Lument Finance Trust (LFT) 10-Q9 May 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
Document And Entity Information	Mar. 31, 2014	9-May-14
Document Information [Line Items]	'	'
Entity Registrant Name	'Five Oaks Investment Corp.	'
Entity Central Index Key	'0001547546	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Trading Symbol	'OAKS	'
Entity Common Stock, Shares Outstanding	'	10,689,250
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014		Dec. 31, 2013
ASSETS	'		'
Available-for-sale securities, at fair value (includes pledged securities of $476,097,778 and $444,984,955 for March 31, 2014 and December 31, 2013, respectively)	$482,544,222		$444,984,955
Linked transactions, net, at fair value	61,147,754		33,352,562
Cash and cash equivalents	38,827,217		33,062,931
Restricted cash	15,599,456		13,343,173
Accrued interest receivable	1,129,583		1,045,191
Investment related receivable	504,357		506,892
Derivative assets, at fair value	1,006,390		1,839,154
Other assets	109,650		66,547
Total assets	600,868,629		528,201,405
LIABILITIES:	'		'
Repurchase agreements	435,297,286	[1]	412,172,000	[2]
Derivative liabilities, at fair value	5,222,976		839,413
Payable for securities purchased	1,014,045		0
Accrued interest payable	195,309		274,615
Dividends payable	22,361		42,501
Fees and expenses payable to Manager	435,000		330,000
Other accounts payable and accrued expenses	590,858		617,514
Total liabilities	442,777,835		414,276,043
STOCKHOLDERS' EQUITY:	'		'
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative redeemable, $25 liquidation preference, 920,000 and 800,000 issued and outstanding at March 31, 2014 and December 31, 2013, respectively	20,839,099		18,060,898
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 10,689,250 and 7,389,250 shares issued and outstanding, at March 31, 2014 and December 31, 2013, respectively	106,703		73,563
Additional paid-in capital	145,283,129		110,129,489
Accumulated other comprehensive income (loss)	1,310,813		-11,094,954
Cumulative distributions to stockholders	-14,953,412		-11,289,370
Accumulated earnings	5,504,462		8,045,736
Total stockholders' equity	158,090,794		113,925,362
Total liabilities and stockholders' equity	$600,868,629		$528,201,405

[1]	At March 31, 2014, the Company had repurchase agreements of $85,585,000 and $61,917,714 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[2]	At December 31, 2013, the Company had repurchase agreements of $61,181,000 that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets [Parenthetical] (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Available-for-sale Securities Pledged as Collateral (in dollars)	$476,097,778	$444,984,955
Preferred Stock, Par Value (in dollars per share)	$0.01	$0.01
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Dividend Rate, Percentage	8.75%	8.75%
Preferred Stock, Liquidation Preference, Value (in dollars)	$25	$25
Preferred Stock, Shares Issued	920,000	800,000
Preferred Stock, Shares Outstanding	920,000	800,000
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	10,689,250	7,389,250
Common stock, shares outstanding	10,689,250	7,389,250

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
Condensed Consolidated Statements of Operations (USD $)	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Interest income	$3,907,686	$1,027,062
Interest expense	-560,222	-126,748
Net interest income	3,347,464	900,314
Other income:	'	'
Realized loss on sale of investments, net	-4,208,016	-105,244
Unrealized gain and net interest income from Linked Transactions	5,892,193	1,753,842
Realized gain (loss) on derivative contracts, net	-842,767	-71,293
Unrealized gain (loss) on derivative contracts, net	-5,132,327	-521,019
Total other income (loss)	-4,290,917	1,056,286
Expenses:	'	'
Management fee	467,536	115,140
General and administrative expenses	252,089	122,436
Operating expenses reimbursable to Manager	668,653	180,864
Other operating expenses	129,465	7,250
Compensation expense	80,078	2,796
Total expenses	1,597,821	428,486
Net income (loss)	-2,541,274	1,528,114
Dividends to preferred stockholders	-480,573	-2,326
Net income (loss) attributable to common stockholders	-3,021,847	1,525,788
Earnings per share:	'	'
Net income (loss) attributable to common stockholders (basic and diluted)	($3,021,847)	$1,525,788
Weighted average number of shares of common stock outstanding (in shares)	8,816,658	2,293,250
Basic and diluted income (loss) per share (in dollars per share)	($0.34)	$0.67
Dividends declared per share of common stock (in dollars per share)	$0.38	$0.19

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net income (loss)	($2,541,274)	$1,528,114
Other comprehensive income (loss):	'	'
Increase (decrease) in net unrealized gain on available-for-sale securities, net	6,841,785	-696,697
Reclassification adjustment for net gain (loss) included in net income	5,563,982	0
Total other comprehensive income (loss)	12,405,767	-696,697
Less: Dividends to preferred stockholders	-480,573	-2,326
Comprehensive income attributable to common stockholders	$9,383,920	$829,091

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Stockholders' Equity (USD $)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative Distributions to Stockholders [Member]	Accumulated Earnings (Deficit) [Member]
Balance at Dec. 31, 2013	$113,925,362	$18,060,898	$73,563	$110,129,489	($11,094,954)	($11,289,370)	$8,045,736
Balance (in shares) at Dec. 31, 2013	'	800,000	7,389,250	'	'	'	'
Issuance of common stock, net	35,241,880	0	33,140	35,208,740	0	0	0
Issuance of common stock, net (in shares)	'	0	3,314,000	'	'	'	'
Issuance of preferred stock, net	2,778,201	2,778,201	0	0	0	0	0
Issuance of preferred stock, net (in shares)	'	120,000	0	'	'	'	'
Restricted stock compensation expense	-55,100	0	0	-55,100	0	0	0
Restricted stock compensation expense (in shares)	'	0	-14,000	'	'	'	'
Net income (loss)	-2,541,274	0	0	0	0	0	-2,541,274
Other comprehensive income (loss)	12,405,767	0	0	0	12,405,767	0	0
Common dividends declared	-3,183,469	0	0	0	0	-3,183,469	0
Preferred dividends declared	-480,573	0	0	0	0	-480,573	0
Balance at Mar. 31, 2014	$158,090,794	$20,839,099	$106,703	$145,283,129	$1,310,813	($14,953,412)	$5,504,462
Balance (in shares) at Mar. 31, 2014	'	920,000	10,689,250	'	'	'	'

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
Condensed Consolidated Statements of Cash Flows (USD $)	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income (loss) $	($2,541,274)	$1,528,114
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'	'
Amortization/accretion of available-for-sale securities premiums and discounts, net	-1,114,284	-195,370
Realized loss on sale of investments, net	4,619,002	105,244
Unrealized (gain) on Linked Transactions, net	-3,906,530	-1,375,161
Realized loss on derivative contracts	842,767	16,000
Unrealized loss on derivative contracts	5,132,327	521,019
Restricted stock compensation expense	-55,100	2,796
Net change in:	'	'
Accrued interest receivable	-84,392	-2,443,366
Receivable due from Manager	0	-1,127,647
Other assets	-43,103	0
Accrued interest payable	-79,306	25,696
Fees and expenses payable to Manager	105,000	76,948
Other accounts payable and accrued expenses	-26,656	357,649
Net cash provided by (used in) operating activities	2,848,451	-2,508,078
Cash flows from investing activities:	'	'
Purchase of available-for-sale securities	-120,163,603	-891,234,058
Proceeds from sales of available-for-sale securities	83,435,713	0
Payments for sales of derivative contracts and interest expense	-567,361	0
Proceeds from derivative contracts sold short	24,902,344	0
Payments to cover derivative contracts sold short	-25,093,750	0
Principal payments from available-for-sale securities	8,069,672	2,694,439
Investment related receivable	2,535	0
Restricted cash	-2,256,283	-10,341,672
Payable for securities purchased	1,014,045	0
Net cash used in investing activities	-30,656,688	-898,881,291
Cash flows from financing activities:	'	'
Net proceeds from issuance of common stock	35,241,880	84,000,000
Net proceeds from issuance of preferred stock	2,778,201	11,307
Redemption of preferred stock	0	-110,000
Change in deferred offering costs	0	915,512
Dividends paid on common stock	-3,183,469	-660,733
Dividends paid on preferred stock	-500,713	-2,326
Proceeds from repurchase agreements	1,030,594,286	957,063,000
Principal repayments of repurchase agreements	-1,007,469,000	-100,078,000
Net cash received (paid) on securities underlying Linked Transactions	-110,210,375	650,875
Net cash received from repurchase agreements underlying Linked Transactions	86,321,713	158,000
Net cash provided by financing activities	33,572,523	941,947,635
Net increase in cash and cash equivalents	5,764,286	40,558,266
Cash and cash equivalents, beginning of period	33,062,931	3,608,759
Cash and cash equivalents, end of period	38,827,217	44,167,025
Supplemental disclosure of cash flow information	'	'
Cash paid for interest	480,916	101,052
Non-cash investing and financing activities information	'	'
Restricted stock compensation expense	-55,100	2,796
Dividends declared but not paid at end of period	22,361	0
Net change in unrealized gain (loss) on available-for-sale securities	$12,405,767	($696,697)

ORGANIZATION_AND_BUSINESS_OPER

ORGANIZATION AND BUSINESS OPERATIONS	3 Months Ended
ORGANIZATION AND BUSINESS OPERATIONS	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS

	Five Oaks Investment Corp. (the “Company”) is a Maryland corporation focused on investing primarily in residential mortgage-backed securities (“RMBS”), multi-family mortgage backed securities (“Multi-Family MBS”, and together with RMBS, “MBS”), residential mortgage loans, mortgage servicing rights and other mortgage-related investments. The Company is externally managed by Oak Circle Capital Partners LLC (the “Manager”), an asset management firm incorporated in Delaware. The Company’s common stock is listed on the NYSE under the symbol “OAKS.”

	The Company was incorporated on March 28, 2012 and commenced operations on May 16, 2012. The Company began trading as a publicly traded company on March 22, 2013.

	The Company has elected to be taxed as a real estate investment trust (“REIT”) and to comply with Sections 856 through 859 of the Internal Revenue Code of 1986, as amended, the ("Code"). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company invests in Agency RMBS, which are RMBS for which the principal and interest payments are guaranteed by a U.S. Government agency such as the Government National Mortgage Association or a U.S. Government-sponsored entity such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation. The Company also invests in non-Agency RMBS, which are RMBS that are not guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity. Additionally, the Company invests in Multi-Family MBS, which are MBS for which the principal and interest may be sponsored by a U.S. Government agency such as the Government National Mortgage Association or a U.S, Government-sponsored entity such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or may not be sponsored by a U.S. Government agency or a U.S. Government-sponsored entity and may also invest in other mortgage-related investments.

	On June 10, 2013, the Company established Five Oaks Acquisition Corp. (“FOAC”) as a wholly owned taxable REIT subsidiary (“TRS”), for the acquisition and disposition of residential mortgage loans. There has been limited activity within FOAC since its inception, primarily focused on licensing and related matters. The Company consolidates its subsidiary under generally accepted accounting principles in the United States of America (“U.S. GAAP”).

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Basis of Presentation

	The condensed consolidated balance sheet as of December 31, 2013 has been derived from audited financial statements. The condensed consolidated balance sheet as of March 31, 2014, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income (loss), the condensed consolidated statement of stockholders’ equity and the condensed consolidated statements of cash flows, for the three months ended March 31, 2014 and for the three months ended March 31, 2013, are unaudited.

	The unaudited condensed consolidated financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the Securities and Exchange Commission (“SEC”) on March 12, 2014.

	Reclassifications

	Certain prior period amounts have been reclassified to conform to current period presentation.

	Principles of Consolidation

	The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and its subsidiary. All intercompany transactions have been eliminated in consolidation.

	Variable Interest Entities

	An entity is referred to as a variable interest entity ("VIE") if it lacks one or more of the following characteristics: (1) sufficient equity at risk to finance its activities without additional subordinated financial support provided by any parties, including the equity holders; (2) as a group the holders of the equity investment at risk have (a) the power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impacts the entity's economic performance, (b) the obligation to absorb the expected losses of the legal entity and (c) the right to receive the expected residual returns of the legal entity; and (3) the voting rights of these investors are proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected returns of their equity, or both, and whether substantially all of the entity's activities involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. An investment that lacks one or more of the above three characteristics is considered to be a VIE. The Company reassesses its initial evaluation of an entity as a VIE based upon changes in the facts and circumstances pertaining to the VIE.

	VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses of the entity that could potentially be significant to, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. This determination may involve complex and subjective analyses.

	The Company has evaluated its non-Agency RMBS and Multi-Family MBS investments to determine if each represents a variable interest in a VIE. The Company monitors these investments and analyzes them for potential consolidation. The Company's real estate securities investments represent variable interests in VIEs. At March 31, 2014 and December 31, 2013, no VIEs required consolidation as the Company was not the primary beneficiary of any of these VIEs. At March 31, 2014 and December 31, 2013, the maximum exposure of the Company to VIEs is limited to the fair value of its investments in real estate securities as disclosed in the condensed consolidated balance sheets.

	Use of Estimates

	The financial statements have been prepared on the accrual basis of accounting in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material.

	Cash and Cash Equivalents

	Cash and cash equivalents include cash held in bank accounts on an overnight basis. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts.

	Restricted Cash

	Restricted cash represents the Company’s cash held by counterparties as collateral against the Company’s securities, derivatives and/or repurchase agreements, together with cash invested in FOAC to support a minimum capital requirement in connection with certain state licensing requirements. Cash held by counterparties as collateral is not available to the Company for general corporate purposes, but may be applied against amounts due to securities, derivatives or repurchase counterparties or returned to the Company when the collateral requirements are exceeded or, at the maturity of the derivative or repurchase agreement.

	Deferred Offering Costs

	In accordance with Accounting Standards Codification (“ASC”) Subtopic 505-10, the direct costs incurred to issue shares classified as equity, such as legal and accounting fees, should be deducted from the related proceeds and the net amount recorded as stockholders’ equity. Accordingly, payments made by the Company in respect of such costs related to the issuance of shares will be recorded as an asset in the accompanying condensed consolidated balance sheets in the line item “Deferred offering costs”, for subsequent deduction from the related proceeds upon closing of the offering.

	To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in “Other accounts payable and accrued expenses” on the accompanying condensed consolidated balance sheets.

	Repurchase Agreements

	The Company finances the acquisition of certain of its mortgage-backed securities through the use of repurchase agreements. The repurchase agreements are generally short-term debt, which expire within one year. Borrowings under repurchase agreements generally bear interest rates at a specified margin over LIBOR and are generally uncommitted. In accordance with ASC 860 “Transfers and Servicing” the Company accounts for the repurchase agreements, other than those treated as Linked Transactions (see Note 3 – Accounting for Derivative Financial Instruments – Non-Hedging Activity/Linked Transactions below), as collateralized financing transactions and they are carried at their contractual amounts, as specified in the respective agreements. The contractual amounts approximate fair value due to their short-term nature.

	Residential Loan Warehouse Facilities

	The Company will finance the acquisition of residential mortgage loans through the use of residential loan warehouse facilities. Currently, the Company has one residential loan warehouse facility in place with a financial institution counterparty. Under this warehouse facility the Company has an aggregate borrowing limit of $125 million, none of which has been drawn at March 31, 2014.

	Revenue Recognition, Premium Amortization, and Discount Accretion

	Interest income on the Company’s portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such securities. The Company recognizes interest income using the effective interest method for all securities. As such, premiums and discounts are amortized or accreted into interest income over the lives of the securities in accordance with ASC 310-20, “Nonrefundable Fees and Other Costs”, ASC 320-10, “Investments – Debt and Equity Securities” or ASC 325-40, “Beneficial Interests in Securitized Financial Assets”, as applicable. Total interest income will flow though the “Interest Income” line item on the condensed consolidated statement of operations.

	On at least a quarterly basis for securities accounted for under ASC 320-10 and ASC 310-20 (generally Agency RMBS), prepayments of the underlying collateral must be estimated, which directly affect the speed at which the Company amortizes such securities. If actual and anticipated cash flows differ from previous estimates; the Company recognizes a “catch-up” adjustment in the current period to the amortization of premiums for the impact of the cumulative change in the effective yield through the reporting date.

	Similarly, the Company also reassesses the cash flows on at least a quarterly basis for securities accounted for under ASC 325-40 (generally non-Agency RMBS and Multi-Family MBS). In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies. These include the rate and timing of principal and interest receipts (including assumptions of prepayments, repurchases, defaults and liquidations), the pass-through or coupon rate and interest rate fluctuations. In addition, interest payment shortfalls due to delinquencies on the underlying mortgage loans have to be judgmentally estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment as adjusted for credit impairment, if any.

	For investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities (loans) acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance.

	Subsequent increases in cash flows expected to be collected are generally recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected are recognized as impairment.

	The Company’s accrual of interest, discount and premium for U.S. federal and other tax purposes is likely to differ from the financial accounting treatment of these items as described above.

Gains and losses from the sale of available-for-sale securities (“AFS”) are recorded as realized gains (losses) within realized gain (loss) on sale of investments, net in the Company's condensed consolidated statement of operations. Upon the sale of a security, the Company will determine the cost of the security and the amount of unrealized gains or losses to reclassify out of accumulated other comprehensive income (loss) into earnings based on the specific identification method. Unrealized gains and losses on the Company’s AFS securities are recorded as unrealized gain (loss) on available-for-sale securities, net in the Company's condensed consolidated statement of comprehensive income (loss).

Impairment

The Company evaluates its MBS, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company's amortized cost basis is an other-than-temporary impairment (“OTTI”). The presence of OTTI is based upon a fair value decline below a security's amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value or (iii) does not expect to recover the security's amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, the OTTI should be separated into (i) the estimated amount relating to credit loss (“credit” component) and (ii) the amount relating to all other factors (“non-credit” component). Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss amount recognized in other comprehensive income. The difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in accordance with the effective interest method.

Income Taxes

The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes, commencing with the Company’s short taxable period ended December 31, 2012. So long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes at least 90% of its net taxable income to shareholders and maintains its qualification as a REIT.

In addition to the Company’s election to be taxed as a REIT, the Company complies with Sections 856 through 859 of the Code. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes it will meet all of the criteria to maintain the Company's REIT qualification for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods.

The Company does not have any material uncertain tax positions at this time. The Company's accounting policy with respect to interest and penalties is to classify these amounts as interest expense. The Company has not recognized any such amounts related to uncertain tax positions as of the balance sheet date.

Certain activities of the Company are conducted through a TRS and therefore are subject to federal and various state and local income taxes. From its inception to date our TRS has had limited activity and did not generate any taxable income.

Earnings per Share

The Company calculates basic and diluted earnings per share by dividing net income attributable to common stockholders for the period by the weighted-average shares of the Company’s common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as warrants, stock options, and unvested restricted stock, but use the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. See Note 11 for details of the computation of basic and diluted earnings per share.

Stock-Based Compensation

The Company is required to recognize compensation costs relating to stock-based payment transactions in the financial statements. The Company accounts for share-based compensation issued to its Manager and non-management directors using the fair value based methodology prescribed by ASC 718, Share-Based Payment (“ASC 718”). Compensation cost related to restricted common stock issued to the Manager is initially measured at estimated fair value at the grant date, and is remeasured on subsequent dates to the extent the awards are unvested. Additionally, compensation cost related to restricted common stock issued to the non-management directors is measured at its estimated fair value at the grant date and amortized and expensed over the vesting period. See Note 9 for details of stock-based awards issuable under the Manager Equity Plan.

Comprehensive Income (Loss)

Comprehensive income (loss) is comprised of net income, as presented in the condensed consolidated statement of comprehensive income (loss), adjusted for changes in unrealized gain or loss on AFS securities.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	NOTE 3 – FAIR VALUE MEASUREMENTS

	The Company discloses the fair value of its financial instruments according to a fair value hierarchy (Levels 1, 2 and 3, as defined). In accordance with U.S. GAAP, the Company is required to provide enhanced disclosures regarding instruments in the Level 3 category (which require significant management judgment), including a separate reconciliation of the beginning and ending balances for each major category of assets and liabilities.

	Additionally, U.S. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value (the “fair value option”), and the election of such choice is irrevocable. Unrealized gains and losses on items for which the fair value option has been elected are irrevocably recognized in earnings at each subsequent reporting date.

	Securities

	The Company currently invests in Agency RMBS, non-Agency RMBS and Multi-Family MBS.

	Designation

	The Company classifies its MBS securities as AFS investments. Although the Company generally intends to hold most of its investment securities until maturity, it may, from time to time, sell any of its investment securities as part of the overall management of its portfolio. All assets classified as AFS are reported at estimated fair value, with unrealized gains and losses, excluding other than temporary impairments, included in accumulated other comprehensive income, a separate component of shareholders' equity.

	Determination of MBS Fair Value

	The Company determines the fair values for the Agency RMBS, non-Agency RMBS and Multi-Family MBS in its portfolio based on obtaining a valuation for each Agency RMBS, non-Agency RMBS and Multi-Family MBS from third-party pricing services, and may also obtain dealer quotes, as described below. The third-party pricing services use common market pricing methods that may include pricing models that may incorporate such factors as coupons, prepayment speeds, spread to the Treasury curves and interest rate swap curves, duration, periodic and life caps and credit enhancement, as applicable. The dealers incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security, including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the security, as applicable.

	The Company obtains pricing data from a primary third-party pricing service for each Agency RMBS, non-Agency RMBS and Multi-Family MBS. If other available market data indicates that the pricing data from the primary third-party service is materially inaccurate, or pricing data is unavailable from the primary third-party pricing service, the Company shall undertake a review of other available prices and shall take additional steps to determine fair value. In all cases, the Company validates its understanding of methodology and assumptions underlying the fair value used. The Company will determine that the pricing data from the primary third-party service is materially inaccurate if it is not materially representative of where a specific security can be traded in the normal course of business. In making such determination, the Company will follow a series of steps, including review of collateral marks from margin departments of repo counterparties, utilization of bid list, inventory list and extensive unofficial market color, review of other third-party pricing service data and a yield analysis of each non-Agency RMBS and Multi-Family MBS based on the pricing data from the primary third-party service data, and a yield analysis of each non-Agency RMBS and Multi-Family MBS based on the pricing data from the primary third-party service and the Company’s cashflow assumptions.

	The Company reviews all pricing of Agency and non-Agency RMBS and Multi-Family MBS used to ensure that current market conditions are properly represented. This review includes, but is not limited to, comparisons of similar market transactions or alternative third-party pricing services, dealer quotes and comparisons to a pricing model. Values obtained from the third-party pricing service for similar instruments are classified as Level 2 securities if the pricing methods used are consistent with the Level 2 definition. If quoted prices for a security are not reasonably available from the pricing service, but dealer quotes are, the Company classifies the security as a Level 2 security. If neither is available, the Company determines the fair value based on characteristics of the security that are received from the issuer and based on available market information received from dealers and classifies it as a Level 3 security.

	Accounting for Derivative Financial Instruments

	In accordance with FASB guidance ASC 815 “Derivatives and Hedging”, all derivative financial instruments, whether designated for hedging relationships or not, are recorded at fair value on the condensed consolidated balance sheet as assets or liabilities. The Company obtains valuation information for each derivative financial instrument from the related derivative counterparty. If other available market data indicates that the valuation information from the counterparty is materially inaccurate, or pricing data is unavailable from the counterparty, the Company shall undertake a review of other available valuation information, including third party pricing services and/or dealers, and shall take additional steps to determine fair value. The Company reviews all valuations of derivative financial instruments used to ensure that current market conditions are properly represented. This review includes, but is not limited to, comparisons of similar market transactions or alternative third-party pricing services, dealer quotes and comparisons to a pricing model. Values obtained from the derivative counterparty, the third-party pricing service or dealers, as appropriate, for similar instruments are classified as Level 2 valuations if the pricing methods used are consistent with the Level 2 definition. If none of these sources is available, the Company determines the fair value based on characteristics of the instrument and based on available market information received from dealers and classifies it as a Level 3 valuation.

	At the inception of a derivative contract, the Company determines whether or not the instrument will be part of a qualifying hedge accounting relationship. Due to the volatility of the credit markets and difficulty in effectively matching pricing or cash flows, the Company has elected to treat all current derivative contracts as trading instruments. The changes in fair value of derivatives accounted for as trading instruments are reported in the condensed consolidated statement of operations as unrealized gain (loss) on derivative contracts, net.

	The Company enters into interest rate derivative contracts for a variety of reasons, including minimizing significant fluctuations in earnings or market values on certain assets or liabilities that may be caused by changes in interest rates. The Company may, at times, enter into various forward contracts, including short securities, Agency to-be-announced securities (“TBAs”), options, futures, swaps and caps. Due to the nature of these instruments, they may be in a receivable/asset position or a payable/liability position at the end of an accounting period. Amounts payable to, and receivable from, the same party under contracts may be offset as long as the following conditions are met: (a) each of the two parties owes the other determinable amounts; (b) the reporting party has the right to offset the amount owed with the amount owed by the other party; (c) the reporting party intends to offset; and (d) the right of offset is enforceable by law. If the aforementioned conditions are not met, amounts payable to and receivable from are presented by the Company on a gross basis in the condensed consolidated balance sheet.

AVAILABLEFORSALE_SECURITIES

AVAILABLE-FOR-SALE SECURITIES	3 Months Ended
AVAILABLE-FOR-SALE SECURITIES	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	'
	NOTE 4 – AVAILABLE-FOR-SALE SECURITIES

	Non-Hedging Activity – Linked Transactions

	It is presumed that the initial transfer of a financial asset (i.e. the purchase of an MBS by the Company) and contemporaneous repurchase financing of such MBS with the same counterparty are considered part of the same arrangement, or a “linked transaction”, unless certain criteria are met. The two components of a linked transaction (MBS purchase and repurchase financing) are accounted for on a net basis and recorded as a forward purchase (derivative) contract (each a Linked Transaction) at fair value on the Company’s condensed consolidated balance sheet in the line item “Linked Transactions, net, at fair value”. Changes in the fair value of the assets and liabilities underlying linked transactions and associated interest income and expense are reported as “Unrealized gain and net interest income from Linked Transactions”, on the Company’s condensed consolidated statement of operations. When or if a transaction is no longer considered to be linked, the MBS and repurchase financing will be reported on a gross basis. In this case, the fair value of the MBS at the time the transactions are no longer considered linked will become the cost basis of the MBS, and the income recognition yield for such MBS will be calculated prospectively using this new cost basis. (See Notes 7 and 8).

	See Note 7 for specific disclosures regarding the location and amounts of derivative instruments in the financial statements and the accounting for derivative instruments and related hedged items.

	Non-Agency RMBS and Multi-Family MBS that are accounted for as components of Linked Transactions are not reflected in the tables set forth in this Note, as they are accounted for as derivatives. (See Notes 7 and 8).

	The following table presents the Company’s AFS investment securities by collateral type at fair value as of March 31, 2014 and December 31, 2013:

			March 31, 2014			December 31, 2013
	Mortgage-backed securities:
	Agency
	Federal National Mortgage Association		$	216,634,743		$	237,143,864
	Federal Home Loan Mortgage Corporation			191,798,783			145,156,756
	Non-Agency			64,537,378			62,684,335
	Multi-Family			9,573,318			-
	Total mortgage-backed securities		$	482,544,222		$	444,984,955

	The following tables present the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of March 31, 2014 and December 31, 2013:

						March 31, 2014
			Agency			Non-Agency			Multi-Family			Total
	Face Value		$	408,488,453		$	94,896,042		$	10,000,000		$	513,384,495
	Unamortized premium			8,021,210			-			11,493			8,032,703
	Unamortized discount
	Designated credit reserve			-			-16,823,722			-			-16,823,722
	Net, unamortized			-2,996,293			-19,723,712			-640,062			-23,360,067
	Amortized Cost			413,513,370			58,348,608			9,371,431			481,233,409
	Gross unrealized gain (loss)			-5,079,844			6,188,770			201,887			1,310,813
	Fair Value		$	408,433,526		$	64,537,378		$	9,573,318		$	482,544,222

			December 31, 2013
			Agency			Non-Agency			Total
	Face Value		$	386,672,123		$	95,390,328		$	482,062,451
	Unamortized premium			12,544,193			-			12,544,193
	Unamortized discount
	Designated credit reserve			-			-16,126,355			-16,126,355
	Net, unamortized			-1,489,132			-20,911,248			-22,400,380
	Amortized Cost			397,727,184			58,352,725			456,079,909
	Gross unrealized gain (loss)			-15,426,564			4,331,610			-11,094,954
	Fair Value		$	382,300,620		$	62,684,335		$	444,984,955

	The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities for the three months ended March 31, 2014 and March 31, 2013.

			Three Months Ended			Three Months Ended
			March 31, 2014			March 31, 2013
	AFS securities sold, at cost		$	94,748,794		$	-
	Proceeds from AFS securities sold			90,620,039			-
	Net realized gain (loss) on sale of AFS securities		$	-4,128,755		$	-

	The following tables present the fair value of AFS investment securities by rate type as of March 31, 2014 and December 31, 2013:

						March 31, 2014
			Agency			Non-Agency			Multi-Family			Total
	Adjustable rate		$	279,738,550		$	64,537,378		$	-		$	344,275,928
	Fixed rate			128,694,976			-			9,573,318			138,268,294
	Total		$	408,433,526		$	64,537,378		$	9,573,318		$	482,544,222

			December 31, 2013
			Agency			Non-Agency			Total
Adjustable rate		$	170,587,649		$	62,684,335		$	233,271,984
Fixed rate			211,712,971			-			211,712,971
Total		$	382,300,620		$	62,684,335		$	444,984,955

As described in Note 3, when the Company purchases a credit-sensitive AFS security at a significant discount to its face value, the Company generally does not amortize into income a significant portion of this discount that the Company is entitled to earn because it does not expect to collect it due to the inherent credit risk of the security. The Company may also record an OTTI for a portion of its investment in the security to the extent the Company believes that the amortized cost will exceed the present value of expected future cash flows. The amount of principal that the Company does not amortize into income is designated as an off balance sheet credit reserve on the security, with unamortized net discounts or premiums amortized into income over time to the extent realizable.


Actual maturities of AFS securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, and prepayments of principal. Therefore actual maturities of available-for-sale securities are generally shorter than stated contractual maturities. Stated contractual maturities are generally greater than ten years.

The following tables present the changes for the three months ended March 31, 2014 and year ended December 31, 2013 of the unamortized net discount and designated credit reserves on our MBS investments.

		March 31, 2014
		Designated			Unamortized
		credit reserve			net discount			Total
Acquisitions		$	-20,024,874		$	-27,477,917		$	-47,502,791
Accretion of net discount			-			4,048,712			4,048,712
Realized gain on paydowns			-			69,137			69,137
Realized credit losses			2,545,377			-			2,545,377
Release of credit reserves			655,775			-			655,775
Ending balance at March 31, 2014		$	-16,823,722		$	-23,360,068		$	-40,183,790

		December 31, 2013
		Designated			Unamortized
		credit reserve			net discount			Total
Acquisitions		$	-19,145,414		$	-25,261,882		$	-44,407,296
Accretion of net discount			-			2,836,240			2,836,240
Realized gain on paydowns			-			25,262			25,262
Realized credit losses			2,363,284			-			2,363,284
Release of credit reserves			655,775			-			655,775
Ending balance at December 31, 2013		$	-16,126,355		$	-22,400,380		$	-38,526,735

Gains and losses from the sale of AFS securities are recorded within realized gain (loss) on sale of investments, net in the Company's condensed consolidated statements of operations.

Unrealized gains and losses on the Company’s AFS securities are recorded as unrealized gain (loss) on available-for-sale securities, net in the Company's condensed consolidated statement of comprehensive income (loss). For the three months ended March 31, 2014, the Company had unrealized gains (losses) on AFS securities of $12,405,767.

The following tables present components of interest income on the Company’s AFS securities for the three months ended March 31, 2014 and March 31, 2013:

		Three Months Ended March 31, 2014									Three Months Ended March 31, 2013
					Net (premium									Net (premium
		Coupon			amortization)/			Interest			Coupon			amortization)/		Interest
		interest			discount accretion			income			interest			discount accretion		income
Agency		$	2,696,219		$	60,385		$	2,756,604		$	795,964		$	-31,856	$	764,108
Non-Agency			47,426			1,042,384			1,089,810			34,814			227,226		262,040
Multi-Family			45,034			11,514			56,548			-			-		-
Total		$	2,788,679		$	1,114,283		$	3,902,962		$	830,778		$	195,370	$	1,026,148

RESTRICTED_CASH

RESTRICTED CASH	3 Months Ended
RESTRICTED CASH	Mar. 31, 2014
Cash and Cash Equivalents [Abstract]	'
Restricted Cash and Cash Equivalents Disclosure [Text Block]	'
	NOTE 5 – RESTRICTED CASH

	As of March 31, 2014, the Company is required to maintain certain cash balances with counterparties for broker activity and collateral for the Company's repurchase agreements in non-interest bearing accounts.

	The following table presents the Company's restricted cash balances as of March 31, 2014 and December 31, 2013:

		March 31, 2014		December 31, 2013
	Restricted cash balance held by:
	Broker counterparties for derivatives trading	$	10,567,102	$	7,297,667
	Repurchase counterparties as restricted collateral		4,944,174		6,015,490
	FOAC as minimum required capital		88,180		30,016
	Total	$	15,599,456	$	13,343,173

REPURCHASE_AGREEMENTS

REPURCHASE AGREEMENTS	3 Months Ended
REPURCHASE AGREEMENTS	Mar. 31, 2014
Disclosure Of Repurchase Agreements [Abstract]	'
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	'
	NOTE 6 – REPURCHASE AGREEMENTS

	The Company has entered into repurchase agreements to finance its portfolio of investments. The repurchase agreements bear interest at a contractually agreed rate. The repurchase obligations mature and typically reinvest every thirty days to one year and have a weighted average aggregate interest rate of 0.52% at March 31, 2014. Repurchase agreements are being accounted for as secured borrowings since the Company maintains effective control of the financed assets. The following table summarizes certain characteristics of the Company’s repurchase agreements at March 31, 2014 and December 31, 2013:

			March 31, 2014					December 31, 2013
					Weighted						Weighted
			Amount		average			Amount			average
			outstanding		interest rate			outstanding			interest rate
	Agency		$	388,853,000	0.36		%	$	370,901,000		0.4	%
	Non-Agency⁽¹⁾			43,192,000	1.89		%		41,271,000		2.09	%
	Multi-Family⁽²⁾			3,252,286	1.14		%		-		0	%
	Total		$	435,297,286	0.52		%	$	412,172,000		0.57	%

		-1	At March 31, 2014 and December 31, 2013, the Company had repurchase agreements of $85,585,000 and $61,181,000, respectively, that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

		(2)	At March 31, 2014, the Company had repurchase agreements of $61,917,714 that were linked to Multi-Family MBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

	At March 31, 2014 and December 31, 2013, the repurchase agreements had the following remaining maturities:

			March 31, 2014		December 31, 2013
	< 30 days		$	377,753,786	$	373,422,000
	31 to 60 days			13,647,500		38,750,000
	61 to 90 days			43,896,000		-
	Total		$	435,297,286	$	412,172,000

	Under the repurchase agreements, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls. In addition, the repurchase agreements are subject to certain financial covenants. The Company is in compliance with these covenants as of March 31, 2014.

	The following tables summarize certain characteristics of the Company’s repurchase agreements at March 31, 2014 and December 31, 2013:

			March 31, 2014
			Amount			Percent of total			Weighted average	Company RMBS
	Repurchase Agreement Counterparties		Outstanding⁽¹⁾			amount outstanding			days to maturity	held as collateral
	North America		$	291,309,000		66.92	%		24	$	314,416,659
	Asia ⁽²⁾			87,082,000		20.01	%		18		97,246,553
	Europe ⁽²⁾			56,906,286		13.07	%		22		64,434,566
	Total		$	435,297,286		100	%		23	$	476,097,778

		-1	At March 31, 2014, the Company had repurchase agreements of $85,585,000 and $61,917,714 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

		-2	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

			December 31, 2013
			Amount		Percent of total				Weighted average	Company RMBS
	Repurchase Agreement Counterparties		Outstanding⁽¹⁾		amount outstanding				days to maturity	held as collateral
	North America		$	261,289,000		63.39	%		20	$	277,808,885
	Asia ⁽²⁾			97,491,000		23.65	%		12		106,949,627
	Europe ⁽²⁾			53,392,000		12.96	%		21		60,226,443
	Total		$	412,172,000		100	%		18	$	444,984,955

		-1	At December 31, 2013, the Company had repurchase agreements of $61,181,000 that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

		(2)	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

DERIVATIVE_INSTRUMENTS_HEDGING

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES	3 Months Ended
DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES	Mar. 31, 2014
Derivative Instrument Detail [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	NOTE 7 – DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES

	The Company enters into a variety of derivative instruments in connection with its risk management activities. The Company's primary objective for executing these derivatives and non-derivative instruments is to mitigate the Company's economic exposure to future events that are outside its control. The Company's derivative financial instruments are utilized principally to manage market risk and cash flow volatility associated with interest rate risk (including associated prepayment risk) related to certain assets and liabilities. As part of its risk management activities, the Company may, at times, enter into various forward contracts, including short securities, Agency to-be-announced securities, or TBAs, options, futures, swaps and caps. In executing on the Company's current risk management strategy, the Company has entered into interest rate swap, swaption agreements, TBA’s and futures contracts. Amounts receivable and payable under interest rate swap agreements are accounted for as unrealized gain (loss) on derivative contracts, net in the condensed consolidated statement of operations. Premiums on swaptions are amortized on a straight line basis between trade date and expiration date and are recognized in the condensed consolidated statement of operations as a realized loss on derivative contracts. In addition, as set out in Note 3, the Company records Linked Transactions as a forward purchase (derivative) contract at fair value on the condensed consolidated balance sheet. Although Linked Transactions are accounted for as derivative instruments, they are not entered into as part of the Company’s risk management activities and are not designated as hedging instruments.

	The following summarizes the Company's significant asset and liability derivatives, the risk exposure for these derivatives and the Company's risk management activities used to mitigate certain of these risks. While the Company uses derivative instruments to achieve the Company's risk management activities, it is possible that these instruments will not effectively mitigate all or a substantial portion of the Company's market rate risk. In addition, the Company might elect, at times, not to enter into certain hedging arrangements in order to maintain compliance with REIT requirements.

	Balance Sheet Presentation

	The following tables present the gross fair value and notional amounts of the Company’s derivative financial instruments as of March 31, 2014 and December 31, 2013. The Company’s Linked Transactions are evaluated on a combined basis.

			March 31, 2014
			Derivative Assets						Derivative Liabilities
			Fair value				Notional		Fair value				Notional
	Interest rate swaps		$	7,843			23,000,000		$	-5,230,819			335,000,000
	Swaptions			1,006,390			25,000,000			-			-
	Linked transactions			61,147,754			-			-			-
	Total		$	62,161,987			48,000,000		$	-5,230,819			335,000,000

			December 31, 2013
			Derivative Assets						Derivative Liabilities
			Fair value				Notional		Fair value				Notional
	Interest rate swaps		$	237,989			57,000,000		$	-1,231,667			281,000,000
	Swaptions			1,770,795			25,000,000			-			-
	Futures			154,265			10,000,000			-			-
	TBAs			68,359			25,000,000			-			-
	Linked transactions			33,352,562			-			-			-
	Total		$	35,583,970			117,000,000		$	-1,231,667			281,000,000

	The following tables present the average fixed pay rate and average maturity for the Company’s interest rate swaps (excludes interest rate swaptions) as of March 31, 2014 and December 31, 2013:

			March 31, 2014
			Notional			Fair			Fixed Pay			Maturity		Forward
	Current Maturity Date		Amount			Value			Rate			Years		Starting
	3 years or less		$	35,000,000		$	-149,247		0.66	%		1.9		0	%
	Greater than 3 years and less than 5 years			171,000,000			-1,218,679		1.66	%		4.4		0	%
	Greater than 7 years and less than 10 years			95,000,000			-2,137,266		2.85	%		7.4		100	%
	Greater than 10 years			57,000,000			-1,717,784		3.29	%		10.4		100	%
	Total		$	358,000,000		$	-5,222,976		2.14	%		5.9		42.5	%

			December 31, 2013
			Notional			Fair			Fixed Pay		Maturity		Forward
	Current Maturity Date		Amount			Value			Rate		Years		Starting
	3 years or less		$	35,000,000		$	-166,619		0.66	%	2.1		0	%
	Greater than 3 years and less than 5 years			151,000,000			-764,807		1.66	%	4.6		0	%
	Greater than 7 years and less than 10 years			95,000,000			-300,242		2.85	%	7.6		100	%
	Greater than 10 years			57,000,000			237,990		3.29	%	10.7		100	%
	Total		$	338,000,000		$	-993,678		2.17	%	6.2		45	%

	Offsetting of Financial Assets and Liabilities

	The Company’s repurchase agreements are governed by underlying agreements that provide for a right of setoff in the event of default of either counterparty to the agreement. The Company also has in place with its counterparties ISDA Master Agreements (“Master Agreements”) for its derivative contracts. In accordance with the Master Agreements to each counterparty, if on any date amounts would otherwise be payable in the same currency and in respect of the same transaction by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. The Company has pledged financial collateral as restricted cash to its counterparties for its derivative contracts and repurchase agreements. See Note 2 for specific details on the terms of restricted cash with counterparties and Note 5 for the amounts of restricted cash outstanding.

	Under GAAP, if the Company has a valid right of setoff, it may offset the related asset and liability and report the net amount. The Company presents repurchase agreements subject to Master Agreements or similar agreements on a gross basis, and derivative assets and liabilities subject to such arrangements on a net basis, based on derivative type and counterparty, in its condensed consolidated balance sheets. Separately, the company presents cash collateral subject to such arrangements on a net basis, based on counterparty, in its condensed consolidated balance sheets. However, the Company does not offset financial assets and liabilities with the associated cash collateral on its condensed consolidated balance sheets.

	The below tables provide a reconciliation of these assets and liabilities that are subject to Master Agreements or similar agreements and can be potentially offset on the Company’s condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013:

			March 31, 2014
												Gross amounts not offset
												in the Balance Sheet (1)
									Net amounts
			Gross amounts			Gross amounts			of assets						Cash collateral
			of recognized			offset in the			presented in the			Financial			(Received)/		Net
	Description		assets			Balance Sheet			Balance Sheet			instruments			Pledged		amount
Linked transactions⁽²⁾		$	208,924,455		$	-147,776,701		$	61,147,754		$	-61,147,754		$	-	$	-
Swaptions			1,006,390			-			1,006,390			-			-		1,006,390
Interest rate swaps			7,843			-7,843			-			-			-		-
Total		$	209,938,688		$	-147,784,544		$	62,154,144		$	-61,147,754		$	-	$	1,006,390


		March 31, 2014
											Gross amounts not offset
											in the Balance Sheet ⁽¹⁾
								Net amounts
		Gross amounts			Gross amounts			of liabilities						Cash collateral
Description		of recognized			offset in the			presented in the			Financial			(Received)/		Net
Description		liabilities			Balance Sheet			Balance Sheet			instruments			Pledged		amount
Repurchase agreements		$	-435,297,286		$	-		$	-435,297,286		$	435,297,286		$	-	$	-
Linked transactions⁽²⁾			-147,776,701			147,776,701			-			-			-		-
Interest rate swaps			-5,230,819			7,843			-5,222,976			-			5,222,976		-
Total		$	-588,304,806		$	147,784,544		$	-440,520,262		$	435,297,286		$	5,222,976	$	-

		December 31, 2013
											Gross amounts not offset
											in the Balance Sheet ⁽¹⁾
								Net amounts
		Gross amounts			Gross amounts			of assets						Cash collateral
		of recognized			offset in the			presented in the			Financial			(Received)/		Net
Description		assets			Balance Sheet			Balance Sheet			instruments			Pledged		amount
Linked transactions⁽²⁾		$	94,645,860		$	-61,293,298		$	33,352,562		$	-33,352,562		$	-	$	-
TBAs			68,359			-			68,359			-			-		68,359
Swaptions			1,770,795			-			1,770,795			-			-		1,770,795
Interest rate swaps			237,989			-237,989			-			-			-		-
Futures			154,265			-154,265			-			-			-		-
Total		$	96,877,268		$	-61,685,552		$	35,191,716		$	-33,352,562		$	-	$	1,839,154

		December 31, 2013
											Gross amounts not offset
											in the Balance Sheet ⁽¹⁾
								Net amounts
		Gross amounts			Gross amounts			of liabilities						Cash collateral
		of recognized			offset in the			presented in the			Financial			(Received)/		Net
Description		liabilities			Balance Sheet			Balance Sheet			instruments			Pledged		amount
Repurchase agreements		$	-412,172,000		$	-		$	-412,172,000		$	412,172,000		$	-	$	-
Linked transactions⁽²⁾			-61,293,298			61,293,298			-			-			-		-
Interest rate swaps			-1,231,667			237,989			-993,678			-			993,678		-
Futures			-			154,265			154,265			-			-154,265		-
Total		$	-474,696,965		$	61,685,552		$	-413,011,413		$	412,172,000		$	839,413	$	-

(1) Amounts presented are limited in total to the net amount of assets or liabilities presented in the condensed consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Arrangements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above.

(2) Non-Agency RMBS and Multi-Family MBS securities within a linked transaction serve as collateral for the linked transaction. See Note 3 “Non-Hedging Activity – Linked Transactions” for information on linked transaction arrangements.

Linked Transactions

The Company’s Linked Transactions are accounted for on a net basis and recorded as forward purchase (derivative) contracts at fair value on the Company’s condensed consolidated balance sheets. The fair value of Linked Transactions reflects the value of the underlying Non-Agency RMBS, Multi-Family MBS, the linked repurchase borrowings and accrued interest receivable/payable on such instruments. The Company’s Linked Transactions are not designated as hedging instruments and, as a result, the change in fair value and net interest income is reported as “Unrealized gain (loss) and net interest income from Linked Transactions” in other income on the Company’s condensed consolidated statement of operations.

The following tables present certain information concerning the Non-Agency RMBS, Multi-Family MBS and repurchase financings underlying the Company’s Linked Transactions as of March 31, 2014 and December 31, 2013:

		March 31, 2014
		Non-Agency			Multi-Family			Total
Face Value		$	188,950,458		$	79,016,602		$	267,967,060
Unamortized premium			-			-			-
Unamortized discount
Designated credit reserve			-30,149,067			-			-30,149,067
Net, unamortized			-36,451,018			-2,919,760			-39,370,778
Amortized Cost			122,350,373			76,096,842			198,447,215
Gross unrealized gain			9,569,501			596,227			10,165,728
Fair Value		$	131,919,874		$	76,693,069		$	208,612,943

		December 31, 2013
		Non-Agency			Multi-Family			Total
Face Value		$	148,864,823		$	-		$	148,864,823
Unamortized premium			-			-			-
Unamortized discount
Designated credit reserve			-29,857,597			-			-29,857,597
Net, unamortized			-30,770,386			-			-30,770,386
Amortized Cost			88,236,840			-			88,236,840
Gross unrealized gain			6,385,953			-			6,385,953
Fair Value		$	94,622,793		$	-		$	94,622,793

The following tables present the changes for the three months ended March 31, 2014 and year ended December 31, 2013 of the unamortized net discount and designated credit reserves on Non-Agency RMBS and Multi-Family MBS underlying Linked Transactions:

		March 31, 2014
		Designated			Unamortized
		credit reserve			net discount			Total
Acquisitions		$	-38,448,046		$	-41,139,333		$	-79,587,379
Accretion of net discount			-			1,768,555			1,768,555
Realized credit losses			3,450,617			-			3,450,617
Release of credit reserves			4,848,362			-			4,848,362
Ending balance at March 31, 2014		$	-30,149,067		$	-39,370,778		$	-69,519,845

		December 31, 2013
		Designated			Unamortized
		credit reserve			net discount			Total
Acquisitions		$	-37,793,143		$	-34,418,301		$	-72,211,444
Accretion of net discount			-			3,647,915			3,647,915
Realized credit losses			3,087,184			-			3,087,184
Release of credit reserves			4,848,362			-			4,848,362
Ending balance at December 31, 2013		$	-29,857,597		$	-30,770,386		$	-60,627,983


Linked Repurchase Agreements

		March 31, 2014
		Amount			Percent of total			Weighted average		Company RMBS
Repurchase Agreement Counterparties		Outstanding			amount outstanding			days to maturity		held as collateral
Citigroup Global Markets, Inc.			65,384,000		44.32	%		50			92,038,733
Europe ⁽¹⁾			49,546,714		33.59	%		32			63,898,225
North America			23,918,000		16.22	%		14			38,800,436
Asia ⁽¹⁾			8,654,000		5.87	%		9			13,875,549
Total		$	147,502,714		100	%		36		$	208,612,943

(1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

		December 31, 2013
		Amount			Percent of total			Weighted average		Company RMBS
Repurchase Agreement Counterparties		Outstanding			amount outstanding			days to maturity		held as collateral
North America			52,871,000		86.42	%		21			79,528,540
Asia ⁽¹⁾			4,987,000		8.15	%		7			8,790,416
Europe ⁽¹⁾			3,323,000		5.43	%		43			6,303,837
Total		$	61,181,000		100	%		21		$	94,622,793

(1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

At March 31, 2014, Linked Transactions also included $311,512 of associated accrued interest receivable and $273,987 of accrued interest payable.

Income Statement Presentation

The Company has not applied hedge accounting to its current derivative portfolio held to mitigate the interest rate risk associated with its debt portfolio. As a result, the Company is subject to volatility in its earnings due to movement in the unrealized gains and losses associated with its interest rate swaps, swaptions and any other derivative instruments.

The following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the condensed consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the three months ended March 31, 2014 and March 31, 2013:

		Three Months Ended March 31, 2014
		Amount of realized			Amount of unrealized
Primary underlying risk		gain (loss)			appreciation (depreciation)			Total

Interest rate:
Interest rate swaps		$	-376,314		$	-4,229,298		$	-4,605,612
Swaptions			-84,000			-680,405			-764,405
Futures			-191,047			-154,265			-345,312
TBAs			-191,406			-68,359			-259,765
Total		$	-842,767		$	-5,132,327		$	-5,975,094

		Three Months Ended March 31, 2013
		Amount of realized			Amount of unrealized
Primary underlying risk		gain (loss)			appreciation (depreciation)			Total

Interest rate:
Interest rate swaps		$	-55,293		$	-527,555		$	-582,848
Swaptions			-16,000			6,536			-9,464
Total		$	-71,293		$	-521,019		$	-592,312

The following table presents certain information about the components of the unrealized net gain (loss) and net interest income from Linked Transactions included in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2014 and March 31, 2013:

		Three Months Ended			Three Months Ended
		March 31, 2014			March 31, 2013
Interest income attributable to AFS underlying Linked Transactions		$	2,582,899		$	451,853
Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions			-470,482			-71,302
Change in fair value of Linked Transactions included in earnings			3,779,776			1,373,291
Unrealized gain and net interest income from Linked Transactions		$	5,892,193		$	1,753,842

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	NOTE 9 – RELATED PARTY TRANSACTIONS

	Management Fee

	The Company is externally managed and advised by Oak Circle Capital Partners LLC. Pursuant to the terms of the management agreement, the Company pays the Manager a management fee equal to 1.5% per annum, calculated and payable monthly in arrears. For purposes of calculating the management fee, the Company’s shareholders’ equity means the sum of the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus the Company’s retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less any amount that the Company pays for repurchases of the Company’s common stock since inception, and excluding any unrealized gains, losses or other items that do not affect realized net income (regardless of whether such items are included in other comprehensive income or loss, or in net income). This amount will be adjusted to exclude one-time events pursuant to changes in GAAP and certain non-cash items after discussions between the Manager and the Company’s independent directors and approval by a majority of the Company’s independent directors. To the extent asset impairment reduces the Company’s retained earnings at the end of any completed calendar quarter, it will reduce the management fee for such quarter. The Company’s shareholders’ equity for the purposes of calculating the management fee could be greater than the amount of shareholders’ equity shown on the financial statements. The initial term of the management agreement expires on May 16, 2014, with automatic, one-year renewals at the end of the initial term and each year thereafter.

	For the three months ended March 31, 2014, the Company incurred management fees of $467,536 of which $175,000 was accrued but had not been paid.

	Expense Reimbursement

	Pursuant to the management agreement, the Company is required to reimburse the Manager for operating expenses related to the Company incurred by the Manager, including accounting services, auditing and tax services, technology and office facilities, operations, compliance, legal and filing fees, and miscellaneous general and administrative costs, including the cost of non-investment management personnel of the Manager who spend all or a portion of their time managing the Company’s affairs.

	For the three months ended March 31, 2014, the Company incurred reimbursable expenses of $668,653.

	Manager Equity Plan

	The Company has adopted a Manager Equity Plan under which the Company may compensate the Manager and the Company’s independent directors, consultants or officers who it may employ in the future. In turn, the Manager, in its sole discretion, will grant such awards to its directors, officers, employees or consultants. The Company will be able to issue under the Manager Equity Plan up to 3.0% of the total number of issued and outstanding shares of common stock (on a fully diluted basis) at the time of each award.

	Stock based compensation arrangements may include incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock awards and other awards based on the Company’s common stock.

	Under the Manager Equity Plan, the Company’s independent directors, as part of their compensation for serving as independent directors, are eligible to receive 1,500 shares of restricted stock annually vesting in full on the anniversary of each grant date. As of the closing ofthe Company’s initial public offering (the “IPO”), the Company’s board of directors granted to each of the three independent directors 1,500 shares of restricted common stock (4,500 shares in total), each of which vested in full on the first anniversary of the grant date. The grant date fair value of these restricted shares was $65,250 based on the closing price of the Company’s common stock on March 27, 2013 of $14.50. On March 27, 2014, the 4,500 shares of restricted stock granted to the independent directors fully vested.

	As of the closing of the IPO on March 27, 2013, the Company’s board of directors granted the Manager 28,500 shares of restricted common stock. One-third of these restricted common stock shares vest on each of the first, second and third anniversaries of the grant date. The fair value of these restricted shares was $211,850 based on the closing price of the Company’s common stock on March 31, 2014 of $11.15. The Company accounts for the restricted common stock shares based on their aggregate fair value at the measurement dates and as this value subsequently changes, a cumulative adjustment is made in the current period for prior compensation cost expenses recorded to date. On March 27, 2014, 9,500 shares of restricted stock granted to the Manager fully vested for net proceeds of $34,928.

	For the three months ended March 31, 2014, the Company recognized compensation expense related to restricted common stock of $45,078. The Company has unrecognized compensation expense of $106,099 as of March 31, 2014 for unvested shares of restricted common stock. As of March 31, 2014, the weighted average period for which the unrecognized compensation expense will be recognized is 10.2 months.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE 10 – STOCKHOLDERS’ EQUITY

Ownership and Warrants

As a result of the May 2012 and March 2013 private offerings of common stock to XL Investments Ltd, an indirectly wholly owned subsidiary of XL Group plc, owns a significant minority investment in the Company. Pursuant to the terms of the May 2012 private offering, the Company agreed to issue to XL Investments Ltd warrants to purchase the Company’s common stock. The warrants were subsequently issued, effective as of September 29, 2012, and entitle XL Investments Ltd, commencing on July 25, 2013 (120 days following the closing of our IPO) to purchase an aggregate of 3,125,000 shares of our common stock at a per share exercise price equal to 105% of the $15.00 IPO price, or $15.75. XL Global, Inc., a subsidiary of XL Group plc, holds a minority stake in the Manager.

Common Stock

The Company has 450,000,000 authorized shares of common stock, par value $0.01 per share, with 10,689,250 and 7,389,250 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively.

On February 19, 2014, the Company issued 3,000,000 shares of common stock for $11.30 per share. Net proceeds to the Company were $31,927,377, net of issuance costs of $1,972,623.

The Company granted the underwriters the right to purchase up to an additional 450,000 shares of common stock from the Company at the offering price of $11.30 per share within 30 days after the issuance date of the common stock. The underwriters exercised their right and purchased 300,000 shares of common stock at the offering price of $11.30 per share on March 7, 2014, resulting in net proceeds of $3,214,325, after deducting underwriting costs of $175,675.

Preferred Stock

The Company has 50,000,000 authorized shares of preferred stock, par value $0.01 per share, with 920,000 and 800,000 shares of 8.75% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), par value of $0.01 per share and liquidation preference of $25.00 per share issued and outstanding as of March 31, 2014 and December 31, 2013. The Series A Preferred Stock is entitled to receive a dividend rate of 8.75% per year on the $25 liquidation preference and is senior to the common stock with respect to distributions upon liquidation, dissolution or winding up. The company declares quarterly and pays monthly dividends on the shares of the Series A Preferred Stock, in arrears, on the 27^th day of each month to holders of record at the close of business on the 15^th day of each month.

The Company granted the underwriters the right to purchase up to an additional 120,000 shares of Series A Preferred Stock from the Company at the offering price of $25.00 per share within 30 days after the issuance date of Series A Preferred Stock. The underwriters fully exercised their right and purchased 120,000 shares of Series A Preferred Stock at $25.00 per share on January 24, 2014, resulting in net proceeds of $2,778,201, after deducting underwriting costs of $221,799.

Distributions to stockholders

For the 2014 taxable year, the Company has declared dividends to common stockholders totaling $3,183,469, or $0.36 per share. The following table presents cash dividends declared by the Company on its common stock for the three months ended March 31, 2014:

Declaration Date

Record Date

Payment Date

Dividend Amount

Cash Dividend Per Share

30-Dec-13

15-Jan-14

30-Jan-14

923,656

0.1041

30-Dec-13

14-Feb-14

27-Feb-14

923,656

0.1041

30-Dec-13

17-Mar-14

28-Mar-14

1,336,156

0.15059

The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the three months ended March 31, 2014:

Declaration Date

Record Date

Payment Date

Dividend Amount

Cash Dividend Per Share

23-Dec-13

15-Jan-14

27-Jan-14

165,280

0.2066

23-Dec-13

14-Feb-14

27-Feb-14

167,716

0.1823

23-Dec-13

17-Mar-14

27-Mar-14

167,716

0.1823

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	NOTE 11 – EARNINGS PER SHARE

	In accordance with ASC 260, outstanding instruments that contain rights to nonforfeitable dividends are considered participating securities. The Company is required to apply the two-class method or the treasury stock method of computing basic and diluted earnings per share when there are participating securities outstanding. The Company has determined that outstanding unvested restricted shares issued under the Manager Equity Plan are participating securities, and they are therefore included in the computation of basic and diluted earnings per share. The following tables provide additional disclosure regarding the computation for the three months ended March 31, 2014 and March 31, 2013:

		Three Months Ended		Three Months Ended
	$ and shares in thousands	March 31, 2014		March 31, 2013
	Numerator (Income):
	Net income (loss) available to common shareholders	$	-3,021,847	$	1,525,788
	Dilutive net income (loss) attributable to common shareholders	$	-3,021,847	$	1,525,788

	Denominator (Weighted Average Shares):

	Basic Earnings:
	Shares available to common shareholders		8,807,028		2,293,250
	Effect of dilutive securities:
	Restricted share awards		9,631		28,369
	Dilutive shares		8,816,659		2,321,619

	The following potential common shares were excluded from basic and diluted earnings per share for the three months ended March 31, 2014 as the Company had a net loss for the period: 22,958 for Restricted Stock Awards.

	No adjustment was required for the calculation of diluted earnings per share for the warrants described in Note 9 because the warrants’ exercise price is greater than the average market price of the common shares for the period, and thereby anti-dilutive.

SEGMENT_REPORTING

SEGMENT REPORTING	3 Months Ended
SEGMENT REPORTING	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	NOTE 12 – SEGMENT REPORTING

	The Company invests in a portfolio comprised of mortgage-backed securities which operates as a single reporting segment.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of Accounting, Policy [Policy Text Block]	'
	Basis of Presentation

	The condensed consolidated balance sheet as of December 31, 2013 has been derived from audited financial statements. The condensed consolidated balance sheet as of March 31, 2014, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income (loss), the condensed consolidated statement of stockholders’ equity and the condensed consolidated statements of cash flows, for the three months ended March 31, 2014 and for the three months ended March 31, 2013, are unaudited.

	The unaudited condensed consolidated financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the Securities and Exchange Commission (“SEC”) on March 12, 2014.

Reclassification, Policy [Policy Text Block]	'
	Reclassifications

	Certain prior period amounts have been reclassified to conform to current period presentation.

Consolidation, Policy [Policy Text Block]	'
	Principles of Consolidation

	The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and its subsidiary. All intercompany transactions have been eliminated in consolidation.

Consolidation, Variable Interest Entity, Policy [Policy Text Block]	'
	Variable Interest Entities

	An entity is referred to as a variable interest entity ("VIE") if it lacks one or more of the following characteristics: (1) sufficient equity at risk to finance its activities without additional subordinated financial support provided by any parties, including the equity holders; (2) as a group the holders of the equity investment at risk have (a) the power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impacts the entity's economic performance, (b) the obligation to absorb the expected losses of the legal entity and (c) the right to receive the expected residual returns of the legal entity; and (3) the voting rights of these investors are proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected returns of their equity, or both, and whether substantially all of the entity's activities involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. An investment that lacks one or more of the above three characteristics is considered to be a VIE. The Company reassesses its initial evaluation of an entity as a VIE based upon changes in the facts and circumstances pertaining to the VIE.

	VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses of the entity that could potentially be significant to, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. This determination may involve complex and subjective analyses.

	The Company has evaluated its non-Agency RMBS and Multi-Family MBS investments to determine if each represents a variable interest in a VIE. The Company monitors these investments and analyzes them for potential consolidation. The Company's real estate securities investments represent variable interests in VIEs. At March 31, 2014 and December 31, 2013, no VIEs required consolidation as the Company was not the primary beneficiary of any of these VIEs. At March 31, 2014 and December 31, 2013, the maximum exposure of the Company to VIEs is limited to the fair value of its investments in real estate securities as disclosed in the condensed consolidated balance sheets.

Use of Estimates, Policy [Policy Text Block]	'
	Use of Estimates

	The financial statements have been prepared on the accrual basis of accounting in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material.

Cash and Cash Equivalents, Policy [Policy Text Block]	'
	Cash and Cash Equivalents

	Cash and cash equivalents include cash held in bank accounts on an overnight basis. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	'
	Restricted Cash

	Restricted cash represents the Company’s cash held by counterparties as collateral against the Company’s securities, derivatives and/or repurchase agreements, together with cash invested in FOAC to support a minimum capital requirement in connection with certain state licensing requirements. Cash held by counterparties as collateral is not available to the Company for general corporate purposes, but may be applied against amounts due to securities, derivatives or repurchase counterparties or returned to the Company when the collateral requirements are exceeded or, at the maturity of the derivative or repurchase agreement.

Deferred Offering Costs, Policy [Policy Text Block]	'
	Deferred Offering Costs

	In accordance with Accounting Standards Codification (“ASC”) Subtopic 505-10, the direct costs incurred to issue shares classified as equity, such as legal and accounting fees, should be deducted from the related proceeds and the net amount recorded as stockholders’ equity. Accordingly, payments made by the Company in respect of such costs related to the issuance of shares will be recorded as an asset in the accompanying condensed consolidated balance sheets in the line item “Deferred offering costs”, for subsequent deduction from the related proceeds upon closing of the offering.

	To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in “Other accounts payable and accrued expenses” on the accompanying condensed consolidated balance sheets.

Repurchase and Resale Agreements Policy [Policy Text Block]	'
	Repurchase Agreements

	The Company finances the acquisition of certain of its mortgage-backed securities through the use of repurchase agreements. The repurchase agreements are generally short-term debt, which expire within one year. Borrowings under repurchase agreements generally bear interest rates at a specified margin over LIBOR and are generally uncommitted. In accordance with ASC 860 “Transfers and Servicing” the Company accounts for the repurchase agreements, other than those treated as Linked Transactions (see Note 3 – Accounting for Derivative Financial Instruments – Non-Hedging Activity/Linked Transactions below), as collateralized financing transactions and they are carried at their contractual amounts, as specified in the respective agreements. The contractual amounts approximate fair value due to their short-term nature.

	Residential Loan Warehouse Facilities

	The Company will finance the acquisition of residential mortgage loans through the use of residential loan warehouse facilities. Currently, the Company has one residential loan warehouse facility in place with a financial institution counterparty. Under this warehouse facility the Company has an aggregate borrowing limit of $125 million, none of which has been drawn at March 31, 2014.

Residential Loan Warehouse Facilities, Policy [Policy Text Block]	'
	Residential Loan Warehouse Facilities

	The Company will finance the acquisition of residential mortgage loans through the use of residential loan warehouse facilities. Currently, the Company has one residential loan warehouse facility in place with a financial institution counterparty. Under this warehouse facility the Company has an aggregate borrowing limit of $125 million, none of which has been drawn at March 31, 2014.

Revenue Recognition, Policy [Policy Text Block]	'
	Revenue Recognition, Premium Amortization, and Discount Accretion

	Interest income on the Company’s portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such securities. The Company recognizes interest income using the effective interest method for all securities. As such, premiums and discounts are amortized or accreted into interest income over the lives of the securities in accordance with ASC 310-20, “Nonrefundable Fees and Other Costs”, ASC 320-10, “Investments – Debt and Equity Securities” or ASC 325-40, “Beneficial Interests in Securitized Financial Assets”, as applicable. Total interest income will flow though the “Interest Income” line item on the condensed consolidated statement of operations.

	On at least a quarterly basis for securities accounted for under ASC 320-10 and ASC 310-20 (generally Agency RMBS), prepayments of the underlying collateral must be estimated, which directly affect the speed at which the Company amortizes such securities. If actual and anticipated cash flows differ from previous estimates; the Company recognizes a “catch-up” adjustment in the current period to the amortization of premiums for the impact of the cumulative change in the effective yield through the reporting date.

	Similarly, the Company also reassesses the cash flows on at least a quarterly basis for securities accounted for under ASC 325-40 (generally non-Agency RMBS and Multi-Family MBS). In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies. These include the rate and timing of principal and interest receipts (including assumptions of prepayments, repurchases, defaults and liquidations), the pass-through or coupon rate and interest rate fluctuations. In addition, interest payment shortfalls due to delinquencies on the underlying mortgage loans have to be judgmentally estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment as adjusted for credit impairment, if any.

	For investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities (loans) acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance.

	Subsequent increases in cash flows expected to be collected are generally recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected are recognized as impairment.

	The Company’s accrual of interest, discount and premium for U.S. federal and other tax purposes is likely to differ from the financial accounting treatment of these items as described above.

	Gains and losses from the sale of available-for-sale securities (“AFS”) are recorded as realized gains (losses) within realized gain (loss) on sale of investments, net in the Company's condensed consolidated statement of operations. Upon the sale of a security, the Company will determine the cost of the security and the amount of unrealized gains or losses to reclassify out of accumulated other comprehensive income (loss) into earnings based on the specific identification method. Unrealized gains and losses on the Company’s AFS securities are recorded as unrealized gain (loss) on available-for-sale securities, net in the Company's condensed consolidated statement of comprehensive income (loss).

Property, Plant and Equipment, Impairment [Policy Text Block]	'
	Impairment

	The Company evaluates its MBS, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company's amortized cost basis is an other-than-temporary impairment (“OTTI”). The presence of OTTI is based upon a fair value decline below a security's amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value or (iii) does not expect to recover the security's amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, the OTTI should be separated into (i) the estimated amount relating to credit loss (“credit” component) and (ii) the amount relating to all other factors (“non-credit” component). Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss amount recognized in other comprehensive income. The difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in accordance with the effective interest method.

Income Tax, Policy [Policy Text Block]	'
	Income Taxes

	The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes, commencing with the Company’s short taxable period ended December 31, 2012. So long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes at least 90% of its net taxable income to shareholders and maintains its qualification as a REIT.

	In addition to the Company’s election to be taxed as a REIT, the Company complies with Sections 856 through 859 of the Code. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes it will meet all of the criteria to maintain the Company's REIT qualification for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods.

	The Company does not have any material uncertain tax positions at this time. The Company's accounting policy with respect to interest and penalties is to classify these amounts as interest expense. The Company has not recognized any such amounts related to uncertain tax positions as of the balance sheet date.

	Certain activities of the Company are conducted through a TRS and therefore are subject to federal and various state and local income taxes. From its inception to date our TRS has had limited activity and did not generate any taxable income.

Earnings Per Share, Policy [Policy Text Block]	'
	Earnings per Share

	The Company calculates basic and diluted earnings per share by dividing net income attributable to common stockholders for the period by the weighted-average shares of the Company’s common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as warrants, stock options, and unvested restricted stock, but use the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. See Note 11 for details of the computation of basic and diluted earnings per share.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	'
	Stock-Based Compensation

	The Company is required to recognize compensation costs relating to stock-based payment transactions in the financial statements. The Company accounts for share-based compensation issued to its Manager and non-management directors using the fair value based methodology prescribed by ASC 718, Share-Based Payment (“ASC 718”). Compensation cost related to restricted common stock issued to the Manager is initially measured at estimated fair value at the grant date, and is remeasured on subsequent dates to the extent the awards are unvested. Additionally, compensation cost related to restricted common stock issued to the non-management directors is measured at its estimated fair value at the grant date and amortized and expensed over the vesting period. See Note 9 for details of stock-based awards issuable under the Manager Equity Plan.

Comprehensive Income, Policy [Policy Text Block]	'
	Comprehensive Income (Loss)

	Comprehensive income (loss) is comprised of net income, as presented in the condensed consolidated statement of comprehensive income (loss), adjusted for changes in unrealized gain or loss on AFS securities.

AVAILABLEFORSALE_SECURITIES_Ta

AVAILABLE-FOR-SALE SECURITIES (Tables)	3 Months Ended
AVAILABLE-FOR-SALE SECURITIES (Tables)	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Available-for-sale Securities [Table Text Block]	'
	The following table presents the Company’s AFS investment securities by collateral type at fair value as of March 31, 2014 and December 31, 2013:

		March 31, 2014		December 31, 2013
	Mortgage-backed securities:
	Agency
	Federal National Mortgage Association	$	216,634,743	$	237,143,864
	Federal Home Loan Mortgage Corporation		191,798,783		145,156,756
	Non-Agency		64,537,378		62,684,335
	Multi-Family		9,573,318		-
	Total mortgage-backed securities	$	482,544,222	$	444,984,955

Schedule Of Available-For-Sale Securities Reconciliation [Table Text Block]	'
	The following tables present the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of March 31, 2014 and December 31, 2013:

				March 31, 2014
		Agency		Non-Agency		Multi-Family		Total
	Face Value	$	408,488,453	$	94,896,042	$	10,000,000	$	513,384,495
	Unamortized premium		8,021,210		-		11,493		8,032,703
	Unamortized discount
	Designated credit reserve		-		-16,823,722		-		-16,823,722
	Net, unamortized		-2,996,293		-19,723,712		-640,062		-23,360,067
	Amortized Cost		413,513,370		58,348,608		9,371,431		481,233,409
	Gross unrealized gain (loss)		-5,079,844		6,188,770		201,887		1,310,813
	Fair Value	$	408,433,526	$	64,537,378	$	9,573,318	$	482,544,222

		December 31, 2013
		Agency		Non-Agency		Total
	Face Value	$	386,672,123	$	95,390,328	$	482,062,451
	Unamortized premium		12,544,193		-		12,544,193
	Unamortized discount
	Designated credit reserve		-		-16,126,355		-16,126,355
	Net, unamortized		-1,489,132		-20,911,248		-22,400,380
	Amortized Cost		397,727,184		58,352,725		456,079,909
	Gross unrealized gain (loss)		-15,426,564		4,331,610		-11,094,954
	Fair Value	$	382,300,620	$	62,684,335	$	444,984,955

Schedule of Realized Gain (Loss) [Table Text Block]	'
	The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities for the three months ended March 31, 2014 and March 31, 2013.

		Three Months Ended		Three Months Ended
		March 31, 2014		March 31, 2013
	AFS securities sold, at cost	$	94,748,794	$	-
	Proceeds from AFS securities sold		90,620,039		-
	Net realized gain (loss) on sale of AFS securities	$	-4,128,755	$	-

Schedule Of Available For Sale Securities By Rate Type [Table Text Block]	'
	The following tables present the fair value of AFS investment securities by rate type as of March 31, 2014 and December 31, 2013:

				March 31, 2014
		Agency		Non-Agency		Multi-Family		Total
	Adjustable rate	$	279,738,550	$	64,537,378	$	-	$	344,275,928
	Fixed rate		128,694,976		-		9,573,318		138,268,294
	Total	$	408,433,526	$	64,537,378	$	9,573,318	$	482,544,222

		December 31, 2013
		Agency		Non-Agency		Total
	Adjustable rate	$	170,587,649	$	62,684,335	$	233,271,984
	Fixed rate		211,712,971		-		211,712,971
	Total	$	382,300,620	$	62,684,335	$	444,984,955

Schedule Of Investments In Debt and Marketable Equity Securities and Certain Trading Assets Disclosure [Table Text Block]	'
	The following tables present the changes for the three months ended March 31, 2014 and year ended December 31, 2013 of the unamortized net discount and designated credit reserves on our MBS investments.

		March 31, 2014
		Designated		Unamortized
		credit reserve		net discount		Total
	Acquisitions	$	-20,024,874	$	-27,477,917	$	-47,502,791
	Accretion of net discount		-		4,048,712		4,048,712
	Realized gain on paydowns		-		69,137		69,137
	Realized credit losses		2,545,377		-		2,545,377
	Release of credit reserves		655,775		-		655,775
	Ending balance at March 31, 2014	$	-16,823,722	$	-23,360,068	$	-40,183,790

		December 31, 2013
		Designated		Unamortized
		credit reserve		net discount		Total
	Acquisitions	$	-19,145,414	$	-25,261,882	$	-44,407,296
	Accretion of net discount		-		2,836,240		2,836,240
	Realized gain on paydowns		-		25,262		25,262
	Realized credit losses		2,363,284		-		2,363,284
	Release of credit reserves		655,775		-		655,775
	Ending balance at December 31, 2013	$	-16,126,355	$	-22,400,380	$	-38,526,735

Investment Income [Table Text Block]	'
	The following tables present components of interest income on the Company’s AFS securities for the three months ended March 31, 2014 and March 31, 2013:

		Three Months Ended March 31, 2014						Three Months Ended March 31, 2013
				Net (premium						Net (premium
		Coupon		amortization)/		Interest		Coupon		amortization)/		Interest
		interest		discount accretion		income		interest		discount accretion		income
	Agency	$	2,696,219	$	60,385	$	2,756,604	$	795,964	$	-31,856	$	764,108
	Non-Agency		47,426		1,042,384		1,089,810		34,814		227,226		262,040
	Multi-Family		45,034		11,514		56,548		-		-		-
	Total	$	2,788,679	$	1,114,283	$	3,902,962	$	830,778	$	195,370	$	1,026,148

RESTRICTED_CASH_Tables

RESTRICTED CASH (Tables)	3 Months Ended
RESTRICTED CASH (Tables)	Mar. 31, 2014
Cash and Cash Equivalents [Abstract]	'
Schedule of Restricted Cash and Cash Equivalents [Table Text Block]	'
	The following table presents the Company's restricted cash balances as of March 31, 2014 and December 31, 2013:

		March 31, 2014		December 31, 2013
	Restricted cash balance held by:
	Broker counterparties for derivatives trading	$	10,567,102	$	7,297,667
	Repurchase counterparties as restricted collateral		4,944,174		6,015,490
	FOAC as minimum required capital		88,180		30,016
	Total	$	15,599,456	$	13,343,173

REPURCHASE_AGREEMENTS_Tables

REPURCHASE AGREEMENTS (Tables)	3 Months Ended
REPURCHASE AGREEMENTS (Tables)	Mar. 31, 2014
Disclosure Of Repurchase Agreements [Abstract]	'
Schedule of Repurchase Agreements [Table Text Block]	'
	The following table summarizes certain characteristics of the Company’s repurchase agreements at March 31, 2014 and December 31, 2013:

			March 31, 2014					December 31, 2013
					Weighted						Weighted
			Amount		average			Amount			average
			outstanding		interest rate			outstanding			interest rate
	Agency		$	388,853,000	0.36		%	$	370,901,000		0.4	%
	Non-Agency⁽¹⁾			43,192,000	1.89		%		41,271,000		2.09	%
	Multi-Family⁽²⁾			3,252,286	1.14		%		-		0	%
	Total		$	435,297,286	0.52		%	$	412,172,000		0.57	%

		-1	At March 31, 2014 and December 31, 2013, the Company had repurchase agreements of $85,585,000 and $61,181,000, respectively, that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

	(2) At March 31, 2014, the Company had repurchase agreements of $61,917,714 that were linked to Multi-Family MBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

Schedule Of Remaining Maturities Under Repurchase Agreement [Table Text Block]	'
	At March 31, 2014 and December 31, 2013, the repurchase agreements had the following remaining maturities:

			March 31, 2014		December 31, 2013
	< 30 days		$	377,753,786	$	373,422,000
	31 to 60 days			13,647,500		38,750,000
	61 to 90 days			43,896,000		-
	Total		$	435,297,286	$	412,172,000

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block]	'
	The following tables summarize certain characteristics of the Company’s repurchase agreements at March 31, 2014 and December 31, 2013:

			March 31, 2014
			Amount			Percent of total			Weighted average	Company RMBS
	Repurchase Agreement Counterparties		Outstanding⁽¹⁾			amount outstanding			days to maturity	held as collateral
	North America		$	291,309,000		66.92	%		24	$	314,416,659
	Asia ⁽²⁾			87,082,000		20.01	%		18		97,246,553
	Europe ⁽²⁾			56,906,286		13.07	%		22		64,434,566
	Total		$	435,297,286		100	%		23	$	476,097,778

		-1	At March 31, 2014, the Company had repurchase agreements of $85,585,000 and $61,917,714 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

		-2	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

			December 31, 2013
			Amount		Percent of total				Weighted average	Company RMBS
	Repurchase Agreement Counterparties		Outstanding⁽¹⁾		amount outstanding				days to maturity	held as collateral
	North America		$	261,289,000		63.39	%		20	$	277,808,885
	Asia ⁽²⁾			97,491,000		23.65	%		12		106,949,627
	Europe ⁽²⁾			53,392,000		12.96	%		21		60,226,443
	Total		$	412,172,000		100	%		18	$	444,984,955

		-1	At December 31, 2013, the Company had repurchase agreements of $61,181,000 that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

		(2)	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

DERIVATIVE_INSTRUMENTS_HEDGING1

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instrument Detail [Abstract]	'
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	'
	The following tables present the gross fair value and notional amounts of the Company’s derivative financial instruments as of March 31, 2014 and December 31, 2013. The Company’s Linked Transactions are evaluated on a combined basis.

		March 31, 2014
		Derivative Assets				Derivative Liabilities
		Fair value			Notional	Fair value				Notional
	Interest rate swaps	$	7,843		23,000,000	$	-5,230,819			335,000,000
	Swaptions		1,006,390		25,000,000		-			-
	Linked transactions		61,147,754		-		-			-
	Total	$	62,161,987		48,000,000	$	-5,230,819			335,000,000

		December 31, 2013
		Derivative Assets				Derivative Liabilities
		Fair value			Notional	Fair value				Notional
	Interest rate swaps	$	237,989		57,000,000	$	-1,231,667			281,000,000
	Swaptions		1,770,795		25,000,000		-			-
	Futures		154,265		10,000,000		-			-
	TBAs		68,359		25,000,000		-			-
	Linked transactions		33,352,562		-		-			-
	Total	$	35,583,970		117,000,000	$	-1,231,667			281,000,000

Derivatives Instruments Average Fixed Pay Rate And Average Maturity [Table Text Block]	'
	The following tables present the average fixed pay rate and average maturity for the Company’s interest rate swaps (excludes interest rate swaptions) as of March 31, 2014 and December 31, 2013:

		March 31, 2014
		Notional		Fair		Fixed Pay			Maturity		Forward
	Current Maturity Date	Amount		Value		Rate			Years		Starting
	3 years or less	$	35,000,000	$	-149,247	0.66	%		1.9		0	%
	Greater than 3 years and less than 5 years		171,000,000		-1,218,679	1.66	%		4.4		0	%
	Greater than 7 years and less than 10 years		95,000,000		-2,137,266	2.85	%		7.4		100	%
	Greater than 10 years		57,000,000		-1,717,784	3.29	%		10.4		100	%
	Total	$	358,000,000	$	-5,222,976	2.14	%		5.9		42.5	%

		December 31, 2013
		Notional		Fair		Fixed Pay		Maturity		Forward
	Current Maturity Date	Amount		Value		Rate		Years		Starting
	3 years or less	$	35,000,000	$	-166,619	0.66	%	2.1		0	%
	Greater than 3 years and less than 5 years		151,000,000		-764,807	1.66	%	4.6		0	%
	Greater than 7 years and less than 10 years		95,000,000		-300,242	2.85	%	7.6		100	%
	Greater than 10 years		57,000,000		237,990	3.29	%	10.7		100	%
	Total	$	338,000,000	$	-993,678	2.17	%	6.2		45	%

Schedule of Derivative Instruments [Table Text Block]	'
	The below tables provide a reconciliation of these assets and liabilities that are subject to Master Agreements or similar agreements and can be potentially offset on the Company’s condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013:

		March 31, 2014
									Gross amounts not offset
									in the Balance Sheet (1)
						Net amounts
		Gross amounts		Gross amounts		of assets						Cash collateral
		of recognized		offset in the		presented in the			Financial			(Received)/		Net
	Description	assets		Balance Sheet		Balance Sheet			instruments			Pledged		amount
	Linked transactions⁽²⁾	$	208,924,455	$	-147,776,701	$	61,147,754		$	-61,147,754		$	-	$	-
	Swaptions		1,006,390		-		1,006,390			-			-		1,006,390
	Interest rate swaps		7,843		-7,843		-			-			-		-
	Total	$	209,938,688	$	-147,784,544	$	62,154,144		$	-61,147,754		$	-	$	1,006,390


		March 31, 2014
									Gross amounts not offset
									in the Balance Sheet ⁽¹⁾
						Net amounts
		Gross amounts		Gross amounts		of liabilities						Cash collateral
	Description	of recognized		offset in the		presented in the			Financial			(Received)/		Net
	Description	liabilities		Balance Sheet		Balance Sheet			instruments			Pledged		amount
	Repurchase agreements	$	-435,297,286	$	-	$	-435,297,286		$	435,297,286		$	-	$	-
	Linked transactions⁽²⁾		-147,776,701		147,776,701		-			-			-		-
	Interest rate swaps		-5,230,819		7,843		-5,222,976			-			5,222,976		-
	Total	$	-588,304,806	$	147,784,544	$	-440,520,262		$	435,297,286		$	5,222,976	$	-

		December 31, 2013
									Gross amounts not offset
									in the Balance Sheet ⁽¹⁾
						Net amounts
		Gross amounts		Gross amounts		of assets						Cash collateral
		of recognized		offset in the		presented in the			Financial			(Received)/		Net
	Description	assets		Balance Sheet		Balance Sheet			instruments			Pledged		amount
	Linked transactions⁽²⁾	$	94,645,860	$	-61,293,298	$	33,352,562		$	-33,352,562		$	-	$	-
	TBAs		68,359		-		68,359			-			-		68,359
	Swaptions		1,770,795		-		1,770,795			-			-		1,770,795
	Interest rate swaps		237,989		-237,989		-			-			-		-
	Futures		154,265		-154,265		-			-			-		-
	Total	$	96,877,268	$	-61,685,552	$	35,191,716		$	-33,352,562		$	-	$	1,839,154

		December 31, 2013
									Gross amounts not offset
									in the Balance Sheet ⁽¹⁾
						Net amounts
		Gross amounts		Gross amounts		of liabilities						Cash collateral
		of recognized		offset in the		presented in the			Financial			(Received)/		Net
	Description	liabilities		Balance Sheet		Balance Sheet			instruments			Pledged		amount
	Repurchase agreements	$	-412,172,000	$	-	$	-412,172,000		$	412,172,000		$	-	$	-
	Linked transactions⁽²⁾		-61,293,298		61,293,298		-			-			-		-
	Interest rate swaps		-1,231,667		237,989		-993,678			-			993,678		-
	Futures		-		154,265		154,265			-			-154,265		-
	Total	$	-474,696,965	$	61,685,552	$	-413,011,413		$	412,172,000		$	839,413	$	-

	(1) Amounts presented are limited in total to the net amount of assets or liabilities presented in the condensed consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Arrangements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above.

	(2) Non-Agency RMBS and Multi-Family MBS securities within a linked transaction serve as collateral for the linked transaction. See Note 3 “Non-Hedging Activity – Linked Transactions” for information on linked transaction arrangements.

Schedule Of Derivative Non-Agency Rmbs and Repurchase Financings Underlying [Table Text Block]	'
	The following tables present certain information concerning the Non-Agency RMBS, Multi-Family MBS and repurchase financings underlying the Company’s Linked Transactions as of March 31, 2014 and December 31, 2013:

		March 31, 2014
		Non-Agency		Multi-Family		Total
	Face Value	$	188,950,458	$	79,016,602	$	267,967,060
	Unamortized premium		-		-		-
	Unamortized discount
	Designated credit reserve		-30,149,067		-		-30,149,067
	Net, unamortized		-36,451,018		-2,919,760		-39,370,778
	Amortized Cost		122,350,373		76,096,842		198,447,215
	Gross unrealized gain		9,569,501		596,227		10,165,728
	Fair Value	$	131,919,874	$	76,693,069	$	208,612,943

		December 31, 2013
		Non-Agency		Multi-Family		Total
	Face Value	$	148,864,823	$	-	$	148,864,823
	Unamortized premium		-		-		-
	Unamortized discount
	Designated credit reserve		-29,857,597		-		-29,857,597
	Net, unamortized		-30,770,386		-		-30,770,386
	Amortized Cost		88,236,840		-		88,236,840
	Gross unrealized gain		6,385,953		-		6,385,953
	Fair Value	$	94,622,793	$	-	$	94,622,793

Schedule Of Unamortized Net Discount And Designated Credit Reserves On Non Agency Rmbs Underlying Linked Transactions [Table Text Block]	'
	The following tables present the changes for the three months ended March 31, 2014 and year ended December 31, 2013 of the unamortized net discount and designated credit reserves on Non-Agency RMBS and Multi-Family MBS underlying Linked Transactions:

		March 31, 2014
		Designated		Unamortized
		credit reserve		net discount		Total
	Acquisitions	$	-38,448,046	$	-41,139,333	$	-79,587,379
	Accretion of net discount		-		1,768,555		1,768,555
	Realized credit losses		3,450,617		-		3,450,617
	Release of credit reserves		4,848,362		-		4,848,362
	Ending balance at March 31, 2014	$	-30,149,067	$	-39,370,778	$	-69,519,845

		December 31, 2013
		Designated		Unamortized
		credit reserve		net discount		Total
	Acquisitions	$	-37,793,143	$	-34,418,301	$	-72,211,444
	Accretion of net discount		-		3,647,915		3,647,915
	Realized credit losses		3,087,184		-		3,087,184
	Release of credit reserves		4,848,362		-		4,848,362
	Ending balance at December 31, 2013	$	-29,857,597	$	-30,770,386	$	-60,627,983

Schedule Of Linked Repurchase Agreement Counterparties With Whom Repurchase Agreements Exceed 10 Percent Of Stockholders Equity [Table Text Block]	'
	Linked Repurchase Agreements

		March 31, 2014
		Amount		Percent of total		Weighted average		Company RMBS
	Repurchase Agreement Counterparties	Outstanding		amount outstanding		days to maturity		held as collateral
	Citigroup Global Markets, Inc.		65,384,000	44.32	%	50			92,038,733
	Europe ⁽¹⁾		49,546,714	33.59	%	32			63,898,225
	North America		23,918,000	16.22	%	14			38,800,436
	Asia ⁽¹⁾		8,654,000	5.87	%	9			13,875,549
	Total	$	147,502,714	100	%	36		$	208,612,943

	(1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

		December 31, 2013
		Amount		Percent of total		Weighted average		Company RMBS
	Repurchase Agreement Counterparties	Outstanding		amount outstanding		days to maturity		held as collateral
	North America		52,871,000	86.42	%	21			79,528,540
	Asia ⁽¹⁾		4,987,000	8.15	%	7			8,790,416
	Europe ⁽¹⁾		3,323,000	5.43	%	43			6,303,837
	Total	$	61,181,000	100	%	21		$	94,622,793

	(1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

Schedule of Price Risk Derivatives [Table Text Block]	'
	The following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the condensed consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the three months ended March 31, 2014 and March 31, 2013:

		Three Months Ended March 31, 2014
		Amount of realized		Amount of unrealized
	Primary underlying risk	gain (loss)		appreciation (depreciation)		Total

	Interest rate:
	Interest rate swaps	$	-376,314	$	-4,229,298	$	-4,605,612
	Swaptions		-84,000		-680,405		-764,405
	Futures		-191,047		-154,265		-345,312
	TBAs		-191,406		-68,359		-259,765
	Total	$	-842,767	$	-5,132,327	$	-5,975,094

		Three Months Ended March 31, 2013
		Amount of realized		Amount of unrealized
	Primary underlying risk	gain (loss)		appreciation (depreciation)		Total

	Interest rate:
	Interest rate swaps	$	-55,293	$	-527,555	$	-582,848
	Swaptions		-16,000		6,536		-9,464
	Total	$	-71,293	$	-521,019	$	-592,312

Schedule Of Unrealized Gain and Net Interest Income From Derivatives [Table Text Block]	'
	The following table presents certain information about the components of the unrealized net gain (loss) and net interest income from Linked Transactions included in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2014 and March 31, 2013:

		Three Months Ended		Three Months Ended
		March 31, 2014		March 31, 2013
	Interest income attributable to AFS underlying Linked Transactions	$	2,582,899	$	451,853
	Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions		-470,482		-71,302
	Change in fair value of Linked Transactions included in earnings		3,779,776		1,373,291
	Unrealized gain and net interest income from Linked Transactions	$	5,892,193	$	1,753,842

FINANCIAL_INSTRUMENTS_Tables

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
FINANCIAL INSTRUMENTS (Tables)	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	'
	The following tables summarize the valuation of the Company’s assets and liabilities at fair value within the fair value hierarchy levels as of March 31, 2014 and December 31, 2013:

			Quoted prices in		Significant
			active markets		other observable		Unobservable
			for identical assets		inputs		inputs		Balance as of
			Level 1		Level 2		Level 3		March 31, 2014
	Assets:
	Residential mortgage-backed securities (a)		$	-	$	472,970,904	$	-	$	472,970,904
	Multi-Family securities (a)			-		9,573,318		-		9,573,318
	Linked transactions (b)			-		61,147,754		-		61,147,754
	Interest rate swaps			-		7,843		-		7,843
	Swaptions			-		1,006,390		-		1,006,390
	Total		$	-	$	544,706,209	$	-	$	544,706,209

	Liabilities:
	Interest rate swaps		$	-	$	-5,230,819	$	-	$	-5,230,819
	Total		$	-	$	-5,230,819	$	-	$	-5,230,819

			Quoted prices in		Significant
			active markets		other observable		Unobservable
			for identical assets		inputs		inputs		Balance as of
			Level 1		Level 2		Level 3		December 31, 2013
	Assets:
	Residential mortgage-backed securities (a)		$	-	$	444,984,955	$	-	$	444,984,955
	Linked transactions (b)			-		33,352,562		-		33,352,562
	TBAs			-		68,359		-		68,359
	Interest rate swaps			-		237,989		-		237,989
	Swaptions			-		1,770,795		-		1,770,795
	Futures			154,265		-		-		154,265
	Total		$	154,265	$	480,414,660	$	-	$	480,568,925

	Liabilities:
	Interest rate swaps		$	-	$	-1,231,667	$	-	$	-1,231,667
	Total		$	-	$	-1,231,667	$	-	$	-1,231,667

		(a)	For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4.
		(b)	For more detail about the fair value of the Company’s Linked Transactions, see Note 3 and Note 7.

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2014

Common Stock [Member]

Schedule of Dividends Payable [Table Text Block]

The following table presents cash dividends declared by the Company on its common stock for the three months ended March 31, 2014:

Declaration Date

Record Date

Payment Date

Dividend Amount

Cash Dividend Per Share

30-Dec-13

15-Jan-14

30-Jan-14

923,656

0.1041

30-Dec-13

14-Feb-14

27-Feb-14

923,656

0.1041

30-Dec-13

17-Mar-14

28-Mar-14

1,336,156

0.15059

Series A Preferred Stock [Member]

Schedule of Dividends Payable [Table Text Block]

The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the three months ended March 31, 2014:

Declaration Date

Record Date

Payment Date

Dividend Amount

Cash Dividend Per Share

23-Dec-13

15-Jan-14

27-Jan-14

165,280

0.2066

23-Dec-13

14-Feb-14

27-Feb-14

167,716

0.1823

23-Dec-13

17-Mar-14

27-Mar-14

167,716

0.1823

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block]	'
	The following tables provide additional disclosure regarding the computation for the three months ended March 31, 2014 and March 31, 2013:

		Three Months Ended		Three Months Ended
	$ and shares in thousands	March 31, 2014		March 31, 2013
	Numerator (Income):
	Net income (loss) available to common shareholders	$	-3,021,847	$	1,525,788
	Dilutive net income (loss) attributable to common shareholders	$	-3,021,847	$	1,525,788

	Denominator (Weighted Average Shares):

	Basic Earnings:
	Shares available to common shareholders		8,807,028		2,293,250
	Effect of dilutive securities:
	Restricted share awards		9,631		28,369
	Dilutive shares		8,816,659		2,321,619

ORGANIZATION_AND_BUSINESS_OPER1

ORGANIZATION AND BUSINESS OPERATIONS (Details Textual)	3 Months Ended
ORGANIZATION AND BUSINESS OPERATIONS (Details Textual)	Mar. 31, 2014
Organization And Business Operations [Line Items]	'
Operations Commenced Date	16-May-12
Entity Incorporation, State Country Name	'Maryland
Entity Incorporation, Date of Incorporation	28-Mar-12

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (Residential Loan Warehouse Facilities [Member], USD $)	Mar. 31, 2014
In Millions, unless otherwise specified	Mar. 31, 2014
Residential Loan Warehouse Facilities [Member]	'
Summary Of Significant Accounting Policies [Line Items]	'
Line of Credit Facility, Maximum Borrowing Capacity	$125

AVAILABLEFORSALE_SECURITIES_De

AVAILABLE-FOR-SALE SECURITIES (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Mortgage-backed securities:	$482,544,222	$444,984,955
Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Mortgage-backed securities:	408,433,526	382,300,620
Agency [Member] \| Federal National Mortgage Association [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Mortgage-backed securities:	216,634,743	237,143,864
Agency [Member] \| Federal Home Loan Mortgage Corporation [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Mortgage-backed securities:	191,798,783	145,156,756
Non Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Mortgage-backed securities:	64,537,378	62,684,335
Multi-Family [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Mortgage-backed securities:	$9,573,318	$0

AVAILABLEFORSALE_SECURITIES_De1

AVAILABLE-FOR-SALE SECURITIES (Details 1) (USD $)	3 Months Ended	12 Months Ended
AVAILABLE-FOR-SALE SECURITIES (Details 1) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Face Value	$513,384,495	$482,062,451
Unamortized premium	8,032,703	12,544,193
Unamortized discount	'	'
Designated credit reserve	-16,823,722	-16,126,355
Net, unamortized	-23,360,067	-22,400,380
Amortized Cost	481,233,409	456,079,909
Gross unrealized gain (loss)	1,310,813	-11,094,954
Fair Value	482,544,222	444,984,955
Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Face Value	408,488,453	386,672,123
Unamortized premium	8,021,210	12,544,193
Unamortized discount	'	'
Designated credit reserve	0	0
Net, unamortized	-2,996,293	-1,489,132
Amortized Cost	413,513,370	397,727,184
Gross unrealized gain (loss)	-5,079,844	-15,426,564
Fair Value	408,433,526	382,300,620
Non Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Face Value	94,896,042	95,390,328
Unamortized premium	0	0
Unamortized discount	'	'
Designated credit reserve	-16,823,722	-16,126,355
Net, unamortized	-19,723,712	-20,911,248
Amortized Cost	58,348,608	58,352,725
Gross unrealized gain (loss)	6,188,770	4,331,610
Fair Value	64,537,378	62,684,335
Multi-Family [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Face Value	10,000,000	'
Unamortized premium	11,493	'
Unamortized discount	'	'
Designated credit reserve	0	'
Net, unamortized	-640,062	'
Amortized Cost	9,371,431	'
Gross unrealized gain (loss)	201,887	'
Fair Value	$9,573,318	$0

AVAILABLEFORSALE_SECURITIES_De2

AVAILABLE-FOR-SALE SECURITIES (Details 2) (AFS securities [Member], USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
AFS securities [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
AFS securities sold, at cost	$94,748,794	$0
Proceeds from AFS securities sold	90,620,039	0
Net realized gain (loss) on sale of AFS securities	($4,128,755)	$0

AVAILABLEFORSALE_SECURITIES_De3

AVAILABLE-FOR-SALE SECURITIES (Details 3) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	$482,544,222	$444,984,955
Adjustable Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	344,275,928	233,271,984
Fixed Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	138,268,294	211,712,971
Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	408,433,526	382,300,620
Agency [Member] \| Adjustable Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	279,738,550	170,587,649
Agency [Member] \| Fixed Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	128,694,976	211,712,971
Non Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	64,537,378	62,684,335
Non Agency [Member] \| Adjustable Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	64,537,378	62,684,335
Non Agency [Member] \| Fixed Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	0	0
Multi-Family [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	9,573,318	0
Multi-Family [Member] \| Adjustable Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	0	'
Multi-Family [Member] \| Fixed Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	$9,573,318	'

AVAILABLEFORSALE_SECURITIES_De4

AVAILABLE-FOR-SALE SECURITIES (Details 4) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Designated credit reserve, Acquisitions	($20,024,874)	($19,145,414)
Designated credit reserve, Accretion of net discount	0	0
Designated credit reserve, Realized gain on paydowns	0	0
Designated credit reserve, Realized credit losses	2,545,377	2,363,284
Designated credit reserve, Release of credit reserves	655,775	655,775
Designated credit reserve, Ending balance	-16,823,722	-16,126,355
Unamortized net discount, Acquisitions	-27,477,917	-25,261,882
Unamortized net discount, Accretion of net discount	4,048,712	2,836,240
Unamortized net discount, Realized gain on paydowns	69,137	25,262
Unamortized net discount, Realized credit losses	0	0
Unamortized net discount, Release of credit reserves	0	0
Unamortized net discount, Ending balance	-23,360,067	-22,400,380
Acquisitions, Total	-47,502,791	-44,407,296
Accretion of net discount, Total	4,048,712	2,836,240
Realized gain on paydowns, Total	69,137	25,262
Realized credit losses, Total	2,545,377	2,363,284
Release of credit reserves, Total	655,775	655,775
Ending balance, Total	($40,183,790)	($38,526,735)

AVAILABLEFORSALE_SECURITIES_De5

AVAILABLE-FOR-SALE SECURITIES (Details 5) (USD $)	3 Months Ended
AVAILABLE-FOR-SALE SECURITIES (Details 5) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Coupon interest	$2,788,679	$830,778
Net (premium amortization)/ discount accretion	1,114,284	195,370
Interest income	3,902,962	1,026,148
Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Coupon interest	2,696,219	795,964
Net (premium amortization)/ discount accretion	60,385	-31,856
Interest income	2,756,604	764,108
Non Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Coupon interest	47,426	34,814
Net (premium amortization)/ discount accretion	1,042,384	227,226
Interest income	1,089,810	262,040
Multi-Family [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Coupon interest	45,034	0
Net (premium amortization)/ discount accretion	11,514	0
Interest income	$56,548	$0

AVAILABLEFORSALE_SECURITIES_De6

AVAILABLE-FOR-SALE SECURITIES (Details Textual) (USD $)	3 Months Ended
AVAILABLE-FOR-SALE SECURITIES (Details Textual) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Available For Sale Securities Change In Net Unrealized Holding Gain Loss Non Cash Item	$12,405,767	($696,697)
AFS securities [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available For Sale Securities Change In Net Unrealized Holding Gain Loss Non Cash Item	$12,405,767	'

RESTRICTED_CASH_Details

RESTRICTED CASH (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	$15,599,456	$13,343,173
Broker Counterparties For Derivatives Trading [Member]	'	'
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	10,567,102	7,297,667
Repurchase Counterparties As Restricted Collateral [Member]	'	'
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	4,944,174	6,015,490
FOAC As Minimum Required Capital [Member]	'	'
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	$88,180	$30,016

REPURCHASE_AGREEMENTS_Details

REPURCHASE AGREEMENTS (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$435,297,286	[1]	$412,172,000	[2]
Repurchase Agreements weighted average interest rate	0.52%		0.57%
Agency [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	388,853,000		370,901,000
Repurchase Agreements weighted average interest rate	0.36%		0.40%
Non Agency [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	43,192,000	[3]	41,271,000	[3]
Repurchase Agreements weighted average interest rate	1.89%	[3]	2.09%	[3]
Multi-Family [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$3,252,286	[4]	$0	[4]
Repurchase Agreements weighted average interest rate	1.14%	[4]	0.00%	[4]

[1]	At March 31, 2014, the Company had repurchase agreements of $85,585,000 and $61,917,714 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[2]	At December 31, 2013, the Company had repurchase agreements of $61,181,000 that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[3]	At March 31, 2014 and December 31, 2013, the Company had repurchase agreements of $85,585,000 and $61,181,000, respectively, that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[4]	At March 31, 2014, the Company had repurchase agreements of $61,917,714 that were linked to Multi-Family MBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

REPURCHASE_AGREEMENTS_Details_

REPURCHASE AGREEMENTS (Details 1) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$435,297,286	[1]	$412,172,000	[2]
Maturity up to 30 days [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	377,753,786		373,422,000
Maturity 31 To 60 Days [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	13,647,500		38,750,000
Maturity 61 To 90 Days [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$43,896,000		$0

[1]	At March 31, 2014, the Company had repurchase agreements of $85,585,000 and $61,917,714 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[2]	At December 31, 2013, the Company had repurchase agreements of $61,181,000 that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

REPURCHASE_AGREEMENTS_Details_1

REPURCHASE AGREEMENTS (Details 2) (USD $)	3 Months Ended		12 Months Ended
REPURCHASE AGREEMENTS (Details 2) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Repurchase Agreement Counterparty [Line Items]	'		'
Repurchase Agreement Counterparties, Amount Outstanding	$435,297,286	[1]	$412,172,000	[2]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	100.00%		100.00%
Repurchase Agreement Counterparties, weighted average days to maturity	'23 days		'18 days
Repurchase Agreement Counterparties, Company RMBS held as collateral	476,097,778		444,984,955
North America [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Repurchase Agreement Counterparties, Amount Outstanding	291,309,000	[1]	261,289,000	[2]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	66.92%		63.39%
Repurchase Agreement Counterparties, weighted average days to maturity	'24 days		'20 days
Repurchase Agreement Counterparties, Company RMBS held as collateral	314,416,659		277,808,885
Asia [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Repurchase Agreement Counterparties, Amount Outstanding	87,082,000	[1],[3]	97,491,000	[2],[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	20.01%	[3]	23.65%	[3]
Repurchase Agreement Counterparties, weighted average days to maturity	'18 days	[3]	'12 days	[3]
Repurchase Agreement Counterparties, Company RMBS held as collateral	97,246,553	[3]	106,949,627	[3]
Europe [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Repurchase Agreement Counterparties, Amount Outstanding	56,906,286	[1],[3]	53,392,000	[2],[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	13.07%	[3]	12.96%	[3]
Repurchase Agreement Counterparties, weighted average days to maturity	'22 days	[3]	'21 days	[3]
Repurchase Agreement Counterparties, Company RMBS held as collateral	$64,434,566	[3]	$60,226,443	[3]

[1]	At March 31, 2014, the Company had repurchase agreements of $85,585,000 and $61,917,714 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[2]	At December 31, 2013, the Company had repurchase agreements of $61,181,000 that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[3]	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

REPURCHASE_AGREEMENTS_Details_2

REPURCHASE AGREEMENTS (Details Textual) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$435,297,286	[1]	$412,172,000	[2]
Repurchase Agreements Weighted Average Interest Rate	0.52%		0.57%
Multi Family MBS [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$61,917,714		'

[1]	At March 31, 2014, the Company had repurchase agreements of $85,585,000 and $61,917,714 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[2]	At December 31, 2013, the Company had repurchase agreements of $61,181,000 that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

DERIVATIVE_INSTRUMENTS_HEDGING2

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Derivative Financial Instruments, Fair value	$62,161,987	$35,583,970
Derivative Asset, Notional Amount	48,000,000	117,000,000
Derivative Financial Instruments, Fair value	-5,230,819	-1,231,667
Derivative Liability, Notional Amount	335,000,000	281,000,000
Interest Rate Swap [Member]	'	'
Derivative Financial Instruments, Fair value	7,843	237,989
Derivative Asset, Notional Amount	23,000,000	57,000,000
Derivative Financial Instruments, Fair value	-5,230,819	-1,231,667
Derivative Liability, Notional Amount	335,000,000	281,000,000
Swaption [Member]	'	'
Derivative Financial Instruments, Fair value	1,006,390	1,770,795
Derivative Asset, Notional Amount	25,000,000	25,000,000
Derivative Financial Instruments, Fair value	0	0
Derivative Liability, Notional Amount	0	0
Linked Tansactions [Member]	'	'
Derivative Financial Instruments, Fair value	61,147,754	33,352,562
Derivative Asset, Notional Amount	0	0
Derivative Financial Instruments, Fair value	0	0
Derivative Liability, Notional Amount	0	0
Futures [Member]	'	'
Derivative Financial Instruments, Fair value	'	154,265
Derivative Asset, Notional Amount	'	10,000,000
Derivative Financial Instruments, Fair value	'	0
Derivative Liability, Notional Amount	'	0
TBAs [Member]	'	'
Derivative Financial Instruments, Fair value	'	68,359
Derivative Asset, Notional Amount	'	25,000,000
Derivative Financial Instruments, Fair value	'	0
Derivative Liability, Notional Amount	'	$0

DERIVATIVE_INSTRUMENTS_HEDGING3

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 1) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]	'	'
Derivative Financial Instruments, Notional Amount	$335,000,000	$281,000,000
Derivative Financial Instruments, Fair value	-5,230,819	-1,231,667
Interest Rate Swap [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative Financial Instruments, Notional Amount	335,000,000	281,000,000
Derivative Financial Instruments, Fair value	-5,230,819	-1,231,667
Derivative Financial Instruments, Fixed Pay Rate	2.14%	2.17%
Derivative Financial Instruments, Maturity Years	'5 years 10 months 24 days	'6 years 2 months 12 days
Derivative Financial Instruments, Forward Starting	42.50%	45.00%
Interest Rate Swap [Member] \| Less than 3 years [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative Financial Instruments, Notional Amount	35,000,000	35,000,000
Derivative Financial Instruments, Fair value	-149,247	-166,619
Derivative Financial Instruments, Fixed Pay Rate	0.66%	0.66%
Derivative Financial Instruments, Maturity Years	'1 year 10 months 24 days	'2 years 1 month 6 days
Derivative Financial Instruments, Forward Starting	0.00%	0.00%
Interest Rate Swap [Member] \| Greater than 3 years and less than 5 years [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative Financial Instruments, Notional Amount	171,000,000	151,000,000
Derivative Financial Instruments, Fair value	-1,218,679	-764,807
Derivative Financial Instruments, Fixed Pay Rate	1.66%	1.66%
Derivative Financial Instruments, Maturity Years	'4 years 4 months 24 days	'4 years 7 months 6 days
Derivative Financial Instruments, Forward Starting	0.00%	0.00%
Interest Rate Swap [Member] \| Greater than 7 years and less than 10 years [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative Financial Instruments, Notional Amount	95,000,000	95,000,000
Derivative Financial Instruments, Fair value	-2,137,266	-300,242
Derivative Financial Instruments, Fixed Pay Rate	2.85%	2.85%
Derivative Financial Instruments, Maturity Years	'7 years 4 months 24 days	'7 years 7 months 6 days
Derivative Financial Instruments, Forward Starting	100.00%	100.00%
Interest Rate Swap [Member] \| Greater than 10 years [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative Financial Instruments, Notional Amount	57,000,000	57,000,000
Derivative Financial Instruments, Fair value	($1,717,784)	$237,990
Derivative Financial Instruments, Fixed Pay Rate	3.29%	3.29%
Derivative Financial Instruments, Maturity Years	'10 years 4 months 24 days	'10 years 8 months 12 days
Derivative Financial Instruments, Forward Starting	100.00%	100.00%

DERIVATIVE_INSTRUMENTS_HEDGING4

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 2) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Derivative [Line Items]	'		'
Gross amounts of recognized assets	$209,938,688		$96,877,268
Gross amounts offset in the Balance Sheet	-147,784,544		-61,685,552
Net amounts of assets presented in the Balance Sheet	62,154,144		35,191,716
Gross amounts not offset in the Balance Sheet, Financial instruments	-61,147,754	[1]	-33,352,562	[1]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	0	[1]	0	[1]
Net amounts of assets, Net amount	1,006,390		1,839,154
Gross amounts of recognized liabilities	-588,304,806		-474,696,965
Gross amounts offset in the Balance Sheet	147,784,544		61,685,552
Net amounts of liabilities presented in the Balance Sheet	-440,520,262		-413,011,413
Gross amounts not offset in the Balance Sheet, Financial instruments	435,297,286	[1]	412,172,000	[1]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	5,222,976	[1]	839,413	[1]
Net amounts of liabilities, Net amount	0		0
Repurchase Agreements [Member]	'		'
Derivative [Line Items]	'		'
Gross amounts of recognized liabilities	-435,297,286		-412,172,000
Gross amounts offset in the Balance Sheet	0		0
Net amounts of liabilities presented in the Balance Sheet	-435,297,286		-412,172,000
Gross amounts not offset in the Balance Sheet, Financial instruments	435,297,286	[1]	412,172,000	[1]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	0	[1]	0	[1]
Net amounts of liabilities, Net amount	0		0
Linked Tansactions [Member]	'		'
Derivative [Line Items]	'		'
Gross amounts of recognized assets	208,924,455	[2]	94,645,860	[2]
Gross amounts offset in the Balance Sheet	-147,776,701	[2]	-61,293,298	[2]
Net amounts of assets presented in the Balance Sheet	61,147,754	[2]	33,352,562	[2]
Gross amounts not offset in the Balance Sheet, Financial instruments	-61,147,754	[1],[2]	-33,352,562	[1],[2]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	0	[1],[2]	0	[1],[2]
Net amounts of assets, Net amount	0	[2]	0	[2]
Gross amounts of recognized liabilities	-147,776,701	[2]	-61,293,298	[2]
Gross amounts offset in the Balance Sheet	147,776,701	[2]	61,293,298	[2]
Net amounts of liabilities presented in the Balance Sheet	0	[2]	0	[2]
Gross amounts not offset in the Balance Sheet, Financial instruments	0	[1],[2]	0	[1],[2]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	0	[1],[2]	0	[1],[2]
Net amounts of liabilities, Net amount	0	[2]	0	[2]
Interest Rate Swap [Member]	'		'
Derivative [Line Items]	'		'
Gross amounts of recognized assets	7,843		237,989
Gross amounts offset in the Balance Sheet	-7,843		-237,989
Net amounts of assets presented in the Balance Sheet	0		0
Gross amounts not offset in the Balance Sheet, Financial instruments	0	[1]	0	[1]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	0	[1]	0	[1]
Net amounts of assets, Net amount	0		0
Gross amounts of recognized liabilities	-5,230,819		-1,231,667
Gross amounts offset in the Balance Sheet	7,843		237,989
Net amounts of liabilities presented in the Balance Sheet	-5,222,976		-993,678
Gross amounts not offset in the Balance Sheet, Financial instruments	0	[1]	0	[1]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	5,222,976	[1]	993,678	[1]
Net amounts of liabilities, Net amount	0		0
Swaption [Member]	'		'
Derivative [Line Items]	'		'
Gross amounts of recognized assets	1,006,390		1,770,795
Gross amounts offset in the Balance Sheet	0		0
Net amounts of assets presented in the Balance Sheet	1,006,390		1,770,795
Gross amounts not offset in the Balance Sheet, Financial instruments	0	[1]	0	[1]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	0	[1]	0	[1]
Net amounts of assets, Net amount	1,006,390		1,770,795
Futures [Member]	'		'
Derivative [Line Items]	'		'
Gross amounts of recognized assets	'		154,265
Gross amounts offset in the Balance Sheet	'		-154,265
Net amounts of assets presented in the Balance Sheet	'		0
Gross amounts not offset in the Balance Sheet, Financial instruments	'		0	[1]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	'		0	[1]
Net amounts of assets, Net amount	'		0
Gross amounts of recognized liabilities	'		0
Gross amounts offset in the Balance Sheet	'		154,265
Net amounts of liabilities presented in the Balance Sheet	'		154,265
Gross amounts not offset in the Balance Sheet, Financial instruments	'		0	[1]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	'		-154,265	[1]
Net amounts of liabilities, Net amount	'		0
TBAs [Member]	'		'
Derivative [Line Items]	'		'
Gross amounts of recognized assets	'		68,359
Gross amounts offset in the Balance Sheet	'		0
Net amounts of assets presented in the Balance Sheet	'		68,359
Gross amounts not offset in the Balance Sheet, Financial instruments	'		0	[1]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	'		0	[1]
Net amounts of assets, Net amount	'		$68,359

[1]	Amounts presented are limited in total to the net amount of assets or liabilities presented in the condensed consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Arrangements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above.
[2]	Non-Agency RMBS and Multi-Family MBS securities within a linked transaction serve as collateral for the linked transaction. See Note 3 bNon-Hedging Activity B Linked Transactionsb for information on linked transaction arrangements.

DERIVATIVE_INSTRUMENTS_HEDGING5

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 3) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Derivative [Line Items]	'	'
Face Value	$267,967,060	$148,864,823
Unamortized premium	0	0
Unamortized discount	'	'
Designated credit reserve	-30,149,067	-29,857,597
Net, unamortized	-39,370,778	-30,770,386
Amortized Cost	198,447,215	88,236,840
Gross unrealized gains	10,165,728	6,385,953
Fair Value	208,612,943	94,622,793
Non Agency [Member]	'	'
Derivative [Line Items]	'	'
Face Value	188,950,458	148,864,823
Unamortized premium	0	0
Unamortized discount	'	'
Designated credit reserve	-30,149,067	-29,857,597
Net, unamortized	-36,451,018	-30,770,386
Amortized Cost	122,350,373	88,236,840
Gross unrealized gains	9,569,501	6,385,953
Fair Value	131,919,874	94,622,793
Multi-Family [Member]	'	'
Derivative [Line Items]	'	'
Face Value	79,016,602	0
Unamortized premium	0	0
Unamortized discount	'	'
Designated credit reserve	0	0
Net, unamortized	-2,919,760	0
Amortized Cost	76,096,842	0
Gross unrealized gains	596,227	0
Fair Value	$76,693,069	$0

DERIVATIVE_INSTRUMENTS_HEDGING6

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 4) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Derivative [Line Items]	'	'
Designated credit reserve, Acquisitions	($38,448,046)	($37,793,143)
Designated credit reserve, Accretion of net discount	0	0
Designated credit reserve, Realized credit losses	3,450,617	3,087,184
Designated credit reserve, Release of credit reserves	4,848,362	4,848,362
Designated credit reserve, Ending balance	-30,149,067	-29,857,597
Unamortized net discount, Acquisitions	-41,139,333	-34,418,301
Unamortized net discount, Accretion of net discount	1,768,555	3,647,915
Unamortized net discount, Realized credit losses	0	0
Unamortized net discount, Release of credit reserves	0	0
Unamortized net discount, Ending balance	-39,370,778	-30,770,386
Acquisitions, Total	-79,587,379	-72,211,444
Accretion of net discount, Total	1,768,555	3,647,915
Realized credit losses, Total	3,450,617	3,087,184
Release of credit reserves, Total	4,848,362	4,848,362
Ending balance, Total	($69,519,845)	($60,627,983)

DERIVATIVE_INSTRUMENTS_HEDGING7

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 5) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014		Dec. 31, 2013
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	$435,297,286	[1]	$412,172,000	[2]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	100.00%		100.00%
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'23 days		'18 days
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	476,097,778		444,984,955
Linked Repurchase Agreements [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	147,502,714		61,181,000
Repurchase Agreement Counterparties, Percentage of total amount outstanding	100.00%		100.00%
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'36 days		'21 days
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	208,612,943		94,622,793
Linked Repurchase Agreements [Member] \| Citigroup Global Markets Inc [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	65,384,000		'
Repurchase Agreement Counterparties, Percentage of total amount outstanding	44.32%		'
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'50 days		'
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	92,038,733		'
North America [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	291,309,000	[1]	261,289,000	[2]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	66.92%		63.39%
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'24 days		'20 days
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	314,416,659		277,808,885
North America [Member] \| Linked Repurchase Agreements [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	23,918,000		52,871,000
Repurchase Agreement Counterparties, Percentage of total amount outstanding	16.22%		86.42%
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'14 days		'21 days
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	38,800,436		79,528,540
Asia [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	87,082,000	[1],[3]	97,491,000	[2],[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	20.01%	[3]	23.65%	[3]
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'18 days	[3]	'12 days	[3]
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	97,246,553	[3]	106,949,627	[3]
Asia [Member] \| Linked Repurchase Agreements [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	8,654,000	[3]	4,987,000	[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	5.87%	[3]	8.15%	[3]
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'9 days	[3]	'7 days	[3]
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	13,875,549	[3]	8,790,416	[3]
Europe [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	56,906,286	[1],[3]	53,392,000	[2],[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	13.07%	[3]	12.96%	[3]
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'22 days	[3]	'21 days	[3]
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	64,434,566	[3]	60,226,443	[3]
Europe [Member] \| Linked Repurchase Agreements [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	49,546,714	[3]	3,323,000	[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	33.59%	[3]	5.43%	[3]
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'32 days	[3]	'43 days	[3]
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	$63,898,225	[3]	$6,303,837	[3]

[1]	At March 31, 2014, the Company had repurchase agreements of $85,585,000 and $61,917,714 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[2]	At December 31, 2013, the Company had repurchase agreements of $61,181,000 that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[3]	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

DERIVATIVE_INSTRUMENTS_HEDGING8

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 6) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Interest rate:	'	'
Amount of realized gain (loss)	($842,767)	($71,293)
Amount of unrealized appreciation (depreciation)	-5,132,327	-521,019
Total	-5,975,094	-592,312
Interest Rate Swap [Member]	'	'
Interest rate:	'	'
Amount of realized gain (loss)	-376,314	-55,293
Amount of unrealized appreciation (depreciation)	-4,229,298	-527,555
Total	-4,605,612	-582,848
Swaptions [Member]	'	'
Interest rate:	'	'
Amount of realized gain (loss)	-84,000	-16,000
Amount of unrealized appreciation (depreciation)	-680,405	6,536
Total	-764,405	-9,464
Futures [Member]	'	'
Interest rate:	'	'
Amount of realized gain (loss)	-191,047	'
Amount of unrealized appreciation (depreciation)	-154,265	'
Total	-345,312	'
TBAs [Member]	'	'
Interest rate:	'	'
Amount of realized gain (loss)	-191,406	'
Amount of unrealized appreciation (depreciation)	-68,359	'
Total	($259,765)	'

DERIVATIVE_INSTRUMENTS_HEDGING9

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 7) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Derivative [Line Items]	'	'
Change in fair value of Linked Transactions included in earnings	($842,767)	($71,293)
Unrealized gain and net interest income from Linked Transactions	5,892,193	1,753,842
Linked Tansactions [Member]	'	'
Derivative [Line Items]	'	'
Interest income attributable to AFS underlying Linked Transactions	2,582,899	451,853
Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions	-470,482	-71,302
Change in fair value of Linked Transactions included in earnings	3,779,776	1,373,291
Unrealized gain and net interest income from Linked Transactions	$5,892,193	$1,753,842

Recovered_Sheet1

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details Textual) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Derivative [Line Items]	'	'
Accrued interest receivable	$1,129,583	$1,045,191
Accrued interest payable	195,309	274,615
Linked Tansactions [Member]	'	'
Derivative [Line Items]	'	'
Accrued interest receivable	311,512	'
Accrued interest payable	$273,987	'

FINANCIAL_INSTRUMENTS_Details

FINANCIAL INSTRUMENTS (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Assets:	'		'
Assets, Fair Value Disclosure	$544,706,209		$480,568,925
Liabilities:	'		'
Liabilities, Fair Value Disclosure	-5,230,819		-1,231,667
Fair Value, Inputs, Level 1 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0		154,265
Liabilities:	'		'
Liabilities, Fair Value Disclosure	0		0
Fair Value, Inputs, Level 2 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	544,706,209		480,414,660
Liabilities:	'		'
Liabilities, Fair Value Disclosure	-5,230,819		-1,231,667
Fair Value, Inputs, Level 3 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0		0
Liabilities:	'		'
Liabilities, Fair Value Disclosure	0		0
Residential Mortgage Backed Securities [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	472,970,904	[1]	444,984,955	[1]
Residential Mortgage Backed Securities [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0	[1]	0	[1]
Residential Mortgage Backed Securities [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	472,970,904	[1]	444,984,955	[1]
Residential Mortgage Backed Securities [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0	[1]	0	[1]
Commodity Index Linked Notes [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	61,147,754	[2]	33,352,562	[2]
Commodity Index Linked Notes [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0	[2]	0	[2]
Commodity Index Linked Notes [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	61,147,754	[2]	33,352,562	[2]
Commodity Index Linked Notes [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0	[2]	0	[2]
TBAs [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	'		68,359
TBAs [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	'		0
TBAs [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	'		68,359
TBAs [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	'		0
Interest Rate Swap [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	7,843		237,989
Liabilities:	'		'
Liabilities, Fair Value Disclosure	-5,230,819		-1,231,667
Interest Rate Swap [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0		0
Liabilities:	'		'
Liabilities, Fair Value Disclosure	0		0
Interest Rate Swap [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	7,843		237,989
Liabilities:	'		'
Liabilities, Fair Value Disclosure	-5,230,819		-1,231,667
Interest Rate Swap [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0		0
Liabilities:	'		'
Liabilities, Fair Value Disclosure	0		0
Swaption [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	1,006,390		1,770,795
Swaption [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0		0
Swaption [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	1,006,390		1,770,795
Swaption [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0		0
Futures [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	'		154,265
Futures [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	'		154,265
Futures [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	'		0
Futures [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	'		0
Multi-Family securities [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	9,573,318	[1]	'
Multi-Family securities [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0	[1]	'
Multi-Family securities [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	9,573,318	[1]	'
Multi-Family securities [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	$0	[1]	'

[1]	For more detail about the fair value of the Companybs MBS and type of securities, see Note 3 and Note 4.
[2]	For more detail about the fair value of the Companybs Linked Transactions, see Note 3 and Note 7.

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Textual) (USD $)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details Textual) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Related Party Transaction [Line Items]	'	'
Management Fee Percentage	1.50%	'
Management fee	$467,536	$115,140
Management Fee Payable	175,000	'
Operating expenses reimbursable to Manager	668,653	180,864
Restricted stock compensation expense	-55,100	2,796
Manager Equity Plan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Percentage Of Shares Issued	3.00%	'
Restricted stock compensation expense	45,078	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	9,500	'
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options	34,928	'
Manager Equity Plan [Member] \| Restricted Stock Units (Rsus) [Member]	'	'
Related Party Transaction [Line Items]	'	'
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options	$106,099	'
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	'10 years 2 months 12 days	'
Manager Equity Plan [Member] \| Independent Director One [Member] \| Restricted Stock Units (Rsus) [Member]	'	'
Related Party Transaction [Line Items]	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1,500	'
Manager Equity Plan [Member] \| Independent Director Two [Member] \| Restricted Stock Units (Rsus) [Member]	'	'
Related Party Transaction [Line Items]	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1,500	'
Manager Equity Plan [Member] \| Independent Director Three [Member] \| Restricted Stock Units (Rsus) [Member]	'	'
Related Party Transaction [Line Items]	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1,500	'
Manager Equity Plan [Member] \| Independent Director [Member] \| Restricted Stock Units (Rsus) [Member]	'	'
Related Party Transaction [Line Items]	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	4,500	'
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award	'the Companys independent directors, as part of their compensation for serving as independent directors, are eligible to receive 1,500 shares of restricted stock annually vesting in full on the anniversary of each grant date.	'
Weighted Average Grant Date Fair Value, Granted (in dollars per share)	$65,250	'
Common Stock Purchase Price	$14.50	'
Manager Equity Plan [Member] \| Manager [Member] \| Restricted Stock Units (Rsus) [Member]	'	'
Related Party Transaction [Line Items]	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	28,500	'
Weighted Average Grant Date Fair Value, Granted (in dollars per share)	$211,850	'
Common Stock Purchase Price	$11.15	'
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	'One-third of these restricted common stock shares vest on each of the first, second and third anniversaries of the grant date.	'

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
				Distribution One [Member]	Distribution One [Member]	Distribution Two [Member]	Distribution Two [Member]	Distribution Three [Member]	Distribution Three [Member]
				Series A Preferred Stock [Member]	Common Stock [Member]	Series A Preferred Stock [Member]	Common Stock [Member]	Series A Preferred Stock [Member]	Common Stock [Member]
Dividends [Line Items]	'	'	'	'	'	'	'	'	'
Declaration Date	'	'	'	23-Dec-13	30-Dec-13	23-Dec-13	30-Dec-13	23-Dec-13	30-Dec-13
Record Date	'	'	'	15-Jan-14	15-Jan-14	14-Feb-14	14-Feb-14	17-Mar-14	17-Mar-14
Payment Date	'	'	'	27-Jan-14	30-Jan-14	27-Feb-14	27-Feb-14	27-Mar-14	28-Mar-14
Dividend Amount	$22,361	$42,501	$0	$165,280	$923,656	$167,716	$923,656	$167,716	$1,336,156
Cash Dividend Per Share (in dollars per share)	'	'	'	$0.21	$0.10	$0.18	$0.10	$0.18	$0.15

STOCKHOLDERS_EQUITY_Details_Te

STOCKHOLDERS' EQUITY (Details Textual) (USD $)	0 Months Ended	3 Months Ended		12 Months Ended
STOCKHOLDERS' EQUITY (Details Textual) (USD $)	Jul. 25, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Stockholders' Equity Note [Line Items]	'	'	'	'
Preferred Stock, Dividend Rate, Percentage	'	8.75%	'	8.75%
Proceeds from Issuance of Preferred Stock and Preference Stock	'	$2,778,201	$11,307	'
Dividends Payable	'	22,361	0	42,501
Common Stock Exercise Price Description	'at a per share exercise price equal to 105% of the $15.00 IPO price, or $15.75	'	'	'
Common Stock, Par or Stated Value Per Share	'	$0.01	'	$0.01
Common Stock, Shares Authorized	'	450,000,000	'	450,000,000
Common Stock, Shares, Issued	'	10,689,250	'	7,389,250
Common Stock, Shares, Outstanding	'	10,689,250	'	7,389,250
Preferred Stock, Par or Stated Value Per Share	'	$0.01	'	$0.01
Preferred Stock, Liquidation Preference, Value	'	25	'	25
Preferred Stock, Shares Authorized	'	50,000,000	'	50,000,000
Preferred Stock, Shares Issued	'	920,000	'	800,000
Preferred Stock, Shares Outstanding	'	920,000	'	800,000
Series A Preferred Stock [Member]	'	'	'	'
Stockholders' Equity Note [Line Items]	'	'	'	'
Proceeds from Issuance of Preferred Stock and Preference Stock	'	2,778,201	'	'
Preferred Stock, Liquidation Preference Per Share	'	$25	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	'	120,000	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	'	120,000	'	'
Expense Related to Distribution or Servicing and Underwriting Fees	'	221,799	'	'
Common Stock [Member]	'	'	'	'
Stockholders' Equity Note [Line Items]	'	'	'	'
Stock Issued During Period, Shares, New Issues	'	3,000,000	'	'
Stock Issued During Period Offer Price New Issues	'	$11.30	'	'
Proceeds from Issuance of Private Placement	'	31,927,377	'	'
Payments of Stock Issuance Costs	'	1,972,623	'	'
Preferred Stock, Liquidation Preference Per Share	'	$11.30	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	'	450,000	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	'	300,000	'	'
Expense Related to Distribution or Servicing and Underwriting Fees	'	175,675	'	'
Proceeds from Stock Options Exercised	'	3,214,325	'	'
Common Stock [Member] \| IPO [Member]	'	'	'	'
Stockholders' Equity Note [Line Items]	'	'	'	'
Warrants To Purchase Common Stock	'	3,125,000	'	'
Preferred Stock [Member]	'	'	'	'
Stockholders' Equity Note [Line Items]	'	'	'	'
Preferred Stock, Dividend Rate, Percentage	'	8.75%	'	'
Dividends Payable	'	$3,183,469	'	'
Dividends Payable, Amount Per Share	'	$0.36	'	'

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended
EARNINGS PER SHARE (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Numerator (Income):	'	'
Net income (loss) available to common shareholders	($3,021,847)	$1,525,788
Dilutive net income (loss) attributable to common shareholders	($3,021,847)	$1,525,788
Denominator (Weighted Average Shares):	'	'
Shares available to common shareholders	8,807,028	2,293,250
Effect of dilutive securities:	'	'
Restricted share awards	9,631	28,369
Dilutive shares	8,816,659	2,321,619

EARNINGS_PER_SHARE_Details_Tex

EARNINGS PER SHARE (Details Textual) (Restricted Stock Awards [Member])	3 Months Ended
	Mar. 31, 2014
Restricted Stock Awards [Member]	'
Schedule of Earnings Per Share, Basic And Diluted, by Common Class, Including Two Class Method [Line Items]	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	22,958