Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2017		Jun. 30, 2016
Cash flows from operating activities:
Net income (loss)	$ 72,570		$ (24,747,415)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Other-than-temporary impairment charges	0		167,218
Amortization/accretion of available-for-sale securities premiums and discounts, net	(1,696,333)		(3,534,745)
Realized (gain) loss on sale of investments, net	9,468,552		2,612,005
Realized (gain) loss on derivative contracts	(3,686,125)		2,346,903
Realized (gain) loss on mortgage loans held-for-sale	423		(68,748)
Unrealized (gain) loss on fair value option securities	(9,448,270)		6,334,273
Unrealized (gain) loss on derivative contracts	8,890,363		10,512,938
Unrealized (gain) loss on mortgage loans held-for-sale	11,067		(135,900)
Unrealized (gain) loss on mortgage servicing rights	354,775		1,038,735
Unrealized (gain) loss on multi-family loans held in securitization trusts	(2,102,836)		6,535,151
Unrealized (gain) loss on residential loans held in securitization trusts	618,422		(845,110)
Restricted stock compensation expense	13,318		25,554
Net change in:
Accrued interest receivable	(857,702)		(510,671)
Deferred offering costs	9,007		0
Other assets	(344,553)		(550,044)
Accrued interest payable	78,250		(31,814)
Deferred income	(14,983)		0
Fees and expenses payable to Manager	(317,000)		(156,716)
Other accounts payable and accrued expenses	(1,913,871)		68,465
Net cash (used in) provided by operating activities	(864,926)		(939,921)
Cash flows from investing activities:
Purchase of available-for-sale securities	(486,979,999)		(324,629,196)
Purchase of mortgage loans held-for-sale	0		(11,573,408)
Purchase of mortgage servicing rights	(10,910)		0
Proceeds from sales of available-for-sale securities	52,966,554		189,273,268
Proceeds from mortgage loans held-for-sale	0		9,586,465
Proceeds from FHLBI stock	0		2,391,700
Net proceeds from (payments for) derivative contracts	3,685,913		(2,346,903)
Principal payments from available-for-sale securities	55,681,933		33,837,646
Principal payments from mortgage loans held-for-sale	42,101		182,396
Investment related receivable	(703,768)		(1,975,625)
Due from broker	40,836,375		0
Net cash (used in) provided by investing activities	(334,481,801)		(105,253,657)
Cash flows from financing activities:
Proceeds from (costs for) issuance of common stock	19,903,641		0
Purchase of treasury stock	0		(283,565)
Dividends paid on common stock	(5,261,777)		(5,257,642)
Dividends paid on preferred stock	(1,761,018)		(1,761,018)
Proceeds from repurchase agreements - available-for-sale securities	5,703,247,000		3,093,465,000
Proceeds from repurchase agreements - mortgage loans held-for-sale	0		13,548,045
Payments for FHLBI advances	0		(49,697,000)
Principal repayments of repurchase agreements - available-for-sale securities	(5,361,430,000)		(2,925,499,000)
Principal repayments of repurchase agreements - mortgage loans held-for-sale	0		(12,645,732)
Net cash (used in) provided by financing activities	354,697,846		111,869,088
Net increase (decrease) in cash, cash equivalents and restricted cash	19,351,119		5,675,510
Cash, cash equivalents and restricted cash, beginning of period	37,889,596		34,315,356
Cash, cash equivalents and restricted cash, end of period	57,240,715		39,990,866
Supplemental disclosure of cash flow information
Cash paid for interest	6,903,389		3,030,326
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	29,349	[1]	29,349
Net change in unrealized gain (loss) on available-for-sale securities	1,438,483		6,719,038
Consolidation of multi-family loans held in securitization trusts	1,179,880,650		1,310,347,394
Consolidation of residential loans held in securitization trusts	129,108,978		174,836,711
Consolidation of multi-family securitized debt obligations	1,159,436,081		1,293,320,974
Consolidation of residential securitized debt obligations	$ 123,352,580		$ 160,213,774

[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 June 30, 2017 and December 31, 2016, assets of consolidated VIEs totaled $1,308,989,628 and $1,369,120,941 respectively, and the liabilities of consolidated VIEs totaled $1,282,788,661 and $1,344,404,080 respectively