,428
Investment related receivable		4,699,021
Derivative assets, at fair value		0
Other assets		912,719
Total assets		2,643,682,747
LIABILITIES:
Available-for-sale securities		1,237,661,000
Multi-family securitized debt obligations		1,128,773,402
Residential securitized debt obligations		119,882,464
Accrued interest payable		5,205,165
Derivative liabilities, at fair value		529,075
Dividends payable		29,349
Deferred income		202,896
Due to broker		0
Fees and expenses payable to Manager		587,000
Other accounts payable and accrued expenses		273,732
Total liabilities		2,493,144,083
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 September 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 September 30, 2017 and December 31, 2016, respectively		221,393
Additional paid-in capital		224,063,268
Accumulated other comprehensive income (loss)		(5,643,099)
Cumulative distributions to stockholders		(100,438,604)
Accumulated earnings (deficit)		(4,821,266)
Total stockholders' equity		150,538,664
Total liabilities and stockholders' equity		2,643,682,747
Restatement adjustments
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,309,061,643 and $876,121,505 for September 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 September 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 September 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 September 30, 2017 and December 31, 2016, assets of consolidated VIEs totaled $1,280,093,874 and $1,369,120,941 respectively, and the liabilities of consolidated VIEs totaled $1,253,353,428 and $1,344,404,080 respectively