Condensed Consolidated Balance Sheets - USD ($)		Mar. 31, 2017	Dec. 31, 2016
ASSETS
Available-for-sale securities, at fair value (includes pledged securities of $1,040,598,558 and $876,121,505 for March 31, 2017 and December 31, 2016, respectively)	[1]	$ 1,035,720,870	$ 870,929,601
Mortgage loans held-for-sale, at fair value	[1]	2,822,751	2,849,536
Multi-family loans held in securitization trusts, at fair value	[1]	1,215,157,038	1,222,905,433
Residential loans held in securitization trusts, at fair value	[1]	132,454,523	141,126,720
Mortgage servicing rights, at fair value	[1]	3,314,363	3,440,809
Cash and cash equivalents	[1]	32,713,356	27,534,374
Restricted cash	[1]	7,693,120	10,355,222
Deferred offering costs	[1]	96,532	96,489
Accrued interest receivable	[1]	8,078,915	7,619,717
Investment related receivable	[1]	2,193,766	3,914,458
Derivative assets, at fair value	[1]	4,976,938	8,053,813
Other assets	[1]	724,267	775,031
Total assets	[1]	2,445,946,439	2,299,601,203
Repurchase agreements:
Available-for-sale securities	[1]	971,225,000	804,811,000
Multi-family securitized debt obligations	[1]	1,195,536,818	1,204,583,678
Residential securitized debt obligations	[1]	126,535,978	134,846,348
Accrued interest payable	[1]	5,534,935	5,467,916
Dividends payable	[1]	39,132	39,132
Deferred income	[1]	200,534	203,743
Due to broker	[1]	915,590	4,244,678
Fees and expenses payable to Manager	[1]	709,000	880,000
Other accounts payable and accrued expenses	[1]	376,632	2,057,843
Total liabilities	[1]	2,301,073,619	2,157,134,338
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 and 1,610,000 issued and outstanding at March 31, 2017 and December 31, 2016, respectively	[1]	37,156,972	37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 17,539,258 and 17,539,258 shares issued and outstanding, at March 31, 2017 and December 31, 2016, respectively	[1]	175,348	175,348
Additional paid-in capital	[1]	204,262,178	204,264,868
Accumulated other comprehensive income (loss)	[1]	(5,717,728)	(9,268,630)
Cumulative distributions to stockholders	[1]	(92,735,592)	(89,224,194)
Accumulated earnings (deficit)	[1]	1,731,642	(637,499)
Total stockholders' equity	[1]	144,872,820	142,466,865
Total liabilities and stockholders' equity	[1]	$ 2,445,946,439	$ 2,299,601,203

[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2017 and December 31, 2016, assets of consolidated VIEs totaled $1,352,801,814 and $1,369,120,941 respectively, and the liabilities of consolidated VIEs totaled $1,327,153,665 and $1,344,404,080 respectively