Lument Finance Trust (LFT) 10-Q 14 Aug 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 14, 2014
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	'	14,714,250
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014		Dec. 31, 2013
ASSETS	'		'
Available-for-sale securities, at fair value (includes pledged securities of $552,380,533 and $444,984,955 for June 30, 2014 and December 31, 2013, respectively)	$570,759,674		$444,984,955
Mortgage loans held-for-sale, at fair value	4,510,797		0
Linked transactions, net, at fair value	79,931,056		33,352,562
Cash and cash equivalents	55,814,943		33,062,931
Restricted cash	43,408,678		13,343,173
Deferred offering costs	688,281		0
Accrued interest receivable	1,473,073		1,045,191
Investment related receivable	925,412		506,892
Derivative assets, at fair value	454,792		1,839,154
Receivable due from subsidiary	0		0
Other assets	237,022		66,547
Total assets	758,203,728		528,201,405
LIABILITIES:	'		'
Repurchase agreements	512,289,697	[1]	412,172,000	[2]
Derivative liabilities, at fair value	10,723,920		839,413
Payable for securities purchased	15,492,311		0
Accrued interest payable	262,468		274,615
Dividends payable	29,349		42,501
Fees and expenses payable to Manager	560,000		330,000
Other accounts payable and accrued expenses	561,299		617,514
Total liabilities	539,919,044		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, 1,610,000 and 800,000 issued and outstanding at June 30, 2014 and December 31, 2013, respectively	37,164,472		18,060,898
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,189,250 and 7,389,250 shares issued and outstanding, at June 30, 2014 and December 31, 2013, respectively	141,703		73,563
Additional paid-in capital	183,710,458		110,129,489
Accumulated other comprehensive income (loss)	6,936,783		-11,094,954
Cumulative distributions to stockholders	-19,597,803		-11,289,370
Accumulated earnings	9,929,071		8,045,736
Total stockholders' equity	218,284,684		113,925,362
Total liabilities and stockholders' equity	758,203,728		528,201,405
Available-for-sale Securities [Member]	'		'
LIABILITIES:	'		'
Repurchase agreements	508,332,000		412,172,000
Mortgage Loans Held-or-Sale [Member]	'		'
LIABILITIES:	'		'
Repurchase agreements	$3,957,697		$0
[1]	At June 30, 2014, the Company had repurchase agreements of $97,966,000 and $99,751,000 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 $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Available-for-sale Securities Pledged as Collateral (in dollars)	$552,380,533	$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	1,610,000	800,000
Preferred Stock, Shares Outstanding	1,610,000	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	14,189,250	7,389,250
Common stock, shares outstanding	14,189,250	7,389,250

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Interest income:	'	'	'	'
Available-for-sale securities	$4,487,279	$7,350,567	$8,390,239	$8,376,715
Mortgage loans held-for-sale	4,381	0	7,517	0
Cash and cash equivalents	7,006	5,862	8,593	6,775
Interest expense:	'	'	'	'
Repurchase agreements - available-for-sale securities	-602,038	-992,426	-1,162,260	-1,119,174
Repurchase agreements - mortgage loans held-for-sale	-5,766	0	-5,766	0
Net interest income	3,890,862	6,364,003	7,238,323	7,264,316
Other income:	'	'	'	'
Realized gain (loss) on sale of investments, net	750,778	-14,172,649	-3,457,239	-14,277,894
Unrealized gain (loss) and net interest income from Linked Transactions	8,812,538	-1,487,024	14,704,733	266,818
Realized gain (loss) on derivative contracts, net	-849,826	11,136,853	-1,692,593	11,065,533
Unrealized gain (loss) on derivative contracts, net	-5,968,542	7,620,892	-11,100,869	7,099,900
Unrealized gain on mortgage loans held-for-sale	93,242	0	93,242	0
Total other income (loss)	2,838,190	3,098,072	-1,452,726	4,154,357
Expenses:	'	'	'	'
Management fee	622,843	412,862	1,090,378	528,002
General and administrative expenses	380,711	177,686	632,802	300,114
Operating expenses reimbursable to Manager	870,817	727,234	1,539,470	908,098
Other operating expenses	375,667	91,745	505,130	99,001
Compensation expense	54,405	82,168	134,482	84,964
Total expenses	2,304,443	1,491,695	3,902,262	1,920,179
Net income	4,424,609	7,970,380	1,883,335	9,498,494
Dividends to preferred stockholders	-635,923	0	-1,116,495	-2,326
Net income attributable to common stockholders	3,788,686	7,970,380	766,840	9,496,168
Earnings (loss) per share:	'	'	'	'
Net income attributable to common stockholders (basic and diluted)	$3,788,686	$7,970,380	$766,840	$9,496,168
Weighted average number of shares of common stock outstanding (in shares)	11,150,788	7,389,250	10,001,587	4,855,327
Basic and diluted income per share (in dollars per share)	$0.34	$1.08	$0.08	$1.96
Dividends declared per share of common stock (in dollars per share)	$0.36	$0.45	$0.72	$0.78

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net income	$4,424,609	$7,970,380	$1,883,335	$9,498,494
Other comprehensive income (loss):	'	'	'	'
Increase (decrease) in net unrealized gain on available-for-sale securities, net	61,988	-25,738,658	12,467,755	-26,435,355
Reclassification adjustment for net gain (loss) included in net income	5,563,982	0	5,563,982	0
Total other comprehensive income (loss)	5,625,970	-25,738,658	18,031,737	-26,435,355
Less: Dividends to preferred stockholders	-635,923	0	-1,116,495	-2,326
Comprehensive income (loss) attributable to common stockholders	$9,414,656	($17,768,278)	$18,798,577	($16,939,187)

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	73,684,805	0	68,140	73,616,665	0	0	0
Issuance of common stock, net (in shares)	'	0	6,814,000	'	'	'	'
Issuance of preferred stock, net	19,103,574	19,103,574	0	0	0	0	0
Issuance of preferred stock, net (in shares)	'	810,000	0	'	'	'	'
Restricted stock compensation expense	-35,696	0	0	-35,696	0	0	0
Restricted stock compensation expense (in shares)	'	0	-14,000	'	'	'	'
Net income	1,883,335	0	0	0	0	0	1,883,335
Other comprehensive income (loss)	18,031,737	0	0	0	18,031,737	0	0
Common dividends declared	-7,191,938	0	0	0	0	-7,191,938	0
Preferred dividends declared	-1,116,495	0	0	0	0	-1,116,495	0
Balance at Jun. 30, 2014	$218,284,684	$37,164,472	$141,703	$183,710,458	$6,936,783	($19,597,803)	$9,929,071
Balance (in shares) at Jun. 30, 2014	'	1,610,000	14,189,250	'	'	'	'

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income	$1,883,335	$9,498,494
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Amortization/accretion of available-for-sale securities premiums and discounts, net	-2,316,901	-86,731
Realized loss on sale of investments, net	4,591,068	14,667,580
Unrealized (gain) loss on Linked Transactions, net	-9,339,380	617,334
Realized (gain) loss on derivative contracts	1,692,593	-11,649,504
Unrealized (gain) loss on derivative contracts	11,100,869	-7,099,900
Unrealized (gain) loss on mortgage loans held-for-sale	-93,242	0
Restricted stock compensation expense	-35,696	49,964
Net change in:	'	'
Accrued interest receivable	-427,882	-1,412,560
Other assets	-170,475	-221,407
Accrued interest payable	-12,147	143,655
Fees and expenses payable to Manager	230,000	285,000
Other accounts payable and accrued expenses	-56,215	120,805
Net cash provided by operating activities	7,045,927	4,912,730
Cash flows from investing activities:	'	'
Purchase of available-for-sale securities	-214,616,170	-919,943,794
Purchase of mortgage loans held-for-sale	-4,417,555	0
Proceeds from sales of available-for-sale securities	86,186,338	353,258,001
Purchase of derivative contracts	0	-672,000
Payments for sales of derivative contracts and interest expense	-1,333,187	11,760,171
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	18,412,683	16,394,846
Investment related receivable	-418,520	0
Restricted cash	-30,065,505	-21,698,852
Payable for securities purchased	15,492,311	0
Net cash used in investing activities	-130,951,011	-560,901,628
Cash flows from financing activities:	'	'
Net proceeds from issuance of common stock	73,684,805	84,000,000
Net proceeds from issuance of preferred stock	19,103,574	10,041
Redemption of preferred stock	0	-110,000
Change in deferred offering costs	-688,281	915,512
Dividends paid on common stock	-7,191,938	-3,985,896
Dividends paid on preferred stock	-1,129,647	-2,326
Proceeds from repurchase agreements - available-for-sale securities	2,145,752,286	2,303,464,000
Proceeds from repurchase agreements - mortgage loans held-for-sale	3,957,697	0
Principal repayments of repurchase agreements - available-for-sale securities	-2,049,592,286	-1,803,358,000
Net cash received (paid) on securities underlying Linked Transactions	-173,775,114	-23,982,780
Net cash received from repurchase agreements underlying Linked Transactions	136,536,000	16,321,000
Net cash provided by financing activities	146,657,096	573,271,551
Net increase in cash and cash equivalents	22,752,012	17,282,653
Cash and cash equivalents, beginning of period	33,062,931	3,608,759
Cash and cash equivalents, end of period	55,814,943	20,891,412
Supplemental disclosure of cash flow information	'	'
Cash paid for interest	1,180,173	3,184,782
Non-cash investing and financing activities information	'	'
Restricted stock compensation expense	-35,696	49,964
Dividends declared but not paid at end of period	29,349	0
Net change in unrealized gain (loss) on available-for-sale securities	$18,031,737	($26,435,355)

ORGANIZATION_AND_BUSINESS_OPER

ORGANIZATION AND BUSINESS OPERATIONS	6 Months Ended
	Jun. 30, 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. During the second quarter, FOAC began actively purchasing residential mortgage loans and utilizing its’ existing warehouse facility. The Company consolidates this subsidiary under generally accepted accounting principles in the United States of America (“U.S. GAAP”).
	On April 30, 2014, the Company established Five Oaks Insurance LLC (“FOI”) as a wholly owned subsidiary. There has been limited activity within FOI since its inception, primarily focused on licensing and related matters. The Company consolidates this subsidiary under U.S. GAAP.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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 June 30, 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 and six months ended June 30, 2014 and for the three and six months ended June 30, 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 subsidiaries. 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 June 30, 2014 and December 31, 2013, no VIEs required consolidation as the Company was not the primary beneficiary of any of these VIEs. At June 30, 2014 and December 31, 2013, the maximum exposure of the Company to VIEs is limited to the fair value of its investments in Non-Agency RMBS and Multi-Family MBS as disclosed in Note 4 (Non-Agency RMBS $62,522,917 and $62,684,335, respectively, Multi-Family MBS $7,219,524 and $0, respectively).
	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.
	On April 25, 2014, the Company filed an S-3 registration statement allowing the Company to issue common stock, preferred stock, debt securities and warrants up to a maximum aggregate offering price of $750,000,000. This registration statement is valid for a three-year period, and accordingly, the Company is amortizing the direct costs incurred in connection with this registration statement on a straight-line basis during this period.
	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 certain of its residential mortgage loans through the use of short-term, uncommitted residential loan warehouse facilities, which may be structured as repurchase agreements or secured loan facilities. Currently, the Company has one residential loan warehouse facility in place with a financial institution counterparty, structured as a repurchase agreement. Under this warehouse facility the Company has an aggregate borrowing limit of $125 million, of which $3.96 million has been drawn at June 30, 2014. The Company accounts for outstandings under this facility as a collateralized financing transaction which is carried at its contractual amount, and approximates fair value due to its short-term nature.
	Available-for-Sale Securities, at Fair Value
	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.
	Mortgage Loans Held-for-Sale, at Fair Value
	Mortgage loans held-for-sale are reported at fair value as a result of a fair value option election. See Note 3 – Fair Value Measurements for details on fair value measurement. Mortgage loans are currently classified as held-for-sale based upon the Company’s intent to sell them either in the secondary whole loan market or to include them in a securitization, including transfers to securitization entities that the Company plans to sponsor.
	Interest income on mortgage loans held-for-sale is recognized at the loan coupon rate. Interest income recognition is suspended when mortgage loans are placed on non-accrual status. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is considered non-collectible, and in all cases when payment becomes greater than 90 days past due. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible.
	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 will be taxed as a standalone U.S. C-Corporation. From its inception to date our TRS has had limited activity and did not generate any taxable income.
	If a TRS generates net income, the TRS can declare dividends to the Company which will be included in its taxable income and necessitate a distribution to its shareholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity.
	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 12 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 10 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.
	Recently Issued and/or Adopted Accounting Standards
	In July 2013, the Financial Accouning Standards Board (“FASB”) issued ASU No. 2013-11, which requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (“NOL”) carryforward, or similar tax loss or tax credit carryforward, rather than a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. The ASU does not require any new recurring disclosures. It is effective prospectively for fiscal years, and interim periods within those years, beginning on or after December 15, 2013, with early adoption permitted. Adopting this ASU did not have any material impact on the Company’s condensed financial condition or results of operations.
	In June 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-11 “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”, which amends ASC 860, “Transfers and Servicing”. The amendments in this ASU change current accounting and disclosures for repurchase agreements and similar transactions under U.S. GAAP. In particular, ASU 2014-11 changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements under ASC 860.
	ASU 2014-11 also requires two new disclosures for transactions accounted for as secured borrowings (1) disaggregating the related gross obligation by class of collateral pledged, and to disclose the remaining contractual maturity of the agreements, and 2) discussing the potential risks of these agreements and related collateral pledged, including the risks stemming from a decline in the value of the pledged collateral and how such risks are managed. ASU 2014-11 requires enhanced disclosures by entities for transactions that involve a transfer of a financial asset reported as a sale and accompanied by an agreement that results in the transferor retaining substantially all of the exposure to the economic returns of the transferred asset during the transaction’s term. In these circumstances, the entity is required to provide by type of transaction 1) the carrying amount of the assets derecognized and the gross amount of proceeds received at the transfer date, 2) any related amounts reported on the balance sheet, such as those represented by derivative contracts, and 3) information about its ongoing exposure to the economic return on the transferred financial assets.
	ASU 2014-11 is effective for public entities for annual periods beginning after December 15, 2014 and interim periods beginning after March 15, 2015. The entity must report changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The new disclosures are not required for comparative periods prior to the effective date. Adopting this ASU will have a material impact on the Company's presentation of its statement of financial condition and results of operations as it relates to the Company’s linked transactions (See Note 8). Currently, linked transactions are reported on the balance sheet as derivative transactions, as a result of this ASU the assets and repurchase agreements that encompass linked transactions will be bifurcated and the gross amounts will be reported in available-for-sale securities and repurchase agreements respectively. In addition, unrealized gain (loss) and interest income on assets that are deemed to be linked are currently reflected in the income statement in other income unrealized gain (loss) and net interest income from Linked Transaction line item. As a result of this ASU the net interest income will be recognized in the consolidated statement of operations, and unrealized gain (loss) will be reflected in other comprehensive income.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 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.
	Available-for-sale 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 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.
	Mortgage Loans Held-for-sale
	Designation
	The Company currently classifies its residential mortgage loans as held-for-sale (“HFS”) investments. Residential mortgage loans held-for-sale include loans that the Company is marketing for sale to third parties, including transfers to securitization entities that the Company plans to sponsor.
	The Company elected the fair value option for residential mortgage loans it has acquired and classifies as held-for-sale. The fair value option was elected to help mitigate earnings volatility by better matching the asset accounting with any related hedges. The Company’s policy is to record separately interest income on these fair value elected loans. Additionally, upfront and costs related to these loans are not deferred or capitalized. Fair value adjustments are reported in (loss) gain on mortgage loans held-for-sale on the condensed consolidated statements of comprehensive income (loss). For settled loans the fair value option was elected.
	Determination of Mortgage Loan Fair Value
	The Company determines the fair values of the mortgage loans in its portfolio from third-party pricing services. 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, as applicable. In addition, the third-party pricing services benchmark their pricing models against observable pricing levels being quoted by a range of market participants active in the purchase and sale of residential mortgage loans.
	The Company obtains pricing data from a primary third-party pricing service for each mortgage loan. 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 undertakes a review of other available prices and takes 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 loan can be traded in the normal course of business, and/or is materially divergent from the price at which the Company would be willing to purchase such a loan in the normal course of its business.
	The Company reviews all pricing of mortgage loans 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 assets if the pricing methods used are consistent with the Level 2 definition. If quoted prices for a loan are not reasonably available from the pricing service, but alternative quotes are, the Company classifies the loan as a Level 2 asset. If neither is available, the Company determines the fair value based on characteristics of the loan and based on other available market information and classifies it as a Level 3 asset.
	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.
	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 8 and 9).
	See Note 8 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.
	Other Financial Instruments
	The carrying value of short term instruments, including cash and cash equivalents, receivables and repurchase agreements whose term is less than twelve months, generally approximates fair value due to the short term nature of the instruments.

AVAILABLEFORSALE_SECURITIES

AVAILABLE-FOR-SALE SECURITIES	6 Months Ended
	Jun. 30, 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-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 8 and 9).
	The following table presents the Company’s AFS investment securities by collateral type at fair value as of June 30, 2014 and December 31, 2013:
		June 30, 2014		December 31, 2013
	Mortgage-backed securities:
	Agency
	Federal National Mortgage Association	$	245,712,180	$	237,143,864
	Federal Home Loan Mortgage Corporation		255,305,053		145,156,756
	Non-Agency		62,522,917		62,684,335
	Multi-Family		7,219,524		-
	Total mortgage-backed securities	$	570,759,674	$	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 June 30, 2014 and December 31, 2013:
		June 30, 2014
		Agency		Non-Agency		Multi-Family		Total
	Face Value	$	494,073,391	$	90,230,063	$	7,000,000	$	591,303,454
	Unamortized premium		9,761,244		-		10,340		9,771,584
	Unamortized discount
	Designated credit reserve		-		-15,450,089		-		-15,450,089
	Net, unamortized		-2,789,551		-18,826,780		-185,727		-21,802,058
	Amortized Cost		501,045,084		55,953,194		6,824,613		563,822,891
	Gross unrealized gain		3,732,789		6,569,723		394,911		10,697,423
	Gross unrealized (loss)		-3,760,640		-		-		-3,760,640
	Fair Value	$	501,017,233	$	62,522,917	$	7,219,524	$	570,759,674
		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				4,331,610		4,331,610
	Gross unrealized (loss)		-15,426,564				-15,426,564
	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 June 30, 2014 and June 30, 2013 and six months ended June 30, 2014 and June 30, 2013:
		Three Months Ended		Three Months Ended
		June 30, 2014		June 30, 2013
	AFS securities sold, at cost	$	11,997,363	$	368,783,917
	Proceeds from AFS securities sold		12,915,101		355,338,884
	Net realized gain (loss) on sale of AFS securities	$	917,738	$	-13,445,033
		Six Months Ended		Six Months Ended
		June 30, 2014		June 30, 2013
	AFS securities sold, at cost	$	106,746,157	$	368,783,917
	Proceeds from AFS securities sold		103,535,140		355,338,884
	Net realized gain (loss) on sale of AFS securities	$	-3,211,017	$	-13,445,033
	The following tables present the fair value of AFS investment securities by rate type as of June 30, 2014 and December 31, 2013:
		June 30, 2014
		Agency		Non-Agency		Multi-Family		Total
	Adjustable rate	$	372,559,708	$	62,522,917	$	-	$	435,082,625
	Fixed rate		128,457,525		-		7,219,524		135,677,049
	Total	$	501,017,233	$	62,522,917	$	7,219,524	$	570,759,674
		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
	The following tables present the fair value of AFS investment securities by maturity date as of June 30, 2014 and December 31, 2013:
		June 30, 2014		December 31, 2013
	Less than one year	$	-	$	-
	Greater than one year and less than five years		57,571,227		-
	Greater than or equal to five years		513,188,447		444,984,955
	Total	$	570,759,674	$	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 six months ended June 30, 2014 and year ended December 31, 2013 of the unamortized net discount and designated credit reserves on the Company’s MBS.
	June 30, 2014
	Designated		Unamortized
	credit reserve		net discount		Total
Beginning Balance as of January 1, 2014	$	-16,126,355	$	-22,400,380	$	-38,526,735
Acquisitions		-		-1,905,327		-1,905,327
Accretion of net discount		-		2,421,931		2,421,931
Realized gain on paydowns		-		81,718		81,718
Realized credit losses		676,266		-		676,266
Release of credit reserves		-		-		-
Ending balance at June 30, 2014	$	-15,450,089	$	-21,802,058	$	-37,252,147
	December 31, 2013
	Designated		Unamortized
	credit reserve		net discount		Total
Acquisitions	$	-19,145,414	$	-24,606,107	$	-43,751,521
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 and six months ended June 30, 2014, the Company had unrealized gains (losses) on AFS securities of $5,625,970 and $18,031,737, respectively.
The following tables present components of interest income on the Company’s AFS securities for the three months ended June 30, 2014 and June 30, 2013 and six months ended June 30, 2014 and June 30, 2013:
	Three Months Ended June 30, 2014						Three Months Ended June 30, 2013
			Net (premium						Net (premium
	Coupon		amortization)/		Interest		Coupon		amortization)/		Interest
	interest		discount accretion		income		interest		discount accretion		income
Agency	$	3,074,166	$	151,622	$	3,225,788	$	7,406,364	$	-622,957	$	6,783,407
Non-Agency		127,034		1,042,083		1,169,117		58,226		514,317		572,543
Multi-Family		83,461		8,913		92,374		-		-		-
Total	$	3,284,661	$	1,202,618	$	4,487,279	$	7,464,590	$	-108,640	$	7,355,950
	Six Months Ended June 30, 2014						Six Months Ended June 30, 2013
			Net (premium						Net (premium
	Coupon		amortization)/		Interest		Coupon		amortization)/		Interest
	interest		discount accretion		income		interest		discount accretion		income
Agency	$	5,770,383	$	212,007	$	5,982,390	$	10,406,208	$	-654,813	$	9,751,395
Non-Agency		174,460		2,084,467		2,258,927		93,040		741,543		834,583
Multi-Family		128,495		20,427		148,922		-		-		-
Total	$	6,073,338	$	2,316,901	$	8,390,239	$	10,499,248	$	86,730	$	10,585,978

MORTGAGE_LOANS_HELDFORSALE_at_

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE	6 Months Ended
	Jun. 30, 2014
Mortgage loans held-for-sale Disclosure [Abstract]	'
Mortgage loans held-for-sale Disclosure [Text Block]	'
	NOTE 5 – MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE
	Mortgage loans held-for-sale consists of residential mortgage loans carried at fair value as a result of the fair value option. The following table presents the fair value of the Company’s mortgage loans held-for-sale as of June 30, 2014 and December 31, 2013:
		June 30, 2014		December 31, 2013
	Unpaid principal balance	$	4,417,555	$	-
	Fair value adjustment		93,242		-
	Fair value	$	4,510,797	$	-
	At June 30, 2014 and December 31, 2013, the Company pledged mortgage loans with a fair value of $4.5 million and $0, respectively, as collateral for repurchase agreements. See Note 7 – Repurchase Agreements.

RESTRICTED_CASH

RESTRICTED CASH	6 Months Ended
	Jun. 30, 2014
Cash and Cash Equivalents [Abstract]	'
Restricted Cash and Cash Equivalents Disclosure [Text Block]	'
	NOTE 6 – RESTRICTED CASH
	As of June 30, 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 June 30, 2014 and December 31, 2013:
		June 30, 2014		December 31, 2013
	Restricted cash balance held by:
	Broker counterparties for derivatives trading	$	37,421,092	$	7,297,667
	Repurchase counterparties as restricted collateral		5,737,601		6,015,490
	FOI restricted cash		249,985		-
	FOAC as minimum required capital		-		30,016
	Total	$	43,408,678	$	13,343,173

REPURCHASE_AGREEMENTS

REPURCHASE AGREEMENTS	6 Months Ended
	Jun. 30, 2014
Disclosure Of Repurchase Agreements [Abstract]	'
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	'
	NOTE 7 – REPURCHASE AGREEMENTS
	The Company has entered into repurchase agreements (including one residential loan warehouse facility) 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 0.51% at June 30, 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 June 30, 2014 and December 31, 2013:
			June 30, 2014					December 31, 2013
					Weighted					Weighted
			Amount		average			Amount		average
			outstanding		interest rate			outstanding		interest rate
	Agency		$	460,794,000		0.35	%	$	370,901,000		0.4	%
	Non-Agency(1)			43,173,000		1.91	%		41,271,000		2.09	%
	Multi-Family(2)			4,365,000		1.28	%		-		0	%
	Mortgage loans			3,957,697		3.22	%		-		0	%
	Total		$	512,289,697		0.51	%	$	412,172,000		0.57	%
		-1	At June 30, 2014 and December 31, 2013, the Company had repurchase agreements of $97,966,000 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 June 30, 2014, the Company had repurchase agreements of $99,751,000 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 June 30, 2014 and December 31, 2013, the repurchase agreements had the following remaining maturities:
			June 30, 2014		December 31, 2013
	< 30 days		$	405,615,000	$	373,422,000
	31 to 60 days			58,878,000		38,750,000
	61 to 90 days			43,839,000		-
	> 90 days			3,957,697		-
	Total		$	512,289,697	$	412,172,000
	Under the repurchase agreements (including the residential loan warehouse facitlty), 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 June 30, 2014.
	The following tables summarize certain characteristics of the Company’s repurchase agreements at June 30, 2014 and December 31, 2013:
			June 30, 2014
			Amount		Percent of total			Weighted average		Market Value
	Repurchase Agreement Counterparties		Outstanding(1)		amount outstanding			days to maturity		of collateral held
	North America		$	304,438,000		59.43	%		26	$	328,056,353
	Asia (2)			129,844,000		25.34	%		24		141,127,621
	Europe (2)			78,007,697		15.23	%		31		87,707,356
	Total		$	512,289,697		100	%		26	$	556,891,330
	(1) At June 30, 2014, the Company had repurchase agreements of $97,966,000 and $99,751,000 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	6 Months Ended
	Jun. 30, 2014
Derivative Instrument Detail [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	NOTE 8 – 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 June 30, 2014 and December 31, 2013. The Company’s Linked Transactions are evaluated on a combined basis.
		30-Jun-14
		Derivative Assets						Derivative Liabilities
		Fair value			Notional			Fair value			Notional
	Interest rate swaps	$	3,402			20,000,000		$	(10,034,037	)		358,000,000
	Swaptions		454,792			25,000,000			-			-
	Futures		-			-			(693,285	)		147,000,000
	Linked transactions		79,931,056			-			-			-
	Total	$	80,389,250			45,000,000		$	(10,727,322	)		505,000,000
		31-Dec-13
		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 June 30, 2014 and December 31, 2013:
		30-Jun-14
		Notional			Fair			Fixed Pay			Maturity			Forward
	Current Maturity Date	Amount			Value			Rate			Years			Starting
	3 years or less	$	35,000,000		$	(190,190	)		0.66	%		1.6			0	%
	Greater than 3 years and less than 5 years		191,000,000			(2,174,460	)		1.66	%		4.2			0	%
	Greater than 7 years and less than 10 years		95,000,000			(4,207,800	)		2.85	%		7.1			100	%
	Greater than 10 years		57,000,000			(3,458,185	)		3.29	%		10.2			100	%
	Total	$	378,000,000		$	(10,030,635	)		2.11	%		5.6			40.2	%
		31-Dec-13
		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 6 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 June 30, 2014 and December 31, 2013:
		30-Jun-14
											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)	$	277,983,160		$	(198,052,104	)	$	79,931,056		$	(79,931,056	)	$	-		$	-
	Swaptions		454,792			-			454,792			-			-			454,792
	Interest rate swaps		3,402			(3,402	)		-			-			-			-
	Total	$	278,441,354		$	(198,055,506	)	$	80,385,848		$	(79,931,056	)	$	-		$	454,792
		30-Jun-14
											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	$	(512,289,697	)	$	-		$	(512,289,697	)	$	512,289,697		$	-		$	-
	Linked transactions(2)		(198,052,104	)		198,052,104			-			-			-			-
Interest rate swaps		(10,034,037	)		3,402			(10,030,635	)		-			10,030,635			-
Futures		(693,285	)		-			(693,285	)		-			693,285			-
Total	$	(721,069,123	)	$	198,055,506		$	(523,013,617	)	$	512,289,697		$	10,723,920		$	-
	31-Dec-13
										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
	31-Dec-13
										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 Agreements 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 June 30, 2014 and December 31, 2013:
	30-Jun-14
	Non-Agency			Multi-Family			Total
Face Value	$	206,282,181		$	151,918,564		$	358,200,745
Unamortized premium		-			-			-
Unamortized discount
Designated credit reserve		(32,886,798	)		-			(32,886,798	)
Net, unamortized		(38,452,397	)		(24,849,596	)		(63,301,993	)
Amortized Cost		134,942,986			127,068,968			262,011,954
Gross unrealized gain		10,912,841			5,053,593			15,966,434
Gross unrealized loss		(276,080	)		-			(276,080	)
Fair Value	$	145,579,747		$	132,122,561		$	277,702,308
	31-Dec-13
	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		6,859,625			-			6,859,625
Gross unrealized loss		(473,672	)		-			(473,672	)
Fair Value	$	94,622,793		$	-		$	94,622,793
The following tables present the changes for the six months ended June 30, 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:
	30-Jun-14
	Designated			Unamortized
	credit reserve			net discount			Total
Beginning Balance as at January 1, 2014	$	(29,857,597	)	$	(30,770,386	)	$	(60,627,983	)
Acquisitions		(3,990,482	)		(37,669,863	)		(41,660,345	)
Accretion of net discount		-			5,138,256			5,138,256
Realized credit losses		961,281			-			961,281
Release of credit reserves		-			-			-
Ending balance at June 30, 2014	$	(32,886,798	)	$	(63,301,993	)	$	(96,188,791	)
	31-Dec-13
	Designated			Unamortized
	credit reserve			net discount			Total
Acquisitions	$	(37,793,143	)	$	(29,569,939	)	$	(67,363,082	)
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
	30-Jun-14
	Amount			Percent of total			Weighted average			Company RMBS
Repurchase Agreement Counterparties	Outstanding			amount outstanding			days to maturity			held as collateral
North America		117,719,000			59.54	%		35			168,883,173
Europe (1)		65,325,000			33.04	%		28			86,688,092
Asia (1)		14,673,000			7.42	%		11			22,131,044
Total	$	197,717,000			100	%		31		$	277,702,309
(1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.
	31-Dec-13
	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 June 30, 2014, Linked Transactions also included $280,851 of associated accrued interest receivable and $335,104 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 June 30, 2014 and June 30, 2013 and six months ended June 30, 2014 and June 30, 2013:
	Three Months Ended June 30, 2014
	Amount of realized			Amount of unrealized
Primary underlying risk	gain (loss)			appreciation (depreciation)			Total
Interest rate:
Interest rate swaps	$	(765,826	)	$	(4,807,659	)	$	(5,573,485	)
Swaptions		(84,000	)		(467,598	)		(551,598	)
Futures		-			(693,285	)		(693,285	)
Total	$	(849,826	)	$	(5,968,542	)	$	(6,818,368	)
	Three Months Ended June 30, 2013
	Amount of realized			Amount of unrealized
Primary underlying risk	gain (loss)			appreciation (depreciation)			Total
Interest rate:
Interest rate swaps	$	11,231,520		$	6,582,257		$	17,813,777
Swaptions		(94,667	)		1,038,635			943,968
Total	$	11,136,853		$	7,620,892		$	18,757,745
(1) In the three month period ended June, 2014, net swap interest expense totaled $679,777 comprised of $765,826 in interest expense paid (included in realized gain (loss)) and $86,049 in accrued interest income (included in unrealized appreciation (depreciation)). In the three month period ended June 30, 2013 net swap interest expense totaled $597,283 comprised of $528,651 in interest expense paid (included in realized gain (loss)) and $68,632 in accrued interest expense (included in unrealized appreciation (depreciation)).
	Six Months Ended June 30, 2014
	Amount of realized			Amount of unrealized
Primary underlying risk	gain (loss)			appreciation (depreciation)			Total
Interest rate:
Interest rate swaps	$	(1,142,140	)	$	(9,036,957	)	$	(10,179,097	)
Swaptions		(168,000	)		(1,148,003	)		(1,316,003	)
Futures		(191,047	)		(847,550	)		(1,038,597	)
TBAs		(191,406	)		(68,359	)		(259,765	)
Total	$	(1,692,593	)	$	(11,100,869	)	$	(12,793,462	)
	Six Months Ended June 30, 2013
	Amount of realized			Amount of unrealized
Primary underlying risk	gain (loss)			appreciation (depreciation)			Total
Interest rate:
Interest rate swaps	$	11,176,200		$	6,054,728		$	17,230,928
Swaptions		(110,667	)		1,045,172			934,505
Total	$	11,065,533		$	7,099,900		$	18,165,433
(1) In the six month period ended June, 2014, net swap interest expense totaled $1,316,793 comprised of $1,142,140 in interest expense paid (included in realized gain (loss)) and $174,653 in accrued interest expense (included in unrealized appreciation (depreciation)). In the six month period ended June 30, 2013 net swap interest expense totaled $660,140 comprised of $583,971 in interest expense paid (included in realized gain (loss)) and $76,169 in accrued interest expense (included in unrealized appreciation (depreciation)).
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 June 30, 2014 and June 30, 2013 and six months ended June 30, 2014 and June 30, 2013:
	Three Months Ended			Three Months Ended
	30-Jun-14			30-Jun-13
Interest income attributable to AFS underlying Linked Transactions	$	4,047,534		$	612,903
Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions		(759,622	)		(112,752	)
Change in fair value of Linked Transactions included in earnings		5,524,626			(1,987,175	)
Unrealized gain (loss) and net interest income from Linked Transactions	$	8,812,538		$	(1,487,024	)
	Six Months Ended			Six Months Ended
	30-Jun-14			30-Jun-13
Interest income attributable to AFS underlying Linked Transactions	$	6,630,434		$	1,064,756
Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions		(1,230,104	)		(184,055	)
Change in fair value of Linked Transactions included in earnings		9,304,403			(613,883	)
Unrealized gain and net interest income from Linked Transactions	$	14,704,733		$	266,818

FINANCIAL_INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Financial Instruments Disclosure [Text Block]	'
	NOTE 9 – FINANCIAL INSTRUMENTS
	U.S. GAAP defines fair value and provides a consistent framework for measuring fair value under U.S. GAAP. ASC 820 “Fair Value Measurement” expands fair value financial statement disclosure requirements. ASC 820 does not require any new fair value measurements and only applies to accounting pronouncements that already require or permit fair value measures, except for standards that relate to share-based payments.
	Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels are defined as follows:
		•	Level 1 Inputs – Quoted prices for identical instruments in active markets.
		•	Level 2 Inputs – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
		•	Level 3 Inputs – Instruments with primarily unobservable value drivers.
	The following tables summarize the valuation of the Company’s assets and liabilities at fair value within the fair value hierarchy levels as of June 30, 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		June 30, 2014
	Assets:
	Residential mortgage-backed securities (a)		$	-	$	563,540,150	$	-	$	563,540,150
	Multi-Family securities (a)			-		7,219,524		-		7,219,524
	Residential mortgage loans			-		4,510,797		-		4,510,797
	Linked transactions (b)			-		79,931,056		-		79,931,056
	Interest rate swaps			-		3,402		-		3,402
	Swaptions			-		454,792		-		454,792
	Total		$	-	$	655,659,721	$	-	$	655,659,721
	Liabilities:
	Interest rate swaps		$	-	$	-10,034,037	$	-	$	-10,034,037
	Futures			-693,285		-		-		-693,285
	Total		$	-693,285	$	-10,034,037	$	-	$	-10,727,322
			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 8.
	During the six months ended June 30, 2014 and year ended December 31, 2013, the Company did not have any transfers between any of the levels of the fair value hierarchy. Transfers between levels are deemed to take place on the last day of the reporting period in which the transfer takes place.
	As of June 30, 2014 and December 31, 2013, the Company did not have any Level 3 securities.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	NOTE 10 – 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 term of the management agreement expires on May 16, 2015, with automatic, one-year renewals thereafter.
	For the three months ended June 30, 2014, the Company incurred management fees of $622,843, included in Management Fee in the condensed consolidated statement of operations, of which $225,000 was accrued but had not been paid, included in fees and expenses payable to Manager in the condensed consolidated balance sheets.
	For the six months ended June 30, 2014, the Company incurred management fees of $1,090,378, included in Management fee in the condensed consolidated statement of operations, of which $225,000 was accrued but had not been paid, included in Fees and expenses payable to Manager in the condensed consolidated balance sheets.
	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 June 30, 2014, the Company incurred reimbursable expenses of $870,817, included in operating expenses reimbursable to the Manager in the condensed consolidated statement of operations, of which $335,000 was accrued but had not yet been paid, included in fees and expenses payable to the Manager in the condensed consolidated balance sheets.
	For the six months ended June 30, 2014, the Company incurred reimbursable expenses of $1,539,470, included in operating expenses reimbursable to the Manager in the condensed consolidated statement of operations, of which $335,000 was accrued but had not yet been paid, included in fees and expenses payable to the Manager in the condensed consolidated balance sheets..
	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 of the 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 $214,510 based on the closing price of the Company’s common stock on June 30, 2014 of $11.29. 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 and six months ended June 30, 2014, the Company recognized compensation expense related to restricted common stock of $19,405 and $64,482, respectively, included in compensation expense in the condensed consolidated statement of operations. The Company has unrecognized compensation expense of $89,355 as of June 30, 2014 for unvested shares of restricted common stock. As of June 30, 2014, the weighted average period for which the unrecognized compensation expense will be recognized is 14.8 months.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	NOTE 11 – 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 14,189,250 and 7,389,250 shares issued and outstanding as of June 30, 2014 and December 31, 2013.
	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.
	On June 19, 2014, the Company issued 3,500,000 shares of common stock for $11.00 per share. Net proceeds to the Company were $38,442,925, net of issuance costs of $57,075.
	Preferred Stock
	The Company has 50,000,000 authorized shares of preferred stock, par value $0.01 per share, with 1,610,000 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 June 30, 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 27th day of each month to holders of record at the close of business on the 15th 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.
	On May 21, 2014, the Company closed an offering of 690,000 additional shares of Series A Preferred Stock, including the exercise of the underwriters’ overallotment option. The net proceeds to the Company from this issuance were $16,325,373 after the deduction of initial set-up, funding and administration fees.
	Distributions to stockholders
	For the 2014 taxable year, the Company has declared dividends to common stockholders totaling $7,191,938, or $0.72 per share. The following table presents cash dividends declared by the Company on its common stock for the six months ended June 30, 2014:
	Declaration Date	Record Date	Payment Date	Dividend Amount		Cash Dividend Per Share
	30-Dec-13	15-Jan-14	30-Jan-14	$	923,656	$	0.09235
	30-Dec-13	14-Feb-14	27-Feb-14	$	923,656	$	0.09235
	30-Dec-13	17-Mar-14	28-Mar-14	$	1,336,156	$	0.13359
	25-Mar-14	15-Apr-14	29-Apr-14	$	1,336,156	$	0.13359
	25-Mar-14	15-May-14	29-May-14	$	1,336,156	$	0.13359
	25-Mar-14	16-Jun-14	27-Jun-14	$	1,336,156	$	0.13359
	The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the six months ended June 30, 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
	25-Mar-14	15-Apr-14	28-Apr-14	$	167,716	$	0.1823
	25-Mar-14	15-May-14	27-May-14	$	167,716	$	0.1823
	25-Mar-14	16-Jun-14	27-Jun-14	$	293,503	$	0.1823

EARNINGS_PER_SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	NOTE 12 – 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 June 30, 2014 and June 30, 2013 and six months ended June 30, 2014 and June 30, 2013:
		Three Months Ended June 30, 2014				Three Months Ended June 30, 2013
	Net income			$	4,424,609			$	7,970,380
	Less dividends paid:
	Common stock	$	4,008,469			$	3,325,163
	Unvested share-based
	payment awards		635,923				-
					4,644,392				3,325,163
	Undistributed earnings (deficit)			$	-219,783			$	4,645,217
		Unvested Share-Based				Unvested Share-Based
		Payment Awards		Common Stock		Payment Awards		Common Stock
	Distributed earnings	$	0.36	$	0.36	$	-	$	0.45
	Undistributed earnings (deficit)		-0.02		-0.02		0.63		0.63
	Total	$	0.34	$	0.34	$	0.63	$	1.08
		Six Months Ended June 30, 2014				Six Months Ended June 30, 2013
	Net Income			$	1,883,335			$	9,498,494
	Less dividends paid:
	Common stock	$	7,191,938			$	3,765,063
	Unvested share-based payment awards		1,116,495				2,326
					8,308,433				3,767,389
	Undistributed earnings (deficit)			$	-6,425,098			$	5,731,105
		Unvested Share-Based				Unvested Share-Based
		Payment Awards		Common Stock		Payment Awards		Common Stock
	Distributed earnings	$	0.72	$	0.72	$	-	$	0.78
	Undistributed earnings (deficit)		-0.64		-0.64		1.18		1.18
	Total	$	0.08	$	0.08	$	1.18	$	1.96
	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	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	NOTE 13 – SEGMENT REPORTING
	The Company invests in a portfolio comprised of mortgage-backed securities which operates as a single reporting segment.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	NOTE 14 – SUBSEQUENT EVENTS
	On July 18, 2014, FOAC entered into a Loan and Security Agreement by and among Bank of America N.A., as lender, FOAC, as borrower, and the Company, as guarantor, for the purpose of financing the acquisition of eligible prime jumbo residential mortgage loans and other approved mortgage loans, in furtherance of the Company’s previously announced strategy to aggregate and securitize such loans. The Loan Agreement provides for an aggregate maximum capacity of $100,000,000 which is scheduled to mature on January 14, 2015 unless extended pursuant to its terms.
	On July 29, 2014, FOAC entered into a Master Repurchase Agreement by and among Barclays Bank PLC, as buyer, FOAC, as seller, and the Company, as guarantor, for the purpose of financing the acquisition of prime jumbo residential mortgage loans and other approved mortgage loans, in furtherance of the Company’s previously announced strategy to aggregate and securitize such loans. The Repurchase Agreement provides for a 364-day facility term with an aggregate maximum capacity of $ 100,000,000 which is scheduled to mature on July 28, 2015 unless extended pursuant to its terms.
	As of August 11, 2014, FOAC had borrowed an aggregate amount of $151.2 million under these two facilities, in respect of residential mortgage loans with an unpaid principal balance of $162.5 million.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 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 and six months ended June 30, 2014 and for the three and six months ended June 30, 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 subsidiaries. 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 June 30, 2014 and December 31, 2013, no VIEs required consolidation as the Company was not the primary beneficiary of any of these VIEs. At June 30, 2014 and December 31, 2013, the maximum exposure of the Company to VIEs is limited to the fair value of its investments in Non-Agency RMBS and Multi-Family MBS as disclosed in Note 4 (Non-Agency RMBS $62,522,917 and $62,684,335, respectively, Multi-Family MBS $7,219,524 and $0, respectively).
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.
	On April 25, 2014, the Company filed an S-3 registration statement allowing the Company to issue common stock, preferred stock, debt securities and warrants up to a maximum aggregate offering price of $750,000,000. This registration statement is valid for a three-year period, and accordingly, the Company is amortizing the direct costs incurred in connection with this registration statement on a straight-line basis during this period.
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, Policy [Policy Text Block]	'
	Residential Loan Warehouse Facilities
	The Company will finance the acquisition of certain of its residential mortgage loans through the use of short-term, uncommitted residential loan warehouse facilities, which may be structured as repurchase agreements or secured loan facilities. Currently, the Company has one residential loan warehouse facility in place with a financial institution counterparty, structured as a repurchase agreement. Under this warehouse facility the Company has an aggregate borrowing limit of $125 million, of which $3.96 million has been drawn at June 30, 2014. The Company accounts for outstandings under this facility as a collateralized financing transaction which is carried at its contractual amount, and approximates fair value due to its short-term nature.
Available-for-Sale Securities, at Fair Value, Policy [Policy Text Block]	'
	Available-for-Sale Securities, at Fair Value
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.
Mortgage Loans Held-for-Sale, at Fair Value, Policy [Policy Text Block]	'
	Mortgage Loans Held-for-Sale, at Fair Value
	Mortgage loans held-for-sale are reported at fair value as a result of a fair value option election. See Note 3 – Fair Value Measurements for details on fair value measurement. Mortgage loans are currently classified as held-for-sale based upon the Company’s intent to sell them either in the secondary whole loan market or to include them in a securitization, including transfers to securitization entities that the Company plans to sponsor.
	Interest income on mortgage loans held-for-sale is recognized at the loan coupon rate. Interest income recognition is suspended when mortgage loans are placed on non-accrual status. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is considered non-collectible, and in all cases when payment becomes greater than 90 days past due. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible.
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 will be taxed as a standalone U.S. C-Corporation. From its inception to date our TRS has had limited activity and did not generate any taxable income.
	If a TRS generates net income, the TRS can declare dividends to the Company which will be included in its taxable income and necessitate a distribution to its shareholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity.
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 12 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 10 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.
New Accounting Pronouncements, Policy [Policy Text Block]	'
	Recently Issued and/or Adopted Accounting Standards
	In July 2013, the Financial Accouning Standards Board (“FASB”) issued ASU No. 2013-11, which requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (“NOL”) carryforward, or similar tax loss or tax credit carryforward, rather than a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. The ASU does not require any new recurring disclosures. It is effective prospectively for fiscal years, and interim periods within those years, beginning on or after December 15, 2013, with early adoption permitted. Adopting this ASU did not have any material impact on the Company’s condensed financial condition or results of operations.
	In June 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-11 “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”, which amends ASC 860, “Transfers and Servicing”. The amendments in this ASU change current accounting and disclosures for repurchase agreements and similar transactions under U.S. GAAP. In particular, ASU 2014-11 changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements under ASC 860.
	ASU 2014-11 also requires two new disclosures for transactions accounted for as secured borrowings (1) disaggregating the related gross obligation by class of collateral pledged, and to disclose the remaining contractual maturity of the agreements, and 2) discussing the potential risks of these agreements and related collateral pledged, including the risks stemming from a decline in the value of the pledged collateral and how such risks are managed. ASU 2014-11 requires enhanced disclosures by entities for transactions that involve a transfer of a financial asset reported as a sale and accompanied by an agreement that results in the transferor retaining substantially all of the exposure to the economic returns of the transferred asset during the transaction’s term. In these circumstances, the entity is required to provide by type of transaction 1) the carrying amount of the assets derecognized and the gross amount of proceeds received at the transfer date, 2) any related amounts reported on the balance sheet, such as those represented by derivative contracts, and 3) information about its ongoing exposure to the economic return on the transferred financial assets.
	ASU 2014-11 is effective for public entities for annual periods beginning after December 15, 2014 and interim periods beginning after March 15, 2015. The entity must report changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The new disclosures are not required for comparative periods prior to the effective date. Adopting this ASU will have a material impact on the Company's presentation of its statement of financial condition and results of operations as it relates to the Company’s linked transactions (See Note 8). Currently, linked transactions are reported on the balance sheet as derivative transactions, as a result of this ASU the assets and repurchase agreements that encompass linked transactions will be bifurcated and the gross amounts will be reported in available-for-sale securities and repurchase agreements respectively. In addition, unrealized gain (loss) and interest income on assets that are deemed to be linked are currently reflected in the income statement in other income unrealized gain (loss) and net interest income from Linked Transaction line item. As a result of this ASU the net interest income will be recognized in the consolidated statement of operations, and unrealized gain (loss) will be reflected in other comprehensive income.

AVAILABLEFORSALE_SECURITIES_Ta

AVAILABLE-FOR-SALE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2014 and December 31, 2013:
		June 30, 2014		December 31, 2013
	Mortgage-backed securities:
	Agency
	Federal National Mortgage Association	$	245,712,180	$	237,143,864
	Federal Home Loan Mortgage Corporation		255,305,053		145,156,756
	Non-Agency		62,522,917		62,684,335
	Multi-Family		7,219,524		-
	Total mortgage-backed securities	$	570,759,674	$	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 June 30, 2014 and December 31, 2013:
		June 30, 2014
		Agency		Non-Agency		Multi-Family		Total
	Face Value	$	494,073,391	$	90,230,063	$	7,000,000	$	591,303,454
	Unamortized premium		9,761,244		-		10,340		9,771,584
	Unamortized discount
	Designated credit reserve		-		-15,450,089		-		-15,450,089
	Net, unamortized		-2,789,551		-18,826,780		-185,727		-21,802,058
	Amortized Cost		501,045,084		55,953,194		6,824,613		563,822,891
	Gross unrealized gain		3,732,789		6,569,723		394,911		10,697,423
	Gross unrealized (loss)		-3,760,640		-		-		-3,760,640
	Fair Value	$	501,017,233	$	62,522,917	$	7,219,524	$	570,759,674
		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				4,331,610		4,331,610
	Gross unrealized (loss)		-15,426,564				-15,426,564
	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 June 30, 2014 and June 30, 2013 and six months ended June 30, 2014 and June 30, 2013:
		Three Months Ended		Three Months Ended
		June 30, 2014		June 30, 2013
	AFS securities sold, at cost	$	11,997,363	$	368,783,917
	Proceeds from AFS securities sold		12,915,101		355,338,884
	Net realized gain (loss) on sale of AFS securities	$	917,738	$	-13,445,033
		Six Months Ended		Six Months Ended
		June 30, 2014		June 30, 2013
	AFS securities sold, at cost	$	106,746,157	$	368,783,917
	Proceeds from AFS securities sold		103,535,140		355,338,884
	Net realized gain (loss) on sale of AFS securities	$	-3,211,017	$	-13,445,033
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 June 30, 2014 and December 31, 2013:
		June 30, 2014
		Agency		Non-Agency		Multi-Family		Total
	Adjustable rate	$	372,559,708	$	62,522,917	$	-	$	435,082,625
	Fixed rate		128,457,525		-		7,219,524		135,677,049
	Total	$	501,017,233	$	62,522,917	$	7,219,524	$	570,759,674
		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
Investments Classified by Contractual Maturity Date [Table Text Block]	'
	The following tables present the fair value of AFS investment securities by maturity date as of June 30, 2014 and December 31, 2013:
		June 30, 2014		December 31, 2013
	Less than one year	$	-	$	-
	Greater than one year and less than five years		57,571,227		-
	Greater than or equal to five years		513,188,447		444,984,955
	Total	$	570,759,674	$	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 six months ended June 30, 2014 and year ended December 31, 2013 of the unamortized net discount and designated credit reserves on the Company’s MBS.
		June 30, 2014
		Designated		Unamortized
		credit reserve		net discount		Total
	Beginning Balance as of January 1, 2014	$	-16,126,355	$	-22,400,380	$	-38,526,735
	Acquisitions		-		-1,905,327		-1,905,327
	Accretion of net discount		-		2,421,931		2,421,931
	Realized gain on paydowns		-		81,718		81,718
	Realized credit losses		676,266		-		676,266
	Release of credit reserves		-		-		-
	Ending balance at June 30, 2014	$	-15,450,089	$	-21,802,058	$	-37,252,147
		December 31, 2013
		Designated		Unamortized
		credit reserve		net discount		Total
	Acquisitions	$	-19,145,414	$	-24,606,107	$	-43,751,521
	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 June 30, 2014 and June 30, 2013 and six months ended June 30, 2014 and June 30, 2013:
		Three Months Ended June 30, 2014						Three Months Ended June 30, 2013
				Net (premium						Net (premium
		Coupon		amortization)/		Interest		Coupon		amortization)/		Interest
		interest		discount accretion		income		interest		discount accretion		income
	Agency	$	3,074,166	$	151,622	$	3,225,788	$	7,406,364	$	-622,957	$	6,783,407
	Non-Agency		127,034		1,042,083		1,169,117		58,226		514,317		572,543
	Multi-Family		83,461		8,913		92,374		-		-		-
	Total	$	3,284,661	$	1,202,618	$	4,487,279	$	7,464,590	$	-108,640	$	7,355,950
		Six Months Ended June 30, 2014						Six Months Ended June 30, 2013
				Net (premium						Net (premium
		Coupon		amortization)/		Interest		Coupon		amortization)/		Interest
		interest		discount accretion		income		interest		discount accretion		income
	Agency	$	5,770,383	$	212,007	$	5,982,390	$	10,406,208	$	-654,813	$	9,751,395
	Non-Agency		174,460		2,084,467		2,258,927		93,040		741,543		834,583
	Multi-Family		128,495		20,427		148,922		-		-		-
	Total	$	6,073,338	$	2,316,901	$	8,390,239	$	10,499,248	$	86,730	$	10,585,978

MORTGAGE_LOANS_HELDFORSALE_at_1

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2014
Mortgage loans held-for-sale Disclosure [Abstract]	'
Schedule of Mortgage loans held-for-sale [Table Text Block]	'
	The following table presents the fair value of the Company’s mortgage loans held-for-sale as of June 30, 2014 and December 31, 2013:
		June 30, 2014		December 31, 2013
	Unpaid principal balance	$	4,417,555	$	-
	Fair value adjustment		93,242		-
	Fair value	$	4,510,797	$	-

RESTRICTED_CASH_Tables

RESTRICTED CASH (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2014 and December 31, 2013:
		June 30, 2014		December 31, 2013
	Restricted cash balance held by:
	Broker counterparties for derivatives trading	$	37,421,092	$	7,297,667
	Repurchase counterparties as restricted collateral		5,737,601		6,015,490
	FOI restricted cash		249,985		-
	FOAC as minimum required capital		-		30,016
	Total	$	43,408,678	$	13,343,173

REPURCHASE_AGREEMENTS_Tables

REPURCHASE AGREEMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2014 and December 31, 2013:
			June 30, 2014					December 31, 2013
					Weighted					Weighted
			Amount		average			Amount		average
			outstanding		interest rate			outstanding		interest rate
	Agency		$	460,794,000		0.35	%	$	370,901,000		0.4	%
	Non-Agency(1)			43,173,000		1.91	%		41,271,000		2.09	%
	Multi-Family(2)			4,365,000		1.28	%		-		0	%
	Mortgage loans			3,957,697		3.22	%		-		0	%
	Total		$	512,289,697		0.51	%	$	412,172,000		0.57	%
		-1	At June 30, 2014 and December 31, 2013, the Company had repurchase agreements of $97,966,000 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 June 30, 2014, the Company had repurchase agreements of $99,751,000 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 June 30, 2014 and December 31, 2013, the repurchase agreements had the following remaining maturities:
			June 30, 2014		December 31, 2013
	< 30 days		$	405,615,000	$	373,422,000
	31 to 60 days			58,878,000		38,750,000
	61 to 90 days			43,839,000		-
	> 90 days			3,957,697		-
	Total		$	512,289,697	$	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 June 30, 2014 and December 31, 2013:
			June 30, 2014
			Amount		Percent of total			Weighted average		Market Value
	Repurchase Agreement Counterparties		Outstanding(1)		amount outstanding			days to maturity		of collateral held
	North America		$	304,438,000		59.43	%		26	$	328,056,353
	Asia (2)			129,844,000		25.34	%		24		141,127,621
	Europe (2)			78,007,697		15.23	%		31		87,707,356
	Total		$	512,289,697		100	%		26	$	556,891,330
	(1) At June 30, 2014, the Company had repurchase agreements of $97,966,000 and $99,751,000 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)	6 Months Ended
	Jun. 30, 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 June 30, 2014 and December 31, 2013. The Company’s Linked Transactions are evaluated on a combined basis.
		June 30, 2014
		Derivative Assets						Derivative Liabilities
		Fair value			Notional			Fair value			Notional
	Interest rate swaps	$	3,402			20,000,000		$	-10,034,037			358,000,000
	Swaptions		454,792			25,000,000			-			-
	Futures		-			-			-693,285			147,000,000
	Linked transactions		79,931,056			-			-			-
	Total	$	80,389,250			45,000,000		$	-10,727,322			505,000,000
		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 June 30, 2014 and December 31, 2013:
		June 30, 2014
		Notional			Fair			Fixed Pay			Maturity		Forward
	Current Maturity Date	Amount			Value			Rate			Years		Starting
	3 years or less	$	35,000,000		$	-190,190		0.66	%		1.6		0	%
	Greater than 3 years and less than 5 years		191,000,000			-2,174,460		1.66	%		4.2		0	%
	Greater than 7 years and less than 10 years		95,000,000			-4,207,800		2.85	%		7.1		100	%
	Greater than 10 years		57,000,000			-3,458,185		3.29	%		10.2		100	%
	Total	$	378,000,000		$	-10,030,635		2.11	%		5.6		40.2	%
		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 June 30, 2014 and December 31, 2013:
		June 30, 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)	$	277,983,160		$	-198,052,104		$	79,931,056		$	-79,931,056		$	-	$	-
	Swaptions		454,792			-			454,792			-			-		454,792
	Interest rate swaps		3,402			-3,402			-			-			-		-
	Total	$	278,441,354		$	-198,055,506		$	80,385,848		$	-79,931,056		$	-	$	454,792
		June 30, 2014
											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	$	-512,289,697		$	-		$	-512,289,697		$	512,289,697		$	-	$	-
	Linked transactions(2)		-198,052,104			198,052,104			-			-			-		-
	Interest rate swaps		-10,034,037			3,402			-10,030,635			-			10,030,635		-
	Futures		-693,285			-			-693,285			-			693,285		-
	Total	$	-721,069,123		$	198,055,506		$	-523,013,617		$	512,289,697		$	10,723,920	$	-
		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 Agreements 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 June 30, 2014 and December 31, 2013:
		June 30, 2014
		Non-Agency			Multi-Family			Total
	Face Value	$	206,282,181		$	151,918,564		$	358,200,745
	Unamortized premium		-			-			-
	Unamortized discount
	Designated credit reserve		-32,886,798			-			-32,886,798
	Net, unamortized		-38,452,397			-24,849,596			-63,301,993
	Amortized Cost		134,942,986			127,068,968			262,011,954
	Gross unrealized gain		10,912,841			5,053,593			15,966,434
	Gross unrealized loss		-276,080			-			-276,080
	Fair Value	$	145,579,747		$	132,122,561		$	277,702,308
		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		6,859,625			-			6,859,625
	Gross unrealized loss		-473,672			-			-473,672
	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 six months ended June 30, 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:
		June 30, 2014
		Designated			Unamortized
		credit reserve			net discount			Total
	Beginning Balance as at January 1, 2014	$	-29,857,597		$	-30,770,386		$	-60,627,983
	Acquisitions		-3,990,482			-37,669,863			-41,660,345
	Accretion of net discount		-			5,138,256			5,138,256
	Realized credit losses		961,281			-			961,281
	Release of credit reserves		-			-			-
	Ending balance at June 30, 2014	$	-32,886,798		$	-63,301,993		$	-96,188,791
		December 31, 2013
		Designated			Unamortized
		credit reserve			net discount			Total
	Acquisitions	$	-37,793,143		$	-29,569,939		$	-67,363,082
	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
		June 30, 2014
		Amount			Percent of total			Weighted average		Company RMBS
	Repurchase Agreement Counterparties	Outstanding			amount outstanding			days to maturity		held as collateral
	North America		117,719,000		59.54	%		35			168,883,173
	Europe (1)		65,325,000		33.04	%		28			86,688,092
	Asia (1)		14,673,000		7.42	%		11			22,131,044
	Total	$	197,717,000		100	%		31		$	277,702,309
	(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 June 30, 2014 and June 30, 2013 and six months ended June 30, 2014 and June 30, 2013:
		Three Months Ended June 30, 2014
		Amount of realized			Amount of unrealized
	Primary underlying risk	gain (loss)			appreciation (depreciation)			Total
	Interest rate:
	Interest rate swaps	$	-765,826		$	-4,807,659		$	-5,573,485
	Swaptions		-84,000			-467,598			-551,598
	Futures		-			-693,285			-693,285
	Total	$	-849,826		$	-5,968,542		$	-6,818,368
		Three Months Ended June 30, 2013
		Amount of realized			Amount of unrealized
	Primary underlying risk	gain (loss)			appreciation (depreciation)			Total
	Interest rate:
	Interest rate swaps	$	11,231,520		$	6,582,257		$	17,813,777
	Swaptions		-94,667			1,038,635			943,968
	Total	$	11,136,853		$	7,620,892		$	18,757,745
	(1) In the three month period ended June, 2014, net swap interest expense totaled $679,777 comprised of $765,826 in interest expense paid (included in realized gain (loss)) and $86,049 in accrued interest income (included in unrealized appreciation (depreciation)). In the three month period ended June 30, 2013 net swap interest expense totaled $597,283 comprised of $528,651 in interest expense paid (included in realized gain (loss)) and $68,632 in accrued interest expense (included in unrealized appreciation (depreciation)).
		Six Months Ended June 30, 2014
		Amount of realized			Amount of unrealized
	Primary underlying risk	gain (loss)			appreciation (depreciation)			Total
	Interest rate:
	Interest rate swaps	$	-1,142,140		$	-9,036,957		$	-10,179,097
	Swaptions		-168,000			-1,148,003			-1,316,003
	Futures		-191,047			-847,550			-1,038,597
	TBAs		-191,406			-68,359			-259,765
	Total	$	-1,692,593		$	-11,100,869		$	-12,793,462
		Six Months Ended June 30, 2013
		Amount of realized			Amount of unrealized
	Primary underlying risk	gain (loss)			appreciation (depreciation)			Total
	Interest rate:
	Interest rate swaps	$	11,176,200		$	6,054,728		$	17,230,928
	Swaptions		-110,667			1,045,172			934,505
	Total	$	11,065,533		$	7,099,900		$	18,165,433
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 June 30, 2014 and June 30, 2013 and six months ended June 30, 2014 and June 30, 2013:
		Three Months Ended				Three Months Ended
		30-Jun-14				30-Jun-13
	Interest income attributable to AFS underlying Linked Transactions	$	4,047,534			$	612,903
	Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions		(759,622	)			(112,752	)
	Change in fair value of Linked Transactions included in earnings		5,524,626				(1,987,175	)
	Unrealized gain (loss) and net interest income from Linked Transactions	$	8,812,538			$	(1,487,024	)
		Six Months Ended				Six Months Ended
		30-Jun-14				30-Jun-13
	Interest income attributable to AFS underlying Linked Transactions	$	6,630,434			$	1,064,756
	Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions		(1,230,104	)			(184,055	)
	Change in fair value of Linked Transactions included in earnings		9,304,403				(613,883	)
	Unrealized gain and net interest income from Linked Transactions	$	14,704,733			$	266,818

FINANCIAL_INSTRUMENTS_Tables

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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		June 30, 2014
	Assets:
	Residential mortgage-backed securities (a)		$	-	$	563,540,150	$	-	$	563,540,150
	Multi-Family securities (a)			-		7,219,524		-		7,219,524
	Residential mortgage loans			-		4,510,797		-		4,510,797
	Linked transactions (b)			-		79,931,056		-		79,931,056
	Interest rate swaps			-		3,402		-		3,402
	Swaptions			-		454,792		-		454,792
	Total		$	-	$	655,659,721	$	-	$	655,659,721
	Liabilities:
	Interest rate swaps		$	-	$	-10,034,037	$	-	$	-10,034,037
	Futures			-693,285		-		-		-693,285
	Total		$	-693,285	$	-10,034,037	$	-	$	-10,727,322
			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 8.

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2014:
	Declaration Date	Record Date	Payment Date	Dividend Amount		Cash Dividend Per Share
	30-Dec-13	15-Jan-14	30-Jan-14	$	923,656	$	0.09235
	30-Dec-13	14-Feb-14	27-Feb-14	$	923,656	$	0.09235
	30-Dec-13	17-Mar-14	28-Mar-14	$	1,336,156	$	0.13359
	25-Mar-14	15-Apr-14	29-Apr-14	$	1,336,156	$	0.13359
	25-Mar-14	15-May-14	29-May-14	$	1,336,156	$	0.13359
	25-Mar-14	16-Jun-14	27-Jun-14	$	1,336,156	$	0.13359
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 six months ended June 30, 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
	25-Mar-14	15-Apr-14	28-Apr-14	$	167,716	$	0.1823
	25-Mar-14	15-May-14	27-May-14	$	167,716	$	0.1823
	25-Mar-14	16-Jun-14	27-Jun-14	$	293,503	$	0.1823

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2014 and June 30, 2013 and six months ended June 30, 2014 and June 30, 2013:
		Three Months Ended June 30, 2014				Three Months Ended June 30, 2013
	Net income			$	4,424,609			$	7,970,380
	Less dividends paid:
	Common stock	$	4,008,469			$	3,325,163
	Unvested share-based
	payment awards		635,923				-
					4,644,392				3,325,163
	Undistributed earnings (deficit)			$	-219,783			$	4,645,217
		Unvested Share-Based				Unvested Share-Based
		Payment Awards		Common Stock		Payment Awards		Common Stock
	Distributed earnings	$	0.36	$	0.36	$	-	$	0.45
	Undistributed earnings (deficit)		-0.02		-0.02		0.63		0.63
	Total	$	0.34	$	0.34	$	0.63	$	1.08
		Six Months Ended June 30, 2014				Six Months Ended June 30, 2013
	Net Income			$	1,883,335			$	9,498,494
	Less dividends paid:
	Common stock	$	7,191,938			$	3,765,063
	Unvested share-based payment awards		1,116,495				2,326
					8,308,433				3,767,389
	Undistributed earnings (deficit)			$	-6,425,098			$	5,731,105
		Unvested Share-Based				Unvested Share-Based
		Payment Awards		Common Stock		Payment Awards		Common Stock
	Distributed earnings	$	0.72	$	0.72	$	-	$	0.78
	Undistributed earnings (deficit)		-0.64		-0.64		1.18		1.18
	Total	$	0.08	$	0.08	$	1.18	$	1.96

ORGANIZATION_AND_BUSINESS_OPER1

ORGANIZATION AND BUSINESS OPERATIONS (Details Textual)	6 Months Ended
	Jun. 30, 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) (USD $)	Apr. 25, 2014	Jun. 30, 2014
		Residential Loan Warehouse Facilities [Member]
Summary Of Significant Accounting Policies [Line Items]	'	'
Line of Credit Facility, Maximum Borrowing Capacity	'	$125,000,000
Proposed Maximum Aggregate Offering Price	750,000,000	'
Long-term Line of Credit	'	$3,960,000

AVAILABLEFORSALE_SECURITIES_De

AVAILABLE-FOR-SALE SECURITIES (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Mortgage-backed securities:	$570,759,674	$444,984,955
Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Mortgage-backed securities:	501,017,233	382,300,620
Agency [Member] | Federal National Mortgage Association [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Mortgage-backed securities:	245,712,180	237,143,864
Agency [Member] | Federal Home Loan Mortgage Corporation [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Mortgage-backed securities:	255,305,053	145,156,756
Non Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Mortgage-backed securities:	62,522,917	62,684,335
Multi-Family [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Mortgage-backed securities:	$7,219,524	$0

AVAILABLEFORSALE_SECURITIES_De1

AVAILABLE-FOR-SALE SECURITIES (Details 1) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Face Value	$591,303,454	$482,062,451
Unamortized premium	9,771,584	12,544,193
Unamortized discount	'	'
Designated credit reserve	-15,450,089	-16,126,355
Net, unamortized	-21,802,058	-22,400,380
Amortized Cost	563,822,891	456,079,909
Gross unrealized gain	10,697,423	4,331,610
Gross unrealized (loss)	-3,760,640	-15,426,564
Fair Value	570,759,674	444,984,955
Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Face Value	494,073,391	386,672,123
Unamortized premium	9,761,244	12,544,193
Unamortized discount	'	'
Designated credit reserve	0	0
Net, unamortized	-2,789,551	-1,489,132
Amortized Cost	501,045,084	397,727,184
Gross unrealized gain	3,732,789	'
Gross unrealized (loss)	-3,760,640	-15,426,564
Fair Value	501,017,233	382,300,620
Non Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Face Value	90,230,063	95,390,328
Unamortized premium	0	0
Unamortized discount	'	'
Designated credit reserve	-15,450,089	-16,126,355
Net, unamortized	-18,826,780	-20,911,248
Amortized Cost	55,953,194	58,352,725
Gross unrealized gain	6,569,723	4,331,610
Gross unrealized (loss)	0	'
Fair Value	62,522,917	62,684,335
Multi-Family [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Face Value	7,000,000	'
Unamortized premium	10,340	'
Unamortized discount	'	'
Designated credit reserve	0	'
Net, unamortized	-185,727	'
Amortized Cost	6,824,613	'
Gross unrealized gain	394,911	'
Gross unrealized (loss)	0	'
Fair Value	$7,219,524	$0

AVAILABLEFORSALE_SECURITIES_De2

AVAILABLE-FOR-SALE SECURITIES (Details 2) (AFS securities [Member], USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
AFS securities [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
AFS securities sold, at cost	$11,997,363	$368,783,917	$106,746,157	$368,783,917
Proceeds from AFS securities sold	12,915,101	355,338,884	103,535,140	355,338,884
Net realized gain (loss) on sale of AFS securities	$917,738	($13,445,033)	($3,211,017)	($13,445,033)

AVAILABLEFORSALE_SECURITIES_De3

AVAILABLE-FOR-SALE SECURITIES (Details 3) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	$570,759,674	$444,984,955
Adjustable Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	435,082,625	233,271,984
Fixed Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	135,677,049	211,712,971
Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	501,017,233	382,300,620
Agency [Member] | Adjustable Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	372,559,708	170,587,649
Agency [Member] | Fixed Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	128,457,525	211,712,971
Non Agency [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	62,522,917	62,684,335
Non Agency [Member] | Adjustable Rate [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Available-for-sale Securities, Total	62,522,917	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	7,219,524	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	$7,219,524	'

AVAILABLEFORSALE_SECURITIES_De4

AVAILABLE-FOR-SALE SECURITIES (Details 4) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Less than one year	$0	$0
Greater than one year and less than five years	57,571,227	0
Greater than or equal to five years	513,188,447	444,984,955
Total	$570,759,674	$444,984,955

AVAILABLEFORSALE_SECURITIES_De5

AVAILABLE-FOR-SALE SECURITIES (Details 5) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Designated credit reserve, Beginning balance	($16,126,355)	'
Designated credit reserve, Acquisitions	0	-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	676,266	2,363,284
Designated credit reserve, Release of credit reserves	0	655,775
Designated credit reserve, Ending balance	-15,450,089	-16,126,355
Unamortized net discount, Beginning balance	-22,400,380	'
Unamortized net discount, Acquisitions	-1,905,327	-24,606,107
Unamortized net discount, Accretion of net discount	2,421,931	2,836,240
Unamortized net discount, Realized gain on paydowns	81,718	25,262
Unamortized net discount, Realized credit losses	0	0
Unamortized net discount, Release of credit reserves	0	-655,775
Unamortized net discount, Ending balance	-21,802,058	-22,400,380
Beginning Balance, Total	-38,526,735	'
Acquisitions, Total	-1,905,327	-43,751,521
Accretion of net discount, Total	2,421,931	2,836,240
Realized gain on paydowns, Total	81,718	25,262
Realized credit losses, Total	676,266	2,363,284
Release of credit reserves, Total	0	0
Ending balance, Total	($37,252,147)	($38,526,735)

AVAILABLEFORSALE_SECURITIES_De6

AVAILABLE-FOR-SALE SECURITIES (Details 6) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Coupon interest	$3,284,661	$7,464,590	$6,073,338	$10,499,248
Net (premium amortization)/ discount accretion	1,202,618	-108,640	2,316,901	86,731
Interest income	4,487,279	7,355,950	8,390,239	10,585,978
Agency [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Coupon interest	3,074,166	7,406,364	5,770,383	10,406,208
Net (premium amortization)/ discount accretion	151,622	-622,957	212,007	-654,813
Interest income	3,225,788	6,783,407	5,982,390	9,751,395
Non Agency [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Coupon interest	127,034	58,226	174,460	93,040
Net (premium amortization)/ discount accretion	1,042,083	514,317	2,084,467	741,543
Interest income	1,169,117	572,543	2,258,927	834,583
Multi-Family [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Coupon interest	83,461	0	128,495	0
Net (premium amortization)/ discount accretion	8,913	0	20,427	0
Interest income	$92,374	$0	$148,922	$0

AVAILABLEFORSALE_SECURITIES_De7

AVAILABLE-FOR-SALE SECURITIES (Details Textual) (USD $)	6 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014
			AFS securities [Member]	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	$18,031,737	($26,435,355)	$5,625,970	$18,031,737

MORTGAGE_LOANS_HELDFORSALE_at_2

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Mortgage loans held-for-sale [Line Items]	'	'
Mortgages Held-for-sale, Fair Value Disclosure	$4,510,797	$0
Unpaid Principal Balance [Member]	'	'
Mortgage loans held-for-sale [Line Items]	'	'
Mortgages Held-for-sale, Fair Value Disclosure	4,417,555	0
Fair Value Adjustment [Member]	'	'
Mortgage loans held-for-sale [Line Items]	'	'
Mortgages Held-for-sale, Fair Value Disclosure	$93,242	$0

RESTRICTED_CASH_Details

RESTRICTED CASH (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	$43,408,678	$13,343,173
Broker Counterparties For Derivatives Trading [Member]	'	'
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	37,421,092	7,297,667
Repurchase Counterparties As Restricted Collateral [Member]	'	'
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	5,737,601	6,015,490
FOAC As Minimum Required Capital [Member]	'	'
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	0	30,016
FOI restricted cash [Member]	'	'
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	$249,985	$0

REPURCHASE_AGREEMENTS_Details

REPURCHASE AGREEMENTS (Details) (USD $)	Jun. 30, 2014		Dec. 31, 2013
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$512,289,697	[1]	$412,172,000	[2]
Repurchase Agreements weighted average interest rate	0.51%		0.57%
Agency [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	460,794,000		370,901,000
Repurchase Agreements weighted average interest rate	0.35%		0.40%
Non Agency [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	43,173,000	[3]	41,271,000	[3]
Repurchase Agreements weighted average interest rate	1.91%	[3]	2.09%	[3]
Multi-Family [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	4,365,000	[4]	0	[4]
Repurchase Agreements weighted average interest rate	1.28%	[4]	0.00%	[4]
Mortgage loans [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$3,957,697		$0
Repurchase Agreements weighted average interest rate	3.22%		0.00%
[1]	At June 30, 2014, the Company had repurchase agreements of $97,966,000 and $99,751,000 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 June 30, 2014 and December 31, 2013, the Company had repurchase agreements of $97,966,000 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 June 30, 2014, the Company had repurchase agreements of $99,751,000 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 $)	Jun. 30, 2014		Dec. 31, 2013
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$512,289,697	[1]	$412,172,000	[2]
Maturity up to 30 days [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	405,615,000		373,422,000
Maturity 31 To 60 Days [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	58,878,000		38,750,000
Maturity 61 To 90 Days [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	43,839,000		0
Maturity Over 90 Days Member [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$3,957,697		$0
[1]	At June 30, 2014, the Company had repurchase agreements of $97,966,000 and $99,751,000 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 $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Repurchase Agreement Counterparty [Line Items]	'		'
Repurchase Agreement Counterparties, Amount Outstanding	$512,289,697	[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	'26 days		'18 days
Repurchase Agreement Counterparties, Company RMBS held as collateral	556,891,330		444,984,955
North America [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Repurchase Agreement Counterparties, Amount Outstanding	304,438,000	[1]	261,289,000	[2]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	59.43%		63.39%
Repurchase Agreement Counterparties, weighted average days to maturity	'26 days		'20 days
Repurchase Agreement Counterparties, Company RMBS held as collateral	328,056,353		277,808,885
Asia [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Repurchase Agreement Counterparties, Amount Outstanding	129,844,000	[1],[3]	97,491,000	[2],[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	25.34%	[3]	23.65%	[3]
Repurchase Agreement Counterparties, weighted average days to maturity	'24 days	[3]	'12 days	[3]
Repurchase Agreement Counterparties, Company RMBS held as collateral	141,127,621	[3]	106,949,627	[3]
Europe [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Repurchase Agreement Counterparties, Amount Outstanding	78,007,697	[1],[3]	53,392,000	[2],[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	15.23%	[3]	12.96%	[3]
Repurchase Agreement Counterparties, weighted average days to maturity	'31 days	[3]	'21 days	[3]
Repurchase Agreement Counterparties, Company RMBS held as collateral	$87,707,356	[3]	$60,226,443	[3]
[1]	At June 30, 2014, the Company had repurchase agreements of $97,966,000 and $99,751,000 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 $)	Jun. 30, 2014		Dec. 31, 2013
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$512,289,697	[1]	$412,172,000	[2]
Repurchase Agreements Weighted Average Interest Rate	0.51%		0.57%
Multi Family MBS [Member]	'		'
Repurchase Agreements [Line Items]	'		'
Repurchase agreements	$99,751,000		'
[1]	At June 30, 2014, the Company had repurchase agreements of $97,966,000 and $99,751,000 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 $)	Jun. 30, 2014	Dec. 31, 2013
Derivative Financial Instruments, Fair value	$80,389,250	$35,583,970
Derivative Asset, Notional Amount	45,000,000	117,000,000
Derivative Financial Instruments, Fair value	-10,727,322	-1,231,667
Derivative Liability, Notional Amount	505,000,000	281,000,000
Interest Rate Swap [Member]	'	'
Derivative Financial Instruments, Fair value	3,402	237,989
Derivative Asset, Notional Amount	20,000,000	57,000,000
Derivative Financial Instruments, Fair value	-10,034,037	-1,231,667
Derivative Liability, Notional Amount	358,000,000	281,000,000
Swaption [Member]	'	'
Derivative Financial Instruments, Fair value	454,792	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	79,931,056	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	0	154,265
Derivative Asset, Notional Amount	0	10,000,000
Derivative Financial Instruments, Fair value	-693,285	0
Derivative Liability, Notional Amount	147,000,000	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 $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]	'	'
Derivative Financial Instruments, Notional Amount	$505,000,000	$281,000,000
Derivative Financial Instruments, Fair value	-10,727,322	-1,231,667
Derivative Financial Instruments, Fixed Pay Rate	2.11%	2.17%
Derivative Financial Instruments, Maturity Years	'5 years 7 months 6 days	'6 years 2 months 12 days
Derivative Financial Instruments, Forward Starting	40.20%	45.00%
3 years or less [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative Financial Instruments, Notional Amount	35,000,000	35,000,000
Derivative Financial Instruments, Fair value	-190,190	-166,619
Derivative Financial Instruments, Fixed Pay Rate	0.66%	0.66%
Derivative Financial Instruments, Maturity Years	'1 year 7 months 6 days	'2 years 1 month 6 days
Derivative Financial Instruments, Forward Starting	0.00%	0.00%
Greater than 3 years and less than 5 years [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative Financial Instruments, Notional Amount	191,000,000	151,000,000
Derivative Financial Instruments, Fair value	-2,174,460	-764,807
Derivative Financial Instruments, Fixed Pay Rate	1.66%	1.66%
Derivative Financial Instruments, Maturity Years	'4 years 2 months 12 days	'4 years 7 months 6 days
Derivative Financial Instruments, Forward Starting	0.00%	0.00%
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	-4,207,800	-300,242
Derivative Financial Instruments, Fixed Pay Rate	2.85%	2.85%
Derivative Financial Instruments, Maturity Years	'7 years 1 month 6 days	'7 years 7 months 6 days
Derivative Financial Instruments, Forward Starting	100.00%	100.00%
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	($3,458,185)	$237,990
Derivative Financial Instruments, Fixed Pay Rate	3.29%	3.29%
Derivative Financial Instruments, Maturity Years	'10 years 2 months 12 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 $)	Jun. 30, 2014		Dec. 31, 2013
Derivative [Line Items]	'		'
Gross amounts of recognized assets	$278,441,354		$96,877,268
Gross amounts offset in the Balance Sheet	-198,055,506		-61,685,552
Net amounts of assets presented in the Balance Sheet	80,385,848		35,191,716
Gross amounts not offset in the Balance Sheet, Financial instruments	-79,931,056	[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	454,792		1,839,154
Gross amounts of recognized liabilities	-721,069,123		-474,696,965
Gross amounts offset in the Balance Sheet	198,055,506		61,685,552
Net amounts of liabilities presented in the Balance Sheet	-523,013,617		-413,011,413
Gross amounts not offset in the Balance Sheet, Financial instruments	512,289,697	[1]	412,172,000	[1]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	10,723,920	[1]	839,413	[1]
Net amounts of liabilities, Net amount	0		0
Repurchase Agreements [Member]	'		'
Derivative [Line Items]	'		'
Gross amounts of recognized liabilities	-512,289,697		-412,172,000
Gross amounts offset in the Balance Sheet	0		0
Net amounts of liabilities presented in the Balance Sheet	-512,289,697		-412,172,000
Gross amounts not offset in the Balance Sheet, Financial instruments	512,289,697	[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	277,983,160	[2]	94,645,860	[2]
Gross amounts offset in the Balance Sheet	-198,052,104	[2]	-61,293,298	[2]
Net amounts of assets presented in the Balance Sheet	79,931,056	[2]	33,352,562	[2]
Gross amounts not offset in the Balance Sheet, Financial instruments	-79,931,056	[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	-198,052,104	[2]	-61,293,298	[2]
Gross amounts offset in the Balance Sheet	198,052,104	[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	3,402		237,989
Gross amounts offset in the Balance Sheet	-3,402		-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	-10,034,037		-1,231,667
Gross amounts offset in the Balance Sheet	3,402		237,989
Net amounts of liabilities presented in the Balance Sheet	-10,030,635		-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	10,030,635	[1]	993,678	[1]
Net amounts of liabilities, Net amount	0		0
Swaption [Member]	'		'
Derivative [Line Items]	'		'
Gross amounts of recognized assets	454,792		1,770,795
Gross amounts offset in the Balance Sheet	0		0
Net amounts of assets presented in the Balance Sheet	454,792		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	454,792		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	-693,285		0
Gross amounts offset in the Balance Sheet	0		154,265
Net amounts of liabilities presented in the Balance Sheet	-693,285		154,265
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	693,285	[1]	-154,265	[1]
Net amounts of liabilities, Net amount	0		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 Agreements 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 $)	Jun. 30, 2014	Dec. 31, 2013
Derivative [Line Items]	'	'
Face Value	$358,200,745	$148,864,823
Unamortized premium	0	0
Designated credit reserve	-32,886,798	-29,857,597
Net, unamortized	-63,301,993	-30,770,386
Amortized Cost	262,011,954	88,236,840
Gross unrealized gain	15,966,434	6,859,625
Gross unrealized loss	-276,080	-473,672
Fair Value	277,702,308	94,622,793
Non Agency [Member]	'	'
Derivative [Line Items]	'	'
Face Value	206,282,181	148,864,823
Unamortized premium	0	0
Designated credit reserve	-32,886,798	-29,857,597
Net, unamortized	-38,452,397	-30,770,386
Amortized Cost	134,942,986	88,236,840
Gross unrealized gain	10,912,841	6,859,625
Gross unrealized loss	-276,080	-473,672
Fair Value	145,579,747	94,622,793
Multi-Family [Member]	'	'
Derivative [Line Items]	'	'
Face Value	151,918,564	0
Unamortized premium	0	0
Designated credit reserve	0	0
Net, unamortized	-24,849,596	0
Amortized Cost	127,068,968	0
Gross unrealized gain	5,053,593	0
Gross unrealized loss	0	0
Fair Value	$132,122,561	$0

DERIVATIVE_INSTRUMENTS_HEDGING6

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 4) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Derivative [Line Items]	'	'
Designated credit reserve, Beginning balance	($32,886,798)	($29,857,597)
Designated credit reserve, Acquisitions	-3,990,482	-37,793,143
Designated credit reserve, Accretion of net discount	0	0
Designated credit reserve, Realized credit losses	961,281	3,087,184
Designated credit reserve, Release of credit reserves	0	4,848,362
Designated credit reserve, Ending balance	-32,886,798	-29,857,597
Unamortized net discount, Beginning balance	-63,301,993	-30,770,386
Unamortized net discount, Acquisitions	-37,669,863	-29,569,939
Unamortized net discount, Accretion of net discount	5,138,256	3,647,915
Unamortized net discount, Realized credit losses	0	0
Unamortized net discount, Release of credit reserves	0	-4,848,362
Unamortized net discount, Ending balance	-63,301,993	-30,770,386
Beginning balance, Total	-96,188,791	-60,627,983
Acquisitions, Total	-41,660,345	-67,363,082
Accretion of net discount, Total	5,138,256	3,647,915
Realized credit losses, Total	961,281	3,087,184
Release of credit reserves, Total	0	0
Ending balance, Total	($96,188,791)	($60,627,983)

DERIVATIVE_INSTRUMENTS_HEDGING7

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 5) (USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	$512,289,697	[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	'26 days		'18 days
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	556,891,330		444,984,955
Linked Repurchase Agreements [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	197,717,000		61,181,000
Repurchase Agreement Counterparties, Percentage of total amount outstanding	100.00%		100.00%
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'31 days		'21 days
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	277,702,309		94,622,793
North America [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	304,438,000	[1]	261,289,000	[2]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	59.43%		63.39%
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'26 days		'20 days
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	328,056,353		277,808,885
North America [Member] | Linked Repurchase Agreements [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	117,719,000		52,871,000
Repurchase Agreement Counterparties, Percentage of total amount outstanding	59.54%		86.42%
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'35 days		'21 days
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	168,883,173		79,528,540
Asia [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	129,844,000	[1],[3]	97,491,000	[2],[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	25.34%	[3]	23.65%	[3]
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'24 days	[3]	'12 days	[3]
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	141,127,621	[3]	106,949,627	[3]
Asia [Member] | Linked Repurchase Agreements [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	14,673,000	[3]	4,987,000	[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	7.42%	[3]	8.15%	[3]
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'11 days	[3]	'7 days	[3]
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	22,131,044	[3]	8,790,416	[3]
Europe [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	78,007,697	[1],[3]	53,392,000	[2],[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	15.23%	[3]	12.96%	[3]
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'31 days	[3]	'21 days	[3]
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	87,707,356	[3]	60,226,443	[3]
Europe [Member] | Linked Repurchase Agreements [Member]	'		'
Repurchase Agreement Counterparty [Line Items]	'		'
Secured Debt, Repurchase Agreements	65,325,000	[3]	3,323,000	[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	33.04%	[3]	5.43%	[3]
Repurchase Agreement Counterparties, Weighted Average Maturity Of Agreements	'28 days	[3]	'43 days	[3]
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	$86,688,092	[3]	$6,303,837	[3]
[1]	At June 30, 2014, the Company had repurchase agreements of $97,966,000 and $99,751,000 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		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Interest rate:	'	'	'	'
Amount of realized gain (loss)	($849,826)	$11,136,853	($1,692,593)	$11,065,533
Amount of unrealized appreciation (depreciation)	-5,968,542	7,620,892	-11,100,869	7,099,900
Total	-6,818,368	18,757,745	-12,793,462	18,165,433
Interest Rate Swaps [Member]	'	'	'	'
Interest rate:	'	'	'	'
Amount of realized gain (loss)	-765,826	11,231,520	-1,142,140	11,176,200
Amount of unrealized appreciation (depreciation)	-4,807,659	6,582,257	-9,036,957	6,054,728
Total	-5,573,485	17,813,777	-10,179,097	17,230,928
Swaptions [Member]	'	'	'	'
Interest rate:	'	'	'	'
Amount of realized gain (loss)	-84,000	-94,667	-168,000	-110,667
Amount of unrealized appreciation (depreciation)	-467,598	1,038,635	-1,148,003	1,045,172
Total	-551,598	943,968	-1,316,003	934,505
Futures [Member]	'	'	'	'
Interest rate:	'	'	'	'
Amount of realized gain (loss)	0	'	-191,047	'
Amount of unrealized appreciation (depreciation)	-693,285	'	-847,550	'
Total	-693,285	'	-1,038,597	'
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		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Derivative [Line Items]	'	'	'	'
Change in fair value of Linked Transactions included in earnings	($849,826)	$11,136,853	($1,692,593)	$11,065,533
Unrealized gain and net interest income from Linked Transactions	8,812,538	-1,487,024	14,704,733	266,818
Linked Tansactions [Member]	'	'	'	'
Derivative [Line Items]	'	'	'	'
Interest income attributable to AFS underlying Linked Transactions	4,047,534	612,903	6,630,434	1,064,756
Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions	-759,622	-112,752	-1,230,104	-184,055
Change in fair value of Linked Transactions included in earnings	5,524,626	-1,987,175	9,304,403	-613,883
Unrealized gain and net interest income from Linked Transactions	$8,812,538	($1,487,024)	$14,704,733	$266,818

Recovered_Sheet1

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details Textual) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Derivative [Line Items]	'	'	'	'	'
Accrued interest receivable	$1,473,073	'	$1,473,073	'	$1,045,191
Accrued interest payable	262,468	'	262,468	'	274,615
Interest Income (Expense), Net, Total	3,890,862	6,364,003	7,238,323	7,264,316	'
Investment Income, Interest	3,284,661	7,464,590	6,073,338	10,499,248	'
Swap [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Interest Income (Expense), Net, Total	679,777	597,283	1,316,793	660,140	'
Interest Expense	765,826	528,651	1,142,140	583,971	'
Investment Income, Interest	86,049	68,632	174,653	76,169	'
Linked Tansactions [Member]	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Accrued interest receivable	280,851	'	280,851	'	'
Accrued interest payable	$335,104	'	$335,104	'	'

FINANCIAL_INSTRUMENTS_Details

FINANCIAL INSTRUMENTS (Details) (USD $)	Jun. 30, 2014		Dec. 31, 2013
Assets:	'		'
Assets, Fair Value Disclosure	$655,659,721		$480,568,925
Liabilities:	'		'
Liabilities, Fair Value Disclosure	-10,727,322		-1,231,667
Fair Value, Inputs, Level 1 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0		154,265
Liabilities:	'		'
Liabilities, Fair Value Disclosure	-693,285		0
Fair Value, Inputs, Level 2 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	655,659,721		480,414,660
Liabilities:	'		'
Liabilities, Fair Value Disclosure	-10,034,037		-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	563,540,150	[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	563,540,150	[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]
Linked transactions [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	79,931,056	[2]	33,352,562	[2]
Linked transactions [Member] | Fair Value, Inputs, Level 1 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0	[2]	0	[2]
Linked transactions [Member] | Fair Value, Inputs, Level 2 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	79,931,056	[2]	33,352,562	[2]
Linked transactions [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	3,402		237,989
Liabilities:	'		'
Liabilities, Fair Value Disclosure	-10,034,037		-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	3,402		237,989
Liabilities:	'		'
Liabilities, Fair Value Disclosure	-10,034,037		-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	454,792		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	454,792		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
Liabilities:	'		'
Liabilities, Fair Value Disclosure	-693,285		'
Futures [Member] | Fair Value, Inputs, Level 1 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	'		154,265
Liabilities:	'		'
Liabilities, Fair Value Disclosure	-693,285		'
Futures [Member] | Fair Value, Inputs, Level 2 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	'		0
Liabilities:	'		'
Liabilities, Fair Value Disclosure	0		'
Futures [Member] | Fair Value, Inputs, Level 3 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	'		0
Liabilities:	'		'
Liabilities, Fair Value Disclosure	0		'
Multi-Family securities [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	7,219,524	[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	7,219,524	[1]	'
Multi-Family securities [Member] | Fair Value, Inputs, Level 3 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0	[1]	'
Residential mortgage loans [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	4,510,797		'
Residential mortgage loans [Member] | Fair Value, Inputs, Level 1 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	0		'
Residential mortgage loans [Member] | Fair Value, Inputs, Level 2 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	4,510,797		'
Residential mortgage loans [Member] | Fair Value, Inputs, Level 3 [Member]	'		'
Assets:	'		'
Assets, Fair Value Disclosure	$0		'
[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 8.

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Textual) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Mar. 31, 2013

Jun. 30, 2014

Mar. 31, 2013

Jun. 30, 2014

Reimbursable Expense [Member]

Manager Equity Plan [Member]

Manager Equity Plan [Member]

Manager Equity Plan [Member]

Manager Equity Plan [Member]

Manager Equity Plan [Member]

Manager Equity Plan [Member]

Manager Equity Plan [Member]

Manager Equity Plan [Member]

Manager Equity Plan [Member]

Manager Equity Plan [Member]

Manager Equity Plan [Member]

Manager Equity Plan [Member]

Restricted Stock Units (Rsus) [Member]

Independent Director One [Member]

Independent Director Two [Member]

Independent Director Three [Member]

Independent Director [Member]

Independent Director [Member]

Independent Director [Member]

Manager [Member]

Manager [Member]

Restricted Stock Units (Rsus) [Member]

Restricted Stock Units (Rsus) [Member]

Restricted Stock Units (Rsus) [Member]

Restricted Stock Units (Rsus) [Member]

Restricted Stock Units (Rsus) [Member]

Restricted Stock Units (Rsus) [Member]

Restricted Stock Units (Rsus) [Member]

Restricted Stock Units (Rsus) [Member]

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management Fee Percentage

'

'

1.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management fee

$622,843

$412,862

$1,090,378

$528,002

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management Fee Payable

225,000

'

225,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating expenses reimbursable to Manager

870,817

727,234

1,539,470

908,098

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage Of Shares Issued

'

'

'

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

'

'

'

'

'

'

'

'

'

'

1,500

1,500

1,500

4,500

'

'

28,500

'

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.

'

'

Common Stock Purchase Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$14.50

'

'

$11.29

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.

'

Restricted stock compensation expense

'

'

-35,696

49,964

'

'

19,405

'

64,482

'

'

'

'

'

'

'

'

'

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options

'

'

'

'

'

'

'

'

'

89,355

'

'

'

'

'

'

'

'

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition

'

'

'

'

'

'

'

'

'

'14 years 9 months 18 days

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

Due To Related Parties

560,000

'

560,000

'

330,000

335,000

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$65,250

'

'

$214,510

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Distribution One [Member]

Distribution One [Member]

Distribution Two [Member]

Distribution Two [Member]

Distribution Three [Member]

Distribution Three [Member]

Distribution Four [Member]

Distribution Four [Member]

Distribution Five [Member]

Distribution Five [Member]

Distribution Six [Member]

Distribution Six [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]

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

25-Mar-14

25-Mar-14

25-Mar-14

25-Mar-14

25-Mar-14

25-Mar-14

Record Date

'

'

'

15-Jan-14

15-Jan-14

14-Feb-14

14-Feb-14

17-Mar-14

17-Mar-14

15-Apr-14

15-Apr-14

15-May-14

15-May-14

16-Jun-14

16-Jun-14

Payment Date

'

'

'

27-Jan-14

30-Jan-14

27-Feb-14

27-Feb-14

27-Mar-14

28-Mar-14

28-Apr-14

29-Apr-14

27-May-14

29-May-14

27-Jun-14

27-Jun-14

Dividend Amount

$29,349

$42,501

$0

$165,280

$923,656

$167,716

$923,656

$167,716

$1,336,156

$167,716

$1,336,156

$167,716

$1,336,156

$293,503

$1,336,156

Cash Dividend Per Share (in dollars per share)

'

'

'

$0.21

$0.09

$0.18

$0.09

$0.18

$0.13

$0.18

$0.13

$0.18

$0.13

$0.18

$0.13

STOCKHOLDERS_EQUITY_Details_Te

STOCKHOLDERS' EQUITY (Details Textual) (USD $)	6 Months Ended		12 Months Ended	1 Months Ended	6 Months Ended	1 Months Ended		6 Months Ended	0 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	21-May-14	Jun. 30, 2014	Jun. 19, 2014	Feb. 19, 2014	Jun. 30, 2014	Jul. 25, 2013	Jun. 30, 2014
				Series A Preferred Stock [Member]	Series A Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member]	Common Stock [Member]	Common Stock [Member]	Preferred Stock [Member]
									IPO [Member]
Stockholders' Equity Note [Line Items]	'	'	'	'	'	'	'	'	'	'
Stock Issued During Period, Shares, New Issues	'	'	'	'	'	3,500,000	3,000,000	'	'	'
Stock Issued During Period Offer Price New Issues	'	'	'	'	'	$11	$11.30	'	'	'
Proceeds from Issuance of Private Placement	'	'	'	'	'	$38,442,925	$31,927,377	'	'	'
Payments of Stock Issuance Costs	'	'	'	'	'	57,075	1,972,623	'	'	'
Preferred Stock, Dividend Rate, Percentage	8.75%	'	8.75%	'	8.75%	'	'	'	'	'
Proceeds from Issuance of Preferred Stock and Preference Stock	19,103,574	10,041	'	'	2,778,201	'	'	'	'	'
Dividends Payable	29,349	0	42,501	'	'	'	'	'	'	7,191,938
Dividends Payable, Amount Per Share	'	'	'	'	'	'	'	'	'	$0.72
Warrants To Purchase Common Stock	'	'	'	'	'	'	'	'	3,125,000	'
Common Stock Exercise Price Description	'	'	'	'	'	'	'	'	'at a per share exercise price equal to 105% of the $15.00 IPO price, or $15.75	'
Preferred Stock, Liquidation Preference Per Share	'	'	'	'	$25	'	'	$11.30	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	'	'	'	'	120,000	'	'	450,000	'	'
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	14,189,250	'	7,389,250	'	'	'	'	'	'	'
Common Stock, Shares, Outstanding	14,189,250	'	7,389,250	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	'	'	'	'	120,000	'	'	300,000	'	'
Expense Related to Distribution or Servicing and Underwriting Fees	'	'	'	'	221,799	'	'	175,675	'	'
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	1,610,000	'	800,000	'	'	'	'	'	'	'
Preferred Stock, Shares Outstanding	1,610,000	'	800,000	'	'	'	'	'	'	'
Proceeds from Stock Options Exercised	'	'	'	'	'	'	'	3,214,325	'	'
Stock Issued During Period Shares New Issues Two	'	'	'	690,000	'	'	'	0	'	810,000
Stock Issued During Period Value New Issues Two	$19,103,574	'	'	$16,325,373	'	'	'	$0	'	$19,103,574

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'	'	'	'
Net income	$4,424,609	$7,970,380	$1,883,335	$9,498,494
Less dividends paid:	'	'	'	'
Common stock	4,008,469	3,325,163	7,191,938	3,765,063
Unvested share-based payment awards	635,923	0	1,116,495	2,326
Dividends	4,644,392	3,325,163	8,308,433	3,767,389
Undistributed earnings (deficit)	-219,783	4,645,217	-6,425,098	5,731,105
Common Stock [Member]	'	'	'	'
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'	'	'	'
Net income	'	'	0	'
Less dividends paid:	'	'	'	'
Common stock	'	'	$0	'
Distributed earnings (in dollars per share)	$0.36	$0.45	$0.72	$0.78
Undistributed earnings (deficit) (in dollars per share)	($0.02)	$0.63	($0.64)	$1.18
Total (in dollars per share)	$0.34	$1.08	$0.08	$1.96
Unvested Share Based Payment Awards [Member]	'	'	'	'
Less dividends paid:	'	'	'	'
Distributed earnings (in dollars per share)	$0.36	$0	$0.72	$0
Undistributed earnings (deficit) (in dollars per share)	($0.02)	$0.63	($0.64)	$1.18
Total (in dollars per share)	$0.34	$0.63	$0.08	$1.18

SUBSEQUENT_EVENTS_Details_Text

SUBSEQUENT EVENTS (Details Textual) (Subsequent Event [Member], USD $)	1 Months Ended
	Jul. 18, 2014	Jul. 29, 2014	Aug. 11, 2014
	Loan and Security Agreement [Member]	Repurchase Agreements [Member]	Residential Mortgage Loans [Member]
	Bank of America N.A. [Member]	Barclays Bank PLC [Member]
Subsequent Event [Line Items]	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity	$100,000,000	$100,000,000	'
Debt Instrument, Maturity Date	14-Jan-15	28-Jul-15	'
Line of Credit Facility, Current Borrowing Capacity	'	'	151,200,000
Line of Credit Facility, Remaining Borrowing Capacity	'	'	$162,500,000