Consolidated Statements of Operations Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest income:
Available-for-sale securities	$ 29,521,893	$ 23,475,765	$ 24,298,156
Mortgage loans held-for-sale	72,160	430,986	2,097,702
Multi-family loans held in securitization trusts	54,271,017	58,587,780	68,016,595
Residential loans held in securitization trusts	5,103,853	10,585,191	19,986,204
Cash and cash equivalents	164,413	41,994	16,351
Interest expense:
Repurchase agreements - available-for-sale securities	(13,493,197)	(6,237,777)	(6,467,312)
Repurchase agreements - mortgage loans held-for-sale	0	(237,807)	(1,323,892)
Multi-family securitized debt obligations	(51,440,694)	(54,940,386)	(62,157,176)
Residential securitized debt obligations	(4,059,894)	(8,117,402)	(13,156,912)
Net interest income	20,139,551	23,588,344	31,309,716
Other-than-temporary impairments
(Increase) decrease in credit reserves	0	(541,342)	(745,492)
Additional other-than-temporary credit impairment losses	0	(183,790)	(2,890,939)
Total impairment losses recognized in earnings	0	(725,132)	(3,636,431)
Other income:
Realized gain (loss) on sale of investments, net	(14,054,164)	(7,216,137)	(533,832)
Change in unrealized gain (loss) on fair value option securities	9,448,270	(4,683,410)	(1,041,649)
Realized gain (loss) on derivative contracts, net	2,219,719	(3,089,001)	(12,024,730)
Change in unrealized gain (loss) on derivative contracts, net	(2,704,413)	5,495,463	4,909,858
Realized gain (loss) on mortgage loans held-for-sale, net	(221,620)	94,187	1,216,314
Change in unrealized gain (loss) on mortgage loans held-for-sale	17,727	(151,023)	(197,179)
Change in unrealized gain (loss) on mortgage servicing rights	(487,856)	(827,864)	(671,957)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	3,353,365	(5,219,530)	6,097,000
Change in unrealized gain (loss) on residential loans held in securitization trusts	(961,100)	404,720	(8,153,474)
Other interest expense	(152,322)	(1,860,000)	0
Servicing income	922,094	932,424	211,878
Other income	46,262	32,276	85,726
Total other income (loss)	(2,574,038)	(16,087,895)	(10,102,045)
Expenses:
Management fee	2,215,050	2,472,353	2,774,432
General and administrative expenses	5,454,786	5,867,851	6,660,934
Operating expenses reimbursable to Manager	4,127,549	4,747,275	4,980,348
Other operating expenses	855,582	1,480,341	2,448,439
Compensation expense	205,585	197,452	256,608
Total expenses	12,858,552	14,765,272	17,120,761
Net income (loss)	4,706,961	(7,989,955)	450,479
Dividends to preferred stockholders	(3,522,036)	(3,522,036)	(3,522,036)
Net income (loss) attributable to common stockholders	1,184,925	(11,511,991)	(3,071,557)
Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$ 1,184,925	$ (11,511,991)	$ (3,071,557)
Weighted average number of shares of common stock outstanding (in shares)	20,048,128	14,641,701	14,721,074
Basic and diluted income (loss) per share (in dollars per share)	$ 0.06	$ (0.79)	$ (0.21)
Dividends declared per share of common stock (in dollars per share)	$ 0.60	$ 2.04	$ 1.35