Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2016		Sep. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ (22,896,725)		$ (3,028,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges	370,798		4,652,147
Amortization/accretion of available-for-sale securities premiums and discounts, net	(5,257,442)		(11,111,926)
Realized (gain) loss on sale of investments, net	3,361,609		(1,834,151)
Realized (gain) loss on derivative contracts	3,167,877		12,310,301
Realized (gain) loss on mortgage loans held-for-sale	(129,175)		(1,017,625)
Unrealized (gain) loss on fair vlaue option securities	7,293,268		625,958
Unrealized (gain) loss on derivative contracts	7,172,338		(782,901)
Unrealized (gain) loss on mortgage loans held-for-sale	2,885		(496,297)
Unrealized (gain) loss on mortgage servicing rights	1,243,240		756,558
Unrealized (gain) loss on multi-family loans held in securitization trusts	5,604,839		(5,644,774)
Unrealized (gain) loss on residential loans held in securitization trusts	(80,511)		7,655,902
Restricted stock compensation expense	29,014		50,535
Net change in:
Accrued interest receivable	(672,852)		1,438,767
Dividends receivable	25,899		(26,022)
Other assets	(424,039)		(290,062)
Accrued interest payable	(43,909)		(608,536)
Deferred income	6,905		0
Fees and expenses payable to Manager	(151,716)		(142,000)
Other accounts payable and accrued expenses	1,795,403		333,445
Net cash provided by operating activities	417,706		2,841,319
Cash flows from investing activities:
Purchase of available-for-sale securities	(454,443,440)		(109,386,478)
Purchase of mortgage loans held-for-sale	(14,772,535)		(297,706,381)
Purchase of mortgage servicing rights	0		(2,671,876)
Purchase of FHLB stock	0		(2,403,000)
Proceeds from sales of available-for-sale securities	230,557,084		245,214,358
Proceeds from mortgage loans held-for-sale	16,289,603		291,898,820
Proceeds from FHLBI stock	2,391,700		0
Net proceeds from (payments for) derivative contracts	(3,167,877)		(12,299,683)
Principal payments from available-for-sale securities	66,007,840		53,998,105
Principal payments from mortgage loans held-for-sale	235,622		0
Deferred securitization costs	0		(189,244)
Investment related receivable	(2,539,730)		71,006,526
Restricted cash	(5,908,603)		(144,112)
Net cash used in investing activities	(165,350,336)		237,317,035
Cash flows from financing activities:
Net proceeds from issuance of common stock	0		(344,889)
Deferred offering costs	0		(76,766)
Purchase of treasury stock	(283,565)		0
Dividends paid on common stock	(7,885,803)		(15,457,238)
Dividends paid on preferred stock	(2,641,527)		(2,641,527)
Proceeds from repurchase agreements - available-for-sale securities	5,603,428,000		4,432,684,999
Proceeds from repurchase agreements - mortgage loans held-for-sale	16,405,081		57,432,865
Proceeds from FHLBI advances	0		104,800,000
Payments for FHLBI advances	(49,697,000)		(53,400,000)
Principal repayments of repurchase agreements - available-for-sale securities	(5,373,159,000)		(4,713,249,999)
Principal repayments of repurchase agreements - mortgage loans held-for-sale	(18,783,717)		(54,697,754)
Net cash provided by financing activities	167,382,469		(244,950,309)
Net increase (decrease) in cash and cash equivalents	2,449,839		(4,791,955)
Cash and cash equivalents, beginning of period	26,140,718	[1]	32,274,285
Cash and cash equivalents, end of period	28,590,557	[1]	27,482,330
Supplemental disclosure of cash flow information
Cash paid for interest	4,671,932		6,730,818
Non-cash investing and financing activities information
Restricted stock compensation expense	29,014		50,585
Dividends declared but not paid at end of period	29,349	[1]	29,349
Net change in unrealized gain (loss) on available-for-sale securities	5,783,321		3,638,597
Consolidation of multi-family loans held in securitization trusts	1,271,754,540		1,563,385,916
Consolidation of residential loans held in securitization trusts	153,858,101		445,230,977
Consolidation of multi-family securitized debt obligations	1,253,797,808		1,477,807,591
Consolidation of residential securitized debt obligations	147,807,489		393,218,978
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 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