Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018		Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 11,315,000		$ 2,369,141
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Amortization/accretion of available-for-sale securities premiums and discounts, net	1,243,752		(1,399,788)
Realized (gain) loss on sale of investments, net	2,848,007		9,317,003
Realized (gain) loss on derivative contracts, net	(2,792,794)		(2,233,051)
Realized (gain) loss on mortgage loans held-for-sale	0		174
Unrealized (gain) loss on fair value option securities	0		(9,448,270)
Unrealized (gain) loss on derivative contracts	(12,783,088)		3,077,088
Unrealized (gain) loss on mortgage loans held-for-sale	0		3,709
Unrealized (gain) loss on mortgage servicing rights	(57,689)		126,446
Unrealized (gain) loss on multi-family loans held in securitization trusts	1,355,774		(1,299,630)
Unrealized (gain) loss on residential loans held in securitization trusts	255,403		368,343
Restricted stock compensation expense	4,804		6,620
Net change in:
Accrued interest receivable	100,083		(357,733)
Deferred offering costs	(7,617)		(43)
Other assets	143,759		50,764
Accrued interest payable	(291,435)		(39,796)
Deferred income	51,450		(3,209)
Fees and expenses payable to Manager	567,711		(171,000)
Other accounts payable and accrued expenses	(63,221)		(1,681,211)
Net cash (used in) provided by operating activities	1,889,899		(1,314,443)
Cash flows from investing activities:
Purchase of available-for-sale securities	0		(229,808,786)
Proceeds from sales of available-for-sale securities	144,210,537		46,285,304
Net proceeds from (payments for) derivative contracts	2,792,794		2,233,051
Principal payments from available-for-sale securities	36,468,741		23,814,162
Principal payments from mortgage loans held-for-sale	0		22,696
Investment related receivable	(136,340,151)		1,720,692
Due from broker	12,617,662		(3,329,088)
Net cash (used in) provided by investing activities	59,749,583		(159,061,969)
Cash flows from financing activities:
Proceeds from (costs for) issuance of common stock	7,310,584		(9,310)
Purchase of treasury stock	0		0
Dividends paid on common stock	(2,314,686)		(2,630,889)
Dividends paid on preferred stock	(880,509)		(880,509)
Proceeds from repurchase agreements - available-for-sale securities	4,064,474,000		2,720,168,000
Principal repayments of repurchase agreements - available-for-sale securities	(4,121,936,000)		(2,553,754,000)
Net cash (used in) provided by financing activities	(53,346,611)		162,893,292
Net increase (decrease) in cash, cash equivalents and restricted cash	8,292,871		2,516,880
Cash, cash equivalents and restricted cash, beginning of period	45,622,602		37,889,596
Cash, cash equivalents and restricted cash, end of period	53,915,473		40,406,476
Supplemental disclosure of cash flow information
Cash paid for interest	5,242,972		4,147,592
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	39,132	[1]	39,132
Net change in unrealized gain (loss) on available-for-sale securities	(10,865,347)		3,550,902
Consolidation of multi-family loans held in securitization trusts	1,111,092,392		1,219,903,501
Consolidation of residential loans held in securitization trusts	112,140,311		132,898,313
Consolidation of multi-family securitized debt obligations	1,090,753,067		1,200,261,830
Consolidation of residential securitized debt obligations	$ 106,981,993		$ 126,891,835

[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 March 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,223,232,702 and $1,255,404,335 respectively, and the liabilities of consolidated VIEs totaled $1,197,735,060 and $1,228,295,517 respectively