Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income:
Available-for-sale securities	$ 23,475,765	$ 24,298,156	$ 16,560,338
Mortgage loans held-for-sale	430,986	2,097,702	3,634,264
Multi-family loans held in securitization trusts	58,587,780	68,016,595	21,158,102
Residential loans held in securitization trusts	10,585,191	19,986,204	4,438,634
Cash and cash equivalents	41,994	16,351	21,274
Interest expense:
Repurchase agreements - available-for-sale securities	(6,237,777)	(6,467,312)	(2,661,329)
Repurchase agreements - mortgage loans held-for-sale	(237,807)	(1,323,892)	(2,203,961)
Multi-family securitized debt obligations	(54,940,386)	(62,157,176)	(19,400,851)
Residential securitized debt obligations	(8,117,402)	(13,156,912)	(3,575,168)
Net interest income	23,588,344	31,309,716	17,971,303
Other-than-temporary impairments
(Increase) decrease in credit reserves	745,492	(745,492)	0
Additional other-than-temporary credit impairment losses	(183,790)	(2,890,939)	0
Total impairment losses recognized in earnings	561,702	(3,636,431)	0
Other income:
Realized gain (loss) on sale of investments, net	(7,216,137)	(533,832)	3,271,592
Change in unrealized gain (loss) on fair value option securities	(8,406,934)	(1,041,649)	0
Change in unrealized gain (loss) and net interest income from Linked Transactions	0	0	10,605,848
Realized gain (loss) on derivative contracts, net	(3,089,001)	(12,024,730)	(18,214,460)
Change in unrealized gain (loss) on derivative contracts, net	5,495,463	4,909,858	(2,931,249)
Realized gain (loss) on mortgage loans held-for-sale	94,187	1,216,314	(776,971)
Change in unrealized gain (loss) on mortgage loans held-for-sale	(151,023)	(197,179)	329,728
Change in unrealized gain (loss) on mortgage servicing rights	(827,864)	(671,957)	0
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	(5,219,530)	6,097,000	1,473,485
Change in unrealized gain (loss) on residential loans held in securitization trusts	404,720	(8,153,474)	3,059,647
Other interest expense	(1,860,000)	0	0
Servicing income	932,424	211,878	0
Other income	32,276	85,726	59,590
Total other income (loss)	(19,811,419)	(10,102,045)	(3,122,790)
Expenses:
Management fee	2,472,353	2,774,432	2,627,592
General and administrative expenses	5,867,851	6,660,934	2,901,076
Operating expenses reimbursable to Manager	4,747,275	4,980,348	3,247,683
Other operating expenses	1,480,341	2,448,439	2,504,741
Compensation expense	197,452	256,608	253,635
Total expenses	14,765,272	17,120,761	11,534,727
Net income (loss) before provision from income taxes	(10,426,645)	450,479	3,313,786
(Provision for) benefit from income taxes	0	0	0
Net income (loss)	(10,426,645)	450,479	3,313,786
Dividends to preferred stockholders	(3,522,036)	(3,522,036)	(2,887,296)
Net income (loss) attributable to common stockholders	(13,948,681)	(3,071,557)	426,490
Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$ (13,948,681)	$ (3,071,557)	$ 426,490
Weighted average number of shares of common stock outstanding	14,641,701	14,721,074	12,358,587
Basic and diluted income (loss) per share (in dollars per share)	$ (0.95)	$ (0.21)	$ 0.03
Dividends declared per share of common stock (in dollars per share)	$ 2.04	$ 1.35	$ 1.47