Consolidated Statements of Operations Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Interest income:
Available-for-sale securities	$ 10,748,966	$ 29,521,893
Residential mortgage loans held-for-sale	0	72,160
Commercial mortgage loans held-for-investment	25,077,632	0
Multi-family loans held in securitization trusts	20,891,992	54,271,017
Residential loans held in securitization trusts	2,102,352	5,103,853
Cash and cash equivalents	134,002	164,413
Interest expense:
Repurchase agreements - available-for-sale securities	(7,637,242)	(13,493,197)
Collateralized loan obligations	(12,578,306)	0
Multi-family securitized debt obligations	(19,652,710)	(51,440,694)
Residential securitized debt obligations	(1,685,971)	(4,059,894)
Net interest income	17,400,715	20,139,551
Other income:
Realized (loss) on sale of investments, net	(33,391,712)	(14,054,164)
Change in unrealized gain on fair value option securities	0	9,448,270
Realized gain on derivative contracts, net	25,984,870	2,219,719
Change in unrealized (loss) on derivative contracts, net	(5,349,613)	(2,704,413)
Realized (loss) on residential mortgage loans held-for-sale, net	0	(221,620)
Change in unrealized gain on residential mortgage loans held-for-sale	0	17,727
Change in unrealized gain (loss) on mortgage servicing rights	1,033,926	(487,856)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	(6,398,348)	3,353,365
Change in unrealized gain (loss) on residential loans held in securitization trusts	5,650,199	(961,100)
Other interest expense	0	(152,322)
Servicing income	940,090	922,094
Other income	155,378	46,262
Total other (loss)	(11,375,210)	(2,574,038)
Expenses:
Management fee	2,335,998	2,215,050
General and administrative expenses	4,006,774	5,454,786
Operating expenses reimbursable to Manager	2,375,804	4,127,549
Other operating expenses	1,003,734	855,582
Compensation expense	252,912	205,585
Total expenses	9,975,222	12,858,552
Net income (loss) before provision for income taxes	(3,949,717)	4,706,961
(Provision for) income taxes	(1,521,745)	0
Net income (loss)	(5,471,462)	4,706,961
Dividends to preferred stockholders	(3,528,588)	(3,522,036)
Net income (loss) attributable to common stockholders (basic and diluted)	(9,000,050)	1,184,925
Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$ (9,000,050)	$ 1,184,925
Weighted average number of shares of common stock outstanding (in shares)	23,613,636	20,048,128
Basic and diluted income (loss) per share (in dollars per share)	$ (0.38)	$ 0.06
Dividends declared per share of common stock (in dollars per share)	$ 0.28	$ 0.60