CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest income	$ 38,974	$ 22,358	$ 105,864	$ 62,059
Interest expense	12,638	3,979	28,116	10,629
Net interest income	26,336	18,379	77,748	51,430
Realized gains (losses) on mortgage-backed securities	769	229	3,354	4,482
Unrealized gains (losses) on mortgage-backed securities	(3,553)	(2,398)	(35,601)	5,652
(Losses) gains on derivative instruments	(5,470)	6,587	(29,331)	(32,594)
FHLB stock dividends	0	0	0	14
Net portfolio income	18,082	22,797	16,170	28,984
Expenses
Management Fee Expense	1,528	1,052	4,230	2,968
Allocated Overhead	412	336	1,168	963
Compensation and related benefits	209	212	439	598
Directors fees and liability insurance	215	236	722	763
Audit, legal and other professional fees	157	193	547	654
Direct REIT operating expenses	320	187	816	426
Other administrative	58	55	259	215
Total expenses	2,899	2,271	8,181	6,587
Net income (loss)	$ 15,183	$ 20,526	$ 7,989	$ 22,397
Basic and diluted net income (loss) per share
Basic	$ 0.33	$ 0.85	$ 0.21	$ 0.99
Diluted	$ 0.33	$ 0.85	$ 0.21	$ 0.99
Weighted Average Shares Outstanding
Weighted Average Shares - Basic and Diluted	45,355,124	24,133,343	38,608,053	22,619,293
Dividends Declared Per Common Share	$ 0.42	$ 0.42	$ 1.26	$ 1.26

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Aggregate net gain and losses (whether realized or unrealized) on all derivative instruments held for trading purposes whether or not settled physically.

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Amount of expenses related to the managing member or general partner for management of the day-to-day business functions of the limited liability company (LLC) or limited partnership (LP).

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A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.

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