Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest income:
Available-for-sale securities	$ 6,822,622	$ 4,899,038
Mortgage loans held-for-sale	28,763	122,237
Multi-family loans held in securitization trusts	13,948,754	15,437,804
Residential loans held in securitization trusts	1,355,438	4,152,406
Cash and cash equivalents	35,734	5,710
Interest expense:
Repurchase agreements - available-for-sale securities	(2,095,474)	(1,489,413)
Repurchase agreements - mortgage loans held-for-sale	0	(76,200)
Multi-family securitized debt obligations	(13,237,724)	(14,112,709)
Residential securitized debt obligations	(1,074,352)	(3,178,442)
Net interest income	5,783,761	5,760,431
Other-than-temporary impairments
(Increase) decrease in credit reserves	0	(20,994)
Additional other-than-temporary credit impairment losses	0	0
Total impairment losses recognized in earnings	0	(20,994)
Other income:
Realized gain (loss) on sale of investments, net	(9,317,003)	(6,383,153)
Change in unrealized gain (loss) on fair value option securities	9,448,270	(371,095)
Realized gain (loss) on derivative contracts, net	2,233,051	(1,585,541)
Change in unrealized gain (loss) on derivative contracts, net	(3,077,088)	(8,462,400)
Realized gain (loss) on mortgage loans held-for-sale	(174)	(986)
Change in unrealized gain (loss) on mortgage loans held-for-sale	(3,709)	197,902
Change in unrealized gain (loss) on mortgage servicing rights	(126,446)	(900,288)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	1,299,630	1,536,317
Change in unrealized gain (loss) on residential loans held in securitization trusts	(368,343)	(2,554,077)
Other interest expense	(152,322)	0
Servicing income	252,738	223,678
Other income	12,171	24,982
Total other income (loss)	200,775	(18,274,661)
Expenses:
Management fee	544,510	623,223
General and administrative expenses	1,588,572	1,632,511
Operating expenses reimbursable to Manager	1,208,943	1,204,811
Other operating expenses	220,496	882,206
Compensation expense	52,874	69,639
Total expenses	3,615,395	4,412,390
Net income (loss)	2,369,141	(16,947,614)
Dividends to preferred stockholders	(880,509)	(880,509)
Net income (loss) attributable to common stockholders	1,488,632	(17,828,123)
Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$ 1,488,632	$ (17,828,123)
Weighted average number of shares of common stock outstanding (in shares)	17,539,258	14,605,515
Basic and diluted income (loss) per share (in dollars per share)	$ 0.08	$ (1.22)
Dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.18