Condensed Consolidated Balance Sheets - USD ($)		Mar. 31, 2016	Dec. 31, 2015
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $583,097,938 and $571,086,035 for March 31, 2016 and December 31, 2015, respectively)	[1]	$ 468,482,202	$ 571,466,581
Mortgage loans held-for-sale, at fair value (includes pledged loans of $10,866,503 and $10,900,402 for March 31, 2016 and December 31, 2015, respectively)	[1]	12,806,307	10,900,402
Multi-family loans held in securitization trusts, at fair value	[1]	1,433,612,858	1,449,774,383
Residential loans held in securitization trusts, at fair value	[1]	396,542,860	411,881,097
Mortgage servicing rights, at fair value	[1]	3,368,385	4,268,673
Cash and cash equivalents	[1]	16,011,105	26,140,718
Restricted cash	[1]	11,241,333	8,174,638
Accrued interest receivable	[1]	8,314,960	8,650,986
Dividends receivable	[1]	25,262	26,022
Investment related receivable	[1]	1,871,692	1,591,343
Derivative assets, at fair value	[1]	0	2,558,350
FHLB stock	[1]	1,030,500	2,403,000
Other assets	[1]	525,558	530,468
Total assets	[1]	2,353,833,022	2,498,366,661
Repurchase agreements:
Available-for-sale securities	[1]	460,273,000	509,231,000
Mortgage loans held-for-sale	[1]	9,353,356	9,504,457
FHLB Advances	[1]	0	49,697,000
Multi-family securitized debt obligations	[1]	1,346,254,828	1,364,077,012
Residential securitized debt obligations	[1]	367,958,982	380,638,423
Derivative liabilities, at fair value	[1]	5,904,050	0
Accrued interest payable	[1]	6,399,776	6,574,699
Dividends payable	[1]	39,132	39,132
Fees and expenses payable to Manager	[1]	937,427	842,903
Other accounts payable and accrued expenses	[1]	1,043,839	267,507
Total liabilities	[1]	2,198,164,390	2,320,872,133
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, 2016 and December 31, 2015, respectively	[1]	37,156,972	37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,597,894 and 14,656,394 shares issued and outstanding, at March 31, 2016 and December 31, 2015, respectively	[1]	145,684	146,269
Additional paid-in capital	[1]	188,772,001	189,037,842
Accumulated other comprehensive income (loss)	[1]	(1,497,097)	(395,771)
Cumulative distributions to stockholders	[1]	(59,313,770)	(55,803,240)
Accumulated earnings	[1]	(9,595,158)	7,352,456
Total stockholders' equity	[1]	155,668,632	177,494,528
Total liabilities and stockholders' equity	[1]	$ 2,353,833,022	$ 2,498,366,661

[1] Our 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, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,836,767,480 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,720,340,585 and $1,750,916,265, respectively