Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Cash flows from operating activities:
Net income (loss)	$ (10,426,645)		$ 450,479		$ 3,313,786
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges	(561,702)		3,636,431		0
Amortization/accretion of available-for-sale securities premiums and discounts, net	(6,751,667)		(13,210,849)		(4,705,639)
Realized (gain) loss on sale of investments, net	7,216,137		533,832		3,877,356
Realized (gain) loss on derivative contracts	3,089,001		12,024,730		18,214,460
Realized (gain) loss on mortgage loans held-for-sale	(94,187)		(1,216,314)		776,971
Unrealized (gain) loss on fair value option securities	8,406,934		1,041,649		0
Unrealized (gain) loss on Linked Transactions, net	0		0		1,966,726
Unrealized (gain) loss on derivative contracts	(5,495,463)		(4,909,858)		2,931,249
Unrealized (gain) loss on mortgage loans held-for-sale	151,023		197,179		(329,728)
Unrealized (gain) loss on mortgage servicing rights	827,864		671,957		0
Unrealized (gain) loss on multi-family loans held in securitization trusts	5,219,530		(6,097,000)		(1,473,485)
Unrealized (gain) loss on residential loans held in securitization trusts	(404,720)		8,153,474		(3,059,647)
Restricted stock compensation expense	35,785		63,275		13,457
Net change in:
Accrued interest receivable	(707,019)		1,204,188		(1,874,785)
Deferred offering costs	(96,489)		945,661		187,457
Dividends receivable	25,900		(26,022)		0
Other assets	(244,441)		(458,869)		(5,052)
Accrued interest payable	119,993		(693,848)		501,584
Deferred income	203,743		0		0
Fees and expenses payable to Manager	37,097		(219,097)		732,000
Other accounts payable and accrued expenses	1,790,336		(27,522)		(322,485)
Net cash provided by operating activities	2,341,010		2,063,476		20,744,225
Cash flows from investing activities:
Purchase of available-for-sale securities	(585,984,081)		(241,590,864)		(521,681,124)
Purchase of mortgage loans held-for-sale	(14,772,535)		(502,308,627)		(451,629,615)
Purchase of mortgage servicing rights	0		(4,940,630)		0
Purchase of FHLBI stock	0		(2,403,000)		0
Proceeds from sales of available-for-sale securities	263,153,843		333,672,932		296,246,293
Proceeds from mortgage loans held-for-sale	22,490,929		531,673,280		388,053,342
Proceeds from FHLBI stock	2,403,000		0		0
Net proceeds from (payments for) derivative contracts	(3,089,001)		(11,940,730)		(17,878,460)
Principal payments from available-for-sale securities	96,655,967		70,476,212		45,077,314
Principal payments from mortgage loans held-for-sale	275,636		15,432,462		8,450,648
Investment related receivable	(2,323,115)		0		506,892
Restricted cash	(2,180,584)		3,226,007		1,942,528
Due to broker	4,244,678		0		0
Net cash (used in) provided by investing activities	(219,125,263)		191,297,042		(250,912,182)
Cash flows from financing activities:
Proceeds from issuance of common stock	15,503,885		0		79,263,318
Net proceeds from issuance of preferred stock	0		0		19,096,074
Purchase of treasury stock	(283,565)		(358,991)		0
Change in deferred offering costs	0		0		(1,133,118)
Dividends paid on common stock	(29,898,918)		(19,874,663)		(18,229,875)
Dividends paid on preferred stock	(3,522,036)		(3,522,036)		(2,890,665)
Proceeds from repurchase agreements - available-for-sale securities	7,940,492,000		5,951,792,999		4,528,080,286
Proceeds from repurchase agreements - mortgage loans held-for-sale	16,405,081		66,937,322		401,295,517
Proceeds from FHLBI advances	0		155,497,000		0
Payments for FHLBI advances	(49,697,000)		(105,800,000)		0
Principal repayments of repurchase agreements - available-for-sale securities	(7,644,912,000)		(6,136,468,999)		(4,395,638,286)
Principal repayments of repurchase agreements - mortgage loans held-for-sale	(25,909,538)		(107,696,717)		(351,031,665)
Net cash (paid) on securities underlying Linked Transactions	0		0		(117,544,275)
Net cash received from repurchase agreements underlying Linked Transactions	0		0		88,112,000
Net cash (used in) provided by financing activities	218,177,909		(199,494,085)		229,379,311
Net increase (decrease) in cash and cash equivalents	1,393,656		(6,133,567)		(788,646)
Cash and cash equivalents, beginning of period	26,140,718	[1]	32,274,285		33,062,931
Cash and cash equivalents, end of period	27,534,374	[1]	26,140,718	[1]	32,274,285
Supplemental disclosure of cash flow information
Cash paid for interest	6,355,591		8,554,565		4,363,706
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	39,132	[1]	39,132	[1]	39,132
Net change in unrealized gain (loss) on available-for-sale securities	(6,436,169)		(7,604,122)		18,303,304
Consolidation of multi-family loans held in securitization trusts	1,227,523,075		1,455,155,339		1,677,847,006
Consolidation of residential loans held in securitization trusts	141,597,866		413,327,217		507,423,695
Consolidation of multi-family securitized debt obligations	1,209,181,035		1,369,124,789		1,676,373,521
Consolidation of residential securitized debt obligations	135,223,045		381,791,476		433,698,636
MBS securities recorded upon adoption of revised accounting standard for repurchase agreement financing	0		210,238,658		0
Repurchase agreements recorded upon adoption of revised accounting standard for repurchase agreement financing	$ 0		$ 149,293,000		$ 0

[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 December 31, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,369,120,941 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,344,404,080 and $1,750,916,265, respectively