Condensed Consolidated Balance Sheets - USD ($)		Sep. 30, 2016	Dec. 31, 2015
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $822,403,355 and $571,086,035 for September 30, 2016 and December 31, 2015, respectively)	[1]	$ 817,394,805	$ 571,466,581
Mortgage loans held-for-sale, at fair value (includes pledged loans of $8,754,039 and $10,900,402 for September 30, 2016 and December 31, 2015, respectively)	[1]	9,274,002	10,900,402
Multi-family loans held in securitization trusts, at fair value	[1]	1,267,101,902	1,449,774,383
Residential loans held in securitization trusts, at fair value	[1]	153,356,678	411,881,097
Mortgage servicing rights, at fair value	[1]	3,025,433	4,268,673
Cash and cash equivalents	[1]	28,590,557	26,140,718
Restricted cash	[1]	14,083,241	8,174,638
Accrued interest receivable	[1]	7,650,823	8,650,986
Dividends receivable	[1]	123	26,022
Investment related receivable	[1]	4,131,073	1,591,343
Derivative assets, at fair value	[1]	0	2,558,350
FHLB stock	[1]	11,300	2,403,000
Other assets	[1]	954,507	530,468
Total assets	[1]	2,305,574,444	2,498,366,661
Repurchase agreements:
Available-for-sale securities	[1]	739,500,000	509,231,000
Mortgage loans held-for-sale	[1]	7,125,821	9,504,457
FHLB Advances	[1]	0	49,697,000
Multi-family securitized debt obligations	[1]	1,249,163,769	1,364,077,012
Residential securitized debt obligations	[1]	147,407,885	380,638,423
Derivative liabilities, at fair value	[1]	4,613,988	0
Accrued interest payable	[1]	5,363,603	6,574,699
Dividends payable	[1]	29,349	39,132
Deferred income	[1]	6,905	0
Fees and expenses payable to Manager	[1]	691,187	842,903
Other accounts payable and accrued expenses	[1]	2,062,910	267,507
Total liabilities	[1]	2,155,965,417	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 issued and outstanding at June 30, 2016	[1]	37,156,972	37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 14,602,394 and 14,656,394 shares issued and outstanding, at September 30, 2016 and December 31, 2015, respectively	[1]	145,979	146,409
Additional paid-in capital	[1]	188,783,581	189,037,702
Accumulated other comprehensive income (loss)	[1]	5,387,551	(395,771)
Cumulative distributions to stockholders	[1]	(66,320,787)	(55,803,240)
Accumulated earnings (deficit)	[1]	(15,544,269)	7,352,456
Total stockholders' equity	[1]	149,609,027	177,494,528
Total liabilities and stockholders' equity	[1]	$ 2,305,574,444	$ 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 September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively