CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income:
Interest-Agency MBS	$ 69,912,000	$ 105,504,000	$ 155,486,000
Interest-Non-Agency MBS	35,852,000	27,131,000	1,039,000
Interest-residential mortgage loans	34,637,000	12,819,000	0
Other interest income	51,000	44,000	42,000
Interest and Dividend Income, Operating, Total	140,452,000	145,498,000	156,567,000
Interest expense:
Interest expense on repurchase agreements	36,505,000	30,694,000	78,643,000
Interest expense on asset-backed securities	32,480,000	11,645,000	0
Interest expense on junior subordinated notes	1,435,000	1,282,000	1,264,000
Interest Expense, Total	70,420,000	43,621,000	79,907,000
Net interest income	70,032,000	101,877,000	76,660,000
Provision for loan losses	0	(203,000)	0
Net interest income after provision for loan losses	70,032,000	101,674,000	76,660,000
Operating Expenses:
Management fee to related party	(7,883,000)	(8,791,000)	(10,746,000)
General and administrative expenses	(6,336,000)	(5,189,000)	(7,008,000)
Total operating expenses	(14,219,000)	(13,980,000)	(17,754,000)
Other income (loss):
Income-rental properties	1,688,000	1,594,000	589,000
Unrealized (loss) on Agency MBS held as trading investments	(13,800,000)	0
Impairment charge on Non-Agency MBS	(1,548,000)	0	0
Gain on sales of residential mortgage loans held-for-investment	749,000	0	0
(Loss) on interest rate swaps, net	(27,250,000)	(74,247,000)	(36,676,000)
Recovery on Non-Agency MBS	12,000	26,000	120,000
Total other (loss)	(33,320,000)	(72,990,000)	(30,287,000)
Net income	22,493,000	14,704,000	28,619,000
Dividend on Series A Cumulative Preferred Stock	(4,139,000)	(4,139,000)	(4,139,000)
Dividend on Series B Cumulative Convertible Preferred Stock	(1,577,000)	(1,577,000)	(1,577,000)
Dividend on Series C Cumulative Redeemable Preferred Stock	(867,000)	(721,000)	0
Net income to common stockholders	$ 15,910,000	$ 8,267,000	$ 22,903,000
Basic earnings per common share	$ 0.17	$ 0.08	$ 0.18
Diluted earnings per common share	$ 0.17	$ 0.08	$ 0.18
Basic weighted average number of shares outstanding	96,408	103,412	123,949
Diluted weighted average number of shares outstanding	101,068	107,751	128,057
Agency MBS
Other income (loss):
Gain (loss) on sales of MBS	$ (2,072,000)	$ (7,508,000)	$ (2,854,000)
Unrealized (loss) on Agency MBS held as trading investments	(13,777,000)	0	0
Non-Agency MBS
Other income (loss):
Gain (loss) on sales of MBS	137,000	(75,000)	0
TBA Agency MBS
Other income (loss):
Gain (loss) on derivatives	11,464,000	9,323,000	10,228,000
Eurodollar Future
Other income (loss):
Gain (loss) on derivatives	$ (2,723,000)	$ (2,103,000)	$ (1,694,000)