Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest income:
Available-for-sale securities	$ 6,549,869	$ 5,460,965	$ 16,780,701	$ 19,020,504
Mortgage loans held-for-sale	121,892	499,335	411,199	1,790,362
Multi-family loans held in securitization trusts	14,466,946	16,794,338	44,597,652	51,679,542
Residential loans held in securitization trusts	1,582,090	4,641,887	9,143,343	15,573,046
Cash and cash equivalents	11,754	4,809	26,409	13,386
Interest expense:
Repurchase agreements - available-for-sale securities	(1,572,062)	(1,490,698)	(4,400,290)	(4,992,998)
Repurchase agreements - mortgage loans held-for-sale	(57,449)	(300,297)	(227,733)	(1,129,284)
Multi-family securitized debt obligations	(13,740,005)	(15,372,832)	(41,667,457)	(47,286,613)
Residential securitized debt obligations	(1,210,186)	(3,137,247)	(6,978,474)	(9,894,956)
Net interest income	6,152,849	7,100,260	17,685,350	24,772,989
Other-than-temporary impairments
(Increase) decrease in credit reserves	(19,790)	(350,924)	(187,008)	(1,761,208)
Additional other-than-temporary credit impairment losses	(183,790)	0	(183,790)	(2,890,939)
Total impairment losses recognized in earnings	(203,580)	(350,924)	(370,798)	(4,652,147)
Other income:
Realized gain (loss) on sale of investments, net	(749,604)	1,464,308	(3,361,609)	1,834,151
Change in unrealized gain (loss) on fair value option securities	(958,995)	(393,685)	(7,293,268)	(625,958)
Realized gain (loss) on derivative contracts, net	(820,974)	(8,262,423)	(3,167,877)	(12,310,301)
Change in unrealized gain (loss) on derivative contracts, net	3,340,600	1,631,907	(7,172,338)	782,901
Realized gain (loss) on mortgage loans held-for-sale	60,427	(13,666)	129,175	1,017,625
Change in unrealized gain (loss) on mortgage loans held-for-sale	(138,785)	539,456	(2,885)	496,297
Change in unrealized gain (loss) on mortgage servicing rights	(204,505)	(488,247)	(1,243,240)	(756,558)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	930,312	1,804,190	(5,604,839)	5,644,774
Change in unrealized gain (loss) on residential loans held in securitization trusts	(764,599)	(1,323,697)	80,511	(7,655,902)
Other interest expense	(1,860,000)	0	(1,860,000)	0
Servicing income	258,458	64,962	726,011	121,500
Other income	3	33,374	26,811	59,985
Total other income (loss)	(907,662)	(4,943,521)	(28,743,548)	(11,391,486)
Expenses:
Management fee	623,525	703,167	1,873,486	2,119,571
General and administrative expenses	1,171,421	1,419,268	4,483,064	4,820,505
Operating expenses reimbursable to Manager	1,184,391	1,338,272	3,573,445	3,444,914
Other operating expenses	161,036	(20,377)	1,393,303	1,185,164
Compensation expense	50,544	64,207	144,431	187,202
Total expenses	3,190,917	3,504,537	11,467,729	11,757,356
Net income (loss)	1,850,690	(1,698,722)	(22,896,725)	(3,028,000)
Dividends to preferred stockholders	(880,509)	(880,509)	(2,631,744)	(2,631,744)
Net income (loss) attributable to common stockholders	970,181	(2,579,231)	(25,528,469)	(5,659,744)
Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$ 970,181	$ (2,579,231)	$ (25,528,469)	$ (5,659,744)
Weighted average number (loss) of shares of common stock outstanding	14,600,193	14,724,750	14,601,306	14,721,635
Basic and diluted income per share	$ 0.07	$ (0.18)	$ (1.75)	$ (0.38)
Dividends declared per share of common stock	$ 0.18	$ 0.30	$ 0.54	$ 1.05