Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2017		Sep. 30, 2016
Cash flows from operating activities:
Net income (loss)	$ (4,183,767)		$ (22,896,725)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Other-than-temporary impairment charges	0		370,798
Amortization/accretion of available-for-sale securities premiums and discounts, net	(1,653,155)		(5,257,442)
Realized (gain) loss on sale of investments, net	14,616,997		3,361,609
Realized (gain) loss on derivative contracts, net	(2,049,400)		3,167,877
Realized (gain) loss on mortgage loans held-for-sale	221,620		(129,175)
Unrealized (gain) loss on fair value option securities	(9,448,270)		7,293,268
Unrealized (gain) loss on derivative contracts	8,583,100		7,172,338
Unrealized (gain) loss on mortgage loans held-for-sale	(17,727)		2,885
Unrealized (gain) loss on mortgage servicing rights	457,720		1,243,240
Unrealized (gain) loss on multi-family loans held in securitization trusts	(2,797,566)		5,604,839
Unrealized (gain) loss on residential loans held in securitization trusts	773,674		(80,511)
Restricted stock compensation expense	16,634		29,014
Net change in:
Accrued interest receivable	(1,400,041)		(672,852)
Deferred offering costs	18,057		0
Other assets	(137,688)		(398,140)
Accrued interest payable	13,743		(43,909)
Deferred income	(847)		6,905
Fees and expenses payable to Manager	(293,000)		(151,716)
Other accounts payable and accrued expenses	(1,784,111)		1,795,403
Net cash (used in) provided by operating activities	935,973		417,706
Cash flows from investing activities:
Purchase of available-for-sale securities	(1,000,558,281)		(454,443,440)
Purchase of mortgage loans held-for-sale	0		(14,772,535)
Purchase of mortgage servicing rights	(10,910)		0
Proceeds from sales of available-for-sale securities	469,004,262		230,557,084
Proceeds from mortgage loans held-for-sale	2,098,010		16,289,603
Proceeds from FHLBI stock	0		2,391,700
Net proceeds from (payments for) derivative contracts	2,049,188		(3,167,877)
Principal payments from available-for-sale securities	98,107,847		66,007,840
Principal payments from mortgage loans held-for-sale	52,146		235,622
Investment related receivable	(784,563)		(2,539,730)
Due from broker	(4,244,678)		0
Net cash (used in) provided by investing activities	(434,286,979)		(159,441,733)
Cash flows from financing activities:
Proceeds from (costs for) issuance of common stock	19,827,811		0
Purchase of treasury stock	0		(283,565)
Dividends paid on common stock	(8,582,666)		(7,885,803)
Dividends paid on preferred stock	(2,641,527)		(2,641,527)
Proceeds from repurchase agreements - available-for-sale securities	10,247,863,000		5,603,428,000
Proceeds from repurchase agreements - mortgage loans held-for-sale	0		16,405,081
Principal repayments of FHLBI advances	0		(49,697,000)
Principal repayments of repurchase agreements - available-for-sale securities	(9,815,013,000)		(5,373,159,000)
Principal repayments of repurchase agreements - mortgage loans held-for-sale	0		(18,783,717)
Net cash (used in) provided by financing activities	441,453,618		167,382,469
Net increase (decrease) in cash, cash equivalents and restricted cash	8,102,612		8,358,442
Cash, cash equivalents and restricted cash, beginning of period	37,889,596		34,315,356
Cash, cash equivalents and restricted cash, end of period	45,992,208		42,673,798
Supplemental disclosure of cash flow information
Cash paid for interest	11,086,534		4,671,932
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	3,625,531		5,783,321
Consolidation of multi-family loans held in securitization trusts	1,154,277,919		1,271,754,540
Consolidation of residential loans held in securitization trusts	125,815,955		153,858,101
Consolidation of multi-family securitized debt obligations	1,133,138,620		1,253,797,808
Consolidation of residential securitized debt obligations	$ 120,214,808		$ 147,807,489

[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 September 30, 2017 and December 31, 2016, assets of consolidated VIEs totaled $1,280,093,874 and $1,369,120,941 respectively, and the liabilities of consolidated VIEs totaled $1,253,353,428 and $1,344,404,080 respectively