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Real Estate Securities (Tables)
 6 Months Ended
Jun. 30, 2013
Real Estate Securities [Abstract]  
Schedule of Information Regarding Real Estate Securities
The following table presents the principal balance, amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company's real estate securities portfolio at June 30, 2013. The Company's non-Agency RMBS portfolio is not issued or guaranteed by Fannie Mae, Freddie Mac or any other U.S. Government agency or a federally chartered corporation and are therefore subject to additional credit risks.

      Principal or                 Gross Unrealized (1)         Weighted Average
      Notional   Premium   Amortized                                
               Balance   (Discount)   Cost   Gains   Losses   Fair Value   Coupon   Yield (2)
  Real estate securities                                                            
  Agency RMBS                                                    
         30-year adjustable rate                                                    
                mortgage   $ 2,531,514   $ 269,463     $ 2,800,977   $ -   $ (209,094 )   $ 2,591,883   2.80 %   2.28 %
         30-year fixed rate                                                    
                mortgage     170,265,662     7,140,749       177,406,411     678,522   $ (6,174,710 )     171,910,223   3.43     3.14  
  Non-Agency RMBS                                                    
         Alternative - A(3)     211,822,035     (100,256,547 )     111,565,488     3,418,507   $ (2,917,214 )     112,066,781   4.95     6.41  
         Pay option adjustable rate     36,308,960     (7,839,404 )     28,469,556     114,962   $ (904,455 )     27,680,063   0.84     6.15  
         Prime     106,386,157     (12,568,896 )     93,817,261     5,053,935     (1,107,625 )     97,763,571   5.41     6.51  
         Subprime     46,587,884     (13,204,279 )     33,383,605     538,207   $ (1,397,637 )     32,524,175   0.65     6.98  
  Total RMBS   $   573,902,212   $    (126,458,914 )   $   447,443,298   $   9,804,133   $    (12,710,735 )   $   444,536,696      3.88 %      5.17 %
  ____________________                                                    

           (1)       The Company has elected the fair value option pursuant to ASC 825 for its real estate securities. The Company recorded net change in unrealized loss/gain on its real estate securities of a loss of $15.6 million and a gain of $2.9 million for the three months ended June 30, 2013 and 2012, respectively, and a loss of $14.7 million and a gain of $9.4 million for the six months ended June 30, 2013 and 2012, respectively, as change in unrealized loss/gain on real estate securities in the consolidated statements of operations.
  (2)   Unleveraged yield.
  (3)   Alternative-A RMBS includes an IO with a notional balance of $80.0 million.

 

The following table presents the principal balance, amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company's real estate securities portfolio at December 31, 2012:
                                     
                          Gross Unrealized (1)         Weighted Average
      Principal   Premium   Amortized                                
               Balance   (Discount)   Cost   Gains   Losses   Fair Value   Coupon   Yield (2)
  Real estate securities                                                            
  Agency RMBS                                                    
         30-year adjustable rate                                                    
                mortgage   $ 3,083,892   $ 351,047     $ 3,434,939   $ -   $ (194,609 )   $ 3,240,330   2.84 %   2.28 %
         30-year fixed rate                                                    
                mortgage     61,034,333     3,056,889       64,091,222     2,442,401     (13,921 )     66,519,702   3.82     3.44  
  Non-Agency RMBS                                                    
         Alternative - A     38,549,827     (8,606,689 )     29,943,138     3,436,729     -       33,379,867   5.69     7.95  
         Pay option adjustable                                                    
                rate     1,249,426     (378,803 )     870,623     95,221     -       965,844   1.19     8.67  
         Prime     64,978,647     (8,074,525 )     56,904,122     5,668,301     (2,298 )     62,570,125   5.79     7.34  
         Subprime     4,419,732     (825,131 )     3,594,601     401,214     -       3,995,815   0.98     9.10  
  Total RMBS   $    173,315,857   $    (14,477,212 )   $    158,838,645   $    12,043,866   $    (210,828 )   $    170,671,683       4.81 %       5.89 %
  ____________________                                                    

  (1)         The Company has elected the fair value option pursuant to ASC 825 for its real estate securities.
  (2)   Unleveraged yield.
Schedule of Information Regarding Gains and Losses on Securities

The following table presents proceeds from the sale of real estate securities, realized losses on the sale of real estate securities and realized losses on other-than-temporary impairments:

      Three Months Ended   Six Months Ended
               June 30, 2013   June 30, 2012   June 30, 2013   June 30, 2012
  Proceeds from the sale of real estate                                                
         securities   $      47,111,700     $      3,257,082     $      53,913,098     $      28,759,376  
  Realized (loss)/gain on the sale of real estate                                
         securities     (206,876 )     196,241       (206,876 )     (1,736,517 )
  Realized loss on other-than-temporary                                
         impairments     (39,179 )     (87,058 )     (39,179 )     (215,345 )
Schedule of Certain Information Regarding Real Estate Securities

The following table presents certain information regarding the Company's Agency and non-Agency RMBS securities as of June 30, 2013 by weighted average life:

               Agency RMBS   Non-Agency RMBS
                  Weighted               Weighted
                    Amortized       Average                 Amortized       Average
      Fair Value   Cost   Yield   Fair Value   Cost   Yield
  Weighted average life (1)                                    
  Greater than 5 years   $ 174,502,106   $ 180,207,388   3.12 %   $ 270,034,590   $ 267,235,910   6.49 %
      $      174,502,106   $      180,207,388         3.12 %   $      270,034,590   $      267,235,910         6.49 %
  ____________________                                    

  (1)       Actual maturities of real estate securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses.

The following table presents certain information regarding the Company's Agency and non-Agency RMBS securities as of December 31, 2012 by weighted average life:
                                                
      Agency RMBS   Non-Agency RMBS
                              Weighted                           Weighted
            Amortized   Average         Amortized   Average
      Fair Value   Cost   Yield   Fair Value   Cost   Yield
  Weighted average life (1)                                    
  Greater than 5 years   $ 69,760,032   $ 67,526,161   3.38 %   $ 100,911,651   $ 91,312,484   7.63 %
      $      69,760,032   $      67,526,161         3.38 %   $      100,911,651   $      91,312,484         7.63 %
  ____________________                                    

           (1)       Actual maturities of real estate securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses.