Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ (16,947,614)		$ (5,130,327)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges	20,994		4,868,428
Amortization/accretion of available-for-sale securities premiums and discounts, net	(1,855,886)		(4,054,629)
Realized (gain) loss on sale of investments, net	6,383,153		154,313
Realized (gain) loss on derivative contracts	1,585,541		2,830,486
Realized (gain) loss on mortgage loans held-for-sale	986		(272,232)
Unrealized (gain) loss on fair value option securities	371,095		0
Unrealized (gain) loss on derivative contracts	8,462,400		1,751,038
Unrealized (gain) loss on mortgage loans held-for-sale	(197,902)		(551,383)
Unrealized (gain) loss on mortgage servicing rights	900,288		0
Unrealized (gain) loss on multi-family loans held in securitization trusts	(1,536,317)		(2,037,112)
Unrealized (gain) loss on residential loans held in securitization trusts	2,554,077		3,356,407
Restricted stock compensation expense	17,139		25,647
Net change in:
Accrued interest receivable	120,710		695,665
Dividends receivable	760		0
Other assets	4,910		25,234
Accrued interest payable	(100,868)		(293,519)
Fees and expenses payable to Manager	94,524		164,000
Other accounts payable and accrued expenses	776,332		719,566
Net cash provided by operating activities	654,322		2,251,582
Cash flows from investing activities:
Purchase of available-for-sale securities	0		(30,494,013)
Purchase of mortgage loans held-for-sale	(1,766,074)		(60,408,315)
Purchase of FHLB stock	0		(45,000)
Proceeds from sales of available-for-sale securities	82,592,076		0
Proceeds from mortgage loans held-for-sale	0		3,943,436
Proceeds from FHLBI stock	1,372,500		0
Net proceeds from (payments for) derivative contracts	(1,585,541)		(2,746,486)
Principal payments from available-for-sale securities	14,493,260		17,551,490
Principal payments from mortgage loans held-for-sale	57,085		310,685
Deferred securitization costs	0		(145,710)
Investment related receivable	(280,349)		71,619,614
Restricted cash	(3,066,695)		(2,923,590)
Net cash (used in) provided by investing activities	91,816,262		(3,337,889)
Cash flows from financing activities:
Proceeds from issuance of common stock	0		(105,547)
Deferred offering costs	0		(68,453)
Purchase of treasury stock	(283,565)		0
Dividends paid on common stock	(2,630,021)		(5,519,531)
Dividends paid on preferred stock	(880,509)		(880,509)
Proceeds from repurchase agreements - available-for-sale securities	1,340,766,000		1,524,881,000
Proceeds from repurchase agreements - mortgage loans held-for-sale	5,282,255		47,097,001
Proceeds from FHLBI advances	0		1,000,000
Payments for FHLBI advances	(49,697,000)		0
Principal repayments of repurchase agreements - available-for-sale securities	(1,389,724,000)		(1,571,301,000)
Principal repayments of repurchase agreements - mortgage loans held-for-sale	(5,433,357)		0
Net cash (used in) financing activities	(102,600,197)		(4,897,039)
Net increase (decrease) in cash and cash equivalents	(10,129,613)		(5,983,346)
Cash and cash equivalents, beginning of period	26,140,718	[1]	32,274,285
Cash and cash equivalents, end of period	16,011,105	[1]	26,290,939
Supplemental disclosure of cash flow information
Cash paid for interest	1,666,481		2,151,362
Non-cash investing and financing activities information
Restricted stock compensation expense	17,139		25,647
Dividends declared but not paid at end of period	39,132	[1]	39,132
Net change in unrealized gain (loss) on available-for-sale securities	(1,101,326)		4,353,476
Consolidation of multi-family loans held in securitization trusts	1,438,864,444		1,677,170,247
Consolidation of residential loans held in securitization trusts	397,903,036		558,025,314
Consolidation of multi-family securitized debt obligations	1,351,297,578		1,595,199,584
Consolidation of residential securitized debt obligations	369,043,007		435,640,219
MBS securities recorded upon adoption of revised accounting standard for repurchase agreement financing	0		210,238,653
Repurchase agreements recorded upon adoption of revised accounting standard for repurchase agreement financing	$ 0		$ 149,293,000

[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