RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)		Mar. 31, 2018		Dec. 31, 2017		Mar. 31, 2017
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,099,341,757 and $1,295,225,428 for March 31, 2018 and December 31, 2017, respectively)	[1]	$ 1,095,189,264		$ 1,290,825,648
Mortgage loans held-for-sale, at fair value		0
Multi-family loans held in securitization trusts, at fair value	[1]	1,106,592,612		1,130,874,274
Residential loans held in securitization trusts, at fair value	[1]	111,764,070		119,756,455
Mortgage servicing rights, at fair value	[1]	3,021,549		2,963,861
Cash and cash equivalents	[1]	42,257,248		34,347,339
Restricted cash	[1]	11,658,225		11,275,263
Deferred offering costs	[1]	186,999		179,382
Accrued interest receivable	[1]	8,854,367		8,852,036
Investment related receivable (includes pledged securities of $138,262,099 for March 31, 2018)	[1]	143,801,279		7,461,128
Derivative assets, at fair value	[1]	18,132,700		5,349,613
Other assets	[1]	512,358		656,117
Total assets	[1]	2,541,970,671		2,612,541,116
LIABILITIES:
Available-for-sale securities	[1]	1,177,060,000		1,234,522,000
Multi-family securitized debt obligations	[1]	1,086,279,589		1,109,204,743
Residential securitized debt obligations	[1]	106,676,747		114,418,318
Accrued interest payable	[1]	6,009,300		6,194,464
Derivative liabilities, at fair value		0
Dividends payable		39,132	[1]	39,132	[1]	$ 39,132
Deferred income	[1]	273,968		222,518
Due to broker	[1]	13,741,125		1,123,463
Fees and expenses payable to Manager	[1]	1,319,711		752,000
Other accounts payable and accrued expenses	[1]	209,976		273,201
Total liabilities	[1]	2,391,609,548		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 March 31, 2018 and December 31, 2017, respectively	[1]	37,156,972		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,683,164 and 22,143,758 shares issued and outstanding, at March 31, 2018 and December 31, 2017, respectively	[1]	236,787		221,393
Additional paid-in capital	[1]	231,348,163		224,048,169
Accumulated other comprehensive income (loss)	[1]	(23,483,141)		(12,617,794)
Cumulative distributions to stockholders	[1]	(107,845,430)		(104,650,235)
Accumulated earnings	[1]	12,947,772		1,632,772
Total stockholders' equity	[1]	150,361,123		145,791,277
Total liabilities and stockholders' equity	[1]	2,541,970,671		$ 2,612,541,116
As previously reported
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,099,341,757 and $1,295,225,428 for March 31, 2018 and December 31, 2017, respectively)		1,095,189,264
Mortgage loans held-for-sale, at fair value		0
Multi-family loans held in securitization trusts, at fair value		1,106,592,612
Residential loans held in securitization trusts, at fair value		111,764,070
Mortgage servicing rights, at fair value		3,021,549
Cash and cash equivalents		42,257,248
Restricted cash		11,658,225
Deferred offering costs		186,999
Accrued interest receivable		8,854,367
Investment related receivable (includes pledged securities of $138,262,099 for March 31, 2018)		143,801,279
Derivative assets, at fair value		18,132,700
Other assets		512,358
Total assets		2,541,970,671
LIABILITIES:
Available-for-sale securities		1,177,060,000
Multi-family securitized debt obligations		1,086,279,589
Residential securitized debt obligations		106,676,747
Accrued interest payable		6,009,300
Derivative liabilities, at fair value		0
Dividends payable		39,132
Deferred income		273,968
Due to broker		13,741,125
Fees and expenses payable to Manager		1,319,711
Other accounts payable and accrued expenses		209,976
Total liabilities		2,391,609,548
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, 2018 and December 31, 2017, respectively		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,683,164 and 22,143,758 shares issued and outstanding, at March 31, 2018 and December 31, 2017, respectively		236,787
Additional paid-in capital		231,348,163
Accumulated other comprehensive income (loss)		(25,919,831)
Cumulative distributions to stockholders		(107,845,430)
Accumulated earnings		15,384,462
Total stockholders' equity		150,361,123
Total liabilities and stockholders' equity		2,541,970,671
Restatement adjustments
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,099,341,757 and $1,295,225,428 for March 31, 2018 and December 31, 2017, 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 (includes pledged securities of $138,262,099 for March 31, 2018)		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 March 31, 2018 and December 31, 2017, respectively		0
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,683,164 and 22,143,758 shares issued and outstanding, at March 31, 2018 and December 31, 2017, respectively		0
Additional paid-in capital		0
Accumulated other comprehensive income (loss)		2,436,690
Cumulative distributions to stockholders		0
Accumulated earnings		(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, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively