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Real Estate Securities (Tables)
 9 Months Ended
Sep. 30, 2013
Real Estate Securities [Abstract]  
Schedule of Information Regarding Real Estate Securities

     The following table sets forth certain information regarding the Company's RMBS at September 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 is 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                                                  
Non-Agency RMBS                                                  
       Alternative - A(3) $ 156,032,245   $ (82,841,762 )   $ 73,190,483   $ 1,969,402   $ (1,562,573 )   $ 73,597,312   4.67 %   6.71 %
       Pay option adjustable rate   35,284,102     (7,390,488 )     27,893,614     146,164     (482,443 )     27,557,335   0.83     6.71  
       Prime   85,732,026     (10,040,163 )     75,691,863     3,038,135     (954,285 )     77,775,713   5.40     6.83  
       Subprime   20,320,181     (2,422,356 )     17,897,825     458,387     (733,576 )     17,622,636   0.83     6.24  
               Total RMBS $      297,368,554     $      (102,694,769 )     $      194,673,785     $      5,612,088     $      (3,732,877 )     $      196,552,996     4.08 %     6.71 %
____________________

(1)         The Company has elected the fair value option pursuant to ASC 825 for its real estate securities. The Company recorded a gain of $4.8 million and $6.3 million for the three months ended September 30, 2013 and 2012, respectively, and a loss of $10.0 million and a gain of $15.7 million for the nine months ended September 30, 2013 and 2012, respectively, as change in unrealized gain or loss 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 $69.6 million.

     The following table sets forth certain information regarding the Company's RMBS at December 31, 2012:

  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 $      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   Nine Months Ended
  September 30,   September 30,   September 30,   September 30,
  2013   2012   2013   2012
Proceeds from the sale of real estate securities $      228,924,943         $      36,000,527       $      282,838,041         $      64,759,903  
Realized (loss)/gain on the sale of real estate securities   (8,044,415 )     849,794     (8,251,291 )     (886,723 )
Realized (loss) on other-than-temporary impairments   (1,068,845 )     -     (1,108,024 )     (215,345 )
Schedule of Certain Information Regarding Real Estate Securities

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

  Non-Agency RMBS
              Weighted Average
  Fair Value   Amortized Cost   Yield
Weighted average life(1)                
Greater than 5 years $      196,552,996       $ 194,673,785       6.71 %
  $  196,552,996   $ 194,673,785   6.71 %
____________________
 
(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.