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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Assets        
Available-for-sale securities, at fair value (includes pledged securities of $1,295,225,428 and $876,121,505 for December 31, 2017 and December 31, 2016, respectively) [1] $ 1,290,825,648 $ 870,929,601    
Mortgage loans held-for-sale, at fair value [1] 0 2,849,536    
Multi-family loans held in securitization trusts, at fair value [1] 1,130,874,274 1,222,905,433    
Residential loans held in securitization trusts, at fair value [1] 119,756,455 141,126,720    
Mortgage servicing rights, at fair value [1] 2,963,861 3,440,809    
Linked transactions, net, at fair value 0      
Cash and cash equivalents 34,347,339 [1] 27,534,374 [1] $ 26,140,718  
Restricted cash 11,275,263 [1] 10,355,222 [1] 8,174,638  
Deferred offering costs [1] 179,382 96,489    
Accrued interest receivable [1] 8,852,036 7,619,717    
Dividends receivable 0      
Investment related receivable [1] 7,461,128 3,914,458    
Derivative assets, at fair value [1] 5,349,613 8,053,813    
FHLB stock 0      
Other assets [1] 656,117 775,031    
Total assets [1] 2,612,541,116 2,299,601,203    
LIABILITIES:        
Available-for-sale securities [1] 1,234,522,000 804,811,000    
Mortgage loans held-for-sale 0      
FHLB Advances 0      
Multi-family securitized debt obligations [1] 1,109,204,743 1,204,583,678    
Residential securitized debt obligations [1] 114,418,318 134,846,348    
Derivatives liabilities, at fair value 0 0    
Accrued interest payable [1] 6,194,464 5,467,916    
Dividends payable 39,132 [1] 39,132 [1] 39,132  
Deferred income [1] 222,518 203,743    
Due to broker [1] 1,123,463 4,244,678    
Fees and expenses payable to Manager [1] 752,000 880,000    
Other accounts payable and accrued expenses [1] 273,201 2,057,843    
Total liabilities [1] 2,466,749,839 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 December 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, 22,143,758 and 17,539,258 shares issued and outstanding, at December 31, 2017 and December 31, 2016, respectively [1] 221,393 175,348    
Additional paid-in capital [1] 224,048,169 204,264,868    
Accumulated other comprehensive income (loss) [1] (12,617,794) (6,831,940)    
Cumulative distributions to stockholders [1] (104,650,235) (89,224,194)    
Accumulated earnings (deficit) [1] 1,632,772 (3,074,189)    
Total stockholders' equity 145,791,277 [1] 142,466,865 [1] $ 177,494,528 $ 212,798,130
Total liabilities and equity [1] 2,612,541,116 $ 2,299,601,203    
As previously reported        
Assets        
Available-for-sale securities, at fair value (includes pledged securities of $1,295,225,428 and $876,121,505 for December 31, 2017 and December 31, 2016, respectively) 1,290,825,648      
Mortgage loans held-for-sale, at fair value 0      
Multi-family loans held in securitization trusts, at fair value 1,130,874,274      
Residential loans held in securitization trusts, at fair value 119,756,455      
Mortgage servicing rights, at fair value 2,963,861      
Linked transactions, net, at fair value 0      
Cash and cash equivalents 34,347,339      
Restricted cash 11,275,263      
Deferred offering costs 179,382      
Accrued interest receivable 8,852,036      
Dividends receivable 0      
Investment related receivable 7,461,128      
Derivative assets, at fair value 5,349,613      
FHLB stock 0      
Other assets 656,117      
Total assets 2,612,541,116      
LIABILITIES:        
Available-for-sale securities 1,234,522,000      
Mortgage loans held-for-sale 0      
FHLB Advances 0      
Multi-family securitized debt obligations 1,109,204,743      
Residential securitized debt obligations 114,418,318      
Derivatives liabilities, at fair value 0      
Accrued interest payable 6,194,464      
Dividends payable 39,132      
Deferred income 222,518      
Due to broker 1,123,463      
Fees and expenses payable to Manager 752,000      
Other accounts payable and accrued expenses 273,201      
Total liabilities 2,466,749,839      
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 December 31, 2017 and December 31, 2016, respectively 37,156,972      
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 22,143,758 and 17,539,258 shares issued and outstanding, at December 31, 2017 and December 31, 2016, respectively 221,393      
Additional paid-in capital 224,048,169      
Accumulated other comprehensive income (loss) (15,054,484)      
Cumulative distributions to stockholders (104,650,235)      
Accumulated earnings (deficit) 4,069,462      
Total stockholders' equity 145,791,277      
Total liabilities and equity 2,612,541,116      
Restatement adjustments        
Assets        
Available-for-sale securities, at fair value (includes pledged securities of $1,295,225,428 and $876,121,505 for December 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      
Linked transactions, net, at fair value 0      
Cash and cash equivalents 0      
Restricted cash 0      
Deferred offering costs 0      
Accrued interest receivable 0      
Dividends receivable 0      
Investment related receivable 0      
Derivative assets, at fair value 0      
FHLB stock 0      
Other assets 0      
Total assets 0      
LIABILITIES:        
Available-for-sale securities 0      
Mortgage loans held-for-sale 0      
FHLB Advances 0      
Multi-family securitized debt obligations 0      
Residential securitized debt obligations 0      
Derivatives liabilities, at fair value 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 December 31, 2017 and December 31, 2016, respectively 0      
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 22,143,758 and 17,539,258 shares issued and outstanding, at December 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 equity $ 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, 2017 and December 31, 2016, assets of consolidated VIEs totaled $1,255,404,335 and $1,369,120,941, respectively, and the liabilities of consolidated VIEs totaled $1,228,295,517 and $1,344,404,080, respectively