RESTATEMENT OF PREVIOUSLY ISSUED UNAUDITED FINANCIAL STATEMENTS (Details 2) - USD ($)		3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)		$ 3,478,000	$ (1,698,722)	$ 3,801,048	$ (5,130,000)	$ (3,782,000)	$ 5,213,000	$ 4,425,000	$ (2,541,000)	$ (1,329,278)	$ (3,028,000)	$ 450,479	$ 3,313,786	$ 3,226,430
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges			350,924	(567,205)						4,301,223	4,652,147	3,636,431	0	0
Amortization/accretion of available-for-sale securities premiums and discounts, net										(7,882,863)	(11,111,926)	13,210,849	4,705,639	1,974,765
Realized (gain) loss on sale of investments, net										(369,843)	(1,834,151)	533,832	3,877,356	33,931,298
Unrealized gain (loss) on fair value option securities										232,273	625,958	(1,041,649)	0	0
Unrealized (gain) loss on Linked Transactions, net										0	0	0	(1,966,726)	2,364,354
Realized (gain) loss on derivative contracts										4,047,878	12,310,301	(12,024,730)	(18,214,460)	18,812,854
Unrealized (gain) loss on derivative contracts			(1,631,907)	(902,032)						849,006	(782,901)	(4,909,858)	2,931,249	(878,100)
Realized (gain) loss on mortgage loans held-for-sale			13,666	(759,059)						(1,031,291)	(1,017,625)	(1,216,314)	776,971	0
Unrealized (gain) on mortgage loans held-for-sale			(539,456)	594,542						43,159	(496,297)	197,179	(329,728)	0
Unrealized gain (loss)on mortgage servicing rights			488,247	268,311						268,311	756,558	671,957	0	0
Unrealized (gain) loss on multi-family loans held in securitization trusts										(3,840,584)	(5,644,774)	6,097,000	1,473,485	0
Unrealized (gain) loss on residential loans held in securitization trusts			1,323,697	2,975,798						6,332,205	7,655,902	8,153,474	(3,059,647)	0
Restricted stock compensation expense										45,078	50,535	63,275	13,457	125,923
Net change in:
Accrued interest receivable										1,168,276	1,438,767	(1,204,188)	1,874,785	855,827
Dividends receivable											(26,022)	26,022	0	0
Other assets										(253,708)	(290,062)	458,869	5,052	66,547
Accrued interest payable										(603,702)	(608,536)	(693,848)	501,584	208,795
Fees and expenses payable to Manager										93,000	(142,000)	(219,097)	732,000	297,279
Other accounts payable and accrued expenses										849,389	333,445	(27,522)	(322,485)	490,650
Net cash provided by operating activities										2,918,529	2,841,319	2,063,476	20,744,225	13,327,928
Cash flows from investing activities:
Purchase of available-for-sale securities										(109,389,530)	(109,386,478)	(241,590,864)	(521,681,124)	(1,123,204,838)
Purchase of mortgage loans held-for-sale										(282,639,129)	(297,706,381)	502,308,627	451,629,615	0
Purchase of mortgage service rights										(2,725,685)	(2,671,876)	(4,940,630)	0	0
Purchase of FHLB stock										(2,403,000)	(2,403,000)	(2,403,000)	0	0
Proceeds from mortgage loans held-for-sale										288,811,206	291,898,820	531,673,280	388,053,342	0
Proceeds from sales of available-for-sale securities										162,351,939	245,214,358	333,672,932	296,246,293	678,640,520
Net proceeds from (payments for) derivative contracts										(3,963,878)	(12,299,683)	11,940,730	17,878,460	(18,419,521)
Principal payments from available-for-sale securities										39,601,721	53,998,105	(70,476,212)	(45,077,314)	(35,121,878)
Principal payments from mortgage loans held-for-sale										515,738	0	(15,432,462)	(8,450,648)	0
Deferred securitization costs										(89,643)	(189,244)
Investment related receivable										70,399,740	71,006,526	0	(506,892)	506,892
Restricted cash										(2,890,771)	(144,112)	(3,226,007)	(1,942,528)	11,409,783
Net cash used in investing activities										157,578,708	237,317,035	191,297,042	(250,912,182)	(402,939,594)
Cash flows from financing activities:
Net proceeds from issuance of common stock										(225,594)	(344,889)	0	79,263,318	84,000,000
Net proceeds from issuance of preferred stock										45,511	0	0	19,096,074	18,070,938
Change in deferred offering costs										0	(76,766)	0	(1,133,118)	1,037,386
Dividends paid on common stock										(11,039,813)	(15,457,238)	(19,874,663)	(18,229,875)	(10,303,705)
Dividends paid on preferred stock										(1,761,018)	(2,641,527)	(3,522,036)	(2,890,665)	(2,326)
Proceeds from repurchase agreements - available-for-sale securities										3,192,400,999	4,432,684,999	5,951,792,999	4,528,080,286	4,116,258,000
Proceeds from repurchase agreements - mortgage loans held-for-sale										47,097,001	57,432,865	66,937,322	401,295,517	0
Proceeds from FHLBI advances										53,400,000	$ 104,800,000	155,497,000	0	0
Payments for FHLBI advances												(105,800,000)	0	0
Principal repayments of repurchase agreements - available-for-sale securities										(3,387,929,999)	$ (4,713,249,999)	(6,136,468,999)	(4,395,638,286)	(3,767,509,000)
Principal repayments of repurchase agreements - mortgage loans held-for-sale										(54,697,754)	(54,697,754)	107,696,717	351,031,665	0
Net cash provided by financing activities										(162,710,667)	(191,550,309)	(199,494,085)	229,379,311	419,065,838
Net increase (decrease) in cash and cash equivalents										(2,213,430)	48,608,045	(6,133,567)	(788,646)	29,454,172
Cash and cash equivalents, beginning of year		27,482,330	30,060,855		32,274,285				$ 33,062,931	32,274,285	32,274,285	32,274,285	33,062,931	3,608,759
Cash and cash equivalents, end of year		26,140,718	27,482,330	30,060,855		32,274,285				30,060,855	27,482,330	26,140,718	32,274,285	33,062,931
Supplemental disclosure of cash flow information
Cash paid for interest										4,934,989	6,730,818	8,554,565	4,363,706	4,528,172
Non-cash investing and financing activities information
Restricted stock compensation expense										45,078	50,585	63,275	13,457	125,923
Dividends declared but not paid at end of period		39,132	29,349	29,349		39,132				29,349	29,349	39,132	39,132	42,501
Net change in unrealized gain (loss) on available-for-sale securities										(993,726)	3,638,597	(7,604,122)	18,303,304	(13,528,951)
Consolidation of multi-family loans held in securitization trusts										1,625,701,369	1,563,385,916	1,455,155,339	1,677,847,006	0
Consolidation of residential loans held in securitization trusts										474,205,879	445,230,977	413,327,217	507,423,695	0
Consolidation of multi-family securitized debt obligations										1,541,927,234	1,477,807,591	1,369,124,789	1,676,373,521	0
Consolidation of residential securitized debt obligations										357,151,265	393,218,978	381,791,476	433,698,636	0
MBS securities recorded upon adoption of revised accounting standard for repurchase agreement financing										210,238,653	210,238,653	210,238,658	0	0
Repurchase agreements recorded upon adoption of revised accounting standard for repurchase agreement financing										149,293,000	149,293,000	149,293,000	0	$ 0
Scenario, Previously Reported [Member]
Cash flows from operating activities:
Net income (loss)	[1]		(1,305,037)	4,033,321						(1,097,005)	(2,402,042)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges	[1]		350,924	(567,205)						4,301,223	4,652,147
Amortization/accretion of available-for-sale securities premiums and discounts, net										(7,882,863)	(11,111,926)
Realized (gain) loss on sale of investments, net										(369,843)	(1,834,151)
Unrealized gain (loss) on fair value option securities										0	0
Unrealized (gain) loss on Linked Transactions, net										0	0
Realized (gain) loss on derivative contracts										4,047,878	12,310,301
Unrealized (gain) loss on derivative contracts	[1]		(1,631,907)	(902,032)						849,006	(782,901)
Realized (gain) loss on mortgage loans held-for-sale	[1]		13,666	(759,059)						(1,031,291)	(1,017,625)
Unrealized (gain) on mortgage loans held-for-sale	[1]		(539,456)	594,542						43,159	(496,297)
Unrealized gain (loss)on mortgage servicing rights	[1]		488,247	268,311						268,311	756,558
Unrealized (gain) loss on multi-family loans held in securitization trusts										(3,840,584)	(5,644,774)
Unrealized (gain) loss on residential loans held in securitization trusts	[1]		1,323,697	2,975,798						6,332,205	7,655,902
Restricted stock compensation expense										45,078	50,535
Net change in:
Accrued interest receivable										1,168,276	1,438,767
Dividends receivable											(26,022)
Other assets										(253,708)	(290,062)
Accrued interest payable										(603,702)	(608,536)
Fees and expenses payable to Manager										93,000	(142,000)
Other accounts payable and accrued expenses										849,389	333,445
Net cash provided by operating activities										2,918,529	2,841,319
Cash flows from investing activities:
Purchase of available-for-sale securities										(109,389,530)	(109,386,478)
Purchase of mortgage loans held-for-sale										(282,639,129)	(297,706,381)
Purchase of mortgage service rights										(2,725,685)	(2,671,876)
Purchase of FHLB stock										(2,403,000)	(2,403,000)
Proceeds from mortgage loans held-for-sale										288,811,206	291,898,820
Proceeds from sales of available-for-sale securities										162,351,939	245,214,358
Net proceeds from (payments for) derivative contracts										(3,963,878)	(12,299,683)
Principal payments from available-for-sale securities										39,601,721	53,998,105
Principal payments from mortgage loans held-for-sale										515,738	0
Deferred securitization costs										(89,643)	(189,244)
Investment related receivable										70,399,740	71,006,526
Restricted cash										(2,890,771)	(144,112)
Net cash used in investing activities										157,578,708	237,317,035
Cash flows from financing activities:
Net proceeds from issuance of common stock										(225,594)	(344,889)
Net proceeds from issuance of preferred stock										45,511	0
Change in deferred offering costs										0	(76,766)
Dividends paid on common stock										(11,039,813)	(15,457,238)
Dividends paid on preferred stock										(1,761,018)	(2,641,527)
Proceeds from repurchase agreements - available-for-sale securities										3,192,400,999	4,432,684,999
Proceeds from repurchase agreements - mortgage loans held-for-sale										47,097,001	57,432,865
Proceeds from FHLBI advances										53,400,000	104,800,000
Payments for FHLBI advances											(53,400,000)
Principal repayments of repurchase agreements - available-for-sale securities										(3,387,929,999)	(4,713,249,999)
Principal repayments of repurchase agreements - mortgage loans held-for-sale										(54,697,754)	(54,697,754)
Net cash provided by financing activities										(162,710,667)	(244,950,309)
Net increase (decrease) in cash and cash equivalents										(2,213,430)	(4,791,955)
Cash and cash equivalents, beginning of year		27,482,330	30,060,855		32,274,285					32,274,285	32,274,285	32,274,285
Cash and cash equivalents, end of year			27,482,330	30,060,855		32,274,285				30,060,855	27,482,330		32,274,285
Supplemental disclosure of cash flow information
Cash paid for interest										4,934,989	6,730,818
Non-cash investing and financing activities information
Restricted stock compensation expense										45,078	50,585
Dividends declared but not paid at end of period			29,349	29,349						29,349	29,349
Net change in unrealized gain (loss) on available-for-sale securities										(993,726)	3,638,597
Consolidation of multi-family loans held in securitization trusts										1,625,701,369	1,563,385,916
Consolidation of residential loans held in securitization trusts										474,205,879	445,230,977
Consolidation of multi-family securitized debt obligations										1,541,927,234	1,477,807,591
Consolidation of residential securitized debt obligations										357,151,265	393,218,978
MBS securities recorded upon adoption of revised accounting standard for repurchase agreement financing										210,238,653	210,238,653
Repurchase agreements recorded upon adoption of revised accounting standard for repurchase agreement financing										149,293,000	149,293,000
Restatement Adjustment [Member]
Cash flows from operating activities:
Net income (loss)			(393,685)	(232,273)						(232,273)	(625,958)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges			0	0						0	0
Amortization/accretion of available-for-sale securities premiums and discounts, net										0	0
Realized (gain) loss on sale of investments, net										0	0
Unrealized gain (loss) on fair value option securities										232,273	625,958
Unrealized (gain) loss on Linked Transactions, net										0	0
Realized (gain) loss on derivative contracts										0	0
Unrealized (gain) loss on derivative contracts			0	0						0	0
Realized (gain) loss on mortgage loans held-for-sale			0	0						0	0
Unrealized (gain) on mortgage loans held-for-sale			0	0						0	0
Unrealized gain (loss)on mortgage servicing rights			0	0						0	0
Unrealized (gain) loss on multi-family loans held in securitization trusts										0	0
Unrealized (gain) loss on residential loans held in securitization trusts			0	0						0	0
Restricted stock compensation expense										0	0
Net change in:
Accrued interest receivable										0	0
Dividends receivable											0
Other assets										0	0
Accrued interest payable										0	0
Fees and expenses payable to Manager										0	0
Other accounts payable and accrued expenses										0	0
Net cash provided by operating activities										0	0
Cash flows from investing activities:
Purchase of available-for-sale securities										0	0
Purchase of mortgage loans held-for-sale										0	0
Purchase of mortgage service rights										0	0
Purchase of FHLB stock										0	0
Proceeds from mortgage loans held-for-sale										0	0
Proceeds from sales of available-for-sale securities										0	0
Net proceeds from (payments for) derivative contracts										0	0
Principal payments from available-for-sale securities										0	0
Principal payments from mortgage loans held-for-sale										0	0
Deferred securitization costs										0	0
Investment related receivable										0	0
Restricted cash										0	0
Net cash used in investing activities										0	0
Cash flows from financing activities:
Net proceeds from issuance of common stock										0	0
Net proceeds from issuance of preferred stock										0	0
Change in deferred offering costs										0	0
Dividends paid on common stock										0	0
Dividends paid on preferred stock										0	0
Proceeds from repurchase agreements - available-for-sale securities										0	0
Proceeds from repurchase agreements - mortgage loans held-for-sale										0	0
Proceeds from FHLBI advances										0	$ 0
Payments for FHLBI advances
Principal repayments of repurchase agreements - available-for-sale securities										0	$ 0
Principal repayments of repurchase agreements - mortgage loans held-for-sale										0	0
Net cash provided by financing activities										0	0
Net increase (decrease) in cash and cash equivalents										0	0
Cash and cash equivalents, beginning of year		$ 0	0		$ 0					0	0	$ 0
Cash and cash equivalents, end of year			0	0		$ 0				0	0		$ 0
Supplemental disclosure of cash flow information
Cash paid for interest										0	0
Non-cash investing and financing activities information
Restricted stock compensation expense										0	0
Dividends declared but not paid at end of period			$ 0	$ 0						0	0
Net change in unrealized gain (loss) on available-for-sale securities										0	0
Consolidation of multi-family loans held in securitization trusts										0	0
Consolidation of residential loans held in securitization trusts										0	0
Consolidation of multi-family securitized debt obligations										0	0
Consolidation of residential securitized debt obligations										0	0
MBS securities recorded upon adoption of revised accounting standard for repurchase agreement financing										0	0
Repurchase agreements recorded upon adoption of revised accounting standard for repurchase agreement financing										$ 0	$ 0

[1] Includes certain reclassifications to conform to the presentation used in the financial statements as of, and for the periods ended, December 31, 2015.