Lument Finance Trust (LFT) 10-Q/A 13 Nov 18 2018 Q1 Quarterly report (amended) Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 10, 2018
Document And Entity Information [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	As used in the in this Amendment No. 1 on Form 10-Q/A for the quarter ended March 31, 2018 (the “Form 10-Q/A”), the terms “Company”, “our” or “we” refer to Hunt Companies Finance Trust, Inc. (known as Five Oaks Investment Corp. at the time of the filing of the Original Filing, as defined below), a Maryland Corporation. This Form 10-Q/A amends the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, as originally filed with the Securities and Exchange Commission (“SEC”) on May 10, 2018 (the “Original Filing”). This Form 10-Q/A is being filed to restate our unaudited condensed consolidated financial statements for the quarter ended March 31, 2018 and to make related revisions to certain other disclosures in the Original Filing as a result of the concurrent filing of our Amendment No. 1 on Form 10-K/A for the fiscal year ended December 31, 2017. Further explanation regarding the restatement is set forth in Note 19 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 of: 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this Form 10-Q/A sets forth the information in the Original Filing in its entirety, as such information is modified and superseded where necessary to reflect the restatement and other revisions.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	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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	OAKS
Entity Common Stock, Shares Outstanding		23,683,164

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)		Mar. 31, 2018	Dec. 31, 2017
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $1,099,341,757 and $1,295,225,428 for March 31, 2018 and December 31, 2017, respectively)	[1]	$ 1,095,189,264	$ 1,290,825,648
Multi-family loans held in securitization trusts, at fair value	[1]	1,106,592,612	1,130,874,274
Residential loans held in securitization trusts, at fair value	[1]	111,764,070	119,756,455
Mortgage servicing rights, at fair value	[1]	3,021,549	2,963,861
Cash and cash equivalents	[1]	42,257,248	34,347,339
Restricted cash	[1]	11,658,225	11,275,263
Deferred offering costs	[1]	186,999	179,382
Accrued interest receivable	[1]	8,854,367	8,852,036
Investment related receivable (includes pledged securities of $138,262,099 for March 31, 2018)	[1]	143,801,279	7,461,128
Derivative assets, at fair value	[1]	18,132,700	5,349,613
Other assets	[1]	512,358	656,117
Total assets	[1]	2,541,970,671	2,612,541,116
Repurchase agreements:
Available-for-sale securities	[1]	1,177,060,000	1,234,522,000
Multi-family securitized debt obligations	[1]	1,086,279,589	1,109,204,743
Residential securitized debt obligations	[1]	106,676,747	114,418,318
Accrued interest payable	[1]	6,009,300	6,194,464
Dividends payable	[1]	39,132	39,132
Deferred income	[1]	273,968	222,518
Due to broker	[1]	13,741,125	1,123,463
Fees and expenses payable to Manager	[1]	1,319,711	752,000
Other accounts payable and accrued expenses	[1]	209,976	273,201
Total liabilities	[1]	2,391,609,548	2,466,749,839
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative redeemable, $25 liquidation preference, 1,610,000 and 1,610,000 issued and outstanding at March 31, 2018 and December 31, 2017, respectively	[1]	37,156,972	37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,683,164 and 22,143,758 shares issued and outstanding, at March 31, 2018 and December 31, 2017, respectively	[1]	236,787	221,393
Additional paid-in capital	[1]	231,348,163	224,048,169
Accumulated other comprehensive income (loss)	[1]	(23,483,141)	(12,617,794)
Cumulative distributions to stockholders	[1]	(107,845,430)	(104,650,235)
Accumulated earnings	[1]	12,947,772	1,632,772
Total stockholders' equity	[1]	150,361,123	145,791,277
Total liabilities and stockholders' equity	[1]	$ 2,541,970,671	$ 2,612,541,116
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Available-for-sale securities, pledged securities	$ 1,099,341,757	$ 1,295,225,428
Pledged securities	$ 138,262,099
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	$ 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	23,683,164	22,143,758
Common stock, shares outstanding	23,683,164	22,143,758
Assets of consolidated VIEs	$ 1,223,232,702	$ 1,255,404,335
Liabilities of consolidated VIEs	$ 1,197,735,060	$ 1,228,295,517

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest income:
Available-for-sale securities	$ 7,079,590	$ 6,822,622
Mortgage loans held-for-sale	0	28,763
Multi-family loans held in securitization trusts	13,227,188	13,948,754
Residential loans held in securitization trusts	1,147,641	1,355,438
Cash and cash equivalents	61,042	35,734
Interest expense:
Repurchase agreements - available-for-sale securities	(4,951,537)	(2,095,474)
Multi-family securitized debt obligations	(12,526,295)	(13,237,724)
Residential securitized debt obligations	(920,057)	(1,074,352)
Net interest income	3,117,572	5,783,761
Other income:
Realized gain (loss) on sale of investments, net	(2,848,007)	(9,317,003)
Change in unrealized gain (loss) on fair value option securities	0	9,448,270
Realized gain (loss) on derivative contracts, net	2,792,794	2,233,051
Change in unrealized gain (loss) on derivative contracts, net	12,783,088	(3,077,088)
Realized gain (loss) on mortgage loans held-for-sale	0	(174)
Change in unrealized gain (loss) on mortgage loans held-for-sale	0	(3,709)
Change in unrealized gain (loss) on mortgage servicing rights	57,689	(126,446)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	(1,355,774)	1,299,630
Change in unrealized gain (loss) on residential loans held in securitization trusts	(255,403)	(368,343)
Other interest expense	0	(152,322)
Servicing income	219,978	252,738
Other income	15,875	12,171
Total other income (loss)	11,410,240	200,775
Expenses:
Management fee	576,135	544,510
General and administrative expenses	1,390,061	1,588,572
Operating expenses reimbursable to Manager	746,092	1,208,943
Other operating expenses	404,469	220,496
Compensation expense	96,055	52,874
Total expenses	3,212,812	3,615,395
Net income	11,315,000	2,369,141
Dividends to preferred stockholders	(880,509)	(880,509)
Net income attributable to common stockholders (basic and diluted)	10,434,491	1,488,632
Earnings per share:
Net income attributable to common stockholders (basic and diluted)	$ 10,434,491	$ 1,488,632
Weighted average number of shares of common stock outstanding (in shares)	23,392,387	17,539,258
Basic and diluted income (loss) per share (in dollars per share)	$ 0.45	$ 0.08
Dividends declared per share of common stock (in dollars per share)	$ 0.10	$ 0.15

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 11,315,000	$ 2,369,141
Other comprehensive income (loss):
Increase (decrease) in net unrealized gain (loss) on available-for-sale securities, net	(12,154,936)	3,699,186
Reclassification adjustment for net gain (loss) included in net income (loss)	1,289,589	(148,284)
Total other comprehensive income (loss)	(10,865,347)	3,550,902
Less: Dividends to preferred stockholders	(880,509)	(880,509)
Comprehensive income attributable to common stockholders	$ (430,856)	$ 5,039,534

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($)	Total		Preferred Stock	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Cumulative Distributions to Stockholders	Accumulated Earnings (Deficit)
Balance (in shares) at Dec. 31, 2017			1,610,000	22,143,758
Balance at Dec. 31, 2017	$ 145,791,277	[1]	$ 37,156,972	$ 221,393	$ 224,048,169	$ (12,617,794)	$ (104,650,235)	$ 1,632,772
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (in shares)				1,539,406
Issuance of common stock, net	7,342,967			$ 15,394	7,327,573
Cost of issuing common stock	(32,383)				(32,383)
Restricted stock compensation expense	4,804				4,804
Net income	11,315,000							11,315,000
Increase (decrease) in net unrealized gain (loss) on available-for-sale securities, net	(12,154,936)					(12,154,936)
Reclassification adjustment for net gain (loss) included in net income (loss)	1,289,589					1,289,589
Common dividends declared	(2,314,686)						(2,314,686)
Preferred dividends declared	(880,509)						(880,509)
Balance (in shares) at Mar. 31, 2018			1,610,000	23,683,164
Balance at Mar. 31, 2018	$ 150,361,123	[1]	$ 37,156,972	$ 236,787	$ 231,348,163	$ (23,483,141)	$ (107,845,430)	$ 12,947,772
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018		Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 11,315,000		$ 2,369,141
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Amortization/accretion of available-for-sale securities premiums and discounts, net	1,243,752		(1,399,788)
Realized (gain) loss on sale of investments, net	2,848,007		9,317,003
Realized (gain) loss on derivative contracts, net	(2,792,794)		(2,233,051)
Realized (gain) loss on mortgage loans held-for-sale	0		174
Unrealized (gain) loss on fair value option securities	0		(9,448,270)
Unrealized (gain) loss on derivative contracts	(12,783,088)		3,077,088
Unrealized (gain) loss on mortgage loans held-for-sale	0		3,709
Unrealized (gain) loss on mortgage servicing rights	(57,689)		126,446
Unrealized (gain) loss on multi-family loans held in securitization trusts	1,355,774		(1,299,630)
Unrealized (gain) loss on residential loans held in securitization trusts	255,403		368,343
Restricted stock compensation expense	4,804		6,620
Net change in:
Accrued interest receivable	100,083		(357,733)
Deferred offering costs	(7,617)		(43)
Other assets	143,759		50,764
Accrued interest payable	(291,435)		(39,796)
Deferred income	51,450		(3,209)
Fees and expenses payable to Manager	567,711		(171,000)
Other accounts payable and accrued expenses	(63,221)		(1,681,211)
Net cash (used in) provided by operating activities	1,889,899		(1,314,443)
Cash flows from investing activities:
Purchase of available-for-sale securities	0		(229,808,786)
Proceeds from sales of available-for-sale securities	144,210,537		46,285,304
Net proceeds from (payments for) derivative contracts	2,792,794		2,233,051
Principal payments from available-for-sale securities	36,468,741		23,814,162
Principal payments from mortgage loans held-for-sale	0		22,696
Investment related receivable	(136,340,151)		1,720,692
Due from broker	12,617,662		(3,329,088)
Net cash (used in) provided by investing activities	59,749,583		(159,061,969)
Cash flows from financing activities:
Proceeds from (costs for) issuance of common stock	7,310,584		(9,310)
Purchase of treasury stock	0		0
Dividends paid on common stock	(2,314,686)		(2,630,889)
Dividends paid on preferred stock	(880,509)		(880,509)
Proceeds from repurchase agreements - available-for-sale securities	4,064,474,000		2,720,168,000
Principal repayments of repurchase agreements - available-for-sale securities	(4,121,936,000)		(2,553,754,000)
Net cash (used in) provided by financing activities	(53,346,611)		162,893,292
Net increase (decrease) in cash, cash equivalents and restricted cash	8,292,871		2,516,880
Cash, cash equivalents and restricted cash, beginning of period	45,622,602		37,889,596
Cash, cash equivalents and restricted cash, end of period	53,915,473		40,406,476
Supplemental disclosure of cash flow information
Cash paid for interest	5,242,972		4,147,592
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	39,132	[1]	39,132
Net change in unrealized gain (loss) on available-for-sale securities	(10,865,347)		3,550,902
Consolidation of multi-family loans held in securitization trusts	1,111,092,392		1,219,903,501
Consolidation of residential loans held in securitization trusts	112,140,311		132,898,313
Consolidation of multi-family securitized debt obligations	1,090,753,067		1,200,261,830
Consolidation of residential securitized debt obligations	$ 106,981,993		$ 126,891,835
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

ORGANIZATION AND BUSINESS OPERA

ORGANIZATION AND BUSINESS OPERATIONS	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS OPERATIONS	ORGANIZATION AND BUSINESS OPERATIONS Five Oaks Investment Corp. (the “Company”) is a Maryland corporation that has historically 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”), mortgage servicing rights and other mortgage-related investments. Going forward, the Company expects to increase its investments in the commercial real estate mortgage space. With effect from January 18, 2018, the Company is externally managed by Hunt Investment Management, LLC (the "Manager"), an asset management firm incorporated in Delaware who replaced the prior manager, Oak Circle Capital Partners, LLC ("Oak Circle"). The Company’s common stock is listed on the NYSE under the symbol “OAKS” and its Series A Preferred Stock is traded on the NYSE under the symbol "OAKS-PRA." 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 has historically invested 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 mortgage servicing rights, may also invest in other mortgage-related investments and historically has invested in residential mortgage loans. 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 and certain other loan-related activities. The Company consolidates this subsidiary under generally accepted accounting principles in the United States of America (“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 December 2014, The Company determined that CSMC 2014-OAK1 Trust was a VIE and that the Company continues to be the primary beneficiary, and accordingly consolidates 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. On January 18, 2018, the Company announced a new strategic direction, and the entry into a new external management agreement with Hunt Investment Management, LLC, an affiliate of the Hunt Companies, Inc. ("Hunt") and the concurrent mutual termination of our management agreement with Oak Circle. Management by Hunt is expected to provide Five Oaks with a new strategic direction through the reallocation of capital into new investment opportunities focused in the commercial real estate mortgage space and direct access to Hunt's significant pipeline of transitional floating-rate multi-family and commercial real estate loans. Hunt and its affiliates have extensive experience in the origination, servicing, risk management and financing of this asset class and the floating-rate nature of the loans should reduce or eliminate the need for complex interest-rate hedging. The new management agreement is expected to better align the Company's interests with those of its new manager through an incentive fee arrangement and agreed upon limitations on manager expense reimbursements from the Company, as further described below. Pursuant to the terms of the termination agreement between Five Oaks and Oak Circle, the termination of the prior management agreement did not trigger, and Oak Circle was not paid, a termination fee by us. Hunt separately agreed to pay Oak Circle a negotiated payment in connection with the termination agreement. In connection with the aforementioned transaction, an affiliate of Hunt purchased 1,539,406 shares of the Company's common stock in a private placement, at a purchase price of $ 4.77 per share resulting in an aggregate capital raise of $ 7,342,967 . In addition, such Hunt affiliate also purchased 710,495 Five Oaks shares from the Company's largest shareholder, XL Investments Ltd. ("XL Investments"), for the same price per share. The purchase price per share represents a 56.9% premium over the Five Oaks common stock price as of the closing on January 17, 2018. In connection with the acquisition of shares from XL Investments, XL Investments agreed to terminate all of its previously held Five Oaks warrants. After completion of these share purchases, Hunt and its affiliates own approximately 9.5% of Five Oaks outstanding common shares. Also in connection with the transaction, and as further described in Section 10 of our 2017 10-K/A filed with the Securities and Exchange Commission filed on November 13, 2018 and in our Current Report on Form 8-K filed with the Securities and Exchange Commission on January 18, 2018, David Carroll resigned as a director, Chairman and CEO of the Company and the Five Oaks board appointed James C. ("Chris") Hunt as a director and Chairman of the board and named James P. Flynn as CEO of Five Oaks and Michael P. Larsen President of Five Oaks. On April 30, 2018, as more particularly described in our current Report on Form 8-K filed on April 30, 2018, the Company acquired Hunt CMT Equity LLC, which comprised of assets including junior retained notes and preferred shares of a commercial real estate collateralized loan obligation, a licensed commercial mortgage lender and eight loan participations.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated balance sheet as of December 31, 2017 has been derived from audited financial statements. The condensed consolidated balance sheet as of March 31, 2018 , the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income (loss), for the three months ended March 31, 2018 and for the three months ended March 31, 2017 , the condensed consolidated statement of stockholders’ equity for the three months ended March 31, 2018 and the condensed consolidated statements of cash flows for the three months ended March 31, 2018 , and the three months ended March 31, 2017 , 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/A for the year ended December 31, 2017 , which was filed with the Securities and Exchange Commission (“SEC”) on November 13, 2018. 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 March 31, 2018 , 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. However, the Company's maximum exposure to loss from consolidated trusts was $25,497,642 and $27,108,818 , respectively, at March 31, 2018 , and December 31, 2017 . At March 31, 2018 , with the exception of the listed transactions, the Company did not have any exposure to VIEs. During the first quarter, the Company sold its remaining investment in Multi-Family MBS. As of December 31, 2017 , 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 Multi-Family MBS, $5,742,000 , as disclosed in Note 4. 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 and Restricted Cash 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 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. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows. March 31, 2018 December 31, 2017 Cash and cash equivalents $ 42,257,248 $ 34,347,339 Restricted cash 11,658,225 11,275,263 Total cash, cash equivalents and restricted cash $ 53,915,473 $ 45,622,602 Deferred Income Certain service revenues received in the period are recorded as a liability in the Company’s consolidated balance sheets in the line item “Deferred income”, for subsequent recognition as income in the Company’s 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 consolidated balance sheets in the line item “Deferred offering costs”, for subsequent deduction from the related proceeds upon closing of the offering. To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in “Other accounts payable and accrued expenses” on the accompanying consolidated balance sheets. 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, 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 classified as held-for-sale based upon the Company’s intent to sell them in the secondary whole loan market. 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-KF01Trust, and residential mortgage loans held in the CSMC 2014-OAK1 Trust, as of March 31, 2018 . 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. 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 historically 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 previously owned are associated with residential mortgage loan securitizations that the Company had previously sponsored, 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 was recognized at the contractually agreed rate, and changes in fair value were 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 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. 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. Backstop Guarantees The Company, through FOAC and in return for fees, provides seller eligibility and backstop guarantee services in respect of residential mortgage loans that are traded through one or more loan exchanges operated by MAXEX LLC (“MAXEX”). See Note 13 and Note 14 for additional information regarding MAXEX. To the extent that a loan seller approved by FOAC fails to honor its obligations to repurchase one or more loans based on an arbitration finding that such seller has breached its representations and warranties, FOAC provides a backstop guarantee of the repurchase obligation. The Company has evaluated its backstop guarantees pursuant to ASC 460, Guarantees, and has determined them to be performance guarantees, for which ASC 460 contains initial recognition and measurement requirements, and related disclosure requirements. FOAC is obligated in two respects: (i) a noncontingent liability, which represents FOAC’s obligation to stand ready to perform under the terms of the guarantee in the event that the specified triggering event(s) occur; and (ii) the contingent liability, which represents FOAC’s obligation to make future payments if those triggering events occur. FOAC recognizes the noncontingent liability at the inception of the guarantee at the fair value, which is the fee received or receivable, and is recorded on the Company’s consolidated balance sheet as a liability in the line item “Deferred income.” The Company amortizes these fees into income on a straight-line basis over five years , based on an assumed constant prepayment rate of 15% for residential mortgage loans and other observable data. The Company’s contingent liability is accounted for pursuant to ASC 450, Contingencies, pursuant to which the contingent liability must be recognized when its payment becomes probable and reasonably estimable. Common Stock At March 31, 2018 , and December 31, 2017 , 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 23,683,164 shares of common stock issued and outstanding at March 31, 2018 and 22,143,758 at December 31, 2017 . 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. As of March 31, 2018 , the Company had repurchased 126,856 shares of common stock at a weighted average share price of $5.09 . There has been no activity in 2018. As of March 31, 2018 , $9.4 million of common stock remained authorized for future share repurchases under the Repurchase Program. Preferred Stock At March 31, 2018 , and December 31, 2017 , 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 March 31, 2018 and December 31, 2017 . 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, with the exception of its taxable REIT subsidiaries, 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 860 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 18, the Company declared and paid in the fourth quarter of 2016 a deficiency dividend relating to a 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, during the first quarter of 2017, the Company paid an amount of $2.01 million for interest charges to the IRS. The Company previously provisioned $1.86 million in the third quarter of 2016 in the Company's condensed consolidated balance sheets in the line item "Other accounts payable and accrued expenses"; the remaining balance of $0.15 million was expensed in the first quarter of 2017, which is included in "Other interest expense" in the Company's condensed consolidated statements of operations. The first quarter 2017 payment of $2.01 million is included in "cash paid for interest" in the Company's condensed consolidated statements of cash flows. The Tax Cuts and Jobs Act was enacted in December 2017 and is generally effective for tax years beginning after 2017. This new legislation has no material adverse effect on the Company's business. 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 505, Equity (“ASC 505”), or ASC 718, Share-Based Payment (“ASC 718”), as appropriate. 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 income (loss) is comprised of net income (loss), as presented in the 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 (loss) and dividends paid to preferred stockholders. 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. ASU 2014-09 also creates a new topic in the Codification, Topic 606 ("ASC 606"). In addition to superseding and replacing nearly all existing GAAP revenue recognition guidance, including industry-specific guidance, ASC 606 does the follow

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	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 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 such security 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 repurchase agreement 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 classified its residential mortgage loans as held-for-sale (“HFS”) investments. The Company elected the fair value option for residential mortgage loans it acquired and classified 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. 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 previously purchased and subsequently sold or securitized, and were typically acquired directly from loan originators and recognized at the time that loans were transferred to a third party or a securitization, in each case providing such transfer met the GAAP criteria for sale. The Company retains the rights to service certain loans that it has sold or securitized, 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 cash flows, 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 11 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 March 31, 2018 . 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 In accordance with ASU 2014-13, the Company 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 March 31, 2018 . 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. Determination of Fair Value In accordance with ASU 2014-13, the Company 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 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 based on quoted prices for similar instruments in active markets, including exchange-traded instruments, are classified as Level 1 valuations. Values obtained from the derivative counterparty, the third-party pricing service or dealers, as appropriate, for similar instruments are classified as Level 2 valuations if the pricing methods used are consistent with the Level 2 definition. If none of these sources is available, the Company determines the fair value based on characteristics of the instrument and based on available market information received from dealers and classifies it as a Level 3 valuation. At the inception of a derivative contract, the Company determines whether or not the instrument will be part of a qualifying hedge accounting relationship. Due to the volatility of the credit markets and difficulty in effectively matching pricing or cash flows, the Company has elected to treat all current derivative contracts as trading instruments. The changes in fair value of derivatives accounted for as trading instruments are reported in the consolidated statement of operations as unrealized gain (loss) on derivative contracts, net. The Company enters into interest rate derivative contracts for a variety of reasons, including minimizing significant fluctuations in earnings or market values on certain assets or liabilities that may be caused by changes in interest rates. The Company may, at times, enter into various forward contracts, including short securities, Agency to-be-announced securities (“TBAs”), options, futures, swaps and caps. Due to the nature of these instruments, they may be in a receivable/asset position or a payable/liability position at the end of an accounting period. Amounts payable to, and receivable from, the same party under contracts may be offset as long as the following conditions are met: (a) each of the two parties owes the other determinable amounts; (b) the reporting party has the right to offset the amount owed with the amount owed by the other party; (c) the reporting party intends to offset; and (d) the right of offset is enforceable by law. If the aforementioned conditions are not met, amounts payable to and receivable from are presented by the Company on a gross basis in the consolidated balance sheet. Other Financial Instruments The carrying value of short term instruments, including cash and cash equivalents, receivables and repurchase agreements whose term is less than twelve months, generally approximates fair value due to the short term nature of the instruments.

AVAILABLE-FOR-SALE SECURITIES

AVAILABLE-FOR-SALE SECURITIES	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
AVAILABLE-FOR-SALE SECURITIES	AVAILABLE-FOR-SALE SECURITIES The following table presents the Company’s AFS investment securities by collateral type at fair value as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Available-for-sale securities: Agency Federal Home Loan Mortgage Corporation $ 430,520,486 $ 530,640,091 Federal National Mortgage Association 664,668,778 754,443,557 Multi-Family — 5,742,000 Total available-for-sale securities $ 1,095,189,264 $ 1,290,825,648 The following tables present the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of March 31, 2018 and December 31, 2017 : March 31, 2018 Agency Multi-Family Total Face Value $ 1,098,998,936 $ — $ 1,098,998,936 Unamortized premium 20,077,893 — 20,077,893 Unamortized discount (404,423 ) — (404,423 ) Amortized Cost 1,118,672,406 — 1,118,672,406 Gross unrealized gain — — — Gross unrealized (loss) (23,483,142 ) — (23,483,142 ) Fair Value $ 1,095,189,264 $ — $ 1,095,189,264 December 31, 2017 Agency Multi - Family Total Face Value $ 1,274,329,317 $ 7,500,000 $ 1,281,829,317 Unamortized premium 23,818,687 — 23,818,687 Unamortized discount (491,020 ) (1,713,542 ) (2,204,562 ) Amortized Cost 1,297,656,984 5,786,458 1,303,443,442 Gross unrealized gain 751,458 — 751,458 Gross unrealized (loss) (13,324,794 ) (44,458 ) (13,369,252 ) Fair Value $ 1,285,083,648 $ 5,742,000 $ 1,290,825,648 At March 31, 2018 and December 31, 2017 , the Company did not intend to sell any of its MBS that were in an unrealized loss position, and it is not "more likely than not" that the Company will be required to sell these MBS before recovery of their amortized cost basis, which may be their maturity. The Company did not recognize credit-related OTTI losses through earnings during the three months ended March 31, 2018 and March 31, 2017 . The following table presents the composition of OTTI charges recorded by the Company for the three months ended March 31, 2018 and March 31, 2017 : Three Months Ended 2018 2017 Cumulative credit (loss) at beginning of period $ (3,074,728 ) $ (3,074,728 ) Additions: Initial (increase) in credit reserves — — Subsequent (increase) in credit reserves — — Initial additional other-than-temporary credit impairment losses — — Subsequent additional other-than-temporary credit impairment losses — — Reductions: For securities sold decrease in credit reserves — — For securities sold decrease in other-than-temporary impairment — — Cumulative credit (loss) at end of period $ (3,074,728 ) $ (3,074,728 ) 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 March 31, 2018 and December 31, 2017 . At March 31, 2018 , the Company held 51 AFS securities, of which 46 were in an unrealized loss position for less than twelve consecutive months and five were in an unrealized loss for more than twelve months. At December 31, 2017 , the Company held 59 AFS securities, of which 49 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 March 31, 2018 $ 1,003,823,817 $ (20,481,607 ) $ 91,365,447 $ (3,001,535 ) $ 1,095,189,264 $ (23,483,142 ) December 31, 2017 $ 1,084,010,586 $ (11,135,736 ) $ 95,024,791 $ (2,233,516 ) $ 1,179,035,377 $ (13,369,252 ) 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 months ended March 31, 2018 and March 31, 2017 : Three Months Ended Three Months Ended AFS securities sold, at cost $ 147,058,544 $ 55,602,307 Proceeds from AFS securities sold $ 144,210,537 $ 46,285,304 Net realized gain (loss) on sale of AFS securities $ (2,848,007 ) $ (9,317,003 ) The following tables present the fair value of AFS investment securities by rate type as of March 31, 2018 and December 31, 2017 : March 31, 2018 Agency Multi-Family Total Adjustable rate $ 1,094,378,500 $ — $ 1,094,378,500 Fixed rate 810,764 — 810,764 Total $ 1,095,189,264 $ — $ 1,095,189,264 December 31, 2017 Agency Multi- Family Total Adjustable rate $ 1,284,237,670 $ — $ 1,284,237,670 Fixed rate 845,978 5,742,000 6,587,978 Total $ 1,285,083,648 $ 5,742,000 $ 1,290,825,648 The following tables present the fair value of AFS investment securities by maturity date as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Greater than or equal to one year and less than five years $ 992,367,597 $ 1,187,909,353 Greater than or equal to five years 102,821,667 102,916,295 Total $ 1,095,189,264 $ 1,290,825,648 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 three months ended March 31, 2018 and the year ended December 31, 2017 of the unamortized net discount and designated credit reserves on the Company’s MBS: March 31, 2018 Designated credit reserve Unamortized net discount Total Beginning Balance as of January 1, 2018 $ — $ (2,204,562 ) $ (2,204,562 ) Dispositions — 1,736,855 1,736,855 Accretion of net discount — 63,284 63,284 Ending Balance at March 31, 2018 $ — $ (404,423 ) $ (404,423 ) December 31, 2017 Designated credit reserve Unamortized net discount Total Beginning Balance as of January 1, 2017 $ (1,929,833 ) $ (27,841,262 ) $ (29,771,095 ) Dispositions 1,929,833 22,685,756 24,615,589 Accretion of net discount — 2,950,944 2,950,944 Ending Balance at December 31, 2017 $ — $ (2,204,562 ) $ (2,204,562 ) Gains and losses from the sale of AFS securities are recorded within realized gain (loss) on sale of investments, net in the Company's condensed consolidated statements of operations. Unrealized gains and losses on the Company’s AFS securities are recorded as unrealized gain (loss) on available-for-sale securities, net in the Company's condensed consolidated statement of comprehensive income (loss). For the three months ended March 31, 2018 , the Company had unrealized gains (losses) on AFS securities of $(10,865,347) and for three months ended March 31, 2017 , the Company had unrealized gains (losses) on AFS securities of $3,550,902 . The following tables present components of interest income on the Company’s AFS securities for the three months ended March 31, 2018 and March 31, 2017 : Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Coupon interest Net (premium amortization)/ discount accretion Interest income Coupon interest Net (premium amortization)/ discount accretion Interest income Agency $ 8,323,342 $ (1,275,855 ) $ 7,047,487 $ 5,380,580 $ 466,291 $ 5,846,871 Non-Agency — — — 42,254 9,946 52,200 Multi-Family — 32,103 32,103 — 923,551 923,551 Total $ 8,323,342 $ (1,243,752 ) $ 7,079,590 $ 5,422,834 $ 1,399,788 $ 6,822,622

THE FREMF TRUSTS

THE FREMF TRUSTS	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE FREMF TRUSTS	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 $20,339,325 at March 31, 2018 and $21,695,098 at December 31, 2017 . The condensed consolidated balance sheets of the FREMF trusts at March 31, 2018 and December 31, 2017 are set out below: Balance Sheets March 31, 2018 December 31, 2017 Assets Multi-family mortgage loans held in securitization trusts $ 1,106,592,612 $ 1,130,874,274 Receivables 4,499,779 4,377,606 Total assets $ 1,111,092,391 $ 1,135,251,880 Liabilities and Equity Multi-family securitized debt obligations $ 1,086,279,589 $ 1,109,204,743 Payables 4,473,478 4,352,039 Total liabilities $ 1,090,753,067 $ 1,113,556,782 Equity 20,339,324 21,695,098 Total liabilities and equity $ 1,111,092,391 $ 1,135,251,880 The multi-family mortgage loans held in securitization trusts had an unpaid principal balance of $1,073,365,225 at March 31, 2018 and $1,078,622,737 at December 31, 2017 . The multi-family securitized debt obligations had an unpaid principal balance of $1,073,365,225 at March 31, 2018 and $1,078,622,737 at December 31, 2017 . The condensed consolidated statements of operations of the FREMF trusts for the three months ended March 31, 2018 and March 31, 2017 are as follows: Statements of Operations Three Months Ended Three Months Ended Interest income $ 13,227,188 $ 13,948,754 Interest expense 12,526,295 13,237,724 Net interest income $ 700,893 $ 711,030 General and administrative fees (623,254 ) (648,934 ) Unrealized gain (loss) on multi-family loans held in securitization trusts (1,355,774 ) 1,299,630 Net income (loss) $ (1,278,135 ) $ 1,361,726 The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of March 31, 2018 and December 31, 2017 are as follows: March 31, 2018 December 31, 2017 New York 16.6 % New York 16.5 % Texas 14.2 % Texas 14.2 % Washington 8.7 % Washington 8.7 % Colorado 7.8 % Colorado 7.8 % Georgia 5.7 % Georgia 5.7 %

RESIDENTIAL MORTGAGE LOAN SECUR

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS	3 Months Ended
	Mar. 31, 2018
Variable Interest Entity [Line Items]
RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS	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 $20,339,325 at March 31, 2018 and $21,695,098 at December 31, 2017 . The condensed consolidated balance sheets of the FREMF trusts at March 31, 2018 and December 31, 2017 are set out below: Balance Sheets March 31, 2018 December 31, 2017 Assets Multi-family mortgage loans held in securitization trusts $ 1,106,592,612 $ 1,130,874,274 Receivables 4,499,779 4,377,606 Total assets $ 1,111,092,391 $ 1,135,251,880 Liabilities and Equity Multi-family securitized debt obligations $ 1,086,279,589 $ 1,109,204,743 Payables 4,473,478 4,352,039 Total liabilities $ 1,090,753,067 $ 1,113,556,782 Equity 20,339,324 21,695,098 Total liabilities and equity $ 1,111,092,391 $ 1,135,251,880 The multi-family mortgage loans held in securitization trusts had an unpaid principal balance of $1,073,365,225 at March 31, 2018 and $1,078,622,737 at December 31, 2017 . The multi-family securitized debt obligations had an unpaid principal balance of $1,073,365,225 at March 31, 2018 and $1,078,622,737 at December 31, 2017 . The condensed consolidated statements of operations of the FREMF trusts for the three months ended March 31, 2018 and March 31, 2017 are as follows: Statements of Operations Three Months Ended Three Months Ended Interest income $ 13,227,188 $ 13,948,754 Interest expense 12,526,295 13,237,724 Net interest income $ 700,893 $ 711,030 General and administrative fees (623,254 ) (648,934 ) Unrealized gain (loss) on multi-family loans held in securitization trusts (1,355,774 ) 1,299,630 Net income (loss) $ (1,278,135 ) $ 1,361,726 The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of March 31, 2018 and December 31, 2017 are as follows: March 31, 2018 December 31, 2017 New York 16.6 % New York 16.5 % Texas 14.2 % Texas 14.2 % Washington 8.7 % Washington 8.7 % Colorado 7.8 % Colorado 7.8 % Georgia 5.7 % Georgia 5.7 %
Residential mortgage loans
Variable Interest Entity [Line Items]
RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS	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 $5,158,318 at March 31, 2018 and $5,413,720 at December 31, 2017 . The condensed consolidated balance sheets of the residential mortgage loan securitization trusts at March 31, 2018 and December 31, 2017 are set out below: Balance Sheets March 31, 2018 December 31, 2017 Assets Residential mortgage loans held in securitization trusts $ 111,764,070 $ 119,756,455 Receivables 376,241 396,000 Total assets $ 112,140,311 $ 120,152,455 Liabilities and Equity Residential securitized debt obligations $ 106,676,747 $ 114,418,318 Payables 305,246 320,417 Total liabilities $ 106,981,993 $ 114,738,735 Equity 5,158,318 5,413,720 Total liabilities and equity $ 112,140,311 $ 120,152,455 The residential mortgage loans held in securitization trusts had an unpaid principal balance of $112,945,716 at March 31, 2018 and $118,884,113 at December 31, 2017 . The residential mortgage loan securitized debt obligations had an unpaid principal balance of $112,945,716 at March 31, 2018 and $118,884,113 at December 31, 2017 . The condensed consolidated statements of operations of the residential mortgage loan securitization trusts for the three months ended March 31, 2018 and March 31, 2017 are as follows: Statements of Operations Three Months Ended Three Months Ended Interest income $ 1,147,641 $ 1,355,438 Interest expense 920,057 1,074,352 Net interest income $ 227,584 $ 281,086 General and administrative fees (6,928 ) (11,844 ) Unrealized gain (loss) on residential loans held in securitization trusts (255,403 ) (368,343 ) Net income (loss) $ (34,747 ) $ (99,101 ) The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the residential mortgage loan securitization trusts as of March 31, 2018 and December 31, 2017 are as follows: March 31, 2018 December 31, 2017 California 38.1 % 37.0 % Washington 13.8 % 15.3 % Massachusetts 8.5 % 8.1 % Florida 6.6 % 6.4 %

USE OF SPECIAL PURPOSE ENTITIES

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES	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, 5 and 6, 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 March 31, 2018 and December 31, 2017 . 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.

RESTRICTED CASH AND DUE TO BROK

RESTRICTED CASH AND DUE TO BROKER	3 Months Ended
	Mar. 31, 2018
Cash and Cash Equivalents [Abstract]
RESTRICTED CASH AND DUE TO BROKER	RESTRICTED CASH AND DUE TO BROKER As of March 31, 2018 , 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 and due to broker balances as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Restricted cash balance held by: Broker counterparties for derivatives trading $ (13,741,125 ) $ (1,123,463 ) Repurchase counterparties as restricted collateral 11,658,225 11,275,263 Total $ (2,082,900 ) $ 10,151,800

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
BORROWINGS	BORROWINGS Repurchase Agreements The Company has entered into repurchase agreements at March 31, 2018 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 1.88% at March 31, 2018 . 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 March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Amount outstanding Weighted average interest rate Market value of collateral held Amount outstanding Weighted average interest rate Market value of collateral held Agency $ 1,174,281,000 1.87 % $ 1,233,451,363 $ 1,228,349,000 1.55 % $ 1,285,083,649 Non-Agency 2,779,000 3.95 % 4,152,493 2,555,000 3.38 % 4,399,779 Multi-Family — — % — 3,618,000 3.16 % 5,742,000 Total $ 1,177,060,000 1.88 % $ 1,237,603,856 $ 1,234,522,000 1.56 % $ 1,295,225,428 At March 31, 2018 and December 31, 2017 , the repurchase agreements had the following remaining maturities: March 31, 2018 December 31, 2017 < or equal to 30 days $ 1,174,281,000 $ 1,175,407,000 31 to 60 days — 56,560,000 61 to 90 days 2,779,000 2,555,000 Total $ 1,177,060,000 $ 1,234,522,000 Under the repurchase agreements, 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 these covenants 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 March 31, 2018 and December 31, 2017 . The following tables summarize certain characteristics of the Company’s repurchase agreements at March 31, 2018 and December 31, 2017 : March 31, 2018 Repurchase Agreement Counterparties Amount Outstanding Percent of total amount outstanding Weighted days to maturity Market Value of collateral held North America 895,289,000 76.06 % 11 941,208,763 Asia (1) 278,992,000 23.70 % 16 292,242,600 Europe (1) 2,779,000 0.24 % 80 4,152,493 Total $ 1,177,060,000 100.00 % 12 $ 1,237,603,856 (1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries. December 31, 2017 Repurchase Agreement Counterparties Amount Outstanding Percent of total amount outstanding Weighted days to maturity Market Value of collateral held North America 939,438,000 76.10 % 13 985,672,703 Asia (1) 292,529,000 23.70 % 14 305,152,946 Europe (1) 2,555,000 0.20 % 78 4,399,779 Total $ 1,234,522,000 100.00 % 13 $ 1,295,225,428 (1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

DERIVATIVE INSTRUMENTS HEDGING

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2018
Derivative Instrument Detail [Abstract]
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 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 swaps, swaption agreements, TBA’s and futures contracts. Amounts receivable and payable under interest rate swap agreements are accounted for as unrealized gain (loss) on derivative contracts, net in the consolidated statement of operations. Premiums on swaptions are amortized on a straight line basis between trade date and expiration date and are recognized in the consolidated statement of operations as a realized loss on derivative contracts. We are party to certain types of financial instruments that are accounted for as derivative instruments including Eurodollar futures , interest rate swaps, TBA's, options, swaptions and caps. Certain of these derivative instruments may require us to post initial margin at inception and daily variation margin based on subsequent changes in their fair value. The following summarizes the Company's significant asset and liability derivatives, the risk exposure for these derivatives and the Company's risk management activities used to mitigate certain of these risks. While the Company uses derivative instruments to achieve the Company's risk management activities, it is possible that these instruments will not effectively mitigate all or a substantial portion of the Company's market rate risk. In addition, the Company might elect, at times, not to enter into certain hedging arrangements in order to maintain compliance with REIT requirements. Balance Sheet Presentation The following tables present the gross fair value and notional amounts of the Company’s derivative financial instruments as of March 31, 2018 and December 31, 2017 : March 31, 2018 Derivative Assets Derivative Liabilities Contracts Fair value Notional Contracts Fair value Notional Eurodollar Futures (Short positions) 13,505 $ 18,132,700 $ 13,505,000,000 — $ — $ — Total 13,505 $ 18,132,700 $ 13,505,000,000 — $ — $ — December 31, 2017 Derivative Assets Derivative Liabilities Contracts Fair value Notional Contracts Fair value Notional Eurodollar Futures (Short positions) 14,355 $ 5,349,613 $ 14,355,000,000 — $ — $ — Total 14,355 $ 5,349,613 $ 14,355,000,000 — $ — $ — 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 8 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 c onsolidated balance sheets. However, the Company does not offset financial assets and liabilities with the associated cash collateral on its condensed consolidated balance sheets. The below tables provide a reconciliation of these assets and liabilities that are subject to Master Agreements or similar agreements and can be potentially offset on the Company’s condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 : March 31, 2018 Gross amounts not offset in the Balance Sheet Description Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amounts of assets presented in the Balance Sheet Financial instruments Cash collateral (Received)/ Pledged Net amount Futures (Short positions) $ 18,132,700 $ — $ 18,132,700 $ — $ (13,741,125 ) $ 4,391,575 Total $ 18,132,700 $ — $ 18,132,700 $ — $ (13,741,125 ) $ 4,391,575 December 31, 2017 Gross amounts not offset in the Balance Sheet Description Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amounts of assets presented in the Balance Sheet Financial instruments Cash collateral (Received)/ Pledged Net amount Futures (Short positions) $ 5,349,613 $ — $ 5,349,613 $ — $ (1,123,463 ) $ 4,226,150 Total $ 5,349,613 $ — $ 5,349,613 $ — $ (1,123,463 ) $ 4,226,150 March 31, 2018 Gross amounts not offset in the Balance Sheet Description Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amounts of liabilities presented in the Balance Sheet Financial instruments Cash collateral (Received)/ Pledged Net Amount Repurchase agreements $ (1,177,060,000 ) $ — $ (1,177,060,000 ) $ 1,177,060,000 $ — $ — Total $ (1,177,060,000 ) $ — $ (1,177,060,000 ) $ 1,177,060,000 $ — $ — December 31, 2017 Gross amounts not offset in the Balance Sheet Description Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amounts of liabilities presented in the Balance Sheet Financial instruments Cash collateral (Received)/ Pledged Net Amount Repurchase agreements $ (1,234,522,000 ) $ — $ (1,234,522,000 ) $ 1,234,522,000 $ — $ — Total $ (1,234,522,000 ) $ — $ (1,234,522,000 ) $ 1,234,522,000 $ — $ — 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 futures, interest rate swaps, swaptions and any other derivative instruments. The following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the condensed consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the three months ended March 31, 2018 and March 31, 2017 : Three Months Ended March 31, 2018 Primary underlying risk Amount of realized gain (loss) Amount of unrealized appreciation (depreciation) Total Interest rate: Futures $ 2,792,794 $ 12,783,088 $ 15,575,882 Total $ 2,792,794 $ 12,783,088 $ 15,575,882 Three Months Ended March 31, 2017 Primary underlying risk Amount of realized gain (loss) Amount of unrealized appreciation (depreciation) Total Interest rate: Futures $ 2,233,051 $ (3,077,088 ) $ (844,037 ) Total $ 2,233,051 $ (3,077,088 ) $ (844,037 )

MSRs

MSRs	3 Months Ended
	Mar. 31, 2018
Mortgage Servicing Rights MSR Disclosure [Abstract]
MSRs	During the three months ended March 31, 2018 , the Company retained the servicing rights associated with an aggregate principal balance of $324,933,643 of residential mortgage loans that the Company had previously transferred to three 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. The following table presents the Company’s MSR activity as of March 31, 2018 and the year ended December 31, 2017 : March 31, 2018 December 31, 2017 Balance at beginning of year $ 2,963,861 $ 3,440,809 MSRs relating to sales to securitizations — 10,910 MSRs related to deconsolidation of securitization trust — — Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model 174,761 39,688 Other changes to fair value (1) (117,073 ) (527,546 ) Balance at end of period $ 3,021,549 $ 2,963,861 Loans associated with MSRs (2) $ 324,933,643 $ 338,167,569 MSR values as percent of loans (3) 0.93 % 0.88 % (1) Amounts represent changes due to realization of expected cash flows. (2) Amounts represent the principal balance of loans associated with MSRs outstanding at March 31, 2018 and December 31, 2017 , respectively. (3) Amounts represent the carrying value of MSRs at March 31, 2018 and December 31, 2017 , 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 condensed consolidated statements of operations for the three months ended March 31, 2018 , and March 31, 2017 : Three Months Ended Three Months Ended Servicing income $ 219,978 $ 252,738 Total servicing income $ 219,978 $ 252,738

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	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 March 31, 2018 and December 31, 2017 : March 31, 2018 Quoted prices in active markets for identical assets Level 1 Significant other observable inputs Level 2 Unobservable inputs Level 3 Balance as of March 31, 2018 Assets: Residential mortgage-backed securities (a) $ — $ 1,095,189,264 $ — $ 1,095,189,264 Multi-Family mortgage loans held in securitization trusts — 1,106,592,612 — 1,106,592,612 Residential mortgage loans held in securitization trusts — 111,764,070 — 111,764,070 Mortgage servicing rights — — 3,021,549 3,021,549 Futures (Short positions) 18,132,700 — — 18,132,700 Total $ 18,132,700 $ 2,313,545,946 $ 3,021,549 $ 2,334,700,195 Liabilities: Multi-family securitized debt obligations $ — $ (1,086,279,589 ) $ — $ (1,086,279,589 ) Residential securitized debt obligations — (106,676,747 ) — (106,676,747 ) Total $ — $ (1,192,956,336 ) $ — $ (1,192,956,336 ) December 31, 2017 Quoted prices in active markets for identical assets Level 1 Significant other observable inputs Level 2 Unobservable inputs Level 3 Balance as of December 31, 2017 Assets: Residential mortgage-backed securities (a) $ — $ 1,290,825,648 $ — $ 1,290,825,648 Multi-Family mortgage loans held in securitization trusts — 1,130,874,274 — 1,130,874,274 Residential mortgage loans held in securitization trusts — 119,756,455 — 119,756,455 Mortgage servicing rights — — 2,963,861 2,963,861 Futures (Short positions) 5,349,613 — — 5,349,613 Total $ 5,349,613 $ 2,541,456,377 $ 2,963,861 $ 2,549,769,851 Liabilities: Multi-family securitized debt obligations $ — $ (1,109,204,743 ) $ — $ (1,109,204,743 ) Residential securitized debt obligations — (114,418,318 ) — (114,418,318 ) Total $ — $ (1,223,623,061 ) $ — $ (1,223,623,061 ) (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 three months ended March 31, 2018 and year ended December 31, 2017 , the Company had no 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 March 31, 2018 and December 31, 2017 , the Company had $3,021,549 and $2,963,861 , 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 11. 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 March 31, 2018 and December 31, 2017 : As of March 31, 2018 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 8.0 - 24.2% 12.2 % Discount rate 12.0 % 12.0 % As of December 31, 2017 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 8.0 - 25.4% 12.8 % Discount rate 12.0 % 12.0 %

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Management Fee The Company is externally managed and advised by the Manager. Pursuant to the terms of the prior management agreement in effect for the year ended December 31, 2017, the Company paid the prior 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 did not affect realized net income (regardless of whether such items were included in other comprehensive income or loss, or in net income). This amount was 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 reduced the Company’s retained earnings at the end of any completed calendar quarter, it would 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. On January 18, 2018 the management agreement in effect for the year ended December 31, 2017 was terminated, and a new agreement with Hunt Investment Management, LLC became effective. Pursuant to the terms of the new management contract, the Company is required to pay the Manager an annual base management fee of 1.50% of Stockholders' Equity (as defined in the management agreement), payable quarterly ( 0.375% per quarter) in arrears. The definition of stockholders' equity in the new management agreement is materially unchanged from the definition in the prior management agreement. Additionally, starting in the first full calendar quarter following January 18, 2019, the Company is also required to pay the Manager a quarterly incentive fee equal to 20% of the excess of Core Earnings (as defined in the management agreement) over a hurdle rate of 8% per annum. On June 7, 2017, the prior manager agreed to waive a portion equal to 0.75% of its 1.50% management fee on the net proceeds of the June 16, 2017 common stock offering, for the next twelve monthly payments, beginning with the payment due for the month of June 2017. Due to the termination of the previous management agreement with Oak Circle, the fee waiver terminated on January 18, 2018. The net amount of management fee waived from January 1, 2018 to January 18, 2018 was $6,959 (2017: $79,415 ). For the three months ended March 31, 2018 , the Company incurred management fees of $576,135 , net of $6,959 in management fees waived ( March 31, 2017 : $544,510 ), included in Management Fee in the condensed consolidated statement of operations, of which $577,000 ( March 31, 2017 : $184,000 ) 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. On January 18, 2018 the management agreement in effect for the year ended December 31, 2017 was terminated, and a new agreement with Hunt Investment Management, LLC became effective. Pursuant to the terms of the new management agreement, the Company's Manager has agreed upon certain limitations on manager expense reimbursement from us. For the three months ended March 31, 2018 , the Company incurred reimbursable expenses of $746,092 ( March 31, 2017 : $1,208,943 ), included in operating expenses reimbursable to Manager in the condensed consolidated statement of operations, of which $742,711 ( March 31, 2017 : $525,000 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 in place 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 is 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. The following table summarizes the activity related to restricted common stock for the three months ended March 31, 2018 and March 31, 2017 : Three Months Ended March 31, 2018 2017 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding Unvested Shares at Beginning of Period 4,500 $ 4.33 4,500 $ 5.97 Granted — — — — Vested — — — — Outstanding Unvested Shares at End of Period 4,500 $ 4.33 4,500 $ 5.97 For the period ended March 31, 2018, the Company recognized compensation expense related to restricted common stock of $4,805 (2017: $6,624 ). the Company has unrecognized compensation expense of $10,730 as of March 31, 2018 (2017: $10,010 ) for unvested shares of restricted common stock. As of March 31, 2018, the weighted average period for which the unrecognized compensation expense will be recognized is 6.7 months. MAXEX LLC 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. As of December 31, 2017 , the Company had sold $24.6 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; the Company has not sold any loans through MAXEX in 2018. As of March 31, 2018 , the Company has received $67,325 (2017: $9,325 ) in fees, net of $15,704 (2017: $2,175 ) in marketing fees paid to MAXEX, relating to its provision to MAXEX of seller eligibility review and backstop services. These fees are recorded on the Company's condensed consolidated balance sheet as a liability in the line item "Deferred Income". See Note 14 for additional disclosure relating to the backstop services.

GUARANTEES

GUARANTEES	3 Months Ended
	Mar. 31, 2018
Guarantees [Abstract]
GUARANTEES	GUARANTEES The Company, through FOAC, is party to customary and standard loan repurchase obligations in respect of residential mortgage loans that it has sold into securitizations or to third parties, to the extent it is determined that there has been a breach of standard seller representations and warranties in respect of such loans. To date, the Company has not been required to repurchase any loan due to a claim of breached seller representations and warranties. In July 2016, the Company announced that it would no longer aggregate and securitize residential mortgage loans; however, given FOAC's extensive experience understanding and analyzing seller rep and warranty risk, the Company has sought to capitalize on its infrastructure and knowledge to become the provider of seller eligibility review and backstop services to MAXEX. See Note 13 for a further description of MAXEX. MAXEX's wholly owned clearinghouse subsidiary, Central Clearing and Settlement LLC ("CCAS") functions as the central counterparty with which buyers and sellers transact, and acts as the buyer's counterparty for each transaction. Pursuant to a Master Agreement dated June 15, 2016, as amended August 29, 2016 and January 30, 2017, among MAXEX, CCAS and FOAC, FOAC provides seller eligibility review services under which it reviews, approves and monitors sellers that are to sell loans via CCAS. Once approved, and having signed the standardized loan sale contract, the seller then sells loan(s) to CCAS, and CCAS simultaneously sells loan(s) to the buyer on substantially the same terms including representations and warranties. To the extent that a seller approved by FOAC fails to honor its obligations to repurchase a loan based on an arbitration finding that it breached its representations and warranties, FOAC is obligated to backstop the seller's repurchase obligation. The term of the backstop guarantee is the earlier of the contractual maturity of the underlying mortgage, or its earlier repayment in full; however, the incidence of claims for breaches of representations and warranties over time is considered unlikely to occur more than five years from the sale of a mortgage. The maximum potential amount of future payments that the Company could be required to make under the outstanding backstop guarantees, which represents the outstanding balance of all underlying mortgage loans sold by approved sellers to CCAS, was estimated to be $795,335,424 as of March 31, 2018 and $629,278,629 as of December 31, 2017 . Amounts payable in excess of the outstanding principal of the related mortgage, for example any premium paid by the loan buyer or costs associated with collecting mortgage payments, are not currently estimable. Amounts that may become payable under the backstop guarantee are normally recoverable from the related seller, as well as from any payments received on (or from sale of property securing) the mortgage loan repurchased. Pursuant to the Master Agreement, FOAC is required to maintain minimum available liquidity equal to the greater of (i) $5.0 million or (ii) 0.10% of the aggregate unpaid principal balance of loans backstopped by FOAC, either directly or through a credit support agreement acceptable to MAXEX. As of March 31, 2018 , the Company was not aware of any circumstances expected to lead to the triggering of a backstop guarantee obligation. The Company assessed its backstop guarantee obligation as of March 31, 2018 in accordance with ASC 460, "Guarantees", and the carrying value of the liability was the unamortized portion of fees receivable in respect of the issuance of the guarantees. See Note 2 for information on the Company's accounting policy with respect to guarantee fees receivable. In addition, the Company enters into certain contracts that contain a variety of indemnification obligations, principally with the Manager, brokers and counterparties to repurchase agreements. The maximum potential future payment amount the Company could be required to pay under these indemnification obligations is unlimited. The Company has not incurred any costs to defend lawsuits or settle claims related to the indemnification obligations. As a result, the estimated fair value of these agreements is minimal. Accordingly, the Company recorded no liabilities for these agreements as of March 31, 2018 .

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Ownership and Warrants 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 following adjustment in December 2016, entitled XL Investments Ltd, to purchase an aggregate of 3,753,492 shares of the Company’s common stock at a per share exercise price equal to $13.11 . XL Global, Inc., a subsidiary of XL Group Ltd, held a minority stake in the previous manager. Pursuant to an agreement dated January 18, 2018, XL Investments agreed to terminate all of its previously held warrants to purchase 3,753,492 shares of common stock held by it. Common Stock The Company has 450,000,000 authorized shares of common stock, par value $0.01 per share, with 23,683,164 and 22,143,758 shares issued and outstanding as of March 31, 2018 and December 31, 2017 , respectively. On June 16, 2017, the Company issued 4,600,000 shares of common stock, including the concurrent exercise of the underwriters' overallotment option, for $4.60 per share. Net estimated proceeds to the Company were $19.8 million . On January 18, 2018, the Company issued 1,539,406 shares of common stock to an affiliate of our Manager in a private placement at a purchase price of $4.77 per share resulting in aggregate net proceeds of $7.3 million . 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. As of December 31, 2017 , the Company had repurchased 126,856 shares of common stock at a weighted average share price of $5.09 . No share repurchases were made during the three months ended March 31, 2018 . As of March 31, 2018 , $9.4 million of common stock remained authorized for future share repurchase under the Repurchase Program. Preferred Stock The Company has 50,000,000 authorized shares of preferred stock, par value $0.01 per share, with 1,610,000 shares of 8.75% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), par value of $0.01 per share and liquidation preference of $25.00 per share, issued and outstanding as of both March 31, 2018 and December 31, 2017 . The Series A Preferred Stock is entitled to receive a dividend rate of 8.75% per year on the $25 liquidation preference and is senior to the common stock with respect to distributions upon liquidation, dissolution or winding up. The Company declares quarterly and pays monthly dividends on the shares of the Series A Preferred Stock, in arrears, on the 27th day of each month to holders of record at the close of business on the 15th day of each month. No dividends may be paid on the Company's common stock unless full cumulative dividends have been paid on the preferred stock. The Company has paid full cumulative dividends on its preferred stock on a monthly basis since it was first issued in December 2013. Distributions to stockholders For the 2018 taxable year to date, the Company has declared dividends to common stockholders totaling $ 2,314,686 , or $ 0.10 per share. The following table presents cash dividends declared by the Company on its common stock during the three months ended March 31, 2018 : Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share January 5, 2018 January 16, 2018 January 30, 2018 $ 737,388 $ 0.03152 January 5, 2018 February 15, 2018 February 27, 2018 $ 788,649 $ 0.03371 January 5, 2015 March 15, 2018 March 29, 2018 $ 788,649 $ 0.03371 The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the three months ended March 31, 2018 : Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share January 5, 2018 January 16, 2018 January 30, 2018 $ 293,503 $ 0.18230 January 5, 2018 February 15, 2018 February 27, 2018 $ 293,503 $ 0.18230 January 5, 2018 March 15, 2018 March 29, 2018 $ 293,503 $ 0.18230

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE In accordance with ASC 260, outstanding instruments that contain rights to non-forfeitable dividends are considered participating securities. The Company is required to apply the two-class method or the treasury stock method of computing basic and diluted earnings per share when there are participating securities outstanding. The Company has determined that outstanding unvested restricted shares issued under the Manager Equity Plan are participating securities, and they are therefore included in the computation of basic and diluted earnings per share. The following tables provide additional disclosure regarding the computation for the three months ended March 31, 2018 and March 31, 2017 : Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Net income (loss) $ 11,315,000 $ 2,369,141 Less dividends paid: Common stock $ 2,314,686 $ 2,630,889 Preferred stock 880,509 880,509 3,195,195 3,511,398 Undistributed earnings (deficit) $ 8,119,805 $ (1,142,257 ) Unvested Share-Based Payment Awards Common Stock Unvested Share-Based Payment Awards Common Stock Distributed earnings $ 0.10 $ 0.10 $ 0.15 $ 0.15 Undistributed earnings (deficit) 0.35 0.35 (0.07 ) (0.07 ) Total $ 0.45 $ 0.45 $ 0.08 $ 0.08 No adjustment was required for the calculation of diluted earnings per share for the warrants described in Note 15 because the warrants’ exercise price was greater than the average market price of the common shares for the period, and thereby anti-dilutive. For three months ended March 31, 2018 the weighted average number of shares of common stock outstanding to calculate the basic and diluted earnings per share was 23,392,387 and for three months ended March 31, 2017 the weighted average number of shares of common stock outstanding to calculate the basic and diluted earnings per share was 17,539,258 .

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company invests in a portfolio comprised of MBS and other mortgage-related investments, and operates as a single reporting segment.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES 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. Impacts of tax reform On December 22, 2017, the Tax Cut and Jobs Act (H.R. 1) (the "Tax Act") was signed into law. The Tax Act contains significant changes to corporate taxation, including the reduction of the corporate income tax rate to 21%. We have substantially completed our assessment of the effects of the Tax Act and were able to determine reasonable estimates for the impacts of the items specified below. We continue to monitor and analyze the application of the "Tax Act" to our business and continue to assess our provision for income taxes as future guidance is issued. The key aspects of the Tax Act on our financial statements for the year ended December 31, 2017 were: (1) the federal statutory tax rate was reduced to 21%. In prior years, the Company valued its deferred tax asset at 34%. The related re-measurement of the deferred tax asset resulted in a reduction of $364,000 . This amount is fully offset by a corresponding reduction to the valuation allowance as discussed in the paragraph below, (2) taxpayers that have existing AMT credit from previously paid AMT tax will be allowed to offset their regular tax liability for any future taxable year. Additionally, the AMT credit will be refundable for any taxable year beginning after December 31, 2017 and before January 1, 2022 in an amount equal to 50% of the excess AMT credit for the taxable year over the amount of the credit allowable for the year against regular tax liability. In tax year 2021, 100% of any remaining excess AMT credit will be refunded. As a result, the valuation allowance attributable to prior years AMT credit in the amount of $12,000 is released and AMT credit accrued for the current year is recognized in the deferred tax asset. The following table reconciles the Company’s TRS GAAP net income (loss) to taxable income (in thousands): As of March 31, 2018 As of December 31, 2017 GAAP consolidated net income (loss) attributable to Five Oaks Investment Corp 12,829 $ 4,707 GAAP net loss (income) from REIT operations (12,559 ) (4,645 ) GAAP net income (loss) of taxable subsidiary 270 62 Capitalized transaction fees (10 ) (41 ) Unrealized gain (loss) (50 ) 639 Deferred income 52 19 Tax income of taxable subsidiary before utilization of net operating losses 262 679 Utilizations of net operating losses (262 ) (679 ) Net tax income of taxable subsidiary — $ — The TRS has a deferred tax asset on which the Company has a 100% valuation allowance, comprised of the following (in thousands): As of March 31, 2018 As of December 31, 2017 Accumulated net operating losses of TRS 269 337 Unrealized gain 238 251 Capitalized transaction costs 120 122 Deferred income 71 57 AMT Credit — 19 Deferred tax asset (liability) 698 786 Valuation allowance (698 ) (767 ) Net non-current deferred tax asset (liability) — 19 We have provided a valuation allowance against our deferred tax asset that results in no deferred tax asset at March 31, 2018 , and December 31, 2017 except for the refundable AMT credits as discussed above. 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 as a result of the decrease in statutory tax rates as discussed above. 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 March 31, 2018 , the TRS had net operating loss carryforwards for federal income tax purposes of $ 1.3 million , which are available to offset future taxable income and begin expiring in 2034. As of March 31, 2018 , the Company is not aware of any material uncertain tax positions, but the Company could be subject to federal and state taxes for its open tax years of 2015, 2016 and 2017. The Company declared and paid in the fourth quarter of 2016 a deficiency dividend relating to a determination of an inability to offset certain net gains on hedging transactions in 2013 against capital losses on the sale of certain mortgage-backed securities. In connection with this declaration, the Company provisioned an amount of $1.86 million in 2016 for interest charges expected to be paid to the IRS following the payment of the dividend. On March 8, 2017, the Company paid an amount of $2.01 million to the IRS for interest charges related to the fourth quarter deficiency dividend payment. The amount paid exceeded the provision of $1.86 million taken in 2016 due to the timing of the payment and accordingly the Company recorded additional interest expense of $0.15 million , which is included in "Other interest expense" in the Company's condensed consolidated statements of operations. The first quarter 2017 payment of $2.01 million is included in "cash paid for interest" in the Company's condensed consolidated statements of cash flows.

RESTATEMENT OF PREVIOUSLY ISSUE

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Notes)	3 Months Ended
	Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS	RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS As a result of the filing of our Amendment No.1 on Form 10-K/A for the fiscal year ended December 31, 2017, the Company determined it had incorrectly stated accumulated other comprehensive income (loss) and accumulated earnings by equal and offsetting amounts in our condensed consolidated balance sheet as of March 31, 2018. The following table represents the restated unaudited condensed consolidated balance sheet for the period ended March 31, 2018. Unaudited Condensed Consolidated Balance Sheet March 31, 2018 As previously reported Restatement adjustments As restated ASSETS Available-for-sale securities, at fair value (includes pledged securities of $1,099,341,757 for March 31, 2018 $ 1,095,189,264 — 1,095,189,264 Mortgage loans held-for-sale, at fair value — — — Multi-family loans held in securitization trusts, at fair value 1,106,592,612 — 1,106,592,612 Residential loans held in securitization trusts, at fair value 111,764,070 — 111,764,070 Mortgage servicing rights, at fair value 3,021,549 — 3,021,549 Cash and cash equivalents 42,257,248 — 42,257,248 Restricted cash 11,658,225 — 11,658,225 Deferred offering costs 186,999 — 186,999 Accrued interest receivable 8,854,367 — 8,854,367 Investment related receivable (includes pledged securities of $138,262,099 for March 31, 2018) 143,801,279 — 143,801,279 Derivative assets, at fair value 18,132,700 — 18,132,700 Other assets 512,358 — 512,358 Total assets $ 2,541,970,671 $ — $ 2,541,970,671 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Repurchase agreements: Available-for-sale securities $ 1,177,060,000 — 1,177,060,000 Multi-family securitized debt obligations 1,086,279,589 — 1,086,279,589 Residential securitized debt obligations 106,676,747 — 106,676,747 Accrued interest payable 6,009,300 — 6,009,300 Derivative liabilities, at fair value — — — Dividends payable 39,132 — 39,132 Deferred income 273,968 — 273,968 Due to broker 13,741,125 — 13,741,125 Fees and expenses payable to Manager 1,319,711 — 1,319,711 Other accounts payable and accrued expenses 209,976 — 209,976 Total liabilities 2,391,609,548 — 2,391,609,548 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 March 31, 2018 37,156,972 — 37,156,972 Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,683,164 shares issued and outstanding, at March 31, 2018 236,787 — 236,787 Additional paid-in capital 231,348,163 — 231,348,163 Accumulated other comprehensive income (loss) (25,919,831 ) 2,436,690 (23,483,141 ) Cumulative distributions to stockholders (107,845,430 ) — (107,845,430 ) Accumulated earnings 15,384,462 (2,436,690 ) 12,947,772 Total stockholders' equity 150,361,123 — 150,361,123 Total liabilities and stockholders' equity $ 2,541,970,671 $ — $ 2,541,970,671

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	30, 2018, the Company, announced that it acquired one hundred percent ( 100% ) of the equity interests of Hunt CMT Equity, LLC, a Delaware limited liability company ("Hunt CMT") from Hunt Mortgage Group, LLC, an affiliate of our manager ("HMG") for an aggregate purchase price of $68.05 million (the "Hunt CMT Transaction"). Assets of Hunt CMT include junior retained notes and preferred shares of a commercial real estate collateralized loan obligation ("Hunt CMT CLO"), a licensed commercial mortgage lender and eight ( 8 ) loan participations. The assets of the Hunt CMT CLO consist of transitional floating rate commercial mortgage loans with a portfolio balance of $346.3 million as of March 31, 2018, collateralized by a diverse mix of property types, including multifamily, retail, office, mixed-use, industrial and student housing. As part of the Hunt CMT Transaction, the Company also acquired an entity ("Hunt CMT CLO Seller"), which holds $6.9 million of loan participations on eight loans held by the Hunt CMT CLO.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated balance sheet as of December 31, 2017 has been derived from audited financial statements. The condensed consolidated balance sheet as of March 31, 2018 , the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income (loss), for the three months ended March 31, 2018 and for the three months ended March 31, 2017 , the condensed consolidated statement of stockholders’ equity for the three months ended March 31, 2018 and the condensed consolidated statements of cash flows for the three months ended March 31, 2018 , and the three months ended March 31, 2017 , 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/A for the year ended December 31, 2017 , which was filed with the Securities and Exchange Commission (“SEC”) on November 13, 2018.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation.
Principles of Consolidation	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	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 March 31, 2018 , 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. However, the Company's maximum exposure to loss from consolidated trusts was $25,497,642 and $27,108,818 , respectively, at March 31, 2018 , and December 31, 2017 . At March 31, 2018 , with the exception of the listed transactions, the Company did not have any exposure to VIEs. During the first quarter, the Company sold its remaining investment in Multi-Family MBS. As of December 31, 2017 , 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 Multi-Family MBS, $5,742,000 , as disclosed in Note 4.
Use of Estimates	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 and Restricted Cash	Cash and Cash Equivalents and Restricted Cash 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 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	Deferred Income Certain service revenues received in the period are recorded as a liability in the Company’s consolidated balance sheets in the line item “Deferred income”, for subsequent recognition as income in the Company’s consolidated statements of operations.
Deferred Offering Costs	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 consolidated balance sheets in the line item “Deferred offering costs”, for subsequent deduction from the related proceeds upon closing of the offering. To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in “Other accounts payable and accrued expenses” on the accompanying consolidated balance sheets.
Revenue Recognition, Premium Amortization, and Discount Accretion	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	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, 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, 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 classified as held-for-sale based upon the Company’s intent to sell them in the secondary whole loan market. Interest income on mortgage loans held-for-sale is recognized at the loan coupon rate. Interest income recognition is suspended when mortgage loans are placed on non-accrual status. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is considered non-collectible, and in all cases when payment becomes greater than 90 days past due. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible.
Multi-Family and Residential Mortgage Loans Held in Securitization Trusts	Multi-Family and Residential Mortgage Loans Held in Securitization Trusts 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-KF01Trust, and residential mortgage loans held in the CSMC 2014-OAK1 Trust, as of March 31, 2018 . 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. 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 and Excess Servicing Rights, at Fair Value Mortgage servicing rights (“MSRs”) are associated with residential mortgage loans that the Company has historically 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 10s, at Fair Value	Non-Agency RMBS IOs, at Fair Value Non-Agency RMBS IOs that the Company previously owned are associated with residential mortgage loan securitizations that the Company had previously sponsored, 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 was recognized at the contractually agreed rate, and changes in fair value were recognized in the Company’s condensed consolidated statement of operations.
Repurchase Agreements	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 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.
Multi-Family and Residential Securitized Debt Obligations	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.
Backstop Guarantees	Backstop Guarantees The Company, through FOAC and in return for fees, provides seller eligibility and backstop guarantee services in respect of residential mortgage loans that are traded through one or more loan exchanges operated by MAXEX LLC (“MAXEX”). See Note 13 and Note 14 for additional information regarding MAXEX. To the extent that a loan seller approved by FOAC fails to honor its obligations to repurchase one or more loans based on an arbitration finding that such seller has breached its representations and warranties, FOAC provides a backstop guarantee of the repurchase obligation. The Company has evaluated its backstop guarantees pursuant to ASC 460, Guarantees, and has determined them to be performance guarantees, for which ASC 460 contains initial recognition and measurement requirements, and related disclosure requirements. FOAC is obligated in two respects: (i) a noncontingent liability, which represents FOAC’s obligation to stand ready to perform under the terms of the guarantee in the event that the specified triggering event(s) occur; and (ii) the contingent liability, which represents FOAC’s obligation to make future payments if those triggering events occur. FOAC recognizes the noncontingent liability at the inception of the guarantee at the fair value, which is the fee received or receivable, and is recorded on the Company’s consolidated balance sheet as a liability in the line item “Deferred income.” The Company amortizes these fees into income on a straight-line basis over five years , based on an assumed constant prepayment rate of 15% for residential mortgage loans and other observable data. The Company’s contingent liability is accounted for pursuant to ASC 450, Contingencies, pursuant to which the contingent liability must be recognized when its payment becomes probable and reasonably estimable.
Common Stock	Common Stock At March 31, 2018 , and December 31, 2017 , 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.
Stock Repurchase Program	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.
Preferred Stock	Preferred Stock At March 31, 2018 , and December 31, 2017 , 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.
Income Taxes	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, with the exception of its taxable REIT subsidiaries, 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 860 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 18, the Company declared and paid in the fourth quarter of 2016 a deficiency dividend relating to a 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, during the first quarter of 2017, the Company paid an amount of $2.01 million for interest charges to the IRS. The Company previously provisioned $1.86 million in the third quarter of 2016 in the Company's condensed consolidated balance sheets in the line item "Other accounts payable and accrued expenses"; the remaining balance of $0.15 million was expensed in the first quarter of 2017, which is included in "Other interest expense" in the Company's condensed consolidated statements of operations. The first quarter 2017 payment of $2.01 million is included in "cash paid for interest" in the Company's condensed consolidated statements of cash flows. The Tax Cuts and Jobs Act was enacted in December 2017 and is generally effective for tax years beginning after 2017. This new legislation has no material adverse effect on the Company's business. 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	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	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 505, Equity (“ASC 505”), or ASC 718, Share-Based Payment (“ASC 718”), as appropriate. 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 Income (Loss) Attributable to Common Stockholders Comprehensive income (loss) is comprised of net income (loss), as presented in the 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 (loss) and dividends paid to preferred stockholders.
Recently Issued and/or Adopted Accounting Standards	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. ASU 2014-09 also creates a new topic in the Codification, Topic 606 ("ASC 606"). In addition to superseding and replacing nearly all existing GAAP revenue recognition guidance, including industry-specific guidance, ASC 606 does the following: (1) established a new control-based revenue recognition model; (2) changes the basis for deciding when revenue is recognized over time or at a point in time; (3) provides new and more detailed guidance on specific aspects of revenue recognition; and (4) expands and improves disclosures about revenue. 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. 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. ASC 606 applies to all contracts with customers with exceptions for financial instruments and other contractual rights or obligations that are within the scope of other ASC Topics. Exclusions from the scope of ASC 606 include interest income related to the following: investment securities available for sale (subject to ASC 320, Investments - Debt and Equity Securities or ASC 325, Investments - Other); residential mortgage loans and multi-family loans (subject to either ASC 310, Receivables or ASC 825, Financial Instruments); and derivative assets and derivative liabilities (subject to ASC 815, Derivatives and Hedging). The Company evaluated the applicability of this ASU with respect to its investment portfolio, considering the scope exceptions listed above, and has determined that the adoption of this ASU did not have a material impact on the Company's financial condition or results of operations as the substantial majority of the Company's revenue is generated by financial instruments and other contractual rights and obligations that are not within the scope of ASC 606. 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 did not have a material impact on the Company's financial condition or results of operations. 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 continues to assess 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 has determined this ASU did not have a material impact on the Company's financial condition or results of operations. Restricted Cash In November 2016, the FASB issued ASU 2016-18, which amends ASC Topic 230, Statement of Cash Flows, to reduce diversity in how entities present restricted cash and restricted cash equivalents in the statement of cash flows. The amendments in ASU 2016-18 require restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early application is permitted, provided that all of the amendments are adopted in the same period. The amendments of this ASU should generally be applied using a retrospective transition method to each period presented. The Company adopted the ASU beginning with the first quarter of 2017, which had no effect on the Company's results of operations, financial condition or cash flows.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows. March 31, 2018 December 31, 2017 Cash and cash equivalents $ 42,257,248 $ 34,347,339 Restricted cash 11,658,225 11,275,263 Total cash, cash equivalents and restricted cash $ 53,915,473 $ 45,622,602
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows. March 31, 2018 December 31, 2017 Cash and cash equivalents $ 42,257,248 $ 34,347,339 Restricted cash 11,658,225 11,275,263 Total cash, cash equivalents and restricted cash $ 53,915,473 $ 45,622,602 The following table presents the Company's restricted cash and due to broker balances as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Restricted cash balance held by: Broker counterparties for derivatives trading $ (13,741,125 ) $ (1,123,463 ) Repurchase counterparties as restricted collateral 11,658,225 11,275,263 Total $ (2,082,900 ) $ 10,151,800

AVAILABLE-FOR-SALE SECURITIES (

AVAILABLE-FOR-SALE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
AFS Investment Securities, by Collateral Type	The following table presents the Company’s AFS investment securities by collateral type at fair value as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Available-for-sale securities: Agency Federal Home Loan Mortgage Corporation $ 430,520,486 $ 530,640,091 Federal National Mortgage Association 664,668,778 754,443,557 Multi-Family — 5,742,000 Total available-for-sale securities $ 1,095,189,264 $ 1,290,825,648
Amortized Cost and Fair Value of the AFS Investment Securities, by Collateral Type	The following tables present the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of March 31, 2018 and December 31, 2017 : March 31, 2018 Agency Multi-Family Total Face Value $ 1,098,998,936 $ — $ 1,098,998,936 Unamortized premium 20,077,893 — 20,077,893 Unamortized discount (404,423 ) — (404,423 ) Amortized Cost 1,118,672,406 — 1,118,672,406 Gross unrealized gain — — — Gross unrealized (loss) (23,483,142 ) — (23,483,142 ) Fair Value $ 1,095,189,264 $ — $ 1,095,189,264 December 31, 2017 Agency Multi - Family Total Face Value $ 1,274,329,317 $ 7,500,000 $ 1,281,829,317 Unamortized premium 23,818,687 — 23,818,687 Unamortized discount (491,020 ) (1,713,542 ) (2,204,562 ) Amortized Cost 1,297,656,984 5,786,458 1,303,443,442 Gross unrealized gain 751,458 — 751,458 Gross unrealized (loss) (13,324,794 ) (44,458 ) (13,369,252 ) Fair Value $ 1,285,083,648 $ 5,742,000 $ 1,290,825,648
Composition of OTTI Charges Recorded	The following table presents the composition of OTTI charges recorded by the Company for the three months ended March 31, 2018 and March 31, 2017 : Three Months Ended 2018 2017 Cumulative credit (loss) at beginning of period $ (3,074,728 ) $ (3,074,728 ) Additions: Initial (increase) in credit reserves — — Subsequent (increase) in credit reserves — — Initial additional other-than-temporary credit impairment losses — — Subsequent additional other-than-temporary credit impairment losses — — Reductions: For securities sold decrease in credit reserves — — For securities sold decrease in other-than-temporary impairment — — Cumulative credit (loss) at end of period $ (3,074,728 ) $ (3,074,728 )
AFS Securities Not Deemed to be Other Than Temporarily Impaired	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 March 31, 2018 and December 31, 2017 . At March 31, 2018 , the Company held 51 AFS securities, of which 46 were in an unrealized loss position for less than twelve consecutive months and five were in an unrealized loss for more than twelve months. At December 31, 2017 , the Company held 59 AFS securities, of which 49 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 March 31, 2018 $ 1,003,823,817 $ (20,481,607 ) $ 91,365,447 $ (3,001,535 ) $ 1,095,189,264 $ (23,483,142 ) December 31, 2017 $ 1,084,010,586 $ (11,135,736 ) $ 95,024,791 $ (2,233,516 ) $ 1,179,035,377 $ (13,369,252 )
Summary of Net Realized Gain (Loss) From the Sale of AFS Securities	The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities for the three months ended March 31, 2018 and March 31, 2017 : Three Months Ended Three Months Ended AFS securities sold, at cost $ 147,058,544 $ 55,602,307 Proceeds from AFS securities sold $ 144,210,537 $ 46,285,304 Net realized gain (loss) on sale of AFS securities $ (2,848,007 ) $ (9,317,003 )
Fair Value of AFS Investment Securities, by Rate Type	The following tables present the fair value of AFS investment securities by rate type as of March 31, 2018 and December 31, 2017 : March 31, 2018 Agency Multi-Family Total Adjustable rate $ 1,094,378,500 $ — $ 1,094,378,500 Fixed rate 810,764 — 810,764 Total $ 1,095,189,264 $ — $ 1,095,189,264 December 31, 2017 Agency Multi- Family Total Adjustable rate $ 1,284,237,670 $ — $ 1,284,237,670 Fixed rate 845,978 5,742,000 6,587,978 Total $ 1,285,083,648 $ 5,742,000 $ 1,290,825,648
Fair Value of AFS Investment Securities, by Maturity Date	The following tables present the fair value of AFS investment securities by maturity date as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Greater than or equal to one year and less than five years $ 992,367,597 $ 1,187,909,353 Greater than or equal to five years 102,821,667 102,916,295 Total $ 1,095,189,264 $ 1,290,825,648
Changes of the Unamortized Net Discount and Designated Credit Reserves on the MBS	The following tables present the changes for the three months ended March 31, 2018 and the year ended December 31, 2017 of the unamortized net discount and designated credit reserves on the Company’s MBS: March 31, 2018 Designated credit reserve Unamortized net discount Total Beginning Balance as of January 1, 2018 $ — $ (2,204,562 ) $ (2,204,562 ) Dispositions — 1,736,855 1,736,855 Accretion of net discount — 63,284 63,284 Ending Balance at March 31, 2018 $ — $ (404,423 ) $ (404,423 ) December 31, 2017 Designated credit reserve Unamortized net discount Total Beginning Balance as of January 1, 2017 $ (1,929,833 ) $ (27,841,262 ) $ (29,771,095 ) Dispositions 1,929,833 22,685,756 24,615,589 Accretion of net discount — 2,950,944 2,950,944 Ending Balance at December 31, 2017 $ — $ (2,204,562 ) $ (2,204,562 )
Components of Interest Income on AFS Securities	The following tables present components of interest income on the Company’s AFS securities for the three months ended March 31, 2018 and March 31, 2017 : Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Coupon interest Net (premium amortization)/ discount accretion Interest income Coupon interest Net (premium amortization)/ discount accretion Interest income Agency $ 8,323,342 $ (1,275,855 ) $ 7,047,487 $ 5,380,580 $ 466,291 $ 5,846,871 Non-Agency — — — 42,254 9,946 52,200 Multi-Family — 32,103 32,103 — 923,551 923,551 Total $ 8,323,342 $ (1,243,752 ) $ 7,079,590 $ 5,422,834 $ 1,399,788 $ 6,822,622

THE FREMF TRUSTS (Tables)

THE FREMF TRUSTS (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Balance Sheets of the FREMF trusts	The condensed consolidated balance sheets of the FREMF trusts at March 31, 2018 and December 31, 2017 are set out below: Balance Sheets March 31, 2018 December 31, 2017 Assets Multi-family mortgage loans held in securitization trusts $ 1,106,592,612 $ 1,130,874,274 Receivables 4,499,779 4,377,606 Total assets $ 1,111,092,391 $ 1,135,251,880 Liabilities and Equity Multi-family securitized debt obligations $ 1,086,279,589 $ 1,109,204,743 Payables 4,473,478 4,352,039 Total liabilities $ 1,090,753,067 $ 1,113,556,782 Equity 20,339,324 21,695,098 Total liabilities and equity $ 1,111,092,391 $ 1,135,251,880
Condensed Consolidated Statements of Operations of the FREMF Trusts	The condensed consolidated statements of operations of the FREMF trusts for the three months ended March 31, 2018 and March 31, 2017 are as follows: Statements of Operations Three Months Ended Three Months Ended Interest income $ 13,227,188 $ 13,948,754 Interest expense 12,526,295 13,237,724 Net interest income $ 700,893 $ 711,030 General and administrative fees (623,254 ) (648,934 ) Unrealized gain (loss) on multi-family loans held in securitization trusts (1,355,774 ) 1,299,630 Net income (loss) $ (1,278,135 ) $ 1,361,726
Geographic Concentrations	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of March 31, 2018 and December 31, 2017 are as follows: March 31, 2018 December 31, 2017 New York 16.6 % New York 16.5 % Texas 14.2 % Texas 14.2 % Washington 8.7 % Washington 8.7 % Colorado 7.8 % Colorado 7.8 % Georgia 5.7 % Georgia 5.7 %

RESIDENTIAL MORTGAGE LOAN SEC_2

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Tables)	3 Months Ended
	Mar. 31, 2018
Variable Interest Entity [Line Items]
Condensed Consolidated Balance Sheets	The condensed consolidated balance sheets of the FREMF trusts at March 31, 2018 and December 31, 2017 are set out below: Balance Sheets March 31, 2018 December 31, 2017 Assets Multi-family mortgage loans held in securitization trusts $ 1,106,592,612 $ 1,130,874,274 Receivables 4,499,779 4,377,606 Total assets $ 1,111,092,391 $ 1,135,251,880 Liabilities and Equity Multi-family securitized debt obligations $ 1,086,279,589 $ 1,109,204,743 Payables 4,473,478 4,352,039 Total liabilities $ 1,090,753,067 $ 1,113,556,782 Equity 20,339,324 21,695,098 Total liabilities and equity $ 1,111,092,391 $ 1,135,251,880
Condensed Consolidated Statements of Operations	The condensed consolidated statements of operations of the FREMF trusts for the three months ended March 31, 2018 and March 31, 2017 are as follows: Statements of Operations Three Months Ended Three Months Ended Interest income $ 13,227,188 $ 13,948,754 Interest expense 12,526,295 13,237,724 Net interest income $ 700,893 $ 711,030 General and administrative fees (623,254 ) (648,934 ) Unrealized gain (loss) on multi-family loans held in securitization trusts (1,355,774 ) 1,299,630 Net income (loss) $ (1,278,135 ) $ 1,361,726
Geographic Concentrations	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of March 31, 2018 and December 31, 2017 are as follows: March 31, 2018 December 31, 2017 New York 16.6 % New York 16.5 % Texas 14.2 % Texas 14.2 % Washington 8.7 % Washington 8.7 % Colorado 7.8 % Colorado 7.8 % Georgia 5.7 % Georgia 5.7 %
Residential mortgage loans
Variable Interest Entity [Line Items]
Condensed Consolidated Balance Sheets	The condensed consolidated balance sheets of the residential mortgage loan securitization trusts at March 31, 2018 and December 31, 2017 are set out below: Balance Sheets March 31, 2018 December 31, 2017 Assets Residential mortgage loans held in securitization trusts $ 111,764,070 $ 119,756,455 Receivables 376,241 396,000 Total assets $ 112,140,311 $ 120,152,455 Liabilities and Equity Residential securitized debt obligations $ 106,676,747 $ 114,418,318 Payables 305,246 320,417 Total liabilities $ 106,981,993 $ 114,738,735 Equity 5,158,318 5,413,720 Total liabilities and equity $ 112,140,311 $ 120,152,455
Condensed Consolidated Statements of Operations	The condensed consolidated statements of operations of the residential mortgage loan securitization trusts for the three months ended March 31, 2018 and March 31, 2017 are as follows: Statements of Operations Three Months Ended Three Months Ended Interest income $ 1,147,641 $ 1,355,438 Interest expense 920,057 1,074,352 Net interest income $ 227,584 $ 281,086 General and administrative fees (6,928 ) (11,844 ) Unrealized gain (loss) on residential loans held in securitization trusts (255,403 ) (368,343 ) Net income (loss) $ (34,747 ) $ (99,101 )
Geographic Concentrations	The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the residential mortgage loan securitization trusts as of March 31, 2018 and December 31, 2017 are as follows: March 31, 2018 December 31, 2017 California 38.1 % 37.0 % Washington 13.8 % 15.3 % Massachusetts 8.5 % 8.1 % Florida 6.6 % 6.4 %

RESTRICTED CASH AND DUE TO BR_2

RESTRICTED CASH AND DUE TO BROKER (Tables)	3 Months Ended
	Mar. 31, 2018
Cash and Cash Equivalents [Abstract]
Restricted Cash and Due to Broker Balances	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows. March 31, 2018 December 31, 2017 Cash and cash equivalents $ 42,257,248 $ 34,347,339 Restricted cash 11,658,225 11,275,263 Total cash, cash equivalents and restricted cash $ 53,915,473 $ 45,622,602 The following table presents the Company's restricted cash and due to broker balances as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Restricted cash balance held by: Broker counterparties for derivatives trading $ (13,741,125 ) $ (1,123,463 ) Repurchase counterparties as restricted collateral 11,658,225 11,275,263 Total $ (2,082,900 ) $ 10,151,800

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Certain Characteristics of the Repurchase Agreements	The following table summarizes certain characteristics of the Company’s repurchase agreements at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Amount outstanding Weighted average interest rate Market value of collateral held Amount outstanding Weighted average interest rate Market value of collateral held Agency $ 1,174,281,000 1.87 % $ 1,233,451,363 $ 1,228,349,000 1.55 % $ 1,285,083,649 Non-Agency 2,779,000 3.95 % 4,152,493 2,555,000 3.38 % 4,399,779 Multi-Family — — % — 3,618,000 3.16 % 5,742,000 Total $ 1,177,060,000 1.88 % $ 1,237,603,856 $ 1,234,522,000 1.56 % $ 1,295,225,428
Repurchase Agreements Remaining Maturities	At March 31, 2018 and December 31, 2017 , the repurchase agreements had the following remaining maturities: March 31, 2018 December 31, 2017 < or equal to 30 days $ 1,174,281,000 $ 1,175,407,000 31 to 60 days — 56,560,000 61 to 90 days 2,779,000 2,555,000 Total $ 1,177,060,000 $ 1,234,522,000
Significant Counterparties of Repurchase Agreements	The following tables summarize certain characteristics of the Company’s repurchase agreements at March 31, 2018 and December 31, 2017 : March 31, 2018 Repurchase Agreement Counterparties Amount Outstanding Percent of total amount outstanding Weighted days to maturity Market Value of collateral held North America 895,289,000 76.06 % 11 941,208,763 Asia (1) 278,992,000 23.70 % 16 292,242,600 Europe (1) 2,779,000 0.24 % 80 4,152,493 Total $ 1,177,060,000 100.00 % 12 $ 1,237,603,856 (1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries. December 31, 2017 Repurchase Agreement Counterparties Amount Outstanding Percent of total amount outstanding Weighted days to maturity Market Value of collateral held North America 939,438,000 76.10 % 13 985,672,703 Asia (1) 292,529,000 23.70 % 14 305,152,946 Europe (1) 2,555,000 0.20 % 78 4,399,779 Total $ 1,234,522,000 100.00 % 13 $ 1,295,225,428 (1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

DERIVATIVE INSTRUMENTS HEDGIN_2

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instrument Detail [Abstract]
Gross Fair Value and Notional Amount of Derivative Financial Instruments	The following tables present the gross fair value and notional amounts of the Company’s derivative financial instruments as of March 31, 2018 and December 31, 2017 : March 31, 2018 Derivative Assets Derivative Liabilities Contracts Fair value Notional Contracts Fair value Notional Eurodollar Futures (Short positions) 13,505 $ 18,132,700 $ 13,505,000,000 — $ — $ — Total 13,505 $ 18,132,700 $ 13,505,000,000 — $ — $ — December 31, 2017 Derivative Assets Derivative Liabilities Contracts Fair value Notional Contracts Fair value Notional Eurodollar Futures (Short positions) 14,355 $ 5,349,613 $ 14,355,000,000 — $ — $ — Total 14,355 $ 5,349,613 $ 14,355,000,000 — $ — $ —
Offsetting Assets	The below tables provide a reconciliation of these assets and liabilities that are subject to Master Agreements or similar agreements and can be potentially offset on the Company’s condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 : March 31, 2018 Gross amounts not offset in the Balance Sheet Description Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amounts of assets presented in the Balance Sheet Financial instruments Cash collateral (Received)/ Pledged Net amount Futures (Short positions) $ 18,132,700 $ — $ 18,132,700 $ — $ (13,741,125 ) $ 4,391,575 Total $ 18,132,700 $ — $ 18,132,700 $ — $ (13,741,125 ) $ 4,391,575 December 31, 2017 Gross amounts not offset in the Balance Sheet Description Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amounts of assets presented in the Balance Sheet Financial instruments Cash collateral (Received)/ Pledged Net amount Futures (Short positions) $ 5,349,613 $ — $ 5,349,613 $ — $ (1,123,463 ) $ 4,226,150 Total $ 5,349,613 $ — $ 5,349,613 $ — $ (1,123,463 ) $ 4,226,150 March 31, 2018 Gross amounts not offset in the Balance Sheet Description Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amounts of liabilities presented in the Balance Sheet Financial instruments Cash collateral (Received)/ Pledged Net Amount Repurchase agreements $ (1,177,060,000 ) $ — $ (1,177,060,000 ) $ 1,177,060,000 $ — $ — Total $ (1,177,060,000 ) $ — $ (1,177,060,000 ) $ 1,177,060,000 $ — $ — December 31, 2017 Gross amounts not offset in the Balance Sheet Description Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amounts of liabilities presented in the Balance Sheet Financial instruments Cash collateral (Received)/ Pledged Net Amount Repurchase agreements $ (1,234,522,000 ) $ — $ (1,234,522,000 ) $ 1,234,522,000 $ — $ — Total $ (1,234,522,000 ) $ — $ (1,234,522,000 ) $ 1,234,522,000 $ — $ —
Offsetting Liabilities	The below tables provide a reconciliation of these assets and liabilities that are subject to Master Agreements or similar agreements and can be potentially offset on the Company’s condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 : March 31, 2018 Gross amounts not offset in the Balance Sheet Description Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amounts of assets presented in the Balance Sheet Financial instruments Cash collateral (Received)/ Pledged Net amount Futures (Short positions) $ 18,132,700 $ — $ 18,132,700 $ — $ (13,741,125 ) $ 4,391,575 Total $ 18,132,700 $ — $ 18,132,700 $ — $ (13,741,125 ) $ 4,391,575 December 31, 2017 Gross amounts not offset in the Balance Sheet Description Gross amounts of recognized assets Gross amounts offset in the Balance Sheet Net amounts of assets presented in the Balance Sheet Financial instruments Cash collateral (Received)/ Pledged Net amount Futures (Short positions) $ 5,349,613 $ — $ 5,349,613 $ — $ (1,123,463 ) $ 4,226,150 Total $ 5,349,613 $ — $ 5,349,613 $ — $ (1,123,463 ) $ 4,226,150 March 31, 2018 Gross amounts not offset in the Balance Sheet Description Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amounts of liabilities presented in the Balance Sheet Financial instruments Cash collateral (Received)/ Pledged Net Amount Repurchase agreements $ (1,177,060,000 ) $ — $ (1,177,060,000 ) $ 1,177,060,000 $ — $ — Total $ (1,177,060,000 ) $ — $ (1,177,060,000 ) $ 1,177,060,000 $ — $ — December 31, 2017 Gross amounts not offset in the Balance Sheet Description Gross amounts of recognized liabilities Gross amounts offset in the Balance Sheet Net amounts of liabilities presented in the Balance Sheet Financial instruments Cash collateral (Received)/ Pledged Net Amount Repurchase agreements $ (1,234,522,000 ) $ — $ (1,234,522,000 ) $ 1,234,522,000 $ — $ — Total $ (1,234,522,000 ) $ — $ (1,234,522,000 ) $ 1,234,522,000 $ — $ —
Hedged Risks and Gains and Losses on Derivative Instruments	he following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the condensed consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the three months ended March 31, 2018 and March 31, 2017 : Three Months Ended March 31, 2018 Primary underlying risk Amount of realized gain (loss) Amount of unrealized appreciation (depreciation) Total Interest rate: Futures $ 2,792,794 $ 12,783,088 $ 15,575,882 Total $ 2,792,794 $ 12,783,088 $ 15,575,882 Three Months Ended March 31, 2017 Primary underlying risk Amount of realized gain (loss) Amount of unrealized appreciation (depreciation) Total Interest rate: Futures $ 2,233,051 $ (3,077,088 ) $ (844,037 ) Total $ 2,233,051 $ (3,077,088 ) $ (844,037 )

MSRs (Tables)

MSRs (Tables)	3 Months Ended
	Mar. 31, 2018
Mortgage Servicing Rights MSR Disclosure [Abstract]
MSR Activity	The following table presents the Company’s MSR activity as of March 31, 2018 and the year ended December 31, 2017 : March 31, 2018 December 31, 2017 Balance at beginning of year $ 2,963,861 $ 3,440,809 MSRs relating to sales to securitizations — 10,910 MSRs related to deconsolidation of securitization trust — — Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model 174,761 39,688 Other changes to fair value (1) (117,073 ) (527,546 ) Balance at end of period $ 3,021,549 $ 2,963,861 Loans associated with MSRs (2) $ 324,933,643 $ 338,167,569 MSR values as percent of loans (3) 0.93 % 0.88 % (1) Amounts represent changes due to realization of expected cash flows. (2) Amounts represent the principal balance of loans associated with MSRs outstanding at March 31, 2018 and December 31, 2017 , respectively. (3) Amounts represent the carrying value of MSRs at March 31, 2018 and December 31, 2017 , respectively divided by the outstanding balance of the loans associated with these MSRs.
Components of Servicing Income	The following table presents the components of servicing income recorded on the Company’s condensed consolidated statements of operations for the three months ended March 31, 2018 , and March 31, 2017 : Three Months Ended Three Months Ended Servicing income $ 219,978 $ 252,738 Total servicing income $ 219,978 $ 252,738

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Valuation of Assets and Liabilities at Fair Value	The following tables summarize the valuation of the Company’s assets and liabilities at fair value within the fair value hierarchy levels as of March 31, 2018 and December 31, 2017 : March 31, 2018 Quoted prices in active markets for identical assets Level 1 Significant other observable inputs Level 2 Unobservable inputs Level 3 Balance as of March 31, 2018 Assets: Residential mortgage-backed securities (a) $ — $ 1,095,189,264 $ — $ 1,095,189,264 Multi-Family mortgage loans held in securitization trusts — 1,106,592,612 — 1,106,592,612 Residential mortgage loans held in securitization trusts — 111,764,070 — 111,764,070 Mortgage servicing rights — — 3,021,549 3,021,549 Futures (Short positions) 18,132,700 — — 18,132,700 Total $ 18,132,700 $ 2,313,545,946 $ 3,021,549 $ 2,334,700,195 Liabilities: Multi-family securitized debt obligations $ — $ (1,086,279,589 ) $ — $ (1,086,279,589 ) Residential securitized debt obligations — (106,676,747 ) — (106,676,747 ) Total $ — $ (1,192,956,336 ) $ — $ (1,192,956,336 ) December 31, 2017 Quoted prices in active markets for identical assets Level 1 Significant other observable inputs Level 2 Unobservable inputs Level 3 Balance as of December 31, 2017 Assets: Residential mortgage-backed securities (a) $ — $ 1,290,825,648 $ — $ 1,290,825,648 Multi-Family mortgage loans held in securitization trusts — 1,130,874,274 — 1,130,874,274 Residential mortgage loans held in securitization trusts — 119,756,455 — 119,756,455 Mortgage servicing rights — — 2,963,861 2,963,861 Futures (Short positions) 5,349,613 — — 5,349,613 Total $ 5,349,613 $ 2,541,456,377 $ 2,963,861 $ 2,549,769,851 Liabilities: Multi-family securitized debt obligations $ — $ (1,109,204,743 ) $ — $ (1,109,204,743 ) Residential securitized debt obligations — (114,418,318 ) — (114,418,318 ) Total $ — $ (1,223,623,061 ) $ — $ (1,223,623,061 ) (a) For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4.
Quantitative Information About the Significant Unobservable Inputs Used in the Fair Value Measurement of MSRs Classified as Level 3	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 March 31, 2018 and December 31, 2017 : As of March 31, 2018 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 8.0 - 24.2% 12.2 % Discount rate 12.0 % 12.0 % As of December 31, 2017 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 8.0 - 25.4% 12.8 % Discount rate 12.0 % 12.0 %

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Restricted Common Stock Activity	The following table summarizes the activity related to restricted common stock for the three months ended March 31, 2018 and March 31, 2017 : Three Months Ended March 31, 2018 2017 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding Unvested Shares at Beginning of Period 4,500 $ 4.33 4,500 $ 5.97 Granted — — — — Vested — — — — Outstanding Unvested Shares at End of Period 4,500 $ 4.33 4,500 $ 5.97

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Cash Dividends Declared	The following table presents cash dividends declared by the Company on its common stock during the three months ended March 31, 2018 : Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share January 5, 2018 January 16, 2018 January 30, 2018 $ 737,388 $ 0.03152 January 5, 2018 February 15, 2018 February 27, 2018 $ 788,649 $ 0.03371 January 5, 2015 March 15, 2018 March 29, 2018 $ 788,649 $ 0.03371 The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the three months ended March 31, 2018 : Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share January 5, 2018 January 16, 2018 January 30, 2018 $ 293,503 $ 0.18230 January 5, 2018 February 15, 2018 February 27, 2018 $ 293,503 $ 0.18230 January 5, 2018 March 15, 2018 March 29, 2018 $ 293,503 $ 0.18230

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following tables provide additional disclosure regarding the computation for the three months ended March 31, 2018 and March 31, 2017 : Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Net income (loss) $ 11,315,000 $ 2,369,141 Less dividends paid: Common stock $ 2,314,686 $ 2,630,889 Preferred stock 880,509 880,509 3,195,195 3,511,398 Undistributed earnings (deficit) $ 8,119,805 $ (1,142,257 ) Unvested Share-Based Payment Awards Common Stock Unvested Share-Based Payment Awards Common Stock Distributed earnings $ 0.10 $ 0.10 $ 0.15 $ 0.15 Undistributed earnings (deficit) 0.35 0.35 (0.07 ) (0.07 ) Total $ 0.45 $ 0.45 $ 0.08 $ 0.08

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Taxable Income Reconciliation	The following table reconciles the Company’s TRS GAAP net income (loss) to taxable income (in thousands): As of March 31, 2018 As of December 31, 2017 GAAP consolidated net income (loss) attributable to Five Oaks Investment Corp 12,829 $ 4,707 GAAP net loss (income) from REIT operations (12,559 ) (4,645 ) GAAP net income (loss) of taxable subsidiary 270 62 Capitalized transaction fees (10 ) (41 ) Unrealized gain (loss) (50 ) 639 Deferred income 52 19 Tax income of taxable subsidiary before utilization of net operating losses 262 679 Utilizations of net operating losses (262 ) (679 ) Net tax income of taxable subsidiary — $ —
Schedule of Deferred Tax Assets	The TRS has a deferred tax asset on which the Company has a 100% valuation allowance, comprised of the following (in thousands): As of March 31, 2018 As of December 31, 2017 Accumulated net operating losses of TRS 269 337 Unrealized gain 238 251 Capitalized transaction costs 120 122 Deferred income 71 57 AMT Credit — 19 Deferred tax asset (liability) 698 786 Valuation allowance (698 ) (767 ) Net non-current deferred tax asset (liability) — 19

RESTATEMENT OF PREVIOUSLY ISS_2

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]
Unaudited Condensed Consolidated Balance Sheet Restatement	RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS As a result of the filing of our Amendment No.1 on Form 10-K/A for the fiscal year ended December 31, 2017, the Company determined it had incorrectly stated accumulated other comprehensive income (loss) and accumulated earnings by equal and offsetting amounts in our condensed consolidated balance sheet as of March 31, 2018. The following table represents the restated unaudited condensed consolidated balance sheet for the period ended March 31, 2018. Unaudited Condensed Consolidated Balance Sheet March 31, 2018 As previously reported Restatement adjustments As restated ASSETS Available-for-sale securities, at fair value (includes pledged securities of $1,099,341,757 for March 31, 2018 $ 1,095,189,264 — 1,095,189,264 Mortgage loans held-for-sale, at fair value — — — Multi-family loans held in securitization trusts, at fair value 1,106,592,612 — 1,106,592,612 Residential loans held in securitization trusts, at fair value 111,764,070 — 111,764,070 Mortgage servicing rights, at fair value 3,021,549 — 3,021,549 Cash and cash equivalents 42,257,248 — 42,257,248 Restricted cash 11,658,225 — 11,658,225 Deferred offering costs 186,999 — 186,999 Accrued interest receivable 8,854,367 — 8,854,367 Investment related receivable (includes pledged securities of $138,262,099 for March 31, 2018) 143,801,279 — 143,801,279 Derivative assets, at fair value 18,132,700 — 18,132,700 Other assets 512,358 — 512,358 Total assets $ 2,541,970,671 $ — $ 2,541,970,671 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Repurchase agreements: Available-for-sale securities $ 1,177,060,000 — 1,177,060,000 Multi-family securitized debt obligations 1,086,279,589 — 1,086,279,589 Residential securitized debt obligations 106,676,747 — 106,676,747 Accrued interest payable 6,009,300 — 6,009,300 Derivative liabilities, at fair value — — — Dividends payable 39,132 — 39,132 Deferred income 273,968 — 273,968 Due to broker 13,741,125 — 13,741,125 Fees and expenses payable to Manager 1,319,711 — 1,319,711 Other accounts payable and accrued expenses 209,976 — 209,976 Total liabilities 2,391,609,548 — 2,391,609,548 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 March 31, 2018 37,156,972 — 37,156,972 Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,683,164 shares issued and outstanding, at March 31, 2018 236,787 — 236,787 Additional paid-in capital 231,348,163 — 231,348,163 Accumulated other comprehensive income (loss) (25,919,831 ) 2,436,690 (23,483,141 ) Cumulative distributions to stockholders (107,845,430 ) — (107,845,430 ) Accumulated earnings 15,384,462 (2,436,690 ) 12,947,772 Total stockholders' equity 150,361,123 — 150,361,123 Total liabilities and stockholders' equity $ 2,541,970,671 $ — $ 2,541,970,671

ORGANIZATION AND BUSINESS OPE_2

ORGANIZATION AND BUSINESS OPERATIONS - Narrative (Details) - Hunt - USD ($)	Jan. 18, 2018	Jan. 17, 2018
Private Placement
Variable Interest Entity [Line Items]
Common stock issued (in shares)	1,539,406
Common stock, shares issued (in dollars per share)	$ 4.77
Aggregate capital raise	$ 7,342,967
XL Investments
Variable Interest Entity [Line Items]
Purchase premium (percentage)		56.90%
Outstanding common shares owned (percentage)	9.50%
XL Investments | Private Placement
Variable Interest Entity [Line Items]
Common stock issued (in shares)	710,495

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)		Mar. 08, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2018	Dec. 15, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Maximum exposure to loss from consolidated trusts			$ 25,497,642		$ 27,108,818
Available-for-sale securities	[1]		$ 1,095,189,264		$ 1,290,825,648		$ 1,095,189,264
Backstop deferred income, amortization period			5 years
Backstop guarantee, assumed prepayment rate (percentage)			15.00%
Common stock, shares authorized (in shares)			450,000,000		450,000,000		450,000,000
Common stock, par value (in dollars per share)			$ 0.01		$ 0.01		$ 0.01
Common stock, shares issued (in shares)			23,683,164		22,143,758		23,683,164
Common stock, shares outstanding (in shares)			23,683,164		22,143,758		23,683,164
Stock repurchase program, authorized amount								$ 10,000,000
Preferred stock, shares authorized (in shares)			50,000,000		50,000,000		50,000,000
Preferred stock, par value (in dollars per share)			$ 0.01		$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)			1,610,000		1,610,000		1,610,000
Preferred stock, shares outstanding (in shares)			1,610,000		1,610,000		1,610,000
Income taxes, interest paid			$ 5,242,972	$ 4,147,592
Stock Repurchase Program
Schedule of Trading Securities and Other Trading Assets [Line Items]
Common stock shares repurchased (in shares)			0			126,856	126,856
Weighted average share price of common stock repurchased (in dollars per share)						$ 5.09
Stock repurchase program, remaining authorized amount			$ 9,400,000				$ 9,400,000
Multi-Family MBS
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-sale securities					$ 5,742,000
Internal Revenue Service (IRS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Income taxes, interest paid		$ 2,010,000		2,010,000
Income taxes, interest provision				1,860,000	$ 1,860,000
Income taxes, interest expense		$ 150,000		$ 150,000
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)		Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	[1]	$ 42,257,248	$ 34,347,339
Restricted cash	[1]	11,658,225	11,275,263
Total cash, cash equivalents and restricted cash		$ 53,915,473	$ 45,622,602	$ 40,406,476	$ 37,889,596
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

AVAILABLE-FOR-SALE SECURITIES -

AVAILABLE-FOR-SALE SECURITIES - AFS Securities by Collateral Type (Details) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities	[1]	$ 1,095,189,264	$ 1,290,825,648
Agency
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities		1,095,189,264	1,285,083,648
Agency | Federal Home Loan Mortgage Corporation
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities		430,520,486	530,640,091
Agency | Federal National Mortgage Association
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities		664,668,778	754,443,557
Multi-Family
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities		$ 0	$ 5,742,000
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

AVAILABLE-FOR-SALE SECURITIES_2

AVAILABLE-FOR-SALE SECURITIES - Amortized Cost and Fair Value of AFS Investments by Collateral Type (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Face Value	$ 1,098,998,936	$ 1,281,829,317
Unamortized premium	20,077,893	23,818,687
Unamortized discount	(404,423)	(2,204,562)	$ (27,841,262)
Amortized Cost	1,118,672,406	1,303,443,442
Gross unrealized gain	0	751,458
Gross unrealized (loss)	(23,483,142)	(13,369,252)
Fair Value	1,095,189,264	1,290,825,648
Agency
Schedule of Available-for-sale Securities [Line Items]
Face Value	1,098,998,936	1,274,329,317
Unamortized premium	20,077,893	23,818,687
Unamortized discount	(404,423)	(491,020)
Amortized Cost	1,118,672,406	1,297,656,984
Gross unrealized gain	0	751,458
Gross unrealized (loss)	(23,483,142)	(13,324,794)
Fair Value	1,095,189,264	1,285,083,648
Multi-Family
Schedule of Available-for-sale Securities [Line Items]
Face Value	0	7,500,000
Unamortized premium	0	0
Unamortized discount	0	(1,713,542)
Amortized Cost	0	5,786,458
Gross unrealized gain	0	0
Gross unrealized (loss)	0	(44,458)
Fair Value	$ 0	$ 5,742,000

AVAILABLE-FOR-SALE SECURITIES_3

AVAILABLE-FOR-SALE SECURITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)security	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)security	Dec. 31, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Number of AFS securities | security	51		59
Unpaid principal balance	$ 1,095,189,264		$ 1,179,035,377
Credit-related OTTI losses	$ 3,074,728	$ 3,074,728	$ 3,074,728	$ 3,074,728
Number of AFS securities, unrealized loss position for less than twelve months | security	46		49
Number of AFS securities, unrealized loss position for more than twelve months | security	5		5
Unrealized gains (losses) on AFS securities	$ (10,865,347)	3,550,902
AFS Securities
Schedule of Available-for-sale Securities [Line Items]
Credit-related OTTI losses	0	0
Unrealized gains (losses) on AFS securities	$ (10,865,347)	$ 3,550,902
Minimum
Schedule of Available-for-sale Securities [Line Items]
Maturity of Available-for-Sale Securities	10 years

AVAILABLE-FOR-SALE SECURITIES_4

AVAILABLE-FOR-SALE SECURITIES - OTTI Charges (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Cumulative credit (loss) at beginning of period	$ (3,074,728)	$ (3,074,728)
Additions:
Initial (increase) in credit reserves	0	0
Subsequent (increase) in credit reserves	0	0
Initial additional other-than-temporary credit impairment losses	0	0
Subsequent additional other-than-temporary credit impairment losses	0	0
Reductions:
For securities sold decrease in credit reserves	0	0
For securities sold decrease in other-than-temporary impairment	0	0
Cumulative credit (loss) at end of period	$ (3,074,728)	$ (3,074,728)

AVAILABLE-FOR-SALE SECURITIES_5

AVAILABLE-FOR-SALE SECURITIES - Carrying Value of AFS Securities Not Deemed to be Other Than Temporarily Impaired (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Less than 12 months, Estimated Fair Value	$ 1,003,823,817	$ 1,084,010,586
Less than 12 months, Gross Unrealized Losses	(20,481,607)	(11,135,736)
Greater than 12 months, Estimated Fair Value	91,365,447	95,024,791
Greater than 12 months, Gross Unrealized Losses	(3,001,535)	(2,233,516)
Total, Estimated Fair Value	1,095,189,264	1,179,035,377
Total, Gross Unrealized Losses	$ (23,483,142)	$ (13,369,252)

AVAILABLE-FOR-SALE SECURITIES_6

AVAILABLE-FOR-SALE SECURITIES - Realized Gain (Loss) from Sale of AFS Securities (Details) - AFS Securities - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
AFS securities sold, at cost	$ 147,058,544	$ 55,602,307
Proceeds from AFS securities sold	144,210,537	46,285,304
Net realized gain (loss) on sale of AFS securities	$ (2,848,007)	$ (9,317,003)

AVAILABLE-FOR-SALE SECURITIES_7

AVAILABLE-FOR-SALE SECURITIES - Fair Value of AFS Investment Securities by Rate Type (Details) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities	[1]	$ 1,095,189,264	$ 1,290,825,648
Adjustable rate
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities		1,094,378,500	1,284,237,670
Fixed rate
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities		810,764	6,587,978
Agency
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities		1,095,189,264	1,285,083,648
Agency | Adjustable rate
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities		1,094,378,500	1,284,237,670
Agency | Fixed rate
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities		810,764	845,978
Multi-Family
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities		0	5,742,000
Multi-Family | Adjustable rate
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities		0	0
Multi-Family | Fixed rate
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities		$ 0	$ 5,742,000
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

AVAILABLE-FOR-SALE SECURITIES_8

AVAILABLE-FOR-SALE SECURITIES - Fair Value of AFS Investment Securities by Maturity Date (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Greater than or equal to one year and less than five years	$ 992,367,597	$ 1,187,909,353
Greater than or equal to five years	102,821,667	102,916,295
Total	$ 1,095,189,264	$ 1,290,825,648

AVAILABLE-FOR-SALE SECURITIES_9

AVAILABLE-FOR-SALE SECURITIES - Changes of Unamortized Net Discount and Designated Credit Reserves (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Designated credit reserve
Beginning Balance	$ 0	$ (1,929,833)
Dispositions	0	1,929,833
Accretion of net discount	0	0
Ending Balance	0	0
Unamortized net discount
Beginning Balance	(2,204,562)	(27,841,262)
Dispositions	1,736,855	22,685,756
Accretion of net discount	63,284	2,950,944
Ending Balance	(404,423)	(2,204,562)
Total
Beginning Balance	(2,204,562)	(29,771,095)
Dispositions	1,736,855	24,615,589
Accretion of net discount	63,284	2,950,944
Ending Balance	$ (404,423)	$ (2,204,562)

AVAILABLE-FOR-SALE SECURITIE_10

AVAILABLE-FOR-SALE SECURITIES - Components of Interest Income on AFS Securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	$ 8,323,342	$ 5,422,834
Net (premium amortization)/ discount accretion	(1,243,752)	1,399,788
Interest income	7,079,590	6,822,622
Agency
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	8,323,342	5,380,580
Net (premium amortization)/ discount accretion	(1,275,855)	466,291
Interest income	7,047,487	5,846,871
Non-Agency
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	0	42,254
Net (premium amortization)/ discount accretion	0	9,946
Interest income	0	52,200
Multi-Family
Schedule of Available-for-sale Securities [Line Items]
Coupon interest	0	0
Net (premium amortization)/ discount accretion	32,103	923,551
Interest income	$ 32,103	$ 923,551

THE FREMF TRUSTS - Narrative (D

THE FREMF TRUSTS - Narrative (Details) - FREMF Trusts - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Investment in Multi-Family MBS, carrying value	$ 20,339,325	$ 21,695,098
Multi-family mortgage loans held in securitization trusts, unpaid principal balance	1,073,365,225	1,078,622,737
Multi-family securitized debt obligations, unpaid principal balance	$ 1,073,365,225	$ 1,078,622,737

THE FREMF TRUSTS - Condensed Co

THE FREMF TRUSTS - Condensed Consolidated Balance Sheets (Details) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
Assets
Multi-family mortgage loans held in securitization trusts	[1]	$ 1,106,592,612	$ 1,130,874,274
Total assets	[1]	2,541,970,671	2,612,541,116
Liabilities and Equity
Multi-family securitized debt obligations	[1]	1,086,279,589	1,109,204,743
Total liabilities	[1]	2,391,609,548	2,466,749,839
Equity	[1]	150,361,123	145,791,277
Total liabilities and stockholders' equity	[1]	2,541,970,671	2,612,541,116
FREMF Trusts
Assets
Multi-family mortgage loans held in securitization trusts		1,106,592,612	1,130,874,274
Receivables		4,499,779	4,377,606
Total assets		1,111,092,391	1,135,251,880
Liabilities and Equity
Multi-family securitized debt obligations		1,086,279,589	1,109,204,743
Payables		4,473,478	4,352,039
Total liabilities		1,090,753,067	1,113,556,782
Equity		20,339,324	21,695,098
Total liabilities and stockholders' equity		$ 1,111,092,391	$ 1,135,251,880
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

THE FREMF TRUSTS - Condensed _2

THE FREMF TRUSTS - Condensed Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Variable Interest Entity [Line Items]
Net interest income	$ 3,117,572	$ 5,783,761
General and administrative fees	(1,390,061)	(1,588,572)
Unrealized gain (loss) on multi-family loans held in securitization trusts	(1,355,774)	1,299,630
Net income	11,315,000	2,369,141
FREMF Trusts
Variable Interest Entity [Line Items]
Interest income	13,227,188	13,948,754
Interest expense	12,526,295	13,237,724
Net interest income	700,893	711,030
General and administrative fees	(623,254)	(648,934)
Unrealized gain (loss) on multi-family loans held in securitization trusts	(1,355,774)	1,299,630
Net income	$ (1,278,135)	$ 1,361,726

THE FREMF TRUSTS - Geographic C

THE FREMF TRUSTS - Geographic Concentrations (Details) - Geographic Concentration Risk - FREMF Trusts	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
New York
Concentration Risk [Line Items]
Concentration risk, percentage	16.60%	16.50%
Texas
Concentration Risk [Line Items]
Concentration risk, percentage	14.20%	14.20%
Washington
Concentration Risk [Line Items]
Concentration risk, percentage	8.70%	8.70%
Colorado
Concentration Risk [Line Items]
Concentration risk, percentage	7.80%	7.80%
Georgia
Concentration Risk [Line Items]
Concentration risk, percentage	5.70%	5.70%

RESIDENTIAL MORTGAGE LOAN SEC_3

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS - Narrative (Details) - Residential mortgage loans - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Investment in Non-Agency RMBS, carrying value	$ 5,158,318	$ 5,413,720
Residential mortgage loans held in securitization trust, unpaid balance	112,945,716	118,884,113
Residential mortgage loan securitized debt obligation, unpaid principal balance	$ 112,945,716	$ 118,884,113

RESIDENTIAL MORTGAGE LOAN SEC_4

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS - Condensed Consolidated Balance Sheets (Details) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
Assets
Residential mortgage loans held in securitization trusts	[1]	$ 1,106,592,612	$ 1,130,874,274
Total assets	[1]	2,541,970,671	2,612,541,116
Liabilities and Equity
Residential securitized debt obligations	[1]	1,086,279,589	1,109,204,743
Total liabilities	[1]	2,391,609,548	2,466,749,839
Equity	[1]	150,361,123	145,791,277
Total liabilities and stockholders' equity	[1]	2,541,970,671	2,612,541,116
Residential mortgage loans
Assets
Residential mortgage loans held in securitization trusts		111,764,070	119,756,455
Receivables		376,241	396,000
Total assets		112,140,311	120,152,455
Liabilities and Equity
Residential securitized debt obligations		106,676,747	114,418,318
Payables		305,246	320,417
Total liabilities		106,981,993	114,738,735
Equity		5,158,318	5,413,720
Total liabilities and stockholders' equity		$ 112,140,311	$ 120,152,455
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

RESIDENTIAL MORTGAGE LOAN SEC_5

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS - Condensed Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Variable Interest Entity [Line Items]
Net interest income	$ 3,117,572	$ 5,783,761
General and administrative fees	(1,390,061)	(1,588,572)
Unrealized gain (loss) on residential loans held in securitization trusts	(255,403)	(368,343)
Net income	11,315,000	2,369,141
Residential mortgage loans
Variable Interest Entity [Line Items]
Interest income	1,147,641	1,355,438
Interest expense	920,057	1,074,352
Net interest income	227,584	281,086
General and administrative fees	(6,928)	(11,844)
Unrealized gain (loss) on residential loans held in securitization trusts	(255,403)	(368,343)
Net income	$ (34,747)	$ (99,101)

RESIDENTIAL MORTGAGE LOAN SEC_6

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS - Geographic Concentrations (Details) - Geographic Concentration Risk - Residential mortgage loans	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
California
Variable Interest Entity [Line Items]
Concentration risk, percentage	38.10%	37.00%
Washington
Variable Interest Entity [Line Items]
Concentration risk, percentage	13.80%	15.30%
Massachusetts
Variable Interest Entity [Line Items]
Concentration risk, percentage	8.50%	8.10%
Florida
Variable Interest Entity [Line Items]
Concentration risk, percentage	6.60%	6.40%

RESTRICTED CASH AND DUE TO BR_3

RESTRICTED CASH AND DUE TO BROKER (Details) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
Restricted cash balance held by:
Due to broker	[1]	$ (13,741,125)	$ (1,123,463)
Restricted cash	[1]	11,658,225	11,275,263
Total		(2,082,900)	10,151,800
Broker counterparties for derivatives trading
Restricted cash balance held by:
Due to broker		(13,741,125)	(1,123,463)
Repurchase counterparties as restricted collateral
Restricted cash balance held by:
Restricted cash		$ 11,658,225	$ 11,275,263
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

BORROWINGS - Narrative (Details

BORROWINGS - Narrative (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Weighted average interest rate, percentage	1.88%	1.56%
Repurchase agreement covenant, minimum stockholders' equity	$ 75,000,000
Repurchase agreement covenant, minimum stockholders' equity, percentage of historical stockholders' equity	50.00%

BORROWINGS - Types of Repurchas

BORROWINGS - Types of Repurchase Agreements (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Repurchase Agreements
Amount outstanding	$ 1,177,060,000	$ 1,234,522,000
Weighted average interest rate, percentage	1.88%	1.56%
Market value of collateral held	$ 1,237,603,856	$ 1,295,225,428
Agency
Repurchase Agreements
Amount outstanding	$ 1,174,281,000	$ 1,228,349,000
Weighted average interest rate, percentage	1.87%	1.55%
Market value of collateral held	$ 1,233,451,363	$ 1,285,083,649
Non-Agency
Repurchase Agreements
Amount outstanding	$ 2,779,000	$ 2,555,000
Weighted average interest rate, percentage	3.95%	3.38%
Market value of collateral held	$ 4,152,493	$ 4,399,779
Multi-Family
Repurchase Agreements
Amount outstanding	$ 0	$ 3,618,000
Weighted average interest rate, percentage	0.00%	3.16%
Market value of collateral held	$ 0	$ 5,742,000

BORROWINGS - Maturities of Repu

BORROWINGS - Maturities of Repurchase Agreements (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Repurchase Agreements [Line Items]
Repurchase agreements	$ 1,177,060,000	$ 1,234,522,000
Maturity Less Than or Equal to 30 Days
Repurchase Agreements [Line Items]
Repurchase agreements	1,174,281,000	1,175,407,000
Maturity 31 To 60 Days
Repurchase Agreements [Line Items]
Repurchase agreements	0	56,560,000
Maturity 61 To 90 Days
Repurchase Agreements [Line Items]
Repurchase agreements	$ 2,779,000	$ 2,555,000

BORROWINGS - Significant Counte

BORROWINGS - Significant Counterparties of Repurchase Agreements (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 1,177,060,000	$ 1,234,522,000
Percent of total amount outstanding	100.00%	100.00%
Weighted days to maturity	12 days	13 days
Market Value of collateral held	$ 1,237,603,856	$ 1,295,225,428
North America
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 895,289,000	$ 939,438,000
Percent of total amount outstanding	76.06%	76.10%
Weighted days to maturity	11 days	13 days
Market Value of collateral held	$ 941,208,763	$ 985,672,703
Asia
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 278,992,000	$ 292,529,000
Percent of total amount outstanding	23.70%	23.70%
Weighted days to maturity	16 days	14 days
Market Value of collateral held	$ 292,242,600	$ 305,152,946
Europe
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 2,779,000	$ 2,555,000
Percent of total amount outstanding	0.24%	0.20%
Weighted days to maturity	80 days	78 days
Market Value of collateral held	$ 4,152,493	$ 4,399,779

DERIVATIVE INSTRUMENTS HEDGIN_3

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES - Fair Value and Notional Amounts (Details)	Mar. 31, 2018USD ($)contract	Dec. 31, 2017USD ($)contract
Derivative Assets
Number of contracts | contract	13,505	14,355
Fair value	$ 18,132,700	$ 5,349,613
Notional	$ 13,505,000,000	$ 14,355,000,000
Derivative Liabilities
Number of contracts | contract	0	0
Fair value	$ 0	$ 0
Notional	$ 0	$ 0
Eurodollar Futures (Short positions)
Derivative Assets
Number of contracts | contract	13,505	14,355
Fair value	$ 18,132,700	$ 5,349,613
Notional	$ 13,505,000,000	$ 14,355,000,000
Derivative Liabilities
Number of contracts | contract	0	0
Fair value	$ 0	$ 0
Notional	$ 0	$ 0

DERIVATIVE INSTRUMENTS HEDGIN_4

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES - Asset and Liabilities Subject to Master Netting Agreements (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Gross amounts of recognized assets	$ 18,132,700	$ 5,349,613
Gross amounts offset in the Balance Sheet	0	0
Net amounts of assets presented in the Balance Sheet	18,132,700	5,349,613
Gross amounts not offset in the Balance Sheet, Financial instruments	0	0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received)/Pledged	(13,741,125)	(1,123,463)
Net Amount	4,391,575	4,226,150
Gross amounts of recognized liabilities	(1,177,060,000)	(1,234,522,000)
Gross amounts offset in the Balance Sheet	0	0
Net amounts of liabilities presented in the Balance Sheet	(1,177,060,000)	(1,234,522,000)
Gross amounts not offset in the Balance Sheet, Cash collateral (Received)/Pledged	1,177,060,000	1,234,522,000
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	0	0
Net Amount	0	0
Repurchase agreements
Derivative [Line Items]
Gross amounts of recognized liabilities	(1,177,060,000)	(1,234,522,000)
Gross amounts offset in the Balance Sheet	0	0
Net amounts of liabilities presented in the Balance Sheet	(1,177,060,000)	(1,234,522,000)
Gross amounts not offset in the Balance Sheet, Cash collateral (Received)/Pledged	1,177,060,000	1,234,522,000
Gross amounts not offset in the Balance Sheet, Cash collateral (Received) / Pledged	0	0
Net Amount	0	0
Futures
Derivative [Line Items]
Gross amounts of recognized assets	18,132,700	5,349,613
Gross amounts offset in the Balance Sheet	0	0
Net amounts of assets presented in the Balance Sheet	18,132,700	5,349,613
Gross amounts not offset in the Balance Sheet, Financial instruments	0	0
Gross amounts not offset in the Balance Sheet, Cash collateral (Received)/Pledged	(13,741,125)	(1,123,463)
Net Amount	$ 4,391,575	$ 4,226,150

DERIVATIVE INSTRUMENTS HEDGIN_5

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES - Gains and Losses on Derivative Contracts (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest rate:
Amount of realized gain (loss)	$ 2,792,794	$ 2,233,051
Amount of unrealized appreciation (depreciation)	12,783,088	(3,077,088)
Total	15,575,882	(844,037)
Futures
Interest rate:
Amount of realized gain (loss)	2,792,794	2,233,051
Amount of unrealized appreciation (depreciation)	12,783,088	(3,077,088)
Total	$ 15,575,882	$ (844,037)

MSRs - MSR Activity (Details)

MSRs - MSR Activity (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)mortgage_loan_trust	Dec. 31, 2017USD ($)
Movement in Mortgage Service Rights
Number of residential mortgage loan securitization trusts | mortgage_loan_trust	3
Mortgage Servicing Rights
Movement in Mortgage Service Rights
Balance at beginning of year	$ 2,963,861	$ 3,440,809
MSRs relating to sales to securitizations	0	10,910
MSRs related to deconsolidation of securitization trust	0	0
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model	174,761	39,688
Other changes to fair value	(117,073)	(527,546)
Balance at end of period	3,021,549	2,963,861
Loans associated with MSRs	$ 324,933,643	$ 338,167,569
MSR values as percent of loans	0.93%	0.88%

MSRs - Components of Servicing

MSRs - Components of Servicing Income (Details) - Mortgages - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule Of Components Of Servicing Income [Line Items]
Servicing income	$ 219,978	$ 252,738
Total servicing income	$ 219,978	$ 252,738

FINANCIAL INSTRUMENTS - Assets

FINANCIAL INSTRUMENTS - Assets and Liabilities at Fair Value (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Assets:
Total assets	$ 2,334,700,195	$ 2,549,769,851
Liabilities:
Total liabilities	(1,192,956,336)	(1,223,623,061)
Quoted prices in active markets for identical assets Level 1
Assets:
Total assets	18,132,700	5,349,613
Liabilities:
Total liabilities	0	0
Significant other observable inputs Level 2
Assets:
Total assets	2,313,545,946	2,541,456,377
Liabilities:
Total liabilities	(1,192,956,336)	(1,223,623,061)
Unobservable inputs Level 3
Assets:
Total assets	3,021,549	2,963,861
Liabilities:
Total liabilities	0	0
Residential mortgage-backed securities
Assets:
Total assets	1,095,189,264	1,290,825,648
Residential mortgage-backed securities | Quoted prices in active markets for identical assets Level 1
Assets:
Total assets	0	0
Residential mortgage-backed securities | Significant other observable inputs Level 2
Assets:
Total assets	1,095,189,264	1,290,825,648
Residential mortgage-backed securities | Unobservable inputs Level 3
Assets:
Total assets	0	0
Multi-Family mortgage loans held in securitization trusts
Assets:
Total assets	1,106,592,612	1,130,874,274
Multi-Family mortgage loans held in securitization trusts | Quoted prices in active markets for identical assets Level 1
Assets:
Total assets	0	0
Multi-Family mortgage loans held in securitization trusts | Significant other observable inputs Level 2
Assets:
Total assets	1,106,592,612	1,130,874,274
Multi-Family mortgage loans held in securitization trusts | Unobservable inputs Level 3
Assets:
Total assets	0	0
Residential mortgage loans held in securitization trusts
Assets:
Total assets	111,764,070	119,756,455
Residential mortgage loans held in securitization trusts | Quoted prices in active markets for identical assets Level 1
Assets:
Total assets	0	0
Residential mortgage loans held in securitization trusts | Significant other observable inputs Level 2
Assets:
Total assets	111,764,070	119,756,455
Residential mortgage loans held in securitization trusts | Unobservable inputs Level 3
Assets:
Total assets	0	0
Mortgage servicing rights
Assets:
Total assets	3,021,549	2,963,861
Mortgage servicing rights | Quoted prices in active markets for identical assets Level 1
Assets:
Total assets	0	0
Mortgage servicing rights | Significant other observable inputs Level 2
Assets:
Total assets	0	0
Mortgage servicing rights | Unobservable inputs Level 3
Assets:
Total assets	3,021,549	2,963,861
Futures
Assets:
Total assets	18,132,700	5,349,613
Futures | Quoted prices in active markets for identical assets Level 1
Assets:
Total assets	18,132,700	5,349,613
Futures | Significant other observable inputs Level 2
Assets:
Total assets	0	0
Futures | Unobservable inputs Level 3
Assets:
Total assets	0	0
Multi-family securitized debt obligations
Liabilities:
Total liabilities	(1,086,279,589)	(1,109,204,743)
Multi-family securitized debt obligations | Quoted prices in active markets for identical assets Level 1
Liabilities:
Total liabilities	0	0
Multi-family securitized debt obligations | Significant other observable inputs Level 2
Liabilities:
Total liabilities	(1,086,279,589)	(1,109,204,743)
Multi-family securitized debt obligations | Unobservable inputs Level 3
Liabilities:
Total liabilities	0	0
Residential securitized debt obligations
Liabilities:
Total liabilities	(106,676,747)	(114,418,318)
Residential securitized debt obligations | Quoted prices in active markets for identical assets Level 1
Liabilities:
Total liabilities	0	0
Residential securitized debt obligations | Significant other observable inputs Level 2
Liabilities:
Total liabilities	(106,676,747)	(114,418,318)
Residential securitized debt obligations | Unobservable inputs Level 3
Liabilities:
Total liabilities	$ 0	$ 0

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers between fair value hierarchy	$ 0	$ 0
Total assets	2,334,700,195	2,549,769,851
Unobservable inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	3,021,549	2,963,861
Mortgage Servicing Rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	3,021,549	2,963,861
Mortgage Servicing Rights | Unobservable inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 3,021,549	$ 2,963,861

FINANCIAL INSTRUMENTS - Unobser

FINANCIAL INSTRUMENTS - Unobservable Inputs Information (Details) - Mortgage servicing rights - Discounted cash flow - Unobservable inputs Level 3	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input, discount rate	12.00%	12.00%
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input, constant prepayment rate	8.00%	8.00%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input, constant prepayment rate	24.20%	25.40%
Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input, constant prepayment rate	12.20%	12.80%
Unobservable input, discount rate	12.00%	12.00%

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	Jan. 18, 2018	Jan. 18, 2018	Jun. 30, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Management fee percentage			1.50%			1.50%
Management fee percentage, waived portion			0.75%
Management fee waived		$ 6,959		$ 6,959		$ 79,415
Management fee				576,135	$ 544,510
Management fee payable				577,000	184,000
Reimbursable expenses				746,092	1,208,943
Reimbursable expenses payable				742,711	525,000
MAXEX LLC | Residential Mortgage Loans
Related Party Transaction [Line Items]
Proceeds from sale of loans						$ 24,600,000
MAXEX LLC | Loan Review Services
Related Party Transaction [Line Items]
Proceeds from fees				67,325	9,325
Marketing fees paid				15,704	2,175
Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Compensation expense				$ 4,805	6,624
Manager Equity Plan
Related Party Transaction [Line Items]
Maximum shares issued, percentage of issued and outstanding shares of common stock				3.00%
Manager Equity Plan | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Unrecognized compensation expense				$ 10,730	$ 10,010
Weighted average period for compensation expense not yet recognized				6 years 8 months 12 days
Hunt Investment Management, LLC
Related Party Transaction [Line Items]
Annual management fee percentage	1.50%
Quarterly management fee percentage	0.375%
Quarterly incentive fee percentage	20.00%
Hurdle rate percentage	8.00%

RELATED PARTY TRANSACTIONS - Un

RELATED PARTY TRANSACTIONS - Unvested Share Activity (Details) - Employee Stock Option - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Shares
Outstanding Unvested Shares at Beginning of Period (in shares)	4,500	4,500
Granted (in shares)	0	0
Vested (in shares)	0	0
Outstanding Unvested Shares at End of Period (in shares)	4,500	4,500
Weighted Average Grant Date Fair Market Value
Outstanding Unvested Shares at Beginning of Period (in dollars per share)	$ 4.33	$ 5.97
Granted (in dollars per share)	0	0
Vested (in dollars per share)	0	0
Outstanding Unvested Shares at End of Period (in dollars per share)	$ 4.33	$ 5.97

GUARANTEES (Details)

GUARANTEES (Details) - USD ($)	Jun. 15, 2016	Mar. 31, 2018	Dec. 31, 2017
Backstop Guarantee
Guarantor Obligations [Line Items]
Representation and warranty breach, threshold period for likely occurance	5 years
Maximum amount of estimated future payments under the backstop guarantees		$ 795,335,424	$ 629,278,629
Minimum available liquidity	$ 5,000,000
Minimum available liquidity, percentage of aggregate unpaid principal balance	0.10%
Indemnification Agreement
Guarantor Obligations [Line Items]
Maximum amount of estimated future payments under the backstop guarantees		$ 0

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)	Jan. 18, 2018	Jun. 16, 2017	Mar. 31, 2018		Mar. 31, 2017	Dec. 31, 2017		Dec. 31, 2016	Mar. 31, 2018		Dec. 27, 2016	Dec. 15, 2015
Stockholders' Equity Note [Line Items]
Common stock, shares authorized (in shares)			450,000,000			450,000,000			450,000,000
Common stock, par value (in dollars per share)			$ 0.01			$ 0.01			$ 0.01
Common stock, shares issued (in shares)			23,683,164			22,143,758			23,683,164
Common stock, shares outstanding (in shares)			23,683,164			22,143,758			23,683,164
Proceeds from issuance of common stock		$ 19,800,000	$ 7,310,584		$ (9,310)
Stock repurchase program, authorized amount												$ 10,000,000
Preferred stock, shares authorized (in shares)			50,000,000			50,000,000			50,000,000
Preferred stock, par value (in dollars per share)			$ 0.01			$ 0.01			$ 0.01
Preferred stock, shares issued (in shares)			1,610,000			1,610,000			1,610,000
Preferred stock, dividend rate, percentage			8.75%			8.75%
Preferred stock, liquidation preference (in dollars per share)			$ 25			$ 25			$ 25
Preferred stock, shares outstanding (in shares)			1,610,000			1,610,000			1,610,000
Dividends payable			$ 39,132	[1]	$ 39,132	$ 39,132	[1]		$ 39,132	[1]
Stock Repurchase Program
Stockholders' Equity Note [Line Items]
Common stock shares repurchased (in shares)			0					126,856	126,856
Weighted average share price of common stock repurchased (in dollars per share)								$ 5.09
Stock repurchase program, remaining authorized amount			$ 9,400,000						$ 9,400,000
Series A Preferred Stock
Stockholders' Equity Note [Line Items]
Preferred stock, par value (in dollars per share)			$ 0.01			$ 0.01			$ 0.01
Preferred stock, dividend rate, percentage			8.75%
Preferred stock, liquidation preference (in dollars per share)			$ 25						$ 25
Common Stock
Stockholders' Equity Note [Line Items]
Common stock, shares issued (in dollars per share)		$ 4.60
Issuance of common stock, net (in shares)	1,539,406	4,600,000	1,539,406
Dividends payable			$ 2,314,686						$ 2,314,686
Dividends payable, amount per share (in dollars per share)			$ 0.10						$ 0.10
XL Investments
Stockholders' Equity Note [Line Items]
Common stock shares into which warrants may be converted (in shares)	3,753,492										3,753,492
Common stock, shares issued (in dollars per share)	$ 13.11
Hunt | Private Placement
Stockholders' Equity Note [Line Items]
Common stock, shares issued (in dollars per share)	$ 4.77
Aggregate capital raise	$ 7,342,967
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends Declared (Details) - USD ($)	Mar. 31, 2018		Dec. 31, 2017	[1]	Mar. 31, 2017
Dividends [Line Items]
Dividend Amount	$ 39,132	[1]	$ 39,132		$ 39,132
Common Stock
Dividends [Line Items]
Dividend Amount	$ 2,314,686
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.10
Distribution One | Series A Preferred Stock
Dividends [Line Items]
Dividend Amount	$ 293,503
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.18230
Distribution One | Common Stock
Dividends [Line Items]
Dividend Amount	$ 737,388
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.03152
Distribution Two | Series A Preferred Stock
Dividends [Line Items]
Dividend Amount	$ 293,503
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.18230
Distribution Two | Common Stock
Dividends [Line Items]
Dividend Amount	$ 788,649
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.03371
Distribution Three | Series A Preferred Stock
Dividends [Line Items]
Dividend Amount	$ 293,503
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.18230
Distribution Three | Common Stock
Dividends [Line Items]
Dividend Amount	$ 788,649
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.03371
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 11,315,000	$ 2,369,141
Less dividends paid:
Common stock	2,314,686	2,630,889
Preferred stock	880,509	880,509
Dividends	3,195,195	3,511,398
Undistributed earnings (deficit)	$ 8,119,805	$ (1,142,257)
Adjustment to calculation of diluted earnings per share for warrants (in shares)	0
Weighted average number of shares of common stock outstanding (in shares)	23,392,387	17,539,258
Common Stock
Less dividends paid:
Distributed earnings (in dollars per share)	$ 0.10	$ 0.15
Undistributed earnings (deficit) (in dollars per share)	0.35	(0.07)
Total (in dollars per share)	0.45	0.08
Unvested Share-Based Payment Awards
Less dividends paid:
Distributed earnings (in dollars per share)	0.10	0.15
Undistributed earnings (deficit) (in dollars per share)	0.35	(0.07)
Total (in dollars per share)	$ 0.45	$ 0.08

INCOME TAXES - Taxable Income R

INCOME TAXES - Taxable Income Reconciliation (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Disclosure [Line Items]
Net income (loss)	$ 11,315,000	$ 2,369,141
REIT Operation
Income Tax Disclosure [Line Items]
Net income (loss)	(12,559,000)		$ (4,645,000)
Five Oaks Investment Corp
Income Tax Disclosure [Line Items]
Net income (loss)	12,829,000		4,707,000
Subsidiaries
Income Tax Disclosure [Line Items]
Net income (loss)	270,000		62,000
Capitalized transaction fees	(10,000)		(41,000)
Unrealized gain (loss)	(50,000)		639,000
Deferred income	52,000		19,000
Tax income of taxable subsidiary before utilization of net operating losses	262,000		679,000
Utilizations of net operating losses	(262,000)		(679,000)
Net tax income of taxable subsidiary	$ 0		$ 0

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non-current Deferred Tax Asset (Liability)
Accumulated net operating losses of TRS	$ 269	$ 337
Unrealized gain	(238)	(251)
Capitalized transaction costs	120	122
Deferred income	71	57
AMT Credit	0	19	$ 12
Deferred tax asset (liability)	698	786
Valuation allowance	(698)	(767)
Net non-current deferred tax asset (liability)	$ 0	$ 19

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	Mar. 08, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Line Items]
Decrease in deferred tax asset				$ 364,000
AMT Credit		$ 0		19,000	$ 12,000
Percent of valuation allowance		100.00%
Net non-current deferred tax asset		$ 0		0
Increase in valuation allowance		0
Net operating loss carryforwards		1,300,000
Income taxes, interest paid		$ 5,242,972	$ 4,147,592
Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Income taxes, interest provision			1,860,000	$ 1,860,000
Income taxes, interest paid	$ 2,010,000		2,010,000
Income taxes, interest expense	$ 150,000		$ 150,000

RESTATEMENT OF PREVIOUSLY ISS_3

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($)		Mar. 31, 2018		Dec. 31, 2017		Mar. 31, 2017
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,099,341,757 and $1,295,225,428 for March 31, 2018 and December 31, 2017, respectively)	[1]	$ 1,095,189,264		$ 1,290,825,648
Mortgage loans held-for-sale, at fair value		0
Multi-family loans held in securitization trusts, at fair value	[1]	1,106,592,612		1,130,874,274
Residential loans held in securitization trusts, at fair value	[1]	111,764,070		119,756,455
Mortgage servicing rights, at fair value	[1]	3,021,549		2,963,861
Cash and cash equivalents	[1]	42,257,248		34,347,339
Restricted cash	[1]	11,658,225		11,275,263
Deferred offering costs	[1]	186,999		179,382
Accrued interest receivable	[1]	8,854,367		8,852,036
Investment related receivable (includes pledged securities of $138,262,099 for March 31, 2018)	[1]	143,801,279		7,461,128
Derivative assets, at fair value	[1]	18,132,700		5,349,613
Other assets	[1]	512,358		656,117
Total assets	[1]	2,541,970,671		2,612,541,116
LIABILITIES:
Available-for-sale securities	[1]	1,177,060,000		1,234,522,000
Multi-family securitized debt obligations	[1]	1,086,279,589		1,109,204,743
Residential securitized debt obligations	[1]	106,676,747		114,418,318
Accrued interest payable	[1]	6,009,300		6,194,464
Derivative liabilities, at fair value		0
Dividends payable		39,132	[1]	39,132	[1]	$ 39,132
Deferred income	[1]	273,968		222,518
Due to broker	[1]	13,741,125		1,123,463
Fees and expenses payable to Manager	[1]	1,319,711		752,000
Other accounts payable and accrued expenses	[1]	209,976		273,201
Total liabilities	[1]	2,391,609,548		2,466,749,839
STOCKHOLDERS' EQUITY:
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative redeemable, $25 liquidation preference, 1,610,000 and 1,610,000 issued and outstanding at March 31, 2018 and December 31, 2017, respectively	[1]	37,156,972		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,683,164 and 22,143,758 shares issued and outstanding, at March 31, 2018 and December 31, 2017, respectively	[1]	236,787		221,393
Additional paid-in capital	[1]	231,348,163		224,048,169
Accumulated other comprehensive income (loss)	[1]	(23,483,141)		(12,617,794)
Cumulative distributions to stockholders	[1]	(107,845,430)		(104,650,235)
Accumulated earnings	[1]	12,947,772		1,632,772
Total stockholders' equity	[1]	150,361,123		145,791,277
Total liabilities and stockholders' equity	[1]	2,541,970,671		$ 2,612,541,116
As previously reported
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,099,341,757 and $1,295,225,428 for March 31, 2018 and December 31, 2017, respectively)		1,095,189,264
Mortgage loans held-for-sale, at fair value		0
Multi-family loans held in securitization trusts, at fair value		1,106,592,612
Residential loans held in securitization trusts, at fair value		111,764,070
Mortgage servicing rights, at fair value		3,021,549
Cash and cash equivalents		42,257,248
Restricted cash		11,658,225
Deferred offering costs		186,999
Accrued interest receivable		8,854,367
Investment related receivable (includes pledged securities of $138,262,099 for March 31, 2018)		143,801,279
Derivative assets, at fair value		18,132,700
Other assets		512,358
Total assets		2,541,970,671
LIABILITIES:
Available-for-sale securities		1,177,060,000
Multi-family securitized debt obligations		1,086,279,589
Residential securitized debt obligations		106,676,747
Accrued interest payable		6,009,300
Derivative liabilities, at fair value		0
Dividends payable		39,132
Deferred income		273,968
Due to broker		13,741,125
Fees and expenses payable to Manager		1,319,711
Other accounts payable and accrued expenses		209,976
Total liabilities		2,391,609,548
STOCKHOLDERS' EQUITY:
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative redeemable, $25 liquidation preference, 1,610,000 and 1,610,000 issued and outstanding at March 31, 2018 and December 31, 2017, respectively		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,683,164 and 22,143,758 shares issued and outstanding, at March 31, 2018 and December 31, 2017, respectively		236,787
Additional paid-in capital		231,348,163
Accumulated other comprehensive income (loss)		(25,919,831)
Cumulative distributions to stockholders		(107,845,430)
Accumulated earnings		15,384,462
Total stockholders' equity		150,361,123
Total liabilities and stockholders' equity		2,541,970,671
Restatement adjustments
Assets
Available-for-sale securities, at fair value (includes pledged securities of $1,099,341,757 and $1,295,225,428 for March 31, 2018 and December 31, 2017, respectively)		0
Mortgage loans held-for-sale, at fair value		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
Restricted cash		0
Deferred offering costs		0
Accrued interest receivable		0
Investment related receivable (includes pledged securities of $138,262,099 for March 31, 2018)		0
Derivative assets, at fair value		0
Other assets		0
Total assets		0
LIABILITIES:
Available-for-sale securities		0
Multi-family securitized debt obligations		0
Residential securitized debt obligations		0
Accrued interest payable		0
Derivative liabilities, at fair value		0
Dividends payable		0
Deferred income		0
Due to broker		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 and 1,610,000 issued and outstanding at March 31, 2018 and December 31, 2017, respectively		0
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,683,164 and 22,143,758 shares issued and outstanding, at March 31, 2018 and December 31, 2017, respectively		0
Additional paid-in capital		0
Accumulated other comprehensive income (loss)		2,436,690
Cumulative distributions to stockholders		0
Accumulated earnings		(2,436,690)
Total stockholders' equity		0
Total liabilities and stockholders' equity		$ 0
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) $ in Thousands	Apr. 30, 2018USD ($)Loan_Participation	Mar. 31, 2018USD ($)
Hunt CMT | Subsequent Event
Subsequent Event [Line Items]
Percentage of equity interest acquired	100.00%
Aggregate purchase price	$ 68,050
Hunt CMT CLO
Subsequent Event [Line Items]
Portfolio balance of mortgage loans		$ 346,300
Hunt CMT CLO | Subsequent Event
Subsequent Event [Line Items]
Number of loan participations | Loan_Participation	8
Loan participations, amount	$ 6,900