Condensed Consolidated Balance Sheets - USD ($)		Jun. 30, 2015	Dec. 31, 2014
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $491,584,595 and $366,103,204 for June 30, 2015 and December 31, 2014, respectively)		$ 491,584,595	$ 368,315,738
Mortgage loans held-for-sale, at fair value		48,978,699	54,678,382
Multi-family loans held in securitization trusts, at fair value		1,620,066,565	1,750,294,430
Residential loans held in securitization trusts, at fair value		472,629,816	631,446,984
Mortgage servicing rights, at fair value		2,457,374	0
Linked transactions, net, at fair value		0	60,818,111
Cash and cash equivalents		30,060,855	32,274,285
Restricted cash		14,291,416	11,400,645
Deferred offering costs		900,150	$ 945,661
Deferred securitization costs		89,643
Accrued interest receivable		9,126,537	$ 10,962,663
Investment related receivable		1,443,832	979,509
Derivative assets, at fair value		0	21,550
FHLB stock		2,403,000	0
Other assets		325,307	71,599
Total assets	[1]	2,694,357,789	2,922,209,557
Repurchase agreements:
Secured debt repurchase agreements		541,041,099	594,877,852	[2]
FHLB advances		53,400,000	0
Multi-family securitized debt obligations		1,536,502,579	1,670,573,456
Residential securitized debt obligations		356,104,980	432,035,976
Derivative liabilities, at fair value		3,200,514	2,289,058
Accrued interest payable		6,934,955	8,238,924
Dividends payable		29,349	39,132
Fees and expenses payable to Manager		1,155,000	1,062,000
Other accounts payable and accrued expenses		1,144,418	295,029
Total liabilities	[1]	2,499,512,894	2,709,411,427
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 June 30, 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, 14,724,750 and 14,718,750 shares issued and outstanding, at June 30, 2015 and December 31, 2014, respectively		146,953	146,953
Additional paid-in capital		189,152,358	189,332,874
Accumulated other comprehensive income		7,781,228	7,208,350
Cumulative distributions to stockholders		(45,197,589)	(32,406,541)
Accumulated earnings		5,804,973	11,359,522
Total stockholders' equity		194,844,895	212,798,130
Total liabilities and stockholders' equity		2,694,357,789	2,922,209,557
Available-for-sale Securities [Member]
Repurchase agreements:
Secured debt repurchase agreements		498,378,000	544,614,000
Mortgage Loans Held-or-Sale [Member]
Repurchase agreements:
Secured debt repurchase agreements		$ 42,663,099	$ 50,263,852

[1] The Company’s condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs”) as the Company is the primary beneficiary of these VIEs. As of June 30, 2015 and December 31, 2014, assets of consolidated VIEs totaled $2,099,907,248 and $2,389,784,101, respectively, and the liabilities of consolidated VIEs totaled $1,899,078,499 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).