Lument Finance Trust (LFT) 10-Q 11 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	11-May-15
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-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015		Dec. 31, 2014
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $600,419,826 and $366,103,204 for March 31, 2015 and December 31, 2014, respectively)	$601,126,052		$368,315,738
Mortgage loans held-for-sale, at fair value	111,656,191		54,678,382
Multi-family loans held in securitization trusts, at fair value	1,671,260,380		1,750,294,430
Residential loans held in securitization trusts, at fair value	556,180,947		631,446,984
Linked transactions, net, at fair value	0		60,818,111
Cash and cash equivalents	26,290,939		32,274,285
Restricted cash	14,324,235		11,400,645
Deferred offering costs	1,014,112		945,661
Deferred securitization costs	145,710		0
Accrued interest receivable	10,142,515		10,962,663
Investment related receivable	223,958		979,509
Derivative assets, at fair value	0		21,550
Other assets	91,365		71,599
Total assets	2,992,456,404	[1]	2,922,209,557	[1]
LIABILITIES:
Repurchase agreements	744,847,853		594,877,852	[2]
FHLB Advances	1,000,000		0
Multi-family securitized debt obligations	1,589,502,264		1,670,573,456
Residential securitized debt obligations	434,401,168		432,035,976
Derivative liabilities, at fair value	4,102,546		2,289,058
Accrued interest payable	7,710,568		8,238,924
Dividends payable	39,132		39,132
Fees and expenses payable to Manager	1,226,000		1,062,000
Other accounts payable and accrued expenses	1,014,595		295,029
Total liabilities	2,783,844,126	[1]	2,709,411,427	[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 1,610,000 issued and outstanding at March 31, 2015 and December 31, 2014, respectively	37,156,972		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,718,750 and 14,718,750 shares issued and outstanding, at March 31, 2015 and December 31, 2014, respectively	146,953		146,953
Additional paid-in capital	189,252,974		189,332,874
Accumulated other comprehensive income (loss)	19,090,309		7,208,350
Cumulative distributions to stockholders	-38,806,581		-32,406,541
Accumulated earnings	1,771,651		11,359,522
Total stockholders' equity	208,612,278		212,798,130
Total liabilities and stockholders' equity	2,992,456,404		2,922,209,557
Available-for-sale Securities [Member]
LIABILITIES:
Repurchase agreements	647,487,000		544,614,000
Mortgage Loans Held-or-Sale [Member]
LIABILITIES:
Repurchase agreements	$97,360,853		$50,263,852
[1]	Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $2,235,029,892 and $2,389,784,101, respectively, and the liabilities of consolidated VIEs totaled $2,030,674,136 and $2,180,936,221, respectively
[2]	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).

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets [Parenthetical] (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Available-for-sale Securities Pledged as Collateral (in dollars)	$600,419,826	$366,103,204
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	1,610,000
Preferred Stock, Shares Outstanding	1,610,000	1,610,000
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	14,718,750
Common stock, shares outstanding	14,718,750	14,718,750
Variable Interest Entity, Consolidated, Carrying Amount, Assets	2,235,029,892	2,389,784,101
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$2,030,674,136	$2,180,936,221

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Interest income:
Available-for-sale securities	$6,805,958	$3,902,963
Mortgage loans held-for-sale	705,461	0
Multi-family loans held in securitization trusts	17,635,476	0
Residential loans held in securitization trusts	5,891,779	0
Cash and cash equivalents	4,341	5,660
Interest expense:
Repurchase agreements - available-for-sale securities	-1,712,768	-561,159
Repurchase agreements - mortgage loans held-for-sale	-436,593	0
Multi-family securitized debt obligations	-16,135,459	0
Residential securitized debt obligations	-3,655,469	0
Net interest income	9,102,726	3,347,464
Other-than-temporary impairments
Increase in credit reserves	-1,977,489	0
Additional other-than-temporary credit impairment losses	-2,890,939	0
Total impairment losses recognized in earnings	-4,868,428	0
Other income:
Realized gain (loss) on sale of investments, net	-154,313	-4,208,016
Unrealized gain (loss) and net interest income from Linked Transactions	0	5,892,193
Realized gain (loss) on derivative contracts, net	-2,830,486	-842,767
Unrealized gain (loss) on derivative contracts, net	-1,751,038	-5,132,327
Realized gain on mortgage loans held-for-sale	272,232	0
Unrealized gain on mortgage loans held-for-sale	551,383	0
Unrealized gain/(loss) on multi-family loans held in securitization trusts	2,037,112	0
Unrealized gain/(loss) on residential loans held in securitization trusts	-3,356,407	0
Total other income (loss)	-5,231,517	-4,290,917
Expenses:
Management fee	717,775	467,536
General and administrative expenses	1,683,876	252,089
Operating expenses reimbursable to Manager	1,051,567	668,653
Other operating expenses	619,243	129,465
Compensation expense	60,647	80,078
Total expenses	4,133,108	1,597,821
Net income (loss)	-5,130,327	-2,541,274
Dividends to preferred stockholders	-880,509	-480,573
Net income (loss) attributable to common stockholders	-6,010,836	-3,021,847
Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)	($6,010,836)	($3,021,847)
Weighted average number of shares of common stock outstanding (in shares)	14,718,750	8,872,617
Basic and diluted income (loss) per share (in dollars per share)	($0.41)	($0.34)
Dividends declared per share of common stock (in dollars per share)	$0.38	$0.36

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net income (loss)	($5,130,327)	($2,541,274)
Other comprehensive income (loss):
Increase (decrease) in net unrealized gain on available-for-sale securities, net	2,555,987	6,841,785
Reclassification adjustment for net gain (loss) included in net income	0	5,563,982
Reclassification adjustment for other-than-temporary impairments included in net income	4,868,428	0
Reclassification cumulative adjustment for Linked Transactions	4,457,544	0
Total other comprehensive income (loss)	11,881,959	12,405,767
Less: Dividends to preferred stockholders	-880,509	-480,573
Comprehensive income (loss) attributable to common stockholders	$5,871,123	$9,383,920

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Stockholders' Equity (USD $)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative Distributions to Stockholders [Member]	Accumulated Earnings (Deficit) [Member]
Balance at Dec. 31, 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
Issuance of common stock, net	0	0	0	0	0	0	0
Issuance of common stock, net (in shares)			9,500
Cost of issuing common stock	-105,547	0	0	-105,547	0	0	0
Issuance of preferred stock, net	0	0	0	0	0	0	0
Redemption of preferred stock, net	0	0	0	0	0	0	0
Restricted stock compensation expense	25,647	0	0	25,647	0	0	0
Restricted stock compensation expense (in shares)			-9,500
Net income	-5,130,327	0	0	0	0	0	-5,130,327
Increase (decrease) in net unrealized gain on available-for-sale securities, net	2,555,987	0	0	0	2,555,987	0	0
Reclassification cumulative adjustment for Linked Transactions	-4,457,544	0	0	0	4,457,544	0	-4,457,544
Reclassification for other-than-temporary impairments included in net income	4,868,428	0	0	0	4,868,428	0	0
Common dividends declared	-5,519,531	0	0	0	0	-5,519,531	0
Preferred dividends declared	-880,509	0	0	0	0	-880,509	0
Balance at Mar. 31, 2015	$208,612,278	$37,156,972	$146,953	$189,252,974	$19,090,309	($38,806,581)	$1,771,651
Balance (in shares) at Mar. 31, 2015		1,610,000	14,718,750

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	($5,130,327)	($2,541,274)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges	4,868,428	0
Amortization/accretion of available-for-sale securities premiums and discounts, net	-4,054,629	-1,114,284
Realized loss on sale of investments, net	154,313	4,619,002
Unrealized (gain) loss on Linked Transactions, net	0	-3,906,530
Realized (gain) loss on derivative contracts	2,830,486	842,767
Unrealized (gain) loss on derivative contracts	1,751,038	5,132,327
Realized (gain) on mortgage loans held-for-sale	-272,232	0
Unrealized (gain) on mortgage loans held-for-sale	-551,383	0
Unrealized (gain) loss on multi-family loans held in securitization trusts	-2,037,112	0
Unrealized (gain) loss on residential loans held in securitization trusts	3,356,407	0
Restricted stock compensation expense	25,647	-55,100
Net change in:
Accrued interest receivable	695,665	-84,392
Other assets	25,234	-43,103
Accrued interest payable	-293,519	-79,306
Fees and expenses payable to Manager	164,000	105,000
Other accounts payable and accrued expenses	719,566	-26,656
Net cash provided by operating activities	2,251,582	2,848,451
Cash flows from investing activities:
Purchase of available-for-sale securities	-30,494,013	-120,163,603
Purchase of mortgage loans held-for-sale	-60,408,315	0
Purchase of FHLB stock	-45,000	0
Proceeds from mortgage loans held-for-sale	3,943,436	0
Proceeds from sales of available-for-sale securities	0	83,435,713
Net proceeds of (payment for) derivative contracts	-2,746,486	-758,767
Principal payments from available-for-sale securities	17,551,490	8,069,672
Principal payments from mortgage loans held-for-sale	310,685	0
Deferred securitization	-145,710	0
Investment related receivable	71,619,614	2,535
Restricted cash	-2,923,590	-2,256,283
Payable for securities purchased	0	1,014,045
Net cash used in investing activities	-3,337,889	-30,656,688
Cash flows from financing activities:
Net proceeds from issuance of common stock	-105,547	39,241,880
Net proceeds from issuance of preferred stock	0	2,778,201
Deferred offering costs	-68,453	0
Dividends paid on common stock	-5,519,531	-3,183,469
Dividends paid on preferred stock	-880,509	-500,713
Proceeds from repurchase agreements - available-for-sale securities	1,524,881,000	1,030,594,286
Proceeds from repurchase agreements - mortgage loans held-for-sale	47,097,001	0
Proceeds from FHLBI advances	1,000,000	0
Principal repayments of repurchase agreements - available-for-sale securities	-1,571,301,000	-1,007,469,000
Net cash received (paid) on securities underlying Linked Transactions	0	-110,210,375
Net cash received from repurchase agreements underlying Linked Transactions	0	86,321,713
Net cash (used in)/ provided by financing activities	-4,897,039	33,572,523
Net increase (decrease) in cash and cash equivalents	-5,983,346	5,764,286
Cash and cash equivalents, beginning of period	32,274,285	33,062,931
Cash and cash equivalents, end of period	26,290,939	38,827,217
Supplemental disclosure of cash flow information
Cash paid for interest	2,151,362	480,916
Non-cash investing and financing activities information
Restricted stock compensation expense	25,647	-55,100
Dividends declared but not paid at end of period	39,132	22,361
Net change in unrealized gain (loss) on available-for-sale securities	7,424,415	12,405,767
Consolidation of multi-family loans held in securitization trusts	1,677,170,247	0
Consolidation of residential loans held in securitization trusts	558,025,314	0
Consolidation of multi-family securitized debt obligations	1,595,199,584	0
Consolidation of residential securitized debt obligations	435,640,219	0
MBS securities recorded upon adoption of revised accounting standard for repurchase agreement financing.	210,238,653	0
Repurchase agreements recorded upon adoption of revised accounting standard for repurchase agreement financing	$149,293,000	$0

ORGANIZATION_AND_BUSINESS_OPER

ORGANIZATION AND BUSINESS OPERATIONS	3 Months Ended
	Mar. 31, 2015
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. On February 24, 2015, FOI became a member of the Federal Home Loan Bank of Indianapolis. 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.
	On March 23, 2015, the Company established Oaks Funding LLC (“OF”) as a wholly owned subsidiary of FOAC, to fulfill certain functions as depositor in respect of residential mortgage loan securitization transactions. The Company consolidates this subsidiary under U.S. GAAP.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The condensed consolidated balance sheet as of December 31, 2014 has been derived from audited financial statements. The condensed consolidated balance sheet as of March 31, 2015, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income (loss), the condensed consolidated statement of stockholders’ equity and the condensed consolidated statements of cash flows, for the three months ended March 31, 2015 and for the three months ended March 31, 2014, are unaudited.
	The unaudited condensed consolidated financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission (“SEC”) on March 16, 2015 .
	Reclassifications
	Certain prior year amounts have been reclassified to conform to current year presentation.
	Principles of Consolidation
	The accompanying condensed 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 March 31, 2015, 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. In the case of the FREMF 2012-KF01 trust, the Company determined that it was the primary beneficiary of an intermediate trust that has the power to direct the activities and the obligation to absorb losses of the FREMF 2012-KF01 trust. 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. At March 31, 2015 and December 31, 2014, with the exception of the listed transactions, the maximum exposure of the Company to VIEs was limited to the fair value of its investment in Non-Agency RMBS and Multi-Family MBS as disclosed in Note 4 (Non-Agency RMBS $ 171,914,913 and $53,485,053, respectively and Multi-Family MBS $119,165,050 and $0, respectively).
	Use of Estimates
	The financial statements have been prepared on the accrual basis of accounting in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material.
	Cash and Cash Equivalents
	Cash and cash equivalents include cash held in bank accounts on an overnight basis. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts.
	Restricted Cash
	Restricted cash represents the Company’s cash held by counterparties as collateral against the Company’s securities, derivatives and/or repurchase agreements. 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.
	Deferred Securitization Costs
	Certain direct costs associated with the acquisition of residential mortgage loans are payable by the Company in advance of the subsequent securitization of these loans. To the extent that such costs are expected to be recovered at the time of a forthcoming securitization, payments made by the Company in respect of such costs will be recorded as an asset in the accompanying consolidated balance sheets in the line item “Deferred securitization costs”, for subsequent deduction from the securitization proceeds upon closing.
	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 condensed consolidated statement of operations.
	On at least a quarterly basis for securities accounted for under ASC 320-10 and ASC 310-20 (generally Agency RMBS), prepayments of the underlying collateral must be estimated, which directly affect the speed at which the Company amortizes such securities. If actual and anticipated cash flows differ from previous estimates; the Company recognizes a “catch-up” adjustment in the current period to the amortization of premiums for the impact of the cumulative change in the effective yield through the reporting date.
	Similarly, the Company also reassesses the cash flows on at least a quarterly basis for securities accounted for under ASC 325-40 (generally Non-Agency RMBS and Multi-Family MBS). In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies. These include the rate and timing of principal and interest receipts (including assumptions of prepayments, repurchases, defaults and liquidations), the pass-through or coupon rate and interest rate fluctuations. In addition, interest payment shortfalls due to delinquencies on the underlying mortgage loans have to be judgmentally estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment as adjusted for credit impairment, if any.
	For investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities (loans) acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance.
	Subsequent increases in cash flows expected to be collected are generally recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected are recognized as impairment to the extent that such decreases are due, at least in part, to an increase in credit loss expectations. To the extent that decreases in cash flows expected to be collected are the result of factors other than credit impairment, for example a change in rate of prepayments, such changes are generally recognized prospectively through adjustment of the loan’s yield over its remaining life.
	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 condensed consolidated statement of operations. Upon the sale of a security, the Company will determine the cost of the security and the amount of unrealized gains or losses to reclassify out of accumulated other comprehensive income (loss) into earnings based on the specific identification method. Unrealized gains and losses on the Company’s AFS securities are recorded as unrealized gain (loss) on available-for-sale securities, net in the Company's condensed consolidated statement of comprehensive income (loss).
	Impairment
	The Company evaluates its MBS, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company's amortized cost basis is an other-than-temporary impairment (“OTTI”). The presence of OTTI is based upon a fair value decline below a security's amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value or (iii) does not expect to recover the security's amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, an OTTI should be recognized to the extent that the Company expects a decrease in gross future cash flows due to an increase in credit loss expectations (“credit impairment”). The full amount of the difference between the security’s previous and new cost basis resulting from credit impairment is recognized currently in earnings,. and 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. To the extent the Company expects a change in the timing of future cash flows, but no decrease in the gross amount of such cash flows, this is considered a non-credit impairment. Changes in cash flows expected to be collected resulting from non-credit impairment are generally recognized prospectively through adjustment of the loan’s yield over its remaining life.
	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 sponsors 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 March 31, 2015. 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 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.
	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.
	MSR income is recognized at the contractually agreed rate, net of the costs of sub-servicers retained by the Company. If a sub-servicer with whom the Company contracts were to default, an evaluation of MSR assets for impairment would be undertaken at that time.
	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.
	Secured Loans
	In February 2015, the Company’s wholly owned subsidiary, Five Oaks Insurance LLC,, became a member of the Federal Home Loan Bank of Indianapolis (“FHLBI”). As a member of the FHLBI, Five Oaks Insurance LLC may borrow funds from the FHLBI in the form of secured advances. FHLBI advances are treated as secured financing transactions and are carried at their contractual amounts.
	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 condensed consolidated statement of comprehensive income (loss), adjusted for changes in unrealized gain or loss on AFS securities.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2015
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 which may include pricing models that may incorporate such factors as coupons, prepayment speeds, spread to the Treasury curves and interest rate swap curves, duration, periodic and life caps, as applicable. In addition, the third-party pricing services benchmark their pricing models against observable pricing levels being quoted by a range of market participants active in the purchase and sale of residential mortgage loans.
	The Company obtains pricing data from a primary third-party pricing service for each mortgage loan. If other available market data indicates that the pricing data from the primary third-party service is materially inaccurate, or pricing data is unavailable from the primary third-party pricing service, the Company undertakes a review of other available prices and takes additional steps to determine fair value. In all cases, the Company validates its understanding of methodology and assumptions underlying the fair value used. The Company will determine that the pricing data from the primary third-party service is materially inaccurate if it is not materially representative of 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.
	Determination of Fair Value
	The Company determines the fair value of its MSRs 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. Fair values are estimated based on applying inputs to generate the net present value of estimated net servicing income, and as a consequence of the fact that these discounted cashflow models utilize certain significant unobservable inputs and observable MSR purchase and sale transactions are relatively infrequent, the Company classifies MSRs as a Level 3 asset.
	See Note 12 for a further presentation on MSRs.
	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 March 31, 2015. 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 each 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 each 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 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 March 31, 2015. 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 each of the trusts is more observable, but in either case, the methodology results in the fair value of each of the assets 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 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 each of the trust’s liabilities, the Company has determined that the valuation 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 condensed consolidated statement of operations as unrealized gain (loss) on derivative contracts, net.
	The Company enters into interest rate derivative contracts for a variety of reasons, including minimizing significant fluctuations in earnings or market values on certain assets or liabilities that may be caused by changes in interest rates. The Company may, at times, enter into various forward contracts, including short securities, Agency to-be-announced securities (“TBAs”), options, futures, swaps and caps. Due to the nature of these instruments, they may be in a receivable/asset position or a payable/liability position at the end of an accounting period. Amounts payable to, and receivable from, the same party under contracts may be offset as long as the following conditions are met: (a) each of the two parties owes the other determinable amounts; (b) the reporting party has the right to offset the amount owed with the amount owed by the other party; (c) the reporting party intends to offset; and (d) the right of offset is enforceable by law. If the aforementioned conditions are not met, amounts payable to and receivable from are presented by the Company on a gross basis in the condensed consolidated balance sheet.
	Non-Hedging Activity – Linked Transactions
	With effect from January 1, 2015, ASU 2014-11 changes the basis on which the Company accounts for repurchase to maturity transactions and linked repurchase financings to be consistent with the basis on which the Company accounts for secured borrowings. Accordingly, the assets and repurchase agreements that encompass linked transactions that were previously accounted for on a net basis and recorded as a forward purchase (derivative) contract are now bifurcated, and the gross amounts are reported in available-for-sale securities and repurchase agreements respectively.
	Prior to adoption of ASU 2014-11, it was 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) were accounted for on a net basis and recorded as a forward purchase (derivative) contract (each a Linked Transaction) at fair value on the Company’s condensed consolidated balance sheet in the line item “Linked Transactions, net, at fair value”. Changes in the fair value of the assets and liabilities underlying linked transactions and associated interest income and expense were reported as “Unrealized gain and net interest income from Linked Transactions”, on the Company’s condensed consolidated statement of operations. When or if a transaction was no longer considered to be linked, the MBS and repurchase financing were reported on a gross basis.  In this case, the fair value of the MBS at the time the transactions were no longer considered would have become the cost basis of the MBS, and the income recognition yield for such MBS would have been calculated prospectively using this new cost basis. (See Notes 10 and 11).
	See Note 10 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.
	FHLBI stock, which Five Oaks Insurance LLC is required to purchase under a borrowing agreement with the FHLBI, is redeemable at face value, which represents the carrying value and fair value of the stock.
	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 10 and 11).

AVAILABLEFORSALE_SECURITIES

AVAILABLE-FOR-SALE SECURITIES	3 Months Ended
	Mar. 31, 2015
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
	With effect from January 1, 2015, ASU 2014-11 changes the basis on which we account for repurchase to maturity transactions and linked repurchase financings to be consistent with the basis on which we account for secured borrowings. Accordingly, the assets and repurchase agreements that encompass linked transactions that were previously accounted for on a net basis and recorded as a forward purchase (derivative) contract are now bifurcated, and the gross amounts are reported in available-for-sale securities and repurchase agreements separately. In addition, this resulted in a cumulative adjustment of $4.4 million to OCI from unrealized gains/losses previously recorded in earnings. Consequently, our GAAP financial statements as of and for the period ended March 31, 2015 are not directly comparable to prior period GAAP financials.
	The following table presents the Company’s AFS investment securities by collateral type at fair value as of March 31, 2015 and December 31, 2014:
		March 31, 2015		December 31, 2014
	Mortgage-backed securities:
	Agency
	Federal Home Loan Mortgage Corporation	$	160,960,558	$	162,344,627
	Federal National Mortgage Association		149,085,531		152,486,058
	Non-Agency		171,914,913		53,485,053
	Multi-Family		119,165,050
	Total mortgage-backed securities	$	601,126,052	$	368,315,738
	The following tables present the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of March 31, 2015 and December 31, 2014:
		March 31, 2015
		Agency		Non-Agency				Multi-Family			Total
	Face Value	$	301,677,275	$	254,443,355			$	153,662,418		$	709,783,048
	Unamortized premium		4,681,293		-				-			4,681,293
	Unamortized discount
	Designated credit reserve		-		-51,699,067	-1			-			-51,699,067
	Net, unamortized		-2,062,001		-39,141,722				-37,548,139			-78,751,862
	Amortized Cost		304,296,567		163,602,566				116,114,279			584,013,412
	Gross unrealized gain		6,078,280		10,224,492				3,279,581			19,582,353
	Gross unrealized (loss)		-328,758		-1,912,145				-228,810			-2,469,713
	Fair Value	$	310,046,089	$	171,914,913				119,165,050		$	601,126,052
		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
	(1) Discount designated as Credit Reserve and amount related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed at March 31, 2015 reflect Credit Reserve of $2.0 million and OTTI of $2.9 million.
	At March 31, 2015, the Company did not intend to sell any of its MBS that were in an unrealized loss position, and it is “more likely than not” that the company will not be required to sell these MBS before recovery of their amortized cost basis, which may be at their maturity.
	The Company recognized credit-related OTTI losses through earnings of approximately $4.9 million on six Non-Agency RMBS during the three months ended March 31, 2015. The company did not recognize any OTTI losses through earnings during the three months ended March 31, 2014.
	Non-Agency RMBS on which OTTI is recognized have experienced, or are expected to experience, credit-related adverse cash flow changes, or credit impairment. The Company’s estimate of cash flows for its Non-Agency RMBS is based on its review of the underlying mortgage loans securing these RMBS. The Company considers information available about the structure of the securitization, including structural credit enhancement, if any, and the past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities, delinquency rates, percentage of non-performing loans, FICO scores at loan origination, year of origination, loan-to-value ratios, geographic concentrations, as well as Rating Agency reports, general market assessments, and dialogue with market participants. Significant judgment is used in both the Company’s analysis of the expected cash flows for its Non-Agency RMBS and any determination of OTTI that is the result, at least in part, of credit impairment.
	The following table presents the composition of OTTI charges recorded by the Company for the three months ended March 31, 2015 and 2014:
		Three Months Ended		Three Months Ended
		March 31, 2015		March 31, 2014
	Increase in credit reserves	$	-1,977,489	$	-
	Additional other-than-temporary credit impairment losses		-2,890,939		-
	Total impairment losses recognized in earnings		-4,868,428		-
	Unrealized losses on the Company’s remaining Non-Agency RMBS were $1.9 million at March 31, 2015, which were reflected as a component of OCI. Based upon the most recent evaluation, the Company does not consider these unrealized losses to be indicative of OTTI and does not believe that these unrealized losses to be credit related, but are rather due to non-credit factors, including changes in the rate of prepayments.
	To the extent the Company expects a change in the timing of future cash flows, but no decrease in the gross amount of such cash flows, this is considered a non-credit impairment, and such changes are generally recognized prospectively through adjustment of the loan’s yield over its remaining life.
	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 three months ended March 31, 2015 and March 31, 2014:
		Three Months Ended		Three Months Ended
		March 31, 2015		March 31, 2014
	AFS securities sold, at cost	$	-	$	94,748,794
	Proceeds from AFS securities sold		-		90,620,039
	Net realized gain (loss) on sale of AFS securities	$	-	$	-4,128,755
	The following tables present the fair value of AFS investment securities by rate type as of March 31, 2015 and December 31, 2014:
		March 31, 2015
		Agency		Non-Agency			Multi-Family			Total
	Adjustable rate	$	226,499,622	$	171,914,913			-		$	398,414,535
	Fixed rate		83,546,467		-			119,165,050			202,711,517
	Total	$	310,046,089	$	171,914,913			119,165,050		$	601,126,052
		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
	The following tables present the fair value of AFS investment securities by maturity date as of March 31, 2015 and December 31, 2014:
	March 31, 2015		December 31, 2014
Less than one year	$	-	$	-
Greater than one year and less than five years		63,628,832		35,855,146
Greater than or equal to five years		537,497,220		332,460,592
Total	$	601,126,052	$	368,315,738
As described in Note 3, when the Company purchases a credit-sensitive AFS security at a significant discount to its face value, the Company generally does not amortize into income a significant portion of this discount that the Company is entitled to earn because it does not expect to collect it due to the inherent credit risk of the security. The Company may also record an OTTI for a portion of its investment in the security to the extent the Company believes that the amortized cost will exceed the present value of expected future cash flows. The amount of principal that the Company does not amortize into income is designated as an off balance sheet credit reserve on the security, with unamortized net discounts or premiums amortized into income over time to the extent realizable.
Actual maturities of AFS securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, and prepayments of principal. Therefore actual maturities of available-for-sale securities are generally shorter than stated contractual maturities. Stated contractual maturities are generally greater than ten years.
The following tables present the changes for the three months ended March 31, 2015 and year ended December 31, 2014 of the unamortized net discount and designated credit reserves on the Company’s MBS.
	March 31, 2015
	Designated		Unamortized
	credit reserve		net discount			Total
Beginning Balance as of January 1, 2015	$	-49,325,117	$	-64,545,980		$	-113,871,097
Acquisitions		-		-20,272,373			-20,272,373
Dispositions		-		-			-
Accretion of net discount		-		4,036,759			4,036,759
Realized gain on paydowns		-		52,244			52,244
Realized credit losses		2,494,478		-			2,494,478
Addition to credit reserves		-1,977,489		1,977,489			-
Release of credit reserves		-		-			-
Ending balance at March 31, 2015	$	-48,808,128	$	-78,751,861		$	-127,559,989
	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
Accretion of net discount		559,860		1,667,828			2,227,688
Realized gain on paydowns		-		4,760,729			4,760,729
Realized credit losses		-		223,212			223,212
Release of credit reserves		2,868,699		-			2,868,699
Ending balance at December 31, 2013		-		655,775			655,775
	$	-12,697,796	$	-17,454,022		$	-30,151,818
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 condensed consolidated statement of comprehensive income (loss). For the three months ended March 31, 2015, the Company had unrealized gains (losses) on AFS securities of $7,424,415.
The following tables present components of interest income on the Company’s AFS securities for the three months ended March 31, 2015 and March 31, 2014:
	Three Months Ended March 31, 2015								Three Months Ended March 31, 2014
			Net (premium									Net (premium
	Coupon		amortization)/			Interest			Coupon			amortization)/		Interest
	interest		discount accretion			income			interest			discount accretion		income
Agency	$	1,991,553	$	148,255		$	2,139,808		$	2,696,219		$	60,385	$	2,756,604
Non-Agency		303,510		2,858,679			3,162,189			47,426			1,042,384		1,089,810
Multi-Family		456,266		1,047,695			1,503,961			45,034			11,514		56,548
Total	$	2,751,329	$	4,054,629		$	6,805,958		$	2,788,679		$	1,114,283	$	3,902,962

MORTGAGE_LOANS_HELDFORSALE_at_

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014:
		March 31, 2015			December 31, 2014
	Unpaid principal balance	$	110,775,080		$	54,348,654
	Fair value adjustment		881,111			329,728
	Carrying value	$	111,656,191		$	54,678,382
	At March 31, 2015 and December 31, 2014, the Company pledged mortgage loans with a fair value of $111.7 million and $54.7, 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 March 31, 2015 are as follows:
		March 31, 2015
	Massachussetts		49.6	%
	California		13.7	%
	New Jersey		13.1	%

THE_FREMF_TRUSTS

THE FREMF TRUSTS (FREMF trusts [Member])	3 Months Ended
	Mar. 31, 2015
FREMF trusts [Member]
Balance Sheet
Variable Interest Entity Disclosure [Text Block]	NOTE 6 – THE FREMF 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 $81,970,663 at March 31, 2015.
	The combined consolidated balance sheet of the FREMF trusts at March 31, 2015:
	Balance Sheet	March 31, 2015
	Assets
	Multi-family mortgage loans held in securitization trusts	$	1,671,260,380
	Receivables		5,909,867
	Total assets	$	1,677,170,247
	Liabilities and Equity Multi-family securitized debt obligations	$	1,589,502,264
	Payables		5,697,320
		$	1,595,199,584
	Equity		81,970,663
	Total liabilities and equity	$	1,677,170,247
	The multi-family mortgage loans held in securitization trusts had an unpaid principal balance of $1,547,683,642 at March 31, 2015. The multi-family securitized debt obligations had an unpaid principal balance of $1,547,683,642 at March 31, 2015.
	The combined consolidated statements of operations of the FREMF trusts at March 31, 2015 are as follows:
		For the period from January 1, 2015 to
	Statement of Operations	March 31, 2015
	Interest income	$	17,635,476
	Interest expense		16,135,460
	Net interest income	$	1,500,016
	General and administrative fees		-868,347
	Unrealized gain (loss) on multi-family loans held in securitization trusts		2,037,111
	Net Income	$	2,668,780
	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of March 31, 2015:
		March 31, 2015
	Texas		19.6	%
	California		12.2	%
	New York		11.7	%
	Washington		6.4	%
	Colorado		6.3	%
	Georgia		5.3	%

RESIDENTIAL_MORTGAGE_LOAN_SECU

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Residential Mortgage [Member])	3 Months Ended
	Mar. 31, 2015
Residential Mortgage [Member]
Balance Sheet
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 $122,385,094 at March 31, 2015.
	The combined consolidated balance sheet of the residential mortgage loan securitization trusts at March 31, 2015 is as follows:
	Balance Sheet	March 31, 2015
	Assets
	Residential mortgage loans held in securitization trusts	$	556,180,947
	Receivables		1,844,367
	Total assets	$	558,025,313
	Liabilities and Equity
	Residential securitized debt obligations	$	434,401,168
	Payables		1,239,051
		$	435,640,220
	Equity		122,385,094
	Total liabilities and equity	$	558,025,314
	The residential mortgage loans held in securitization trusts had an unpaid principal balance of $535,207,032 at March 31, 2015. The residential mortgage loan securitized debt obligations had an unpaid principal balance of $535,207,032 at March 31, 2015.
	The combined consolidated statement of operations of the residential mortgage loan securitization trusts at March 31, 2015 is as follows:
	Statement of Operations	For the period from January 1, 2015 to
		31-Mar-15
	Interest income	$	5,891,779
	Interest expense		3,655,469
	Net interest income	$	2,236,310
	General and administrative fees		-241,195
	Unrealized gain (loss) on residential loans held in securitization trusts		-3,356,407
	Net Income	$	-1,361,292
	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the residential mortgage loan securitization trusts as of March 31, 2015:
		March 31, 2015
	California		50.3	%
	Washington		11.7	%
	Massachussetts		7	%

USE_OF_SPECIAL_PURPOSE_ENTITIE

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015. 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	3 Months Ended
	Mar. 31, 2015
Cash and Cash Equivalents [Abstract]
Restricted Cash and Cash Equivalents Disclosure [Text Block]	NOTE 9 – RESTRICTED CASH
	As of March 31, 2015, the Company is required to maintain certain cash balances with counterparties for broker activity and collateral for the Company's repurchase agreements in non-interest bearing accounts.
	The following table presents the Company's restricted cash balances as of March 31, 2015 and December 31, 2014:
		March 31, 2015		December 31, 2014
	Restricted cash balance held by:
	Broker counterparties for derivatives trading	$	6,207,079	$	5,104,532
	Repurchase counterparties as restricted collateral		8,117,156		6,296,111
	Total	$	14,324,235	$	11,400,643

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 10 – BORROWINGS
	With effect from January 1, 2015, ASU 2014-11 changes the basis on which we account for repurchase to maturity transactions and linked repurchase financings to be consistent with the basis on which we account for secured borrowings. Accordingly, the assets and repurchase agreements that encompass linked transactions that were previously accounted for on a net basis and recorded as a forward purchase (derivative) contract are now bifurcated, and the gross amounts are reported in available-for-sale securities and repurchase agreements separately. Consequently, our GAAP financial statements as of and for the period ended March 31, 2015 are not directly comparable to prior period GAAP financials.
	Repurchase Agreements
	The Company has entered into repurchase agreements (including three residential loan warehouse facilities) to finance its portfolio of investments. The repurchase agreements bear interest at a contractually agreed rate. The repurchase obligations mature and typically reinvest every thirty days to one year and have a weighted average aggregate interest rate of 1.28% at March 31, 2015. Repurchase agreements are being accounted for as secured borrowings since the Company maintains effective control of the financed assets. The following table summarizes certain characteristics of the Company’s repurchase agreements at March 31, 2015 and December 31, 2014:
			March 31, 2015					December 31, 2013
					Weighted					Weighted
			Amount		average			Amount		average
			outstanding		interest rate			outstanding		interest rate
	Agency		$	292,045,000		0.36	%	$	298,783,000		0.36	%
	Non-Agency(1)			223,674,000		1.6	%		200,347,000		1.25	%
	Multi-Family(2)			131,768,000		1.81	%		45,484,000		1.85	%
	Mortgage loans			97,360,853		2.62	%		50,263,852		2.86	%
	Total		$	744,847,853		1.28	%	$	594,877,852		0.99	%
		-1	At March 31, 2015 and December 31, 2014, the Company had repurchase agreements of $0 and $85,497,000, 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).
	At March 31, 2015 and December 31, 2014, the repurchase agreements had the following remaining maturities:
			March 31, 2015		December 31, 2014
	< 30 days		$	548,608,000	$	465,817,820
	31 to 60 days			45,491,000		86,025,327
	61 to 90 days			23,264,000		-
	> 90 days			127,484,853		43,034,705
	Total		$	744,847,853	$	594,877,852
	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 March 31, 2015.
	The following tables summarize certain characteristics of the Company’s repurchase agreements at March 31, 2015 and December 31, 2014:
			March 31, 2015
			Amount		Percent of total			Weighted average		Market Value
	Repurchase Agreement Counterparties		Outstanding		amount outstanding			days to maturity		of collateral held
	North America		$	439,879,000		59.06	%		20	$	595,758,052
	Asia (1)			121,833,000		16.36	%		14		131,918,900
	Europe (1)			183,135,853		24.58	%		129		185,152,479
	Total		$	744,847,853		100	%		45	$	912,829,432
	(1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.
			December 31, 2014
			Amount		Percent of total			Weighted average		Company RMBS
	Repurchase Agreement Counterparties		Outstanding(1)		amount outstanding			days to maturity		held as collateral
	North America		$	388,138,820		65.25	%		19	$	458,095,791
	Europe (2)			93,350,032		15.69	%		21		85,810,345
	Asia (2)			113,389,000		19.06	%		122		301,450,213
	Total		$	594,877,852		100	%		36	$	845,356,349
	(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.
	Secured Loans
	In February 2015, the Company’s wholly owned subsidiary, FOI, became a member of the FHLBI. As a member of the FHLBI, FOI may borrow funds from the FHLBI in the form of secured advances.
	As of March 31, 2015, FOI, had $1 million in outstanding secured advances from the FHLBI and is approved for additional available uncommitted credit for borrowing of an amount up to $500 million. The secured advances are due in three months and have floating rates based on three-month LIBOR plus a spread. For the quarter ended March 31, 2015, FOI had average borrowings of $66,667 with a weighted average borrowing rate of 0.35%.
	The ability to borrow funds from the FHLBI is subject to the Company’s continued credit worthiness, pledging of sufficient eligible collateral to secure advances, and compliance with certain agreements with FHLBI. Each advance requires approval by the FHLBI and is secured by collateral in accordance with FHLBI’s credit and collateral guidelines, as may be revised from time to time by the FHLBI.
	As of March 31, 2015, the FHLBI advances were collateralized by RMBS with a fair value of $1.2 million.
	The FHLBI retains the right to mark the underlying collateral for FHLBI advances to fair value. A reduction in the value of pledged assets would require FOI to provide additional collateral.
	An additional requirement of FHLBI membership is to purchase and hold a certain amount of FHLBI stock, which is based in part, upon the outstanding principal balance of secured advances from the FHLBI.

DERIVATIVE_INSTRUMENTS_HEDGING

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2015
Derivative Instrument Detail [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE 11 – DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES
	With effect from January 1, 2015, ASU 2014-11 changes the basis on which we account for repurchase to maturity transactions and linked repurchase financings to be consistent with the basis on which we account for secured borrowings. Accordingly, the assets and repurchase agreements that encompass linked transactions that were previously accounted for on a net basis and recorded as a forward purchase (derivative) contract are now bifurcated, and the gross amounts are reported in available-for-sale securities and repurchase agreements separately. Consequently, our GAAP financial statements as of and for the period ended March 31, 2015 are not directly comparable to prior period GAAP financials.
	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 condensed consolidated statement of operations. Premiums on swaptions are amortized on a straight line basis between trade date and expiration date and are recognized in the condensed consolidated statement of operations as a realized loss on derivative contracts. In addition, as set out in Note 3, prior to ASU 2014-11, the Company recorded Linked Transactions as a forward purchase (derivative) contract at fair value on the condensed consolidated balance sheet. Although Linked Transactions were accounted for as derivative instruments, they were not entered into as part of the Company’s risk management activities and were not designated as hedging instruments.
	The following summarizes the Company's significant asset and liability derivatives, the risk exposure for these derivatives and the Company's risk management activities used to mitigate certain of these risks. While the Company uses derivative instruments to achieve the Company's risk management activities, it is possible that these instruments will not effectively mitigate all or a substantial portion of the Company's market rate risk. In addition, the Company might elect, at times, not to enter into certain hedging arrangements in order to maintain compliance with REIT requirements.
	Balance Sheet Presentation
	The following tables present the gross fair value and notional amounts of the Company’s derivative financial instruments as of March 31, 2015 and December 31, 2014.
			March 31, 2015
			Derivative Assets				Derivative Liabilities
			Fair value		Notional		Fair value			Notional
	Interest rate swaps		$	-	-		$	-3,627,780		226,000,000
	Futures			-	-			-474,766		47,000,000
	Total		$	-	-		$	-4,102,546		273,000,000
			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
	Total		$	21,550	25,000,000		$	-2,289,058		324,000,000
	The following tables present the average fixed pay rate and average maturity for the Company’s interest rate swaps (excludes interest rate swaptions) as of March 31, 2015 and December 31, 2014:
			March 31, 2015
			Notional		Fair			Fixed Pay			Maturity		Forward
	Current Maturity Date		Amount		Value			Rate			Years		Starting
	3 years or less		$	35,000,000	$	-112,325		0.66	%		0.8		0	%
	Greater than 3 years and less than 5 years			191,000,000.00		-3,515,455		1.66	%		3.5		0	%
	Total		$	226,000,000	$	-3,627,780		1.51	%		3.1		0	%
			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	%
	Offsetting of Financial Assets and Liabilities
	The Company’s repurchase agreements are governed by underlying agreements that provide for a right of setoff in the event of default of either counterparty to the agreement. The Company also has in place with its counterparties ISDA Master Agreements (“Master Agreements”) for its derivative contracts. In accordance with the Master Agreements to each counterparty, if on any date amounts would otherwise be payable in the same currency and in respect of the same transaction by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. The Company has pledged financial collateral as restricted cash to its counterparties for its derivative contracts and repurchase agreements. See Note 2 for specific details on the terms of restricted cash with counterparties and Note 6 for the amounts of restricted cash outstanding.
	Under GAAP, if the Company has a valid right of setoff, it may offset the related asset and liability and report the net amount. The Company presents repurchase agreements subject to Master Agreements or similar agreements on a gross basis, and derivative assets and liabilities subject to such arrangements on a net basis, based on derivative type and counterparty, in its condensed consolidated balance sheets. Separately, the company presents cash collateral subject to such arrangements on a net basis, based on counterparty, in its condensed consolidated balance sheets. However, the Company does not offset financial assets and liabilities with the associated cash collateral on its condensed consolidated balance sheets.
	The below tables provide a reconciliation of these assets and liabilities that are subject to Master Agreements or similar agreements and can be potentially offset on the Company’s condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014:
			March 31, 2015
											Gross amounts not offset
											in the Balance Sheet (1)
								Net amounts
			Gross amounts		Gross amounts			of liabilities					Cash collateral
			of recognized		offset in the			presented in the			Financial		(Received)/		Net
	Description		liabilities		Balance Sheet			Balance Sheet			instruments		Pledged		amount
	Repurchase agreements and secured loans		$	745,847,853	$	-		$	745,847,853		$	-	$	-	$	745,847,853
	Interest rate swaps			-3,627,780		-			-3,627,780			-		3,627,780		-
	Futures			-474,766		-			-474,766			-		474,766		-
	Total		$	741,745,307	$	-		$	741,745,307		$	-	$	4,102,546	$	745,847,853
			December 31, 2014
											Gross amounts not offset
											in the Balance Sheet (1)
								Net amounts
			Gross amounts		Gross amounts			of assets					Cash collateral
			of recognized		offset in the			presented in the			Financial		(Received)/		Net
	Description		assets		Balance Sheet			Balance Sheet			instruments		Pledged		amount
	Linked transactions(2)		$	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
											in the Balance Sheet (1)
								Net amounts
			Gross amounts		Gross amounts			of liabilities					Cash collateral
			of recognized		offset in the			presented in the			Financial		(Received)/		Net
	Description		liabilities		Balance Sheet			Balance Sheet			instruments		Pledged		amount
Repurchase agreements		$	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
	-1	Amounts presented are limited in total to the net amount of assets or liabilities presented in the condensed consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Agreements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above.
		(2) Non-Agency RMBS and Multi-Family MBS securities within a linked transaction serve as collateral for the linked transaction. See Note 3 “Non-Hedging Activity – Linked Transactions” for information on linked transaction arrangements.
Income Statement Presentation
The Company has not applied hedge accounting to its current derivative portfolio held to mitigate the interest rate risk associated with its debt portfolio. As a result, the Company is subject to volatility in its earnings due to movement in the unrealized gains and losses associated with its interest rate swaps, swaptions and any other derivative instruments.
The following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the condensed consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the three months ended March 31, 2015 and March 31, 2014:
		Three months ended March 31, 2015
		Amount of realized		Amount of unrealized
Primary underlying risk		gain (loss)		appreciation (depreciation)			Total
Interest rate:
Interest rate swaps		$	-520,922	$	-1,872,674		$	-2,393,596
Swaptions			-84,000		62,450			-21,550
Futures			-2,225,564		59,186			-2,166,378
Total		$	-2,830,486	$	-1,751,038		$	-4,581,524
		Three Months Ended March 31, 2014
		Amount of realized		Amount of unrealized
Primary underlying risk		gain (loss)		appreciation (depreciation)			Total
Interest rate:
Interest rate swaps		$	-376,314	$	-4,229,298		$	-4,605,612
Swaptions			-84,000		-680,405			-764,405
Futures			-191,047		-154,265			-345,312
TBAs			-191,406		-68,359			-259,765
Total		$	-842,767	$	-5,132,327		$	-5,975,094
(1) In the three month period ended March 31, 2015, net swap interest expense totaled $712,406 comprised of $520,922 in interest expense paid (included in realized gain (loss) and $191,484 in accrued interest expense (included in unrealized appreciation (depreciation). In the three month period ended March 31, 2014 net swap interest expense totaled $637,015 comprised of $376,314 in interest expense paid (included in realized gain (loss) and $260,701 in accrued interest expense (included in unrealized appreciation (depreciation).

Mortgage_Servicing_Rights

Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2015
Mortgage Servicing Rights MSR Disclosure [Abstract]
Mortgage Servicing Rights MSR Disclosure [Text Block]	NOTE 12 - Mortgage Servicing Rights
	During the three months ended March 31, 2015, the Company retained the servicing rights associated with an aggregate principal balance of $327,370,637 of residential mortgage loans that the Company had previously 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 our TRS.

FINANCIAL_INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Financial Instruments Disclosure [Text Block]	NOTE 13 – FINANCIAL INSTRUMENTS
	With effect from January 1, 2015, ASU 2014-11 changes the basis on which we account for repurchase to maturity transactions and linked repurchase financings to be consistent with the basis on which we account for secured borrowings. Accordingly, the assets and repurchase agreements that encompass linked transactions that were previously accounted for on a net basis and recorded as a forward purchase (derivative) contract are now bifurcated, and the gross amounts are reported in available-for-sale securities and repurchase agreements separately. Consequently, our GAAP financial statements as of and for the period ended March 31, 2015 are not directly comparable to prior period GAAP financials.
	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 March 31, 2015 and December 31, 2014:
			Quoted prices in		Significant
			active markets		other observable		Unobservable
			for identical assets		inputs		inputs		Balance as of
			Level 1		Level 2		Level 3		March 31, 2015
	Assets:
	Mortgage-backed securities (a)		$	-	$	601,126,052	$	-	$	601,126,052
	Residential mortgage loans			-		111,656,191		-		111,656,191
	Multi-Family mortgage loans held in securitization trusts			-		1,671,260,380		-		1,671,260,380
	Residential mortgage loans held in securitization trusts			-		556,180,947		-		556,180,947
	FHLB stock			45,000		-		-		45,000
	Swaptions			-		-		-		-
	Total		$	45,000	$	2,940,223,570	$	-	$	2,940,268,570
	Liabilities:
	Interest rate swaps		$	-	$	-3,627,781	$	-	$	-3,627,781
	Multi-family securitized debt obligations			-		-1,589,502,264		-		-1,589,502,264
	Residential securitized debt obligations			-		-434,401,168		-		-434,401,168
	Futures			-474,766		-		-		-474,766
	Total		$	-474,766	$	-2,027,531,213	$	-	$	-2,028,005,979
			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
	Mortgage servicing rights					-		-		-
	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	$	-2,104,364,539	$	-	$	-2,104,898,490
		(a)	For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4.
	During the three months ended March 31, 2015 and year ended December 31, 2014, 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	3 Months Ended
	Mar. 31, 2015
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 the Manager. Pursuant to the terms of the management agreement, the Company pays the Manager a management fee equal to 1.5% per annum, calculated and payable monthly in arrears. For purposes of calculating the management fee, the Company’s shareholders’ equity means the sum of the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus the Company’s retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less any amount that the Company pays for repurchases of the Company’s common stock since inception, and excluding any unrealized gains, losses or other items that do not affect realized net income (regardless of whether such items are included in other comprehensive income or loss, or in net income). This amount will be adjusted to exclude one-time events pursuant to changes in GAAP and certain non-cash items after discussions between the Manager and the Company’s independent directors and approval by a majority of the Company’s independent directors. To the extent asset impairment reduces the Company’s retained earnings at the end of any completed calendar quarter, it will reduce the management fee for such quarter. The Company’s shareholders’ equity for the purposes of calculating the management fee could be greater than the amount of shareholders’ equity shown on the financial statements. The initial term of the management agreement expires on May 16, 2014, with automatic, one-year renewals at the end of the initial term and each year thereafter.
	For the three months ended March 31, 2015, the Company incurred management fees of $717,775, included in Management fee in the condensed consolidated statement of operations, of which $492,000 was accrued but had not been paid, included in Fees and expenses payable to Manager in the condensed consolidated balance sheets.
	Expense Reimbursement
	Pursuant to the management agreement, the Company is required to reimburse the Manager for operating expenses related to the Company incurred by the Manager, including accounting services, auditing and tax services, technology and office facilities, operations, compliance, legal and filing fees, and miscellaneous general and administrative costs, including the cost of non-investment management personnel of the Manager who spend all or a portion of their time managing the Company’s affairs.
	For the three months ended March 31, 2015, the Company incurred reimbursable expenses of $1,051,567, included in Operating expenses reimbursable to Manager in the condensed consolidated statement of operations, of which $734,000 was accrued but had not yet been paid, included in Fees and expenses payable to Manager in the condensed consolidated balance sheets.
	Fulfillment and Securitization Fees
	During the three months ended March 31, 2015, the Company’s Manager did not accrue fees pursuant to Section 8(b) of our Management Agreement.
	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. 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 $101,175 based on the closing price of the Company’s common stock on March 31, 2015 of $10.65. 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, 2015, 9,500 shares of restricted stock granted to the Manager fully vested for net proceeds of $67,199.
	For the three months ended March 31, 2015, the Company recognized compensation expense related to restricted common stock of $25,647. The Company has unrecognized compensation expense of $120,349 as of March 31, 2015 for unvested shares of restricted common stock. As of March 31, 2015, the weighted average period for which the unrecognized compensation expense will be recognized is 10.9 months.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2015
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 shares issued and outstanding as of both March 31, 2015 and December 31, 2014, 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 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 both March 31, 2015 and December 31, 2014, respectively. 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 its 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 has incurred $1,133,117 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 $293,003 in deferred offering cost, of which $105,547 was expensed during the three-month period, resulting in a balance of $1,014,114.
	Distributions to stockholders
	For the 2015 taxable year, the Company has declared dividends to common stockholders totaling $5,519,531, or $0.375 per share. The following table presents cash dividends declared by the Company on its common stock for the three months ended March 31, 2015:
	Declaration Date	Record Date	Payment Date	Dividend Amount		Cash Dividend Per Share
	16-Dec-14	15-Jan-15	29-Jan-15	$	1,839,844	$	0.125
	16-Dec-14	17-Feb-15	26-Feb-15	$	1,839,844	$	0.125
	16-Dec-14	16-Mar-15	30-Mar-15	$	1,839,844	$	0.125
	The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the three months ended March 31, 2014:
	Declaration Date	Record Date	Payment Date	Dividend Amount		Cash Dividend Per Share
	16-Dec-14	15-Jan-15	29-Jan-15	$	293,503	$	0.1823
	16-Dec-14	17-Feb-15	26-Feb-15	$	293,503	$	0.1823
	16-Dec-14	16-Mar-15	30-Mar-15	$	293,503	$	0.1823

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2015
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 non-forfeitable dividends are considered participating securities. The Company is required to apply the two-class method or the treasury stock method of computing basic and diluted earnings per share when there are participating securities outstanding. The Company has determined that outstanding unvested restricted shares issued under the Manager Equity Plan are participating securities, and they are therefore included in the computation of basic and diluted earnings per share. The following tables provide additional disclosure regarding the computation for the three months ended March 31, 2015 and March 31, 2014:
		Three Months Ended March 31, 2015
	Net income (loss)			$	-5,130,327
	Less dividends paid:
	Common stock	$	5,519,531
	Unvested share-based
	payment awards		880,509
					6,400,040
	Undistributed earnings			$	-11,530,367
			Unvested Share-Based
			Payment Awards		Common Stock
	Distributed earnings	$	0.38	$	0.38
	Undistributed earnings (deficit)		-0.79		-0.79
	Total	$	-0.41	$	-0.41
		Three Months Ended
	$ and shares in thousands	March 31, 2014
	Numerator (Income):
	Net income (loss) available to common shareholders	$	-3,021,847
	Dilutive net income (loss) attributable to common shareholders	$	-3,021,847
	Denominator (Weighted Average Shares):
	Basic Earnings:
	Shares available to common shareholders		8,807,028
	Effect of dilutive securities:
	Restricted share awards		9,631
	Dilutive shares		8,816,659
	EPS		-0.34
	The following potential common shares were excluded from basic and diluted earnings per share for the three months ended March 31, 2014 as the Company had a net loss for the period: 22,958 for Restricted Stock Awards.
	No adjustment was required for the calculation of diluted earnings per share for the warrants described in Note 9 because the warrants’ exercise price is greater than the average market price of the common shares for the period, and thereby anti-dilutive.

SEGMENT_REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2015
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	3 Months Ended
	Mar. 31, 2015
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, 2014 was ($4,006,540) and the book loss through March 31, 2015 was ($756,234). 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 March 31, 2015, Management is not aware of any uncertain tax positions.
	The following table summarized the Company’s deferred tax assets and valuation allowance as of March 31, 2015
		As of March 31, 2015
	Non-current Deferred Tax Asset (Liability)
	Unrealized Gain (Security)	1,528,143
	Net Operating Losses	1,832,321
		304,178
	Valuation Allowance	-304,178
	Net Non-current Deferred Tax Asset (Liability)	-

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 19 – SUBSEQUENT EVENTS
	On April 30, 2015, the Company completed its third prime jumbo securitization, and the first using its proprietary program, OAKS Mortgage Trust Series 2015-1. FOAC sold approximately $267 million in residential mortgage loans into the securitization and the Company purchased all of the subordinated Class B certificates and an interest-only security, while retaining all the MSRs on the loans FOAC contributed. The Company does not anticipate consolidating the assets and liabilities of this securitization trust.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation
	The condensed consolidated balance sheet as of December 31, 2014 has been derived from audited financial statements. The condensed consolidated balance sheet as of March 31, 2015, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income (loss), the condensed consolidated statement of stockholders’ equity and the condensed consolidated statements of cash flows, for the three months ended March 31, 2015 and for the three months ended March 31, 2014, are unaudited.
	The unaudited condensed consolidated financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission (“SEC”) on March 16, 2015 .
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 condensed 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.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	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 March 31, 2015, 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. In the case of the FREMF 2012-KF01 trust, the Company determined that it was the primary beneficiary of an intermediate trust that has the power to direct the activities and the obligation to absorb losses of the FREMF 2012-KF01 trust. 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. At March 31, 2015 and December 31, 2014, with the exception of the listed transactions, the maximum exposure of the Company to VIEs was limited to the fair value of its investment in Non-Agency RMBS and Multi-Family MBS as disclosed in Note 4 (Non-Agency RMBS $ 171,914,913 and $53,485,053, respectively and Multi-Family MBS $119,165,050 and $0, respectively).
Use of Estimates, Policy [Policy Text Block]	Use of Estimates
	The financial statements have been prepared on the accrual basis of accounting in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents
	Cash and cash equivalents include cash held in bank accounts on an overnight basis. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash
	Restricted cash represents the Company’s cash held by counterparties as collateral against the Company’s securities, derivatives and/or repurchase agreements. 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.
Deferred Charges, Policy [Policy Text Block]	Deferred Securitization Costs
	Certain direct costs associated with the acquisition of residential mortgage loans are payable by the Company in advance of the subsequent securitization of these loans. To the extent that such costs are expected to be recovered at the time of a forthcoming securitization, payments made by the Company in respect of such costs will be recorded as an asset in the accompanying consolidated balance sheets in the line item “Deferred securitization costs”, for subsequent deduction from the securitization proceeds upon closing.
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 condensed consolidated statement of operations.
	On at least a quarterly basis for securities accounted for under ASC 320-10 and ASC 310-20 (generally Agency RMBS), prepayments of the underlying collateral must be estimated, which directly affect the speed at which the Company amortizes such securities. If actual and anticipated cash flows differ from previous estimates; the Company recognizes a “catch-up” adjustment in the current period to the amortization of premiums for the impact of the cumulative change in the effective yield through the reporting date.
	Similarly, the Company also reassesses the cash flows on at least a quarterly basis for securities accounted for under ASC 325-40 (generally Non-Agency RMBS and Multi-Family MBS). In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies. These include the rate and timing of principal and interest receipts (including assumptions of prepayments, repurchases, defaults and liquidations), the pass-through or coupon rate and interest rate fluctuations. In addition, interest payment shortfalls due to delinquencies on the underlying mortgage loans have to be judgmentally estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment as adjusted for credit impairment, if any.
	For investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities (loans) acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance.
	Subsequent increases in cash flows expected to be collected are generally recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected are recognized as impairment to the extent that such decreases are due, at least in part, to an increase in credit loss expectations. To the extent that decreases in cash flows expected to be collected are the result of factors other than credit impairment, for example a change in rate of prepayments, such changes are generally recognized prospectively through adjustment of the loan’s yield over its remaining life.
	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 condensed consolidated statement of operations. Upon the sale of a security, the Company will determine the cost of the security and the amount of unrealized gains or losses to reclassify out of accumulated other comprehensive income (loss) into earnings based on the specific identification method. Unrealized gains and losses on the Company’s AFS securities are recorded as unrealized gain (loss) on available-for-sale securities, net in the Company's condensed consolidated statement of comprehensive income (loss).
Property, Plant and Equipment, Impairment [Policy Text Block]	Impairment
	The Company evaluates its MBS, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company's amortized cost basis is an other-than-temporary impairment (“OTTI”). The presence of OTTI is based upon a fair value decline below a security's amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value or (iii) does not expect to recover the security's amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, an OTTI should be recognized to the extent that the Company expects a decrease in gross future cash flows due to an increase in credit loss expectations (“credit impairment”). The full amount of the difference between the security’s previous and new cost basis resulting from credit impairment is recognized currently in earnings,. and 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. To the extent the Company expects a change in the timing of future cash flows, but no decrease in the gross amount of such cash flows, this is considered a non-credit impairment. Changes in cash flows expected to be collected resulting from non-credit impairment are generally recognized prospectively through adjustment of the loan’s yield over its remaining life.
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 sponsors 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 March 31, 2015. 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 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.
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.
	MSR income is recognized at the contractually agreed rate, net of the costs of sub-servicers retained by the Company. If a sub-servicer with whom the Company contracts were to default, an evaluation of MSR assets for impairment would be undertaken at that time.
	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.
Debt, Policy [Policy Text Block]	Secured Loans
	In February 2015, the Company’s wholly owned subsidiary, Five Oaks Insurance LLC,, became a member of the Federal Home Loan Bank of Indianapolis (“FHLBI”). As a member of the FHLBI, Five Oaks Insurance LLC may borrow funds from the FHLBI in the form of secured advances. FHLBI advances are treated as secured financing transactions and are carried at their contractual amounts.
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 condensed consolidated statement of comprehensive income (loss), adjusted for changes in unrealized gain or loss on AFS securities.

AVAILABLEFORSALE_SECURITIES_Ta

AVAILABLE-FOR-SALE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities [Table Text Block]	The following table presents the Company’s AFS investment securities by collateral type at fair value as of March 31, 2015 and December 31, 2014:
		March 31, 2015		December 31, 2014
	Mortgage-backed securities:
	Agency
	Federal Home Loan Mortgage Corporation	$	160,960,558	$	162,344,627
	Federal National Mortgage Association		149,085,531		152,486,058
	Non-Agency		171,914,913		53,485,053
	Multi-Family		119,165,050
	Total mortgage-backed securities	$	601,126,052	$	368,315,738
Schedule Of Available-For-Sale Securities Reconciliation [Table Text Block]	The following tables present the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of March 31, 2015 and December 31, 2014:
		March 31, 2015
		Agency		Non-Agency				Multi-Family			Total
	Face Value	$	301,677,275	$	254,443,355			$	153,662,418		$	709,783,048
	Unamortized premium		4,681,293		-				-			4,681,293
	Unamortized discount
	Designated credit reserve		-		-51,699,067	-1			-			-51,699,067
	Net, unamortized		-2,062,001		-39,141,722				-37,548,139			-78,751,862
	Amortized Cost		304,296,567		163,602,566				116,114,279			584,013,412
	Gross unrealized gain		6,078,280		10,224,492				3,279,581			19,582,353
	Gross unrealized (loss)		-328,758		-1,912,145				-228,810			-2,469,713
	Fair Value	$	310,046,089	$	171,914,913				119,165,050		$	601,126,052
		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
	(1) Discount designated as Credit Reserve and amount related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed at March 31, 2015 reflect Credit Reserve of $2.0 million and OTTI of $2.9 million.
Composition of Available For Sale Securities [Table Text Block]	The following table presents the composition of OTTI charges recorded by the Company for the three months ended March 31, 2015 and 2014:
		Three Months Ended		Three Months Ended
		March 31, 2015		March 31, 2014
	Increase in credit reserves	$	-1,977,489	$	-
	Additional other-than-temporary credit impairment losses		-2,890,939		-
	Total impairment losses recognized in earnings		-4,868,428		-
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 three months ended March 31, 2015 and March 31, 2014:
		Three Months Ended		Three Months Ended
		March 31, 2015		March 31, 2014
	AFS securities sold, at cost	$	-	$	94,748,794
	Proceeds from AFS securities sold		-		90,620,039
	Net realized gain (loss) on sale of AFS securities	$	-	$	-4,128,755
Schedule Of Available For Sale Securities By Rate Type [Table Text Block]	The following tables present the fair value of AFS investment securities by rate type as of March 31, 2015 and December 31, 2014:
		March 31, 2015
		Agency		Non-Agency			Multi-Family			Total
	Adjustable rate	$	226,499,622	$	171,914,913			-		$	398,414,535
	Fixed rate		83,546,467		-			119,165,050			202,711,517
	Total	$	310,046,089	$	171,914,913			119,165,050		$	601,126,052
		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
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 March 31, 2015 and December 31, 2014:
		March 31, 2015		December 31, 2014
	Less than one year	$	-	$	-
	Greater than one year and less than five years		63,628,832		35,855,146
	Greater than or equal to five years		537,497,220		332,460,592
	Total	$	601,126,052	$	368,315,738
Schedule Of Investments In Debt and Marketable Equity Securities and Certain Trading Assets Disclosure [Table Text Block]	The following tables present the changes for the three months ended March 31, 2015 and year ended December 31, 2014 of the unamortized net discount and designated credit reserves on the Company’s MBS.
		March 31, 2015
		Designated		Unamortized
		credit reserve		net discount			Total
	Beginning Balance as of January 1, 2015	$	-49,325,117	$	-64,545,980		$	-113,871,097
	Acquisitions		-		-20,272,373			-20,272,373
	Dispositions		-		-			-
	Accretion of net discount		-		4,036,759			4,036,759
	Realized gain on paydowns		-		52,244			52,244
	Realized credit losses		2,494,478		-			2,494,478
	Addition to credit reserves		-1,977,489		1,977,489			-
	Release of credit reserves		-		-			-
	Ending balance at March 31, 2015	$	-48,808,128	$	-78,751,861		$	-127,559,989
		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
	Accretion of net discount		559,860		1,667,828			2,227,688
	Realized gain on paydowns		-		4,760,729			4,760,729
	Realized credit losses		-		223,212			223,212
	Release of credit reserves		2,868,699		-			2,868,699
	Ending balance at December 31, 2013		-		655,775			655,775
		$	-12,697,796	$	-17,454,022		$	-30,151,818
Investment Income [Table Text Block]	The following tables present components of interest income on the Company’s AFS securities for the three months ended March 31, 2015 and March 31, 2014:
		Three Months Ended March 31, 2015								Three Months Ended March 31, 2014
				Net (premium									Net (premium
		Coupon		amortization)/			Interest			Coupon			amortization)/		Interest
		interest		discount accretion			income			interest			discount accretion		income
	Agency	$	1,991,553	$	148,255		$	2,139,808		$	2,696,219		$	60,385	$	2,756,604
	Non-Agency		303,510		2,858,679			3,162,189			47,426			1,042,384		1,089,810
	Multi-Family		456,266		1,047,695			1,503,961			45,034			11,514		56,548
	Total	$	2,751,329	$	4,054,629		$	6,805,958		$	2,788,679		$	1,114,283	$	3,902,962

MORTGAGE_LOANS_HELDFORSALE_at_1

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2015
Mortgage Loans Held For Sale At Fair Value [Line Items]
Schedule of Mortgage loans held-for-sale [Table Text Block]	The following table presents the carrying value of the Company’s mortgage loans held-for-sale as of March 31, 2015 and December 31, 2014:
		March 31, 2015			December 31, 2014
	Unpaid principal balance	$	110,775,080		$	54,348,654
	Fair value adjustment		881,111			329,728
	Carrying value	$	111,656,191		$	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 March 31, 2015 are as follows:
		March 31, 2015
	Massachussetts		49.6	%
	California		13.7	%
	New Jersey		13.1	%

THE_FREMF_TRUSTS_Tables

THE FREMF TRUSTS (Tables) (FREMF trusts [Member])	3 Months Ended
	Mar. 31, 2015
FREMF trusts [Member]
Balance Sheet
Condensed Balance Sheet [Table Text Block]	The combined consolidated balance sheet of the FREMF trusts at March 31, 2015:
	Balance Sheet	March 31, 2015
	Assets
	Multi-family mortgage loans held in securitization trusts	$	1,671,260,380
	Receivables		5,909,867
	Total assets	$	1,677,170,247
	Liabilities and Equity Multi-family securitized debt obligations	$	1,589,502,264
	Payables		5,697,320
		$	1,595,199,584
	Equity		81,970,663
	Total liabilities and equity	$	1,677,170,247
Condensed Income Statement [Table Text Block]	The combined consolidated statements of operations of the FREMF trusts at March 31, 2015 are as follows:
		For the period from January 1, 2015 to
	Statement of Operations	March 31, 2015
	Interest income	$	17,635,476
	Interest expense		16,135,460
	Net interest income	$	1,500,016
	General and administrative fees		-868,347
	Unrealized gain (loss) on multi-family loans held in securitization trusts		2,037,111
	Net Income	$	2,668,780
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 March 31, 2015:
		March 31, 2015
	Texas		19.6	%
	California		12.2	%
	New York		11.7	%
	Washington		6.4	%
	Colorado		6.3	%
	Georgia		5.3	%

RESIDENTIAL_MORTGAGE_LOAN_SECU1

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Tables) (Residential Mortgage [Member])	3 Months Ended
	Mar. 31, 2015
Residential Mortgage [Member]
Balance Sheet
Condensed Balance Sheet [Table Text Block]	The combined consolidated balance sheet of the residential mortgage loan securitization trusts at March 31, 2015 is as follows:
	Balance Sheet	March 31, 2015
	Assets
	Residential mortgage loans held in securitization trusts	$	556,180,947
	Receivables		1,844,367
	Total assets	$	558,025,313
	Liabilities and Equity
	Residential securitized debt obligations	$	434,401,168
	Payables		1,239,051
		$	435,640,220
	Equity		122,385,094
	Total liabilities and equity	$	558,025,314
Condensed Income Statement [Table Text Block]	The combined consolidated statement of operations of the residential mortgage loan securitization trusts at March 31, 2015 is as follows:
	Statement of Operations	For the period from January 1, 2015 to
		31-Mar-15
	Interest income	$	5,891,779
	Interest expense		3,655,469
	Net interest income	$	2,236,310
	General and administrative fees		-241,195
	Unrealized gain (loss) on residential loans held in securitization trusts		-3,356,407
	Net Income	$	-1,361,292
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 March 31, 2015:
		March 31, 2015
	California		50.3	%
	Washington		11.7	%
	Massachussetts		7	%

RESTRICTED_CASH_Tables

RESTRICTED CASH (Tables)	3 Months Ended
	Mar. 31, 2015
Cash and Cash Equivalents [Abstract]
Schedule of Restricted Cash and Cash Equivalents [Table Text Block]	The following table presents the Company's restricted cash balances as of March 31, 2015 and December 31, 2014:
		March 31, 2015		December 31, 2014
	Restricted cash balance held by:
	Broker counterparties for derivatives trading	$	6,207,079	$	5,104,532
	Repurchase counterparties as restricted collateral		8,117,156		6,296,111
	Total	$	14,324,235	$	11,400,643

BORROWINGS_Tables

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of Repurchase Agreements [Table Text Block]	The following table summarizes certain characteristics of the Company’s repurchase agreements at March 31, 2015 and December 31, 2014:
			March 31, 2015					December 31, 2013
					Weighted						Weighted
			Amount		average			Amount			average
			outstanding		interest rate			outstanding			interest rate
	Agency		$	292,045,000		0.36	%	$	298,783,000			0.36	%
	Non-Agency(1)			223,674,000		1.6	%		200,347,000			1.25	%
	Multi-Family(2)			131,768,000		1.81	%		45,484,000			1.85	%
	Mortgage loans			97,360,853		2.62	%		50,263,852			2.86	%
	Total		$	744,847,853		1.28	%	$	594,877,852			0.99	%
		-1	At March 31, 2015 and December 31, 2014, the Company had repurchase agreements of $0 and $85,497,000, 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).
Schedule Of Remaining Maturities Under Repurchase Agreement [Table Text Block]	At March 31, 2015 and December 31, 2014, the repurchase agreements had the following remaining maturities:
			March 31, 2015		December 31, 2014
	< 30 days		$	548,608,000	$	465,817,820
	31 to 60 days			45,491,000		86,025,327
	61 to 90 days			23,264,000		-
	> 90 days			127,484,853		43,034,705
	Total		$	744,847,853	$	594,877,852
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block]	The following tables summarize certain characteristics of the Company’s repurchase agreements at March 31, 2015 and December 31, 2014:
			March 31, 2015
			Amount		Percent of total				Weighted average			Market Value
	Repurchase Agreement Counterparties		Outstanding		amount outstanding				days to maturity			of collateral held
	North America		$	439,879,000		59.06	%			20		$	595,758,052
	Asia (1)			121,833,000		16.36	%			14			131,918,900
	Europe (1)			183,135,853		24.58	%			129			185,152,479
	Total		$	744,847,853		100	%			45		$	912,829,432
	(1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.
			December 31, 2014
			Amount		Percent of total			Weighted average			Company RMBS
	Repurchase Agreement Counterparties		Outstanding(1)		amount outstanding			days to maturity			held as collateral
	North America		$	388,138,820		65.25	%		19		$	458,095,791
	Europe (2)			93,350,032		15.69	%		21			85,810,345
	Asia (2)			113,389,000		19.06	%		122			301,450,213
	Total		$	594,877,852		100	%		36		$	845,356,349
	(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.

DERIVATIVE_INSTRUMENTS_HEDGING1

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2015
Derivative Instrument Detail [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following tables present the gross fair value and notional amounts of the Company’s derivative financial instruments as of March 31, 2015 and December 31, 2014.
			March 31, 2015
			Derivative Assets				Derivative Liabilities
			Fair value		Notional		Fair value			Notional
	Interest rate swaps		$	-	-		$	-3,627,780		226,000,000
	Futures			-	-			-474,766		47,000,000
	Total		$	-	-		$	-4,102,546		273,000,000
			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
	Total		$	21,550	25,000,000		$	-2,289,058		324,000,000
Derivatives Instruments Average Fixed Pay Rate And Average Maturity [Table Text Block]	The following tables present the average fixed pay rate and average maturity for the Company’s interest rate swaps (excludes interest rate swaptions) as of March 31, 2015 and December 31, 2014:
			March 31, 2015
			Notional		Fair			Fixed Pay			Maturity		Forward
	Current Maturity Date		Amount		Value			Rate			Years		Starting
	3 years or less		$	35,000,000	$	-112,325		0.66	%		0.8		0	%
	Greater than 3 years and less than 5 years			191,000,000.00		-3,515,455		1.66	%		3.5		0	%
	Total		$	226,000,000	$	-3,627,780		1.51	%		3.1		0	%
			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	%
Schedule of Derivative Instruments [Table Text Block]	The below tables provide a reconciliation of these assets and liabilities that are subject to Master Agreements or similar agreements and can be potentially offset on the Company’s condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014:
			March 31, 2015
											Gross amounts not offset
											in the Balance Sheet (1)
								Net amounts
			Gross amounts		Gross amounts			of liabilities					Cash collateral
			of recognized		offset in the			presented in the			Financial		(Received)/		Net
	Description		liabilities		Balance Sheet			Balance Sheet			instruments		Pledged		amount
	Repurchase agreements and secured loans		$	745,847,853	$	-		$	745,847,853		$	-	$	-	$	745,847,853
	Interest rate swaps			-3,627,780		-			-3,627,780			-		3,627,780		-
	Futures			-474,766		-			-474,766			-		474,766		-
	Total		$	741,745,307	$	-		$	741,745,307		$	-	$	4,102,546	$	745,847,853
			December 31, 2014
											Gross amounts not offset
											in the Balance Sheet (1)
								Net amounts
			Gross amounts		Gross amounts			of assets					Cash collateral
			of recognized		offset in the			presented in the			Financial		(Received)/		Net
	Description		assets		Balance Sheet			Balance Sheet			instruments		Pledged		amount
	Linked transactions(2)		$	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
											in the Balance Sheet (1)
								Net amounts
			Gross amounts		Gross amounts			of liabilities					Cash collateral
			of recognized		offset in the			presented in the			Financial		(Received)/		Net
	Description		liabilities		Balance Sheet			Balance Sheet			instruments		Pledged		amount
	Repurchase agreements		$	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
		-1	Amounts presented are limited in total to the net amount of assets or liabilities presented in the condensed consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Agreements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above.
			(2) Non-Agency RMBS and Multi-Family MBS securities within a linked transaction serve as collateral for the linked transaction. See Note 3 “Non-Hedging Activity – Linked Transactions” for information on linked transaction arrangements.
Schedule of Price Risk Derivatives [Table Text Block]	The following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the condensed consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the three months ended March 31, 2015 and March 31, 2014:
			Three months ended March 31, 2015
			Amount of realized		Amount of unrealized
	Primary underlying risk		gain (loss)		appreciation (depreciation)			Total
	Interest rate:
	Interest rate swaps		$	-520,922	$	-1,872,674		$	-2,393,596
	Swaptions			-84,000		62,450			-21,550
	Futures			-2,225,564		59,186			-2,166,378
	Total		$	-2,830,486	$	-1,751,038		$	-4,581,524
			Three Months Ended March 31, 2014
			Amount of realized		Amount of unrealized
	Primary underlying risk		gain (loss)		appreciation (depreciation)			Total
	Interest rate:
	Interest rate swaps		$	-376,314	$	-4,229,298		$	-4,605,612
	Swaptions			-84,000		-680,405			-764,405
	Futures			-191,047		-154,265			-345,312
	TBAs			-191,406		-68,359			-259,765
	Total		$	-842,767	$	-5,132,327		$	-5,975,094
	(1) In the three month period ended March 31, 2015, net swap interest expense totaled $712,406 comprised of $520,922 in interest expense paid (included in realized gain (loss) and $191,484 in accrued interest expense (included in unrealized appreciation (depreciation). In the three month period ended March 31, 2014 net swap interest expense totaled $637,015 comprised of $376,314 in interest expense paid (included in realized gain (loss) and $260,701 in accrued interest expense (included in unrealized appreciation (depreciation).

FINANCIAL_INSTRUMENTS_Tables

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	The following tables summarize the valuation of the Company’s assets and liabilities at fair value within the fair value hierarchy levels as of March 31, 2015 and December 31, 2014:
			Quoted prices in		Significant
			active markets		other observable		Unobservable
			for identical assets		inputs		inputs		Balance as of
			Level 1		Level 2		Level 3		March 31, 2015
	Assets:
	Mortgage-backed securities (a)		$	-	$	601,126,052	$	-	$	601,126,052
	Residential mortgage loans			-		111,656,191		-		111,656,191
	Multi-Family mortgage loans held in securitization trusts			-		1,671,260,380		-		1,671,260,380
	Residential mortgage loans held in securitization trusts			-		556,180,947		-		556,180,947
	FHLB stock			45,000		-		-		45,000
	Swaptions			-		-		-		-
	Total		$	45,000	$	2,940,223,570	$	-	$	2,940,268,570
	Liabilities:
	Interest rate swaps		$	-	$	-3,627,781	$	-	$	-3,627,781
	Multi-family securitized debt obligations			-		-1,589,502,264		-		-1,589,502,264
	Residential securitized debt obligations			-		-434,401,168		-		-434,401,168
	Futures			-474,766		-		-		-474,766
	Total		$	-474,766	$	-2,027,531,213	$	-	$	-2,028,005,979
			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
	Mortgage servicing rights					-		-		-
	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	$	-2,104,364,539	$	-	$	-2,104,898,490
		(a)	For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4.

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2015
Common Stock [Member]
Schedule of Dividends Payable [Table Text Block]	The following table presents cash dividends declared by the Company on its common stock for the three months ended March 31, 2015:
	Declaration Date	Record Date	Payment Date	Dividend Amount		Cash Dividend Per Share
	16-Dec-14	15-Jan-15	29-Jan-15	$	1,839,844	$	0.125
	16-Dec-14	17-Feb-15	26-Feb-15	$	1,839,844	$	0.125
	16-Dec-14	16-Mar-15	30-Mar-15	$	1,839,844	$	0.125
Series A Preferred Stock [Member]
Schedule of Dividends Payable [Table Text Block]	The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the three months ended March 31, 2014:
	Declaration Date	Record Date	Payment Date	Dividend Amount		Cash Dividend Per Share
	16-Dec-14	15-Jan-15	29-Jan-15	$	293,503	$	0.1823
	16-Dec-14	17-Feb-15	26-Feb-15	$	293,503	$	0.1823
	16-Dec-14	16-Mar-15	30-Mar-15	$	293,503	$	0.1823

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block]	The following tables provide additional disclosure regarding the computation for the three months ended March 31, 2015 and March 31, 2014:
		Three Months Ended March 31, 2015
	Net income (loss)			$	-5,130,327
	Less dividends paid:
	Common stock	$	5,519,531
	Unvested share-based
	payment awards		880,509
					6,400,040
	Undistributed earnings			$	-11,530,367
			Unvested Share-Based
			Payment Awards		Common Stock
	Distributed earnings	$	0.38	$	0.38
	Undistributed earnings (deficit)		-0.79		-0.79
	Total	$	-0.41	$	-0.41
		Three Months Ended
	$ and shares in thousands	March 31, 2014
	Numerator (Income):
	Net income (loss) available to common shareholders	$	-3,021,847
	Dilutive net income (loss) attributable to common shareholders	$	-3,021,847
	Denominator (Weighted Average Shares):
	Basic Earnings:
	Shares available to common shareholders		8,807,028
	Effect of dilutive securities:
	Restricted share awards		9,631
	Dilutive shares		8,816,659
	EPS		-0.34

INCOME_TAXES_Tables

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015
		As of March 31, 2015
	Non-current Deferred Tax Asset (Liability)
	Unrealized Gain (Security)	1,528,143
	Net Operating Losses	1,832,321
		304,178
	Valuation Allowance	-304,178
	Net Non-current Deferred Tax Asset (Liability)	-

ORGANIZATION_AND_BUSINESS_OPER1

ORGANIZATION AND BUSINESS OPERATIONS (Details Textual)	3 Months Ended
	Mar. 31, 2015
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 $)	Mar. 31, 2015	Dec. 31, 2014	Apr. 25, 2014
Summary Of Significant Accounting Policies [Line Items]
Proposed Maximum Aggregate Offering Price			$750,000,000
Available-for-sale Securities, Total	601,126,052	368,315,738
Non Agency RMBS [Member]
Summary Of Significant Accounting Policies [Line Items]
Available-for-sale Securities, Total	171,914,913	53,485,053
Multi Family MBS [Member]
Summary Of Significant Accounting Policies [Line Items]
Available-for-sale Securities, Total	$119,165,050	$0

AVAILABLEFORSALE_SECURITIES_De

AVAILABLE-FOR-SALE SECURITIES (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Mortgage-backed securities:	$601,126,052	$368,315,738
Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Mortgage-backed securities:	310,046,089	314,830,685
Agency [Member] | Federal Home Loan Mortgage Corporation [Member]
Schedule of Available-for-sale Securities [Line Items]
Mortgage-backed securities:	160,960,558	162,344,627
Agency [Member] | Federal National Mortgage Association [Member]
Schedule of Available-for-sale Securities [Line Items]
Mortgage-backed securities:	149,085,531	152,486,058
Non Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Mortgage-backed securities:	171,914,913	53,485,053
Multi-Family [Member]
Schedule of Available-for-sale Securities [Line Items]
Mortgage-backed securities:	$119,165,050

AVAILABLEFORSALE_SECURITIES_De1

AVAILABLE-FOR-SALE SECURITIES (Details 1) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Face Value	$709,783,048		$386,463,099
Unamortized premium	4,681,293		4,796,106
Unamortized discount
Designated credit reserve	-51,699,067		-12,697,796	-16,126,355
Net, unamortized	-78,751,862		-17,454,022	-22,400,380
Amortized Cost	584,013,412		361,107,387
Gross unrealized gain	19,582,353		8,402,890
Gross unrealized (loss)	-2,469,713		-1,194,539
Fair Value	601,126,052		368,315,738
Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Face Value	301,677,275		309,790,551
Unamortized premium	4,681,293		4,796,106
Unamortized discount
Designated credit reserve	0		0
Net, unamortized	-2,062,001		-2,244,687
Amortized Cost	304,296,567		312,341,970
Gross unrealized gain	6,078,280		3,670,643
Gross unrealized (loss)	-328,758		-1,181,928
Fair Value	310,046,089		314,830,685
Non Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Face Value	254,443,355		76,672,548
Unamortized premium	0		0
Unamortized discount
Designated credit reserve	-51,699,067	[1]	-12,697,796
Net, unamortized	-39,141,722		-15,209,335
Amortized Cost	163,602,566		48,765,417
Gross unrealized gain	10,224,492		4,732,247
Gross unrealized (loss)	-1,912,145		-12,611
Fair Value	171,914,913		53,485,053
Multi-Family [Member]
Schedule of Available-for-sale Securities [Line Items]
Face Value	153,662,418
Unamortized premium	0
Unamortized discount
Designated credit reserve	0
Net, unamortized	-37,548,139
Amortized Cost	116,114,279
Gross unrealized gain	3,279,581
Gross unrealized (loss)	-228,810
Fair Value	$119,165,050
[1]	Discount designated as Credit Reserve and amount related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed at March 31, 2015 reflect Credit Reserve of $2.0 million and OTTI of $2.9 million.

AVAILABLEFORSALE_SECURITIES_De2

AVAILABLE-FOR-SALE SECURITIES (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Increase in credit reserves	($1,977,489)	$0
Additional other-than-temporary credit impairment losses	2,890,939	0
Total impairment losses recognized in earnings	($4,868,428)	$0

AVAILABLEFORSALE_SECURITIES_De3

AVAILABLE-FOR-SALE SECURITIES (Details 4) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	$601,126,052	$368,315,738
Adjustable rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	398,414,535	283,133,395
Fixed rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	202,711,517	85,182,343
Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	310,046,089	314,830,685
Agency [Member] | Adjustable rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	226,499,622	229,648,342
Agency [Member] | Fixed rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	83,546,467	85,182,343
Non-Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	171,914,913	53,485,053
Non-Agency [Member] | Adjustable rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	171,914,913	53,485,053
Non-Agency [Member] | Fixed rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	0	0
Multi-Family [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	119,165,050
Multi-Family [Member] | Adjustable rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	0
Multi-Family [Member] | Fixed rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Total	$119,165,050

AVAILABLEFORSALE_SECURITIES_De4

AVAILABLE-FOR-SALE SECURITIES (Details 5) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Less than one year	$0	$0
Greater than one year and less than five years	63,628,832	35,855,146
Greater than or equal to five years	537,497,220	332,460,592
Total	$601,126,052	$368,315,738

AVAILABLEFORSALE_SECURITIES_De5

AVAILABLE-FOR-SALE SECURITIES (Details 6) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Designated credit reserve, Beginning Balance	($12,697,796)	($16,126,355)
Designated credit reserve, Acquisitions	0	0
Designated credit reserve, Dispositions	0	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	2,494,478	2,868,699
Designated credit reserve, Addition to credit reserves	-1,977,489
Designated credit reserve, Release of credit reserves	0	0
Designated credit reserve, Ending balance	-51,699,067	-12,697,796
Unamortized net discount, Beginning balance	-17,454,022	-22,400,380
Unamortized net discount, Acquisitions	-20,272,373	-2,361,186
Unamortized net discount, Dispositions	0	1,667,828
Unamortized net discount, Accretion of net discount	4,036,759	4,760,729
Unamortized net discount, Realized gain on paydowns	52,244	223,212
Unamortized net discount, Realized credit losses	0	0
Unamortized net discount, Addition to credit reserves	1,977,489
Unamortized net discount, Release of credit reserves	0	655,775
Unamortized net discount, Ending balance	-78,751,862	-17,454,022
Beginning Balance, Total	-113,871,097	-38,526,735
Acquisitions, Total	-20,272,373	-2,361,186
Dispositions, Total	0	2,227,688
Accretion of net discount, Total	4,036,759	4,760,729
Realized gain on paydowns, Total	52,244	223,212
Realized credit losses, Total	2,494,478	2,868,699
Addition to credit reserves Total	0
Release of credit reserves, Total	0	655,775
Ending balance, Total	($127,559,989)	($113,871,097)

AVAILABLEFORSALE_SECURITIES_De6

AVAILABLE-FOR-SALE SECURITIES (Details 7) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	$2,751,329	$2,788,679
Net (premium amortization)/ discount accretion	4,054,629	1,114,284
Interest income	6,805,958	3,902,962
Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	1,991,553	2,696,219
Net (premium amortization)/ discount accretion	148,255	60,385
Interest income	2,139,808	2,756,604
Non Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	303,510	47,426
Net (premium amortization)/ discount accretion	2,858,679	1,042,384
Interest income	3,162,189	1,089,810
Multi-Family [Member]
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	456,266	45,034
Net (premium amortization)/ discount accretion	1,047,695	11,514
Interest income	$1,503,961	$56,548

AVAILABLEFORSALE_SECURITIES_De7

AVAILABLE-FOR-SALE SECURITIES (Details Textual) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$11,881,959	$12,405,767
Available-for-sale Securities, Gross Unrealized Loss	2,469,713		1,194,539
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax	4,400,000
AFS securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	7,424,415
Non Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Gross Unrealized Loss	$1,900,000

MORTGAGE_LOANS_HELDFORSALE_at_2

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Mortgage loans held-for-sale [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	$111,656,191	$54,678,382
Mortgage Loans Held-for-sale [Member]
Mortgage loans held-for-sale [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	111,656,191	54,678,382
Unpaid principal balance [Member] | Mortgage Loans Held-for-sale [Member]
Mortgage loans held-for-sale [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	110,775,080	54,348,654
Fair value adjustment [Member] | Mortgage Loans Held-for-sale [Member]
Mortgage loans held-for-sale [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	$881,111	$329,728

MORTGAGE_LOANS_HELDFORSALE_at_3

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Details 1) (Mortgage Loans Held-for-sale [Member])	3 Months Ended
	Mar. 31, 2015
California [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	13.70%
Massachussetts [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	49.60%
New Jersey [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	13.10%

MORTGAGE_LOANS_HELDFORSALE_at_4

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Details Textual) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Mortgage Loans Held For Sale At Fair Value [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	$111,656,191	$54,678,382
Mortgage Loans Held-or-Sale [Member]
Mortgage Loans Held For Sale At Fair Value [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	$111,700,000	$54,700,000

THE_FREMF_TRUSTS_Details

THE FREMF TRUSTS (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Assets
Multi-family mortgage loans held in securitization trusts	$1,671,260,380		$1,750,294,430
Total assets	2,992,456,404	[1]	2,922,209,557	[1]
Liabilities and Equity
Multi-family securitized debt obligations	1,589,502,264		1,670,573,456
Liabilities	2,783,844,126	[1]	2,709,411,427	[1]
Equity	208,612,278		212,798,130
Total liabilities and equity	2,992,456,404		2,922,209,557
FREMF trusts [Member]
Assets
Multi-family mortgage loans held in securitization trusts	1,671,260,380
Receivables	5,909,867
Total assets	1,677,170,247
Liabilities and Equity
Multi-family securitized debt obligations	1,589,502,264
Payables	5,697,320
Liabilities	1,595,199,584
Equity	81,970,663
Total liabilities and equity	$1,677,170,247
[1]	Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $2,235,029,892 and $2,389,784,101, respectively, and the liabilities of consolidated VIEs totaled $2,030,674,136 and $2,180,936,221, respectively

THE_FREMF_TRUSTS_Details_1

THE FREMF TRUSTS (Details 1) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Operations
Net interest income	$9,102,726	$3,347,464
General and administrative fees	-1,683,876	-252,089
Unrealized gain (loss) on multi-family mortgage loan held in securitization trusts	2,037,112	0
Net Income	-5,130,327	-2,541,274
FREMF trusts [Member]
Statement of Operations
Interest income	17,635,476
Interest expense	16,135,460
Net interest income	1,500,016
General and administrative fees	-868,347
Unrealized gain (loss) on multi-family mortgage loan held in securitization trusts	2,037,111
Net Income	$2,668,780

THE_FREMF_TRUSTS_Details_2

THE FREMF TRUSTS (Details 2) (FREMF trusts [Member])	3 Months Ended
	Mar. 31, 2015
Texas
Concentration Risk [Line Items]
Concentration Risk, Percentage	19.60%
California
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.20%
New York
Concentration Risk [Line Items]
Concentration Risk, Percentage	11.70%
Washington
Concentration Risk [Line Items]
Concentration Risk, Percentage	6.40%
Colorado
Concentration Risk [Line Items]
Concentration Risk, Percentage	6.30%
Georgia
Concentration Risk [Line Items]
Concentration Risk, Percentage	5.30%

THE_FREMF_TRUSTS_Details_Textu

THE FREMF TRUSTS (Details Textual) (FREMF trusts [Member], USD $)	3 Months Ended
	Mar. 31, 2015
FREMF trusts [Member]
Balance Sheet
Investment of Multi-Family Mortgage Backed Securities MBS, Net Carrying Value	$81,970,663
Multi-family loans held in securitization trusts, unpaid principal balance	1,547,683,642
Multi-family securitized debt obligations, unpaid principal balance	$1,547,683,642

RESIDENTIAL_MORTGAGE_LOAN_SECU2

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Assets
Residential mortgage loans held in securitization trusts	$1,671,260,380		$1,750,294,430
Total assets	2,992,456,404	[1]	2,922,209,557	[1]
Liabilities and Equity
Residential securitized debt obligations	1,589,502,264		1,670,573,456
Liabilities	2,783,844,126	[1]	2,709,411,427	[1]
Equity	208,612,278		212,798,130
Total liabilities and equity	2,992,456,404		2,922,209,557
Residential Mortgage [Member]
Assets
Residential mortgage loans held in securitization trusts	556,180,947
Receivables	1,844,367
Total assets	558,025,313
Liabilities and Equity
Residential securitized debt obligations	434,401,168
Payables	1,239,051
Liabilities	435,640,220
Equity	122,385,094
Total liabilities and equity	$558,025,314
[1]	Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $2,235,029,892 and $2,389,784,101, respectively, and the liabilities of consolidated VIEs totaled $2,030,674,136 and $2,180,936,221, respectively

RESIDENTIAL_MORTGAGE_LOAN_SECU3

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details 1) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Balance Sheet
Net interest income	$9,102,726	$3,347,464
General and administrative fees	-1,683,876	-252,089
Unrealized gain (loss) on residential loans held in securitization trusts	-3,356,407	0
Net Income	-5,130,327	-2,541,274
Residential Mortgage [Member]
Balance Sheet
Interest income	5,891,779
Interest expense	3,655,469
Net interest income	2,236,310
General and administrative fees	-241,195
Unrealized gain (loss) on residential loans held in securitization trusts	-3,356,407
Net Income	($1,361,292)

RESIDENTIAL_MORTGAGE_LOAN_SECU4

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details 2) (Residential Mortgage [Member])	3 Months Ended
	Mar. 31, 2015
California [Member]
Balance Sheet
Concentration Risk, Percentage	503.00%
Washington [Member]
Balance Sheet
Concentration Risk, Percentage	11.70%
Massachussetts [Member]
Balance Sheet
Concentration Risk, Percentage	7.00%

RESIDENTIAL_MORTGAGE_LOAN_SECU5

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details Textual) (Residential Mortgage [Member], USD $)	3 Months Ended
	Mar. 31, 2015
Residential Mortgage [Member]
Balance Sheet
Investment of Multi-Family Mortgage Backed Securities MBS, Net Carrying Value	$122,385,094
Multi-family loans held in securitization trusts, unpaid principal balance	535,207,032
Mulit-family securitized debt obligations, unpaid principal balance	$535,207,032

RESTRICTED_CASH_Details

RESTRICTED CASH (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$14,324,235	$11,400,645
Broker counterparties for derivatives trading [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	6,207,079	5,104,532
Repurchase counterparties as restricted collateral [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$8,117,156	$6,296,111

BORROWINGS_Details

BORROWINGS (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Short-term Debt [Line Items]
Repurchase Agreements, Amount outstanding	$744,847,853		$594,877,852	[1]
Repurchase Agreements, Weighted average interest rate	1.28%		0.99%
Agency [Member]
Short-term Debt [Line Items]
Repurchase Agreements, Amount outstanding	292,045,000		298,783,000
Repurchase Agreements, Weighted average interest rate	0.36%		0.36%
Non-Agency [Member]
Short-term Debt [Line Items]
Repurchase Agreements, Amount outstanding	223,674,000	[2]	200,347,000	[2]
Repurchase Agreements, Weighted average interest rate	1.60%	[2]	1.25%	[2]
Multi-Family [Member]
Short-term Debt [Line Items]
Repurchase Agreements, Amount outstanding	131,768,000		45,484,000
Repurchase Agreements, Weighted average interest rate	1.81%		1.85%
Mortgage loans [Member]
Short-term Debt [Line Items]
Repurchase Agreements, Amount outstanding	$97,360,853		$50,263,852
Repurchase Agreements, Weighted average interest rate	2.62%		2.86%
[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 March 31, 2015 and December 31, 2014, the Company had repurchase agreements of $0 and $85,497,000, 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).

BORROWINGS_Details_1

BORROWINGS (Details 1) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Repurchase Agreements [Line Items]
Repurchase agreements	$744,847,853	$594,877,852	[1]
Maturity up to 30 days [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	548,608,000	465,817,820
Maturity 31 To 60 Days [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	45,491,000	86,025,327
Maturity 61 To 90 Days [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	23,264,000	0
Maturity Over 90 Days Member [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$127,484,853	$43,034,705
[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).

BORROWINGS_Details_2

BORROWINGS (Details 2) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	$744,847,853		$594,877,852	[1]
Repurchase Agreement Counterparties, Percent of total amount outstanding	100.00%		100.00%
Repurchase Agreement Counterparties, Weighted average days to maturity	45 days		36 days
Repurchase Agreement Counterparties, Market Value of collateral held	912,829,432		845,356,349
North America [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	439,879,000		388,138,820	[1]
Repurchase Agreement Counterparties, Percent of total amount outstanding	59.06%		65.25%
Repurchase Agreement Counterparties, Weighted average days to maturity	20 days		19 days
Repurchase Agreement Counterparties, Market Value of collateral held	595,758,052		458,095,791
Europe [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	183,135,853	[2]	93,350,032	[1],[2]
Repurchase Agreement Counterparties, Percent of total amount outstanding	24.58%	[2]	15.69%	[2]
Repurchase Agreement Counterparties, Weighted average days to maturity	129 days	[2]	21 days	[2]
Repurchase Agreement Counterparties, Market Value of collateral held	185,152,479	[2]	85,810,345	[2]
Asia [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	121,833,000	[2]	113,389,000	[1],[2]
Repurchase Agreement Counterparties, Percent of total amount outstanding	16.36%	[2]	19.06%	[2]
Repurchase Agreement Counterparties, Weighted average days to maturity	14 days	[2]	122 days	[2]
Repurchase Agreement Counterparties, Market Value of collateral held	$131,918,900	[2]	$301,450,213	[2]
[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.

BORROWINGS_Details_Textual

BORROWINGS (Details Textual) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Repurchase Agreements [Line Items]
Repurchase agreements	$744,847,853	$594,877,852	[1]
Repurchase Agreements Weighted Average Interest Rate	1.28%	0.99%
Federal Funds Purchased and Securities Sold under Agreements to Repurchase	1,000,000	0
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available	500,000,000
Secured Debt	66,667
Debt, Weighted Average Interest Rate	0.35%
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	1,200,000
Repurchase Agreements [Member]
Repurchase Agreements [Line Items]
Repurchase Agreements Weighted Average Interest Rate	1.28%
Non Agency Linked Transactions [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	0	85,497,000
Multi Family MBS [Member]
Repurchase Agreements [Line Items]
Repurchase agreements		$63,796,000
[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).

DERIVATIVE_INSTRUMENTS_HEDGING2

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair value	$0	$21,550
Derivative Assets, Notional Amount	0	25,000,000
Derivative Liabilities, Fair value	-4,102,546	-2,289,058
Derivative Liabilities, Notional Amount	273,000,000	324,000,000
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair value	0	0
Derivative Assets, Notional Amount	0	0
Derivative Liabilities, Fair value	-3,627,780	-1,755,107
Derivative Liabilities, Notional Amount	226,000,000	226,000,000
Swaptions [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair value		21,550
Derivative Assets, Notional Amount		25,000,000
Derivative Liabilities, Fair value		0
Derivative Liabilities, Notional Amount		0
Futures [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair value	0	0
Derivative Assets, Notional Amount	0	0
Derivative Liabilities, Fair value	-474,766	-533,951
Derivative Liabilities, Notional Amount	$47,000,000	$98,000,000

DERIVATIVE_INSTRUMENTS_HEDGING3

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 1) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Financial Instruments, Notional Amount	$273,000,000	$324,000,000
Derivative Financial Instruments, Fair value	-4,102,546	-2,289,058
Derivative Financial Instruments, Fixed Pay Rate	1.51%	1.51%
Derivative Financial Instruments, Maturity Years	3 years 1 month 6 days	3 years 3 months 18 days
Derivative Financial Instruments, Forward Starting	0.00%	0.00%
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	-112,325	-124,591
Derivative Financial Instruments, Fixed Pay Rate	0.66%	0.66%
Derivative Financial Instruments, Maturity Years	9 months 18 days	1 year 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	191,000,000
Derivative Financial Instruments, Fair value	($3,515,455)	($1,630,516)
Derivative Financial Instruments, Fixed Pay Rate	1.66%	1.66%
Derivative Financial Instruments, Maturity Years	3 years 6 months	3 years 8 months 12 days
Derivative Financial Instruments, Forward Starting	0.00%	0.00%

DERIVATIVE_INSTRUMENTS_HEDGING4

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 2) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Derivative [Line Items]
Gross amounts of recognized assets			$210,424,179
Gross amounts offset in the Balance Sheet			-149,584,518
Net amounts of assets presented in the Balance Sheet			60,839,661
Gross amounts not offset in the Balance Sheet, Financial instruments			-60,818,111	[1]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged			0	[1]
Net amounts of assets, Net amount	0		21,550
Gross amounts of recognized liabilities	741,745,307		443,004,276
Gross amounts offset in the Balance Sheet	0		149,584,518
Net amounts of liabilities presented in the Balance Sheet	741,745,307		592,588,794
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	4,102,546	[1]	2,289,058	[1]
Net amounts of liabilities, Net amount	745,847,853		594,877,852
Repurchase agreements and secured loans [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	745,847,853		594,877,852
Gross amounts offset in the Balance Sheet	0		0
Net amounts of liabilities presented in the Balance Sheet	745,847,853		594,877,852
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 liabilities, Net amount	745,847,853		594,877,852
Linked transactions [Member]
Derivative [Line Items]
Gross amounts of recognized assets			210,402,629	[2]
Gross amounts offset in the Balance Sheet			-149,584,518	[2]
Net amounts of assets presented in the Balance Sheet			60,818,111	[2]
Gross amounts not offset in the Balance Sheet, Financial instruments			-60,818,111	[1],[2]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged			0	[1],[2]
Net amounts of assets, Net amount			0	[2]
Gross amounts of recognized liabilities			-149,584,518	[2]
Gross amounts offset in the Balance Sheet			149,584,518	[2]
Net amounts of liabilities presented in the Balance Sheet			0	[2]
Gross amounts not offset in the Balance Sheet, Financial instruments			0	[1],[2]
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged			0	[1],[2]
Net amounts of liabilities, Net amount			0	[2]
Interest rate swaps [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	-3,627,780		-1,755,107
Gross amounts offset in the Balance Sheet	0		0
Net amounts of liabilities presented in the Balance Sheet	-3,627,780		-1,755,107
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	3,627,780	[1]	1,755,107	[1]
Net amounts of liabilities, Net amount	0		0
Swaptions [Member]
Derivative [Line Items]
Gross amounts of recognized assets			21,550
Gross amounts offset in the Balance Sheet			0
Net amounts of assets presented in the Balance Sheet			21,550
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			21,550
Futures [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	-474,766		-533,951
Gross amounts offset in the Balance Sheet	0		0
Net amounts of liabilities presented in the Balance Sheet	-474,766		-533,951
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	474,766	[1]	533,951	[1]
Net amounts of liabilities, Net amount	$0		$0
[1]	Amounts presented are limited in total to the net amount of assets or liabilities presented in the condensed consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Agreements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above.
[2]	Non-Agency RMBS and Multi-Family MBS securities within a linked transaction serve as collateral for the linked transaction. See Note 3 bNon-Hedging Activity B Linked Transactionsb for information on linked transaction arrangements.

DERIVATIVE_INSTRUMENTS_HEDGING5

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 3) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Interest rate:
Amount of realized gain (loss)	($2,830,486)	($842,767)
Amount of unrealized appreciation (depreciation)	-1,751,038	-5,132,327
Total	-4,581,524	-5,975,094
Interest Rate Swaps [Member]
Interest rate:
Amount of realized gain (loss)	-520,922	-376,314
Amount of unrealized appreciation (depreciation)	-1,872,674	-4,229,298
Total	-2,393,596	-4,605,612
Swaptions [Member]
Interest rate:
Amount of realized gain (loss)	-84,000	-84,000
Amount of unrealized appreciation (depreciation)	62,450	-680,405
Total	-21,550	-764,405
Futures [Member]
Interest rate:
Amount of realized gain (loss)	-2,225,564	-191,047
Amount of unrealized appreciation (depreciation)	59,186	-154,265
Total	-2,166,378	-345,312
TBAs [Member]
Interest rate:
Amount of realized gain (loss)		-191,406
Amount of unrealized appreciation (depreciation)		-68,359
Total		($259,765)

DERIVATIVE_INSTRUMENTS_HEDGING6

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivative [Line Items]
Interest Income (Expense), Net, Total	$9,102,726	$3,347,464
Investment Income, Interest	2,751,329	2,788,679
Swap [Member]
Derivative [Line Items]
Interest Income (Expense), Net, Total	712,406	637,015
Interest Expense	520,922	376,314
Investment Income, Interest	$191,484	$260,701

Mortgage_Servicing_Rights_Deta

Mortgage Servicing Rights (Details Textual) (TRS Activity [Member], USD $)	Mar. 31, 2015
TRS Activity [Member]
Mortgage Servicing Rights MSR [Line Items]
Mortgage Loans on Real Estate	$327,370,637

FINANCIAL_INSTRUMENTS_Details

FINANCIAL INSTRUMENTS (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Assets:
Assets, Fair Value Disclosure	$2,940,268,570		$2,865,575,195
Liabilities:
Liabilities, Fair Value Disclosure	-2,028,005,979		-2,104,898,490
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	45,000		0
Liabilities:
Liabilities, Fair Value Disclosure	-474,766		-533,951
Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	2,940,223,570		2,865,575,195
Liabilities:
Liabilities, Fair Value Disclosure	-2,027,531,213		-2,104,364,539
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	601,126,052	[1]	368,315,738	[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	601,126,052	[1]	368,315,738	[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	111,656,191		54,678,382
Residential mortgage loans [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0		0
Residential mortgage loans [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	111,656,191		54,678,382
Residential mortgage loans [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0		0
Multi-Family mortgage loans held in securitization trusts [Member]
Assets:
Assets, Fair Value Disclosure	1,671,260,380		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		0
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	1,671,260,380		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		0
Residential mortgage loans held in securitization trusts [Member]
Assets:
Assets, Fair Value Disclosure	556,180,947		631,446,984
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0		0
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	556,180,947		631,446,984
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0		0
Linked transactions [Member]
Assets:
Assets, Fair Value Disclosure			60,818,111
Linked transactions [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure			0
Linked transactions [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure			60,818,111
Linked transactions [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure			0
Swaptions [Member]
Assets:
Assets, Fair Value Disclosure	0		21,550
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	0		21,550
Swaptions [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0		0
Interest rate swaps [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-3,627,781		-1,755,107
Interest rate swaps [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0		0
Interest rate swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-3,627,781		-1,755,107
Interest rate swaps [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0		0
Multi-family securitized debt obligations [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-1,589,502,264		-1,670,573,456
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0		0
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-1,589,502,264		-1,670,573,456
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0		0
Residential securitized debt obligations [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-434,401,168		-432,035,976
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0		0
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-434,401,168		-432,035,976
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0		0
Futures [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-474,766		-533,951
Futures [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-474,766		-533,951
Futures [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0		0
Futures [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0		0
Mortgage Servicing Rights [Member]
Assets:
Assets, Fair Value Disclosure			0
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure			0
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure			0
FHLB Stock [Member]
Assets:
Assets, Fair Value Disclosure	45,000
FHLB Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	45,000
FHLB Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	0
FHLB Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	$0
[1]	For more detail about the fair value of the Companybs MBS and type of securities, see Note 3 and Note 4.

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Textual) (USD $)	3 Months Ended		1 Months Ended	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 27, 2015	Dec. 31, 2013	Dec. 31, 2014
Related Party Transaction [Line Items]
Management Fee Percentage	1.50%
Management fee	$717,775	$467,536
Management Fee Payable	492,000
Operating expenses reimbursable to Manager	1,051,567	668,653
Restricted stock compensation expense	25,647	-55,100
Additional Cost Of Reimbursable Expense Waived	734,000
Manager Equity Plan [Member]
Related Party Transaction [Line Items]
Percentage Of Shares Issued	3.00%
Restricted stock compensation expense	0
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			67,199
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	120,349
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	10 years 10 months 24 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				14.5
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	$10.65
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value					101,175

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014
Dividends [Line Items]
Dividend Amount	$22,361	$39,132	$39,132
Common Stock [Member]
Dividends [Line Items]
Dividend Amount		5,519,531
Cash Dividend Per Share (in dollars per share)		$0.38
Distribution One [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	16-Dec-14
Record Date	15-Jan-15
Payment Date	29-Jan-15
Dividend Amount	293,503
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution One [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date		16-Dec-14
Record Date		15-Jan-15
Payment Date		29-Jan-15
Dividend Amount		1,839,844
Cash Dividend Per Share (in dollars per share)		$0.13
Distribution Two [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	16-Dec-14
Record Date	17-Feb-15
Payment Date	26-Feb-15
Dividend Amount	293,503
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Two [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date		16-Dec-14
Record Date		17-Feb-15
Payment Date		26-Feb-15
Dividend Amount		1,839,844
Cash Dividend Per Share (in dollars per share)		$0.13
Distribution Three [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	16-Dec-14
Record Date	16-Mar-15
Payment Date	30-Mar-15
Dividend Amount	293,503
Cash Dividend Per Share (in dollars per share)	$0.18
Distribution Three [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date		16-Dec-14
Record Date		16-Mar-15
Payment Date		30-Mar-15
Dividend Amount		$1,839,844
Cash Dividend Per Share (in dollars per share)		$0.13

STOCKHOLDERS_EQUITY_Details_Te

STOCKHOLDERS' EQUITY (Details Textual) (USD $)	1 Months Ended	3 Months Ended		12 Months Ended	1 Months Ended
	Apr. 25, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	27-May-14	Jun. 19, 2014	Feb. 19, 2014	Jul. 25, 2013
Stockholders' Equity Note [Line Items]
Proceeds From Issuance Of Common Stock		($105,547)	$39,241,880
Preferred Stock, Dividend Rate, Percentage		8.75%		8.75%
Proceeds from Issuance of Preferred Stock and Preference Stock		0	2,778,201
Dividends Payable		39,132	22,361	39,132
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		14,718,750
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 Outstanding		1,610,000		1,610,000
Stock Issued During Period Value New Issues Two		0
Noninterest Expense Offering Cost	1,133,117	105,547
Amortization of Financing Costs				293,003
Deferred Offering Costs		1,014,112		945,661
Series A Preferred Stock [Member]
Stockholders' Equity Note [Line Items]
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 Common Stock						38,442,925	31,927,377
Dividends Payable		5,519,531
Dividends Payable, Amount Per Share		$0.38
Stock Issued During Period Value New Issues Two		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 $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	($5,130,327)	($2,541,274)
Less dividends paid:
Common stock	5,519,531
Unvested share-based payment awards	880,509
Dividends	6,400,040
Undistributed earnings	-11,530,367
Numerator (Income):
Net income (loss) available to common shareholders	-6,010,836	-3,021,847
Dilutive net income (loss) attributable to common shareholders		-3,021,847
Basic Earnings:
Shares available to common shareholders		8,807,028
Effect of dilutive securities:
Restricted share awards		9,631
Dilutive shares		8,816,659
Total (in dollars per share)		($0.34)
Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	0
Less dividends paid:
Common stock	$0
Distributed earnings (in dollars per share)	$0.38
Undistributed earnings (deficit) (in dollars per share)	($0.79)
Effect of dilutive securities:
Total (in dollars per share)	($0.41)
Unvested Share Based Payment Awards [Member]
Less dividends paid:
Distributed earnings (in dollars per share)	$0.38
Undistributed earnings (deficit) (in dollars per share)	($0.79)
Effect of dilutive securities:
Total (in dollars per share)	($0.41)

EARNINGS_PER_SHARE_Details_Tex

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

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	Mar. 31, 2015
Non-current Deferred Tax Asset (Liability)
Unrealized Gain (Security)	$1,528,143
Net Operating Losses	1,832,321
Non-current Deferred Tax Asset (Liability)	304,178
Valuation Allowance	-304,178
Net Non-current Deferred Tax Asset (Liability)	$0

INCOME_TAXES_Details_Textual

INCOME TAXES (Details Textual) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards	$756,234	$4,006,540

SUBSEQUENT_EVENTS_Details_Text

SUBSEQUENT EVENTS (Details Textual) (Residential Mortgage [Member], USD $)	1 Months Ended
In Millions, unless otherwise specified	Apr. 25, 2015
Residential Mortgage [Member]
Subsequent Event [Line Items]
Proceeds from Mortgage Deposits	$267