Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015		Dec. 31, 2014
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $600,419,826 and $366,103,204 for March 31, 2015 and December 31, 2014, respectively)	$ 601,126,052		$ 368,315,738
Mortgage loans held-for-sale, at fair value	111,656,191		54,678,382
Multi-family loans held in securitization trusts, at fair value	1,671,260,380		1,750,294,430
Residential loans held in securitization trusts, at fair value	556,180,947		631,446,984
Linked transactions, net, at fair value	0		60,818,111
Cash and cash equivalents	26,290,939		32,274,285
Restricted cash	14,324,235		11,400,645
Deferred offering costs	1,014,112		945,661
Deferred securitization costs	145,710		0
Accrued interest receivable	10,142,515		10,962,663
Investment related receivable	223,958		979,509
Derivative assets, at fair value	0		21,550
Other assets	91,365		71,599
Total assets	2,992,456,404	[1]	2,922,209,557	[1]
LIABILITIES:
Repurchase agreements	744,847,853		594,877,852	[2]
FHLB Advances	1,000,000		0
Multi-family securitized debt obligations	1,589,502,264		1,670,573,456
Residential securitized debt obligations	434,401,168		432,035,976
Derivative liabilities, at fair value	4,102,546		2,289,058
Accrued interest payable	7,710,568		8,238,924
Dividends payable	39,132		39,132
Fees and expenses payable to Manager	1,226,000		1,062,000
Other accounts payable and accrued expenses	1,014,595		295,029
Total liabilities	2,783,844,126	[1]	2,709,411,427	[1]
STOCKHOLDERS' EQUITY:
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative redeemable, $25 liquidation preference, 1,610,000 and 1,610,000 issued and outstanding at March 31, 2015 and December 31, 2014, respectively	37,156,972		37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,718,750 and 14,718,750 shares issued and outstanding, at March 31, 2015 and December 31, 2014, respectively	146,953		146,953
Additional paid-in capital	189,252,974		189,332,874
Accumulated other comprehensive income (loss)	19,090,309		7,208,350
Cumulative distributions to stockholders	(38,806,581)		(32,406,541)
Accumulated earnings	1,771,651		11,359,522
Total stockholders' equity	208,612,278		212,798,130
Total liabilities and stockholders' equity	2,992,456,404		2,922,209,557
Available-for-sale Securities [Member]
LIABILITIES:
Repurchase agreements	647,487,000		544,614,000
Mortgage Loans Held-or-Sale [Member]
LIABILITIES:
Repurchase agreements	$ 97,360,853		$ 50,263,852

[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $2,235,029,892 and $2,389,784,101, respectively, and the liabilities of consolidated VIEs totaled $2,030,674,136 and $2,180,936,221, respectively

[2] At December 31, 2014, the Company had repurchase agreements of $85,497,000 and $63,796,000 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).