Lument Finance Trust (LFT) 10-Q/A 13 Nov 18 2016 Q3 Quarterly report (amended) Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 09, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	true
Amendment Description	As used in this Amendment No. 1 on Form 10-Q/A for the quarter ended September 30, 2016 (the "Form 10-Q/A"), the terms "Company", "our" or "we" refer to Hunt Companies Finance Trust, Inc. (formerly known as Five Oaks Investment Corp.), a Maryland Corporation. This Form 10-Q/A amends the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, as originally filed with the Securities and Exchange Commission ("SEC") on November 9, 2016 (the "Original Filing"). This Form 10-Q/A is being filed to restate our unaudited condensed consolidated financial statements for the quarter ended September 30, 2016 and to make related revisions to certain other disclosures in the Original Filing. As previously disclosed in our Current Report on Form 8-K filed November 6, 2018, the restatement of our financial statements in this Form 10-Q/A reflects the correction of certain identified errors relating to incorrectly reported unrealized losses on Residential Mortgage Back Securities ("RMBS") Interest Only Certificates ("RMBS IOs") upon our deconsolidation of the JPMMT 2014-OAK4 Trust and an incorrectly reported release of credit reserves relating to certain RMBS upon their sale in 2016. The unrealized losses on the RMBS IOs were incorrectly reported through other comprehensive income (loss) instead of through unrealized gain (loss) on fair value option securities for the year to date period ended September 30, 2016. The release of credit reserves was incorrectly reported through other comprehensive income (loss) instead of through our condensed consolidated statement of operations for the quarter and year to date periods ended September 30, 2016. While having no impact on total stockholders' equity, as a result of these errors, accumulated other comprehensive income (loss) and accumulated earnings (deficit) were incorrectly stated by equal and offsetting amounts in our condensed consolidated balance sheet as of September 30, 2016. Further explanation regarding the restatement is set forth in Note 20 to the unaudited condensed consolidated financial statements included in this Form 10-Q/A. The following sections in the Original Filing are revised in this Form 10-Q/A to reflect the restatement: Part I – Item 1 – Financial Statements (Unaudited) Part I – Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations Part I – Item 4 – Controls and Procedures Part II – Item 6 – Exhibits. Our principal executive officer and principal financial officer have also provided new certifications as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002. The certifications are included in this Form 10-Q/A as Exhibits 31.1, 31.2, 32.1 and 32.2. For the convenience of the reader, this Form 10-Q/A sets forth the information in the Original Filing in its entirety, as such information is modified and superseded where necessary to reflect the restatement and other revisions. Except as provided above, this Amendment No. 1 does not reflect events occurring after the filing of the Original Filing and does not amend or otherwise update any information in the Original Filing. Accordingly, this Form 10-Q/A should be read in conjunction with our filings with the SEC subsequent to the date on which we filed the Original Filing with the SEC.
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Registrant Name	Hunt Companies Finance Trust, Inc.
Entity Central Index Key	1,547,546
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	HCFT
Entity Common Stock, Shares Outstanding		14,602,394
Entity Emerging Growth Company	false
Entity Small Business	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)		Sep. 30, 2016	Dec. 31, 2015
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $822,403,355 and $571,086,035 for September 30, 2016 and December 31, 2015, respectively)	[1]	$ 817,394,805	$ 571,466,581
Mortgage loans held-for-sale, at fair value (includes pledged loans of $8,754,039 and $10,900,402 for September 30, 2016 and December 31, 2015, respectively)	[1]	9,274,002	10,900,402
Multi-family loans held in securitization trusts, at fair value	[1]	1,267,101,902	1,449,774,383
Residential loans held in securitization trusts, at fair value	[1]	153,356,678	411,881,097
Mortgage servicing rights, at fair value	[1]	3,025,433	4,268,673
Cash and cash equivalents	[1]	28,590,557	26,140,718
Restricted cash	[1]	14,083,241	8,174,638
Accrued interest receivable	[1]	7,650,823	8,650,986
Dividends receivable	[1]	123	26,022
Investment related receivable	[1]	4,131,073	1,591,343
Derivative assets, at fair value	[1]	0	2,558,350
FHLB stock	[1]	11,300	2,403,000
Other assets	[1]	954,507	530,468
Total assets	[1]	2,305,574,444	2,498,366,661
Repurchase agreements:
Available-for-sale securities	[1]	739,500,000	509,231,000
Mortgage loans held-for-sale	[1]	7,125,821	9,504,457
FHLB Advances	[1]	0	49,697,000
Multi-family securitized debt obligations	[1]	1,249,163,769	1,364,077,012
Residential securitized debt obligations	[1]	147,407,885	380,638,423
Derivative liabilities, at fair value	[1]	4,613,988	0
Accrued interest payable	[1]	5,363,603	6,574,699
Dividends payable	[1]	29,349	39,132
Deferred income	[1]	6,905	0
Fees and expenses payable to Manager	[1]	691,187	842,903
Other accounts payable and accrued expenses	[1]	2,062,910	267,507
Total liabilities	[1]	2,155,965,417	2,320,872,133
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 issued and outstanding at June 30, 2016	[1]	37,156,972	37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,602,394 and 14,656,394 shares issued and outstanding, at September 30, 2016 and December 31, 2015, respectively	[1]	145,979	146,409
Additional paid-in capital	[1]	188,783,581	189,037,702
Accumulated other comprehensive income (loss)	[1]	5,387,551	(395,771)
Cumulative distributions to stockholders	[1]	(66,320,787)	(55,803,240)
Accumulated earnings (deficit)	[1]	(15,544,269)	7,352,456
Total stockholders' equity	[1]	149,609,027	177,494,528
Total liabilities and stockholders' equity	[1]	$ 2,305,574,444	$ 2,498,366,661
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Available-for-sale Securities Pledged as Collateral (in dollars)	$ 822,403,355	$ 571,086,035
Loans Pledged as Collateral	$ 8,754,039	$ 10,900,402
Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Dividend Rate, Percentage	8.75%	8.75%
Preferred Stock, Liquidation Preference, Value (in dollars)	$ 25	$ 25
Preferred Stock, Shares Issued	1,610,000	1,610,000
Preferred Stock, Shares Outstanding	1,610,000	1,610,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	14,602,394	14,656,394
Common stock, shares outstanding	14,602,394	14,656,394
Variable Interest Entity, Consolidated, Carrying Amount, Assets (in dollars)	$ 1,425,612,641	$ 1,868,482,556
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities (in dollars)	$ 1,401,605,297	$ 1,750,916,265

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest income:
Available-for-sale securities	$ 6,549,869	$ 5,460,965	$ 16,780,701	$ 19,020,504
Mortgage loans held-for-sale	121,892	499,335	411,199	1,790,362
Multi-family loans held in securitization trusts	14,466,946	16,794,338	44,597,652	51,679,542
Residential loans held in securitization trusts	1,582,090	4,641,887	9,143,343	15,573,046
Cash and cash equivalents	11,754	4,809	26,409	13,386
Interest expense:
Repurchase agreements - available-for-sale securities	(1,572,062)	(1,490,698)	(4,400,290)	(4,992,998)
Repurchase agreements - mortgage loans held-for-sale	(57,449)	(300,297)	(227,733)	(1,129,284)
Multi-family securitized debt obligations	(13,740,005)	(15,372,832)	(41,667,457)	(47,286,613)
Residential securitized debt obligations	(1,210,186)	(3,137,247)	(6,978,474)	(9,894,956)
Net interest income	6,152,849	7,100,260	17,685,350	24,772,989
Other-than-temporary impairments
(Increase) decrease in credit reserves	(19,790)	(350,924)	(187,008)	(1,761,208)
Additional other-than-temporary credit impairment losses	(183,790)	0	(183,790)	(2,890,939)
Total impairment losses recognized in earnings	(203,580)	(350,924)	(370,798)	(4,652,147)
Other income:
Realized gain (loss) on sale of investments, net	(749,604)	1,464,308	(3,361,609)	1,834,151
Change in unrealized gain (loss) on fair value option securities	(958,995)	(393,685)	(7,293,268)	(625,958)
Realized gain (loss) on derivative contracts, net	(820,974)	(8,262,423)	(3,167,877)	(12,310,301)
Change in unrealized gain (loss) on derivative contracts, net	3,340,600	1,631,907	(7,172,338)	782,901
Realized gain (loss) on mortgage loans held-for-sale	60,427	(13,666)	129,175	1,017,625
Change in unrealized gain (loss) on mortgage loans held-for-sale	(138,785)	539,456	(2,885)	496,297
Change in unrealized gain (loss) on mortgage servicing rights	(204,505)	(488,247)	(1,243,240)	(756,558)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	930,312	1,804,190	(5,604,839)	5,644,774
Change in unrealized gain (loss) on residential loans held in securitization trusts	(764,599)	(1,323,697)	80,511	(7,655,902)
Other interest expense	(1,860,000)	0	(1,860,000)	0
Servicing income	258,458	64,962	726,011	121,500
Other income	3	33,374	26,811	59,985
Total other income (loss)	(907,662)	(4,943,521)	(28,743,548)	(11,391,486)
Expenses:
Management fee	623,525	703,167	1,873,486	2,119,571
General and administrative expenses	1,171,421	1,419,268	4,483,064	4,820,505
Operating expenses reimbursable to Manager	1,184,391	1,338,272	3,573,445	3,444,914
Other operating expenses	161,036	(20,377)	1,393,303	1,185,164
Compensation expense	50,544	64,207	144,431	187,202
Total expenses	3,190,917	3,504,537	11,467,729	11,757,356
Net income (loss)	1,850,690	(1,698,722)	(22,896,725)	(3,028,000)
Dividends to preferred stockholders	(880,509)	(880,509)	(2,631,744)	(2,631,744)
Net income (loss) attributable to common stockholders	970,181	(2,579,231)	(25,528,469)	(5,659,744)
Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$ 970,181	$ (2,579,231)	$ (25,528,469)	$ (5,659,744)
Weighted average number (loss) of shares of common stock outstanding	14,600,193	14,724,750	14,601,306	14,721,635
Basic and diluted income per share	$ 0.07	$ (0.18)	$ (1.75)	$ (0.38)
Dividends declared per share of common stock	$ 0.18	$ 0.30	$ 0.54	$ 1.05

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net income (loss)	$ 1,850,690	$ (1,698,722)	$ (22,896,725)	$ (3,028,000)
Other comprehensive income (loss):
Increase (decrease) in net unrealized gain on available-for-sale securities, net	(979,421)	(1,827,941)	12,119,724	(8,306,431)
Reclassification adjustment for net gain (loss) included in net income (loss)	23,914	2,045,480	(6,523,410)	3,461,294
Reclassification adjustment for other-than-temporary impairments included in net income (loss)	19,790	350,924	187,008	1,761,208
Reclassification cumulative adjustment for Linked Transactions	0	0	0	4,457,544
Total other comprehensive income (loss)	(935,717)	568,463	5,783,322	1,373,615
Less: Dividends to preferred stockholders	(880,509)	(880,509)	(2,631,744)	(2,631,744)
Comprehensive income (loss) attributable to common stockholders	$ 34,464	$ (2,010,768)	$ (19,745,147)	$ (4,286,129)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - 9 months ended Sep. 30, 2016 - USD ($)	Total		Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Cumulative Distributions to Stockholders [Member]	Accumulated Earnings (Deficit) [Member]
Balance at Dec. 31, 2015	$ 177,494,528	[1]	$ 37,156,972	$ 146,409	$ 189,037,702	$ (395,771)	$ (55,803,240)	$ 7,352,456
Balance (in shares) at Dec. 31, 2015			1,610,000	14,656,394
Issuance of common stock, net	0		$ 0	$ 155	(155)	0	0	0
Issuance of common stock, net (in shares)			0	15,500
Cost of issuing common stock	0		$ 0	$ 0	0	0	0	0
Cost of issuing common stock (in shares)			0	0
Issuance of preferred stock, net	0		$ 0	$ 0	0	0	0	0
Issuance of preferred stock, net (in shares)			0	0
Redemption of preferred stock, net	0		$ 0	$ 0	0	0	0	0
Redemption of preferred stock, net (in shares)			0	0
Purchase of treasury stock, net	(283,565)		$ 0	$ (585)	(282,980)	0	0	0
Purchase of treasury stock, net (in shares)			0	(58,500)
Restricted stock compensation expense	29,014		$ 0	$ 0	29,014	0	0	0
Restricted stock compensation expense (in shares)			0	(11,000)
Net income (loss)	(22,896,725)		$ 0	$ 0	0	0	0	(22,896,725)
Increase (decrease) in net unrealized gain on available-for-sale securities, net	12,119,724		0	0	0	12,119,724	0	0
Reclassification adjustment for net gain (loss) included in net income (loss)	(6,523,410)		0	0	0	(6,523,410)	0	0
Reclassification cumulative adjustments for Linked Transactions	0		0	0	0	0	0	0
Reclassification adjustment for other-than-temporary impairments included in net income (loss)	187,008		0	0	0	187,008	0
Common dividends declared	(7,885,803)		0	0	0	0	(7,885,803)	0
Preferred dividends declared	(2,631,744)		0	0	0	0	(2,631,744)	0
Balance at Sep. 30, 2016	$ 149,609,027	[1]	$ 37,156,972	$ 145,979	$ 188,783,581	$ 5,387,551	$ (66,320,787)	$ (15,544,269)
Balance (in shares) at Sep. 30, 2016			1,610,000	14,602,394
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2016		Sep. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ (22,896,725)		$ (3,028,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges	370,798		4,652,147
Amortization/accretion of available-for-sale securities premiums and discounts, net	(5,257,442)		(11,111,926)
Realized (gain) loss on sale of investments, net	3,361,609		(1,834,151)
Realized (gain) loss on derivative contracts	3,167,877		12,310,301
Realized (gain) loss on mortgage loans held-for-sale	(129,175)		(1,017,625)
Unrealized (gain) loss on fair vlaue option securities	7,293,268		625,958
Unrealized (gain) loss on derivative contracts	7,172,338		(782,901)
Unrealized (gain) loss on mortgage loans held-for-sale	2,885		(496,297)
Unrealized (gain) loss on mortgage servicing rights	1,243,240		756,558
Unrealized (gain) loss on multi-family loans held in securitization trusts	5,604,839		(5,644,774)
Unrealized (gain) loss on residential loans held in securitization trusts	(80,511)		7,655,902
Restricted stock compensation expense	29,014		50,535
Net change in:
Accrued interest receivable	(672,852)		1,438,767
Dividends receivable	25,899		(26,022)
Other assets	(424,039)		(290,062)
Accrued interest payable	(43,909)		(608,536)
Deferred income	6,905		0
Fees and expenses payable to Manager	(151,716)		(142,000)
Other accounts payable and accrued expenses	1,795,403		333,445
Net cash provided by operating activities	417,706		2,841,319
Cash flows from investing activities:
Purchase of available-for-sale securities	(454,443,440)		(109,386,478)
Purchase of mortgage loans held-for-sale	(14,772,535)		(297,706,381)
Purchase of mortgage servicing rights	0		(2,671,876)
Purchase of FHLB stock	0		(2,403,000)
Proceeds from sales of available-for-sale securities	230,557,084		245,214,358
Proceeds from mortgage loans held-for-sale	16,289,603		291,898,820
Proceeds from FHLBI stock	2,391,700		0
Net proceeds from (payments for) derivative contracts	(3,167,877)		(12,299,683)
Principal payments from available-for-sale securities	66,007,840		53,998,105
Principal payments from mortgage loans held-for-sale	235,622		0
Deferred securitization costs	0		(189,244)
Investment related receivable	(2,539,730)		71,006,526
Restricted cash	(5,908,603)		(144,112)
Net cash used in investing activities	(165,350,336)		237,317,035
Cash flows from financing activities:
Net proceeds from issuance of common stock	0		(344,889)
Deferred offering costs	0		(76,766)
Purchase of treasury stock	(283,565)		0
Dividends paid on common stock	(7,885,803)		(15,457,238)
Dividends paid on preferred stock	(2,641,527)		(2,641,527)
Proceeds from repurchase agreements - available-for-sale securities	5,603,428,000		4,432,684,999
Proceeds from repurchase agreements - mortgage loans held-for-sale	16,405,081		57,432,865
Proceeds from FHLBI advances	0		104,800,000
Payments for FHLBI advances	(49,697,000)		(53,400,000)
Principal repayments of repurchase agreements - available-for-sale securities	(5,373,159,000)		(4,713,249,999)
Principal repayments of repurchase agreements - mortgage loans held-for-sale	(18,783,717)		(54,697,754)
Net cash provided by financing activities	167,382,469		(244,950,309)
Net increase (decrease) in cash and cash equivalents	2,449,839		(4,791,955)
Cash and cash equivalents, beginning of period	26,140,718	[1]	32,274,285
Cash and cash equivalents, end of period	28,590,557	[1]	27,482,330
Supplemental disclosure of cash flow information
Cash paid for interest	4,671,932		6,730,818
Non-cash investing and financing activities information
Restricted stock compensation expense	29,014		50,585
Dividends declared but not paid at end of period	29,349	[1]	29,349
Net change in unrealized gain (loss) on available-for-sale securities	5,783,321		3,638,597
Consolidation of multi-family loans held in securitization trusts	1,271,754,540		1,563,385,916
Consolidation of residential loans held in securitization trusts	153,858,101		445,230,977
Consolidation of multi-family securitized debt obligations	1,253,797,808		1,477,807,591
Consolidation of residential securitized debt obligations	147,807,489		393,218,978
MBS securities recorded upon adoption of revised accounting standard for repurchase agreement financing	0		210,238,653
Repurchase agreements recorded upon adoption of revised accounting standard for repurchase agreement financing	$ 0		$ 149,293,000
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

ORGANIZATION AND BUSINESS OPERA

ORGANIZATION AND BUSINESS OPERATIONS	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS Five Oaks Investment Corp. (the “Company”) is a Maryland corporation focused primarily on investing in, financing and managing residential mortgage-backed securities (“RMBS”), multi-family mortgage backed securities (“Multi-Family MBS”, and together with RMBS, “MBS”), residential mortgage loans, mortgage servicing rights and other mortgage-related investments. The Company is externally managed by Oak Circle Capital Partners LLC (the “Manager”), an asset management firm incorporated in Delaware. The Company’s common stock is listed on the NYSE under the symbol “OAKS.” The Company was incorporated on March 28, 2012 and commenced operations on May 16, 2012. The Company began trading as a publicly traded company on March 22, 2013. The Company has elected to be taxed as a real estate investment trust (“REIT”) and to comply with Sections 856 through 859 of the Internal Revenue Code of 1986, as amended, the ("Code"). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company invests in Agency RMBS, which are RMBS for which the principal and interest payments are guaranteed by a U.S. Government agency such as the Government National Mortgage Association or a U.S. Government-sponsored entity such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation. The Company also invests in Non-Agency RMBS, which are RMBS that are not guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity. Additionally, the Company invests in Multi-Family MBS, which are MBS for which the principal and interest may be sponsored by a U.S. Government agency such as the Government National Mortgage Association or a U.S. Government-sponsored entity such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or may not be sponsored by a U.S. Government agency or a U.S. Government-sponsored entity. The Company also invests in residential mortgage loans, mortgage servicing rights, and may also invest in other mortgage-related investments. On June 10, 2013, the Company established Five Oaks Acquisition Corp. (“FOAC”) as a wholly owned taxable REIT subsidiary (“TRS”), for the acquisition and disposition of residential mortgage loans. The Company consolidates this subsidiary under generally accepted accounting principles in the United States of America (“GAAP”). On April 30, 2014, the Company established Five Oaks Insurance LLC (“FOI”) as a wholly owned subsidiary. The Company consolidates this subsidiary under 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”). The Company determined that each of the trusts was a variable interest entity (“VIE”) and that in each case the Company remains the primary beneficiary, and accordingly consolidated the assets and liabilities of the trusts into the Company’s financial statements in accordance with GAAP. On April 21, 2016, and April 26, 2016, respectively, the Company completed two re-securitization transactions (the “Re-REMIC transactions”). The Company consolidates the assets and liabilities of the newly established trusts, in each case based upon the Company’s purchase of first-loss securities of the Re-REMIC transactions. Accordingly, the Company has determined that it remains the primary beneficiary of the underlying trusts and continues to consolidate the assets and liabilities of each underlying 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”). During the second quarter of 2016, the Company sold the first loss and subordinated tranches issued by the JPMMT 2014-OAK4 Trust, and as a result, having determined that it is no longer the primary beneficiary of the trust, no longer consolidates the assets and liabilities of that trust. The Company determined that CSMC 2014-OAK1 Trust was a variable interest entity (“VIE”) and that the Company continues to be the primary beneficiary, and accordingly consolidated the assets and liabilities of the trust into the Company’s financial statements in accordance with GAAP. On March 23, 2015, the Company established Oaks Funding LLC as a wholly owned subsidiary of FOAC, to fulfill certain functions as depositor in respect of residential mortgage loan securitization transactions. The Company consolidates this subsidiary under GAAP. On April 20, 2016, the Company established Oaks Funding II LLC as a wholly owned subsidiary of FOAC, to fulfill certain functions as depositor in respect of certain Re-REMIC transactions. The Company consolidates this subsidiary under GAAP. On April 20, 2016, the Company established Oaks Holding I LLC as a wholly owned subsidiary to hold certain investment securities. The Company consolidates this subsidiary under GAAP.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated balance sheet as of December 31, 2015 has been derived from audited financial statements. The condensed consolidated balance sheet as of September 30, 2016, the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income (loss), for the three and nine months ended September 30, 2016 and for the three and nine months ended September 30, 2015, the condensed consolidated statement of stockholders’ equity for the nine months ended September 30, 2016 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2016, and the nine months ended September 30, 2015, are unaudited. The unaudited condensed consolidated financial statements and related notes have been prepared in accordance with GAAP for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the financial statements prepared under GAAP have been condensed or omitted. In the opinion of management, all adjustments are considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the Securities and Exchange Commission (“SEC”) on March 23, 2016. Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation. Principles of Consolidation The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity where the Company is the primary beneficiary. All significant intercompany transactions have been eliminated on consolidation. VIEs An entity is referred to as a VIE if it lacks one or more of the following characteristics: (1) sufficient equity at risk to finance its activities without additional subordinated financial support provided by any parties, including the equity holders; (2) as a group the holders of the equity investment at risk have (a) the power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impacts the entity's economic performance, (b) the obligation to absorb the expected losses of the legal entity and (c) the right to receive the expected residual returns of the legal entity; and (3) the voting rights of these investors are proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected returns of their equity, or both, and whether substantially all of the entity's activities involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. An investment that lacks one or more of the above three characteristics is considered to be a VIE. The Company reassesses its initial evaluation of an entity as a VIE based upon changes in the facts and circumstances pertaining to the VIE. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses of, 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 September 30, 2016, the Company determined that it continues to be the primary beneficiary of two Multi-Family MBS transactions (FREMF 2011-K13 and FREMF 2012-KF01), and one residential mortgage loan transaction (CSMC 2014-OAK1), in each case based on its power to direct the trust’s activities and its obligations to absorb losses derived from the ownership of the first-loss tranches. In the case of the FREMF 2011-K13 and the FREMF 2012-KF01 trusts, the Company determined that it is the primary beneficiary of certain intermediate trusts that have the power to direct the activities and the obligations to absorb losses of the underlying trusts. Accordingly, the Company consolidated the assets, liabilities, income and expenses of each of the underlying trusts, and has elected the fair value option in respect of the assets and liabilities of each trust. At September 30, 2016 and December 31, 2015, with the exception of the listed transactions, the maximum exposure of the Company to VIEs was limited to the fair value of its investment in Non-Agency RMBS and Multi-Family MBS as disclosed in Note 4 (Non-Agency RMBS $22,704,056 and $92,107,727, respectively, and Multi-Family MBS $92,691,756 and $104,025,797, respectively). GAAP also requires us to consider whether securitizations we sponsor and other transfers of financial assets should be treated as sales or financings. During the year ended December 31, 2015, the Company transferred residential mortgage loans with an aggregate unpaid principal balance of $518,455,163 to Oaks Mortgage Trust Series 2015-1 and Oaks Mortgage Trust 2015-2, and accounted for these transfers as sales for financial reporting purposes, in accordance with Accounting Standards Codification (“ASC”) 860. The Company also determined that it was not the primary beneficiary of these VIEs because it lacked the power to direct the activities that will have the most significant economic impact on the entities. The Company’s analysis incorporates the considerations applicable to Consolidation (Topic 810). The Company’s determination involves complex and subjective analysis resulting from the various legal and structural aspects of each transaction. This analysis has focused in particular on ASC 810-10-25-38C and 25-38D, along with ASC 810-10-25-38G and ASC 810-10-15-13A and 15-13B. The Company’s maximum exposure to loss from these VIEs was limited to the fair value of its investments in Non-Agency RMBS issued by the two VIEs, with an aggregate fair value of $5,258,859 at September 30, 2016 (December 31, 2015: $30,383,343). This amount is included in Available-for-sale (“AFS”) securities on the Company’s condensed consolidated balance sheet. The Company is party to customary and standard repurchase obligations in respect of loans that it has sold to the two VIEs to the extent they have breached standard representations and warranties, but is not a party to arrangements to provide financial support to the VIEs that the Company believes could expose it to additional loss. Use of Estimates The financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g. valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material. Cash and Cash Equivalents Cash and cash equivalents include cash held in bank accounts on an overnight basis and other short term deposit accounts with banks having original maturities of 90 days or less. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts. Restricted Cash Restricted cash represents the Company’s cash held by counterparties as collateral against the Company’s securities, derivatives and/or repurchase agreements. Cash held by counterparties as collateral is not available to the Company for general corporate purposes, but may be applied against amounts due to securities, derivatives or repurchase counterparties or returned to the Company when the collateral requirements are exceeded or, at the maturity of the derivative or repurchase agreement. Deferred Income Certain service revenues received in the period are recorded as a liability in the Company’s condensed consolidated balance sheets in the line item “Deferred income”, for subsequent recognition as income in the Company’s condensed consolidated statements of operations. Deferred Offering Costs In accordance with 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 are recorded as an asset in the accompanying condensed consolidated balance sheets in the line item “Deferred offering costs”, for subsequent deduction from the related proceeds upon closing of the offering. To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in “Other accounts payable and accrued expenses” on the accompanying condensed consolidated balance sheets. Deferred Securitization Costs Certain direct costs associated with the acquisition of residential mortgage loans are payable by the Company in advance of the subsequent securitization of these loans. To the extent that such costs, if any, are expected to be recovered at the time of a forthcoming securitization, payments made by the Company in respect of such costs if any are recorded as an asset in the Company’s condensed consolidated balance sheets in the line item “Deferred securitization costs”, for subsequent deduction from the securitization proceeds upon the closing of that securitization. Available-for-Sale Securities, at Fair Value Revenue Recognition, Premium Amortization, and Discount Accretion Interest income on the Company’s AFS securities portfolio, with the exception of Non-Agency RMBS IOs (as further described below), 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 is recorded in the “Interest Income” line item on the condensed consolidated statements 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 and ASC 310-30 (generally Non-Agency RMBS and Multi-Family MBS). In estimating these cash flows, there are a number of assumptions that are 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 applies 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 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 investment’s yield over its remaining life. Decreases in cash flows expected to be collected are recognized as impairment to the extent that such decreases are due, at least in part, to an increase in credit loss expectations (“credit impairment”). To the extent that decreases in cash flows expected to be collected are the result of factors other than credit impairment, for example a change in rate of prepayments, such changes are generally recognized prospectively through adjustment of the investment’s yield over its remaining life. The Company’s accrual of interest, discount and premium for U.S. federal and other tax purposes is likely to differ from the financial accounting treatment of these items as described above. Gains and losses from the sale of AFS securities are recorded as realized gains (losses) within realized gain (loss) on sale of investments, net in the Company's condensed consolidated statements of operations. Upon the sale of a security, the Company will determine the cost of the security and the amount of unrealized gains or losses to reclassify out of accumulated other comprehensive income (loss) into earnings based on the specific identification method. Unrealized gains and losses on the Company’s AFS securities are recorded as unrealized gain (loss) on available-for-sale securities, net in the Company's condensed consolidated statements of comprehensive income (loss). Impairment The Company evaluates its MBS, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company's amortized cost basis is an other-than-temporary impairment (“OTTI”). The presence of OTTI is based upon a fair value decline below a security's amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value or (iii) does not expect to recover the security's amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, an OTTI should be recognized to the extent that a decrease in future cash flows expected to be collected is due, at least in part, to an increase in credit impairment. A decrease in future cash flows due to factors other than credit, for example a change in the rate of prepayments, is considered a non-credit impairment. The full amount of the difference between the security’s previous and new cost basis resulting from credit impairment is recognized currently in earnings, and the difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in accordance with the effective interest method. Decreases in cash flows expected to be collected resulting from non-credit impairment are generally recognized prospectively through adjustment of the investment’s yield over its remaining life. Mortgage Loans Held-for-Sale, at Fair Value Mortgage loans held-for-sale are reported at fair value as a result of a fair value option election. See Note 3 - Fair Value Measurements for details on fair value measurement. Mortgage loans are currently classified as held-for-sale based upon the Company’s intent to sell them either in the secondary whole loan market or to include them in a securitization, including transfers to a securitization entity that the Company sponsors and expects them to be accounted for as sales for financial reporting purposes. Interest income on mortgage loans held-for-sale is recognized at the loan coupon rate. Interest income recognition is suspended when mortgage loans are placed on non-accrual status. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is considered non-collectible, and in all cases when payment becomes greater than 90 days past due. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. Multi-Family and Residential Mortgage Loans Held in Securitization Trusts Multi-family and residential mortgage loans held in consolidated 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, as of September 30, 2016. 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 three 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. As the result of the Company’s determination that it is not the primary beneficiary of Oaks Mortgage Trust Series 2015-1 and Oaks Mortgage Trust Series 2015-2, it does not consolidate these trusts. Interest income on multi-family and residential mortgage loans held in securitization trusts is recognized at the loan coupon rate. Interest income recognition is suspended when mortgage loans are placed on non-accrual status. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is considered non-collectible, and in all cases when payment becomes greater than 90 days past due. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. Mortgage Servicing Rights and Excess Servicing Rights, at Fair Value Mortgage servicing rights (“MSRs”) are associated with residential mortgage loans that the Company has purchased and subsequently sold or securitized. MSRs are held and managed at the Company’s 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 directly service any residential mortgage loans. MSR income is recognized at the contractually agreed rate, net of the costs of sub-servicers retained by the Company. If a sub-servicer with which the Company contracts were to default, an evaluation of MSR assets for impairment would be undertaken at that time. To the extent that the Company determines it is the primary beneficiary of a residential mortgage loan securitization trust into which it has sold loans, any associated MSRs are eliminated on the consolidation of the trust. The trust is contractually obligated to pay a portion of the interest payments from the associated residential mortgage loans for the direct servicing of the loans, and after deduction of sub-servicing fees payable to contracted sub-servicers, the net amount, excess servicing rights, represents a liability of the trust. See Note 3 - Fair Value Measurement below for additional detail. Non-Agency RMBS IOs, at Fair Value Non-Agency RMBS IOs that the Company owns are associated with residential mortgage loan securitizations that the Company sponsors, and 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. Interest income on IOs is recognized at the contractually agreed rate, and changes in fair value are recognized in the Company’s condensed consolidated statement of operations. 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 that were treated as Linked Transactions (see Note 3 - Accounting for Derivative Financial Instruments - Non-Hedging Activity/Linked Transactions below), as collateralized financing transactions and they are carried at their contractual amounts, as specified in the respective agreements. The contractual amounts approximate fair value due to their short-term nature. Residential Loan Warehouse Facilities The Company finances the acquisition of certain of its residential mortgage loans through the use of short-term, uncommitted residential loan warehouse facilities, which are currently structured as repurchase agreements. The Company accounts for outstandings under these facilities as collateralized financing transactions which are carried at its contractual amount, and approximate fair value due to their short-term nature. Secured Loans In February 2015, the Company’s wholly owned subsidiary, FOI, became a member of the Federal Home Loan Bank of Indianapolis (“FHLBI”). As a member of FHLBI, FOI borrowed funds from FHLBI in the form of secured advances (“FHLB advances”). FHLB advances are treated as secured financing transactions and are carried at their contractual amounts. In connection with FHLB advances, FOI was required to purchase FHLBI stock, which is recorded on the Company’s condensed consolidated balance sheet as an asset. See Note 10 for a further discussion of the Company’s FHLB advances and Note 3 for a description of the Company’s FHLB stock balance. 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 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. Common Stock At September 30, 2016, and December 31, 2015, the Company was authorized to issue up to 450,000,000 shares of common stock, par value $0.01 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s Board of Directors. The Company had 14,602,394 shares of common stock issued and outstanding at September 30, 2016 and 14,656,394 at December 31, 2015. Stock Repurchase Program On December 15, 2015, the Company’s Board of Directors authorized a stock repurchase program (“Repurchase Program”), to repurchase up to $10 million of the Company’s outstanding common stock. Subject to applicable securities laws, repurchase of common stock under the Repurchase Program may be made at times and in amounts as the Company deems appropriate, using available cash resources. Shares of common stock repurchased by the Company under the Repurchase Program, if any, will be canceled and, until reissued by the Company, will be deemed to be authorized but unissued shares of common stock. The Repurchase Program may be suspended or discontinued by the Company at any time and without prior notice. Through September 30, 2016, the Company had repurchased 126,856 shares of common stock under the Repurchase Program. Preferred Stock At September 30, 2016, and December 31, 2015, the Company was authorized to issue up to 50,000,000 share of preferred stock, par value $0.01 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s Board. The Company had 1,610,000 shares of preferred stock issued and outstanding at both September 30, 2016 and December 31, 2015. 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 stockholders 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 assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes. The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company's accounting policy with respect to interest and penalties is to classify these amounts as other interest expense. As further described in Note 19, the Company has declared and will pay in the fourth quarter a deficiency dividend relating to a recent determination of an inability to offset certain net gains on hedging transactions in 2013 against net capital losses on the sale of certain mortgage-backed securities. In connection with this declaration, the Company has provisioned an amount of $1.86 million for interest charges expected to be paid to the IRS following the payment of the dividend. This amount is included in the Company’s condensed consolidated balance sheets in the line item “Other accounts payable and accrued expenses”, and is included in “Other interest expense” in the Company’s condensed consolidated statements of operations. Certain activities of the Company are conducted through a TRS and therefore are taxed as a standalone U.S. C-Corporation. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If a TRS generates net income, the TRS can declare dividends to the Company which will be included in its taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. Earnings per Share The Company calculates basic and diluted earnings per share by dividing net income attributable to common stockholders for the period by the weighted-average shares of the Company’s common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as warrants, stock options, and unvested restricted stock, but use the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. See Note 16 for details of the computation of basic and diluted earnings per share. Stock-Based Compensation The Company is required to recognize compensation costs relating to stock-based payment transactions in the financial statements. The Company accounts for share-based compensation issued to its Manager and non-management directors using the fair value based methodology prescribed by ASC 718, Share-Based Payment (“ASC 718”). Compensation cost related to restricted common stock issued to the Manager is initially measured at estimated fair value at the grant date, and is remeasured on subsequent dates to the extent the awards are unvested. Additionally, compensation cost related to restricted common stock issued to the non-management directors is measured at its estimated fair value at the grant date and amortized and expensed over the vesting period. See Note 14 for details of stock-based awards issuable under the Manager Equity Plan. Comprehensive Income (Loss) Attributable to Common Stockholders Comprehensive

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2016
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 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, 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, Multi-Family MBS and Non-Agency RMBS. 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, except Non-Agency RMBS IOs, 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. As the result of a fair value election, unrealized gains and losses on Non-Agency RMBS IOs are recorded in the Company’s condensed consolidated statement of operations. Determination of MBS Fair Value The Company determines the fair values for the Agency RMBS, Multi-Family MBS and Non-Agency RMBS in its portfolio based on obtaining a valuation for each Agency RMBS, Multi-Family MBS and Non-Agency RMBS 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, Multi-Family MBS and Non-Agency RMBS. 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 determines 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 follows 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 Multi-Family MBS and Non-Agency RMBS based on the pricing data from the primary third-party pricing service and the Company’s cash flow 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 has 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 costs related to these loans are not deferred or capitalized. Fair value adjustments are reported in unrealized gain (loss) on mortgage loans held-for-sale on the condensed consolidated statements of operations. The fair value option is irrevocable once the loan is acquired. Determination of Mortgage Loan Fair Value The Company determines the fair values of the mortgage loans in its portfolio from third-party pricing services. The third-party pricing services use common market pricing methods which may include pricing models that may incorporate such factors as coupons, prepayment speeds, spread to the Treasury curves and interest rate swap curves, duration, periodic and life caps, as applicable. In addition, the third-party pricing services benchmark their pricing models against observable pricing levels being quoted by a range of market participants active in the purchase and sale of residential mortgage loans. The Company obtains pricing data from a primary third-party pricing service for each mortgage loan. If other available market data indicates that the pricing data from the primary third-party service is materially inaccurate, or pricing data is unavailable from the primary third-party pricing service, the Company undertakes a review of other available prices and takes additional steps to determine fair value. In all cases, the Company validates its understanding of methodology and assumptions underlying the fair value used. The Company determines 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 the 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. 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. Fair values are estimated based on applying inputs to generate the net present value of estimated net servicing income, and as a consequence of the fact that these discounted cash flow models utilize certain significant unobservable inputs and observable MSR purchase and sale transactions are relatively infrequent, the Company classifies MSRs as a Level 3 asset. See Note 12 for a further presentation on MSRs. Multi-Family Mortgage Loans Held in Securitization Trusts and Multi-Family Securitized Debt Obligations Designation Multi-family mortgage loans held in consolidated securitization trusts are comprised of multi-family mortgage loans held in the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust as of September 30, 2016. 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 these trusts. Determination of Fair Value As noted, the Company early adopted ASU 2014-13, and has elected the fair value option in respect of the assets and liabilities of the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust. The trusts are “static”, that is no reinvestment is permitted and there is very limited active management of the underlying assets. Under the ASU, the Company is required to determine whether the fair value of the financial assets or the fair value of the financial liabilities of each of the trusts is more observable, but in either case, the methodology results in the fair value of the assets of each of the trusts being equal to the fair value of their liabilities. The Company has determined that the fair value of the liabilities of each of the trusts is more observable, since in all cases prices for the liabilities are available from the primary third-party pricing service utilized for Multi-Family MBS, while the individual assets of each of the trusts are inherently incapable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Given that the Company’s methodology for valuing the assets of the trusts is an aggregate value derived from the fair value of the trust liabilities, the Company has determined that the valuation of the trust 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 consolidated securitization trusts are comprised of residential mortgage loans held in the CSMC 2014-OAK1 Trust as of September 30, 2016. Based on a number of factors, the Company determined that it was the primary beneficiary of the VIE underlying the trust, met the criteria for consolidation and, accordingly, has consolidated the CSMC 2014-OAK1 Trust including its 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 trust. As the result of the Company’s determination that it is not the primary beneficiary of Oaks Mortgage Trust Series 2015-1 and Oaks Mortgage Trust Series 2015-2, it does not consolidate these 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. The trust is “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 trust is more observable, but in either case, the methodology results in the fair value of the assets of the trust being equal to the fair value of its liabilities. The Company has determined that the fair value of the liabilities of the trust is more observable, since in all cases prices for the liabilities are available from the primary third-party pricing service utilized for Non-Agency RMBS, with the exception of the excess servicing rights, which are available from an alternative third-party pricing service. While the individual assets of the trust, 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 trust is an aggregate value derived from the fair value of the trust’s liabilities, the Company has determined that the valuation of the trust 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 condensed consolidated balance sheet as assets or liabilities. The Company obtains valuation information for each derivative financial instrument from the related derivative counterparty. If other available market data indicates that the valuation information from the counterparty is materially inaccurate, or pricing data is unavailable from the counterparty, the Company shall undertake a review of other available valuation information, including third party pricing services and/or dealers, and shall take additional steps to determine fair value. The Company reviews all valuations of derivative financial instruments used to ensure that current market conditions are properly represented. This review includes, but is not limited to, comparisons of similar market transactions or alternative third-party pricing services, dealer quotes and comparisons to a pricing model. Values obtained from the derivative counterparty, the third-party pricing service or dealers, as appropriate, for similar instruments are classified as Level 2 valuations if the pricing methods used are consistent with the Level 2 definition. If none of these sources is available, the Company determines the fair value based on characteristics of the instrument and based on available market information received from dealers and classifies it as a Level 3 valuation. At the inception of a derivative contract, the Company determines whether or not the instrument will be part of a qualifying hedge accounting relationship. Due to the volatility of the credit markets and difficulty in effectively matching pricing or cash flows, the Company has elected to treat all current derivative contracts as trading instruments. The changes in fair value of derivatives accounted for as trading instruments are reported in the condensed consolidated statement of operations as unrealized gain (loss) on derivative contracts, net. The Company enters into interest rate derivative contracts for a variety of reasons, including minimizing significant fluctuations in earnings or market values on certain assets or liabilities that may be caused by changes in interest rates. The Company may, at times, enter into various forward contracts, including short securities, Agency to-be-announced securities (“TBAs”), options, futures, swaps and caps. Due to the nature of these instruments, they may be in a receivable/asset position or a payable/liability position at the end of an accounting period. Amounts payable to, and receivable from, the same party under contracts may be offset as long as the following conditions are met: (a) each of the two parties owes the other determinable amounts; (b) the reporting party has the right to offset the amount owed with the amount owed by the other party; (c) the reporting party intends to offset; and (d) the right of offset is enforceable by law. If the aforementioned conditions are not met, amounts payable to and receivable from are presented by the Company on a gross basis in the condensed consolidated balance sheet. Non-Hedging Activity – Linked Transactions With effect from January 1, 2015, ASU 2014-11 changed the basis on which the Company accounts for repurchase to maturity transactions and linked repurchase financings to be consistent with the basis on which the Company accounts for secured borrowings. Accordingly, the assets and repurchase agreements which encompass linked transactions that were previously accounted for on a net basis and recorded as a forward purchase (derivative) contract are now bifurcated, and the gross amounts are reported in available-for-sale securities and repurchase agreements respectively. Prior to adoption of ASU 2014-11, it was presumed that the initial transfer of a financial asset (i.e. the purchase of an MBS by the Company) and contemporaneous repurchase financing of such MBS with the same counterparty were considered part of the same arrangement, or a “linked transaction”, unless certain criteria were met. The two components of a linked transaction (MBS purchase and repurchase financing) were accounted for on a net basis and recorded as a forward purchase (derivative) contract (each a Linked Transaction) at fair value on the Company’s condensed consolidated balance sheet in the line item “Linked Transactions, net, at fair value”. See Notes 10 and 11, for additional detail on the impact of the adoption of this ASU, including a description of the cumulative effect adjustment to retained earnings of the adoption of the ASU. See Note 11 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. At September 30, 2016, the Company had redeemed $2,391,700 of its FHLB stock resulting in a remaining balance of $11,300. FOI was required to purchase the FHLB stock under a borrowing agreement with FHLBI. The FHLB stock has been and will be redeemed at face value which represents the carrying value and fair value of the stock.

AVAILABLE-FOR-SALE SECURITIES (

AVAILABLE-FOR-SALE SECURITIES (as restated)	9 Months Ended
	Sep. 30, 2016
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 (as restated) The following table presents the Company’s AFS investment securities by collateral type at fair value as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Mortgage-backed securities: Agency Federal Home Loan Mortgage Corporation $ 319,895,220 $ 148,760,159 Federal National Mortgage Association 382,103,773 182,867,134 Government National Mortgage Association - 43,705,764 Non-Agency 22,704,056 92,107,727 Multi-Family 92,691,756 104,025,797 Total mortgage-backed securities $ 817,394,805 $ 571,466,581 The following tables present the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of September 30, 2016 and December 31, 2015: September 30, 2016 Agency Non-Agency (1) Multi-Family Total Face Value $ 680,547,372 $ 25,691,061 $ 120,112,738 $ 826,351,171 Unamortized premium 16,183,652 - - 16,183,652 Unamortized discount Designated credit reserve and OTTI (2) - (2,628,385 ) - (2,628,385 ) Net, unamortized (1,518,366 ) (4,366,558 ) (27,459,219 ) (33,344,143 ) Amortized Cost 695,212,658 18,696,118 92,653,519 806,562,295 Gross unrealized gain 7,073,188 586,712 1,906,356 9,566,256 Gross unrealized (loss) (286,853 ) (2,956,542 ) (1,868,119 ) (5,111,514 ) Fair Value $ 701,998,993 $ 16,326,288 $ 92,691,756 $ 811,017,037 December 31, 2015 Agency Non-Agency (1) Multi - Family Total Face Value $ 370,394,525 $ 116,954,842 $ 138,829,925 $ 626,179,292 Unamortized premium 5,745,862 80,257 - 5,826,119 Unamortized discount Designated credit reserve and OTTI (2) - (8,891,565 ) - (8,891,565 ) Net, unamortized (1,929,145 ) (22,101,062 ) (33,250,068 ) (57,280,275 ) Amortized Cost 374,211,242 86,042,472 105,579,857 565,833,571 Gross unrealized gain 3,234,673 1,099,957 913,556 5,248,186 Gross unrealized (loss) (2,112,858 ) (1,808,973 ) (2,467,616 ) (6,389,447 ) Fair Value $ 375,333,057 $ 85,333,456 $ 104,025,797 $ 564,692,310 (1) Non-Agency AFS does not include interest-only securities with a notional amount of $572,277,838, book value of $14,712,374, unrealized loss of $8,334,605 and a fair value of $6,377,768 at September 30, 2016 and a notional amount of $428,230,275, book value of $7,815,919, unrealized loss of $1,041,649 and a fair value of $6,774,271 as of December 31, 2015. (2) Discount designated as Credit Reserve and amount related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed reflect Credit Reserve of $2,087,043 and $8,146,073, at September 30, 2016 and December 31, 2015, respectively, and OTTI of $932,500 and $745,493 at September 30, 2016 and December 31, 2015, respectively. At September 30, 2016, the Company did not intend to sell any of its MBS that were in an unrealized loss position, and it is “more likely than not” that the Company will not be required to sell these MBS before recovery of their amortized cost basis, which may be at their maturity. The Company recognized credit-related OTTI losses through earnings of $0.73 million on one Non-Agency RMBS and $4.7 million on six Non-Agency RMBS during the nine months ended September 30, 2016 and September 30, 2015, respectively. Non-Agency RMBS on which OTTI is recognized have experienced, or are expected to experience, credit-related adverse cash flow changes, or credit impairment. The Company’s estimate of cash flows for its Non-Agency RMBS is based on its review of the underlying mortgage loans securing these RMBS. The Company considers information available about the structure of the securitization, including structural credit enhancement, if any, and the past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities, delinquency rates, percentage of non-performing loans, FICO scores at loan origination, year of origination, loan-to-value ratios, geographic concentrations, as well as Rating Agency reports, general market assessments, and dialogue with market participants. Significant judgment is used in both the Company’s analysis of the expected cash flows for its Non-Agency RMBS and any determination of OTTI that is the result, at least in part, of credit impairment. The following tables present the composition of OTTI charges recorded by the Company for the three and nine months ended September 30, 2016 and September 30, 2015: Three Months Ended September 30, 2016 2015 Cumulative credit loss at beginning of period $ (3,803,650 ) $ (4,301,223 ) Additions: Initial (increase) in credit reserves - - Subsequent (increase) in credit reserves (374,124 ) (350,924 ) Initial additional other-than-temporary credit impairment losses - - Subsequent additional other-than-temporary credit impairment losses (183,790 ) - Reductions: For securities sold decrease in credit reserves 354,334 - For securities sold decrease in other-than-temporary impairment - - Cumulative credit (loss) at end of period $ (4,007,230 ) $ (4,652,147 ) Nine Months Ended September 30, 2016 2015 Cumulative credit loss at beginning of period $ (3,636,432 ) $ - Additions: Initial (increase) in credit reserves - (1,761,208 ) Subsequent (increase) in credit reserves (541,342 ) - Initial additional other-than-temporary credit impairment losses - (2,890,939 ) Subsequent additional other-than-temporary credit impairment losses (183,790 ) - Reductions: For securities sold decrease in credit reserves 354,334 - For securities sold decrease in other-than-temporary impairment - - Cumulative credit (loss) at end of period $ (4,007,230 ) $ (4,652,147 ) Unrealized losses on the Company’s Non-Agency RMBS were $3.0 million at September 30, 2016. Based upon the most recent evaluation, the Company does not consider these unrealized losses to be indicative of OTTI and does not believe that these unrealized losses to be credit related, but are rather due to non-credit factors, including changes in the rate of prepayments. The following table presents the components comprising the carrying value of AFS securities not deemed to be other than temporarily impaired by length of time the securities had an unrealized loss position as of September 30, 2016, and December 31, 2015. At September 30, 2016 the Company held 49 AFS securities, of which eight were in an unrealized loss position for less than twelve consecutive months and seven were in an unrealized loss for more than twelve months. At December 31, 2015, the Company held 67 AFS securities, of which 35 were in an unrealized loss position for less than twelve consecutive months and five were in an unrealized loss position for more than twelve months: Less than 12 months Greater than 12 months Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses September 30, 2016 $ 140,128,347 $ (364,535 ) $ 54,628,380 $ (4,746,979 ) $ 194,756,727 $ (5,111,514 ) December 31, 2015 $ 348,120,251 $ (5,983,726 ) $ 6,939,257 $ (405,720 ) $ 355,059,508 $ (6,389,446 ) To the extent the Company determines there are likely to be decreases in cash flows expected to be collected, and as a result of non-credit impairment, such changes are generally recognized prospectively through adjustment of the security’s yield over its remaining life. The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities for the three and nine months ended September 30, 2016 and September 30, 2015: Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 AFS securities sold, at cost $ 41,467,395 $ 81,417,531 Proceeds from AFS securities sold 41,283,816 82,865,471 Net realized gain (loss) on sale of AFS securities $ (183,579 ) $ 1,447,940 Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 AFS securities sold, at cost $ 233,054,347 $ 188,385,533 Proceeds from AFS securities sold 230,557,238 190,474,737 Net realized gain (loss) on sale of AFS securities $ (2,497,109 ) $ 2,089,204 The following tables present the fair value of AFS investment securities by rate type as of September 30, 2016 and December 31, 2015: September 30, 2016 Agency Non-Agency Multi-Family Total Adjustable rate $ 700,452,448 $ 22,704,056 $ - $ 723,156,504 Fixed rate 1,546,545 - 92,691,756 94,238,301 Total $ 701,998,993 $ 22,704,056 $ 92,691,756 $ 817,394,805 December 31, 2015 Agency Non-Agency Multi- Family Total Adjustable rate $ 360,057,377 $ 92,107,727 $ - $ 452,165,104 Fixed rate 15,275,680 - 104,025,797 119,301,477 Total $ 375,333,057 $ 92,107,727 $ 104,025,797 $ 571,466,581 The following tables present the fair value of AFS investment securities by maturity date as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Less than one year $ - $ - Greater than one year and less than five years 639,925,915 211,800,340 Greater than or equal to five years 177,468,890 359,666,241 Total $ 817,394,805 $ 571,466,581 As described in Note 2, when the Company purchases a credit-sensitive AFS security at a significant discount to its face value, the Company generally does not amortize into income a significant portion of this discount that the Company is entitled to earn because it does not expect to collect it due to the inherent credit risk of the security. The Company may also record an OTTI for a portion of its investment in the security to the extent the Company believes that the amortized cost will exceed the present value of expected future cash flows. The amount of principal that the Company does not amortize into income is designated as an off balance sheet credit reserve on the security, with unamortized net discounts or premiums amortized into income over time to the extent realizable. Actual maturities of AFS securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, and prepayments of principal. Therefore actual maturities of available-for-sale securities are generally shorter than stated contractual maturities. Stated contractual maturities are generally greater than ten years. The following tables present the changes for the nine months ended September 30, 2016 and the year ended December 31, 2015 of the unamortized net discount and designated credit reserves on the Company’s MBS. Designated Unamortized credit reserve net discount Total Beginning Balance as of January 1, 2016 $ (8,891,565 ) $ (57,280,275 ) $ (66,171,840 ) Acquisitions - - - Dispositions 4,195,361 17,717,879 21,913,240 Accretion of net discount - 5,192,130 5,192,130 Realized gain on paydowns - 253,821 253,821 Realized credit losses 3,023,911 (183,790 ) 2,840,121 Addition to credit reserves (1,021,433 ) 1,021,433 - Release of credit reserves 65,341 (65,341 ) - Ending balance at September 30, 2016 $ (2,628,385 ) $ (33,344,143 ) $ (35,972,528 ) December 31, 2015 Designated Unamortized credit reserve net discount Total Beginning Balance as of January 1, 2015 $ (12,697,796 ) $ (17,454,022 ) $ (30,151,818 ) Cumulative - effect adjustment for Linked Transactions (36,627,321 ) (47,091,958 ) (83,719,279 ) Adjusted beginning Balance as of January 1, 2015 (49,325,117 ) (64,545,980 ) (113,871,097 ) Acquisitions - (24,446,013 ) (24,446,013 ) Dispositions - 20,963,895 20,963,895 Accretion of net discount 30,201,676 13,061,839 43,263,515 Realized gain on paydowns - 226,553 226,553 Realized credit losses 10,582,246 (2,890,939 ) 7,691,307 Addition to credit reserves (2,669,938 ) 2,669,938 - Release of credit reserves 2,319,568 (2,319,568 ) - Ending balance at December 31, 2015 $ (8,891,565 ) $ (57,280,275 ) $ (66,171,840 ) Gains and losses from the sale of AFS securities are recorded within realized gain (loss) on sale of investments, net in the Company's condensed consolidated statements of operations. Unrealized gains and losses on the Company’s AFS securities are recorded as unrealized gain (loss) on available-for-sale securities, net in the Company's condensed consolidated statement of comprehensive income (loss). For the nine months ended September 30, 2016, the Company had unrealized gains (losses) on AFS securities of $5,783,322. The following tables present components of interest income on the Company’s AFS securities for the three and nine months ended September 30, 2016 and September 30, 2015: Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Net (premium Net (premium Coupon amortization)/ Interest Coupon amortization)/ Interest interest discount accretion income interest discount accretion income Agency $ 4,006,740 $ 118,440 $ 4,125,180 $ 1,338,227 $ 194,587 $ 1,532,814 Non-Agency 581,097 359,052 940,149 623,153 1,607,039 2,230,192 Multi-Family 239,213 1,245,327 1,484,540 272,455 1,425,504 1,697,959 Total $ 4,827,050 $ 1,722,819 $ 6,549,869 $ 2,233,835 $ 3,227,130 $ 5,460,965 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Net (premium Net (premium Coupon amortization)/ Interest Coupon amortization)/ Interest interest discount accretion income interest discount accretion income Agency $ 8,628,918 $ 222,691 $ 8,851,609 $ 5,225,240 $ 498,392 $ 5,723,632 Non-Agency 2,139,698 1,235,030 3,374,728 1,498,360 6,747,357 8,245,717 Multi-Family 754,522 3,799,842 4,554,364 1,184,978 3,866,177 5,051,155 Total $ 11,523,138 $ 5,257,563 $ 16,780,701 $ 7,908,578 $ 11,111,926 $ 19,020,504

MORTGAGE LOANS HELD-FOR-SALE, a

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE	9 Months Ended
	Sep. 30, 2016
Mortgage loans held-for-sale Disclosure [Abstract]
Mortgage loans held-for-sale Disclosure [Text Block]	NOTE 5 – MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE Mortgage loans held-for-sale consists of residential mortgage loans carried at fair value as a result of the fair value option. The following table presents the carrying value of the Company’s mortgage loans held-for-sale as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Unpaid principal balance $ 9,138,386 $ 10,767,856 Fair value adjustment 135,616 132,546 Carrying value $ 9,274,002 $ 10,900,402 At September 30, 2016 and December 31, 2015, the Company pledged mortgage loans with a fair value of $8.8 million and $10.9 million, respectively, as collateral for repurchase or warehouse agreements. See Note 10 – Borrowings. The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the mortgage loans held-for-sale as of September 30, 2016 are as follows: September 30, 2016 Texas 32.0 % California 20.2 % Arizona 13.3 % Minnesota 8.0 % Kentucky 7.7 % Georgia 6.9 % North Carolina 6.2 % Colorado 5.6 %

THE FREMF TRUSTS

THE FREMF TRUSTS	9 Months Ended
	Sep. 30, 2016
FREMF trusts [Member]
Balance Sheet
Variable Interest Entity Disclosure [Text Block]	NOTE 6 – THE FREMF TRUSTS The Company has elected the fair value option on the assets and liabilities of the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, which requires that changes in valuations of the trusts be reflected in the Company’s statements of operations. The Company’s net investment in the trusts is limited to the Multi-Family MBS comprised of first loss PO securities and IO securities acquired by the Company in 2014 with an aggregate net carrying value of $17,956,732 at September 30, 2016 and $86,030,550 at December 31, 2015. The condensed consolidated balance sheets of the FREMF trusts at September 30, 2016 and December 31, 2015 are set out below: Balance Sheets September 30, 2016 December 31, 2015 Assets Multi-family mortgage loans held in securitization trusts $ 1,267,101,902 $ 1,449,774,383 Receivables 4,652,638 5,380,956 Total assets $ 1,271,754,540 $ 1,455,155,339 Liabilities and Equity Multi-family securitized debt obligations $ 1,249,163,769 $ 1,364,077,012 Payables 4,634,039 5,047,777 $ 1,253,797,808 $ 1,369,124,789 Equity 17,956,732 86,030,550 Total liabilities and equity $ 1,271,754,540 $ 1,455,155,339 The multi-family mortgage loans held in securitization trusts had an unpaid principal balance of $1,164,952,625 at September 30, 2016 and $1,371,258,074 at December 31, 2015. The multi-family securitized debt obligations had an unpaid principal balance of $1,164,952,625 at September 30, 2016 and $1,371,258,074 at December 31, 2015. The condensed consolidated statements of operations of the FREMF trusts for the three and nine months ended September 30, 2016 and September 30, 2015 are as follows: Statements of Operations Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Interest income $ 14,466,946 $ 16,794,338 Interest expense 13,740,005 15,372,832 Net interest income $ 726,941 $ 1,421,506 General and administrative fees (670,157 ) (787,124 ) Unrealized gain (loss) on multi-family loans held in securitization trusts 930,312 1,804,190 Net income (loss) $ 987,096 $ 2,438,572 Statements of Operations Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Interest income $ 44,597,652 $ 51,679,542 Interest expense 41,667,457 47,286,613 Net interest income $ 2,930,195 $ 4,392,929 General and administrative fees (2,052,857 ) (2,494,015 ) Unrealized gain (loss) on multi-family loans held in securitization trusts (5,604,839 ) 5,644,774 Net income (loss) $ (4,727,501 ) $ 7,543,688 The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of September 30, 2016 are as follows: September 30, 2016 Texas 17.7 % New York 15.5 % Washington 8.3 % Colorado 7.4 % California 5.7 % Georgia 5.4 %

RESIDENTIAL MORTGAGE LOAN SECUR

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS	9 Months Ended
	Sep. 30, 2016
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, which requires that changes in valuations of the trust be reflected in the Company’s statements of operations. The Company’s net investment in the trust 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 $6,050,612 at September 30, 2016 and $31,535,741 at December 31, 2015. The Company previously consolidated the assets and liabilities of the JPMMT 2014-OAK4 Trust, but based on the sale of subordinated and first loss securities during the second quarter of 2016, has determined that it is no longer the primary beneficiary of the trust, and accordingly no longer consolidates the assets and liabilities of this trust. The condensed consolidated balance sheets of the residential mortgage loan securitization trusts at September 30, 2016 and December 31, 2015 are set out below: Balance Sheets September 30, 2016 December 31, 2015 Assets Residential mortgage loans held in securitization trusts $ 153,356,678 $ 411,881,097 Receivables 501,423 1,446,120 Total assets $ 153,858,101 $ 413,327,217 Liabilities and Equity Residential securitized debt obligations $ 147,407,885 $ 380,638,423 Payables 399,604 1,153,053 $ 147,807,489 $ 381,791,476 Equity 6,050,612 31,535,741 Total liabilities and equity $ 153,858,101 $ 413,327,217 The residential mortgage loans held in securitization trusts had an unpaid principal balance of $149,638,891 at September 30, 2016 and $411,650,562 at December 31, 2015. The residential mortgage loan securitized debt obligations had an unpaid principal balance of $149,638,891 at September 30, 2016 and $411,650,562 at December 31, 2015. The condensed consolidated statements of operations of the residential mortgage loan securitization trusts for the three and nine months ended September 30, 2016 and September 30, 2015 are as follows: Statements of Operations Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Interest income $ 1,582,090 $ 4,641,887 Interest expense 1,210,186 3,137,247 Net interest income $ 371,904 $ 1,504,640 General and administrative fees (13,653 ) (146,574 ) Unrealized gain (loss) on residential loans held in securitization trusts (764,599 ) (1,323,697 ) Net income (loss) $ (406,348 ) $ 34,369 Statements of Operations Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Interest income $ 9,143,343 $ 15,573,046 Interest expense 6,978,474 9,894,956 Net interest income $ 2,164,869 $ 5,678,090 General and administrative fees (254,424 ) (495,094 ) Unrealized gain (loss) on residential loans held in securitization trusts 80,511 (7,655,902 ) Net income (loss) $ 1,990,956 $ (2,472,906 ) The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the residential mortgage loan securitization trusts as of September 30, 2016 are as follows: September 30, 2016 California 38.7 % Washington 14.6 % Massachusetts 8.9 % Florida 5.7 %

USE OF SPECIAL PURPOSE ENTITIES

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2016
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. SPEs are typically structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to certificate holders. As a consequence of their purpose and design, SPEs are typically VIEs. As further discussed in Notes 2, 6 and 7, the Company has evaluated its investments in Multi-Family MBS and Non-Agency RMBS and has determined that they are VIEs. The Company has then undertaken an analysis of whether it is the primary beneficiary of any of these VIEs, and has determined that it is the primary beneficiary of the FREMF 2011-K13 Trust, FREMF 2012-KF01 Trust and CSMC 2014-OAK1 Trust. Accordingly, the Company consolidated the assets, liabilities, income and expenses of these trusts in its financial statements as of and for the periods ending September 30, 2016 and December 31, 2015. However, the assets of each of the trusts are restricted, and can only be used to fulfill the obligations of the respective trusts. Additionally, the obligations of each of the trusts do not have any recourse to the Company as the consolidator of the trusts. The Company has elected the fair value option in respect of the assets and liabilities of the trusts. For the Company’s remaining Multi-Family and Non-Agency MBS investments that are VIEs, the Company has determined that it is not the primary beneficiary, and accordingly these investments are accounted for as further described in Notes 2, 6 and 7. As further described in Note 2, GAAP also requires the Company to consider whether securitizations the Company sponsors and other transfers of financial assets should be treated as sales or financings. During the year ended December 31, 2015, the Company transferred residential mortgage loans to Oaks Mortgage Trust Series 2015-1 and Oaks Mortgage Trust 2015-2, and accounted for these transfers as sales for financial reporting purposes, in accordance with ASC 860. The Company also determined that it was not the primary beneficiary of these VIEs because it lacked the power to direct the activities that will have the most significant economic impact on the entities. The Company’s maximum exposure to loss from these VIEs is limited to the fair value of its investments in Non-Agency RMBS issued by the two VIEs, with a fair value of $5,258,859 at September 30, 2016. This amount is included in Available-for-Sale securities, which are further described in Note 4.

RESTRICTED CASH

RESTRICTED CASH	9 Months Ended
	Sep. 30, 2016
Cash and Cash Equivalents [Abstract]
Restricted Cash and Cash Equivalents Disclosure [Text Block]	NOTE 9 – RESTRICTED CASH As of September 30, 2016, the Company is required to maintain certain cash balances with counterparties for broker activity and collateral for the Company's repurchase agreements in non-interest bearing accounts. The following table presents the Company's restricted cash balances as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Restricted cash balance held by: Broker counterparties for derivatives trading $ 7,276,923 $ 528,564 Repurchase counterparties as restricted collateral 6,806,318 7,646,074 Total $ 14,083,241 $ 8,174,638

BORROWINGS

BORROWINGS	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 10 – BORROWINGS Repurchase Agreements The Company has entered into repurchase agreements (including one residential loan warehouse facility) at September 30, 2016 to finance its portfolio of investments. The repurchase agreements bear interest at a contractually agreed rate. The repurchase obligations mature and typically reinvest every 30 days to one year and have a weighted average aggregate interest rate of 0.89% at September 30, 2016. Repurchase agreements are accounted for as secured borrowings since the Company maintains effective control of the financed assets. The following table summarizes certain characteristics of the Company’s repurchase agreements at September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Weighted Weighted Amount average Market value Amount average Market value outstanding interest rate of collateral held outstanding interest rate of collateral held Agency $ 668,713,000 0.72 % 701,998,993 $ 358,239,000 0.66 % 374,952,510 Non-Agency 17,999,000 2.12 % 27,712,606 114,512,000 2.24 % 121,475,112 Multi-Family 52,788,000 2.40 % 92,691,756 86,177,000 1.83 % 190,056,347 Mortgage loans 7,125,821 2.88 % 8,754,039 9,504,457 2.87 % 10,900,403 Total $ 746,625,821 0.89 % 831,157,394 $ 568,432,457 1.19 % 697,384,372 At September 30, 2016 and December 31, 2015, the repurchase agreements had the following remaining maturities: September 30, 2016 December 31, 2015 < 30 days $ 691,810,000 $ 449,063,000 31 to 60 days 7,125,821 76,044,000 61 to 90 days 47,690,000 37,873,540 > 90 days - 5,451,917 Total $ 746,625,821 $ 568,432,457 Under the repurchase agreements (including the residential loan warehouse facility), 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 most restrictive of which requires that, on the last day of any fiscal quarter, our total stockholders’ equity shall not be less than the greater of (1) $75,000,000 or (2) 50% of the highest stockholders’ equity on the last day of the preceding eight fiscal quarters. The Company was in compliance with these covenants as of September 30, 2016 and December 31, 2015. The following tables summarize certain characteristics of the Company’s repurchase agreements at September 30, 2016 and December 31, 2015: September 30, 2016 Amount Percent of total Weighted average Market Value Repurchase Agreement Counterparties Outstanding amount outstanding days to maturity of collateral held Wells Fargo Securities $ 31,533,000 4.22 % 6 $ 57,255,816 Other North America 612,603,000 82.05 % 15 650,152,017 Asia (1) 80,272,000 10.75 % 18 91,076,628 Europe (1) 22,217,821 2.98 % 20 32,672,933 Total $ 746,625,821 100.00 % 15 $ 831,157,394 (1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries. December 31, 2015 Amount Percent of total Weighted average Market Value Repurchase Agreement Counterparties Outstanding (1) amount outstanding days to maturity of collateral held Merrill Lynch $ 99,770,000 17.55 % 30 $ 154,005,234 Wells Fargo Securities 32,192,000 5.66 % 10 53,711,547 Other North America 291,806,000 51.34 % 25 315,040,818 Asia (1) 88,565,000 15.58 % 16 97,970,226 Europe (1) 56,099,457 9.87 % 46 76,656,547 Total $ 568,432,457 100.00 % 26 $ 697,384,372 (1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries. Secured Loans On February 24, 2015, our wholly owned captive insurance subsidiary, FOI, became a member of the FHLBI. A condition of FOI’s membership was the purchase of FHLBI membership stock. On January 12, 2016, the regulator of the FHLB system, the Federal Housing Finance Agency, or the FHFA, published a Final Rule that amended FHLB membership regulations for captive insurance subsidiaries. Under the new regulations, FOI was required to terminate its membership and repay its advances on or before February 19, 2017 in order to be eligible for timely full stock redemption. In addition, FOI is prohibited from taking new advances or renew existing maturing advances during this one-year transition period. At September 30, 2016, FOI had repaid all secured FHLBI advances and replaced them with repurchase agreements.

DERIVATIVE INSTRUMENTS HEDGING

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2016
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, swaptions and caps. In executing on the Company's current risk management strategy, the Company has entered into interest rate swap, swaption agreements, TBA’s and futures contracts. Amounts receivable and payable under interest rate swap agreements are accounted for as unrealized gain (loss) on derivative contracts, net in the condensed consolidated statement of operations. Premiums on swaptions are amortized on a straight line basis between trade date and expiration date and are recognized in the condensed consolidated statement of operations as a realized loss on derivative contracts. The following summarizes the Company's significant asset and liability derivatives, the risk exposure for these derivatives and the Company's risk management activities used to mitigate certain of these risks. While the Company uses derivative instruments to achieve the Company's risk management activities, it is possible that these instruments will not effectively mitigate all or a substantial portion of the Company's market rate risk. In addition, the Company might elect, at times, not to enter into certain hedging arrangements in order to maintain compliance with REIT requirements. Balance Sheet Presentation The following tables present the gross fair value and notional amounts of the Company’s derivative financial instruments as of September 30, 2016 and December 31, 2015. September 30, 2016 Derivative Assets Derivative Liabilities Fair value Notional Fair value Notional Futures - - (4,613,988 ) 5,978,000,000 Total $ - - $ (4,613,988 ) 5,978,000,000 December 31, 2015 Derivative Assets Derivative Liabilities Fair value Notional Fair value Notional Futures 2,558,350 5,945,000,000 - - Total $ 2,558,350 5,945,000,000 $ - - 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 with 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, is 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 condensed consolidated balance sheets. Separately, the company presents cash collateral subject to such arrangements on a net basis, based on counterparty, in its condensed consolidated balance sheets. However, the Company does not offset financial assets and liabilities with the associated cash collateral on its condensed consolidated balance sheets. The below tables provide a reconciliation of these assets and liabilities that are subject to Master Agreements or similar agreements and can be potentially offset on the Company’s condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015: As of September 30, 2016 the Company did not have any assets subject to Master Agreements or similar agreements. December 31, 2015 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 Futures $ 2,558,350 $ - $ 2,558,350 $ - $ - $ 2,558,350 Total $ 2,558,350 $ - $ 2,558,350 $ - $ - $ 2,558,350 September 30, 2016 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 $ (746,625,821 ) $ - $ (746,625,821 ) $ - $ - $ (746,625,821 ) Futures (4,613,988 ) - (4,613,988 ) - 4,613,988 - Total $ (751,239,809 ) $ - $ (751,239,809 ) $ - $ 4,613,988 $ (746,625,821 ) December 31, 2015 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 $ (518,735,457 ) $ - $ (518,735,457 ) $ - $ - $ (518,735,457 ) FHLB Advances (49,697,000 ) - (49,697,000 ) - - (49,697,000 ) Total $ (568,432,457 ) $ - $ (568,432,457 ) $ - $ - $ (568,432,457 ) (1) Amounts presented are limited in total to the net amount of assets or liabilities presented in the condensed consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Agreements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above. Income Statement Presentation The Company has not applied hedge accounting to its current derivative portfolio held to mitigate the interest rate risk associated with its debt portfolio. As a result, the Company is subject to volatility in its earnings due to movement in the unrealized gains and losses associated with its interest rate swaps, swaptions and any other derivative instruments. The following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the condensed consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the three and nine months ended September 30, 2016 and September 30, 2015: Three months ended September 30, 2016 Amount of realized Amount of unrealized Primary underlying risk gain (loss) appreciation (depreciation) Total Interest rate: Futures (820,974 ) 3,340,600 2,519,626 Total $ (820,974 ) $ 3,340,600 $ 2,519,626 Three Months Ended September 30, 2015 Amount of realized Amount of unrealized Primary underlying risk gain (loss) appreciation (depreciation) Total Interest rate: Interest rate swaps (1) $ (5,552,898 ) $ 2,777,551 $ (2,775,347 ) Futures (2,709,525 ) (1,145,644 ) (3,855,169 ) Total $ (8,262,423 ) $ 1,631,907 $ (6,630,516 ) (1) In the three month period ended September 30, 2015 net swap interest expense totaled $782,870 comprised of $1,233,249 in interest expense paid (included in realized gain (loss)) and $450,379 in accrued interest income (included in unrealized appreciation (depreciation)). Nine Months Ended September 30, 2016 Amount of realized Amount of unrealized Primary underlying risk gain (loss) appreciation (depreciation) Total Interest rate: Futures (3,167,877 ) (7,172,338 ) (10,340,215 ) Total $ (3,167,877 ) $ (7,172,338 ) $ (10,340,215 ) Nine Months Ended September 30, 2015 Amount of realized Amount of unrealized Primary underlying risk gain (loss) appreciation (depreciation) Total Interest rate: Interest rate swaps (1) $ (6,974,491 ) $ 1,681,725 $ (5,292,766 ) Swaptions (84,000 ) 62,450 (21,550 ) Futures (5,251,810 ) (961,274 ) (6,213,084 ) Total $ (12,310,301 ) $ 782,901 $ (11,527,400 ) (1) In the nine month period ended September 30, 2015, net swap interest expense totaled $2,216,417 comprised of $2,654,405 in interest expense paid (included in realized gain (loss)) and $437,988 in accrued interest expense (included in unrealized appreciation (depreciation)).

MSRs

MSRs	9 Months Ended
	Sep. 30, 2016
Mortgage Servicing Rights MSR Disclosure [Abstract]
Mortgage Servicing Rights MSR Disclosure [Text Block]	NOTE 12 - MSRs During the nine months ended September 30, 2016, the Company retained the servicing rights associated with an aggregate principal balance of $443,380,728 of residential mortgage loans that the Company had previously transferred to four 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. As a result of the Company’s determination that it is not the primary beneficiary of OAKS Mortgage Trust 2015-1 and OAKS Mortgage Trust 2015-2, it does not consolidate these trusts, and as a consequence, MSRs associated with these trusts are recorded on the Company’s condensed consolidated balance sheet at September 30, 2016. In addition, the Company previously consolidated the assets and liabilities of the JPMMT 2014-OAK4 Trust, but based on the sale of subordinated and first loss securities during the second quarter of 2016, has determined that it is no longer the primary beneficiary of the trust, and accordingly no longer consolidates its assets and liabilities. As a consequence, MSRs associated with this trust are also recorded on the Company’s condensed consolidated balance sheet at September 30, 2016. The following table presents the Company’s MSR activity as of September 30, 2016 and the year ended December 31, 2015: September 30, 2016 December 31, 2015 Balance at beginning of year $ 4,268,673 $ - MSRs retained from sales to securitizations 340,860 4,940,630 Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model (840,175 ) (217,663 ) Other changes to fair value (1) (743,925 ) (454,294 ) Balance at end of period $ 3,025,433 $ 4,268,673 Loans associated with MSRs (2) $ 443,380,728 $ 472,886,810 MSR values as percent of loans (3) 0.68 % 0.90 % (1) Amounts represent changes due to realization of expected cash flows (2) Amounts represent the principal balance of loans associated with MSRs outstanding at September 30, 2016 and December 31, 2015, respectively (3) Amounts represent the carrying value of MSRs at September 30, 2016 and December 31, 2015, respectively divided by the outstanding balance of the loans associated with these MSRs The following table presents the components of servicing income recorded on the Company’s statements of operations for the three and nine months ended September 30, 2016, and September 30, 2015: Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 Servicing income, net $ 258,458 $ 64,962 Income from MSRs, net $ 258,458 $ 64,962 Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 Servicing income, net $ 726,011 $ 121,500 Income from MSRs, net $ 726,011 $ 121,500

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Financial Instruments Disclosure [Text Block]	NOTE 13 – FINANCIAL INSTRUMENTS GAAP defines fair value and provides a consistent framework for measuring fair value under GAAP. ASC 820 “Fair Value Measurement” expands fair value financial statement disclosure requirements. ASC 820 does not require any new fair value measurements and only applies to accounting pronouncements that already require or permit fair value measures, except for standards that relate to share-based payments. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels are defined as follows: • Level 1 Inputs – Quoted prices for identical instruments in active markets. • Level 2 Inputs – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs – Instruments with primarily unobservable value drivers. The following tables summarize the valuation of the Company’s assets and liabilities at fair value within the fair value hierarchy levels as of September 30, 2016 and December 31, 2015: September 30, 2016 Quoted prices in Significant active markets other observable Unobservable for identical assets inputs inputs Balance as of Level 1 Level 2 Level 3 September 30, 2016 Assets: Residential mortgage-backed securities (a) $ - $ 817,394,805 $ - $ 817,394,805 Residential mortgage loans - 9,274,002 - 9,274,002 Multi-Family mortgage loans held in securitization trusts - 1,267,101,902 - 1,267,101,902 Residential mortgage loans held in securitization trusts - 153,356,678 - 153,356,678 Mortgage servicing rights - - 3,025,433 3,025,433 FHLB stock 11,300 - - 11,300 Total $ 11,300 $ 2,247,127,387 $ 3,025,433 $ 2,250,164,120 Liabilities: Multi-family securitized debt obligations $ - $ (1,249,163,769 ) $ - $ (1,249,163,769 ) Residential securitized debt obligations - (147,407,885 ) - (147,407,885 ) Futures (4,613,988 ) - - (4,613,988 ) Total $ (4,613,988 ) $ (1,396,571,654 ) $ - $ (1,401,185,642 ) December 31, 2015 Quoted prices in Significant active markets other observable Unobservable for identical assets inputs inputs Balance as of Level 1 Level 2 Level 3 December 31, 2015 Assets: Residential mortgage-backed securities (a) $ - $ 571,466,581 $ - $ 571,466,581 Residential mortgage loans - 10,900,402 - 10,900,402 Multi-Family mortgage loans held in securitization trusts - 1,449,774,383 - 1,449,774,383 Residential mortgage loans held in securitization trusts - 411,881,097 - 411,881,097 Mortgage servicing rights - - 4,268,673 4,268,673 FHLB Stock 2,403,000 - - 2,403,000 Futures 2,558,350 - - 2,558,350 Total $ 4,961,350 $ 2,444,022,463 $ 4,268,673 $ 2,453,252,486 Liabilities: Interest rate swaps $ - $ - $ - $ - Multi-family securitized debt obligations - (1,364,077,012 ) - (1,364,077,012 ) Residential securitized debt obligations - (380,638,423 ) - (380,638,423 ) Futures - - - - Total $ - $ (1,744,715,435 ) $ - $ (1,744,715,435 ) (a) For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4. For the nine months ended September 30, 2016 and year ended December 31, 2015, the Company did not have any transfers between any of the levels of the fair value hierarchy. Transfers between levels are deemed to take place on the last day of the reporting period in which the transfer takes place. As of September 30, 2016 and December 31, 2015, the Company had $3,025,433 and $4,268,673, respectively, in Level 3 assets. The Company’s Level 3 assets are comprised of MSRs. Accordingly, for more detail about Level 3 assets, also see Note 12. The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s MSRs classified as Level 3 fair value assets at September 30, 2016 and December 31, 2015: As of September 30, 2016 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 8.4 - 30.9 % 18.6 % Discount rate 12.0 % 12.0 % As of December 31, 2015 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 6.5 - 28.6 % 13.3 % Discount rate 12.0 % 12.0 %

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 14 – RELATED PARTY TRANSACTIONS Management Fee The Company is externally managed and advised by the Manager. Pursuant to the terms of the management agreement, the Company pays the Manager a management fee equal to 1.5% per annum, calculated and payable monthly in arrears. For purposes of calculating the management fee, the Company’s stockholders’ equity means the sum of the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus the Company’s retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less any amount that the Company pays for repurchases of the Company’s common stock since inception, and excluding any unrealized gains, losses or other items that do not affect realized net income (regardless of whether such items are included in other comprehensive income or loss, or in net income). This amount will be adjusted to exclude one-time events pursuant to changes in GAAP and certain non-cash items after discussions between the Manager and the Company’s independent directors and approval by a majority of the Company’s independent directors. To the extent asset impairment reduces the Company’s retained earnings at the end of any completed calendar quarter, it will reduce the management fee for such quarter. The Company’s stockholders’ equity for the purposes of calculating the management fee could be greater than the amount of stockholders’ equity shown on the financial statements. The initial term of the management agreement expired on May 16, 2014, but there continue to be automatic, one-year renewals at the end of the initial term and each year thereafter. For the three months ended September 30, 2016, the Company incurred management fees of $623,525 (2015: $703,167), included in Management Fee in the condensed consolidated statement of operations, of which $208,000 (2015: $470,000) was accrued but had not been paid, included in fees and expenses payable to Manager in the condensed consolidated balance sheets. For the nine months ended September 30, 2016, the Company incurred management fees of $1,873,486 (2015: $2,119,571), included in Management Fee in the condensed consolidated statement of operations, of which $208,000 (2015: $470,000) was accrued but had not been paid, included in fees and expenses payable to Manager in the condensed consolidated balance sheets. Expense Reimbursement Pursuant to the management agreement, the Company is required to reimburse the Manager for operating expenses related to the Company incurred by the Manager, including accounting services, auditing and tax services, technology and office facilities, operations, compliance, legal and filing fees, and miscellaneous general and administrative costs, including the cost of non-investment management personnel of the Manager who spend all or a portion of their time managing the Company’s affairs. For the three months ended September 30, 2016, the Company incurred reimbursable expenses of $1,184,391 (2015: $1,338,272), included in operating expenses reimbursable to Manager in the condensed consolidated statement of operations, of which $483,187 (2015: $450,000) was accrued but had not yet been paid, included in fees and expenses payable to Manager in the condensed consolidated balance sheets. For the nine months ended September 30, 2016, the Company incurred reimbursable expenses of $3,573,445 (2015: $3,444,914), included in operating expenses reimbursable to Manager in the condensed consolidated statement of operations, of which $483,187 (2015: $450,000) was accrued but had not yet been paid, included in fees and expenses payable to Manager in the condensed consolidated balance sheets. Manager Equity Plan The Company has adopted a Manager Equity Plan under which the Company may compensate the Manager and the Company’s independent directors or consultants, or officers whom it may employ in the future. In turn, the Manager, in its sole discretion, grants such awards to its directors, officers, employees or consultants. The Company will be able to issue under the Manager Equity Plan up to 3.0% of the total number of issued and outstanding shares of common stock (on a fully diluted basis) at the time of each award. Stock based compensation arrangements may include incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock awards and other awards based on the Company’s common stock. Under the Manager Equity Plan, the Company’s independent directors, as part of their compensation for serving as independent directors, are eligible to receive 1,500 shares of restricted stock annually after the Company’s Annual General Meeting vesting in full one year later. As of the closing of the Company’s initial public offering (the “IPO”), the Company’s board of directors granted to each of the then three independent directors 1,500 shares of restricted common stock (4,500 shares in total), each of which vested in full on the first anniversary of the grant date. The grant date fair value of these restricted shares was $65,250 based on the closing price of the Company’s common stock on March 27, 2013 of $14.50. On March 27, 2014, the 4,500 shares of restricted stock granted to the independent directors fully vested. On August 19, 2014, the Company’s board of directors granted each of the then three independent directors 1,500 shares of restricted common stock (4,500 shares in total), each of which are now fully vested having vested in full one year after the Company’s 2014 Annual General Meeting. The grant date fair value of these restricted shares was $50,715 based on the closing price of the Company’s common stock on August 19, 2014 of $11.27. On May 22, 2015, the Company’s board of directors granted each of the then four independent directors 1,500 shares of restricted common stock (6,000 shares in total), each of which are now fully vested having vested in full one year after the Company’s 2015 Annual General Meeting. The grant date fair value of these restricted shares was $60,420 based on the closing price of the Company’s common stock on May 22, 2015 of $10.07. On August 15, 2016, the Company’s board of directors granted each of the three independent directors 1,500 shares of restricted common stock (4,500 shares in total), each of which will vest in full one year after the Company’s 2017 Annual General Meeting. The grant date fair value of these restricted shares was $26,865 based on the closing price of the Company’s common stock on August 15, 2016 of $5.97. As of the closing of the IPO on March 27, 2013, the Company’s board of directors granted the Manager 28,500 shares of restricted common stock. One-third of these restricted common stock shares vested on each of the first, second and third anniversaries of the grant date and are therefore, as at March 31, 2016, fully vested. The Company accounts for the restricted common stock shares based on their aggregate fair value at the measurement dates and as this value subsequently changes, a cumulative adjustment is made in the current period for prior compensation cost expenses recorded to date. On March 27, 2016, 9,500 shares of restricted stock granted to the Manager fully vested for net proceeds of $49,875. For the three and nine months ended September 30, 2016, the Company recognized compensation expense related to restricted common stock of $3,459 and $29,014, respectively. MAXEX The Company’s lead independent director is also an independent director of an entity, MAXEX LLC (“MAXEX”), with which the Company has a commercial business relationship. The objective of MAXEX, together with its subsidiaries, is to create a whole loan mortgage trading platform which encompasses a centralized counterparty with a standardized purchase and sale contract and an independent dispute resolution process. To date, the Company has sold approximately $16 million of residential mortgage loans to a third party buyer that were effected through MAXEX, for which the Company did not receive compensation other than receipt of loan sale proceeds from the third party . As of September 30, 2016, the Company had also received $6,905 in fees relating to its provision to MAXEX of seller eligibility review services. The Company’s services entail evaluating the eligibility of loan sellers to participate in one or more of the loan exchanges operated by MAXEX.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2016
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 Ltd, 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 the Company’s IPO) to purchase an aggregate of 3,125,000 shares of the Company’s common stock at a per share exercise price equal to 105% of the $15.00 IPO price, or $15.75. XL Global, Inc., a subsidiary of XL Group Ltd, holds a minority stake in the Manager. Common Stock The Company has 450,000,000 authorized shares of common stock, par value $0.01 per share, with 14,602,394 and 14,656,394 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively. On February 19, 2014, the Company issued 3,000,000 shares of common stock for $11.30 per share. Net proceeds to the Company were $31,927,377. The Company granted the underwriters the right to purchase up to an additional 450,000 shares of common stock from the Company at the offering price of $11.30 per share within 30 days after the issuance date of the common stock. The underwriters exercised their right and purchased 300,000 shares of common stock at the offering price of $11.30 per share on March 7, 2014, resulting in additional net proceeds of $3,214,325. On June 19, 2014, the Company issued 3,500,000 shares of common stock for $11.00 per share. Net proceeds to the Company were $38,442,925. The Company granted the underwriters the right to purchase up to an additional 525,000 shares of common stock from the Company at the offering price of $11.00 per share within 30 days after the issuance date of the common stock. The underwriters exercised their right and purchased 525,000 shares of common stock at the offering price of $11.00 per share on July 14, 2014, resulting in additional net proceeds of $5,769,750. Stock Repurchase Program On December 15, 2015, the Company’s board of directors authorized a stock repurchase program (or the “Repurchase Program”), to repurchase up to $10 million of the Company’s outstanding common stock. Shares of the Company’s common stock may be purchased in the open market, including through block purchases, or through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b 18(b)(1) of the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion and the program may be suspended, terminated or modified at any time for any reason. Among other factors, the Company intends to only consider repurchasing shares of the Company’s common stock when the purchase price is less than the Company’s estimate of the Company’s current net asset value per common share. Shares of common stock repurchased by the Company under the Repurchase Program, if any, will be canceled and, until reissued by the Company, will be deemed to be authorized but unissued shares of the Company’s common stock. Through September 30, 2016, the Company had repurchased 126,856 shares of common stock at a weighted average share price of $5.06. At September 30, 2016, $9.4 million of common stock remained authorized for future share repurchase under the Repurchase Program. No share repurchases were made during the three months ended September 30, 2016. Preferred Stock The Company has 50,000,000 authorized shares of preferred stock, par value $0.01 per share, with 1,610,000 shares of 8.75% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), par value of $0.01 per share and liquidation preference of $25.00 per share, issued and outstanding as of both September 30, 2016 and December 31, 2015. The Series A Preferred Stock is entitled to receive a dividend rate of 8.75% per year on the $25 liquidation preference and is senior to the common stock with respect to distributions upon liquidation, dissolution or winding up. The Company declares quarterly and pays monthly dividends on the shares of the Series A Preferred Stock, in arrears, on the 27 th th On December 23, 2013, the Company closed an offering of 800,000 shares of Series A Preferred Stock. The net proceeds to the Company from this issuance were $18,060,897. The Company granted the underwriters the right to purchase up to an additional 120,000 shares of Series A Preferred Stock from the Company at the offering price of $25.00 per share within 30 days after the issuance date of Series A Preferred Stock. The underwriters fully exercised their right and purchased 120,000 shares of Series A Preferred Stock at $25.00 per share on January 24, 2014, resulting in additional net proceeds of $2,778,201. On May 27, 2014, the Company closed an offering of 690,000 additional shares of Series A Preferred Stock, including the concurrent exercise of the underwriters’ overallotment option. The net proceeds to the Company from this issuance were $16,325,373. Distributions to stockholders For the 2016 taxable year to date, the Company has declared dividends to common stockholders totaling $7,885,803, or $0.54 per share. The following table presents cash dividends declared by the Company on its common stock for the nine months ended September 30, 2016: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Share December 16, 2015 January 15, 2016 January 28, 2016 $ 878,274 $ 0.06000 December 16, 2015 February 16, 2016 February 26, 2016 $ 875,874 $ 0.06000 December 16, 2015 March 15, 2016 March 28, 2016 $ 875,873 $ 0.06000 March 18, 2016 April 15, 2016 April 27, 2016 $ 875,874 $ 0.06000 March 18, 2016 May 16, 2016 May 27, 2016 $ 875,873 $ 0.06000 March 18, 2016 June 15, 2016 June 27, 2016 $ 875,874 $ 0.06000 June 17, 2016 July 15, 2016 July 28, 2016 $ 875,874 $ 0.06000 June 17, 2016 August 15, 2016 August 30, 2016 $ 876,144 $ 0.06000 June 17, 2016 September 15, 2016 September 29, 2016 $ 876,144 $ 0.06000 The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the nine months ended September 30, 2016: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Share December 16, 2015 January 15, 2016 January 28, 2016 $ 293,503 $ 0.18230 December 16, 2015 February 16, 2016 February 26, 2016 $ 293,503 $ 0.18230 December 16, 2015 March 16, 2016 March 28, 2016 $ 293,503 $ 0.18230 March 18, 2016 April 15, 2016 April 27, 2016 $ 293,503 $ 0.18230 March 18, 2016 May 16, 2016 May 27, 2016 $ 293,503 $ 0.18230 March 18, 2016 June 15, 2016 June 27, 2016 $ 293,503 $ 0.18230 June 17, 2016 July 15, 2016 July 27, 2016 $ 293,503 $ 0.18230 June 17, 2016 August 15, 2016 August 29, 2016 $ 293,503 $ 0.18230 June 17, 2016 September 15, 2016 September 27, 2016 $ 293,503 $ 0.18230

EARNINGS PER SHARE (as restated

EARNINGS PER SHARE (as restated)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 16 – EARNINGS PER SHARE (as restated) In accordance with ASC 260, outstanding instruments that contain rights to non-forfeitable dividends are considered participating securities. The Company is required to apply the two-class method or the treasury stock method of computing basic and diluted earnings per share when there are participating securities outstanding. The Company has determined that outstanding unvested restricted shares issued under the Manager Equity Plan are participating securities, and they are therefore included in the computation of basic and diluted earnings per share. The following tables provide additional disclosure regarding the computation for the three and nine months ended September 30, 2016 and September 30, 2015: Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Net income (loss) $ 1,850,690 $ (1,698,722 ) Less dividends paid: Common stock $ 2,628,161 $ 4,417,425 Preferred stock 880,509 880,509 3,508,670 5,297,934 Undistributed earnings (deficit) $ (1,657,980 ) $ (6,996,656 ) Unvested Share-Based Unvested Share-Based Payment Awards Common Stock Payment Awards Common Stock Distributed earnings $ 0.18 $ 0.18 $ 0.30 $ 0.30 Undistributed earnings (deficit) (0.11 ) (0.11 ) (0.48 ) (0.48 ) Total $ 0.07 $ 0.07 $ (0.18 ) $ (0.18 ) Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Net income (loss) $ (22,896,725 ) $ (3,028,000 ) Less dividends paid: Common stock $ 7,885,803 $ 15,457,238 Preferred stock 2,631,744 2,631,744 10,517,547 18,088,982 Undistributed earnings (deficit) $ (33,414,272 ) $ (21,116,982 ) Unvested Share-Based Unvested Share-Based Payment Awards Common Stock Payment Awards Common Stock Distributed earnings $ 0.54 $ 0.54 $ 1.05 $ 1.05 Undistributed earnings (deficit) (2.29 ) (2.29 ) (1.43 ) (1.43 ) Total $ (1.75 ) $ (1.75 ) $ (0.38 ) $ (0.38 ) No adjustment was required for the calculation of diluted earnings per share for the warrants described in Note 15 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	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 17 – SEGMENT REPORTING The Company invests in a portfolio comprised of MBS, residential mortgage loans, and other mortgage-related investments, and operates as a single reporting segment.

INCOME TAXES (as restated)

INCOME TAXES (as restated)	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 18 – INCOME TAXES (as restated) Certain activities of the Company are conducted through a TRS, FOAC, and FOAC is therefore 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 following table reconciles the Company’s TRS GAAP net income (loss) to taxable income (in thousands): As of September 30, 2016 As of December 31, 2015 (in thousands) (in thousands) GAAP consolidated net income (loss) attributable to Five Oaks Investment Corp (22,897 ) 450 GAAP net loss (income) from REIT operations 21,068 (1,826 ) GAAP net income (loss) of taxable subsidiary (1,829 ) (1,376 ) Capitalized transaction fees (31 ) (41 ) Unrealized gain (loss) 2,372 2,041 Tax income of taxable subsidiary before utilization of net operating losses 512 624 Utilizations of net operating losses (512 ) (624 ) Net tax income of taxable subsidiaries - - The TRS has a deferred tax asset on which the Company has a 100% valuation allowance, comprised of the following (in thousands): As of September 30, 2016 As of December 31, 2015 Accumulated net operating losses of TRS 864 1,058 Unrealized loss 282 (618 ) Capitalized transaction costs 200 210 AMT Credit 4 9 Deferred tax asset (liability) 1,350 659 Valuation allowance (1,350 ) (659 ) Net non-current deferred tax asset (liability) - - The Company has provided a valuation allowance against its deferred tax asset that results in no deferred tax asset at September 30, 2016, and December 31, 2015. The Company recorded a 100% valuation allowance related to the TRS net deferred tax asset because it believes it is more likely than not that the deferred tax asset will not be fully realized. The valuation allowance increased by $0.7 million as a result of the corresponding increase in the deferred tax asset. The realization of the deferred tax asset associated with net operating losses is dependent on projections of future taxable income, for which there is uncertainty when considering historic results and the nature of the business. Accordingly, no provision or benefit (current or deferred tax expense) for income taxes has been reflected in the accompanying financial statements. At September 30, 2016, the TRS had net operating loss carryforwards for federal income tax purposes of $2.3 million, which are available to offset future taxable income and begin expiring in 2034. The Company has potential nexus in several states in which it did not file a 2015 tax return. The exposure would be immaterial due to the Company being in a Net Operating Loss (NOL) position. The losses incurred in 2015 would be sufficient to offset any taxable income in 2016. For state tax purposes the Company is in the process of determining filing requirements, but anticipates all prior losses to be recognized. As further described in Note 19, the Company has declared and will pay in the fourth quarter a deficiency dividend relating to a recent determination of an inability to offset certain net gains on hedging transactions in 2013 against net capital losses on the sale of certain mortgage-backed securities. In connection with this declaration, the Company has provisioned an amount of $1.86 million for interest charges expected to be paid to the IRS following the payment of the dividend. This amount is included in the Company’s condensed consolidated balance sheets in the line item “Other accounts payable and accrued expenses”, and is included in “Other interest expense” in the Company’s condensed consolidated statements of operations. The Company’s estimate of expected interest charges is based on the anticipated timing of the deficiency dividend payment, and the Company’s understanding of the rules, procedures and existing precedent relating to such dividend payments. As such, the actual amount of interest payable may differ from the Company’s estimate.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 19 – SUBSEQUENT EVENTS On November 1, 2016, following the Company’s earlier announcement that it would no longer aggregate residential mortgage loans, the Company’s remaining residential loan warehouse agreement in the amount of $25 million terminated without renewal. Following further review and analysis after the end of the quarter, on November 9, 2016, the board of directors of the Company declared a deficiency dividend of $19,384,346, representing $1.33 for each common share, payable in a combination of cash and stock with an aggregate maximum payment of 20% of the deficiency dividend, or $3,876,869, in cash. The deficiency dividend is being paid by the Company in order for the Company to reduce its undistributed taxable income from 2013 and satisfy the REIT distribution requirements. The undistributed taxable income primarily pertains to net gains realized on certain hedging transactions and the Company’s recent determination of an inability to offset such gains for federal income tax purposes with net capital losses realized on the sale of its underlying mortgage-backed securities. To the extent the cash alternative is oversubscribed, each stockholder electing the cash alternative will receive a pro-rata amount of cash and stock with such cash component being no less than $0.27 per share. The payment date is December 26, 2016. In connection with this declaration, the Company has provisioned an amount of $1.86 million for interest charges expected to be paid to the IRS following the payment of the dividend.

RESTATEMENT OF PREVIOUSLY ISSUE

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS	9 Months Ended
	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	NOTE 20 – RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS In connection with the preparation of the Quarterly Report on Form 10-Q for the period ended September 30, 2018, the Company determined that it had improperly accounted for unrealized losses on Residential Mortgage-Backed Securities Interest Only Certificates (“RMBS IOs”) upon our deconsolidation of the JPMMT 2014-OAK4 and an incorrectly reported release of credit reserves relating to certain RMBS upon their sale in 2016. The unrealized losses on the RMBS IOs were incorrectly reported through other comprehensive income (loss) instead of through unrealized gain (loss) on fair value option securities for the year-to-date period ended September 30, 2016. The release of credit reserves was incorrectly reported through other comprehensive income (loss) instead of through our condensed consolidated statement of operations for the quarter and year-to-date periods ended September 30, 2016. While having no impact on total stockholders’ equity, as a result of this error, accumulated other comprehensive income (loss) and accumulated earnings (deficit) were incorrectly stated by equal and offsetting amounts in our condensed consolidated balance sheet as of September 30, 2016. The following tables represent the restated unaudited condensed consolidated balance sheet, restated unaudited condensed consolidated statement of operations, restated unaudited condensed consolidated statement of other comprehensive income and restated unaudited condensed consolidated statement of cash flows as of, and for the period ended September 30, 2016. FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES Condensed Consolidated Balance Sheets September 30, 2016 As previously Restatement As restated (unaudited) (unaudited) (unaudited) ASSETS Available-for-sale securities, at fair value (includes pledged securities of $822,403,355 for September 30, 2016) $ 817,394,805 $ - $ 817,394,805 Mortgage loans held-for-sale, at fair value (includes pledged loans of $8,754,039 for September 30, 2016) 9,274,002 - 9,274,002 Multi-family loans held in securitization trusts, at fair value 1,267,101,902 - 1,267,101,902 Residential loans held in securitization trusts, at fair value 153,356,678 - 153,356,678 Mortgage servicing rights, at fair value 3,025,433 - 3,025,433 Cash and cash equivalents 28,590,557 - 28,590,557 Restricted cash 14,083,241 - 14,083,241 Accrued interest receivable 7,650,823 - 7,650,823 Dividends receivable 123 - 123 Investment related receivable 4,131,073 - 4,131,073 FHLB stock 11,300 - 11,300 Other assets 954,507 - 954,507 Total assets $ 2,305,574,444 $ - $ 2,305,574,444 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Repurchase agreements: Available-for-sale securities $ 739,500,000 $ - $ 739,500,000 Mortgage loans held-for-sale 7,125,821 - 7,125,821 Multi-family securitized debt obligations 1,249,163,769 - 1,249,163,769 Residential securitized debt obligations 147,407,885 - 147,407,885 Derivative liabilities, at fair value 4,613,988 - 4,613,988 Accrued interest payable 5,363,603 - 5,363,603 Dividends payable 29,349 - 29,349 Deferred income 6,905 - 6,905 Fees and expenses payable to Manager 691,187 - 691,187 Other accounts payable and accrued expenses 2,062,910 - 2,062,910 Total liabilities 2,155,965,417 - 2,155,965,417 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 issued and outstanding at September 30, 2016 37,156,972 - 37,156,972 Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,602,394 shares issued and outstanding, at September 30, 2016 145,979 - 145,979 Additional paid-in capital 188,783,581 - 188,783,581 Accumulated other comprehensive income (loss) 2,018,361 3,369,190 5,387,551 Cumulative distributions to stockholders (66,320,787 ) - (66,320,787 ) Accumulated earnings (deficit) (12,175,079 ) (3,369,190 ) (15,544,269 ) Total stockholders' equity 149,609,027 - 149,609,027 Total liabilities and stockholders' equity $ 2,305,574,444 $ - $ 2,305,574,444 FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES Condensed Consolidated Statements of Operations Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 As previously Restatement As restated As previously Restatement As restated (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Interest income: Available-for-sale securities $ 6,549,869 $ - $ 6,549,869 $ 16,780,701 $ - $ 16,780,701 Mortgage loans held-for-sale 121,892 - 121,892 411,199 - 411,199 Multi-family loans held in securitization trusts 14,466,946 - 14,466,946 44,597,652 - 44,597,652 Residential loans held in securitization trusts 1,582,090 - 1,582,090 9,143,343 - 9,143,343 Cash and cash equivalents 11,754 - 11,754 26,409 - 26,409 Interest expense: Repurchase agreements - available-for-sale securities (1,572,062 ) - (1,572,062 ) (4,400,290 ) - (4,400,290 ) Repurchase agreements - mortgage loans held-for-sale (57,449 ) - (57,449 ) (227,733 ) - (227,733 ) Multi-family securitized debt obligations (13,740,005 ) - (13,740,005 ) (41,667,457 ) - (41,667,457 ) Residential securitized debt obligations (1,210,186 ) - (1,210,186 ) (6,978,474 ) - (6,978,474 ) Net interest income 6,152,849 - 6,152,849 17,685,350 - 17,685,350 Other-than-temporary impairments Increase in credit reserves (374,124 ) 354,334 (19,790 ) (541,342 ) 354,334 (187,008 ) Additional other-than-temporary credit impairment losses (183,790 ) - (183,790 ) (183,790 ) - (183,790 ) Total impairment losses recognized in earnings (557,914 ) 354,334 (203,580 ) (725,132 ) 354,334 (370,798 ) Other income: Realized gain (loss) on sale of investments, net (749,604 ) - (749,604 ) (3,361,609 ) - (3,361,609 ) Change in unrealized gain (loss) on fair value option securities (958,995 ) - (958,995 ) (3,569,744 ) (3,723,524 ) (7,293,268 ) Realized gain (loss) on derivative contracts, net (820,974 ) - (820,974 ) (3,167,877 ) - (3,167,877 ) Change in unrealized gain (loss) on derivative contracts, net 3,340,600 - 3,340,600 (7,172,338 ) - (7,172,338 ) Realized gain (loss) on mortgage loans held-for-sale 60,427 - 60,427 129,175 - 129,175 Change in unrealized gain (loss) on mortgage loans held-for-sale (138,785 ) - (138,785 ) (2,885 ) - (2,885 ) Change in unrealized gain (loss) on mortgage service rights (204,505 ) - (204,505 ) (1,243,240 ) - (1,243,240 ) Change in unrealized gain (loss) on multi-family loans held in securitization trusts 930,312 - 930,312 (5,604,839 ) - (5,604,839 ) Change in unrealized gain (loss) on residential loans held in securitization trusts (764,599 ) - (764,599 ) 80,511 - 80,511 Tax interest expense (1,860,000 ) - (1,860,000 ) (1,860,000 ) - (1,860,000 ) Servicing income 258,458 - 258,458 726,011 - 726,011 Other income 3 - 3 26,811 - 26,811 Total other income (loss) (907,662 ) - (907,662 ) (25,020,024 ) (3,723,524 ) (28,743,548 ) Expenses: Management fee 623,525 - 623,525 1,873,486 - 1,873,486 General and administrative expenses 1,171,421 - 1,171,421 4,483,064 - 4,483,064 Operating expenses reimbursable to Manager 1,184,391 - 1,184,391 3,573,445 - 3,573,445 Other operating expenses 161,036 - 161,036 1,393,303 - 1,393,303 Compensation expense 50,544 - 50,544 144,431 - 144,431 Total expenses 3,190,917 - 3,190,917 11,467,729 - 11,467,729 Net income (loss) 1,496,356 354,334 1,850,690 (19,527,535 ) (3,369,190 ) (22,896,725 ) Dividends to preferred stockholders (880,509 ) - (880,509 ) (2,631,744 ) - (2,631,744 ) Net income (loss) attributable to common stockholders $ 615,847 $ 354,334 $ 970,181 $ (22,159,279 ) $ (3,369,190 ) $ (25,528,469 ) Earnings (loss) per share: Net income attributable to common stockholders (basic and diluted) $ 615,847 $ 354,334 $ 970,181 $ (22,159,279 ) $ (3,369,190 ) $ (25,528,469 ) Weighted average number of shares of common stock outstanding 14,600,193 14,600,193 14,600,193 14,601,306 14,601,306 14,601,306 Basic and diluted income per share $ 0.04 $ 0.02 $ 0.07 $ (1.52 ) $ (0.23 ) $ (1.75 ) Dividends declared per share of common stock $ 0.18 $ - $ 0.18 $ 0.54 $ - $ 0.54 FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Income (Loss) Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 As previously Restatement As restated As previously Restatement As restated (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Net income (loss) $ 1,496,356 $ 354,334 $ 1,850,690 $ (19,527,535 ) $ (3,369,190 ) $ (22,896,725 ) Other comprehensive income (loss): Increase (decrease) in net unrealized gain on available-for-sale securities, net (979,421 ) - (979,421 ) 8,396,200 3,723,524 12,119,724 Reclassification adjustment for net gain (loss) included in net income 23,914 - 23,914 (6,523,410 ) - (6,523,410 ) Reclassification adjustment for other-than-temporary impairments included in net income 374,124 (354,334 ) 19,790 541,342 (354,334 ) 187,008 Total other comprehensive income (loss) (581,383 ) (354,334 ) (935,717 ) 2,414,132 3,369,190 5,783,322 Less: Dividends to preferred stockholders (880,509 ) - (880,509 ) (2,631,744 ) - (2,631,744 ) Comprehensive income (loss) attributable to common stockholders $ 34,464 $ - $ 34,464 $ (19,745,147 ) $ - $ (19,745,147 ) FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows September 30, 2016 As previously Restatement As restated (unaudited) (unaudited) (unaudited) Cash flows from operating activities: Net income (loss) $ (19,527,535 ) $ (3,369,190 ) $ (22,896,725 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Other-than-temporary impairment charges 725,132 (354,334 ) 370,798 Amortization/accretion of available-for-sale securities premiums and discounts, net (5,257,442 ) - (5,257,442 ) Realized (gain) loss on sale of investments, net 3,361,609 - 3,361,609 Realized (gain) loss on derivative contracts 3,167,877 - 3,167,877 Realized (gain) loss on mortgage loans held-for-sale (129,175 ) - (129,175 ) Unrealized (gain) loss on fair value option securities 3,569,744 3,723,524 7,293,268 Unrealized (gain) loss on derivative contracts 7,172,338 - 7,172,338 Unrealized (gain) loss on mortgage loans held-for-sale 2,885 - 2,885 Unrealized gain (loss) on mortgage service rights 1,243,240 - 1,243,240 Unrealized (gain) loss on multi-family loans held in securitization trusts 5,604,839 - 5,604,839 Unrealized (gain) loss on residential loans held in securitization trusts (80,511 ) - (80,511 ) Restricted stock compensation expense 29,014 - 29,014 Net change in: Accrued interest receivable (672,852 ) - (672,852 ) Dividends receivable 25,899 - 25,899 Other assets (424,039 ) - (424,039 ) Accrued interest payable (43,909 ) - (43,909 ) Deferred income 6,905 - 6,905 Fees and expenses payable to Manager (151,716 ) - (151,716 ) Other accounts payable and accrued expenses 1,795,403 - 1,795,403 Net cash provided by operating activities 417,706 - 417,706 Cash flows from investing activities: Purchase of available-for-sale securities (454,443,440 ) - (454,443,440 ) Purchase of mortgage loans held-for-sale (14,772,535 ) - (14,772,535 ) Proceeds from sales of available-for-sale securities 230,557,084 - 230,557,084 Proceeds from mortgage loans held-for-sale 16,289,603 - 16,289,603 Proceeds from FHLBI stock 2,391,700 - 2,391,700 Net proceeds from (payments for) derivative contracts (3,167,877 ) - (3,167,877 ) Principal payments from available-for-sale securities 66,007,840 - 66,007,840 Principal payments from mortgage loans held-for-sale 235,622 - 235,622 Investment related receivable (2,539,730 ) - (2,539,730 ) Restricted cash (5,908,603 ) - (5,908,603 ) Net cash used in investing activities (165,350,336 ) - (165,350,336 ) Cash flows from financing activities: Net proceeds from issuance of common stock (283,565 ) - (283,565 ) Dividends paid on common stock (7,885,803 ) - (7,885,803 ) Dividends paid on preferred stock (2,641,527 ) - (2,641,527 ) Proceeds from repurchase agreements - available-for-sale securities 5,603,428,000 - 5,603,428,000 Proceeds from repurchase agreements - mortgage loans held-for-sale 16,405,081 - 16,405,081 Payments for FHLBI advances (49,697,000 ) - (49,697,000 ) Principal repayments of repurchase agreements - available-for-sale securities (5,373,159,000 ) - (5,373,159,000 ) Principal repayments of repurchase agreements - mortgage loans held-for-sale (18,783,717 ) - (18,783,717 ) Net cash provided by financing activities 167,382,469 - 167,382,469 Net increase (decrease) in cash and cash equivalents 2,449,839 - 2,449,839 Cash and cash equivalents, beginning of period 26,140,718 - 26,140,718 Cash and cash equivalents, end of period $ 28,590,557 $ - $ 28,590,557 Supplemental disclosure of cash flow information Cash paid for interest $ 4,671,932 $ - $ 4,671,932 Non-cash investing and financing activities information Restricted stock compensation expense $ 29,014 $ - $ 29,014 Dividends declared but not paid at end of period $ 29,349 $ - $ 29,349 Net change in unrealized gain (loss) on available-for-sale securities $ 2,414,131 $ 3,369,190 $ 5,783,321 Consolidation of multi-family loans held in securitization trusts $ 1,271,754,540 $ - $ 1,271,754,540 Consolidation of residential loans held in securitization trusts $ 153,858,101 $ - $ 153,858,101 Consolidation of multi-family securitized debt obligations $ 1,253,797,808 $ - $ 1,253,797,808 Consolidation of residential securitized debt obligations $ 147,807,489 $ - $ 147,807,489

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The consolidated balance sheet as of December 31, 2015 has been derived from audited financial statements. The condensed consolidated balance sheet as of September 30, 2016, the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income (loss), for the three and nine months ended September 30, 2016 and for the three and nine months ended September 30, 2015, the condensed consolidated statement of stockholders’ equity for the nine months ended September 30, 2016 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2016, and the nine months ended September 30, 2015, are unaudited. The unaudited condensed consolidated financial statements and related notes have been prepared in accordance with GAAP for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the financial statements prepared under GAAP have been condensed or omitted. In the opinion of management, all adjustments are considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the Securities and Exchange Commission (“SEC”) on March 23, 2016.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity where the Company is the primary beneficiary. All significant intercompany transactions have been eliminated on consolidation.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	VIEs An entity is referred to as a VIE if it lacks one or more of the following characteristics: (1) sufficient equity at risk to finance its activities without additional subordinated financial support provided by any parties, including the equity holders; (2) as a group the holders of the equity investment at risk have (a) the power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impacts the entity's economic performance, (b) the obligation to absorb the expected losses of the legal entity and (c) the right to receive the expected residual returns of the legal entity; and (3) the voting rights of these investors are proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected returns of their equity, or both, and whether substantially all of the entity's activities involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. An investment that lacks one or more of the above three characteristics is considered to be a VIE. The Company reassesses its initial evaluation of an entity as a VIE based upon changes in the facts and circumstances pertaining to the VIE. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses of, 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 September 30, 2016, the Company determined that it continues to be the primary beneficiary of two Multi-Family MBS transactions (FREMF 2011-K13 and FREMF 2012-KF01), and one residential mortgage loan transaction (CSMC 2014-OAK1), in each case based on its power to direct the trust’s activities and its obligations to absorb losses derived from the ownership of the first-loss tranches. In the case of the FREMF 2011-K13 and the FREMF 2012-KF01 trusts, the Company determined that it is the primary beneficiary of certain intermediate trusts that have the power to direct the activities and the obligations to absorb losses of the underlying trusts. Accordingly, the Company consolidated the assets, liabilities, income and expenses of each of the underlying trusts, and has elected the fair value option in respect of the assets and liabilities of each trust. At September 30, 2016 and December 31, 2015, with the exception of the listed transactions, the maximum exposure of the Company to VIEs was limited to the fair value of its investment in Non-Agency RMBS and Multi-Family MBS as disclosed in Note 4 (Non-Agency RMBS $22,704,056 and $92,107,727, respectively, and Multi-Family MBS $92,691,756 and $104,025,797, respectively). GAAP also requires us to consider whether securitizations we sponsor and other transfers of financial assets should be treated as sales or financings. During the year ended December 31, 2015, the Company transferred residential mortgage loans with an aggregate unpaid principal balance of $518,455,163 to Oaks Mortgage Trust Series 2015-1 and Oaks Mortgage Trust 2015-2, and accounted for these transfers as sales for financial reporting purposes, in accordance with Accounting Standards Codification (“ASC”) 860. The Company also determined that it was not the primary beneficiary of these VIEs because it lacked the power to direct the activities that will have the most significant economic impact on the entities. The Company’s analysis incorporates the considerations applicable to Consolidation (Topic 810). The Company’s determination involves complex and subjective analysis resulting from the various legal and structural aspects of each transaction. This analysis has focused in particular on ASC 810-10-25-38C and 25-38D, along with ASC 810-10-25-38G and ASC 810-10-15-13A and 15-13B. The Company’s maximum exposure to loss from these VIEs was limited to the fair value of its investments in Non-Agency RMBS issued by the two VIEs, with an aggregate fair value of $5,258,859 at September 30, 2016 (December 31, 2015: $30,383,343). This amount is included in Available-for-sale (“AFS”) securities on the Company’s condensed consolidated balance sheet. The Company is party to customary and standard repurchase obligations in respect of loans that it has sold to the two VIEs to the extent they have breached standard representations and warranties, but is not a party to arrangements to provide financial support to the VIEs that the Company believes could expose it to additional loss.
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 GAAP. The preparation of financial statements in conformity with 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 and other short term deposit accounts with banks having original maturities of 90 days or less. 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.
Revenue Recognition, Deferred Revenue [Policy Text Block]	Deferred Income Certain service revenues received in the period are recorded as a liability in the Company’s condensed consolidated balance sheets in the line item “Deferred income”, for subsequent recognition as income in the Company’s condensed consolidated statements of operations.
Deferred Offering Costs, Policy [Policy Text Block]	Deferred Offering Costs In accordance with 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 are recorded as an asset in the accompanying condensed consolidated balance sheets in the line item “Deferred offering costs”, for subsequent deduction from the related proceeds upon closing of the offering. To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in “Other accounts payable and accrued expenses” on the accompanying condensed consolidated balance sheets.
Deferred Charges, Policy [Policy Text Block]	Deferred Securitization Costs Certain direct costs associated with the acquisition of residential mortgage loans are payable by the Company in advance of the subsequent securitization of these loans. To the extent that such costs, if any, are expected to be recovered at the time of a forthcoming securitization, payments made by the Company in respect of such costs if any are recorded as an asset in the Company’s condensed consolidated balance sheets in the line item “Deferred securitization costs”, for subsequent deduction from the securitization proceeds upon the closing of that securitization.
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 AFS securities portfolio, with the exception of Non-Agency RMBS IOs (as further described below), 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 is recorded in the “Interest Income” line item on the condensed consolidated statements 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 and ASC 310-30 (generally Non-Agency RMBS and Multi-Family MBS). In estimating these cash flows, there are a number of assumptions that are 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 applies 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 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 investment’s yield over its remaining life. Decreases in cash flows expected to be collected are recognized as impairment to the extent that such decreases are due, at least in part, to an increase in credit loss expectations (“credit impairment”). To the extent that decreases in cash flows expected to be collected are the result of factors other than credit impairment, for example a change in rate of prepayments, such changes are generally recognized prospectively through adjustment of the investment’s yield over its remaining life. The Company’s accrual of interest, discount and premium for U.S. federal and other tax purposes is likely to differ from the financial accounting treatment of these items as described above. Gains and losses from the sale of AFS securities are recorded as realized gains (losses) within realized gain (loss) on sale of investments, net in the Company's condensed consolidated statements of operations. Upon the sale of a security, the Company will determine the cost of the security and the amount of unrealized gains or losses to reclassify out of accumulated other comprehensive income (loss) into earnings based on the specific identification method. Unrealized gains and losses on the Company’s AFS securities are recorded as unrealized gain (loss) on available-for-sale securities, net in the Company's condensed consolidated statements of comprehensive income (loss).
Property, Plant and Equipment, Impairment [Policy Text Block]	Impairment The Company evaluates its MBS, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company's amortized cost basis is an other-than-temporary impairment (“OTTI”). The presence of OTTI is based upon a fair value decline below a security's amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value or (iii) does not expect to recover the security's amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, an OTTI should be recognized to the extent that a decrease in future cash flows expected to be collected is due, at least in part, to an increase in credit impairment. A decrease in future cash flows due to factors other than credit, for example a change in the rate of prepayments, is considered a non-credit impairment. The full amount of the difference between the security’s previous and new cost basis resulting from credit impairment is recognized currently in earnings, and the difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in accordance with the effective interest method. Decreases in cash flows expected to be collected resulting from non-credit impairment are generally recognized prospectively through adjustment of the investment’s yield over its remaining life.
Mortgage Loans Held-for-Sale, at Fair Value, Policy [Policy Text Block]	Mortgage Loans Held-for-Sale, at Fair Value Mortgage loans held-for-sale are reported at fair value as a result of a fair value option election. See Note 3 - Fair Value Measurements for details on fair value measurement. Mortgage loans are currently classified as held-for-sale based upon the Company’s intent to sell them either in the secondary whole loan market or to include them in a securitization, including transfers to a securitization entity that the Company sponsors and expects them 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 consolidated 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, as of September 30, 2016. 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 three 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. As the result of the Company’s determination that it is not the primary beneficiary of Oaks Mortgage Trust Series 2015-1 and Oaks Mortgage Trust Series 2015-2, it does not consolidate these trusts. Interest income on multi-family and residential mortgage loans held in securitization trusts is recognized at the loan coupon rate. Interest income recognition is suspended when mortgage loans are placed on non-accrual status. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is considered non-collectible, and in all cases when payment becomes greater than 90 days past due. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible.
Mortgage Servicing Rights and Excess Servicing Rights, at Fair Value [Policy Text Block]	Mortgage Servicing Rights and Excess Servicing Rights, at Fair Value Mortgage servicing rights (“MSRs”) are associated with residential mortgage loans that the Company has purchased and subsequently sold or securitized. MSRs are held and managed at the Company’s 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 directly service any residential mortgage loans. MSR income is recognized at the contractually agreed rate, net of the costs of sub-servicers retained by the Company. If a sub-servicer with which the Company contracts were to default, an evaluation of MSR assets for impairment would be undertaken at that time. To the extent that the Company determines it is the primary beneficiary of a residential mortgage loan securitization trust into which it has sold loans, any associated MSRs are eliminated on the consolidation of the trust. The trust is contractually obligated to pay a portion of the interest payments from the associated residential mortgage loans for the direct servicing of the loans, and after deduction of sub-servicing fees payable to contracted sub-servicers, the net amount, excess servicing rights, represents a liability of the trust. See Note 3 - Fair Value Measurement below for additional detail.
Non-Agency Residential Mortgage Loan Securitizations Fair Value [Policy Text Block]	Non-Agency RMBS IOs, at Fair Value Non-Agency RMBS IOs that the Company owns are associated with residential mortgage loan securitizations that the Company sponsors, and 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. Interest income on IOs is recognized at the contractually agreed rate, and changes in fair value are recognized in the Company’s condensed consolidated statement of operations.
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 that were treated as Linked Transactions (see Note 3 - Accounting for Derivative Financial Instruments - Non-Hedging Activity/Linked Transactions below), as collateralized financing transactions and they are carried at their contractual amounts, as specified in the respective agreements. The contractual amounts approximate fair value due to their short-term nature.
Residential Loan Warehouse Facilities, Policy [Policy Text Block]	Residential Loan Warehouse Facilities The Company finances the acquisition of certain of its residential mortgage loans through the use of short-term, uncommitted residential loan warehouse facilities, which are currently structured as repurchase agreements. The Company accounts for outstandings under these facilities as collateralized financing transactions which are carried at its contractual amount, and approximate fair value due to their short-term nature.
Debt, Policy [Policy Text Block]	Secured Loans In February 2015, the Company’s wholly owned subsidiary, FOI, became a member of the Federal Home Loan Bank of Indianapolis (“FHLBI”). As a member of FHLBI, FOI borrowed funds from FHLBI in the form of secured advances (“FHLB advances”). FHLB advances are treated as secured financing transactions and are carried at their contractual amounts. In connection with FHLB advances, FOI was required to purchase FHLBI stock, which is recorded on the Company’s condensed consolidated balance sheet as an asset. See Note 10 for a further discussion of the Company’s FHLB advances and Note 3 for a description of the Company’s FHLB stock balance.
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 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.
Common Stock [Policy Text Block]	Common Stock At September 30, 2016, and December 31, 2015, the Company was authorized to issue up to 450,000,000 shares of common stock, par value $0.01 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s Board of Directors. The Company had 14,602,394 shares of common stock issued and outstanding at September 30, 2016 and 14,656,394 at December 31, 2015.
Treasury Stock Policy [Policy Text Block]	Stock Repurchase Program On December 15, 2015, the Company’s Board of Directors authorized a stock repurchase program (“Repurchase Program”), to repurchase up to $10 million of the Company’s outstanding common stock. Subject to applicable securities laws, repurchase of common stock under the Repurchase Program may be made at times and in amounts as the Company deems appropriate, using available cash resources. Shares of common stock repurchased by the Company under the Repurchase Program, if any, will be canceled and, until reissued by the Company, will be deemed to be authorized but unissued shares of common stock. The Repurchase Program may be suspended or discontinued by the Company at any time and without prior notice. Through September 30, 2016, the Company had repurchased 126,856 shares of common stock under the Repurchase Program.
Preferred Stock [Policy Text Block]	Preferred Stock At September 30, 2016, and December 31, 2015, the Company was authorized to issue up to 50,000,000 share of preferred stock, par value $0.01 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s Board. The Company had 1,610,000 shares of preferred stock issued and outstanding at both September 30, 2016 and December 31, 2015.
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 stockholders 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 assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes. The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company's accounting policy with respect to interest and penalties is to classify these amounts as other interest expense. As further described in Note 19, the Company has declared and will pay in the fourth quarter a deficiency dividend relating to a recent determination of an inability to offset certain net gains on hedging transactions in 2013 against net capital losses on the sale of certain mortgage-backed securities. In connection with this declaration, the Company has provisioned an amount of $1.86 million for interest charges expected to be paid to the IRS following the payment of the dividend. This amount is included in the Company’s condensed consolidated balance sheets in the line item “Other accounts payable and accrued expenses”, and is included in “Other interest expense” in the Company’s condensed consolidated statements of operations. Certain activities of the Company are conducted through a TRS and therefore are taxed as a standalone U.S. C-Corporation. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. 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 16 for details of the computation of basic and diluted earnings per share.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation The Company is required to recognize compensation costs relating to stock-based payment transactions in the financial statements. The Company accounts for share-based compensation issued to its Manager and non-management directors using the fair value based methodology prescribed by ASC 718, Share-Based Payment (“ASC 718”). Compensation cost related to restricted common stock issued to the Manager is initially measured at estimated fair value at the grant date, and is remeasured on subsequent dates to the extent the awards are unvested. Additionally, compensation cost related to restricted common stock issued to the non-management directors is measured at its estimated fair value at the grant date and amortized and expensed over the vesting period. See Note 14 for details of stock-based awards issuable under the Manager Equity Plan.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income (Loss) Attributable to Common Stockholders Comprehensive income (loss) is comprised of net income, as presented in the condensed consolidated statement of comprehensive income (loss), adjusted for changes in unrealized gain or loss on AFS securities (excluding Non-Agency RMBS IOs), reclassification adjustments for net gain (loss) and other-than-temporary impairments included in net income, reclassification adjustment for Linked Transactions, and dividends paid to preferred stockholders.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued and/or Adopted Accounting Standards Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, which is a comprehensive revenue recognition standard that supersedes virtually all existing revenue guidance under GAAP. The standard’s core principle is that an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. As a result of the issuance of ASU No. 2015-14 in August 2015, deferring the effective date of ASU No. 2014-09 by one year, the ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017, with early adoption prohibited. The Company is currently assessing the impact of this guidance. In May 2016, the FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting.” The amendments make targeted improvements to clarify the principal versus agent assessment and are intended to make the guidance more operable and lead to more consistent application. The amendments in this update are effective immediately. The Company has analyzed the ASU and its amendments and does not expect its adoption will have a material impact on the financial statements and disclosures of the Company. Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures In June 2014, the FASB issued ASU No. 2014-11, which requires repurchase-to-maturity transactions to be accounted for as secured borrowings, eliminated the existing guidance for repurchase financings, and required new disclosures for certain transactions accounted for as secured borrowings and sales. This ASU is effective for the first interim or annual period beginning after December 15, 2014, except for the disclosures related to transactions accounted for as secured borrowings, which are effective for periods beginning on or after March 15, 2015. Adoption of this ASU did not have any impact on the Company’s financial condition or stockholders’ equity. Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity In August 2014, the FASB issued ASU No. 2014-13, which updates the guidance on measuring the financial assets and financial liabilities of consolidated collateralized financing entities, or CFEs. The update allows an entity to measure both the financial assets and financial liabilities of a qualifying CFE it consolidates using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. The ASU requires certain recurring disclosures and is effective for annual periods beginning on or after December 15, 2015, with early adoption permitted as of the beginning of an annual period. Early adoption of this ASU was applied, which did not have a material impact on the Company’s financial condition or results of operations, but did impact financial statement disclosures as further described in Note 3. Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU No. 2015-02, which changes the guidance on the consolidation of certain investment funds as well as both the variable interest model and the voting model. The ASU requires certain recurring disclosures and is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2015, with early adoption permitted. The adoption of this guidance did not have a material impact on the Company’s financial condition or results of operations. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, which simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. The ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2015, with early adoption permitted. Early adoption of this ASU did not have a material impact on the Company's financial condition or results of operations. Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU 2015-17, which requires deferred tax liabilities and assets to be classified as non-current in a classified statement of financial condition. The Company has early adopted ASU 2015-17 as of December 31, 2015, on a retrospective basis, based on the ASU’s intention to simplify the financial presentation of deferred taxes. The adoption of this guidance did not have a material impact on the Company’s financial condition or results of operations. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, which changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The ASU requires certain recurring disclosures and is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017, with early adoption permitted. The Company has determined this ASU will not have a material impact on the Company's financial condition or results of operation. Stock Compensation In March 2016, the FASB issued ASU 2016-09, effective January 1, 2017, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities. The areas for simplifications in the update involve several aspects of the accounting for share-based payment transactions, including income tax consequences, classifications of awards as either equity or liabilities, and classification on the statement of cash flows. The Company has determined this ASU will not have a material impact on the Company's financial condition or results of operation. Credit Losses In June 2016, the FASB issued ASU 2016-13 which is a comprehensive amendment of credit losses on financial instruments. Currently GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The standard’s core principle is that an entity replaces the “incurred loss” impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public business entities that are SEC filers, the amendment in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently assessing the impact of this guidance. Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU 2016-15, which amends ASC Topic 230, Statement of Cash Flows (“ASC 230”), to reduce diversity in how certain transactions are classified in the statement of cash flows. The ASU is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently assessing the impact of this guidance.
Interest in Unincorporated Joint Ventures or Partnerships, Policy [Policy Text Block]	Interests Held through Related Parties That Are under Common Control In October 2016, the FASB issued ASU 2016-17, to amend the consolidation guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The ASU is effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently assessing the impact of this guidance.

AVAILABLE-FOR-SALE SECURITIES_2

AVAILABLE-FOR-SALE SECURITIES (as restated) (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Mortgage-backed securities: Agency Federal Home Loan Mortgage Corporation $ 319,895,220 $ 148,760,159 Federal National Mortgage Association 382,103,773 182,867,134 Government National Mortgage Association - 43,705,764 Non-Agency 22,704,056 92,107,727 Multi-Family 92,691,756 104,025,797 Total mortgage-backed securities $ 817,394,805 $ 571,466,581
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 September 30, 2016 and December 31, 2015: September 30, 2016 Agency Non-Agency (1) Multi-Family Total Face Value $ 680,547,372 $ 25,691,061 $ 120,112,738 $ 826,351,171 Unamortized premium 16,183,652 - - 16,183,652 Unamortized discount Designated credit reserve and OTTI (2) - (2,628,385 ) - (2,628,385 ) Net, unamortized (1,518,366 ) (4,366,558 ) (27,459,219 ) (33,344,143 ) Amortized Cost 695,212,658 18,696,118 92,653,519 806,562,295 Gross unrealized gain 7,073,188 586,712 1,906,356 9,566,256 Gross unrealized (loss) (286,853 ) (2,956,542 ) (1,868,119 ) (5,111,514 ) Fair Value $ 701,998,993 $ 16,326,288 $ 92,691,756 $ 811,017,037 December 31, 2015 Agency Non-Agency (1) Multi - Family Total Face Value $ 370,394,525 $ 116,954,842 $ 138,829,925 $ 626,179,292 Unamortized premium 5,745,862 80,257 - 5,826,119 Unamortized discount Designated credit reserve and OTTI (2) - (8,891,565 ) - (8,891,565 ) Net, unamortized (1,929,145 ) (22,101,062 ) (33,250,068 ) (57,280,275 ) Amortized Cost 374,211,242 86,042,472 105,579,857 565,833,571 Gross unrealized gain 3,234,673 1,099,957 913,556 5,248,186 Gross unrealized (loss) (2,112,858 ) (1,808,973 ) (2,467,616 ) (6,389,447 ) Fair Value $ 375,333,057 $ 85,333,456 $ 104,025,797 $ 564,692,310 (1) Non-Agency AFS does not include interest-only securities with a notional amount of $572,277,838, book value of $14,712,374, unrealized loss of $8,334,605 and a fair value of $6,377,768 at September 30, 2016 and a notional amount of $428,230,275, book value of $7,815,919, unrealized loss of $1,041,649 and a fair value of $6,774,271 as of December 31, 2015. (2) Discount designated as Credit Reserve and amount related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed reflect Credit Reserve of $2,087,043 and $8,146,073, at September 30, 2016 and December 31, 2015, respectively, and OTTI of $932,500 and $745,493 at September 30, 2016 and December 31, 2015, respectively.
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]	The following tables present the composition of OTTI charges recorded by the Company for the three and nine months ended September 30, 2016 and September 30, 2015: Three Months Ended September 30, 2016 2015 Cumulative credit loss at beginning of period $ (3,803,650 ) $ (4,301,223 ) Additions: Initial (increase) in credit reserves - - Subsequent (increase) in credit reserves (374,124 ) (350,924 ) Initial additional other-than-temporary credit impairment losses - - Subsequent additional other-than-temporary credit impairment losses (183,790 ) - Reductions: For securities sold decrease in credit reserves 354,334 - For securities sold decrease in other-than-temporary impairment - - Cumulative credit (loss) at end of period $ (4,007,230 ) $ (4,652,147 ) Nine Months Ended September 30, 2016 2015 Cumulative credit loss at beginning of period $ (3,636,432 ) $ - Additions: Initial (increase) in credit reserves - (1,761,208 ) Subsequent (increase) in credit reserves (541,342 ) - Initial additional other-than-temporary credit impairment losses - (2,890,939 ) Subsequent additional other-than-temporary credit impairment losses (183,790 ) - Reductions: For securities sold decrease in credit reserves 354,334 - For securities sold decrease in other-than-temporary impairment - - Cumulative credit (loss) at end of period $ (4,007,230 ) $ (4,652,147 )
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]	The following table presents the components comprising the carrying value of AFS securities not deemed to be other than temporarily impaired by length of time the securities had an unrealized loss position as of September 30, 2016, and December 31, 2015. At September 30, 2016 the Company held 49 AFS securities, of which eight were in an unrealized loss position for less than twelve consecutive months and seven were in an unrealized loss for more than twelve months. At December 31, 2015, the Company held 67 AFS securities, of which 35 were in an unrealized loss position for less than twelve consecutive months and five were in an unrealized loss position for more than twelve months: Less than 12 months Greater than 12 months Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses September 30, 2016 $ 140,128,347 $ (364,535 ) $ 54,628,380 $ (4,746,979 ) $ 194,756,727 $ (5,111,514 ) December 31, 2015 $ 348,120,251 $ (5,983,726 ) $ 6,939,257 $ (405,720 ) $ 355,059,508 $ (6,389,446 )
Schedule of Realized Gain (Loss) [Table Text Block]	The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities for the three and nine months ended September 30, 2016 and September 30, 2015: Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 AFS securities sold, at cost $ 41,467,395 $ 81,417,531 Proceeds from AFS securities sold 41,283,816 82,865,471 Net realized gain (loss) on sale of AFS securities $ (183,579 ) $ 1,447,940 Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 AFS securities sold, at cost $ 233,054,347 $ 188,385,533 Proceeds from AFS securities sold 230,557,238 190,474,737 Net realized gain (loss) on sale of AFS securities $ (2,497,109 ) $ 2,089,204
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 September 30, 2016 and December 31, 2015: September 30, 2016 Agency Non-Agency Multi-Family Total Adjustable rate $ 700,452,448 $ 22,704,056 $ - $ 723,156,504 Fixed rate 1,546,545 - 92,691,756 94,238,301 Total $ 701,998,993 $ 22,704,056 $ 92,691,756 $ 817,394,805 December 31, 2015 Agency Non-Agency Multi- Family Total Adjustable rate $ 360,057,377 $ 92,107,727 $ - $ 452,165,104 Fixed rate 15,275,680 - 104,025,797 119,301,477 Total $ 375,333,057 $ 92,107,727 $ 104,025,797 $ 571,466,581
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 September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Less than one year $ - $ - Greater than one year and less than five years 639,925,915 211,800,340 Greater than or equal to five years 177,468,890 359,666,241 Total $ 817,394,805 $ 571,466,581
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 nine months ended September 30, 2016 and the year ended December 31, 2015 of the unamortized net discount and designated credit reserves on the Company’s MBS. Designated Unamortized credit reserve net discount Total Beginning Balance as of January 1, 2016 $ (8,891,565 ) $ (57,280,275 ) $ (66,171,840 ) Acquisitions - - - Dispositions 4,195,361 17,717,879 21,913,240 Accretion of net discount - 5,192,130 5,192,130 Realized gain on paydowns - 253,821 253,821 Realized credit losses 3,023,911 (183,790 ) 2,840,121 Addition to credit reserves (1,021,433 ) 1,021,433 - Release of credit reserves 65,341 (65,341 ) - Ending balance at September 30, 2016 $ (2,628,385 ) $ (33,344,143 ) $ (35,972,528 ) December 31, 2015 Designated Unamortized credit reserve net discount Total Beginning Balance as of January 1, 2015 $ (12,697,796 ) $ (17,454,022 ) $ (30,151,818 ) Cumulative - effect adjustment for Linked Transactions (36,627,321 ) (47,091,958 ) (83,719,279 ) Adjusted beginning Balance as of January 1, 2015 (49,325,117 ) (64,545,980 ) (113,871,097 ) Acquisitions - (24,446,013 ) (24,446,013 ) Dispositions - 20,963,895 20,963,895 Accretion of net discount 30,201,676 13,061,839 43,263,515 Realized gain on paydowns - 226,553 226,553 Realized credit losses 10,582,246 (2,890,939 ) 7,691,307 Addition to credit reserves (2,669,938 ) 2,669,938 - Release of credit reserves 2,319,568 (2,319,568 ) - Ending balance at December 31, 2015 $ (8,891,565 ) $ (57,280,275 ) $ (66,171,840 )
Investment Income [Table Text Block]	The following tables present components of interest income on the Company’s AFS securities for the three and nine months ended September 30, 2016 and September 30, 2015: Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Net (premium Net (premium Coupon amortization)/ Interest Coupon amortization)/ Interest interest discount accretion income interest discount accretion income Agency $ 4,006,740 $ 118,440 $ 4,125,180 $ 1,338,227 $ 194,587 $ 1,532,814 Non-Agency 581,097 359,052 940,149 623,153 1,607,039 2,230,192 Multi-Family 239,213 1,245,327 1,484,540 272,455 1,425,504 1,697,959 Total $ 4,827,050 $ 1,722,819 $ 6,549,869 $ 2,233,835 $ 3,227,130 $ 5,460,965 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Net (premium Net (premium Coupon amortization)/ Interest Coupon amortization)/ Interest interest discount accretion income interest discount accretion income Agency $ 8,628,918 $ 222,691 $ 8,851,609 $ 5,225,240 $ 498,392 $ 5,723,632 Non-Agency 2,139,698 1,235,030 3,374,728 1,498,360 6,747,357 8,245,717 Multi-Family 754,522 3,799,842 4,554,364 1,184,978 3,866,177 5,051,155 Total $ 11,523,138 $ 5,257,563 $ 16,780,701 $ 7,908,578 $ 11,111,926 $ 19,020,504

MORTGAGE LOANS HELD-FOR-SALE,_2

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Tables) - Mortgage Loans Heldforsale [Member]	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Unpaid principal balance $ 9,138,386 $ 10,767,856 Fair value adjustment 135,616 132,546 Carrying value $ 9,274,002 $ 10,900,402
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 September 30, 2016 are as follows: September 30, 2016 Texas 32.0 % California 20.2 % Arizona 13.3 % Minnesota 8.0 % Kentucky 7.7 % Georgia 6.9 % North Carolina 6.2 % Colorado 5.6 %

THE FREMF TRUSTS (Tables)

THE FREMF TRUSTS (Tables) - FREMF trusts [Member]	9 Months Ended
	Sep. 30, 2016
Balance Sheet
Condensed Balance Sheet [Table Text Block]	The condensed consolidated balance sheets of the FREMF trusts at September 30, 2016 and December 31, 2015 are set out below: Balance Sheets September 30, 2016 December 31, 2015 Assets Multi-family mortgage loans held in securitization trusts $ 1,267,101,902 $ 1,449,774,383 Receivables 4,652,638 5,380,956 Total assets $ 1,271,754,540 $ 1,455,155,339 Liabilities and Equity Multi-family securitized debt obligations $ 1,249,163,769 $ 1,364,077,012 Payables 4,634,039 5,047,777 $ 1,253,797,808 $ 1,369,124,789 Equity 17,956,732 86,030,550 Total liabilities and equity $ 1,271,754,540 $ 1,455,155,339
Condensed Income Statement [Table Text Block]	The condensed consolidated statements of operations of the FREMF trusts for the three and nine months ended September 30, 2016 and September 30, 2015 are as follows: Statements of Operations Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Interest income $ 14,466,946 $ 16,794,338 Interest expense 13,740,005 15,372,832 Net interest income $ 726,941 $ 1,421,506 General and administrative fees (670,157 ) (787,124 ) Unrealized gain (loss) on multi-family loans held in securitization trusts 930,312 1,804,190 Net income (loss) $ 987,096 $ 2,438,572 Statements of Operations Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Interest income $ 44,597,652 $ 51,679,542 Interest expense 41,667,457 47,286,613 Net interest income $ 2,930,195 $ 4,392,929 General and administrative fees (2,052,857 ) (2,494,015 ) Unrealized gain (loss) on multi-family loans held in securitization trusts (5,604,839 ) 5,644,774 Net income (loss) $ (4,727,501 ) $ 7,543,688
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 September 30, 2016 are as follows: September 30, 2016 Texas 17.7 % New York 15.5 % Washington 8.3 % Colorado 7.4 % California 5.7 % Georgia 5.4 %

RESIDENTIAL MORTGAGE LOAN SEC_2

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Tables) - Residential Mortgage [Member]	9 Months Ended
	Sep. 30, 2016
Variable Interest Entity [Line Items]
Condensed Balance Sheet [Table Text Block]	The condensed consolidated balance sheets of the residential mortgage loan securitization trusts at September 30, 2016 and December 31, 2015 are set out below: Balance Sheets September 30, 2016 December 31, 2015 Assets Residential mortgage loans held in securitization trusts $ 153,356,678 $ 411,881,097 Receivables 501,423 1,446,120 Total assets $ 153,858,101 $ 413,327,217 Liabilities and Equity Residential securitized debt obligations $ 147,407,885 $ 380,638,423 Payables 399,604 1,153,053 $ 147,807,489 $ 381,791,476 Equity 6,050,612 31,535,741 Total liabilities and equity $ 153,858,101 $ 413,327,217
Condensed Income Statement [Table Text Block]	The condensed consolidated statements of operations of the residential mortgage loan securitization trusts for the three and nine months ended September 30, 2016 and September 30, 2015 are as follows: Statements of Operations Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Interest income $ 1,582,090 $ 4,641,887 Interest expense 1,210,186 3,137,247 Net interest income $ 371,904 $ 1,504,640 General and administrative fees (13,653 ) (146,574 ) Unrealized gain (loss) on residential loans held in securitization trusts (764,599 ) (1,323,697 ) Net income (loss) $ (406,348 ) $ 34,369 Statements of Operations Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Interest income $ 9,143,343 $ 15,573,046 Interest expense 6,978,474 9,894,956 Net interest income $ 2,164,869 $ 5,678,090 General and administrative fees (254,424 ) (495,094 ) Unrealized gain (loss) on residential loans held in securitization trusts 80,511 (7,655,902 ) Net income (loss) $ 1,990,956 $ (2,472,906 )
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 September 30, 2016 are as follows: September 30, 2016 California 38.7 % Washington 14.6 % Massachusetts 8.9 % Florida 5.7 %

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Restricted cash balance held by: Broker counterparties for derivatives trading $ 7,276,923 $ 528,564 Repurchase counterparties as restricted collateral 6,806,318 7,646,074 Total $ 14,083,241 $ 8,174,638

BORROWINGS (Tables)

BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Repurchase Agreements [Table Text Block]	The following table summarizes certain characteristics of the Company’s repurchase agreements at September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Weighted Weighted Amount average Market value Amount average Market value outstanding interest rate of collateral held outstanding interest rate of collateral held Agency $ 668,713,000 0.72 % 701,998,993 $ 358,239,000 0.66 % 374,952,510 Non-Agency 17,999,000 2.12 % 27,712,606 114,512,000 2.24 % 121,475,112 Multi-Family 52,788,000 2.40 % 92,691,756 86,177,000 1.83 % 190,056,347 Mortgage loans 7,125,821 2.88 % 8,754,039 9,504,457 2.87 % 10,900,403 Total $ 746,625,821 0.89 % 831,157,394 $ 568,432,457 1.19 % 697,384,372
Schedule Of Remaining Maturities Under Repurchase Agreement [Table Text Block]	At September 30, 2016 and December 31, 2015, the repurchase agreements had the following remaining maturities: September 30, 2016 December 31, 2015 < 30 days $ 691,810,000 $ 449,063,000 31 to 60 days 7,125,821 76,044,000 61 to 90 days 47,690,000 37,873,540 > 90 days - 5,451,917 Total $ 746,625,821 $ 568,432,457
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 September 30, 2016 and December 31, 2015: September 30, 2016 Amount Percent of total Weighted average Market Value Repurchase Agreement Counterparties Outstanding amount outstanding days to maturity of collateral held Wells Fargo Securities $ 31,533,000 4.22 % 6 $ 57,255,816 Other North America 612,603,000 82.05 % 15 650,152,017 Asia (1) 80,272,000 10.75 % 18 91,076,628 Europe (1) 22,217,821 2.98 % 20 32,672,933 Total $ 746,625,821 100.00 % 15 $ 831,157,394 (1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries. December 31, 2015 Amount Percent of total Weighted average Market Value Repurchase Agreement Counterparties Outstanding (1) amount outstanding days to maturity of collateral held Merrill Lynch $ 99,770,000 17.55 % 30 $ 154,005,234 Wells Fargo Securities 32,192,000 5.66 % 10 53,711,547 Other North America 291,806,000 51.34 % 25 315,040,818 Asia (1) 88,565,000 15.58 % 16 97,970,226 Europe (1) 56,099,457 9.87 % 46 76,656,547 Total $ 568,432,457 100.00 % 26 $ 697,384,372 (1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

DERIVATIVE INSTRUMENTS HEDGIN_2

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 and December 31, 2015. September 30, 2016 Derivative Assets Derivative Liabilities Fair value Notional Fair value Notional Futures - - (4,613,988 ) 5,978,000,000 Total $ - - $ (4,613,988 ) 5,978,000,000 December 31, 2015 Derivative Assets Derivative Liabilities Fair value Notional Fair value Notional Futures 2,558,350 5,945,000,000 - - Total $ 2,558,350 5,945,000,000 $ - -
Schedule of Derivative Instruments [Table Text Block]	The below tables provide a reconciliation of these assets and liabilities that are subject to Master Agreements or similar agreements and can be potentially offset on the Company’s condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015: As of September 30, 2016 the Company did not have any assets subject to Master Agreements or similar agreements. December 31, 2015 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 Futures $ 2,558,350 $ - $ 2,558,350 $ - $ - $ 2,558,350 Total $ 2,558,350 $ - $ 2,558,350 $ - $ - $ 2,558,350 September 30, 2016 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 $ (746,625,821 ) $ - $ (746,625,821 ) $ - $ - $ (746,625,821 ) Futures (4,613,988 ) - (4,613,988 ) - 4,613,988 - Total $ (751,239,809 ) $ - $ (751,239,809 ) $ - $ 4,613,988 $ (746,625,821 ) December 31, 2015 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 $ (518,735,457 ) $ - $ (518,735,457 ) $ - $ - $ (518,735,457 ) FHLB Advances (49,697,000 ) - (49,697,000 ) - - (49,697,000 ) Total $ (568,432,457 ) $ - $ (568,432,457 ) $ - $ - $ (568,432,457 ) (1) Amounts presented are limited in total to the net amount of assets or liabilities presented in the condensed consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Agreements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above.
Schedule of Price Risk Derivatives [Table Text Block]	The following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the condensed consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the three and nine months ended September 30, 2016 and September 30, 2015: Three months ended September 30, 2016 Amount of realized Amount of unrealized Primary underlying risk gain (loss) appreciation (depreciation) Total Interest rate: Futures (820,974 ) 3,340,600 2,519,626 Total $ (820,974 ) $ 3,340,600 $ 2,519,626 Three Months Ended September 30, 2015 Amount of realized Amount of unrealized Primary underlying risk gain (loss) appreciation (depreciation) Total Interest rate: Interest rate swaps (1) $ (5,552,898 ) $ 2,777,551 $ (2,775,347 ) Futures (2,709,525 ) (1,145,644 ) (3,855,169 ) Total $ (8,262,423 ) $ 1,631,907 $ (6,630,516 ) (1) In the three month period ended September 30, 2015 net swap interest expense totaled $782,870 comprised of $1,233,249 in interest expense paid (included in realized gain (loss)) and $450,379 in accrued interest income (included in unrealized appreciation (depreciation)). Nine Months Ended September 30, 2016 Amount of realized Amount of unrealized Primary underlying risk gain (loss) appreciation (depreciation) Total Interest rate: Futures (3,167,877 ) (7,172,338 ) (10,340,215 ) Total $ (3,167,877 ) $ (7,172,338 ) $ (10,340,215 ) Nine Months Ended September 30, 2015 Amount of realized Amount of unrealized Primary underlying risk gain (loss) appreciation (depreciation) Total Interest rate: Interest rate swaps (1) $ (6,974,491 ) $ 1,681,725 $ (5,292,766 ) Swaptions (84,000 ) 62,450 (21,550 ) Futures (5,251,810 ) (961,274 ) (6,213,084 ) Total $ (12,310,301 ) $ 782,901 $ (11,527,400 ) (1) In the nine month period ended September 30, 2015, net swap interest expense totaled $2,216,417 comprised of $2,654,405 in interest expense paid (included in realized gain (loss)) and $437,988 in accrued interest expense (included in unrealized appreciation (depreciation)).

MSRs (Tables)

MSRs (Tables)	9 Months Ended
	Sep. 30, 2016
Mortgage Servicing Rights MSR Disclosure [Abstract]
Schedule Of Mortgage Service Rights Activity [Table Text Block]	The following table presents the Company’s MSR activity as of September 30, 2016 and the year ended December 31, 2015: September 30, 2016 December 31, 2015 Balance at beginning of year $ 4,268,673 $ - MSRs retained from sales to securitizations 340,860 4,940,630 Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model (840,175 ) (217,663 ) Other changes to fair value (1) (743,925 ) (454,294 ) Balance at end of period $ 3,025,433 $ 4,268,673 Loans associated with MSRs (2) $ 443,380,728 $ 472,886,810 MSR values as percent of loans (3) 0.68 % 0.90 % (1) Amounts represent changes due to realization of expected cash flows (2) Amounts represent the principal balance of loans associated with MSRs outstanding at September 30, 2016 and December 31, 2015, respectively (3) Amounts represent the carrying value of MSRs at September 30, 2016 and December 31, 2015, respectively divided by the outstanding balance of the loans associated with these MSRs
Schedule Of Components Of Servicing Income [Table Text Block]	The following table presents the components of servicing income recorded on the Company’s statements of operations for the three and nine months ended September 30, 2016, and September 30, 2015: Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 Servicing income, net $ 258,458 $ 64,962 Income from MSRs, net $ 258,458 $ 64,962 Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 Servicing income, net $ 726,011 $ 121,500 Income from MSRs, net $ 726,011 $ 121,500

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 and December 31, 2015: September 30, 2016 Quoted prices in Significant active markets other observable Unobservable for identical assets inputs inputs Balance as of Level 1 Level 2 Level 3 September 30, 2016 Assets: Residential mortgage-backed securities (a) $ - $ 817,394,805 $ - $ 817,394,805 Residential mortgage loans - 9,274,002 - 9,274,002 Multi-Family mortgage loans held in securitization trusts - 1,267,101,902 - 1,267,101,902 Residential mortgage loans held in securitization trusts - 153,356,678 - 153,356,678 Mortgage servicing rights - - 3,025,433 3,025,433 FHLB stock 11,300 - - 11,300 Total $ 11,300 $ 2,247,127,387 $ 3,025,433 $ 2,250,164,120 Liabilities: Multi-family securitized debt obligations $ - $ (1,249,163,769 ) $ - $ (1,249,163,769 ) Residential securitized debt obligations - (147,407,885 ) - (147,407,885 ) Futures (4,613,988 ) - - (4,613,988 ) Total $ (4,613,988 ) $ (1,396,571,654 ) $ - $ (1,401,185,642 ) December 31, 2015 Quoted prices in Significant active markets other observable Unobservable for identical assets inputs inputs Balance as of Level 1 Level 2 Level 3 December 31, 2015 Assets: Residential mortgage-backed securities (a) $ - $ 571,466,581 $ - $ 571,466,581 Residential mortgage loans - 10,900,402 - 10,900,402 Multi-Family mortgage loans held in securitization trusts - 1,449,774,383 - 1,449,774,383 Residential mortgage loans held in securitization trusts - 411,881,097 - 411,881,097 Mortgage servicing rights - - 4,268,673 4,268,673 FHLB Stock 2,403,000 - - 2,403,000 Futures 2,558,350 - - 2,558,350 Total $ 4,961,350 $ 2,444,022,463 $ 4,268,673 $ 2,453,252,486 Liabilities: Interest rate swaps $ - $ - $ - $ - Multi-family securitized debt obligations - (1,364,077,012 ) - (1,364,077,012 ) Residential securitized debt obligations - (380,638,423 ) - (380,638,423 ) Futures - - - - Total $ - $ (1,744,715,435 ) $ - $ (1,744,715,435 ) (a) For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4.
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s MSRs classified as Level 3 fair value assets at September 30, 2016 and December 31, 2015: As of September 30, 2016 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 8.4 - 30.9 % 18.6 % Discount rate 12.0 % 12.0 % As of December 31, 2015 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 6.5 - 28.6 % 13.3 % Discount rate 12.0 % 12.0 %

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2016
Common Stock [Member]
Stockholders' Equity Note [Line Items]
Schedule of Dividends Payable [Table Text Block]	For the 2016 taxable year to date, the Company has declared dividends to common stockholders totaling $7,885,803, or $0.54 per share. The following table presents cash dividends declared by the Company on its common stock for the nine months ended September 30, 2016: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Share December 16, 2015 January 15, 2016 January 28, 2016 $ 878,274 $ 0.06000 December 16, 2015 February 16, 2016 February 26, 2016 $ 875,874 $ 0.06000 December 16, 2015 March 15, 2016 March 28, 2016 $ 875,873 $ 0.06000 March 18, 2016 April 15, 2016 April 27, 2016 $ 875,874 $ 0.06000 March 18, 2016 May 16, 2016 May 27, 2016 $ 875,873 $ 0.06000 March 18, 2016 June 15, 2016 June 27, 2016 $ 875,874 $ 0.06000 June 17, 2016 July 15, 2016 July 28, 2016 $ 875,874 $ 0.06000 June 17, 2016 August 15, 2016 August 30, 2016 $ 876,144 $ 0.06000 June 17, 2016 September 15, 2016 September 29, 2016 $ 876,144 $ 0.06000 The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the nine months ended September 30, 2016: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Share December 16, 2015 January 15, 2016 January 28, 2016 $ 293,503 $ 0.18230 December 16, 2015 February 16, 2016 February 26, 2016 $ 293,503 $ 0.18230 December 16, 2015 March 16, 2016 March 28, 2016 $ 293,503 $ 0.18230 March 18, 2016 April 15, 2016 April 27, 2016 $ 293,503 $ 0.18230 March 18, 2016 May 16, 2016 May 27, 2016 $ 293,503 $ 0.18230 March 18, 2016 June 15, 2016 June 27, 2016 $ 293,503 $ 0.18230 June 17, 2016 July 15, 2016 July 27, 2016 $ 293,503 $ 0.18230 June 17, 2016 August 15, 2016 August 29, 2016 $ 293,503 $ 0.18230 June 17, 2016 September 15, 2016 September 27, 2016 $ 293,503 $ 0.18230

EARNINGS PER SHARE (as restat_2

EARNINGS PER SHARE (as restated) (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block]	The following tables provide additional disclosure regarding the computation for the three and nine months ended September 30, 2016 and September 30, 2015: Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Net income (loss) $ 1,850,690 $ (1,698,722 ) Less dividends paid: Common stock $ 2,628,161 $ 4,417,425 Preferred stock 880,509 880,509 3,508,670 5,297,934 Undistributed earnings (deficit) $ (1,657,980 ) $ (6,996,656 ) Unvested Share-Based Unvested Share-Based Payment Awards Common Stock Payment Awards Common Stock Distributed earnings $ 0.18 $ 0.18 $ 0.30 $ 0.30 Undistributed earnings (deficit) (0.11 ) (0.11 ) (0.48 ) (0.48 ) Total $ 0.07 $ 0.07 $ (0.18 ) $ (0.18 ) Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Net income (loss) $ (22,896,725 ) $ (3,028,000 ) Less dividends paid: Common stock $ 7,885,803 $ 15,457,238 Preferred stock 2,631,744 2,631,744 10,517,547 18,088,982 Undistributed earnings (deficit) $ (33,414,272 ) $ (21,116,982 ) Unvested Share-Based Unvested Share-Based Payment Awards Common Stock Payment Awards Common Stock Distributed earnings $ 0.54 $ 0.54 $ 1.05 $ 1.05 Undistributed earnings (deficit) (2.29 ) (2.29 ) (1.43 ) (1.43 ) Total $ (1.75 ) $ (1.75 ) $ (0.38 ) $ (0.38 )

INCOME TAXES (as restated) (Tab

INCOME TAXES (as restated) (Tables)	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The following table reconciles the Company’s TRS GAAP net income (loss) to taxable income (in thousands): As of September 30, 2016 As of December 31, 2015 (in thousands) (in thousands) GAAP consolidated net income (loss) attributable to Five Oaks Investment Corp (22,897 ) 450 GAAP net loss (income) from REIT operations 21,068 (1,826 ) GAAP net income (loss) of taxable subsidiary (1,829 ) (1,376 ) Capitalized transaction fees (31 ) (41 ) Unrealized gain (loss) 2,372 2,041 Tax income of taxable subsidiary before utilization of net operating losses 512 624 Utilizations of net operating losses (512 ) (624 ) Net tax income of taxable subsidiaries - -
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	The TRS has a deferred tax asset on which the Company has a 100% valuation allowance, comprised of the following (in thousands): As of September 30, 2016 As of December 31, 2015 Accumulated net operating losses of TRS 864 1,058 Unrealized loss 282 (618 ) Capitalized transaction costs 200 210 AMT Credit 4 9 Deferred tax asset (liability) 1,350 659 Valuation allowance (1,350 ) (659 ) Net non-current deferred tax asset (liability) - -

RESTATEMENT OF PREVIOUSLY ISS_2

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES Condensed Consolidated Balance Sheets September 30, 2016 As previously Restatement As restated (unaudited) (unaudited) (unaudited) ASSETS Available-for-sale securities, at fair value (includes pledged securities of $822,403,355 for September 30, 2016) $ 817,394,805 $ - $ 817,394,805 Mortgage loans held-for-sale, at fair value (includes pledged loans of $8,754,039 for September 30, 2016) 9,274,002 - 9,274,002 Multi-family loans held in securitization trusts, at fair value 1,267,101,902 - 1,267,101,902 Residential loans held in securitization trusts, at fair value 153,356,678 - 153,356,678 Mortgage servicing rights, at fair value 3,025,433 - 3,025,433 Cash and cash equivalents 28,590,557 - 28,590,557 Restricted cash 14,083,241 - 14,083,241 Accrued interest receivable 7,650,823 - 7,650,823 Dividends receivable 123 - 123 Investment related receivable 4,131,073 - 4,131,073 FHLB stock 11,300 - 11,300 Other assets 954,507 - 954,507 Total assets $ 2,305,574,444 $ - $ 2,305,574,444 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Repurchase agreements: Available-for-sale securities $ 739,500,000 $ - $ 739,500,000 Mortgage loans held-for-sale 7,125,821 - 7,125,821 Multi-family securitized debt obligations 1,249,163,769 - 1,249,163,769 Residential securitized debt obligations 147,407,885 - 147,407,885 Derivative liabilities, at fair value 4,613,988 - 4,613,988 Accrued interest payable 5,363,603 - 5,363,603 Dividends payable 29,349 - 29,349 Deferred income 6,905 - 6,905 Fees and expenses payable to Manager 691,187 - 691,187 Other accounts payable and accrued expenses 2,062,910 - 2,062,910 Total liabilities 2,155,965,417 - 2,155,965,417 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 issued and outstanding at September 30, 2016 37,156,972 - 37,156,972 Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,602,394 shares issued and outstanding, at September 30, 2016 145,979 - 145,979 Additional paid-in capital 188,783,581 - 188,783,581 Accumulated other comprehensive income (loss) 2,018,361 3,369,190 5,387,551 Cumulative distributions to stockholders (66,320,787 ) - (66,320,787 ) Accumulated earnings (deficit) (12,175,079 ) (3,369,190 ) (15,544,269 ) Total stockholders' equity 149,609,027 - 149,609,027 Total liabilities and stockholders' equity $ 2,305,574,444 $ - $ 2,305,574,444 FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES Condensed Consolidated Statements of Operations Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 As previously Restatement As restated As previously Restatement As restated (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Interest income: Available-for-sale securities $ 6,549,869 $ - $ 6,549,869 $ 16,780,701 $ - $ 16,780,701 Mortgage loans held-for-sale 121,892 - 121,892 411,199 - 411,199 Multi-family loans held in securitization trusts 14,466,946 - 14,466,946 44,597,652 - 44,597,652 Residential loans held in securitization trusts 1,582,090 - 1,582,090 9,143,343 - 9,143,343 Cash and cash equivalents 11,754 - 11,754 26,409 - 26,409 Interest expense: Repurchase agreements - available-for-sale securities (1,572,062 ) - (1,572,062 ) (4,400,290 ) - (4,400,290 ) Repurchase agreements - mortgage loans held-for-sale (57,449 ) - (57,449 ) (227,733 ) - (227,733 ) Multi-family securitized debt obligations (13,740,005 ) - (13,740,005 ) (41,667,457 ) - (41,667,457 ) Residential securitized debt obligations (1,210,186 ) - (1,210,186 ) (6,978,474 ) - (6,978,474 ) Net interest income 6,152,849 - 6,152,849 17,685,350 - 17,685,350 Other-than-temporary impairments Increase in credit reserves (374,124 ) 354,334 (19,790 ) (541,342 ) 354,334 (187,008 ) Additional other-than-temporary credit impairment losses (183,790 ) - (183,790 ) (183,790 ) - (183,790 ) Total impairment losses recognized in earnings (557,914 ) 354,334 (203,580 ) (725,132 ) 354,334 (370,798 ) Other income: Realized gain (loss) on sale of investments, net (749,604 ) - (749,604 ) (3,361,609 ) - (3,361,609 ) Change in unrealized gain (loss) on fair value option securities (958,995 ) - (958,995 ) (3,569,744 ) (3,723,524 ) (7,293,268 ) Realized gain (loss) on derivative contracts, net (820,974 ) - (820,974 ) (3,167,877 ) - (3,167,877 ) Change in unrealized gain (loss) on derivative contracts, net 3,340,600 - 3,340,600 (7,172,338 ) - (7,172,338 ) Realized gain (loss) on mortgage loans held-for-sale 60,427 - 60,427 129,175 - 129,175 Change in unrealized gain (loss) on mortgage loans held-for-sale (138,785 ) - (138,785 ) (2,885 ) - (2,885 ) Change in unrealized gain (loss) on mortgage service rights (204,505 ) - (204,505 ) (1,243,240 ) - (1,243,240 ) Change in unrealized gain (loss) on multi-family loans held in securitization trusts 930,312 - 930,312 (5,604,839 ) - (5,604,839 ) Change in unrealized gain (loss) on residential loans held in securitization trusts (764,599 ) - (764,599 ) 80,511 - 80,511 Tax interest expense (1,860,000 ) - (1,860,000 ) (1,860,000 ) - (1,860,000 ) Servicing income 258,458 - 258,458 726,011 - 726,011 Other income 3 - 3 26,811 - 26,811 Total other income (loss) (907,662 ) - (907,662 ) (25,020,024 ) (3,723,524 ) (28,743,548 ) Expenses: Management fee 623,525 - 623,525 1,873,486 - 1,873,486 General and administrative expenses 1,171,421 - 1,171,421 4,483,064 - 4,483,064 Operating expenses reimbursable to Manager 1,184,391 - 1,184,391 3,573,445 - 3,573,445 Other operating expenses 161,036 - 161,036 1,393,303 - 1,393,303 Compensation expense 50,544 - 50,544 144,431 - 144,431 Total expenses 3,190,917 - 3,190,917 11,467,729 - 11,467,729 Net income (loss) 1,496,356 354,334 1,850,690 (19,527,535 ) (3,369,190 ) (22,896,725 ) Dividends to preferred stockholders (880,509 ) - (880,509 ) (2,631,744 ) - (2,631,744 ) Net income (loss) attributable to common stockholders $ 615,847 $ 354,334 $ 970,181 $ (22,159,279 ) $ (3,369,190 ) $ (25,528,469 ) Earnings (loss) per share: Net income attributable to common stockholders (basic and diluted) $ 615,847 $ 354,334 $ 970,181 $ (22,159,279 ) $ (3,369,190 ) $ (25,528,469 ) Weighted average number of shares of common stock outstanding 14,600,193 14,600,193 14,600,193 14,601,306 14,601,306 14,601,306 Basic and diluted income per share $ 0.04 $ 0.02 $ 0.07 $ (1.52 ) $ (0.23 ) $ (1.75 ) Dividends declared per share of common stock $ 0.18 $ - $ 0.18 $ 0.54 $ - $ 0.54 FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Income (Loss) Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 As previously Restatement As restated As previously Restatement As restated (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Net income (loss) $ 1,496,356 $ 354,334 $ 1,850,690 $ (19,527,535 ) $ (3,369,190 ) $ (22,896,725 ) Other comprehensive income (loss): Increase (decrease) in net unrealized gain on available-for-sale securities, net (979,421 ) - (979,421 ) 8,396,200 3,723,524 12,119,724 Reclassification adjustment for net gain (loss) included in net income 23,914 - 23,914 (6,523,410 ) - (6,523,410 ) Reclassification adjustment for other-than-temporary impairments included in net income 374,124 (354,334 ) 19,790 541,342 (354,334 ) 187,008 Total other comprehensive income (loss) (581,383 ) (354,334 ) (935,717 ) 2,414,132 3,369,190 5,783,322 Less: Dividends to preferred stockholders (880,509 ) - (880,509 ) (2,631,744 ) - (2,631,744 ) Comprehensive income (loss) attributable to common stockholders $ 34,464 $ - $ 34,464 $ (19,745,147 ) $ - $ (19,745,147 ) FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows September 30, 2016 As previously Restatement As restated (unaudited) (unaudited) (unaudited) Cash flows from operating activities: Net income (loss) $ (19,527,535 ) $ (3,369,190 ) $ (22,896,725 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Other-than-temporary impairment charges 725,132 (354,334 ) 370,798 Amortization/accretion of available-for-sale securities premiums and discounts, net (5,257,442 ) - (5,257,442 ) Realized (gain) loss on sale of investments, net 3,361,609 - 3,361,609 Realized (gain) loss on derivative contracts 3,167,877 - 3,167,877 Realized (gain) loss on mortgage loans held-for-sale (129,175 ) - (129,175 ) Unrealized (gain) loss on fair value option securities 3,569,744 3,723,524 7,293,268 Unrealized (gain) loss on derivative contracts 7,172,338 - 7,172,338 Unrealized (gain) loss on mortgage loans held-for-sale 2,885 - 2,885 Unrealized gain (loss) on mortgage service rights 1,243,240 - 1,243,240 Unrealized (gain) loss on multi-family loans held in securitization trusts 5,604,839 - 5,604,839 Unrealized (gain) loss on residential loans held in securitization trusts (80,511 ) - (80,511 ) Restricted stock compensation expense 29,014 - 29,014 Net change in: Accrued interest receivable (672,852 ) - (672,852 ) Dividends receivable 25,899 - 25,899 Other assets (424,039 ) - (424,039 ) Accrued interest payable (43,909 ) - (43,909 ) Deferred income 6,905 - 6,905 Fees and expenses payable to Manager (151,716 ) - (151,716 ) Other accounts payable and accrued expenses 1,795,403 - 1,795,403 Net cash provided by operating activities 417,706 - 417,706 Cash flows from investing activities: Purchase of available-for-sale securities (454,443,440 ) - (454,443,440 ) Purchase of mortgage loans held-for-sale (14,772,535 ) - (14,772,535 ) Proceeds from sales of available-for-sale securities 230,557,084 - 230,557,084 Proceeds from mortgage loans held-for-sale 16,289,603 - 16,289,603 Proceeds from FHLBI stock 2,391,700 - 2,391,700 Net proceeds from (payments for) derivative contracts (3,167,877 ) - (3,167,877 ) Principal payments from available-for-sale securities 66,007,840 - 66,007,840 Principal payments from mortgage loans held-for-sale 235,622 - 235,622 Investment related receivable (2,539,730 ) - (2,539,730 ) Restricted cash (5,908,603 ) - (5,908,603 ) Net cash used in investing activities (165,350,336 ) - (165,350,336 ) Cash flows from financing activities: Net proceeds from issuance of common stock (283,565 ) - (283,565 ) Dividends paid on common stock (7,885,803 ) - (7,885,803 ) Dividends paid on preferred stock (2,641,527 ) - (2,641,527 ) Proceeds from repurchase agreements - available-for-sale securities 5,603,428,000 - 5,603,428,000 Proceeds from repurchase agreements - mortgage loans held-for-sale 16,405,081 - 16,405,081 Payments for FHLBI advances (49,697,000 ) - (49,697,000 ) Principal repayments of repurchase agreements - available-for-sale securities (5,373,159,000 ) - (5,373,159,000 ) Principal repayments of repurchase agreements - mortgage loans held-for-sale (18,783,717 ) - (18,783,717 ) Net cash provided by financing activities 167,382,469 - 167,382,469 Net increase (decrease) in cash and cash equivalents 2,449,839 - 2,449,839 Cash and cash equivalents, beginning of period 26,140,718 - 26,140,718 Cash and cash equivalents, end of period $ 28,590,557 $ - $ 28,590,557 Supplemental disclosure of cash flow information Cash paid for interest $ 4,671,932 $ - $ 4,671,932 Non-cash investing and financing activities information Restricted stock compensation expense $ 29,014 $ - $ 29,014 Dividends declared but not paid at end of period $ 29,349 $ - $ 29,349 Net change in unrealized gain (loss) on available-for-sale securities $ 2,414,131 $ 3,369,190 $ 5,783,321 Consolidation of multi-family loans held in securitization trusts $ 1,271,754,540 $ - $ 1,271,754,540 Consolidation of residential loans held in securitization trusts $ 153,858,101 $ - $ 153,858,101 Consolidation of multi-family securitized debt obligations $ 1,253,797,808 $ - $ 1,253,797,808 Consolidation of residential securitized debt obligations $ 147,807,489 $ - $ 147,807,489

ORGANIZATION AND BUSINESS OPE_2

ORGANIZATION AND BUSINESS OPERATIONS (Details Textual)	9 Months Ended
	Sep. 30, 2016
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 ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)		9 Months Ended
		Sep. 30, 2016	Dec. 31, 2015
Summary Of Significant Accounting Policies [Line Items]
Available-for-sale Securities	[1]	$ 817,394,805	$ 571,466,581
Common Stock, Shares Authorized		450,000,000	450,000,000
Common Stock, Par or Stated Value Per Share		$ 0.01	$ 0.01
Common Stock, Shares, Issued		14,602,394	14,656,394
Common Stock, Shares, Outstanding		14,602,394	14,656,394
Preferred Stock, Shares Authorized		50,000,000	50,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.01	$ 0.01
Preferred Stock, Shares Issued		1,610,000	1,610,000
Preferred Stock, Shares Outstanding		1,610,000	1,610,000
Stock Repurchase Program, Authorized Amount			$ 10,000,000
Interest Expense		$ 1,860,000
Stock Repurchase Program [Member]
Summary Of Significant Accounting Policies [Line Items]
Treasury Stock, Shares, Acquired		126,856
Residential Mortgage [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt Instrument, Face Amount			518,455,163
Multi Family Mbs [Member]
Summary Of Significant Accounting Policies [Line Items]
Available-for-sale Securities		$ 92,691,756	104,025,797
Non Agency RMBS [Member]
Summary Of Significant Accounting Policies [Line Items]
Available-for-sale Securities		22,704,056	92,107,727
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount		$ 5,258,859	$ 30,383,343
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Textual) - USD ($)		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Proceeds from Sale of Federal Home Loan Bank Stock		$ 2,391,700	$ 0
Federal Home Loan Bank Stock	[1]	$ 11,300		$ 2,403,000
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

AVAILABLE-FOR-SALE SECURITIES_3

AVAILABLE-FOR-SALE SECURITIES (as restated) (Details) - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Debt Securities, Available-for-sale [Line Items]
Mortgage-backed securities	[1]	$ 817,394,805	$ 571,466,581
Government National Mortgage Association [Member]
Debt Securities, Available-for-sale [Line Items]
Mortgage-backed securities		0	43,705,764
Federal Home Loan Mortgage Corporation [Member]
Debt Securities, Available-for-sale [Line Items]
Mortgage-backed securities		319,895,220	148,760,159
Federal National Mortgage Association [Member]
Debt Securities, Available-for-sale [Line Items]
Mortgage-backed securities		382,103,773	182,867,134
Non Agency RMBS [Member]
Debt Securities, Available-for-sale [Line Items]
Mortgage-backed securities		22,704,056	92,107,727
Residential Multi Family [Member]
Debt Securities, Available-for-sale [Line Items]
Mortgage-backed securities		$ 92,691,756	$ 104,025,797
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

AVAILABLE-FOR-SALE SECURITIES_4

AVAILABLE-FOR-SALE SECURITIES (as restated) (Details 1) - USD ($)		Sep. 30, 2016		Dec. 31, 2015
Debt Securities, Available-for-sale [Line Items]
Face Value		$ 826,351,171		$ 626,179,292
Unamortized premium		16,183,652		5,826,119
Unamortized discount
Designated credit reserve and OTTI		(2,628,385)	[1]	(8,891,565)
Net, unamortized		(33,344,143)		(57,280,275)
Amortized Cost		806,562,295		565,833,571
Gross unrealized gain		9,566,256		5,248,186
Gross unrealized (loss)		(5,111,514)		(6,389,447)
Fair Value	[2]	817,394,805		571,466,581
Agency [Member]
Debt Securities, Available-for-sale [Line Items]
Face Value		680,547,372		370,394,525
Unamortized premium		16,183,652		5,745,862
Unamortized discount
Designated credit reserve and OTTI		0	[1]	0
Net, unamortized		(1,518,366)		(1,929,145)
Amortized Cost		695,212,658		374,211,242
Gross unrealized gain		7,073,188		3,234,673
Gross unrealized (loss)		(286,853)		(2,112,858)
Fair Value		701,998,993		375,333,057
Non Agency RMBS [Member]
Debt Securities, Available-for-sale [Line Items]
Face Value	[3]	25,691,061		116,954,842
Unamortized premium	[3]	0		80,257
Unamortized discount
Designated credit reserve and OTTI	[3]	(2,628,385)	[1]	(8,891,565)
Net, unamortized	[3]	(4,366,558)		(22,101,062)
Amortized Cost	[3]	18,696,118		86,042,472
Gross unrealized gain	[3]	586,712		1,099,957
Gross unrealized (loss)	[3]	(2,956,542)		(1,808,973)
Fair Value		22,704,056		92,107,727
Residential Multi Family [Member]
Debt Securities, Available-for-sale [Line Items]
Face Value		120,112,738		138,829,925
Unamortized premium		0		0
Unamortized discount
Designated credit reserve and OTTI		0	[1]	0
Net, unamortized		(27,459,219)		(33,250,068)
Amortized Cost		92,653,519		105,579,857
Gross unrealized gain		1,906,356		913,556
Gross unrealized (loss)		(1,868,119)		(2,467,616)
Fair Value		$ 92,691,756		$ 104,025,797
[1]	Discount designated as Credit Reserve and amount related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed reflect Credit Reserve of $2,087,043 and $8,146,073, at September 30, 2016 and December 31, 2015, respectively, and OTTI of $932,500 and $745,493 at September 30, 2016 and December 31, 2015, respectively.
[2]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively
[3]	Non-Agency AFS does not include interest-only securities with a notional amount of $572,277,838, book value of $14,712,374, unrealized loss of $8,334,605 and a fair value of $6,377,768 at September 30, 2016 and a notional amount of $428,230,275, book value of $7,815,919, unrealized loss of $1,041,649 and a fair value of $6,774,271 as of December 31, 2015.

AVAILABLE-FOR-SALE SECURITIES_5

AVAILABLE-FOR-SALE SECURITIES (as restated) (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Securities, Available-for-sale [Line Items]
Cumulative credit loss at beginning of period	$ (3,803,650)	$ (4,301,223)	$ (3,636,432)	$ 0
Additions:
Initial (increase) in credit reserves	0	0	0	(1,761,208)
Subsequent (increase) in credit reserves	(374,124)	(350,924)	(541,342)	0
Initial additional other-than-temporary credit impairment losses	0	0	0	(2,890,939)
Subsequent additional other-than-temporary credit impairment losses	(183,790)	0	(183,790)	0
Reductions:
For securities sold decrease in credit reserves	354,334	0	354,334	0
For securities sold decrease in other-than-temporary impairment	0	0	0	0
Cumulative credit (loss) at end of period	$ (4,007,230)	$ (4,652,147)	$ (4,007,230)	$ (4,652,147)

AVAILABLE-FOR-SALE SECURITIES_6

AVAILABLE-FOR-SALE SECURITIES (as restated) (Details 3) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value	$ 140,128,347	$ 348,120,251
Less than 12 months, Gross Unrealized Losses	(364,535)	(5,983,726)
Greater than 12 months, Estimated Fair Value	54,628,380	6,939,257
Greater than 12 months, Gross Unrealized Losses	(4,746,979)	(405,720)
Total, Estimated Fair Value	194,756,727	355,059,508
Total, Gross Unrealized Losses	$ (5,111,514)	$ (6,389,446)

AVAILABLE-FOR-SALE SECURITIES_7

AVAILABLE-FOR-SALE SECURITIES (as restated) (Details 4) - AFS securities [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Securities, Available-for-sale [Line Items]
AFS securities sold, at cost	$ 41,467,395	$ 81,417,531	$ 233,054,347	$ 188,385,533
Proceeds from AFS securities sold	41,283,816	82,865,471	230,557,238	190,474,737
Net realized gain (loss) on sale of AFS securities	$ (183,579)	$ 1,447,940	$ (2,497,109)	$ 2,089,204

AVAILABLE-FOR-SALE SECURITIES_8

AVAILABLE-FOR-SALE SECURITIES (as restated) (Details 5) - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Total	[1]	$ 817,394,805	$ 571,466,581
Adjustable rate [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Total		723,156,504	452,165,104
Fixed rate [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Total		94,238,301	119,301,477
Agency [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Total		701,998,993	375,333,057
Agency [Member] | Adjustable rate [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Total		700,452,448	360,057,377
Agency [Member] | Fixed rate [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Total		1,546,545	15,275,680
Non-Agency [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Total		22,704,056	92,107,727
Non-Agency [Member] | Adjustable rate [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Total		22,704,056	92,107,727
Non-Agency [Member] | Fixed rate [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Total		0	0
Residential Multi Family [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Total		92,691,756	104,025,797
Residential Multi Family [Member] | Adjustable rate [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Total		0	0
Residential Multi Family [Member] | Fixed rate [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Total		$ 92,691,756	$ 104,025,797
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

AVAILABLE-FOR-SALE SECURITIES_9

AVAILABLE-FOR-SALE SECURITIES (as restated) (Details 6) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Debt Securities, Available-for-sale [Line Items]
Less than one year	$ 0	$ 0
Greater than one year and less than five years	639,925,915	211,800,340
Greater than or equal to five years	177,468,890	359,666,241
Total	$ 817,394,805	$ 571,466,581

AVAILABLE-FOR-SALE SECURITIE_10

AVAILABLE-FOR-SALE SECURITIES (as restated) (Details 7) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2016		Dec. 31, 2015
Debt Securities, Available-for-sale [Line Items]
Designated credit reserve, Beginning Balance	$ (8,891,565)
Designated credit reserve, Beginning Balance	(8,891,565)
Designated credit reserve, Acquisitions	0
Designated credit reserve, Dispositions	4,195,361
Designated credit reserve, Accretion of net discount	0
Designated credit reserve, Realized gain on paydowns	0
Designated credit reserve, Realized credit losses	3,023,911
Designated credit reserve, Addition to credit reserves	(1,021,433)
Designated credit reserve, Release of credit reserves	65,341
Designated credit reserve, Ending balance	(2,628,385)	[1]	$ (8,891,565)
Unamortized net discount, Beginning balance	(57,280,275)
Unamortized net discount, Beginning balance	(57,280,275)
Unamortized net discount, Acquisitions	0
Unamortized net discount, Dispositions	17,717,879
Unamortized net discount, Accretion of net discount	5,192,130
Unamortized net discount, Realized gain on paydowns	253,821
Unamortized net discount, Realized credit losses	(183,790)
Unamortized net discount, Addition to credit reserves	1,021,433
Unamortized net discount, Realized credit losses	(65,341)
Unamortized net discount, Ending balance	(33,344,143)		(57,280,275)
Beginning Balance, Total	(66,171,840)
Acquisitions, Total	0
Dispositions, Total	21,913,240
Accretion of net discount, Total	5,192,130
Realized gain on paydowns, Total	253,821
Realized credit losses, Total	2,840,121
Addition to credit reserves Total	0
Release of credit reserves, Total	0
Ending balance, Total	(35,972,528)
Previous Accounting Guidance [Member]
Debt Securities, Available-for-sale [Line Items]
Designated credit reserve, Beginning Balance			(12,697,796)
Designated credit reserve, Cumulative-effect adjustment for Linked Transactions			(36,627,321)
Designated credit reserve, Beginning Balance	(8,891,565)		(49,325,117)
Designated credit reserve, Acquisitions			0
Designated credit reserve, Dispositions			0
Designated credit reserve, Accretion of net discount			30,201,676
Designated credit reserve, Realized gain on paydowns			0
Designated credit reserve, Realized credit losses			10,582,246
Designated credit reserve, Addition to credit reserves			(2,669,938)
Designated credit reserve, Release of credit reserves			2,319,568
Designated credit reserve, Ending balance			(8,891,565)
Unamortized net discount, Beginning balance			(17,454,022)
Unamortized net discount, Cumulative-effect adjustment for Linked Transactions			(47,091,958)
Unamortized net discount, Beginning balance	(57,280,275)		(64,545,980)
Unamortized net discount, Acquisitions			(24,446,013)
Unamortized net discount, Dispositions			20,963,895
Unamortized net discount, Accretion of net discount			13,061,839
Unamortized net discount, Realized gain on paydowns			226,553
Unamortized net discount, Realized credit losses			(2,890,939)
Unamortized net discount, Addition to credit reserves			2,669,938
Unamortized net discount, Realized credit losses			(2,319,568)
Unamortized net discount, Ending balance			(57,280,275)
Beginning Balance, Total			(30,151,818)
Cumulative-effect adjustment for Linked Transactions, Total			(83,719,279)
Beginning Balance, Total	$ (66,171,840)		(113,871,097)
Acquisitions, Total			(24,446,013)
Dispositions, Total			20,963,895
Accretion of net discount, Total			43,263,515
Realized gain on paydowns, Total			226,553
Realized credit losses, Total			7,691,307
Addition to credit reserves Total			0
Release of credit reserves, Total			0
Ending balance, Total			$ (66,171,840)
[1]	Discount designated as Credit Reserve and amount related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed reflect Credit Reserve of $2,087,043 and $8,146,073, at September 30, 2016 and December 31, 2015, respectively, and OTTI of $932,500 and $745,493 at September 30, 2016 and December 31, 2015, respectively.

AVAILABLE-FOR-SALE SECURITIE_11

AVAILABLE-FOR-SALE SECURITIES (as restated) (Details 8) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Securities, Available-for-sale [Line Items]
Coupon interest	$ 4,827,050	$ 2,233,835	$ 11,523,138	$ 7,908,578
Net (premium amortization)/ discount accretion	1,722,819	3,227,130	5,257,442	11,111,926
Interest income	6,549,869	5,460,965	16,780,701	19,020,504
Agency [Member]
Debt Securities, Available-for-sale [Line Items]
Coupon interest	4,006,740	1,338,227	8,628,918	5,225,240
Net (premium amortization)/ discount accretion	118,440	194,587	222,691	498,392
Interest income	4,125,180	1,532,814	8,851,609	5,723,632
Non Agency RMBS [Member]
Debt Securities, Available-for-sale [Line Items]
Coupon interest	581,097	623,153	2,139,698	1,498,360
Net (premium amortization)/ discount accretion	359,052	1,607,039	1,235,030	6,747,357
Interest income	940,149	2,230,192	3,374,728	8,245,717
Residential Multi Family [Member]
Debt Securities, Available-for-sale [Line Items]
Coupon interest	239,213	272,455	754,522	1,184,978
Net (premium amortization)/ discount accretion	1,245,327	1,425,504	3,799,842	3,866,177
Interest income	$ 1,484,540	$ 1,697,959	$ 4,554,364	$ 5,051,155

AVAILABLE-FOR-SALE SECURITIE_12

AVAILABLE-FOR-SALE SECURITIES (as restated) (Details Textual) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Debt Securities, Available-for-sale [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		$ (935,717)	$ 568,463	$ 5,783,322	$ 1,373,615	$ 8,146,073
Available-for-sale Securities	[1]	817,394,805		817,394,805		571,466,581
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax		5,111,514		5,111,514		6,389,447
AFS securities [Member]
Debt Securities, Available-for-sale [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent				5,783,322
Non Agency [Member]
Debt Securities, Available-for-sale [Line Items]
Securities Book Value		14,712,374		14,712,374		7,815,919
Derivative, Notional Amount		572,277,838		572,277,838		428,230,275
Unrealized Gain (Loss) on Securities				8,334,605		1,041,649
Derivative, Fair Value, Net		6,377,768		6,377,768		6,774,271
Available-for-sale Securities		730,000		730,000		4,700,000
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax		$ 3,000,000		3,000,000
OTTI [Member]
Debt Securities, Available-for-sale [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent				$ 932,500		$ 745,493
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

MORTGAGE LOANS HELD-FOR-SALE,_3

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Details) - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Mortgage loans held-for-sale [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	[1]	$ 9,274,002	$ 10,900,402
Mortgage Loans Heldforsale [Member]
Mortgage loans held-for-sale [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure		9,274,002	10,900,402
Fair Value Adjustment [Member] | Mortgage Loans Heldforsale [Member]
Mortgage loans held-for-sale [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure		135,616	132,546
Unpaid Principal Balance [Member] | Mortgage Loans Heldforsale [Member]
Mortgage loans held-for-sale [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure		$ 9,138,386	$ 10,767,856
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

MORTGAGE LOANS HELD-FOR-SALE,_4

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Details 1)	9 Months Ended
	Sep. 30, 2016
Texas [Member] | Mortgage Loans Heldforsale [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	32.00%
California [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	5.70%
California [Member] | Mortgage Loans Heldforsale [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	20.20%
Arizona [Member] | Mortgage Loans Heldforsale [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	13.30%
Minnesota [Member] | Mortgage Loans Heldforsale [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	8.00%
Kentucky [Member] | Mortgage Loans Heldforsale [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	7.70%
Georgia [Member] | Mortgage Loans Heldforsale [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	6.90%
North Carolina [Member] | Mortgage Loans Heldforsale [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	6.20%
Colorado [Member] | Mortgage Loans Heldforsale [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	5.60%

MORTGAGE LOANS HELD-FOR-SALE,_5

MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Details Textual) - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Mortgage Loans Held For Sale At Fair Value [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	[1]	$ 9,274,002	$ 10,900,402
Mortgage Loans Held-or-Sale [Member]
Mortgage Loans Held For Sale At Fair Value [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure		$ 8,800,000	$ 10,900,000
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

THE FREMF TRUSTS (Details)

THE FREMF TRUSTS (Details) - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Assets
Multi-family mortgage loans held in securitization trusts	[1]	$ 1,267,101,902	$ 1,449,774,383
Total assets	[1]	2,305,574,444	2,498,366,661
Liabilities and Equity
Multi-family securitized debt obligations	[1]	1,249,163,769	1,364,077,012
Liabilities	[1]	2,155,965,417	2,320,872,133
Equity	[1]	149,609,027	177,494,528
Total liabilities and equity	[1]	2,305,574,444	2,498,366,661
FREMF trusts [Member]
Assets
Multi-family mortgage loans held in securitization trusts		1,267,101,902	1,449,774,383
Receivables		4,652,638	5,380,956
Total assets		1,271,754,540	1,455,155,339
Liabilities and Equity
Multi-family securitized debt obligations		1,249,163,769	1,364,077,012
Payables		4,634,039	5,047,777
Liabilities		1,253,797,808	1,369,124,789
Equity		17,956,732	86,030,550
Total liabilities and equity		$ 1,271,754,540	$ 1,455,155,339
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

THE FREMF TRUSTS (Details 1)

THE FREMF TRUSTS (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statements of Operations
Interest expense			$ 1,860,000
Net interest income	$ 6,152,849	$ 7,100,260	17,685,350	$ 24,772,989
General and administrative fees	(1,171,421)	(1,419,268)	(4,483,064)	(4,820,505)
Unrealized gain (loss) on multi-family loans held in securitization trusts			(5,604,839)	5,644,774
Net income (loss)	1,850,690	(1,698,722)	(22,896,725)	(3,028,000)
FREMF trusts [Member]
Statements of Operations
Interest income	14,466,946	16,794,338	44,597,652	51,679,542
Interest expense	13,740,005	15,372,832	41,667,457	47,286,613
Net interest income	726,941	1,421,506	2,930,195	4,392,929
General and administrative fees	(670,157)	(787,124)	(2,052,857)	(2,494,015)
Unrealized gain (loss) on multi-family loans held in securitization trusts	930,312	1,804,190	(5,604,839)	5,644,774
Net income (loss)	$ 987,096	$ 2,438,572	$ (4,727,501)	$ 7,543,688

THE FREMF TRUSTS (Details 2)

THE FREMF TRUSTS (Details 2)	9 Months Ended
	Sep. 30, 2016
California
Concentration Risk [Line Items]
Concentration Risk, Percentage	5.70%
FREMF trusts [Member] | Texas
Concentration Risk [Line Items]
Concentration Risk, Percentage	17.70%
FREMF trusts [Member] | New York
Concentration Risk [Line Items]
Concentration Risk, Percentage	15.50%
FREMF trusts [Member] | Washington
Concentration Risk [Line Items]
Concentration Risk, Percentage	8.30%
FREMF trusts [Member] | Colorado
Concentration Risk [Line Items]
Concentration Risk, Percentage	7.40%
FREMF trusts [Member] | Georgia
Concentration Risk [Line Items]
Concentration Risk, Percentage	5.40%

THE FREMF TRUSTS (Details Textu

THE FREMF TRUSTS (Details Textual) - FREMF trusts [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Balance Sheet
Investment of Multi-Family Mortgage Backed Securities MBS, Net Carrying Value	$ 17,956,732	$ 86,030,550
Multi-family loans held in securitization trusts, unpaid principal balance	1,164,952,625	1,371,258,074
Multi-family securitized debt obligations, unpaid principal balance	$ 1,164,952,625	$ 1,371,258,074

RESIDENTIAL MORTGAGE LOAN SEC_3

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details) - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Assets
Residential mortgage loans held in securitization trusts	[1]	$ 1,267,101,902	$ 1,449,774,383
Total assets	[1]	2,305,574,444	2,498,366,661
Liabilities and Equity
Residential securitized debt obligations	[1]	1,249,163,769	1,364,077,012
Liabilities	[1]	2,155,965,417	2,320,872,133
Equity	[1]	149,609,027	177,494,528
Total liabilities and equity	[1]	2,305,574,444	2,498,366,661
Residential Mortgage [Member]
Assets
Residential mortgage loans held in securitization trusts		153,356,678	411,881,097
Receivables		501,423	1,446,120
Total assets		153,858,101	413,327,217
Liabilities and Equity
Residential securitized debt obligations		147,407,885	380,638,423
Payables		399,604	1,153,053
Liabilities		147,807,489	381,791,476
Equity		6,050,612	31,535,741
Total liabilities and equity		$ 153,858,101	$ 413,327,217
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

RESIDENTIAL MORTGAGE LOAN SEC_4

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statements of Operations
Interest expense			$ 1,860,000
Net interest income	$ 6,152,849	$ 7,100,260	17,685,350	$ 24,772,989
General and administrative fees	(1,171,421)	(1,419,268)	(4,483,064)	(4,820,505)
Unrealized gain (loss) on residential loans held in securitization trusts	(764,599)	(1,323,697)	80,511	(7,655,902)
Net income (loss)	1,850,690	(1,698,722)	(22,896,725)	(3,028,000)
Residential Mortgage [Member]
Statements of Operations
Interest income	1,582,090	4,641,887	9,143,343	15,573,046
Interest expense	1,210,186	3,137,247	6,978,474	9,894,956
Net interest income	371,904	1,504,640	2,164,869	5,678,090
General and administrative fees	(13,653)	(146,574)	(254,424)	(495,094)
Unrealized gain (loss) on residential loans held in securitization trusts	(764,599)	(1,323,697)	80,511	(7,655,902)
Net income (loss)	$ (406,348)	$ 34,369	$ 1,990,956	$ (2,472,906)

RESIDENTIAL MORTGAGE LOAN SEC_5

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details 2)	9 Months Ended
	Sep. 30, 2016
California [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	5.70%
California [Member] | Residential Mortgage [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	38.70%
Washington [Member] | Residential Mortgage [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	14.60%
Massachusetts [Member] | Residential Mortgage [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	8.90%
Florida [Member] | Residential Mortgage [Member]
Variable Interest Entity [Line Items]
Concentration Risk, Percentage	5.70%

RESIDENTIAL MORTGAGE LOAN SEC_6

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Details Textual) - Residential Mortgage [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Investment of Multi-Family Mortgage Backed Securities MBS, Net Carrying Value	$ 6,050,612	$ 31,535,741
Multi-family loans held in securitization trusts, unpaid principal balance	149,638,891	411,650,562
Multi-family securitized debt obligations, unpaid principal balance	$ 149,638,891	$ 411,650,562

USE OF SPECIAL PURPOSE ENTITI_2

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Details Textual) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Non Agency RMBS [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 5,258,859	$ 30,383,343

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	[1]	$ 14,083,241	$ 8,174,638
Broker counterparties for derivatives trading [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		7,276,923	528,564
Repurchase counterparties as restricted collateral [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		$ 6,806,318	$ 7,646,074
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

BORROWINGS (Details)

BORROWINGS (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Repurchase Agreements, Amount outstanding	$ 746,625,821	$ 568,432,457	[1]
Repurchase Agreements, Weighted average interest rate	0.89%	1.19%
Repurchase Agreements, Market value of collateral held	$ 831,157,394	$ 697,384,372
Agency [Member]
Short-term Debt [Line Items]
Repurchase Agreements, Amount outstanding	$ 668,713,000	$ 358,239,000
Repurchase Agreements, Weighted average interest rate	0.72%	0.66%
Repurchase Agreements, Market value of collateral held	$ 701,998,993	$ 374,952,510
Non-Agency [Member]
Short-term Debt [Line Items]
Repurchase Agreements, Amount outstanding	$ 17,999,000	$ 114,512,000
Repurchase Agreements, Weighted average interest rate	2.12%	2.24%
Repurchase Agreements, Market value of collateral held	$ 27,712,606	$ 121,475,112
Multifamily [Member]
Short-term Debt [Line Items]
Repurchase Agreements, Amount outstanding	$ 52,788,000	$ 86,177,000
Repurchase Agreements, Weighted average interest rate	2.40%	1.83%
Repurchase Agreements, Market value of collateral held	$ 92,691,756	$ 190,056,347
Mortgage loans [Member]
Short-term Debt [Line Items]
Repurchase Agreements, Amount outstanding	$ 7,125,821	$ 9,504,457
Repurchase Agreements, Weighted average interest rate	2.88%	2.87%
Repurchase Agreements, Market value of collateral held	$ 8,754,039	$ 10,900,403
[1]	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

BORROWINGS (Details 1)

BORROWINGS (Details 1) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Repurchase Agreements [Line Items]
Repurchase agreements	$ 746,625,821	$ 568,432,457	[1]
Maturity Less than 30 Days [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	691,810,000	449,063,000
Maturity 31 To 60 Days [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	7,125,821	76,044,000
Maturity 61 To 90 Days [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	47,690,000	37,873,540
Maturity Over 90 Days Member [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 0	$ 5,451,917
[1]	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

BORROWINGS (Details 2)

BORROWINGS (Details 2) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2016	Dec. 31, 2015
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 746,625,821	$ 568,432,457	[1]
Repurchase Agreement Counterparties, Percent of total amount outstanding		100.00%	100.00%
Repurchase Agreement Counterparties, Weighted average days to maturity		15 years	26 years
Repurchase Agreement Counterparties, Market Value of collateral held		$ 831,157,394	$ 697,384,372
Merrill Lynch [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	[1]		$ 99,770,000
Repurchase Agreement Counterparties, Percent of total amount outstanding			17.55%
Repurchase Agreement Counterparties, Weighted average days to maturity			30 years
Repurchase Agreement Counterparties, Market Value of collateral held			$ 154,005,234
Wells Fargo Securities [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 31,533,000	$ 32,192,000	[1]
Repurchase Agreement Counterparties, Percent of total amount outstanding		4.22%	5.66%
Repurchase Agreement Counterparties, Weighted average days to maturity		6 years	10 years
Repurchase Agreement Counterparties, Market Value of collateral held		$ 57,255,816	$ 53,711,547
Other North America [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding		$ 612,603,000	$ 291,806,000	[1]
Repurchase Agreement Counterparties, Percent of total amount outstanding		82.05%	51.34%
Repurchase Agreement Counterparties, Weighted average days to maturity		15 years	25 years
Repurchase Agreement Counterparties, Market Value of collateral held		$ 650,152,017	$ 315,040,818
Asia [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	[1]	$ 80,272,000	$ 88,565,000
Repurchase Agreement Counterparties, Percent of total amount outstanding	[1]	10.75%	15.58%
Repurchase Agreement Counterparties, Weighted average days to maturity	[1]	18 years	16 years
Repurchase Agreement Counterparties, Market Value of collateral held	[1]	$ 91,076,628	$ 97,970,226
Europe [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparties, Amount Outstanding	[1]	$ 22,217,821	$ 56,099,457
Repurchase Agreement Counterparties, Percent of total amount outstanding	[1]	2.98%	9.87%
Repurchase Agreement Counterparties, Weighted average days to maturity	[1]	20 years	46 years
Repurchase Agreement Counterparties, Market Value of collateral held	[1]	$ 32,672,933	$ 76,656,547
[1]	Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

BORROWINGS (Details Textual)

BORROWINGS (Details Textual) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Repurchase Agreements [Line Items]
Repurchase Agreements Weighted Average Interest Rate	0.89%	1.19%
Capital	$ 75,000,000
Percentage stockholders' equity	50.00%

DERIVATIVE INSTRUMENTS HEDGIN_3

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair value	$ 0	$ 2,558,350
Derivative Assets, Notional Amount	0	5,945,000,000
Derivative Liabilities, Fair value	(4,613,988)	0
Derivative Liabilities, Notional Amount	5,978,000,000	0
Futures [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets, Fair value	0	2,558,350
Derivative Assets, Notional Amount	0	5,945,000,000
Derivative Liabilities, Fair value	(4,613,988)	0
Derivative Liabilities, Notional Amount	$ 5,978,000,000	$ 0

DERIVATIVE INSTRUMENTS HEDGIN_4

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 1) - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Gross amounts of recognized assets			$ 2,558,350
Gross amounts offset in the Balance Sheet			0
Net amounts of assets presented in the Balance Sheet			2,558,350
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	[2]	$ 0	2,558,350
Gross amounts of recognized liabilities		(751,239,809)	(568,432,457)
Gross amounts offset in the Balance Sheet		0	0
Net amounts of liabilities presented in the Balance Sheet		(751,239,809)	(568,432,457)
Gross amounts not offset in the Balance Sheet, Financial instruments		0	0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged		4,613,988	0	[1]
Net amounts of liabilities, Net amount		(746,625,821)	(568,432,457)
Repurchase agreements and secured loans [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities		(746,625,821)	(518,735,457)
Gross amounts offset in the Balance Sheet		0	0
Net amounts of liabilities presented in the Balance Sheet		(746,625,821)	(518,735,457)
Gross amounts not offset in the Balance Sheet, Financial instruments		0	0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged		0	0	[1]
Net amounts of liabilities, Net amount		(746,625,821)	(518,735,457)
Futures [Member]
Derivative [Line Items]
Gross amounts of recognized assets			2,558,350
Gross amounts offset in the Balance Sheet			0
Net amounts of assets presented in the Balance Sheet			2,558,350
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			2,558,350
Gross amounts of recognized liabilities		(4,613,988)
Gross amounts offset in the Balance Sheet		0
Net amounts of liabilities presented in the Balance Sheet		(4,613,988)
Gross amounts not offset in the Balance Sheet, Financial instruments		0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged		4,613,988
Net amounts of liabilities, Net amount		$ 0
FHLB Advances [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities			(49,697,000)
Gross amounts offset in the Balance Sheet			0
Net amounts of liabilities presented in the Balance Sheet			(49,697,000)
Gross amounts not offset in the Balance Sheet, Financial instruments			0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	[1]		0
Net amounts of liabilities, Net amount			$ (49,697,000)
[1]	Amounts presented are limited in total to the net amount of assets or liabilities presented in the condensed consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Agreements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above.
[2]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

DERIVATIVE INSTRUMENTS HEDGIN_5

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details 2) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015		Sep. 30, 2016	Sep. 30, 2015
Interest rate:
Amount of realized gain (loss)	$ (820,974)	$ (8,262,423)		$ (3,167,877)	$ (12,310,301)
Amount of unrealized appreciation (depreciation)	3,340,600	1,631,907		(7,172,338)	782,901
Total	2,519,626	(6,630,516)		(10,340,215)	(11,527,400)
Interest Rate Swaps [Member]
Interest rate:
Amount of realized gain (loss)		(5,552,898)	[1]		(6,974,491)	[2]
Amount of unrealized appreciation (depreciation)		2,777,551	[1]		1,681,725	[2]
Total		(2,775,347)	[1]		(5,292,766)	[2]
Swaptions [Member]
Interest rate:
Amount of realized gain (loss)					(84,000)
Amount of unrealized appreciation (depreciation)					62,450
Total					(21,550)
Futures [Member]
Interest rate:
Amount of realized gain (loss)	(820,974)	(2,709,525)		(3,167,877)	(5,251,810)
Amount of unrealized appreciation (depreciation)	3,340,600	(1,145,644)		(7,172,338)	(961,274)
Total	$ 2,519,626	$ (3,855,169)		$ (10,340,215)	$ (6,213,084)
[1]	In the three month period ended September 30, 2015 net swap interest expense totaled $782,870 comprised of $1,233,249 in interest expense paid (included in realized gain (loss)) and $450,379 in accrued interest income (included in unrealized appreciation (depreciation)).
[2]	In the nine month period ended September 30, 2015, net swap interest expense totaled $2,216,417 comprised of $2,654,405 in interest expense paid (included in realized gain (loss)) and $437,988 in accrued interest expense (included in unrealized appreciation (depreciation)).

DERIVATIVE INSTRUMENTS HEDGIN_6

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative [Line Items]
Interest Income (Expense), Net	$ 6,152,849	$ 7,100,260	$ 17,685,350	$ 24,772,989
Interest Expense			1,860,000
Investment Income, Interest	$ 4,827,050	2,233,835	$ 11,523,138	7,908,578
Swap [Member]
Derivative [Line Items]
Interest Income (Expense), Net		782,870		2,216,417
Interest Expense		1,233,249		2,654,405
Investment Income, Interest		$ 450,379		$ 437,988

MSRs (Details)

MSRs (Details) - Mortgage Servicing Rights [Member] - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2016	Dec. 31, 2015
Schedule Of Mortgage Service Rights Activity [Line Items]
Balance at beginning of period		$ 4,268,673	$ 0
MSRs retained from sales to securitizations		340,860	4,940,630
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model		(840,175)	(217,663)
Other changes to fair value	[1]	(743,925)	(454,294)
Balance at end of period		3,025,433	4,268,673
Loans associated with MSRs	[2]	$ 443,380,728	$ 472,886,810
MSR values as percent of loans	[3]	0.68%	0.90%
[1]	Amounts represent changes due to realization of expected cash flows
[2]	Amounts represent the principal balance of loans associated with MSRs outstanding at September 30, 2016 and December 31, 2015, respectively
[3]	Amounts represent the carrying value of MSRs at September 30, 2016 and December 31, 2015, respectively divided by the outstanding balance of the loans associated with these MSRs

MSRs (Details 1)

MSRs (Details 1) - Mortgages [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule Of Components Of Servicing Income [Line Items]
Servicing income, net	$ 258,458	$ 64,962	$ 726,011	$ 121,500
Income from MSRs, net	$ 258,458	$ 64,962	$ 726,011	$ 121,500

MSRs (Details Textual)

MSRs (Details Textual)	Sep. 30, 2016USD ($)
TRS Activity [Member]
Mortgage Servicing Rights MSR [Line Items]
Mortgage Loans on Real Estate	$ 443,380,728

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Assets:
Assets, Fair Value Disclosure		$ 2,250,164,120	$ 2,453,252,486
Liabilities:
Liabilities, Fair Value Disclosure		(1,401,185,642)	(1,744,715,435)
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		11,300	4,961,350
Liabilities:
Liabilities, Fair Value Disclosure		(4,613,988)	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		2,247,127,387	2,444,022,463
Liabilities:
Liabilities, Fair Value Disclosure		(1,396,571,654)	(1,744,715,435)
Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		3,025,433	4,268,673
Liabilities:
Liabilities, Fair Value Disclosure		0	0
Residential mortgage-backed securities [Member]
Assets:
Assets, Fair Value Disclosure	[1]	817,394,805	571,466,581
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]	817,394,805	571,466,581
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		9,274,002	10,900,402
Residential mortgage loans [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
Residential mortgage loans [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		9,274,002	10,900,402
Residential mortgage loans [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
Multi-Family mortgage loans held in securitization trusts [Member]
Assets:
Assets, Fair Value Disclosure		1,267,101,902	1,449,774,383
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		1,267,101,902	1,449,774,383
Multi-Family mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
Residential mortgage loans held in securitization trusts [Member]
Assets:
Assets, Fair Value Disclosure		153,356,678	411,881,097
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		153,356,678	411,881,097
Residential mortgage loans held in securitization trusts [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
Mortgage servicing rights [Member]
Assets:
Assets, Fair Value Disclosure		3,025,433	4,268,673
Mortgage servicing rights [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
Mortgage servicing rights [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
Mortgage servicing rights [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		3,025,433	4,268,673
FHLB stock [Member]
Assets:
Assets, Fair Value Disclosure		11,300	2,403,000
FHLB stock [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure		11,300	2,403,000
FHLB stock [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
FHLB stock [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure		0	0
Futures [Member]
Assets:
Assets, Fair Value Disclosure			2,558,350
Liabilities:
Liabilities, Fair Value Disclosure		(4,613,988)	0
Futures [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure			2,558,350
Liabilities:
Liabilities, Fair Value Disclosure		(4,613,988)	0
Futures [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure			0
Liabilities:
Liabilities, Fair Value Disclosure		0	0
Futures [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure			0
Liabilities:
Liabilities, Fair Value Disclosure		0	0
Interest rate swaps [Member]
Liabilities:
Liabilities, Fair Value Disclosure			0
Interest rate swaps [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure			0
Interest rate swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure			0
Interest rate swaps [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure			0
Multi-family securitized debt obligations [Member]
Liabilities:
Liabilities, Fair Value Disclosure		(1,249,163,769)	(1,364,077,012)
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure		0	0
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure		(1,249,163,769)	(1,364,077,012)
Multi-family securitized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure		0	0
Residential securitized debt obligations [Member]
Liabilities:
Liabilities, Fair Value Disclosure		(147,407,885)	(380,638,423)
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Liabilities, Fair Value Disclosure		0	0
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Liabilities, Fair Value Disclosure		(147,407,885)	(380,638,423)
Residential securitized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure		$ 0	$ 0
[1]	For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4.

FINANCIAL INSTRUMENTS (Details

FINANCIAL INSTRUMENTS (Details 1) - Fair Value, Inputs, Level 3 [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurement Valuation Techniques	Discounted cash flow	Discounted cash flow
Constant prepayment rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Assumption Weighted Average Volatility Rate	18.60%	13.30%
Discount rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Assumption Weighted Average Volatility Rate	12.00%	12.00%
Fair Value Inputs Discount Rate 1	12.00%	12.00%
Minimum [Member] | Constant prepayment rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Input Prepayment Rate	8.40%	6.50%
Maximum [Member] | Constant prepayment rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Input Prepayment Rate	30.90%	28.60%

FINANCIAL INSTRUMENTS (Detail_2

FINANCIAL INSTRUMENTS (Details Textual) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 2,250,164,120	$ 2,453,252,486
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 3,025,433	$ 4,268,673

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	1 Months Ended						3 Months Ended		9 Months Ended
	Aug. 15, 2016	Mar. 27, 2016	May 22, 2015	Aug. 19, 2014	Mar. 27, 2014	Mar. 27, 2013	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Management Fee Percentage									1.50%
Management fee							$ 623,525	$ 703,167	$ 1,873,486	$ 2,119,571
Management Fee Payable							208,000	470,000	208,000	470,000
Operating expenses reimbursable to Manager							1,184,391	1,338,272	3,573,445	3,444,914
Restricted stock compensation expense							3,459		29,014	50,535
Additional Cost Of Reimbursable Expense Waived							483,187	$ 450,000	$ 483,187	$ 450,000
Management Expiration Date									May 16, 2014
MAXEX LLC [Member] | Loan Review Services [Member]
Related Party Transaction [Line Items]
Proceeds from Fees Received							6,905
MAXEX LLC [Member] | Residential Mortgage Loans [Member]
Related Party Transaction [Line Items]
Proceeds from Sale and Collection of Loans Held-for-sale							$ 16,000,000
Independent Director Three [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	4,500								4,500
Independent Director [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares				4,500
Manager Equity Plan [Member]
Related Party Transaction [Line Items]
Percentage Of Shares Issued									3.00%
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		$ 49,875
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 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			1,500					1,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 26,865
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value	$ 5.97
Manager Equity Plan [Member] | Independent Director [Member] | Restricted Stock Units (Rsus) [Member]
Related Party Transaction [Line Items]
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
Manager Equity Plan [Member] | Independent Director Four [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
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			6,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value			$ 60,420
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value			$ 10.07

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016		Dec. 31, 2015	[1]	Sep. 30, 2015
Dividends [Line Items]
Dividend Amount	$ 29,349	[1]	$ 39,132		$ 29,349
Common Stock [Member]
Dividends [Line Items]
Dividend Amount	$ 7,885,803
Cash Dividend Per Share (in dollars per share)	$ 0.54
Distribution One [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Dec. 16, 2015
Record Date	Jan. 15, 2016
Payment Date	Jan. 28, 2016
Dividend Amount	$ 878,274
Cash Dividend Per Share (in dollars per share)	$ 0.06000
Distribution One [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Dec. 16, 2015
Record Date	Jan. 15, 2016
Payment Date	Jan. 28, 2016
Dividend Amount	$ 293,503
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Two [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Dec. 16, 2015
Record Date	Feb. 16, 2016
Payment Date	Feb. 26, 2016
Dividend Amount	$ 875,874
Cash Dividend Per Share (in dollars per share)	$ 0.06000
Distribution Two [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Dec. 16, 2015
Record Date	Feb. 16, 2016
Payment Date	Feb. 26, 2016
Dividend Amount	$ 293,503
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Three [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Dec. 16, 2015
Record Date	Mar. 15, 2016
Payment Date	Mar. 28, 2016
Dividend Amount	$ 875,873
Cash Dividend Per Share (in dollars per share)	$ 0.06000
Distribution Three [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Dec. 16, 2015
Record Date	Mar. 16, 2016
Payment Date	Mar. 28, 2016
Dividend Amount	$ 293,503
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Four [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Mar. 18, 2016
Record Date	Apr. 15, 2016
Payment Date	Apr. 27, 2016
Dividend Amount	$ 875,874
Cash Dividend Per Share (in dollars per share)	$ 0.06000
Distribution Four [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Mar. 18, 2016
Record Date	Apr. 15, 2016
Payment Date	Apr. 27, 2016
Dividend Amount	$ 293,503
Cash Dividend Per Share (in dollars per share)	$ 0.18230
Distribution Five [Member] | Common Stock [Member]
Dividends [Line Items]
Declaration Date	Mar. 18, 2016
Record Date	May 16, 2016
Payment Date	May 27, 2016
Dividend Amount	$ 875,873
Cash Dividend Per Share (in dollars per share)	$ 0.06000
Distribution Five [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Mar. 18, 2016
Record Date	May 16, 2016
Payment Date	May 27, 2016
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. 18, 2016
Record Date	Jun. 15, 2016
Payment Date	Jun. 27, 2016
Dividend Amount	$ 875,874
Cash Dividend Per Share (in dollars per share)	$ 0.06000
Distribution Six [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Mar. 18, 2016
Record Date	Jun. 15, 2016
Payment Date	Jun. 27, 2016
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, 2016
Record Date	Jul. 15, 2016
Payment Date	Jul. 28, 2016
Dividend Amount	$ 875,874
Cash Dividend Per Share (in dollars per share)	$ 0.06000
Distribution Seven [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Jun. 17, 2016
Record Date	Jul. 15, 2016
Payment Date	Jul. 27, 2016
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, 2016
Record Date	Aug. 15, 2016
Payment Date	Aug. 30, 2016
Dividend Amount	$ 876,144
Cash Dividend Per Share (in dollars per share)	$ 0.06000
Distribution Eight [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Jun. 17, 2016
Record Date	Aug. 15, 2016
Payment Date	Aug. 29, 2016
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, 2016
Record Date	Sep. 15, 2016
Payment Date	Sep. 29, 2016
Dividend Amount	$ 876,144
Cash Dividend Per Share (in dollars per share)	$ 0.06000
Distribution Nine [Member] | Series A Preferred Stock [Member]
Dividends [Line Items]
Declaration Date	Jun. 17, 2016
Record Date	Sep. 15, 2016
Payment Date	Sep. 27, 2016
Dividend Amount	$ 293,503
Cash Dividend Per Share (in dollars per share)	$ 0.18230
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	Jul. 14, 2014	Jun. 19, 2014	May 27, 2014	Mar. 07, 2014	Feb. 19, 2014	Jan. 24, 2014	Dec. 23, 2013	Jul. 25, 2013	Sep. 30, 2016		Sep. 30, 2015	Dec. 31, 2015		Dec. 31, 2013
Stockholders' Equity Note [Line Items]
Proceeds from Issuance of Common Stock									$ 0		$ (344,889)
Preferred Stock, Dividend Rate, Percentage									8.75%			8.75%
Dividends Payable									$ 29,349	[1]	$ 29,349	$ 39,132	[1]
Preferred Stock, Liquidation Preference Per Share									$ 25
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									14,602,394			14,656,394
Common Stock, Shares, Outstanding									14,602,394			14,656,394
Preferred Stock, Par or Stated Value Per Share									$ 0.01			$ 0.01
Preferred Stock, Shares Authorized									50,000,000			50,000,000
Preferred Stock, Shares Issued									1,610,000			1,610,000
Stock Issued During Period Value New Issues Two									$ 0
Stock Repurchase Program, Authorized Amount												$ 10,000,000
Stock Repurchase Program [Member]
Stockholders' Equity Note [Line Items]
Treasury Stock, Shares, Acquired									126,856
Treasury Stock Acquired, Average Cost Per Share									$ 5.06
Stock Repurchase Program, Remaining Authorized Repurchase Amount									$ 9,400,000
Series A Preferred Stock [Member]
Stockholders' Equity Note [Line Items]
Preferred Stock, Dividend Rate, Percentage									8.75%
Proceeds from Issuance of Preferred Stock and Preference Stock						$ 2,778,201
Preferred Stock, Liquidation Preference Per Share						$ 25			$ 25					$ 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
Preferred Stock, Par or Stated Value Per Share									$ 0.01
Stock Issued During Period Shares New Issues Two			690,000				800,000
Stock Issued During Period Value New Issues Two			$ 16,325,373				$ 18,060,897
Common Stock [Member]
Stockholders' Equity Note [Line Items]
Stock Issued During Period, Shares, New Issues		3,500,000			3,000,000
Stock Issued During Period Offer Price New Issues		$ 11			$ 11.30
Proceeds from Issuance of Common Stock		$ 38,442,925			$ 31,927,377
Dividends Payable									$ 7,885,803
Dividends Payable, Amount Per Share									$ 0.54
Stock Issued During Period Shares New Issues Two									0
Stock Issued During Period Value New Issues Two									$ 0
Common Stock Exercise Price Description									common stock at a per share exercise price equal to 105% of the $15.00 IPO price, or $15.75.
Common Stock [Member] | IPO [Member]
Stockholders' Equity Note [Line Items]
Warrants To Purchase Common Stock								3,125,000
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
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

EARNINGS PER SHARE (as restat_3

EARNINGS PER SHARE (as restated) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 1,850,690	$ (1,698,722)	$ (22,896,725)	$ (3,028,000)
Less dividends paid:
Common stock	2,628,161	4,417,425	7,885,803	15,457,238
Preferred stock	880,509	880,509	2,631,744	2,631,744
Dividends	3,508,670	5,297,934	10,517,547	18,088,982
Undistributed earnings (deficit)	$ (1,657,980)	$ (6,996,656)	(33,414,272)	$ (21,116,982)
Common Stock [Member]
Less dividends paid:
Common stock			0
Preferred stock			$ 0
Distributed earnings (In dollars per share)	$ 0.18	$ 0.30	$ 0.54	$ 1.05
Undistributed earnings (deficit) (in dollars per share)	(0.11)	(0.48)	(2.29)	(1.43)
Total (in dollars per share)	0.07	(0.18)	(1.75)	(0.38)
Unvested Share-Based Payment Awards [Member]
Less dividends paid:
Distributed earnings (In dollars per share)	0.18	0.30	0.54	1.05
Undistributed earnings (deficit) (in dollars per share)	(0.11)	(0.48)	(2.29)	(1.43)
Total (in dollars per share)	$ 0.07	$ (0.18)	$ (1.75)	$ (0.38)

INCOME TAXES (as restated) (Det

INCOME TAXES (as restated) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Line Items]
Net income (loss)	$ 1,850,690	$ (1,698,722)	$ (22,896,725)	$ (3,028,000)
Capitalized transaction fees			(31,000)		$ (41,000)
Unrealized gain (loss)			2,372,000		2,041,000
Tax income of taxable subsidiary before utilization of net operating losses			512,000		624,000
Utilizations of net operating losses			(512,000)		(624,000)
Net tax income of taxable subsidiaries			0		0
REIT Operation [Member]
Income Tax Disclosure [Line Items]
Net income (loss)			21,068,000		(1,826,000)
Five Oaks Investment Corp [Member]
Income Tax Disclosure [Line Items]
Net income (loss)			(22,897,000)		450,000
Subsidiaries [Member]
Income Tax Disclosure [Line Items]
Net income (loss)			$ (1,829,000)		$ (1,376,000)

INCOME TAXES (as restated) (D_2

INCOME TAXES (as restated) (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Non-current Deferred Tax Asset (Liability)
Accumulated net operating losses of TRS	$ 864	$ 1,058
Unrealized loss	282	(618)
Capitalized transaction costs	200	210
AMT Credit	4	9
Deferred tax asset (liability)	1,350	659
Valuation allowance	(1,350)	(659)
Net non-current deferred tax asset (liability)	$ 0	$ 0

INCOME TAXES (as restated) (D_3

INCOME TAXES (as restated) (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards	$ 2,300
Valuation Allowance, Percent	100.00%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 700
Interest Expense	$ 1,860

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 09, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Nov. 01, 2016
Subsequent Event [Line Items]
Dividends, Common Stock		$ 2,628,161	$ 4,417,425	$ 7,885,803	$ 15,457,238
Common Stock, Dividends, Per Share, Declared		$ 0.18	$ 0.30	$ 0.54	$ 1.05
Interest Expense				$ 1,860,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend Payment ,Percentage	20.00%
Dividends, Common Stock	$ 19,384,346
Common Stock, Dividends, Per Share, Declared	$ 1.33
Dividends, Common Stock, Cash	$ 3,876,869
Dividends Payable, Amount Per Share	$ 0.27
Interest Expense	$ 1,860,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate						$ 25,000,000

RESTATEMENT OF PREVIOUSLY ISS_3

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)		Sep. 30, 2016		Dec. 31, 2015		Sep. 30, 2015	Dec. 31, 2014
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $822,403,355 for September 30, 2016)	[1]	$ 817,394,805		$ 571,466,581
Mortgage loans held-for-sale, at fair value (includes pledged loans of $8,754,039 for September 30, 2016)	[1]	9,274,002		10,900,402
Multi-family loans held in securitization trusts, at fair value	[1]	1,267,101,902		1,449,774,383
Residential loans held in securitization trusts, at fair value	[1]	153,356,678		411,881,097
Mortgage servicing rights, at fair value	[1]	3,025,433		4,268,673
Cash and cash equivalents		28,590,557	[1]	26,140,718	[1]	$ 27,482,330	$ 32,274,285
Restricted cash	[1]	14,083,241		8,174,638
Accrued interest receivable	[1]	7,650,823		8,650,986
Dividends receivable	[1]	123		26,022
Investment related receivable	[1]	4,131,073		1,591,343
FHLB stock	[1]	11,300		2,403,000
Other assets	[1]	954,507		530,468
Total assets	[1]	2,305,574,444		2,498,366,661
Repurchase agreements:
Available-for-sale securities	[1]	739,500,000		509,231,000
Mortgage loans held-for-sale	[1]	7,125,821		9,504,457
Multi-family securitized debt obligations	[1]	1,249,163,769		1,364,077,012
Residential securitized debt obligations	[1]	147,407,885		380,638,423
Derivative liabilities, at fair value	[1]	4,613,988		0
Accrued interest payable	[1]	5,363,603		6,574,699
Dividends payable		29,349	[1]	39,132	[1]	$ 29,349
Deferred income	[1]	6,905		0
Fees and expenses payable to Manager	[1]	691,187		842,903
Other accounts payable and accrued expenses	[1]	2,062,910		267,507
Total liabilities	[1]	2,155,965,417		2,320,872,133
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 issued and outstanding at June 30, 2016	[1]	37,156,972		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,602,394 shares issued and outstanding, at September 30, 2016	[1]	145,979		146,409
Additional paid-in capital	[1]	188,783,581		189,037,702
Accumulated other comprehensive income (loss)	[1]	5,387,551		(395,771)
Cumulative distributions to stockholders	[1]	(66,320,787)		(55,803,240)
Accumulated earnings (deficit)	[1]	(15,544,269)		7,352,456
Total stockholders' equity	[1]	149,609,027		177,494,528
Total liabilities and stockholders' equity	[1]	2,305,574,444		2,498,366,661
Previously Reported [Member]
ASSETS
Mortgage loans held-for-sale, at fair value (includes pledged loans of $8,754,039 for September 30, 2016)		9,274,002
Multi-family loans held in securitization trusts, at fair value		1,267,101,902
Residential loans held in securitization trusts, at fair value		153,356,678
Mortgage servicing rights, at fair value		3,025,433
Cash and cash equivalents		28,590,557		26,140,718
Restricted cash		14,083,241
Accrued interest receivable		7,650,823
Dividends receivable		123
Investment related receivable		4,131,073
FHLB stock		11,300
Other assets		954,507
Total assets		2,305,574,444
Repurchase agreements:
Available-for-sale securities		739,500,000
Mortgage loans held-for-sale		7,125,821
Multi-family securitized debt obligations		1,249,163,769
Residential securitized debt obligations		147,407,885
Derivative liabilities, at fair value		4,613,988
Accrued interest payable		5,363,603
Dividends payable		29,349
Deferred income		6,905
Fees and expenses payable to Manager		691,187
Other accounts payable and accrued expenses		2,062,910
Total liabilities		2,155,965,417
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 issued and outstanding at June 30, 2016		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,602,394 shares issued and outstanding, at September 30, 2016		145,979
Additional paid-in capital		188,783,581
Accumulated other comprehensive income (loss)		2,018,361
Cumulative distributions to stockholders		(66,320,787)
Accumulated earnings (deficit)		(12,175,079)
Total stockholders' equity		149,609,027
Total liabilities and stockholders' equity		2,305,574,444
Previously Reported [Member] | Five Oaks Investment Corporation And Subsidiaries [Member]
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $822,403,355 for September 30, 2016)		817,394,805
Restatement Adjustment [Member]
ASSETS
Mortgage loans held-for-sale, at fair value (includes pledged loans of $8,754,039 for September 30, 2016)		0
Multi-family loans held in securitization trusts, at fair value		0
Residential loans held in securitization trusts, at fair value		0
Mortgage servicing rights, at fair value		0
Cash and cash equivalents		0		$ 0
Restricted cash		0
Accrued interest receivable		0
Dividends receivable		0
Investment related receivable		0
FHLB stock		0
Other assets		0
Total assets		0
Repurchase agreements:
Available-for-sale securities		0
Mortgage loans held-for-sale		0
Multi-family securitized debt obligations		0
Residential securitized debt obligations		0
Derivative liabilities, at fair value		0
Accrued interest payable		0
Dividends payable		0
Deferred income		0
Fees and expenses payable to Manager		0
Other accounts payable and accrued expenses		0
Total liabilities		0
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 issued and outstanding at June 30, 2016		0
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,602,394 shares issued and outstanding, at September 30, 2016		0
Additional paid-in capital		0
Accumulated other comprehensive income (loss)		3,369,190
Cumulative distributions to stockholders		0
Accumulated earnings (deficit)		(3,369,190)
Total stockholders' equity		0
Total liabilities and stockholders' equity		0
Restatement Adjustment [Member] | Five Oaks Investment Corporation And Subsidiaries [Member]
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $822,403,355 for September 30, 2016)		$ 0
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively

RESTATEMENT OF PREVIOUSLY ISS_4

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) (Parenthetical) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Debt Securities, Available-for-sale, Restricted	$ 822,403,355	$ 571,086,035
Loans Pledged as Collateral	$ 8,754,039	$ 10,900,402
Preferred Stock, Par or Stated Value 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	$ 25	$ 25
Preferred Stock, Shares Issued	1,610,000	1,610,000
Preferred Stock, Shares Outstanding	1,610,000	1,610,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	450,000,000	450,000,000
Common Stock, Shares, Issued	14,602,394	14,656,394
Common Stock, Shares, Outstanding	14,602,394	14,656,394

RESTATEMENT OF PREVIOUSLY ISS_5

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest income:
Available-for-sale securities	$ 6,549,869	$ 5,460,965	$ 16,780,701	$ 19,020,504
Mortgage loans held-for-sale	121,892	499,335	411,199	1,790,362
Multi-family loans held in securitization trusts	14,466,946	16,794,338	44,597,652	51,679,542
Residential loans held in securitization trusts	1,582,090	4,641,887	9,143,343	15,573,046
Cash and cash equivalents	11,754	4,809	26,409	13,386
Interest expense:
Repurchase agreements - available-for-sale securities	(1,572,062)	(1,490,698)	(4,400,290)	(4,992,998)
Repurchase agreements - mortgage loans held-for-sale	(57,449)	(300,297)	(227,733)	(1,129,284)
Multi-family securitized debt obligations	(13,740,005)	(15,372,832)	(41,667,457)	(47,286,613)
Residential securitized debt obligations	(1,210,186)	(3,137,247)	(6,978,474)	(9,894,956)
Net interest income	6,152,849	7,100,260	17,685,350	24,772,989
Other-than-temporary impairments
Increase in credit reserves	(19,790)	(350,924)	(187,008)	(1,761,208)
Additional other-than-temporary credit impairment losses	(183,790)	0	(183,790)	(2,890,939)
Total impairment losses recognized in earnings	(203,580)	(350,924)	(370,798)	(4,652,147)
Other income:
Realized gain (loss) on sale of investments, net	(749,604)	1,464,308	(3,361,609)	1,834,151
Change in unrealized gain (loss) on fair value option securities	(958,995)	(393,685)	(7,293,268)	(625,958)
Realized gain (loss) on derivative contracts, net	(820,974)	(8,262,423)	(3,167,877)	(12,310,301)
Change in unrealized gain (loss) on derivative contracts, net	3,340,600	1,631,907	(7,172,338)	782,901
Realized gain (loss) on mortgage loans held-for-sale	60,427	(13,666)	129,175	1,017,625
Change in unrealized gain (loss) on mortgage loans held-for-sale	(138,785)	539,456	(2,885)	496,297
Change in unrealized gain (loss) on mortgage service rights	(204,505)	(488,247)	(1,243,240)	(756,558)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	930,312	1,804,190	(5,604,839)	5,644,774
Change in unrealized gain (loss) on residential loans held in securitization trusts	(764,599)	(1,323,697)	80,511	(7,655,902)
Tax interest expense	(1,860,000)	0	(1,860,000)	0
Servicing income	258,458	64,962	726,011	121,500
Other income	3	33,374	26,811	59,985
Total other income (loss)	(907,662)	(4,943,521)	(28,743,548)	(11,391,486)
Expenses:
Management fee	623,525	703,167	1,873,486	2,119,571
General and administrative expenses	1,171,421	1,419,268	4,483,064	4,820,505
Operating expenses reimbursable to Manager	1,184,391	1,338,272	3,573,445	3,444,914
Other operating expenses	161,036	(20,377)	1,393,303	1,185,164
Compensation expense	50,544	64,207	144,431	187,202
Total expenses	3,190,917	3,504,537	11,467,729	11,757,356
Net income (loss)	1,850,690	(1,698,722)	(22,896,725)	(3,028,000)
Dividends to preferred stockholders	(880,509)	(880,509)	(2,631,744)	(2,631,744)
Net income (loss) attributable to common stockholders	970,181	(2,579,231)	(25,528,469)	(5,659,744)
Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)	$ 970,181	$ (2,579,231)	$ (25,528,469)	$ (5,659,744)
Weighted average number of shares of common stock outstanding	14,600,193	14,724,750	14,601,306	14,721,635
Basic and diluted income per share	$ 0.07	$ (0.18)	$ (1.75)	$ (0.38)
Dividends declared per share of common stock	$ 0.18	$ 0.30	$ 0.54	$ 1.05
Previously Reported [Member]
Interest income:
Available-for-sale securities	$ 6,549,869		$ 16,780,701
Mortgage loans held-for-sale	121,892		411,199
Multi-family loans held in securitization trusts	14,466,946		44,597,652
Residential loans held in securitization trusts	1,582,090		9,143,343
Cash and cash equivalents	11,754		26,409
Interest expense:
Repurchase agreements - available-for-sale securities	(1,572,062)		(4,400,290)
Repurchase agreements - mortgage loans held-for-sale	(57,449)		(227,733)
Multi-family securitized debt obligations	(13,740,005)		(41,667,457)
Residential securitized debt obligations	(1,210,186)		(6,978,474)
Net interest income	6,152,849		17,685,350
Other-than-temporary impairments
Increase in credit reserves	(374,124)		(541,342)
Additional other-than-temporary credit impairment losses	(183,790)		(183,790)
Total impairment losses recognized in earnings	(557,914)		(725,132)
Other income:
Realized gain (loss) on sale of investments, net	(749,604)		(3,361,609)
Change in unrealized gain (loss) on fair value option securities	(958,995)		(3,569,744)
Realized gain (loss) on derivative contracts, net	(820,974)		(3,167,877)
Change in unrealized gain (loss) on derivative contracts, net	3,340,600		(7,172,338)
Realized gain (loss) on mortgage loans held-for-sale	60,427		129,175
Change in unrealized gain (loss) on mortgage loans held-for-sale	(138,785)		(2,885)
Change in unrealized gain (loss) on mortgage service rights	(204,505)		(1,243,240)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	930,312		(5,604,839)
Change in unrealized gain (loss) on residential loans held in securitization trusts	(764,599)		80,511
Tax interest expense	(1,860,000)		(1,860,000)
Servicing income	258,458		726,011
Other income	3		26,811
Total other income (loss)	(907,662)		(25,020,024)
Expenses:
Management fee	623,525		1,873,486
General and administrative expenses	1,171,421		4,483,064
Operating expenses reimbursable to Manager	1,184,391		3,573,445
Other operating expenses	161,036		1,393,303
Compensation expense	50,544		144,431
Total expenses	3,190,917		11,467,729
Net income (loss)	1,496,356		(19,527,535)
Dividends to preferred stockholders	(880,509)		(2,631,744)
Net income (loss) attributable to common stockholders	615,847		(22,159,279)
Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)	$ 615,847		$ (22,159,279)
Weighted average number of shares of common stock outstanding	14,600,193		14,601,306
Basic and diluted income per share	$ 0.04		$ (1.52)
Dividends declared per share of common stock	$ 0.18		$ 0.54
Restatement Adjustment [Member]
Interest income:
Available-for-sale securities	$ 0		$ 0
Mortgage loans held-for-sale	0		0
Multi-family loans held in securitization trusts	0		0
Residential loans held in securitization trusts	0		0
Cash and cash equivalents	0		0
Interest expense:
Repurchase agreements - available-for-sale securities	0		0
Repurchase agreements - mortgage loans held-for-sale	0		0
Multi-family securitized debt obligations	0		0
Residential securitized debt obligations	0		0
Net interest income	0		0
Other-than-temporary impairments
Increase in credit reserves	354,334		354,334
Additional other-than-temporary credit impairment losses	0		0
Total impairment losses recognized in earnings	354,334		354,334
Other income:
Realized gain (loss) on sale of investments, net	0		0
Change in unrealized gain (loss) on fair value option securities	0		(3,723,524)
Realized gain (loss) on derivative contracts, net	0		0
Change in unrealized gain (loss) on derivative contracts, net	0		0
Realized gain (loss) on mortgage loans held-for-sale	0		0
Change in unrealized gain (loss) on mortgage loans held-for-sale	0		0
Change in unrealized gain (loss) on mortgage service rights	0		0
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	0		0
Change in unrealized gain (loss) on residential loans held in securitization trusts	0		0
Tax interest expense	0		0
Servicing income	0		0
Other income	0		0
Total other income (loss)	0		(3,723,524)
Expenses:
Management fee	0		0
General and administrative expenses	0		0
Operating expenses reimbursable to Manager	0		0
Other operating expenses	0		0
Compensation expense	0		0
Total expenses	0		0
Net income (loss)	354,334		(3,369,190)
Dividends to preferred stockholders	0		0
Net income (loss) attributable to common stockholders	354,334		(3,369,190)
Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)	$ 354,334		$ (3,369,190)
Weighted average number of shares of common stock outstanding	14,600,193		14,601,306
Basic and diluted income per share	$ 0.02		$ (0.23)
Dividends declared per share of common stock	$ 0		$ 0

RESTATEMENT OF PREVIOUSLY ISS_6

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details 2) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Net income (loss)	$ 1,850,690	$ (1,698,722)	$ (22,896,725)	$ (3,028,000)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Increase (decrease) in net unrealized gain on available-for-sale securities, net	(979,421)	(1,827,941)	12,119,724	(8,306,431)
Reclassification adjustment for net gain (loss) included in net income (loss)	23,914	2,045,480	(6,523,410)	3,461,294
Reclassification adjustment for other-than-temporary impairments included in net income	19,790	350,924	187,008	1,761,208
Total other comprehensive income (loss)	(935,717)	568,463	5,783,322	1,373,615	$ 8,146,073
Less: Dividends to preferred stockholders	(880,509)	(880,509)	(2,631,744)	(2,631,744)
Comprehensive income (loss) attributable to common stockholders	34,464	$ (2,010,768)	(19,745,147)	$ (4,286,129)
Previously Reported [Member]
Net income (loss)	1,496,356		(19,527,535)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Increase (decrease) in net unrealized gain on available-for-sale securities, net	(979,421)		8,396,200
Reclassification adjustment for net gain (loss) included in net income (loss)	23,914		(6,523,410)
Reclassification adjustment for other-than-temporary impairments included in net income	374,124		541,342
Total other comprehensive income (loss)	(581,383)		2,414,132
Less: Dividends to preferred stockholders	(880,509)		(2,631,744)
Comprehensive income (loss) attributable to common stockholders	34,464		(19,745,147)
Restatement Adjustment [Member]
Net income (loss)	354,334		(3,369,190)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Increase (decrease) in net unrealized gain on available-for-sale securities, net	0		3,723,524
Reclassification adjustment for net gain (loss) included in net income (loss)	0		0
Reclassification adjustment for other-than-temporary impairments included in net income	(354,334)		(354,334)
Total other comprehensive income (loss)	(354,334)		3,369,190
Less: Dividends to preferred stockholders	0		0
Comprehensive income (loss) attributable to common stockholders	$ 0		$ 0

RESTATEMENT OF PREVIOUSLY ISS_7

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details 3) - USD ($)	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2016		Sep. 30, 2015	Sep. 30, 2016		Sep. 30, 2015	Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 1,850,690		$ (1,698,722)	$ (22,896,725)		$ (3,028,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges	203,580		350,924	370,798		4,652,147
Amortization/accretion of available-for-sale securities premiums and discounts, net	(1,722,819)		(3,227,130)	(5,257,442)		(11,111,926)
Realized (gain) loss on sale of investments, net				3,361,609		(1,834,151)
Realized (gain) loss on derivative contracts				3,167,877		12,310,301
Realized (gain) loss on mortgage loans held-for-sale	(60,427)		13,666	(129,175)		(1,017,625)
Unrealized (gain) loss on fair value option securities	958,995		393,685	7,293,268		625,958
Unrealized (gain) loss on derivative contracts	(3,340,600)		(1,631,907)	7,172,338		(782,901)
Unrealized (gain) loss on mortgage loans held-for-sale	138,785		(539,456)	2,885		(496,297)
Unrealized gain (loss) on mortgage service rights				1,243,240		756,558
Unrealized (gain) loss on multi-family loans held in securitization trusts				5,604,839		(5,644,774)
Unrealized (gain) loss on residential loans held in securitization trusts	764,599		1,323,697	(80,511)		7,655,902
Restricted stock compensation expense	3,459			29,014		50,535
Net change in:
Accrued interest receivable				(672,852)		1,438,767
Dividends receivable				25,899		(26,022)
Other assets				(424,039)		(290,062)
Accrued interest payable				(43,909)		(608,536)
Deferred income				6,905		0
Fees and expenses payable to Manager				(151,716)		(142,000)
Other accounts payable and accrued expenses				1,795,403		333,445
Net cash provided by operating activities				417,706		2,841,319
Cash flows from investing activities:
Purchase of available-for-sale securities				(454,443,440)		(109,386,478)
Purchase of mortgage loans held-for-sale				(14,772,535)		(297,706,381)
Proceeds from sales of available-for-sale securities				230,557,084		245,214,358
Proceeds from mortgage loans held-for-sale				16,289,603		291,898,820
Proceeds from FHLBI stock				2,391,700		0
Net proceeds from (payments for) derivative contracts				(3,167,877)		(12,299,683)
Principal payments from available-for-sale securities				66,007,840		53,998,105
Principal payments from mortgage loans held-for-sale				235,622		0
Investment related receivable				(2,539,730)		71,006,526
Restricted cash				(5,908,603)		(144,112)
Net cash used in investing activities				(165,350,336)		237,317,035
Cash flows from financing activities:
Net proceeds from issuance of common stock				0		(344,889)
Dividends paid on common stock				(7,885,803)		(15,457,238)
Dividends paid on preferred stock				(2,641,527)		(2,641,527)
Proceeds from repurchase agreements - available-for-sale securities				5,603,428,000		4,432,684,999
Proceeds from repurchase agreements - mortgage loans held-for-sale				16,405,081		57,432,865
Payments for FHLBI advances				(49,697,000)		(53,400,000)
Principal repayments of repurchase agreements - available-for-sale securities				(5,373,159,000)		(4,713,249,999)
Principal repayments of repurchase agreements - mortgage loans held-for-sale				(18,783,717)		(54,697,754)
Net cash provided by financing activities				167,382,469		(244,950,309)
Net increase (decrease) in cash and cash equivalents				2,449,839		(4,791,955)
Cash and cash equivalents, beginning of period				26,140,718	[1]	32,274,285	$ 32,274,285
Cash and cash equivalents, end of period	28,590,557	[1]	27,482,330	28,590,557	[1]	27,482,330	26,140,718	[1]
Supplemental disclosure of cash flow information
Cash paid for interest				4,671,932		6,730,818
Non-cash investing and financing activities information
Restricted stock compensation expense				29,014		50,585
Dividends declared but not paid at end of period	29,349	[1]	$ 29,349	29,349	[1]	29,349	39,132	[1]
Net change in unrealized gain (loss) on available-for-sale securities				5,783,321		3,638,597
Consolidation of multi-family loans held in securitization trusts				1,271,754,540		1,563,385,916
Consolidation of residential loans held in securitization trusts				153,858,101		445,230,977
Consolidation of multi-family securitized debt obligations				1,253,797,808		1,477,807,591
Consolidation of residential securitized debt obligations				147,807,489		$ 393,218,978
Previously Reported [Member]
Cash flows from operating activities:
Net income (loss)	1,496,356			(19,527,535)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges	557,914			725,132
Amortization/accretion of available-for-sale securities premiums and discounts, net				(5,257,442)
Realized (gain) loss on sale of investments, net				3,361,609
Realized (gain) loss on derivative contracts				3,167,877
Realized (gain) loss on mortgage loans held-for-sale	(60,427)			(129,175)
Unrealized (gain) loss on fair value option securities	958,995			3,569,744
Unrealized (gain) loss on derivative contracts	(3,340,600)			7,172,338
Unrealized (gain) loss on mortgage loans held-for-sale	138,785			2,885
Unrealized gain (loss) on mortgage service rights				1,243,240
Unrealized (gain) loss on multi-family loans held in securitization trusts				5,604,839
Unrealized (gain) loss on residential loans held in securitization trusts	764,599			(80,511)
Restricted stock compensation expense				29,014
Net change in:
Accrued interest receivable				(672,852)
Dividends receivable				25,899
Other assets				(424,039)
Accrued interest payable				(43,909)
Deferred income				6,905
Fees and expenses payable to Manager				(151,716)
Other accounts payable and accrued expenses				1,795,403
Net cash provided by operating activities				417,706
Cash flows from investing activities:
Purchase of available-for-sale securities				(454,443,440)
Purchase of mortgage loans held-for-sale				(14,772,535)
Proceeds from sales of available-for-sale securities				230,557,084
Proceeds from mortgage loans held-for-sale				16,289,603
Proceeds from FHLBI stock				2,391,700
Net proceeds from (payments for) derivative contracts				(3,167,877)
Principal payments from available-for-sale securities				66,007,840
Principal payments from mortgage loans held-for-sale				235,622
Investment related receivable				(2,539,730)
Restricted cash				(5,908,603)
Net cash used in investing activities				(165,350,336)
Cash flows from financing activities:
Net proceeds from issuance of common stock				(283,565)
Dividends paid on common stock				(7,885,803)
Dividends paid on preferred stock				(2,641,527)
Proceeds from repurchase agreements - available-for-sale securities				5,603,428,000
Proceeds from repurchase agreements - mortgage loans held-for-sale				16,405,081
Payments for FHLBI advances				(49,697,000)
Principal repayments of repurchase agreements - available-for-sale securities				(5,373,159,000)
Principal repayments of repurchase agreements - mortgage loans held-for-sale				(18,783,717)
Net cash provided by financing activities				167,382,469
Net increase (decrease) in cash and cash equivalents				2,449,839
Cash and cash equivalents, beginning of period				26,140,718
Cash and cash equivalents, end of period	28,590,557			28,590,557			26,140,718
Supplemental disclosure of cash flow information
Cash paid for interest				4,671,932
Non-cash investing and financing activities information
Restricted stock compensation expense				29,014
Dividends declared but not paid at end of period	29,349			29,349
Net change in unrealized gain (loss) on available-for-sale securities				2,414,131
Consolidation of multi-family loans held in securitization trusts				1,271,754,540
Consolidation of residential loans held in securitization trusts				153,858,101
Consolidation of multi-family securitized debt obligations				1,253,797,808
Consolidation of residential securitized debt obligations				147,807,489
Restatement Adjustment [Member]
Cash flows from operating activities:
Net income (loss)	354,334			(3,369,190)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges	(354,334)			(354,334)
Amortization/accretion of available-for-sale securities premiums and discounts, net				0
Realized (gain) loss on sale of investments, net				0
Realized (gain) loss on derivative contracts				0
Realized (gain) loss on mortgage loans held-for-sale	0			0
Unrealized (gain) loss on fair value option securities	0			3,723,524
Unrealized (gain) loss on derivative contracts	0			0
Unrealized (gain) loss on mortgage loans held-for-sale	0			0
Unrealized gain (loss) on mortgage service rights				0
Unrealized (gain) loss on multi-family loans held in securitization trusts				0
Unrealized (gain) loss on residential loans held in securitization trusts	0			0
Restricted stock compensation expense				0
Net change in:
Accrued interest receivable				0
Dividends receivable				0
Other assets				0
Accrued interest payable				0
Deferred income				0
Fees and expenses payable to Manager				0
Other accounts payable and accrued expenses				0
Net cash provided by operating activities				0
Cash flows from investing activities:
Purchase of available-for-sale securities				0
Purchase of mortgage loans held-for-sale				0
Proceeds from sales of available-for-sale securities				0
Proceeds from mortgage loans held-for-sale				0
Proceeds from FHLBI stock				0
Net proceeds from (payments for) derivative contracts				0
Principal payments from available-for-sale securities				0
Principal payments from mortgage loans held-for-sale				0
Investment related receivable				0
Restricted cash				0
Net cash used in investing activities				0
Cash flows from financing activities:
Net proceeds from issuance of common stock				0
Dividends paid on common stock				0
Dividends paid on preferred stock				0
Proceeds from repurchase agreements - available-for-sale securities				0
Proceeds from repurchase agreements - mortgage loans held-for-sale				0
Payments for FHLBI advances				0
Principal repayments of repurchase agreements - available-for-sale securities				0
Principal repayments of repurchase agreements - mortgage loans held-for-sale				0
Net cash provided by financing activities				0
Net increase (decrease) in cash and cash equivalents				0
Cash and cash equivalents, beginning of period				0
Cash and cash equivalents, end of period	0			0			$ 0
Supplemental disclosure of cash flow information
Cash paid for interest				0
Non-cash investing and financing activities information
Restricted stock compensation expense				0
Dividends declared but not paid at end of period	$ 0			0
Net change in unrealized gain (loss) on available-for-sale securities				3,369,190
Consolidation of multi-family loans held in securitization trusts				0
Consolidation of residential loans held in securitization trusts				0
Consolidation of multi-family securitized debt obligations				0
Consolidation of residential securitized debt obligations				$ 0
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively