New York Mortgage Trust (NYMT) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 01, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	NEW YORK MORTGAGE TRUST INC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		109,401,721
Amendment Flag	false
Entity Central Index Key	1,273,685
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
ASSETS
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)		$ 735,320	$ 816,647
Investment securities, available for sale, at fair value held in securitization trusts		40,217	38,594
Multi-family loans held in securitization trusts, at fair value		7,235,328	8,365,514
Derivative assets		302,817	288,850
Receivables for securities sold		34,733
Cash and cash equivalents		106,461	75,598
Receivables and other assets		232,588	222,491
Total Assets (1)	[1]	9,405,444	10,540,005
Liabilities:
Financing arrangements		585,492	651,965
Securitized debt		191,689	232,877
Derivative liabilities		4,411	1,463
Payable for securities purchased		302,322	283,537
Accrued expenses and other liabilities (including $461 and $6,317 to related parties, respectively)		62,823	74,692
Subordinated debentures		45,000	45,000
Total liabilities (1)	[1]	$ 8,493,995	$ 9,722,078
Commitments and Contingencies
Stockholders' Equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 109,401,721 and 105,094,565 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively		$ 1,094	$ 1,051
Additional paid-in capital		734,118	701,871
Accumulated other comprehensive (loss)income		(563)	10,015
Retained earnings		17,541	32,593
Total stockholders' equity		911,449	817,927
Total Liabilities and Stockholders' Equity		9,405,444	10,540,005
Series B Preferred Stock [Member]
Stockholders' Equity:
Preferred stock, value		72,397	72,397
Series C Preferred Stock [Member]
Stockholders' Equity:
Preferred stock, value		86,862
Residential Mortgage Loans Held In Securitization Trust [Member]
ASSETS
Residential mortgage loans		137,440	149,614
Residential Distressed Mortgage Loans Held in Securitization Trust [Member]
ASSETS
Residential mortgage loans		201,392	221,591
Residential Distressed Mortgage Loans [Member]
ASSETS
Residential mortgage loans		379,148	361,106
Portfolio Investments [Member]
Liabilities:
Financing arrangements		585,492	651,965
Distressed Residential Mortgage Loans [Member]
Liabilities:
Financing arrangements		236,908	238,949
Residential Collateralized Debt Obligations [Member]
Liabilities:
Collateralized debt obligations		133,258	145,542
Multi-Family Collateralized Debt Obligations [Member]
Liabilities:
Collateralized debt obligations		$ 6,932,092	$ 8,048,053
[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, 2015 and December 31, 2014, assets of consolidated VIEs totaled $7,663,228 and $8,847,078, respectively, and the liabilities of consolidated VIEs totaled $7,281,234 and $8,457,034, respectively. See Note 7 for further discussion.

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Pledged securities (in Dollars)	$ 644,787	$ 702,684
Assets of consolidated variable interest entity (VIEs) (in Dollars)	7,663,228	8,847,078
Accrued expenses and other liabilities, related parties (in Dollars)	461	6,317
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities (in Dollars)	$ 7,281,234	$ 8,457,034
Preferred stock, par value (in Dollars per share)	$ 0.01
Preferred stock, shares issued	6,600,000	3,000,000
Preferred stock, shares authorized	200,000,000
Preferred stock, shares outstanding	6,600,000	3,000,000
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common Stock, Shares Issued	109,401,721	105,094,565
Common stock, shares outstanding	109,401,721	105,094,565
Series B Preferred Stock [Member]
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference per share (in Dollars per share)	$ 25	$ 25
Preferred stock, shares issued	3,000,000	3,000,000
Preferred stock, shares authorized	6,000,000	3,450,000
Preferred stock, shares outstanding	3,000,000	3,000,000
Preferred stock, cumulative redeemable dividend rate	7.75%	7.75%
Series C Preferred Stock [Member]
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference per share (in Dollars per share)	$ 25	$ 25
Preferred stock, shares issued	3,600,000	0
Preferred stock, shares authorized	4,140,000	4,140,000
Preferred stock, shares outstanding	3,600,000	0
Preferred stock, cumulative redeemable dividend rate	7.875%	7.875%

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
INTEREST INCOME:
Investment securities and other	$ 10,196	$ 14,193	$ 21,540	$ 29,157
Total interest income	84,400	95,548	173,385	190,786
INTEREST EXPENSE:
Interest expense	3,442	1,402	6,905	2,872
Subordinated debentures	468	466	928	925
Total interest expense	64,097	75,665	131,481	151,078
NET INTEREST INCOME	20,303	19,883	41,904	39,708
OTHER INCOME (EXPENSE):
Provision for loan losses	(112)	(663)	(548)	(1,152)
Realized (loss) gain on investment securities and related hedges, net	(1,291)	1,325	(167)	3,364
Gain on de-consolidation of multi-family loans held in securitization trust and multi-family collateralized debt obligations			1,483
Realized gain on distressed residential mortgage loans	3,614	418	4,290	8,643
Unrealized gain (loss) on investment securities and related hedges, net	4,716	(1,291)	(1,012)	(3,027)
Unrealized gain on multi-family loans and debt held in securitization trusts, net	5,418	20,019	19,046	24,945
Other income (including $1,712, $121, $3,588 and $263 from related parties, respectively)	2,300	203	4,586	713
Total other income	14,645	20,011	27,678	33,486
Base management and incentive fees (including $3,917, $1,129, $4,822 and $2,219 to related parties, respectively)	4,141	3,866	11,011	7,644
Expenses related to distressed residential mortgage loans	2,682	1,217	4,566	2,429
Other general and administrative expenses (including $0, $80, $0 and $80 to related parties, respectively)	2,316	2,494	4,408	5,063
Total general, administrative and other expenses	9,139	7,577	19,985	15,136
INCOME FROM OPERATIONS BEFORE INCOME TAXES	25,809	32,317	49,597	58,058
Income tax expense	1,178	538	1,423	3,568
NET INCOME	24,631	31,779	48,174	54,490
Preferred stock dividends	(3,087)	(1,453)	(4,540)	(2,906)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 21,544	$ 30,326	$ 43,634	$ 51,584
Basic income per common share (in Dollars per share)	$ 0.20	$ 0.34	$ 0.41	$ 0.63
Diluted income per common share (in Dollars per share)	$ 0.20	$ 0.34	$ 0.41	$ 0.63
Weighted average shares outstanding-basic (in Shares)	109,252	89,686	107,380	82,137
Weighted average shares outstanding-diluted (in Shares)	109,252	89,686	107,380	82,137
Multi-Family Loans Held in Securitization Trusts [Member]
INTEREST INCOME:
Interest income	$ 62,984	$ 75,501	$ 129,284	$ 150,445
Residential Mortgage Loans Held in Securitization Trusts, Net [Member]
INTEREST INCOME:
Interest income	895	1,005	2,075	1,983
Residential Distressed Mortgage Loans Held in Securitization Trust [Member]
INTEREST INCOME:
Interest income	10,325	4,849	20,486	9,201
Multi-Family Collateralized Debt Obligations [Member]
INTEREST EXPENSE:
Interest expense	56,992	69,110	117,087	137,857
Residential Collateralized Debt Obligations [Member]
INTEREST EXPENSE:
Interest expense	221	228	460	463
Securitized Debt [Member]
INTEREST EXPENSE:
Interest expense	$ 2,974	$ 4,459	$ 6,101	$ 8,961

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other income, related parties	$ 3,588	$ 121	$ 1,712	$ 263
Management fees, related parties	3,917	1,129	4,822	2,219
General, administrative and other expenses, related parties	$ 0	$ 80	$ 0	$ 80

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 21,544	$ 30,326	$ 43,634	$ 51,584
OTHER COMPREHENSIVE INCOME (LOSS)
(Decrease) increase in net unrealized gain on available for sale securities	(3,490)	13,427	(353)	21,877
Reclassification adjustment for net gain included in net income	(9,063)		(9,063)
Increase(decrease) in fair value of derivative instruments utilized for cash flow hedges	99	(1,201)	(1,162)	(1,330)
OTHER COMPREHENSIVE (LOSS) INCOME	(12,454)	12,226	(10,578)	20,547
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 9,090	$ 42,552	$ 33,056	$ 72,131

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2014	$ 1,051	$ 72,397	$ 701,871	$ 32,593	$ 10,015	$ 817,927
Net income				48,174		48,174
Stock issuance, net	43	86,862	32,247			119,152
Dividends declared				(63,226)		(63,226)
Reclassification adjustment for net gain included in net income					(9,063)	(9,063)
Increase in net unrealized loss on available for sale securities					(353)	(353)
Decrease in fair value of derivative instruments utilized for cash flow hedges					(1,162)	(1,162)
Balance at Jun. 30, 2015	$ 1,094	$ 159,259	$ 734,118	$ 17,541	$ (563)	$ 911,449

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities:
Net income	$ 48,174	$ 54,490
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization	(1,298)	(1,617)
Realized loss on investment securities and related hedges, net	167	(3,364)
Realized gain on distressed residential mortgage loans	(4,290)	(8,643)
Unrealized loss on investment securities and related hedges, net	1,012	3,027
Gain on de-consolidation of multi-family loans held in securitization trusts and multi-family collateralized debt obligations	(1,483)
Unrealized gain on loans and debt held in multi-family securitization trusts	(19,046)	(24,945)
Net decrease in loans held for sale	10	24
Provision for loan losses	548	1,152
Proceeds from sale of real estate owned	547
Income from investments in limited partnerships and limited liability companies	(5,856)	(727)
Distributions of income from investments in limited partnership and limited liability companies	3,924	859
Amortization of stock based compensation, net	458	667
Changes in operating assets and liabilities:
Receivables and other assets	6,919	(5,585)
Accrued expenses and other liabilities and accrued expenses, related parties	(14,667)	1,159
Net cash provided by operating activities	15,119	16,497
Cash Flows from Investing Activities:
Restricted cash	3,167	(32,665)
Purchases of investment securities	(5,265)	(20,273)
Purchases of FHLBI stock	(5,445)
Purchases of other assets	(6)	(77)
Funding of mezzanine loans, equity and preferred equity investments	(25,101)	(12,543)
Net proceeds on other derivative instruments settled during the period	(2,178)	3,688
Principal paydowns on investment securities - available for sale	37,748	45,488
Sales of loans held in multi-family securitization trusts	44,261
Net cash provided by investing activities	117,593	52,480
Cash Flows from Financing Activities:
Payments made on financing arrangements, net of FHLBI advances	(68,514)	(122,697)
Common stock issuance, net	31,832	185,710
Preferred stock issuance, net	86,862
Payments made on collateralized debt obligations	(41,572)	(11,004)
Net cash used in financing activities	(101,849)	(29,642)
Net Increase in Cash and Cash Equivalents	30,863	39,335
Cash and Cash Equivalents - Beginning of Period	75,598	31,798
Cash and Cash Equivalents - End of Period	106,461	71,133
Supplemental Disclosure:
Cash paid for interest	157,462	176,893
Cash paid for income taxes	2,300	4,519
Non-Cash Investment Activities:
Sales of investment securities not yet settled	121,508
Purchase of investment securities not yet settled	389,097	204,580
Deconsolidation of multi-family loans held in securitization trusts	1,075,529
Deconsolidation of multi-family collateralized debt obligations	1,031,268
Common Stock [Member]
Cash Flows from Financing Activities:
Dividends paid	(57,523)	(37,736)
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	29,538	24,485
Preferred Stock [Member]
Cash Flows from Financing Activities:
Dividends paid	(2,906)	(2,906)
Non-Cash Financing Activities:
Dividends declared on stock to be paid in subsequent period	3,087	1,453
Distressed Residential Mortgage Loans [Member]
Cash Flows from Investing Activities:
Principal repayments received on loans	11,634	7,212
Purchases of residential mortgage loans and distressed residential mortgage loans	(30,038)	(20,107)
Residential Distressed Mortgage Loans Held in Securitization Trust [Member]
Cash Flows from Investing Activities:
Principal repayments received on loans	51,115	48,088
Multi-Family Collateralized Debt Obligations [Member]
Cash Flows from Investing Activities:
Principal repayments received on loans	37,701	33,669
Residential Collateralized Debt Obligations [Member]
Cash Flows from Financing Activities:
Payments made on collateralized debt obligations	(12,334)	(7,340)
Collateralized Loan Obligation [Member]
Cash Flows from Financing Activities:
Payments made on collateralized debt obligations	$ (37,694)	$ (33,669)

Note 1 - Organization

Note 1 - Organization	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization New York Mortgage Trust, Inc., together with its consolidated subsidiaries (“NYMT,” or the “Company), is a real estate investment trust, or REIT, in the business of acquiring, investing in, financing and managing primarily mortgage-related assets and financial assets. Our objective is to manage a portfolio of investments that will deliver stable distributions to our stockholders over diverse economic conditions. We intend to achieve this objective through a combination of net interest margin and net realized capital gains from our investment portfolio. Our portfolio includes investments in mortgage-related and financial assets, residential mortgage loans, including loans sourced from distressed markets, multi-family CMBS, direct financing to owners of multi-family properties through mezzanine loans and preferred equity investments, equity and debt securities issued by entities that invest in commercial real estate-related debt investments, Agency RMBS consisting of fixed-rate, adjustable-rate and hybrid adjustable-rate RMBS and Agency IOs consisting of interest only and inverse interest-only RMBS that represent the right to the interest component of the cash flow from a pool of mortgage loans. The Company conducts its business through the parent company, NYMT, and several subsidiaries, including special purpose subsidiaries established for residential loan and CMBS securitization purposes, taxable REIT subsidiaries ("TRSs") and qualified REIT subsidiaries ("QRSs"). The Company consolidates all of its subsidiaries under generally accepted accounting principles in the United States of America (“GAAP”). The Company is organized and conducts its operations to qualify as a REIT for federal income tax purposes. As such, the Company will generally not be subject to federal income tax on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by the due date of its federal income tax return and complies with various other requirements.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies Definitions Basis of Presentation The accompanying condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. Management has made significant estimates in several areas, including valuation of its CMBS investments, multi-family loans held in securitization trusts and multi-family CDOs, as well as, income recognition on distressed residential mortgage loans purchased at a discount. Principles of Consolidation and Variable Interest Entities A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE when it is the primary beneficiary of such VIE. As primary beneficiary, it has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. Investment Securities Available for Sale securities to mitigate earnings volatility by better matching the accounting for these investment securities with the related derivative instruments within the Agency IO portfolio. The derivative instruments within the Agency IO portfolio are not designated as hedging instruments for accounting purposes. The Company generally intends to hold its investment securities until maturity; however, from time to time, it may sell any of its securities as part of the overall management of its business. As a result, our investment securities are classified as available for sale securities. Realized gains and losses recorded on the sale of investment securities available for sale are based on the specific identification method and included in realized gain (loss) on investment securities and related hedges in the accompanying condensed consolidated statements of operations. Purchase premiums or discounts on investment securities are amortized or accreted to interest income over the estimated life of the investment securities using the effective yield method. Adjustments to amortization are made for actual prepayment activity. The Company accounts for debt securities that are of high credit quality (generally those rated AA or better by a Nationally Recognized Statistical Rating Organization, or NRSRO), at date of acquisition in accordance with Accounting Standards Codification (“ASC”) 320-10. The Company accounts for debt securities that are not of high credit quality (i.e., those whose risk of loss is less than remote) or securities that can be contractually prepaid such that we would not recover our initial investment at the date of acquisition in accordance with ASC 325-40. The Company considers credit ratings, the underlying credit risk and other market factors in determining whether the debt securities are of high credit quality; however, securities rated lower than AA or an equivalent rating are not considered of high credit quality and are accounted for in accordance with ASC 325-40. If ratings are inconsistent among NRSROs, the Company uses the lower rating in determining whether the securities are of high credit quality. The Company assesses its impaired securities on at least a quarterly basis and designates such impairments as either “temporary” or “other-than-temporary” by applying the guidance prescribed in ASC Topic 320-10. When the fair value of an investment security is less than its amortized cost as of the reporting balance sheet date, the security is considered impaired. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, then it must recognize an other-than-temporary impairment through earnings equal to the entire difference between the investment’s amortized cost and its fair value as of the balance sheet date. If the Company does not expect to sell an other-than-temporarily impaired security, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings with the remainder recognized as a component of other comprehensive income (loss) on the accompanying condensed consolidated balance sheets. Impairments recognized through other comprehensive income (loss) do not impact earnings. Following the recognition of an other-than-temporary impairment through earnings, a new cost basis is established for the security, which may not be adjusted for subsequent recoveries in fair value through earnings. However, other-than-temporary impairments recognized through earnings may be accreted back to the amortized cost basis of the security on a prospective basis through interest income. The determination as to whether an other-than-temporary impairment exists and, if so, the amount considered other-than-temporarily impaired is subjective, as such determinations are based on both factual and subjective information available at the time of assessment as well the Company’s estimates of the future performance and cash flow projections. As a result, the timing and amount of other-than-temporary impairments constitute material estimates that are susceptible to significant change. In determining the other-than temporary impairment related to credit losses for securities that are not of high credit quality, the Company compares the present value of the remaining cash flows expected to be collected at the purchase date (or last date previously revised) against the present value of the cash flows expected to be collected at the current financial reporting date. The Company considers information available about the past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities and delinquency rates. Investment Securities Available for Sale Held in Securitization Trusts Residential Mortgage Loans Held in Securitization Trusts We establish an allowance for loan losses based on management's judgment and estimate of credit losses inherent in our portfolio of residential mortgage loans held in securitization trusts. Estimation involves the consideration of various credit-related factors, including but not limited to, macro-economic conditions, current housing market conditions, loan-to-value ratios, delinquency status, historical credit loss severity rates, purchased mortgage insurance, the borrower's current economic condition and other factors deemed to warrant consideration. Additionally, we look at the balance of any delinquent loan and compare that to the current value of the collateralizing property. We utilize various home valuation methodologies including appraisals, broker pricing opinions, internet-based property data services to review comparable properties in the same area or consult with a real estate agent in the property's area. Acquired Distressed Residential Mortgage Loans The Company considers the purchase price for the acquired distressed residential mortgage loans to be at fair value at the date of acquisition. These acquired distressed residential mortgage loans were initially recorded at fair value with no allowance for loan losses. Acquired distressed residential mortgage loans that have evidence of deteriorated credit quality at acquisition are accounted for under ASC Subtopic 310-30, "Loans and Debt Securities Acquired with Deteriorated Credit Quality" ("ASC 310-30"). Under ASC 310-30, the acquired loans may be accounted for individually or aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Once a pool is assembled, it is treated as if it was one loan for purposes of applying the accounting guidance Under ASC 310-30, the excess of cash flows expected to be collected over the carrying amount of the loans, referred to as the “accretable yield,” is accreted into interest income over the life of the loans in each pool or individually using a level yield methodology. Accordingly, our acquired distressed residential mortgage loans accounted for under ASC 310-30 are not subject to classification as nonaccrual classification in the same manner as our residential mortgage loans that were not distressed when acquired by us. Rather, interest income on acquired distressed residential mortgage loans relates to the accretable yield recognized at the pool level or on an individual loan basis, and not to contractual interest payments received at the loan level. The difference between contractually required principal and interest payments and the cash flows expected to be collected, referred to as the “nonaccretable difference,” includes estimates of both the impact of prepayments and expected credit losses over the life of the individual loan, or the pool (for loans grouped into a pool) . The Company monitors actual cash collections against its expectations, and revised cash flow estimates are prepared as necessary. These estimates incorporate assumptions regarding default rates, loss severities, value of the underlying real estate securing the loans, the amounts and timing of prepayments and other factors that reflect then-current market conditions. A decrease in expected cash flows in subsequent periods may indicate that the loan pool or individual loan, as applicable, is impaired thus requiring the establishment of an allowance for loan losses by a charge to the provision for loan losses. An increase in expected cash flows in subsequent periods initially reduces any previously established allowance for loan losses by the increase in the present value of cash flows expected to be collected, and results in a recalculation of the amount of accretable yield for the loan pool. The adjustment of accretable yield due to an increase in expected cash flows is accounted for prospectively as a change in estimate. The additional cash flows expected to be collected are reclassified from the nonaccretable difference to the accretable yield, and the amount of periodic accretion is adjusted accordingly over the remaining life of the loans in the pool or individual loan, as applicable . The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. An acquired distressed residential mortgage loan may be resolved either through receipt of payment (in full or in part) from the borrower, the sale of the loan to a third party, or foreclosure of the collateral. For acquired distressed residential mortgage loans held in pools, in the event of a sale of the loan, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds and the carrying amount of the acquired distressed residential mortgage loan. In the case of a foreclosure, an individual loan is removed from the pool at the fair value of the underlying collateral less costs to sell. For loans satisfied by payment in full, the loan is removed from the pool. The Company uses the specific allocation method for the removal of loans as the estimated cash flows and related carrying amount for each individual loan are known. In these cases, the remaining accretable yield is unaffected and any material change in remaining effective yield caused by the removal of the loan from the pool is addressed by the re-assessment of the estimate of cash flows for the pool prospectively. Acquired distressed residential mortgage loans subject to modification are not removed from the pool even if those loans would otherwise be considered troubled debt restructurings because the pool, and not the individual loan, represents the unit of account. For individual loans not accounted for in pools that are sold or satisfied by payment in full, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds and the carrying amount of the acquired distressed residential mortgage loan. In the case of a foreclosure, the loss is recognized if the carrying value exceeds the fair value of the collateral (less costs to sell). A gain is not recognized if the fair value of collateral (less costs to sell) exceeds the carrying value. Multi-Family Loans Held in Securitization Trusts Interest income is accrued and recognized as revenue when earned according to the terms of the mortgage loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in no case when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. Mezzanine Loan and Preferred Equity Investments – Unlike a mortgage, this loan does not represent a lien on the property. Therefore, it is always junior and subordinate to any first-lien as well as second liens, if applicable, on the property. These loans are senior to any preferred equity or common equity interests. Purchasers of mezzanine loans benefit from a right to foreclose on the ownership equity in a more efficient manner than senior mortgage debt. A preferred equity investment is an equity investment in the entity that owns the underlying property. Preferred equity is not secured by the underlying property, but holders have priority relative to common equity holders on cash flow distributions and proceeds from capital events. In addition, preferred equity holders may be able to enhance their position and protect their equity position with covenants that limit the entity’s activities and grant the holder the exclusive right to control the property after an event of default. Mezzanine loans and preferred equity investments, where the risks and payment characteristics are equivalent to mezzanine loans, are accounted for as loans held for investment and are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, net of valuation allowances, and are included in receivables and other assets. We accrete or amortize any discounts or premiums over the life of the related loan receivable utilizing the effective interest method or straight line-method, if the result is not materially different. We evaluate the collectability of both interest and principal of each of our loans, if circumstances warrant, to determine whether they are impaired. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the estimated fair value of the loan or, as a practical expedient, to the value of the collateral if the loan is collateral dependent. Mezzanine loans and preferred equity investments where the risks and payment characteristics are equivalent to an equity investment are accounted for using the equity method of accounting. See “ Investment in Limited Partnership and Limited Liability Companies Mortgage Loans Held for Investment Investments in Limited Partnership and Limited Liability Companies Management periodically reviews its investments for impairment based on projected cash flows from the entity over the holding period. When any impairment is identified, the investments are written down to recoverable amounts. Cash and Cash Equivalents Receivables and Other Assets Financing Arrangements, Portfolio Investments . Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The Company accounts for these repurchase agreements as financings under ASC 860, Transfers and Servicing . Under ASC 860, for these transactions to be treated as financings, they must be separate transactions and not linked. If the Company finances the purchase of its securities with repurchase agreements with the same counterparty from which the securities are purchased and both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed under GAAP to be part of the same arrangement, or a "Linked Transaction," unless certain criteria are met. None of the Company’s repurchase agreements are accounted for as linked transactions because they met the applicable criteria in accordance with ASC 860-10-40. On February 20, 2015, our wholly-owned subsidiary, Great Lakes Insurance Holdings LLC (“GLIH”), became a member of the Federal Home Loan Bank of Indianapolis (“FHLBI”). As a member of the FHLBI, GLIH will have access to a variety of products and services offered by the FHLBI, including secured advances. As of June 30, 2015, GLIH had $121 million in outstanding secured advances from FHLBI, which are included on the Company’s accompanying condensed balance sheet in financing arrangement, portfolio investments. Financing Arrangements, Distressed Residential Mortgage Loans Residential Collateralized Debt Obligations (“Residential CDOs”) . M ulti-Family Collateralized Debt Obligations (“Multi-Family CDOs”) Securitized Debt Costs related to issuance of securitized debt which include underwriting, rating agency, legal, accounting and other fees are reflected as deferred charges. Such costs are included on the Company’s accompanying condensed consolidated balance sheets in receivables and other assets in the amount of $1.6 million and $2.2 million as of June 30, 2015 and December 31, 2014, respectively. These deferred charges are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. Derivative Financial Instruments Derivative instruments contain an element of risk in the event that the counterparties may be unable to meet the terms of such agreements. The Company minimizes its risk exposure by limiting the counterparties with which it enters into contracts to banks and investment banks who meet established credit and capital guidelines. The Company invests in To-Be-Announced securities (“TBAs”) through its Agency IO portfolio. TBAs are forward-settling purchases and sales of Agency RMBS where the underlying pools of mortgage loans are “To-Be-Announced.” Pursuant to these TBA transactions, we agree to purchase or sell, for future settlement, Agency RMBS with certain principal and interest terms and certain types of underlying collateral, but the particular Agency RMBS to be delivered is not identified until shortly before the TBA settlement date. For TBA contracts that we have entered into, we have not asserted that physical settlement is probable, therefore we have not designated these forward commitments as hedging instruments. Realized and unrealized gains and losses associated with these TBAs are recognized through earnings as other income (expense) in the condensed consolidated statements of operations. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instruments in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, is recognized in current earnings during the period of change. For instruments that are not designated or qualify as a cash flow hedge, such as our use of U.S. Treasury securities or financial futures and options on financial futures contracts, any realized and unrealized gains and losses associated with these instruments are recognized through earnings as other income (expense) in the condensed consolidated statements of operations. Termination of Hedging Relationships Additionally, the Company may elect to un-designate a hedge relationship during an interim period and re-designate upon the rebalancing of a hedge profile and the corresponding hedge relationship. When hedge accounting is discontinued, the Company continues to carry the derivative instruments at fair value with changes recorded in current earnings. Revenue Recognition Interest income on our credit sensitive securities, such as our CLOs and certain of our CMBS that were purchased at a discount to par value, is recognized based on the security’s effective interest rate. The effective interest rate on these securities is based on management’s estimate from each security of the projected cash flows, which are estimated based on the Company’s assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on these securities. Based on the projected cash flows from the Company’s first loss tranche PO multi-family CMBS purchased at a discount to par value, a portion of the purchase discount is designated as non-accretable purchase discount or credit reserve, which partially mitigates the Company’s risk of loss on the mortgages collateralizing such multi-family CMBS, and is not expected to be accreted into interest income. The amount designated as a credit reserve may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a credit reserve is more favorable than forecasted, a portion of the amount designated as credit reserve may be accreted into interest income over time. Conversely, if the performance of a security with a credit reserve is less favorable than forecasted, the amount designated as credit reserve may be increased, or impairment charges and write-downs of such securities to a new cost basis could result. With respect to interest rate swaps that have not been designated as hedges, any net payments under, or fluctuations in the fair value of, such swaps will be recognized in current earnings. See “Acquired Distressed Residential Mortgage Loans” Manager Compensation -related debt investments. These investment management agreements provide for the payment to our investment managers of a management fee, incentive fee and reimbursement of certain operating expenses, which are accrued and expensed during the period for which they are earned or incurred. Other Comprehensive Income (Loss) Employee Benefits Plans . Stock Based Compensation The Company has awarded restricted stock to eligible employees and officers as part of their compensation. Compensation expense for awarded restricted stock is based on the grant date fair value of the stock and is recognized over the vesting period. In May 2015, the Company granted certain Performance Share Awards (“PSAs”) which cliff vest after a three-year period, subject to the achievement of certain performance criteria based on a formula tied to the Company’s achievement of three-year total stockholder return (“TSR”) and the Company’s TSR relative to the TSR of certain peer companies. The feature in this award constitutes a “market condition” which impacts the amount of compensation expense recognized for these awards. The grant date fair values of PSAs were determined through Monte-Carlo simulation analysis. Income Taxes Certain activities of the Company are conducted through TRSs and therefore are subject to federal and various state and local income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740, Income Taxes Earnings Per Share Segment Reporting – Summary of Recent Accounting Pronouncements Receivables (ASC 310) In April 2014, the FASB issued ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40)—Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (“ASU 2014-04”). The amendments of this ASU are intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. In addition, the amendments clarify that if an in substance repossession or foreclosure occurs, then a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. ASU 2014-04 became effective for the Company beginning January 1, 2015. The adoption of ASU 2014-04 did not have a material effect on our financial condition, results of operations and disclosures. Transfers and Servicing (ASC 860) In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transaction, Repurchase Financings, and Disclosures (“ASU 2014-09”). This guidance requires repurchase-to-maturity transactions to be accounted for as secured borrowings as if the transferor retains effective control, even though the transferred financial assets are not returned to the transferor at settlement. ASU 2014-09 also eliminates existing guidance for repurchase financings and requires instead that entities consider the initial transfer and the related repurchase agreement separately when applying the derecognition requirements of ASC 860, Transfers and Servicing. New disclosures will be required for (1) certain transactions accounted for as secured borrowings, and (2) transfers accounted for as sales when the transferor also retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. ASU 2014-09 became effective for the Company beginning January 1, 2015. The adoption of ASU 2014-11 did not have a significant effect on our financial condition, results of operations and disclosures. Revenue Recognition (Topic 606) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). This guidance creates a new, principle-based revenue recognition framework that will affect nearly every revenue-generating entity. ASU 2014-09 also creates a new topic in the Codification, Topic 606 (“ASC 606”). In addition to superseding and replacing nearly all existing U.S. GAAP revenue recognition guidance, including industry-specific guidance, ASC 606 does the following: (1) establishes a new control-based revenue recognition model; (2) changes the basis for deciding when revenue is recognized over time or at a point in time; (3) provides new and more detailed guidance on specific aspects of revenue recognition; and (4) expands and improves disclosures about revenue. ASC 606 is effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early application is not permitted for public business entities. The Company is currently assessing the impact of this guidance. Consolidation (Topic 810) In August 2014, the FASB issued ASU 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis Interest - Imputation of Interest (Topic 835) In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs

Note 3 - Investment Securities

Note 3 - Investment Securities Available for Sale	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	3. Investment Securities Available For Sale Investment securities available for sale consist of the following as of June 30, 2015 and December 31, 2014 (dollar amounts in thousands): June 30, 2015 December 31, 2014 Unrealized Unrealized Amortized Fair Amortized Fair Cost Gains Losses Value Cost Gains Losses Value Agency RMBS (1) Agency ARMs Freddie Mac $ 54,997 $ 57 $ (436 ) $ 54,618 $ 57,597 $ 55 $ (488 ) $ 57,164 Fannie Mae 106,211 137 (849 ) 105,499 113,192 81 (1,037 ) 112,236 Ginnie Mae 10,606 1 (159 ) 10,448 12,552 — (259 ) 12,293 Total Agency ARMs 171,814 195 (1,444 ) 170,565 183,341 136 (1,784 ) 181,693 Agency Fixed Rate Freddie Mac 34,729 — (660 ) 34,069 37,800 — (629 ) 37,171 Fannie Mae 416,011 — (11,282 ) 404,729 451,694 — (10,184 ) 441,510 Ginnie Mae 219 1 — 220 — — — — Total Agency Fixed Rate 450,959 1 (11,942 ) 439,018 489,494 — (10,813 ) 478,681 Agency IOs (1) Freddie Mac 36,805 827 (4,871 ) 32,761 38,844 273 (5,779 ) 33,338 Fannie Mae 48,122 1,259 (5,101 ) 44,280 53,666 741 (6,388 ) 48,019 Ginnie Mae 41,217 721 (4,962 ) 36,976 42,991 310 (5,527 ) 37,774 Total Agency IOs 126,144 2,807 (14,934 ) 114,017 135,501 1,324 (17,694 ) 119,131 Total Agency RMBS 748,917 3,003 (28,320 ) 723,600 808,336 1,460 (30,291 ) 779,505 Non-Agency RMBS 1,886 67 (233 ) 1,720 2,061 69 (191 ) 1,939 U.S. Treasury securities 9,999 1 — 10,000 — — — — CLOs — — — — 26,140 9,063 — 35,203 Total investment securities available for sale $ 760,802 $ 3,071 $ (28,553 ) $ 735,320 $ 836,537 $ 10,592 $ (30,482 ) $ 816,647 CMBS $ 27,394 $ 12,823 $ — $ 40,217 $ 26,193 $ 12,401 $ — $ 38,594 Total investment securities available for sale held in securitization trusts $ 27,394 $ 12,823 $ — $ 40,217 $ 26,193 $ 12,401 $ — $ 38,594 (1) During the three and six months ended June 30, 2015, the Company received proceeds of approximately $34.5 million, realizing approximately $3.2 million of net gains, from the sale of investment securities available for sale. There were no sales of investment securities available for sale during the three months and six months ended June 30, 2014. Actual maturities of our available for sale securities are generally shorter than stated contractual maturities (which range up to 30 years), as they are affected by the contractual lives of the underlying mortgages, periodic payments and prepayments of principal. As of June 30, 2015 and December 31, 2014, based on management’s estimates using three month historical Constant Prepayment Rate (“CPR”), the weighted average life of the Company’s available for sale securities portfolio was approximately 4.45 and 4.95 years, respectively. The following table sets forth the weighted average lives our investment securities available for sale as of June 30, 2015 and December 31, 2014 (dollar amounts in thousands): Weighted Average Life June 30, 2015 December 31, 2014 0 to 5 years $ 489,511 $ 393,080 Over 5 to 10 years 172,357 365,386 10+ years 73,452 58,181 Total $ 735,320 $ 816,647 The following tables set forth the stated reset periods of our investment securities available for sale and investment securities available for sale held in securitization trusts at June 30, 2015 and December 31, 2014 at carrying value (dollar amounts in thousands): June 30, 2015 December 31, 2014 Less than 6 months 6 to 24 months More than 24 months Total Less than 6 months 6 to 24 months More than 24 months Total Agency RMBS $ 128,357 $ 14,608 $ 580,635 $ 723,600 $ 89,442 $ 21,746 $ 668,317 $ 779,505 Non-Agency RMBS 1,720 — — 1,720 1,939 — — 1,939 U.S. Treasury securities 10,000 — — 10,000 — — — — CLOs — — — — 35,203 — — 35,203 Total investment securities available for sale $ 140,077 $ 14,608 $ 580,635 $ 735,320 $ 126,584 $ 21,746 $ 668,317 $ 816,647 CMBS $ — $ — $ 40,217 $ 40,217 $ — $ — $ 38,594 $ 38,594 Total investment securities available for sale held in securitization trusts $ — $ — $ 40,217 $ 40,217 $ — $ — $ 38,594 $ 38,594 The following tables present the Company's investment securities available for sale in an unrealized loss position reported through OCI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2015 and December 31, 2014 (dollar amounts in thousands): June 30 , 2015 Less than 12 Months Greater than 12 months Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Agency RMBS $ 48,748 $ (318 ) $ 535,697 $ (13,068 ) $ 584,445 $ (13,386 ) Non-Agency RMBS — — 846 (233 ) 846 (233 ) Total investment securities available for sale $ 48,748 $ (318 ) $ 536,543 $ (13,301 ) $ 585,291 $ (13,619 ) December 31, 2014 Less than 12 Months Greater than 12 months Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Agency RMBS $ — $ — $ 638,936 $ (12,597 ) $ 638,936 $ (12,597 ) Non-Agency RMBS — — 967 (191 ) 967 (191 ) Total investment securities available for sale $ — $ — $ 639,903 $ (12,788 ) $ 639,903 $ (12,788 ) For the three and six months ended June 30, 2015 and 2014, the Company recognized no other-than-temporary impairment through earnings .

Note 4 - Residential Mortgage L

Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned	6 Months Ended
	Jun. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]	4. Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned Residential mortgage loans held in securitization trusts (net) consist of the following as of June 30, 2015 and December 31, 2014, respectively (dollar amounts in thousands): June 30, 2015 December 31, 2014 Unpaid principal balance $ 140,641 $ 152,277 Deferred origination costs – net 891 968 Reserve for loan losses (4,092 ) (3,631 ) Total $ 137,440 $ 149,614 Allowance for Loan Losses - Six months Ended June 30, 2015 2014 Balance at beginning of period $ 3,631 $ 2,989 Provisions for loan losses 656 367 Transfer to real estate owned 1 (157 ) Charge-offs (196 ) — Balance at the end of period $ 4,092 $ 3,199 On an ongoing basis, the Company evaluates the adequacy of its allowance for loan losses. The Company’s allowance for loan losses as of June 30, 2015 was $4.1 million, representing 291 basis points of the outstanding principal balance of residential loans held in securitization trusts, as compared to 238 basis points as of December 31, 2014. As part of the Company’s allowance for loan loss adequacy analysis, management will assess an overall level of allowances while also assessing credit losses inherent in each non-performing residential mortgage loan held in securitization trusts. These estimates involve the consideration of various credit related factors, including but not limited to, current housing market conditions, current loan to value ratios, delinquency status, the borrower’s current economic and credit status and other relevant factors. Real Estate Owned – Six months Ended June 30, 2015 2014 Balance at beginning of period $ 965 $ 1,108 Write downs — (53 ) Transfer from/(to) mortgage loans held in securitization trusts (192 ) 55 Disposal (362 ) (577 ) Balance at the end of period $ 411 $ 533 Real estate owned held in residential securitization trusts are included in receivables and other assets on the accompanying condensed consolidated balance sheets and write downs are included in provision for loan losses in the accompanying condensed consolidated statements of operations for reporting purposes. All of the Company’s mortgage loans and real estate owned held in residential securitization trusts are pledged as collateral for the Residential CDOs issued by the Company . The Company’s net investment in the residential securitization trusts, which is the maximum amount of the Company’s investment that is at risk to loss and represents the difference between (i) the carrying amount of the mortgage loans and real estate owned held in residential securitization trusts and (ii) the amount of Residential CDOs outstanding, was $5.1 million and $5.6 million as of June 30, 2015 and December 31, 2014, respectively. Delinquency Status of Our Residential Mortgage Loans Held in Securitization Trusts As of June 30, 2015, we had 34 delinquent loans with an aggregate principal amount outstanding of approximately $19.9 million categorized as Residential Mortgage Loans Held in Securitization Trusts (net). Of the $19.9 million in delinquent loans, $12.2 million, or 61%, are under some form of temporary modified payment plan. The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, including real estate owned (“REO”) through foreclosure, as of June 30, 2015 (dollar amounts in thousands): June 30, 2015 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 4 $ 3,482 2.45 % 61 - 90 — $ — 0.00 % 90 + 30 $ 16,384 11.54 % Real estate owned through foreclosure 3 $ 1,334 0.94 % As of December 31, 2014, we had 33 delinquent loans with an aggregate principal amount outstanding of approximately $18.5 million categorized as Residential Mortgage Loans Held in Securitization Trusts (net). Of the $18.5 million in delinquent loans, $9.4 million, or 51%, are under some form of modified payment plan. The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, including real estate owned through foreclosure (REO), as of December 31, 2014 (dollar amounts in thousands): December 31, 2014 Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 4 $ 1,522 0.99 % 61 - 90 — $ — 0.00 % 90 + 29 $ 16,997 11.01 % Real estate owned through foreclosure 6 $ 2,100 1.36 % The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and real estate owned held in residential securitization trusts as of June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 New York 35.6 % 36.1 % Massachusetts 22.9 % 24.0 % New Jersey 11.5 % 10.9 % Florida 6.7 % 6.2 % Connecticut 5.9 % 5.9 %

Note 5 - Distressed Residential

Note 5 - Distressed Residential Mortgage Loans	6 Months Ended
	Jun. 30, 2015
Distresses Residential Mortgage Loans Disclosure [Abstract]
Distresses Residential Mortgage Loans Disclosure [Text Block]	5. Distressed Residential Mortgage Loans As of June 30, 2015 and December 31, 2014, the carrying value of the Company’s distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts , amounts to approximately $580.5 million and $582.7 million, respectively. The Company considers its purchase price for the distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, to be at fair value at the date of acquisition. The Company only establishes an allowance for loan losses subsequent to acquisition. The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the distressed residential mortgage loans acquired during the six months ended June 30, 2015 (dollar amounts in thousands): June 30 , 201 5 Contractually required principal and interest $ 70,630 Non-accretable yield (3,997 ) Expected cash flows to be collected 66,633 Accretable yield (37,225 ) Fair value at the date of acquisition $ 29,408 The following table details activity in accretable yield for the distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, for the six months ended June 30, 2015 and 2014, respectively (dollar amounts in thousands): June 30, 201 5 June 30, 201 4 Balance at beginning of period $ 640,416 $ 171,112 Additions 44,485 53,395 Disposals (34,897 ) (54,842 ) Accretion (20,486 ) (9,201 ) Balance at end of period (1) $ 629,518 $ 160,464 (1) Accretable yield is the excess of the distressed residential mortgage loans’ cash flows expected to be collected over the purchase price. The cash flows expected to be collected represents the Company’s estimate of the amount and timing of undiscounted principal and interest cash flows. Additions include accretable yield estimates for purchases made during the period and reclassification to accretable yield from nonaccretable yield. Deletions include distressed residential mortgage loan dispositions, which include refinancing, sale and foreclosure of the underlying collateral and resulting removal of the distressed residential mortgage loans from the accretable yield, and reclassifications from accretable to nonaccretable yield. The reclassifications between accretable and nonaccretable yield and the accretion of interest income is based on various estimates regarding loan performance and the value of the underlying real estate securing the loans. As the Company continues to update its estimates regarding the loans and the underlying collateral, the accretable yield may change. Therefore, the amount of accretable income recorded in the six-month period ended June 30, 2015 and 2014 is not necessarily indicative of future results. The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, as of June 30, 2015 and December 31, 2014, respectively, are as follows: June 30, 2015 December 31, 2014 Florida 13.0 % 12.4 % North Carolina 8.2 % 8.2 % California 8.1 % 8.9 % Georgia 6.7 % 6.9 % New York 5.1 % 5.1 % The Company’s distressed residential mortgage loans held in securitization trusts with a carrying value of approximately $201 .4 million and $221.6 million at June 30, 2015 and December 31, 2014, respectively, are pledged as collateral for certain of the Securitized Debt issued by the Company ( see Note 7 see Note 10

Note 6 - Consolidated K-Series

Note 6 - Consolidated K-Series	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block Supplement [Abstract]
Financial Instruments Disclosure [Text Block]	6. Consolidated K-Series The Company has elected the fair value option on the assets and liabilities held within the Consolidated K-Series, which requires that changes in valuations in the assets and liabilities of the Consolidated K-Series be reflected in the Company's statements of operations. Our investment in the Consolidated K-Series is limited to the multi-family CMBS comprised of first loss tranche PO securities and/or certain IOs issued by certain K-Series securitizations with an aggregate net carrying value of $303.2 million and $317.5 million at June 30, 2015 and December 31, 2014, respectively ( see Note 7 The condensed consolidated balance sheets of the Consolidated K-Series at June 30, 2015 and December 31, 2014, respectively, are as follows (dollar amounts in thousands): Balance Sheets June 30, 2015 December 31, 2014 Assets Multi-family loans held in securitization trusts $ 7,235,328 $ 8,365,514 Receivables 24,012 29,809 Total Assets $ 7,259,340 $ 8,395,323 Liabilities and Equity Multi-family CDOs $ 6,932,092 $ 8,048,053 Accrued expenses 23,567 29,354 Total Liabilities 6,955,659 8,077,407 Equity 303,681 317,916 Total Liabilities and Equity $ 7,259,340 $ 8,395,323 The multi-family loans held in securitization trusts had an unpaid principal balance of approximately $6.9 billion and $7.9 billion at June 30, 2015 and December 31, 2014, respectively. The multi-family CDOs had an unpaid principal balance of approximately $6.9 billion and $7.9 billion at June 30, 2015 and December 31, 2014, respectively. As of June 30, 2015 and December 31, 2014, the current weighted average interest rate on these multi-family CDOs was 4.11% and 4.15%, respectively . In February 2015, the Company sold a first loss PO security in one of the Company’s Consolidated K-Series obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million. The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs. The Company does not have any claims to the assets or obligations for the liabilities of the Consolidated K-Series (other than the security represented by our first loss piece). We have elected the fair value option for the Consolidated K-Series. The net fair value of our investment in the Consolidated K-Series, which represents the difference between the carrying values of multi-family loans held in securitization trusts less the carrying value of multi-family CDOs, approximates the fair value of our underlying securities. The fair value of our underlying securities is determined using the same valuation methodology as our CMBS investments available for sale ( see Note 14 . The condensed consolidated statements of operations of the Consolidated K-Series for the three and six months ended June 30, 2015 and 2014, respectively, are as follows (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, Statements of Operations 2015 2014 2015 2014 Interest income $ 62,984 $ 75,501 $ 129,284 $ 150,445 Interest expense 56,992 69,110 117,087 137,857 Net interest income 5,992 6,391 12,197 12,588 Unrealized gain on multi-family loans and debt held in securitization trusts, net 5,418 20,019 19,046 24,945 Net Income $ 11,410 $ 26,410 $ 31,243 $ 37,533 The geographic concentrations of credit risk exceeding 5% of the total loan balances related to our CMBS investments included in investment securities available for sale and multi-family loans held in securitization trusts as of June 30, 2015 and December 31, 2014, respectively, are as follows: June 30, 2015 December 31, 2014 California 13.7 % 13.5 % Texas 12.6 % 12.5 % New York 8.0 % 7.7 % Maryland 5.2 % 5.2 %

Note 7 - Use of Special Purpose

Note 7 - Use of Special Purpose Entities and Variable Interest Entities	6 Months Ended
	Jun. 30, 2015
Use Of Special Purpose Entities And Variable Interest Entities [Abstract]
Use Of Special Purpose Entities And Variable Interest Entities [Text Block]	7. Use of Special Purpose Entities and Variable Interest Entities A SPE is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets or re-securitizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company has evaluated its CMBS investments in Freddie Mac-sponsored K-Series securitizations to determine whether they are VIEs. In addition, the Company also evaluated its financing transactions, such as its Residential CDOs completed in 2005, its multi-family CMBS re-securitization transaction completed in May 2012, its collateralized recourse financing transactions completed in November 2013 and its distressed residential mortgage loan securitization transactions completed in December 2012, July 2013 and September 2013 (each a “Financing VIE” and collectively, the “Financing VIEs”) and concluded that the entities created to facilitate each of the transactions are VIEs. The Company then completed an analysis of whether the VIEs should be consolidated by the Company, based on consideration of its involvement in each of the VIEs, including the design and purpose of the SPE, and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of the VIEs. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed: ● whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and ● whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company has determined that it has a variable interest in the Consolidated K-Series for which it is the primary beneficiary and has a controlling financial interest and, accordingly, has consolidated their assets, liabilities, income and expenses in the accompanying condensed consolidated financial statements ( see Notes 2 and 6 Also, based on its evaluation of the factors discussed above, including its involvement in the purpose and design of the entity, the Company determined that the Financing VIEs met the criteria for consolidation and, accordingly, consolidated the Financing VIEs created to facilitate these transactions as of June 30, 2015 . The following tables presents a summary of the assets and liabilities of these consolidated VIEs as of June 30, 2015 and December 31, 2014, respectively. Intercompany balances have been eliminated for purposes of this presentation. Assets and Liabilities of consolidated VIEs as of June 30, 2015 (dollar amounts in thousands): Financing VIEs Non-financed VIEs Multi-family CMBS re- securitization (1) Collateralized Recourse F inancing (2) Distressed Residential Mortgage Lo an Securitization Residential Mortgage Loan Securitization Multi- family CMBS (3) Total Investment securities available for sale, at fair value held in securitization trusts $ 40,217 $ — $ — $ — $ — $ 40,217 Residential mortgage loans held in securitization trusts (net) — — — 137,440 — 137,440 Distressed residential mortgage loans held in securitization trust, (net) — — 201,392 — — 201,392 Multi-family loans held in securitization trusts, at fair value 1,258,658 4,693,357 — — 1,283,313 7,235,328 Receivables and other assets 4,873 14,985 22,705 961 5,327 48,851 Total assets $ 1,303,748 $ 4,708,342 $ 224,097 $ 138,401 $ 1,288,640 $ 7,663,228 Residential collateralized debt obligations $ — $ — $ — $ 133,258 $ — $ 133,258 Multi-family collateralized debt obligations, at fair value 1,203,584 4,510,143 — — 1,218,365 6,932,092 Securitized debt 27,830 55,853 108,006 — — 191,689 Accrued expenses and other liabilities 4,401 14,105 446 13 5,230 24,195 Total liabilities $ 1,235,815 $ 4,580,101 $ 108,452 $ 133,271 $ 1,223,595 $ 7,281,234 (1) see Note 6 (2) see Note 6 (3) Assets and Liabilities of consolidated Financing VIEs as of December 31, 2014 (dollar amounts in thousands): Financing VIEs Non-financed VIEs Multi-family CMBS re- securitization (1) Collateralized Recourse Financing (2) Distressed Residential Mortgage Loan Securitization Residential Mortgage Loan Securitization Multi- family CMBS (3) Total Investment securities available for sale, at fair value held in securitization trusts $ 38,594 $ — $ — $ — $ — $ 38,594 Residential mortgage loans held in securitization trusts (net) — — — 149,614 — 149,614 Distressed residential mortgage loans held in securitization trust (net) — — 221,591 — — 221,591 Multi-family loans held in securitization trusts, at fair value 1,273,633 4,720,908 — — 2,370,973 8,365,514 Receivables and other assets 5,097 15,631 39,084 1,545 10,408 71,765 Total assets $ 1,317,324 $ 4,736,539 $ 260,675 $ 151,159 $ 2,381,381 $ 8,847,078 Residential collateralized debt obligations $ — $ — $ — $ 145,542 $ - $ 145,542 Multi-family collateralized debt obligations, at fair value 1,221,555 4,558,065 — — 2,268,433 8,048,053 Securitized debt 27,660 55,853 149,364 — — 232,877 Accrued expenses and other liabilities 4,581 14,639 1,024 14 10,304 30,562 Total liabilities $ 1,253,796 $ 4,628,557 $ 150,388 $ 145,556 $ 2,278,737 $ 8,457,034 (1) see Note 6 (2) see Note 6 (3) The following table summarizes the Company’s securitized debt collateralized by multi-family CMBS and distressed residential mortgage loans (dollar amounts in thousands): Multi-family CMBS Re-securitization ( 1 ) Collateralized Re c our s e Financing ( 2 ) Distressed Residential Mortgage Loan Securitization s ( 3 ) Original Face amount of Notes issued by the VIE and purchased by 3rd party investors $ 35,000 $ 55,853 $ 176,970 Principal Amount at June 30, 2015 $ 33,995 $ 55,853 $ 108,006 Principal Amount at December 31, 2014 $ 34,208 $ 55,853 $ 149,364 Carrying Value at June 30, 2015 ( 4 ) $ 27,830 $ 55,853 $ 108,006 Carrying Value at December 31, 2014 ( 4 ) $ 27,660 $ 55,853 $ 149,364 Pass-through rate of Notes issued 5.35 % One-month LIBOR plus 5.25% 4.25% - 4.85 % ( 1 ) (2) The Company entered into a CMBS Master Repurchase Agreement with a three-year term for the purpose of financing a portion of its multi-family CMBS portfolio. In connection with the transaction, the Company agreed to guarantee the due and punctual payment of its wholly-owned subsidiary's obligations under the CMBS Master Repurchase Agreement. ( 3 ) The Company engaged in these transactions for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financings are comprised of performing, re-performing and to a lesser extent non-performing, fixed and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one to four family properties. Two of the four securitization transactions provide for a revolving period of one to two years from the date of the respective financing (“Revolving Period”) where no principal payments will be made on these two notes. All cash proceeds generated by the distressed residential mortgage loans and received by the respective securitization trust during the Revolving Period, after payment of interest on the respective note, reserve amounts and certain other transaction expenses, will be available for the purchase by the respective trust of additional mortgage loans that satisfy certain eligibility criteria. ( 4 ) Classified as securitized debt in the liability section of the Company’s accompanying condensed consolidated balance sheets . The following table presents contractual maturity information about the Financing VIEs’ securitized debt as of June 30, 2015 and December 31, 2014, respectively: Scheduled Maturity (principal amount) June 30, 2015 December 31, 2014 (Dollar amount in thousands) Within 24 months $ 163,859 $ 205,217 Over 36 months 33,995 34,208 Total 197,854 239,425 Discount (6,165 ) (6,548 ) Carrying value $ 191,689 $ 232,877 There is no guarantee that the Company will receive any cash flows from these securitization trusts. Residential Mortgage Loan Securitization Transaction The Company has completed four residential mortgage loan securitizations (other than the distressed residential mortgage loan securitizations discussed above) since inception, the first three were accounted for as permanent financings and have been included in the Company’s accompanying condensed consolidated financial statements. The fourth was accounted for as a sale and accordingly, is not included in the Company’s accompanying condensed consolidated financial statements. Unconsolidated VIEs The Company has evaluated its multi-family CMBS investments in two Freddie Mac-sponsored K-Series securitizations as of June 30, 2015 and December 31, 2014, respectively, and its mezzanine loan, preferred equity and other equity investments to determine whether they are VIEs and should be consolidated by the Company. Based on a number of factors, the Company determined that it does not have a controlling financial interest and is not the primary beneficiary of these VIEs. The following table presents the classification and carrying value of unconsolidated VIEs as of June 30, 2015 and December 31, 2014 (dollar amounts in thousands): June 30 , 2015 December 31, 2014 Investment securities available for sale, at fair value Receivables and other Assets Total Investment securities available for sale, at fair value, held in securitization trusts Receivables and other Assets Total Multi-Family CMBS $ 40,217 $ 78 $ 40,295 $ 38,594 $ 80 $ 38,674 Mezzanine loan and equity investments — 99,825 99,825 — 72,799 72,799 Total assets $ 40,217 $ 99,903 $ 140,120 $ 38,594 $ 72,879 $ 111,473 Our maximum loss exposure on the multi-family CMBS investments, mezzanine loan and equity investments is approximately $140.1 million and $111.5 million at June 30, 2015 and December 31, 2014, respectively. The Company’s maximum exposure does not exceed the carrying value of its investments.

Note 8 - Derivative Instruments

Note 8 - Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	8. Derivative Instruments and Hedging Activities The Company enters into derivative instruments to manage its interest rate risk exposure. These derivative instruments include interest rate swaps, swaptions and futures. The Company may also purchase or short TBAs and U.S. Treasury securities, purchase put or call options on U.S. Treasury futures or invest in other types of mortgage derivative securities. The following table presents the fair value of derivative instruments that were not designated as hedging instruments and their location in our accompanying condensed consolidated balance sheets at June 30, 2015 and December 31, 2014, respectively (dollar amounts in thousands): Derivatives Not Designated as Hedging Instruments Balance Sheet Location June 30 , 201 5 December 31, 201 4 TBA securities (1) Derivative assets $ 300,674 $ 284,971 U.S. Treasury futures Derivative assets — 379 Swaptions Derivative assets 1,907 2,273 Options on U.S. Treasury futures Derivative assets 3 92 Eurodollar futures Derivative liabilities 2,288 900 Interest rate swaps (2) Derivative liabilities 260 232 Interest rate swap futures Derivative liabilities 1,533 331 U.S. Treasury futures Derivative liabilities 69 — (1) Open TBA purchases and sales involving the same counterparty, same underlying deliverable and the same settlement date are reflected in our accompanying condensed consolidated financial statements on a net basis. (2) Includes interest rate swaps in our Agency IO portfolio. The tables below summarize the activity of derivative instruments not designated as hedges for the six months ended June 30, 2015 and 2014, respectively (dollar amounts in thousands): Notional Amount For the Six Months Ended June 30, 2015 Derivatives Not Designated as Hedging Instruments December 31, 2014 Additions Settlement, Expiration or Exercise June 30, 2015 TBA securities $ 273,000 $ 2,176,000 $ (2,153,000 ) $ 296,000 U.S. Treasury futures 2,300 123,600 (135,400 ) (9,500 ) Interest rate swap futures (190,100 ) 597,800 (605,000 ) (197,300 ) Eurodollar futures (2,961,000 ) 1,463,000 (1,453,000 ) (2,951,000 ) Options on U.S. Treasury futures 21,000 187,000 (201,000 ) 7,000 Swaptions 180,000 9,000 — 189,000 Interest rate swaps 10,000 — — 10,000 Notional Amount For the Six Months Ended June 30, 2014 Derivatives Not Designated as Hedging Instruments December 31, 2013 Additions Settlement, Expiration or Exercise June 30, 2014 TBA securities $ 188,000 $ 1,188,000 $ (1,178,000 ) $ 198,000 U.S. Treasury futures (11,900 ) 66,900 (60,200 ) (5,200 ) Interest rate swap futures (242,700 ) 479,900 (470,200 ) (233,000 ) Eurodollar futures (3,360,000 ) 1,840,000 (1,568,000 ) (3,088,000 ) Options on U.S. Treasury futures 40,000 — (40,000 ) — Swaptions 100,000 — — 100,000 The following table presents the components of realized and unrealized gains and losses related to our derivative instruments that were not designated as hedging instruments included in other income (expense) in our condensed consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 (dollar amounts in thousands) : Three Months Ended June 30 , 201 5 201 4 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA Securities $ (2,243 ) $ (2,749 ) $ 4,040 $ 2,282 Eurodollar futures (1) (1,032 ) 185 (226 ) (518 ) Interest rate swaps — 90 — — Swaptions — 516 — (323 ) U.S. Treasury and Interest rate swap futures and options (1,167 ) 1,350 (2,482 ) (2,106 ) Total $ (4,442 ) $ (608 ) $ 1,332 $ (665 ) Six Months Ended June 30, 2015 2014 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA Securities $ 587 $ (2,095 ) $ 7,354 $ 2,547 Eurodollar futures (1) (1,279 ) (1,388 ) (1,438 ) 208 Interest rate swaps — (29 ) — — Swaptions — (41 ) — (842 ) U.S. Treasury and Interest rate swap futures and options (2,611 ) (1,707 ) (2,526 ) (5,239 ) Total $ (3,303 ) $ (5,260 ) $ 3,390 $ (3,326 ) (1) At June 30, 2015, the Eurodollar futures consist of 2,951 contracts with expiration dates ranging between September 2015 and September 2017. The use of TBAs exposes the Company to market value risk, as the market value of the securities that the Company is required to purchase pursuant to a TBA transaction may decline below the agreed-upon purchase price. Conversely, the market value of the securities that the Company is required to sell pursuant to a TBA transaction may increase above the agreed upon sale price. At June 30, 2015 and December 31, 2014, our condensed consolidated balance sheets include TBA-related liabilities of $302.1 million and $283.5 million included in payable for securities purchased, respectively. Open TBA purchases and sales involving the same counterparty, same underlying deliverable and the same settlement date are reflected in our condensed consolidated financial statements on a net basis. TBA sales amounting to approximately $86.8 million were netted against TBA purchases amounting to approximately $388.9 million at June 30, 2015. There was no netting of TBA sales against TBA purchases at December 31, 2014. The following table presents the fair value of derivative instruments designated as hedging instruments and their location in the Company’s accompanying condensed consolidated balance sheets at June 30, 2015 and December 31, 2014, respectively (dollar amounts in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Total Notional Amount June 30, 2015 December 31, 2014 Interest Rate Swaps Derivative liability $ 245,000 $ 261 $ — Interest Rate Swaps Derivative asset 105,000 233 — Interest Rate Swaps Derivative asset 350,000 — 1,135 The following table presents the impact of the Company’s derivative instruments on the Company’s accumulated other comprehensive income for the six months ended June 30, 2015 and 2014, respectively (dollar amounts in thousands): Six Months Ended June 30, Derivatives Designated as Hedging Instruments 2015 2014 Accumulated other comprehensive income for derivative instruments: Balance at beginning of the period $ 1,135 $ 2,041 Unrealized (loss) on interest rate swaps (1,163 ) (1,330 ) Balance at end of the period $ (28 ) $ 711 The Company estimates that over the next 12 months, approximately $1.0 million of the net unrealized gains on the interest rate swaps will be reclassified from accumulated other comprehensive income (loss) into earnings. The following table details the impact of the Company’s interest rate swaps, except interest swaps included in our Agency IO portfolio, designated as hedging instruments included in interest expense for the three and six months ended June 30, 2015 and 2014, respectively (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Interest income Interest expense-investment securities $ 439 $ 469 $ 890 $ 925 The Company’s interest rate swaps are designated as cash flow hedges against the benchmark interest rate risk associated with its short term repurchase agreements. There were no costs incurred at the inception of our interest rate swaps, under which the Company agrees to pay a fixed rate of interest and receive a variable interest rate based on one month LIBOR on the notional amount of the interest rate swaps. The Company documents its risk-management policies, including objectives and strategies, as they relate to its hedging activities, and upon entering into hedging transactions, documents the relationship between the hedging instrument and the hedged liability contemporaneously. The Company assesses, both at inception of a hedge and on an on-going basis, whether or not the hedge is “highly effective” when using the matched term basis. The Company discontinues hedge accounting on a prospective basis and recognizes changes in the fair value through earnings when: (i) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions); (ii) it is no longer probable that the forecasted transaction will occur; or (iii) it is determined that designating the derivative as a hedge is no longer appropriate. The Company’s derivative instruments are carried on the Company’s balance sheets at fair value, as assets, if their fair value is positive, or as liabilities, if their fair value is negative. For the Company’s derivative instruments that are designated as “cash flow hedges,” changes in their fair value are recorded in accumulated other comprehensive income (loss), provided that the hedges are effective. A change in fair value for any ineffective amount of the Company’s derivative instruments would be recognized in earnings. The Company has not recognized any change in the value of its existing derivative instruments designated as cash flow hedges through earnings as a result of ineffectiveness of any of its hedges. The following table presents information about the Company’s interest rate swaps as of June 30, 2015 and December 31, 2014, respectively (dollar amounts in thousands): June 30, 2015 December 31, 2014 Maturity (1) Notional Amount Weighted Average Fixed Pay Interest Rate Notional Amount Weighted Average Fixed Pay Interest Rate Within 30 Days $ 20,000 0.42 % $ — — % Over 30 days to 3 months 75,000 0.49 — — Over 3 months to 6 months 40,000 0.39 — — Over 6 months to 12 months — — 135,000 0.45 Over 12 months to 24 months — — — — Over 24 months to 36 months 215,000 0.83 215,000 0.83 Over 36 months to 48 months — — — — Over 48 months to 60 months 10,000 2.25 10,000 2.25 Total $ 360,000 0.73 % $ 360,000 0.73 % (1) The Company enters into interest rate swap transactions whereby the Company pays a fixed rate of interest and receives one month LIBOR. The use of derivatives exposes the Company to counterparty credit risks in the event of a default by a counterparty. If a counterparty defaults under the applicable derivative agreement, the Company may be unable to collect payments to which it is entitled under its derivative agreements, and may have difficulty collecting the assets it pledged as collateral against such derivatives. The Company currently has in place with all counterparties bi-lateral margin agreements requiring a party to post collateral to the Company for any valuation deficit. This arrangement is intended to limit the Company’s exposure to losses in the event of a counterparty default. The Company is required to pledge assets under a bi-lateral margin arrangement, including either cash or Agency RMBS, as collateral for its interest rate swaps, futures contracts and TBAs, whose collateral requirements vary by counterparty and change over time based on the market value, notional amount, and remaining term of the agreement. In the event the Company is unable to meet a margin call under one of its agreements, thereby causing an event of default or triggering an early termination event under one of its agreements, the counterparty to such agreement may have the option to terminate all of such counterparty’s outstanding transactions with the Company. In addition, under this scenario, any close-out amount due to the counterparty upon termination of the counterparty’s transactions would be immediately payable by the Company pursuant to the applicable agreement. The Company believes it was in compliance with all margin requirements under its agreements as of June 30, 2015 and December 31, 2014. The Company had $10.8 million and $11.4 million of restricted cash related to margin posted for its agreements as of June 30, 2015 and December 31, 2014, respectively. The restricted cash held by third parties is included in receivables and other assets in the accompanying condensed consolidated balance sheets.

Note 9 - Financing Arrangements

Note 9 - Financing Arrangements, Portfolio Investments	6 Months Ended
	Jun. 30, 2015
Portfolio Investments [Member]
Note 9 - Financing Arrangements, Portfolio Investments [Line Items]
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	9 . Financing Arrangements, Portfolio Investments The Company finances its portfolio investments with a combination of repurchase agreements and Federal Home Loan Bank advances. The Company has entered into repurchase agreements with third party financial institutions and the Company’s wholly owned subsidiary, GLIH, as a member of the FHLBI, has access to a variety of products and services offered by the FHLBI, including secured advances. These financing arrangements are short-term borrowings that bear interest rates typically based on a spread to LIBOR, and are secured by the securities which they finance. At June 30, 2015, the Company had repurchase agreements with an outstanding balance of $464.5 million and a weighted average interest rate of 0.48%. At December 31, 2014, the Company had repurchase agreements with an outstanding balance of $652.0 million and a weighted average interest rate of 0.43%. As of June 30, 2015, GLIH had $121 million in outstanding secured advances with a weighted average borrowing rate of 0.27%, and had an additional $79 million of available uncommitted capacity for borrowings, which may be adjusted at the sole discretion of the FHLBI. The ability to borrow from the FHLBI is subject to the Company’s continued creditworthiness, pledging of sufficient eligible collateral to secure advances, and compliance with certain agreements with the FHLBI. Each advance requires approval by the FHLBI and is secured by collateral in accordance with the FHLBI’s credit and collateral guidelines, as may be revised from time to time by the FHLBI. Eligible collateral may include Agency RMBS and certain non-Agency RMBS with a rating of A and above, conventional 1-4 family residential mortgage loans and commercial real estate loans. Investment securities available for sale with a carrying value of $129.9 million at June 30, 2015, are pledged or restricted as collateral for the future payment obligations of FHLBI advances. The FHLBI advances had contractual maturities within 30 days from June 30, 2015. The FHLBI retains the right to mark the underlying collateral for FHLBI advances to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral. In addition, as a condition to membership in the FHLBI, the Company is required to purchase and hold a certain amount of FHLBI stock, which is based, in part, upon the outstanding principal balance of advances from the FHLBI. At June 30, 2015, the Company had stock in the FHLBI totaling $5.4 million, which is included in other assets on the condensed consolidated balance sheet. FHLBI stock is considered a non-marketable, long-term investment, is carried at cost and is subject to recoverability testing under applicable accounting standards. This stock can only be redeemed or sold at its par value, and only to the FHLBI. Accordingly, when evaluating FHLBI stock for impairment, the Company considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of June 30, 2015, the Company had not recognized an impairment charge related to its FHLBI stock. The following table presents detailed information about the Company’s borrowings under financing arrangements, including FHLBI advances and associated assets pledged as collateral at June 30, 2015 and December 31, 2014 (dollar amounts in thousands): June 30, 2015 December 31, 2014 Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost Of Collateral Pledged Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost Of Collateral Pledged Agency ARMs $ 240,062 $ 155,156 $ 156,387 $ 171,852 $ 181,694 $ 183,342 Agency Fixed Rate 284,052 402,319 413,369 413,199 437,002 446,851 Agency IOs/U.S. Treasury Securities 61,378 87,312 95,148 66,914 83,988 95,129 Balance at end of the period $ 585,492 $ 644,787 $ 664,904 $ 651,965 $ 702,684 $ 725,322 As of June 30, 2015 and December 31, 2014, the average days to maturity for financing arrangements, including FHLBI advances were 23 days and 26 days, respectively. The Company’s accrued interest payable on outstanding financing arrangements, including FHLBI advances at June 30, 2015 and December 31, 2014 amounts to $0.3 million and $0.3 million, respectively, and is included in accrued expenses and other liabilities on the Company’s condensed consolidated balance sheets. The following table presents contractual maturity information about the Company’s outstanding financing arrangements, including FHLBI advances at June 30, 2015 and December 31, 2014 (dollar amounts in thousands): Contractual Maturity June 30, 2015 December 31, 2014 Within 30 days $ 505,159 $ 157,008 Over 30 days to 90 days 80,333 494,957 Over 90 days — — Total $ 585,492 $ 651,965 As of June 30, 2015, the outstanding balance under our financing arrangements was funded at an advance rate of 93.1% that implies an average haircut of 6.9%. The weighted average “haircut” related to our repurchase agreement financing for our Agency RMBS (excluding Agency IOs) and Agency IOs was approximately 5% and 25%. In the event we are unable to obtain sufficient short-term financing through existing financings arrangements, or our lenders start to require additional collateral, we may have to liquidate our investment securities at a disadvantageous time, which could result in losses. Any losses resulting from the disposition of our investment securities in this manner could have a material adverse effect on our operating results and net profitability. At June 30, 2015 and December 31, 2014, the Company had financing arrangements with 6 and 10 counterparties, respectively. As of June 30, 2015 and December 31, 2014, we had no counterparties where the amount at risk was in excess of 5% of Stockholders’ Equity. The amount at risk is defined as the fair value of securities pledged as collateral to the financing arrangement in excess of the financing arrangement liability. As of June 30, 2015, the Company had $106.5 million in cash and $172.9 million in unencumbered investment securities to meet additional haircut or market valuation requirements, including $90.5 million of RMBS, of which $88.8 million are Agency RMBS, and $82.4 million of multi-family CMBS (which represents the net fair value of certain first loss tranche PO securities and/or certain IOs issued by certain K-Series securitizations included in the Consolidated K-Series). The $106.5 million of cash, the $90.5 million in RMBS, the $82.4 million of CMBS, and the $38.4 million held in overnight deposits in our Agency IO portfolio included in restricted cash (that is available to meet margin calls as it relates to our Agency IO portfolio financing arrangements), which collectively represent 54.3% of our financing arrangements, are liquid and could be monetized to pay down or collateralize the liability immediately.
Distressed Residential Mortgage Loans [Member]
Note 9 - Financing Arrangements, Portfolio Investments [Line Items]
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	10. Financing Arrangements, Distressed Residential Mortgage Loans On December 16, 2014, the Company entered into a master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch in an aggregate principal amount of up to $260.0 million, to fund a portion of the purchase price of a pool of distressed residential mortgage loans. The outstanding balance on this master repurchase agreement as of June 30, 2015 and December 31, 2014 amounts to approximately $236.9 million and $238.9 million, respectively, bearing interest at one month LIBOR plus 2.50% (2.69% and 2.66% at June 30, 2015 and December 31, 2014, respectively) and expires on December 17, 2015. During the term of this master repurchase agreement, proceeds from the pool of distressed residential mortgage loans will be applied to pay any price differential and to reduce the aggregate repurchase price of the collateral. The financing under the master repurchase agreement is subject to margin calls to the extent the market value of the pool of distressed residential mortgage loans falls below specified levels and repurchase may be accelerated upon an event of default under the master repurchase agreement. The master repurchase agreement contains contain various covenants, including among other things, to maintain certain levels of net worth, liquidity and leverage ratios. The Company is in compliance with such covenants as of August 6, 2015.

Note 11 - Residential Collatera

Note 11 - Residential Collateralized Debt Obligations	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	11. Residential Collateralized Debt Obligations The Company’s Residential CDOs, which are recorded as liabilities on the Company’s condensed consolidated balance sheets, are secured by ARM loans pledged as collateral, which are recorded as assets of the Company. As of June 30, 2015 and December 31, 2014, the Company had Residential CDOs outstanding of $133.3 million and $145.5 million, respectively. As of June 30, 2015 and December 31, 2014, the current weighted average interest rate on these Residential CDOs was 0.57%. The Residential CDOs are collateralized by ARM loans with a principal balance of $140.6 million and $152.3 million at June 30, 2015 and December 31, 2014, respectively. The Company retained the owner trust certificates, or residual interest for three securitizations, and, as of June 30, 2015 and December 31, 2014, had a net investment in the residential securitization trusts of $5.1 million and $5.6 million, respectively.

Note 12 - Subordinated Debentur

Note 12 - Subordinated Debentures	6 Months Ended
	Jun. 30, 2015
Subordinated Borrowings [Abstract]
Subordinated Borrowings Disclosure [Text Block]	12. Subordinated Debentures Subordinated debentures are trust preferred securities that are fully guaranteed by the Company with respect to distributions and amounts payable upon liquidation, redemption or repayment. The following table summarizes the key details of the Company’s subordinated debentures as of June 30, 2015 and December 31, 2014 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest Rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 As of August 6, 2015, the Company has not been notified, and is not aware, of any event of default under the covenants for the subordinated debentures.

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	13. Commitments and Contingencies Loans Sold to Third Parties – June 30, 2015. Outstanding Litigation – June 30, 2015, the Company does not believe that any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s operations, financial condition or cash flows.

Note 14 - Fair Value of Financi

Note 14 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	14. Fair Value of Financial Instruments The Company has established and documented processes for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, then fair value is based upon internally developed models that primarily use inputs that are market-based or independently-sourced market parameters, including interest rate yield curves. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: Level 1 Level 2 Level 3 The following describes the valuation methodologies used for the Company’s financial instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. a. Investment Securities Available for Sale (RMBS , U.S. Treasury Securities and CLOs) – b. Investment Securities Available for Sale (CMBS) – c. Multi-Family Loans Held in Securitization Trusts – d. Derivative Instruments – e . Multi-Family CDOs – The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014, respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at June 30 , 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Investment securities available for sale: Agency RMBS $ — $ 723,600 $ — $ 723,600 $ — $ 779,505 $ — $ 779,505 Non-Agency RMBS — 1,720 — 1,720 — 1,939 — 1,939 CLOs — — — — — 35,203 — 35,203 U.S. Treasury Securities 10,000 — — 10,000 — — — — Investment securities available for sale held in securitization trusts: CMBS — — 40,217 40,217 — — 38,594 38,594 Multi-family loans held in securitization trusts — — 7,235,328 7,235,328 — — 8,365,514 8,365,514 Derivative assets: TBA Securities — 300,674 — 300,674 — 284,971 — 284,971 Options on U.S. Treasury futures 3 — — 3 92 — — 92 U.S. Treasury futures — — — — 379 — — 379 Interest rate swaps — 233 — 233 — 1,135 — 1,135 Swaptions — 1,907 — 1,907 — 2,273 — 2,273 Total $ 10,003 $ 1,028,134 $ 7,275,545 $ 8,313,682 $ 471 $ 1,105,026 $ 8,404,108 $ 9,509,605 Liabilities carried at fair value Multi-family collateralized debt obligations $ — $ — $ 6,932,092 $ 6,932,092 $ — $ — $ 8,048,053 $ 8,048,053 Derivative liabilities: U.S. Treasury futures 69 — — 69 — — — — Eurodollar futures 2,288 — — 2,288 900 — — 900 Interest rate swaps — 521 — 521 — 232 — 232 Interest rate swap futures 1,533 — — 1,533 331 — — 331 Total $ 3,890 $ 521 $ 6,932,092 $ 6,936,503 $ 1,231 $ 232 $ 8,048,053 $ 8,049,516 The following table details changes in valuation for the Level 3 assets for the six months ended June 30, 2015 and 2014, respectively (amounts in thousands): Level 3 Assets: Six Months Ended June 30, 201 5 201 4 Balance at beginning of period $ 8,404,108 $ 8,203,600 Total gains/(losses) (realized/unrealized) Included in earnings (1) (15,756 ) 318,427 Included in other comprehensive income 422 8,402 Sales (2) (1,075,529 ) — Paydowns (37,700 ) (33,669 ) Sale of real estate owned — (3,385 ) Balance at the end of period $ 7,275,545 $ 8,493,375 (1) Amounts included in interest income from multi-family loans held in securitization trusts , unrealized gain on multi-family loans and debt held in securitization trusts, net and gain on deconsolidation. (2) The following table details changes in valuation for the Level 3 liabilities for the six months ended June 30, 2015 and 2014, respectively (amounts in thousands): Level 3 Liabilities: Six Months Ended June 30 , 201 5 201 4 Balance at beginning of period $ 8,048,053 $ 7,871,020 Total gains/(losses) (realized/unrealized) Included in earnings (1) (46,999 ) 280,303 Included in other comprehensive income — — Sales (2) (1,031,268 ) — Paydowns (37,694 ) (37,053 ) Balance at the end of period $ 6,932,092 $ 8,114,270 (1) (2) The following table details the changes in unrealized gains (losses) included in earnings for our Level 3 assets and liabilities for the three and six months ended June 30, 2015 and 2014, respectively (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Change in unrealized (losses)gains – assets $ (136,701 ) $ 197,248 $ (305 ) $ 340,690 Change in unrealized gains(losses) – liabilities 142,119 (177,229 ) 19,351 (315,745 ) Net change in unrealized gains included in earnings for assets and liabilities $ 5,418 $ 20,019 $ 19,046 $ 24,945 Any changes to the valuation methodology are reviewed by management to ensure the changes are appropriate. As markets and products develop and the pricing for certain products becomes more transparent, the Company continues to refine its valuation methodologies. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of each reporting date, which may include periods of market dislocation, during which time price transparency may be reduced. This condition could cause the Company’s financial instruments to be reclassified from Level 2 to Level 3 in future periods. The following table presents assets measured at fair value on a non-recurring basis as of June 30, 2015 and December 31, 2014, respectively, on the condensed consolidated balance sheets (dollar amounts in thousands): Assets Measured at Fair Value on a Non-Recurring Basis at June 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Residential mortgage loans held in securitization trusts – impaired loans (net) $ — $ — $ 10,211 $ 10,211 $ — $ — $ 9,323 $ 9,323 Real estate owned held in residential securitization trusts — — 410 410 — — 965 965 The following table presents gains(losses) incurred for assets measured at fair value on a non-recurring basis for the three and six months ended June 30, 2015 and 2014, respectively, on the Company’s condensed consolidated statements of operations (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Residential mortgage loans held in securitization trusts – impaired loans (net) $ (345 ) $ (351 ) $ (656 ) $ (367 ) Real estate owned held in residential securitization trusts — 31 26 (53 ) Residential Mortgage Loans Held in Securitization Trusts – Impaired Loans (net) – Real Estate Owned Held in Residential Securitization Trusts – The following table presents the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2015 and December 31, 2014, respectively, (dollar amounts in thousands): June 30, 2015 December 31, 2014 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 106,461 $ 106,461 $ 75,598 $ 75,598 Investment securities available for sale Level 1 or 2 735,320 735,320 816,647 816,647 Investment securities available for sale, at fair value held in securitization trusts Level 3 40,217 40,217 38,594 38,594 Residential mortgage loans held in securitization trusts (net) Level 3 137,440 125,682 149,614 135,241 Distressed residential mortgage loans (net) (1) Level 3 580,540 598,112 582,697 599,182 Multi-family loans held in securitization trusts Level 3 7,235,328 7,235,328 8,365,514 8,365,514 Derivative assets Level 1 or 2 302,817 302,817 288,850 288,850 Mortgage loans held for sale (net) (2) Level 3 2,471 2,529 7,712 7,713 First mortgage loans (2) Level 3 10,474 10,887 9,544 9,832 Mezzanine loan and equity investments (2) Level 3 93,054 93,412 66,951 67,233 Receivable for securities sold Level 1 34,733 34,733 — — Financial Liabilities: Financing arrangements, portfolio investments Level 2 $ 585,492 $ 585,492 $ 651,965 $ 651,965 Financing arrangements, distressed residential mortgage loans Level 2 236,908 236,908 238,949 238,949 Residential collateralized debt obligations Level 3 133,258 119,188 145,542 130,919 Multi-family collateralized debt obligations Level 3 6,932,092 6,932,092 8,048,053 8,048,053 Securitized debt Level 3 191,689 198,315 232,877 240,341 Derivative liabilities Level 1 or 2 4,411 4,411 1,463 1,463 Payable for securities purchased Level 1 302,322 302,322 283,537 283,537 Subordinated debentures Level 3 45,000 37,477 45,000 36,531 (1) Includes distressed residential mortgage loans held in securitization trusts with a carrying value amounting to approximately $201.4 million and $221.6 million at June 30, 2015 and December 31, 2014, respectively and distressed residential mortgage loans with a carrying value amounting to approximately $379.1 million and $361.1 million at June 30, 2015 and December 31, 2014, respectively. (2) Included in receivables and other assets in the accompanying condensed consolidated balance sheets. In addition to the methodology to determine the fair value of the Company’s financial assets and liabilities reported at fair value on a recurring basis and non-recurring basis, as previously described, the following methods and assumptions were used by the Company in arriving at the fair value of the Company’s other financial instruments in the table immediately above: a . Cash and cash equivalents – b . Residential mortgage loans held in securitization trusts (net) – c . Distressed residential mortgage loans (net) – Fair value is estimated using pricing models taking into consideration current interest rates, loan amount, payment status and property type, and forecasts of future interest rates, home prices and property values, prepayment speeds, default, loss severities, and actual purchases and sales of similar loans. d. Receivable for securities sold – e . Mortgage loans held for sale (net) – f . First mortgage loan and mezzanine loan and equity investments – g . Financing arrangements – h . Residential collateralized debt obligations – i . Securitized debt j . Payable for securities purchased – k . Subordinated debentures –

Note 15 - Stockholders' Equity

Note 15 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	15. Stockholders’ Equity (a) Dividends on Preferred Stock The Company had 200,000,000 authorized shares of preferred stock, par value $0.01 per share, with 6,600,000 and 3,000,000 shares issued and outstanding as of June 30, 2015 and December 31, 2014. On June 4, 2013, the Company issued 3,000,000 shares of 7.75% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”), with a par value of $0.01 per share and a liquidation preference of $25 per share, in an underwritten public offering, for net proceeds of approximately $72.4 million, after deducting underwriting discounts and offering expenses. As of June 30, 2015 and December 31, 2014, there were 6,000,000 and 3,450,000 shares of Series B Preferred Stock authorized, respectively. The Series B Preferred Stock is entitled to receive a dividend at a rate of 7.75% per year on the $25 liquidation preference and is senior to the common stock with respect to dividends and distribution of assets upon liquidation, dissolution or winding up. On April 22, 2015, the Company issued 3,600,000 shares of 7.875% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), with a par value of $0.01 per share and a liquidation preference of $25 per share, in an underwritten public offering, for net proceeds of approximately $86.9 million, after deducting underwriting discounts and offering expenses. As of June 30, 2015, there were 4,140,000 shares of Series C Preferred Stock authorized. The Series C Preferred Stock is entitled to receive a dividend at a rate of 7.875% per year on the $25 liquidation preference and is senior to the common stock with respect to dividends and distribution of assets upon liquidation, dissolution or winding up. The Series B Preferred Stock and Series C Preferred Stock generally do not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, holders of the Series B Preferred Stock and Series C Preferred Stock, voting together as a single class with the holders of all other classes or series of our preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Series B Preferred Stock and Series C Preferred Stock, will be entitled to vote to elect two additional directors to the Company’s Board of Directors (the “Board”) until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series B Preferred Stock and Series C Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of Series B Preferred Stock and Series C Preferred Stock. The Series B Preferred Stock and Series C Preferred Stock are not redeemable by the Company prior to June 4, 2018 and April 22, 2020, respectively, except under circumstances intended to preserve the Company’s qualification as a REIT and except upon the occurrence of a Change of Control (as defined in the Articles Supplementary designating the Series B Preferred Stock and Series C Preferred Stock, respectively). On and after June 4, 2018 and April 22, 2020, the Company may, at its option, redeem the Series B Preferred Stock and Series C Preferred Stock, respectively, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends. In addition, upon the occurrence of a Change of Control, the Company may, at its option, redeem the Series B Preferred Stock and Series C Preferred Stock, in whole or in part, within 120 days after the first date, on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends. The Series B Preferred Stock and Series C Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into the Company’s common stock in connection with a Change of Control by the holders of the Series B Preferred Stock and Series C Preferred Stock. Upon the occurrence of a Change of Control, each holder of Series B Preferred Stock and Series C Preferred Stock will have the right (unless the Company has exercised its right to redeem the Series B Preferred Stock or Series C Preferred Stock, respectively) to convert some or all of the Series B Preferred Stock or Series C Preferred Stock held by such holder into a number of shares of our common stock per share of Series B Preferred Stock or Series C Preferred Stock determined by a formula, in each case, on the terms and subject to the conditions described in the Articles Supplementary. From the time of original issuance of the Series B Preferred Stock through June 30, 2015, the Company has declared and paid all required quarterly dividends on such stock. The following table presents the relevant dates with respect to quarterly cash dividends on the Series B Preferred Stock from January 1, 2014 through June 30, 2015 and cash dividends on Series C Preferred Stock from issuance through June 30, 2015: Series B Preferred Stock Series C Preferred Stock Cash Cash Declaration Record Payment Dividend Declaration Record Payment Dividend Date Date Date Per Share Date Date Date Per Share June 18, 2015 July 1, 2015 July 15, 2015 $ 0.484375 June 18, 2015 July 1, 2015 July 15, 2015 $ 0.45391 (1) March 18, 2015 April 1, 2015 April 15, 2015 $ 0.484375 — — — — December 12, 2014 January 1, 2015 January 15, 2015 $ 0.484375 — — — — September 18, 2014 October 1, 2014 October 15, 2014 $ 0.484375 — — — — June 18, 2014 July 1, 2014 July 15, 2014 $ 0.484375 — — — — March 31, 2014 April 1, 2014 April 15, 2014 $ 0.484375 — — — — (1) (b) Dividends on Common Stock The following table presents cash dividends declared by the Company on its common stock with respect to each of the quarterly periods commencing January 1, 2014 and ended June 30, 2015: Period Declaration Date Record Date Payment Date Cash Dividend Per Share Second Quarter 2015 June 18, 2015 June 29, 2015 July 27, 2015 $ 0.27 First Quarter 2015 March 18, 2015 March 30, 2015 April 27, 2015 $ 0.27 Fourth Quarter 2014 December 12, 2014 December 22, 2014 January 26, 2015 $ 0.27 Third Quarter 2014 September 18, 2014 September 29, 2014 October 27, 2014 $ 0.27 Second Quarter 2014 June 18, 2014 June 30, 2014 July 25, 2014 $ 0.27 First Quarter 2014 March 13, 2014 March 24, 2014 April 25, 2014 $ 0.27 (c) Public Offering of Common Stock The table below presents information with respect to shares of the Company’s common stock issued through underwritten public offerings during the six months ended June 30, 2014. There were no underwritten public offerings of common stock during the six months ended June 30, 2015. Share Issue Date Shares Issued Net Proceeds (1) (Amounts in Thousands) April 7, 2014 14,950 $ 109,916 January 10, 2014 11,500 $ 75,846 (1) (d) Equity Distribution Agreement On March 20, 2015, the Company entered into separate equity distribution agreements (collectively, the “Equity Distribution Agreements”) with each of JMP Securities LLC (“JMP”) and MLV & Co. LLC (“MLV”), each an “Agent” and collectively, the “Agents”, pursuant to which the Company may sell up to $75,000,000 of aggregate value of (i) shares of the Company’s common stock, par value $0.01 per and (ii) shares of the Company’s Series B Preferred Stock, from time to time through the Agents. The Company has no obligation to sell any of the shares under the Equity Distribution Agreements and may at any time suspend solicitations and offers under the Equity Distribution Agreements. During the three and six months ended June 30, 2015, the Company issued 1,413,757 and 2,789,439 shares of its common stock, respectively, under the Equity Distribution Agreements, at an average sales price of $7.79 and $7.91, respectively, resulting in total net proceeds to the Company of $10.8 million and $21.6 million, respectively, after deducting the placement fees. As of June 30, 2015, approximately $52.9 million of securities remains available for issuance under the Equity Distribution Agreements. On March 20, 2015, in connection with the Company’s execution of the Equity Distribution Agreements described above, the Company delivered to JMP a notice of termination of the Equity Distribution Agreement dated June 11, 2012 (the “Prior Equity Distribution Agreement”), which termination became effective March 23, 2015. The Prior Equity Distribution Agreement provided for the sale by the Company of common stock having a maximum aggregate value of up to $25,000,000 from time to time through JMP, as the Company’s agent. During the six months ended June 30, 2015, the Company issued 1,326,676 shares under the Prior Equity Distribution Agreement, at an average sales price of $7.89 resulting in total net proceeds to the Company of $10.3 million, after deducting the placement fees. During the term of the Prior Equity Distribution Agreement, the Company sold a total of 2,153,989 shares of its common stock at an average price of $7.63 per share pursuant to the Prior Distribution Agreement, resulting in net proceeds to the Company of approximately $16.1 million.

Note 16 - Earnings Per Share

Note 16 - Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	1 6 . Earnings Per Share The Company calculates basic net income per share by dividing net income for the period by weighted-average shares of common stock outstanding for that period. Diluted net income per share takes into account the effect of dilutive instruments, such as convertible preferred stock, stock options and unvested restricted or performance stock, but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. There were no dilutive instruments for the six months ended June 30, 2015 and 2014. The following table presents the computation of basic and dilutive net income per share for the periods indicated (dollar amounts in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 201 5 201 4 201 5 201 4 Numerator Net income attributable to common stockholders– Basic $ 21,544 $ 30,326 $ 43,634 $ 51,584 Net income attributable to common stockholders– Dilutive 21,544 30,326 43,634 51,584 Denominator: Weighted average basic shares outstanding 109,252 89,686 107,380 82,137 Weighted average dilutive shares outstanding 109,252 89,686 107,380 82,137 EPS: Basic EPS $ 0.20 $ 0.34 $ 0.41 $ 0.63 Dilutive EPS $ 0.20 $ 0.34 $ 0.41 $ 0.63

Note 17 - Stock Based Compensat

Note 17 - Stock Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	17. Stock Based Compensation Pursuant to the Company’s 2010 Stock Incentive Plan (the “2010 Plan”), as approved by the Company’s stockholders, eligible employees, officers and directors of the Company have the opportunity to acquire the Company's common stock through the award of restricted common stock, performance share awards and other equity awards under the 2010 Plan. The maximum number of shares that may be issued under the 2010 Plan is 1,190,000. Of the common stock authorized at June 30, 2015 and December 31, 2014, 641,238 shares and 862,512 shares, respectively, were reserved for issuance under the 2010 Plan. The Company’s directors have been issued 146,935 and 111,311 shares under the 2010 Plan as of June 30, 2015 and December 31, 2014, respectively. The Company’s employees have been issued 401,827 and 216,177 restricted shares under the 2010 Plan as of June 30, 2015 and December 31, 2014, respectively. At June 30, 2015 and December 31, 2014, there were 280,457 and 162,171 shares of unvested restricted stock outstanding under the 2010 Plan. (a) Restricted Common Stock Awards During the three and six months ended June 30, 2015, the Company recognized non-cash compensation expense on its restricted common stock awards of $0.2 million and $0.4 million, respectively. During the three and six months ended June 30, 2014, the Company recognized non-cash compensation expense on its restricted common stock awards of $0.1 million and $0.2 million, respectively. Dividends are paid on all restricted common stock issued, whether those shares have vested or not. In general, non-vested restricted stock is forfeited upon the recipient's termination of employment. There were no forfeitures during the six months ended June 30, 2015 and 2014. A summary of the activity of the Company's non-vested restricted stock under the 2010 Plan for the six months ended June 30, 2015 and 2014, respectively, is presented below: 2015 2014 Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares at January 1 162,171 $ 7.26 94,873 $ 7.01 Granted 185,650 7.79 104,517 7.39 Vested (67,364 ) 7.18 (37,219 ) 6.97 Non-vested shares as of June 30 280,457 $ 7.63 162,171 $ 7.26 Weighted-average fair value of restricted stock granted during the period 185,650 $ 7.79 104,517 $ 7.39 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. At June 30, 2015 and 2014, the Company had unrecognized compensation expense of $1.6 million and $1.0 million, respectively, related to the non-vested shares of restricted common stock under the 2010 Plan. The unrecognized compensation expense at June 30, 2015 is expected to be recognized over a weighted average period of 2.3 years. The total fair value of restricted shares vested during the six months ended June 30, 2015 and 2014 was approximately $0.5 million and $0.3 million, respectively. The requisite service period for restricted shares at issuance is three years. (b) Performance Share Awards In May, 2015, the Compensation Committee of the Board of Directors approved a performance share award (“PSA”) pursuant to the 2010 Plan to the Company’s Chairman, Chief Executive Officer and President. The PSA granted consisted of 89,629 shares of common stock and had a grant date fair value of approximately $0.4 million. The PSA are awards under which the number of underlying shares of Company common stock that vest and that the recipient becomes entitled to receive at the time of vesting will generally range from 0% to 200% of the target number of PSAs granted, with the target number of PSAs granted being adjusted to reflect the value of the reinvestment of any dividends declared on Company common stock during the vesting period. Vesting of these PSUs will occur at the end of three years based on three-year TSR, as follows: ● If three-year TSR is less than 33%, then 0% of the PSUs will vest; ● If three-year TSR is greater than or equal to 33% and the TSR is not in the bottom quartile of an identified peer group, then 100% of the PSAs will vest; ● If three-year TSR is greater than or equal to 33% and the TSR is in the top quartile of an identified peer group then 200% of the PSAs will vest; ● If three-year TSR is greater than or equal to 33% and the TSR is in the bottom quartile of an identified peer group then 50% of the PSAs will vest. The grant date fair values of PSAs were determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its peer companies to determine the TSR of the Company’s common stock relative to its peer companies over a future period of three years. For the 2015 PSA grant, the inputs used by the model to determine the fair value are (i) historical stock return volatilities of the Company and its peer companies over the most recent three year period, (ii) a risk free rate based on the three year U.S. Treasury rate on grant date, and (iii) historical pairwise stock return correlations between the Company and its peer companies over the most recent three year period. Compensation expenses related to PSAs were $12.0 thousand for the three and six months ended June 30, 2015. As of June 30, 2015, there was $360.0 thousand of unrecognized compensation cost related to unvested PSAs.

Note 18 - Income Taxes

Note 18 - Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	18. Income Taxes At June 30, 2015, a wholly owned TRS of the Company had approximately $55.9 million of net operating loss carryforwards which the Company does not expect to be able to utilize to offset future taxable income. The carryforwards will expire between 2024 through 2028. The Internal Revenue Code places certain limitations on the annual amount of net operating loss carryforwards that can be utilized if certain changes in the Company’s ownership occur. The Company determined during 2012 that it had undergone ownership changes within the meaning of Internal Revenue Code Section 382 that the Company believes will substantially eliminate utilization of these net operating loss carryforwards to offset future taxable income. In general, if a company incurs an ownership change under Section 382, the company's ability to utilize a net operating loss, or NOL carryforward to offset its taxable income becomes limited to a certain amount per year. In 2014, the Company, through its wholly owned TRSs, incurred net operating losses in the aggregate amount of approximately $3.6 million. The Company’s carryforward net operating losses, which are not subject to a Section 382 limitation , will expire between 2033 and 2034 if they are not offset by future taxable income. Additionally, during 2014, the Company, through one of its wholly owned TRSs, also incurred approximately $3.5 million in capital losses. The Company’s carryforward capital losses will expire by 2018 if they are not offset by future capital gains. The Company has recorded a valuation allowance against certain deferred tax assets at June 30, 2015 as management does not believe that it is more likely than not that these deferred tax assets will be realized. The Company files income tax returns with the U.S. federal government and various state and local jurisdictions. The Company is no longer subject to tax examinations by tax authorities for years prior to 2011. The Company has assessed its tax positions for all open years, which includes 2011 to 2014 and concluded that there are no material uncertainties to be recognized. During the three and six months ended June 30, 2015, the Company’s TRSs recorded approximately $1.2 million and $1.4 million, respectively, of income tax expense. During the three and six months ended June 30, 2014, the Company’s TRSs recorded approximately $0.5 million and $3.6 million, respectively, of income tax expense. The Company’s estimated taxable income differs from the federal statutory rate as a result of state and local taxes, non-taxable REIT income, a valuation allowance and other differences. The components of the Company’s deferred tax assets and liabilities are as follows (dollar amounts in thousands): June 30, 2015 December 31, 2014 Deferred tax assets Net operating loss carryforward $ 27,606 $ 28,704 Net capital loss carryforward 4,527 1,592 GAAP/Tax basis differences 2,868 1,755 Total deferred tax assets (1) 35,001 32,051 Valuation allowance (1) (33,642 ) (30,412 ) Deferred tax liabilities Deferred tax liabilities 193 1,040 Total deferred tax liabilities (2) 193 1,040 Total net deferred tax asset $ 1,166 $ 599 (1) (2)

Note 19 - Related Party Transac

Note 19 - Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	19. Related Party Transactions On April 5, 2011, the Company entered into a management agreement with RiverBanc, pursuant to which RiverBanc provides investment management services to the Company. On March 13, 2013, the Company entered into an amended and restated management agreement with RiverBanc (as amended, the “RiverBanc Management Agreement”). The RiverBanc Management Agreement replaced the prior management agreement between RiverBanc and the Company, dated as of April 5, 2011. The amended and restated agreement has an effective date of January 1, 2013 and has a term that will expire on December 31, 2015, subject to automatic annual one-year renewals thereof. As of June 30, 2015 and December 31, 2014, the Company owned a 20% membership interest in RiverBanc. For the three and six months ended June 30, 2015, the Company recognized approximately $0.1 million and $0.8 million in income related to its investment in RiverBanc, respectively. For the three and six months ended June 30, 2014, the Company recognized approximately $0.1 million and $0.3 million in income related to its investment in RiverBanc, respectively. RiverBanc manages an entity, RB Multifamily Investors LLC (“RBMI”), in which the Company owns, as of June 30, 2015 and December 31, 2014, approximately 67% of the outstanding common equity interests and certain preferred equity interests. Pursuant to a management agreement between RiverBanc and this entity, RiverBanc is entitled to receive base management and incentive fees for its management of assets owned by RBMI. Our total investment in RMI, which is included in receivable and other assets on the accompanying condensed consolidated balance sheets, amounts to approximately $48.4 million and $36.6 million as of June 30, 2015 and December 31, 2014, respectively. For the three and six months ended June 30, 2015, the Company recognized $1.7 million and $2.8 million in income related to our investment in RMI, respectively. For the three and six months ended June 30, 2014, the Company recognized $( 0.1) million and $0. 0 million in income related to our investment in RMI, respectively. For the three and six months ended June 30, 2015, the Company expensed $0.9 million and $4.8 million in fees to RiverBanc, respectively. For the three and six months ended June 30, 2014, the Company expensed $1.1 million and $2.2 million in fees to RiverBanc, respectively As of June 30, 2015 and December 31, 2014, the Company had fees payable to RiverBanc of $0.5 million and $6.3 million, respectively, included in accrued expenses and other liabilities.

Note 20 - Subsequent Events

Note 20 - Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	20. Subsequent Events On July 22, 2015, the Company entered into a contribution agreement by and among the Company, RBMI, RiverBanc Multifamily Investors, Inc. (“RMI”), RiverBanc Multifamily LP (“RMI OP”) and certain other third parties pursuant to which the Company agreed to contribute 100% of the Company’s common and preferred equity ownership interests in RBMI (the “Equity Contribution”) to RMI in exchange for an aggregate of 2,451,211 shares of RMI’s common stock. RBMI would become a subsidiary of RMI upon completion of the transaction. In addition, the Company entered into a contribution agreement with RMI and RMI OP pursuant to which the Company agreed to sell to RMI a portfolio of preferred equity investments (which includes one preferred equity investment in a multifamily property that the Company has under contract to acquire) and a mezzanine loan for cash consideration of approximately $28.5 million. The transactions contemplated by the contribution agreements are subject to certain closing conditions, including the completion of RMI’s initial public offering of RMI common stock. In July 2015, we purchased pools of distressed residential mortgage loans with an unpaid principal balance of approximately $81.2 million for an aggregate purchase price of approximately $67.5 million.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies, by Policy (Policies) [Line Items]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. Management has made significant estimates in several areas, including valuation of its CMBS investments, multi-family loans held in securitization trusts and multi-family CDOs, as well as, income recognition on distressed residential mortgage loans purchased at a discount.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Principles of Consolidation and Variable Interest Entities A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE when it is the primary beneficiary of such VIE. As primary beneficiary, it has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE.
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block]	Investment Securities Available for Sale securities to mitigate earnings volatility by better matching the accounting for these investment securities with the related derivative instruments within the Agency IO portfolio. The derivative instruments within the Agency IO portfolio are not designated as hedging instruments for accounting purposes. The Company generally intends to hold its investment securities until maturity; however, from time to time, it may sell any of its securities as part of the overall management of its business. As a result, our investment securities are classified as available for sale securities. Realized gains and losses recorded on the sale of investment securities available for sale are based on the specific identification method and included in realized gain (loss) on investment securities and related hedges in the accompanying condensed consolidated statements of operations. Purchase premiums or discounts on investment securities are amortized or accreted to interest income over the estimated life of the investment securities using the effective yield method. Adjustments to amortization are made for actual prepayment activity. The Company accounts for debt securities that are of high credit quality (generally those rated AA or better by a Nationally Recognized Statistical Rating Organization, or NRSRO), at date of acquisition in accordance with Accounting Standards Codification (“ASC”) 320-10. The Company accounts for debt securities that are not of high credit quality (i.e., those whose risk of loss is less than remote) or securities that can be contractually prepaid such that we would not recover our initial investment at the date of acquisition in accordance with ASC 325-40. The Company considers credit ratings, the underlying credit risk and other market factors in determining whether the debt securities are of high credit quality; however, securities rated lower than AA or an equivalent rating are not considered of high credit quality and are accounted for in accordance with ASC 325-40. If ratings are inconsistent among NRSROs, the Company uses the lower rating in determining whether the securities are of high credit quality. The Company assesses its impaired securities on at least a quarterly basis and designates such impairments as either “temporary” or “other-than-temporary” by applying the guidance prescribed in ASC Topic 320-10. When the fair value of an investment security is less than its amortized cost as of the reporting balance sheet date, the security is considered impaired. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, then it must recognize an other-than-temporary impairment through earnings equal to the entire difference between the investment’s amortized cost and its fair value as of the balance sheet date. If the Company does not expect to sell an other-than-temporarily impaired security, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings with the remainder recognized as a component of other comprehensive income (loss) on the accompanying condensed consolidated balance sheets. Impairments recognized through other comprehensive income (loss) do not impact earnings. Following the recognition of an other-than-temporary impairment through earnings, a new cost basis is established for the security, which may not be adjusted for subsequent recoveries in fair value through earnings. However, other-than-temporary impairments recognized through earnings may be accreted back to the amortized cost basis of the security on a prospective basis through interest income. The determination as to whether an other-than-temporary impairment exists and, if so, the amount considered other-than-temporarily impaired is subjective, as such determinations are based on both factual and subjective information available at the time of assessment as well the Company’s estimates of the future performance and cash flow projections. As a result, the timing and amount of other-than-temporary impairments constitute material estimates that are susceptible to significant change. In determining the other-than temporary impairment related to credit losses for securities that are not of high credit quality, the Company compares the present value of the remaining cash flows expected to be collected at the purchase date (or last date previously revised) against the present value of the cash flows expected to be collected at the current financial reporting date. The Company considers information available about the past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities and delinquency rates.
Securities Owned Not Readily Marketable, Policy [Policy Text Block]	Investment Securities Available for Sale Held in Securitization Trusts
Loans and Leases Receivable, Valuation, Policy [Policy Text Block]	Residential Mortgage Loans Held in Securitization Trusts We establish an allowance for loan losses based on management's judgment and estimate of credit losses inherent in our portfolio of residential mortgage loans held in securitization trusts. Estimation involves the consideration of various credit-related factors, including but not limited to, macro-economic conditions, current housing market conditions, loan-to-value ratios, delinquency status, historical credit loss severity rates, purchased mortgage insurance, the borrower's current economic condition and other factors deemed to warrant consideration. Additionally, we look at the balance of any delinquent loan and compare that to the current value of the collateralizing property. We utilize various home valuation methodologies including appraisals, broker pricing opinions, internet-based property data services to review comparable properties in the same area or consult with a real estate agent in the property's area.
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	Acquired Distressed Residential Mortgage Loans The Company considers the purchase price for the acquired distressed residential mortgage loans to be at fair value at the date of acquisition. These acquired distressed residential mortgage loans were initially recorded at fair value with no allowance for loan losses. Acquired distressed residential mortgage loans that have evidence of deteriorated credit quality at acquisition are accounted for under ASC Subtopic 310-30, "Loans and Debt Securities Acquired with Deteriorated Credit Quality" ("ASC 310-30"). Under ASC 310-30, the acquired loans may be accounted for individually or aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Once a pool is assembled, it is treated as if it was one loan for purposes of applying the accounting guidance Under ASC 310-30, the excess of cash flows expected to be collected over the carrying amount of the loans, referred to as the “accretable yield,” is accreted into interest income over the life of the loans in each pool or individually using a level yield methodology. Accordingly, our acquired distressed residential mortgage loans accounted for under ASC 310-30 are not subject to classification as nonaccrual classification in the same manner as our residential mortgage loans that were not distressed when acquired by us. Rather, interest income on acquired distressed residential mortgage loans relates to the accretable yield recognized at the pool level or on an individual loan basis, and not to contractual interest payments received at the loan level. The difference between contractually required principal and interest payments and the cash flows expected to be collected, referred to as the “nonaccretable difference,” includes estimates of both the impact of prepayments and expected credit losses over the life of the individual loan, or the pool (for loans grouped into a pool) . The Company monitors actual cash collections against its expectations, and revised cash flow estimates are prepared as necessary. These estimates incorporate assumptions regarding default rates, loss severities, value of the underlying real estate securing the loans, the amounts and timing of prepayments and other factors that reflect then-current market conditions. A decrease in expected cash flows in subsequent periods may indicate that the loan pool or individual loan, as applicable, is impaired thus requiring the establishment of an allowance for loan losses by a charge to the provision for loan losses. An increase in expected cash flows in subsequent periods initially reduces any previously established allowance for loan losses by the increase in the present value of cash flows expected to be collected, and results in a recalculation of the amount of accretable yield for the loan pool. The adjustment of accretable yield due to an increase in expected cash flows is accounted for prospectively as a change in estimate. The additional cash flows expected to be collected are reclassified from the nonaccretable difference to the accretable yield, and the amount of periodic accretion is adjusted accordingly over the remaining life of the loans in the pool or individual loan, as applicable . The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. An acquired distressed residential mortgage loan may be resolved either through receipt of payment (in full or in part) from the borrower, the sale of the loan to a third party, or foreclosure of the collateral. For acquired distressed residential mortgage loans held in pools, in the event of a sale of the loan, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds and the carrying amount of the acquired distressed residential mortgage loan. In the case of a foreclosure, an individual loan is removed from the pool at the fair value of the underlying collateral less costs to sell. For loans satisfied by payment in full, the loan is removed from the pool. The Company uses the specific allocation method for the removal of loans as the estimated cash flows and related carrying amount for each individual loan are known. In these cases, the remaining accretable yield is unaffected and any material change in remaining effective yield caused by the removal of the loan from the pool is addressed by the re-assessment of the estimate of cash flows for the pool prospectively. Acquired distressed residential mortgage loans subject to modification are not removed from the pool even if those loans would otherwise be considered troubled debt restructurings because the pool, and not the individual loan, represents the unit of account. For individual loans not accounted for in pools that are sold or satisfied by payment in full, a gain or loss on sale is recognized and reported based on the difference between the sales proceeds and the carrying amount of the acquired distressed residential mortgage loan. In the case of a foreclosure, the loss is recognized if the carrying value exceeds the fair value of the collateral (less costs to sell). A gain is not recognized if the fair value of collateral (less costs to sell) exceeds the carrying value.
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Multi-Family Loans Held in Securitization Trusts Interest income is accrued and recognized as revenue when earned according to the terms of the mortgage loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in no case when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible.
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block]	Mezzanine Loan and Preferred Equity Investments – Unlike a mortgage, this loan does not represent a lien on the property. Therefore, it is always junior and subordinate to any first-lien as well as second liens, if applicable, on the property. These loans are senior to any preferred equity or common equity interests. Purchasers of mezzanine loans benefit from a right to foreclose on the ownership equity in a more efficient manner than senior mortgage debt. A preferred equity investment is an equity investment in the entity that owns the underlying property. Preferred equity is not secured by the underlying property, but holders have priority relative to common equity holders on cash flow distributions and proceeds from capital events. In addition, preferred equity holders may be able to enhance their position and protect their equity position with covenants that limit the entity’s activities and grant the holder the exclusive right to control the property after an event of default. Mezzanine loans and preferred equity investments, where the risks and payment characteristics are equivalent to mezzanine loans, are accounted for as loans held for investment and are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, net of valuation allowances, and are included in receivables and other assets. We accrete or amortize any discounts or premiums over the life of the related loan receivable utilizing the effective interest method or straight line-method, if the result is not materially different. We evaluate the collectability of both interest and principal of each of our loans, if circumstances warrant, to determine whether they are impaired. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the estimated fair value of the loan or, as a practical expedient, to the value of the collateral if the loan is collateral dependent. Mezzanine loans and preferred equity investments where the risks and payment characteristics are equivalent to an equity investment are accounted for using the equity method of accounting. See “ Investment in Limited Partnership and Limited Liability Companies Mortgage Loans Held for Investment Investments in Limited Partnership and Limited Liability Companies Management periodically reviews its investments for impairment based on projected cash flows from the entity over the holding period. When any impairment is identified, the investments are written down to recoverable amounts.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents
Receivables, Policy [Policy Text Block]	Receivables and Other Assets
Federal Home Loan Bank Advances, Policy [Policy Text Block]	On February 20, 2015, our wholly-owned subsidiary, Great Lakes Insurance Holdings LLC (“GLIH”), became a member of the Federal Home Loan Bank of Indianapolis (“FHLBI”). As a member of the FHLBI, GLIH will have access to a variety of products and services offered by the FHLBI, including secured advances. As of June 30, 2015, GLIH had $121 million in outstanding secured advances from FHLBI, which are included on the Company’s accompanying condensed balance sheet in financing arrangement, portfolio investments.
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments Derivative instruments contain an element of risk in the event that the counterparties may be unable to meet the terms of such agreements. The Company minimizes its risk exposure by limiting the counterparties with which it enters into contracts to banks and investment banks who meet established credit and capital guidelines. The Company invests in To-Be-Announced securities (“TBAs”) through its Agency IO portfolio. TBAs are forward-settling purchases and sales of Agency RMBS where the underlying pools of mortgage loans are “To-Be-Announced.” Pursuant to these TBA transactions, we agree to purchase or sell, for future settlement, Agency RMBS with certain principal and interest terms and certain types of underlying collateral, but the particular Agency RMBS to be delivered is not identified until shortly before the TBA settlement date. For TBA contracts that we have entered into, we have not asserted that physical settlement is probable, therefore we have not designated these forward commitments as hedging instruments. Realized and unrealized gains and losses associated with these TBAs are recognized through earnings as other income (expense) in the condensed consolidated statements of operations. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instruments in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, is recognized in current earnings during the period of change. For instruments that are not designated or qualify as a cash flow hedge, such as our use of U.S. Treasury securities or financial futures and options on financial futures contracts, any realized and unrealized gains and losses associated with these instruments are recognized through earnings as other income (expense) in the condensed consolidated statements of operations.
Derivatives, Methods of Accounting, Hedging Derivatives [Policy Text Block]	Termination of Hedging Relationships Additionally, the Company may elect to un-designate a hedge relationship during an interim period and re-designate upon the rebalancing of a hedge profile and the corresponding hedge relationship. When hedge accounting is discontinued, the Company continues to carry the derivative instruments at fair value with changes recorded in current earnings.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Interest income on our credit sensitive securities, such as our CLOs and certain of our CMBS that were purchased at a discount to par value, is recognized based on the security’s effective interest rate. The effective interest rate on these securities is based on management’s estimate from each security of the projected cash flows, which are estimated based on the Company’s assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on these securities. Based on the projected cash flows from the Company’s first loss tranche PO multi-family CMBS purchased at a discount to par value, a portion of the purchase discount is designated as non-accretable purchase discount or credit reserve, which partially mitigates the Company’s risk of loss on the mortgages collateralizing such multi-family CMBS, and is not expected to be accreted into interest income. The amount designated as a credit reserve may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a credit reserve is more favorable than forecasted, a portion of the amount designated as credit reserve may be accreted into interest income over time. Conversely, if the performance of a security with a credit reserve is less favorable than forecasted, the amount designated as credit reserve may be increased, or impairment charges and write-downs of such securities to a new cost basis could result. With respect to interest rate swaps that have not been designated as hedges, any net payments under, or fluctuations in the fair value of, such swaps will be recognized in current earnings. See “Acquired Distressed Residential Mortgage Loans”
Manager Compensation, Policy [Policy Text Block]	Manager Compensation -related debt investments. These investment management agreements provide for the payment to our investment managers of a management fee, incentive fee and reimbursement of certain operating expenses, which are accrued and expensed during the period for which they are earned or incurred.
Comprehensive Income, Policy [Policy Text Block]	Other Comprehensive Income (Loss)
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block]	Employee Benefits Plans .
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock Based Compensation The Company has awarded restricted stock to eligible employees and officers as part of their compensation. Compensation expense for awarded restricted stock is based on the grant date fair value of the stock and is recognized over the vesting period. In May 2015, the Company granted certain Performance Share Awards (“PSAs”) which cliff vest after a three-year period, subject to the achievement of certain performance criteria based on a formula tied to the Company’s achievement of three-year total stockholder return (“TSR”) and the Company’s TSR relative to the TSR of certain peer companies. The feature in this award constitutes a “market condition” which impacts the amount of compensation expense recognized for these awards. The grant date fair values of PSAs were determined through Monte-Carlo simulation analysis.
Income Tax, Policy [Policy Text Block]	Income Taxes Certain activities of the Company are conducted through TRSs and therefore are subject to federal and various state and local income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740, Income Taxes
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share
Segment Reporting, Policy [Policy Text Block]	Segment Reporting –
New Accounting Pronouncements, Policy [Policy Text Block]	Summary of Recent Accounting Pronouncements Receivables (ASC 310) In April 2014, the FASB issued ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40)—Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (“ASU 2014-04”). The amendments of this ASU are intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. In addition, the amendments clarify that if an in substance repossession or foreclosure occurs, then a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. ASU 2014-04 became effective for the Company beginning January 1, 2015. The adoption of ASU 2014-04 did not have a material effect on our financial condition, results of operations and disclosures. Transfers and Servicing (ASC 860) In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transaction, Repurchase Financings, and Disclosures (“ASU 2014-09”). This guidance requires repurchase-to-maturity transactions to be accounted for as secured borrowings as if the transferor retains effective control, even though the transferred financial assets are not returned to the transferor at settlement. ASU 2014-09 also eliminates existing guidance for repurchase financings and requires instead that entities consider the initial transfer and the related repurchase agreement separately when applying the derecognition requirements of ASC 860, Transfers and Servicing. New disclosures will be required for (1) certain transactions accounted for as secured borrowings, and (2) transfers accounted for as sales when the transferor also retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. ASU 2014-09 became effective for the Company beginning January 1, 2015. The adoption of ASU 2014-11 did not have a significant effect on our financial condition, results of operations and disclosures. Revenue Recognition (Topic 606) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). This guidance creates a new, principle-based revenue recognition framework that will affect nearly every revenue-generating entity. ASU 2014-09 also creates a new topic in the Codification, Topic 606 (“ASC 606”). In addition to superseding and replacing nearly all existing U.S. GAAP revenue recognition guidance, including industry-specific guidance, ASC 606 does the following: (1) establishes a new control-based revenue recognition model; (2) changes the basis for deciding when revenue is recognized over time or at a point in time; (3) provides new and more detailed guidance on specific aspects of revenue recognition; and (4) expands and improves disclosures about revenue. ASC 606 is effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early application is not permitted for public business entities. The Company is currently assessing the impact of this guidance. Consolidation (Topic 810) In August 2014, the FASB issued ASU 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis Interest - Imputation of Interest (Topic 835) In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs
Residential Collateralized Debt Obligations [Member]
Accounting Policies, by Policy (Policies) [Line Items]
Debt, Policy [Policy Text Block]	Residential Collateralized Debt Obligations (“Residential CDOs”)
Multi-Family Collateralized Debt Obligations [Member]
Accounting Policies, by Policy (Policies) [Line Items]
Debt, Policy [Policy Text Block]	ulti-Family Collateralized Debt Obligations (“Multi-Family CDOs”)
Securitized Debt [Member]
Accounting Policies, by Policy (Policies) [Line Items]
Debt, Policy [Policy Text Block]	Securitized Debt Costs related to issuance of securitized debt which include underwriting, rating agency, legal, accounting and other fees are reflected as deferred charges. Such costs are included on the Company’s accompanying condensed consolidated balance sheets in receivables and other assets in the amount of $1.6 million and $2.2 million as of June 30, 2015 and December 31, 2014, respectively. These deferred charges are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different.
Portfolio Investments [Member]
Accounting Policies, by Policy (Policies) [Line Items]
Repurchase Agreements, Collateral, Policy [Policy Text Block]	Financing Arrangements, Portfolio Investments . Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The Company accounts for these repurchase agreements as financings under ASC 860, Transfers and Servicing . Under ASC 860, for these transactions to be treated as financings, they must be separate transactions and not linked. If the Company finances the purchase of its securities with repurchase agreements with the same counterparty from which the securities are purchased and both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed under GAAP to be part of the same arrangement, or a "Linked Transaction," unless certain criteria are met. None of the Company’s repurchase agreements are accounted for as linked transactions because they met the applicable criteria in accordance with ASC 860-10-40.
Distressed Residential Mortgage Loans [Member]
Accounting Policies, by Policy (Policies) [Line Items]
Repurchase Agreements, Collateral, Policy [Policy Text Block]	Financing Arrangements, Distressed Residential Mortgage Loans

Note 3 - Investment Securitie29

Note 3 - Investment Securities Available for Sale (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	June 30, 2015 December 31, 2014 Unrealized Unrealized Amortized Fair Amortized Fair Cost Gains Losses Value Cost Gains Losses Value Agency RMBS (1) Agency ARMs Freddie Mac $ 54,997 $ 57 $ (436 ) $ 54,618 $ 57,597 $ 55 $ (488 ) $ 57,164 Fannie Mae 106,211 137 (849 ) 105,499 113,192 81 (1,037 ) 112,236 Ginnie Mae 10,606 1 (159 ) 10,448 12,552 — (259 ) 12,293 Total Agency ARMs 171,814 195 (1,444 ) 170,565 183,341 136 (1,784 ) 181,693 Agency Fixed Rate Freddie Mac 34,729 — (660 ) 34,069 37,800 — (629 ) 37,171 Fannie Mae 416,011 — (11,282 ) 404,729 451,694 — (10,184 ) 441,510 Ginnie Mae 219 1 — 220 — — — — Total Agency Fixed Rate 450,959 1 (11,942 ) 439,018 489,494 — (10,813 ) 478,681 Agency IOs (1) Freddie Mac 36,805 827 (4,871 ) 32,761 38,844 273 (5,779 ) 33,338 Fannie Mae 48,122 1,259 (5,101 ) 44,280 53,666 741 (6,388 ) 48,019 Ginnie Mae 41,217 721 (4,962 ) 36,976 42,991 310 (5,527 ) 37,774 Total Agency IOs 126,144 2,807 (14,934 ) 114,017 135,501 1,324 (17,694 ) 119,131 Total Agency RMBS 748,917 3,003 (28,320 ) 723,600 808,336 1,460 (30,291 ) 779,505 Non-Agency RMBS 1,886 67 (233 ) 1,720 2,061 69 (191 ) 1,939 U.S. Treasury securities 9,999 1 — 10,000 — — — — CLOs — — — — 26,140 9,063 — 35,203 Total investment securities available for sale $ 760,802 $ 3,071 $ (28,553 ) $ 735,320 $ 836,537 $ 10,592 $ (30,482 ) $ 816,647 CMBS $ 27,394 $ 12,823 $ — $ 40,217 $ 26,193 $ 12,401 $ — $ 38,594 Total investment securities available for sale held in securitization trusts $ 27,394 $ 12,823 $ — $ 40,217 $ 26,193 $ 12,401 $ — $ 38,594
Available-for-sale Securities [Table Text Block]	Weighted Average Life June 30, 2015 December 31, 2014 0 to 5 years $ 489,511 $ 393,080 Over 5 to 10 years 172,357 365,386 10+ years 73,452 58,181 Total $ 735,320 $ 816,647
Investments Classified by Contractual Maturity Date [Table Text Block]	June 30, 2015 December 31, 2014 Less than 6 months 6 to 24 months More than 24 months Total Less than 6 months 6 to 24 months More than 24 months Total Agency RMBS $ 128,357 $ 14,608 $ 580,635 $ 723,600 $ 89,442 $ 21,746 $ 668,317 $ 779,505 Non-Agency RMBS 1,720 — — 1,720 1,939 — — 1,939 U.S. Treasury securities 10,000 — — 10,000 — — — — CLOs — — — — 35,203 — — 35,203 Total investment securities available for sale $ 140,077 $ 14,608 $ 580,635 $ 735,320 $ 126,584 $ 21,746 $ 668,317 $ 816,647 CMBS $ — $ — $ 40,217 $ 40,217 $ — $ — $ 38,594 $ 38,594 Total investment securities available for sale held in securitization trusts $ — $ — $ 40,217 $ 40,217 $ — $ — $ 38,594 $ 38,594
Unrealized Gain (Loss) on Investments [Table Text Block]	June 30 , 2015 Less than 12 Months Greater than 12 months Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Agency RMBS $ 48,748 $ (318 ) $ 535,697 $ (13,068 ) $ 584,445 $ (13,386 ) Non-Agency RMBS — — 846 (233 ) 846 (233 ) Total investment securities available for sale $ 48,748 $ (318 ) $ 536,543 $ (13,301 ) $ 585,291 $ (13,619 ) December 31, 2014 Less than 12 Months Greater than 12 months Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Agency RMBS $ — $ — $ 638,936 $ (12,597 ) $ 638,936 $ (12,597 ) Non-Agency RMBS — — 967 (191 ) 967 (191 ) Total investment securities available for sale $ — $ — $ 639,903 $ (12,788 ) $ 639,903 $ (12,788 )

Note 4 - Residential Mortgage30

Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Tables)	6 Months Ended
	Jun. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	June 30, 2015 December 31, 2014 Unpaid principal balance $ 140,641 $ 152,277 Deferred origination costs – net 891 968 Reserve for loan losses (4,092 ) (3,631 ) Total $ 137,440 $ 149,614
Allowance for Credit Losses on Financing Receivables [Table Text Block]	Six months Ended June 30, 2015 2014 Balance at beginning of period $ 3,631 $ 2,989 Provisions for loan losses 656 367 Transfer to real estate owned 1 (157 ) Charge-offs (196 ) — Balance at the end of period $ 4,092 $ 3,199
Real Estate Owned Through Foreclosure [Table Text Block]	Six months Ended June 30, 2015 2014 Balance at beginning of period $ 965 $ 1,108 Write downs — (53 ) Transfer from/(to) mortgage loans held in securitization trusts (192 ) 55 Disposal (362 ) (577 ) Balance at the end of period $ 411 $ 533
Past Due Financing Receivables [Table Text Block]	Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 4 $ 3,482 2.45 % 61 - 90 — $ — 0.00 % 90 + 30 $ 16,384 11.54 % Real estate owned through foreclosure 3 $ 1,334 0.94 % Days Late Number of Delinquent Loans Total Unpaid Principal % of Loan Portfolio 30 - 60 4 $ 1,522 0.99 % 61 - 90 — $ — 0.00 % 90 + 29 $ 16,997 11.01 % Real estate owned through foreclosure 6 $ 2,100 1.36 %
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	June 30, 2015 December 31, 2014 New York 35.6 % 36.1 % Massachusetts 22.9 % 24.0 % New Jersey 11.5 % 10.9 % Florida 6.7 % 6.2 % Connecticut 5.9 % 5.9 %

Note 5 - Distressed Residenti31

Note 5 - Distressed Residential Mortgage Loans (Tables)	6 Months Ended
	Jun. 30, 2015
Note 5 - Distressed Residential Mortgage Loans (Tables) [Line Items]
Schedule of Additional Information of Distressed Residential Mortgage Loans Acquired [Table Text Block]	June 30 , 201 5 Contractually required principal and interest $ 70,630 Non-accretable yield (3,997 ) Expected cash flows to be collected 66,633 Accretable yield (37,225 ) Fair value at the date of acquisition $ 29,408
Schedule of Distressed Residential Mortgage Loans Activity [Table Text Block]	June 30, 201 5 June 30, 201 4 Balance at beginning of period $ 640,416 $ 171,112 Additions 44,485 53,395 Disposals (34,897 ) (54,842 ) Accretion (20,486 ) (9,201 ) Balance at end of period (1) $ 629,518 $ 160,464
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	June 30, 2015 December 31, 2014 New York 35.6 % 36.1 % Massachusetts 22.9 % 24.0 % New Jersey 11.5 % 10.9 % Florida 6.7 % 6.2 % Connecticut 5.9 % 5.9 %
Residential Distressed Mortgage Loans Held in Securitization Trust [Member]
Note 5 - Distressed Residential Mortgage Loans (Tables) [Line Items]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	June 30, 2015 December 31, 2014 Florida 13.0 % 12.4 % North Carolina 8.2 % 8.2 % California 8.1 % 8.9 % Georgia 6.7 % 6.9 % New York 5.1 % 5.1 %

Note 6 - Consolidated K-Series

Note 6 - Consolidated K-Series (Tables)	6 Months Ended
	Jun. 30, 2015
Note 6 - Consolidated K-Series (Tables) [Line Items]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	June 30, 2015 December 31, 2014 New York 35.6 % 36.1 % Massachusetts 22.9 % 24.0 % New Jersey 11.5 % 10.9 % Florida 6.7 % 6.2 % Connecticut 5.9 % 5.9 %
Multi-Family Loans Held in Securitization Trusts [Member]
Note 6 - Consolidated K-Series (Tables) [Line Items]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	June 30, 2015 December 31, 2014 California 13.7 % 13.5 % Texas 12.6 % 12.5 % New York 8.0 % 7.7 % Maryland 5.2 % 5.2 %
Consolidated K-Series [Member]
Note 6 - Consolidated K-Series (Tables) [Line Items]
Condensed Balance Sheet [Table Text Block]	Balance Sheets June 30, 2015 December 31, 2014 Assets Multi-family loans held in securitization trusts $ 7,235,328 $ 8,365,514 Receivables 24,012 29,809 Total Assets $ 7,259,340 $ 8,395,323 Liabilities and Equity Multi-family CDOs $ 6,932,092 $ 8,048,053 Accrued expenses 23,567 29,354 Total Liabilities 6,955,659 8,077,407 Equity 303,681 317,916 Total Liabilities and Equity $ 7,259,340 $ 8,395,323
Condensed Income Statement [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, Statements of Operations 2015 2014 2015 2014 Interest income $ 62,984 $ 75,501 $ 129,284 $ 150,445 Interest expense 56,992 69,110 117,087 137,857 Net interest income 5,992 6,391 12,197 12,588 Unrealized gain on multi-family loans and debt held in securitization trusts, net 5,418 20,019 19,046 24,945 Net Income $ 11,410 $ 26,410 $ 31,243 $ 37,533

Note 7 - Use of Special Purpo33

Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2015
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Tables) [Line Items]
Fair Value, by Balance Sheet Grouping [Table Text Block]	June 30, 2015 December 31, 2014 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 106,461 $ 106,461 $ 75,598 $ 75,598 Investment securities available for sale Level 1 or 2 735,320 735,320 816,647 816,647 Investment securities available for sale, at fair value held in securitization trusts Level 3 40,217 40,217 38,594 38,594 Residential mortgage loans held in securitization trusts (net) Level 3 137,440 125,682 149,614 135,241 Distressed residential mortgage loans (net) (1) Level 3 580,540 598,112 582,697 599,182 Multi-family loans held in securitization trusts Level 3 7,235,328 7,235,328 8,365,514 8,365,514 Derivative assets Level 1 or 2 302,817 302,817 288,850 288,850 Mortgage loans held for sale (net) (2) Level 3 2,471 2,529 7,712 7,713 First mortgage loans (2) Level 3 10,474 10,887 9,544 9,832 Mezzanine loan and equity investments (2) Level 3 93,054 93,412 66,951 67,233 Receivable for securities sold Level 1 34,733 34,733 — — Financial Liabilities: Financing arrangements, portfolio investments Level 2 $ 585,492 $ 585,492 $ 651,965 $ 651,965 Financing arrangements, distressed residential mortgage loans Level 2 236,908 236,908 238,949 238,949 Residential collateralized debt obligations Level 3 133,258 119,188 145,542 130,919 Multi-family collateralized debt obligations Level 3 6,932,092 6,932,092 8,048,053 8,048,053 Securitized debt Level 3 191,689 198,315 232,877 240,341 Derivative liabilities Level 1 or 2 4,411 4,411 1,463 1,463 Payable for securities purchased Level 1 302,322 302,322 283,537 283,537 Subordinated debentures Level 3 45,000 37,477 45,000 36,531
Schedule of Variable Interest Entities [Table Text Block]	Multi-family CMBS Re-securitization ( 1 ) Collateralized Re c our s e Financing ( 2 ) Distressed Residential Mortgage Loan Securitization s ( 3 ) Original Face amount of Notes issued by the VIE and purchased by 3rd party investors $ 35,000 $ 55,853 $ 176,970 Principal Amount at June 30, 2015 $ 33,995 $ 55,853 $ 108,006 Principal Amount at December 31, 2014 $ 34,208 $ 55,853 $ 149,364 Carrying Value at June 30, 2015 ( 4 ) $ 27,830 $ 55,853 $ 108,006 Carrying Value at December 31, 2014 ( 4 ) $ 27,660 $ 55,853 $ 149,364 Pass-through rate of Notes issued 5.35 % One-month LIBOR plus 5.25% 4.25% - 4.85 %
Schedule of Maturities of Long-term Debt [Table Text Block]	Scheduled Maturity (principal amount) June 30, 2015 December 31, 2014 (Dollar amount in thousands) Within 24 months $ 163,859 $ 205,217 Over 36 months 33,995 34,208 Total 197,854 239,425 Discount (6,165 ) (6,548 ) Carrying value $ 191,689 $ 232,877
Schedule of Classification and Carrying Value of Unconsolidated VIEs [Table Text Block]	June 30 , 2015 December 31, 2014 Investment securities available for sale, at fair value Receivables and other Assets Total Investment securities available for sale, at fair value, held in securitization trusts Receivables and other Assets Total Multi-Family CMBS $ 40,217 $ 78 $ 40,295 $ 38,594 $ 80 $ 38,674 Mezzanine loan and equity investments — 99,825 99,825 — 72,799 72,799 Total assets $ 40,217 $ 99,903 $ 140,120 $ 38,594 $ 72,879 $ 111,473
Financing VIE [Member]
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Tables) [Line Items]
Fair Value, by Balance Sheet Grouping [Table Text Block]	Financing VIEs Non-financed VIEs Multi-family CMBS re- securitization (1) Collateralized Recourse F inancing (2) Distressed Residential Mortgage Lo an Securitization Residential Mortgage Loan Securitization Multi- family CMBS (3) Total Investment securities available for sale, at fair value held in securitization trusts $ 40,217 $ — $ — $ — $ — $ 40,217 Residential mortgage loans held in securitization trusts (net) — — — 137,440 — 137,440 Distressed residential mortgage loans held in securitization trust, (net) — — 201,392 — — 201,392 Multi-family loans held in securitization trusts, at fair value 1,258,658 4,693,357 — — 1,283,313 7,235,328 Receivables and other assets 4,873 14,985 22,705 961 5,327 48,851 Total assets $ 1,303,748 $ 4,708,342 $ 224,097 $ 138,401 $ 1,288,640 $ 7,663,228 Residential collateralized debt obligations $ — $ — $ — $ 133,258 $ — $ 133,258 Multi-family collateralized debt obligations, at fair value 1,203,584 4,510,143 — — 1,218,365 6,932,092 Securitized debt 27,830 55,853 108,006 — — 191,689 Accrued expenses and other liabilities 4,401 14,105 446 13 5,230 24,195 Total liabilities $ 1,235,815 $ 4,580,101 $ 108,452 $ 133,271 $ 1,223,595 $ 7,281,234 Financing VIEs Non-financed VIEs Multi-family CMBS re- securitization (1) Collateralized Recourse Financing (2) Distressed Residential Mortgage Loan Securitization Residential Mortgage Loan Securitization Multi- family CMBS (3) Total Investment securities available for sale, at fair value held in securitization trusts $ 38,594 $ — $ — $ — $ — $ 38,594 Residential mortgage loans held in securitization trusts (net) — — — 149,614 — 149,614 Distressed residential mortgage loans held in securitization trust (net) — — 221,591 — — 221,591 Multi-family loans held in securitization trusts, at fair value 1,273,633 4,720,908 — — 2,370,973 8,365,514 Receivables and other assets 5,097 15,631 39,084 1,545 10,408 71,765 Total assets $ 1,317,324 $ 4,736,539 $ 260,675 $ 151,159 $ 2,381,381 $ 8,847,078 Residential collateralized debt obligations $ — $ — $ — $ 145,542 $ - $ 145,542 Multi-family collateralized debt obligations, at fair value 1,221,555 4,558,065 — — 2,268,433 8,048,053 Securitized debt 27,660 55,853 149,364 — — 232,877 Accrued expenses and other liabilities 4,581 14,639 1,024 14 10,304 30,562 Total liabilities $ 1,253,796 $ 4,628,557 $ 150,388 $ 145,556 $ 2,278,737 $ 8,457,034

Note 8 - Derivative Instrumen34

Note 8 - Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2015
Note 8 - Derivative Instruments and Hedging Activities (Tables) [Line Items]
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	Notional Amount For the Six Months Ended June 30, 2015 Derivatives Not Designated as Hedging Instruments December 31, 2014 Additions Settlement, Expiration or Exercise June 30, 2015 TBA securities $ 273,000 $ 2,176,000 $ (2,153,000 ) $ 296,000 U.S. Treasury futures 2,300 123,600 (135,400 ) (9,500 ) Interest rate swap futures (190,100 ) 597,800 (605,000 ) (197,300 ) Eurodollar futures (2,961,000 ) 1,463,000 (1,453,000 ) (2,951,000 ) Options on U.S. Treasury futures 21,000 187,000 (201,000 ) 7,000 Swaptions 180,000 9,000 — 189,000 Interest rate swaps 10,000 — — 10,000 Notional Amount For the Six Months Ended June 30, 2014 Derivatives Not Designated as Hedging Instruments December 31, 2013 Additions Settlement, Expiration or Exercise June 30, 2014 TBA securities $ 188,000 $ 1,188,000 $ (1,178,000 ) $ 198,000 U.S. Treasury futures (11,900 ) 66,900 (60,200 ) (5,200 ) Interest rate swap futures (242,700 ) 479,900 (470,200 ) (233,000 ) Eurodollar futures (3,360,000 ) 1,840,000 (1,568,000 ) (3,088,000 ) Options on U.S. Treasury futures 40,000 — (40,000 ) — Swaptions 100,000 — — 100,000
Schedule of Components of Realized and Unrealized Gains and Losses To Derivative Not Designated as Hedging Instruments [Table Text Block]	Three Months Ended June 30 , 201 5 201 4 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA Securities $ (2,243 ) $ (2,749 ) $ 4,040 $ 2,282 Eurodollar futures (1) (1,032 ) 185 (226 ) (518 ) Interest rate swaps — 90 — — Swaptions — 516 — (323 ) U.S. Treasury and Interest rate swap futures and options (1,167 ) 1,350 (2,482 ) (2,106 ) Total $ (4,442 ) $ (608 ) $ 1,332 $ (665 ) Six Months Ended June 30, 2015 2014 Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) TBA Securities $ 587 $ (2,095 ) $ 7,354 $ 2,547 Eurodollar futures (1) (1,279 ) (1,388 ) (1,438 ) 208 Interest rate swaps — (29 ) — — Swaptions — (41 ) — (842 ) U.S. Treasury and Interest rate swap futures and options (2,611 ) (1,707 ) (2,526 ) (5,239 ) Total $ (3,303 ) $ (5,260 ) $ 3,390 $ (3,326 )
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Derivatives Designated as Hedging Instruments Balance Sheet Location Total Notional Amount June 30, 2015 December 31, 2014 Interest Rate Swaps Derivative liability $ 245,000 $ 261 $ — Interest Rate Swaps Derivative asset 105,000 233 — Interest Rate Swaps Derivative asset 350,000 — 1,135
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Six Months Ended June 30, Derivatives Designated as Hedging Instruments 2015 2014 Accumulated other comprehensive income for derivative instruments: Balance at beginning of the period $ 1,135 $ 2,041 Unrealized (loss) on interest rate swaps (1,163 ) (1,330 ) Balance at end of the period $ (28 ) $ 711
Schedule of Interest Rate Derivatives [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Interest income Interest expense-investment securities $ 439 $ 469 $ 890 $ 925
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	June 30, 2015 December 31, 2014 Maturity (1) Notional Amount Weighted Average Fixed Pay Interest Rate Notional Amount Weighted Average Fixed Pay Interest Rate Within 30 Days $ 20,000 0.42 % $ — — % Over 30 days to 3 months 75,000 0.49 — — Over 3 months to 6 months 40,000 0.39 — — Over 6 months to 12 months — — 135,000 0.45 Over 12 months to 24 months — — — — Over 24 months to 36 months 215,000 0.83 215,000 0.83 Over 36 months to 48 months — — — — Over 48 months to 60 months 10,000 2.25 10,000 2.25 Total $ 360,000 0.73 % $ 360,000 0.73 %
Not Designated as Hedging Instrument [Member]
Note 8 - Derivative Instruments and Hedging Activities (Tables) [Line Items]
Schedule of Derivative Instruments [Table Text Block]	Derivatives Not Designated as Hedging Instruments Balance Sheet Location June 30 , 201 5 December 31, 201 4 TBA securities (1) Derivative assets $ 300,674 $ 284,971 U.S. Treasury futures Derivative assets — 379 Swaptions Derivative assets 1,907 2,273 Options on U.S. Treasury futures Derivative assets 3 92 Eurodollar futures Derivative liabilities 2,288 900 Interest rate swaps (2) Derivative liabilities 260 232 Interest rate swap futures Derivative liabilities 1,533 331 U.S. Treasury futures Derivative liabilities 69 —

Note 9 - Financing Arrangemen35

Note 9 - Financing Arrangements, Portfolio Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	June 30, 2015 December 31, 2014 Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost Of Collateral Pledged Outstanding Financing Arrangements Fair Value of Collateral Pledged Amortized Cost Of Collateral Pledged Agency ARMs $ 240,062 $ 155,156 $ 156,387 $ 171,852 $ 181,694 $ 183,342 Agency Fixed Rate 284,052 402,319 413,369 413,199 437,002 446,851 Agency IOs/U.S. Treasury Securities 61,378 87,312 95,148 66,914 83,988 95,129 Balance at end of the period $ 585,492 $ 644,787 $ 664,904 $ 651,965 $ 702,684 $ 725,322
Outstanding Repurchase Agreements by Contractual Maturity [Table Text Block]	Contractual Maturity June 30, 2015 December 31, 2014 Within 30 days $ 505,159 $ 157,008 Over 30 days to 90 days 80,333 494,957 Over 90 days — — Total $ 585,492 $ 651,965

Note 12 - Subordinated Debent36

Note 12 - Subordinated Debentures (Tables)	6 Months Ended
	Jun. 30, 2015
Subordinated Borrowings [Abstract]
Schedule of Subordinated Borrowing [Table Text Block]	NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest Rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035

Note 14 - Fair Value of Finan37

Note 14 - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Measured at Fair Value on a Recurring Basis at June 30 , 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Investment securities available for sale: Agency RMBS $ — $ 723,600 $ — $ 723,600 $ — $ 779,505 $ — $ 779,505 Non-Agency RMBS — 1,720 — 1,720 — 1,939 — 1,939 CLOs — — — — — 35,203 — 35,203 U.S. Treasury Securities 10,000 — — 10,000 — — — — Investment securities available for sale held in securitization trusts: CMBS — — 40,217 40,217 — — 38,594 38,594 Multi-family loans held in securitization trusts — — 7,235,328 7,235,328 — — 8,365,514 8,365,514 Derivative assets: TBA Securities — 300,674 — 300,674 — 284,971 — 284,971 Options on U.S. Treasury futures 3 — — 3 92 — — 92 U.S. Treasury futures — — — — 379 — — 379 Interest rate swaps — 233 — 233 — 1,135 — 1,135 Swaptions — 1,907 — 1,907 — 2,273 — 2,273 Total $ 10,003 $ 1,028,134 $ 7,275,545 $ 8,313,682 $ 471 $ 1,105,026 $ 8,404,108 $ 9,509,605 Liabilities carried at fair value Multi-family collateralized debt obligations $ — $ — $ 6,932,092 $ 6,932,092 $ — $ — $ 8,048,053 $ 8,048,053 Derivative liabilities: U.S. Treasury futures 69 — — 69 — — — — Eurodollar futures 2,288 — — 2,288 900 — — 900 Interest rate swaps — 521 — 521 — 232 — 232 Interest rate swap futures 1,533 — — 1,533 331 — — 331 Total $ 3,890 $ 521 $ 6,932,092 $ 6,936,503 $ 1,231 $ 232 $ 8,048,053 $ 8,049,516
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Six Months Ended June 30, 201 5 201 4 Balance at beginning of period $ 8,404,108 $ 8,203,600 Total gains/(losses) (realized/unrealized) Included in earnings (1) (15,756 ) 318,427 Included in other comprehensive income 422 8,402 Sales (2) (1,075,529 ) — Paydowns (37,700 ) (33,669 ) Sale of real estate owned — (3,385 ) Balance at the end of period $ 7,275,545 $ 8,493,375
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Six Months Ended June 30 , 201 5 201 4 Balance at beginning of period $ 8,048,053 $ 7,871,020 Total gains/(losses) (realized/unrealized) Included in earnings (1) (46,999 ) 280,303 Included in other comprehensive income — — Sales (2) (1,031,268 ) — Paydowns (37,694 ) (37,053 ) Balance at the end of period $ 6,932,092 $ 8,114,270
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Change in unrealized (losses)gains – assets $ (136,701 ) $ 197,248 $ (305 ) $ 340,690 Change in unrealized gains(losses) – liabilities 142,119 (177,229 ) 19,351 (315,745 ) Net change in unrealized gains included in earnings for assets and liabilities $ 5,418 $ 20,019 $ 19,046 $ 24,945
Fair Value Measurements, Nonrecurring [Table Text Block]	Assets Measured at Fair Value on a Non-Recurring Basis at June 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Residential mortgage loans held in securitization trusts – impaired loans (net) $ — $ — $ 10,211 $ 10,211 $ — $ — $ 9,323 $ 9,323 Real estate owned held in residential securitization trusts — — 410 410 — — 965 965
Fair Value, Losses for Assets Measured on Nonrecurring Basis [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Residential mortgage loans held in securitization trusts – impaired loans (net) $ (345 ) $ (351 ) $ (656 ) $ (367 ) Real estate owned held in residential securitization trusts — 31 26 (53 )
Fair Value, by Balance Sheet Grouping [Table Text Block]	June 30, 2015 December 31, 2014 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 106,461 $ 106,461 $ 75,598 $ 75,598 Investment securities available for sale Level 1 or 2 735,320 735,320 816,647 816,647 Investment securities available for sale, at fair value held in securitization trusts Level 3 40,217 40,217 38,594 38,594 Residential mortgage loans held in securitization trusts (net) Level 3 137,440 125,682 149,614 135,241 Distressed residential mortgage loans (net) (1) Level 3 580,540 598,112 582,697 599,182 Multi-family loans held in securitization trusts Level 3 7,235,328 7,235,328 8,365,514 8,365,514 Derivative assets Level 1 or 2 302,817 302,817 288,850 288,850 Mortgage loans held for sale (net) (2) Level 3 2,471 2,529 7,712 7,713 First mortgage loans (2) Level 3 10,474 10,887 9,544 9,832 Mezzanine loan and equity investments (2) Level 3 93,054 93,412 66,951 67,233 Receivable for securities sold Level 1 34,733 34,733 — — Financial Liabilities: Financing arrangements, portfolio investments Level 2 $ 585,492 $ 585,492 $ 651,965 $ 651,965 Financing arrangements, distressed residential mortgage loans Level 2 236,908 236,908 238,949 238,949 Residential collateralized debt obligations Level 3 133,258 119,188 145,542 130,919 Multi-family collateralized debt obligations Level 3 6,932,092 6,932,092 8,048,053 8,048,053 Securitized debt Level 3 191,689 198,315 232,877 240,341 Derivative liabilities Level 1 or 2 4,411 4,411 1,463 1,463 Payable for securities purchased Level 1 302,322 302,322 283,537 283,537 Subordinated debentures Level 3 45,000 37,477 45,000 36,531

Note 15 - Stockholders' Equity

Note 15 - Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Note 15 - Stockholders' Equity (Tables) [Line Items]
Schedule of Stockholders Equity [Table Text Block]	Share Issue Date Shares Issued Net Proceeds (1) (Amounts in Thousands) April 7, 2014 14,950 $ 109,916 January 10, 2014 11,500 $ 75,846
Preferred Stock [Member]
Note 15 - Stockholders' Equity (Tables) [Line Items]
Schedule of Dividends Payable [Table Text Block]	Series B Preferred Stock Series C Preferred Stock Cash Cash Declaration Record Payment Dividend Declaration Record Payment Dividend Date Date Date Per Share Date Date Date Per Share June 18, 2015 July 1, 2015 July 15, 2015 $ 0.484375 June 18, 2015 July 1, 2015 July 15, 2015 $ 0.45391 (1) March 18, 2015 April 1, 2015 April 15, 2015 $ 0.484375 — — — — December 12, 2014 January 1, 2015 January 15, 2015 $ 0.484375 — — — — September 18, 2014 October 1, 2014 October 15, 2014 $ 0.484375 — — — — June 18, 2014 July 1, 2014 July 15, 2014 $ 0.484375 — — — — March 31, 2014 April 1, 2014 April 15, 2014 $ 0.484375 — — — —
Common Stock [Member]
Note 15 - Stockholders' Equity (Tables) [Line Items]
Schedule of Dividends Payable [Table Text Block]	Period Declaration Date Record Date Payment Date Cash Dividend Per Share Second Quarter 2015 June 18, 2015 June 29, 2015 July 27, 2015 $ 0.27 First Quarter 2015 March 18, 2015 March 30, 2015 April 27, 2015 $ 0.27 Fourth Quarter 2014 December 12, 2014 December 22, 2014 January 26, 2015 $ 0.27 Third Quarter 2014 September 18, 2014 September 29, 2014 October 27, 2014 $ 0.27 Second Quarter 2014 June 18, 2014 June 30, 2014 July 25, 2014 $ 0.27 First Quarter 2014 March 13, 2014 March 24, 2014 April 25, 2014 $ 0.27

Note 16 - Earnings Per Share (T

Note 16 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Three Months Ended June 30, For the Six Months Ended June 30, 201 5 201 4 201 5 201 4 Numerator Net income attributable to common stockholders– Basic $ 21,544 $ 30,326 $ 43,634 $ 51,584 Net income attributable to common stockholders– Dilutive 21,544 30,326 43,634 51,584 Denominator: Weighted average basic shares outstanding 109,252 89,686 107,380 82,137 Weighted average dilutive shares outstanding 109,252 89,686 107,380 82,137 EPS: Basic EPS $ 0.20 $ 0.34 $ 0.41 $ 0.63 Dilutive EPS $ 0.20 $ 0.34 $ 0.41 $ 0.63

Note 17 - Stock Based Compens40

Note 17 - Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Restricted Stock [Member]
Note 17 - Stock Based Compensation (Tables) [Line Items]
Schedule of Nonvested Share Activity [Table Text Block]	2015 2014 Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Number of Non-vested Restricted Shares Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares at January 1 162,171 $ 7.26 94,873 $ 7.01 Granted 185,650 7.79 104,517 7.39 Vested (67,364 ) 7.18 (37,219 ) 6.97 Non-vested shares as of June 30 280,457 $ 7.63 162,171 $ 7.26 Weighted-average fair value of restricted stock granted during the period 185,650 $ 7.79 104,517 $ 7.39

Note 18 - Income Taxes (Tables)

Note 18 - Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	June 30, 2015 December 31, 2014 Deferred tax assets Net operating loss carryforward $ 27,606 $ 28,704 Net capital loss carryforward 4,527 1,592 GAAP/Tax basis differences 2,868 1,755 Total deferred tax assets (1) 35,001 32,051 Valuation allowance (1) (33,642 ) (30,412 ) Deferred tax liabilities Deferred tax liabilities 193 1,040 Total deferred tax liabilities (2) 193 1,040 Total net deferred tax asset $ 1,166 $ 599

Note 1 - Organization (Details)

Note 1 - Organization (Details)	Jun. 30, 2015
Disclosure Text Block [Abstract]
REIT Distribution Percentage	90.00%

Note 2 - Summary of Significa43

Note 2 - Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Restricted Cash and Cash Equivalents	$ 51,100,000		$ 54,200,000
Interest Receivable	$ 24,000,000		29,800,000
Repurchase Agreements, Expiration Period	1 year
Deferred Finance Costs, Gross	$ 1,600,000		2,200,000
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0	$ 0
REIT Distribution Percentage	90.00%
Number of Operating Segments	1
GLIH [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Advances from Federal Home Loan Banks	$ 121,000,000
Held in Agency IO Portfolio for Trading Purposes [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Restricted Cash and Cash Equivalents	38,400,000		40,600,000
Held by Counterparties as Collateral for Hedging Instruments [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Restricted Cash and Cash Equivalents	$ 10,800,000		11,400,000
Undistributed [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
REIT Distribution Percentage	85.00%
Distressed Residential Mortgage Loans [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Deferred Finance Costs, Gross	$ 900,000		$ 1,700,000
Secured Debt [Member] | GLIH [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Advances from Federal Home Loan Banks	$ 121,000,000

Note 3 - Investment Securitie44

Note 3 - Investment Securities Available for Sale (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Note 3 - Investment Securities Available for Sale (Details) [Line Items]
Proceeds from Sale of Available-for-sale Securities	$ 34,500,000	$ 0	$ 34,500,000	$ 0
Available-for-sale Securities, Gross Realized Gain (Loss)	3,200,000		$ 3,200,000
Available For Sale Securities Portfolio Life			4 years 164 days		4 years 346 days
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	$ 0	$ 0	$ 0	$ 0
Maximum [Member]
Note 3 - Investment Securities Available for Sale (Details) [Line Items]
Contractual Maturities			30 years

Note 3 - Investment Securitie45

Note 3 - Investment Securities Available for Sale (Details) - Available-for-Sale Securities - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Agency ARMs
Amortized Cost		$ 760,802	$ 836,537
Unrealized Gains		3,071	10,592
Unrealized Losses		(28,553)	(30,482)
US Treasury Securities [Member]
Agency ARMs
Amortized Cost		9,999
Unrealized Gains		1
CMBS [Member]
Agency ARMs
Amortized Cost		27,394	26,193
Unrealized Gains		12,823	12,401
Agency ARMs [Member]
Agency ARMs
Amortized Cost	[1]	171,814	183,341
Unrealized Gains	[1]	195	136
Unrealized Losses	[1]	(1,444)	(1,784)
Agency ARMs [Member] | Freddie Mac [Member]
Agency ARMs
Amortized Cost	[1]	54,997	57,597
Unrealized Gains	[1]	57	55
Unrealized Losses	[1]	(436)	(488)
Agency ARMs [Member] | Fannie Mae [Member]
Agency ARMs
Amortized Cost	[1]	106,211	113,192
Unrealized Gains	[1]	137	81
Unrealized Losses	[1]	(849)	(1,037)
Agency ARMs [Member] | Ginnie Mae [Member]
Agency ARMs
Amortized Cost	[1]	10,606	$ 12,552
Unrealized Gains	[1]	1
Unrealized Losses	[1]	(159)	$ (259)
Agency Fixed Rate [Member]
Agency ARMs
Amortized Cost		450,959	489,494
Unrealized Gains		1
Unrealized Losses		(11,942)	(10,813)
Agency Fixed Rate [Member] | Freddie Mac [Member]
Agency ARMs
Amortized Cost		34,729	37,800
Unrealized Losses		(660)	(629)
Agency Fixed Rate [Member] | Fannie Mae [Member]
Agency ARMs
Amortized Cost		416,011	451,694
Unrealized Losses		(11,282)	(10,184)
Agency Fixed Rate [Member] | Ginnie Mae [Member]
Agency ARMs
Amortized Cost		219
Unrealized Gains		1
Agency IOs [Member]
Agency ARMs
Amortized Cost	[1]	126,144	135,501
Unrealized Gains	[1]	2,807	1,324
Unrealized Losses	[1]	(14,934)	(17,694)
Agency IOs [Member] | Freddie Mac [Member]
Agency ARMs
Amortized Cost	[1]	36,805	38,844
Unrealized Gains	[1]	827	273
Unrealized Losses	[1]	(4,871)	(5,779)
Agency IOs [Member] | Fannie Mae [Member]
Agency ARMs
Amortized Cost	[1]	48,122	53,666
Unrealized Gains	[1]	1,259	741
Unrealized Losses	[1]	(5,101)	(6,388)
Agency IOs [Member] | Ginnie Mae [Member]
Agency ARMs
Amortized Cost	[1]	41,217	42,991
Unrealized Gains	[1]	721	310
Unrealized Losses	[1]	(4,962)	(5,527)
Agency RMBs [Member]
Agency ARMs
Amortized Cost		748,917	808,336
Unrealized Gains		3,003	1,460
Unrealized Losses		(28,320)	(30,291)
Non-Agency RMBS [Member]
Agency ARMs
Amortized Cost		1,886	2,061
Unrealized Gains		67	69
Unrealized Losses		(233)	(191)
Collateralized Loan Obligation [Member]
Agency ARMs
Amortized Cost			26,140
Unrealized Gains			9,063
Investment Held in Securitization Trust [Member]
Agency ARMs
Amortized Cost		27,394	26,193
Unrealized Gains		$ 12,823	$ 12,401
[1]	Included in investment securities available for sale are Agency IOs, Agency Fixed Rate, Agency ARM and U.S. Treasury securities managed by Midway that are measured at fair value through earnings.

Note 3 - Investment Securitie46

Note 3 - Investment Securities Available for Sale (Details) - Weighted Average Lives for Available-for-Sale Securities - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Weighted Average Lives for Available-for-Sale Securities [Abstract]
0 to 5 years	$ 489,511	$ 393,080
Over 5 to 10 years	172,357	365,386
10+ years	73,452	58,181
Total	$ 735,320	$ 816,647

Note 3 - Investment Securitie47

Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	$ 735,320	$ 816,647
Less than six months [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	140,077	126,584
Six Months to Twenty-Four Months [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	14,608	21,746
More than twenty-four months [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	580,635	668,317
US Treasury Securities [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	10,000
US Treasury Securities [Member] | Less than six months [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	10,000
CMBS [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	40,217	38,594
Agency RMBs [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	723,600	779,505
Agency RMBs [Member] | Less than six months [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	128,357	89,442
Agency RMBs [Member] | Six Months to Twenty-Four Months [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	14,608	21,746
Agency RMBs [Member] | More than twenty-four months [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	580,635	668,317
Non-Agency RMBS [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	1,720	1,939
Non-Agency RMBS [Member] | Less than six months [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	1,720	1,939
Collateralized Loan Obligation [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale		35,203
Collateralized Loan Obligation [Member] | Less than six months [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale		35,203
Investment Held in Securitization Trust [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	40,217	38,594
Investment Held in Securitization Trust [Member] | More than twenty-four months [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	40,217	38,594
Investment Held in Securitization Trust [Member] | CMBS [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	40,217	38,594
Investment Held in Securitization Trust [Member] | CMBS [Member] | More than twenty-four months [Member]
Note 3 - Investment Securities Available for Sale (Details) - Stated Reset Periods [Line Items]
Carrying value, investment securities available for sale	$ 40,217	$ 38,594

Note 3 - Investment Securitie48

Note 3 - Investment Securities Available for Sale (Details) - Investment Securities Available-for-Sale in an Unrealized Loss Position - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Agency RMBs [Member]
Note 3 - Investment Securities Available for Sale (Details) - Investment Securities Available-for-Sale in an Unrealized Loss Position [Line Items]
Carrying Value Less Than 12 Months	$ 48,748
Gross Unrealized Losses Less Than 12 Months	(318)
Carrying Value Greater Than 12 Months	535,697	$ 638,936
Gross Unrealized Losses Greater Than 12 Months	(13,068)	(12,597)
Carrying Value Total	584,445	638,936
Gross Unrealized Losses Total	(13,386)	(12,597)
Non-Agency RMBS [Member]
Note 3 - Investment Securities Available for Sale (Details) - Investment Securities Available-for-Sale in an Unrealized Loss Position [Line Items]
Carrying Value Greater Than 12 Months	846	967
Gross Unrealized Losses Greater Than 12 Months	(233)	(191)
Carrying Value Total	846	967
Gross Unrealized Losses Total	(233)	(191)
Total [Member]
Note 3 - Investment Securities Available for Sale (Details) - Investment Securities Available-for-Sale in an Unrealized Loss Position [Line Items]
Carrying Value Less Than 12 Months	48,748
Gross Unrealized Losses Less Than 12 Months	(318)
Carrying Value Greater Than 12 Months	536,543	639,903
Gross Unrealized Losses Greater Than 12 Months	(13,301)	(12,788)
Carrying Value Total	585,291	639,903
Gross Unrealized Losses Total	$ (13,619)	$ (12,788)

Note 4 - Residential Mortgage49

Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Details) [Line Items]
Financing Receivable, Allowance for Credit Losses	$ 4,092	$ 3,631	$ 3,199	$ 2,989
Financing Receivable, Allowance for Credit Losses, Basis Points	2.91%	2.38%
CDOs Outstanding	$ 5,100	$ 5,600
Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization [Member]
Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Details) [Line Items]
Number of Delinquent Loans	34	33
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 19,900	$ 18,500
Under Temporary Modified Payment Plan [Member] | Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization [Member]
Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Details) [Line Items]
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 12,200	$ 9,400
Modified Percent	61.00%	51.00%

Note 4 - Residential Mortgage50

Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Details) - Mortgage Loans Held in Securitization Trusts - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgage Loans Held in Securitization Trusts [Abstract]
Unpaid principal balance	$ 140,641	$ 152,277
Deferred origination costs – net	891	968
Reserve for loan losses	(4,092)	(3,631)
Total	$ 137,440	$ 149,614

Note 4 - Residential Mortgage51

Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Details) - Allowance for Loan Losses - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Allowance for Loan Losses [Abstract]
Balance at beginning of period	$ 3,631	$ 2,989
Provisions for loan losses	656	367
Transfer to real estate owned	1	(157)
Charge-offs	(196)
Balance at the end of period	$ 4,092	$ 3,199

Note 4 - Residential Mortgage52

Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Details) - Real Estate Owned - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Real Estate Owned [Abstract]
Balance at beginning of period	$ 965	$ 1,108
Write downs		(53)
Transfer from/(to) mortgage loans held in securitization trusts	(192)	55
Disposal	(362)	(577)
Balance at the end of period	$ 411	$ 533

Note 4 - Residential Mortgage53

Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Details) - Past Due Loans $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of Delinquent Loans	3	6
Total Unpaid Principal (in Dollars)	$ 1,334	$ 2,100
% of Loan Portfolio	0.94%	1.36%
Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of Delinquent Loans	4	4
Total Unpaid Principal (in Dollars)	$ 3,482	$ 1,522
% of Loan Portfolio	2.45%	0.99%
Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
% of Loan Portfolio	0.00%	0.00%
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of Delinquent Loans	30	29
Total Unpaid Principal (in Dollars)	$ 16,384	$ 16,997
% of Loan Portfolio	11.54%	11.01%

Note 4 - Residential Mortgage54

Note 4 - Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Details) - Geographic Concentrations of Credit Risk - Residential Mortgage Loans Held in Securitization Trusts and Real Estate Owned Held in Residential Securitization [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
New York [Member]
Concentration Risk [Line Items]
Geographic concentrations	35.60%	36.10%
Massachusetts [Member]
Concentration Risk [Line Items]
Geographic concentrations	22.90%	24.00%
New Jersey [Member]
Concentration Risk [Line Items]
Geographic concentrations	11.50%	10.90%
Florida [Member]
Concentration Risk [Line Items]
Geographic concentrations	6.70%	6.20%
Connecticut [Member]
Concentration Risk [Line Items]
Geographic concentrations	5.90%	5.90%

Note 5 - Distressed Residenti55

Note 5 - Distressed Residential Mortgage Loans (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Distressed Residential Mortgage Loans [Member]
Note 5 - Distressed Residential Mortgage Loans (Details) [Line Items]
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net	$ 580.5	$ 582.7
Distressed Residential Mortgage Loans [Member] | Residential Mortgage [Member] | Deutsche Bank AG, Cayman Islands Branch [Member]
Note 5 - Distressed Residential Mortgage Loans (Details) [Line Items]
Loans Pledged as Collateral	321.9
Residential Distressed Mortgage Loans Held in Securitization Trust [Member]
Note 5 - Distressed Residential Mortgage Loans (Details) [Line Items]
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net	$ 201.4	$ 221.6

Note 5 - Distressed Residenti56

Note 5 - Distressed Residential Mortgage Loans (Details) - Distressed Residential Mortgage Loans - Jun. 30, 2015 - Distressed Residential Mortgage Loans [Member] - USD ($) $ in Thousands	Total
Note 5 - Distressed Residential Mortgage Loans (Details) - Distressed Residential Mortgage Loans [Line Items]
Contractually required principal and interest	$ 70,630
Non-accretable yield	(3,997)
Expected cash flows to be collected	66,633
Accretable yield	(37,225)
Fair value at the date of acquisition	$ 29,408

Note 5 - Distressed Residenti57

Note 5 - Distressed Residential Mortgage Loans (Details) - Distressed Residential Mortgage Loans Activity - Distressed Residential Mortgage Loans [Member] - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Note 5 - Distressed Residential Mortgage Loans (Details) - Distressed Residential Mortgage Loans Activity [Line Items]
Balance at beginning of period		$ 640,416	$ 171,112
Additions		44,485	53,395
Disposals		(34,897)	(54,842)
Accretion		(20,486)	(9,201)
Balance at end of period (1)	[1]	$ 629,518	$ 160,464
[1]	Accretable yield is the excess of the distressed residential mortgage loans' cash flows expected to be collected over the purchase price. The cash flows expected to be collected represents the Company's estimate of the amount and timing of undiscounted principal and interest cash flows. Additions include accretable yield estimates for purchases made during the period and reclassification to accretable yield from nonaccretable yield. Deletions include distressed residential mortgage loan dispositions, which include refinancing, sale and foreclosure of the underlying collateral and resulting removal of the distressed residential mortgage loans from the accretable yield, and reclassifications from accretable to nonaccretable yield. The reclassifications between accretable and nonaccretable yield and the accretion of interest income is based on various estimates regarding loan performance and the value of the underlying real estate securing the loans. As the Company continues to update its estimates regarding the loans and the underlying collateral, the accretable yield may change. Therefore, the amount of accretable income recorded in the six-month period ended June 30, 2015 and 2014 is not necessarily indicative of future results.

Note 5 - Distressed Residenti58

Note 5 - Distressed Residential Mortgage Loans (Details) - Geographic Concentrations of Credit Risk - Residential Distressed Mortgage Loans Held in Securitization Trust [Member] - Geographic Concentration Risk [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
FLORIDA
Concentration Risk [Line Items]
Geographic Concentrations	13.00%	12.40%
NORTH CAROLINA
Concentration Risk [Line Items]
Geographic Concentrations	8.20%	8.20%
CALIFORNIA
Concentration Risk [Line Items]
Geographic Concentrations	8.10%	8.90%
GEORGIA
Concentration Risk [Line Items]
Geographic Concentrations	6.70%	6.90%
NEW YORK
Concentration Risk [Line Items]
Geographic Concentrations	5.10%	5.10%

Note 6 - Consolidated K-Serie59

Note 6 - Consolidated K-Series (Details) - USD ($) $ in Thousands	1 Months Ended
	Feb. 28, 2015	Jun. 30, 2015	Dec. 31, 2014
Note 6 - Consolidated K-Series (Details) [Line Items]
Financial Instruments, Owned, Other, at Fair Value		$ 7,235,328	$ 8,365,514
Multi-Family Loans Held in Securitization Trusts [Member]
Note 6 - Consolidated K-Series (Details) [Line Items]
Mortgage Loans on Real Estate		6,900,000	7,900,000
Multi-Family Collateralized Debt Obligations [Member]
Note 6 - Consolidated K-Series (Details) [Line Items]
Mortgage Loans on Real Estate		$ 6,900,000	$ 7,900,000
Debt, Weighted Average Interest Rate		4.11%	4.15%
Consolidated K-Series [Member]
Note 6 - Consolidated K-Series (Details) [Line Items]
K-Series Carrying Value		$ 303,200	$ 317,500
Secured Debt		6,932,092	8,048,053
Multi-Family Collateralized Debt Obligations [Member]
Note 6 - Consolidated K-Series (Details) [Line Items]
Secured Debt		$ 6,932,092	$ 8,048,053
Multi-Family Collateralized Debt Obligations [Member] | De-consolidated [Member]
Note 6 - Consolidated K-Series (Details) [Line Items]
Financial Instruments, Owned, Other, at Fair Value	$ 1,100,000
Secured Debt	1,000,000
PO Security [Member]
Note 6 - Consolidated K-Series (Details) [Line Items]
Proceeds from Sale of Other Investments	44,300
Gain (Loss) on Sale of Other Investments	$ 1,500

Note 6 - Consolidated K-Serie60

Note 6 - Consolidated K-Series (Details) - Condensed Balance Sheet of Consolidated K-Series - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Assets
Total Assets	[1]	$ 9,405,444	$ 10,540,005
Liabilities and Equity
Total Liabilities	[1]	8,493,995	9,722,078
Equity		911,449	817,927
Total Liabilities and Equity		9,405,444	10,540,005
Consolidated K-Series [Member]
Assets
Receivables		24,012	29,809
Total Assets		7,259,340	8,395,323
Liabilities and Equity
Multi-family CDOs		6,932,092	8,048,053
Accrued expenses		23,567	29,354
Total Liabilities		6,955,659	8,077,407
Equity		303,681	317,916
Total Liabilities and Equity		$ 7,259,340	$ 8,395,323
[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, 2015 and December 31, 2014, assets of consolidated VIEs totaled $7,663,228 and $8,847,078, respectively, and the liabilities of consolidated VIEs totaled $7,281,234 and $8,457,034, respectively. See Note 7 for further discussion.

Note 6 - Consolidated K-Serie61

Note 6 - Consolidated K-Series (Details) - Condensed Statement of Operations of Consolidated K-Series - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Income Statements, Captions [Line Items]
Interest expense	$ 3,442	$ 1,402	$ 6,905	$ 2,872
Net interest income	20,303	19,883	41,904	39,708
Unrealized gain on multi-family loans and debt held in securitization trusts, net	5,418	20,019	19,046	24,945
Consolidated K-Series [Member]
Condensed Income Statements, Captions [Line Items]
Interest income	62,984	75,501	129,284	150,445
Interest expense	56,992	69,110	117,087	137,857
Net interest income	5,992	6,391	12,197	12,588
Unrealized gain on multi-family loans and debt held in securitization trusts, net	5,418	20,019	19,046	24,945
Net Income	$ 11,410	$ 26,410	$ 31,243	$ 37,533

Note 6 - Consolidated K-Serie62

Note 6 - Consolidated K-Series (Details) - Geographic Concentrations of Credit Risk - Multi-Family Loans Held in Securitization Trusts [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
CALIFORNIA
Concentration Risk [Line Items]
Geographic concentrations	13.70%	13.50%
TEXAS
Concentration Risk [Line Items]
Geographic concentrations	12.60%	12.50%
NEW YORK
Concentration Risk [Line Items]
Geographic concentrations	8.00%	7.70%
MARYLAND
Concentration Risk [Line Items]
Geographic concentrations	5.20%	5.20%

Note 7 - Use of Special Purpo63

Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Feb. 28, 2015	Jun. 30, 2015	Dec. 31, 2014
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Financial Instruments, Owned, Other, at Fair Value		$ 7,235,328	$ 8,365,514
Unconsolidated VIE, Maximum Loss Exposure		140,100	111,500
Multi-Family Collateralized Debt Obligations [Member]
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Secured Debt		$ 6,932,092	$ 8,048,053
Multi-Family Collateralized Debt Obligations [Member] | De-consolidated [Member]
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Financial Instruments, Owned, Other, at Fair Value	$ 1,100,000
Secured Debt	1,000,000
PO Security [Member]
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Proceeds from Sale of Other Investments	44,300
Gain (Loss) on Sale of Other Investments	$ 1,500
Minimum [Member] | Residential Distressed Mortgage Loan Securitization [Member]
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Securitization, Revolving Period		1 year
Maximum [Member] | Residential Distressed Mortgage Loan Securitization [Member]
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) [Line Items]
Securitization, Revolving Period		2 years

Note 7 - Use of Special Purpo64

Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Assets and Liabilities of Consolidated VIEs - USD ($) $ in Thousands		Jun. 30, 2015		Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale, at fair value held in securitization trusts		$ 40,217		$ 38,594
Multi-family loans held in securitization trusts, at fair value		7,235,328		8,365,514
Receivables and other assets		232,588		222,491
Total assets	[1]	9,405,444		10,540,005
Securitized debt		191,689		232,877
Accrued expenses and other liabilities		62,823		74,692
Total liabilities	[1]	8,493,995		9,722,078
Multi-Family Collateralized Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale, at fair value held in securitization trusts	[2]	40,217		38,594
Multi-family loans held in securitization trusts, at fair value	[2]	1,258,658		1,273,633
Receivables and other assets	[2]	4,873		5,097
Total assets	[2]	1,303,748		1,317,324
Securitized debt	[2],[3],[4]	27,830		27,660
Accrued expenses and other liabilities	[2]	4,401		4,581
Total liabilities	[2]	$ 1,235,815		$ 1,253,796
Multi-Family Collateralized Mortgage Backed Securities [Member] | Residential Mortgage Loans Held in Securitization Trusts, Net [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)	[2]
Collateralized Recourse Financing [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale, at fair value held in securitization trusts
Multi-family loans held in securitization trusts, at fair value		$ 4,693,357	[5]	$ 4,720,908	[6]
Receivables and other assets		14,985	[5]	15,631	[6]
Total assets		4,708,342	[5]	4,736,539	[6]
Securitized debt	[3],[7]	55,853	[5]	55,853	[6]
Accrued expenses and other liabilities		14,105	[5]	14,639	[6]
Total liabilities		$ 4,580,101	[5]	$ 4,628,557	[6]
Collateralized Recourse Financing [Member] | Residential Mortgage Loans Held in Securitization Trusts, Net [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)
Residential Distressed Mortgage Loan Securitization [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables and other assets		$ 22,705		$ 39,084
Total assets		224,097		260,675
Securitized debt	[8]	108,006		149,364
Accrued expenses and other liabilities		446		1,024
Total liabilities		108,452		150,388
Residential Mortgage Loans Held in Securitization Trusts, Net [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables and other assets		961		1,545
Total assets		138,401		151,159
Accrued expenses and other liabilities		13		14
Total liabilities		133,271		145,556
Residential Mortgage Loans Held in Securitization Trusts, Net [Member] | Residential Mortgage Loans Held in Securitization Trusts, Net [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		$ 137,440		$ 149,614
Non-Financings, Multi-Family CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale, at fair value held in securitization trusts
Multi-family loans held in securitization trusts, at fair value		$ 1,283,313	[9]	$ 2,370,973	[10]
Receivables and other assets		5,327	[9]	10,408	[10]
Total assets		$ 1,288,640	[9]	$ 2,381,381	[10]
Securitized debt
Accrued expenses and other liabilities		$ 5,230	[9]	$ 10,304	[10]
Total liabilities		$ 1,223,595	[9]	$ 2,278,737	[10]
Non-Financings, Multi-Family CMBS [Member] | Residential Mortgage Loans Held in Securitization Trusts, Net [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)
Financing and Non-Financing VIEs [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale, at fair value held in securitization trusts		$ 40,217		$ 38,594
Multi-family loans held in securitization trusts, at fair value		7,235,328		8,365,514
Receivables and other assets		48,851		71,765
Total assets		7,663,228		8,847,078
Securitized debt		191,689		232,877
Accrued expenses and other liabilities		24,195		30,562
Total liabilities		7,281,234		8,457,034
Financing and Non-Financing VIEs [Member] | Residential Mortgage Loans Held in Securitization Trusts, Net [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		$ 137,440		$ 149,614
Residential Distressed Mortgage Loans Held in Securitization Trust [Member] | Multi-Family Collateralized Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)	[2]
Residential Distressed Mortgage Loans Held in Securitization Trust [Member] | Collateralized Recourse Financing [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)
Residential Distressed Mortgage Loans Held in Securitization Trust [Member] | Residential Distressed Mortgage Loan Securitization [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		$ 201,392		$ 221,591
Residential Distressed Mortgage Loans Held in Securitization Trust [Member] | Non-Financings, Multi-Family CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)
Residential Distressed Mortgage Loans Held in Securitization Trust [Member] | Financing and Non-Financing VIEs [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Residential mortgage loans held in securitization trusts (net)		$ 201,392		$ 221,591
Residential Collateralized Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		$ 133,258		$ 145,542
Residential Collateralized Debt Obligations [Member] | Multi-Family Collateralized Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations	[2]
Residential Collateralized Debt Obligations [Member] | Collateralized Recourse Financing [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations
Residential Collateralized Debt Obligations [Member] | Residential Mortgage Loans Held in Securitization Trusts, Net [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		$ 133,258		$ 145,542
Residential Collateralized Debt Obligations [Member] | Non-Financings, Multi-Family CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations
Residential Collateralized Debt Obligations [Member] | Financing and Non-Financing VIEs [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		$ 133,258		$ 145,542
Multi-Family Collateralized Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		6,932,092		8,048,053
Multi-Family Collateralized Debt Obligations [Member] | Multi-Family Collateralized Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations	[2]	1,203,584		1,221,555
Multi-Family Collateralized Debt Obligations [Member] | Collateralized Recourse Financing [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		4,510,143	[5]	4,558,065	[6]
Multi-Family Collateralized Debt Obligations [Member] | Non-Financings, Multi-Family CMBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		1,218,365	[9]	2,268,433	[10]
Multi-Family Collateralized Debt Obligations [Member] | Financing and Non-Financing VIEs [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized debt obligations		$ 6,932,092		$ 8,048,053
[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, 2015 and December 31, 2014, assets of consolidated VIEs totaled $7,663,228 and $8,847,078, respectively, and the liabilities of consolidated VIEs totaled $7,281,234 and $8,457,034, respectively. See Note 7 for further discussion.
[2]	The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).
[3]	Classified as securitized debt in the liability section of the Company's accompanying condensed consolidated balance sheets.
[4]	The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership.
[5]	The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations (see Note 6).
[6]	The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations (see Note 6). In September 2014, the Company repaid the Company's outstanding notes from its collateralized recourse financing transaction completed in November 2012 with a principal amount of $52.0 million. With the repayment of the notes, the Company terminated and deconsolidated the Financing VIE that facilitated the financing transaction and the multi-family CMBS serving as collateral on the notes were transferred back to the Company.
[7]	The Company entered into a CMBS Master Repurchase Agreement with a three-year term for the purpose of financing a portion of its multi-family CMBS portfolio. In connection with the transaction, the Company agreed to guarantee the due and punctual payment of its wholly-owned subsidiary's obligations under the CMBS Master Repurchase Agreement.
[8]	The Company engaged in these transactions for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financings are comprised of performing, re-performing and to a lesser extent non-performing, fixed and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one to four family properties. Two of the four securitization transactions provide for a revolving period of one to two years from the date of the respective financing ("Revolving Period") where no principal payments will be made on these two notes. All cash proceeds generated by the distressed residential mortgage loans and received by the respective securitization trust during the Revolving Period, after payment of interest on the respective note, reserve amounts and certain other transaction expenses, will be available for the purchase by the respective trust of additional mortgage loans that satisfy certain eligibility criteria.
[9]	One of the Company's Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series is not subject to any financing as of June 30, 2015. In February 2015, the Company sold a first loss PO security issued by one of the Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million. The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs.
[10]	Two of the Company's Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series are not subject to any Financing VIE as of December 31, 2014.

Note 7 - Use of Special Purpo65

Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Key Details of Financing VIEs - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015		Dec. 31, 2014
Variable Interest Entity [Line Items]
Carrying Value at		$ 191,689		$ 232,877
Multi-Family Collateralized Mortgage Backed Securities [Member]
Variable Interest Entity [Line Items]
Original Face amount of Notes issued by the VIE and purchased by 3rd party investors	[1]	35,000
Principal Amount at	[1]	33,995		34,208
Carrying Value at	[1],[2],[3]	$ 27,830		27,660
Multi-Family Collateralized Mortgage Backed Securities [Member] | London Interbank Offered Rate (LIBOR) [Member]
Variable Interest Entity [Line Items]
Pass-through rate of Notes issued	[1]	5.35%
Collateralized Recourse Financing [Member]
Variable Interest Entity [Line Items]
Original Face amount of Notes issued by the VIE and purchased by 3rd party investors	[4]	$ 55,853
Principal Amount at	[4]	55,853		55,853
Carrying Value at	[2],[4]	$ 55,853	[5]	55,853	[6]
Collateralized Recourse Financing [Member] | London Interbank Offered Rate (LIBOR) [Member]
Variable Interest Entity [Line Items]
Pass-through rate of Notes issued	[4]	One-month LIBOR plus 5.25%
Residential Distressed Mortgage Loan Securitization [Member]
Variable Interest Entity [Line Items]
Original Face amount of Notes issued by the VIE and purchased by 3rd party investors	[7]	$ 176,970
Principal Amount at	[7]	108,006		149,364
Carrying Value at	[7]	$ 108,006		$ 149,364
Residential Distressed Mortgage Loan Securitization [Member] | London Interbank Offered Rate (LIBOR) [Member]
Variable Interest Entity [Line Items]
Pass-through rate of Notes issued	[7]
Minimum [Member] | Residential Distressed Mortgage Loan Securitization [Member] | London Interbank Offered Rate (LIBOR) [Member]
Variable Interest Entity [Line Items]
Pass-through rate of Notes issued	[7]	4.25%
Maximum [Member] | Residential Distressed Mortgage Loan Securitization [Member] | London Interbank Offered Rate (LIBOR) [Member]
Variable Interest Entity [Line Items]
Pass-through rate of Notes issued	[7]	4.85%
[1]	The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership.
[2]	Classified as securitized debt in the liability section of the Company's accompanying condensed consolidated balance sheets.
[3]	The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).
[4]	The Company entered into a CMBS Master Repurchase Agreement with a three-year term for the purpose of financing a portion of its multi-family CMBS portfolio. In connection with the transaction, the Company agreed to guarantee the due and punctual payment of its wholly-owned subsidiary's obligations under the CMBS Master Repurchase Agreement.
[5]	The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations (see Note 6).
[6]	The multi-family CMBS serving as collateral under the November 2013 collateralized recourse financing are comprised of securities issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE consolidated these K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations (see Note 6). In September 2014, the Company repaid the Company's outstanding notes from its collateralized recourse financing transaction completed in November 2012 with a principal amount of $52.0 million. With the repayment of the notes, the Company terminated and deconsolidated the Financing VIE that facilitated the financing transaction and the multi-family CMBS serving as collateral on the notes were transferred back to the Company.
[7]	The Company engaged in these transactions for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financings are comprised of performing, re-performing and to a lesser extent non-performing, fixed and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one to four family properties. Two of the four securitization transactions provide for a revolving period of one to two years from the date of the respective financing ("Revolving Period") where no principal payments will be made on these two notes. All cash proceeds generated by the distressed residential mortgage loans and received by the respective securitization trust during the Revolving Period, after payment of interest on the respective note, reserve amounts and certain other transaction expenses, will be available for the purchase by the respective trust of additional mortgage loans that satisfy certain eligibility criteria.

Note 7 - Use of Special Purpo66

Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Financing VIEs’ Securitized Debt by Contractual Maturity - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Financing VIEs’ Securitized Debt by Contractual Maturity [Line Items]
Carrying value	$ 191,689	$ 232,877
Financing VIE [Member]
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Financing VIEs’ Securitized Debt by Contractual Maturity [Line Items]
Within 24 months	163,859	205,217
Over 36 months	33,995	34,208
Total	197,854	239,425
Discount	(6,165)	(6,548)
Carrying value	$ 191,689	$ 232,877

Note 7 - Use of Special Purpo67

Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Classification and Carrying Value of Unconsolidated VIEs - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Classification and Carrying Value of Unconsolidated VIEs [Line Items]
Investment securities for sale, at fair value, held in securitization trusts		$ 40,217	$ 38,594
Receivables and other Assets		232,588	222,491
Total	[1]	9,405,444	10,540,005
Multi-Family CMBS [Member]
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Classification and Carrying Value of Unconsolidated VIEs [Line Items]
Investment securities for sale, at fair value, held in securitization trusts		40,217	38,594
Receivables and other Assets		78	80
Total		40,295	38,674
Mezzanine, Debt and Equity Investments [Member]
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Classification and Carrying Value of Unconsolidated VIEs [Line Items]
Receivables and other Assets		99,825	72,799
Total		99,825	72,799
Total Unconsolidated VIEs [Member]
Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Classification and Carrying Value of Unconsolidated VIEs [Line Items]
Investment securities for sale, at fair value, held in securitization trusts		40,217	38,594
Receivables and other Assets		99,903	72,879
Total		$ 140,120	$ 111,473
[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, 2015 and December 31, 2014, assets of consolidated VIEs totaled $7,663,228 and $8,847,078, respectively, and the liabilities of consolidated VIEs totaled $7,281,234 and $8,457,034, respectively. See Note 7 for further discussion.

Note 8 - Derivative Instrumen68

Note 8 - Derivative Instruments and Hedging Activities (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Note 8 - Derivative Instruments and Hedging Activities (Details) [Line Items]
Derivative Liability	$ 4,411,000		$ 1,463,000
Payments to Acquire Other Investments	6,000	$ 77,000
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	1,000,000
Restricted Cash and Cash Equivalents	51,100,000		54,200,000
Interest Rate Swap [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) [Line Items]
Restricted Cash and Cash Equivalents	$ 10,800,000		11,400,000
Eurodollar Future [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) [Line Items]
Derivative, Number of Instruments Held	2,951
TBA [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) [Line Items]
Derivative Liability	$ 302,100,000		283,500,000
Proceeds from Sale of Other Investments	86,800,000		0
Payments to Acquire Other Investments	$ 388,900,000		$ 0

Note 8 - Derivative Instrumen69

Note 8 - Derivative Instruments and Hedging Activities (Details) - Fair Value of Derivative Instruments Not Designated as Hedging Instruments - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Liabilities		$ 69
TBA Securities [Member]
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Assets	[1]	300,674	$ 284,971
US Treasury Futures [Member]
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Assets			379
Swaption [Member]
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Assets		1,907	2,273
Options on U.S. Treasury Futures [Member]
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Assets		3	92
Eurodollar Future [Member]
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Liabilities		2,288	900
Interest Rate Swap [Member]
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Liabilities	[2]	260	232
Future [Member]
Derivative [Line Items]
Derivatives Not Designated As Hedging Instruments - Liabilities		$ 1,533	$ 331
[1]	Open TBA purchases and sales involving the same counterparty, same underlying deliverable and the same settlement date are reflected in our accompanying condensed consolidated financial statements on a net basis.
[2]	Includes interest rate swaps in our Agency IO portfolio.

Note 8 - Derivative Instrumen70

Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
TBA Securities [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	$ 273,000	$ 188,000
Additions	2,176,000	1,188,000
Settlement, expiration or exercise	(2,153,000)	(1,178,000)
Ending balance	296,000	198,000
US Treasury Futures [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	2,300	(11,900)
Additions	123,600	66,900
Settlement, expiration or exercise	(135,400)	(60,200)
Ending balance	(9,500)	(5,200)
Future [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	(190,100)	(242,700)
Additions	597,800	479,900
Settlement, expiration or exercise	(605,000)	(470,200)
Ending balance	(197,300)	(233,000)
Eurodollar Future [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	(2,961,000)	(3,360,000)
Additions	1,463,000	1,840,000
Settlement, expiration or exercise	(1,453,000)	(1,568,000)
Ending balance	(2,951,000)	(3,088,000)
US Treasury Futures Options [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	21,000	40,000
Additions	187,000
Settlement, expiration or exercise	(201,000)	(40,000)
Ending balance	7,000
Swaption [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	180,000	100,000
Additions	9,000
Ending balance	189,000	$ 100,000
Interest Rate Swap [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Not Designated as Hedges [Line Items]
Beginning balance	10,000
Ending balance	$ 10,000

Note 8 - Derivative Instrumen71

Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Unrealized Gains (Losses)		$ 4,716	$ (1,291)	$ (1,012)	$ (3,027)
Not Designated as Hedging Instrument [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Realized Gains (Losses)		(4,442)	1,332	(3,303)	3,390
Unrealized Gains (Losses)		(608)	(665)	(5,260)	(3,326)
TBA Securities [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Realized Gains (Losses)		(2,243)	4,040	587	7,354
Unrealized Gains (Losses)		(2,749)	2,282	(2,095)	2,547
Eurodollar Future [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Realized Gains (Losses)	[1]	(1,032)	(226)	(1,279)	(1,438)
Unrealized Gains (Losses)	[1]	185	(518)	(1,388)	208
Interest Rate Swap [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Unrealized Gains (Losses)		90		(29)
Swaption [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Unrealized Gains (Losses)		516	(323)	(41)	(842)
Options on U.S. Treasury Futures [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Components of Realized and Unrealized Gains and Losses [Line Items]
Realized Gains (Losses)		(1,167)	(2,482)	(2,611)	(2,526)
Unrealized Gains (Losses)		$ 1,350	$ (2,106)	$ (1,707)	$ (5,239)
[1]	At June 30, 2015, the Eurodollar futures consist of 2,951 contracts with expiration dates ranging between September 2015 and September 2017.

Note 8 - Derivative Instrumen72

Note 8 - Derivative Instruments and Hedging Activities (Details) - Fair Value of Derivative Instruments Designated as Hedging Instruments - Interest Rate Swap [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Notional amount	$ 10,000	$ 10,000
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Swaps	245,000
Interest Rate Swaps	261
Notional amount	105,000	350,000
Fair value	$ 233	$ 1,135

Note 8 - Derivative Instrumen73

Note 8 - Derivative Instruments and Hedging Activities (Details) - Derivative Instruments Included in the Company’s Accumulated Other Comprehensive Income - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accumulated other comprehensive income for derivative instruments:
Balance at beginning of the period	$ 1,135	$ 2,041
Balance at end of the period	(28)	711
Interest Rate Swap [Member]
Accumulated other comprehensive income for derivative instruments:
Unrealized (loss) on interest rate swaps	$ (1,163)	$ (1,330)

Note 8 - Derivative Instrumen74

Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps and Interest Rate Caps - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest Rate Swap [Member]
Interest income
Interest expense-investment securities	$ 439	$ 469	$ 890	$ 925

Note 8 - Derivative Instrumen75

Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps - Interest Rate Swap [Member] - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	[1]	$ 360,000	$ 360,000
Maturity - Weighted Average Fixed Pay Interest Rate	[1]	0.73%	0.73%
Within Thirty Days [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	[1]	$ 20,000
Maturity - Weighted Average Fixed Pay Interest Rate	[1]	0.42%
Over Thirty Days to Three Months [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	[1]	$ 75,000
Maturity - Weighted Average Fixed Pay Interest Rate	[1]	0.49%
Over Three Months To Six Months [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	[1]	$ 40,000
Maturity - Weighted Average Fixed Pay Interest Rate	[1]	0.39%
Over Six Months to Twelve Months [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	[1]		$ 135,000
Maturity - Weighted Average Fixed Pay Interest Rate	[1]		0.45%
Over Twelve Months to Twenty-Four Months [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	[1]
Maturity - Weighted Average Fixed Pay Interest Rate	[1]
Over Twenty-Four Months to Thirty-Six Months [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	[1]	$ 215,000	$ 215,000
Maturity - Weighted Average Fixed Pay Interest Rate	[1]	0.83%	0.83%
Over Thirty-Six Months to Forty-Eight Months [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	[1]
Maturity - Weighted Average Fixed Pay Interest Rate	[1]
Over Forty-Eight Months to Sixty Months [Member]
Note 8 - Derivative Instruments and Hedging Activities (Details) - Interest Rate Swaps [Line Items]
Maturity - Notional Amount	[1]	$ 10,000	$ 10,000
Maturity - Weighted Average Fixed Pay Interest Rate	[1]	2.25%	2.25%
[1]	The Company enters into interest rate swap transactions whereby the Company pays a fixed rate of interest and receives one month LIBOR.

Note 9 - Financing Arrangemen76

Note 9 - Financing Arrangements, Portfolio Investments (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Dec. 16, 2014
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 464,500,000	$ 652,000,000
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	23 days	26 days
Interest Payable	$ 300,000	$ 300,000
Advance Rate	93.10%
Average Haircut	6.90%
Repurchase Agreements, Number of Counterparties	6	10
Cash	$ 106,500,000
Unencumbered Investment Securities	$ 172,900,000
Loans [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Debt, Weighted Average Interest Rate	0.48%	0.43%
Amount at Risk In Excess of 5% of Stockholders’ Equity [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Repurchase Agreements, Number of Counterparties	0	0
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Average Haircut	5.00%
Unencumbered Investment Securities	$ 88,800,000
Interest-Only-Strip [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Average Haircut	25.00%
Residential Mortgage Backed Securities [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Unencumbered Investment Securities	$ 90,500,000
CMBS [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Unencumbered Investment Securities	82,400,000
US Treasury Securities [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Unencumbered Investment Securities	0.543
Deutsche Bank AG, Cayman Islands Branch [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 236,900,000	$ 238,900,000
Assets Sold Under Agreements to Repurchase, Maximum Repurchase Amount			$ 260,000,000
Assets Sold under Agreements to Repurchase, Interest Rate	2.69%	2.66%
Other Assets [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure	$ 5,400,000
London Interbank Offered Rate (LIBOR) [Member] | Deutsche Bank AG, Cayman Islands Branch [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%	2.50%
GLIH [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Advances from Federal Home Loan Banks	$ 121,000,000
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate	0.27%
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds	$ 79,000,000
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	$ 129,900,000
Advances from Federal Home Loan Banks, Contractual Maturity	30 days
Held in Agency IO Portfolio for Trading Purposes [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) [Line Items]
Unencumbered Investment Securities	$ 38,400,000

Note 9 - Financing Arrangemen77

Note 9 - Financing Arrangements, Portfolio Investments (Details) - Assets Pledged as Collateral - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Agreements	$ 585,492	$ 651,965
Fair Value of Collateral Pledged	644,787	702,684
Amortized Cost Of Collateral Pledged	664,904	725,322
Agency ARMs [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Agreements	240,062	171,852
Fair Value of Collateral Pledged	155,156	181,694
Amortized Cost Of Collateral Pledged	156,387	183,342
Agency Fixed Rate [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Agreements	284,052	413,199
Fair Value of Collateral Pledged	402,319	437,002
Amortized Cost Of Collateral Pledged	413,369	446,851
Agency IOs [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Outstanding Financing Agreements	61,378	66,914
Fair Value of Collateral Pledged	87,312	83,988
Amortized Cost Of Collateral Pledged	$ 95,148	$ 95,129

Note 9 - Financing Arrangemen78

Note 9 - Financing Arrangements, Portfolio Investments (Details) - Outstanding Repurchase Agreement Borrowings by Contractual Maturity - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Note 9 - Financing Arrangements, Portfolio Investments (Details) - Outstanding Repurchase Agreement Borrowings by Contractual Maturity [Line Items]
Outstanding repurchase agreement by contractual maturity	$ 585,492	$ 651,965
Maturity Less than 30 Days [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) - Outstanding Repurchase Agreement Borrowings by Contractual Maturity [Line Items]
Outstanding repurchase agreement by contractual maturity	505,159	157,008
Maturity 30 to 90 Days [Member]
Note 9 - Financing Arrangements, Portfolio Investments (Details) - Outstanding Repurchase Agreement Borrowings by Contractual Maturity [Line Items]
Outstanding repurchase agreement by contractual maturity	$ 80,333	$ 494,957

Note 11 - Residential Collate79

Note 11 - Residential Collateralized Debt Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Note 11 - Residential Collateralized Debt Obligations (Details) [Line Items]
Fair Value, Concentration of Risk, Investments	$ 5.1	$ 5.6
Residential Collateralized Debt Obligations [Member]
Note 11 - Residential Collateralized Debt Obligations (Details) [Line Items]
Secured Debt	$ 133.3	$ 145.5
Debt, Weighted Average Interest Rate	0.57%	0.57%
Arm Loans [Member]
Note 11 - Residential Collateralized Debt Obligations (Details) [Line Items]
Loans Pledged as Collateral	$ 140.6	$ 152.3

Note 12 - Subordinated Debent80

Note 12 - Subordinated Debentures (Details) - Subordinated Debentures - Jun. 30, 2015 - Variable Rate [Domain] - USD ($) $ in Thousands	Total
NYM Preferred Trust I [Member]
Subordinated Borrowing [Line Items]
Principal value of trust preferred securities	$ 25,000
Interest Rate	Three month LIBOR plus 3.75%, resetting quarterly
Scheduled maturity	March 30, 2035
NYM Preferred Trust II [Member]
Subordinated Borrowing [Line Items]
Principal value of trust preferred securities	$ 20,000
Interest Rate	Three month LIBOR plus 3.95%, resetting quarterly
Scheduled maturity	October 30, 2035

Note 12 - Subordinated Debent81

Note 12 - Subordinated Debentures (Details) - Subordinated Debentures (Parentheticals) - London Interbank Offered Rate (LIBOR) [Member]	6 Months Ended
	Jun. 30, 2015
NYM Preferred Trust I [Member]
Subordinated Borrowing [Line Items]
Basis Spread on Variable Rate	3.75%
NYM Preferred Trust II [Member]
Subordinated Borrowing [Line Items]
Basis Spread on Variable Rate	3.95%

Note 13 - Commitments and Con82

Note 13 - Commitments and Contingencies (Details)	Jun. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Mortgage Loans Repurchased Amount	$ 0

Note 14 - Fair Value of Finan83

Note 14 - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Feb. 28, 2015	Jun. 30, 2015	Dec. 31, 2014
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Financial Instruments, Owned, Other, at Fair Value		$ 7,235,328	$ 8,365,514
Residential Distressed Mortgage Loans Held in Securitization Trust [Member]
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net		201,400	221,600
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value		201,392	221,591
Distressed Residential Mortgage Loans [Member]
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net		580,500	582,700
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value		379,100	361,100
Multi-Family Collateralized Debt Obligations [Member]
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Secured Debt		$ 6,932,092	$ 8,048,053
Multi-Family Collateralized Debt Obligations [Member] | De-consolidated [Member]
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Financial Instruments, Owned, Other, at Fair Value	$ 1,100,000
Secured Debt	1,000,000
PO Security [Member]
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Proceeds from Sale of Other Investments	44,300
Gain (Loss) on Sale of Other Investments	$ 1,500
Minimum [Member] | Collateralized Mortgage Backed Securities Held In Securitization Trusts [Member]
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Fair Value Inputs, Discount Rate		4.20%
Minimum [Member] | Multi-Family Loans Held in Securitization Trusts [Member]
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Fair Value Inputs, Discount Rate		2.70%
Maximum [Member] | Collateralized Mortgage Backed Securities Held In Securitization Trusts [Member]
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Fair Value Inputs, Discount Rate		10.10%
Maximum [Member] | Multi-Family Loans Held in Securitization Trusts [Member]
Note 14 - Fair Value of Financial Instruments (Details) [Line Items]
Fair Value Inputs, Discount Rate		5.50%

Note 14 - Fair Value of Finan84

Note 14 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investment securities available for sale:
Investment Securities Available for Sale	$ 735,320	$ 816,647
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities available for sale:
Investment Securities Available for Sale	723,600	779,505
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities available for sale:
Investment Securities Available for Sale	1,720	1,939
Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities available for sale:
Investment Securities Available for Sale		35,203
US Treasury Securities [Member]
Investment securities available for sale:
Investment Securities Available for Sale	10,000
US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities available for sale:
Investment Securities Available for Sale	10,000
Collateralized Mortgage Backed Securities Held In Securitization Trusts [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities available for sale:
Investment Securities Available for Sale	40,217	38,594
Multi-Family Loans Held in Securitization Trusts [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities available for sale:
Multi-family loans held in securitization trusts	7,235,328	8,365,514
Multi-Family Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member]
Liabilities carried at fair value
Multi-family collateralized debt obligations	6,932,092	8,048,053
TBA Securities [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets:
Derivative assets	300,674	284,971
US Treasury Futures Options [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets:
Derivative assets	3	92
US Treasury Futures [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets:
Derivative assets		379
Derivative liabilities:
Derivative liabilities	69
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets:
Derivative assets	233	1,135
Derivative liabilities:
Derivative liabilities	521	232
Swaption [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets:
Derivative assets	1,907	2,273
Total	8,313,682	9,509,605
Eurodollar Future [Member] | Fair Value, Measurements, Recurring [Member]
Derivative liabilities:
Derivative liabilities	2,288	900
Future [Member] | Fair Value, Measurements, Recurring [Member]
Derivative liabilities:
Derivative liabilities	1,533	331
Total	6,936,503	8,049,516
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities available for sale:
Investment Securities Available for Sale	10,000
Fair Value, Inputs, Level 1 [Member] | US Treasury Futures Options [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets:
Derivative assets	3	92
Fair Value, Inputs, Level 1 [Member] | US Treasury Futures [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets:
Derivative assets		379
Derivative liabilities:
Derivative liabilities	69
Fair Value, Inputs, Level 1 [Member] | Swaption [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets:
Total	10,003	471
Fair Value, Inputs, Level 1 [Member] | Eurodollar Future [Member] | Fair Value, Measurements, Recurring [Member]
Derivative liabilities:
Derivative liabilities	2,288	900
Fair Value, Inputs, Level 1 [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member]
Derivative liabilities:
Derivative liabilities	1,533	331
Total	3,890	1,231
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities available for sale:
Investment Securities Available for Sale	723,600	779,505
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities available for sale:
Investment Securities Available for Sale	1,720	1,939
Fair Value, Inputs, Level 2 [Member] | Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities available for sale:
Investment Securities Available for Sale		35,203
Fair Value, Inputs, Level 2 [Member] | TBA Securities [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets:
Derivative assets	300,674	284,971
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets:
Derivative assets	233	1,135
Derivative liabilities:
Derivative liabilities	521	232
Fair Value, Inputs, Level 2 [Member] | Swaption [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets:
Derivative assets	1,907	2,273
Total	1,028,134	1,105,026
Fair Value, Inputs, Level 2 [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member]
Derivative liabilities:
Total	521	232
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities Held In Securitization Trusts [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities available for sale:
Investment Securities Available for Sale	40,217	38,594
Fair Value, Inputs, Level 3 [Member] | Multi-Family Loans Held in Securitization Trusts [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities available for sale:
Multi-family loans held in securitization trusts	7,235,328	8,365,514
Fair Value, Inputs, Level 3 [Member] | Multi-Family Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member]
Liabilities carried at fair value
Multi-family collateralized debt obligations	6,932,092	8,048,053
Fair Value, Inputs, Level 3 [Member] | Swaption [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets:
Total	7,275,545	8,404,108
Fair Value, Inputs, Level 3 [Member] | Future [Member] | Fair Value, Measurements, Recurring [Member]
Derivative liabilities:
Total	$ 6,932,092	$ 8,048,053

Note 14 - Fair Value of Finan85

Note 14 - Fair Value of Financial Instruments (Details) - Valuation for Level 3 Assets - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Valuation for Level 3 Assets [Abstract]
Balance at beginning of period		$ 8,404,108	$ 8,203,600
Total gains/(losses) (realized/unrealized)
Included in earnings (1)	[1]	(15,756)	318,427
Included in other comprehensive income		422	$ 8,402
Sales2	[2]	(1,075,529)
Paydowns		(37,700)	$ (33,669)
Sale of real estate owned			(3,385)
Balance at the end of period		$ 7,275,545	$ 8,493,375
[1]	Amounts included in interest income from multi-family loans held in securitization trusts, unrealized gain on multi-family loans and debt held in securitization trusts, net and gain on deconsolidation.
[2]	In February 2015, the Company sold a first loss PO security from one of the Company's Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million. The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs.

Note 14 - Fair Value of Finan86

Note 14 - Fair Value of Financial Instruments (Details) - Valuation for Level 3 Liabilities - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Valuation for Level 3 Liabilities [Abstract]
Balance at beginning of period		$ 8,048,053	$ 7,871,020
Total gains/(losses) (realized/unrealized)
Included in earnings (1)	[1]	(46,999)	$ 280,303
Sales2	[2]	(1,031,268)
Paydowns		(37,694)	$ (37,053)
Balance at the end of period		$ 6,932,092	$ 8,114,270
[1]	Amounts included in interest expense on multi-family collateralized debt obligations and unrealized gain on multi-family loans and debt held in securitization trusts, net.
[2]	In February 2015, the Company sold a first loss PO security from one of the Company's Consolidated K-Series securitizations obtaining total proceeds of approximately $44.3 million and realizing a gain of approximately $1.5 million. The sale resulted in a de-consolidation of $1.1 billion in Multi-Family loans held in a securitization trust and $1.0 billion in Multi-Family CDOs.

Note 14 - Fair Value of Finan87

Note 14 - Fair Value of Financial Instruments (Details) - Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 [Abstract]
Change in unrealized (losses)gains – assets	$ (136,701)	$ 197,248	$ (305)	$ 340,690
Change in unrealized gains(losses) – liabilities	142,119	(177,229)	19,351	(315,745)
Net change in unrealized gains included in earnings for assets and liabilities	$ 5,418	$ 20,019	$ 19,046	$ 24,945

Note 14 - Fair Value of Finan88

Note 14 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Residential Mortgage Loans Held In Securitization Trusts - Impaired Loans [Member]
Note 14 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items]
Residential mortgage loans held in securitization trusts – impaired loans (net)	$ 10,211	$ 9,323
Real Estate Owned Held in Residential Securitization Trusts [Member]
Note 14 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items]
Real estate owned held in residential securitization trusts	410	965
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Loans Held In Securitization Trusts - Impaired Loans [Member]
Note 14 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items]
Residential mortgage loans held in securitization trusts – impaired loans (net)	10,211	9,323
Fair Value, Inputs, Level 3 [Member] | Real Estate Owned Held in Residential Securitization Trusts [Member]
Note 14 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items]
Real estate owned held in residential securitization trusts	$ 410	$ 965

Note 14 - Fair Value of Finan89

Note 14 - Fair Value of Financial Instruments (Details) - Losses Incurred for Assets Measured at Fair Value - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Residential Mortgage Loans Held In Securitization Trusts - Impaired Loans [Member]
Note 14 - Fair Value of Financial Instruments (Details) - Losses Incurred for Assets Measured at Fair Value [Line Items]
Gain (loss) for assets measured at fair value on a non-recurring basis	$ (345)	$ (351)	$ (656)	$ (367)
Real Estate Owned Held in Residential Securitization Trusts [Member]
Note 14 - Fair Value of Financial Instruments (Details) - Losses Incurred for Assets Measured at Fair Value [Line Items]
Gain (loss) for assets measured at fair value on a non-recurring basis		$ 31	$ 26	$ (53)

Note 14 - Fair Value of Finan90

Note 14 - Fair Value of Financial Instruments (Details) - Carrying Value and Estimated Fair Value of the Company’s Financial Assets - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Financial Assets:
Cash and cash equivalents		$ 106,461	$ 75,598	$ 71,133	$ 31,798
Investment securities available for sale		735,320	816,647
Investment securities available for sale, at fair value held in securitization trusts		40,217	38,594
Derivative assets		302,817	288,850
Mezzanine loan and equity investments (2)		232,588	222,491
Receivable for securities sold		34,733
Financial Liabilities:
Financing arrangements		585,492	651,965
Derivative liabilities		4,411	1,463
Subordinated debentures		45,000	45,000
Portfolio Investments [Member]
Financial Liabilities:
Financing arrangements		585,492	651,965
Distressed Residential Mortgage Loans [Member]
Financial Liabilities:
Financing arrangements		236,908	238,949
Residential Collateralized Debt Obligations [Member]
Financial Liabilities:
Debt obligations		133,258	145,542
Multi-Family Collateralized Debt Obligations [Member]
Financial Liabilities:
Debt obligations		6,932,092	8,048,053
Fair Value, Inputs, Level 1 [Member]
Financial Assets:
Cash and cash equivalents		106,461	75,598
Cash and cash equivalents		106,461	75,598
Receivable for securities sold		34,733
Receivable for securities sold		34,733
Financial Liabilities:
Payable for securities purchased		302,322	283,537
Payable for securities purchased		302,322	283,537
Fair Value Inputs, Level 2 and Level 3 [Member]
Financial Assets:
Investment securities available for sale		735,320	816,647
Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Investment securities available for sale, at fair value held in securitization trusts		40,217	38,594
Mortgage loans held for sale (net) (2)	[1]	2,471	7,712
Mortgage loans held for sale (net) (2)	[1]	2,529	7,713
First mortgage loans (2)	[1]	10,474	9,544
First mortgage loans (2)	[1]	10,887	9,832
Mezzanine loan and equity investments (2)	[1]	93,054	66,951
Mezzanine loan and equity investments (2)	[1]	93,412	67,233
Financial Liabilities:
Debt obligations		191,689	232,877
Debt obligations		198,315	240,341
Subordinated debentures		45,000	45,000
Subordinated debentures		37,477	36,531
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Loans Held in Securitization Trusts, Net [Member]
Financial Assets:
Loans receivable - carrying amount		137,440	149,614
Loans receivable - fair value		125,682	135,241
Fair Value, Inputs, Level 3 [Member] | Distressed Residential Mortgage Loans [Member]
Financial Assets:
Loans receivable - carrying amount	[2]	580,540	582,697
Loans receivable - fair value	[2]	598,112	599,182
Fair Value, Inputs, Level 3 [Member] | Multi-Family Loans Held in Securitization Trusts, Net [Member]
Financial Assets:
Loans receivable - carrying amount		7,235,328	8,365,514
Loans receivable - fair value		7,235,328	8,365,514
Fair Value, Inputs, Level 3 [Member] | Residential Collateralized Debt Obligations [Member]
Financial Liabilities:
Debt obligations		133,258	145,542
Debt obligations		119,188	130,919
Fair Value, Inputs, Level 3 [Member] | Multi-Family Collateralized Debt Obligations [Member]
Financial Liabilities:
Debt obligations		6,932,092	8,048,053
Debt obligations		6,932,092	8,048,053
Fair Value Inputs Level 1 and Level 2 [Member]
Financial Assets:
Derivative assets		302,817	288,850
Derivative assets		302,817	288,850
Financial Liabilities:
Derivative liabilities		4,411	1,463
Fair Value, Inputs, Level 2 [Member] | Portfolio Investments [Member]
Financial Liabilities:
Financing arrangements		585,492	651,965
Fair Value, Inputs, Level 2 [Member] | Distressed Residential Mortgage Loans [Member]
Financial Liabilities:
Financing arrangements		$ 236,908	$ 238,949
[1]	Included in receivables and other assets in the accompanying condensed consolidated balance sheets.
[2]	Includes distressed residential mortgage loans held in securitization trusts with a carrying value amounting to approximately $201.4 million and $221.6 million at June 30, 2015 and December 31, 2014, respectively and distressed residential mortgage loans with a carrying value amounting to approximately $379.1 million and $361.1 million at June 30, 2015 and December 31, 2014, respectively.

Note 15 - Stockholders' Equit91

Note 15 - Stockholders' Equity (Details) - USD ($)	Apr. 22, 2015	Apr. 07, 2014	[1]	Jan. 10, 2014	[1]	Jun. 04, 2013	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Mar. 20, 2015	Mar. 31, 2015	Jun. 11, 2012
Note 15 - Stockholders' Equity (Details) [Line Items]
Preferred Stock, Shares Authorized							200,000,000	200,000,000
Preferred Stock, Par or Stated Value Per Share (in Dollars per share)							$ 0.01	$ 0.01
Preferred Stock, Shares Outstanding							6,600,000	6,600,000		3,000,000
Preferred Stock, Shares Issued							6,600,000	6,600,000		3,000,000		3,000,000
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars)								$ 86,862,000
Common Stock, Par or Stated Value Per Share (in Dollars per share)							$ 0.01	$ 0.01		$ 0.01
Proceeds from Issuance of Common Stock (in Dollars)		$ 109,916,000		$ 75,846,000				$ 31,832,000	$ 185,710,000
Equity Distribution Agreements [Member]
Note 15 - Stockholders' Equity (Details) [Line Items]
Stock Issued During Period, Shares, New Issues							1,413,757	2,789,439
Common Stock, Value, Subscriptions (in Dollars)											$ 75,000,000
Common Stock, Par or Stated Value Per Share (in Dollars per share)											$ 0.01
Proceeds from Issuance of Common Stock (in Dollars)							$ 10,800,000	$ 21,600,000
Common Stock, Value of Shares Reserved for Future Issuance (in Dollars)							$ 52,900,000	$ 52,900,000
Prior Equity Distribution Agreement [Member]
Note 15 - Stockholders' Equity (Details) [Line Items]
Stock Issued During Period, Shares, New Issues								1,326,676			2,153,989
Common Stock, Value, Subscriptions (in Dollars)													$ 25,000,000
Share Price (in Dollars per share)							$ 7.89	$ 7.89			$ 7.63
Proceeds from Issuance of Common Stock (in Dollars)								$ 10,300,000			$ 16,100,000
Series B Preferred Stock [Member]
Note 15 - Stockholders' Equity (Details) [Line Items]
Preferred Stock, Shares Authorized							6,000,000	6,000,000		3,450,000
Preferred Stock, Par or Stated Value Per Share (in Dollars per share)						$ 0.01	$ 0.01	$ 0.01		$ 0.01
Preferred Stock, Shares Outstanding							3,000,000	3,000,000		3,000,000
Preferred Stock, Shares Issued							3,000,000	3,000,000		3,000,000
Stock Issued During Period, Shares, New Issues						3,000,000
Preferred Stock, Dividend Rate, Percentage						7.75%		7.75%		7.75%
Preferred Stock, Liquidation Preference Per Share (in Dollars per share)						$ 25	$ 25	$ 25		$ 25
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars)						$ 72,400,000
Preferred Stock, Redemption Price Per Share (in Dollars per share)							$ 25	$ 25
Series C Preferred Stock [Member]
Note 15 - Stockholders' Equity (Details) [Line Items]
Preferred Stock, Shares Authorized							4,140,000	4,140,000		4,140,000
Preferred Stock, Par or Stated Value Per Share (in Dollars per share)	$ 0.01						$ 0.01	$ 0.01		$ 0.01
Preferred Stock, Shares Outstanding							3,600,000	3,600,000		0
Preferred Stock, Shares Issued	3,600,000						3,600,000	3,600,000		0
Preferred Stock, Dividend Rate, Percentage	7.875%							7.875%		7.875%
Preferred Stock, Liquidation Preference Per Share (in Dollars per share)	$ 25						$ 25	$ 25		$ 25
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars)	$ 86,900,000
Preferred Stock, Redemption Price Per Share (in Dollars per share)							25	25
First Quarter [Member] | Equity Distribution Agreements [Member]
Note 15 - Stockholders' Equity (Details) [Line Items]
Share Price (in Dollars per share)							7.79	7.79
Second Quarter [Member] | Equity Distribution Agreements [Member]
Note 15 - Stockholders' Equity (Details) [Line Items]
Share Price (in Dollars per share)							$ 7.91	$ 7.91
[1]	Proceeds are net of underwriting costs and offering expenses paid by the Company.

Note 15 - Stockholders' Equit92

Note 15 - Stockholders' Equity (Details) - Cash Dividends Declared - Preferred Stock - $ / shares	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Dividends Payable [Line Items]
Declaration Date	Jun. 18, 2015	Mar. 18, 2015	Dec. 12, 2014	Sep. 18, 2014	Jun. 18, 2014	Mar. 13, 2014
Record Date	Jun. 29, 2015	Mar. 30, 2015	Dec. 22, 2014	Sep. 29, 2014	Jun. 30, 2014	Mar. 24, 2014
Payment Date	Jul. 27, 2015	Apr. 27, 2015	Jan. 26, 2015	Oct. 27, 2014	Jul. 25, 2014	Apr. 25, 2014
Series B Preferred Stock [Member]
Dividends Payable [Line Items]
Declaration Date	Jun. 18, 2015	Mar. 18, 2015	Dec. 12, 2014	Sep. 18, 2014	Jun. 18, 2014	Mar. 31, 2014
Record Date	Jul. 1, 2015	Apr. 1, 2015	Jan. 1, 2015	Oct. 1, 2014	Jul. 1, 2014	Apr. 1, 2014
Payment Date	Jul. 15, 2015	Apr. 15, 2015	Jan. 15, 2015	Oct. 15, 2014	Jul. 15, 2014	Apr. 15, 2014
Cash Dividend Per Share	$ 0.484375	$ 0.484375	$ 0.484375	$ 0.484375	$ 0.484375	$ 0.484375
Series C Preferred Stock [Member]
Dividends Payable [Line Items]
Declaration Date	Jun. 18, 2015
Record Date	Jul. 1, 2015
Payment Date	Jul. 15, 2015
Cash Dividend Per Share	$ 0.45391

Note 15 - Stockholders' Equit93

Note 15 - Stockholders' Equity (Details) - Cash Dividends Declared - Common Stock - $ / shares	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Cash Dividends Declared - Common Stock [Abstract]
Declaration Date	Jun. 18, 2015	Mar. 18, 2015	Dec. 12, 2014	Sep. 18, 2014	Jun. 18, 2014	Mar. 13, 2014
Record Date	Jun. 29, 2015	Mar. 30, 2015	Dec. 22, 2014	Sep. 29, 2014	Jun. 30, 2014	Mar. 24, 2014
Payment Date	Jul. 27, 2015	Apr. 27, 2015	Jan. 26, 2015	Oct. 27, 2014	Jul. 25, 2014	Apr. 25, 2014
Cash Dividend Per Share	$ 0.27	$ 0.27	$ 0.27	$ 0.27	$ 0.27	$ 0.27

Note 15 - Stockholders' Equit94

Note 15 - Stockholders' Equity (Details) - Common Stock Issuance - USD ($) shares in Thousands, $ in Thousands	Apr. 07, 2014		Jan. 10, 2014		Jun. 30, 2015	Jun. 30, 2014
Common Stock Issuance [Abstract]
Shares Issued	14,950		11,500
Net Proceeds	$ 109,916	[1]	$ 75,846	[1]	$ 31,832	$ 185,710
[1]	Proceeds are net of underwriting costs and offering expenses paid by the Company.

Note 16 - Earnings Per Share (D

Note 16 - Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Weighted Average Number Diluted Shares Outstanding Adjustment	0	0

Note 16 - Earnings Per Share 96

Note 16 - Earnings Per Share (Details) - Basic and Diluted Net Income Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income attributable to common stockholders– Basic	$ 21,544	$ 30,326	$ 43,634	$ 51,584
Net income attributable to common stockholders– Dilutive	$ 21,544	$ 30,326	$ 43,634	$ 51,584
Denominator:
Weighted average basic shares outstanding	109,252	89,686	107,380	82,137
Weighted average dilutive shares outstanding	109,252	89,686	107,380	82,137
EPS:
Basic EPS	$ 0.20	$ 0.34	$ 0.41	$ 0.63
Dilutive EPS	$ 0.20	$ 0.34	$ 0.41	$ 0.63

Note 17 - Stock Based Compens97

Note 17 - Stock Based Compensation (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	May. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
2010 Stock Incentive Plan [Member]
Note 17 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		1,190,000		1,190,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		641,238		641,238		862,512
2010 Stock Incentive Plan [Member] | Director [Member]
Note 17 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Aggregate as of Period		146,935		146,935		111,311
Restricted Stock [Member]
Note 17 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		280,457	162,171	280,457	162,171	162,171	94,873
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				185,650	104,517
Restricted Stock [Member] | 2010 Stock Incentive Plan [Member]
Note 17 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		280,457		280,457		162,171
Allocated Share-based Compensation Expense		$ 200,000	$ 100,000	$ 400,000	$ 200,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures				0	0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 1,600,000	$ 1,000,000	$ 1,600,000	$ 1,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				2 years 109 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value				$ 500,000	$ 300,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period				3 years
Restricted Stock [Member] | 2010 Stock Incentive Plan [Member] | Employees [Member]
Note 17 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Aggregate as of Period		401,827		401,827		216,177
Performance Shares [Member] | 2010 Stock Incentive Plan [Member]
Note 17 - Stock Based Compensation (Details) [Line Items]
Allocated Share-based Compensation Expense		$ 12,000		$ 12,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 360,000		$ 360,000
Performance Shares [Member] | 2010 Stock Incentive Plan [Member] | Board of Directors Chairman [Member]
Note 17 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	89,629
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value	$ 400,000
Share-based Compensation Arrangement by Share-based Payment Award, Vested Shares As Percentage of Target Number of Awards Granted, Lower Range	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Vested Shares As Percentage of Target Number of Awards Granted, Upper Range	200.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Performance Shares [Member] | If TSR is Less Than 33% [Member] | 2010 Stock Incentive Plan [Member] | Board of Directors Chairman [Member]
Note 17 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	0.00%
Performance Shares [Member] | If TSR is Greater Than or Equal to 33% [Member] | 2010 Stock Incentive Plan [Member] | Board of Directors Chairman [Member]
Note 17 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	100.00%
Performance Shares [Member] | If TSR is Greater Than or Equal to 33% and TSR Is InTop Quartile of Identified Peer Group [Member] | 2010 Stock Incentive Plan [Member] | Board of Directors Chairman [Member]
Note 17 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	200.00%
Performance Shares [Member] | If TSR Is Greater Than or Equal to 33% and TSR Is InBottom Quartile of Identified Peer Group [Member] | 2010 Stock Incentive Plan [Member] | Board of Directors Chairman [Member]
Note 17 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%

Note 17 - Stock Based Compens98

Note 17 - Stock Based Compensation (Details) - Non-vested Restricted Stock - Restricted Stock [Member] - $ / shares		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Note 17 - Stock Based Compensation (Details) - Non-vested Restricted Stock [Line Items]
Non-vested shares at January 1		162,171	94,873
Non-vested shares at January 1	[1]	$ 7.26	$ 7.01
Number of Non-vested Restricted Shares		185,650	104,517
Weighted Average Per Share Grant Date Fair Value	[1]	$ 7.79	$ 7.39
Vested		(67,364)	(37,219)
Vested	[1]	$ 7.18	$ 6.97
Non-vested shares as of June 30		280,457	162,171
Non-vested shares as of June 30	[1]	$ 7.63	$ 7.26
[1]	The grant date fair value of restricted stock awards is based on the closing market price of the Company's common stock at the grant date.

Note 18 - Income Taxes (Details

Note 18 - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Note 18 - Income Taxes (Details) [Line Items]
Income Tax Expense (Benefit)	$ 1,178	$ 538	$ 1,423	$ 3,568
Taxable REIT Subsidiaries [Member]
Note 18 - Income Taxes (Details) [Line Items]
Operating Loss Carryforwards	55,900		55,900
Net Income (Loss) Attributable to Parent					$ (3,600)
Capital Losses					$ 3,500
Income Tax Expense (Benefit)	$ 1,200	$ 500	$ 1,400	$ 3,600
Earliest Tax Year [Member]
Note 18 - Income Taxes (Details) [Line Items]
Open Tax Year			2,011
Latest Tax Year [Member]
Note 18 - Income Taxes (Details) [Line Items]
Open Tax Year			2,014

Note 18 - Income Taxes (Deta100

Note 18 - Income Taxes (Details) - Deferred Tax Asset - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Deferred tax assets
Net operating loss carryforward		$ 27,606	$ 28,704
Net capital loss carryforward		4,527	1,592
GAAP/Tax basis differences		2,868	1,755
Valuation allowance (1)	[1]	(33,642)	(30,412)
Deferred tax liabilities
Deferred tax liabilities		193	1,040
Total net deferred tax asset		1,166	599
Receivables And Other Assets [Member]
Deferred tax assets
Total deferred tax assets (1)	[1]	35,001	32,051
Accrued Expenses And Other Liabilities [Member]
Deferred tax liabilities
Deferred tax liabilities	[2]	$ 193	$ 1,040
[1]	Included in receivables and other assets in the accompanying condensed consolidated balance sheets.
[2]	Included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.

Note 19 - Related Party Tran101

Note 19 - Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Note 19 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 3,917,000	$ 1,129,000	$ 4,822,000	$ 2,219,000
Accounts Payable, Related Parties	$ 461,000		$ 461,000		$ 6,317,000
Management Agreement With RiverBanc LLC [Member]
Note 19 - Related Party Transactions (Details) [Line Items]
Equity Method Investment, Ownership Percentage	20.00%		20.00%		20.00%
Revenue from Related Parties	$ 100,000	100,000	$ 800,000	300,000
Related Party Transaction, Expenses from Transactions with Related Party	900,000	1,100,000	4,800,000	2,200,000
Accounts Payable, Related Parties	500,000	6,300,000	500,000	6,300,000
RB Multifamily Investors LLC [Member]
Note 19 - Related Party Transactions (Details) [Line Items]
Revenue from Related Parties	$ 1,700,000	$ (100,000)	$ 2,800,000	$ 0
Noncontrolling Interest, Ownership Percentage by Parent	67.00%		67.00%		67.00%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 48,400,000		$ 48,400,000		$ 36,600,000

Note 20 - Subsequent Events (De

Note 20 - Subsequent Events (Details) - USD ($) $ in Millions	Jul. 22, 2015	Apr. 22, 2015	Jul. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Distressed Residential Mortgage Loans [Member]
Note 20 - Subsequent Events (Details) [Line Items]
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net				$ 580.5	$ 582.7
Subsequent Event [Member] | Distressed Residential Mortgage Loans [Member]
Note 20 - Subsequent Events (Details) [Line Items]
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net			$ 81.2
Payments to Purchase Mortgage Loans Held-for-sale		$ 67.5
RMI [Member] | Subsequent Event [Member]
Note 20 - Subsequent Events (Details) [Line Items]
Contribution Agreement, Equity Contibution, Percentage	100.00%
Contribution Agreement, Shares in Exchange of Equity Contribution (in Shares)	2,451,211
Contribution Agreement, Number of Preferred Equity Investment in Multifamily Property	1
Contribution Agreement, Cash Consideration	$ 28.5

Uncategorized Items - nymt-2015

Label		Element	Value
Provision for loan losses		us-gaap_ProvisionForLoanAndLeaseLosses	$ 112
Provision for loan losses		us-gaap_ProvisionForLoanAndLeaseLosses	663
Net income		us-gaap_ProfitLoss	24,631
Net income		us-gaap_ProfitLoss	31,779
Realized (loss) gain on investment securities and related hedges, net		us-gaap_RealizedInvestmentGainsLosses	(1,291)
Realized (loss) gain on investment securities and related hedges, net		us-gaap_RealizedInvestmentGainsLosses	1,325
Consolidated K Series [Member]
Residential mortgage loans held in securitization trusts (net)		us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue	7,235,328
Residential mortgage loans held in securitization trusts (net)		us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue	8,365,514
Agency AR Ms [Member]
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	170,565
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	181,693
Agency AR Ms [Member] | Fannie Mae [Member]
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	105,499
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	112,236
Agency AR Ms [Member] | Freddie Mac [Member]
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	54,618
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	57,164
Agency AR Ms [Member] | Ginnie Mae [Member]
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	10,448
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	12,293
Agency Fixed Rate [Member]
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)		us-gaap_AvailableForSaleSecurities	439,018
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)		us-gaap_AvailableForSaleSecurities	478,681
Agency Fixed Rate [Member] | Fannie Mae [Member]
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)		us-gaap_AvailableForSaleSecurities	404,729
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)		us-gaap_AvailableForSaleSecurities	441,510
Agency Fixed Rate [Member] | Freddie Mac [Member]
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)		us-gaap_AvailableForSaleSecurities	34,069
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)		us-gaap_AvailableForSaleSecurities	37,171
Agency Fixed Rate [Member] | Ginnie Mae [Member]
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)		us-gaap_AvailableForSaleSecurities	220
Agency I Os [Member]
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	114,017
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	119,131
Agency I Os [Member] | Fannie Mae [Member]
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	44,280
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	48,019
Agency I Os [Member] | Freddie Mac [Member]
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	32,761
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	33,338
Agency I Os [Member] | Ginnie Mae [Member]
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	36,976
Investment securities, available for sale, at fair value (including pledged securities of $644,787 and $702,684, respectively)	[1]	us-gaap_AvailableForSaleSecurities	$ 37,774
[1]	Included in investment securities available for sale are Agency IOs, Agency Fixed Rate, Agency ARM and U.S. Treasury securities managed by Midway that are measured at fair value through earnings.