Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2017		Mar. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 2,369,141		$ (16,947,614)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Other-than-temporary impairment charges	0		20,994
Amortization/accretion of available-for-sale securities premiums and discounts, net	(1,399,788)		(1,855,886)
Realized (gain) loss on sale of investments, net	9,317,003		6,383,153
Realized (gain) loss on derivative contracts	(2,233,051)		1,585,541
Realized (gain) loss on mortgage loans held-for-sale	174		986
Unrealized (gain) loss on fair value option securities	(9,448,270)		371,095
Unrealized (gain) loss on derivative contracts	3,077,088		8,462,400
Unrealized (gain) loss on mortgage loans held-for-sale	3,709		(197,902)
Unrealized (gain) loss on mortgage servicing rights	126,446		900,288
Unrealized (gain) loss on multi-family loans held in securitization trusts	(1,299,630)		(1,536,317)
Unrealized (gain) loss on residential loans held in securitization trusts	368,343		2,554,077
Restricted stock compensation expense	6,620		17,139
Net change in:
Accrued interest receivable	(357,733)		120,710
Deferred offering costs	(43)		0
Other assets	50,764		5,670
Accrued interest payable	(39,796)		(100,868)
Deferred income	(3,209)		0
Fees and expenses payable to Manager	(171,000)		94,524
Other accounts payable and accrued expenses	(1,681,211)		776,332
Net cash (used in) provided by operating activities	(1,314,443)		654,322
Cash flows from investing activities:
Purchase of available-for-sale securities	(229,808,786)		0
Purchase of mortgage loans held-for-sale	0		(1,766,074)
Proceeds from sales of available-for-sale securities	46,285,304		82,592,076
Proceeds from FHLBI stock	0		1,372,500
Net proceeds from (payments for) derivative contracts	2,233,051		(1,585,541)
Principal payments from available-for-sale securities	23,814,162		14,493,260
Principal payments from mortgage loans held-for-sale	22,696		57,085
Investment related receivable	1,720,692		(280,349)
Due from broker	(3,329,088)		0
Net cash (used in) provided by investing activities	(159,061,969)		94,882,957
Cash flows from financing activities:
Proceeds from (costs for) issuance of common stock	(9,310)		0
Purchase of treasury stock	0		(283,565)
Dividends paid on common stock	(2,630,889)		(2,630,021)
Dividends paid on preferred stock	(880,509)		(880,509)
Proceeds from repurchase agreements - available-for-sale securities	2,720,168,000		1,340,766,000
Proceeds from repurchase agreements - mortgage loans held-for-sale	0		5,282,255
Payments for FHLBI advances	0		(49,697,000)
Principal repayments of repurchase agreements - available-for-sale securities	(2,553,754,000)		(1,389,724,000)
Principal repayments of repurchase agreements - mortgage loans held-for-sale	0		(5,433,357)
Net cash (used in) provided by financing activities	162,893,292		(102,600,197)
Net increase (decrease) in cash, cash equivalents and restricted cash	2,516,880		(7,062,918)
Cash, cash equivalents and restricted cash, beginning of period	37,889,596		34,315,356
Cash, cash equivalents and restricted cash, end of period	40,406,476		27,252,438
Supplemental disclosure of cash flow information
Cash paid for interest	4,147,592		1,666,481
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	39,132	[1]	39,132
Net change in unrealized gain (loss) on available-for-sale securities	3,550,902		(1,101,326)
Consolidation of multi-family loans held in securitization trusts	1,219,903,501		1,438,864,444
Consolidation of residential loans held in securitization trusts	132,898,313		397,903,036
Consolidation of multi-family securitized debt obligations	1,200,261,830		1,351,297,578
Consolidation of residential securitized debt obligations	$ 126,891,835		$ 369,043,007

[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