Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest income:
Available-for-sale securities	$ 7,827,281	$ 6,549,869	$ 21,308,582	$ 16,780,701
Mortgage loans held-for-sale	12,082	121,892	69,416	411,199
Multi-family loans held in securitization trusts	13,473,913	14,466,946	40,992,241	44,597,652
Residential loans held in securitization trusts	1,249,966	1,582,090	3,903,924	9,143,343
Cash and cash equivalents	63,264	11,754	138,745	26,409
Interest expense:
Repurchase agreements - available-for-sale securities	(4,118,639)	(1,572,062)	(9,087,956)	(4,400,290)
Repurchase agreements - mortgage loans held-for-sale	0	(57,449)	0	(227,733)
Multi-family securitized debt obligations	(12,766,808)	(13,740,005)	(38,866,888)	(41,667,457)
Residential securitized debt obligations	(995,293)	(1,210,186)	(3,100,616)	(6,978,474)
Net interest income	4,745,766	6,152,849	15,357,448	17,685,350
Other-than-temporary impairments
(Increase) decrease in credit reserves	0	(374,124)	0	(541,342)
Additional other-than-temporary credit impairment losses	0	(183,790)	0	(183,790)
Total impairment losses recognized in earnings	0	(557,914)	0	(725,132)
Other income:
Realized gain (loss) on sale of investments, net	(5,148,445)	(749,604)	(14,616,997)	(3,361,609)
Change in unrealized gain (loss) on fair value option securities	0	(958,995)	9,448,270	(3,569,744)
Realized gain (loss) on derivative contracts, net	(1,636,725)	(820,974)	2,049,400	(3,167,877)
Change in unrealized gain (loss) on derivative contracts, net	307,263	3,340,600	(8,583,100)	(7,172,338)
Realized gain (loss) on mortgage loans held-for-sale	(221,197)	60,427	(221,620)	129,175
Change in unrealized gain (loss) on mortgage loans held-for-sale	28,794	(138,785)	17,727	(2,885)
Change in unrealized gain (loss) on mortgage servicing rights	(102,945)	(204,505)	(457,720)	(1,243,240)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	694,730	930,312	2,797,566	(5,604,839)
Change in unrealized gain (loss) on residential loans held in securitization trusts	(155,252)	(764,599)	(773,674)	80,511
Other interest expense	0	(1,860,000)	(152,322)	(1,860,000)
Servicing income	276,211	258,458	721,468	726,011
Other income	8,369	3	33,275	26,811
Total other income (loss)	(5,949,197)	(907,662)	(9,737,727)	(25,020,024)
Expenses:
Management fee	573,412	623,525	1,670,804	1,873,486
General and administrative expenses	1,288,978	1,171,421	4,120,807	4,483,064
Operating expenses reimbursable to Manager	915,452	1,184,391	3,086,304	3,573,445
Other operating expenses	225,502	161,036	770,189	1,393,303
Compensation expense	49,562	50,544	155,384	144,431
Total expenses	3,052,906	3,190,917	9,803,488	11,467,729
Net income (loss)	(4,256,337)	1,496,356	(4,183,767)	(19,527,535)
Dividends to preferred stockholders	(880,509)	(880,509)	(2,631,744)	(2,631,744)
Net income (loss) attributable to common stockholders	(5,136,846)	615,847	(6,815,511)	(22,159,279)
Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$ (5,136,846)	$ 615,847	$ (6,815,511)	$ (22,159,279)
Weighted average number of shares of common stock outstanding (in shares)	22,139,258	14,600,193	19,342,188	14,601,306
Basic and diluted income (loss) per share (in dollars per share)	$ (0.23)	$ 0.04	$ (0.35)	$ (1.52)
Dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.18	$ 0.45	$ 0.54