Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest income:
Available-for-sale securities	$ 4,899,038	$ 6,805,958
Mortgage loans held-for-sale	122,237	705,461
Multi-family loans held in securitization trusts	15,437,804	17,635,476
Residential loans held in securitization trusts	4,152,406	5,891,779
Cash and cash equivalents	5,710	4,341
Interest expense:
Repurchase agreements - available-for-sale securities	(1,489,413)	(1,712,768)
Repurchase agreements - mortgage loans held-for-sale	(76,200)	(436,593)
Multi-family securitized debt obligations	(14,112,709)	(16,135,459)
Residential securitized debt obligations	(3,178,442)	(3,655,469)
Net interest income	5,760,431	9,102,726
Other-than-temporary impairments
Increase in credit reserves	(20,994)	(1,977,489)
Additional other-than-temporary credit impairment losses	0	(2,890,939)
Total impairment losses recognized in earnings	(20,994)	(4,868,428)
Other income:
Realized gain (loss) on sale of investments, net	(6,383,153)	(154,313)
Change in unrealized gain (loss) on fair value option securities	(371,095)	0
Realized gain (loss) on derivative contracts, net	(1,585,541)	(2,830,486)
Change in unrealized gain (loss) on derivative contracts, net	(8,462,400)	(1,751,038)
Realized gain (loss) on mortgage loans held-for-sale	(986)	272,232
Change in unrealized gain (loss) on mortgage loans held-for-sale	197,902	551,383
Change in unrealized gain (loss) on mortgage servicing rights	(900,288)	0
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	1,536,317	2,037,112
Change in unrealized gain (loss) on residential loans held in securitization trusts	(2,554,077)	(3,356,407)
Servicing income	223,678	0
Other income	24,982	0
Total other income (loss)	(18,274,661)	(5,231,517)
Expenses:
Management fee	623,223	717,775
General and administrative expenses	1,632,511	1,683,876
Operating expenses reimbursable to Manager	1,204,811	1,051,567
Other operating expenses	882,206	619,243
Compensation expense	69,639	60,647
Total expenses	4,412,390	4,133,108
Net income (loss) before provision for income taxes	(16,947,614)	(5,130,327)
(Provision for) benefit from income taxes	0	0
Net income (loss)	(16,947,614)	(5,130,327)
Dividends to preferred stockholders	(880,509)	(880,509)
Net income (loss) attributable to common stockholders	(17,828,123)	(6,010,836)
Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$ (17,828,123)	$ (6,010,836)
Weighted average number of shares of common stock outstanding	14,605,515	14,718,750
Basic and diluted income per share	$ (1.22)	$ (0.41)
Dividends declared per share of common stock	$ 0.18	$ 0.38