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Real Estate Securities and Other Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2014
Real Estate Securities and Other Investment Securities [Abstract]  
Schedule of Information Regarding Real Estate Securities

     The following table sets forth certain information regarding the Company's RMBS and Other Investment Securities at June 30, 2014:

    Principal or                            
    Notional   Premium         Gross Unrealized(1)         Weighted Average
      Balance     (Discount)     Amortized Cost     Gains     Losses     Fair Value     Coupon     Yield(2)
Real estate securities                                                    
Non-Agency RMBS                                                    
       Alternative - A(3)   $      156,601,029   $      (72,068,376 )   $      84,532,653   $      3,650,686   $      (225,966 )   $      87,957,373        4.13 %        7.41 %
       Pay option adjustable rate     33,037,784     (6,243,093 )     26,794,691     771,606     (119,889 )     27,446,408   0.73     6.92  
       Prime     101,800,879     (12,419,696 )     89,381,183     4,482,363     (45,929 )     93,817,617   4.68     6.73  
       Subprime     19,137,835     (1,499,380 )     17,638,455     563,759     (130,076 )     18,072,138   1.07     6.08  
               Total RMBS   $ 310,577,527   $ (92,230,545 )   $ 218,346,982   $ 9,468,414   $ (521,860 )   $ 227,293,536   3.70 %   6.96 %
Other investment securities   $ 10,000,000   $ 757,377     $ 10,757,377   $ 1,276,626   $ -     $ 12,034,003   5.40 %   6.66 %
____________________
 
(1)       The Company has elected the fair value option pursuant to ASC 825 for its real estate securities and Other Investment Securities. The Company recorded a gain of $1.5 million and a loss of $15.6 million for the three months ended June 30, 2014 and June 30, 2013, respectively, and a gain of $4.3 million and a loss of $14.7 for the six months ended June 30, 2014 and June 30, 2013, respectively, as change in unrealized gain or loss on real estate securities in the consolidated statements of operations. The Company also recorded a gain of $0.9 million for the three months ended June 30, 2014 and a gain of $1.3 million for the six months ended June 30, 2014 as change in unrealized gain or loss on other investment securities in the consolidated statements of operations.
(2)   Unleveraged yield.
(3)   Alternative - A RMBS includes an IO with a notional balance of $55.8 million.

      The following table sets forth certain information regarding the Company's RMBS at December 31, 2013:

    Principal or                                
    Notional     Premium         Gross Unrealized(1)         Weighted Average
    Balance     (Discount)   Amortized Cost   Gains   Losses   Fair Value   Coupon   Yield(2)
Real estate securities                                                    
Non-Agency RMBS                                                                    
       Alternative - A(3)   $      160,590,487   $      (80,206,745 )   $      80,383,742   $      2,414,864   $      (1,112,077 )   $      81,686,529        4.26 %        6.77 %
       Pay option adjustable rate     34,374,028     (7,057,026 )     27,317,002     464,756     (345,915 )     27,435,843   0.76     6.80  
       Prime     109,136,108     (13,590,489 )     95,545,619     3,751,248     (767,825 )     98,529,042   4.77     6.45  
       Subprime     20,140,974     (1,894,417 )     18,246,557     536,407     (279,157 )     18,503,807   1.07     5.97  
               Total RMBS   $ 324,241,597   $ (102,748,677 )   $ 221,492,920   $ 7,167,275   $ (2,504,974 )   $ 226,155,221   3.80 %   6.57 %
____________________
     
(1)         The Company has elected the fair value option pursuant to ASC 825 for its real estate securities.
(2)   Unleveraged yield.
(3)   Alternative - A RMBS includes an IO with a notional balance of $64.3 million.
Schedule of Information Regarding Gains and Losses on Securities

      The following table presents certain additional information regarding the Company's RMBS:

    Three Months Ended   Six Months Ended
         June 30, 2014        June 30, 2013        June 30, 2014        June 30, 2013
Proceeds from the sale of real estate securities   $       -   $       47,111,700     $       2,072,198   $       53,913,098  
Realized gain (loss) on the sale of real estate securities     -     (206,876 )     73,619     (206,876 )
Realized loss on OTTI     -     (39,179 )     -     (39,179 )
Schedule of Information Regarding Real Estate Securities by Weighted Average Life

      The following table presents certain information regarding the Company's non-Agency RMBS at June 30, 2014 by weighted average life:

    Non-Agency RMBS
                          Weighted Average
        Fair Value   Amortized Cost   Yield
Weighted average life(1)                
Greater than 5 years   $      227,293,536   $      218,346,982                      6.96%
    $ 227,293,536   $ 218,346,982   6.96%
____________________

(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 Other Investment Securities at June 30, 2014 by weighted average life:

    Other Investment Securities
                Weighted Average
    Fair Value   Amortized Cost   Yield
Weighted average life(1)                              
Greater than 5 years   $      12,034,003   $       10,757,377                        6.66 %
    $ 12,034,003   $ 10,757,377   6.66 %

____________________
 
(1)         Actual maturities of other investment 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 non-Agency RMBS at December 31, 2013 by weighted average life:

    Non-Agency RMBS
                Weighted Average
        Fair Value       Amortized Cost       Yield
Weighted average life(1)                  
Greater than 5 years   $     226,155,221   $       221,492,920                          6.57 %
    $ 226,155,221   $ 221,492,920   6.57 %
____________________
 
(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.