Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest income:
Available-for-sale securities	$ 6,658,679	$ 5,331,794	$ 13,481,301	$ 10,230,832
Mortgage loans held-for-sale	28,571	167,070	57,334	289,307
Multi-family loans held in securitization trusts	13,569,574	14,692,902	27,518,328	30,130,706
Residential loans held in securitization trusts	1,298,520	3,408,847	2,653,958	7,561,253
Cash and cash equivalents	39,747	8,945	75,481	14,655
Interest expense:
Repurchase agreements - available-for-sale securities	(2,873,843)	(1,338,815)	(4,969,317)	(2,828,228)
Repurchase agreements - mortgage loans held-for-sale	0	(94,084)	0	(170,284)
Multi-family securitized debt obligations	(12,862,356)	(13,814,743)	(26,100,080)	(27,927,452)
Residential securitized debt obligations	(1,030,971)	(2,589,846)	(2,105,323)	(5,768,288)
Net interest income	4,827,921	5,772,070	10,611,682	11,532,501
Other-than-temporary impairments
(Increase) decrease in credit reserves	0	(146,224)	0	(167,218)
Total impairment losses recognized in earnings	0	(146,224)	0	(167,218)
Other income:
Realized gain (loss) on sale of investments, net	(151,549)	3,771,148	(9,468,552)	(2,612,005)
Change in unrealized gain (loss) on fair value option securities	0	(5,963,178)	9,448,270	(6,334,273)
Realized gain (loss) on derivative contracts, net	1,453,074	(761,362)	3,686,125	(2,346,903)
Change in unrealized gain (loss) on derivative contracts, net	(5,813,275)	(2,050,538)	(8,890,363)	(10,512,938)
Realized gain (loss) on mortgage loans held-for-sale	(249)	69,734	(423)	68,748
Change in unrealized gain (loss) on mortgage loans held-for-sale	(7,358)	(62,002)	(11,067)	135,900
Change in unrealized gain (loss) on mortgage servicing rights	(228,329)	(138,447)	(354,775)	(1,038,735)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	803,206	(8,071,468)	2,102,836	(6,535,151)
Change in unrealized gain (loss) on residential loans held in securitization trusts	(250,079)	3,399,187	(618,422)	845,110
Other interest expense	0	0	(152,322)	0
Servicing income	192,519	243,875	445,257	467,553
Other income	12,735	1,826	24,906	26,808
Total other income (loss)	(3,989,305)	(9,561,225)	(3,788,530)	(27,835,886)
Expenses:
Management fee	552,882	626,738	1,097,392	1,249,961
General and administrative expenses	1,243,257	1,679,132	2,831,829	3,311,643
Operating expenses reimbursable to Manager	961,909	1,184,243	2,170,852	2,389,054
Other operating expenses	324,191	350,061	544,687	1,232,267
Compensation expense	52,948	24,248	105,822	93,887
Total expenses	3,135,187	3,864,422	6,750,582	8,276,812
Net income (loss)	(2,296,571)	(7,799,801)	72,570	(24,747,415)
Dividends to preferred stockholders	(870,726)	(870,726)	(1,751,235)	(1,751,235)
Net income (loss) attributable to common stockholders	(3,167,297)	(8,670,527)	(1,678,665)	(26,498,650)
Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$ (3,167,297)	$ (8,670,527)	$ (1,678,665)	$ (26,498,650)
Weighted average number of shares of common stock outstanding (in shares)	18,297,500	14,597,894	17,920,473	14,604,540
Basic and diluted income (loss) per share (in dollars per share)	$ (0.17)	$ (0.59)	$ (0.09)	$ (1.81)
Dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.18	$ 0.30	$ 0.36