Lument Finance Trust (LFT) 10-K/A 31 Mar 16 2014 FY Annual report (amended) Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Mar. 02, 2015	Jun. 30, 2014
Document Information [Line Items]
Entity Registrant Name	Five Oaks Investment Corp.
Entity Central Index Key	1,547,546
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	OAKS
Entity Common Stock, Shares Outstanding		14,718,750
Document Type	10-K
Amendment Flag	true
Document Period End Date	Dec. 31, 2014
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,014
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 122.5
Amendment Description	Five Oaks Investment Corp. (the “Company” or “we”) is filing this Amendment No.1 on Form 10-K (this “Amendment”) to its Annual Report on Form 10-K for the year ended December 31, 2014, which was originally filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2015 (the “Original Filing”). The sole purposes of this Amendment are (i) to provide previously omitted financial information and statements for our short, pre-IPO year from May 16, 2012 (commencement of operations) to December 31, 2012, including an updated auditor’s report and notes thereto as well as updated XBRL exhibits reflecting the foregoing; (ii) to amend Item 9A to reflect the current determination of our principal executive officer and principal financial officer that our disclosure controls and procedures were not effective as of December 31, 2014 by reason of such omission; and (iii) to amend the section of the cover page captioned “Documents Incorporated by Reference” to delete the phrase expected to be. This Form 10-K/A includes: Part II. Item 6. Selected Financial Data. Part II. Item 9A. Controls and Procedures. Part IV. Item 15. Exhibits, Financial Statements and Schedules. In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (“Rule 12b-15”), each Item of the Original Filing that is affected by this Amendment has been amended and restated in its entirety. All other Items of the Original Filing are unaffected by this Amendment and such Items have not been included in this Amendment. Except as described in this Explanatory Note, the information contained in the Original Filing has not been updated to reflect any events or developments that have occurred since the date of the Original Filing.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)		Dec. 31, 2014	Dec. 31, 2013
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $366,103,204 and $444,984,955 for December 31, 2014 and December 31, 2013, respectively)		$ 368,315,738	$ 444,984,955
Mortgage loans held-for-sale, at fair value		54,678,382	0
Multi-family loans held in securitization trusts, at fair value		1,750,294,430	0
Residential loans held in securitization trusts, at fair value		631,446,984	0
Linked transactions, net, at fair value		60,818,111	33,352,562
Cash and cash equivalents		32,274,285	33,062,931
Restricted cash		11,400,645	13,343,173
Deferred offering costs		945,661	0
Accrued interest receivable		10,962,663	1,045,191
Investment related receivable		979,509	506,892
Derivative assets, at fair value		21,550	1,839,154
Other assets		71,599	66,547
Total assets	[1]	2,922,209,557	528,201,405
LIABILITIES:
Repurchase agreements		594,877,852	412,172,000
Multi-family securitized debt obligations		1,670,573,456	0
Residential securitized debt obligations		432,035,976	0
Derivative liabilities, at fair value		2,289,058	839,413
Accrued interest payable		8,238,924	274,615
Dividends payable		39,132	42,501
Fees and expenses payable to Manager		1,062,000	330,000
Other accounts payable and accrued expenses		295,029	617,514
Total liabilities	[1]	2,709,411,427	414,276,043
STOCKHOLDERS' EQUITY:
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative redeemable, $25 liquidation preference, 1,610,000 and 800,000 issued and outstanding at December 31, 2014 and December 31, 2013, respectively		37,156,972	18,060,898
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,718,750 and 7,389,250 shares issued and outstanding, at December 31, 2014 and December 31, 2013, respectively		146,953	73,563
Additional paid-in capital		189,332,874	110,129,489
Accumulated other comprehensive income (loss)		7,208,350	(11,094,954)
Cumulative distributions to stockholders		(32,406,541)	(11,289,370)
Accumulated earnings		11,359,522	8,045,736
Total stockholders' equity		212,798,130	113,925,362
Total liabilities and stockholders' equity		2,922,209,557	528,201,405
Available-for-sale Securities [Member]
LIABILITIES:
Repurchase agreements		544,614,000	412,172,000
Mortgage Loans Held-or-Sale [Member]
LIABILITIES:
Repurchase agreements		$ 50,263,852	$ 0
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is primary beneficiary of these VIEs. As of December 31, 2014 and December 31, 2013, assets of consolidated VIEs totaled $2,389,754,101 and $0, respectively, and the liabilities of consolidated VIEs totaled $2,180,936,221 and $0, respectively.

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Available-for-sale Securities Pledged as Collateral (in dollars)	$ 366,103,204	$ 444,984,955
Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Dividend Rate, Percentage	8.75%	8.75%
Preferred Stock, Liquidation Preference, Value (in dollars)	$ 25	$ 25
Preferred Stock, Shares Issued	1,610,000	800,000
Preferred Stock, Shares Outstanding	1,610,000	800,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	14,718,750	7,389,250
Common stock, shares outstanding	14,718,750	7,389,250
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 2,389,754,101	$ 0
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 2,180,936,221	$ 0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	8 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Interest income:
Available-for-sale securities	$ 1,683,035	$ 16,560,338	$ 16,411,730
Mortgage loans held-for-sale	0	3,634,264	0
Multi-family loans held in securitization trusts	0	21,158,102	0
Residential loans held in securitization trusts	0	4,438,634	0
Cash and cash equivalents	553	21,274	11,843
Interest expense:
Repurchase agreements - available-for-sale securities	(267,080)	(2,661,329)	(2,243,565)
Repurchase agreements - mortgage loans held-for-sale	0	(2,203,961)	0
Multi-family securitized debt obligations	0	(19,400,851)	0
Residential securitized debt obligations	0	(3,575,168)	0
Net interest income	1,416,508	17,971,303	14,180,008
Other income:
Realized gain (loss) on sale of investments, net	(98,382)	3,271,592	(31,581,087)
Unrealized gain (loss) and net interest income from Linked Transactions	4,822,727	10,605,848	5,838,309
Realized gain (loss) on derivative contracts, net	(75,551)	(18,214,460)	18,812,854
Unrealized gain (loss) on derivative contracts, net	(298,359)	(2,931,249)	878,100
Realized (loss) on mortgage loans held-for-sale	0	(776,971)	0
Unrealized gain on mortgage loans held-for-sale	0	329,728	0
Unrealized gain/(loss) on multi-family loans held in securitization trusts	0	1,473,485	0
Unrealized gain/(loss) on residential loans held in securitization trusts	0	3,059,647	0
Other income	0	59,590	0
Total other income (loss)	4,350,435	(3,122,790)	(6,051,824)
Expenses:
Management fee	244,882	2,627,592	1,287,077
General and administrative expenses	113,606	2,901,076	992,115
Operating expenses reimbursable to Manager	563,806	3,247,683	2,103,223
Other operating expenses	25,343	2,504,741	288,416
Compensation expense	0	253,635	230,923
Total expenses	947,637	11,534,727	4,901,754
Net income (loss)	4,819,306	3,313,786	3,226,430
Dividends to preferred stockholders	0	(2,887,296)	(44,827)
Net income (loss) attributable to common stockholders	4,819,306	426,490	3,181,603
Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)	$ 4,819,306	$ 426,490	$ 3,181,603
Weighted average number of shares of common stock outstanding (in shares)	1,656,250	12,358,587	6,132,702
Basic and diluted income per share (in dollars per share)	$ 2.91	$ 0.03	$ 0.52
Dividends declared per share of common stock (in dollars per share)	$ 0.70	$ 1.47	$ 1.64

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	8 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Net income	$ 4,819,306	$ 3,313,786	$ 3,226,430
Other comprehensive income (loss):
Increase (decrease) in net unrealized gain on available-for-sale securities, net	2,433,997	10,845,303	(12,094,479)
Reclassification adjustment for net gain (loss) included in net income	0	7,458,001	(1,434,472)
Total other comprehensive income (loss)	2,433,997	18,303,304	(13,528,951)
Less: Dividends to preferred stockholders	0	(2,887,296)	(44,827)
Comprehensive income (loss) attributable to common stockholders	$ 7,253,303	$ 18,729,794	$ (10,347,348)

Consolidated Statements of Stoc

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 May. 15, 2012	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares) at May. 15, 2012		0	0
Issuance of common stock, net	26,177,089	$ 0	$ 16,653	26,160,526	0	0	0
Issuance of common stock, net (in shares)		0	1,656,250
Net income	4,819,306	$ 0	$ 0	0	0	0	4,819,306
Other comprehensive income (loss)	2,433,997	0	0	0	2,433,997	0	0
Common dividends declared	(1,161,672)	0	0	0	0	(1,161,672)	0
Balance at Dec. 31, 2012	32,268,720	$ 0	$ 16,563	26,160,526	2,433,997	(1,161,672)	4,819,306
Balance (in shares) at Dec. 31, 2012		0	1,656,250
Issuance of common stock, net	84,000,000	$ 0	$ 57,000	83,943,000	0	0	0
Issuance of common stock, net (in shares)		0	5,700,000
Issuance of preferred stock, net	18,070,938	$ 8,001	$ 0	18,062,937	0	0	0
Issuance of preferred stock, net (in shares)		800,100	0
Redemption of preferred stock, net	(110,000)	$ (1)	$ 0	(109,999)	0	0	0
Redemption of preferred stock, net (in shares)		(100)	0
Restricted stock compensation expense	125,923	$ 0	$ 0	125,923	0	0	0
Restricted stock compensation expense (in shares)		0	33,000
Net income	3,226,430	$ 0	$ 0	0	0	0	3,226,430
Other comprehensive income (loss)	(13,528,951)	0	0	0	(13,528,951)	0	0
Common dividends declared	(10,082,871)	0	0	0	0	(10,082,871)	0
Preferred dividends declared	(44,827)	0	0	0	0	(44,827)	0
Balance at Dec. 31, 2013	113,925,362	$ 18,060,898	$ 73,563	110,129,489	(11,094,954)	(11,289,370)	8,045,736
Balance (in shares) at Dec. 31, 2013		800,000	7,389,250
Issuance of common stock, net	79,263,318	$ 0	$ 73,390	79,189,928	0	0	0
Issuance of common stock, net (in shares)		0	7,339,000
Issuance of preferred stock, net	19,096,074	$ 19,096,074	$ 0	0	0	0	0
Issuance of preferred stock, net (in shares)		810,000	0
Restricted stock compensation expense	13,457	$ 0	$ 0	13,457	0	0	0
Restricted stock compensation expense (in shares)		0	(9,500)
Net income	3,313,786	$ 0	$ 0	0	0	0	3,313,786
Other comprehensive income (loss)	18,303,304	0	0	0	18,303,304	0	0
Common dividends declared	(18,229,875)	0	0	0	0	(18,229,875)	0
Preferred dividends declared	(2,887,296)	0	0	0	0	(2,887,296)	0
Balance at Dec. 31, 2014	$ 212,798,130	$ 37,156,972	$ 146,953	$ 189,332,874	$ 7,208,350	$ (32,406,541)	$ 11,359,522
Balance (in shares) at Dec. 31, 2014		1,610,000	14,718,750

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	8 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)	$ 4,819,306	$ 3,313,786	$ 3,226,430
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization/accretion of available-for-sale securities premiums and discounts, net	(347,647)	(4,705,639)	(1,974,765)
Realized loss on sale of investments, net	98,382	3,877,356	33,931,298
Unrealized (gain) loss on Linked Transactions, net	(3,932,369)	1,966,726	(2,364,354)
Realized (gain) loss on derivative contracts	37,333	18,214,460	(18,812,854)
Unrealized loss on derivative contracts	298,359	2,931,249	(878,100)
Realized loss on mortgage loans held-for-sale	0	776,971	0
Unrealized (gain) on mortgage loans held-for-sale	0	(329,728)	0
Unrealized (gain) on on multi-family loans held in securitization trusts	0	(1,473,485)	0
Unrealized (gain) on on residential loans held in securitization trusts	0	(3,059,647)	0
Restricted stock compensation expense	0	13,457	125,923
Net change in:
Accrued interest receivable	(189,364)	(1,874,785)	(855,827)
Deferred offering costs	0	187,457	0
Other assets	0	(5,052)	(66,547)
Accrued interest payable	65,820	501,584	208,795
Fees and expenses payable to Manager	32,721	732,000	297,279
Other accounts payable and accrued expenses	4,990	(322,485)	490,650
Net cash provided by operating activities	887,531	20,744,225	13,327,928
Cash flows from investing activities:
Purchase of available-for-sale securities	(81,162,110)	(521,681,124)	(1,123,204,838)
Purchase of mortgage loans held-for-sale	0	(451,629,615)	678,640,520
Proceeds from mortgage loans held-for-sale	0	388,053,342	0
Proceeds from sales of available-for-sale securities	0	296,246,293	0
Net proceeds of (payment for) derivative contracts	(64,000)	(17,878,460)	18,419,521
Principal payments from available-for-sale securities	2,817,375	45,077,314	35,121,878
Principal payments from mortgage loans held-for-sale	0	8,450,648	0
Investment related receivable	0	506,892	(506,892)
Restricted cash	(1,933,390)	1,942,528	(11,409,783)
Net cash used in investing activities	(80,342,125)	(250,912,182)	(402,939,594)
Cash flows from financing activities:
Net proceeds from issuance of common stock	26,177,089	79,263,318	84,000,000
Net proceeds from issuance of preferred stock	0	19,096,074	18,070,938
Redemption of preferred stock	0	0	(110,000)
Change in deferred offering costs	(915,512)	(1,133,118)	1,037,386
Dividends paid on common stock	(940,839)	(18,229,875)	(10,303,705)
Dividends paid on preferred stock	0	(2,890,665)	(2,326)
Proceeds from repurchase agreements - available-for-sale securities	392,314,000	4,528,080,286	4,116,258,000
Proceeds from repurchase agreements - mortgage loans held-for-sale	0	401,295,517	0
Principal repayments of repurchase agreements - available-for-sale securities	(328,891,000)	(4,395,638,286)	(3,767,509,000)
Principal repayments of repurchase agreements - mortgage loans held-for-sale	0	(351,031,665)	0
Net cash received (paid) on securities underlying Linked Transactions	(18,669,385)	(117,544,275)	(69,567,455)
Net cash received from repurchase agreements underlying Linked Transactions	13,989,000	88,112,000	47,192,000
Net cash provided by financing activities	83,063,353	229,379,311	419,065,838
Net increase (decrease) in cash and cash equivalents	3,608,759	(788,646)	29,454,172
Cash and cash equivalents, beginning of period	0	33,062,931	3,608,759
Cash and cash equivalents, end of period	3,608,759	32,274,285	33,062,931
Supplemental disclosure of cash flow information
Cash paid for interest	201,260	4,363,706	4,528,172
Non-cash investing and financing activities information
Restricted stock compensation expense	0	13,457	125,923
Dividends declared but not paid at end of period	220,833	39,132	42,501
Net change in unrealized gain (loss) on available-for-sale securities	2,433,997	18,303,304	(13,528,951)
Consolidation of multi-family loans held in securitization trusts	0	1,677,847,006	0
Consolidation of residential loans held in securitization trusts	0	507,423,695	0
Consolidation of multi-family securitized debt obligations	0	1,676,373,521	0
Consolidation of residential securitized debt obligations	$ 0	$ 433,698,636	$ 0

ORGANIZATION AND BUSINESS OPERA

ORGANIZATION AND BUSINESS OPERATIONS	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS Five Oaks Investment Corp. (the “Company”) is a Maryland The Company was incorporated on March 28, 2012 May 16, 2012 The Company has elected to be taxed as a real estate investment trust (“REIT”) and to comply with Sections 856 through 859 of the Internal Revenue Code of 1986, as amended, the ("Code"). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company invests in Agency RMBS, which are RMBS for which the principal and interest payments are guaranteed by a U.S. Government agency such as the Government National Mortgage Association or a U.S. Government-sponsored entity such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation. The Company also invests in Non-Agency RMBS, which are RMBS that are not guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity. Additionally, the Company invests in Multi-Family MBS, which are MBS for which the principal and interest may be sponsored by a U.S. Government agency such as the Government National Mortgage Association or a U.S, Government-sponsored entity such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or may not be sponsored by a U.S. Government agency or a U.S. Government-sponsored entity. The Company also invests in residential mortgage loans, mortgage servicing rights, and may also invest in other mortgage-related investments. On June 10, 2013, the Company established Five Oaks Acquisition Corp. (“FOAC”) as a wholly owned taxable REIT subsidiary (“TRS”), for the acquisition and disposition of residential mortgage loans. The Company consolidates this subsidiary under generally accepted accounting principles in the United States of America (“U.S. GAAP”). On April 30, 2014, the Company established Five Oaks Insurance LLC (“FOI”) as a wholly owned subsidiary. There has been limited activity within FOI since its inception, primarily focused on licensing and related matters. The Company consolidates this subsidiary under U.S. GAAP. In September 2014, and October 2014, respectively, the Company acquired first loss tranches issued or backed by two Freddie Mac-sponsored Multi-Family MBS K series securitizations (the “FREMF 2011-K13 Trust” and the “FREMF 2012-KF01 Trust”). In October 2014, and December 2014, respectively, the Company also acquired first loss and subordinated tranches issued by two residential mortgage-backed securitizations (the “JPMMT 2014-OAK4 Trust” and the “CSMC 2014-OAK1 Trust”). The Company determined that each of the Trusts was a variable interest entity (“VIE”) and that in each case the Company was the primary beneficiary, and accordingly consolidated the assets and liabilities of the four trusts into the Company’s financial statements in accordance with U.S. GAAP.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared in accordance with U.S. GAAP and are expressed in United States dollars. The consolidated financial statements of the Company include the accounts of its subsidiaries. Certain prior year amounts have been reclassified to conform to current year presentation. The accompanying consolidated financial statements of the Company include the accounts of the Company and all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity where the Company is the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. VIEs An entity is referred to as a variable interest entity (“VIE”) if it lacks one or more of the following characteristics: (1) sufficient equity at risk to finance its activities without additional subordinated financial support provided by any parties, including the equity holders; (2) as a group the holders of the equity investment at risk have (a) the power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impact the entity's economic performance, (b) the obligation to absorb the expected losses of the legal entity and (c) the right to receive the expected residual returns of the legal entity; and (3) the voting rights of these investors are proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected returns of their equity, or both, and whether substantially all of the entity's activities involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. An investment that lacks one or more of the above three characteristics is considered to be a VIE. The Company reassesses its initial evaluation of an entity as a VIE based upon changes in the facts and circumstances pertaining to the VIE. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. This determination may involve complex and subjective analyses. In general, the obligation to absorb losses is a function of holding a majority of the first loss tranche, while the ability to direct the activities that most significantly impact the VIEs economic performance will be determined based upon the rights associated with acting as the directing certificate holder, or equivalent, in a given transaction. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period based upon changes in the facts and circumstances pertaining to the VIE. The Company has evaluated its Non-Agency RMBS and Multi-Family MBS investments to determine if each represents a variable interest in a VIE. The Company monitors these investments and analyzes them for potential consolidation. The Company's real estate securities investments represent variable interests in VIEs. At December 31, 2014, the Company determined that it was the primary beneficiary of two Multi-Family MBS transactions (FREMF 2011-K13 and FREMF 2012-KF01), and two residential mortgage loan transactions (CSMC 2014-OAK1 and JPMMT 2014-OAK4), in each case based on its power to direct the trust’s activities and its obligations to absorb losses derived from the ownership of the first-loss tranches. Accordingly, the Company consolidated the assets, liabilities, income and expenses of each of the underlying trusts, and has elected the fair value option in respect of the assets and liabilities of each trust. The maximum exposure of the Company to loss from consolidation of the trusts is limited to the fair value of $208.8 million as of December 31, 2014 which represents the Company’s net aggregate investment. At December 31, 2013, no VIEs required consolidation as the Company was not the primary beneficiary of any of these VIEs at that time. At December 31, 2014, with the exception of the listed transactions, and at December 31, 2013, the maximum exposure of the Company to VIEs was limited to the fair value of its investment in Non-Agency RMBS as disclosed in Note 4 (Non-Agency RMBS $ 53,485,053 62,684,335 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 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 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. 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 Interest income on the Company’s available-for-sale (“AFS”) securities portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such securities. The Company recognizes interest income using the effective interest method for all AFS securities. As such, premiums and discounts are amortized or accreted into interest income over the lives of the securities in accordance with ASC 310-20, “Nonrefundable Fees and Other Costs”, ASC 320-10, “Investments – Debt and Equity Securities” or ASC 325-40, “Beneficial Interests in Securitized Financial Assets”, as applicable. Total interest income will flow though the “Interest Income” line item on the consolidated statement of operations. On at least a quarterly basis for securities accounted for under ASC 320-10 and ASC 310-20 (generally Agency RMBS), prepayments of the underlying collateral must be estimated, which directly affect the speed at which the Company amortizes such securities. If actual and anticipated cash flows differ from previous estimates; the Company recognizes a “catch-up” adjustment in the current period to the amortization of premiums for the impact of the cumulative change in the effective yield through the reporting date. Similarly, the Company also reassesses the cash flows on at least a quarterly basis for securities accounted for under ASC 325-40 (generally Non-Agency RMBS and Multi-Family MBS). In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies. These include the rate and timing of principal and interest receipts (including assumptions of prepayments, repurchases, defaults and liquidations), the pass-through or coupon rate and interest rate fluctuations. In addition, interest payment shortfalls due to delinquencies on the underlying mortgage loans have to be judgmentally estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment as adjusted for credit impairment, if any. For investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities (loans) acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected are generally recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected are recognized as impairment. The Company’s accrual of interest, discount and premium for U.S. federal and other tax purposes is likely to differ from the financial accounting treatment of these items as described above. Gains and losses from the sale of AFS securities are recorded as realized gains (losses) within realized gain (loss) on sale of investments, net in the Company's consolidated statement of operations. Upon the sale of a security, the Company will determine the cost of the security and the amount of unrealized gains or losses to reclassify out of accumulated other comprehensive income (loss) into earnings based on the specific identification method. Unrealized gains and losses on the Company’s AFS securities are recorded as unrealized gain (loss) on available-for-sale securities, net in the Company's consolidated statement of comprehensive income (loss). The Company evaluates its MBS, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company's amortized cost basis is an other-than-temporary impairment (“OTTI”). The presence of OTTI is based upon a fair value decline below a security's amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value or (iii) does not expect to recover the security's amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, the OTTI should be separated into (i) the estimated amount relating to credit loss (“credit” component) and (ii) the amount relating to all other factors (“non-credit” component). Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss amount recognized in other comprehensive income. The difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in accordance with the effective interest method. Mortgage Loans Held-for-Sale, at Fair Value Mortgage loans held-for-sale are reported at fair value as a result of a fair value option election. See Note 3 – Fair Value Measurements for details on fair value measurement. Mortgage loans are currently classified as held-for-sale based upon the Company’s intent to sell them either in the secondary whole loan market or to include them in a securitization, including transfers to securitization entities that the Company plans to sponsor and expects to be accounted for as sales for financial reporting purposes. Interest income on mortgage loans held-for-sale is recognized at the loan coupon rate. Interest income recognition is suspended when mortgage loans are placed on non-accrual status. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is considered non-collectible, and in all cases when payment becomes greater than 90 days past due. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. Multi-family and residential mortgage loans held in securitization trusts are comprised of multi-family mortgage loans held in the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, and residential mortgage loans held in the CSMC 2014-OAK1 Trust and the JPMMT 2014-OAK4 Trust, as of December 31, 2014. Based on a number of factors, the Company determined that it was the primary beneficiary of the VIEs underlying the trusts, met the criteria for consolidation and, accordingly, has consolidated the four trusts, including their assets, liabilities, income and expenses in its financial statements. The Company has elected the fair value option on each of the assets and liabilities held within the trusts. See Note 3 – Fair Value Measurement below for additional detail. Interest income on multi-family and residential mortgage loans held in securitization trusts is recognized at the loan coupon rate. Interest income recognition is suspended when mortgage loans are placed on non-accrual status. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is considered non-collectible, and in no case when payment becomes greater than 90 days past due. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. Mortgage servicing rights (“MSRs”) are associated with residential mortgage loans that the Company has purchased and subsequently sold or securitized. MSRs are held and managed at our TRS. As the owner of MSRs, the Company is entitled to receive a portion of the interest payments from the associated residential mortgage loan, and is obligated to service directly or through a subservicer, the associated loan. MSRs are reported at fair value as a result of a fair value option election. See Note 3 – Fair Value Measurement below for additional detail. Residential mortgage loans for which the Company owns the MSRs are directly serviced by one or more sub-servicers retained by the Company, since the Company does not originate or directly service any residential mortgage loans. To the extent that the Company determines it is the primary beneficiary of a residential mortgage loan securitization trust into which it has sold loans, any associated MSRs are eliminated on the consolidation of the trust. The trust is contractually obligated to pay a portion of the interest payments from the associated residential mortgage loans for the direct servicing of the loans, and after deduction of sub-servicing fees payable to contracted sub-servicers, the net amount, excess servicing rights, represents a liability of the trust. See Note 3 – Fair Value Measurement below for additional detail. 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. The Company finances the acquisition of certain of its residential mortgage loans through the use of short-term, uncommitted residential loan warehouse facilities, which are currently structured as repurchase agreements. The Company accounts for outstandings under these facilities as collateralized financing transactions which are carried at its contractual amount, and approximate fair value due to their short-term nature. Multi-family and residential securitized debt obligations 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. 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. 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. 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 Comprehensive income (loss) is comprised of net income, as presented in the consolidated statement of comprehensive income (loss), adjusted for changes in unrealized gain or loss on AFS securities. In June 2014, FASB issued ASU No. 2014-11 “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”, which amends ASC 860, “Transfers and Servicing”. The amendments in this ASU change current accounting and disclosures for repurchase agreements and similar transactions under U.S. GAAP. In particular, ASU 2014-11 changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements under ASC 860. ASU 2014-11 also requires two new disclosures for transactions accounted for as secured borrowings (1) disaggregating the related gross obligation by class of collateral pledged, and disclosing the remaining contractual maturity of the agreements, and; (2) discussing the potential risks of these agreements and related collateral pledged, including the risks stemming from a decline in the value of the pledged collateral and how such risks are managed. ASU 2014-11 requires enhanced disclosures by entities for transactions that involve a transfer of a financial asset reported as a sale and accompanied by an agreement that results in the transferor retaining substantially all of the exposure to the economic returns of the transferred asset during the transaction’s term. In these circumstances, the entity is required to provide by type of transaction 1) the carrying amount of the assets derecognized and the gross amount of proceeds received at the transfer date, 2) any related amounts reported on the balance sheet, such as those represented by derivative contracts, and 3) information about its ongoing exposure to the economic return on the transferred financial assets. ASU 2014-11 is effective for public entities for annual periods beginning after December 15, 2014 and interim periods beginning after March 15, 2015. The entity must report changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The new disclosures are not required for comparative periods prior to the effective date. Adopting this ASU has a material impact on the Company's presentation of its statement of financial condition and results of operations as it relates to the Company’s linked transactions (See Note 8). Currently, linked transactions are reported on the balance sheet as derivative transactions, as a result of this ASU, the assets and repurchase agreements that encompass linked transactions will be bifurcated and the gross amounts will be reported in available-for-sale securities and repurchase agreements respectively. In addition, unrealized gain (loss) and interest income on assets that are deemed to be linked are currently reflected in the income statement in other income unrealized gain (loss) and net interest income from Linked Transaction line item, as a result of this ASU the interest income will be recognized in revenue interest income and unrealized gain (loss) will be reflected in other comprehensive income. In August 2014 FASB issued ASU No. 2014-13 “Consolidation (Topic 810) Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity”. A collateralized financing entity is a VIE such as a securitization trust with no more than nominal equity that holds financial assets and issues beneficial interests in those financial assets; the beneficial interests have contractual recourse only to the related assets of the collateralized financing entity and are classified as financial liabilities. The amendments in this ASU address differences in measurement practice between the fair value of the collateralized financing entity’s assets and liabilities, and apply to a reporting entity that is required to consolidate such an entity when the reporting entity measures all of the financial assets and the financial liabilities of that consolidated collateralized financing entity at fair value in its financial statements, and that changes in such values are reflected in earnings. When a reporting entity elects the measurement alternative included in ASU 2014-13 for a collateralized financing entity, the reporting entity should measure both the financial assets and the financial liabilities of that collateralized financing entity in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The amendments in this ASU are effective for public entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. Since the Company has not previously been required to consolidate the assets and liabilities of a collateralized financing entity, it has elected to early adopt this ASU in respect of the consolidated financial statements with effect from September 30, 2014. See Note 3 – Fair Value Measurements for further information. In February 2015, FASB issued ASU No. 2015-02 “Amendments to the Consolidation Analysis”, which amends ASC 810, “Consolidation”. The amendments in this ASU affect the evaluation of, and consolidation analysis for, VIEs and is effective for public entities for annual periods, and interim periods within such annual periods, beginning after December 15, 2014. The Company has not yet completed its review of this ASU and accordingly cannot assess its effect on the Company’s current accounting policies.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	NOTE 3 – FAIR VALUE MEASUREMENTS The Company discloses the fair value of its financial instruments according to a fair value hierarchy (Levels 1, 2 and 3, as defined). In accordance with U.S. GAAP, the Company is required to provide enhanced disclosures regarding instruments in the Level 3 category (which require significant management judgment), including a separate reconciliation of the beginning and ending balances for each major category of assets and liabilities. Additionally, U.S. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value (the “fair value option”), and the election of such choice is irrevocable. Unrealized gains and losses on items for which the fair value option has been elected are irrevocably recognized in earnings at each subsequent reporting date. Available-for-sale Securities The Company currently invests in Agency RMBS, Non-Agency RMBS and Multi-Family MBS. Designation The Company classifies its MBS securities as AFS investments. Although the Company generally intends to hold most of its investment securities until maturity, it may, from time to time, sell any of its investment securities as part of the overall management of its portfolio. All assets classified as AFS are reported at estimated fair value, with unrealized gains and losses, excluding other than temporary impairments, included in accumulated other comprehensive income, a separate component of shareholders' equity. Determination of MBS Fair Value The Company determines the fair values for the Agency RMBS, Non-Agency RMBS and Multi-Family MBS in its portfolio based on obtaining a valuation for each Agency RMBS, Non-Agency RMBS and Multi-Family MBS from third-party pricing services, and may also obtain dealer quotes, as described below. The third-party pricing services use common market pricing methods that may include pricing models that may incorporate such factors as coupons, prepayment speeds, spread to the Treasury curves and interest rate swap curves, duration, periodic and life caps and credit enhancement, as applicable. The dealers incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security, including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the security, as applicable. The Company obtains pricing data from a primary third-party pricing service for each Agency RMBS, Non-Agency RMBS and Multi-Family MBS. If other available market data indicates that the pricing data from the primary third-party service is materially inaccurate, or pricing data is unavailable from the primary third-party pricing service, the Company shall undertake a review of other available prices and shall take additional steps to determine fair value. In all cases, the Company validates its understanding of methodology and assumptions underlying the fair value used. The Company will determine that the pricing data from the primary third-party service is materially inaccurate if it is not materially representative of where a specific security can be traded in the normal course of business. In making such determination, the Company will follow a series of steps, including review of collateral marks from margin departments of repo counterparties, utilization of bid list, inventory list and extensive unofficial market color, review of other third-party pricing service data and a yield analysis of each Non-Agency RMBS and Multi-Family MBS based on the pricing data from the primary third-party service data, and a yield analysis of each non-Agency RMBS and Multi-Family MBS based on the pricing data from the primary third-party service and the Company’s cashflow assumptions. The Company reviews all pricing of Agency and Non-Agency RMBS and Multi-Family MBS used to ensure that current market conditions are properly represented. This review includes, but is not limited to, comparisons of similar market transactions or alternative third-party pricing services, dealer quotes and comparisons to a pricing model. Values obtained from the third-party pricing service for similar instruments are classified as Level 2 securities if the pricing methods used are consistent with the Level 2 definition. If quoted prices for a security are not reasonably available from the pricing service, but dealer quotes are, the Company classifies the security as a Level 2 security. If neither is available, the Company determines the fair value based on characteristics of the security that are received from the issuer and based on available market information received from dealers and classifies it as a Level 3 security. Mortgage Loans Held-for-sale Designation The Company currently classifies its residential mortgage loans as held-for-sale (“HFS”) investments. HFS residential mortgage loans include loans that the Company is marketing for sale to third parties, including transfers to securitization trusts. The Company elected the fair value option for residential mortgage loans it has acquired and classifies as HFS. The fair value option was elected to help mitigate earnings volatility by better matching the asset accounting with any related hedges. The Company’s policy is to record separately interest income on these fair value elected loans. Additionally, upfront and costs related to these loans are not deferred or capitalized. Fair value adjustments are reported in gain (loss) on mortgage loans held-for-sale on the consolidated statements of comprehensive income (loss). The fair value option is irrevocable once the loan is acquired. Determination of Mortgage Loan Fair Value The Company determines the fair values of the mortgage loans in its portfolio from third-party pricing services. The third-party pricing services use common market pricing methods that may include pricing models which may incorporate such factors as coupons, prepayment speeds, spread to the Treasury curves and interest rate swap curves, duration, periodic and life caps, as applicable. In addition, the third-party pricing services benchmark their pricing models against observable pricing levels being quoted by a range of market participants active in the purchase and sale of residential mortgage loans. The Company obtains pricing data from a primary third-party pricing service for each mortgage loan. If other available market data indicates that the pricing data from the primary third-party service is materially inaccurate, or pricing data is unavailable from the primary third-party pricing service, the Company undertakes a review of other available prices and takes additional steps to determine fair value. In all cases, the Company validates its understanding of methodology and assumptions underlying the fair value used. The Company will determine that the pricing data from the primary third-party service is materially inaccurate if it is not materially representative of the price at which a specific loan can be traded in the normal course of business, and/or is materially divergent from the price at which the Company would be willing to purchase such a loan in the normal course of its business. The Company reviews all pricing of mortgage loans used to ensure that current market conditions are properly represented. This review includes, but is not limited to, comparisons of similar market transactions or alternative third-party pricing services, dealer quotes and comparisons to a pricing model. Values obtained from the third-party pricing service for similar instruments are classified as Level 2 assets if the pricing methods used are consistent with the Level 2 definition. If quoted prices for a loan are not reasonably available from the pricing service, but alternative quotes are, the Company classifies the loan as a Level 2 asset. If neither is available, the Company determines the fair value based on characteristics of the loan and based on other available market information and classifies it as a Level 3 asset. MSRs and Excess Servicing Rights Designation MSRs are associated with residential mortgage loans that the Company has purchased and subsequently sold or securitized, and are typically acquired directly from loan originators and recognized at the time that loans are transferred to a third party or a securitization, in each case providing such transfer meets the GAAP criteria for sale. The Company retains the rights to service certain loans that it sells or securitizes, but employs one or more sub-servicers to perform these servicing activities. To the extent that the Company determines it is the primary beneficiary of a residential mortgage loan securitization trust into which it has sold loans, any associated MSRs are eliminated on the consolidation of the trust. The trust is contractually obligated to pay a portion of the interest payments from the associated residential mortgage loans for the direct servicing of the loans, and after deduction of sub-servicing fees payable to contracted sub-servicers, the net amount, excess servicing rights, represents a liability of the trust. Upon consolidation of the trust, the fair value of the excess servicing rights is equal to the related MSRs held at our TRS. The Company has elected the fair value option in respect of MSRs and excess servicing rights. Determination of Fair Value The Company determines the fair value of its MSRs and excess servicing rights from third-party pricing services. The third-party pricing services use common market pricing methods that include market discount rates, prepayment speeds of serviced loans, the market cost of servicing, and observed market pricing for MSR purchase and sale transactions. Changes in the fair value of MSRs occur primarily as a result of the collection and realization of expected cashflows, as well as changes in valuation inputs and assumptions. The Company obtains MSR pricing data from a primary third-party pricing service, and validates its understanding of methodology and assumptions underlying the fair value used. See Note 12 for a further presentation on MSRs and excess servicing rights. Multi-Family Mortgage Loans Held in Securitization Trusts and Multi-Family Securitized Debt Obligations Designation Multi-family mortgage loans held in securitization trusts are comprised of multi-family mortgage loans held in the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust as of December 31, 2014. Based on a number of factors, the Company determined that it was the primary beneficiary of the VIEs underlying the trusts, met the criteria for consolidation and, accordingly, has consolidated the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, including their assets, liabilities, income and expenses in its financial statements. The Company has elected the fair value option on each of the assets and liabilities held within the trusts. Determination of Fair Value As noted earlier, the Company has early adopted ASU 2014-13, and has elected the fair value option in respect of the assets and liabilities of the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust. The trusts are “static”, that is no reinvestment is permitted and there is very limited active management of the underlying assets. Under the ASU, the Company is required to determine whether the fair value of the financial assets or the fair value of the financial liabilities of the trusts is more observable, but in either case, the methodology results in the fair value of the assets of each of the trusts being equal to the fair value of their liabilities. The Company has determined that the fair value of the liabilities of each of the trusts is more observable, since in all cases prices for the liabilities are available from the primary third-party pricing service utilized for Multi-Family MBS, while the individual assets of the trusts are inherently incapable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Given that the Company’s methodology for valuing the assets of the trusts is an aggregate value derived from the fair value of the trust’s liabilities, the Company has determined that the valuation of each of the trust’s assets in their entirety should be classified as Level 2 valuations. Residential Mortgage Loans Held in Securitization Trusts and Residential Securitized Debt Obligations Designation Residential mortgage loans held in securitization trusts are comprised of residential mortgage loans held in the CSMC 2014-OAK1 Trust and the JPMMT 2014-OAK4 Trust as of December 31, 2014. Based on a number of factors, the Company determined that it was the primary beneficiary of the VIEs underlying the trusts, met the criteria for consolidation and, accordingly, has consolidated the CSMC 2014-OAK1 Trust and the JPMMT 2014-OAK4 Trust including their assets, liabilities, income and expenses in its financial statements. The Company has elected the fair value option on each of the assets and liabilities held within each of the trusts. Determination of Fair Value As noted earlier, the Company has early adopted ASU 2014-13, and has elected the fair value option in respect of the assets and liabilities of the CSMC 2014-OAK1 Trust and the JPMMT 2014-OAK4 Trust. The trusts are “static”, that is no reinvestment is permitted and there is very limited active management of the underlying assets. Under the ASU, the Company is required to determine whether the fair value of the financial assets or the fair value of the financial liabilities of the trusts is more observable, but in either case, the methodology results in the fair value of each of the assets of each of the trusts being equal to the fair value of their liabilities. The Company has determined that the fair value of the liabilities of each of the trusts is more observable, since in all cases prices for the liabilities are available from the primary third-party pricing service utilized for Non-Agency RMBS, with the exception of the excess servicing rights, which are available from an alternative third-party pricing service. While the individual assets of each of the trusts, i.e. the underlying residential mortgage loans, are capable of being priced, the Company has determined that the pricing of the liabilities is more easily and readily determined. Given that the Company’s methodology for valuing the assets of the trusts is an aggregate value derived from the fair value of the trust’s liabilities, the Company has determined that the valuation of each of the trust’s assets in their entirety should be classified as Level 2 valuations. Accounting for Derivative Financial Instruments In accordance with FASB guidance ASC 815 “Derivatives and Hedging”, all derivative financial instruments, whether designated for hedging relationships or not, are recorded at fair value on the consolidated balance sheet as assets or liabilities. The Company obtains valuation information for each derivative financial instrument from the related derivative counterparty. If other available market data indicates that the valuation information from the counterparty is materially inaccurate, or pricing data is unavailable from the counterparty, the Company shall undertake a review of other available valuation information, including third party pricing services and/or dealers, and shall take additional steps to determine fair value. The Company reviews all valuations of derivative financial instruments used to ensure that current market conditions are properly represented. This review includes, but is not limited to, comparisons of similar market transactions or alternative third-party pricing services, dealer quotes and comparisons to a pricing model. Values obtained from the derivative counterparty, the third-party pricing service or dealers, as appropriate, for similar instruments are classified as Level 2 valuations if the pricing methods used are consistent with the Level 2 definition. If none of these sources is available, the Company determines the fair value based on characteristics of the instrument and based on available market information received from dealers and classifies it as a Level 3 valuation. At the inception of a derivative contract, the Company determines whether or not the instrument will be part of a qualifying hedge accounting relationship. Due to the volatility of the credit markets and difficulty in effectively matching pricing or cash flows, the Company has elected to treat all current derivative contracts as trading instruments. The changes in fair value of derivatives accounted for as trading instruments are reported in the consolidated statement of operations as unrealized gain (loss) on derivative contracts, net. The Company enters into interest rate derivative contracts for a variety of reasons, including minimizing significant fluctuations in earnings or market values on certain assets or liabilities that may be caused by changes in interest rates. The Company may, at times, enter into various forward contracts, including short securities, Agency to-be-announced securities (“TBAs”), options, futures, swaps and caps. Due to the nature of these instruments, they may be in a receivable/asset position or a payable/liability position at the end of an accounting period. Amounts payable to, and receivable from, the same party under contracts may be offset as long as the following conditions are met: (a) each of the two parties owes the other determinable amounts; (b) the reporting party has the right to offset the amount owed with the amount owed by the other party; (c) the reporting party intends to offset; and (d) the right of offset is enforceable by law. If the aforementioned conditions are not met, amounts payable to and receivable from are presented by the Company on a gross basis in the consolidated balance sheet. Non-Hedging Activity – Linked Transactions It is presumed that the initial transfer of a financial asset (i.e. the purchase of an MBS by the Company) and contemporaneous repurchase financing of such MBS with the same counterparty are considered part of the same arrangement, or a “linked transaction”, unless certain criteria are met. The two components of a linked transaction (MBS purchase and repurchase financing) are accounted for on a net basis and recorded as a forward purchase (derivative) contract (each a Linked Transaction) at fair value on the Company’s consolidated balance sheet in the line item “Linked Transactions, net, at fair value”. Changes in the fair value of the assets and liabilities underlying linked transactions and associated interest income and expense are reported as “Unrealized gain and net interest income from Linked Transactions”, on the Company’s consolidated statement of operations. When or if a transaction is no longer considered to be linked, the MBS and repurchase financing will be reported on a gross basis. In this case, the fair value of the MBS at the time the transactions are no longer considered linked will become the cost basis of the MBS, and the income recognition yield for such MBS will be calculated prospectively using this new cost basis. (See Notes 8 and 9). See Note 8 for specific disclosures regarding the location and amounts of derivative instruments in the financial statements and the accounting for derivative instruments and related hedged items. Other Financial Instruments The carrying value of short term instruments, including cash and cash equivalents, receivables and repurchase agreements whose term is less than twelve months, generally approximates fair value due to the short term nature of the instruments.

AVAILABLE-FOR-SALE SECURITIES

AVAILABLE-FOR-SALE SECURITIES	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 4 – AVAILABLE-FOR-SALE SECURITIES Non-Agency RMBS and Multi-Family MBS that are accounted for as components of Linked Transactions are not reflected in the tables set forth in this Note, as they are accounted for as derivatives. (See Notes 8 and 9). The following table presents the Company’s AFS investment securities by collateral type at fair value as of December 31, 2014 and December 31, 2013: December 31, December 31, Mortgage-backed securities: Agency Federal Home Loan Mortgage Corporation $ 162,344,627 $ 237,143,864 Federal National Mortgage Association 152,486,058 145,156,756 Non-Agency 53,485,053 62,684,335 Total mortgage-backed securities $ 368,315,738 $ 444,984,955 The following tables present the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of December 31, 2014 and December 31, 2013: December 31, 2014 Agency Non-Agency Total Face Value $ 309,790,551 $ 76,672,548 $ 386,463,099 Unamortized premium 4,796,106 - 4,796,106 Unamortized discount Designated credit reserve - (12,697,796) (12,697,796) Net, unamortized (2,244,687) (15,209,335) (17,454,022) Amortized Cost 312,341,970 48,765,417 361,107,387 Gross unrealized gain 3,670,643 4,732,247 8,402,890 Gross unrealized (loss) (1,181,928) (12,611) (1,194,539) Fair Value $ 314,830,685 $ 53,485,053 $ 368,315,738 December 31, 2013 Agency Non-Agency Total Face Value $ 386,672,123 $ 95,390,328 $ 482,062,451 Unamortized premium 12,544,193 - 12,544,193 Unamortized discount Designated credit reserve - (16,126,355) (16,126,355) Net, unamortized (1,489,132) (20,911,248) (22,400,380) Amortized Cost 397,727,184 58,352,725 456,079,909 Gross unrealized gain - 4,331,610 4,331,610 Gross unrealized (loss) (15,426,564) - (15,426,564) Fair Value $ 382,300,620 $ 62,684,335 $ 444,984,955 The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities, inclusive of securities previously booked as linked, for the years ended December 31, 2014 and December 31, 2013, and for the period May 16, 2012 (commencement of operations) to December 31, 2012: Year Ended Year Ended Period May 16, 2012 December 31, December 31, to AFS securities sold, at cost $ 462,470,753 $ 717,309,717 $ - Proceeds from AFS securities sold 466,239,975 687,203,605 Net realized gain (loss) on sale of AFS securities $ 3,769,222 $ (30,106,112) $ - December 31, 2014 Agency Non-Agency Total Adjustable rate $ 229,648,342 $ 53,485,053 $ 283,133,395 Fixed rate 85,182,343 - 85,182,343 Total $ 314,830,685 $ 53,485,053 $ 368,315,738 December 31, 2013 Agency Non-Agency Total Adjustable rate $ 170,587,649 $ 62,684,335 $ 233,271,984 Fixed rate 211,712,971 - 211,712,971 Total $ 382,300,620 $ 62,684,335 $ 444,984,955 December 31, December 31, Less than one year $ - $ - Greater than one year and less than five years 35,855,146 - Greater than or equal to five years 332,460,592 444,984,955 Total $ 368,315,738 $ 444,984,955 As described in Note 3, when the Company purchases a credit-sensitive AFS security at a significant discount to its face value, the Company generally does not amortize into income a significant portion of this discount that the Company is entitled to earn because it does not expect to collect it due to the inherent credit risk of the security. The Company may also record an OTTI for a portion of its investment in the security to the extent the Company believes that the amortized cost will exceed the present value of expected future cash flows. The amount of principal that the Company does not amortize into income is designated as an off balance sheet credit reserve on the security, with unamortized net discounts or premiums amortized into income over time to the extent realizable. Actual maturities of AFS securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, and prepayments of principal. Therefore actual maturities of available-for-sale securities are generally shorter than stated contractual maturities. Stated contractual maturities are generally greater than ten years. December 31, 2014 Designated Unamortized credit reserve net discount Total Beginning Balance as of January 1, 2014 $ (16,126,355) $ (22,400,380) $ (38,526,735) Acquisitions - (2,361,186) (2,361,186) Dispositions 559,860 1,667,828 2,227,688 Accretion of net discount - 4,760,729 4,760,729 Realized gain on paydowns - 223,212 223,212 Realized credit losses 2,868,699 - 2,868,699 Release of credit reserves - 655,775 655,775 Ending balance at December 31, 2014 $ (12,697,796) $ (17,454,022) $ (30,151,818) December 31, 2013 Designated Unamortized credit reserve net discount Total Acquisitions $ (19,145,414) $ (24,606,107) $ (43,751,521) Accretion of net discount - 2,836,240 2,836,240 Realized gain on paydowns - 25,262 25,262 Realized credit losses 2,363,284 - 2,363,284 Release of credit reserves 655,775 (655,775) - Ending balance at December 31, 2013 $ (16,126,355) $ (22,400,380) $ (38,526,735) December 31, 2012 Designated Unamortized credit reserve net discount Total Acquisitions $ (5,363,444) $ (3,997,817) $ (9,361,261) Accretion of net discount - 463,478 463,478 Realized credit losses 480,862 - 480,862 Ending balance at December 31, 2012 $ (4,882,582) $ (3,534,339) $ (8,416,921) Gains and losses from the sale of AFS securities are recorded within realized gain (loss) on sale of investments, net in the Company's consolidated statements of operations. Unrealized gains and losses on the Company’s AFS securities are recorded as unrealized gain (loss) on available-for-sale securities, net in the Company's consolidated statement of comprehensive income (loss). For the year ended December 31, 2014, the Company had unrealized gains (losses) on AFS securities of $ 18,303,304 For the year ended December 31, 2013, the Company had unrealized gains (losses) on AFS securities of ($ 13,528,951 2,433,997 Year Ended December 31, 2014 Net (premium Coupon amortization)/ Interest interest discount accretion income Agency $ 11,409,239 $ 603,547 $ 12,012,786 Non-Agency 261,050 4,077,481 4,338,531 Multi-Family 184,411 24,610 209,021 Total $ 11,854,700 $ 4,705,638 $ 16,560,338 Year Ended December 31, 2013 Net (premium Coupon amortization)/ Interest interest discount accretion income Agency $ 14,266,215 $ (716,788) $ 13,549,427 Non-Agency 170,750 2,691,552 2,862,302 Multi-Family - - - Total $ 14,436,966 $ 1,974,764 $ 16,411,730 Period May 16, 2012 to December 31, 2012 Net (premium Coupon amortization)/ Interest interest discount accretion income Agency $ 1,279,241 $ (115,831) $ 1,163,410 Non-Agency 54,549 463,478 518,027 Total $ 1,333,790 $ 347,647 $ 1,681,437

MORTGAGE LOANS HELD-FOR-SALE, a

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE	12 Months Ended
	Dec. 31, 2014
Mortgage loans held-for-sale Disclosure [Abstract]
Mortgage loans held-for-sale Disclosure [Text Block]	NOTE 5 – MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE December 31, 2014 December 31, 2013 Unpaid principal balance $ 54,348,654 $ - Fair value adjustment 329,728 - Carrying value $ 54,678,382 $ - At December 31, 2014 and December 31, 2013, the Company pledged mortgage loans with a fair value of $54.7 million and $0, respectively, as collateral for repurchase or warehouse agreements. See Note 10 – Repurchase Agreements December 31, Massachussetts 46.2 % New Jersey 25.6 % California 21.2 % At December 31, 2014, none of the Company’s mortgage loans held-for-sale was more than 30 days past due.

MULTI-FAMILY MORTGAGE LOAN SECU

MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS	12 Months Ended
	Dec. 31, 2014
Multi-Family Mortgage Loans Held in Securitization Trusts [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity Disclosure [Text Block]	NOTE 6 – MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS The Company has elected the fair value option on the assets and liabilities of the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, which requires that changes in valuations of the trusts be reflected in the Company’s statements of operations. The Company’s net investment in the trusts is limited to the Multi-Family MBS comprised of first loss PO securities and IO securities acquired by the Company in 2014 with an aggregate net carrying value of $ 79,933,551 multi-family mortgage loan securitization Balance Sheet December 31, 2014 Assets Multi-family mortgage loans held in securitization trusts $ 1,750,294,430 Receivables 6,012,642 Total assets $ 1,756,307,072 Liabilities and Equity Multi-family securitized debt obligations $ 1,670,573,456 Payables 5,800,065 $ 1,676,373,521 Equity 79,933,551 Total liabilities and equity $ 1,756,307,072 The multi-family mortgage loans held in securitization trusts had an unpaid principal balance of $ 1,637,721,473 1,637,721,473 multi-family mortgage loan securitization For the period date of Statement of Operation December 31, Interest income $ 21,158,102 Interest expense (19,400,851) Net interest income $ 1,757,251 General and administrative fees (1,086,165) Unrealized gain (loss) on multi-family mortgage loan held in securitization trusts 1,473,484 Net Income $ 2,144,570 * The Company consolidated the first trust in September, 2014 and the second trust in October, 2014. The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the trusts as of December 31, 2014: December 31, 2014 Texas 20.7 % California 12.7 % New York 11.1 % Washington 6.1 % Colorado 6.0 % Georgia 5.0 %

RESIDENTIAL MORTGAGE LOAN SECUR

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS	12 Months Ended
	Dec. 31, 2014
Residential Mortgage [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity Disclosure [Text Block]	NOTE 7 – RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS The Company has elected the fair value option on the assets and liabilities of the CSMC 2014-OAK1 Trust and the JPMMT 2014-OAK4 Trust, which requires that changes in valuations of the trusts be reflected in the Company’s statements of operations. The Company’s net investment in the trusts is limited to the Non-Agency RMBS comprised of subordinated and first loss securities, IO securities and excess servicing rights acquired by the Company in 2014 with an aggregate net carrying value of $ 128,914,329 The combined balance sheet of the residential mortgage loan securitization trusts at December 31, 2014: Balance Sheet December 31, 2014 Assets Residential mortgage loans held in securitization trusts $ 631,446,984 Receivables 2,030,045 Total assets $ 633,447,029 Liabilities and Equity Residential securitized debt obligations $ 502,900,040 (1) Payables 1,662,660 $ 504,562,700 Equity 128,914,329 Total liabilities and equity $ 633,477,029 (1) Includes $ 70,864,063 The residential mortgage loans held in securitization trusts had an unpaid principal balance of $ 606,835,758 606,835,758 For the period date of Statements of Operation December 31, Interest income $ 4,438,633 Interest expense (3,575,168) Net interest income $ 863,465 General and administrative fees (44,267) Unrealized gain (loss) on residential mortgage loans held in securitization trusts 3,059,647 Net Income $ 3,878,845 * The Company consolidated the first trust in October, 2014, and the second trust in December, 2014. The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the residential mortgage loan securitization trusts as of December 31, 2014: December 31, California 52.5 % Washington 10.9 % Massachusetts 7.3 %

USE OF SPECIAL PURPOSE ENTITIES

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Special Purpose Entity And Variable Interest Entity Disclosure [Text Block]	NOTE 8 – USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES A Special Purpose Entity (“SPE”) is an entity designed to fulfill a specific limited purpose of the company that organized it, and a SPE is frequently used for the purpose of securitizing, or re-securitizing, financial assets. They are typically structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to certificate holders. As a consequence of their purpose and design, SPEs are typically VIEs. As further discussed in Notes 2, 6 and 7, the For the Company’s remaining Multi-Family and Non-Agency MBS investments that are VIEs, the Company has determined that it is not the primary beneficiary, and accordingly these investments are accounted for as further described in Notes 2, 6 and 7.

RESTRICTED CASH

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

REPURCHASE AGREEMENTS

REPURCHASE AGREEMENTS	12 Months Ended
	Dec. 31, 2014
Disclosure Of Repurchase Agreements [Abstract]
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	NOTE 10 – REPURCHASE AGREEMENTS The Company has entered into repurchase agreements (including three residential loan warehouse facilities) to finance its portfolio of investments. The aggregate borrowing limit of the residential loan warehouse facilities was $ 375 0.99 December 31, 2014 December 31, 2013 Weighted Weighted Amount average Amount average outstanding interest rate outstanding interest rate Agency $ 298,783,000 0.36 % $ 370,901,000 0.40 % Non-Agency (1) 200,347,000 1.25 % 41,271,000 2.09 % Multi-Family (2) 45,484,000 1.85 % - 0.00 % Mortgage loans 50,263,852 2.86 % - 0.00 % Total $ 594,877,852 0.99 % $ 412,172,000 0.57 % (1) At December 31, 2014 and December 31, 2013, the Company had repurchase agreements of $ 85,497,000 61,181,000 (2) At December 31, 2014, the Company had repurchase agreements of $ 63,796,000 December 31, December 31, < 30 days $ 465,817,820 $ 373,422,000 31 to 60 days 86,025,327 38,750,000 > 90 days 43,034,705 - Total $ 594,877,852 $ 412,172,000 Under the repurchase agreements (including residential loan warehouse facilities), the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls. In addition, the repurchase agreements are subject to certain financial covenants. The Company is in compliance with these covenants as of December 31, 2014. December 31, 2014 Percent of total Weighted Market Value Repurchase Agreement Counterparties Amount (1) amount days to of collateral North America $ 388,138,820 65.25 % 19 $ 463,615,686 Europe (2) 93,350,032 15.69 % 21 113,286,452 Asia (2) 113,389,000 19.06 % 122 118,519,817 Total $ 594,877,852 100.00 % 36 $ 695,421,955 (1) At December 31, 2014, the Company had repurchase agreements of $85,497,000 and $63,796,000 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3). (2) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries. December 31, 2013 Percent of total Weighted Company Repurchase Agreement Counterparties Amount (1) amount days to held as North America $ 261,289,000 63.39 % 20 $ 277,808,885 Asia (2) 97,491,000 23.65 % 12 106,949,627 Europe (2) 53,392,000 12.96 % 21 60,226,443 Total $ 412,172,000 100.00 % 18 $ 444,984,955 (1) At December 31, 2013, the Company had repurchase agreements of $61,181,000 that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3). (2) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

DERIVATIVE INSTRUMENTS HEDGING

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2014
Derivative Instrument Detail [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE 11 – DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES The Company enters into a variety of derivative instruments in connection with its risk management activities. The Company's primary objective for executing these derivatives and non-derivative instruments is to mitigate the Company's economic exposure to future events that are outside its control. The Company's derivative financial instruments are utilized principally to manage market risk and cash flow volatility associated with interest rate risk (including associated prepayment risk) related to certain assets and liabilities. As part of its risk management activities, the Company may, at times, enter into various forward contracts, including short securities, Agency to-be-announced securities, or TBAs, options, futures, swaps, swaption and caps. In executing on the Company's current risk management strategy, the Company has entered into interest rate swap, swaption agreements, TBA’s and futures contracts. Amounts receivable and payable under interest rate swap agreements are accounted for as unrealized gain (loss) on derivative contracts, net in the consolidated statement of operations. Premiums on swaptions are amortized on a straight line basis between trade date and expiration date and are recognized in the consolidated statement of operations as a realized loss on derivative contracts. In addition, as set out in Note 3, the Company records Linked Transactions as a forward purchase (derivative) contract at fair value on the consolidated balance sheet. Although Linked Transactions are accounted for as derivative instruments, they are not entered into as part of the Company’s risk management activities and are not designated as hedging instruments. The following summarizes the Company's significant asset and liability derivatives, the risk exposure for these derivatives and the Company's risk management activities used to mitigate certain of these risks. While the Company uses derivative instruments to achieve the Company's risk management activities, it is possible that these instruments will not effectively mitigate all or a substantial portion of the Company's market rate risk. In addition, the Company might elect, at times, not to enter into certain hedging arrangements in order to maintain compliance with REIT requirements. Balance Sheet Presentation tables present the gross fair value and notional amounts of the Company’s derivative financial instruments as of December 31, 2014 and December 31, 2013. The Company’s Linked Transactions are evaluated on a combined basis. December 31, 2014 Derivative Assets Derivative Liabilities Fair value Notional Fair value Notional Interest rate swaps $ - - $ (1,755,107) 226,000,000 Swaptions 21,550 25,000,000 - - Futures - - (533,951) 98,000,000 Linked transactions 60,818,111 - - - Total $ 60,839,661 25,000,000 $ (2,289,058) 324,000,000 December 31, 2013 Derivative Assets Derivative Liabilities Fair value Notional Fair value Notional Interest rate swaps $ 237,989 57,000,000 $ (1,231,667) 281,000,000 Swaptions 1,770,795 25,000,000 - - Futures 154,265 10,000,000 - - TBAs 68,359 25,000,000 - - Linked transactions 33,352,562 - - - Total $ 35,583,970 117,000,000 $ (1,231,667) 281,000,000 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 0.0 % Greater than 3 years and less than 5 years 191,000,000 (1,630,516) 1.66 % 3.7 0.0 % Total $ 226,000,000 $ (1,755,107) 1.51 % 3.3 0.0 % December 31, 2013 Notional Fair Fixed Pay Maturity Forward Current Maturity Date Amount Value Rate Years Starting 3 years or less $ 35,000,000 $ (166,619) 0.66 % 2.1 0.0 % Greater than 3 years and less than 5 years 151,000,000 (764,807) 1.66 % 4.6 0.0 % Greater than 7 years and less than 10 years 95,000,000 (300,242) 2.85 % 7.6 100.0 % Greater than 10 years 57,000,000 237,990 3.29 % 10.7 100.0 % Total $ 338,000,000 $ (993,678) 2.17 % 6.2 45.0 % 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 9 for the amounts of restricted cash outstanding. Under GAAP, if the Company has a valid right of setoff, it may offset the related asset and liability and report the net amount. The Company presents repurchase agreements subject to Master Agreements or similar agreements on a gross basis, and derivative assets and liabilities subject to such arrangements on a net basis, based on derivative type and counterparty, in its consolidated balance sheets. Separately, the company presents cash collateral subject to such arrangements on a net basis, based on counterparty, in its consolidated balance sheets. However, the Company does not offset financial assets and liabilities with the associated cash collateral on its consolidated balance sheets. of these assets and liabilities that are subject to Master Agreements or similar agreements and can be potentially offset on the Company’s consolidated balance sheets as of December 31, 2014 and December 31, 2013: December 31, 2014 Gross amounts not offset Net amounts in the Balance Sheet (1) of assets Gross amounts Gross amounts presented in Financial Cash collateral 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) Gross amounts Gross amounts Net amounts Cash collateral of recognized offset in the presented in the Financial (Received)/ Net Description liabilities Balance Sheet Balance Sheet instruments Pledged amount Repurchase agreements $ 594,877,852 $ - $ 594,877,852 $ - $ - $ 594,877,852 Linked transactions (2) (149,584,518) 149,584,518 - - - - Interest rate swaps (1,755,107) - (1,755,107) - 1,755,107 - Futures (533,951) - (533,951) - 533,951 - Total $ 443,004,276 $ 149,584,518 $ 592,588,794 $ - $ 2,289,058 $ 594,877,852 December 31, 2013 Gross amounts not offset Net amounts in the Balance Sheet (1) Gross amounts Gross amounts of assets Cash collateral of recognized offset in the the Financial (Received)/ Net Description assets Balance Sheet Balance Sheet instruments Pledged amount Linked transactions (2) $ 94,645,860 $ (61,293,298) $ 33,352,562 $ (33,352,562) $ - $ - TBAs 68,359 - 68,359 - - 68,359 Swaptions 1,770,795 - 1,770,795 - - 1,770,795 Interest rate swaps 237,989 (237,989) - - - - Futures 154,265 (154,265) - - - - Total $ 96,877,268 $ (61,685,552) $ 35,191,716 $ (33,352,562) $ - $ 1,839,154 December 31, 2013 Gross amounts not offset in the Balance Sheet (1) Net amounts Gross amounts Gross amounts of liabilities Cash collateral of recognized offset in the presented in the Financial (Received)/ Net Description liabilities Balance Sheet Balance Sheet instruments Pledged amount Repurchase agreements $ (412,172,000) $ - $ (412,172,000) $ 412,172,000 $ - $ - Linked transactions (2) (61,293,298) 61,293,298 - - - - Interest rate swaps (1,231,667) 237,989 (993,678) - 993,678 - Futures - 154,265 154,265 - (154,265) - Total $ (474,696,965) $ 61,685,552 $ (413,011,413) $ 412,172,000 $ 839,413 $ - (1) Amounts presented are limited in total to the net amount of assets or liabilities presented in the consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Agreements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above. (2) Non-Agency RMBS and Multi-Family MBS securities within a linked transaction serve as collateral for the linked transaction. See Note 3 “Non-Hedging Activity – Linked Transactions” for information on linked transaction arrangements. Linked Transactions The Company’s Linked Transactions are accounted for on a net basis and recorded as forward purchase (derivative) contracts at fair value on the Company’s consolidated balance sheets. The fair value of Linked Transactions reflects the value of the underlying Non-Agency RMBS, Multi-Family MBS, the linked repurchase borrowings and accrued interest receivable/payable on such instruments. The Company’s Linked Transactions are not designated as hedging instruments and, as a result, the change in fair value and net interest income is reported as “Unrealized gain (loss) and net interest income from Linked Transactions” in other income on the Company’s consolidated statement of operations. December 31, 2014 Non-Agency Multi-Family Total Face Value $ 186,532,050 $ 102,968,560 $ 289,500,610 Unamortized premium - - - Unamortized discount Designated credit reserve (36,627,428) - (36,627,428) Net, unamortized (28,768,448) (18,323,619) (47,092,067) Amortized Cost 121,136,174 84,644,941 205,781,115 Gross unrealized gain 5,733,793 1,770,361 7,504,154 Gross unrealized loss (2,441,655) (604,957) (3,046,612) Fair Value $ 124,428,312 $ 85,810,345 $ 210,238,657 December 31, 2013 Non-Agency Multi-Family Total Face Value $ 148,864,823 $ - $ 148,864,823 Unamortized premium - - - Unamortized discount Designated credit reserve (29,857,597) - (29,857,597) Net, unamortized (30,770,386) - (30,770,386) Amortized Cost 88,236,840 - 88,236,840 Gross unrealized gain 6,859,625 - 6,859,625 Gross unrealized loss (473,672) (473,672) Fair Value $ 94,622,793 $ - $ 94,622,793 The following tables present the changes for the years ended December 31, 2014 and December 31, 2013, and the period May 16, 2012 (commencement of operations) to December 31, 2012 of the unamortized net discount and designated credit reserves on Non-Agency RMBS and Multi-Family MBS underlying Linked Transactions: December 31, 2014 Designated Unamortized credit reserve net discount Total Beginning Balance as at January 1, 2014 $ (29,857,597) $ (30,770,386) $ (60,627,983) Acquisitions (19,384,939) (47,651,628) (67,036,567) Dispositions 9,468,964 15,465,093 24,934,057 Accretion of net discount - 12,122,919 12,122,919 Realized credit losses 3,146,144 - 3,146,144 Release of credit reserves - 3,741,935 3,741,935 Ending balance at December 31, 2014 $ (36,627,428) $ (47,092,067) $ (83,719,495) December 31, 2013 Designated Unamortized credit reserve net discount Total Acquisitions $ (37,793,143) $ (29,569,939) $ (67,363,082) Accretion of net discount - 3,647,915 3,647,915 Realized credit losses 3,087,184 - 3,087,184 Release of credit reserves 4,848,362 (4,848,362) - Ending balance at December 31, 2013 $ (29,857,597) $ (30,770,386) $ (60,627,983) December 31, 2012 Designated Unamortized credit reserve net discount Total Acquisitions $ (13,934,657) $ (7,592,017) $ (21,526,674) Accretion of net discount - 870,268 870,268 Realized credit losses 1,005,426 - 1,005,426 Ending balance at December 31, 2012 $ (12,929,231) $ (6,721,749) $ (19,650,980) Linked Repurchase Agreements December 31, 2014 Repurchase Agreement Counterparties Amount Percent of total Weighted Company North America 86,985,000 58.26 % 33 124,620,916 Europe (1) 46,381,000 31.07 % 15 62,487,229 Asia (1) 15,927,000 10.67 % 9 23,130,512 Total $ 149,293,000 100.00 % 25 $ 210,238,657 (1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries. December 31, 2013 Repurchase Agreement Counterparties Amount Percent of total Weighted Company North America 52,871,000 86.42 % 21 79,528,540 Asia (1) 4,987,000 8.15 % 7 8,790,416 Europe (1) 3,323,000 5.43 % 43 6,303,837 Total $ 61,181,000 100.00 % 21 $ 94,622,793 (1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries. At December 31, 2014, Linked Transactions also included $ 163,972 291,518 Income Statement Presentation The Company has not applied hedge accounting to its current derivative portfolio held to mitigate the interest rate risk associated with its debt portfolio. As a result, the Company is subject to volatility in its earnings due to movement in the unrealized gains and losses associated with its interest rate swaps, swaptions and any other derivative instruments. The following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the years ended December 31, 2014 and December 31, 2013, and for the period May 16, 2012 (commencement of operations) to December 31, 2012: Year Ended December 31, 2014 Amount of Amount of Primary underlying risk realized appreciation Total Interest rate: Interest rate swaps $ (9,705,847) $ (761,429) $ (10,467,276) Swaptions (336,000) (1,413,244) (1,749,244) Futures (8,621,211) (688,217) (9,309,428) TBAs 448,598 (68,359) 380,239 Total $ (18,214,460) $ (2,931,249) $ (21,145,709) Year Ended December 31, 2013 Amount of Amount of Primary underlying risk realized appreciation Total Interest rate: Interest rate swaps $ 19,283,710 $ (709,923) $ 18,573,787 Swaptions (278,667) 1,365,399 1,086,732 Futures (8,595) 154,265 145,670 TBAs (183,594) 68,359 (115,235) Total $ 18,812,854 $ 878,100 $ 19,690,954 Period May 16, 2012 to December 31, 2012 Primary underlying risk Amount of Amount of Total Interest rate: Interest rate swaps $ (38,218) $ (283,754) $ (321,972) Swaptions (37,333) (14,605) (51,938) Total $ (75,551) $ (298,159) $ (373,910) (1) In the year ended December 31, 2014, net swap interest expense totaled $ 3,495,232 3,329,219 166,013 1,724,725 1,414,578 310,147 68,358 38,218 30,140 Year Ended Year Ended December 31, December 31, Period May 16, 2012 to Interest income attributable to AFS underlying Linked Transactions $ 15,427,632 $ 4,025,456 $ 1,020,437 Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions (2,893,375) (622,942) (147,867) Change in fair value of Linked Transactions included in earnings (1,928,409) 2,435,795 3,950,157 Unrealized gain (loss) and net interest income from Linked Transactions $ 10,605,848 $ 5,838,309 $ 4,822,727

MSRs

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

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Financial Instruments Disclosure [Text Block]	NOTE 13 – FINANCIAL INSTRUMENTS U.S. GAAP defines fair value and provides a consistent framework for measuring fair value under U.S. GAAP. ASC 820 “Fair Value Measurement” expands fair value financial statement disclosure requirements. ASC 820 does not require any new fair value measurements and only applies to accounting pronouncements that already require or permit fair value measures, except for standards that relate to share-based payments. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels are defined as follows: • Level 1 Inputs – Quoted prices for identical instruments in active markets. • Level 2 Inputs – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs – Instruments with primarily unobservable value drivers. Quoted Significant Unobservable Balance as of Assets: Residential mortgage-backed securities (a) $ - $ 368,315,738 $ - $ 368,315,738 Residential mortgage loans - 54,678,382 - 54,678,382 Multi-Family mortgage loans held in securitization trusts - 1,750,294,430 - 1,750,294,430 Residential mortgage loans held in securitization trusts - 631,446,984 - 631,446,984 Linked transactions (b) - 60,818,111 - 60,818,111 Swaptions - 21,550 - 21,550 Total $ - $ 2,865,575,195 $ - $ 2,865,575,195 Liabilities: Interest rate swaps $ - $ (1,755,107) $ - $ (1,755,107) Multi-family securitized debt obligations - (1,670,573,456) - (1,670,573,456) Residential securitized debt obligations - (432,035,976) - (432,035,976) Futures (533,951) - - (533,951) Total $ (533,951) $ (2,104,365,061) $ - $ (2,104,899,012) Quoted prices Significant Unobservable Balance as of Assets: Residential mortgage-backed securities (a) $ - $ 444,984,955 $ - $ 444,984,955 Linked transactions (b) - 33,352,562 - 33,352,562 TBAs - 68,359 - 68,359 Interest rate swaps - 237,989 - 237,989 Swaptions - 1,770,795 - 1,770,795 Futures 154,265 - - 154,265 Total $ 154,265 $ 480,414,660 $ - $ 480,568,925 Liabilities: Interest rate swaps $ - $ (1,231,667) $ - $ (1,231,667) Total $ - $ (1,231,667) $ - $ (1,231,667) (a) For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4. (b) For more detail about the fair value of the Company’s Linked Transactions, see Note 3 and Note 8. During the years ended December 31, 2014 and December 31, 2013, the Company did not have any transfers between any of the levels of the fair value hierarchy. Transfers between levels are deemed to take place on the last day of the reporting period in which the transfer takes place .

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 14 – RELATED PARTY TRANSACTIONS Management Fee The Company is externally managed and advised by Oak Circle Capital Partners LLC. Pursuant to the terms of the management agreement, the Company pays the Manager a management fee equal to 1.5 For the year ended December 31, 2014, the Company incurred management fees of $ 2,627,592 1,287,077 244,882 510,000 (2013: $ 130,000 32,721 Expense Reimbursement Pursuant to the management agreement, the Company is required to reimburse the Manager for operating expenses related to the Company incurred by the Manager, including accounting services, auditing and tax services, technology and office facilities, operations, compliance, legal and filing fees, and miscellaneous general and administrative costs, including the cost of non-investment management personnel of the Manager who spend all or a portion of their time managing the Company’s affairs. For the year ended December 31, 2014, the Company incurred reimbursable expenses of $ 3,247,683 2,103,223 563,806 280,000 (2013: $ 200,000 0 Fulfillment and Securitization Fees During 2014, The Company’s Manager accrued fees pursuant to Section 8(b) of our Management Agreement in addition to the Management Fee for services rendered in connection with FOAC’s aggregation of loans and the subsequent contribution of these and certain other loans into the JPMMT 2014-OAK4 Trust and the CSMC 2014-OAK1 Trust. All of the invoices for such fees were approved by the Company’s Audit Committee pursuant to the Company’s related party transaction policies. Fees accrued during 2014 totaled $ 1,017,627 0 0 272,000 (2013: $ 0 0 The Company’s Manager invoiced the Company for mortgage banking services provided in connection with loans contributed by other originators into the securitizations. The Company’s Manager invoiced FOAC for fulfillment services in connection with the loans sold by FOAC into the residential mortgage loan securitizations. A significant portion of the fee payments were utilized by the Company’s Manager to pay incentive compensation to employees of the Company’s Manager deemed essential to the success of the Company’s loan aggregation and securitization business. Manager Equity Plan The Company has adopted a Manager Equity Plan under which the Company may compensate the Manager and the Company’s independent directors or consultants, or officers whom it may employ in the future, if any. In turn, the Manager, in its sole discretion, grants such awards to its directors, officers, employees or consultants. The Company will be able to issue under the Manager Equity Plan up to 3.0 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 1,500 65,250 14.50 4,500 1,500 4,500 50,715 11.27 As of the closing of the IPO on March 27, 2013, the Company’s board of directors granted the Manager 28,500 One-third of these restricted common stock shares vest on each of the first, second and third anniversaries of the grant date. 199,500 10.50 9,500 34,928 For the year ended December 31, 2014, the Company recognized compensation expense related to restricted common stock of $ 113,635 28,375 236,297 0 8.7

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 15 – STOCKHOLDERS’ EQUITY Ownership and Warrants As a result of the May 2012 and March 2013 private offerings of common stock to XL Investments Ltd, an indirectly wholly owned subsidiary of XL Group plc, owns a significant minority investment in the Company. Pursuant to the terms of the May 2012 private offering, the Company agreed to issue to XL Investments Ltd warrants to purchase the Company’s common stock. The warrants were subsequently issued, effective as of September 29, 2012, and entitle XL Investments Ltd, commencing on July 25, 2013 (120 days following the closing of our IPO) to purchase an aggregate of 3,125,000 at a per share exercise price equal to 105% of the $15.00 IPO price, or $15.75. Common Stock The Company has 450,000,000 0.01 14,718,750 7,389,250 On February 19, 2014, the Company issued 3,000,000 11.30 31,927,377 The Company granted the underwriters the right to purchase up to an additional 450,000 11.30 300,000 11.30 3,214,325 On June 19, 2014, the Company issued 3,500,000 11.00 38,442,925 The Company granted the underwriters the right to purchase up to an additional 525,000 11.00 525,000 11.00 5,769,750 Preferred Stock The Company has 50,000,000 0.01 1,610,000 800,000 8.75 25.00 8.75 25 th th The Company in connection with a December 2013 public offering of our Series A Preferred Stock 120,000 25.00 120,000 2,778,201 On May 27, 2014, the Company closed an offering of 690,000 16,325,373 Deferred Offering Costs Pursuant to the April 25, 2014 S-3 registration statement, the Company incurred $ 1,133,117 during the year ended December 31, 2014 are being amortized 187,457 945,660 Distributions to stockholders For the 2014 taxable year, the Company has declared dividends to common stockholders totaling $ 18,229,875 1.47 Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per December 30, 2013 January 15, 2014 January 30, 2014 $ 923,656 $ 0.09235 December 30, 2013 February 14, 2014 February 27, 2014 $ 923,656 $ 0.09235 December 30, 2013 March 17, 2014 March 28, 2014 $ 1,336,156 $ 0.13359 March 25, 2014 April 15, 2014 April 29, 2014 $ 1,336,156 $ 0.13359 March 25, 2014 May 15, 2014 May 29, 2014 $ 1,336,157 $ 0.13359 March 25, 2014 June 16, 2014 June 27, 2014 $ 1,336,156 $ 0.13359 June 17, 2014 July 15, 2014 July 30, 2014 $ 1,839,281 $ 0.15904 June 17, 2014 August 15, 2014 August 27, 2014 $ 1,839,281 $ 0.15904 June 17, 2014 September 15, 2014 September 29, 2014 $ 1,839,844 $ 0.15909 September 15, 2014 October 15, 2014 October 30, 2014 $ 1,839,844 $ 0.14887 September 15, 2014 November 14, 2014 November 26, 2014 $ 1,839,844 $ 0.14887 September 15, 2014 December 15, 2014 December 30, 2014 $ 1,839,844 $ 0.14887 Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per December 23, 2013 January 15, 2014 January 27, 2014 $ 165,280 $ 0.20660 December 23, 2013 February 14, 2014 February 27, 2014 $ 167,716 $ 0.18230 December 23, 2013 March 17, 2014 March 27, 2014 $ 167,716 $ 0.18230 March 25, 2014 April 15, 2014 April 28, 2014 $ 167,716 $ 0.18230 March 25, 2014 May 15, 2014 May 27, 2014 $ 167,716 $ 0.18230 March 25, 2014 June 16, 2014 June 27, 2014 $ 293,503 $ 0.18230 June 17, 2014 July 15, 2014 July 28, 2014 $ 293,503 $ 0.18230 June 17, 2014 August 15, 2014 August 27, 2014 $ 293,503 $ 0.18230 June 17, 2014 September 15, 2014 September 29, 2014 $ 293,503 $ 0.18230 September 15, 2014 October 15, 2014 October 20, 2014 $ 293,503 $ 0.18230 September 15, 2014 November 14, 2014 November 26, 2014 $ 293,503 $ 0.18230 September 15, 2014 December 15, 2014 December 30, 2014 $ 293,503 $ 0.18230

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 16 – EARNINGS PER SHARE In accordance with ASC 260, outstanding instruments that contain rights to nonforfeitable dividends are considered participating securities. The Company is required to apply the two-class method or the treasury stock method of computing basic and diluted earnings per share when there are participating securities outstanding. The Company has determined that outstanding unvested restricted shares issued under the Manager Equity Plan are participating securities, and they are therefore included in the computation of basic and diluted earnings per share. Year Ended December 31, 2014 Years Ended December 31, 2013 Period May 16, 2012 to December 31, 2012 Net income $ 3,313,785 $ 3,226,430 $ 4,819,306 Less dividends paid: Common stock $ 18,229,875 $ 10,082,871 $ - Unvested share-based payment awards 2,887,296 44,827 - 21,117,171 10,127,698 Undistributed earnings $ (17,803,386) $ (6,901,268) $ 4,819,306 Unvested Share- Unvested Share- Common Unvested Share- Common Payment Awards Common Stock Payment Awards Stock Payment Awards Stock Distributed earnings $ 1.47 $ 1.47 $ - $ 1.64 $ - $ - Undistributed earnings (deficit) (1.44) (1.44) (1.12) (1.12) - 2.91 Total $ 0.03 $ 0.03 $ (1.12) $ 0.52 $ - $ 2.91 No adjustment was required for the calculation of diluted earnings per share for the warrants described in Note 9 because the warrants’ exercise price is greater than the average market price of the common shares for the period, and thereby anti-dilutive.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 17 – SEGMENT REPORTING The Company invests in a portfolio comprised of mortgage-backed securities, residential mortgage loans, and other mortgage-related investments, and operates as a single reporting segment.

INCOME TAXES

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

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	NOTE 19 - QUARTERLY FINANCIAL DATA (UNAUDITED) 2014 Quarter Ended $ in thousands, except per share data March 31 June 30 September 30 December 31 Total interest income $ 3,908 $ 4,499 $ 8,267 $ 29,139 Total interest expense (560) (608) (3,596) (23,077) Net interest income 3,348 3,891 4,671 6,062 Other-than-temporary impairment - - - - Other income (loss) (4,291) 2,838 3,395 (5,065) Total expenses 1,598 2,304 2,853 4,779 Net income (loss) (2,541) 4,425 5,213 (3,782) Net income (loss) attributable to common stockholders (basic and diluted) (3,022) 3,789 4,154 (4,494) Earnings (loss) per share: Net income (loss) attributable to common stockholders (basic and diluted) (3,022) 3,789 4,154 (4,494) Weighted average number of shares of common stock outstanding: 8,816,658 11,150,788 14,640,065 14,718,750 Basic and diluted income (loss) per share (0.34) 0.34 0.28 (0.31) 2013 Quarter Ended $ in thousands, except per share data March 31 June 30 September 30 December 31 Total interest income $ 1,027 $ 7,356 $ 4,103 $ 3,937 Total interest expense (127) (992) (554) (570) Net interest income 900 6,364 3,549 3,367 Other-than-temporary impairment - - - - Other income (loss) 1,056 3,098 (19,108) 8,902 Total expenses 428 1,492 1,455 1,527 Net income (loss) 1,528 7,970 (17,014) 10,742 Net income (loss) attributable to common stockholders (basic and diluted) 1,526 7,970 (17,014) 10,700 Earnings (loss) per share: Net income (loss) attributable to common stockholders (basic and diluted) 1,526 7,970 (17,104) 10,700 Weighted average number of shares of common stock outstanding: 2,293,250 7,389,250 7,360,350 7,389,250 Basic and diluted income (loss) per share 0.67 1.08 (2.31) 1.45

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]	Schedule IV – Mortgage Loans on Real Estate (1) Asset Type Description Number of Interest Rate Final Maturity Date Periodic Payment Face Amount Carrying Amount Residential whole loan at fair value Loan Balance $0-$999,999 69 Fixed 3.625% 5.000% 03/01/2040 P&I $ 43,319,003 $ 44,337,239 Residential whole loan at fair value Loan Balance $1,000,000-$1,999,999 6 Fixed 3.750% to 4.500% 05/01/2043 P&I 7,260,535 7,391,718 Residential whole loan at fair value Loan Balance $0-$999,999 2 Hybrid ARM 12/01/2043 P&I 1,378,874 1,412,567 Residential whole loan at fair value Loan Balance $1,000,000-$1,999,999 1 Hybrid ARM 12/01/2043 P&I 1,476,860 1,536,858 $ 53,435,272 $ 54,678,382 (1) No loans subject to delinquent principal or interest Reconciliation Beginning Balance 0 Additions during period Mortgage loans purchased 440,715,591 Other 2,600,559 Deductions during period Mortgage loans sold (378,850,187) Amortization (11,029,345) Other (1,346) Ending Balance 53,435,272

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	These financial statements have been prepared in accordance with U.S. GAAP and are expressed in United States dollars. The consolidated financial statements of the Company include the accounts of its subsidiaries.
Reclassification, Policy [Policy Text Block]	Certain prior year amounts have been reclassified to conform to current year presentation.
Consolidation, Policy [Policy Text Block]	The accompanying consolidated financial statements of the Company include the accounts of the Company and all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity where the Company is the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.
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 December 31, 2014, the Company determined that it was the primary beneficiary of two Multi-Family MBS transactions (FREMF 2011-K13 and FREMF 2012-KF01), and two residential mortgage loan transactions (CSMC 2014-OAK1 and JPMMT 2014-OAK4), in each case based on its power to direct the trust’s activities and its obligations to absorb losses derived from the ownership of the first-loss tranches. Accordingly, the Company consolidated the assets, liabilities, income and expenses of each of the underlying trusts, and has elected the fair value option in respect of the assets and liabilities of each trust. The maximum exposure of the Company to loss from consolidation of the trusts is limited to the fair value of $208.8 million as of December 31, 2014 which represents the Company’s net aggregate investment. At December 31, 2013, no VIEs required consolidation as the Company was not the primary beneficiary of any of these VIEs at that time. At December 31, 2014, with the exception of the listed transactions, and at December 31, 2013, the maximum exposure of the Company to VIEs was limited to the fair value of its investment in Non-Agency RMBS as disclosed in Note 4 (Non-Agency RMBS $53,485,053 and $62,684,335, respectively).
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The financial statements have been prepared on the accrual basis of accounting in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include cash held in bank accounts on an overnight basis. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash represents the Company’s cash held by counterparties as collateral against the Company’s securities, derivatives and/or repurchase agreements. Cash held by counterparties as collateral is not available to the Company for general corporate purposes, but may be applied against amounts due to securities, derivatives or repurchase counterparties or returned to the Company when the collateral requirements are exceeded or, at the maturity of the derivative or repurchase agreement.
Deferred Offering Costs, Policy [Policy Text Block]	Deferred Offering Costs In accordance with Accounting Standards Codification (“ASC”) Subtopic 505-10, the direct costs incurred to issue shares classified as equity, such as legal and accounting fees, should be deducted from the related proceeds and the net amount recorded as stockholders’ equity. Accordingly, payments made by the Company in respect of such costs related to the issuance of shares will be recorded as an asset in the accompanying consolidated balance sheets in the line item “Deferred offering costs”, for subsequent deduction from the related proceeds upon closing of the offering. To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in “Other accounts payable and accrued expenses” on the accompanying consolidated balance sheets. On April 25, 2014, the Company filed an S-3 registration statement allowing the Company to issue common stock, preferred stock, debt securities and warrants up to a maximum aggregate offering price of $750,000,000. This registration statement is valid for a three-year period, and accordingly, the Company is amortizing the direct costs incurred in connection with this registration statement on a straight-line basis over three years.
Available-for-Sale Securities, at Fair Value, Policy [Policy Text Block]	Available-for-Sale Securities, at Fair Value
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition, Premium Amortization, and Discount Accretion Interest income on the Company’s available-for-sale (“AFS”) securities portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such securities. The Company recognizes interest income using the effective interest method for all AFS securities. As such, premiums and discounts are amortized or accreted into interest income over the lives of the securities in accordance with ASC 310-20, “Nonrefundable Fees and Other Costs”, ASC 320-10, “Investments – Debt and Equity Securities” or ASC 325-40, “Beneficial Interests in Securitized Financial Assets”, as applicable. Total interest income will flow though the “Interest Income” line item on the consolidated statement of operations. On at least a quarterly basis for securities accounted for under ASC 320-10 and ASC 310-20 (generally Agency RMBS), prepayments of the underlying collateral must be estimated, which directly affect the speed at which the Company amortizes such securities. If actual and anticipated cash flows differ from previous estimates; the Company recognizes a “catch-up” adjustment in the current period to the amortization of premiums for the impact of the cumulative change in the effective yield through the reporting date. Similarly, the Company also reassesses the cash flows on at least a quarterly basis for securities accounted for under ASC 325-40 (generally Non-Agency RMBS and Multi-Family MBS). In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies. These include the rate and timing of principal and interest receipts (including assumptions of prepayments, repurchases, defaults and liquidations), the pass-through or coupon rate and interest rate fluctuations. In addition, interest payment shortfalls due to delinquencies on the underlying mortgage loans have to be judgmentally estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment as adjusted for credit impairment, if any. For investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities (loans) acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected are generally recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected are recognized as impairment. The Company’s accrual of interest, discount and premium for U.S. federal and other tax purposes is likely to differ from the financial accounting treatment of these items as described above. Gains and losses from the sale of AFS securities are recorded as realized gains (losses) within realized gain (loss) on sale of investments, net in the Company's consolidated statement of operations. Upon the sale of a security, the Company will determine the cost of the security and the amount of unrealized gains or losses to reclassify out of accumulated other comprehensive income (loss) into earnings based on the specific identification method. Unrealized gains and losses on the Company’s AFS securities are recorded as unrealized gain (loss) on available-for-sale securities, net in the Company's consolidated statement of comprehensive income (loss).
Property, Plant and Equipment, Impairment [Policy Text Block]	Impairment The Company evaluates its MBS, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company's amortized cost basis is an other-than-temporary impairment (“OTTI”). The presence of OTTI is based upon a fair value decline below a security's amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value or (iii) does not expect to recover the security's amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, the OTTI should be separated into (i) the estimated amount relating to credit loss (“credit” component) and (ii) the amount relating to all other factors (“non-credit” component). Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss amount recognized in other comprehensive income. The difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in accordance with the effective interest method.
Mortgage Loans Held-for-Sale, at Fair Value, Policy [Policy Text Block]	Mortgage Loans Held-for-Sale, at Fair Value Mortgage loans held-for-sale are reported at fair value as a result of a fair value option election. See Note 3 – Fair Value Measurements for details on fair value measurement. Mortgage loans are currently classified as held-for-sale based upon the Company’s intent to sell them either in the secondary whole loan market or to include them in a securitization, including transfers to securitization entities that the Company plans to sponsor and expects to be accounted for as sales for financial reporting purposes. Interest income on mortgage loans held-for-sale is recognized at the loan coupon rate. Interest income recognition is suspended when mortgage loans are placed on non-accrual status. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is considered non-collectible, and in all cases when payment becomes greater than 90 days past due. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible.
Multi Family Mortgage Loans Held in Securitization Trusts [Policy Text Block]	Multi-Family and Residential Mortgage Loans Held in Securitization Trusts Multi-family and residential mortgage loans held in securitization trusts are comprised of multi-family mortgage loans held in the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, and residential mortgage loans held in the CSMC 2014-OAK1 Trust and the JPMMT 2014-OAK4 Trust, as of December 31, 2014. Based on a number of factors, the Company determined that it was the primary beneficiary of the VIEs underlying the trusts, met the criteria for consolidation and, accordingly, has consolidated the four trusts, including their assets, liabilities, income and expenses in its financial statements. The Company has elected the fair value option on each of the assets and liabilities held within the trusts. See Note 3 – Fair Value Measurement below for additional detail. Interest income on multi-family and residential mortgage loans held in securitization trusts is recognized at the loan coupon rate. Interest income recognition is suspended when mortgage loans are placed on non-accrual status. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is considered non-collectible, and in no case when payment becomes greater than 90 days past due. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible.
Mortgage Servicing Rights and Excess Servicing Rights, at Fair Value [Policy Text Block]	Mortgage Servicing Rights and Excess Servicing Rights, at Fair Value Mortgage servicing rights (“MSRs”) are associated with residential mortgage loans that the Company has purchased and subsequently sold or securitized. MSRs are held and managed at our TRS. As the owner of MSRs, the Company is entitled to receive a portion of the interest payments from the associated residential mortgage loan, and is obligated to service directly or through a subservicer, the associated loan. MSRs are reported at fair value as a result of a fair value option election. See Note 3 – Fair Value Measurement below for additional detail. Residential mortgage loans for which the Company owns the MSRs are directly serviced by one or more sub-servicers retained by the Company, since the Company does not originate or directly service any residential mortgage loans. To the extent that the Company determines it is the primary beneficiary of a residential mortgage loan securitization trust into which it has sold loans, any associated MSRs are eliminated on the consolidation of the trust. The trust is contractually obligated to pay a portion of the interest payments from the associated residential mortgage loans for the direct servicing of the loans, and after deduction of sub-servicing fees payable to contracted sub-servicers, the net amount, excess servicing rights, represents a liability of the trust. See Note 3 – Fair Value Measurement below for additional detail.
Repurchase and Resale Agreements Policy [Policy Text Block]	Repurchase Agreements The Company finances the acquisition of certain of its mortgage-backed securities through the use of repurchase agreements. The repurchase agreements are generally short-term debt, which expire within one year. Borrowings under repurchase agreements generally bear interest rates at a specified margin over LIBOR and are generally uncommitted. In accordance with ASC 860 “Transfers and Servicing” the Company accounts for the repurchase agreements, other than those treated as Linked Transactions (see Note 3 – Accounting for Derivative Financial Instruments – Non-Hedging Activity/Linked Transactions below), as collateralized financing transactions and they are carried at their contractual amounts, as specified in the respective agreements. The contractual amounts approximate fair value due to their short-term nature.
Residential Loan Warehouse Facilities, Policy [Policy Text Block]	Residential Loan Warehouse Facilities The Company finances the acquisition of certain of its residential mortgage loans through the use of short-term, uncommitted residential loan warehouse facilities, which are currently structured as repurchase agreements. The Company accounts for outstandings under these facilities as collateralized financing transactions which are carried at its contractual amount, and approximate fair value due to their short-term nature.
Multi Family and Residential Securitized Debt Obligations [Policy Text Block]	Multi-Family and Residential Securitized Debt Obligations Multi-family and residential securitized debt obligations represent third-party liabilities of the FREMF 2011-K13 Trust, FREMF 2012-KF01 Trust, JPMMT 2014-OAK4 Trust and CSMC 2014-OAK1 Trust, and excludes liabilities of the trust acquired by the Company that are eliminated on consolidation. The third-party obligations of each trust do not have any recourse to the Company as the consolidator of each trust.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes, commencing with the Company’s short taxable period ended December 31, 2012. So long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes at least 90% of its net taxable income to shareholders and maintains its qualification as a REIT. In addition to the Company’s election to be taxed as a REIT, the Company complies with Sections 856 through 859 of the Code. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes it will meet all of the criteria to maintain the Company's REIT qualification for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. The Company does not have any material uncertain tax positions at this time. The Company's accounting policy with respect to interest and penalties is to classify these amounts as interest expense. The Company has not recognized any such amounts related to uncertain tax positions as of the balance sheet date. Certain activities of the Company are conducted through a TRS and therefore will be taxed as a standalone U.S. C-Corporation. If a TRS generates net income, the TRS can declare dividends to the Company which will be included in its taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity.
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share The Company calculates basic and diluted earnings per share by dividing net income attributable to common stockholders for the period by the weighted-average shares of the Company’s common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as warrants, stock options, and unvested restricted stock, but use the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. See Note 12 for details of the computation of basic and diluted earnings per share.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation The Company is required to recognize compensation costs relating to stock-based payment transactions in the financial statements. The Company accounts for share-based compensation issued to its Manager and non-management directors using the fair value based methodology prescribed by ASC 718, Share-Based Payment
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income, as presented in the consolidated statement of comprehensive income (loss), adjusted for changes in unrealized gain or loss on AFS securities.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued and/or Adopted Accounting Standards In June 2014, FASB issued ASU No. 2014-11 “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”, which amends ASC 860, “Transfers and Servicing”. The amendments in this ASU change current accounting and disclosures for repurchase agreements and similar transactions under U.S. GAAP. In particular, ASU 2014-11 changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements under ASC 860. ASU 2014-11 also requires two new disclosures for transactions accounted for as secured borrowings (1) disaggregating the related gross obligation by class of collateral pledged, and disclosing the remaining contractual maturity of the agreements, and; (2) discussing the potential risks of these agreements and related collateral pledged, including the risks stemming from a decline in the value of the pledged collateral and how such risks are managed. ASU 2014-11 requires enhanced disclosures by entities for transactions that involve a transfer of a financial asset reported as a sale and accompanied by an agreement that results in the transferor retaining substantially all of the exposure to the economic returns of the transferred asset during the transaction’s term. In these circumstances, the entity is required to provide by type of transaction 1) the carrying amount of the assets derecognized and the gross amount of proceeds received at the transfer date, 2) any related amounts reported on the balance sheet, such as those represented by derivative contracts, and 3) information about its ongoing exposure to the economic return on the transferred financial assets. ASU 2014-11 is effective for public entities for annual periods beginning after December 15, 2014 and interim periods beginning after March 15, 2015. The entity must report changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The new disclosures are not required for comparative periods prior to the effective date. Adopting this ASU has a material impact on the Company's presentation of its statement of financial condition and results of operations as it relates to the Company’s linked transactions (See Note 8). Currently, linked transactions are reported on the balance sheet as derivative transactions, as a result of this ASU, the assets and repurchase agreements that encompass linked transactions will be bifurcated and the gross amounts will be reported in available-for-sale securities and repurchase agreements respectively. In addition, unrealized gain (loss) and interest income on assets that are deemed to be linked are currently reflected in the income statement in other income unrealized gain (loss) and net interest income from Linked Transaction line item, as a result of this ASU the interest income will be recognized in revenue interest income and unrealized gain (loss) will be reflected in other comprehensive income. In August 2014 FASB issued ASU No. 2014-13 “Consolidation (Topic 810) Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity”. A collateralized financing entity is a VIE such as a securitization trust with no more than nominal equity that holds financial assets and issues beneficial interests in those financial assets; the beneficial interests have contractual recourse only to the related assets of the collateralized financing entity and are classified as financial liabilities. The amendments in this ASU address differences in measurement practice between the fair value of the collateralized financing entity’s assets and liabilities, and apply to a reporting entity that is required to consolidate such an entity when the reporting entity measures all of the financial assets and the financial liabilities of that consolidated collateralized financing entity at fair value in its financial statements, and that changes in such values are reflected in earnings. When a reporting entity elects the measurement alternative included in ASU 2014-13 for a collateralized financing entity, the reporting entity should measure both the financial assets and the financial liabilities of that collateralized financing entity in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The amendments in this ASU are effective for public entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. Since the Company has not previously been required to consolidate the assets and liabilities of a collateralized financing entity, it has elected to early adopt this ASU in respect of the consolidated financial statements with effect from September 30, 2014. See Note 3 – Fair Value Measurements for further information. In February 2015, FASB issued ASU No. 2015-02 “Amendments to the Consolidation Analysis”, which amends ASC 810, “Consolidation”. The amendments in this ASU affect the evaluation of, and consolidation analysis for, VIEs and is effective for public entities for annual periods, and interim periods within such annual periods, beginning after December 15, 2014. The Company has not yet completed its review of this ASU and accordingly cannot assess its effect on the Company’s current accounting policies.

AVAILABLE-FOR-SALE SECURITIES (

AVAILABLE-FOR-SALE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities [Table Text Block]	The following table presents the Company’s AFS investment securities by collateral type at fair value as of December 31, 2014 and December 31, 2013: December 31, 2014 December 31, 2013 Mortgage-backed securities: Agency Federal Home Loan Mortgage Corporation $ 162,344,627 $ 237,143,864 Federal National Mortgage Association 152,486,058 145,156,756 Non-Agency 53,485,053 62,684,335 Total mortgage-backed securities $ 368,315,738 $ 444,984,955
Schedule Of Available-For-Sale Securities Reconciliation [Table Text Block]	The following tables present the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of December 31, 2014 and December 31, 2013: December 31, 2014 Agency Non-Agency Total Face Value $ 309,790,551 $ 76,672,548 $ 386,463,099 Unamortized premium 4,796,106 - 4,796,106 Unamortized discount Designated credit reserve - (12,697,796) (12,697,796) Net, unamortized (2,244,687) (15,209,335) (17,454,022) Amortized Cost 312,341,970 48,765,417 361,107,387 Gross unrealized gain 3,670,643 4,732,247 8,402,890 Gross unrealized (loss) (1,181,928) (12,611) (1,194,539) Fair Value $ 314,830,685 $ 53,485,053 $ 368,315,738 December 31, 2013 Agency Non-Agency Total Face Value $ 386,672,123 $ 95,390,328 $ 482,062,451 Unamortized premium 12,544,193 - 12,544,193 Unamortized discount Designated credit reserve - (16,126,355) (16,126,355) Net, unamortized (1,489,132) (20,911,248) (22,400,380) Amortized Cost 397,727,184 58,352,725 456,079,909 Gross unrealized gain - 4,331,610 4,331,610 Gross unrealized (loss) (15,426,564) - (15,426,564) Fair Value $ 382,300,620 $ 62,684,335 $ 444,984,955
Schedule of Realized Gain (Loss) [Table Text Block]	The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities, inclusive of securities previously booked as linked, for the years ended December 31, 2014 and December 31, 2013, and for the period May 16, 2012 (commencement of operations) to December 31, 2012: Year Ended Year Ended Period May 16, 2012 December 31, December 31, to AFS securities sold, at cost $ 462,470,753 $ 717,309,717 $ - Proceeds from AFS securities sold 466,239,975 687,203,605 Net realized gain (loss) on sale of AFS securities $ 3,769,222 $ (30,106,112) $ -
Schedule Of Available For Sale Securities By Rate Type [Table Text Block]	The following tables present the fair value of AFS investment securities by rate type as of December 31, 2014 and December 31, 2013: December 31, 2014 Agency Non-Agency Total Adjustable rate $ 229,648,342 $ 53,485,053 $ 283,133,395 Fixed rate 85,182,343 - 85,182,343 Total $ 314,830,685 $ 53,485,053 $ 368,315,738 December 31, 2013 Agency Non-Agency Total Adjustable rate $ 170,587,649 $ 62,684,335 $ 233,271,984 Fixed rate 211,712,971 - 211,712,971 Total $ 382,300,620 $ 62,684,335 $ 444,984,955
Investments Classified by Contractual Maturity Date [Table Text Block]	The following tables present the fair value of AFS investment securities by maturity date as of December 31, 2014 and December 31, 2013: December 31, December 31, Less than one year $ - $ - Greater than one year and less than five years 35,855,146 - Greater than or equal to five years 332,460,592 444,984,955 Total $ 368,315,738 $ 444,984,955
Schedule Of Investments In Debt and Marketable Equity Securities and Certain Trading Assets Disclosure [Table Text Block]	The following tables present the changes for the years ended December 31, 2014 and December 31, 2013, and for the period May 16, 2012 (commencement of operations) to December 31, 2012 of the unamortized net discount and designated credit reserves on the Company’s MBS. December 31, 2014 Designated Unamortized credit reserve net discount Total Beginning Balance as of January 1, 2014 $ (16,126,355) $ (22,400,380) $ (38,526,735) Acquisitions - (2,361,186) (2,361,186) Dispositions 559,860 1,667,828 2,227,688 Accretion of net discount - 4,760,729 4,760,729 Realized gain on paydowns - 223,212 223,212 Realized credit losses 2,868,699 - 2,868,699 Release of credit reserves - 655,775 655,775 Ending balance at December 31, 2014 $ (12,697,796) $ (17,454,022) $ (30,151,818) December 31, 2013 Designated Unamortized credit reserve net discount Total Acquisitions $ (19,145,414) $ (24,606,107) $ (43,751,521) Accretion of net discount - 2,836,240 2,836,240 Realized gain on paydowns - 25,262 25,262 Realized credit losses 2,363,284 - 2,363,284 Release of credit reserves 655,775 (655,775) - Ending balance at December 31, 2013 $ (16,126,355) $ (22,400,380) $ (38,526,735) December 31, 2012 Designated Unamortized credit reserve net discount Total Acquisitions $ (5,363,444) $ (3,997,817) $ (9,361,261) Accretion of net discount - 463,478 463,478 Realized credit losses 480,862 - 480,862 Ending balance at December 31, 2012 $ (4,882,582) $ (3,534,339) $ (8,416,921)
Investment Income [Table Text Block]	Year Ended December 31, 2014 Net (premium Coupon amortization)/ Interest interest discount accretion income Agency $ 11,409,239 $ 603,547 $ 12,012,786 Non-Agency 261,050 4,077,481 4,338,531 Multi-Family 184,411 24,610 209,021 Total $ 11,854,700 $ 4,705,638 $ 16,560,338 Year Ended December 31, 2013 Net (premium Coupon amortization)/ Interest interest discount accretion income Agency $ 14,266,215 $ (716,788) $ 13,549,427 Non-Agency 170,750 2,691,552 2,862,302 Multi-Family - - - Total $ 14,436,966 $ 1,974,764 $ 16,411,730 Period May 16, 2012 to December 31, 2012 Net (premium Coupon amortization)/ Interest interest discount accretion income Agency $ 1,279,241 $ (115,831) $ 1,163,410 Non-Agency 54,549 463,478 518,027 Total $ 1,333,790 $ 347,647 $ 1,681,437

MORTGAGE LOANS HELD-FOR-SALE,30

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

MULTI-FAMILY MORTGAGE LOAN SE31

MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS (Tables) - Multi-Family Mortgage Loans Held in Securitization Trusts [Member]	12 Months Ended
	Dec. 31, 2014
Variable Interest Entity [Line Items]
Condensed Balance Sheet [Table Text Block]	The combined balance sheet of the multi-family mortgage loan securitization Balance Sheet December 31, 2014 Assets Multi-family mortgage loans held in securitization trusts $ 1,750,294,430 Receivables 6,012,642 Total assets $ 1,756,307,072 Liabilities and Equity Multi-family securitized debt obligations $ 1,670,573,456 Payables 5,800,065 $ 1,676,373,521 Equity 79,933,551 Total liabilities and equity $ 1,756,307,072
Condensed Income Statement [Table Text Block]	The combined statement of operations of the multi-family mortgage loan securitization For the period date of Statement of Operation December 31, Interest income $ 21,158,102 Interest expense (19,400,851) Net interest income $ 1,757,251 General and administrative fees (1,086,165) Unrealized gain (loss) on multi-family mortgage loan held in securitization trusts 1,473,484 Net Income $ 2,144,570 * The Company consolidated the first trust in September, 2014 and the second trust in October, 2014.
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of December 31, 2014: December 31, 2014 Texas 20.7 % California 12.7 % New York 11.1 % Washington 6.1 % Colorado 6.0 % Georgia 5.0 %

RESIDENTIAL MORTGAGE LOAN SEC32

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Tables) - Residential mortgage loans [Member]	12 Months Ended
	Dec. 31, 2014
Variable Interest Entity [Line Items]
Condensed Balance Sheet [Table Text Block]	The combined balance sheet of the residential mortgage loan securitization trusts at December 31, 2014: Balance Sheet December 31, 2014 Assets Residential mortgage loans held in securitization trusts $ 631,446,984 Receivables 2,030,045 Total assets $ 633,447,029 Liabilities and Equity Residential securitized debt obligations $ 502,900,040 (1) Payables 1,662,660 $ 504,562,700 Equity 128,914,329 Total liabilities and equity $ 633,477,029 (1) Includes $ 70,864,063
Condensed Income Statement [Table Text Block]	The consolidated statements of operations of the residential mortgage loan securitization trusts at December 31, 2014 are as follows: For the period date of Statements of Operation December 31, Interest income $ 4,438,633 Interest expense (3,575,168) Net interest income $ 863,465 General and administrative fees (44,267) Unrealized gain (loss) on residential mortgage loans held in securitization trusts 3,059,647 Net Income $ 3,878,845 * The Company consolidated the first trust in October, 2014, and the second trust in December, 2014.
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the residential mortgage loan securitization trusts as of December 31, 2014: December 31, California 52.5 % Washington 10.9 % Massachusetts 7.3 %

RESTRICTED CASH (Tables)

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

REPURCHASE AGREEMENTS (Tables)

REPURCHASE AGREEMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure Of Repurchase Agreements [Abstract]
Schedule of Repurchase Agreements [Table Text Block]	The following table summarizes certain characteristics of the Company’s repurchase agreements at December 31, 2014 and December 31, 2013: December 31, 2014 December 31, 2013 Weighted Weighted Amount average Amount average outstanding interest rate outstanding interest rate Agency $ 298,783,000 0.36 % $ 370,901,000 0.40 % Non-Agency (1) 200,347,000 1.25 % 41,271,000 2.09 % Multi-Family (2) 45,484,000 1.85 % - 0.00 % Mortgage loans 50,263,852 2.86 % - 0.00 % Total $ 594,877,852 0.99 % $ 412,172,000 0.57 % (1) At December 31, 2014 and December 31, 2013, the Company had repurchase agreements of $ 85,497,000 61,181,000 (2) At December 31, 2014, the Company had repurchase agreements of $ 63,796,000
Schedule Of Remaining Maturities Under Repurchase Agreement [Table Text Block]	At December 31, 2014 and December 31, 2013, the repurchase agreements, including residential loan warehouse facilities, had the following remaining maturities: December 31, December 31, < 30 days $ 465,817,820 $ 373,422,000 31 to 60 days 86,025,327 38,750,000 > 90 days 43,034,705 - Total $ 594,877,852 $ 412,172,000
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block]	The following tables summarize certain characteristics of the Company’s repurchase agreements at December 31, 2014 and December 31, 2013: December 31, 2014 Percent of total Weighted Market Value Repurchase Agreement Counterparties Amount (1) amount days to of collateral North America $ 388,138,820 65.25 % 19 $ 463,615,686 Europe (2) 93,350,032 15.69 % 21 113,286,452 Asia (2) 113,389,000 19.06 % 122 118,519,817 Total $ 594,877,852 100.00 % 36 $ 695,421,955 (1) At December 31, 2014, the Company had repurchase agreements of $85,497,000 and $63,796,000 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3). (2) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries. December 31, 2013 Percent of total Weighted Company Repurchase Agreement Counterparties Amount (1) amount days to held as North America $ 261,289,000 63.39 % 20 $ 277,808,885 Asia (2) 97,491,000 23.65 % 12 106,949,627 Europe (2) 53,392,000 12.96 % 21 60,226,443 Total $ 412,172,000 100.00 % 18 $ 444,984,955 (1) At December 31, 2013, the Company had repurchase agreements of $61,181,000 that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3). (2) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

DERIVATIVE INSTRUMENTS HEDGIN35

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2014
Derivative Instrument Detail [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following tables present the gross fair value and notional amounts of the Company’s derivative financial instruments as of December 31, 2014 and December 31, 2013. The Company’s Linked Transactions are evaluated on a combined basis. December 31, 2014 Derivative Assets Derivative Liabilities Fair value Notional Fair value Notional Interest rate swaps $ - - $ (1,755,107) 226,000,000 Swaptions 21,550 25,000,000 - - Futures - - (533,951) 98,000,000 Linked transactions 60,818,111 - - - Total $ 60,839,661 25,000,000 $ (2,289,058) 324,000,000 December 31, 2013 Derivative Assets Derivative Liabilities Fair value Notional Fair value Notional Interest rate swaps $ 237,989 57,000,000 $ (1,231,667) 281,000,000 Swaptions 1,770,795 25,000,000 - - Futures 154,265 10,000,000 - - TBAs 68,359 25,000,000 - - Linked transactions 33,352,562 - - - Total $ 35,583,970 117,000,000 $ (1,231,667) 281,000,000
Derivatives Instruments Average Fixed Pay Rate And Average Maturity [Table Text Block]	The following tables present the average fixed pay rate and average maturity for the Company’s interest rate swaps (excludes interest rate swaptions) as of December 31, 2014 and December 31, 2013: December 31, 2014 Notional Fair Fixed Pay Maturity Forward Current Maturity Date Amount Value Rate Years Starting 3 years or less $ 35,000,000 $ (124,591) 0.66 % 1.1 0.0 % Greater than 3 years and less than 5 years 191,000,000 (1,630,516) 1.66 % 3.7 0.0 % Total $ 226,000,000 $ (1,755,107) 1.51 % 3.3 0.0 % December 31, 2013 Notional Fair Fixed Pay Maturity Forward Current Maturity Date Amount Value Rate Years Starting 3 years or less $ 35,000,000 $ (166,619) 0.66 % 2.1 0.0 % Greater than 3 years and less than 5 years 151,000,000 (764,807) 1.66 % 4.6 0.0 % Greater than 7 years and less than 10 years 95,000,000 (300,242) 2.85 % 7.6 100.0 % Greater than 10 years 57,000,000 237,990 3.29 % 10.7 100.0 % Total $ 338,000,000 $ (993,678) 2.17 % 6.2 45.0 %
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 consolidated balance sheets as of December 31, 2014 and December 31, 2013: December 31, 2014 Gross amounts not offset Net amounts in the Balance Sheet (1) Gross amounts Gross amounts of assets Cash collateral of recognized offset in the presented in the Financial (Received)/ Net Description assets Balance Sheet Balance Sheet instruments Pledged amount Linked transactions (2) $ 210,402,629 $ (149,584,518) $ 60,818,111 $ (60,818,111) $ - $ - Swaptions 21,550 - 21,550 - - 21,550 Total $ 210,424,179 $ (149,584,518) $ 60,839,661 $ (60,818,111) $ - $ 21,550 December 31, 2014 Gross amounts not offset Net amounts in the Balance Sheet (1) Gross amounts Gross amounts of liabilities Cash collateral of recognized offset in the presented in the Financial (Received)/ Net Description liabilities Balance Sheet Balance Sheet instruments Pledged amount Repurchase agreements $ 594,877,852 $ - $ 594,877,852 $ - $ - $ 594,877,852 Linked transactions (2) (149,584,518) 149,584,518 - - - - Interest rate swaps (1,755,107) - (1,755,107) - 1,755,107 - Futures (533,951) - (533,951) - 533,951 - Total $ 443,004,276 $ 149,584,518 $ 592,588,794 $ - $ 2,289,058 $ 594,877,852 December 31, 2013 Gross amounts not offset Net amounts in the Balance Sheet (1) Gross amounts Gross amounts of assets Cash collateral of recognized offset in the the Financial (Received)/ Net Description assets Balance Sheet Balance Sheet instruments Pledged amount Linked transactions (2) $ 94,645,860 $ (61,293,298) $ 33,352,562 $ (33,352,562) $ - $ - TBAs 68,359 - 68,359 - - 68,359 Swaptions 1,770,795 - 1,770,795 - - 1,770,795 Interest rate swaps 237,989 (237,989) - - - - Futures 154,265 (154,265) - - - - Total $ 96,877,268 $ (61,685,552) $ 35,191,716 $ (33,352,562) $ - $ 1,839,154 December 31, 2013 Gross amounts not offset in the Balance Sheet (1) Net amounts Gross amounts Gross amounts of liabilities Cash collateral of recognized offset in the presented in the Financial (Received)/ Net Description liabilities Balance Sheet Balance Sheet instruments Pledged amount Repurchase agreements $ (412,172,000) $ - $ (412,172,000) $ 412,172,000 $ - $ - Linked transactions (2) (61,293,298) 61,293,298 - - - - Interest rate swaps (1,231,667) 237,989 (993,678) - 993,678 - Futures - 154,265 154,265 - (154,265) - Total $ (474,696,965) $ 61,685,552 $ (413,011,413) $ 412,172,000 $ 839,413 $ - (1) Amounts presented are limited in total to the net amount of assets or liabilities presented in the consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Agreements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above. (2) Non-Agency RMBS and Multi-Family MBS securities within a linked transaction serve as collateral for the linked transaction. See Note 3 “Non-Hedging Activity – Linked Transactions” for information on linked transaction arrangements.
Schedule Of Derivative Non-Agency Rmbs and Repurchase Financings Underlying [Table Text Block]	The following tables present certain information concerning the Non-Agency RMBS, Multi-Family MBS and repurchase financings underlying the Company’s Linked Transactions as of December 31, 2014 and December 31, 2013: December 31, 2014 Non-Agency Multi-Family Total Face Value $ 186,532,050 $ 102,968,560 $ 289,500,610 Unamortized premium - - - Unamortized discount Designated credit reserve (36,627,428) - (36,627,428) Net, unamortized (28,768,448) (18,323,619) (47,092,067) Amortized Cost 121,136,174 84,644,941 205,781,115 Gross unrealized gain 5,733,793 1,770,361 7,504,154 Gross unrealized loss (2,441,655) (604,957) (3,046,612) Fair Value $ 124,428,312 $ 85,810,345 $ 210,238,657 December 31, 2013 Non-Agency Multi-Family Total Face Value $ 148,864,823 $ - $ 148,864,823 Unamortized premium - - - Unamortized discount Designated credit reserve (29,857,597) - (29,857,597) Net, unamortized (30,770,386) - (30,770,386) Amortized Cost 88,236,840 - 88,236,840 Gross unrealized gain 6,859,625 - 6,859,625 Gross unrealized loss (473,672) (473,672) Fair Value $ 94,622,793 $ - $ 94,622,793
Schedule Of Unamortized Net Discount And Designated Credit Reserves On Non Agency Rmbs Underlying Linked Transactions [Table Text Block]	The following tables present the changes for the years ended December 31, 2014 and December 31, 2013, and the period May 16, 2012 (commencement of operations) to December 31, 2012 of the unamortized net discount and designated credit reserves on Non-Agency RMBS and Multi-Family MBS underlying Linked Transactions: December 31, 2014 Designated Unamortized credit reserve net discount Total Beginning Balance as at January 1, 2014 $ (29,857,597) $ (30,770,386) $ (60,627,983) Acquisitions (19,384,939) (47,651,628) (67,036,567) Dispositions 9,468,964 15,465,093 24,934,057 Accretion of net discount - 12,122,919 12,122,919 Realized credit losses 3,146,144 - 3,146,144 Release of credit reserves - 3,741,935 3,741,935 Ending balance at December 31, 2014 $ (36,627,428) $ (47,092,067) $ (83,719,495) December 31, 2013 Designated Unamortized credit reserve net discount Total Acquisitions $ (37,793,143) $ (29,569,939) $ (67,363,082) Accretion of net discount - 3,647,915 3,647,915 Realized credit losses 3,087,184 - 3,087,184 Release of credit reserves 4,848,362 (4,848,362) - Ending balance at December 31, 2013 $ (29,857,597) $ (30,770,386) $ (60,627,983) December 31, 2012 Designated Unamortized credit reserve net discount Total Acquisitions $ (13,934,657) $ (7,592,017) $ (21,526,674) Accretion of net discount - 870,268 870,268 Realized credit losses 1,005,426 - 1,005,426 Ending balance at December 31, 2012 $ (12,929,231) $ (6,721,749) $ (19,650,980)
Schedule Of Linked Repurchase Agreement Counterparties With Whom Repurchase Agreements Exceed 10 Percent Of Stockholders Equity [Table Text Block]	December 31, 2014 Repurchase Agreement Counterparties Amount Percent of total Weighted Company North America 86,985,000 58.26 % 33 124,620,916 Europe (1) 46,381,000 31.07 % 15 62,487,229 Asia (1) 15,927,000 10.67 % 9 23,130,512 Total $ 149,293,000 100.00 % 25 $ 210,238,657 (1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries. December 31, 2013 Repurchase Agreement Counterparties Amount Percent of total Weighted Company North America 52,871,000 86.42 % 21 79,528,540 Asia (1) 4,987,000 8.15 % 7 8,790,416 Europe (1) 3,323,000 5.43 % 43 6,303,837 Total $ 61,181,000 100.00 % 21 $ 94,622,793 (1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.
Schedule of Price Risk Derivatives [Table Text Block]	The following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the years ended December 31, 2014 and December 31, 2013, and for the period May 16, 2012 (commencement of operations) to December 31, 2012: Year Ended December 31, 2014 Amount of Amount of Primary underlying risk realized appreciation Total Interest rate: Interest rate swaps $ (9,705,847) $ (761,429) $ (10,467,276) Swaptions (336,000) (1,413,244) (1,749,244) Futures (8,621,211) (688,217) (9,309,428) TBAs 448,598 (68,359) 380,239 Total $ (18,214,460) $ (2,931,249) $ (21,145,709) Year Ended December 31, 2013 Amount of Amount of Primary underlying risk realized appreciation Total Interest rate: Interest rate swaps $ 19,283,710 $ (709,923) $ 18,573,787 Swaptions (278,667) 1,365,399 1,086,732 Futures (8,595) 154,265 145,670 TBAs (183,594) 68,359 (115,235) Total $ 18,812,854 $ 878,100 $ 19,690,954 Period May 16, 2012 to December 31, 2012 Primary underlying risk Amount of Amount of Total Interest rate: Interest rate swaps $ (38,218) $ (283,754) $ (321,972) Swaptions (37,333) (14,605) (51,938) Total $ (75,551) $ (298,159) $ (373,910) (1) In the year ended December 31, 2014, net swap interest expense totaled $ 3,495,232 3,329,219 166,013 1,724,725 1,414,578 310,147 68,358 38,218 30,140
Schedule Of Unrealized Gain and Net Interest Income From Derivatives [Table Text Block]	The following table presents certain information about the components of the unrealized net gain (loss) and net interest income from Linked Transactions included in the Company’s consolidated statement of operations for the years ended December 31, 2014 and December 31, 2013, and the period May 16, 2012 (commencement of operations) to December 31, 2012: Year Ended Year Ended December 31, December 31, Period May 16, 2012 to Interest income attributable to AFS underlying Linked Transactions $ 15,427,632 $ 4,025,456 $ 1,020,437 Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions (2,893,375) (622,942) (147,867) Change in fair value of Linked Transactions included in earnings (1,928,409) 2,435,795 3,950,157 Unrealized gain (loss) and net interest income from Linked Transactions $ 10,605,848 $ 5,838,309 $ 4,822,727

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	The following tables summarize the valuation of the Company’s assets and liabilities at fair value within the fair value hierarchy levels as of December 31, 2014 and December 31, 2013: Quoted Significant Unobservable Balance as of Assets: Residential mortgage-backed securities (a) $ - $ 368,315,738 $ - $ 368,315,738 Residential mortgage loans - 54,678,382 - 54,678,382 Multi-Family mortgage loans held in securitization trusts - 1,750,294,430 - 1,750,294,430 Residential mortgage loans held in securitization trusts - 631,446,984 - 631,446,984 Linked transactions (b) - 60,818,111 - 60,818,111 Swaptions - 21,550 - 21,550 Total $ - $ 2,865,575,195 $ - $ 2,865,575,195 Liabilities: Interest rate swaps $ - $ (1,755,107) $ - $ (1,755,107) Multi-family securitized debt obligations - (1,670,573,456) - (1,670,573,456) Residential securitized debt obligations - (432,035,976) - (432,035,976) Futures (533,951) - - (533,951) Total $ (533,951) $ (2,104,365,061) $ - $ (2,104,899,012) Quoted prices Significant Unobservable Balance as of Assets: Residential mortgage-backed securities (a) $ - $ 444,984,955 $ - $ 444,984,955 Linked transactions (b) - 33,352,562 - 33,352,562 TBAs - 68,359 - 68,359 Interest rate swaps - 237,989 - 237,989 Swaptions - 1,770,795 - 1,770,795 Futures 154,265 - - 154,265 Total $ 154,265 $ 480,414,660 $ - $ 480,568,925 Liabilities: Interest rate swaps $ - $ (1,231,667) $ - $ (1,231,667) Total $ - $ (1,231,667) $ - $ (1,231,667) (a) For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4. (b) For more detail about the fair value of the Company’s Linked Transactions, see Note 3 and Note 8.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2014
Common Stock [Member]
Schedule of Dividends Payable [Table Text Block]	The following table presents cash dividends declared by the Company on its common stock for the year ended December 31, 2014: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per December 30, 2013 January 15, 2014 January 30, 2014 $ 923,656 $ 0.09235 December 30, 2013 February 14, 2014 February 27, 2014 $ 923,656 $ 0.09235 December 30, 2013 March 17, 2014 March 28, 2014 $ 1,336,156 $ 0.13359 March 25, 2014 April 15, 2014 April 29, 2014 $ 1,336,156 $ 0.13359 March 25, 2014 May 15, 2014 May 29, 2014 $ 1,336,157 $ 0.13359 March 25, 2014 June 16, 2014 June 27, 2014 $ 1,336,156 $ 0.13359 June 17, 2014 July 15, 2014 July 30, 2014 $ 1,839,281 $ 0.15904 June 17, 2014 August 15, 2014 August 27, 2014 $ 1,839,281 $ 0.15904 June 17, 2014 September 15, 2014 September 29, 2014 $ 1,839,844 $ 0.15909 September 15, 2014 October 15, 2014 October 30, 2014 $ 1,839,844 $ 0.14887 September 15, 2014 November 14, 2014 November 26, 2014 $ 1,839,844 $ 0.14887 September 15, 2014 December 15, 2014 December 30, 2014 $ 1,839,844 $ 0.14887
Series A Preferred Stock [Member]
Schedule of Dividends Payable [Table Text Block]	The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the year ended December 31, 2014: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per December 23, 2013 January 15, 2014 January 27, 2014 $ 165,280 $ 0.20660 December 23, 2013 February 14, 2014 February 27, 2014 $ 167,716 $ 0.18230 December 23, 2013 March 17, 2014 March 27, 2014 $ 167,716 $ 0.18230 March 25, 2014 April 15, 2014 April 28, 2014 $ 167,716 $ 0.18230 March 25, 2014 May 15, 2014 May 27, 2014 $ 167,716 $ 0.18230 March 25, 2014 June 16, 2014 June 27, 2014 $ 293,503 $ 0.18230 June 17, 2014 July 15, 2014 July 28, 2014 $ 293,503 $ 0.18230 June 17, 2014 August 15, 2014 August 27, 2014 $ 293,503 $ 0.18230 June 17, 2014 September 15, 2014 September 29, 2014 $ 293,503 $ 0.18230 September 15, 2014 October 15, 2014 October 20, 2014 $ 293,503 $ 0.18230 September 15, 2014 November 14, 2014 November 26, 2014 $ 293,503 $ 0.18230 September 15, 2014 December 15, 2014 December 30, 2014 $ 293,503 $ 0.18230

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block]	The following tables provide additional disclosure regarding the computation for the years ended December 31, 2014 and December 31, 2013, and the period May 16, 2012 (commencement of operations) to December 31, 2012: Year Ended December 31, 2014 Years Ended December 31, 2013 Period May 16, 2012 to December 31, 2012 Net income $ 3,313,785 $ 3,226,430 $ 4,819,306 Less dividends paid: Common stock $ 18,229,875 $ 10,082,871 $ - Unvested share-based payment awards 2,887,296 44,827 - 21,117,171 10,127,698 Undistributed earnings $ (17,803,386) $ (6,901,268) $ 4,819,306 Unvested Share- Unvested Share- Common Unvested Share- Common Payment Awards Common Stock Payment Awards Stock Payment Awards Stock Distributed earnings $ 1.47 $ 1.47 $ - $ 1.64 $ - $ - Undistributed earnings (deficit) (1.44) (1.44) (1.12) (1.12) - 2.91 Total $ 0.03 $ 0.03 $ (1.12) $ 0.52 $ - $ 2.91

INCOME TAXES (Tables)

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

QUARTERLY FINANCIAL DATA (UNA40

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	The following table presents a comparative breakdown of our unaudited summary quarterly financial data for the immediately preceding eight quarters. 2014 Quarter Ended $ in thousands, except per share data March 31 June 30 September 30 December 31 Total interest income $ 3,908 $ 4,499 $ 8,267 $ 29,139 Total interest expense (560) (608) (3,596) (23,077) Net interest income 3,348 3,891 4,671 6,062 Other-than-temporary impairment - - - - Other income (loss) (4,291) 2,838 3,395 (5,065) Total expenses 1,598 2,304 2,853 4,779 Net income (loss) (2,541) 4,425 5,213 (3,782) Net income (loss) attributable to common stockholders (basic and diluted) (3,022) 3,789 4,154 (4,494) Earnings (loss) per share: Net income (loss) attributable to common stockholders (basic and diluted) (3,022) 3,789 4,154 (4,494) Weighted average number of shares of common stock outstanding: 8,816,658 11,150,788 14,640,065 14,718,750 Basic and diluted income (loss) per share (0.34) 0.34 0.28 (0.31) 2013 Quarter Ended $ in thousands, except per share data March 31 June 30 September 30 December 31 Total interest income $ 1,027 $ 7,356 $ 4,103 $ 3,937 Total interest expense (127) (992) (554) (570) Net interest income 900 6,364 3,549 3,367 Other-than-temporary impairment - - - - Other income (loss) 1,056 3,098 (19,108) 8,902 Total expenses 428 1,492 1,455 1,527 Net income (loss) 1,528 7,970 (17,014) 10,742 Net income (loss) attributable to common stockholders (basic and diluted) 1,526 7,970 (17,014) 10,700 Earnings (loss) per share: Net income (loss) attributable to common stockholders (basic and diluted) 1,526 7,970 (17,104) 10,700 Weighted average number of shares of common stock outstanding: 2,293,250 7,389,250 7,360,350 7,389,250 Basic and diluted income (loss) per share 0.67 1.08 (2.31) 1.45

ORGANIZATION AND BUSINESS OPE41

ORGANIZATION AND BUSINESS OPERATIONS (Details Textual)	12 Months Ended
	Dec. 31, 2014
Organization And Business Operations [Line Items]
Operations Commenced Date	May 16, 2012
Entity Incorporation, State Country Name	Maryland
Entity Incorporation, Date of Incorporation	Mar. 28, 2012

SUMMARY OF SIGNIFICANT ACCOUN42

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

AVAILABLE-FOR-SALE SECURITIES43

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

AVAILABLE-FOR-SALE SECURITIES44

AVAILABLE-FOR-SALE SECURITIES (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Face Value	$ 386,463,099	$ 482,062,451
Unamortized premium	4,796,106	12,544,193
Unamortized discount
Designated credit reserve	(12,697,796)	(16,126,355)	$ (4,882,582)
Net, unamortized	(17,454,022)	(22,400,380)	$ (3,534,339)
Amortized Cost	361,107,387	456,079,909
Gross unrealized gain	8,402,890	4,331,610
Gross unrealized (loss)	(1,194,539)	(15,426,564)
Fair Value	368,315,738	444,984,955
Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Face Value	309,790,551	386,672,123
Unamortized premium	4,796,106	12,544,193
Unamortized discount
Designated credit reserve	0	0
Net, unamortized	(2,244,687)	(1,489,132)
Amortized Cost	312,341,970	397,727,184
Gross unrealized gain	3,670,643	0
Gross unrealized (loss)	(1,181,928)	(15,426,564)
Fair Value	314,830,685	382,300,620
Non Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Face Value	76,672,548	95,390,328
Unamortized premium	0	0
Unamortized discount
Designated credit reserve	(12,697,796)	(16,126,355)
Net, unamortized	(15,209,335)	(20,911,248)
Amortized Cost	48,765,417	58,352,725
Gross unrealized gain	4,732,247	4,331,610
Gross unrealized (loss)	(12,611)	0
Fair Value	$ 53,485,053	$ 62,684,335

AVAILABLE-FOR-SALE SECURITIES45

AVAILABLE-FOR-SALE SECURITIES (Details 2) - USD ($)	8 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Net realized gain (loss) on sale of AFS securities	$ 0
AFS securities [Member]
Schedule of Available-for-sale Securities [Line Items]
AFS securities sold, at cost	$ 0	$ 462,470,753	$ 717,309,717
Proceeds from AFS securities sold		466,239,975	687,203,605
Net realized gain (loss) on sale of AFS securities		$ 3,769,222	$ (30,106,112)

AVAILABLE-FOR-SALE SECURITIES46

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

AVAILABLE-FOR-SALE SECURITIES47

AVAILABLE-FOR-SALE SECURITIES (Details 4) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Less than one year	$ 0	$ 0
Greater than one year and less than five years	35,855,146	0
Greater than or equal to five years	332,460,592	444,984,955
Total	$ 368,315,738	$ 444,984,955

AVAILABLE-FOR-SALE SECURITIES48

AVAILABLE-FOR-SALE SECURITIES (Details 5) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Designated credit reserve, Beginning balance	$ (16,126,355)	$ (4,882,582)
Designated credit reserve, Acquisitions	0	(19,145,414)	$ (5,363,444)
Designated credit reserve, Dispositions	559,860
Designated credit reserve, Accretion of net discount	0	0	0
Designated credit reserve, Realized gain on paydowns	0	0
Designated credit reserve, Realized credit losses	2,868,699	2,363,284	480,862
Designated credit reserve, Release of credit reserves	0	655,775
Designated credit reserve, Ending balance	(12,697,796)	(16,126,355)	(4,882,582)
Unamortized net discount, Beginning balance	(22,400,380)	(3,534,339)
Unamortized net discount, Acquisitions	(2,361,186)	(24,606,107)	(3,997,817)
Unamortized net discount, Dispositions	1,667,828
Unamortized net discount, Accretion of net discount	4,760,729	2,836,240	463,478
Unamortized net discount, Realized gain on paydowns	223,212	25,262
Unamortized net discount, Realized credit losses	0	0	0
Unamortized net discount, Release of credit reserves	655,775	(655,775)
Unamortized net discount, Ending balance	(17,454,022)	(22,400,380)	(3,534,339)
Beginning Balance, Total	(38,526,735)	(8,416,921)
Acquisitions, Total	(2,361,186)	(43,751,521)	(9,361,261)
Dispositions, Total	2,227,688
Accretion of net discount, Total	4,760,729	2,836,240	463,478
Realized gain on paydowns, Total	223,212	25,262
Realized credit losses, Total	2,868,699	2,363,284	480,862
Release of credit reserves, Total	655,775	0
Ending balance, Total	$ (30,151,818)	$ (38,526,735)	$ (8,416,921)

AVAILABLE-FOR-SALE SECURITIES49

AVAILABLE-FOR-SALE SECURITIES (Details 6) - USD ($)	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	$ 29,139,000	$ 8,267,000	$ 4,499,000	$ 3,908,000	$ 3,937,000	$ 4,103,000	$ 7,356,000	$ 1,027,000	$ 1,333,790	$ 11,854,700	$ 14,436,966
Net (premium amortization)/ discount accretion									347,647	4,705,639	1,974,765
Interest income									1,681,437	16,560,338	16,411,730
Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Coupon interest									1,279,241	11,409,239	14,266,215
Net (premium amortization)/ discount accretion									(115,831)	603,547	(716,788)
Interest income									1,163,410	12,012,786	13,549,427
Non Agency [Member]
Schedule of Available-for-sale Securities [Line Items]
Coupon interest									54,549	261,050	170,750
Net (premium amortization)/ discount accretion									463,478	4,077,481	2,691,552
Interest income									$ 518,027	4,338,531	2,862,302
Multi-Family [Member]
Schedule of Available-for-sale Securities [Line Items]
Coupon interest										184,411	0
Net (premium amortization)/ discount accretion										24,610	0
Interest income										$ 209,021	$ 0

AVAILABLE-FOR-SALE SECURITIES50

AVAILABLE-FOR-SALE SECURITIES (Details Textual) - USD ($)	8 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	$ 2,433,997	$ 18,303,304	$ (13,528,951)

MORTGAGE LOANS HELD-FOR-SALE,51

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

MORTGAGE LOANS HELD-FOR-SALE,52

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

MULTI-FAMILY MORTGAGE LOAN SE53

MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS (Details) - USD ($)		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	May. 15, 2012
Assets
Multi-family mortgage loans held in securitization trusts		$ 1,750,294,430	$ 0
Total assets	[1]	2,922,209,557	528,201,405
Liabilities and Equity
Multi-family securitized debt obligations		1,670,573,456	0
Liabilities, Total	[1]	2,709,411,427	414,276,043
Equity		212,798,130	113,925,362	$ 32,268,720	$ 0
Total liabilities and equity		2,922,209,557	$ 528,201,405
Multi-Family Mortgage Loans Held in Securitization Trusts [Member]
Assets
Multi-family mortgage loans held in securitization trusts		1,750,294,430
Receivables		6,012,642
Total assets		1,756,307,072
Liabilities and Equity
Multi-family securitized debt obligations		1,670,573,456
Payables		5,800,065
Liabilities, Total		1,676,373,521
Equity		79,933,551
Total liabilities and equity		$ 1,756,307,072
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is primary beneficiary of these VIEs. As of December 31, 2014 and December 31, 2013, assets of consolidated VIEs totaled $2,389,754,101 and $0, respectively, and the liabilities of consolidated VIEs totaled $2,180,936,221 and $0, respectively.

MULTI-FAMILY MORTGAGE LOAN SE54

MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS (Details 1) - USD ($)		3 Months Ended								8 Months Ended	12 Months Ended
		Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Interest expense		$ (23,077,000)	$ (3,596,000)	$ (608,000)	$ (560,000)	$ (570,000)	$ (554,000)	$ (992,000)	$ (127,000)
Net interest income		6,062,000	4,671,000	3,891,000	3,348,000	3,367,000	3,549,000	6,364,000	900,000	$ 1,416,508	$ 17,971,303	$ 14,180,008
General and administrative fees										(113,606)	(2,901,076)	(992,115)
Unrealized gain (loss) on multi-family mortgage loan held in securitization trusts										0	1,473,485	0
Net Income		$ (3,782,000)	$ 5,213,000	$ 4,425,000	$ (2,541,000)	$ 10,742,000	$ (17,014,000)	$ 7,970,000	$ 1,528,000	$ 4,819,306	3,313,786	$ 3,226,430
Multi-Family Mortgage Loans Held in Securitization Trusts [Member]
Variable Interest Entity [Line Items]
Interest income	[1]										21,158,102
Interest expense	[1]										(19,400,851)
Net interest income	[1]										1,757,251
General and administrative fees	[1]										(1,086,165)
Unrealized gain (loss) on multi-family mortgage loan held in securitization trusts	[1]										1,473,484
Net Income	[1]										$ 2,144,570
[1]	The Company consolidated the first trust in September, 2014 and the second trust in October, 2014.

MULTI-FAMILY MORTGAGE LOAN SE55

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

MULTI-FAMILY MORTGAGE LOAN SE56

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

RESIDENTIAL MORTGAGE LOAN SEC57

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details) - USD ($)		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	May. 15, 2012
ASSETS
Multi-family mortgage loans held in securitization trusts		$ 1,750,294,430	$ 0
Total assets	[1]	2,922,209,557	528,201,405
Liabilities and Equity [Abstract]
Multi-family securitized debt obligations		1,670,573,456	0
Liabilities, Total	[1]	2,709,411,427	414,276,043
Equity		212,798,130	113,925,362	$ 32,268,720	$ 0
Total liabilities and equity		2,922,209,557	$ 528,201,405
Residential Mortgage [Member]
ASSETS
Multi-family mortgage loans held in securitization trusts		631,446,984
Receivables		2,030,045
Total assets		633,447,029
Liabilities and Equity [Abstract]
Multi-family securitized debt obligations	[2]	502,900,040
Payables		1,662,660
Liabilities, Total		504,562,700
Equity		128,914,329
Total liabilities and equity		$ 633,477,029
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) as the Company is primary beneficiary of these VIEs. As of December 31, 2014 and December 31, 2013, assets of consolidated VIEs totaled $2,389,754,101 and $0, respectively, and the liabilities of consolidated VIEs totaled $2,180,936,221 and $0, respectively.
[2]	Includes $70,864,063 of residential securitized debt obligations sold but not settled as of December 31, 2014.

RESIDENTIAL MORTGAGE LOAN SEC58

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details 1) - USD ($)		3 Months Ended								8 Months Ended	12 Months Ended
		Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Interest expense		$ (23,077,000)	$ (3,596,000)	$ (608,000)	$ (560,000)	$ (570,000)	$ (554,000)	$ (992,000)	$ (127,000)
Net interest income		6,062,000	4,671,000	3,891,000	3,348,000	3,367,000	3,549,000	6,364,000	900,000	$ 1,416,508	$ 17,971,303	$ 14,180,008
General and administrative fees										(113,606)	(2,901,076)	(992,115)
Unrealized gain (loss) on residential mortgage loans held in securitization trusts										0	3,059,647	0
Net Income		$ (3,782,000)	$ 5,213,000	$ 4,425,000	$ (2,541,000)	$ 10,742,000	$ (17,014,000)	$ 7,970,000	$ 1,528,000	$ 4,819,306	3,313,786	$ 3,226,430
Residential Mortgage [Member]
Variable Interest Entity [Line Items]
Interest income	[1]										4,438,633
Interest expense	[1]										(3,575,168)
Net interest income	[1]										863,465
General and administrative fees	[1]										(44,267)
Unrealized gain (loss) on residential mortgage loans held in securitization trusts	[1]										3,059,647
Net Income	[1]										$ 3,878,845
[1]	The Company consolidated the first trust in October, 2014, and the second trust in December, 2014.

RESIDENTIAL MORTGAGE LOAN SEC59

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

RESIDENTIAL MORTGAGE LOAN SEC60

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

RESTRICTED CASH (Details)

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

REPURCHASE AGREEMENTS (Details)

REPURCHASE AGREEMENTS (Details) - USD ($)		Dec. 31, 2014	Dec. 31, 2013
Repurchase Agreements [Line Items]
Repurchase agreements		$ 594,877,852	$ 412,172,000
Repurchase Agreements weighted average interest rate		0.99%	0.57%
Agency [Member]
Repurchase Agreements [Line Items]
Repurchase agreements		$ 298,783,000	$ 370,901,000
Repurchase Agreements weighted average interest rate		0.36%	0.40%
Non-Agency [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	[1]	$ 200,347,000	$ 41,271,000
Repurchase Agreements weighted average interest rate	[1]	1.25%	2.09%
Multi-Family [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	[2]	$ 45,484,000	$ 0
Repurchase Agreements weighted average interest rate	[2]	1.85%	0.00%
Mortgage loans [Member]
Repurchase Agreements [Line Items]
Repurchase agreements		$ 50,263,852	$ 0
Repurchase Agreements weighted average interest rate		2.86%	0.00%
[1]	At December 31, 2014 and December 31, 2013, the Company had repurchase agreements of $85,497,000 and $61,181,000, respectively, that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[2]	At December 31, 2014, the Company had repurchase agreements of $63,796,000 that were linked to Multi-Family MBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

REPURCHASE AGREEMENTS (Details

REPURCHASE AGREEMENTS (Details 1) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Repurchase Agreements [Line Items]
Repurchase agreements	$ 594,877,852	$ 412,172,000
Maturity up to 30 days [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	465,817,820	373,422,000
Maturity 31 To 60 Days [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	86,025,327	38,750,000
Maturity Over 90 Days Member [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 43,034,705	$ 0

REPURCHASE AGREEMENTS (Detail64

REPURCHASE AGREEMENTS (Details 2) - USD ($)		12 Months Ended
		Dec. 31, 2014		Dec. 31, 2013
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 594,877,852		$ 412,172,000
Repurchase Agreement Counterparties, Percent of total amount outstanding		100.00%		100.00%
Repurchase Agreement Counterparties, Weighted average days to maturity		36 days		18 days
Repurchase Agreement Counterparties, Market Value of collateral held		$ 695,421,955		$ 444,984,955
North America [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 388,138,820	[1]	$ 261,289,000	[2]
Repurchase Agreement Counterparties, Percent of total amount outstanding		65.25%		63.39%
Repurchase Agreement Counterparties, Weighted average days to maturity		19 days		20 days
Repurchase Agreement Counterparties, Market Value of collateral held		$ 463,615,686		$ 277,808,885
Europe [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 93,350,032	[1],[3]	$ 53,392,000	[2],[4]
Repurchase Agreement Counterparties, Percent of total amount outstanding		15.69%	[3]	12.96%	[4]
Repurchase Agreement Counterparties, Weighted average days to maturity	[3]	21 days		21 days
Repurchase Agreement Counterparties, Market Value of collateral held		$ 113,286,452	[3]	$ 60,226,443	[4]
Asia [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 113,389,000	[1],[3]	$ 97,491,000	[2],[4]
Repurchase Agreement Counterparties, Percent of total amount outstanding		19.06%	[3]	23.65%	[4]
Repurchase Agreement Counterparties, Weighted average days to maturity	[3]	122 days		12 days
Repurchase Agreement Counterparties, Market Value of collateral held		$ 118,519,817	[3]	$ 106,949,627	[4]
[1]	At December 31, 2014, the Company had repurchase agreements of $85,497,000 and $63,796,000 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[2]	At December 31, 2013, the Company had repurchase agreements of $61,181,000 that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[3]	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.
[4]	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

REPURCHASE AGREEMENTS (Detail65

REPURCHASE AGREEMENTS (Details Textual) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Repurchase Agreements [Line Items]
Repurchase agreements	$ 594,877,852	$ 412,172,000
Repurchase Agreements Weighted Average Interest Rate	0.99%	0.57%
Repurchase Agreements, Aggregate Borrowing Limit, Amount	$ 375,000,000
Non Agency Linked Transactions [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	85,497,000	$ 61,181,000
Multi Family MBS [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 63,796,000

DERIVATIVE INSTRUMENTS HEDGIN66

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

DERIVATIVE INSTRUMENTS HEDGIN67

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Derivative Financial Instruments, Notional Amount	$ 324,000,000	$ 281,000,000
Derivative Financial Instruments, Fair value	$ 2,289,058	$ 1,231,667
Derivative Financial Instruments, Fixed Pay Rate	1.51%	2.17%
Derivative Financial Instruments, Maturity Years	3 years 3 months 18 days	6 years 2 months 12 days
Derivative Financial Instruments, Forward Starting	0.00%	45.00%
3 years or less [Member]
Derivatives, Fair Value [Line Items]
Derivative Financial Instruments, Notional Amount	$ 35,000,000	$ 35,000,000
Derivative Financial Instruments, Fair value	$ (124,591)	$ (166,619)
Derivative Financial Instruments, Fixed Pay Rate	0.66%	0.66%
Derivative Financial Instruments, Maturity Years	1 year 1 month 6 days	2 years 1 month 6 days
Derivative Financial Instruments, Forward Starting	0.00%	0.00%
Greater than 3 years and less than 5 years [Member]
Derivatives, Fair Value [Line Items]
Derivative Financial Instruments, Notional Amount	$ 191,000,000	$ 151,000,000
Derivative Financial Instruments, Fair value	$ (1,630,516)	$ (764,807)
Derivative Financial Instruments, Fixed Pay Rate	1.66%	1.66%
Derivative Financial Instruments, Maturity Years	3 years 8 months 12 days	4 years 7 months 6 days
Derivative Financial Instruments, Forward Starting	0.00%	0.00%
Greater than 7 years and less than 10 years [Member]
Derivatives, Fair Value [Line Items]
Derivative Financial Instruments, Notional Amount		$ 95,000,000
Derivative Financial Instruments, Fair value		$ (300,242)
Derivative Financial Instruments, Fixed Pay Rate		2.85%
Derivative Financial Instruments, Maturity Years		7 years 7 months 6 days
Derivative Financial Instruments, Forward Starting		100.00%
Greater than 10 years [Member]
Derivatives, Fair Value [Line Items]
Derivative Financial Instruments, Notional Amount		$ 57,000,000
Derivative Financial Instruments, Fair value		$ 237,990
Derivative Financial Instruments, Fixed Pay Rate		3.29%
Derivative Financial Instruments, Maturity Years		10 years 8 months 12 days
Derivative Financial Instruments, Forward Starting		100.00%

DERIVATIVE INSTRUMENTS HEDGIN68

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 2) - USD ($)		Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Gross amounts of recognized assets		$ 210,424,179	$ 96,877,268
Gross amounts offset in the Balance Sheet		(149,584,518)	(61,685,552)
Net amounts of assets presented in the Balance Sheet		60,839,661	35,191,716
Gross amounts not offset in the Balance Sheet, Financial instruments	[1]	(60,818,111)	(33,352,562)
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	[1]	0	0
Net amounts of assets, Net amount		21,550	1,839,154
Gross amounts of recognized liabilities		443,004,276	(474,696,965)
Gross amounts offset in the Balance Sheet		149,584,518	61,685,552
Net amounts of liabilities presented in the Balance Sheet		592,588,794	(413,011,413)
Gross amounts not offset in the Balance Sheet, Financial instruments	[1]	0	412,172,000
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	[1]	2,289,058	839,413
Net amounts of liabilities, Net amount		594,877,852	0
Repurchase agreements [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities		594,877,852	(412,172,000)
Gross amounts offset in the Balance Sheet		0	0
Net amounts of liabilities presented in the Balance Sheet		594,877,852	(412,172,000)
Gross amounts not offset in the Balance Sheet, Financial instruments	[1]	0	412,172,000
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	[1]	0	0
Net amounts of liabilities, Net amount		594,877,852	0
Linked transactions [Member]
Derivative [Line Items]
Gross amounts of recognized assets	[2]	210,402,629	94,645,860
Gross amounts offset in the Balance Sheet	[2]	(149,584,518)	(61,293,298)
Net amounts of assets presented in the Balance Sheet	[2]	60,818,111	33,352,562
Gross amounts not offset in the Balance Sheet, Financial instruments	[1],[2]	(60,818,111)	(33,352,562)
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	[1],[2]	0	0
Net amounts of assets, Net amount	[2]	0	0
Gross amounts of recognized liabilities	[2]	(149,584,518)	(61,293,298)
Gross amounts offset in the Balance Sheet	[2]	149,584,518	61,293,298
Net amounts of liabilities presented in the Balance Sheet	[2]	0	0
Gross amounts not offset in the Balance Sheet, Financial instruments	[1],[2]	0	0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	[1],[2]	0	0
Net amounts of liabilities, Net amount	[2]	0	0
Interest rate swaps [Member]
Derivative [Line Items]
Gross amounts of recognized assets			237,989
Gross amounts offset in the Balance Sheet			(237,989)
Net amounts of assets presented in the Balance Sheet			0
Gross amounts not offset in the Balance Sheet, Financial instruments	[1]		0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	[1]		0
Net amounts of assets, Net amount			0
Gross amounts of recognized liabilities		(1,755,107)	(1,231,667)
Gross amounts offset in the Balance Sheet		0	237,989
Net amounts of liabilities presented in the Balance Sheet		(1,755,107)	(993,678)
Gross amounts not offset in the Balance Sheet, Financial instruments	[1]	0	0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	[1]	1,755,107	993,678
Net amounts of liabilities, Net amount		0	0
Swaptions [Member]
Derivative [Line Items]
Gross amounts of recognized assets		21,550	1,770,795
Gross amounts offset in the Balance Sheet		0	0
Net amounts of assets presented in the Balance Sheet		21,550	1,770,795
Gross amounts not offset in the Balance Sheet, Financial instruments	[1]	0	0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	[1]	0	0
Net amounts of assets, Net amount		21,550	1,770,795
Futures [Member]
Derivative [Line Items]
Gross amounts of recognized assets			154,265
Gross amounts offset in the Balance Sheet			(154,265)
Net amounts of assets presented in the Balance Sheet			0
Gross amounts not offset in the Balance Sheet, Financial instruments	[1]		0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	[1]		0
Net amounts of assets, Net amount			0
Gross amounts of recognized liabilities		(533,951)	0
Gross amounts offset in the Balance Sheet		0	154,265
Net amounts of liabilities presented in the Balance Sheet		(533,951)	154,265
Gross amounts not offset in the Balance Sheet, Financial instruments	[1]	0	0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	[1]	533,951	(154,265)
Net amounts of liabilities, Net amount		$ 0	0
TBAs [Member]
Derivative [Line Items]
Gross amounts of recognized assets			68,359
Gross amounts offset in the Balance Sheet			0
Net amounts of assets presented in the Balance Sheet			68,359
Gross amounts not offset in the Balance Sheet, Financial instruments	[1]		0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	[1]		0
Net amounts of assets, Net amount			$ 68,359
[1]	Amounts presented are limited in total to the net amount of assets or liabilities presented in the consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Agreements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above.
[2]	Non-Agency RMBS and Multi-Family MBS securities within a linked transaction serve as collateral for the linked transaction. See Note 3 “Non-Hedging Activity – Linked Transactions” for information on linked transaction arrangements.

DERIVATIVE INSTRUMENTS HEDGIN69

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 3) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Face Value	$ 289,500,610	$ 148,864,823
Unamortized premium	0	0
Unamortized discount
Designated credit reserve	(36,627,428)	(29,857,597)
Net, unamortized	(47,092,067)	(30,770,386)
Amortized Cost	205,781,115	88,236,840
Gross unrealized gain	7,504,154	6,859,625
Gross unrealized loss	(3,046,612)	(473,672)
Fair Value	210,238,657	94,622,793
Non-Agency [Member]
Derivative [Line Items]
Face Value	186,532,050	148,864,823
Unamortized premium	0	0
Unamortized discount
Designated credit reserve	(36,627,428)	(29,857,597)
Net, unamortized	(28,768,448)	(30,770,386)
Amortized Cost	121,136,174	88,236,840
Gross unrealized gain	5,733,793	6,859,625
Gross unrealized loss	(2,441,655)	(473,672)
Fair Value	124,428,312	94,622,793
Multi-Family [Member]
Derivative [Line Items]
Face Value	102,968,560	0
Unamortized premium	0	0
Unamortized discount
Designated credit reserve	0	0
Net, unamortized	(18,323,619)	0
Amortized Cost	84,644,941	0
Gross unrealized gain	1,770,361	0
Gross unrealized loss	(604,957)
Fair Value	$ 85,810,345	$ 0

DERIVATIVE INSTRUMENTS HEDGIN70

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 4) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative [Line Items]
Designated credit reserve, Beginning balance	$ (29,857,597)	$ (12,929,231)
Designated credit reserve, Acquisitions	(19,384,939)	(37,793,143)	$ (13,934,657)
Designated credit reserve, Dispositions	9,468,964
Designated credit reserve, Accretion of net discount	0	0	0
Designated credit reserve, Realized credit losses	3,146,144	3,087,184	1,005,426
Designated credit reserve, Release of credit reserves	0	4,848,362
Designated credit reserve, Ending balance	(36,627,428)	(29,857,597)	(12,929,231)
Unamortized net discount, Beginning balance	(30,770,386)	(6,721,749)
Unamortized net discount, Acquisitions	(47,651,628)	(29,569,939)	(7,592,017)
Unamortized net discount, Dispositions	15,465,093
Unamortized net discount, Accretion of net discount	12,122,919	3,647,915	870,268
Unamortized net discount, Realized credit losses	0	0	0
Unamortized net discount, Release of credit reserves	3,741,935	(4,848,362)
Unamortized net discount, Ending balance	(47,092,067)	(30,770,386)	(6,721,749)
Beginning balance, Total	(60,627,983)	(19,650,980)
Acquisitions, Total	(67,036,567)	(67,363,082)	(21,526,674)
Dispositions, Total	24,934,057
Accretion of net discount, Total	12,122,919	3,647,915	870,268
Realized credit losses, Total	3,146,144	3,087,184	1,005,426
Release of credit reserves, Total	3,741,935	0
Ending balance, Total	$ (83,719,495)	$ (60,627,983)	$ (19,650,980)

DERIVATIVE INSTRUMENTS HEDGIN71

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 5) - USD ($)		12 Months Ended
		Dec. 31, 2014		Dec. 31, 2013
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 594,877,852		$ 412,172,000
Repurchase Agreement Counterparties, Percentage of total amount outstanding		100.00%		100.00%
Repurchase Agreement Counterparties, Weighted average days to maturity		36 days		18 days
Repurchase Agreement Counterparties, Company RMBS held as collateral		$ 695,421,955		$ 444,984,955
Linked Repurchase Agreements [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 149,293,000
Repurchase Agreement Counterparties, Percentage of total amount outstanding		100.00%
Repurchase Agreement Counterparties, Weighted average days to maturity		25 days		21 days
Repurchase Agreement Counterparties, Company RMBS held as collateral		$ 210,238,657
North America [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 388,138,820	[1]	$ 261,289,000	[2]
Repurchase Agreement Counterparties, Percentage of total amount outstanding		65.25%		63.39%
Repurchase Agreement Counterparties, Weighted average days to maturity		19 days		20 days
Repurchase Agreement Counterparties, Company RMBS held as collateral		$ 463,615,686		$ 277,808,885
North America [Member] | Linked Repurchase Agreements [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 86,985,000		$ 52,871,000
Repurchase Agreement Counterparties, Percentage of total amount outstanding		58.26%		86.42%
Repurchase Agreement Counterparties, Weighted average days to maturity		33 days		21 days
Repurchase Agreement Counterparties, Company RMBS held as collateral		$ 124,620,916		$ 79,528,540
Europe [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 93,350,032	[1],[3]	$ 53,392,000	[2],[4]
Repurchase Agreement Counterparties, Percentage of total amount outstanding		15.69%	[3]	12.96%	[4]
Repurchase Agreement Counterparties, Weighted average days to maturity	[3]	21 days		21 days
Repurchase Agreement Counterparties, Company RMBS held as collateral		$ 113,286,452	[3]	$ 60,226,443	[4]
Europe [Member] | Linked Repurchase Agreements [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	[3]	$ 46,381,000		$ 3,323,000
Repurchase Agreement Counterparties, Percentage of total amount outstanding	[3]	31.07%		5.43%
Repurchase Agreement Counterparties, Weighted average days to maturity	[3]	15 days		43 days
Repurchase Agreement Counterparties, Company RMBS held as collateral	[3]	$ 62,487,229		$ 6,303,837
Asia [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 113,389,000	[1],[3]	$ 97,491,000	[2],[4]
Repurchase Agreement Counterparties, Percentage of total amount outstanding		19.06%	[3]	23.65%	[4]
Repurchase Agreement Counterparties, Weighted average days to maturity	[3]	122 days		12 days
Repurchase Agreement Counterparties, Company RMBS held as collateral		$ 118,519,817	[3]	$ 106,949,627	[4]
Asia [Member] | Linked Repurchase Agreements [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	[3]	$ 15,927,000		$ 4,987,000
Repurchase Agreement Counterparties, Percentage of total amount outstanding	[3]	10.67%		8.15%
Repurchase Agreement Counterparties, Weighted average days to maturity	[3]	9 days		7 days
Repurchase Agreement Counterparties, Company RMBS held as collateral	[3]	$ 23,130,512		$ 8,790,416
[1]	At December 31, 2014, the Company had repurchase agreements of $85,497,000 and $63,796,000 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[2]	At December 31, 2013, the Company had repurchase agreements of $61,181,000 that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).
[3]	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.
[4]	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

DERIVATIVE INSTRUMENTS HEDGIN72

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 6) - USD ($)		8 Months Ended	12 Months Ended
		Dec. 31, 2012	Dec. 31, 2014		Dec. 31, 2013
Interest rate:
Amount of realized gain (loss)		$ (75,551)	$ (18,214,460)		$ 18,812,854
Amount of unrealized appreciation (depreciation)		(298,159)	(2,931,249)	[1]	878,100	[1]
Total		(373,910)	(21,145,709)		19,690,954
Interest Rate Swaps [Member]
Interest rate:
Amount of realized gain (loss)		(38,218)	(9,705,847)		19,283,710
Amount of unrealized appreciation (depreciation)		(283,754)	(761,429)	[1]	(709,923)	[1]
Total		(321,972)	(10,467,276)		18,573,787
Swaptions [Member]
Interest rate:
Amount of realized gain (loss)		(37,333)	(336,000)		(278,667)
Amount of unrealized appreciation (depreciation)		(14,605)	(1,413,244)	[1]	1,365,399	[1]
Total		$ (51,938)	(1,749,244)		1,086,732
Futures [Member]
Interest rate:
Amount of realized gain (loss)			(8,621,211)		(8,595)
Amount of unrealized appreciation (depreciation)	[1]		(688,217)		154,265
Total			(9,309,428)		145,670
TBAs [Member]
Interest rate:
Amount of realized gain (loss)			448,598		(183,594)
Amount of unrealized appreciation (depreciation)	[1]		(68,359)		68,359
Total			$ 380,239		$ (115,235)
[1]	In the year ended December 31, 2014, net swap interest expense totaled $3,495,232 comprised of $3,329,219 in interest expense paid (included in realized gain (loss))and $166,013 in accrued interest expense (included in unrealized appreciation (depreciation)). In the year ended December 31, 2013 net swap interest expense totaled $1,724,725 comprised of $1,414,578 in interest expense paid (included in realized gain (loss)) and $310,147 in accrued interest expense (included in unrealized appreciation (depreciation)). For the period May 16, 2012 (commencement of operations) to December 31, 2012, net swap interest expense totaled $68,358 comprised of $38,218 in interest expense paid (included in realized gain (loss)) and $30,140 in accrued interest expense (included in unrealized appreciation (depreciation)).

DERIVATIVE INSTRUMENTS HEDGIN73

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 7) - USD ($)	8 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Change in fair value of Linked Transactions included in earnings	$ (75,551)	$ (18,214,460)	$ 18,812,854
Unrealized gain (loss) and net interest income from Linked Transactions	4,822,727	10,605,848	5,838,309
Linked Tansactions [Member]
Derivative [Line Items]
Interest income attributable to AFS underlying Linked Transactions	1,020,437	15,427,632	4,025,456
Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions	(147,867)	(2,893,375)	(622,942)
Change in fair value of Linked Transactions included in earnings	3,950,157	(1,928,409)	2,435,795
Unrealized gain (loss) and net interest income from Linked Transactions	$ 4,822,727	$ 10,605,848	$ 5,838,309

DERIVATIVE INSTRUMENTS HEDGIN74

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details Textual) - USD ($)	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Accrued interest receivable	$ 10,962,663				$ 1,045,191					$ 10,962,663	$ 1,045,191
Accrued interest payable	8,238,924				274,615					8,238,924	274,615
Interest Income (Expense), Net, Total	6,062,000	$ 4,671,000	$ 3,891,000	$ 3,348,000	3,367,000	$ 3,549,000	$ 6,364,000	$ 900,000	$ 1,416,508	17,971,303	14,180,008
Interest Expense	23,077,000	3,596,000	608,000	560,000	570,000	554,000	992,000	127,000
Investment Income, Interest	29,139,000	$ 8,267,000	$ 4,499,000	$ 3,908,000	$ 3,937,000	$ 4,103,000	$ 7,356,000	$ 1,027,000	1,333,790	11,854,700	14,436,966
Swap [Member]
Derivative [Line Items]
Interest Income (Expense), Net, Total									68,358	3,495,232	1,724,725
Interest Expense									38,218	3,329,219	1,414,578
Investment Income, Interest									$ 30,140	166,013	$ 310,147
Linked Tansactions [Member]
Derivative [Line Items]
Accrued interest receivable	163,972									163,972
Accrued interest payable	$ 291,518									$ 291,518

MSRs (Details Textual)

MSRs (Details Textual) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Mortgage Servicing Rights MSR [Line Items]
Mortgage Loans on Real Estate	$ 53,435,272	$ 0
TRS Activity [Member]
Mortgage Servicing Rights MSR [Line Items]
Mortgage Loans on Real Estate	$ 370,425,602

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($)		Dec. 31, 2014	Dec. 31, 2013
Assets:
Assets, Fair Value Disclosure		$ 2,865,575,195	$ 480,568,925
Liabilities:
Liabilities, Fair Value Disclosure		(2,104,899,012)	(1,231,667)
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		0	154,265
Liabilities:
Liabilities, Fair Value Disclosure		(533,951)	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		2,865,575,195	480,414,660
Liabilities:
Liabilities, Fair Value Disclosure		(2,104,365,061)	(1,231,667)
Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
Liabilities:
Liabilities, Fair Value Disclosure		0	0
Residential mortgage-backed securities [Member]
Assets:
Assets, Fair Value Disclosure	[1]	368,315,738	444,984,955
Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	[1]	0	0
Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	[1]	368,315,738	444,984,955
Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	[1]	0	0
Residential mortgage loans [Member]
Assets:
Assets, Fair Value Disclosure		54,678,382
Residential mortgage loans [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		0
Residential mortgage loans [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		54,678,382
Residential mortgage loans [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		0
Multi-Family mortgage loans held in securitization trusts [Member]
Assets:
Assets, Fair Value Disclosure		1,750,294,430
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		0
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		1,750,294,430
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		0
Residential mortgage loans held in securitization trusts [Member]
Assets:
Assets, Fair Value Disclosure		631,446,984
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		0
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		631,446,984
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		0
Linked transactions [Member]
Assets:
Assets, Fair Value Disclosure	[2]	60,818,111	33,352,562
Linked transactions [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	[2]	0	0
Linked transactions [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	[2]	60,818,111	33,352,562
Linked transactions [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	[2]	0	0
Swaptions [Member]
Assets:
Assets, Fair Value Disclosure		21,550	1,770,795
Swaptions [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
Swaptions [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		21,550	1,770,795
Swaptions [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
TBAs [Member]
Assets:
Assets, Fair Value Disclosure			68,359
TBAs [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure			0
TBAs [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure			68,359
TBAs [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure			0
Interest rate swaps [Member]
Assets:
Assets, Fair Value Disclosure			237,989
Liabilities:
Liabilities, Fair Value Disclosure		(1,755,107)	(1,231,667)
Interest rate swaps [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure			0
Liabilities:
Liabilities, Fair Value Disclosure		0	0
Interest rate swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure			237,989
Liabilities:
Liabilities, Fair Value Disclosure		(1,755,107)	(1,231,667)
Interest rate swaps [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure			0
Liabilities:
Liabilities, Fair Value Disclosure		0	0
Multi-family securitized debt obligations [Member]
Liabilities:
Liabilities, Fair Value Disclosure		(1,670,573,456)
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure		0
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure		(1,670,573,456)
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure		0
Residential securitized debt obligations [Member]
Liabilities:
Liabilities, Fair Value Disclosure		(432,035,976)
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure		0
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure		(432,035,976)
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure		0
Futures [Member]
Assets:
Assets, Fair Value Disclosure			154,265
Liabilities:
Liabilities, Fair Value Disclosure		(533,951)
Futures [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure			154,265
Liabilities:
Liabilities, Fair Value Disclosure		(533,951)
Futures [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure			0
Liabilities:
Liabilities, Fair Value Disclosure		0
Futures [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure			$ 0
Liabilities:
Liabilities, Fair Value Disclosure		$ 0
[1]	For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4.
[2]	For more detail about the fair value of the Company’s Linked Transactions, see Note 3 and Note 8.

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	8 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Management Fee Percentage		1.50%
Management fee	$ 244,882	$ 2,627,592	$ 1,287,077
Management Fee Payable	32,721	510,000	130,000
Operating expenses reimbursable to Manager	563,806	3,247,683	2,103,223
Restricted stock compensation expense	0	13,457	125,923
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options	0		236,297
Additional Cost Of Reimbursable Expense Waived	0	280,000	200,000
Fulfillment and Securitization Fees [Member]
Related Party Transaction [Line Items]
Management fee	0	1,017,627	0
Management Fee Payable	$ 0	$ 272,000	$ 0
Manager Equity Plan [Member]
Related Party Transaction [Line Items]
Percentage Of Shares Issued		3.00%
Restricted stock compensation expense		$ 113,635
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		9,500
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options		$ 34,928
Manager Equity Plan [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights			One-third of these restricted common stock shares vest on each of the first, second and third anniversaries of the grant date.
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options		$ 28,375
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition		8 months 21 days
Manager Equity Plan [Member] | Independent Director One [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		1,500
Manager Equity Plan [Member] | Independent Director Two [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		1,500
Manager Equity Plan [Member] | Independent Director Three [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		1,500
Manager Equity Plan [Member] | Independent Director [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		4,500
Common Stock Purchase Price			$ 14.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value			$ 65,250
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares		4,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value		$ 50,715
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value		$ 11.27
Manager Equity Plan [Member] | Manager [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			28,500
Common Stock Purchase Price		$ 10.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value		$ 199,500

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Dividends [Line Items]
Dividend Amount	$ 39,132	$ 42,501	$ 220,833
Common Stock [Member]
Dividends [Line Items]
Dividend Amount	$ 18,229,875
Cash Dividend Per Share (in dollars per share)	$ 1.47
Distribution One [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Dec. 23, 2013
Record Date	Jan. 15, 2014
Payment Date	Jan. 27, 2014
Dividend Amount	$ 165,280
Cash Dividend Per Share (in dollars per share)	$ 0.20660
Distribution One [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Dec. 30, 2013
Record Date	Jan. 15, 2014
Payment Date	Jan. 30, 2014
Dividend Amount	$ 923,656
Cash Dividend Per Share (in dollars per share)	$ 0.09235
Distribution Two [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Dec. 23, 2013
Record Date	Feb. 14, 2014
Payment Date	Feb. 27, 2014
Dividend Amount	$ 167,716
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Two [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Dec. 30, 2013
Record Date	Feb. 14, 2014
Payment Date	Feb. 27, 2014
Dividend Amount	$ 923,656
Cash Dividend Per Share (in dollars per share)	$ 0.09235
Distribution Three [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Dec. 23, 2013
Record Date	Mar. 17, 2014
Payment Date	Mar. 27, 2014
Dividend Amount	$ 167,716
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Three [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Dec. 30, 2013
Record Date	Mar. 17, 2014
Payment Date	Mar. 28, 2014
Dividend Amount	$ 1,336,156
Cash Dividend Per Share (in dollars per share)	$ 0.13359
Distribution Four [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Mar. 25, 2014
Record Date	Apr. 15, 2014
Payment Date	Apr. 28, 2014
Dividend Amount	$ 167,716
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Four [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Mar. 25, 2014
Record Date	Apr. 15, 2014
Payment Date	Apr. 29, 2014
Dividend Amount	$ 1,336,156
Cash Dividend Per Share (in dollars per share)	$ 0.13359
Distribution Five [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Mar. 25, 2014
Record Date	May 15, 2014
Payment Date	May 27, 2014
Dividend Amount	$ 167,716
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Five [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Mar. 25, 2014
Record Date	May 15, 2014
Payment Date	May 29, 2014
Dividend Amount	$ 1,336,157
Cash Dividend Per Share (in dollars per share)	$ 0.13359
Distribution Six [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Mar. 25, 2014
Record Date	Jun. 16, 2014
Payment Date	Jun. 27, 2014
Dividend Amount	$ 293,503
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Six [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Mar. 25, 2014
Record Date	Jun. 16, 2014
Payment Date	Jun. 27, 2014
Dividend Amount	$ 1,336,156
Cash Dividend Per Share (in dollars per share)	$ 0.13359
Distribution Seven [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Jun. 17, 2014
Record Date	Jul. 15, 2014
Payment Date	Jul. 28, 2014
Dividend Amount	$ 293,503
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Seven [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Jun. 17, 2014
Record Date	Jul. 15, 2014
Payment Date	Jul. 30, 2014
Dividend Amount	$ 1,839,281
Cash Dividend Per Share (in dollars per share)	$ 0.15904
Distribution Eight [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Jun. 17, 2014
Record Date	Aug. 15, 2014
Payment Date	Aug. 27, 2014
Dividend Amount	$ 293,503
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Eight [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Jun. 17, 2014
Record Date	Aug. 15, 2014
Payment Date	Aug. 27, 2014
Dividend Amount	$ 1,839,281
Cash Dividend Per Share (in dollars per share)	$ 0.15904
Distribution Nine [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Jun. 17, 2014
Record Date	Sep. 15, 2014
Payment Date	Sep. 29, 2014
Dividend Amount	$ 293,503
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Nine [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Jun. 17, 2014
Record Date	Sep. 15, 2014
Payment Date	Sep. 29, 2014
Dividend Amount	$ 1,839,844
Cash Dividend Per Share (in dollars per share)	$ 0.15909
Distribution Ten [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Sep. 15, 2014
Record Date	Oct. 15, 2014
Payment Date	Oct. 20, 2014
Dividend Amount	$ 293,503
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Ten [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Sep. 15, 2014
Record Date	Oct. 15, 2014
Payment Date	Oct. 30, 2014
Dividend Amount	$ 1,839,844
Cash Dividend Per Share (in dollars per share)	$ 0.14887
Distribution Eleven [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Sep. 15, 2014
Record Date	Nov. 14, 2014
Payment Date	Nov. 26, 2014
Dividend Amount	$ 293,503
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Eleven [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Sep. 15, 2014
Record Date	Nov. 14, 2014
Payment Date	Nov. 26, 2014
Dividend Amount	$ 1,839,844
Cash Dividend Per Share (in dollars per share)	$ 0.14887
Distribution Twelve [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Sep. 15, 2014
Record Date	Dec. 15, 2014
Payment Date	Dec. 30, 2014
Dividend Amount	$ 293,503
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Twelve [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Sep. 15, 2014
Record Date	Dec. 15, 2014
Payment Date	Dec. 30, 2014
Dividend Amount	$ 1,839,844
Cash Dividend Per Share (in dollars per share)	$ 0.14887

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	Jul. 25, 2013	Jun. 19, 2014	May. 27, 2014	Feb. 19, 2014	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Stockholders' Equity Note [Line Items]
Preferred Stock, Dividend Rate, Percentage						8.75%	8.75%
Proceeds from Issuance of Preferred Stock and Preference Stock					$ 0	$ 19,096,074	$ 18,070,938
Dividends Payable					$ 220,833	$ 39,132	$ 42,501
Common Stock, Par or Stated Value Per Share						$ 0.01	$ 0.01
Common Stock, Shares Authorized						450,000,000	450,000,000
Common Stock, Shares, Issued						14,718,750	7,389,250
Common Stock, Shares, Outstanding						14,718,750	7,389,250
Preferred Stock, Par or Stated Value Per Share						$ 0.01	$ 0.01
Preferred Stock, Liquidation Preference, Value						$ 25	$ 25
Preferred Stock, Shares Authorized						50,000,000	50,000,000
Preferred Stock, Shares Issued						1,610,000	800,000
Preferred Stock, Shares Outstanding						1,610,000	800,000
Stock Issued During Period Value New Issues Two						$ 19,096,074	$ 18,070,938
Noninterest Expense Offering Cost						1,133,117
Amortization of Financing Costs						187,457
Deferred Offering Costs						$ 945,661	$ 0
Series A Preferred Stock [Member]
Stockholders' Equity Note [Line Items]
Stock Issued During Period Offer Price New Issues						$ 25
Preferred Stock, Dividend Rate, Percentage						8.75%
Proceeds from Issuance of Preferred Stock and Preference Stock						$ 2,778,201
Preferred Stock, Liquidation Preference Per Share						$ 25
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						120,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period						120,000
Stock Issued During Period Shares New Issues Two			690,000
Stock Issued During Period Value New Issues Two			$ 16,325,373
Common Stock [Member]
Stockholders' Equity Note [Line Items]
Stock Issued During Period, Shares, New Issues		3,500,000		3,000,000
Stock Issued During Period Offer Price New Issues		$ 11		$ 11.30
Proceeds from Issuance of Private Placement		$ 38,442,925		$ 31,927,377
Dividends Payable						$ 18,229,875
Dividends Payable, Amount Per Share						$ 1.47
Stock Issued During Period Shares New Issues Two						0	0
Stock Issued During Period Value New Issues Two						$ 0	$ 0
Common Stock [Member] | IPO [Member]
Stockholders' Equity Note [Line Items]
Warrants To Purchase Common Stock	3,125,000
Common Stock Exercise Price Description	at a per share exercise price equal to 105% of the $15.00 IPO price, or $15.75.
Common Stock [Member] | Underwriters Issuance One [Member]
Stockholders' Equity Note [Line Items]
Stock Issued During Period Offer Price New Issues						$ 11.30
Preferred Stock, Liquidation Preference Per Share						$ 11.30
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						450,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period						300,000
Proceeds from Stock Options Exercised						$ 3,214,325
Common Stock [Member] | Underwriters Issuance Two [Member]
Stockholders' Equity Note [Line Items]
Stock Issued During Period Offer Price New Issues						$ 11
Preferred Stock, Liquidation Preference Per Share						$ 11
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						525,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period						525,000
Proceeds from Stock Options Exercised						$ 5,769,750

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ (3,782,000)	$ 5,213,000	$ 4,425,000	$ (2,541,000)	$ 10,742,000	$ (17,014,000)	$ 7,970,000	$ 1,528,000	$ 4,819,306	$ 3,313,786	$ 3,226,430
Less dividends paid:
Common stock									1,161,672	18,229,875	10,082,871
Unvested share-based payment awards									0	2,887,296	44,827
Dividends										21,117,171	10,127,698
Undistributed earnings									4,819,306	(17,803,386)	(6,901,268)
Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income									0	0	0
Less dividends paid:
Common stock									$ 0	$ 0	$ 0
Distributed earnings (in dollars per share)									$ 0	$ 1.47	$ 1.64
Undistributed earnings (deficit) (in dollars per share)									2.91	(1.44)	(1.12)
Total (in dollars per share)									2.91	0.03	0.52
Unvested Share Based Payment Awards [Member]
Less dividends paid:
Distributed earnings (in dollars per share)									0	1.47	0
Undistributed earnings (deficit) (in dollars per share)									0	(1.44)	(1.12)
Total (in dollars per share)									$ 0	$ 0.03	$ (1.12)

INCOME TAXES (Details)

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

INCOME TAXES (Details Textual)

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

QUARTERLY FINANCIAL DATA (UNA83

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($)	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Total interest income	$ 29,139,000	$ 8,267,000	$ 4,499,000	$ 3,908,000	$ 3,937,000	$ 4,103,000	$ 7,356,000	$ 1,027,000	$ 1,333,790	$ 11,854,700	$ 14,436,966
Total interest expense	(23,077,000)	(3,596,000)	(608,000)	(560,000)	(570,000)	(554,000)	(992,000)	(127,000)
Net interest income	6,062,000	4,671,000	3,891,000	3,348,000	3,367,000	3,549,000	6,364,000	900,000	1,416,508	17,971,303	14,180,008
Other-than-temporary impairment	0	0	0	0	0	0	0	0
Other income (loss)	(5,065,000)	3,395,000	2,838,000	(4,291,000)	8,902,000	(19,108,000)	3,098,000	1,056,000
Total expenses	4,779,000	2,853,000	2,304,000	1,598,000	1,527,000	1,455,000	1,492,000	428,000	947,637	11,534,727	4,901,754
Net income (loss)	(3,782,000)	5,213,000	4,425,000	(2,541,000)	10,742,000	(17,014,000)	7,970,000	1,528,000	4,819,306	3,313,786	3,226,430
Net income (loss) attributable to common stockholders (basic and diluted)	(4,494,000)	4,154,000	3,789,000	(3,022,000)	10,700,000	(17,014,000)	7,970,000	1,526,000	4,819,306	426,490	3,181,603
Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$ (4,494,000)	$ 4,154,000	$ 3,789,000	$ (3,022,000)	$ 10,700,000	$ (17,014,000)	$ 7,970,000	$ 1,526,000	$ 4,819,306	$ 426,490	$ 3,181,603
Weighted average number of shares of common stock outstanding:	14,718,750	14,640,065	11,150,788	8,816,658	7,389,250	7,360,350	7,389,250	2,293,250	1,656,250	12,358,587	6,132,702
Basic and diluted income (loss) per share	$ (0.31)	$ 0.28	$ 0.34	$ (0.34)	$ 1.45	$ (2.31)	$ 1.08	$ 0.67	$ 2.91	$ 0.03	$ 0.52

Schedule IV - Mortgage Loans 84

Schedule IV - Mortgage Loans on Real Estate (Details)	12 Months Ended
	Dec. 31, 2014USD ($)Number
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 53,435,272
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 54,678,382
First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate Asset Type	Residential whole loan at fair value
Mortgage Loans on Real Estate Loan Description	Loan Balance $0-$999,999
Mortgage Loans on Real Estate, Number of Loans | Number	69
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	3.625%
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	5.00%
Mortgage Loan On Real Estate Final Maturity Start Date	Mar. 1, 2040
Mortgage Loan On Real Estate Final Maturity End Date	Dec. 1, 2044
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 43,319,003
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 44,337,239
Second Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate Asset Type	Residential whole loan at fair value
Mortgage Loans on Real Estate Loan Description	Loan Balance $1,000,000-$1,999,999
Mortgage Loans on Real Estate, Number of Loans | Number	6
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	3.75%
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	4.50%
Mortgage Loan On Real Estate Final Maturity Start Date	May 1, 2043
Mortgage Loan On Real Estate Final Maturity End Date	Nov. 1, 2044
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 7,260,535
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 7,391,718
Third Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate Asset Type	Residential whole loan at fair value
Mortgage Loans on Real Estate Loan Description	Loan Balance $0-$999,999
Mortgage Loans on Real Estate, Number of Loans | Number	2
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	3.50%
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	3.875%
Mortgage Loan On Real Estate Final Maturity Start Date	Dec. 1, 2043
Mortgage Loan On Real Estate Final Maturity End Date	Aug. 1, 2044
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 1,378,874
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 1,412,567
Fourth Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate Asset Type	Residential whole loan at fair value
Mortgage Loans on Real Estate Loan Description	Loan Balance $1,000,000-$1,999,999
Mortgage Loans on Real Estate, Number of Loans | Number	1
Mortgage Loans on Real Estate, Interest Rate	4.25%
Mortgage Loans on Real Estate, Final Maturity Date	Dec. 1, 2043
Mortgage Loans on Real Estate, Periodic Payment Terms	P&I
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 1,476,860
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 1,536,858

Schedule IV - Mortgage Loans 85

Schedule IV - Mortgage Loans on Real Estate (Details 1)	12 Months Ended
	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Beginning Balance	$ 0
Additions during period
Mortgage loans purchased	440,715,591
Other	2,600,559
Deductions during period
Mortgage loans sold	(378,850,187)
Amortization	(11,029,345)
Other	(1,346)
Ending Balance	$ 53,435,272