Lument Finance Trust (LFT) 10-K 16 Mar 15 2014 FY Annual report Financial data

Document_And_Entity_Informatio

Document And Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Mar. 02, 2015	Jun. 30, 2014
Document Information [Line Items]
Entity Registrant Name	Five Oaks Investment Corp.
Entity Central Index Key	1547546
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Trading Symbol	OAKS
Entity Common Stock, Shares Outstanding		14,718,750
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$122.50

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014		Dec. 31, 2013
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $366,103,204 and $444,984,955 for December 31, 2014 and December 31, 2013, respectively)	$368,315,738		$444,984,955
Mortgage loans held-for-sale, at fair value	54,678,382		0
Multi-family loans held in securitization trusts, at fair value	1,750,294,430		0
Residential loans held in securitization trusts, at fair value	631,446,984		0
Linked transactions, net, at fair value	60,818,111		33,352,562
Cash and cash equivalents	32,274,285		33,062,931
Restricted cash	11,400,645		13,343,173
Deferred offering costs	945,661		0
Accrued interest receivable	10,962,663		1,045,191
Investment related receivable	979,509		506,892
Derivative assets, at fair value	21,550		1,839,154
Other assets	71,599		66,547
Total assets	2,922,209,557	[1]	528,201,405	[1]
LIABILITIES:
Repurchase agreements	594,877,852		412,172,000
Multi-family securitized debt obligations	1,670,573,456		0
Residential securitized debt obligations	432,035,976		0
Derivative liabilities, at fair value	2,289,058		839,413
Accrued interest payable	8,238,924		274,615
Dividends payable	39,132		42,501
Fees and expenses payable to Manager	1,062,000		330,000
Other accounts payable and accrued expenses	295,029		617,514
Total liabilities	2,709,411,427	[1]	414,276,043	[1]
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 December 31, 2014 and December 31, 2013, respectively	37,156,972		18,060,898
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,718,750 and 7,389,250 shares issued and outstanding, at December 31, 2014 and December 31, 2013, respectively	146,953		73,563
Additional paid-in capital	189,332,874		110,129,489
Accumulated other comprehensive income (loss)	7,208,350		-11,094,954
Cumulative distributions to stockholders	-32,406,541		-11,289,370
Accumulated earnings	11,359,522		8,045,736
Total stockholders' equity	212,798,130		113,925,362
Total liabilities and stockholders' equity	2,922,209,557		528,201,405
Available-for-sale Securities [Member]
LIABILITIES:
Repurchase agreements	544,614,000		412,172,000
Mortgage Loans Held-or-Sale [Member]
LIABILITIES:
Repurchase agreements	$50,263,852		$0
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is primary beneficiary of these VIEs. As of December 31, 2014 and December 31, 2013, assets of consolidated VIEs totaled $2,389,784,101 and $0, respectively, and the liabilities of consolidated VIEs totaled $2,180,936,221 and $0, respectively.

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets [Parenthetical] (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Available-for-sale Securities Pledged as Collateral (in dollars)	$366,103,204	$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	14,718,750	7,389,250
Common stock, shares outstanding	14,718,750	7,389,250
Variable Interest Entity, Consolidated, Carrying Amount, Assets	2,389,754,101	0
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$2,180,936,221	$0

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Interest income:
Available-for-sale securities	$16,560,338	$16,411,730
Mortgage loans held-for-sale	3,634,264	0
Multi-family loans held in securitization trusts	21,158,102	0
Residential loans held in securitization trusts	4,438,634	0
Cash and cash equivalents	21,274	11,843
Interest expense:
Repurchase agreements - available-for-sale securities	-2,661,329	-2,243,565
Repurchase agreements - mortgage loans held-for-sale	-2,203,961	0
Multi-family securitized debt obligations	-19,400,851	0
Residential securitized debt obligations	-3,575,168	0
Net interest income	17,971,303	14,180,008
Other income:
Realized gain (loss) on sale of investments, net	3,271,592	-31,581,087
Unrealized gain (loss) and net interest income from Linked Transactions	10,605,848	5,838,309
Realized gain (loss) on derivative contracts, net	-18,214,460	18,812,854
Unrealized gain (loss) on derivative contracts, net	-2,931,249	878,100
Realized (loss) on mortgage loans held-for-sale	-776,971	0
Unrealized gain on mortgage loans held-for-sale	329,728	0
Unrealized gain/(loss) on multi-family loans held in securitization trusts	1,473,485	0
Unrealized gain/(loss) on residential loans held in securitization trusts	3,059,647	0
Other income	59,590	0
Total other income (loss)	-3,122,790	-6,051,824
Expenses:
Management fee	2,627,592	1,287,077
General and administrative expenses	2,901,076	992,115
Operating expenses reimbursable to Manager	3,247,683	2,103,223
Other operating expenses	2,504,741	288,416
Compensation expense	253,635	230,923
Total expenses	11,534,727	4,901,754
Net income (loss)	3,313,786	3,226,430
Dividends to preferred stockholders	-2,887,296	-44,827
Net income (loss) attributable to common stockholders	426,490	3,181,603
Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)	$426,490	$3,181,603
Weighted average number of shares of common stock outstanding (in shares)	12,358,587	6,132,702
Basic and diluted income per share (in dollars per share)	$0.03	$0.52
Dividends declared per share of common stock (in dollars per share)	$1.47	$1.64

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Net income	$3,313,786	$3,226,430
Other comprehensive income (loss):
Increase (decrease) in net unrealized gain on available-for-sale securities, net	10,845,303	-12,094,479
Reclassification adjustment for net gain (loss) included in net income	7,458,001	-1,434,472
Total other comprehensive income (loss)	18,303,304	-13,528,951
Less: Dividends to preferred stockholders	-2,887,296	-44,827
Comprehensive income (loss) attributable to common stockholders	$18,729,794	($10,347,348)

Consolidated_Statements_of_Sto

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, 2012	$32,268,720	$0	$16,563	$26,160,526	$2,433,997	($1,161,672)	$4,819,306
Balance (in shares) at Dec. 31, 2012		0	1,656,250
Issuance of common stock, net	84,000,000	0	57,000	83,943,000	0	0	0
Issuance of common stock, net (in shares)		0	5,700,000
Issuance of preferred stock, net	18,070,938	8,001	0	18,062,937	0	0	0
Issuance of preferred stock, net (in shares)		800,100	0
Redemption of preferred stock, net	-110,000	-1	0	-109,999	0	0	0
Redemption of preferred stock, net (in shares)		-100	0
Restricted stock compensation expense	125,923	0	0	125,923	0	0	0
Restricted stock compensation expense (in shares)		0	33,000
Net income	3,226,430	0	0	0	0	0	3,226,430
Other comprehensive income (loss)	-13,528,951	0	0	0	-13,528,951	0	0
Common dividends declared	-10,082,871	0	0	0	0	-10,082,871	0
Preferred dividends declared	-44,827	0	0	0	0	-44,827	0
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	79,263,318	0	73,390	79,189,928	0	0	0
Issuance of common stock, net (in shares)		0	7,339,000
Issuance of preferred stock, net	19,096,074	19,096,074	0	0	0	0	0
Issuance of preferred stock, net (in shares)		810,000	0
Restricted stock compensation expense	13,457	0	0	13,457	0	0	0
Restricted stock compensation expense (in shares)		0	-9,500
Net income	3,313,786	0	0	0	0	0	3,313,786
Other comprehensive income (loss)	18,303,304	0	0	0	18,303,304	0	0
Common dividends declared	-18,229,875	0	0	0	0	-18,229,875	0
Preferred dividends declared	-2,887,296	0	0	0	0	-2,887,296	0
Balance at Dec. 31, 2014	$212,798,130	$37,156,972	$146,953	$189,332,874	$7,208,350	($32,406,541)	$11,359,522
Balance (in shares) at Dec. 31, 2014		1,610,000	14,718,750

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)	$3,313,786	$3,226,430
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization/accretion of available-for-sale securities premiums and discounts, net	-4,705,639	-1,974,765
Realized loss on sale of investments, net	3,877,356	33,931,298
Unrealized (gain) loss on Linked Transactions, net	1,966,726	-2,364,354
Realized (gain) loss on derivative contracts	18,214,460	-18,812,854
Unrealized loss on derivative contracts	2,931,249	-878,100
Realized loss on mortgage loans held-for-sale	776,971	0
Unrealized (gain) on mortgage loans held-for-sale	-329,728	0
Unrealized (gain) on on multi-family loans held in securitization trusts	-1,473,485	0
Unrealized (gain) on on residential loans held in securitization trusts	-3,059,647	0
Restricted stock compensation expense	13,457	125,923
Net change in:
Accrued interest receivable	-1,874,785	-855,827
Deferred offering costs	187,457	0
Other assets	-5,052	-66,547
Accrued interest payable	501,584	208,795
Fees and expenses payable to Manager	732,000	297,279
Other accounts payable and accrued expenses	-322,485	490,650
Net cash provided by operating activities	20,744,225	13,327,928
Cash flows from investing activities:
Purchase of available-for-sale securities	-521,681,124	-1,123,204,838
Purchase of mortgage loans held-for-sale	-451,629,615	678,640,520
Proceeds from mortgage loans held-for-sale	388,053,342	0
Proceeds from sales of available-for-sale securities	296,246,293	0
Net proceeds of (payment for) derivative contracts	-17,878,460	18,419,521
Principal payments from available-for-sale securities	45,077,314	35,121,878
Principal payments from mortgage loans held-for-sale	8,450,648	0
Investment related receivable	506,892	-506,892
Restricted cash	1,942,528	-11,409,783
Net cash used in investing activities	-250,912,182	-402,939,594
Cash flows from financing activities:
Net proceeds from issuance of common stock	79,263,318	84,000,000
Net proceeds from issuance of preferred stock	19,096,074	18,070,938
Redemption of preferred stock	0	-110,000
Change in deferred offering costs	-1,133,118	1,037,386
Dividends paid on common stock	-18,229,875	-10,303,705
Dividends paid on preferred stock	-2,890,665	-2,326
Proceeds from repurchase agreements - available-for-sale securities	4,528,080,286	4,116,258,000
Proceeds from repurchase agreements - mortgage loans held-for-sale	401,295,517	0
Principal repayments of repurchase agreements - available-for-sale securities	-4,395,638,286	-3,767,509,000
Principal repayments of repurchase agreements - mortgage loans held-for-sale	-351,031,665	0
Net cash received (paid) on securities underlying Linked Transactions	-117,544,275	-69,567,455
Net cash received from repurchase agreements underlying Linked Transactions	88,112,000	47,192,000
Net cash provided by financing activities	229,379,311	419,065,838
Net increase (decrease) in cash and cash equivalents	-788,646	29,454,172
Cash and cash equivalents, beginning of period	33,062,931	3,608,759
Cash and cash equivalents, end of period	32,274,285	33,062,931
Supplemental disclosure of cash flow information
Cash paid for interest	4,363,706	4,528,172
Non-cash investing and financing activities information
Restricted stock compensation expense	13,457	125,923
Dividends declared but not paid at end of period	39,132	42,501
Net change in unrealized gain (loss) on available-for-sale securities	18,303,304	-13,528,951
Consolidation of multi-family loans held in securitization trusts	1,677,847,006	0
Consolidation of residential loans held in securitization trusts	507,423,695	0
Consolidation of multi-family securitized debt obligations	1,676,373,521	0
Consolidation of residential securitized debt obligations	$433,698,636	$0

ORGANIZATION_AND_BUSINESS_OPER

ORGANIZATION AND BUSINESS OPERATIONS	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS
	Five Oaks Investment Corp. (the “Company”) is a Maryland corporation focused on investing primarily in, financing and managing 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. The Company also invests in residential mortgage loans, mortgage servicing rights, 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. 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.
	In September 2014, and October 2014, respectively, the Company acquired first loss tranches issued or backed by two Freddie Mac-sponsored Multi-Family MBS K series securitizations (the “FREMF 2011-K13 Trust” and the “FREMF 2012-KF01 Trust”). In October 2014, and December 2014, respectively, the Company also acquired first loss and subordinated tranches issued by two residential mortgage-backed securitizations (the “JPMMT 2014-OAK4 Trust” and the “CSMC 2014-OAK1 Trust”). The Company determined that each of the Trusts was a variable interest entity (“VIE”) and that in each case the Company was the primary beneficiary, and accordingly consolidated the assets and liabilities of the four trusts into the Company’s financial statements in accordance with U.S. GAAP.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	These financial statements have been prepared in accordance with U.S. GAAP and are expressed in United States dollars.
	The consolidated financial statements of the Company include the accounts of its subsidiaries.
	Reclassifications
	Certain prior year amounts have been reclassified to conform to current year presentation.
	Principles of Consolidation
	The accompanying consolidated financial statements of the Company include the accounts of the Company and all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity where the Company is the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.
	VIEs
	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 impact 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, 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. In general, the obligation to absorb losses is a function of holding a majority of the first loss tranche, while the ability to direct the activities that most significantly impact the VIEs economic performance will be determined based upon the rights associated with acting as the directing certificate holder, or equivalent, in a given transaction. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period based upon changes in the facts and circumstances pertaining to the VIE.
	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 December 31, 2014, the Company determined that it was the primary beneficiary of two Multi-Family MBS transactions (FREMF 2011-K13 and FREMF 2012-KF01), and two residential mortgage loan transactions (CSMC 2014-OAK1 and JPMMT 2014-OAK4), in each case based on its power to direct the trust’s activities and its obligations to absorb losses derived from the ownership of the first-loss tranches. Accordingly, the Company consolidated the assets, liabilities, income and expenses of each of the underlying trusts, and has elected the fair value option in respect of the assets and liabilities of each trust. The maximum exposure of the Company to loss from consolidation of the trusts is limited to the fair value of $208.8 million as of December 31, 2014 which represents the Company’s net aggregate investment. At December 31, 2013, no VIEs required consolidation as the Company was not the primary beneficiary of any of these VIEs at that time. At December 31, 2014, with the exception of the listed transactions, and at December 31, 2013, the maximum exposure of the Company to VIEs was limited to the fair value of its investment in Non-Agency RMBS as disclosed in Note 4 (Non-Agency RMBS $53,485,053 and $62,684,335, 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. 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 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 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 over three years.
	Available-for-Sale Securities, at Fair Value
	Revenue Recognition, Premium Amortization, and Discount Accretion
	Interest income on the Company’s available-for-sale (“AFS”) securities 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 AFS 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 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 AFS securities are recorded as realized gains (losses) within realized gain (loss) on sale of investments, net in the Company's 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 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 and expects to be accounted for as sales for financial reporting purposes.
	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.
	Multi-Family and Residential Mortgage Loans Held in Securitization Trusts
	Multi-family and residential mortgage loans held in securitization trusts are comprised of multi-family mortgage loans held in the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, and residential mortgage loans held in the CSMC 2014-OAK1 Trust and the JPMMT 2014-OAK4 Trust, as of December 31, 2014. Based on a number of factors, the Company determined that it was the primary beneficiary of the VIEs underlying the trusts, met the criteria for consolidation and, accordingly, has consolidated the four trusts, including their assets, liabilities, income and expenses in its financial statements. The Company has elected the fair value option on each of the assets and liabilities held within the trusts. See Note 3 – Fair Value Measurement below for additional detail.
	Interest income on multi-family and residential mortgage loans held in securitization trusts 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 no case 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.
	Mortgage Servicing Rights and Excess Servicing Rights, at Fair Value
	Mortgage servicing rights (“MSRs”) are associated with residential mortgage loans that the Company has purchased and subsequently sold or securitized. MSRs are held and managed at our TRS. As the owner of MSRs, the Company is entitled to receive a portion of the interest payments from the associated residential mortgage loan, and is obligated to service directly or through a subservicer, the associated loan. MSRs are reported at fair value as a result of a fair value option election. See Note 3 – Fair Value Measurement below for additional detail. Residential mortgage loans for which the Company owns the MSRs are directly serviced by one or more sub-servicers retained by the Company, since the Company does not originate or directly service any residential mortgage loans.
	To the extent that the Company determines it is the primary beneficiary of a residential mortgage loan securitization trust into which it has sold loans, any associated MSRs are eliminated on the consolidation of the trust. The trust is contractually obligated to pay a portion of the interest payments from the associated residential mortgage loans for the direct servicing of the loans, and after deduction of sub-servicing fees payable to contracted sub-servicers, the net amount, excess servicing rights, represents a liability of the trust. See Note 3 – Fair Value Measurement below for additional detail.
	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 finances the acquisition of certain of its residential mortgage loans through the use of short-term, uncommitted residential loan warehouse facilities, which are currently structured as repurchase agreements. The Company accounts for outstandings under these facilities as collateralized financing transactions which are carried at its contractual amount, and approximate fair value due to their short-term nature.
	Multi-Family and Residential Securitized Debt Obligations
	Multi-family and residential securitized debt obligations represent third-party liabilities of the FREMF 2011-K13 Trust, FREMF 2012-KF01 Trust, JPMMT 2014-OAK4 Trust and CSMC 2014-OAK1 Trust, and excludes liabilities of the trust acquired by the Company that are eliminated on consolidation. The third-party obligations of each trust do not have any recourse to the Company as the consolidator of each trust.
	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.
	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 stockholders. 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 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 June 2014, 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 disclosing 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 has 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 interest income will be recognized in revenue interest income and unrealized gain (loss) will be reflected in other comprehensive income.
In August 2014 FASB issued ASU No. 2014-13 “Consolidation (Topic 810) Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity”. A collateralized financing entity is a VIE such as a securitization trust with no more than nominal equity that holds financial assets and issues beneficial interests in those financial assets; the beneficial interests have contractual recourse only to the related assets of the collateralized financing entity and are classified as financial liabilities. The amendments in this ASU address differences in measurement practice between the fair value of the collateralized financing entity’s assets and liabilities, and apply to a reporting entity that is required to consolidate such an entity when the reporting entity measures all of the financial assets and the financial liabilities of that consolidated collateralized financing entity at fair value in its financial statements, and that changes in such values are reflected in earnings.
When a reporting entity elects the measurement alternative included in ASU 2014-13 for a collateralized financing entity, the reporting entity should measure both the financial assets and the financial liabilities of that collateralized financing entity in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The amendments in this ASU are effective for public entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. Since the Company has not previously been required to consolidate the assets and liabilities of a collateralized financing entity, it has elected to early adopt this ASU in respect of the consolidated financial statements with effect from September 30, 2014. See Note 3 – Fair Value Measurements for further information.
In February 2015, FASB issued ASU No. 2015-02 “Amendments to the Consolidation Analysis”, which amends ASC 810, “Consolidation”. The amendments in this ASU affect the evaluation of, and consolidation analysis for, VIEs and is effective for public entities for annual periods, and interim periods within such annual periods, beginning after December 15, 2014. The Company has not yet completed its review of this ASU and accordingly cannot assess its effect on the Company’s current accounting policies.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	NOTE 3 – FAIR VALUE MEASUREMENTS
	The Company discloses the fair value of its financial instruments according to a fair value hierarchy (Levels 1, 2 and 3, as defined). In accordance with U.S. GAAP, the Company is required to provide enhanced disclosures regarding instruments in the Level 3 category (which require significant management judgment), including a separate reconciliation of the beginning and ending balances for each major category of assets and liabilities.
	Additionally, U.S. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value (the “fair value option”), and the election of such choice is irrevocable. Unrealized gains and losses on items for which the fair value option has been elected are irrevocably recognized in earnings at each subsequent reporting date.
	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 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. HFS residential mortgage loans include loans that the Company is marketing for sale to third parties, including transfers to securitization trusts.
	The Company elected the fair value option for residential mortgage loans it has acquired and classifies as HFS. 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 gain (loss) on mortgage loans held-for-sale on the consolidated statements of comprehensive income (loss). The fair value option is irrevocable once the loan is acquired.
	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 which 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 the price at which 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.
	MSRs and Excess Servicing Rights
	Designation
	MSRs are associated with residential mortgage loans that the Company has purchased and subsequently sold or securitized, and are typically acquired directly from loan originators and recognized at the time that loans are transferred to a third party or a securitization, in each case providing such transfer meets the GAAP criteria for sale. The Company retains the rights to service certain loans that it sells or securitizes, but employs one or more sub-servicers to perform these servicing activities.
	To the extent that the Company determines it is the primary beneficiary of a residential mortgage loan securitization trust into which it has sold loans, any associated MSRs are eliminated on the consolidation of the trust. The trust is contractually obligated to pay a portion of the interest payments from the associated residential mortgage loans for the direct servicing of the loans, and after deduction of sub-servicing fees payable to contracted sub-servicers, the net amount, excess servicing rights, represents a liability of the trust. Upon consolidation of the trust, the fair value of the excess servicing rights is equal to the related MSRs held at our TRS.
	The Company has elected the fair value option in respect of MSRs and excess servicing rights.
	Determination of Fair Value
	The Company determines the fair value of its MSRs and excess servicing rights from third-party pricing services. The third-party pricing services use common market pricing methods that include market discount rates, prepayment speeds of serviced loans, the market cost of servicing, and observed market pricing for MSR purchase and sale transactions. Changes in the fair value of MSRs occur primarily as a result of the collection and realization of expected cashflows, as well as changes in valuation inputs and assumptions.
	The Company obtains MSR pricing data from a primary third-party pricing service, and validates its understanding of methodology and assumptions underlying the fair value used.
	See Note 12 for a further presentation on MSRs and excess servicing rights.
	Multi-Family Mortgage Loans Held in Securitization Trusts and Multi-Family Securitized Debt Obligations
	Designation
	Multi-family mortgage loans held in securitization trusts are comprised of multi-family mortgage loans held in the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust as of December 31, 2014. Based on a number of factors, the Company determined that it was the primary beneficiary of the VIEs underlying the trusts, met the criteria for consolidation and, accordingly, has consolidated the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, including their assets, liabilities, income and expenses in its financial statements. The Company has elected the fair value option on each of the assets and liabilities held within the trusts.
	Determination of Fair Value
	As noted earlier, the Company has early adopted ASU 2014-13, and has elected the fair value option in respect of the assets and liabilities of the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust. The trusts are “static”, that is no reinvestment is permitted and there is very limited active management of the underlying assets. Under the ASU, the Company is required to determine whether the fair value of the financial assets or the fair value of the financial liabilities of the trusts is more observable, but in either case, the methodology results in the fair value of the assets of each of the trusts being equal to the fair value of their liabilities. The Company has determined that the fair value of the liabilities of each of the trusts is more observable, since in all cases prices for the liabilities are available from the primary third-party pricing service utilized for Multi-Family MBS, while the individual assets of the trusts are inherently incapable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Given that the Company’s methodology for valuing the assets of the trusts is an aggregate value derived from the fair value of the trust’s liabilities, the Company has determined that the valuation of each of the trust’s assets in their entirety should be classified as Level 2 valuations.
	Residential Mortgage Loans Held in Securitization Trusts and Residential Securitized Debt Obligations
	Designation
	Residential mortgage loans held in securitization trusts are comprised of  residential mortgage loans held in the CSMC 2014-OAK1 Trust and the JPMMT 2014-OAK4 Trust as of December 31, 2014. Based on a number of factors, the Company determined that it was the primary beneficiary of the VIEs underlying the trusts, met the criteria for consolidation and, accordingly, has consolidated the CSMC 2014-OAK1 Trust and the JPMMT 2014-OAK4 Trust including their assets, liabilities, income and expenses in its financial statements. The Company has elected the fair value option on each of the assets and liabilities held within each of the trusts.
	Determination of Fair Value
	As noted earlier, the Company has early adopted ASU 2014-13, and has elected the fair value option in respect of the assets and liabilities of the CSMC 2014-OAK1 Trust and the JPMMT 2014-OAK4 Trust. The trusts are “static”, that is no reinvestment is permitted and there is very limited active management of the underlying assets. Under the ASU, the Company is required to determine whether the fair value of the financial assets or the fair value of the financial liabilities of the trusts is more observable, but in either case, the methodology results in the fair value of each of the assets of each of the trusts being equal to the fair value of their liabilities. The Company has determined that the fair value of the liabilities of each of the trusts is more observable, since in all cases prices for the liabilities are available from the primary third-party pricing service utilized for Non-Agency RMBS, with the exception of the excess servicing rights, which are available from an alternative third-party pricing service. While the individual assets of each of the trusts, i.e. the underlying residential mortgage loans, are capable of being priced, the Company has determined that the pricing of the liabilities is more easily and readily determined. Given that the Company’s methodology for valuing the assets of the trusts is an aggregate value derived from the fair value of the trust’s liabilities, the Company has determined that the valuation of each of the trust’s assets in their entirety should be classified as Level 2 valuations.
	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 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 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 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 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 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	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 4 – AVAILABLE-FOR-SALE SECURITIES
	Non-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 December 31, 2014 and December 31, 2013:
		December 31, 2014		December 31, 2013
	Mortgage-backed securities:
	Agency
	Federal Home Loan Mortgage Corporation	$	162,344,627	$	237,143,864
	Federal National Mortgage Association		152,486,058		145,156,756
	Non-Agency		53,485,053		62,684,335
	Total mortgage-backed securities	$	368,315,738	$	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 December 31, 2014 and December 31, 2013:
		December 31, 2014
		Agency		Non-Agency		Total
	Face Value	$	309,790,551	$	76,672,548	$	386,463,099
	Unamortized premium		4,796,106		-		4,796,106
	Unamortized discount
	Designated credit reserve		-		-12,697,796		-12,697,796
	Net, unamortized		-2,244,687		-15,209,335		-17,454,022
	Amortized Cost		312,341,970		48,765,417		361,107,387
	Gross unrealized gain		3,670,643		4,732,247		8,402,890
	Gross unrealized (loss)		-1,181,928		-12,611		-1,194,539
	Fair Value	$	314,830,685	$	53,485,053	$	368,315,738
		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, inclusive of securities previously booked as linked, for the years ended December 31, 2014 and December 31, 2013:
		Year Ended		Year Ended
		December 31, 2014		December 31, 2013
	AFS securities sold, at cost	$	462,470,753	$	717,309,717
	Proceeds from AFS securities sold		466,239,975		687,203,605
	Net realized gain (loss) on sale of AFS securities	$	3,769,222	$	-30,106,112
	The following tables present the fair value of AFS investment securities by rate type as of December 31, 2014 and December 31, 2013:
		December 31, 2014
		Agency		Non-Agency		Total
	Adjustable rate	$	229,648,342	$	53,485,053	$	283,133,395
	Fixed rate		85,182,343		-		85,182,343
	Total	$	314,830,685	$	53,485,053	$	368,315,738
		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 December 31, 2014 and December 31, 2013:
		December 31, 2014		December 31, 2013
	Less than one year	$	-	$	-
	Greater than one year and less than five years		35,855,146		-
	Greater than or equal to five years		332,460,592		444,984,955
	Total	$	368,315,738	$	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 years ended December 31, 2014 and December 31, 2013 of the unamortized net discount and designated credit reserves on the Company’s MBS.
		December 31, 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		-		-2,361,186		-2,361,186
Dispositions		559,860		1,667,828		2,227,688
Accretion of net discount		-		4,760,729		4,760,729
Realized gain on paydowns		-		223,212		223,212
Realized credit losses		2,868,699		-		2,868,699
Release of credit reserves		-		655,775		655,775
Ending balance at December 31, 2014	$	-12,697,796	$	-17,454,022	$	-30,151,818
	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 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 consolidated statement of comprehensive income (loss). For the year ended December 31, 2013, the Company had unrealized gains (losses) on AFS securities of $18,303,304.  For the year ended December 31, 2013, the Company had unrealized gains (losses) on AFS securities of ($13,528,951).
The following tables present components of interest income, inclusive of purchased accrued interest, on the Company’s AFS securities for the years ended December 31, 2014 and December 31, 2013
	Year Ended December 31, 2014						Year Ended December 31, 2013
			Net (premium						Net (premium
	Coupon		amortization)/		Interest		Coupon		amortization)/		Interest
	interest		discount accretion		income		interest		discount accretion		income
Agency	$	11,409,239	$	603,547	$	12,012,786	$	14,266,215	$	-716,788	$	13,549,427
Non-Agency		261,050		4,077,481		4,338,531		170,750		2,691,552		2,862,302
Multi-Family		184,411		24,610		209,021		-		-		-
Total	$	11,854,700	$	4,705,638	$	16,560,338	$	14,436,966	$	1,974,764	$	16,411,730

MORTGAGE_LOANS_HELDFORSALE_at_

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE	12 Months Ended
	Dec. 31, 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 carrying value of the Company’s mortgage loans held-for-sale as of December 31, 2014 and December 31, 2013:
		December 31, 2014		December 31, 2013
	Unpaid principal balance	$	54,348,654	$	-
	Fair value adjustment		329,728		-
	Carrying value	$	54,678,382	$	-
	At December 31, 2014 and December 31, 2013, the Company pledged mortgage loans with a fair value of $54.7 million and $0, respectively, as collateral for repurchase or warehouse agreements. See Note 10 – Repurchase Agreements.
	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the mortgage loans held-for-sale as of December 31, 2014 are as follows:
		December 31, 2014
	Massachussetts	46.2	%
	New Jersey	25.6	%
	California	21.2	%
	At December 31, 2014, none of the Company’s mortgage loans held-for-sale was more than 30 days past due.

MULTIFAMILY_MORTGAGE_LOAN_SECU

MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS (Multi-Family Mortgage Loans Held in Securitization Trusts [Member])	12 Months Ended
	Dec. 31, 2014
Multi-Family Mortgage Loans Held in Securitization Trusts [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity Disclosure [Text Block]	NOTE 6 – MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS
	The Company has elected the fair value option on the assets and liabilities of the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, which requires that changes in valuations of the trusts be reflected in the Company’s statements of operations. The Company’s net investment in the trusts is limited to the Multi-Family MBS comprised of first loss PO securities and IO securities acquired by the Company in 2014 with an aggregate net carrying value of $79,933,551 at December 31, 2014.
	The combined balance sheet of the multi-family mortgage loan securitization trusts at December 31, 2014:
	Balance Sheet	December 31, 2014
	Assets
	Multi-family mortgage loans held in securitization trusts	$	1,750,294,430
	Receivables		6,012,642
	Total assets	$	1,756,307,072
	Liabilities and Equity
	Multi-family securitized debt obligations	$	1,670,573,456
	Payables		5,800,065
		$	1,676,373,521
	Equity		79,933,551
	Total liabilities and equity	$	1,756,307,072
	The multi-family mortgage loans held in securitization trusts had an unpaid principal balance of $1,637,721,473 at December 31, 2014. The multi-family securitized debt obligations had an unpaid principal balance of $1,637,721,473 at December 31, 2014
	The combined statement of operations of the  multi-family mortgage loan securitization trusts at December 31, 2014 are as follows:
		For the period from
		date of consolidation to
	Statement of Operation	December 31, 2014*
	Interest income	$	21,158,102
	Interest expense		-19,400,851
	Net interest income	$	1,757,251
	General and administrative fees		-1,086,165
	Unrealized gain (loss) on multi-family mortgage loan held in securitization trusts		1,473,484
	Net Income	$	2,144,570
	* The Company consolidated the first trust in September, 2014 and the second trust in October, 2014.
	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the trusts as of December 31, 2014:
		December 31, 2014
	Texas	20.7	%
	California	12.7	%
	New York	11.1	%
	Washington	6.1	%
	Colorado	6	%
	Georgia	5	%

RESIDENTIAL_MORTGAGE_LOAN_SECU

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Residential Mortgage [Member])	12 Months Ended
	Dec. 31, 2014
Residential Mortgage [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity Disclosure [Text Block]	NOTE 7 – RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS
	The Company has elected the fair value option on the assets and liabilities of the CSMC 2014-OAK1 Trust and the JPMMT 2014-OAK4 Trust, which requires that changes in valuations of the trusts be reflected in the Company’s statements of operations. The Company’s net investment in the trusts is limited to the Non-Agency RMBS comprised of subordinated and first loss securities, IO securities and excess servicing rights acquired by the Company in 2014 with an aggregate net carrying value of $128,914,329 at December 31, 2014.
	The combined balance sheet of the residential mortgage loan securitization trusts at December 31, 2014:
	Balance Sheet	December 31, 2014
	Assets
	Residential mortgage loans held in securitization trusts	$	631,446,984
	Receivables		2,030,045
	Total assets	$	633,447,029
	Liabilities and Equity
	Residential securitized debt obligations	$	502,900,040	-1
	Payables		1,662,660
		$	504,562,700
	Equity		128,914,329
	Total liabilities and equity	$	633,477,029
	(1) Includes $70,864,063 of residential securitized debt obligations sold but not settled as of December 31, 2014.
	The residential mortgage loans held in securitization trusts had an unpaid principal balance of $606,835,758 at December 31, 2014. The residential mortgage loan securitized debt obligations had an unpaid principal balance of $606,835,758 at December 31, 2014.
	The consolidated statements of operations of the residential mortgage loan securitization trusts at December 31, 2014 are as follows:
		For the period from
		date of consolidation to
	Statements of Operation	December 31, 2014 *
	Interest income	$	4,438,633
	Interest expense		-3,575,168
	Net interest income	$	863,465
	General and administrative fees		-44,267
	Unrealized gain (loss) on residential mortgage loans held in securitization trusts		3,059,647
	Net Income	$	3,878,845
	* The Company consolidated the first trust in October, 2014, and the second trust in December, 2014.
	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the residential mortgage loan securitization trusts as of December 31, 2014:
		December 31, 2014
	California	52.5	%
	Washington	10.9	%
	Massachussetts	7.3	%

USE_OF_SPECIAL_PURPOSE_ENTITIE

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Special Purpose Entity And Variable Interest Entity Disclosure [Text Block]	NOTE 8 – USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES
	A Special Purpose Entity (“SPE”) is an entity designed to fulfill a specific limited purpose of the company that organized it, and a SPE is frequently used for the purpose of securitizing, or re-securitizing, financial assets. They are typically structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to certificate holders. As a consequence of their purpose and design, SPEs are typically VIEs.
	As further discussed in Notes 2, 6 and 7, the Company has evaluated its investments in Multi-Family MBS and Non-Agency RMBS and has determined that they are VIEs. The Company has then undertaken an analysis of whether it is the primary beneficiary of any of these VIEs, and has determined that it is the primary beneficiary of the FREMF 2011-K13 Trust, FREMF 2012-KF01 Trust, JPMMT 2014-OAK4 Trust and CSMC 2014-OAK1 Trust. Accordingly, the Company consolidated the assets, liabilities, income and expenses of the trusts in its financial statements as of and for the period ending December 31, 2014. However, the assets of each of the trusts are restricted, and can only be used to fulfill the obligations of the respective trusts. Additionally, the obligations of each of the trusts do not have any recourse to the Company as the consolidator of the trusts.
	For the Company’s remaining Multi-Family and Non-Agency MBS investments that are VIEs, the Company has determined that it is not the primary beneficiary, and accordingly these investments are accounted for as further described in Notes 2, 6 and 7.

RESTRICTED_CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2014
Cash and Cash Equivalents [Abstract]
Restricted Cash and Cash Equivalents Disclosure [Text Block]	NOTE 9 – RESTRICTED CASH
	As of December 31, 2014, the Company is required to maintain certain cash balances with counterparties for broker activity and collateral for the Company's repurchase agreements in non-interest bearing accounts.
	The following table presents the Company's restricted cash balances as of December 31, 2014 and December 31, 2013:
		December 31, 2014		December 31, 2013
	Restricted cash balance held by:
	Broker counterparties for derivatives trading	$	5,104,533	$	7,297,667
	Repurchase counterparties as restricted collateral		6,296,112		6,015,490
	FOAC as minimum required capital		-		30,016
	Total	$	11,400,645	$	13,343,173

REPURCHASE_AGREEMENTS

REPURCHASE AGREEMENTS	12 Months Ended
	Dec. 31, 2014
Disclosure Of Repurchase Agreements [Abstract]
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	NOTE 10 – REPURCHASE AGREEMENTS
	The Company has entered into repurchase agreements (including three residential loan warehouse facilities) to finance its portfolio of investments. The aggregate borrowing limit of the residential loan warehouse facilities was $375 million at December 31, 2014. 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 0.99% at December 31, 2014. Repurchase agreements are being accounted for as secured borrowings since the Company maintains effective control of the financed assets. The following table summarizes certain characteristics of the Company’s repurchase agreements at December 31, 2014 and December 31, 2013:
			December 31, 2014					December 31, 2013
					Weighted						Weighted
			Amount		average			Amount			average
			outstanding		interest rate			outstanding			interest rate
	Agency		$	298,783,000		0.36	%	$	370,901,000			0.4	%
	Non-Agency(1)			200,347,000		1.25	%		41,271,000			2.09	%
	Multi-Family(2)			45,484,000		1.85	%		-			0	%
	Mortgage loans			50,263,852		2.86	%		-			0	%
	Total		$	594,877,852		0.99	%	$	412,172,000			0.57	%
		-1	At December 31, 2014 and December 31, 2013, the Company had repurchase agreements of $85,497,000 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 December 31, 2014, the Company had repurchase agreements of $63,796,000 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 December 31, 2014 and December 31, 2013, the repurchase agreements, including residential loan warehouse facilities, had the following remaining maturities:
			December 31, 2014		December 31, 2013
	< 30 days		$	465,817,820	$	373,422,000
	31 to 60 days			86,025,327		38,750,000
	> 90 days			43,034,705		-
	Total		$	594,877,852	$	412,172,000
	Under the repurchase agreements (including residential loan warehouse facilities), 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 December 31, 2014.
	The following tables summarize certain characteristics of the Company’s repurchase agreements at December 31, 2014 and December 31, 2013:
			December 31, 2014
			Amount		Percent of total				Weighted average			Market Value
	Repurchase Agreement Counterparties		Outstanding(1)		amount outstanding				days to maturity			of collateral held
	North America		$	388,138,820		65.25	%			19		$	463,615,686
	Europe (2)			93,350,032		15.69	%			21			113,286,452
	Asia (2)			113,389,000		19.06	%			122			118,519,817
	Total		$	594,877,852		100	%			36		$	695,421,955
	(1) At December 31, 2014, the Company had repurchase agreements of $85,497,000 and $63,796,000 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	12 Months Ended
	Dec. 31, 2014
Derivative Instrument Detail [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE 11 – 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, swaption 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 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 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 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 December 31, 2014 and December 31, 2013. The Company’s Linked Transactions are evaluated on a combined basis.
		December 31, 2014
		Derivative Assets					Derivative Liabilities
		Fair value		Notional			Fair value			Notional
	Interest rate swaps	$	-		-		$	-1,755,107			226,000,000
	Swaptions		21,550		25,000,000			-			-
	Futures		-		-			-533,951			98,000,000
	Linked transactions		60,818,111		-			-			-
	Total	$	60,839,661		25,000,000		$	-2,289,058			324,000,000
		December 31, 2013
		Derivative Assets					Derivative Liabilities
		Fair value		Notional			Fair value			Notional
	Interest rate swaps	$	237,989		57,000,000		$	-1,231,667			281,000,000
	Swaptions		1,770,795		25,000,000			-			-
	Futures		154,265		10,000,000			-			-
	TBAs		68,359		25,000,000			-			-
	Linked transactions		33,352,562		-			-			-
	Total	$	35,583,970		117,000,000		$	-1,231,667			281,000,000
	The following tables present the average fixed pay rate and average maturity for the Company’s interest rate swaps (excludes interest rate swaptions) as of December 31, 2014 and December 31, 2013:
		December 31, 2014
		Notional		Fair			Fixed Pay				Maturity			Forward
	Current Maturity Date	Amount		Value			Rate				Years			Starting
	3 years or less	$	35,000,000	$	-124,591			0.66	%			1.1			0	%
	Greater than 3 years and less than 5 years		191,000,000		-1,630,516			1.66	%			3.7			0	%
	Total	$	226,000,000	$	-1,755,107			1.51	%			3.3			0	%
		December 31, 2013
		Notional		Fair			Fixed Pay				Maturity			Forward
	Current Maturity Date	Amount		Value			Rate				Years			Starting
	3 years or less	$	35,000,000	$	-166,619			0.66	%			2.1			0	%
	Greater than 3 years and less than 5 years		151,000,000		-764,807			1.66	%			4.6			0	%
	Greater than 7 years and less than 10 years		95,000,000		-300,242			2.85	%			7.6			100	%
	Greater than 10 years		57,000,000		237,990			3.29	%			10.7			100	%
	Total	$	338,000,000	$	-993,678			2.17	%			6.2			45	%
	Offsetting of Financial Assets and Liabilities
	The Company’s repurchase agreements are governed by underlying agreements that provide for a right of setoff in the event of default of either counterparty to the agreement. The Company also has in place with its counterparties ISDA Master Agreements (“Master Agreements”) for its derivative contracts. In accordance with the Master Agreements to each counterparty, if on any date amounts would otherwise be payable in the same currency and in respect of the same transaction by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. The Company has pledged financial collateral as restricted cash to its counterparties for its derivative contracts and repurchase agreements. See Note 2 for specific details on the terms of restricted cash with counterparties and Note 9 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 consolidated balance sheets. Separately, the company presents cash collateral subject to such arrangements on a net basis, based on counterparty, in its consolidated balance sheets. However, the Company does not offset financial assets and liabilities with the associated cash collateral on its 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 consolidated balance sheets as of December 31, 2014 and December 31, 2013:
		December 31, 2014
										Gross amounts not offset
							Net amounts			in the Balance Sheet (1)
		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)	$	210,402,629	$	-149,584,518		$	60,818,111		$	-60,818,111		$	-		$	-
	Swaptions		21,550		-			21,550			-			-			21,550
	Total	$	210,424,179	$	-149,584,518		$	60,839,661		$	-60,818,111		$	-		$	21,550
		December 31, 2014
										Gross amounts not offset
							Net amounts			in the Balance Sheet (1)
		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	$	594,877,852	$	-		$	594,877,852		$	-		$	-		$	594,877,852
	Linked transactions(2)		-149,584,518		149,584,518			-			-			-			-
	Interest rate swaps		-1,755,107		-			-1,755,107			-			1,755,107			-
	Futures		-533,951		-			-533,951			-			533,951			-
	Total	$	443,004,276	$	149,584,518		$	592,588,794		$	-		$	2,289,058		$	594,877,852
		December 31, 2013
										Gross amounts not offset
							Net amounts			in the Balance Sheet (1)
	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
						Net amounts			in the Balance Sheet (1)
	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 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 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 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 December 31, 2014 and December 31, 2013:
	December 31, 2014
	Non-Agency		Multi-Family			Total
Face Value	$	186,532,050	$	102,968,560		$	289,500,610
Unamortized premium		-		-			-
Unamortized discount
Designated credit reserve		-36,627,428		-			-36,627,428
Net, unamortized		-28,768,448		-18,323,619			-47,092,067
Amortized Cost		121,136,174		84,644,941			205,781,115
Gross unrealized gain		5,733,793		1,770,361			7,504,154
Gross unrealized loss		-2,441,655		-604,957			-3,046,612
Fair Value	$	124,428,312	$	85,810,345		$	210,238,657
	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
The following tables present the changes for the years ended December 31, 2014 and December 31, 2013 of the unamortized net discount and designated credit reserves on Non-Agency RMBS and Multi-Family MBS underlying Linked Transactions:
	December 31, 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		-19,384,939		-47,651,628			-67,036,567
Dispositions		9,468,964		15,465,093			24,934,057
Accretion of net discount		-		12,122,919			12,122,919
Realized credit losses		3,146,144		-			3,146,144
Release of credit reserves		-		3,741,935			3,741,935
Ending balance at December 31, 2014	$	-36,627,428	$	-47,092,067		$	-83,719,495
	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
Linked Repurchase Agreements
	December 31, 2014
	Amount		Percent of total			Weighted average			Company RMBS
Repurchase Agreement Counterparties	Outstanding		amount outstanding			days to maturity			held as collateral
North America		86,985,000		58.26	%		33			124,620,916
Europe (1)		46,381,000		31.07	%		15			62,487,229
Asia (1)		15,927,000		10.67	%		9			23,130,512
Total	$	149,293,000		100	%		25		$	210,238,657
(1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.
	December 31, 2013
	Amount		Percent of total			Weighted average			Company RMBS
Repurchase Agreement Counterparties	Outstanding		amount outstanding			days to maturity			held as collateral
North America		52,871,000		86.42	%		21			79,528,540
Asia (1)		4,987,000		8.15	%		7			8,790,416
Europe (1)		3,323,000		5.43	%		43			6,303,837
Total	$	61,181,000		100	%		21		$	94,622,793
(1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.
At December 31, 2014, Linked Transactions also included $163,972 of associated accrued interest receivable and $291,518 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 consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the years ended December 31, 2014 and December 31, 2013:
	Year Ended December 31, 2014
	Amount of realized		Amount of unrealized
Primary underlying risk	gain (loss)		appreciation (depreciation)			Total
Interest rate:
Interest rate swaps	$	-9,705,847	$	-761,429		$	-10,467,276
Swaptions		-336,000		-1,413,244			-1,749,244
Futures		-8,621,211		-688,217			-9,309,428
TBAs		448,598		-68,359			380,239
Total	$	-18,214,460	$	-2,931,249		$	-21,145,709
	Year Ended December 31, 2013
	Amount of realized		Amount of unrealized
Primary underlying risk	gain (loss)		appreciation (depreciation)			Total
Interest rate:
Interest rate swaps	$	19,283,710	$	-709,923		$	18,573,787
Swaptions		-278,667		1,365,399			1,086,732
Futures		-8,595		154,265			145,670
TBAs		-183,594		68,359			-115,235
Total	$	18,812,854	$	878,100		$	19,690,954
(1) In the year ended December 31, 2014, net swap interest expense totaled $3,495,232 comprised of $3,329,219 in interest expense paid (included in realized gain (loss) and $166,013 in accrued interest expense (included in unrealized appreciation (depreciation). In the year ended December 31, 2013 net swap interest expense totaled $1,724,725 comprised of $1,414,578 in interest expense paid (included in realized gain (loss) and $310,147 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 consolidated statement of operations for the years ended December 31, 2014 and December 31, 2013:
	Year Ended		Year Ended
	December 31, 2014		December 31, 2013
Interest income attributable to AFS underlying Linked Transactions	$	15,427,632	$	4,025,456
Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions		-2,893,375		-622,942
Change in fair value of Linked Transactions included in earnings		-1,928,409		2,435,795
Unrealized gain (loss) and net interest income from Linked Transactions	$	10,605,848	$	5,838,309

MSRs

MSRs	12 Months Ended
	Dec. 31, 2014
Mortgage Servicing Rights MSR Disclosure [Abstract]
Mortgage Servicing Rights MSR Disclosure [Text Block]	NOTE 12 - MSRs
	During the year ended December 31, 2014, the Company retained the servicing rights associated with an aggregate principal balance of $370,425,602 of residential mortgage loans that the Company transferred to two residential mortgage loan securitization trusts. The Company’s  MSRs are held and managed at the Company’s  TRS, and the Company employs one or more licensed sub-servicers to perform the related servicing activities. To the extent that the Company determines it is the primary beneficiary of a residential mortgage loan securitization trust into which it has sold loans, any associated MSRs are eliminated on the consolidation of the trust. The trust is contractually obligated to pay a portion of the interest payments from the associated residential mortgage loans for the direct servicing of the loans, and after deduction of sub-servicing fees payable to contracted sub-servicers, the net amount, excess servicing rights, represents a liability of the trust. Upon consolidation of the trust, the fair value of the excess servicing rights is equal to the related MSRs held at the Company’s  TRS.

FINANCIAL_INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Financial Instruments Disclosure [Text Block]	NOTE 13 – 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 December 31, 2014 and December 31, 2013:
			Quoted prices in		Significant
			active markets		other observable		Unobservable
			for identical assets		inputs		inputs		Balance as of
			Level 1		Level 2		Level 3		December 31, 2014
	Assets:
	Residential mortgage-backed securities (a)		$	-	$	368,315,738	$	-	$	368,315,738
	Residential mortgage loans			-		54,678,382		-		54,678,382
	Multi-Family mortgage loans held in securitization trusts			-		1,750,294,430		-		1,750,294,430
	Residential mortgage loans held in securitization trusts			-		631,446,984		-		631,446,984
	Linked transactions (b)			-		60,818,111		-		60,818,111
	Swaptions			-		21,550		-		21,550
	Total		$	-	$	2,865,575,195	$	-	$	2,865,575,195
	Liabilities:
	Interest rate swaps		$	-	$	-1,755,107	$	-	$	-1,755,107
	Multi-family securitized debt obligations			-		-1,670,573,456		-		-1,670,573,456
	Residential securitized debt obligations			-		-432,035,976		-		-432,035,976
	Futures			-533,951		-		-		-533,951
	Total		$	-533,951	$	-2,104,365,061	$	-	$	-2,104,899,012
			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 years ended December 31, 2014 and 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.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 14 – 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 management agreement is automatically renewed each year for a twelve month period.
	For the year ended December 31, 2014, the Company incurred management fees of $2,627,592, included in Management Fee in the consolidated statement of operations, of which $510,000 was accrued but had not been paid, included in fees and expenses payable to Manager in the 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 year ended December 31, 2014, the Company incurred reimbursable expenses of $3,247,683, included in operating expenses reimbursable to Manager in the consolidated statement of operations, of which $280,000 was accrued but had not yet been paid, included in fees and expenses payable to Manager in the consolidated balance sheets.
	Fulfillment and Securitization Fees
	During 2014, The Company’s Manager accrued fees pursuant to Section 8(b) of our Management Agreement in addition to the Management Fee for services rendered in connection with FOAC’s aggregation of loans and the subsequent contribution of these and certain other loans into the JPMMT 2014-OAK4 Trust and the CSMC 2014-OAK1 Trust. All of the invoices for such fees were approved by the Company’s Audit Committee pursuant to the Company’s related party transaction policies. Fees accrued during 2014 totaled $1,017,627, of which $272,000 was still payable at December 31, 2014. The Company’s Manager invoiced the Company for mortgage banking services provided in connection with loans contributed by other originators into the securitizations. The Company’s Manager invoiced FOAC for fulfillment services in connection with the loans sold by FOAC into the residential mortgage loan securitizations. A significant portion of the fee payments were utilized by the Company’s Manager to pay incentive compensation to employees of the Company’s Manager deemed essential to the success of the Company’s loan aggregation and securitization business.
	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 or consultants, or officers whom it may employ in the future, if any. In turn, the Manager, in its sole discretion, grants 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 after the Company’s Annual General Meeting vesting in full one year later. 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. On August 19, 2014 the Company’s board of directors granted each of the three independent directors 1,500 shares of restricted common stock (4,500 shares in total), each of which vest in full one year after the Company’s 2014 Annual General Meeting. The grant date fair value of these restricted shares was $50,715 based on the closing price of the Company’s common stock on August 19, 2014 of $11.27.
	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 $199,500 based on the closing price of the Company’s common stock on September 30, 2014 of $10.50. 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 year ended December 31, 2014, the Company recognized compensation expense related to restricted common stock of $113,635, included in compensation expense in the consolidated statement of operations. The Company has unrecognized compensation expense of $28,375 as of December 31, 2014 for unvested shares of restricted common stock. As of December 31, 2014, the weighted average period for which the unrecognized compensation expense will be recognized is 8.7 months.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 15 – 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 14,718,750 and 7,389,250 shares issued and outstanding as of December 31, 2014 and December 31, 2013 respectively.
	On February 19, 2014, the Company issued 3,000,000 shares of common stock for $11.30 per share. Net proceeds to the Company were $31,927,377.
	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 additional net proceeds of $3,214,325.
	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.
	The Company granted the underwriters the right to purchase up to an additional 525,000 shares of common stock from the Company at the offering price of $11.00 per share within 30 days after the issuance date of the common stock. The underwriters exercised their right and purchased 525,000 shares of common stock at the offering price of $11.00 per share on July 14, 2014, resulting in additional net proceeds of $5,769,750.
	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 December 31, 2014 and December 31, 2013. The Series A Preferred Stock is entitled to receive a dividend rate of 8.75% per year on the $25 liquidation preference and is senior to the common stock with respect to distributions upon liquidation, dissolution or winding up. The Company declares quarterly and pays monthly dividends on the shares of the Series A Preferred Stock, in arrears, on the 27th day of each month to holders of record at the close of business on the 15th day of each month.
	The Company in connection with a December 2013 public offering of our Series A Preferred Stock 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 additional net proceeds of $2,778,201.
	On May 27, 2014, the Company closed an offering of 690,000 additional shares of Series A Preferred Stock, including the concurrent exercise of the underwriters’ overallotment option. The net proceeds to the Company from this issuance were $16,325,373.
	Deferred Offering Costs
	Pursuant to the April 25, 2014 S-3 registration statement, the Company incurred $1,133,117 during the year ended December 31, 2014 in deferred offering expenses. These expenses are being amortized on a straight-line basis over the three year period that the statement is valid. To date the Company has amortized $187,457 in deferred offering cost, of which $187,457 was expensed during the year, resulting in a balance of $945,660.
	Distributions to stockholders
	For the 2014 taxable year, the Company has declared dividends to common stockholders totaling $18,229,875, or $1.47 per share. The following table presents cash dividends declared by the Company on its common stock for the year ended December 31, 2014:
	Declaration Date	Record Date	Payment Date	Dividend Amount		Cash Dividend Per Share
	30-Dec-13	15-Jan-14	30-Jan-14	$	923,656	$	0.09235
	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	$	1,336,157	$	0.13359
	25-Mar-14	16-Jun-14	27-Jun-14	$	1,336,156	$	0.13359
	17-Jun-14	15-Jul-14	30-Jul-14	$	1,839,281	$	0.15904
	17-Jun-14	15-Aug-14	27-Aug-14	$	1,839,281	$	0.15904
	17-Jun-14	15-Sep-14	29-Sep-14	$	1,839,844	$	0.15909
	15-Sep-14	15-Oct-14	30-Oct-14	$	1,839,844	$	0.14887
	15-Sep-14	14-Nov-14	26-Nov-14	$	1,839,844	$	0.14887
	15-Sep-14	15-Dec-14	30-Dec-14	$	1,839,844	$	0.14887
	The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the year ended December 31, 2014:
	Declaration Date	Record Date	Payment Date	Dividend Amount		Cash Dividend Per Share
	23-Dec-13	15-Jan-14	27-Jan-14	$	165,280	$	0.2066
	23-Dec-13	14-Feb-14	27-Feb-14	$	167,716	$	0.1823
	23-Dec-13	17-Mar-14	27-Mar-14	$	167,716	$	0.1823
	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
	17-Jun-14	15-Jul-14	28-Jul-14	$	293,503	$	0.1823
	17-Jun-14	15-Aug-14	27-Aug-14	$	293,503	$	0.1823
	17-Jun-14	15-Sep-14	29-Sep-14	$	293,503	$	0.1823
	15-Sep-14	15-Oct-14	20-Oct-14	$	293,503	$	0.1823
	15-Sep-14	14-Nov-14	26-Nov-14	$	293,503	$	0.1823
	15-Sep-14	15-Dec-14	30-Dec-14	$	293,503	$	0.1823

EARNINGS_PER_SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 16 – 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 years ended December 31, 2014 and December 31, 2013:
		Year Ended December 31, 2014				Years Ended December 31, 2013
	Net income			$	3,313,785			$	3,226,430
	Less dividends paid:
	Common stock	$	18,229,875			$	10,082,871
	Unvested share-based
	payment awards		2,887,296				44,827
					21,117,171				10,127,698
	Undistributed earnings			$	-17,803,386			$	-6,901,268
		Unvested Share-Based				Unvested Share-Based
		Payment Awards		Common Stock		Payment Awards		Common Stock
	Distributed earnings	$	1.47	$	1.47	$	-	$	1.64
	Undistributed earnings (deficit)		-1.44		-1.44		-1.12		-1.12
	Total	$	0.03	$	0.03	$	-1.12	$	0.52
	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	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 17 – SEGMENT REPORTING
	The Company invests in a portfolio comprised of mortgage-backed securities, residential mortgage loans, and other mortgage-related investments, and operates as a single reporting segment.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 18 – INCOME TAXES
	Certain activities of the Company are conducted through a TRS, FOAC, and FOAC therefore will be subject to tax as a corporation. Pursuant to ASC 740, deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The tax loss for December 31, 2013, the Company’s initial year, was ($64,204) and the book loss through December 31, 2014 was ($4,006,540). Due to the start-up nature of the FOAC business, future income or loss is difficult to project. This is negative evidence that supports the need for a valuation allowance against the Company’s net deferred tax assets.
	As of December 31, 2014, Management is not aware of any uncertain tax positions.
	The following table summarized the Company’s deferred tax assets and valuation allowance as of December 31, 2014
		As of December 31, 2014
	Non-current Deferred Tax Asset (Liability)
	Unrealized Gain (Security)		-1,393,014
	Net Operating Losses		1,545,254
			152,240
	Valuation Allowance		-152,240
	Net Non-current Deferred Tax Asset (Liability)		-

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation
	These financial statements have been prepared in accordance with U.S. GAAP and are expressed in United States dollars.
	The consolidated financial statements of the Company include the accounts of its subsidiaries.
Reclassification, Policy [Policy Text Block]	Reclassifications
	Certain prior year amounts have been reclassified to conform to current year presentation.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation
	The accompanying consolidated financial statements of the Company include the accounts of the Company and all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity where the Company is the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.
	VIEs
	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 impact 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, 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. In general, the obligation to absorb losses is a function of holding a majority of the first loss tranche, while the ability to direct the activities that most significantly impact the VIEs economic performance will be determined based upon the rights associated with acting as the directing certificate holder, or equivalent, in a given transaction. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period based upon changes in the facts and circumstances pertaining to the VIE.
	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 December 31, 2014, the Company determined that it was the primary beneficiary of two Multi-Family MBS transactions (FREMF 2011-K13 and FREMF 2012-KF01), and two residential mortgage loan transactions (CSMC 2014-OAK1 and JPMMT 2014-OAK4), in each case based on its power to direct the trust’s activities and its obligations to absorb losses derived from the ownership of the first-loss tranches. Accordingly, the Company consolidated the assets, liabilities, income and expenses of each of the underlying trusts, and has elected the fair value option in respect of the assets and liabilities of each trust. The maximum exposure of the Company to loss from consolidation of the trusts is limited to the fair value of $208.8 million as of December 31, 2014 which represents the Company’s net aggregate investment. At December 31, 2013, no VIEs required consolidation as the Company was not the primary beneficiary of any of these VIEs at that time. At December 31, 2014, with the exception of the listed transactions, and at December 31, 2013, the maximum exposure of the Company to VIEs was limited to the fair value of its investment in Non-Agency RMBS as disclosed in Note 4 (Non-Agency RMBS $53,485,053 and $62,684,335, 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. 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 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 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 over three years.
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 available-for-sale (“AFS”) securities 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 AFS 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 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 AFS securities are recorded as realized gains (losses) within realized gain (loss) on sale of investments, net in the Company's 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 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 and expects to be accounted for as sales for financial reporting purposes.
	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.
Multi Family Mortgage Loans Held in Securitization Trusts [Policy Text Block]	Multi-Family and Residential Mortgage Loans Held in Securitization Trusts
	Multi-family and residential mortgage loans held in securitization trusts are comprised of multi-family mortgage loans held in the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, and residential mortgage loans held in the CSMC 2014-OAK1 Trust and the JPMMT 2014-OAK4 Trust, as of December 31, 2014. Based on a number of factors, the Company determined that it was the primary beneficiary of the VIEs underlying the trusts, met the criteria for consolidation and, accordingly, has consolidated the four trusts, including their assets, liabilities, income and expenses in its financial statements. The Company has elected the fair value option on each of the assets and liabilities held within the trusts. See Note 3 – Fair Value Measurement below for additional detail.
	Interest income on multi-family and residential mortgage loans held in securitization trusts 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 no case 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.
Mortgage Servicing Rights and Excess Servicing Rights, at Fair Value [Policy Text Block]	Mortgage Servicing Rights and Excess Servicing Rights, at Fair Value
	Mortgage servicing rights (“MSRs”) are associated with residential mortgage loans that the Company has purchased and subsequently sold or securitized. MSRs are held and managed at our TRS. As the owner of MSRs, the Company is entitled to receive a portion of the interest payments from the associated residential mortgage loan, and is obligated to service directly or through a subservicer, the associated loan. MSRs are reported at fair value as a result of a fair value option election. See Note 3 – Fair Value Measurement below for additional detail. Residential mortgage loans for which the Company owns the MSRs are directly serviced by one or more sub-servicers retained by the Company, since the Company does not originate or directly service any residential mortgage loans.
	To the extent that the Company determines it is the primary beneficiary of a residential mortgage loan securitization trust into which it has sold loans, any associated MSRs are eliminated on the consolidation of the trust. The trust is contractually obligated to pay a portion of the interest payments from the associated residential mortgage loans for the direct servicing of the loans, and after deduction of sub-servicing fees payable to contracted sub-servicers, the net amount, excess servicing rights, represents a liability of the trust. See Note 3 – Fair Value Measurement below for additional detail.
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 finances the acquisition of certain of its residential mortgage loans through the use of short-term, uncommitted residential loan warehouse facilities, which are currently structured as repurchase agreements. The Company accounts for outstandings under these facilities as collateralized financing transactions which are carried at its contractual amount, and approximate fair value due to their short-term nature.
Multi Family and Residential Securitized Debt Obligations [Policy Text Block]	Multi-Family and Residential Securitized Debt Obligations
	Multi-family and residential securitized debt obligations represent third-party liabilities of the FREMF 2011-K13 Trust, FREMF 2012-KF01 Trust, JPMMT 2014-OAK4 Trust and CSMC 2014-OAK1 Trust, and excludes liabilities of the trust acquired by the Company that are eliminated on consolidation. The third-party obligations of each trust do not have any recourse to the Company as the consolidator of each trust.
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.
	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 stockholders. 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 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 June 2014, 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 disclosing 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 has 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 interest income will be recognized in revenue interest income and unrealized gain (loss) will be reflected in other comprehensive income.
	In August 2014 FASB issued ASU No. 2014-13 “Consolidation (Topic 810) Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity”. A collateralized financing entity is a VIE such as a securitization trust with no more than nominal equity that holds financial assets and issues beneficial interests in those financial assets; the beneficial interests have contractual recourse only to the related assets of the collateralized financing entity and are classified as financial liabilities. The amendments in this ASU address differences in measurement practice between the fair value of the collateralized financing entity’s assets and liabilities, and apply to a reporting entity that is required to consolidate such an entity when the reporting entity measures all of the financial assets and the financial liabilities of that consolidated collateralized financing entity at fair value in its financial statements, and that changes in such values are reflected in earnings.
	When a reporting entity elects the measurement alternative included in ASU 2014-13 for a collateralized financing entity, the reporting entity should measure both the financial assets and the financial liabilities of that collateralized financing entity in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The amendments in this ASU are effective for public entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. Since the Company has not previously been required to consolidate the assets and liabilities of a collateralized financing entity, it has elected to early adopt this ASU in respect of the consolidated financial statements with effect from September 30, 2014. See Note 3 – Fair Value Measurements for further information.
	In February 2015, FASB issued ASU No. 2015-02 “Amendments to the Consolidation Analysis”, which amends ASC 810, “Consolidation”. The amendments in this ASU affect the evaluation of, and consolidation analysis for, VIEs and is effective for public entities for annual periods, and interim periods within such annual periods, beginning after December 15, 2014. The Company has not yet completed its review of this ASU and accordingly cannot assess its effect on the Company’s current accounting policies.

AVAILABLEFORSALE_SECURITIES_Ta

AVAILABLE-FOR-SALE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities [Table Text Block]	The following table presents the Company’s AFS investment securities by collateral type at fair value as of December 31, 2014 and December 31, 2013:
		December 31, 2014		December 31, 2013
	Mortgage-backed securities:
	Agency
	Federal Home Loan Mortgage Corporation	$	162,344,627	$	237,143,864
	Federal National Mortgage Association		152,486,058		145,156,756
	Non-Agency		53,485,053		62,684,335
	Total mortgage-backed securities	$	368,315,738	$	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 December 31, 2014 and December 31, 2013:
		December 31, 2014
		Agency		Non-Agency		Total
	Face Value	$	309,790,551	$	76,672,548	$	386,463,099
	Unamortized premium		4,796,106		-		4,796,106
	Unamortized discount
	Designated credit reserve		-		-12,697,796		-12,697,796
	Net, unamortized		-2,244,687		-15,209,335		-17,454,022
	Amortized Cost		312,341,970		48,765,417		361,107,387
	Gross unrealized gain		3,670,643		4,732,247		8,402,890
	Gross unrealized (loss)		-1,181,928		-12,611		-1,194,539
	Fair Value	$	314,830,685	$	53,485,053	$	368,315,738
		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, inclusive of securities previously booked as linked, for the years ended December 31, 2014 and December 31, 2013:
		Year Ended		Year Ended
		December 31, 2014		December 31, 2013
	AFS securities sold, at cost	$	462,470,753	$	717,309,717
	Proceeds from AFS securities sold		466,239,975		687,203,605
	Net realized gain (loss) on sale of AFS securities	$	3,769,222	$	-30,106,112
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 December 31, 2014 and December 31, 2013:
		December 31, 2014
		Agency		Non-Agency		Total
	Adjustable rate	$	229,648,342	$	53,485,053	$	283,133,395
	Fixed rate		85,182,343		-		85,182,343
	Total	$	314,830,685	$	53,485,053	$	368,315,738
		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 December 31, 2014 and December 31, 2013:
		December 31, 2014		December 31, 2013
	Less than one year	$	-	$	-
	Greater than one year and less than five years		35,855,146		-
	Greater than or equal to five years		332,460,592		444,984,955
	Total	$	368,315,738	$	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 years ended December 31, 2014 and December 31, 2013 of the unamortized net discount and designated credit reserves on the Company’s MBS.
		December 31, 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		-		-2,361,186		-2,361,186
	Dispositions		559,860		1,667,828		2,227,688
	Accretion of net discount		-		4,760,729		4,760,729
	Realized gain on paydowns		-		223,212		223,212
	Realized credit losses		2,868,699		-		2,868,699
	Release of credit reserves		-		655,775		655,775
	Ending balance at December 31, 2014	$	-12,697,796	$	-17,454,022	$	-30,151,818
		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, inclusive of purchased accrued interest, on the Company’s AFS securities for the years ended December 31, 2014 and December 31, 2013
		Year Ended December 31, 2014						Year Ended December 31, 2013
				Net (premium						Net (premium
		Coupon		amortization)/		Interest		Coupon		amortization)/		Interest
		interest		discount accretion		income		interest		discount accretion		income
	Agency	$	11,409,239	$	603,547	$	12,012,786	$	14,266,215	$	-716,788	$	13,549,427
	Non-Agency		261,050		4,077,481		4,338,531		170,750		2,691,552		2,862,302
	Multi-Family		184,411		24,610		209,021		-		-		-
	Total	$	11,854,700	$	4,705,638	$	16,560,338	$	14,436,966	$	1,974,764	$	16,411,730

MORTGAGE_LOANS_HELDFORSALE_at_1

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2014
Mortgage Loans Held For Sale At Fair Value [Line Items]
Schedule of Mortgage loans held-for-sale [Table Text Block]	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 carrying value of the Company’s mortgage loans held-for-sale as of December 31, 2014 and December 31, 2013:
		December 31, 2014		December 31, 2013
	Unpaid principal balance	$	54,348,654	$	-
	Fair value adjustment		329,728		-
	Carrying value	$	54,678,382	$	-
Mortgage Loans Held-for-sale [Member]
Mortgage Loans Held For Sale At Fair Value [Line Items]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the mortgage loans held-for-sale as of December 31, 2014 are as follows:
		December 31, 2014
	Massachussetts	46.2	%
	New Jersey	25.6	%
	California	21.2	%

MULTIFAMILY_MORTGAGE_LOAN_SECU1

MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS (Tables) (Multi-Family Mortgage Loans Held in Securitization Trusts [Member])	12 Months Ended
	Dec. 31, 2014
Multi-Family Mortgage Loans Held in Securitization Trusts [Member]
Variable Interest Entity [Line Items]
Condensed Balance Sheet [Table Text Block]	The combined balance sheet of the multi-family mortgage loan securitization trusts at December 31, 2014:
	Balance Sheet	December 31, 2014
	Assets
	Multi-family mortgage loans held in securitization trusts	$	1,750,294,430
	Receivables		6,012,642
	Total assets	$	1,756,307,072
	Liabilities and Equity
	Multi-family securitized debt obligations	$	1,670,573,456
	Payables		5,800,065
		$	1,676,373,521
	Equity		79,933,551
	Total liabilities and equity	$	1,756,307,072
Condensed Income Statement [Table Text Block]	The combined statement of operations of the  multi-family mortgage loan securitization trusts at December 31, 2014 are as follows:
		For the period from
		date of consolidation to
	Statement of Operation	December 31, 2014*
	Interest income	$	21,158,102
	Interest expense		-19,400,851
	Net interest income	$	1,757,251
	General and administrative fees		-1,086,165
	Unrealized gain (loss) on multi-family mortgage loan held in securitization trusts		1,473,484
	Net Income	$	2,144,570
	* The Company consolidated the first trust in September, 2014 and the second trust in October, 2014.
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of December 31, 2014:
		December 31, 2014
	Texas	20.7	%
	California	12.7	%
	New York	11.1	%
	Washington	6.1	%
	Colorado	6	%
	Georgia	5	%

RESIDENTIAL_MORTGAGE_LOAN_SECU1

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Tables) (Residential mortgage loans [Member])	12 Months Ended
	Dec. 31, 2014
Residential mortgage loans [Member]
Variable Interest Entity [Line Items]
Condensed Balance Sheet [Table Text Block]	The combined balance sheet of the residential mortgage loan securitization trusts at December 31, 2014:
	Balance Sheet	December 31, 2014
	Assets
	Residential mortgage loans held in securitization trusts	$	631,446,984
	Receivables		2,030,045
	Total assets	$	633,447,029
	Liabilities and Equity
	Residential securitized debt obligations	$	502,900,040	-1
	Payables		1,662,660
		$	504,562,700
	Equity		128,914,329
	Total liabilities and equity	$	633,477,029
	(1) Includes $70,864,063 of residential securitized debt obligations sold but not settled as of December 31, 2014.
Condensed Income Statement [Table Text Block]	The consolidated statements of operations of the residential mortgage loan securitization trusts at December 31, 2014 are as follows:
		For the period from
		date of consolidation to
	Statements of Operation	December 31, 2014 *
	Interest income	$	4,438,633
	Interest expense		-3,575,168
	Net interest income	$	863,465
	General and administrative fees		-44,267
	Unrealized gain (loss) on residential mortgage loans held in securitization trusts		3,059,647
	Net Income	$	3,878,845
	* The Company consolidated the first trust in October, 2014, and the second trust in December, 2014.
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the residential mortgage loan securitization trusts as of December 31, 2014:
		December 31, 2014
	California	52.5	%
	Washington	10.9	%
	Massachussetts	7.3	%

RESTRICTED_CASH_Tables

RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2014
Cash and Cash Equivalents [Abstract]
Schedule of Restricted Cash and Cash Equivalents [Table Text Block]	The following table presents the Company's restricted cash balances as of December 31, 2014 and December 31, 2013:
		December 31, 2014		December 31, 2013
	Restricted cash balance held by:
	Broker counterparties for derivatives trading	$	5,104,533	$	7,297,667
	Repurchase counterparties as restricted collateral		6,296,112		6,015,490
	FOAC as minimum required capital		-		30,016
	Total	$	11,400,645	$	13,343,173

REPURCHASE_AGREEMENTS_Tables

REPURCHASE AGREEMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure Of Repurchase Agreements [Abstract]
Schedule of Repurchase Agreements [Table Text Block]	The following table summarizes certain characteristics of the Company’s repurchase agreements at December 31, 2014 and December 31, 2013:
			December 31, 2014					December 31, 2013
					Weighted						Weighted
			Amount		average			Amount			average
			outstanding		interest rate			outstanding			interest rate
	Agency		$	298,783,000		0.36	%	$	370,901,000			0.4	%
	Non-Agency(1)			200,347,000		1.25	%		41,271,000			2.09	%
	Multi-Family(2)			45,484,000		1.85	%		-			0	%
	Mortgage loans			50,263,852		2.86	%		-			0	%
	Total		$	594,877,852		0.99	%	$	412,172,000			0.57	%
		-1	At December 31, 2014 and December 31, 2013, the Company had repurchase agreements of $85,497,000 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 December 31, 2014, the Company had repurchase agreements of $63,796,000 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 December 31, 2014 and December 31, 2013, the repurchase agreements, including residential loan warehouse facilities, had the following remaining maturities:
			December 31, 2014		December 31, 2013
	< 30 days		$	465,817,820	$	373,422,000
	31 to 60 days			86,025,327		38,750,000
	> 90 days			43,034,705		-
	Total		$	594,877,852	$	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 December 31, 2014 and December 31, 2013:
			December 31, 2014
			Amount		Percent of total				Weighted average			Market Value
	Repurchase Agreement Counterparties		Outstanding(1)		amount outstanding				days to maturity			of collateral held
	North America		$	388,138,820		65.25	%			19		$	463,615,686
	Europe (2)			93,350,032		15.69	%			21			113,286,452
	Asia (2)			113,389,000		19.06	%			122			118,519,817
	Total		$	594,877,852		100	%			36		$	695,421,955
	(1) At December 31, 2014, the Company had repurchase agreements of $85,497,000 and $63,796,000 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)	12 Months Ended
	Dec. 31, 2014
Derivative Instrument Detail [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following tables present the gross fair value and notional amounts of the Company’s derivative financial instruments as of December 31, 2014 and December 31, 2013. The Company’s Linked Transactions are evaluated on a combined basis.
		December 31, 2014
		Derivative Assets					Derivative Liabilities
		Fair value		Notional			Fair value			Notional
	Interest rate swaps	$	-		-		$	-1,755,107			226,000,000
	Swaptions		21,550		25,000,000			-			-
	Futures		-		-			-533,951			98,000,000
	Linked transactions		60,818,111		-			-			-
	Total	$	60,839,661		25,000,000		$	-2,289,058			324,000,000
		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 December 31, 2014 and December 31, 2013:
		December 31, 2014
		Notional		Fair			Fixed Pay				Maturity			Forward
	Current Maturity Date	Amount		Value			Rate				Years			Starting
	3 years or less	$	35,000,000	$	-124,591			0.66	%			1.1			0	%
	Greater than 3 years and less than 5 years		191,000,000		-1,630,516			1.66	%			3.7			0	%
	Total	$	226,000,000	$	-1,755,107			1.51	%			3.3			0	%
		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 consolidated balance sheets as of December 31, 2014 and December 31, 2013:
		December 31, 2014
										Gross amounts not offset
							Net amounts			in the Balance Sheet (1)
		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)	$	210,402,629	$	-149,584,518		$	60,818,111		$	-60,818,111		$	-		$	-
	Swaptions		21,550		-			21,550			-			-			21,550
	Total	$	210,424,179	$	-149,584,518		$	60,839,661		$	-60,818,111		$	-		$	21,550
		December 31, 2014
										Gross amounts not offset
							Net amounts			in the Balance Sheet (1)
		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	$	594,877,852	$	-		$	594,877,852		$	-		$	-		$	594,877,852
	Linked transactions(2)		-149,584,518		149,584,518			-			-			-			-
	Interest rate swaps		-1,755,107		-			-1,755,107			-			1,755,107			-
	Futures		-533,951		-			-533,951			-			533,951			-
	Total	$	443,004,276	$	149,584,518		$	592,588,794		$	-		$	2,289,058		$	594,877,852
		December 31, 2013
										Gross amounts not offset
							Net amounts			in the Balance Sheet (1)
		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
							Net amounts			in the Balance Sheet (1)
		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 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 December 31, 2014 and December 31, 2013:
		December 31, 2014
		Non-Agency		Multi-Family			Total
	Face Value	$	186,532,050	$	102,968,560		$	289,500,610
	Unamortized premium		-		-			-
	Unamortized discount
	Designated credit reserve		-36,627,428		-			-36,627,428
	Net, unamortized		-28,768,448		-18,323,619			-47,092,067
	Amortized Cost		121,136,174		84,644,941			205,781,115
	Gross unrealized gain		5,733,793		1,770,361			7,504,154
	Gross unrealized loss		-2,441,655		-604,957			-3,046,612
	Fair Value	$	124,428,312	$	85,810,345		$	210,238,657
		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 years ended December 31, 2014 and December 31, 2013 of the unamortized net discount and designated credit reserves on Non-Agency RMBS and Multi-Family MBS underlying Linked Transactions:
		December 31, 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		-19,384,939		-47,651,628			-67,036,567
	Dispositions		9,468,964		15,465,093			24,934,057
	Accretion of net discount		-		12,122,919			12,122,919
	Realized credit losses		3,146,144		-			3,146,144
	Release of credit reserves		-		3,741,935			3,741,935
	Ending balance at December 31, 2014	$	-36,627,428	$	-47,092,067		$	-83,719,495
		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]		December 31, 2014
		Amount		Percent of total			Weighted average			Company RMBS
	Repurchase Agreement Counterparties	Outstanding		amount outstanding			days to maturity			held as collateral
	North America		86,985,000		58.26	%		33			124,620,916
	Europe (1)		46,381,000		31.07	%		15			62,487,229
	Asia (1)		15,927,000		10.67	%		9			23,130,512
	Total	$	149,293,000		100	%		25		$	210,238,657
	(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 consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the years ended December 31, 2014 and December 31, 2013:
		Year Ended December 31, 2014
		Amount of realized		Amount of unrealized
	Primary underlying risk	gain (loss)		appreciation (depreciation)			Total
	Interest rate:
	Interest rate swaps	$	-9,705,847	$	-761,429		$	-10,467,276
	Swaptions		-336,000		-1,413,244			-1,749,244
	Futures		-8,621,211		-688,217			-9,309,428
	TBAs		448,598		-68,359			380,239
	Total	$	-18,214,460	$	-2,931,249		$	-21,145,709
		Year Ended December 31, 2013
		Amount of realized		Amount of unrealized
	Primary underlying risk	gain (loss)		appreciation (depreciation)			Total
	Interest rate:
	Interest rate swaps	$	19,283,710	$	-709,923		$	18,573,787
	Swaptions		-278,667		1,365,399			1,086,732
	Futures		-8,595		154,265			145,670
	TBAs		-183,594		68,359			-115,235
	Total	$	18,812,854	$	878,100		$	19,690,954
	(1) In the year ended December 31, 2014, net swap interest expense totaled $3,495,232 comprised of $3,329,219 in interest expense paid (included in realized gain (loss) and $166,013 in accrued interest expense (included in unrealized appreciation (depreciation). In the year ended December 31, 2013 net swap interest expense totaled $1,724,725 comprised of $1,414,578 in interest expense paid (included in realized gain (loss) and $310,147 in accrued interest expense (included in unrealized appreciation (depreciation).
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 consolidated statement of operations for the years ended December 31, 2014 and December 31, 2013:
		Year Ended		Year Ended
		December 31, 2014		December 31, 2013
	Interest income attributable to AFS underlying Linked Transactions	$	15,427,632	$	4,025,456
	Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions		-2,893,375		-622,942
	Change in fair value of Linked Transactions included in earnings		-1,928,409		2,435,795
	Unrealized gain (loss) and net interest income from Linked Transactions	$	10,605,848	$	5,838,309

FINANCIAL_INSTRUMENTS_Tables

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	The following tables summarize the valuation of the Company’s assets and liabilities at fair value within the fair value hierarchy levels as of December 31, 2014 and December 31, 2013:
			Quoted prices in		Significant
			active markets		other observable		Unobservable
			for identical assets		inputs		inputs		Balance as of
			Level 1		Level 2		Level 3		December 31, 2014
	Assets:
	Residential mortgage-backed securities (a)		$	-	$	368,315,738	$	-	$	368,315,738
	Residential mortgage loans			-		54,678,382		-		54,678,382
	Multi-Family mortgage loans held in securitization trusts			-		1,750,294,430		-		1,750,294,430
	Residential mortgage loans held in securitization trusts			-		631,446,984		-		631,446,984
	Linked transactions (b)			-		60,818,111		-		60,818,111
	Swaptions			-		21,550		-		21,550
	Total		$	-	$	2,865,575,195	$	-	$	2,865,575,195
	Liabilities:
	Interest rate swaps		$	-	$	-1,755,107	$	-	$	-1,755,107
	Multi-family securitized debt obligations			-		-1,670,573,456		-		-1,670,573,456
	Residential securitized debt obligations			-		-432,035,976		-		-432,035,976
	Futures			-533,951		-		-		-533,951
	Total		$	-533,951	$	-2,104,365,061	$	-	$	-2,104,899,012
			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)	12 Months Ended
	Dec. 31, 2014
Common Stock [Member]
Schedule of Dividends Payable [Table Text Block]	The following table presents cash dividends declared by the Company on its common stock for the year ended December 31, 2014:
	Declaration Date	Record Date	Payment Date	Dividend Amount		Cash Dividend Per Share
	30-Dec-13	15-Jan-14	30-Jan-14	$	923,656	$	0.09235
	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	$	1,336,157	$	0.13359
	25-Mar-14	16-Jun-14	27-Jun-14	$	1,336,156	$	0.13359
	17-Jun-14	15-Jul-14	30-Jul-14	$	1,839,281	$	0.15904
	17-Jun-14	15-Aug-14	27-Aug-14	$	1,839,281	$	0.15904
	17-Jun-14	15-Sep-14	29-Sep-14	$	1,839,844	$	0.15909
	15-Sep-14	15-Oct-14	30-Oct-14	$	1,839,844	$	0.14887
	15-Sep-14	14-Nov-14	26-Nov-14	$	1,839,844	$	0.14887
	15-Sep-14	15-Dec-14	30-Dec-14	$	1,839,844	$	0.14887
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 year ended December 31, 2014:
	Declaration Date	Record Date	Payment Date	Dividend Amount		Cash Dividend Per Share
	23-Dec-13	15-Jan-14	27-Jan-14	$	165,280	$	0.2066
	23-Dec-13	14-Feb-14	27-Feb-14	$	167,716	$	0.1823
	23-Dec-13	17-Mar-14	27-Mar-14	$	167,716	$	0.1823
	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
	17-Jun-14	15-Jul-14	28-Jul-14	$	293,503	$	0.1823
	17-Jun-14	15-Aug-14	27-Aug-14	$	293,503	$	0.1823
	17-Jun-14	15-Sep-14	29-Sep-14	$	293,503	$	0.1823
	15-Sep-14	15-Oct-14	20-Oct-14	$	293,503	$	0.1823
	15-Sep-14	14-Nov-14	26-Nov-14	$	293,503	$	0.1823
	15-Sep-14	15-Dec-14	30-Dec-14	$	293,503	$	0.1823

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block]	The following tables provide additional disclosure regarding the computation for the years ended December 31, 2014 and December 31, 2013:
		Year Ended December 31, 2014				Years Ended December 31, 2013
	Net income			$	3,313,785			$	3,226,430
	Less dividends paid:
	Common stock	$	18,229,875			$	10,082,871
	Unvested share-based
	payment awards		2,887,296				44,827
					21,117,171				10,127,698
	Undistributed earnings			$	-17,803,386			$	-6,901,268
		Unvested Share-Based				Unvested Share-Based
		Payment Awards		Common Stock		Payment Awards		Common Stock
	Distributed earnings	$	1.47	$	1.47	$	-	$	1.64
	Undistributed earnings (deficit)		-1.44		-1.44		-1.12		-1.12
	Total	$	0.03	$	0.03	$	-1.12	$	0.52

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	The following table summarized the Company’s deferred tax assets and valuation allowance as of December 31, 2014
		As of December 31, 2014
	Non-current Deferred Tax Asset (Liability)
	Unrealized Gain (Security)		-1,393,014
	Net Operating Losses		1,545,254
			152,240
	Valuation Allowance		-152,240
	Net Non-current Deferred Tax Asset (Liability)		-

ORGANIZATION_AND_BUSINESS_OPER1

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

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014	Apr. 25, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies [Line Items]
Proposed Maximum Aggregate Offering Price		$750,000,000
Available-for-sale Securities, Total	368,315,738		444,984,955
Loss from Consolidation, Maximum Exposure	208,800,000
Non Agency [Member]
Summary Of Significant Accounting Policies [Line Items]
Available-for-sale Securities, Total	$53,485,053		$62,684,335

AVAILABLEFORSALE_SECURITIES_De

AVAILABLE-FOR-SALE SECURITIES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Mortgage-backed securities:	$368,315,738	$444,984,955
Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Mortgage-backed securities:	314,830,685	382,300,620
Agency [Member] | Federal National Mortgage Association [Member]
Schedule of Available-for-sale Securities [Line Items]
Mortgage-backed securities:	152,486,058	145,156,756
Agency [Member] | Federal Home Loan Mortgage Corporation [Member]
Schedule of Available-for-sale Securities [Line Items]
Mortgage-backed securities:	162,344,627	237,143,864
Non Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Mortgage-backed securities:	$53,485,053	$62,684,335

AVAILABLEFORSALE_SECURITIES_De1

AVAILABLE-FOR-SALE SECURITIES (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Face Value	$386,463,099	$482,062,451
Unamortized premium	4,796,106	12,544,193
Unamortized discount
Designated credit reserve	-12,697,796	-16,126,355
Net, unamortized	-17,454,022	-22,400,380
Amortized Cost	361,107,387	456,079,909
Gross unrealized gain	8,402,890	4,331,610
Gross unrealized (loss)	-1,194,539	-15,426,564
Fair Value	368,315,738	444,984,955
Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Face Value	309,790,551	386,672,123
Unamortized premium	4,796,106	12,544,193
Unamortized discount
Designated credit reserve	0	0
Net, unamortized	-2,244,687	-1,489,132
Amortized Cost	312,341,970	397,727,184
Gross unrealized gain	3,670,643	0
Gross unrealized (loss)	-1,181,928	-15,426,564
Fair Value	314,830,685	382,300,620
Non Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Face Value	76,672,548	95,390,328
Unamortized premium	0	0
Unamortized discount
Designated credit reserve	-12,697,796	-16,126,355
Net, unamortized	-15,209,335	-20,911,248
Amortized Cost	48,765,417	58,352,725
Gross unrealized gain	4,732,247	4,331,610
Gross unrealized (loss)	-12,611	0
Fair Value	$53,485,053	$62,684,335

AVAILABLEFORSALE_SECURITIES_De2

AVAILABLE-FOR-SALE SECURITIES (Details 2) (AFS securities [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
AFS securities [Member]
Schedule of Available-for-sale Securities [Line Items]
AFS securities sold, at cost	$462,470,753	$717,309,717
Proceeds from AFS securities sold	466,239,975	687,203,605
Net realized gain (loss) on sale of AFS securities	$3,769,222	($30,106,112)

AVAILABLEFORSALE_SECURITIES_De3

AVAILABLE-FOR-SALE SECURITIES (Details 3) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	$368,315,738	$444,984,955
Adjustable Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	283,133,395	233,271,984
Fixed Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	85,182,343	211,712,971
Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	314,830,685	382,300,620
Agency [Member] | Adjustable Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	229,648,342	170,587,649
Agency [Member] | Fixed Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	85,182,343	211,712,971
Non Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	53,485,053	62,684,335
Non Agency [Member] | Adjustable Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	53,485,053	62,684,335
Non Agency [Member] | Fixed Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	$0	$0

AVAILABLEFORSALE_SECURITIES_De4

AVAILABLE-FOR-SALE SECURITIES (Details 4) (USD $)	Dec. 31, 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	35,855,146	0
Greater than or equal to five years	332,460,592	444,984,955
Total	$368,315,738	$444,984,955

AVAILABLEFORSALE_SECURITIES_De5

AVAILABLE-FOR-SALE SECURITIES (Details 5) (USD $)	12 Months Ended
	Dec. 31, 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, Dispositions	559,860
Designated credit reserve, Accretion of net discount	0	0
Designated credit reserve, Realized gain on paydowns	0	0
Designated credit reserve, Realized credit losses	2,868,699	2,363,284
Designated credit reserve, Release of credit reserves	0	655,775
Designated credit reserve, Ending balance	-12,697,796	-16,126,355
Unamortized net discount, Beginning balance	-22,400,380
Unamortized net discount, Acquisitions	-2,361,186	-24,606,107
Unamortized net discount, Dispositions	1,667,828
Unamortized net discount, Accretion of net discount	4,760,729	2,836,240
Unamortized net discount, Realized gain on paydowns	223,212	25,262
Unamortized net discount, Realized credit losses	0	0
Unamortized net discount, Release of credit reserves	655,775	-655,775
Unamortized net discount, Ending balance	-17,454,022	-22,400,380
Beginning Balance, Total	-38,526,735
Acquisitions, Total	-2,361,186	-43,751,521
Dispositions, Total	2,227,688
Accretion of net discount, Total	4,760,729	2,836,240
Realized gain on paydowns, Total	223,212	25,262
Realized credit losses, Total	2,868,699	2,363,284
Release of credit reserves, Total	655,775	0
Ending balance, Total	($30,151,818)	($38,526,735)

AVAILABLEFORSALE_SECURITIES_De6

AVAILABLE-FOR-SALE SECURITIES (Details 6) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	$11,854,700	$14,436,966
Net (premium amortization)/ discount accretion	4,705,639	1,974,765
Interest income	16,560,338	16,411,730
Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	11,409,239	14,266,215
Net (premium amortization)/ discount accretion	603,547	-716,788
Interest income	12,012,786	13,549,427
Non Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	261,050	170,750
Net (premium amortization)/ discount accretion	4,077,481	2,691,552
Interest income	4,338,531	2,862,302
Multi-Family [Member]
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	184,411	0
Net (premium amortization)/ discount accretion	24,610	0
Interest income	$209,021	$0

AVAILABLEFORSALE_SECURITIES_De7

AVAILABLE-FOR-SALE SECURITIES (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$18,303,304	($13,528,951)

MORTGAGE_LOANS_HELDFORSALE_at_2

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Mortgage loans held-for-sale [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	$54,678,382	$0
Mortgage Loans Held-for-sale [Member]
Mortgage loans held-for-sale [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	54,678,382	0
Unpaid Principal Balance [Member] | Mortgage Loans Held-for-sale [Member]
Mortgage loans held-for-sale [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	54,348,654	0
Fair Value Adjustment [Member] | Mortgage Loans Held-for-sale [Member]
Mortgage loans held-for-sale [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	$329,728	$0

MORTGAGE_LOANS_HELDFORSALE_at_3

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Details 1) (Mortgage Loans Held-for-sale [Member])	12 Months Ended
	Dec. 31, 2014
California [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	21.20%
Massachussetts [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	46.20%
New Jersey [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	25.60%

MULTIFAMILY_MORTGAGE_LOAN_SECU2

MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Assets
Multi-family mortgage loans held in securitization trusts	$1,750,294,430		$0
Total assets	2,922,209,557	[1]	528,201,405	[1]
Liabilities and Equity
Multi-family securitized debt obligations	1,670,573,456		0
Liabilities, Total	2,709,411,427	[1]	414,276,043	[1]
Equity	212,798,130		113,925,362		32,268,720
Total liabilities and equity	2,922,209,557		528,201,405
Multi-Family Mortgage Loans Held in Securitization Trusts [Member]
Assets
Multi-family mortgage loans held in securitization trusts	1,750,294,430
Receivables	6,012,642
Total assets	1,756,307,072
Liabilities and Equity
Multi-family securitized debt obligations	1,670,573,456
Payables	5,800,065
Liabilities, Total	1,676,373,521
Equity	79,933,551
Total liabilities and equity	$1,756,307,072
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (bVIEsb) as the Company is primary beneficiary of these VIEs. As of December 31, 2014 and December 31, 2013, assets of consolidated VIEs totaled $2,389,784,101 and $0, respectively, and the liabilities of consolidated VIEs totaled $2,180,936,221 and $0, respectively.

MULTIFAMILY_MORTGAGE_LOAN_SECU3

MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Variable Interest Entity [Line Items]
Net interest income	$17,971,303		$14,180,008
General and administrative fees	-2,901,076		-992,115
Unrealized gain (loss) on multi-family mortgage loan held in securitization trusts	1,473,485		0
Net Income	3,313,786		3,226,430
Multi-Family Mortgage Loans Held in Securitization Trusts [Member]
Variable Interest Entity [Line Items]
Interest income	21,158,102	[1]
Interest expense	-19,400,851	[1]
Net interest income	1,757,251	[1]
General and administrative fees	-1,086,165	[1]
Unrealized gain (loss) on multi-family mortgage loan held in securitization trusts	1,473,484	[1]
Net Income	$2,144,570	[1]
[1]	The Company consolidated the first trust in September, 2014 and the second trust in October, 2014.

MULTIFAMILY_MORTGAGE_LOAN_SECU4

MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS (Details 2) (Multi-Family Mortgage Loans Held in Securitization Trusts [Member])	12 Months Ended
	Dec. 31, 2014
Texas [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	20.70%
California [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	12.70%
New York [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	11.10%
Washington [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	6.10%
Colorado [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	6.00%
Georgia [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	5.00%

MULTIFAMILY_MORTGAGE_LOAN_SECU5

MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS (Details Textual) (Multi-Family Mortgage Loans Held in Securitization Trusts [Member], USD $)	12 Months Ended
	Dec. 31, 2014
Multi-Family Mortgage Loans Held in Securitization Trusts [Member]
Variable Interest Entity [Line Items]
Investment of Multi-Family Mortgage Backed Securities MBS, Net Carrying Value	$79,933,551
Multi-family loans held in securitization trusts, unpaid principal balance	1,637,721,473
Multi-family securitized debt obligations, unpaid principal balance	$1,637,721,473

RESIDENTIAL_MORTGAGE_LOAN_SECU2

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
ASSETS
Multi-family mortgage loans held in securitization trusts	$1,750,294,430		$0
Total assets	2,922,209,557	[1]	528,201,405	[1]
Liabilities and Equity [Abstract]
Multi-family securitized debt obligations	1,670,573,456		0
Liabilities	2,709,411,427	[1]	414,276,043	[1]
Equity	212,798,130		113,925,362		32,268,720
Total liabilities and equity	2,922,209,557		528,201,405
Residential Mortgage [Member]
ASSETS
Multi-family mortgage loans held in securitization trusts	631,446,984
Receivables	2,030,045
Total assets	633,447,029
Liabilities and Equity [Abstract]
Multi-family securitized debt obligations	502,900,040	[2]
Payables	1,662,660
Liabilities	504,562,700
Equity	128,914,329
Total liabilities and equity	$633,477,029
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (bVIEsb) as the Company is primary beneficiary of these VIEs. As of December 31, 2014 and December 31, 2013, assets of consolidated VIEs totaled $2,389,784,101 and $0, respectively, and the liabilities of consolidated VIEs totaled $2,180,936,221 and $0, respectively.
[2]	Includes $70,864,063 of residential securitized debt obligations sold but not settled as of December 31, 2014.

RESIDENTIAL_MORTGAGE_LOAN_SECU3

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Variable Interest Entity [Line Items]
Net interest income	$17,971,303		$14,180,008
General and administrative fees	-2,901,076		-992,115
Unrealized gain (loss) on residential mortgage loans held in securitization trusts	3,059,647		0
Net Income	3,313,786		3,226,430
Residential Mortgage [Member]
Variable Interest Entity [Line Items]
Interest income	4,438,633	[1]
Interest expense	-3,575,168	[1]
Net interest income	863,465	[1]
General and administrative fees	-44,267	[1]
Unrealized gain (loss) on residential mortgage loans held in securitization trusts	3,059,647	[1]
Net Income	$3,878,845	[1]
[1]	The Company consolidated the first trust in October, 2014, and the second trust in December, 2014.

RESIDENTIAL_MORTGAGE_LOAN_SECU4

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details 2) (Residential Mortgage [Member])	12 Months Ended
	Dec. 31, 2014
California [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	52.50%
Washington [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	10.90%
Massachussetts [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	7.30%

RESIDENTIAL_MORTGAGE_LOAN_SECU5

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Secured Debt, Other	$432,035,976	$0
Residential Mortgage [Member]
Variable Interest Entity [Line Items]
Investment of Multi-Family Mortgage Backed Securities MBS, Net Carrying Value	128,914,329
Multi-family loans held in securitization trusts, unpaid principal balance	606,835,758
Mulit-family securitized debt obligations, unpaid principal balance	606,835,758
Secured Debt, Other	$70,864,063

RESTRICTED_CASH_Details

RESTRICTED CASH (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$11,400,645	$13,343,173
Broker counterparties for derivatives trading [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	5,104,533	7,297,667
Repurchase counterparties as restricted collateral [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	6,296,112	6,015,490
FOAC as minimum required capital [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$0	$30,016

REPURCHASE_AGREEMENTS_Details

REPURCHASE AGREEMENTS (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Repurchase Agreements [Line Items]
Repurchase agreements	$594,877,852		$412,172,000
Repurchase Agreements weighted average interest rate	0.99%		0.57%
Agency [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	298,783,000		370,901,000
Repurchase Agreements weighted average interest rate	0.36%		0.40%
Non-Agency [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	200,347,000	[1]	41,271,000	[1]
Repurchase Agreements weighted average interest rate	1.25%	[1]	2.09%	[1]
Multi-Family [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	45,484,000	[2]	0	[2]
Repurchase Agreements weighted average interest rate	1.85%	[2]	0.00%	[2]
Mortgage loans [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$50,263,852		$0
Repurchase Agreements weighted average interest rate	2.86%		0.00%
[1]	At December 31, 2014 and December 31, 2013, the Company had repurchase agreements of $85,497,000 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 December 31, 2014, the Company had repurchase agreements of $63,796,000 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 $)	Dec. 31, 2014	Dec. 31, 2013
Repurchase Agreements [Line Items]
Repurchase agreements	$594,877,852	$412,172,000
Maturity up to 30 days [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	465,817,820	373,422,000
Maturity 31 To 60 Days [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	86,025,327	38,750,000
Maturity Over 90 Days Member [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$43,034,705	$0

REPURCHASE_AGREEMENTS_Details_1

REPURCHASE AGREEMENTS (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	$594,877,852		$412,172,000
Repurchase Agreement Counterparties, Percent of total amount outstanding	100.00%		100.00%
Repurchase Agreement Counterparties, Weighted average days to maturity	36 days		18 days
Repurchase Agreement Counterparties, Market Value of collateral held	695,421,955		444,984,955
North America [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	388,138,820	[1]	261,289,000	[2]
Repurchase Agreement Counterparties, Percent of total amount outstanding	65.25%		63.39%
Repurchase Agreement Counterparties, Weighted average days to maturity	19 days		20 days
Repurchase Agreement Counterparties, Market Value of collateral held	463,615,686		277,808,885
Europe [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	93,350,032	[1],[3]	53,392,000	[2],[3]
Repurchase Agreement Counterparties, Percent of total amount outstanding	15.69%	[3]	12.96%	[3]
Repurchase Agreement Counterparties, Weighted average days to maturity	21 days	[3]	21 days	[3]
Repurchase Agreement Counterparties, Market Value of collateral held	113,286,452	[3]	60,226,443	[3]
Asia [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	113,389,000	[1],[3]	97,491,000	[2],[3]
Repurchase Agreement Counterparties, Percent of total amount outstanding	19.06%	[3]	23.65%	[3]
Repurchase Agreement Counterparties, Weighted average days to maturity	122 days	[3]	12 days	[3]
Repurchase Agreement Counterparties, Market Value of collateral held	$118,519,817	[3]	$106,949,627	[3]
[1]	At December 31, 2014, the Company had repurchase agreements of $85,497,000 and $63,796,000 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 $)	Dec. 31, 2014	Dec. 31, 2013
Repurchase Agreements [Line Items]
Repurchase agreements	$594,877,852	$412,172,000
Repurchase Agreements Weighted Average Interest Rate	0.99%	0.57%
Repurchase Agreements, Aggregate Borrowing Limit, Amount	375,000,000
Non Agency Linked Transactions [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	85,497,000	61,181,000
Multi Family MBS [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$63,796,000

DERIVATIVE_INSTRUMENTS_HEDGING2

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair value	$60,839,661	$35,583,970
Derivative Assets, Notional Amount	25,000,000	117,000,000
Derivative Liabilities, Fair value	-2,289,058	-1,231,667
Derivative Liabilities, Notional Amount	324,000,000	281,000,000
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair value	0	237,989
Derivative Assets, Notional Amount	0	57,000,000
Derivative Liabilities, Fair value	-1,755,107	-1,231,667
Derivative Liabilities, Notional Amount	226,000,000	281,000,000
Swaptions [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair value	21,550	1,770,795
Derivative Assets, Notional Amount	25,000,000	25,000,000
Derivative Liabilities, Fair value	0	0
Derivative Liabilities, Notional Amount	0	0
Linked transactions [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair value	60,818,111	33,352,562
Derivative Assets, Notional Amount	0	0
Derivative Liabilities, Fair value	0	0
Derivative Liabilities, Notional Amount	0	0
Futures [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair value	0	154,265
Derivative Assets, Notional Amount	0	10,000,000
Derivative Liabilities, Fair value	-533,951	0
Derivative Liabilities, Notional Amount	98,000,000	0
TBAs [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair value		68,359
Derivative Assets, Notional Amount		25,000,000
Derivative Liabilities, Fair value		0
Derivative Liabilities, Notional Amount		$0

DERIVATIVE_INSTRUMENTS_HEDGING3

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Derivative Financial Instruments, Notional Amount	$324,000,000	$281,000,000
Derivative Financial Instruments, Fair value	2,289,058	1,231,667
Derivative Financial Instruments, Fixed Pay Rate	1.51%	2.17%
Derivative Financial Instruments, Maturity Years	3 years 3 months 18 days	6 years 2 months 12 days
Derivative Financial Instruments, Forward Starting	0.00%	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	-124,591	-166,619
Derivative Financial Instruments, Fixed Pay Rate	0.66%	0.66%
Derivative Financial Instruments, Maturity Years	1 year 1 month 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	-1,630,516	-764,807
Derivative Financial Instruments, Fixed Pay Rate	1.66%	1.66%
Derivative Financial Instruments, Maturity Years	3 years 8 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
Derivative Financial Instruments, Fair value		-300,242
Derivative Financial Instruments, Fixed Pay Rate		2.85%
Derivative Financial Instruments, Maturity Years		7 years 7 months 6 days
Derivative Financial Instruments, Forward Starting		100.00%
Greater than 10 years [Member]
Derivatives, Fair Value [Line Items]
Derivative Financial Instruments, Notional Amount		57,000,000
Derivative Financial Instruments, Fair value		$237,990
Derivative Financial Instruments, Fixed Pay Rate		3.29%
Derivative Financial Instruments, Maturity Years		10 years 8 months 12 days
Derivative Financial Instruments, Forward Starting		100.00%

DERIVATIVE_INSTRUMENTS_HEDGING4

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 2) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Derivative [Line Items]
Gross amounts of recognized assets	$210,424,179		$96,877,268
Gross amounts offset in the Balance Sheet	-149,584,518		-61,685,552
Net amounts of assets presented in the Balance Sheet	60,839,661		35,191,716
Gross amounts not offset in the Balance Sheet, Financial instruments	-60,818,111	[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	21,550		1,839,154
Gross amounts of recognized liabilities	443,004,276		-474,696,965
Gross amounts offset in the Balance Sheet	149,584,518		61,685,552
Net amounts of liabilities presented in the Balance Sheet	592,588,794		-413,011,413
Gross amounts not offset in the Balance Sheet, Financial instruments	0	[1]	412,172,000	[1]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	2,289,058	[1]	839,413	[1]
Net amounts of liabilities, Net amount	594,877,852		0
Repurchase agreements [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	594,877,852		-412,172,000
Gross amounts offset in the Balance Sheet	0		0
Net amounts of liabilities presented in the Balance Sheet	594,877,852		-412,172,000
Gross amounts not offset in the Balance Sheet, Financial instruments	0	[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	594,877,852		0
Linked transactions [Member]
Derivative [Line Items]
Gross amounts of recognized assets	210,402,629	[2]	94,645,860	[2]
Gross amounts offset in the Balance Sheet	-149,584,518	[2]	-61,293,298	[2]
Net amounts of assets presented in the Balance Sheet	60,818,111	[2]	33,352,562	[2]
Gross amounts not offset in the Balance Sheet, Financial instruments	-60,818,111	[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	-149,584,518	[2]	-61,293,298	[2]
Gross amounts offset in the Balance Sheet	149,584,518	[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 swaps [Member]
Derivative [Line Items]
Gross amounts of recognized assets			237,989
Gross amounts offset in the Balance Sheet			-237,989
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	-1,755,107		-1,231,667
Gross amounts offset in the Balance Sheet	0		237,989
Net amounts of liabilities presented in the Balance Sheet	-1,755,107		-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	1,755,107	[1]	993,678	[1]
Net amounts of liabilities, Net amount	0		0
Swaptions [Member]
Derivative [Line Items]
Gross amounts of recognized assets	21,550		1,770,795
Gross amounts offset in the Balance Sheet	0		0
Net amounts of assets presented in the Balance Sheet	21,550		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	21,550		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	-533,951		0
Gross amounts offset in the Balance Sheet	0		154,265
Net amounts of liabilities presented in the Balance Sheet	-533,951		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	533,951	[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 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 $)	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Face Value	$289,500,610	$148,864,823
Unamortized premium	0	0
Unamortized discount
Designated credit reserve	-36,627,428	-29,857,597
Net, unamortized	-47,092,067	-30,770,386
Amortized Cost	205,781,115	88,236,840
Gross unrealized gain	7,504,154	6,859,625
Gross unrealized loss	-3,046,612	-473,672
Fair Value	210,238,657	94,622,793
Non-Agency [Member]
Derivative [Line Items]
Face Value	186,532,050	148,864,823
Unamortized premium	0	0
Unamortized discount
Designated credit reserve	-36,627,428	-29,857,597
Net, unamortized	-28,768,448	-30,770,386
Amortized Cost	121,136,174	88,236,840
Gross unrealized gain	5,733,793	6,859,625
Gross unrealized loss	-2,441,655	-473,672
Fair Value	124,428,312	94,622,793
Multi-Family [Member]
Derivative [Line Items]
Face Value	102,968,560	0
Unamortized premium	0	0
Unamortized discount
Designated credit reserve	0	0
Net, unamortized	-18,323,619	0
Amortized Cost	84,644,941	0
Gross unrealized gain	1,770,361	0
Gross unrealized loss	-604,957
Fair Value	$85,810,345	$0

DERIVATIVE_INSTRUMENTS_HEDGING6

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 4) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Designated credit reserve, Beginning balance	($36,627,428)	($29,857,597)
Designated credit reserve, Acquisitions	-19,384,939	-37,793,143
Designated credit reserve, Dispositions	9,468,964
Designated credit reserve, Accretion of net discount	0	0
Designated credit reserve, Realized credit losses	3,146,144	3,087,184
Designated credit reserve, Release of credit reserves	0	4,848,362
Designated credit reserve, Ending balance	-36,627,428	-29,857,597
Unamortized net discount, Beginning balance	-47,092,067	-30,770,386
Unamortized net discount, Acquisitions	-47,651,628	-29,569,939
Unamortized net discount, Dispositions	15,465,093
Unamortized net discount, Accretion of net discount	12,122,919	3,647,915
Unamortized net discount, Realized credit losses	0	0
Unamortized net discount, Release of credit reserves	3,741,935	-4,848,362
Unamortized net discount, Ending balance	-47,092,067	-30,770,386
Beginning balance, Total	-83,719,495	-60,627,983
Acquisitions, Total	-67,036,567	-67,363,082
Dispositions, Total	24,934,057
Accretion of net discount, Total	12,122,919	3,647,915
Realized credit losses, Total	3,146,144	3,087,184
Release of credit reserves, Total	3,741,935	0
Ending balance, Total	($83,719,495)	($60,627,983)

DERIVATIVE_INSTRUMENTS_HEDGING7

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 5) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	$594,877,852		$412,172,000
Repurchase Agreement Counterparties, Percentage of total amount outstanding	100.00%		100.00%
Repurchase Agreement Counterparties, Weighted average days to maturity	36 days		18 days
Repurchase Agreement Counterparties, Company RMBS held as collateral	695,421,955		444,984,955
Linked Repurchase Agreements [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	149,293,000
Repurchase Agreement Counterparties, Percentage of total amount outstanding	100.00%
Repurchase Agreement Counterparties, Weighted average days to maturity	25 days		21 days
Repurchase Agreement Counterparties, Company RMBS held as collateral	210,238,657
North America [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	388,138,820	[1]	261,289,000	[2]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	65.25%		63.39%
Repurchase Agreement Counterparties, Weighted average days to maturity	19 days		20 days
Repurchase Agreement Counterparties, Company RMBS held as collateral	463,615,686		277,808,885
North America [Member] | Linked Repurchase Agreements [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	86,985,000		52,871,000
Repurchase Agreement Counterparties, Percentage of total amount outstanding	58.26%		86.42%
Repurchase Agreement Counterparties, Weighted average days to maturity	33 days		21 days
Repurchase Agreement Counterparties, Company RMBS held as collateral	124,620,916		79,528,540
Europe [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	93,350,032	[1],[3]	53,392,000	[2],[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	15.69%	[3]	12.96%	[3]
Repurchase Agreement Counterparties, Weighted average days to maturity	21 days	[3]	21 days	[3]
Repurchase Agreement Counterparties, Company RMBS held as collateral	113,286,452	[3]	60,226,443	[3]
Europe [Member] | Linked Repurchase Agreements [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	46,381,000	[3]	3,323,000	[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	31.07%	[3]	5.43%	[3]
Repurchase Agreement Counterparties, Weighted average days to maturity	15 days	[3]	43 days	[3]
Repurchase Agreement Counterparties, Company RMBS held as collateral	62,487,229	[3]	6,303,837	[3]
Asia [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	113,389,000	[1],[3]	97,491,000	[2],[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	19.06%	[3]	23.65%	[3]
Repurchase Agreement Counterparties, Weighted average days to maturity	122 days	[3]	12 days	[3]
Repurchase Agreement Counterparties, Company RMBS held as collateral	118,519,817	[3]	106,949,627	[3]
Asia [Member] | Linked Repurchase Agreements [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	15,927,000	[3]	4,987,000	[3]
Repurchase Agreement Counterparties, Percentage of total amount outstanding	10.67%	[3]	8.15%	[3]
Repurchase Agreement Counterparties, Weighted average days to maturity	9 days	[3]	7 days	[3]
Repurchase Agreement Counterparties, Company RMBS held as collateral	$23,130,512	[3]	$8,790,416	[3]
[1]	At December 31, 2014, the Company had repurchase agreements of $85,497,000 and $63,796,000 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 $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Interest rate:
Amount of realized gain (loss)	($18,214,460)	$18,812,854
Amount of unrealized appreciation (depreciation)	-2,931,249	878,100
Total	-21,145,709	19,690,954
Interest Rate Swaps [Member]
Interest rate:
Amount of realized gain (loss)	-9,705,847	19,283,710
Amount of unrealized appreciation (depreciation)	-761,429	-709,923
Total	-10,467,276	18,573,787
Swaptions [Member]
Interest rate:
Amount of realized gain (loss)	-336,000	-278,667
Amount of unrealized appreciation (depreciation)	-1,413,244	1,365,399
Total	-1,749,244	1,086,732
Futures [Member]
Interest rate:
Amount of realized gain (loss)	-8,621,211	-8,595
Amount of unrealized appreciation (depreciation)	-688,217	154,265
Total	-9,309,428	145,670
TBAs [Member]
Interest rate:
Amount of realized gain (loss)	448,598	-183,594
Amount of unrealized appreciation (depreciation)	-68,359	68,359
Total	$380,239	($115,235)

DERIVATIVE_INSTRUMENTS_HEDGING9

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 7) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Change in fair value of Linked Transactions included in earnings	($18,214,460)	$18,812,854
Unrealized gain (loss) and net interest income from Linked Transactions	10,605,848	5,838,309
Linked Tansactions [Member]
Derivative [Line Items]
Interest income attributable to AFS underlying Linked Transactions	15,427,632	4,025,456
Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions	-2,893,375	-622,942
Change in fair value of Linked Transactions included in earnings	-1,928,409	2,435,795
Unrealized gain (loss) and net interest income from Linked Transactions	$10,605,848	$5,838,309

Recovered_Sheet1

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Accrued interest receivable	$10,962,663	$1,045,191
Accrued interest payable	8,238,924	274,615
Interest Income (Expense), Net, Total	17,971,303	14,180,008
Investment Income, Interest	11,854,700	14,436,966
Swap [Member]
Derivative [Line Items]
Interest Income (Expense), Net, Total	3,495,232	1,724,725
Interest Expense	3,329,219	1,414,578
Investment Income, Interest	166,013	310,147
Linked Tansactions [Member]
Derivative [Line Items]
Accrued interest receivable	163,972
Accrued interest payable	$291,518

MSRs_Details_Textual

MSRs (Details Textual) (TRS Activity [Member], USD $)	Dec. 31, 2014
TRS Activity [Member]
Mortgage Servicing Rights MSR [Line Items]
Mortgage Loans on Real Estate	$370,425,602

FINANCIAL_INSTRUMENTS_Details

FINANCIAL INSTRUMENTS (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Assets:
Assets, Fair Value Disclosure	$2,865,575,195		$480,568,925
Liabilities:
Liabilities, Fair Value Disclosure	-2,104,899,012		-1,231,667
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0		154,265
Liabilities:
Liabilities, Fair Value Disclosure	-533,951		0
Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	2,865,575,195		480,414,660
Liabilities:
Liabilities, Fair Value Disclosure	-2,104,365,061		-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	368,315,738	[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	368,315,738	[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]
Residential mortgage loans [Member]
Assets:
Assets, Fair Value Disclosure	54,678,382
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	54,678,382
Residential mortgage loans [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0
Multi-Family mortgage loans held in securitization trusts [Member]
Assets:
Assets, Fair Value Disclosure	1,750,294,430
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	1,750,294,430
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0
Residential mortgage loans held in securitization trusts [Member]
Assets:
Assets, Fair Value Disclosure	631,446,984
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	631,446,984
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0
Linked transactions [Member]
Assets:
Assets, Fair Value Disclosure	60,818,111	[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	60,818,111	[2]	33,352,562	[2]
Linked transactions [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0	[2]	0	[2]
Swaptions [Member]
Assets:
Assets, Fair Value Disclosure	21,550		1,770,795
Swaptions [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0		0
Swaptions [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	21,550		1,770,795
Swaptions [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0		0
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 swaps [Member]
Assets:
Assets, Fair Value Disclosure			237,989
Liabilities:
Liabilities, Fair Value Disclosure	-1,755,107		-1,231,667
Interest rate swaps [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure			0
Liabilities:
Liabilities, Fair Value Disclosure	0		0
Interest rate swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure			237,989
Liabilities:
Liabilities, Fair Value Disclosure	-1,755,107		-1,231,667
Interest rate swaps [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure			0
Liabilities:
Liabilities, Fair Value Disclosure	0		0
Multi-family securitized debt obligations [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-1,670,573,456
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-1,670,573,456
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0
Residential securitized debt obligations [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-432,035,976
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-432,035,976
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0
Futures [Member]
Assets:
Assets, Fair Value Disclosure			154,265
Liabilities:
Liabilities, Fair Value Disclosure	-533,951
Futures [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure			154,265
Liabilities:
Liabilities, Fair Value Disclosure	-533,951
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
[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 $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Management Fee Percentage	1.50%
Management fee	$2,627,592	$1,287,077
Management Fee Payable	510,000
Operating expenses reimbursable to Manager	3,247,683	2,103,223
Restricted stock compensation expense	13,457	125,923
Additional Cost Of Reimbursable Expense Waived	280,000
Fulfillment and Securitization Fees [Member]
Related Party Transaction [Line Items]
Management fee	1,017,627
Management Fee Payable	272,000
Manager Equity Plan [Member]
Related Party Transaction [Line Items]
Percentage Of Shares Issued	3.00%
Restricted stock compensation expense	113,635
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	9,500
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options	34,928
Manager Equity Plan [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
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.
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options	28,375
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	8 months 21 days
Manager Equity Plan [Member] | Independent Director One [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1,500
Manager Equity Plan [Member] | Independent Director Two [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1,500
Manager Equity Plan [Member] | Independent Director Three [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1,500
Manager Equity Plan [Member] | Independent Director [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	4,500
Common Stock Purchase Price		$14.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value		65,250
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	4,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	50,715
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value	$11.27
Manager Equity Plan [Member] | Manager [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		28,500
Common Stock Purchase Price	$10.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value	$199,500

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Dividends [Line Items]
Dividend Amount	$39,132	$42,501
Common Stock [Member]
Dividends [Line Items]
Dividend Amount	18,229,875
Cash Dividend Per Share (in dollars per share)	$1.47
Distribution One [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	23-Dec-13
Record Date	15-Jan-14
Payment Date	27-Jan-14
Dividend Amount	165,280
Cash Dividend Per Share (in dollars per share)	$0.21
Distribution One [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	30-Dec-13
Record Date	15-Jan-14
Payment Date	30-Jan-14
Dividend Amount	923,656
Cash Dividend Per Share (in dollars per share)	$0.09
Distribution Two [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	23-Dec-13
Record Date	14-Feb-14
Payment Date	27-Feb-14
Dividend Amount	167,716
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Two [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	30-Dec-13
Record Date	14-Feb-14
Payment Date	27-Feb-14
Dividend Amount	923,656
Cash Dividend Per Share (in dollars per share)	$0.09
Distribution Three [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	23-Dec-13
Record Date	17-Mar-14
Payment Date	27-Mar-14
Dividend Amount	167,716
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Three [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	30-Dec-13
Record Date	17-Mar-14
Payment Date	28-Mar-14
Dividend Amount	1,336,156
Cash Dividend Per Share (in dollars per share)	$0.13
Distribution Four [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	25-Mar-14
Record Date	15-Apr-14
Payment Date	28-Apr-14
Dividend Amount	167,716
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Four [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	25-Mar-14
Record Date	15-Apr-14
Payment Date	29-Apr-14
Dividend Amount	1,336,156
Cash Dividend Per Share (in dollars per share)	$0.13
Distribution Five [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	25-Mar-14
Record Date	15-May-14
Payment Date	27-May-14
Dividend Amount	167,716
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Five [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	25-Mar-14
Record Date	15-May-14
Payment Date	29-May-14
Dividend Amount	1,336,157
Cash Dividend Per Share (in dollars per share)	$0.13
Distribution Six [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	25-Mar-14
Record Date	16-Jun-14
Payment Date	27-Jun-14
Dividend Amount	293,503
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Six [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	25-Mar-14
Record Date	16-Jun-14
Payment Date	27-Jun-14
Dividend Amount	1,336,156
Cash Dividend Per Share (in dollars per share)	$0.13
Distribution Seven [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	17-Jun-14
Record Date	15-Jul-14
Payment Date	28-Jul-14
Dividend Amount	293,503
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Seven [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	17-Jun-14
Record Date	15-Jul-14
Payment Date	30-Jul-14
Dividend Amount	1,839,281
Cash Dividend Per Share (in dollars per share)	$0.16
Distribution Eight [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	17-Jun-14
Record Date	15-Aug-14
Payment Date	27-Aug-14
Dividend Amount	293,503
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Eight [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	17-Jun-14
Record Date	15-Aug-14
Payment Date	27-Aug-14
Dividend Amount	1,839,281
Cash Dividend Per Share (in dollars per share)	$0.16
Distribution Nine [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	17-Jun-14
Record Date	15-Sep-14
Payment Date	29-Sep-14
Dividend Amount	293,503
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Nine [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	17-Jun-14
Record Date	15-Sep-14
Payment Date	29-Sep-14
Dividend Amount	1,839,844
Cash Dividend Per Share (in dollars per share)	$0.16
Distribution Ten [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	15-Sep-14
Record Date	15-Oct-14
Payment Date	20-Oct-14
Dividend Amount	293,503
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Ten [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	15-Sep-14
Record Date	15-Oct-14
Payment Date	30-Oct-14
Dividend Amount	1,839,844
Cash Dividend Per Share (in dollars per share)	$0.15
Distribution Eleven [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	15-Sep-14
Record Date	14-Nov-14
Payment Date	26-Nov-14
Dividend Amount	293,503
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Eleven [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	15-Sep-14
Record Date	14-Nov-14
Payment Date	26-Nov-14
Dividend Amount	1,839,844
Cash Dividend Per Share (in dollars per share)	$0.15
Distribution Twelve [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	15-Sep-14
Record Date	15-Dec-14
Payment Date	30-Dec-14
Dividend Amount	293,503
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Twelve [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	15-Sep-14
Record Date	15-Dec-14
Payment Date	30-Dec-14
Dividend Amount	$1,839,844
Cash Dividend Per Share (in dollars per share)	$0.15

STOCKHOLDERS_EQUITY_Details_Te

STOCKHOLDERS' EQUITY (Details Textual) (USD $)	12 Months Ended		1 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	27-May-14	Jun. 19, 2014	Feb. 19, 2014	Jul. 25, 2013
Stockholders' Equity Note [Line Items]
Preferred Stock, Dividend Rate, Percentage	8.75%	8.75%
Proceeds from Issuance of Preferred Stock and Preference Stock	$19,096,074	$18,070,938
Dividends Payable	39,132	42,501
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	14,718,750	7,389,250
Common Stock, Shares, Outstanding	14,718,750	7,389,250
Preferred Stock, Par or Stated Value Per Share	$0.01	$0.01
Preferred Stock, Liquidation Preference, Value	25	25
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	1,610,000	800,000
Preferred Stock, Shares Outstanding	1,610,000	800,000
Stock Issued During Period Value New Issues Two	19,096,074	18,070,938
Noninterest Expense Offering Cost	1,133,117
Amortization of Financing Costs	187,457
Deferred Offering Costs	945,661	0
Series A Preferred Stock [Member]
Stockholders' Equity Note [Line Items]
Stock Issued During Period Offer Price New Issues	$25
Preferred Stock, Dividend Rate, Percentage	8.75%
Proceeds from Issuance of Preferred Stock and Preference Stock	2,778,201
Preferred Stock, Liquidation Preference Per Share	$25
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	120,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	120,000
Stock Issued During Period Shares New Issues Two			690,000
Stock Issued During Period Value New Issues Two			16,325,373
Common Stock [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
Dividends Payable	18,229,875
Dividends Payable, Amount Per Share	$1.47
Stock Issued During Period Shares New Issues Two	0	0
Stock Issued During Period Value New Issues Two	0	0
Common Stock [Member] | IPO [Member]
Stockholders' Equity Note [Line Items]
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.
Common Stock [Member] | Underwriters Issuance One [Member]
Stockholders' Equity Note [Line Items]
Stock Issued During Period Offer Price New Issues	$11.30
Preferred Stock, Liquidation Preference Per Share	$11.30
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	450,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	300,000
Proceeds from Stock Options Exercised	3,214,325
Common Stock [Member] | Underwriters Issuance Two [Member]
Stockholders' Equity Note [Line Items]
Stock Issued During Period Offer Price New Issues	$11
Preferred Stock, Liquidation Preference Per Share	$11
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	525,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	525,000
Proceeds from Stock Options Exercised	$5,769,750

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$3,313,786	$3,226,430
Less dividends paid:
Common stock	18,229,875	10,082,871
Unvested share-based payment awards	2,887,296	44,827
Dividends	21,117,171	10,127,698
Undistributed earnings	-17,803,386	-6,901,268
Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	0	0
Less dividends paid:
Common stock	$0	$0
Distributed earnings (in dollars per share)	$1.47	$1.64
Undistributed earnings (deficit) (in dollars per share)	($1.44)	($1.12)
Total (in dollars per share)	$0.03	$0.52
Unvested Share Based Payment Awards [Member]
Less dividends paid:
Distributed earnings (in dollars per share)	$1.47	$0
Undistributed earnings (deficit) (in dollars per share)	($1.44)	($1.12)
Total (in dollars per share)	$0.03	($1.12)

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	Dec. 31, 2014
Non-current Deferred Tax Asset (Liability)
Unrealized Gain (Security)	($1,393,014)
Net Operating Losses	1,545,254
Non-current Deferred Tax Asset (Liability)	152,240
Valuation Allowance	-152,240
Net Non-current Deferred Tax Asset (Liability)	$0

INCOME_TAXES_Details_Textual

INCOME TAXES (Details Textual) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards	$4,006,540	$64,204