Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Interest income:
Available-for-sale securities	$ 3,669,376	$ 6,658,679	$ 10,748,966	$ 13,481,301
Residential mortgage loans held-for-sale	0	28,571	0	57,334
Commercial mortgage loans held-for-investment	5,894,000	0	5,894,000	0
Multi-family loans held in securitization trusts	6,976,930	13,569,574	20,204,118	27,518,328
Residential loans held in securitization trusts	954,711	1,298,520	2,102,352	2,653,958
Cash and cash equivalents	55,936	39,747	116,978	75,481
Interest expense:
Repurchase agreements - available-for-sale securities	(2,685,705)	(2,873,843)	(7,637,242)	(4,969,317)
Collateralized loan obligations	(2,889,167)	0	(2,889,167)	0
Multi-family securitized debt obligations	(6,640,257)	(12,862,356)	(19,166,552)	(26,100,080)
Residential securitized debt obligations	(765,914)	(1,030,971)	(1,685,971)	(2,105,323)
Net interest income	4,569,910	4,827,921	7,687,482	10,611,682
Other income:
Realized gain (loss) on sale of investments, net	(30,497,281)	(151,549)	(33,345,288)	(9,468,552)
Change in unrealized gain (loss) on fair value option securities	0	0	0	9,448,270
Realized gain (loss) on derivative contracts, net	23,192,076	1,453,074	25,984,870	3,686,125
Change in unrealized gain (loss) on derivative contracts, net	(18,132,701)	(5,813,275)	(5,349,613)	(8,890,363)
Realized gain (loss) on mortgage loans held-for-sale	0	(249)	0	(423)
Change in unrealized gain (loss) on mortgage loans held-for-sale	0	(7,358)	0	(11,067)
Change in unrealized gain (loss) on mortgage servicing rights	1,084,063	(228,329)	1,141,752	(354,775)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	(5,463,148)	803,206	(6,818,922)	2,102,836
Change in unrealized gain (loss) on residential loans held in securitization trusts	5,905,602	(250,079)	5,650,199	(618,422)
Other interest expense	0	0	0	(152,322)
Servicing income	196,404	192,519	416,382	445,257
Other income	44,617	12,735	60,492	24,906
Total other income (loss)	(23,670,368)	(3,989,305)	(12,260,128)	(3,788,530)
Expenses:
Management fee	604,191	552,882	1,180,326	1,097,392
General and administrative expenses	962,284	1,243,257	2,352,345	2,831,829
Operating expenses reimbursable to Manager	570,833	961,909	1,316,925	2,170,852
Other operating expenses	201,190	324,191	605,659	544,687
Compensation expense	51,107	52,948	147,162	105,822
Total expenses	2,389,605	3,135,187	5,602,417	6,750,582
Net income (loss)	(21,490,063)	(2,296,571)	(10,175,063)	72,570
Dividends to preferred stockholders	(870,726)	(870,726)	(1,751,235)	(1,751,235)
Net income (loss) attributable to common stockholders (basic and diluted)	(22,360,789)	(3,167,297)	(11,926,298)	(1,678,665)
Earnings (deficit) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$ (22,360,789)	$ (3,167,297)	$ (11,926,298)	$ (1,678,665)
Weighted average number of shares of common stock outstanding (in shares)	23,683,164	18,297,500	23,538,579	17,920,473
Basic and diluted income (loss) per share (in dollars per share)	$ (0.94)	$ (0.17)	$ (0.51)	$ (0.09)
Dividends declared per share of common stock (in dollars per share)	$ 0.06	$ 0.15	$ 0.16	$ 0.30