AG Mortgage Investment Trust, I (MITT) 10-Q 6 Nov 14 2014 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 31, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'MITT	'
Entity Common Stock, Shares Outstanding	'	28,386,015
Entity Registrant Name	'AG Mortgage Investment Trust, Inc.	'
Entity Central Index Key	'0001514281	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Assets	'	'
Commercial loans, at fair value - $62,800,000 and $0 pledged as collateral, respectively	$72,800,000	$0
Investment in affiliates	13,689,143	16,411,314
Excess mortgage servicing rights, at fair value	679,752	0
Linked transactions, net, at fair value	28,346,802	49,501,897
Cash and cash equivalents	43,711,925	86,190,011
Restricted cash	40,723,796	3,575,006
Interest receivable	11,633,053	12,018,919
Receivable on unsettled trades - $138,516,386 and $0 pledged as collateral, respectively	151,919,857	0
Receivable under reverse repurchase agreements	28,245,000	27,475,000
Derivative assets, at fair value	24,810,271	55,060,075
Other assets	12,909,703	1,246,842
Due from broker	3,502,094	1,410,720
Total Assets	3,618,452,827	3,684,706,374
Liabilities	'	'
Repurchase agreements	2,740,346,694	2,891,634,416
Obligation to return securities borrowed under reverse repurchase agreements, at fair value	28,045,938	27,477,188
Payable on unsettled trades	61,461,544	0
Interest payable	2,607,427	3,839,045
Derivative liabilities, at fair value	4,947,317	2,206,289
Dividend payable	17,030,608	17,020,893
Due to affiliates	4,738,480	4,645,297
Accrued expenses	3,334,506	1,395,183
Taxes payable	1,368,516	1,490,329
Due to broker	16,260,255	30,567,000
Total Liabilities	2,880,141,285	2,980,275,640
Stockholders' Equity	'	'
Common stock, par value $0.01 per share; 450,000,000 shares of common stock authorized and 28,384,347 and 28,365,655 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	283,844	283,657
Additional paid-in capital	585,943,635	585,619,488
Retained earnings/(deficit)	-9,129,942	-42,686,416
Total Stockholders' Equity	738,311,542	704,430,734
Total Liabilities & Stockholders' Equity	3,618,452,827	3,684,706,374
Residential Mortgage [Member]	'	'
Assets	'	'
Residential mortgage loans, at fair value - $73,028,954 and $0 pledged as collateral, respectively	83,710,984	0
8.25% Series A Cumulative Redeemable Preferred Stock [Member]	'	'
Stockholders' Equity	'	'
Preferred stock - $0.01 par value; 50,000,000 shares authorized:	49,920,772	49,920,772
8.00% Series B Cumulative Redeemable Preferred Stock [Member]	'	'
Stockholders' Equity	'	'
Preferred stock - $0.01 par value; 50,000,000 shares authorized:	111,293,233	111,293,233
Agency [Member]	'	'
Assets	'	'
Real estate securities, at fair value:	1,820,154,251	2,423,002,768
Non-Agency [Member]	'	'
Assets	'	'
Real estate securities, at fair value:	1,116,631,253	844,217,568
ABS [Member]	'	'
Assets	'	'
Real estate securities, at fair value:	76,035,121	71,344,784
CMBS [Member]	'	'
Assets	'	'
Real estate securities, at fair value:	$88,949,822	$93,251,470

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets [Parenthetical] (USD $)	Sep. 30, 2014	Dec. 31, 2013
Preferred Stock, par value (in dollars per share)	$0.01	$0.01
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	28,384,347	28,365,655
Common stock, shares outstanding	28,384,347	28,365,655
Loans Pledged as Collateral (in dollars)	$138,516,386	$0
Residential mortgage loans [Member]	'	'
Loans Pledged as Collateral (in dollars)	73,028,954	0
Commercial Loan [Member]	'	'
Loans Pledged as Collateral (in dollars)	62,800,000	0
Agency [Member]	'	'
Real estate securities, at fair value, pledged as collateral (in dollars)	1,678,146,728	2,242,322,869
Non-Agency [Member]	'	'
Real estate securities, at fair value, pledged as collateral (in dollars)	1,104,701,107	844,217,568
ABS [Member]	'	'
Real estate securities, at fair value, pledged as collateral (in dollars)	19,960,090	71,344,784
CMBS [Member]	'	'
Real estate securities, at fair value, pledged as collateral (in dollars)	80,481,612	93,251,470
8.25% Series A Cumulative Redeemable Preferred Stock [Member]	'	'
Preferred Stock, Shares Issued	2,070,000	2,070,000
Preferred Stock, Shares Outstanding	2,070,000	2,070,000
Preferred Stock, Liquidation Preference, Value (in dollars)	51,750,000	51,750,000
8.00% Series B Cumulative Redeemable Preferred Stock [Member]	'	'
Preferred Stock, Shares Issued	4,600,000	4,600,000
Preferred Stock, Shares Outstanding	4,600,000	4,600,000
Preferred Stock, Liquidation Preference, Value (in dollars)	$115,000,000	$115,000,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net Interest Income	'	'	'	'
Interest income	$36,197,633	$33,278,284	$106,419,808	$114,163,747
Interest expense	6,819,731	5,584,419	19,750,086	19,749,592
Interest Income (Expense), Net	29,377,902	27,693,865	86,669,722	94,414,155
Other Income	'	'	'	'
Net realized gain/(loss)	10,539,221	-42,667,835	9,261,721	-112,226,897
Income/(loss) from linked transactions, net	3,481,936	-519,785	11,018,043	2,296,541
Realized loss on periodic interest settlements of derivative instruments, net	-5,260,449	-9,123,233	-17,341,950	-21,205,353
Unrealized gain/(loss) on real estate securities and loans, net	-19,457,277	40,136,126	52,563,595	-60,668,593
Unrealized gain/(loss) on derivative and other instruments, net	9,459,244	-5,779,945	-33,639,291	67,348,314
Total other income (loss)	-1,237,325	-17,954,672	21,862,118	-124,455,988
Expenses	'	'	'	'
Management fee to affiliate	2,548,601	2,523,547	7,556,613	8,195,890
Other operating expenses	3,140,272	2,819,431	8,523,178	7,780,385
Servicing fees	157,016	0	319,733	0
Equity based compensation to affiliate	67,562	55,105	222,221	186,983
Excise tax	533,539	373,083	1,408,539	1,391,942
Total expenses	6,446,990	5,771,166	18,030,284	17,555,200
Income/(loss) before income tax benefit/(expense) and equity in earnings from affiliates	21,693,587	3,968,027	90,501,556	-47,597,033
Income tax benefit/(expense)	172,709	-122,979	79,914	-2,778,758
Equity in earnings from affiliates	523,316	2,155,471	4,159,667	1,911,830
Net Income/(Loss)	22,389,612	6,000,519	94,741,137	-48,463,961
Dividends on preferred stock	3,367,354	3,367,354	10,102,062	10,102,062
Net Income/(Loss) Available to Common Stockholders	$19,022,258	$2,633,165	$84,639,075	($58,566,023)
Earnings/(Loss) Per Share of Common Stock	'	'	'	'
Basic (in dollars per share)	$0.67	$0.09	$2.98	($2.10)
Diluted (in dollars per share)	$0.67	$0.09	$2.98	($2.10)
Weighted Average Number of Shares of Common Stock Outstanding	'	'	'	'
Basic (in shares)	28,384,238	28,359,937	28,377,681	27,906,946
Diluted (in shares)	28,405,069	28,359,943	28,396,797	27,906,946

Consolidated_Statements_of_Sto

Consolidated Statements of Stockholders' Equity (USD $)	Total	Common Stock [Member]	8.25% Series A Cumulative Redeemable Preferred Stock [Member]	8.00% Series B Cumulative Redeemable Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2012	$794,621,781	$269,620	$49,920,772	$111,293,233	$552,067,681	$81,070,475
Balance (in shares) at Dec. 31, 2012	'	26,961,936	'	'	'	'
Net proceeds from issuance of common stock	33,176,288	13,817	0	0	33,162,471	0
Net proceeds from issuance of common stock (in shares)	'	1,381,739	'	'	'	'
Grant of restricted stock and amortization of equity based compensation	281,516	164	0	0	281,352	0
Grant of restricted stock and amortization of equity based compensation (in shares)	'	16,371	'	'	'	'
Common dividends declared	-61,687,946	0	0	0	0	-61,687,946
Preferred Series A dividends declared	-3,202,062	0	0	0	0	-3,202,062
Preferred Series B dividends declared	-6,900,000	0	0	0	0	-6,900,000
Net (loss) income	-48,463,961	0	0	0	0	-48,463,961
Balance at Sep. 30, 2013	707,825,616	283,601	49,920,772	111,293,233	585,511,504	-39,183,494
Balance (in shares) at Sep. 30, 2013	'	28,360,046	'	'	'	'
Balance at Dec. 31, 2013	704,430,734	283,657	49,920,772	111,293,233	585,619,488	-42,686,416
Balance (in shares) at Dec. 31, 2013	'	28,365,655	'	'	'	'
Grant of restricted stock and amortization of equity based compensation	324,334	187	0	0	324,147	0
Grant of restricted stock and amortization of equity based compensation (in shares)	'	18,692	'	'	'	'
Common dividends declared	-51,082,601	0	0	0	0	-51,082,601
Preferred Series A dividends declared	-3,202,062	0	0	0	0	-3,202,062
Preferred Series B dividends declared	-6,900,000	0	0	0	0	-6,900,000
Net (loss) income	94,741,137	0	0	0	0	94,741,137
Balance at Sep. 30, 2014	$738,311,542	$283,844	$49,920,772	$111,293,233	$585,943,635	($9,129,942)
Balance (in shares) at Sep. 30, 2014	'	28,384,347	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash Flows from Operating Activities	'	'
Net income/(loss)	$94,741,137	($48,463,961)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:	'	'
Net realized (gain)/loss	-9,261,721	112,226,897
Net realized and unrealized (gains)/losses on securities underlying linked transactions	-3,503,633	8,161,223
Net amortization of premium	13,736,544	36,501,617
Unrealized (gains)/losses on real estate securities and loans, net	-52,563,595	60,668,593
Unrealized (gains)/losses on derivative and other instruments, net	33,639,291	-67,348,314
Equity based compensation to affiliate	222,221	186,983
Equity based compensation expense	108,147	132,103
Income from investment in affiliates in excess of distributions received	-583,442	-1,286,037
Change in operating assets/liabilities:	'	'
Interest receivable	352,904	1,884,612
Other assets	-3,342,267	-399,473
Due from broker	-2,091,374	-499,213
Interest payable	-1,079,037	3,080,028
Due to affiliates	93,183	258,691
Accrued expenses	1,939,323	293,190
Taxes payable	-121,813	-358,058
Net cash provided by operating activities	72,285,868	105,038,881
Cash Flows from Investing Activities	'	'
Purchase of real estate securities	-731,253,700	-2,679,895,866
Purchase of residential mortgage loans	-84,482,849	0
Purchase of commercial loans	-72,084,833	-30,017,825
Investment in affiliates	-24,087,845	-14,357,976
Purchase of excess mortgage servicing rights	-730,146	0
Purchase of securities underlying linked transactions	-32,170,974	-218,804,843
Proceeds from sale of real estate securities	674,416,942	3,143,631,407
Proceeds from sale of securities underlying linked transactions	26,056,464	131,400,523
Distribution received from investments in affiliates	27,364,027	0
Principal repayments on real estate securities	421,911,718	417,502,447
Principal repayments on residential mortgage loans	642,946	0
Principal repayments on securities underlying linked transactions	43,017,323	68,647,086
Receipt of premium for interest rate swaptions	433,750	0
Payment of premium for interest rate swaptions	-745,500	0
Net payment made on reverse repurchase agreements	-775,216	-50,133,363
Net proceeds/(payment) from sales of securities borrowed under reverse repurchase agreements	-395,472	49,024,920
Net settlement of interest rate swaps	109,276	-9,346,968
Net settlement of TBAs	2,663,476	-374,861
Net settlement of IO Indexes	-569,230	0
Cash flows used in other investing activities	-8,426,524	0
Restricted cash used in investment activities	-10,287,254	-3,908,000
Net cash provided by investing activities	230,606,379	803,366,681
Cash Flows from Financing Activities	'	'
Net proceeds from issuance of common stock	0	33,176,288
Borrowings under repurchase agreements	16,715,523,064	20,325,114,240
Borrowings under repurchase agreements underlying linked transactions	1,437,647,348	2,899,553,903
Repayments of repurchase agreements	-16,866,810,786	-21,271,438,649
Repayments of repurchase agreements underlying linked transactions	-1,529,386,730	-2,952,632,359
Collateral received from (held by) derivative counterparty	-15,671,180	15,211,121
Collateral received from (held by) repurchase counterparty	-25,497,101	1,417,291
Dividends paid on common stock	-51,072,886	-63,211,085
Dividends paid on preferred stock	-10,102,062	-10,102,062
Net cash used in financing activities	-345,370,333	-1,022,911,312
Net change in cash and cash equivalents	-42,478,086	-114,505,750
Cash and cash equivalents, Beginning of Period	86,190,011	149,594,782
Cash and cash equivalents, End of Period	43,711,925	35,089,032
Supplemental disclosure of cash flow information:	'	'
Cash paid for interest on repurchase agreements	21,017,503	19,994,933
Cash paid for income tax	1,579,928	4,528,945
Real estate securities recorded upon unlinking of Linked Transactions	87,154,830	43,415,283
Repurchase agreements recorded upon unlinking of Linked Transactions	73,501,051	35,674,382
Transfer from residential mortgage loans to other assets	1,022,903	0
Supplemental disclosure of non-cash financing activities:	'	'
Common stock dividends declared but not paid	$17,030,608	$17,017,528

Organization

Organization	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation Of Financial Statements [Abstract]	'
Organization, Consolidation and Presentation Of Financial Statements Disclosure [Text Block]	'
	1. Organization
	AG Mortgage Investment Trust, Inc. (the “Company”) was incorporated in the state of Maryland on March 1, 2011. The Company is focused on investing in, acquiring and managing a diversified portfolio of residential mortgage-backed securities, or RMBS, issued or guaranteed by a government-sponsored enterprise such as Fannie Mae or Freddie Mac, or any agency of the U.S. Government such as Ginnie Mae (collectively, “Agency RMBS”), and other real estate-related securities and financial assets, including Non-Agency RMBS, ABS, CMBS and loans (as defined below).
	Non-Agency RMBS represent fixed-and floating-rate RMBS issued by entities or organizations other than a U.S. government-sponsored enterprise or agency of the U.S. government, including investment grade (AAA through BBB) and non investment grade classes (BB and below). The mortgage loan collateral for residential Non-Agency RMBS consists of residential mortgage loans that do not generally conform to underwriting guidelines issued by U.S. government agencies or U.S. government-sponsored entities.
	Asset Backed Securities (“ABS”) are securitized investments similar to the aforementioned investments except the underlying assets are diverse, not only representing real estate related assets.
	Commercial Mortgage Backed Securities (“CMBS”) represent investments of fixed- and floating-rate CMBS, including investment grade (AAA through BBB) and non investment grade classes (BB and below) secured by, or evidence an ownership interest in, a single commercial mortgage loan or a pool of commercial mortgage loans.
	Collectively, the Company refers to Agency RMBS, Non-Agency RMBS, ABS and CMBS asset types as “real estate securities.”
	Commercial loans are secured by an interest in commercial real estate and represent a contractual right to receive money on demand or on fixed or determinable dates. Residential mortgage loans refer to performing, re-performing and non-performing loans secured by a first lien mortgage on residential mortgaged property located in any of the 50 states of the United States or in the District of Columbia. The Company refers to its commercial and residential mortgage loans as “mortgage loans” or “loans.”
	The Company is externally managed by AG REIT Management, LLC (the “Manager”), a wholly-owned subsidiary of Angelo, Gordon & Co., L.P. (“Angelo, Gordon”), a privately-held, SEC-registered investment adviser. The Manager, pursuant to a delegation agreement dated as of June 29, 2011, has delegated to Angelo, Gordon the overall responsibility with respect to the Manager’s day-to-day duties and obligations arising under the management agreement.
	The Company conducts its operations to qualify and be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”).
	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	2. Summary of Significant Accounting Policies
	The accompanying unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain prior period amounts have been reclassified to conform to the current period’s presentation. In the opinion of management, all adjustments considered necessary for a fair presentation for the interim period of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year.
	Previously the Company classified gains and losses related to linked transactions in the “Net realized gain/(loss)” line item, however the Company now includes such gains and losses in the “Income/(loss) from linked transactions, net” line item as the Company believes this presentation is most consistent with the accounting for other components of net income on linked transactions captured within that line.
	Cash and cash equivalents
	Cash is comprised of cash on deposit with financial institutions. The Company classifies highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents. As of September 30, 2014 and December 31, 2013, the Company had no cash equivalents. The Company places its cash with high credit quality institutions to minimize credit risk exposure. Any cash held by the Company as collateral would be included in a due to broker line item on the consolidated balance sheet and in cash flows from financing activities on the consolidated statement of cash flows.
	Restricted cash
	Restricted cash includes cash pledged as collateral for clearing and executing trades, derivatives and repurchase agreements. Restricted cash is carried at cost, which approximates fair value.
	Offering costs
	The Company incurred costs in connection with common stock offerings and issuances of preferred stock. The offering costs were paid out of the proceeds of the respective offerings. Offering costs in connection with common stock offerings have been accounted for as a reduction of additional paid-in-capital and offering costs in connection with preferred stock offerings have been accounted for as a reduction of their respective gross proceeds.
	Use of estimates
	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
	Earnings per share
	In accordance with the provisions of Accounting Standards Codification (“ASC”) 260, “Earnings per Share,” the Company calculates basic income per share by dividing net income available to common stockholders for the period by weighted-average shares of the Company’s common stock outstanding for that period. Diluted income per share takes into account the effect of dilutive instruments, such as stock options, warrants, unvested restricted stock, and unvested restricted stock units 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.
	Valuation of financial instruments
	The fair value of the financial instruments that the Company records at fair value will be determined by the Manager, subject to oversight of the Company’s board of directors, and in accordance with ASC 820, “Fair Value Measurements and Disclosures.” When possible, the Company determines fair value using independent data sources. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under ASC 820 are described below:
		•	Level 1 – Quoted prices in active markets for identical assets or liabilities.
		•	Level 2 – Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
		•	Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available.
	Transfers between levels are assumed to occur at the beginning of the reporting period.
	Accounting for real estate securities
	Investments in real estate securities are recorded in accordance with ASC 320, ASC 325 or ASC 310-30. The Company has chosen to make a fair value election pursuant to ASC 825 for its real estate securities portfolio. Real estate securities are recorded at fair market value on the consolidated balance sheet and the periodic change in fair market value is recorded in current period earnings on the consolidated statement of operations as a component of “Unrealized gain/(loss) on real estate securities and loans, net.” Real estate securities acquired through securitizations are shown in the line item “Purchase of real estate securities” on the consolidated statement of cash flows.
	These investments generally meet the requirements to be classified as available for sale under ASC 320-10-25, “Debt and Equity Securities,” which requires the securities to be carried at fair value on the consolidated balance sheet with changes in fair value recorded to other comprehensive income, a component of Stockholders’ Equity. Electing the fair value option allows the Company to record changes in fair value in the consolidated statement of operations, which, in management’s view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner.
	When the Company purchases securities with evidence of credit deterioration since origination, it will analyze to determine if the guidance found in ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” is applicable.
	The Company evaluates securities accounted for under ASC 310 and ASC 325 for other-than-temporary impairment ("OTTI") on at least a quarterly basis. The determination of whether a security is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. When the fair value of a real estate security is less than its amortized cost at the balance sheet date, the security is considered impaired, and the impairment is designated as either “temporary” or “other-than-temporary.”
	When a real estate security is impaired, an OTTI is considered to have occurred if (i) the Company intends to sell the security (i.e. a decision has been made as of the reporting date) or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the real estate security before recovery of its amortized cost basis, the entire amount of the impairment loss, if any, is recognized in earnings as a realized loss and the cost basis of the security is adjusted to its fair value. Additionally, for securities accounted for under ASC 325-40, “Beneficial Interests in Securitized Financial Assets,” an OTTI is deemed to have occurred when there is an adverse change in the expected cash flows to be received and the fair value of the security is less than its carrying amount. In determining whether an adverse change in cash flows occurred, the present value of the remaining cash flows, as estimated at the initial transaction date (or the last date previously revised), is compared to the present value of the expected cash flows at the current reporting date. The estimated cash flows reflect those a “market participant” would use and are discounted at a rate equal to the current yield used to accrete interest income. Any resulting OTTI adjustments are reflected in the “Net realized gain/(loss)” line item on the consolidated statement of operations.
	The determination as to whether an OTTI exists is subjective, given that such determination is based on information available at the time of assessment as well as the Company’s estimate of the future performance and cash flow projections for the individual security. As a result, the timing and amount of an OTTI constitutes an accounting estimate that may change materially over time.
	Increases in interest income may be recognized on a security on which the Company previously recorded an OTTI if the performance of such security subsequently improves.
	Securities in an unrealized loss position at September 30, 2014 are not considered other than temporarily impaired as the Company has the ability and intent to hold the securities to maturity or for a period of time sufficient for a forecasted market price recovery up to or above the amortized cost of the investment, and the Company is not required to sell the security for regulatory or other reasons. See Note 3 for a summary of OTTI recorded.
	Sales of securities
	Sales of securities are driven by the Manager’s portfolio management process. The Manager seeks to mitigate risks including those associated with prepayments, defaults, severities, amongst others, and will opportunistically rotate the portfolio into securities with more favorable attributes. Strategies may also be employed to manage net capital gains, which need to be distributed for tax purposes.
	Realized gains or losses on sales of securities, loans and derivatives are included in the “Net realized gain/(loss)” line item on the consolidated statement of operations. The cost of positions sold is calculated using a first in, first out, or FIFO, basis. Realized gains and losses are recorded in earnings at the time of disposition.
	Accounting for mortgage loans
	Investments in mortgage loans are recorded in accordance with ASC 310-10. The Company has chosen to make a fair value election pursuant to ASC 825 for its mortgage loan portfolio. Loans are recorded at fair market value on the consolidated balance sheet and any periodic change in fair market value will be recorded in current period earnings on the consolidated statement of operations as a component of “Unrealized gain/(loss) on real estate securities and loans, net.”
	The Company amortizes or accretes any premium or discount over the life of the related loan utilizing the effective interest method. On at least a quarterly basis, the Company evaluates the collectability of both interest and principal of each loan, if circumstances warrant, to determine whether they are impaired. A loan is impaired when, based on current information and events, it is probable that the Company 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 and recorded accordingly. Income recognition is suspended for loans at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged.
	When the Company purchases mortgage loans with evidence of credit deterioration since origination and it determines that it is probable it will not collect all contractual cash flows on those loans, it will apply the guidance found in ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” The Company has chosen to make a fair value election pursuant to ASC 825 for its mortgage loan portfolio. Loans are recorded at fair market value on the consolidated balance sheet and any periodic change in fair market value will be recorded in current period earnings on the consolidated statement of operations as a component of “Unrealized gain/(loss) on real estate securities and loans, net.”
	The Company updates its estimate of the cash flows expected to be collected on at least a quarterly basis for loans accounted for under ASC 310-30. In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies including both the rate and timing of principal and interest receipts, and assumptions of prepayments, repurchases, defaults and liquidations. If based on the most current information and events it is probable that there is a significant increase in cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected, the Company will recognize these changes prospectively through an adjustment of the loan’s yield over its remaining life. The Company will adjust the amount of accretable yield by reclassification from the nonaccretable difference. The adjustment is accounted for as a change in estimate in conformity with ASC 250 with the amount of periodic accretion adjusted over the remaining life of the loan. Decreases in cash flows expected to be collected from previously projected cash flows, which includes all cash flows originally expected to be collected by the investor plus any additional cash flows expected to be collected arising from changes in estimate after acquisition, are recognized as impairment.
	Investment in affiliates
	The Company’s unconsolidated ownership interests in affiliates are accounted for using the equity method. The underlying entities have chosen to make a fair value election pursuant to ASC 825; as such the Company will treat its investment in affiliates consistently with this election. The investment in affiliates is recorded at fair market value on the consolidated balance sheet and periodic changes in fair market value will be recorded in current period earnings on the consolidated statement of operation as a component of “Equity in earnings from affiliates.” Capital contributions, distributions and profits and losses of such entities are allocated in accordance with the terms of the applicable agreements.
	Investment consolidation and transfers of financial assets
	For each investment made, the Company evaluates the underlying entity that issued the securities acquired or to which the Company makes a loan to determine the appropriate accounting. A similar analysis will be performed for each entity with which the Company enters into an agreement for management, servicing or related services. In performing the analysis, the Company refers to guidance in ASC 810-10, “Consolidation.” In situations where the Company is the transferor of financial assets, the Company refers to the guidance in ASC 860-10, “Transfers and Servicing.”
	In variable interest entities (“VIEs”), an entity is subject to consolidation under ASC 810-10 if the equity investors either do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, are unable to direct the entity’s activities or are not exposed to the entity’s losses or entitled to its residual returns. VIEs within the scope of ASC 810-10 are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses. Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. In accordance with ASC 810-10, all transferees, including variable interest entities, must be evaluated for consolidation. If the Company were to treat securitizations as sales in the future, the Company will analyze the transactions under the guidelines of ASC 810-10 for consolidation.
	The Company may periodically enter into transactions in which it sells assets. Upon a transfer of financial assets, the Company will sometimes retain or acquire senior or subordinated interests in the related assets. Pursuant to ASC 860-10, a determination must be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor’s continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. The financial components approach under ASC 860-10 limits the circumstances in which a financial asset, or portion of a financial asset, should be derecognized when the transferor has not transferred the entire original financial asset to an entity that is not consolidated with the transferor in the financial statements being presented and/or when the transferor has continuing involvement with the transferred financial asset. It defines the term “participating interest” to establish specific conditions for reporting a transfer of a portion of a financial asset as a sale.
	Under ASC 860-10, after a transfer of financial assets that meets the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transferred control—an entity recognizes the financial and servicing assets it acquired or retained and the liabilities it has incurred, derecognizes financial assets it has sold and derecognizes liabilities when extinguished. The transferor would then determine the gain or loss on sale of financial assets by allocating the carrying value of the underlying mortgage between securities or loans sold and the interests retained based on their fair values. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the securities or loans sold. When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral.
	From time to time, the Company may securitize mortgage loans it holds if such financing is available. These transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a “sale” and the loans will be removed from the balance sheet or as a “financing” and will be classified as “real estate securities” on the consolidated balance sheet, depending upon the structure of the securitization transaction. ASC 860-10 is a complex standard that may require the Company to exercise significant judgment in determining whether a transaction should be recorded as a “sale” or a “financing.”
	Interest income recognition
	Interest income on the Company’s real estate securities portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such securities. The Company has elected to record interest in accordance with ASC 835-30-35-2 using the effective interest method for all securities accounted for under the fair value option (ASC 825). As such, premiums and discounts are amortized or accreted into interest income over the lives of the securities in accordance with ASC 310-20, “Nonrefundable Fees and Other Costs,” ASC 320-10, “Investments—Debt and Equity Securities” or ASC 325-40, “Beneficial Interests in Securitized Financial Assets,” as applicable. Total interest income is recorded in the “Interest income” line item on the consolidated statement of operations.
	On at least a quarterly basis for securities accounted for under ASC 320-10 and ASC 310-20 (generally Agency RMBS), prepayments of the underlying collateral must be estimated, which directly affect the speed at which the Company amortizes such securities. If actual and anticipated cash flows differ from previous estimates, the Company recognizes a “catch-up” adjustment in the current period to the amortization of premiums for the impact of the cumulative change in the effective yield through the reporting date.
	Similarly, the Company also reassesses the cash flows on at least a quarterly basis for securities accounted for under ASC 325-40 (generally Non-Agency RMBS, ABS, CMBS and interest only securities). In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies. These include the rate and timing of principal and interest receipts, (including assumptions of prepayments, repurchases, defaults and liquidations), the pass-through or coupon rate and interest rate fluctuations. In addition, interest payment shortfalls due to delinquencies on the underlying mortgage loans have to be judgmentally estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment as adjusted for credit impairment, if any.
	Interest income on the Company’s loan portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such loans. The Company has elected to record interest in accordance with ASC 835-30-35-2 using the effective interest method for all loans accounted for under the fair value option (ASC 825). Any amortization will be reflected as an adjustment to interest income in the consolidated statement of operations.
	For security and loan investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30. For purposes of income recognition, the Company aggregates loans that have common risk characteristics into pools and uses a composite interest rate and expectation of cash flows expected to be collected for the pool. ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected generally should be recognized prospectively through an adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected should be recognized as impairment.
	The Company’s accrual of interest, discount and premium for U.S. federal and other tax purposes differs from the financial accounting treatment of these items as described above.
	Repurchase agreements
	The Company finances the acquisition of certain assets within its portfolio through the use of repurchase agreements. Repurchase agreements are treated as collateralized financing transactions and are carried at primarily their contractual amounts, including accrued interest, as specified in the respective agreements. The carrying amount of the Company’s repurchase agreements approximates fair value as the debt is short-term in nature.
	The Company pledges certain securities or loans as collateral under repurchase agreements with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. The amounts available to be borrowed are dependent upon the fair value of the securities or loans pledged as collateral, which fluctuates with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. In response to declines in fair value of pledged assets, lenders may require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as margin calls. As of September 30, 2014 and December 31, 2013, the Company has met all margin call requirements.
	In instances where the Company acquires assets through repurchase agreements with the same counterparty from whom the assets were purchased, the Company evaluates such transactions in accordance with ASC 860-10. This standard requires the initial transfer of a financial asset and repurchase financing that are entered into contemporaneously with, or in contemplation of, one another to be considered linked unless all of the criteria found in ASC 860-10 are met at the inception of the transaction. If the transaction meets all of the conditions, the initial transfer shall be accounted for separately from the repurchase financing, and the Company will record the assets and the related financing on a gross basis on its balance sheet with the corresponding interest income and interest expense recorded on a gross basis in the consolidated statement of operations. If the transaction is determined to be linked, the Company will record the initial transfer and repurchase financing on a net basis and record a forward commitment to purchase assets as a derivative instrument with changes in market value being recorded on the consolidated statement of operations. Such forward commitments are recorded at fair value with subsequent changes in fair value recognized in income. The Company refers to these transactions as Linked Transactions. The Company records interest income, interest expense, and gains and losses related to linked transactions in the “Income/(loss) from linked transactions, net” line item on the consolidated statement of operations. When or if a transaction is no longer considered to be linked, the real estate asset and related repurchase financing will be reported on a gross basis. The unlinking of a transaction causes a realized event in which the fair value of the real estate asset as of the date of unlinking will become the cost basis of the real estate asset. The difference between the fair value on the unlinking date and the existing cost basis of the security will be the realized gain or loss. Recognition of effective yield for such security will be calculated prospectively using the new cost basis.
	Accounting for derivative financial instruments
	The Company enters into derivative contracts as a means of mitigating its interest rate risk. The Company uses interest rate derivative instruments to mitigate interest rate risk rather than to enhance returns. The Company accounts for derivative financial instruments in accordance with ASC 815-10, “Derivatives and Hedging.” ASC 815-10 requires an entity to recognize all derivatives as either assets or liabilities on the balance sheet and to measure those instruments at fair value. Additionally, the fair value adjustments will affect either other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings or net income depending on whether the derivative instrument is designated and qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. As of September 30, 2014 and December 31, 2013, the Company did not have any interest rate derivatives designated as hedges. All derivatives have been recorded at fair value in accordance with ASC 820-10, with corresponding changes in value recognized in the consolidated statement of operations. The Company records derivative asset and liability positions on a gross basis.
	To-be-announced securities
	A to-be-announced security (“TBA”) is a forward contract for the purchase or sale of Agency RMBS at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific Agency RMBS delivered into or received from the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association, are not known at the time of the transaction. The Company may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a pair off), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA contract for a later settlement date. This transaction is commonly referred to as a dollar roll. The Agency RMBS purchased or sold for a forward settlement date are typically priced at a discount to Agency RMBS for settlement in the current month. This difference, or discount, is referred to as the price drop. The price drop is the economic equivalent of net interest carry income on the underlying Agency RMBS over the roll period (interest income less implied financing cost) and is commonly referred to as dollar roll income/(loss). Consequently, forward purchases of Agency RMBS and dollar roll transactions represent a form of off-balance sheet financing. Dollar roll income is recognized in the consolidated statement of operations in the line item “Unrealized gain/(loss) on derivative and other instruments, net.”
	TBAs are exempt from ASC 815 and are accounted for under ASC 320 if there is no other way to purchase or sell that security, if delivery or receipt of that security and settlement will occur within the shortest period possible for that type of security and if it is probable at inception and throughout the term of the individual contract that physical delivery or receipt of the security will occur (referred to as the “regular-way” exception). Unrealized gains and losses associated with TBA contracts not subject to the regular-way exception or not designated as hedging instruments are recognized in the consolidated statement of operations in the line item “Unrealized gain/(loss) on derivative and other instruments, net.”
	Short positions in U.S. Treasury securities through reverse repurchase agreements
	The Company may sell short U.S. Treasury securities to help mitigate the potential impact of changes in interest rates. The Company may borrow securities to cover short sales of U.S. Treasury securities under reverse repurchase agreements, which are accounted for as borrowing transactions, and the Company recognizes an obligation to return the borrowed securities at fair value on its consolidated balance sheet based on the value of the underlying borrowed securities as of the reporting date. The Company establishes haircuts to ensure the market value of the underlying assets remains sufficient to protect the Company in the event of default by the counterparty. Realized and unrealized gains and losses associated with purchases and short sales of U.S. Treasury securities are recognized in “Net realized gain/(loss)”, and “Unrealized gain/(loss) on derivative and other instruments, net,” respectively, on the consolidated statement of operations.
	Manager compensation
The management agreement provides for payment to the Manager of a management fee. The management fee is accrued and expensed during the period for which it is calculated and earned. For a more detailed discussion on the fees payable under the management agreement, see Note 10.
Income taxes
The Company conducts its operations to qualify and be taxed as a REIT. Accordingly, the Company will generally not be subject to federal or state corporate income tax to the extent the Company makes qualifying distributions to its stockholders, and provided that it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the four taxable years following the year in which the Company fails to qualify as a REIT.
The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the Company’s GAAP financial statements. Taxable income, generally, will differ from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.
The Company has elected to treat certain subsidiaries as taxable REIT subsidiaries (“TRSs”) and may elect to treat other subsidiaries as TRSs. In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business.
While a domestic TRS will generate net income, a domestic TRS can declare dividends to the Company which will be included in the Company’s taxable income and necessitate a distribution to stockholders. Conversely, if the Company retains earnings at the domestic TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. A domestic TRS is subject to U.S. federal, state and local corporate income taxes.
The Company elected to treat one of its consolidated subsidiaries as a foreign TRS and, accordingly, taxable income generated by this foreign TRS may not be subject to local income taxation, but generally will be included in the Company’s income on a current basis as Subpart F income, whether or not distributed.
The Company’s financial results are generally not expected to reflect provisions for current or deferred income taxes, except for any activities conducted through one or more TRSs that are subject to corporate income taxation. The Company believes that it will operate in a manner that will allow it to qualify for taxation as a REIT. As a result of the Company’s expected REIT qualification, it does not generally expect to pay federal or state corporate income tax. Many of the REIT requirements, however, are highly technical and complex. If the Company were to fail to meet the REIT requirements, it would be subject to federal income taxes and applicable state and local taxes.
As a REIT, if the Company fails to distribute in any calendar year at least the sum of (i) 85% of its ordinary income for such year, (ii) 95% of its net capital gain income for such year, and (iii) any undistributed taxable income from the prior year, the Company would be subject to a nondeductible 4% excise tax on the excess of such required distribution over the sum of (i) the amounts actually distributed and (ii) the amounts of income retained and on which the Company has paid corporate income tax.
The Company evaluates uncertain income tax positions, if any, in accordance with ASC Topic 740, “Income Taxes”. The Company classifies interest and penalties, if any, related to unrecognized tax benefits as a component of provision for income taxes. See Note 9 for further details.
Stock-based compensation
The Company applies the provisions of ASC 718, “Compensation—Stock Compensation” with regard to its equity incentive plans. ASC 718 covers a wide range of share-based compensation arrangements including stock options, restricted stock plans, performance-based awards, stock appreciation rights and employee stock purchase plans. ASC 718 requires that compensation cost relating to stock-based payment transactions be recognized in financial statements. Compensation cost is measured based on the fair value of the equity or liability instruments issued.
Compensation cost related to restricted common shares issued to the Company’s directors is measured at its estimated fair value at the grant date, and is amortized and expensed over the vesting period on a straight-line basis. Compensation cost related to restricted common shares and restricted stock units issued to the Manager is initially measured at estimated fair value at the grant date, and is remeasured on subsequent dates to the extent the awards are unvested. The Company has elected to use the straight-line method to amortize compensation expense for the restricted common shares and restricted stock units granted to the Manager.
Recent accounting pronouncements
In January 2014, the FASB issued ASU 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure” (“ASU 2014-04”). ASU 2014-04 clarifies that an in substance repossession or foreclosure occurs, and 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. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU 2014-04 does not have a material impact on the Company’s financial statements.
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The standard states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. Although “major” is not defined, the standard provides examples of when a disposal qualifies as a discontinued operation. A business or nonprofit activity that upon acquisition qualifies as held for sale will also be a discontinued operation. The standard no longer precludes presentation as a discontinued operation if (i) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations, or (ii) there is significant continuing involvement with a component after its disposal. The standard introduces several new disclosures, including a requirement to present in the consolidated statement of cash flows or disclose in a note either (i) total operating and investing cash flows for discontinued operations, or (ii) depreciation, amortization, capital expenditures, and significant operating and investing noncash items related to discontinued operations. An entity must also reclassify the assets and liabilities of a discontinued operation that are classified as held for sale or disposed of in the current period for the comparative periods presented in the balance sheets. The Company chose to early adopt this standard in the quarter ended March 31, 2014. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements.
In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09 Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.  ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations.
In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing: Repurchase-to-Maturity Transaction, Repurchase Financings, and Disclosures” (“ASU 2014-11”). 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 2014-11 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 860-10. 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. This guidance will take effect for periods beginning after December 15, 2014, and early adoption is prohibited. Certain disclosures under this guidance do not take effect until the first period beginning after March 15, 2015. The Company is currently assessing the impact of this guidance.

Real_Estate_Securities

Real Estate Securities	9 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Mortgage-Backed Securities Disclosure [Text Block]	'
	3. Real Estate Securities
	The following tables present the current principal balance, premium or discount, amortized cost, gross unrealized gain, gross unrealized loss, fair market value, weighted average coupon rate and weighted average effective yield of the Company’s real estate securities portfolio at September 30, 2014 and December 31, 2013. The Company’s Agency RMBS are mortgage pass-through certificates or collateralized mortgage obligations representing interests in or obligations backed by pools of residential mortgage loans issued or guaranteed by Fannie Mae or Freddie Mac. The Company’s Non-Agency RMBS, ABS and CMBS portfolios are primarily not issued or guaranteed by Fannie Mae, Freddie Mac or any agency of the U.S. Government and are therefore subject to credit risk. The principal and interest payments on Agency RMBS securities have an explicit guarantee by either an agency of the U.S. government or a U.S government-sponsored enterprise. Real estate securities that are accounted for as a component of linked transactions are not reflected in the tables set forth in this note. See Note 7 for further details on linked transactions.
	The following table details the Company’s real estate securities portfolio as of September 30, 2014:
				Premium /					Gross Unrealized (1)										Weighted Average
		Current Face		(Discount)		Amortized Cost			Gains			Losses			Fair Value		Coupon (2)				Yield
	Agency RMBS:
	20 Year Fixed Rate	$	130,938,057	$	6,412,840	$	137,350,897		$	1,358,220		$	-1,085,852		$	137,623,265			3.72	%	2.83	%
	30 Year Fixed Rate		971,568,294		49,271,726		1,020,840,020			6,641,223			-6,231,864			1,021,249,379			3.93	%	3.2	%
	Fixed Rate CMO		90,676,332		930,426		91,606,758			883,101			-			92,489,859			3	%	2.81	%
	ARM		434,439,072		-728,938		433,710,134			3,580,922			-562,702			436,728,354			2.42	%	2.76	%
	Interest Only		807,823,148		-679,000,762		128,822,386			6,893,365			-3,652,357			132,063,394			4.57	%	7.97	%
	Credit Investments:
	Non-Agency RMBS		1,275,450,910		-180,916,996		1,094,533,914			26,362,689			-4,265,350			1,116,631,253			3.97	%	5.66	%
	ABS		76,981,884		-645,408		76,336,476			406,971			-708,326			76,035,121			4.99	%	5.59	%
	CMBS		81,080,619		-1,326,630		79,753,989			2,841,408			-			82,595,397			5.1	%	6.6	%
	Interest Only		52,357,700		-46,263,595		6,094,105			260,320			-			6,354,425			1.92	%	5.72	%
	Total	$	3,921,316,016	$	-852,267,337	$	3,069,048,679		$	49,228,219		$	-16,506,451		$	3,101,770,447			3.9	%	4.35	%
	(1) The Company has chosen to make a fair value election pursuant to ASC 825 for our real estate securities portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains/(losses).
	(2) Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation.
	The following table details the Company’s real estate securities portfolio as of December 31, 2013:
				Premium /					Gross Unrealized (1)									Weighted Average
		Current Face		(Discount)		Amortized Cost			Gains			Losses			Fair Value			Coupon			Yield
	Agency RMBS:
	15 Year Fixed Rate	$	435,843,408	$	12,909,886	$	448,753,294		$	1,509,418		$	-2,662,880		$	447,599,832		3.13	%		2.5	%
	20 Year Fixed Rate		142,296,219		7,316,644		149,612,863			610,806			-3,166,423			147,057,246		3.73	%		2.89	%
	30 Year Fixed Rate		1,191,781,474		68,531,950		1,260,313,424			60,020			-30,868,697			1,229,504,747		4.03	%		3.28	%
	ARM		466,047,819		-1,583,428		464,464,391			187,111			-2,864,107			461,787,395		2.43	%		2.78	%
	Interest Only		736,263,003		-601,525,564		134,737,439			5,083,736			-2,767,627			137,053,548		4.92	%		6.49	%
	Credit Investments:
	Non-Agency RMBS		962,852,550		-132,283,547		830,569,003			20,615,586			-6,967,021			844,217,568		4.19	%		5.79	%
	ABS		71,326,847		-315,657		71,011,190			333,594			-			71,344,784		3.82	%		4.07	%
	CMBS		88,828,774		-2,269,882		86,558,892			1,270,629			-902,786			86,926,735		5.16	%		6.53	%
	Interest Only		52,357,700		-45,794,824		6,562,876			-			-238,141			6,324,735		1.85	%		5.71	%
	Total	$	4,147,597,794	$	-695,014,422	$	3,452,583,372		$	29,670,900		$	-50,437,682		$	3,431,816,590		3.94	%		3.94	%
	(1) We have chosen to make a fair value election pursuant to ASC 825 for our real estate securities portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains/(losses).
	The following table presents the gross unrealized losses and fair value of the Company’s real estate securities by length of time that such securities have been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013.
		Less than 12 months				Greater than 12 months
	As of	Fair Value		Unrealized Losses		Fair Value			Unrealized
									Losses
	30-Sep-14	$	460,583,404	$	-5,204,176	$	476,019,057		$	-11,302,275
	31-Dec-13		2,330,415,740		-43,557,831		112,253,956			-6,879,851
	As described in Note 2, the Company evaluates securities for OTTI on at least a quarterly basis. The determination of whether a security is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. When the fair value of a real estate security is less than its amortized cost at the balance sheet date, the security is considered impaired, and the impairment is designated as either “temporary” or “other-than-temporary.”
	For the three months ended September 30, 2014 the Company recognized $0.4 million of OTTI on certain securities, which is included in the “Net realized gain/(loss)” line item on the consolidated statement of operations. The Company recorded the $0.4 million of OTTI due to an adverse change in cash flows on certain securities, where the fair values of the securities were less than their carrying amounts. For the nine months ended September 30, 2014 the Company recognized $1.7 million of OTTI on certain securities, due to an adverse change in cash flows on certain securities, where the fair values of the securities were less than their carrying amounts, which is included in the “Net realized gain/(loss)” line item on the consolidated statement of operations. For the three months ended September 30, 2013 the Company recognized an OTTI charge of $7.9 million, which is included in the “Net realized gain/(loss)” line item on the consolidated statement of operations. Of this amount, $6.7 million was recognized on certain securities in an unrealized loss position which the Company demonstrated intent to sell, and the charge represents a write-down to fair value as of the reporting date. Additionally, the Company recorded $1.2 million of OTTI due to an adverse change in cash flows on certain securities, where the fair values of the securities were less than their carrying amounts. For the nine months ended September 30, 2013, the Company recognized an OTTI charge of $51.1 million, which is included in the “Net realized gain/(loss)” line item on the consolidated statement of operations. Of this amount, $48.0 million was the result of certain securities in an unrealized loss position which the Company demonstrated intent to sell, and the charge represents a write-down to fair value as of the reporting date. Additionally, the Company recorded $3.1 million of OTTI as a result of an adverse change in cash flows on certain securities.
	The decline in value of the remaining real estate securities is solely due to market conditions and not the quality of the assets. The real estate securities in unrealized loss positions are not considered other than temporarily impaired because the Company currently has the ability and intent to hold the investments to maturity or for a period of time sufficient for a forecasted market price recovery up to or beyond the cost of the investments and the Company is not required to sell for regulatory or other reasons.
	All of the principal and interest payments on the Agency RMBS have an explicit guarantee by either an agency of the U.S. government or a U.S. government-sponsored enterprise.
	The following table details weighted average life by Agency RMBS, Agency Interest-Only (“IO”) and Credit Investments as of September 30, 2014:
		Agency RMBS (1)						Agency IO								Credit Investments (2)
	Weighted Average Life (3)	Fair Value		Amortized Cost		Weighted		Fair Value			Amortized			Weighted		Fair Value			Amortized Cost			Weighted
						Average					Cost			Average								Average
						Coupon								Coupon								Coupon (4)
	Less than or equal to 1 year	$	-	$	-	-		$	-		$	-		-		$	53,293,063		$	53,043,888		3.47	%
	Greater than one year and less than or equal to five years		65,542,306		65,178,822	2.62	%		82,167,787			79,343,292		4.33	%		502,137,254			490,058,341		3.83	%
	Greater than five years and less than or equal to ten years		1,542,908,512		1,538,341,141	3.49	%		49,895,607			49,479,094		5.06	%		652,502,483			639,985,146		4.14	%
	Greater than ten years		79,640,039		79,987,846	3.5	%		-			-		-			73,683,396			73,631,109		4.47	%
	Total	$	1,688,090,857	$	1,683,507,809	3.46	%	$	132,063,394		$	128,822,386		4.57	%	$	1,281,616,196		$	1,256,718,484		4.01	%
	(1) For purposes of this table, Agency RMBS represent securities backed by Fixed Rate 20 Year, Fixed Rate 30 Year mortgages, ARMs and Fixed Rate CMOs.
	(2) For purposes of this table, Credit Investments represent Non-Agency RMBS, ABS, CMBS and Credit Interest Only securities.
	(3) Actual maturities of mortgage-backed securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.
	(4) Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation.
	The following table details weighted average life by Agency RMBS, Agency IO and Credit Investments as of December 31, 2013:
		Agency RMBS (1)						Agency IO								Credit Investments (2)
	Weighted Average Life (3)	Fair Value		Amortized Cost		Weighted		Fair Value			Amortized Cost			Weighted		Fair Value			Amortized Cost			Weighted
						Average								Average								Average
Coupon						Coupon								Coupon
Less than or equal to 1 year	$	-	$	-	-		$	5,406,120		$	4,739,053		-		$	5,227,857		$	5,355,113		0.67	%
Greater than one year and less than or equal to five years		292,921,980		292,010,291	3.12	%		109,110,653			107,278,916		5.11	%		367,316,237			359,557,150		4.29	%
Greater than five years and less than or equal to ten years		1,514,649,739		1,534,246,672	3.5	%		22,536,775			22,719,470		4.48	%		513,581,646			504,612,828		3.74	%
Greater than ten years		478,377,501		496,887,009	3.73	%		-			-		-			122,688,082			125,176,870		5.56	%
Total	$	2,285,949,220	$	2,323,143,972	3.5	%	$	137,053,548		$	134,737,439		4.92	%	$	1,008,813,822		$	994,701,961		4.14	%
(1) For purposes of this table, Agency RMBS represent securities backed by Fixed Rate 15 Year, Fixed Rate 20 Year, Fixed Rate 30 Year mortgages, ARMs and Fixed Rate CMOs.
(2) For purposes of this table, Credit Investments represent Non-Agency RMBS, ABS, CMBS and Credit Interest Only securities.
(3) Actual maturities of mortgage-backed securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.
For the three months ended September 30, 2014, the Company sold 15 securities for total proceeds of $324.5 million, with an additional $151.9 million of proceeds on   10 unsettled security sales as of quarter end, recording realized gains of $11.7 million and realized losses of $0.8 million, respectively. For the nine months ended September 30, 2014, the Company sold  44 securities for total proceeds of $674.4 million, with additional proceeds on the aforementioned unsettled security sales as of September 30, 2014, recording realized gains of $13.7 million and realized losses of $4.8 million, inclusive of related tax provisions.
For the nine months ended September 30, 2014,  12 securities held within affiliated entities of the Company were sold for total gross proceeds of $31.0 million, recording realized gains of $3.6 million. There were no sales for the three months ended September 30, 2014 or the three and nine months ended September 30, 2013.
For the three months ended September 30, 2013, the Company sold 90 securities for total proceeds of $1.6 billion, with an additional $106.2 million of proceeds on 3 unsettled security sales as of quarter end, recording realized gains of $4.3 million and realized losses of $39.2 million, respectively. For the nine months ended September 30, 2013, the Company sold 155 securities for total proceeds of $3.0 billion, with additional proceeds on aforementioned unsettled security sales as of September 30, 2013, recording realized gains of $17.1 million and realized losses of $73.4 million, inclusive of related tax provisions. During the nine months ended September 30, 2013, the Company received $96.3 million for the sale of three securities that were unsettled as of December 31, 2012.
See Notes 4 and 7 for amounts realized on sales of loans and the settlement of certain derivatives, respectively.
The Company invests in credit sensitive commercial real estate assets through affiliated entities, and applies the equity method of accounting for such investments. As of September 30, 2014, the underlying investments have a fair market value of $13.9 million and a weighted average yield of   14.27%. As of September 30, 2013, the investments had a fair market value of $16.1 million and a weighted average yield of 12.43%. The Company has presented these investments separately on the consolidated balance sheet as part of the “Investment in affiliates” line item, and consolidated statement of operations as a component of “Equity in earnings from affiliates.”

Loans

Loans	9 Months Ended
	Sep. 30, 2014
Receivables [Abstract]	'
Financing Receivables [Text Block]	'
	4. Loans
	Residential Mortgage Loans
	On February 28, 2014, the Company acquired a residential mortgage loan portfolio with an aggregate unpaid principal balance and acquisition fair value of $59.0 million and $34.9 million, respectively. The Company refers to this loan pool acquisition as Pool A. On February 18, 2014, the Company entered into a Master Repurchase Agreement and Securities Contract (“Repurchase facility”) to finance acquisitions of residential mortgage loans. See Note 6 for further detail on the Company’s loan repurchase facility.  Pool A was financed by drawing $19.0 million on its repurchase facility.
	On July 31, 2014, the Company acquired a residential mortgage loan portfolio with an aggregate unpaid principal balance and acquisition fair value of $13.7 million and $5.7 million, respectively. The Company refers to this loan pool acquisition as Pool B.
	On September 30, 2014, the Company acquired a residential mortgage loan portfolio with an aggregate unpaid principal balance and acquisition fair value of $50.5 million and $44.0 million, respectively, which was financed by drawing $30.3 million on its repurchase facility. The Company refers to this loan pool acquisition as Pool C.
	The table below details certain information regarding the Company’s residential mortgage loan portfolio as of September 30, 2014:
			Unpaid Principal			Premium				Gross Unrealized (1)						Weighted Average
			Balance (2)			(Discount)		Amortized Cost		Gains		Losses (3)		Fair Value		Coupon			Yield			Life
	Pool A		$	56,291,825		$	-21,561,694	$	34,730,131	$	-	$	-538,622	$	34,191,509		4.95	%		8.97	%		5.01
	Pool B			13,659,018			-7,892,354		5,766,664		-		-143,097		5,623,567		5.05	%		13.68	%		4.79
	Pool C			50,547,369			-6,576,461		43,970,908		-		-75,000		43,895,908		6.3	%		5.6	%		6.67
			$	120,498,212		$	-36,030,509	$	84,467,703	$	-	$	-756,719	$	83,710,984		5.53	%		7.52	%		5.68
	(1)  The Company has chosen to make a fair value election pursuant to ASC 825 for its loan portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains (losses).
		-2	Pool A is comprised of re-performing and non-performing loans with unpaid principal balances of $32.9 million and $23.4 million, and fair market values of  $21.7 million and $12.5 million, respectively.
	Pool B is comprised of re-performing and non-performing loans with unpaid principal balances of $6.3 million and $7.4 million, and fair market values of  $2.8 million and $2.8 million, respectively.
	Pool C is comprised of re-performing loans with an unpaid principal balance of $50.5 million.
	-3	Unrealized losses resulted primarily from capitalized costs.
	The Company did not hold any residential mortgage loans as of December 31, 2013.
	As of September 30, 2014, the Company’s mortgage loan portfolio consisted of mortgage loans on residential real estate located throughout the U.S. The following is a summary of certain concentrations of credit risk in the mortgage loan portfolio:
	Concentration of Credit Risk		September 30, 2014			December 31, 2013
	Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100%			99	%		-
	Percentage of fair value of mortgage loans secured by properties in the following states:
	Representing 5% or more of fair value:
	New York			16	%		-
	California			11	%		-
	Florida			7	%		-
	Maryland			5	%		-
	The Company records interest income on a level-yield basis. The accretable discount is determined by the excess of the Company’s estimate of undiscounted principal, interest, and other cash flows expected to be collected over its initial investment in the mortgage loan. The following is a summary of the changes in the accretable portion of discounts for the three and nine months ended September 30, 2014:
			Three Months Ended					Nine Months Ended
			September 30, 2014			September 30, 2013		September 30, 2014		September 30, 2013
	Beginning Balance		$	16,456,567		$	-	$	-	$	-
	Additions			21,135,814			-		38,295,030		-
	Accretion			-694,427			-		-982,312		-
	Reclassifications from/(to) non-accretable difference			-431,066			-		-431,066		-
	Disposals			-294,910			-		-709,674		-
	Ending Balance		$	36,171,978		$	-	$	36,171,978	$	-
	The Company did not hold any residential mortgage loans for the three and nine months ended September 30, 2013.
	Commercial Loans
	The following tables present the current principal balance, premium or discount, amortized cost, gross unrealized gain, gross unrealized loss, fair market value, coupon rate and effective yield of the Company’s commercial loan portfolio at September 30, 2014. The Company did not hold any commercial loans as of December 31, 2013.
						Premium				Gross Unrealized (1)						Weighted Average
			Current Face			(Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon			Yield			Life
	Commercial Loans		$	72,800,000		$	-353,482	$	72,446,518	$	380,525	$	-27,043	$	72,800,000		6.79	%		8.4	%		2.27
	(1) We have chosen to make a fair value election pursuant to ASC 825 for our loan portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains (losses).
	During the year ended December 31, 2013, the Company received $37.0 million of proceeds from sale and pay-off of certain commercial loans, recording realized gains of $0.1 million and realized losses of $0.2 million. The Company did not have any commercial loan sales or pay-offs during the nine months ended September 30, 2014.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	5. Fair Value Measurements
	As described in Note 2, the fair value of financial instruments that are recorded at fair value will be determined by the Manager, subject to oversight of the Company’s board of directors, and in accordance with ASC 820, “Fair Value Measurements and Disclosures.” When possible, the Company determines fair value using independent data sources. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under ASC 820 are described below:
		•	Level 1 – Quoted prices in active markets for identical assets or liabilities.
		•	Level 2 – Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
		•	Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available.
	Values for the Company’s securities, derivatives and loan portfolios are based upon prices obtained from third party pricing services, which are indicative of market activity. The evaluation methodology of the Company’s third-party pricing services incorporates commonly used market pricing methods, including a spread measurement to various indices such as the one-year constant maturity treasury and LIBOR, which are observable inputs. The evaluation also considers the underlying characteristics of each investment, which are also observable inputs, including: coupon; maturity date; loan age; reset date; collateral type; periodic and life cap; geography; and prepayment speeds. The Company collects and considers current market intelligence on all major markets, including benchmark security evaluations and bid-lists from various sources, when available. As part of the Company’s risk management process, the Company reviews and analyzes all prices obtained by comparing prices to recently completed transactions involving the same or similar investments on or near the reporting date. If, in the opinion of the Manager, one or more prices reported to the Company are not reliable or unavailable, the Manager reviews the fair value based on characteristics of the investment it receives from the issuer and available market information.
	In valuing its derivatives, the Company considers the creditworthiness of both the Company and its counterparties, along with collateral provisions contained in each derivative agreement, from the perspective of both the Company and its counterparties. All of the Company’s derivatives are either subject to bilateral collateral arrangements or clearing in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”). For swaps cleared under the Dodd Frank Act, a Central Clearing Counterparty (“CCP”) now stands between the Company and its over-the-counter derivative counterparties. In order to access clearing, the Company has entered into clearing agreements with Futures Commission Merchants (“FCMs”). The Company records its derivative asset and liability positions on a gross basis.
	The fair value of the Company's mortgage loans considers data such as loan origination information, additional updated borrower information, loan servicing data, as available, forward interest rates, general economic conditions, home price index forecasts and valuations of the underlying properties. The variables considered most significant to the determination of the fair value of the Company's mortgage loans include market-implied discount rates, projections of default rates, delinquency rates, reperformance rates, loss severity (considering mortgage insurance) and prepayment rates. The Company uses loan level data and macro-economic inputs to generate loss adjusted cash flows and other information in determining the fair value of its mortgage loans. Because of the inherent uncertainty of such valuation, the fair values established for mortgage loans held by the Company may differ from the fair values that would have been established if a ready market existed for these mortgage loans. Accordingly, mortgage loans are classified as Level 3 in the fair value hierarchy.
	The Manager may also engage specialized third party valuation service providers to assess and corroborate the valuation of a selection of investments in the Company’s loan portfolio on a periodic basis. These specialized third party valuation service providers conduct independent valuation analyses based on a review of source documents, available market data, and comparable investments. The analyses provided by valuation service providers are reviewed and considered by the Manager.
	The securities underlying the Company’s linked transactions are valued using similar techniques to those used for the Company’s securities portfolio. The value of the underlying security is then netted against the carrying amount (which approximates fair value) of the repurchase agreement at the valuation date. Additionally, TBA instruments are similar in form to the Company’s Agency RMBS portfolio, and the Company therefore estimates fair value based on similar methods.
	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2014:
			Fair Value at September 30, 2014
			Level 1		Level 2			Level 3		Total
	Assets:
	Agency RMBS:
	20 Year Fixed Rate		$	-	$	137,623,265		$	-	$	137,623,265
	30 Year Fixed Rate			-		1,021,249,379			-		1,021,249,379
	Fixed Rate CMO			-		92,489,859			-		92,489,859
	ARM			-		436,728,354			-		436,728,354
	Interest Only			-		132,063,394			-		132,063,394
	Credit Investments:
	Non-Agency RMBS			-		653,168,050			463,463,203		1,116,631,253
	ABS			-		-			76,035,121		76,035,121
	CMBS			-		55,329,089			27,266,308		82,595,397
	Interest Only			-		-			6,354,425		6,354,425
	Residential mortgage loans			-		-			83,710,984		83,710,984
	Commercial loans			-		-			72,800,000		72,800,000
	Excess mortgage servicing rights			-		-			679,752		679,752
	Linked transactions			-		21,820,825			6,525,977		28,346,802
	Derivative assets			-		24,810,271			-		24,810,271
	Total Assets Carried at Fair Value		$	-	$	2,575,282,486		$	736,835,770	$	3,312,118,256
	Liabilities:
	Obligation to return securities borrowed under reverse repurchase agreements, at fair value		$	-28,045,938	$	-		$	-	$	-28,045,938
	Derivative liabilities			-		-4,947,317			-		-4,947,317
	Total Liabilities Carried at Fair Value		$	-28,045,938	$	-4,947,317		$	-	$	-32,993,255
	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2013.
			Fair Value at December 31, 2013
			Level 1		Level 2			Level 3		Total
	Assets:
	Agency RMBS:
	15 Year Fixed Rate		$	-	$	447,599,832		$	-	$	447,599,832
	20 Year Fixed Rate			-		147,057,246			-		147,057,246
	30 Year Fixed Rate			-		1,229,504,747			-		1,229,504,747
	ARM			-		461,787,395			-		461,787,395
	Interest Only			-		137,053,548			-		137,053,548
	Credit Investments:
	Non-Agency RMBS			-		534,377,006			309,840,562		844,217,568
	ABS			-		-			71,344,784		71,344,784
	CMBS			-		62,954,692			23,972,043		86,926,735
	Interest Only			-		-			6,324,735		6,324,735
	Commercial loans			-		-			-		-
	Linked transactions			-		34,778,728			14,723,169		49,501,897
	Derivative assets			-		53,060,528			-		53,060,528
	Total Assets Carried at Fair Value		$	-	$	3,108,173,722		$	426,205,293	$	3,534,379,015
	Liabilities:
	Obligation to return securities borrowed under reverse repurchase agreements, at fair value		$	-27,477,188	$	-		$	-	$	-27,477,188
	Derivative liabilities			-		-206,743			-		-206,743
	Total Liabilities Carried at Fair Value		$	-27,477,188	$	-206,743		$	-	$	-27,683,931
	The Company did not have any transfers of assets or liabilities between Levels 1 and 2 of the fair value hierarchy during the three and nine months ended September 30, 2014 and September 30, 2013.
	The following tables present additional information about the Company’s investments which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:
	Three Months Ended
	30-Sep-14
			Non-Agency		ABS			CMBS		Interest Only		Residential		Commercial		Excess Mortgage		Linked
RMBS			Mortgage Loans									Loans		Servicing Rights		Transactions
Beginning balance		$	548,337,038	$	43,095,198		$	19,289,905	$	6,629,380	$	34,841,048	$	72,800,000	$	730,146	$	8,547,625
Transfers (1):
Transfers into level 3			-		-			-		-		-		-		-		-
Transfers out of level 3			-		-			-		-		-		-		-		-
Purchases			126,990,580		56,736,048			8,468,211		-		49,407,678		-		-		1,856,434
Reclassification of security type (2)			-		-			-		-		-		-		-		-
Proceeds from sales			-75,994,907		-21,617,858			88,283		-		-		-		-		-16,308,660
Proceeds from settlement			-134,372,644		-2,008,936			-354,761		-		-154,506		-		-50,394		12,241,898
Total net gains/(losses) (3)
Included in net income			-1,496,864		-169,331			-225,330		-274,955		-383,236		-		-		188,680
Included in other comprehensive income (loss)			-		-			-		-		-		-		-		-
Ending Balance		$	463,463,203	$	76,035,121		$	27,266,308	$	6,354,425	$	83,710,984	$	72,800,000	$	679,752	$	6,525,977
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2014 (4)		$	-3,417,387	$	-240,323		$	-225,331	$	-274,954	$	-444,083	$	27,579	$	-	$	-834,215
(1) Transfers are assumed to occur at the beginning of the period.
(2) Represents an accounting reclassification between a linked transaction and a real estate security.
(3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net		$	188,680
Unrealized gain/(loss) on real estate securities and loans, net			-6,348,850
Net realized gain/(loss)			3,799,134
Total		$	-2,361,036
(4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net		$	-834,215
Unrealized gain/(loss) on real estate securities and loans, net			-4,574,499
Total		$	-5,408,714
Three Months Ended
30-Sep-13
		Non-Agency		ABS			CMBS		Interest Only		Commercial		Linked
		RMBS									Loans		Transactions
Beginning balance		$	217,503,196	$	97,916,107		$	22,779,730	$	6,592,026	$	30,000,000	$	6,089,083
Transfers (1):
Transfers into level 3			-		-			-		-		-		-
Transfers out of level 3			-		-			-		-		-		-
Purchases			14,967,242		11,610,000			4,462,500		-		-		2,674,853
Reclassification of security type (2)			-		-			-		-		-		-
Proceeds from sales			-57,972,354		-			-		-		-		-567,000
Proceeds from settlement			-2,427,774		-11,487,436			-		-		-		-1,116,717
Total net gains/ (losses) (3)
Included in net income			-2,997,362		1,305,652			101,669		-95,605		-		31,534
Included in other comprehensive income (loss)			-		-			-		-		-		-
Ending Balance		$	169,072,948	$	99,344,323		$	27,343,899	$	6,496,421	$	30,000,000	$	7,111,753
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2013 (4)		$	-1,972,852	$	1,305,652		$	93,343	$	47,010	$	-	$	50,778
(1) Transfers are assumed to occur at the beginning of the period.
(2) Represents an accounting reclassification between a linked transaction and a real estate security.
(3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net		$	152,946
Unrealized gain/(loss) on real estate securities and loans, net			-530,032
Interest income			37,573
Net realized loss			-1,314,599
Total		$	-1,654,112
(4) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net		$	50,778
Unrealized gain/(loss) on real estate securities and loans, net			-526,847
Total		$	-476,069
Nine Months Ended
30-Sep-14
		Non-Agency		ABS			CMBS		Interest Only		Residential		Commercial Loans		Excess Mortgage		Linked
		RMBS									Mortgage Loans				Servicing Rights		Transactions
Beginning balance		$	309,840,562	$	71,344,784		$	23,972,043	$	6,324,735	$	-	$	-	$	-	$	14,723,169
Transfers (1):
Transfers into level 3			-		-			-		-		-		-				-
Transfers out of level 3			-		-			-		-		-		-				-
Purchases			376,356,600		66,320,548			8,468,211		-		84,482,849		72,084,833		730,146		1,856,434
Reclassification of security type (2)			26,752,862		-			-		-		-		-				-4,219,811
Proceeds from sales			-91,759,940		-45,409,687			-5,586,445		-				-		-		-16,308,660
Proceeds from settlement			-163,379,361		-16,254,316			-919,156				-608,604		-		-50,394		8,627,536
Total net gains/(losses) (3)
Included in net income			5,652,480		33,792			1,331,655		29,690		-163,261		715,167		-		1,847,309
Included in other comprehensive income (loss)			-		-			-		-		-		-		-		-
Ending Balance		$	463,463,203	$	76,035,121		$	27,266,308	$	6,354,425	$	83,710,984	$	72,800,000	$	679,752	$	6,525,977
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2014 (4)		$	3,528,920	$	-178,003		$	496,313	$	29,691	$	-163,261	$	742,746	$	-	$	821,929
(1) Transfers are assumed to occur at the beginning of the period.
(2) Represents an accounting reclassification between a linked transaction and a real estate security.
(3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net		$	1,847,309
Unrealized gain/(loss) on real estate securities and loans, net			3,419,516
Net realized gain/(loss)			4,180,007
Total		$	9,446,832
(4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net		$	821,929
Unrealized gain/(loss) on real estate securities and loans, net			4,456,406
Total		$	5,278,335
Nine Months Ended
30-Sep-13
		Non-Agency		ABS			CMBS		Interest Only		Commercial		Linked
		RMBS									Loans		Transactions
Beginning balance		$	255,043,557	$	33,937,097		$	34,066,710	$	-	$	-	$	6,425,683
Transfers (1):
Transfers into level 3			-		-			-		-		-		-
Transfers out of level 3			-		-			-		-		-		-
Purchases			112,712,253		139,603,404			4,462,500		7,048,720		30,017,825		5,333,022
Reclassification of security type (2)			-		-			-		-		-		-
Proceeds from sales			-185,283,901		-41,105,832			-10,041,297		-		-		-567,000
Proceeds from settlement			-14,815,085		-32,076,184			-58,631		-		-		-3,512,076
Total net gains/ (losses) (3)
Included in net income			1,416,124		-1,014,162			-1,085,383		-552,299		-17,825		-567,876
Included in other comprehensive income (loss)			-		-			-		-		-		-
Ending Balance		$	169,072,948	$	99,344,323		$	27,343,899	$	6,496,421	$	30,000,000	$	7,111,753
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2013 (4)		$	-1,206,175	$	-782,493		$	-730,024	$	-213,915	$	-17,825	$	-664,102
(1) Transfers are assumed to occur at the beginning of the period.
(2) Represents an accounting reclassification between a linked transaction and a real estate security.
(3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net		$	-489,068
Unrealized gain/(loss) on real estate securities and loans, net			-4,713,939
Interest income			475,040
Net realized loss			2,906,546
Total		$	-1,821,421
(4) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net		$	-664,102
Unrealized gain/(loss) on real estate securities and loans, net			-2,950,432
Total		$	-3,614,534
The Company did not have any transfers of assets or liabilities in or out of Level 3 of the fair value hierarchy during the three and nine months ended September 30, 2014 and September 30, 2013.
The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value:
Asset Class		Fair Value at		Valuation Technique		Unobservable Input		Range
		September 30, 2014						(Weighted Average)
						Yield		1.95% - 34.34% (5.22%)
Non Agency RMBS		$	463,463,203	Discounted Cash Flow		Projected Collateral Prepayments		0.00% - 12.00% (2.42%)
						Projected Collateral Losses		0.00% - 30.00% (17.01%)
						Projected Collateral Severities		0.00% - 80.00% (47.23%)
ABS		$	76,035,121	Discounted Cash Flow		Yield		4.67% - 7.95% (5.59%)
						Projected Collateral Prepayments		20.00% - 20.00% (20.00%)
						Yield		5.07% - 6.54% (5.99%)
CMBS		$	27,266,308	Discounted Cash Flow		Projected Collateral Prepayments		0.00% - 0.00% (0.00%)
						Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		5.72% - 5.73% (5.72%)
Interest Only		$	6,354,425	Discounted Cash Flow		Projected Collateral Prepayments		100.00% - 100.00% (100.00%)
						Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
Residential Mortgage Loans		$	83,710,984	Market Comparable		Yield		5.60% - 13.68% (7.52%)
Commercial Loans		$	72,800,000	Market Comparable		Yield		6.25% - 15.22% (8.40%)
Excess Mortgage Servicing Rights		$	679,752	Discounted Cash Flow		Yield		5.71% - 7.81% (7.38%)
						Yield		4.41% - 6.14% (5.30%)
Linked		$	6,525,977	Discounted Cash Flow		Projected Collateral Prepayments		0.00% - 12.00% (5.40%)
Transactions*
						Projected Collateral Losses		4.00% - 30.00% (12.81%)
						Projected Collateral Severities		30.00% - 60.00% (48.03%)
*Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments.
Asset Class		Fair Value at		Valuation Technique		Unobservable Input		Range
		December 31, 2013						(Weighted Average)
						Yield		3.35% - 13.99% (5.13%)
Non Agency RMBS		$	309,840,562	Discounted Cash Flow		Projected Collateral Prepayments		0.00% - 12.00% (3.51%)
						Projected Collateral Losses		0.00% - 30.00% (7.93%)
						Projected Collateral Severities		0.00% - 80.00% (60.40%)
ABS		$	71,344,784	Discounted Cash Flow		Yield		3.78% - 5.39% (4.07%)
						Yield		4.88% - 5.75% (5.51%)
CMBS		$	23,972,043	Discounted Cash Flow		Projected Collateral Prepayments		0.00% - 0.00% (0.00%)
						Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		5.70% - 5.72% (5.71%)
Interest Only		$	6,324,735	Discounted Cash Flow		Projected Collateral Prepayments		100.00% - 100.00% (100.00%)
						Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		3.85% - 9.01% (4.71%)
Linked		$	14,723,169	Discounted Cash Flow		Projected Collateral Prepayments		0.00% - 12.00% (2.43%)
Transactions*
						Projected Collateral Losses		0.00% - 30.00% (12.83%)
						Projected Collateral Severities		0.00% - 80.00% (41.37%)
*Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS and CMBS investments.
As further described above, values for the Company’s securities portfolio are based upon prices obtained from third party pricing services. Broker quotations may also be used. The significant unobservable inputs used in the fair value measurement of the Company’s Non-Agency RMBS and CMBS investments classified as a component of Linked Transactions are prepayment rates, probability of default, and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates.
Also as described above, valuation of the Company’s loan portfolio is determined by the Manager using third-party pricing services where available, specialized third party valuation service providers, or model-based pricing. The evaluation considers the underlying characteristics of each loan, which are observable inputs, including: coupon; maturity date, loan age, reset date, collateral type, periodic and life cap, geography, and prepayment speeds. These valuations also require significant judgments, which include assumptions regarding capitalization rates, reperformance rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management. Changes in the market environment and other events that may occur over the life of our investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently estimated. If applicable, analyses provided by valuation service providers are reviewed and considered by the Manager.

Repurchase_Agreements

Repurchase Agreements	9 Months Ended
	Sep. 30, 2014
Disclosure Of Repurchase Agreements [Abstract]	'
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	'
	6. Repurchase Agreements
	The Company pledges certain real estate securities and loans as collateral under repurchase agreements with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. Repurchase agreements involve the sale and a simultaneous agreement to repurchase the transferred assets or similar assets at a future date. The amount borrowed generally is equal to the fair value of the assets pledged less an agreed-upon discount, referred to as a “haircut.” Repurchase agreements entered into by the Company are accounted for as financings and require the repurchase of the transferred assets at the end of each agreement’s term. The carrying amount of the Company’s repurchase agreements approximates fair value. The Company maintains the beneficial interest in the specific assets pledged during the term of the repurchase agreement and receives the related principal and interest payments. Interest rates on these borrowings are fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the repurchase agreement at which time the Company may enter into a new repurchase agreement at prevailing market rates with the same counterparty or repay that counterparty and negotiate financing with a different counterparty. In response to declines in fair value of pledged assets due to changes in market conditions or the publishing of monthly security paydown factors, lenders typically require the Company to post additional securities as collateral, pay down borrowings or establish cash margin accounts with the counterparties in order to re-establish the agreed-upon collateral requirements, referred to as margin calls. Under the terms of the Company’s master repurchase agreements, the counterparties may, in certain cases, sell or re-hypothecate the pledged collateral.
	The following table presents certain information regarding the Company’s repurchase agreements secured by real estate securities as of September 30, 2014:
	Repurchase Agreements Maturing Within:	Balance		Weighted Average		Weighted Average
				Rate		Haircut
	30 days or less	$	1,196,667,081	0.81	%	10.56	%
	31-60 days		623,875,000	0.61	%	4.28	%
	61-90 days		291,055,398	0.39	%	6.39	%
	Greater than 90 days		555,204,642	1.72	%	14.05	%
	Total / Weighted Average	$	2,666,802,121	0.91	%	9.36	%
	The following table presents certain information regarding the Company’s repurchase agreements secured by real estate securities as of December 31, 2013:
	Repurchase Agreements Maturing Within:	Balance		Weighted Average		Weighted Average
				Rate		Haircut
	30 days or less	$	1,357,768,314	0.85	%	7.97	%
	31-60 days		903,866,190	0.54	%	4.46	%
	61-90 days		250,387,000	0.49	%	5.65	%
	Greater than 90 days		379,612,912	1.53	%	16.37	%
	Total / Weighted Average	$	2,891,634,416	0.81	%	7.77	%
	The following table presents certain information regarding the Company’s repurchase agreements secured by interests in residential mortgage loans as of September 30, 2014:
	Repurchase Agreements Maturing Within:	Balance		Weighted Average		Weighted Average		Weighted
				Rate		Funding Cost		Average Haircut
	30 days or less	$	-	-		-		-
	31-60 days		-	-		-		-
	61-90 days		-	-		-		-
	Greater than 90 days		51,044,573	2.97	%	3.24	%	30.1	%
	Total / Weighted Average	$	51,044,573	2.97	%	3.24	%	30.1	%
	The following table presents certain information regarding the Company’s repurchase agreements secured by interests in commercial mortgage loans as of September 30, 2014:
	Repurchase Agreements Maturing Within:	Balance		Weighted Average		Weighted Average		Weighted
				Rate		Funding Cost		Average Haircut
	30 days or less	$	-	-		-		-
	31-60 days		-	-		-		-
	61-90 days		-	-		-		-
	Greater than 90 days		22,500,000	2.5	%	2.72	%	64.17	%
	Total / Weighted Average	$	22,500,000	2.5	%	2.72	%	64.17	%
	The Company did not hold any residential or commercial mortgage loans or related repurchase agreements as of December 31, 2013.
	Although repurchase agreements are committed borrowings until maturity, the lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets resulting from changes in market conditions or factor changes would require the Company to provide additional collateral or cash to fund margin calls. The following table presents information with respect to the Company’s posting of collateral under repurchase agreements at September 30, 2014 and December 31, 2013:
		September 30, 2014		December 31, 2013
	Repurchase agreements secured by Agency RMBS	$	1,703,213,999	$	2,104,691,819
	Fair Value of Agency RMBS pledged as collateral under repurchase agreements		1,810,225,767		2,235,331,133
	Repurchase agreements secured by Non-Agency RMBS, ABS and CMBS		963,588,122		786,942,597
	Fair Value of Non-Agency RMBS, ABS and CMBS pledged as collateral under repurchase agreements		1,205,142,809		1,008,813,822
	Repurchase agreements secured by Residential Mortgage Loans		51,044,573		-
	Fair Value of Residential Mortgage Loans pledged as collateral under repurchase agreements		73,028,954		-
	Repurchase agreements secured by Commercial Mortgage Loans		22,500,000		-
	Fair Value of Commercial Mortgage Loans pledged as collateral under repurchase agreements		62,800,000		-
	Cash pledged (i.e., restricted cash) under repurchase agreements		26,459,148		962,047
	The following table presents both gross information and net information about repurchase agreements eligible for offset in the consolidated balance sheet as of September 30, 2014:
			Gross Amounts of		Gross Amounts Offset		Net Amounts of Liabilities			Gross Amounts Not Offset in the
										Statement of Financial Position
	Description	Recognized		in the Statement of			Presented in the Statement of			Financial		Cash Collateral		Net Amount
		Liabilities		Financial Position			Financial Position			Instruments Posted		Posted
	Repurchase Agreements	$	2,740,346,694	$	-		$	2,740,346,694		$	2,740,346,694	$	-	$	-
	The following table presents both gross information and net information about repurchase agreements eligible for offset in the consolidated balance sheet as of December 31, 2013:
		Gross Amounts of		Gross Amounts Offset			Net Amounts of Liabilities			Gross Amounts Not Offset in the
										Statement of Financial Position
	Description	Recognized		in the Statement of			Presented in the Statement of			Financial		Cash Collateral		Net Amount
		Liabilities		Financial Position			Financial Position			Instruments Posted		Posted
	Repurchase Agreements	$	2,891,634,416	$	-		$	2,891,634,416		$	2,891,634,416	$	-	$	-
	The Company seeks to transact with several different counterparties in order to reduce the exposure to any single counterparty. The Company has entered into master repurchase agreements (“MRAs”) with 33 and 30 counterparties, under which it had outstanding debt with 24 and 24 counterparties at September 30, 2014 and December 31, 2013, respectively, on a GAAP basis.
	At September 30, 2014 the following table reflects amounts at risk under its repurchase agreements greater than 5% of the Company’s equity with any counterparty, excluding linked transactions.
	Counterparty	Amount at Risk		Weighted Average		Percentage of
				Maturity (days)		Stockholders' Equity
	Wells Fargo Bank, N.A.	$	93,266,083	580		12.6	%
Credit Suisse Securities, LLC		72,489,644	151		9.8	%
The Royal Bank of Canada		42,201,982	37		5.7	%
The Royal Bank of Scotland, PLC		38,680,781	143		5.2	%
JP Morgan Securities, LLC		36,629,521	249		5	%
In addition to the amounts at risk in the table above, at September 30, 2014, the Company had repurchase agreements with Credit Suisse Securities, LLC, and JP Morgan Securities, LLC determined to be linked. The amounts at risk including linked transactions are $75.3 million and $37.2 million, respectively, with weighted average maturities of 159 and  248 days, respectively, representing approximately 10.2% and 5% of stockholders’ equity, respectively.
At December 31, 2013, the following table reflects amounts at risk under the Company’s repurchase agreements greater than 5% of its equity with any counterparty, excluding linked transactions.
Counterparty	Amount at Risk		Weighted Average		Percentage of
			Maturity (days)		Stockholders' Equity
Credit Suisse Securities, LLC	$	62,749,069	35		8.9	%
Merrill Lynch, Pierce, Fenner & Smith Incorporated		51,047,394	34		7.2	%
Wells Fargo Bank, N.A		39,399,377	101		5.6	%
In addition to the amount at risk in the table above, at December 31, 2013, the Company had repurchase agreements with Credit Suisse Securities, LLC determined to be linked. The amount at risk including linked transactions to Credit Suisse Securities, LLC is $72.1 million, with a weighted average maturity of 30 days, representing approximately 10.2% of stockholders’ equity.
In April 2014, the Company, AG MIT LLC and AG MIT CMO, LLC, each a direct, wholly-owned subsidiary of the Company, entered into a Second Amended and Restated Master Repurchase and Securities Contract (the “Second Renewal Agreement”) with Wells Fargo Bank, National Association to finance AG MIT’s or AG MIT CMO’s acquisition of certain consumer asset-backed securities and commercial mortgage-backed securities as well as residential, non-Agency Securities. The Second Renewal Agreement amended similar repurchase agreements entered into by the Company and AG MIT with Wells Fargo Bank, National Association, in 2012 and 2013. Each transaction under the Second Renewal Agreement will have its own specific terms, such as identification of the assets subject to the transaction, sale price, repurchase price and rate. The Second Renewal Agreement increased the aggregate maximum borrowing capacity to $165 million, and extended the maturity date to April 13, 2015. It contains representations, warranties, covenants, events of default and indemnities that are substantially identical to those in the previous repurchase agreements and are customary for agreements of this type. The Second Renewal Agreement also contains amended financial covenants that require, as of the last business day of each quarter and on any funding date, the Company to maintain (i) its Total Indebtedness to its Adjusted Tangible Net Worth (as such terms are defined in the Second Renewal Agreement) at a ratio less than the Leverage Ratio; (ii) an Adjusted Tangible Net Worth of not less than $430 million; and (iii) at all times, liquidity of not less than $30 million and unrestricted cash of not less than $5 million. As of September 30, 2014, the Company had $96.0 million of debt outstanding under this facility.
On February 18, 2014, AG MIT WFB1 2014 LLC, (“AG MIT WFB1”), a direct, wholly-owned subsidiary of the Company, entered into a Master Repurchase Agreement and Securities Contract, dated as of February 11, 2014 and effective as of February 18, 2014, (the “WFB1 Repurchase Agreement”) with Wells Fargo Bank, National Association, (“Wells Fargo”) to finance the acquisition of certain beneficial interests in trusts owning participation interests in one or more pools of residential mortgage loans. Each transaction under the WFB1 Repurchase Agreement will have its own specific terms, such as identification of the assets subject to the transaction, sale price, repurchase price and rate. The WFB1 Repurchase Agreement provides for a funding period ending February 10, 2015 and a facility termination date of February 9, 2016. The maximum aggregate borrowing capacity available under the WFB1 Repurchase Agreement is $100.0 million. At the request of the Company, Wells Fargo may grant a one year extension of the facility termination date. The WFB1 Repurchase Agreement contains representations, warranties, covenants, events of default and indemnities that are customary for agreements of this type. The WFB1 Repurchase Agreement also contains financial covenants that are the same as the financial covenants in the Second Renewal Agreement. As of September 30, 2014, the Company had $51.0 million of debt outstanding under the WFB1 Repurchase Agreement.
On September 17, 2014, AG MIT CREL, LLC (“AG MIT CREL”), an indirect, wholly-owned subsidiary of the Company, entered into a Master Repurchase Agreement and Securities Contract, dated as of September 17, 2014 (the “CREL Repurchase Agreement”), with Wells Fargo to finance AG MIT CREL’s acquisition of certain beneficial interests in one or more commercial mortgage loans. Each transaction under the CREL Repurchase Agreement will have its own specific terms, such as identification of the assets subject to the transaction, sale price, repurchase price and rate. The CREL Repurchase Agreement provides for a funding period ending September 17, 2016 and an initial facility termination date of September 17, 2016 (the “Initial Termination Date”). AG MIT CREL has three (3) one-year options to extend the term of the CREL Repurchase Agreement: (i) the first for an additional one year period (the “First Extension Period”) ending September 17, 2017 (the “First Extended Termination Date”), (ii) the second for an additional one year period (the “Second Extension Period”) ending September 17, 2018 (the “Second Extended Termination Date”) and (iii) the third for an additional one year period ending September 17, 2019 (the “Third Extended Termination Date”). For each of the Initial Termination Date, the First Extended Termination Date, the Second Extended Termination Date and the Third Extended Termination Date, if such day is not a Business Day, such date shall be the next succeeding Business Day. Each option shall be exercisable in each case no more than ninety (90) days and no fewer than thirty (30) days prior to the initial facility termination date, the First Extended Termination Date or the Second Extended Termination Date, as the case may be. The maximum aggregate borrowing capacity available under the CREL Repurchase Agreement is $150.0 million. As of September 30, 2014, the Company had $22.5 million of debt outstanding under this facility.
The CREL Repurchase Agreement contains representations, warranties, covenants, events of default and indemnities that are customary for agreements of this type. It also contains financial covenants that are the same as the financial covenants in the Second Renewal Agreement.
The Company’s MRAs generally include customary representations, warranties, and covenants, but may also contain more restrictive supplemental terms and conditions. Although specific to each MRA, typical supplemental terms include requirements of minimum equity, leverage ratios, performance triggers or other financial ratios.
As discussed in Note 2, for any transactions determined to be linked, the initial transfer and repurchase financing will be recorded as a forward commitment to purchase assets. At September 30, 2014 and December 31, 2013, the Company had repurchase agreements of $131.1 million and $222.8 million, respectively, that were accounted for as linked. These linked repurchase agreements are not included in the above tables. See Note 7 for details.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2014
Derivatives [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	7. Derivatives
	The Company's derivatives currently include interest rate swaps (“swaps”), swaptions, to-be-announced forward contracts on Agency pools (“TBAs”), short positions on U.S. treasury securities, MBS options, IO Indexes and linked transactions. Derivatives have not been designated as hedging instruments. The Company has also entered into non-derivative instruments to manage interest rate risk, including Agency IO securities.
	The following table presents the fair value of the Company's derivative instruments and their balance sheet location at September 30, 2014 and December 31, 2013.
	Derivative Instrument		Designation		Balance Sheet Location		September 30, 2014			December 31, 2013
	Interest rate swaps		Non-Hedge		Derivative liabilities, at fair value		$	-4,602,316		$	-1,439,688
	Interest rate swaps		Non-Hedge		Derivative assets, at fair value			24,392,607			54,418,115
	Swaptions		Non-Hedge		Derivative liabilities, at fair value			-			-559,858
	Swaptions		Non-Hedge		Derivative assets, at fair value			107,527			641,960
	TBAs		Non-Hedge		Derivative liabilities, at fair value			-345,001			-
	TBAs		Non-Hedge		Derivative assets, at fair value			142,652			-
	IO Index		Non-Hedge		Derivative assets, at fair value			167,485			-
	MBS Options		Non-Hedge		Derivative liabilities, at fair value			-			-206,743
	Linked transactions		Non-Hedge		Linked transactions, net, at fair value			28,346,802			49,501,897
	The following table summarizes information related to derivatives:
			September 30, 2014			December 31, 2013
	Non-hedge derivatives:
	Notional amount of Interest Rate Swap Agreements (1)		$	1,481,000,000		$	2,145,000,000
	Net notional amount of Swaptions			105,000,000			115,000,000
	Net notional amount of IO Index			38,434,785			-
	Net notional amount of TBAs			200,000,000			-
	Notional amount of Linked Transactions (2)			168,230,815			291,734,071
	(1) Includes forward starting swaps with a notional of $100.0 million as of December 31, 2013.
	(2) Represents the current face of the securities comprising linked transactions.
	The following table summarizes gains/(losses) related to derivatives:
					Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	Non-hedge derivatives gain (loss):		Statement of Operations Location		September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
	Interest rate swaps, at fair value		Unrealized gain/(loss) on derivative and other instruments, net		$	10,991,593		$	-5,700,547		$	-32,567,949		$	69,649,295
	Interest rate swaps, at fair value		Net realized gain/(loss)			-1,787,879			-2,207,074			109,277			-9,294,517
	Swaptions, at fair value		Unrealized gain/(loss) on derivative and other instruments, net			176,087			-			-405,077			-
	Swaptions, at fair value		Net realized loss			-250,000			-			-116,250			-
	TBAs (1)		Unrealized gain/(loss) on derivative and other instruments, net			-2,292,387			1,022,755			-202,349			-1,198,828
	TBAs		Net realized gain/(loss)			2,889,453			153,578			2,663,476			-423,571
	IO Index, at fair value		Unrealized gain/(loss) on derivative and other instruments, net			28,071			-			66,060			-
	IO Index, at fair value		Net realized loss			-131,368			-			-454,257			-
	MBS Options, at fair value		Unrealized gain/(loss) on derivative and other instruments, net			-			-			38,774			-
	MBS Options, at fair value		Net realized gain			-			-			19,531			-
	Linked transactions		Income/(loss) from linked transactions, net			3,481,936			-519,785			11,018,043			2,296,541
	Short positions in U.S. Treasuries		Unrealized gain/(loss) on derivative and other instruments, net			555,880			-1,102,153			-568,750			-1,102,153
	Short positions in U.S. Treasuries		Net realized gain/(loss)			-634,826			48,710			-69,287			48,710
	(1) For the three and nine months ended September 30, 2014, gains and losses from purchases and sales of TBAs consisted of $1.2 million and $1.5 million, respectively, of net TBA dollar roll net interest income, and net losses of $3.5 million and $1.7 million, respectively, due to price changes. The Company did not have any TBA dollar roll transactions for the three and nine months ended September 30, 2013.
	The following table presents both gross information and net information about derivative and other instruments eligible for offset in the consolidated balance sheet as of September 30, 2014:
												Gross Amounts Not Offset in the
												Consolidated Balance Sheet
	Description		Gross Amounts of			Gross Amounts Offset			Net Amounts of Assets			Financial			Cash Collateral		Net Amount
			Recognized			in the Consolidated			(Liabilities) Presented in the			Instruments			(Posted)/Received
			Assets (Liabilities)			Balance Sheet			Consolidated Balance Sheet			(Posted)/Received
	Linked Transactions (1)		$	159,107,735		$	-131,106,935		$	28,000,800		$	-28,000,800		$	-	$	-
	Receivable Under Reverse Repurchase Agreements		$	28,245,000		$	-		$	28,245,000		$	28,045,938		$	-	$	199,062
	Derivative Assets (2)
	Interest Rate Swaps		$	28,820,214		$	-		$	28,820,214		$	-		$	15,517,001	$	13,303,213
	Interest Rate Swaptions			107,526			-			107,526			-			-		107,526
	TBAs			142,652			-			142,652			-			-		142,652
	IO Index			66,062			-			66,062			-			-		66,062
	Total Derivative Assets		$	29,136,454		$	-		$	29,136,454		$	-		$	15,517,001	$	13,619,453
	Derivative Liabilities (3)
	Interest Rate Swaps		$	-2,910,064		$	-		$	-2,910,064		$	-		$	-2,910,064	$	-
	TBAs			-345,001			-			-345,001			-			-345,001		-
	Total Derivative Liabilities		$	-3,255,065		$	-		$	-3,255,065		$	-		$	-3,255,065	$	-
	(1) Included in Linked Transactions on the consolidated balance sheet is security fair market value of $159,107,735, less repurchase agreements of $(131,106,935), plus net accrued interest of $346,002 for a total of $28,346,802.
	(2) Included in Derivative Assets on the consolidated balance sheet is $29,136,454 less accrued interest of $(4,326,183) for a total of $24,810,271.
	(3) Included in Derivative Liabilities on the consolidated balance sheet is $(3,255,065) plus accrued interest of $(1,692,252) for a total of $(4,947,317).
	The following table presents both gross information and net information about derivative instruments eligible for offset in the consolidated balance sheet as of December 31, 2013:
												Gross Amounts Not Offset in the
Consolidated Balance Sheet
Description		Gross Amounts of			Gross Amounts Offset			Net Amounts of Assets			Financial			Cash Collateral		Net Amount
		Recognized			in the Consolidated			(Liabilities) Presented in the			Instruments			(Posted)/Received
		Assets (Liabilities)			Balance Sheet			Consolidated Balance Sheet			(Posted)
Linked Transactions (1)		$	272,261,350		$	-222,846,315		$	49,415,035		$	-49,415,035		$	-	$	-
Receivable Under Reverse Repurchase Agreements		$	27,475,000		$	-		$	27,475,000		$	27,475,000		$	-	$	-
Derivative Assets (2)
Interest Rate Swaps		$	59,588,167		$	-		$	59,588,167		$	-		$	30,567,000	$	29,021,167
Interest Rate Swaptions			641,960			-			641,960			-			-		641,960
Total Derivative Assets		$	60,230,127		$	-		$	60,230,127		$	-		$	30,567,000	$	29,663,127
Derivative Liabilities (3)
Interest Rate Swaps		$	-1,110,065		$	-		$	-1,110,065		$	-		$	-1,110,065	$	-
Interest Rate Swaptions			-559,858			-			-559,858			-			-		-559,858
MBS Options			-206,743			-			-206,743			-			-		-206,743
Total Derivative Liabilities		$	-1,876,666		$	-		$	-1,876,666		$	-		$	-1,110,065	$	-766,601
(1) Included in Linked Transactions on the consolidated balance sheet is security fair market value of $272,261,350, less repurchase agreements of $(222,846,315), plus net accrued interest of $86,862 for a total of $49,501,897.
(2) Included in Derivative Assets on the consolidated balance sheet is $60,230,127 less accrued interest of $(5,170,052) for a total of $55,060,075.
(3) Included in Derivative Liabilities on the consolidated balance sheet is $(1,876,666) plus accrued interest of $(329,623) for a total of $(2,206,289).
Interest Rate Swaps
To help mitigate exposure to higher short-term interest rates, the Company uses currently-paying and may use forward-starting, one- and three-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements. This arrangement establishes a relatively stable fixed rate on related borrowings because the variable-rate payments received on the swap agreements largely offset interest accruing on the related borrowings, leaving the fixed-rate payments to be paid on the swap agreements as the Company’s effective borrowing rate, subject to certain adjustments including changes in spreads between variable rates on the swap agreements and actual borrowing rates.
The following table presents information about the Company’s interest rate swaps as of September 30, 2014:
Maturity			Notional Amount				Weighted Average			Weighted Average			Weighted Average
							Pay Rate			Receive Rate			Years to Maturity
2017				80,000,000			0.86	%		0.28	%		2.93
2018				210,000,000			1.05	%		0.23	%		3.51
2019				306,000,000			1.34	%		0.23	%		4.86
2020				440,000,000			1.61	%		0.23	%		5.49
2022				50,000,000			1.69	%		0.23	%		7.93
2023				328,000,000			2.49	%		0.23	%		8.81
2024				67,000,000			2.74	%		0.23	%		9.48
Total/Wtd Avg			$	1,481,000,000			1.68	%		0.24	%		5.94
The following table presents information about the Company’s interest rate swaps as of December 31, 2013:
Maturity			Notional Amount				Weighted Average			Weighted Average			Weighted Average
							Pay Rate			Receive Rate			Years to Maturity
2016	*		$	260,000,000			0.62	%		0.71	%		2.63
2017				275,000,000			1.02	%		0.24	%		3.83
2018				490,000,000			1.15	%		0.24	%		4.43
2019				260,000,000			1.27	%		0.25	%		5.64
2020				450,000,000			1.62	%		0.24	%		6.25
2022				50,000,000			1.69	%		0.24	%		8.68
2023				340,000,000			2.49	%		0.24	%		9.56
2028				20,000,000			3.47	%		0.25	%		14.97
Total/Wtd Avg			$	2,145,000,000			1.43	%		0.3	%		5.67
* This figure includes a forward starting swap with a total notional of $100.0 million and a start date of December 23, 2015. Weighted average rates shown are inclusive of rates corresponding to the terms of the swap as if the swap were effective as of December 31, 2013.
TBAs
The Company has entered into TBA positions to facilitate the future purchase or sale of Agency RMBS. Pursuant to these TBAs, the Company agrees to purchase or sell, for future delivery, Agency RMBS with certain principal and interest terms and certain types of underlying collateral, but the particular Agency RMBS to be delivered or received would not be identified until shortly (generally two days) before the TBA settlement date. The Company may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a pair off), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA contract for a later settlement date. This transaction is commonly referred to as a dollar roll. The agency securities purchased or sold for a forward settlement date are typically priced at a discount to agency securities for settlement in the current month. This difference, or discount, is referred to as the price drop. The price drop is the economic equivalent of net interest carry income on the underlying agency securities over the roll period (interest income less implied financing cost) and is commonly referred to as dollar roll income/(loss). The Company presents the purchase or sale of TBAs net of the corresponding payable or receivable until the settlement date of the transaction. Contracts for the purchase or sale of Agency RMBS are accounted for as derivatives if the delivery of the Agency security and settlement extends beyond the shortest period possible for that type of security.
The following table presents information about the Company’s TBAs for the three and nine months ended September 30, 2014 and September 30, 2013:
For the Three Months Ended September 30, 2014
		Beginning			Buys or Covers			Sales or Shorts			Ending Net			Net Fair Value		Net		Derivative		Derivative
		Notional									Notional			as of Period End		Receivable/(Payable)		Asset		Liability
		Amount									Amount					to Broker
TBAs - Long		$	85,000,000		$	375,000,000		$	-260,000,000		$	200,000,000		$	210,640,620	$	-210,843,359	$	-	$	-202,739
TBAs - Short		$	-		$	493,000,000		$	-493,000,000		$	-		$	-	$	390	$	142,652	$	-142,262
For the Three Months Ended September 30, 2013
		Beginning			Buys or Covers			Sales or Shorts			Ending Net			Net Fair Value		Net Receivable from		Derivative		Derivative
		Notional									Notional			as of Period End		Broker		Asset		Liability
		Amount									Amount
TBAs - Long		$	-		$	100,000,000		$	-100,000,000		$	-		$	-	$	869,531	$	1,177,734	$	-308,203
TBAs - Short		$	-150,000,000		$	523,000,000		$	-398,000,000		$	-25,000,000		$	-24,431,640	$	22,225,586	$	1,015,625	$	-3,221,679
For the Nine Months Ended September 30, 2014
		Beginning			Buys or Covers			Sales or Shorts			Ending Net			Net Fair Value		Net Receivable/(Payable) to Broker		Derivative		Derivative
		Notional									Notional			as of Period End				Asset		Liability
		Amount									Amount
TBAs - Long		$	-		$	535,000,000		$	-335,000,000		$	200,000,000		$	210,640,620	$	-210,843,359	$	-	$	-202,739
TBAs - Short		$	-		$	740,000,000		$	-740,000,000		$	-		$	-	$	390	$	142,652	$	-142,262
For the Nine Months Ended September 30, 2013
		Beginning			Buys or Covers			Sales or Shorts			Ending Net			Net Fair Value		Net Receivable from		Derivative		Derivative
		Notional									Notional			as of Period End		Broker		Asset		Liability
		Amount									Amount
TBAs - Long		$	40,000,000		$	445,000,000		$	-485,000,000		$	-		$	-	$	869,531	$	1,177,734	$	-308,203
TBAs - Short		$	-		$	1,098,000,000		$	-1,123,000,000		$	-25,000,000		$	-24,431,640	$	22,225,586	$	1,015,625	$	-3,221,679
Linked Transactions
As discussed in Note 2, when the initial transfer of a financial asset and repurchase financing are entered into contemporaneously with, or in contemplation of, one another, the transaction will be considered linked unless all of the criteria found in ASC 860-10 are met at the inception of the transaction. If the transaction is determined to be linked, the Company will record the initial transfer and repurchase financing on a net basis and record a forward commitment to purchase assets as a derivative instrument. Gains and losses are recorded together with net interest income in the “Income/(loss) from linked transactions, net” line item on the consolidated statement of operations. When, or if a transaction is no longer considered linked, the security and related repurchase agreement will be recorded on a gross basis. The fair value of linked transactions reflects the value of the underlying security’s fair market value netted with the respective linked repurchase agreement borrowings and net accrued interest. Also as discussed in Note 2, in June 2014, the FASB issued ASU 2014-11, which 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 860-10. This effectively changes the accounting for linked financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. This guidance will take effect for periods beginning after December 15, 2014.
Certain of the Company’s Linked Transactions became unlinked during the periods presented. For the three months ended September 30, 2014 two Non-Agency RMBS securities with a total fair value of $15.6 million and the related repurchase agreement borrowing of $12.1 million became unlinked, and the Company recorded a net realized gain of $0.2 million from the unlinking of the Linked Transaction. For the nine months ended September 30, 2014 four Non-Agency RMBS with fair value of $87.2 million and related repurchase agreement borrowings of $73.5 million became unlinked, and the Company recorded a net realized loss of $2.0 million from the unlinking of the Linked Transactions.
For the three months ended September 30, 2013 a Non-Agency RMBS with a fair value of $30.2 million and a related repurchase agreement borrowing of $24.1 million unlinked, and the Company recorded net realized losses of $0.4 million from  the unlinking of the Linked Transaction. For the nine months ended September 30, 2013, two Non-Agency RMBS with fair values of $43.4 million and related repurchase agreement borrowings of $35.7 million unlinked, and the Company recorded net realized losses of $0.1 million from the unlinking of the Linked Transactions.
The following table presents certain information related to the securities accounted for as a part of linked transactions during the three and nine months ended September 30, 2014:
														For the Three Months Ended September 30, 2014								For the Nine Months Ended September 30, 2014
Instrument		Current Face			Amortized			Fair Value			Net Accrued			Net Interest		Unrealized		Net		Amount		Net Interest		Unrealized		Net Realized		Amount		Weighted		Weighted
					Cost						Interest			Income		Loss		Realized		Included in		Income		Loss		Gain		Included in		Average		Average
																		Gain		Statement of								Statement of		Coupon		Life
																				Operations								Operations
Non-Agency RMBS		$	153,230,815		$	141,726,229		$	144,288,301		$	325,379		$	1,611,819	$	-1,365,000	$	3,217,466	$	3,464,285	$	6,689,534	$	-4,656,329	$	7,580,176	$	9,613,381	3.82	%	6.08
CMBS			15,000,000			14,420,341			14,819,434			20,623			348,835		-1,050,471		719,287		17,651		824,876		-240,251		820,037		1,404,662	2.12	%	1.02
Total		$	168,230,815		$	156,146,570		$	159,107,735		$	346,002		$	1,960,654	$	-2,415,471	$	3,936,753	$	3,481,936	$	7,514,410	$	-4,896,580	$	8,400,213	$	11,018,043	3.67	%	5.63
The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of September 30, 2014:
Instrument		Repurchase			Weighted				Weighted
		Agreement			Average				Average Years
					Interest Rate				to Maturity
Non-Agency RMBS		$	120,431,603			1.6	%			0.05
CMBS			10,675,332			1.68	%			0.08
		$	131,106,935			1.61	%			0.06
The following table presents certain information related to the securities accounted for as a part of linked transactions for the three and nine months ended September 30, 2013:
														For the Three Months Ended September 30, 2013								For the Nine Months Ended September 30, 2013
Instrument		Current Face			Amortized			Fair Value			Net Accrued			Net Interest		Unrealized		Net		Amount		Net Interest		Unrealized		Net Realized		Amount		Weighted		Weighted
					Cost						Interest			Income		Gain/(Loss)		Realized		Included in		Income		Loss		Loss		Included in		Average		Average
																		Loss		Statement of								Statement of		Coupon		Life
																				Operations								Operations
Non-Agency RMBS		$	287,806,369		$	253,545,104		$	258,164,346		$	657,323		$	2,750,860	$	-1,095,697	$	-2,458,643	$	-803,480	$	9,969,921	$	-3,592,194	$	-4,060,548	$	2,317,179	4.09	%	4.85
CMBS			23,870,000			21,871,211			21,491,153			38,090			162,082		243,025		-121,412		283,695		487,843		-306,691		-201,790		-20,638	2.32	%	4.12
Total		$	311,676,369		$	275,416,315		$	279,655,499		$	695,413		$	2,912,942	$	-852,672	$	-2,580,055	$	-519,785	$	10,457,764	$	-3,898,885	$	-4,262,338	$	2,296,541	3.95	%	4.79
The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of September 30, 2013:
Instrument		Repurchase			Weighted				Weighted
		Agreement			Average				Average Years
					Interest Rate				to Maturity
Non-Agency RMBS		$	213,681,000			1.91	%			0.07
CMBS			15,584,000			1.34	%			0.06
		$	229,265,000			1.87	%			0.07
Short positions in U.S. Treasury securities through reverse repurchase agreements
The Company has also sold short U.S. Treasury securities to help mitigate the potential impact of changes in interest rates. As of September 30, 2014 and December 31, 2013 the Company had obligations to return U.S. Treasury securities borrowed under reverse repurchase agreements accounted for as securities borrowing transactions with a fair value of $28.0 million and $27.5 million, respectively and a notional amount of $28.0 and $28.0 million, respectively. This liability is presented as “Obligation to return securities borrowed under reverse repurchase agreements, at fair value” on the consolidated balance sheet. As of September 30, 2014 and December 31, 2013, the U.S. Treasury securities had a weighted average maturity of 5.8 years and 6.6 years, respectively. The borrowed securities were collateralized by cash loaned under reverse repurchase agreements of $28.2 million and $27.5 million at September 30, 2014 and December 31, 2013, respectively, which is presented as “Receivable under reverse repurchase agreements” on the consolidated balance sheet. As of September 30, 2014 and December 31, 2013, the reverse repurchase agreements had a weighted average maturity of October 1, 2014 and January 3, 2014, respectively.
During the three months ended September 30, 2014, the Company recorded unrealized gains of $0.6 million on the borrowed securities. During the nine months ended September 30, 2014, the Company recorded unrealized losses of $0.6 million on the borrowed securities. During the three and nine months ended September 30, 2013, the Company recorded unrealized losses of $1.1 million on the borrowed securities. Realized gains and losses are recorded on the “Net realized gain/(loss)” line item in our consolidated statements of operations. During the three and nine months ended September 30, 2014, the Company recorded realized losses of $0.6 million and $0.1 million, respectively, on the borrowed securities. During the three and nine months ended  September 30, 2013, the Company recorded realized losses of $0.0 million on the borrowed securities. Refer to the table above for detail on realized and unrealized gains and losses recognized for the three and nine months ended September 30, 2014 and September 30, 2013.
At September 30, 2014, the Company had real estate securities with a fair value of $6.4 million pledged as collateral against its derivatives and had $1.6 million of net cash received as collateral for its derivatives. The Company pledged assets accounted for within linked transactions with a fair value of $159.1 million as collateral against the related linked repurchase agreements.
At December 31, 2013, the Company had real estate securities with a fair value of $7.0 million and $2.6 million of cash pledged as collateral against certain derivatives. The Company had $30.6 million of cash received as collateral against certain derivatives. The Company pledged assets accounted for within linked transactions with a fair value of $272.3 million as collateral against the related linked repurchase agreements.

Earnings_per_Share

Earnings per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	8. Earnings per Share
	Basic earnings per share (“EPS”) is calculated by dividing net income/(loss) available to common stockholders for the period by the weighted- average shares of the Company’s common stock outstanding for that period that participate in dividends. Diluted EPS takes into account the effect of dilutive instruments, such as stock options, warrants, unvested restricted stock, and unvested restricted stock units 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.
	As of September 30, 2014 and September 30, 2013, the Company’s outstanding warrants, unvested shares of restricted common stock and restricted stock units were as follows:
		September 30, 2014		September 30, 2013
	Warrants		1,007,500		1,007,500
	Restricted stock granted to the Manager		-		13,418
	Restricted stock units granted to the Manager		60,000		-
	Restricted stock granted to the independent directors		-		2,500
	Each warrant entitles the holder to purchase half a share of the Company’s common stock at a fixed price upon exercise of the warrant. During the three and nine months ended September 30, 2014 and September 30, 2013, the Company excluded the effects of such from the computation of diluted earnings per share because their effect would be anti-dilutive. Shares of restricted stock held by the Manager and independent directors accrue dividends, but are not paid until vested and are therefore not considered to be participating shares. Restricted stock units granted to the manager do not entitle the participant the rights of a shareholder of the Company’s common stock, such as dividend and voting rights, until shares are issued in settlement of the vested units. The restricted stock units are not considered to be participating shares. The dilutive effects of these shares and restricted stock units are only included in diluted weighted average shares outstanding.
	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the three and nine months ended September 30, 2014 and September 30, 2013:
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
	Numerator:
	Net income/(loss) available to common stockholders for basic and diluted earnings per share	$	19,022,258	$	2,633,165	$	84,639,075	$	-58,566,023
	Denominator:
	Basic weighted average common shares outstanding		28,384,238		28,359,937		28,377,681		27,906,946
	Dilutive effect of manager and director restricted stock, restricted stock units and warrants		20,831		6		19,116		-
	Dilutive weighted average common shares outstanding		28,405,069		28,359,943		28,396,797		27,906,946
	Basic Earnings/(Loss) Per Share of Common Stock:	$	0.67	$	0.09	$	2.98	$	-2.1
	Diluted Earnings/(Loss) Per Share of Common Stock:	$	0.67	$	0.09	$	2.98	$	-2.1

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2014
Income Taxes [Abstract]	'
Income Tax Disclosure [Text Block]	'
	9. Income Taxes
	As a REIT, the Company is not subject to Federal income tax to the extent that it makes qualifying distributions to its stockholders, and provided it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. Most states follow U.S. federal income tax treatment of REITs.
	The Company files tax returns in several U.S jurisdictions. There are no ongoing U.S. federal, state and local tax examinations.
	The Company has elected to treat certain subsidiaries as TRSs and may elect to treat other subsidiaries as TRSs. In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly, and generally may engage in any real estate or non-real estate-related business.
	The Company elected to treat one of its consolidated subsidiaries as a foreign TRS and, accordingly, taxable income generated by this foreign TRS may not be subject to local income taxation, but generally will be included in the Company’s income on a current basis as Subpart F income, whether or not distributed.
	Cash distributions declared by the Company that do not exceed its current or accumulated earnings and profits will be considered ordinary income to stockholders for income tax purposes unless all or a portion of a distribution is designated by the Company as a capital gain dividend. Distributions in excess of the Company’s current and accumulated earnings and profits will be characterized as return of capital or capital gains.
	Based on the Company’s analysis of any potential uncertain income tax positions, the Company concluded it did not have any uncertain tax positions that meet the recognition or measurement criteria of ASC 740 as of September 30, 2014 and December 31, 2013. The Company’s federal income tax return for the 2013, 2012 and 2011 tax years are open to examination by the Internal Revenue Service. In the event that the Company incurs income tax related interest and penalties, its policy is to classify them as a component of provision for income taxes.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	10. Related Party Transactions
	The Company has entered into a management agreement with the Manager, which provides for an initial term through June 30, 2014, and will be deemed renewed automatically each year for an additional one-year period, subject to certain termination rights. At its regular quarterly meeting in April 2014, the Board of Directors approved the renewal of the management agreement for an additional one-year period ending June 30, 2015. The Company is externally managed and advised by the Manager. Pursuant to the terms of the management agreement, which became effective July 6, 2011 (upon the consummation of the Company’s IPO), the Manager provides the Company with its management team, including its officers, along with appropriate support personnel. Each of the Company’s officers is an employee of Angelo, Gordon. The Company does not have any employees. The Manager, pursuant to a delegation agreement dated as of June 29, 2011, has delegated to Angelo, Gordon the overall responsibility its day-to-day duties and obligations arising under the Company’s management agreement.
	Management fee
	The Manager is entitled to a management fee equal to 1.50% per annum, calculated and paid quarterly, of the Company’s Stockholders’ Equity. For purposes of calculating the management fee, “Stockholders’ Equity” means the sum of the net proceeds from any issuances of equity securities (including preferred securities) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance, and excluding any future equity issuance to the Manager), plus the Company’s retained earnings at the end of such quarter (without taking into account any non-cash equity compensation expense or other non-cash items described below incurred in current or prior periods), less any amount that the Company pays for repurchases of its common stock, excluding any unrealized gains, losses or other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP, regardless of whether such items are included in other comprehensive income or loss, or in net income, and excluding one-time events pursuant to changes in GAAP, and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the Company’s independent directors. Stockholders’ Equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s financial statements.
	For the three and nine months ended September 30, 2014, the Company incurred management fees of approximately $2.6 million and $7.6 million, respectively. For the three and nine months ended September 30, 2013, the Company incurred management fees of approximately $2.5 million and $8.2 million, respectively.
	Termination fee
	The termination fee, payable for the Company’s termination of the management agreement without cause or the Manager’s termination of the management agreement upon a default in the performance of any material term of the management agreement, will be equal to three times the average annual management fee during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter. As of September 30, 2014 and December 31, 2013, no event of termination of the management agreement had occurred.
	Expense reimbursement
	The Company is required to reimburse the Manager for operating expenses related to the Company that are incurred by the Manager, including expenses relating to legal, accounting, due diligence and other services. The Company’s reimbursement obligation is not subject to any dollar limitation. The Company will not reimburse the Manager for the salaries and other compensation of its personnel except that the Company will be responsible for expenses incurred by the Manager in employing the Company’s chief financial officer, general counsel and other employees as further described below.
	The Company will reimburse the Manager or its affiliates for the allocable share of the compensation, including, without limitation, annual base salary, bonus, any related withholding taxes and employee benefits paid to (i) the Company’s chief financial officer based on the percentage of his time spent on Company affairs, (ii) the Company’s general counsel based on the percentage of his time spent on the Company’s affairs, and (iii) other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance and other non-investment personnel of the Manager and its affiliates who spend all or a portion of their time managing the Company’s affairs based upon the percentage of time devoted by such personnel to the Company’s affairs. In their capacities as officers or personnel of the Manager or its affiliates, they will devote such portion of their time to the Company’s affairs as is necessary to enable the Company to operate its business. For the three and nine months ended September 30, 2014, the Company has expensed into Other operating expenses $1.7 million and $5.0 million, respectively, of reimbursable expenses payable to the Manager. For the three and nine months ended September 30, 2013, the Company expensed into Other operating expenses $1.6 million and $4.4 million, respectively, of reimbursable expenses payable to the Manager. The Manager did not waive any expense reimbursements for the three and nine months ended September 30, 2013 and September 30, 2014.
	Restricted stock grants
	On July 6, 2011 (the date of consummation of the IPO), the Company entered into (i) a restricted stock award agreement with the Manager under the Manager Equity Incentive Plan, pursuant to which the Manager received 40,250 shares of the Company’s common stock, which vest ratably on a quarterly basis over a three-year period that began on October 1, 2011 and (ii) restricted stock award agreements with the Company’s four initial independent directors under the Equity Incentive Plan, pursuant to which each of the four initial independent directors received 1,500 shares of the Company’s common stock that vest in equal installments over three years on each annual anniversary of the grant date. Following the election of Arthur Ainsberg as an independent director at the 2013 Annual Meeting of Stockholders, 500 shares of the Company’s common stock that vested on July 6, 2014 were granted to Mr. Ainsberg under the Equity Incentive Plan. As of July 6, 2014, an aggregate of 46,750 shares awarded to the Manager and the independent directors were fully vested.
	Pursuant to the Manager Equity Incentive Plan and the Equity Incentive Plan, 277,500 shares of common stock were available to be awarded. As of September 30, 2014, 150,810 shares of common stock are available to award under the plan. Awards under the equity incentive plans are forfeitable until they become vested. An award will become vested only if the vesting conditions set forth in the award agreement (as determined by the board of directors or the compensation committee, as applicable) are satisfied. The vesting conditions may include performance of services for a specified period, achievement of performance goal, or a combination of both. The board of directors or the compensation committee, as applicable, also has authority to provide for accelerated vesting upon the occurrence of certain events.
	During the quarter ended September 30, 2014, the Company granted 60,000 restricted stock units to the Manager that represent the right to receive an equivalent number of shares of the Company’s common stock to be issued if and when such units vest.  Annual vesting of 20,000 units will occur on each of July 1, 2015, July 1, 2016, and July 1, 2017. The units do not entitle the participant the rights of a holder of the Company’s common stock, such as dividend and voting rights, until shares are issued in settlement of the vested units. As of September 30, 2014, all of these units remained outstanding.
	The Company also pays a $90,000 annual base director’s fee to each independent director. Base director’s fees are paid two-thirds in cash and one-third in restricted common stock. The number of shares of restricted common stock to be issued each quarter to each independent director is determined based on the average of the high and low prices of the Company’s common stock on the New York Stock Exchange on the last trading day of each fiscal quarter. To the extent that any fractional shares would otherwise be issuable and payable to each independent director, a cash payment is made to each independent director in lieu of any fractional shares. All directors’ fees are paid pro rata (and restricted stock grants determined) on a quarterly basis in arrears, and shares issued are fully vested and non-forfeitable. These shares may not be sold or transferred during the time of service as an independent member of the Company’s board.

Equity

Equity	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	11. Equity
	On January 24, 2012, the Company completed a follow-on offering of 5,000,000 shares of its common stock and subsequently issued an additional 750,000 shares of common stock pursuant to the underwriters’ over-allotment option at a price of $19.00 per share, for aggregate gross proceeds of approximately $109.3 million. Net proceeds to the Company from the offering were approximately $104.0 million, net of issuance costs of approximately $5.3 million.
	On July 13, 2012, the Company filed a shelf registration statement on Form S-3 with the SEC, offering up to $1.0 billion of our securities, including capital stock. The registration statement was declared effective on July 20, 2012. At September 30, 2014, approximately $549.5 million of our securities, including capital stock was available for issuance under the registration statement.
	On August 3, 2012, the Company completed a public offering of 1,800,000 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and subsequently issued an additional 270,000 shares pursuant to the underwriters’ over-allotment option with a liquidation preference of $25.00 per share. The Company received total gross proceeds of approximately $51.8 million. Net proceeds to the Company from the offering were approximately $49.9 million, net of underwriting discounts, commissions and expenses. The Series A Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. Under certain circumstances upon a change of control, the Series A Preferred Stock is convertible to shares of the common stock. Holders of Series A Preferred Stock have no voting rights, except under limited conditions, and holders are entitled to receive cumulative cash dividends at a rate of 8.25% per annum of the $25.00 per share liquidation preference before holders of the common stock are entitled to receive any dividends. Shares of the Series A Preferred Stock are redeemable at $25.00 per share plus accumulated and unpaid dividends (whether or not declared) exclusively at the Company’s option commencing on August 3, 2017, or earlier under certain circumstances intended to preserve the Company’s qualification as a REIT for federal income tax purposes. Dividends are payable quarterly in arrears on the 17th day of each March, June, September and December. As of September 30, 2014, the Company had declared all required quarterly dividends on the Series A Preferred Stock.
	On August 15, 2012, the Company completed a public offering of 6,000,000 shares of its common stock and simultaneously issued an additional 900,000 shares pursuant to the underwriters’ over-allotment option at a price of $23.29 per share. The Company received total gross proceeds of approximately $160.7 million. Net proceeds to the Company from the offering were approximately $152.7 million, net of underwriting discounts, commissions and expenses.
	On September 6, 2012, the Company entered into an equity distribution agreement with each of Mitsubishi UFJ Securities (USA), Inc., JMP Securities LLC and Brinson Patrick Securities Corporation (the “Sales Agents”), which the Company refers to as the Equity Distribution Agreements, pursuant to which the Company may sell up to 3,000,000 shares of common stock from time to time through the Sales Agents, as defined in Rule 415 under the Securities Act of 1933. As of September 30, 2014, the Company had sold shares of common stock through the Sales Agents for net proceeds of approximately $31.3 million.
	On September 27, 2012, the Company completed a public offering of 4,000,000 shares of 8.00% Series B Cumulative Redeemable Preferred Stock and issued an additional 600,000 shares pursuant to the underwriters’ over-allotment option with a liquidation preference of $25.00 per share. The Company received total gross proceeds of approximately $115.0 million. Net proceeds to the Company from the offering were approximately $111.3 million, net of underwriting discounts, commissions and expenses. The Series B Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. Under certain circumstances upon a change of control, the Series B Preferred Stock is convertible to shares of the common stock. Holders of Series B Preferred Stock have no voting rights, except under limited conditions, and holders are entitled to receive cumulative cash dividends at a rate of 8.00% per annum of the $25.00 per share liquidation preference before holders of the common stock are entitled to receive any dividends. Shares of the Company’s Series B Preferred Stock are redeemable at $25.00 per share plus accumulated and unpaid dividends (whether or not declared) exclusively at the Company’s option commencing on September 27, 2017, or earlier under certain circumstances intended to preserve the Company’s qualification as a REIT for Federal income tax purposes. Dividends are payable quarterly in arrears on the 17th day of each March, June, September and December. As of September 30, 2014, the Company had declared all required quarterly dividends on the Series B Preferred Stock.
	On December 26, 2012, the Company completed a public offering of 3,750,000 shares of its common stock at a price of $24.33 per share. The Company received total gross proceeds of approximately $91.2 million. Net proceeds to the Company from the offering were approximately $87.5 million, net of underwriting discounts, commissions and expenses.
	No warrants were exercised in the three months and nine months ended September 30, 2014. For the nine months ended September 30, 2013, warrants were exercised by the cashless exercise option, which resulted in the issuance of 20,101 shares of common stock. No proceeds were received in connection with the exercise of the cashless option. For the nine months ended September 30, 2013, warrants were exercised by the cash exercise option, which resulted in the issuance of 196,250 shares of common stock for proceeds to the Company of $ 4.0 million. No warrants were exercised during the three months ended September 30, 2013.
	During the quarter ended September 30, 2014, the Company declared a quarterly dividend to common stockholders totaling approximately $17.0 million, or $0.60 per share, which was paid on October 27, 2014. For the nine months ended September 30, 2014, the Company declared dividends to common stockholders of approximately $51.1 million or $1.80 per share. During the quarter ended September 30, 2013, the Company declared a quarterly dividend to common stockholders totaling approximately $17.0 million, or $0.60 per share, which was paid on October 28, 2013. For the nine months ended September 30, 2013, the Company declared dividends to common stockholders of approximately $39.7 million or $2.17 per share.
	During the three months ended September 30, 2014, the board of directors declared a quarterly distribution to the holders of the Series A Preferred Stock and Series B Preferred Stock of $0.51563 per share and $0.50 per share, respectively. The distributions were paid on September 17, 2014 to stockholders of record as of August 29, 2014. During the nine months ended September 30, 2014, the board of directors declared distributions to the holders of the Series A Preferred Stock and Series B Preferred Stock of $1.54689 per share and $1.50 per share, respectively. During the three months ended September 30, 2013, the board of directors declared a quarterly distribution to the holders of the Series A Preferred Stock and Series B Preferred Stock of $0.51563 per share and $0.50 per share, respectively. The distributions were paid on September 17, 2013 to stockholders of record as of August 30, 2013. During the nine months ended September 30, 2013, the board of directors declared distributions to the holders of the Series A Preferred Stock and Series B Preferred Stock of $1.54689 per share and $1.50 per share, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	12. Commitments and Contingencies
	From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any significant contingencies at September 30, 2014.
	In the normal course of business, the Company enters into agreements where payment may become due if certain events occur. Management believes that the probability of making such payments is remote.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Cash and Cash Equivalents, Policy [Policy Text Block]	'
	Cash and cash equivalents
	Cash is comprised of cash on deposit with financial institutions. The Company classifies highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents. As of September 30, 2014 and December 31, 2013, the Company had no cash equivalents. The Company places its cash with high credit quality institutions to minimize credit risk exposure. Any cash held by the Company as collateral would be included in a due to broker line item on the consolidated balance sheet and in cash flows from financing activities on the consolidated statement of cash flows.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	'
	Restricted cash
	Restricted cash includes cash pledged as collateral for clearing and executing trades, derivatives and repurchase agreements. Restricted cash is carried at cost, which approximates fair value.
Offering and Organization Costs [Policy Text Block]	'
	Offering costs
	The Company incurred costs in connection with common stock offerings and issuances of preferred stock. The offering costs were paid out of the proceeds of the respective offerings. Offering costs in connection with common stock offerings have been accounted for as a reduction of additional paid-in-capital and offering costs in connection with preferred stock offerings have been accounted for as a reduction of their respective gross proceeds.
Use of Estimates, Policy [Policy Text Block]	'
	Use of estimates
	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Earnings Per Share, Policy [Policy Text Block]	'
	Earnings per share
	In accordance with the provisions of Accounting Standards Codification (“ASC”) 260, “Earnings per Share,” the Company calculates basic income per share by dividing net income available to common stockholders for the period by weighted-average shares of the Company’s common stock outstanding for that period. Diluted income per share takes into account the effect of dilutive instruments, such as stock options, warrants, unvested restricted stock, and unvested restricted stock units 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.
Fair Value of Financial Instruments, Policy [Policy Text Block]	'
	Valuation of financial instruments
	The fair value of the financial instruments that the Company records at fair value will be determined by the Manager, subject to oversight of the Company’s board of directors, and in accordance with ASC 820, “Fair Value Measurements and Disclosures.” When possible, the Company determines fair value using independent data sources. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under ASC 820 are described below:
		•	Level 1 – Quoted prices in active markets for identical assets or liabilities.
		•	Level 2 – Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
		•	Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available.
	Transfers between levels are assumed to occur at the beginning of the reporting period.
Real Estate, Policy [Policy Text Block]	'
	Accounting for real estate securities
	Investments in real estate securities are recorded in accordance with ASC 320, ASC 325 or ASC 310-30. The Company has chosen to make a fair value election pursuant to ASC 825 for its real estate securities portfolio. Real estate securities are recorded at fair market value on the consolidated balance sheet and the periodic change in fair market value is recorded in current period earnings on the consolidated statement of operations as a component of “Unrealized gain/(loss) on real estate securities and loans, net.” Real estate securities acquired through securitizations are shown in the line item “Purchase of real estate securities” on the consolidated statement of cash flows.
	These investments generally meet the requirements to be classified as available for sale under ASC 320-10-25, “Debt and Equity Securities,” which requires the securities to be carried at fair value on the consolidated balance sheet with changes in fair value recorded to other comprehensive income, a component of Stockholders’ Equity. Electing the fair value option allows the Company to record changes in fair value in the consolidated statement of operations, which, in management’s view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner.
	When the Company purchases securities with evidence of credit deterioration since origination, it will analyze to determine if the guidance found in ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” is applicable.
	The Company evaluates securities accounted for under ASC 310 and ASC 325 for other-than-temporary impairment ("OTTI") on at least a quarterly basis. The determination of whether a security is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. When the fair value of a real estate security is less than its amortized cost at the balance sheet date, the security is considered impaired, and the impairment is designated as either “temporary” or “other-than-temporary.”
	When a real estate security is impaired, an OTTI is considered to have occurred if (i) the Company intends to sell the security (i.e. a decision has been made as of the reporting date) or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the real estate security before recovery of its amortized cost basis, the entire amount of the impairment loss, if any, is recognized in earnings as a realized loss and the cost basis of the security is adjusted to its fair value. Additionally, for securities accounted for under ASC 325-40, “Beneficial Interests in Securitized Financial Assets,” an OTTI is deemed to have occurred when there is an adverse change in the expected cash flows to be received and the fair value of the security is less than its carrying amount. In determining whether an adverse change in cash flows occurred, the present value of the remaining cash flows, as estimated at the initial transaction date (or the last date previously revised), is compared to the present value of the expected cash flows at the current reporting date. The estimated cash flows reflect those a “market participant” would use and are discounted at a rate equal to the current yield used to accrete interest income. Any resulting OTTI adjustments are reflected in the “Net realized gain/(loss)” line item on the consolidated statement of operations.
	The determination as to whether an OTTI exists is subjective, given that such determination is based on information available at the time of assessment as well as the Company’s estimate of the future performance and cash flow projections for the individual security. As a result, the timing and amount of an OTTI constitutes an accounting estimate that may change materially over time.
	Increases in interest income may be recognized on a security on which the Company previously recorded an OTTI if the performance of such security subsequently improves.
	Securities in an unrealized loss position at September 30, 2014 are not considered other than temporarily impaired as the Company has the ability and intent to hold the securities to maturity or for a period of time sufficient for a forecasted market price recovery up to or above the amortized cost of the investment, and the Company is not required to sell the security for regulatory or other reasons. See Note 3 for a summary of OTTI recorded.
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block]	'
	Sales of securities
	Sales of securities are driven by the Manager’s portfolio management process. The Manager seeks to mitigate risks including those associated with prepayments, defaults, severities, amongst others, and will opportunistically rotate the portfolio into securities with more favorable attributes. Strategies may also be employed to manage net capital gains, which need to be distributed for tax purposes.
	Realized gains or losses on sales of securities, loans and derivatives are included in the “Net realized gain/(loss)” line item on the consolidated statement of operations. The cost of positions sold is calculated using a first in, first out, or FIFO, basis. Realized gains and losses are recorded in earnings at the time of disposition.
Accounting For Loans [Policy Text Block]	'
	Accounting for mortgage loans
	Investments in mortgage loans are recorded in accordance with ASC 310-10. The Company has chosen to make a fair value election pursuant to ASC 825 for its mortgage loan portfolio. Loans are recorded at fair market value on the consolidated balance sheet and any periodic change in fair market value will be recorded in current period earnings on the consolidated statement of operations as a component of “Unrealized gain/(loss) on real estate securities and loans, net.”
	The Company amortizes or accretes any premium or discount over the life of the related loan utilizing the effective interest method. On at least a quarterly basis, the Company evaluates the collectability of both interest and principal of each loan, if circumstances warrant, to determine whether they are impaired. A loan is impaired when, based on current information and events, it is probable that the Company 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 and recorded accordingly. Income recognition is suspended for loans at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged.
	When the Company purchases mortgage loans with evidence of credit deterioration since origination and it determines that it is probable it will not collect all contractual cash flows on those loans, it will apply the guidance found in ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” The Company has chosen to make a fair value election pursuant to ASC 825 for its mortgage loan portfolio. Loans are recorded at fair market value on the consolidated balance sheet and any periodic change in fair market value will be recorded in current period earnings on the consolidated statement of operations as a component of “Unrealized gain/(loss) on real estate securities and loans, net.”
	The Company updates its estimate of the cash flows expected to be collected on at least a quarterly basis for loans accounted for under ASC 310-30. In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies including both the rate and timing of principal and interest receipts, and assumptions of prepayments, repurchases, defaults and liquidations. If based on the most current information and events it is probable that there is a significant increase in cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected, the Company will recognize these changes prospectively through an adjustment of the loan’s yield over its remaining life. The Company will adjust the amount of accretable yield by reclassification from the nonaccretable difference. The adjustment is accounted for as a change in estimate in conformity with ASC 250 with the amount of periodic accretion adjusted over the remaining life of the loan. Decreases in cash flows expected to be collected from previously projected cash flows, which includes all cash flows originally expected to be collected by the investor plus any additional cash flows expected to be collected arising from changes in estimate after acquisition, are recognized as impairment.
Investments In and Advances To Affiliates Schedule Of Investments [Policy Text Block]	'
	Investment in affiliates
	The Company’s unconsolidated ownership interests in affiliates are accounted for using the equity method. The underlying entities have chosen to make a fair value election pursuant to ASC 825; as such the Company will treat its investment in affiliates consistently with this election. The investment in affiliates is recorded at fair market value on the consolidated balance sheet and periodic changes in fair market value will be recorded in current period earnings on the consolidated statement of operation as a component of “Equity in earnings from affiliates.” Capital contributions, distributions and profits and losses of such entities are allocated in accordance with the terms of the applicable agreements.
Investment, Policy [Policy Text Block]	'
	Investment consolidation and transfers of financial assets
	For each investment made, the Company evaluates the underlying entity that issued the securities acquired or to which the Company makes a loan to determine the appropriate accounting. A similar analysis will be performed for each entity with which the Company enters into an agreement for management, servicing or related services. In performing the analysis, the Company refers to guidance in ASC 810-10, “Consolidation.” In situations where the Company is the transferor of financial assets, the Company refers to the guidance in ASC 860-10, “Transfers and Servicing.”
	In variable interest entities (“VIEs”), an entity is subject to consolidation under ASC 810-10 if the equity investors either do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, are unable to direct the entity’s activities or are not exposed to the entity’s losses or entitled to its residual returns. VIEs within the scope of ASC 810-10 are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses. Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. In accordance with ASC 810-10, all transferees, including variable interest entities, must be evaluated for consolidation. If the Company were to treat securitizations as sales in the future, the Company will analyze the transactions under the guidelines of ASC 810-10 for consolidation.
	The Company may periodically enter into transactions in which it sells assets. Upon a transfer of financial assets, the Company will sometimes retain or acquire senior or subordinated interests in the related assets. Pursuant to ASC 860-10, a determination must be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor’s continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. The financial components approach under ASC 860-10 limits the circumstances in which a financial asset, or portion of a financial asset, should be derecognized when the transferor has not transferred the entire original financial asset to an entity that is not consolidated with the transferor in the financial statements being presented and/or when the transferor has continuing involvement with the transferred financial asset. It defines the term “participating interest” to establish specific conditions for reporting a transfer of a portion of a financial asset as a sale.
	Under ASC 860-10, after a transfer of financial assets that meets the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transferred control—an entity recognizes the financial and servicing assets it acquired or retained and the liabilities it has incurred, derecognizes financial assets it has sold and derecognizes liabilities when extinguished. The transferor would then determine the gain or loss on sale of financial assets by allocating the carrying value of the underlying mortgage between securities or loans sold and the interests retained based on their fair values. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the securities or loans sold. When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral.
	From time to time, the Company may securitize mortgage loans it holds if such financing is available. These transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a “sale” and the loans will be removed from the balance sheet or as a “financing” and will be classified as “real estate securities” on the consolidated balance sheet, depending upon the structure of the securitization transaction. ASC 860-10 is a complex standard that may require the Company to exercise significant judgment in determining whether a transaction should be recorded as a “sale” or a “financing.”
Revenue Recognition, Policy [Policy Text Block]	'
	Interest income recognition
	Interest income on the Company’s real estate securities portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such securities. The Company has elected to record interest in accordance with ASC 835-30-35-2 using the effective interest method for all securities accounted for under the fair value option (ASC 825). As such, premiums and discounts are amortized or accreted into interest income over the lives of the securities in accordance with ASC 310-20, “Nonrefundable Fees and Other Costs,” ASC 320-10, “Investments—Debt and Equity Securities” or ASC 325-40, “Beneficial Interests in Securitized Financial Assets,” as applicable. Total interest income is recorded in the “Interest income” line item on the consolidated statement of operations.
	On at least a quarterly basis for securities accounted for under ASC 320-10 and ASC 310-20 (generally Agency RMBS), prepayments of the underlying collateral must be estimated, which directly affect the speed at which the Company amortizes such securities. If actual and anticipated cash flows differ from previous estimates, the Company recognizes a “catch-up” adjustment in the current period to the amortization of premiums for the impact of the cumulative change in the effective yield through the reporting date.
	Similarly, the Company also reassesses the cash flows on at least a quarterly basis for securities accounted for under ASC 325-40 (generally Non-Agency RMBS, ABS, CMBS and interest only securities). In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies. These include the rate and timing of principal and interest receipts, (including assumptions of prepayments, repurchases, defaults and liquidations), the pass-through or coupon rate and interest rate fluctuations. In addition, interest payment shortfalls due to delinquencies on the underlying mortgage loans have to be judgmentally estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment as adjusted for credit impairment, if any.
	Interest income on the Company’s loan portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such loans. The Company has elected to record interest in accordance with ASC 835-30-35-2 using the effective interest method for all loans accounted for under the fair value option (ASC 825). Any amortization will be reflected as an adjustment to interest income in the consolidated statement of operations.
	For security and loan investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30. For purposes of income recognition, the Company aggregates loans that have common risk characteristics into pools and uses a composite interest rate and expectation of cash flows expected to be collected for the pool. ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected generally should be recognized prospectively through an adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected should be recognized as impairment.
	The Company’s accrual of interest, discount and premium for U.S. federal and other tax purposes differs from the financial accounting treatment of these items as described above.
Repurchase Agreements, Valuation, Policy [Policy Text Block]	'
	Repurchase agreements
	The Company finances the acquisition of certain assets within its portfolio through the use of repurchase agreements. Repurchase agreements are treated as collateralized financing transactions and are carried at primarily their contractual amounts, including accrued interest, as specified in the respective agreements. The carrying amount of the Company’s repurchase agreements approximates fair value as the debt is short-term in nature.
	The Company pledges certain securities or loans as collateral under repurchase agreements with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. The amounts available to be borrowed are dependent upon the fair value of the securities or loans pledged as collateral, which fluctuates with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. In response to declines in fair value of pledged assets, lenders may require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as margin calls. As of September 30, 2014 and December 31, 2013, the Company has met all margin call requirements.
	In instances where the Company acquires assets through repurchase agreements with the same counterparty from whom the assets were purchased, the Company evaluates such transactions in accordance with ASC 860-10. This standard requires the initial transfer of a financial asset and repurchase financing that are entered into contemporaneously with, or in contemplation of, one another to be considered linked unless all of the criteria found in ASC 860-10 are met at the inception of the transaction. If the transaction meets all of the conditions, the initial transfer shall be accounted for separately from the repurchase financing, and the Company will record the assets and the related financing on a gross basis on its balance sheet with the corresponding interest income and interest expense recorded on a gross basis in the consolidated statement of operations. If the transaction is determined to be linked, the Company will record the initial transfer and repurchase financing on a net basis and record a forward commitment to purchase assets as a derivative instrument with changes in market value being recorded on the consolidated statement of operations. Such forward commitments are recorded at fair value with subsequent changes in fair value recognized in income. The Company refers to these transactions as Linked Transactions. The Company records interest income, interest expense, and gains and losses related to linked transactions in the “Income/(loss) from linked transactions, net” line item on the consolidated statement of operations. When or if a transaction is no longer considered to be linked, the real estate asset and related repurchase financing will be reported on a gross basis. The unlinking of a transaction causes a realized event in which the fair value of the real estate asset as of the date of unlinking will become the cost basis of the real estate asset. The difference between the fair value on the unlinking date and the existing cost basis of the security will be the realized gain or loss. Recognition of effective yield for such security will be calculated prospectively using the new cost basis.
Derivatives, Policy [Policy Text Block]	'
	Accounting for derivative financial instruments
	The Company enters into derivative contracts as a means of mitigating its interest rate risk. The Company uses interest rate derivative instruments to mitigate interest rate risk rather than to enhance returns. The Company accounts for derivative financial instruments in accordance with ASC 815-10, “Derivatives and Hedging.” ASC 815-10 requires an entity to recognize all derivatives as either assets or liabilities on the balance sheet and to measure those instruments at fair value. Additionally, the fair value adjustments will affect either other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings or net income depending on whether the derivative instrument is designated and qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. As of September 30, 2014 and December 31, 2013, the Company did not have any interest rate derivatives designated as hedges. All derivatives have been recorded at fair value in accordance with ASC 820-10, with corresponding changes in value recognized in the consolidated statement of operations. The Company records derivative asset and liability positions on a gross basis.
To Be Announced Securities [Policy Text Block]	'
	To-be-announced securities
	A to-be-announced security (“TBA”) is a forward contract for the purchase or sale of Agency RMBS at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific Agency RMBS delivered into or received from the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association, are not known at the time of the transaction. The Company may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a pair off), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA contract for a later settlement date. This transaction is commonly referred to as a dollar roll. The Agency RMBS purchased or sold for a forward settlement date are typically priced at a discount to Agency RMBS for settlement in the current month. This difference, or discount, is referred to as the price drop. The price drop is the economic equivalent of net interest carry income on the underlying Agency RMBS over the roll period (interest income less implied financing cost) and is commonly referred to as dollar roll income/(loss). Consequently, forward purchases of Agency RMBS and dollar roll transactions represent a form of off-balance sheet financing. Dollar roll income is recognized in the consolidated statement of operations in the line item “Unrealized gain/(loss) on derivative and other instruments, net.”
	TBAs are exempt from ASC 815 and are accounted for under ASC 320 if there is no other way to purchase or sell that security, if delivery or receipt of that security and settlement will occur within the shortest period possible for that type of security and if it is probable at inception and throughout the term of the individual contract that physical delivery or receipt of the security will occur (referred to as the “regular-way” exception). Unrealized gains and losses associated with TBA contracts not subject to the regular-way exception or not designated as hedging instruments are recognized in the consolidated statement of operations in the line item “Unrealized gain/(loss) on derivative and other instruments, net.”
Us Treasury Securities [Policy Text Block]	'
	Short positions in U.S. Treasury securities through reverse repurchase agreements
	The Company may sell short U.S. Treasury securities to help mitigate the potential impact of changes in interest rates. The Company may borrow securities to cover short sales of U.S. Treasury securities under reverse repurchase agreements, which are accounted for as borrowing transactions, and the Company recognizes an obligation to return the borrowed securities at fair value on its consolidated balance sheet based on the value of the underlying borrowed securities as of the reporting date. The Company establishes haircuts to ensure the market value of the underlying assets remains sufficient to protect the Company in the event of default by the counterparty. Realized and unrealized gains and losses associated with purchases and short sales of U.S. Treasury securities are recognized in “Net realized gain/(loss)”, and “Unrealized gain/(loss) on derivative and other instruments, net,” respectively, on the consolidated statement of operations.
Manager Remuneration [Policy Text Block]	'
	Manager compensation
	The management agreement provides for payment to the Manager of a management fee. The management fee is accrued and expensed during the period for which it is calculated and earned. For a more detailed discussion on the fees payable under the management agreement, see Note 10.
Income Tax, Policy [Policy Text Block]	'
	Income taxes
	The Company conducts its operations to qualify and be taxed as a REIT. Accordingly, the Company will generally not be subject to federal or state corporate income tax to the extent the Company makes qualifying distributions to its stockholders, and provided that it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the four taxable years following the year in which the Company fails to qualify as a REIT.
	The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the Company’s GAAP financial statements. Taxable income, generally, will differ from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.
	The Company has elected to treat certain subsidiaries as taxable REIT subsidiaries (“TRSs”) and may elect to treat other subsidiaries as TRSs. In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business.
	While a domestic TRS will generate net income, a domestic TRS can declare dividends to the Company which will be included in the Company’s taxable income and necessitate a distribution to stockholders. Conversely, if the Company retains earnings at the domestic TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. A domestic TRS is subject to U.S. federal, state and local corporate income taxes.
	The Company elected to treat one of its consolidated subsidiaries as a foreign TRS and, accordingly, taxable income generated by this foreign TRS may not be subject to local income taxation, but generally will be included in the Company’s income on a current basis as Subpart F income, whether or not distributed.
	The Company’s financial results are generally not expected to reflect provisions for current or deferred income taxes, except for any activities conducted through one or more TRSs that are subject to corporate income taxation. The Company believes that it will operate in a manner that will allow it to qualify for taxation as a REIT. As a result of the Company’s expected REIT qualification, it does not generally expect to pay federal or state corporate income tax. Many of the REIT requirements, however, are highly technical and complex. If the Company were to fail to meet the REIT requirements, it would be subject to federal income taxes and applicable state and local taxes.
	As a REIT, if the Company fails to distribute in any calendar year at least the sum of (i) 85% of its ordinary income for such year, (ii) 95% of its net capital gain income for such year, and (iii) any undistributed taxable income from the prior year, the Company would be subject to a nondeductible 4% excise tax on the excess of such required distribution over the sum of (i) the amounts actually distributed and (ii) the amounts of income retained and on which the Company has paid corporate income tax.
	The Company evaluates uncertain income tax positions, if any, in accordance with ASC Topic 740, “Income Taxes”. The Company classifies interest and penalties, if any, related to unrecognized tax benefits as a component of provision for income taxes. See Note 9 for further details.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	'
	Stock-based compensation
	The Company applies the provisions of ASC 718, “Compensation—Stock Compensation” with regard to its equity incentive plans. ASC 718 covers a wide range of share-based compensation arrangements including stock options, restricted stock plans, performance-based awards, stock appreciation rights and employee stock purchase plans. ASC 718 requires that compensation cost relating to stock-based payment transactions be recognized in financial statements. Compensation cost is measured based on the fair value of the equity or liability instruments issued.
	Compensation cost related to restricted common shares issued to the Company’s directors is measured at its estimated fair value at the grant date, and is amortized and expensed over the vesting period on a straight-line basis. Compensation cost related to restricted common shares and restricted stock units issued to the Manager is initially measured at estimated fair value at the grant date, and is remeasured on subsequent dates to the extent the awards are unvested. The Company has elected to use the straight-line method to amortize compensation expense for the restricted common shares and restricted stock units granted to the Manager.
New Accounting Pronouncements, Policy [Policy Text Block]	'
	Recent accounting pronouncements
	In January 2014, the FASB issued ASU 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure” (“ASU 2014-04”). ASU 2014-04 clarifies that an in substance repossession or foreclosure occurs, and 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. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU 2014-04 does not have a material impact on the Company’s financial statements.
	In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The standard states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. Although “major” is not defined, the standard provides examples of when a disposal qualifies as a discontinued operation. A business or nonprofit activity that upon acquisition qualifies as held for sale will also be a discontinued operation. The standard no longer precludes presentation as a discontinued operation if (i) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations, or (ii) there is significant continuing involvement with a component after its disposal. The standard introduces several new disclosures, including a requirement to present in the consolidated statement of cash flows or disclose in a note either (i) total operating and investing cash flows for discontinued operations, or (ii) depreciation, amortization, capital expenditures, and significant operating and investing noncash items related to discontinued operations. An entity must also reclassify the assets and liabilities of a discontinued operation that are classified as held for sale or disposed of in the current period for the comparative periods presented in the balance sheets. The Company chose to early adopt this standard in the quarter ended March 31, 2014. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements.
	In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09 Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.  ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations.
	In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing: Repurchase-to-Maturity Transaction, Repurchase Financings, and Disclosures” (“ASU 2014-11”). 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 2014-11 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 860-10. 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. This guidance will take effect for periods beginning after December 15, 2014, and early adoption is prohibited. Certain disclosures under this guidance do not take effect until the first period beginning after March 15, 2015. The Company is currently assessing the impact of this guidance.

Real_Estate_Securities_Tables

Real Estate Securities (Tables)	9 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Schedule Of Real Estate Securities [Table Text Block]	'
	The following table details the Company’s real estate securities portfolio as of September 30, 2014:
				Premium /					Gross Unrealized (1)										Weighted Average
		Current Face		(Discount)		Amortized Cost			Gains			Losses			Fair Value		Coupon (2)				Yield
	Agency RMBS:
	20 Year Fixed Rate	$	130,938,057	$	6,412,840	$	137,350,897		$	1,358,220		$	-1,085,852		$	137,623,265			3.72	%	2.83	%
	30 Year Fixed Rate		971,568,294		49,271,726		1,020,840,020			6,641,223			-6,231,864			1,021,249,379			3.93	%	3.2	%
	Fixed Rate CMO		90,676,332		930,426		91,606,758			883,101			-			92,489,859			3	%	2.81	%
	ARM		434,439,072		-728,938		433,710,134			3,580,922			-562,702			436,728,354			2.42	%	2.76	%
	Interest Only		807,823,148		-679,000,762		128,822,386			6,893,365			-3,652,357			132,063,394			4.57	%	7.97	%
	Credit Investments:
	Non-Agency RMBS		1,275,450,910		-180,916,996		1,094,533,914			26,362,689			-4,265,350			1,116,631,253			3.97	%	5.66	%
	ABS		76,981,884		-645,408		76,336,476			406,971			-708,326			76,035,121			4.99	%	5.59	%
	CMBS		81,080,619		-1,326,630		79,753,989			2,841,408			-			82,595,397			5.1	%	6.6	%
	Interest Only		52,357,700		-46,263,595		6,094,105			260,320			-			6,354,425			1.92	%	5.72	%
	Total	$	3,921,316,016	$	-852,267,337	$	3,069,048,679		$	49,228,219		$	-16,506,451		$	3,101,770,447			3.9	%	4.35	%
	(1) The Company has chosen to make a fair value election pursuant to ASC 825 for our real estate securities portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains/(losses).
	(2) Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation.
	The following table details the Company’s real estate securities portfolio as of December 31, 2013:
				Premium /					Gross Unrealized (1)									Weighted Average
		Current Face		(Discount)		Amortized Cost			Gains			Losses			Fair Value			Coupon			Yield
	Agency RMBS:
	15 Year Fixed Rate	$	435,843,408	$	12,909,886	$	448,753,294		$	1,509,418		$	-2,662,880		$	447,599,832		3.13	%		2.5	%
	20 Year Fixed Rate		142,296,219		7,316,644		149,612,863			610,806			-3,166,423			147,057,246		3.73	%		2.89	%
	30 Year Fixed Rate		1,191,781,474		68,531,950		1,260,313,424			60,020			-30,868,697			1,229,504,747		4.03	%		3.28	%
	ARM		466,047,819		-1,583,428		464,464,391			187,111			-2,864,107			461,787,395		2.43	%		2.78	%
	Interest Only		736,263,003		-601,525,564		134,737,439			5,083,736			-2,767,627			137,053,548		4.92	%		6.49	%
	Credit Investments:
	Non-Agency RMBS		962,852,550		-132,283,547		830,569,003			20,615,586			-6,967,021			844,217,568		4.19	%		5.79	%
	ABS		71,326,847		-315,657		71,011,190			333,594			-			71,344,784		3.82	%		4.07	%
	CMBS		88,828,774		-2,269,882		86,558,892			1,270,629			-902,786			86,926,735		5.16	%		6.53	%
	Interest Only		52,357,700		-45,794,824		6,562,876			-			-238,141			6,324,735		1.85	%		5.71	%
	Total	$	4,147,597,794	$	-695,014,422	$	3,452,583,372		$	29,670,900		$	-50,437,682		$	3,431,816,590		3.94	%		3.94	%
	(1) We have chosen to make a fair value election pursuant to ASC 825 for our real estate securities portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains/(losses).
Available-For-Sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]	'
	The following table presents the gross unrealized losses and fair value of the Company’s real estate securities by length of time that such securities have been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013.
		Less than 12 months				Greater than 12 months
	As of	Fair Value		Unrealized Losses		Fair Value			Unrealized
									Losses
	30-Sep-14	$	460,583,404	$	-5,204,176	$	476,019,057		$	-11,302,275
	31-Dec-13		2,330,415,740		-43,557,831		112,253,956			-6,879,851
Weighted Average Life Of Real Estate Securities [Table Text Block]	'
	The following table details weighted average life by Agency RMBS, Agency Interest-Only (“IO”) and Credit Investments as of September 30, 2014:
		Agency RMBS (1)						Agency IO								Credit Investments (2)
	Weighted Average Life (3)	Fair Value		Amortized Cost		Weighted		Fair Value			Amortized			Weighted		Fair Value			Amortized Cost			Weighted
						Average					Cost			Average								Average
						Coupon								Coupon								Coupon (4)
	Less than or equal to 1 year	$	-	$	-	-		$	-		$	-		-		$	53,293,063		$	53,043,888		3.47	%
	Greater than one year and less than or equal to five years		65,542,306		65,178,822	2.62	%		82,167,787			79,343,292		4.33	%		502,137,254			490,058,341		3.83	%
	Greater than five years and less than or equal to ten years		1,542,908,512		1,538,341,141	3.49	%		49,895,607			49,479,094		5.06	%		652,502,483			639,985,146		4.14	%
	Greater than ten years		79,640,039		79,987,846	3.5	%		-			-		-			73,683,396			73,631,109		4.47	%
	Total	$	1,688,090,857	$	1,683,507,809	3.46	%	$	132,063,394		$	128,822,386		4.57	%	$	1,281,616,196		$	1,256,718,484		4.01	%
	(1) For purposes of this table, Agency RMBS represent securities backed by Fixed Rate 20 Year, Fixed Rate 30 Year mortgages, ARMs and Fixed Rate CMOs.
	(2) For purposes of this table, Credit Investments represent Non-Agency RMBS, ABS, CMBS and Credit Interest Only securities.
	(3) Actual maturities of mortgage-backed securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.
	(4) Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation.
	The following table details weighted average life by Agency RMBS, Agency IO and Credit Investments as of December 31, 2013:
		Agency RMBS (1)						Agency IO								Credit Investments (2)
	Weighted Average Life (3)	Fair Value		Amortized Cost		Weighted		Fair Value			Amortized Cost			Weighted		Fair Value			Amortized Cost			Weighted
						Average								Average								Average
						Coupon								Coupon								Coupon
	Less than or equal to 1 year	$	-	$	-	-		$	5,406,120		$	4,739,053		-		$	5,227,857		$	5,355,113		0.67	%
	Greater than one year and less than or equal to five years		292,921,980		292,010,291	3.12	%		109,110,653			107,278,916		5.11	%		367,316,237			359,557,150		4.29	%
	Greater than five years and less than or equal to ten years		1,514,649,739		1,534,246,672	3.5	%		22,536,775			22,719,470		4.48	%		513,581,646			504,612,828		3.74	%
	Greater than ten years		478,377,501		496,887,009	3.73	%		-			-		-			122,688,082			125,176,870		5.56	%
	Total	$	2,285,949,220	$	2,323,143,972	3.5	%	$	137,053,548		$	134,737,439		4.92	%	$	1,008,813,822		$	994,701,961		4.14	%
	(1) For purposes of this table, Agency RMBS represent securities backed by Fixed Rate 15 Year, Fixed Rate 20 Year, Fixed Rate 30 Year mortgages, ARMs and Fixed Rate CMOs.
	(2) For purposes of this table, Credit Investments represent Non-Agency RMBS, ABS, CMBS and Credit Interest Only securities.
	(3) Actual maturities of mortgage-backed securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.

Loans_Tables

Loans (Tables)	9 Months Ended
	Sep. 30, 2014
Gain (Loss) on Investments [Line Items]	'
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	'
	. The following is a summary of certain concentrations of credit risk in the mortgage loan portfolio:
	Concentration of Credit Risk		September 30, 2014			December 31, 2013
	Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100%			99	%		-
	Percentage of fair value of mortgage loans secured by properties in the following states:
	Representing 5% or more of fair value:
	New York			16	%		-
	California			11	%		-
	Florida			7	%		-
	Maryland			5	%		-
Schedule Certain Loans Acquired in Transfer, Accretable Yield [Table Text Block]	'
	The following is a summary of the changes in the accretable portion of discounts for the three and nine months ended September 30, 2014:
			Three Months Ended					Nine Months Ended
			September 30, 2014			September 30, 2013		September 30, 2014		September 30, 2013
	Beginning Balance		$	16,456,567		$	-	$	-	$	-
	Additions			21,135,814			-		38,295,030		-
	Accretion			-694,427			-		-982,312		-
	Reclassifications from/(to) non-accretable difference			-431,066			-		-431,066		-
	Disposals			-294,910			-		-709,674		-
	Ending Balance		$	36,171,978		$	-	$	36,171,978	$	-
Residential Mortgage Loans [Member]	'
Gain (Loss) on Investments [Line Items]	'
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	'
	The table below details certain information regarding the Company’s residential mortgage loan portfolio as of September 30, 2014:
			Unpaid Principal			Premium				Gross Unrealized (1)						Weighted Average
			Balance (2)			(Discount)		Amortized Cost		Gains		Losses (3)		Fair Value		Coupon			Yield			Life
	Pool A		$	56,291,825		$	-21,561,694	$	34,730,131	$	-	$	-538,622	$	34,191,509		4.95	%		8.97	%		5.01
	Pool B			13,659,018			-7,892,354		5,766,664		-		-143,097		5,623,567		5.05	%		13.68	%		4.79
	Pool C			50,547,369			-6,576,461		43,970,908		-		-75,000		43,895,908		6.3	%		5.6	%		6.67
			$	120,498,212		$	-36,030,509	$	84,467,703	$	-	$	-756,719	$	83,710,984		5.53	%		7.52	%		5.68
	(1)  The Company has chosen to make a fair value election pursuant to ASC 825 for its loan portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains (losses).
		-2	Pool A is comprised of re-performing and non-performing loans with unpaid principal balances of $32.9 million and $23.4 million, and fair market values of  $21.7 million and $12.5 million, respectively.
	Pool B is comprised of re-performing and non-performing loans with unpaid principal balances of $6.3 million and $7.4 million, and fair market values of  $2.8 million and $2.8 million, respectively.
	Pool C is comprised of re-performing loans with an unpaid principal balance of $50.5 million.
	-3	Unrealized losses resulted primarily from capitalized costs.
Commercial Loans [Member]	'
Gain (Loss) on Investments [Line Items]	'
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	'
	The following tables present the current principal balance, premium or discount, amortized cost, gross unrealized gain, gross unrealized loss, fair market value, coupon rate and effective yield of the Company’s commercial loan portfolio at September 30, 2014. The Company did not hold any commercial loans as of December 31, 2013.
						Premium				Gross Unrealized (1)						Weighted Average
			Current Face			(Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon			Yield			Life
	Commercial Loans		$	72,800,000		$	-353,482	$	72,446,518	$	380,525	$	-27,043	$	72,800,000		6.79	%		8.4	%		2.27
	(1) We have chosen to make a fair value election pursuant to ASC 825 for our loan portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains (losses).

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	'
	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2014:
		Fair Value at September 30, 2014
		Level 1		Level 2			Level 3		Total
	Assets:
	Agency RMBS:
	20 Year Fixed Rate	$	-	$	137,623,265		$	-	$	137,623,265
	30 Year Fixed Rate		-		1,021,249,379			-		1,021,249,379
	Fixed Rate CMO		-		92,489,859			-		92,489,859
	ARM		-		436,728,354			-		436,728,354
	Interest Only		-		132,063,394			-		132,063,394
	Credit Investments:
	Non-Agency RMBS		-		653,168,050			463,463,203		1,116,631,253
	ABS		-		-			76,035,121		76,035,121
	CMBS		-		55,329,089			27,266,308		82,595,397
	Interest Only		-		-			6,354,425		6,354,425
	Residential mortgage loans		-		-			83,710,984		83,710,984
	Commercial loans		-		-			72,800,000		72,800,000
	Excess mortgage servicing rights		-		-			679,752		679,752
	Linked transactions		-		21,820,825			6,525,977		28,346,802
	Derivative assets		-		24,810,271			-		24,810,271
	Total Assets Carried at Fair Value	$	-	$	2,575,282,486		$	736,835,770	$	3,312,118,256
	Liabilities:
	Obligation to return securities borrowed under reverse repurchase agreements, at fair value	$	-28,045,938	$	-		$	-	$	-28,045,938
	Derivative liabilities		-		-4,947,317			-		-4,947,317
	Total Liabilities Carried at Fair Value	$	-28,045,938	$	-4,947,317		$	-	$	-32,993,255
	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2013.
		Fair Value at December 31, 2013
		Level 1		Level 2			Level 3		Total
	Assets:
	Agency RMBS:
	15 Year Fixed Rate	$	-	$	447,599,832		$	-	$	447,599,832
	20 Year Fixed Rate		-		147,057,246			-		147,057,246
	30 Year Fixed Rate		-		1,229,504,747			-		1,229,504,747
	ARM		-		461,787,395			-		461,787,395
	Interest Only		-		137,053,548			-		137,053,548
	Credit Investments:
	Non-Agency RMBS		-		534,377,006			309,840,562		844,217,568
	ABS		-		-			71,344,784		71,344,784
	CMBS		-		62,954,692			23,972,043		86,926,735
	Interest Only		-		-			6,324,735		6,324,735
	Commercial loans		-		-			-		-
	Linked transactions		-		34,778,728			14,723,169		49,501,897
	Derivative assets		-		53,060,528			-		53,060,528
	Total Assets Carried at Fair Value	$	-	$	3,108,173,722		$	426,205,293	$	3,534,379,015
	Liabilities:
	Obligation to return securities borrowed under reverse repurchase agreements, at fair value	$	-27,477,188	$	-		$	-	$	-27,477,188
	Derivative liabilities		-		-206,743			-		-206,743
	Total Liabilities Carried at Fair Value	$	-27,477,188	$	-206,743		$	-	$	-27,683,931
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	'
	The following tables present additional information about the Company’s investments which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:
	Three Months Ended
	30-Sep-14
		Non-Agency		ABS			CMBS		Interest Only		Residential		Commercial		Excess Mortgage		Linked
		RMBS									Mortgage Loans		Loans		Servicing Rights		Transactions
	Beginning balance	$	548,337,038	$	43,095,198		$	19,289,905	$	6,629,380	$	34,841,048	$	72,800,000	$	730,146	$	8,547,625
	Transfers (1):
	Transfers into level 3		-		-			-		-		-		-		-		-
	Transfers out of level 3		-		-			-		-		-		-		-		-
	Purchases		126,990,580		56,736,048			8,468,211		-		49,407,678		-		-		1,856,434
	Reclassification of security type (2)		-		-			-		-		-		-		-		-
	Proceeds from sales		-75,994,907		-21,617,858			88,283		-		-		-		-		-16,308,660
	Proceeds from settlement		-134,372,644		-2,008,936			-354,761		-		-154,506		-		-50,394		12,241,898
	Total net gains/(losses) (3)
	Included in net income		-1,496,864		-169,331			-225,330		-274,955		-383,236		-		-		188,680
	Included in other comprehensive income (loss)		-		-			-		-		-		-		-		-
	Ending Balance	$	463,463,203	$	76,035,121		$	27,266,308	$	6,354,425	$	83,710,984	$	72,800,000	$	679,752	$	6,525,977
	Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2014 (4)	$	-3,417,387	$	-240,323		$	-225,331	$	-274,954	$	-444,083	$	27,579	$	-	$	-834,215
	(1) Transfers are assumed to occur at the beginning of the period.
	(2) Represents an accounting reclassification between a linked transaction and a real estate security.
	(3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
	Income/(loss) from linked transactions, net	$	188,680
	Unrealized gain/(loss) on real estate securities and loans, net		-6,348,850
	Net realized gain/(loss)		3,799,134
	Total	$	-2,361,036
	(4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations:
	Income/(loss) from linked transactions, net	$	-834,215
	Unrealized gain/(loss) on real estate securities and loans, net		-4,574,499
	Total	$	-5,408,714
	Three Months Ended
	30-Sep-13
		Non-Agency		ABS			CMBS		Interest Only		Commercial		Linked
		RMBS									Loans		Transactions
	Beginning balance	$	217,503,196	$	97,916,107		$	22,779,730	$	6,592,026	$	30,000,000	$	6,089,083
	Transfers (1):
	Transfers into level 3		-		-			-		-		-		-
	Transfers out of level 3		-		-			-		-		-		-
	Purchases		14,967,242		11,610,000			4,462,500		-		-		2,674,853
	Reclassification of security type (2)		-		-			-		-		-		-
	Proceeds from sales		-57,972,354		-			-		-		-		-567,000
	Proceeds from settlement		-2,427,774		-11,487,436			-		-		-		-1,116,717
	Total net gains/ (losses) (3)
	Included in net income		-2,997,362		1,305,652			101,669		-95,605		-		31,534
	Included in other comprehensive income (loss)		-		-			-		-		-		-
	Ending Balance	$	169,072,948	$	99,344,323		$	27,343,899	$	6,496,421	$	30,000,000	$	7,111,753
	Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2013 (4)	$	-1,972,852	$	1,305,652		$	93,343	$	47,010	$	-	$	50,778
	(1) Transfers are assumed to occur at the beginning of the period.
	(2) Represents an accounting reclassification between a linked transaction and a real estate security.
	(3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
	Income/(loss) from linked transactions, net	$	152,946
	Unrealized gain/(loss) on real estate securities and loans, net		-530,032
	Interest income		37,573
	Net realized loss		-1,314,599
	Total	$	-1,654,112
	(4) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
	Income/(loss) from linked transactions, net	$	50,778
	Unrealized gain/(loss) on real estate securities and loans, net		-526,847
	Total	$	-476,069
	Nine Months Ended
	30-Sep-14
		Non-Agency		ABS			CMBS		Interest Only		Residential		Commercial Loans		Excess Mortgage		Linked
		RMBS									Mortgage Loans				Servicing Rights		Transactions
	Beginning balance	$	309,840,562	$	71,344,784		$	23,972,043	$	6,324,735	$	-	$	-	$	-	$	14,723,169
Transfers (1):
Transfers into level 3		-		-			-		-		-		-				-
Transfers out of level 3		-		-			-		-		-		-				-
Purchases		376,356,600		66,320,548			8,468,211		-		84,482,849		72,084,833		730,146		1,856,434
Reclassification of security type (2)		26,752,862		-			-		-		-		-				-4,219,811
Proceeds from sales		-91,759,940		-45,409,687			-5,586,445		-				-		-		-16,308,660
Proceeds from settlement		-163,379,361		-16,254,316			-919,156				-608,604		-		-50,394		8,627,536
Total net gains/(losses) (3)
Included in net income		5,652,480		33,792			1,331,655		29,690		-163,261		715,167		-		1,847,309
Included in other comprehensive income (loss)		-		-			-		-		-		-		-		-
Ending Balance	$	463,463,203	$	76,035,121		$	27,266,308	$	6,354,425	$	83,710,984	$	72,800,000	$	679,752	$	6,525,977
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2014 (4)	$	3,528,920	$	-178,003		$	496,313	$	29,691	$	-163,261	$	742,746	$	-	$	821,929
(1) Transfers are assumed to occur at the beginning of the period.
(2) Represents an accounting reclassification between a linked transaction and a real estate security.
(3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net	$	1,847,309
Unrealized gain/(loss) on real estate securities and loans, net		3,419,516
Net realized gain/(loss)		4,180,007
Total	$	9,446,832
(4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net	$	821,929
Unrealized gain/(loss) on real estate securities and loans, net		4,456,406
Total	$	5,278,335
Nine Months Ended
30-Sep-13
	Non-Agency		ABS			CMBS		Interest Only		Commercial		Linked
	RMBS									Loans		Transactions
Beginning balance	$	255,043,557	$	33,937,097		$	34,066,710	$	-	$	-	$	6,425,683
Transfers (1):
Transfers into level 3		-		-			-		-		-		-
Transfers out of level 3		-		-			-		-		-		-
Purchases		112,712,253		139,603,404			4,462,500		7,048,720		30,017,825		5,333,022
Reclassification of security type (2)		-		-			-		-		-		-
Proceeds from sales		-185,283,901		-41,105,832			-10,041,297		-		-		-567,000
Proceeds from settlement		-14,815,085		-32,076,184			-58,631		-		-		-3,512,076
Total net gains/ (losses) (3)
Included in net income		1,416,124		-1,014,162			-1,085,383		-552,299		-17,825		-567,876
Included in other comprehensive income (loss)		-		-			-		-		-		-
Ending Balance	$	169,072,948	$	99,344,323		$	27,343,899	$	6,496,421	$	30,000,000	$	7,111,753
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2013 (4)	$	-1,206,175	$	-782,493		$	-730,024	$	-213,915	$	-17,825	$	-664,102
(1) Transfers are assumed to occur at the beginning of the period.
(2) Represents an accounting reclassification between a linked transaction and a real estate security.
(3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net	$	-489,068
Unrealized gain/(loss) on real estate securities and loans, net		-4,713,939
Interest income		475,040
Net realized loss		2,906,546
Total	$	-1,821,421
(4) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net	$	-664,102
Unrealized gain/(loss) on real estate securities and loans, net		-2,950,432
Total	$	-3,614,534
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	'
	The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value:
	Asset Class	Fair Value at		Valuation Technique		Unobservable Input		Range
		September 30, 2014						(Weighted Average)
						Yield		1.95% - 34.34% (5.22%)
	Non Agency RMBS	$	463,463,203	Discounted Cash Flow		Projected Collateral Prepayments		0.00% - 12.00% (2.42%)
						Projected Collateral Losses		0.00% - 30.00% (17.01%)
						Projected Collateral Severities		0.00% - 80.00% (47.23%)
	ABS	$	76,035,121	Discounted Cash Flow		Yield		4.67% - 7.95% (5.59%)
						Projected Collateral Prepayments		20.00% - 20.00% (20.00%)
						Yield		5.07% - 6.54% (5.99%)
	CMBS	$	27,266,308	Discounted Cash Flow		Projected Collateral Prepayments		0.00% - 0.00% (0.00%)
						Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		5.72% - 5.73% (5.72%)
	Interest Only	$	6,354,425	Discounted Cash Flow		Projected Collateral Prepayments		100.00% - 100.00% (100.00%)
						Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
	Residential Mortgage Loans	$	83,710,984	Market Comparable		Yield		5.60% - 13.68% (7.52%)
	Commercial Loans	$	72,800,000	Market Comparable		Yield		6.25% - 15.22% (8.40%)
	Excess Mortgage Servicing Rights	$	679,752	Discounted Cash Flow		Yield		5.71% - 7.81% (7.38%)
						Yield		4.41% - 6.14% (5.30%)
	Linked	$	6,525,977	Discounted Cash Flow		Projected Collateral Prepayments		0.00% - 12.00% (5.40%)
	Transactions*
						Projected Collateral Losses		4.00% - 30.00% (12.81%)
						Projected Collateral Severities		30.00% - 60.00% (48.03%)
	*Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments.
	Asset Class	Fair Value at		Valuation Technique		Unobservable Input		Range
		December 31, 2013						(Weighted Average)
						Yield		3.35% - 13.99% (5.13%)
	Non Agency RMBS	$	309,840,562	Discounted Cash Flow		Projected Collateral Prepayments		0.00% - 12.00% (3.51%)
						Projected Collateral Losses		0.00% - 30.00% (7.93%)
						Projected Collateral Severities		0.00% - 80.00% (60.40%)
	ABS	$	71,344,784	Discounted Cash Flow		Yield		3.78% - 5.39% (4.07%)
						Yield		4.88% - 5.75% (5.51%)
	CMBS	$	23,972,043	Discounted Cash Flow		Projected Collateral Prepayments		0.00% - 0.00% (0.00%)
						Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		5.70% - 5.72% (5.71%)
	Interest Only	$	6,324,735	Discounted Cash Flow		Projected Collateral Prepayments		100.00% - 100.00% (100.00%)
						Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		3.85% - 9.01% (4.71%)
	Linked	$	14,723,169	Discounted Cash Flow		Projected Collateral Prepayments		0.00% - 12.00% (2.43%)
	Transactions*
						Projected Collateral Losses		0.00% - 30.00% (12.83%)
						Projected Collateral Severities		0.00% - 80.00% (41.37%)
	*Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS and CMBS investments.

Repurchase_Agreements_Tables

Repurchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2014
Disclosure Of Repurchase Agreements [Abstract]	'
Schedule of Repurchase Agreements [Table Text Block]	'
	The following table presents certain information regarding the Company’s repurchase agreements secured by real estate securities as of September 30, 2014:
	Repurchase Agreements Maturing Within:	Balance		Weighted Average		Weighted Average
				Rate		Haircut
	30 days or less	$	1,196,667,081	0.81	%	10.56	%
	31-60 days		623,875,000	0.61	%	4.28	%
	61-90 days		291,055,398	0.39	%	6.39	%
	Greater than 90 days		555,204,642	1.72	%	14.05	%
	Total / Weighted Average	$	2,666,802,121	0.91	%	9.36	%
	The following table presents certain information regarding the Company’s repurchase agreements secured by real estate securities as of December 31, 2013:
	Repurchase Agreements Maturing Within:	Balance		Weighted Average		Weighted Average
				Rate		Haircut
	30 days or less	$	1,357,768,314	0.85	%	7.97	%
	31-60 days		903,866,190	0.54	%	4.46	%
	61-90 days		250,387,000	0.49	%	5.65	%
	Greater than 90 days		379,612,912	1.53	%	16.37	%
	Total / Weighted Average	$	2,891,634,416	0.81	%	7.77	%
	The following table presents certain information regarding the Company’s repurchase agreements secured by interests in residential mortgage loans as of September 30, 2014:
	Repurchase Agreements Maturing Within:	Balance		Weighted Average		Weighted Average		Weighted
				Rate		Funding Cost		Average Haircut
	30 days or less	$	-	-		-		-
	31-60 days		-	-		-		-
	61-90 days		-	-		-		-
	Greater than 90 days		51,044,573	2.97	%	3.24	%	30.1	%
	Total / Weighted Average	$	51,044,573	2.97	%	3.24	%	30.1	%
	The following table presents certain information regarding the Company’s repurchase agreements secured by interests in commercial mortgage loans as of September 30, 2014:
	Repurchase Agreements Maturing Within:	Balance		Weighted Average		Weighted Average		Weighted
				Rate		Funding Cost		Average Haircut
	30 days or less	$	-	-		-		-
	31-60 days		-	-		-		-
	61-90 days		-	-		-		-
	Greater than 90 days		22,500,000	2.5	%	2.72	%	64.17	%
	Total / Weighted Average	$	22,500,000	2.5	%	2.72	%	64.17	%
Schedule Of Securities Collateral Information [Table Text Block]	'
	The following table presents information with respect to the Company’s posting of collateral under repurchase agreements at September 30, 2014 and December 31, 2013:
		September 30, 2014		December 31, 2013
	Repurchase agreements secured by Agency RMBS	$	1,703,213,999	$	2,104,691,819
	Fair Value of Agency RMBS pledged as collateral under repurchase agreements		1,810,225,767		2,235,331,133
	Repurchase agreements secured by Non-Agency RMBS, ABS and CMBS		963,588,122		786,942,597
	Fair Value of Non-Agency RMBS, ABS and CMBS pledged as collateral under repurchase agreements		1,205,142,809		1,008,813,822
	Repurchase agreements secured by Residential Mortgage Loans		51,044,573		-
	Fair Value of Residential Mortgage Loans pledged as collateral under repurchase agreements		73,028,954		-
	Repurchase agreements secured by Commercial Mortgage Loans		22,500,000		-
	Fair Value of Commercial Mortgage Loans pledged as collateral under repurchase agreements		62,800,000		-
	Cash pledged (i.e., restricted cash) under repurchase agreements		26,459,148		962,047
Schedule Of Gross and Net Information About Repurchase Agreements [Table Text Block]	'
	The following table presents both gross information and net information about repurchase agreements eligible for offset in the consolidated balance sheet as of September 30, 2014:
			Gross Amounts of		Gross Amounts Offset		Net Amounts of Liabilities			Gross Amounts Not Offset in the
										Statement of Financial Position
	Description	Recognized		in the Statement of			Presented in the Statement of			Financial		Cash Collateral		Net Amount
		Liabilities		Financial Position			Financial Position			Instruments Posted		Posted
	Repurchase Agreements	$	2,740,346,694	$	-		$	2,740,346,694		$	2,740,346,694	$	-	$	-
	The following table presents both gross information and net information about repurchase agreements eligible for offset in the consolidated balance sheet as of December 31, 2013:
		Gross Amounts of		Gross Amounts Offset			Net Amounts of Liabilities			Gross Amounts Not Offset in the
										Statement of Financial Position
	Description	Recognized		in the Statement of			Presented in the Statement of			Financial		Cash Collateral		Net Amount
		Liabilities		Financial Position			Financial Position			Instruments Posted		Posted
	Repurchase Agreements	$	2,891,634,416	$	-		$	2,891,634,416		$	2,891,634,416	$	-	$	-
Schedule Of Repurchase Agreement Counterparty [Table Text Block]	'
	At September 30, 2014 the following table reflects amounts at risk under its repurchase agreements greater than 5% of the Company’s equity with any counterparty, excluding linked transactions.
	Counterparty	Amount at Risk		Weighted Average		Percentage of
				Maturity (days)		Stockholders' Equity
	Wells Fargo Bank, N.A.	$	93,266,083	580		12.6	%
	Credit Suisse Securities, LLC		72,489,644	151		9.8	%
	The Royal Bank of Canada		42,201,982	37		5.7	%
	The Royal Bank of Scotland, PLC		38,680,781	143		5.2	%
	JP Morgan Securities, LLC		36,629,521	249		5	%
	At December 31, 2013, the following table reflects amounts at risk under the Company’s repurchase agreements greater than 5% of its equity with any counterparty, excluding linked transactions.
	Counterparty	Amount at Risk		Weighted Average		Percentage of
				Maturity (days)		Stockholders' Equity
	Credit Suisse Securities, LLC	$	62,749,069	35		8.9	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		51,047,394	34		7.2	%
	Wells Fargo Bank, N.A		39,399,377	101		5.6	%

Derivatives_Tables

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2014
Derivatives [Abstract]	'
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	'
	The following table presents the fair value of the Company's derivative instruments and their balance sheet location at September 30, 2014 and December 31, 2013.
	Derivative Instrument		Designation		Balance Sheet Location		September 30, 2014			December 31, 2013
	Interest rate swaps		Non-Hedge		Derivative liabilities, at fair value		$	-4,602,316		$	-1,439,688
	Interest rate swaps		Non-Hedge		Derivative assets, at fair value			24,392,607			54,418,115
	Swaptions		Non-Hedge		Derivative liabilities, at fair value			-			-559,858
	Swaptions		Non-Hedge		Derivative assets, at fair value			107,527			641,960
	TBAs		Non-Hedge		Derivative liabilities, at fair value			-345,001			-
	TBAs		Non-Hedge		Derivative assets, at fair value			142,652			-
	IO Index		Non-Hedge		Derivative assets, at fair value			167,485			-
	MBS Options		Non-Hedge		Derivative liabilities, at fair value			-			-206,743
	Linked transactions		Non-Hedge		Linked transactions, net, at fair value			28,346,802			49,501,897
Schedule of Derivative Instruments [Table Text Block]	'
	The following table summarizes information related to derivatives:
			September 30, 2014			December 31, 2013
	Non-hedge derivatives:
	Notional amount of Interest Rate Swap Agreements (1)		$	1,481,000,000		$	2,145,000,000
	Net notional amount of Swaptions			105,000,000			115,000,000
	Net notional amount of IO Index			38,434,785			-
	Net notional amount of TBAs			200,000,000			-
	Notional amount of Linked Transactions (2)			168,230,815			291,734,071
	(1) Includes forward starting swaps with a notional of $100.0 million as of December 31, 2013.
	(2) Represents the current face of the securities comprising linked transactions.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]	'
	The following table summarizes gains/(losses) related to derivatives:
					Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	Non-hedge derivatives gain (loss):		Statement of Operations Location		September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
	Interest rate swaps, at fair value		Unrealized gain/(loss) on derivative and other instruments, net		$	10,991,593		$	-5,700,547		$	-32,567,949		$	69,649,295
	Interest rate swaps, at fair value		Net realized gain/(loss)			-1,787,879			-2,207,074			109,277			-9,294,517
	Swaptions, at fair value		Unrealized gain/(loss) on derivative and other instruments, net			176,087			-			-405,077			-
	Swaptions, at fair value		Net realized loss			-250,000			-			-116,250			-
	TBAs (1)		Unrealized gain/(loss) on derivative and other instruments, net			-2,292,387			1,022,755			-202,349			-1,198,828
	TBAs		Net realized gain/(loss)			2,889,453			153,578			2,663,476			-423,571
	IO Index, at fair value		Unrealized gain/(loss) on derivative and other instruments, net			28,071			-			66,060			-
	IO Index, at fair value		Net realized loss			-131,368			-			-454,257			-
	MBS Options, at fair value		Unrealized gain/(loss) on derivative and other instruments, net			-			-			38,774			-
	MBS Options, at fair value		Net realized gain			-			-			19,531			-
	Linked transactions		Income/(loss) from linked transactions, net			3,481,936			-519,785			11,018,043			2,296,541
	Short positions in U.S. Treasuries		Unrealized gain/(loss) on derivative and other instruments, net			555,880			-1,102,153			-568,750			-1,102,153
	Short positions in U.S. Treasuries		Net realized gain/(loss)			-634,826			48,710			-69,287			48,710
	(1) For the three and nine months ended September 30, 2014, gains and losses from purchases and sales of TBAs consisted of $1.2 million and $1.5 million, respectively, of net TBA dollar roll net interest income, and net losses of $3.5 million and $1.7 million, respectively, due to price changes. The Company did not have any TBA dollar roll transactions for the three and nine months ended September 30, 2013.
Schedule Of Gross and Net Information About Derivative Instruments [Table Text Block]	'
	The following table presents both gross information and net information about derivative and other instruments eligible for offset in the consolidated balance sheet as of September 30, 2014:
												Gross Amounts Not Offset in the
												Consolidated Balance Sheet
	Description		Gross Amounts of			Gross Amounts Offset			Net Amounts of Assets			Financial			Cash Collateral		Net Amount
			Recognized			in the Consolidated			(Liabilities) Presented in the			Instruments			(Posted)/Received
			Assets (Liabilities)			Balance Sheet			Consolidated Balance Sheet			(Posted)/Received
	Linked Transactions (1)		$	159,107,735		$	-131,106,935		$	28,000,800		$	-28,000,800		$	-	$	-
	Receivable Under Reverse Repurchase Agreements		$	28,245,000		$	-		$	28,245,000		$	28,045,938		$	-	$	199,062
	Derivative Assets (2)
	Interest Rate Swaps		$	28,820,214		$	-		$	28,820,214		$	-		$	15,517,001	$	13,303,213
	Interest Rate Swaptions			107,526			-			107,526			-			-		107,526
	TBAs			142,652			-			142,652			-			-		142,652
	IO Index			66,062			-			66,062			-			-		66,062
	Total Derivative Assets		$	29,136,454		$	-		$	29,136,454		$	-		$	15,517,001	$	13,619,453
	Derivative Liabilities (3)
	Interest Rate Swaps		$	-2,910,064		$	-		$	-2,910,064		$	-		$	-2,910,064	$	-
	TBAs			-345,001			-			-345,001			-			-345,001		-
	Total Derivative Liabilities		$	-3,255,065		$	-		$	-3,255,065		$	-		$	-3,255,065	$	-
	(1) Included in Linked Transactions on the consolidated balance sheet is security fair market value of $159,107,735, less repurchase agreements of $(131,106,935), plus net accrued interest of $346,002 for a total of $28,346,802.
	(2) Included in Derivative Assets on the consolidated balance sheet is $29,136,454 less accrued interest of $(4,326,183) for a total of $24,810,271.
	(3) Included in Derivative Liabilities on the consolidated balance sheet is $(3,255,065) plus accrued interest of $(1,692,252) for a total of $(4,947,317).
	The following table presents both gross information and net information about derivative instruments eligible for offset in the consolidated balance sheet as of December 31, 2013:
												Gross Amounts Not Offset in the
												Consolidated Balance Sheet
	Description		Gross Amounts of			Gross Amounts Offset			Net Amounts of Assets			Financial			Cash Collateral		Net Amount
			Recognized			in the Consolidated			(Liabilities) Presented in the			Instruments			(Posted)/Received
			Assets (Liabilities)			Balance Sheet			Consolidated Balance Sheet			(Posted)
	Linked Transactions (1)		$	272,261,350		$	-222,846,315		$	49,415,035		$	-49,415,035		$	-	$	-
	Receivable Under Reverse Repurchase Agreements		$	27,475,000		$	-		$	27,475,000		$	27,475,000		$	-	$	-
	Derivative Assets (2)
	Interest Rate Swaps		$	59,588,167		$	-		$	59,588,167		$	-		$	30,567,000	$	29,021,167
	Interest Rate Swaptions			641,960			-			641,960			-			-		641,960
	Total Derivative Assets		$	60,230,127		$	-		$	60,230,127		$	-		$	30,567,000	$	29,663,127
	Derivative Liabilities (3)
	Interest Rate Swaps		$	-1,110,065		$	-		$	-1,110,065		$	-		$	-1,110,065	$	-
	Interest Rate Swaptions			-559,858			-			-559,858			-			-		-559,858
	MBS Options			-206,743			-			-206,743			-			-		-206,743
	Total Derivative Liabilities		$	-1,876,666		$	-		$	-1,876,666		$	-		$	-1,110,065	$	-766,601
	(1) Included in Linked Transactions on the consolidated balance sheet is security fair market value of $272,261,350, less repurchase agreements of $(222,846,315), plus net accrued interest of $86,862 for a total of $49,501,897.
	(2) Included in Derivative Assets on the consolidated balance sheet is $60,230,127 less accrued interest of $(5,170,052) for a total of $55,060,075.
	(3) Included in Derivative Liabilities on the consolidated balance sheet is $(1,876,666) plus accrued interest of $(329,623) for a total of $(2,206,289).
Schedule of Interest Rate Derivatives [Table Text Block]	'
	The following table presents information about the Company’s interest rate swaps as of September 30, 2014:
	Maturity			Notional Amount				Weighted Average			Weighted Average			Weighted Average
								Pay Rate			Receive Rate			Years to Maturity
	2017				80,000,000			0.86	%		0.28	%		2.93
	2018				210,000,000			1.05	%		0.23	%		3.51
	2019				306,000,000			1.34	%		0.23	%		4.86
	2020				440,000,000			1.61	%		0.23	%		5.49
	2022				50,000,000			1.69	%		0.23	%		7.93
	2023				328,000,000			2.49	%		0.23	%		8.81
	2024				67,000,000			2.74	%		0.23	%		9.48
	Total/Wtd Avg			$	1,481,000,000			1.68	%		0.24	%		5.94
	The following table presents information about the Company’s interest rate swaps as of December 31, 2013:
	Maturity			Notional Amount				Weighted Average			Weighted Average			Weighted Average
								Pay Rate			Receive Rate			Years to Maturity
	2016	*		$	260,000,000			0.62	%		0.71	%		2.63
	2017				275,000,000			1.02	%		0.24	%		3.83
	2018				490,000,000			1.15	%		0.24	%		4.43
	2019				260,000,000			1.27	%		0.25	%		5.64
	2020				450,000,000			1.62	%		0.24	%		6.25
	2022				50,000,000			1.69	%		0.24	%		8.68
	2023				340,000,000			2.49	%		0.24	%		9.56
	2028				20,000,000			3.47	%		0.25	%		14.97
	Total/Wtd Avg			$	2,145,000,000			1.43	%		0.3	%		5.67
	* This figure includes a forward starting swap with a total notional of $100.0 million and a start date of December 23, 2015. Weighted average rates shown are inclusive of rates corresponding to the terms of the swap as if the swap were effective as of December 31, 2013.
Schedule Of To Be Announced Securities Activity [Table Text Block]	'
	The following table presents information about the Company’s TBAs for the three and nine months ended September 30, 2014 and September 30, 2013:
	For the Three Months Ended September 30, 2014
			Beginning			Buys or Covers			Sales or Shorts			Ending Net			Net Fair Value		Net		Derivative		Derivative
			Notional									Notional			as of Period End		Receivable/(Payable)		Asset		Liability
			Amount									Amount					to Broker
	TBAs - Long		$	85,000,000		$	375,000,000		$	-260,000,000		$	200,000,000		$	210,640,620	$	-210,843,359	$	-	$	-202,739
	TBAs - Short		$	-		$	493,000,000		$	-493,000,000		$	-		$	-	$	390	$	142,652	$	-142,262
	For the Three Months Ended September 30, 2013
			Beginning			Buys or Covers			Sales or Shorts			Ending Net			Net Fair Value		Net Receivable from		Derivative		Derivative
			Notional									Notional			as of Period End		Broker		Asset		Liability
			Amount									Amount
	TBAs - Long		$	-		$	100,000,000		$	-100,000,000		$	-		$	-	$	869,531	$	1,177,734	$	-308,203
	TBAs - Short		$	-150,000,000		$	523,000,000		$	-398,000,000		$	-25,000,000		$	-24,431,640	$	22,225,586	$	1,015,625	$	-3,221,679
	For the Nine Months Ended September 30, 2014
			Beginning			Buys or Covers			Sales or Shorts			Ending Net			Net Fair Value		Net Receivable/(Payable) to Broker		Derivative		Derivative
			Notional									Notional			as of Period End				Asset		Liability
			Amount									Amount
	TBAs - Long		$	-		$	535,000,000		$	-335,000,000		$	200,000,000		$	210,640,620	$	-210,843,359	$	-	$	-202,739
	TBAs - Short		$	-		$	740,000,000		$	-740,000,000		$	-		$	-	$	390	$	142,652	$	-142,262
	For the Nine Months Ended September 30, 2013
			Beginning			Buys or Covers			Sales or Shorts			Ending Net			Net Fair Value		Net Receivable from		Derivative		Derivative
			Notional									Notional			as of Period End		Broker		Asset		Liability
			Amount									Amount
	TBAs - Long		$	40,000,000		$	445,000,000		$	-485,000,000		$	-		$	-	$	869,531	$	1,177,734	$	-308,203
	TBAs - Short		$	-		$	1,098,000,000		$	-1,123,000,000		$	-25,000,000		$	-24,431,640	$	22,225,586	$	1,015,625	$	-3,221,679
Schedule Of Repurchase Agreements Comprising Linked Transaction [Table Text Block]	'
	The following table presents certain information related to the securities accounted for as a part of linked transactions during the three and nine months ended September 30, 2014:
															For the Three Months Ended September 30, 2014								For the Nine Months Ended September 30, 2014
	Instrument		Current Face			Amortized			Fair Value			Net Accrued			Net Interest		Unrealized		Net		Amount		Net Interest		Unrealized		Net Realized		Amount		Weighted		Weighted
						Cost						Interest			Income		Loss		Realized		Included in		Income		Loss		Gain		Included in		Average		Average
																			Gain		Statement of								Statement of		Coupon		Life
																					Operations								Operations
	Non-Agency RMBS		$	153,230,815		$	141,726,229		$	144,288,301		$	325,379		$	1,611,819	$	-1,365,000	$	3,217,466	$	3,464,285	$	6,689,534	$	-4,656,329	$	7,580,176	$	9,613,381	3.82	%	6.08
	CMBS			15,000,000			14,420,341			14,819,434			20,623			348,835		-1,050,471		719,287		17,651		824,876		-240,251		820,037		1,404,662	2.12	%	1.02
	Total		$	168,230,815		$	156,146,570		$	159,107,735		$	346,002		$	1,960,654	$	-2,415,471	$	3,936,753	$	3,481,936	$	7,514,410	$	-4,896,580	$	8,400,213	$	11,018,043	3.67	%	5.63
	The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of September 30, 2014:
	Instrument		Repurchase			Weighted				Weighted
			Agreement			Average				Average Years
						Interest Rate				to Maturity
	Non-Agency RMBS		$	120,431,603			1.6	%			0.05
	CMBS			10,675,332			1.68	%			0.08
			$	131,106,935			1.61	%			0.06
	The following table presents certain information related to the securities accounted for as a part of linked transactions for the three and nine months ended September 30, 2013:
															For the Three Months Ended September 30, 2013								For the Nine Months Ended September 30, 2013
	Instrument		Current Face			Amortized			Fair Value			Net Accrued			Net Interest		Unrealized		Net		Amount		Net Interest		Unrealized		Net Realized		Amount		Weighted		Weighted
						Cost						Interest			Income		Gain/(Loss)		Realized		Included in		Income		Loss		Loss		Included in		Average		Average
																			Loss		Statement of								Statement of		Coupon		Life
																					Operations								Operations
	Non-Agency RMBS		$	287,806,369		$	253,545,104		$	258,164,346		$	657,323		$	2,750,860	$	-1,095,697	$	-2,458,643	$	-803,480	$	9,969,921	$	-3,592,194	$	-4,060,548	$	2,317,179	4.09	%	4.85
	CMBS			23,870,000			21,871,211			21,491,153			38,090			162,082		243,025		-121,412		283,695		487,843		-306,691		-201,790		-20,638	2.32	%	4.12
	Total		$	311,676,369		$	275,416,315		$	279,655,499		$	695,413		$	2,912,942	$	-852,672	$	-2,580,055	$	-519,785	$	10,457,764	$	-3,898,885	$	-4,262,338	$	2,296,541	3.95	%	4.79
	The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of September 30, 2013:
	Instrument		Repurchase			Weighted				Weighted
			Agreement			Average				Average Years
						Interest Rate				to Maturity
	Non-Agency RMBS		$	213,681,000			1.91	%			0.07
	CMBS			15,584,000			1.34	%			0.06
			$	229,265,000			1.87	%			0.07

Earnings_per_Share_Tables

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	'
	As of September 30, 2014 and September 30, 2013, the Company’s outstanding warrants, unvested shares of restricted common stock and restricted stock units were as follows:
		September 30, 2014		September 30, 2013
	Warrants		1,007,500		1,007,500
	Restricted stock granted to the Manager		-		13,418
	Restricted stock units granted to the Manager		60,000		-
	Restricted stock granted to the independent directors		-		2,500
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the three and nine months ended September 30, 2014 and September 30, 2013:
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
	Numerator:
	Net income/(loss) available to common stockholders for basic and diluted earnings per share	$	19,022,258	$	2,633,165	$	84,639,075	$	-58,566,023
	Denominator:
	Basic weighted average common shares outstanding		28,384,238		28,359,937		28,377,681		27,906,946
	Dilutive effect of manager and director restricted stock, restricted stock units and warrants		20,831		6		19,116		-
	Dilutive weighted average common shares outstanding		28,405,069		28,359,943		28,396,797		27,906,946
	Basic Earnings/(Loss) Per Share of Common Stock:	$	0.67	$	0.09	$	2.98	$	-2.1
	Diluted Earnings/(Loss) Per Share of Common Stock:	$	0.67	$	0.09	$	2.98	$	-2.1

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details Textual)	9 Months Ended
	Sep. 30, 2014
Significant Accounting Policies Disclosure [Line Items]	'
Description Of Real Estate Investment Trust For Federal Income Tax Purposes	'As a REIT, if the Company fails to distribute in any calendar year at least the sum of (i)85% of its ordinary income for such year, (ii)95% of its net capital gain income for such year, and (iii)any undistributed taxable income from the prior year, the Company would be subject to a nondeductible 4% excise tax on the excess of such required distribution over the sum of (i)the amounts actually distributed and (ii)the amounts of income retained and on which the Company has paid corporate income tax.

Real_Estate_Securities_Details

Real Estate Securities (Details) (USD $)	9 Months Ended		12 Months Ended
	Sep. 30, 2014		Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'		'
Current Face	$3,921,316,016		$4,147,597,794
Premium (Discount)	-852,267,337		-695,014,422
Amortized Cost	3,069,048,679		3,452,583,372
Gross Unrealized Gains	49,228,219	[1]	29,670,900	[2]
Gross Unrealized Losses	-16,506,451	[1]	-50,437,682	[2]
Fair Value	3,101,770,447		3,431,816,590
Weighted Average Coupon	3.90%	[3]	3.94%
Weighted Average Yield	4.35%		3.94%
Agency RMBS: 15 Year Fixed Rate [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Current Face	'		435,843,408
Premium (Discount)	'		12,909,886
Amortized Cost	'		448,753,294
Gross Unrealized Gains	'		1,509,418	[2]
Gross Unrealized Losses	'		-2,662,880	[2]
Fair Value	'		447,599,832
Weighted Average Coupon	'		3.13%
Weighted Average Yield	'		2.50%
Agency RMBS: 20 Year Fixed Rate [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Current Face	130,938,057		142,296,219
Premium (Discount)	6,412,840		7,316,644
Amortized Cost	137,350,897		149,612,863
Gross Unrealized Gains	1,358,220	[1]	610,806	[2]
Gross Unrealized Losses	-1,085,852	[1]	-3,166,423	[2]
Fair Value	137,623,265		147,057,246
Weighted Average Coupon	3.72%	[3]	3.73%
Weighted Average Yield	2.83%		2.89%
Agency RMBS: 30 Year Fixed Rate [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Current Face	971,568,294		1,191,781,474
Premium (Discount)	49,271,726		68,531,950
Amortized Cost	1,020,840,020		1,260,313,424
Gross Unrealized Gains	6,641,223	[1]	60,020	[2]
Gross Unrealized Losses	-6,231,864	[1]	-30,868,697	[2]
Fair Value	1,021,249,379		1,229,504,747
Weighted Average Coupon	3.93%	[3]	4.03%
Weighted Average Yield	3.20%		3.28%
Agency RMBS: Fixed Rate CMO [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Current Face	90,676,332		'
Premium (Discount)	930,426		'
Amortized Cost	91,606,758		'
Gross Unrealized Gains	883,101	[1]	'
Gross Unrealized Losses	0	[1]	'
Fair Value	92,489,859		'
Weighted Average Coupon	3.00%	[3]	'
Weighted Average Yield	2.81%		'
Agency RMBS: ARM [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Current Face	434,439,072		466,047,819
Premium (Discount)	-728,938		-1,583,428
Amortized Cost	433,710,134		464,464,391
Gross Unrealized Gains	3,580,922	[1]	187,111	[2]
Gross Unrealized Losses	-562,702	[1]	-2,864,107	[2]
Fair Value	436,728,354		461,787,395
Weighted Average Coupon	2.42%	[3]	2.43%
Weighted Average Yield	2.76%		2.78%
Agency RMBS: Interest Only [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Current Face	807,823,148		736,263,003
Premium (Discount)	-679,000,762		-601,525,564
Amortized Cost	128,822,386		134,737,439
Gross Unrealized Gains	6,893,365	[1]	5,083,736	[2]
Gross Unrealized Losses	-3,652,357	[1]	-2,767,627	[2]
Fair Value	132,063,394		137,053,548
Weighted Average Coupon	4.57%	[3]	4.92%
Weighted Average Yield	7.97%		6.49%
Credit Investments: Non-Agency RMBS [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Current Face	1,275,450,910		962,852,550
Premium (Discount)	-180,916,996		-132,283,547
Amortized Cost	1,094,533,914		830,569,003
Gross Unrealized Gains	26,362,689	[1]	20,615,586	[2]
Gross Unrealized Losses	-4,265,350	[1]	-6,967,021	[2]
Fair Value	1,116,631,253		844,217,568
Weighted Average Coupon	3.97%	[3]	4.19%
Weighted Average Yield	5.66%		5.79%
Credit Investments: ABS [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Current Face	76,981,884		71,326,847
Premium (Discount)	-645,408		-315,657
Amortized Cost	76,336,476		71,011,190
Gross Unrealized Gains	406,971	[1]	333,594	[2]
Gross Unrealized Losses	-708,326	[1]	0	[2]
Fair Value	76,035,121		71,344,784
Weighted Average Coupon	4.99%	[3]	3.82%
Weighted Average Yield	5.59%		4.07%
Credit Investments: CMBS [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Current Face	81,080,619		88,828,774
Premium (Discount)	-1,326,630		-2,269,882
Amortized Cost	79,753,989		86,558,892
Gross Unrealized Gains	2,841,408	[1]	1,270,629	[2]
Gross Unrealized Losses	0	[1]	-902,786	[2]
Fair Value	82,595,397		86,926,735
Weighted Average Coupon	5.10%	[3]	5.16%
Weighted Average Yield	6.60%		6.53%
Credit Investments: Interest Only [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Current Face	52,357,700		52,357,700
Premium (Discount)	-46,263,595		-45,794,824
Amortized Cost	6,094,105		6,562,876
Gross Unrealized Gains	260,320	[1]	0	[2]
Gross Unrealized Losses	0	[1]	-238,141	[2]
Fair Value	$6,354,425		$6,324,735
Weighted Average Coupon	1.92%	[3]	1.85%
Weighted Average Yield	5.72%		5.71%
[1]	The Company has chosen to make a fair value election pursuant to ASC 825 for our real estate securities portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains/(losses).
[2]	We have chosen to make a fair value election pursuant to ASC 825 for our real estate securities portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains/(losses).
[3]	Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation.

Real_Estate_Securities_Details1

Real Estate Securities (Details 1) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Less than Twelve Months, Fair Value	$460,583,404	$2,330,415,740
Less than Twelve Months, Unrealized Losses	-5,204,176	-43,557,831
Greater than Twelve Months, Fair Value	476,019,057	112,253,956
Greater than Twelve Months, Unrealized Losses	($11,302,275)	($6,879,851)

Real_Estate_Securities_Details2

Real Estate Securities (Details 2) (USD $)	Sep. 30, 2014		Dec. 31, 2013
Agency RMBS [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Fair Value Less than or equal to 1 year	$0	[1],[2]	$0	[1],[3]
Fair Value Greater than one year and less than or equal to five years	65,542,306	[1],[2]	292,921,980	[1],[3]
Fair Value Greater than five years and less than or equal to ten years	1,542,908,512	[1],[2]	1,514,649,739	[1],[3]
Fair Value Greater than ten years	79,640,039	[1],[2]	478,377,501	[1],[3]
Fair Value Total	1,688,090,857	[1],[2]	2,285,949,220	[1],[3]
Amortized Cost Less than or equal to 1 year	0	[1],[2]	0	[1],[3]
Amortized Cost Greater than one year and less than or equal to five years	65,178,822	[1],[2]	292,010,291	[1],[3]
Amortized Cost Greater than five years and less than or equal to ten years	1,538,341,141	[1],[2]	1,534,246,672	[1],[3]
Amortized Cost Greater than ten years	79,987,846	[1],[2]	496,887,009	[1],[3]
Amortized Cost Total	1,683,507,809	[1],[2]	2,323,143,972	[1],[3]
Weighted Average Coupon Less than or equal to 1 year	0.00%	[1],[2]	0.00%	[1],[3]
Weighted Average Coupon Greater than one year and less than or equal to five years	2.62%	[1],[2]	3.12%	[1],[3]
Weighted Average Coupon Greater than five years and less than or equal to ten years	3.49%	[1],[2]	3.50%	[1],[3]
Weighted Average Coupon Greater than ten years	3.50%	[1],[2]	3.73%	[1],[3]
Weighted Average Coupon Total	3.46%	[1],[2]	3.50%	[1],[3]
Agency IO [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Fair Value Less than or equal to 1 year	0	[1]	5,406,120	[1]
Fair Value Greater than one year and less than or equal to five years	82,167,787	[1]	109,110,653	[1]
Fair Value Greater than five years and less than or equal to ten years	49,895,607	[1]	22,536,775	[1]
Fair Value Greater than ten years	0	[1]	0	[1]
Fair Value Total	132,063,394	[1]	137,053,548	[1]
Amortized Cost Less than or equal to 1 year	0	[1]	4,739,053	[1]
Amortized Cost Greater than one year and less than or equal to five years	79,343,292	[1]	107,278,916	[1]
Amortized Cost Greater than five years and less than or equal to ten years	49,479,094	[1]	22,719,470	[1]
Amortized Cost Greater than ten years	0	[1]	0	[1]
Amortized Cost Total	128,822,386	[1]	134,737,439	[1]
Weighted Average Coupon Less than or equal to 1 year	0.00%	[1]	0.00%	[1]
Weighted Average Coupon Greater than one year and less than or equal to five years	4.33%	[1]	5.11%	[1]
Weighted Average Coupon Greater than five years and less than or equal to ten years	5.06%	[1]	4.48%	[1]
Weighted Average Coupon Greater than ten years	0.00%	[1]	0.00%	[1]
Weighted Average Coupon Total	4.57%	[1]	4.92%	[1]
Credit Investments [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Fair Value Less than or equal to 1 year	53,293,063	[1],[4]	5,227,857	[1],[4]
Fair Value Greater than one year and less than or equal to five years	502,137,254	[1],[4]	367,316,237	[1],[4]
Fair Value Greater than five years and less than or equal to ten years	652,502,483	[1],[4]	513,581,646	[1],[4]
Fair Value Greater than ten years	73,683,396	[1],[4]	122,688,082	[1],[4]
Fair Value Total	1,281,616,196	[1],[4]	1,008,813,822	[1],[4]
Amortized Cost Less than or equal to 1 year	53,043,888	[1],[4]	5,355,113	[1],[4]
Amortized Cost Greater than one year and less than or equal to five years	490,058,341	[1],[4]	359,557,150	[1],[4]
Amortized Cost Greater than five years and less than or equal to ten years	639,985,146	[1],[4]	504,612,828	[1],[4]
Amortized Cost Greater than ten years	73,631,109	[1],[4]	125,176,870	[1],[4]
Amortized Cost Total	$1,256,718,484	[1],[4]	$994,701,961	[1],[4]
Weighted Average Coupon Less than or equal to 1 year	3.47%	[1],[4],[5]	0.67%	[1],[4]
Weighted Average Coupon Greater than one year and less than or equal to five years	3.83%	[1],[4],[5]	4.29%	[1],[4]
Weighted Average Coupon Greater than five years and less than or equal to ten years	4.14%	[1],[4],[5]	3.74%	[1],[4]
Weighted Average Coupon Greater than ten years	4.47%	[1],[4],[5]	5.56%	[1],[4]
Weighted Average Coupon Total	4.01%	[1],[4],[5]	4.14%	[1],[4]
[1]	Actual maturities of mortgage-backed securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.
[2]	For purposes of this table, Agency RMBS represent securities backed by Fixed Rate 20 Year, Fixed Rate 30 Year mortgages, ARMS and Fixed Rate CMOs.For purposes of this table, Agency RMBS represent securities backed by Fixed Rate 20 Year, Fixed Rate 30 Year mortgages, ARMs and Fixed Rate CMOs.
[3]	For purposes of this table, Agency RMBS represent securities backed by Fixed Rate 15 Year, Fixed Rate 20 Year, Fixed Rate 30 Year mortgages, ARMS and Fixed Rate CMOs.
[4]	For purposes of this table, Credit Investments represent Non-Agency RMBS, ABS, CMBS and Credit Interest Only securities.
[5]	Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation.

Real_Estate_Securities_Details3

Real Estate Securities (Details Textual) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Securities, Gross Realized Gains	$11,700,000	$4,300,000	$13,700,000	$17,100,000
Securities, Gross Realized Losses	800,000	39,200,000	4,800,000	73,400,000
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading	'	'	674,416,942	3,143,631,407
Proceeds From Unsettled Securities	151,900,000	106,200,000	'	'
Affiliated Entity [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Number Of Securities Sold	12	'	12	'
Securities, Gross Realized Gains	3,600,000	'	3,600,000	'
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading	31,000,000	'	31,000,000	'
Commercial Real Estate [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Equity Method Investments	13,900,000	16,100,000	13,900,000	16,100,000
Equity Method Investment Weighted Average Yield	'	'	14.27%	12.43%
Residential Mortgage Backed Securities [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Securities, Gross Realized Gains	'	'	1,700,000	'
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities, Total	400,000	7,900,000	400,000	7,900,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows	400,000	1,200,000	'	48,000,000
Other than Temporary Impairment, Credit Losses Recognized In Earnings Or Other Comprehensive Income, Reductions, Change In Status	'	6,700,000	'	51,100,000
Other than Temporary Impairment Losses, Investments	'	'	'	3,100,000
Settled Securities [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Number Of Securities Sold	15	90	44	155
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading	324,500,000	1,600,000,000	674,400,000	3,000,000,000
Unsettled Securities [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Number Of Securities Sold	10	3	'	'
Proceeds from Sale of Available-for-sale Securities	'	'	'	$96,300,000

Loans_Details

Loans (Details) (USD $)

9 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2014

Feb. 28, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Commercial Loan [Member]

Pool A [Member]

Pool B [Member]

Pool B [Member]

Pool C [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

'

'

'

'

'

'

'

Unpaid Principal balance

$120,498,212

[1]

$59,000,000

$56,291,825

[1]

$13,659,018

[1]

$13,700,000

$50,547,369

[1]

$72,800,000

Premium (Discount)

-36,030,509

'

-21,561,694

-7,892,354

'

-6,576,461

-353,482

Amortized Cost

84,467,703

'

34,730,131

5,766,664

'

43,970,908

72,446,518

Gross Unrealized Gains

0

[2]

'

0

[2]

0

[2]

'

0

[2]

380,525

[3]

Gross Unrealized Losses

-756,719

[2],[4]

'

-538,622

[2],[4]

-143,097

[2],[4]

'

-75,000

[2],[4]

-27,043

[3]

Fair Value

$83,710,984

'

$34,191,509

$5,623,567

'

$43,895,908

$72,800,000

Weighted Average Coupon

5.53%

'

4.95%

5.05%

'

6.30%

6.79%

Weighted Average Yield

7.52%

'

8.97%

13.68%

'

5.60%

8.40%

Weighted Average Useful Life (in years)

'5 years 8 months 5 days

'

'5 years 4 days

'4 years 9 months 14 days

'

'6 years 8 months 1 day

'2 years 3 months 7 days

[1]

Pool A is comprised of re-performing and non-performing loans with unpaid principal balances of $32.9 million and $23.4 million, and fair market values of $21.7 million and $12.5 million, respectively. Pool B is comprised of re-performing and non-performing loans with unpaid principal balances of $6.3 million and $7.4 million, and fair market values of $2.8 million and $2.8 million, respectively. Pool C is comprised of re-performing loans with an unpaid principal balance of $50.5 million.

[2]

The Company has chosen to make a fair value election pursuant to ASC 825 for its loan portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains (losses).

[3]

We have chosen to make a fair value election pursuant to ASC 825 for our loan portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains (losses).

[4]

Unrealized losses resulted primarily from capitalized costs.

Loans_Details_1

Loans (Details 1)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Concentration Risk, Percentage	99.00%	0.00%
New York [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Concentration Risk, Percentage	16.00%	0.00%
Maryland [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Concentration Risk, Percentage	5.00%	'
California [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Concentration Risk, Percentage	11.00%	0.00%
Florida [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Concentration Risk, Percentage	7.00%	0.00%

Loans_Details_2

Loans (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'
Beginning Balance	$16,456,567	$0	$0	$0
Additions	21,135,814	0	38,295,030	0
Accretion	-694,427	0	-982,312	0
Reclassifications from/(to) non-accretable difference	-431,066	0	-431,066	0
Disposals	-294,910	0	-709,674	0
Ending Balance	$36,171,978	$0	$36,171,978	$0

Loans_Details_Textual

Loans (Details Textual) (USD $)

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Feb. 28, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Feb. 28, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Feb. 28, 2014

Sep. 30, 2014

Pool C [Member]

Current Property Value In Excess Of Hundred Percentage [Member]

Secured By Properties [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

Commercial Loan [Member]

Commercial Loan [Member]

loan Repurchase Facility [Member]

loan Repurchase Facility [Member]

Pool A [Member]

Pool B [Member]

Pool B [Member]

Pool C [Member]

Performing Financing Receivable [Member]

Performing Financing Receivable [Member]

Performing Financing Receivable [Member]

Nonperforming Financing Receivable [Member]

Nonperforming Financing Receivable [Member]

Pool A [Member]

Pool C [Member]

Pool A [Member]

Pool B [Member]

Pool C [Member]

Pool A [Member]

Pool B [Member]

Gain (Loss) on Investments [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from Sale of Loans Held-for-sale

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$37,000,000

'

'

'

Realized Gain On Sale of Loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

Realized loss On Sale Of Loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000

'

'

'

Principal Amount Outstanding of Loans Held-in-portfolio, Total

'

'

'

'

'

'

120,498,212

[1]

59,000,000

56,291,825

[1]

13,659,018

[1]

13,700,000

50,547,369

[1]

32,900,000

6,300,000

50,500,000

23,400,000

7,400,000

'

72,800,000

'

'

Loans Receivable, Fair Value Disclosure

'

'

'

'

'

'

83,710,984

'

34,191,509

5,623,567

'

43,895,908

'

'

'

'

'

'

72,800,000

19,000,000

30,300,000

Concentration Risk, Percentage

99.00%

0.00%

'

'

100.00%

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgages Held-for-sale, Fair Value Disclosure

'

'

34,900,000

44,000,000

'

'

'

'

'

'

5,700,000

'

'

'

'

'

'

'

'

'

'

Loans Held-for-sale, Fair Value Disclosure

'

'

'

'

'

'

'

'

'

'

'

'

$21,700,000

$2,800,000

'

$12,500,000

$2,800,000

'

'

'

'

[1]

Pool A is comprised of re-performing and non-performing loans with unpaid principal balances of $32.9 million and $23.4 million, and fair market values of $21.7 million and $12.5 million, respectively. Pool B is comprised of re-performing and non-performing loans with unpaid principal balances of $6.3 million and $7.4 million, and fair market values of $2.8 million and $2.8 million, respectively. Pool C is comprised of re-performing loans with an unpaid principal balance of $50.5 million.

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Assets:	'	'
Assets, Fair Value Disclosure	$3,312,118,256	$3,534,379,015
Liabilities:	'	'
Liabilities, Fair Value Disclosure	-32,993,255	-27,683,931
Derivative Liabilities [Member]	'	'
Liabilities:	'	'
Liabilities, Fair Value Disclosure	-4,947,317	-206,743
Obligation to return securities borrowed under reverse repurchase agreements [Member]	'	'
Liabilities:	'	'
Liabilities, Fair Value Disclosure	-28,045,938	-27,477,188
Derivative Assets [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	24,810,271	53,060,528
Agency RMBS: 15 Year Fixed Rate [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	'	447,599,832
Agency RMBS: 20 Year Fixed Rate [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	137,623,265	147,057,246
Agency RMBS: 30 Year Fixed Rate [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	1,021,249,379	1,229,504,747
Agency RMBS: Fixed Rate CMO [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	92,489,859	'
Agency RMBS: ARM [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	436,728,354	461,787,395
Agency RMBS: Interest Only [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	132,063,394	137,053,548
Credit Investments Non-Agency Rmbs [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	1,116,631,253	844,217,568
Credit Investments ABS [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	76,035,121	71,344,784
Credit Investments CMBS [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	82,595,397	86,926,735
Credit Investments Interest Only [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	6,354,425	6,324,735
Residential Mortgage [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	83,710,984	'
Commercial Loans [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	72,800,000	0
Excess Mortgage Servicing Rights [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	679,752	'
Linked Transactions [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	28,346,802	49,501,897
Fair Value, Inputs, Level 1 [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Liabilities:	'	'
Liabilities, Fair Value Disclosure	-28,045,938	-27,477,188
Fair Value, Inputs, Level 1 [Member] | Derivative Liabilities [Member]	'	'
Liabilities:	'	'
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Obligation to return securities borrowed under reverse repurchase agreements [Member]	'	'
Liabilities:	'	'
Liabilities, Fair Value Disclosure	-28,045,938	-27,477,188
Fair Value, Inputs, Level 1 [Member] | Derivative Assets [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Agency RMBS: 15 Year Fixed Rate [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	'	0
Fair Value, Inputs, Level 1 [Member] | Agency RMBS: 20 Year Fixed Rate [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Agency RMBS: 30 Year Fixed Rate [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Agency RMBS: Fixed Rate CMO [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	'
Fair Value, Inputs, Level 1 [Member] | Agency RMBS: ARM [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Agency RMBS: Interest Only [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Credit Investments Non-Agency Rmbs [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Credit Investments ABS [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Credit Investments CMBS [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Credit Investments Interest Only [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Residential Mortgage [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	'
Fair Value, Inputs, Level 1 [Member] | Commercial Loans [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Excess Mortgage Servicing Rights [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	'
Fair Value, Inputs, Level 1 [Member] | Linked Transactions [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	2,575,282,486	3,108,173,722
Liabilities:	'	'
Liabilities, Fair Value Disclosure	-4,947,317	-206,743
Fair Value, Inputs, Level 2 [Member] | Derivative Liabilities [Member]	'	'
Liabilities:	'	'
Liabilities, Fair Value Disclosure	-4,947,317	-206,743
Fair Value, Inputs, Level 2 [Member] | Obligation to return securities borrowed under reverse repurchase agreements [Member]	'	'
Liabilities:	'	'
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Derivative Assets [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	24,810,271	53,060,528
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: 15 Year Fixed Rate [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	'	447,599,832
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: 20 Year Fixed Rate [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	137,623,265	147,057,246
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: 30 Year Fixed Rate [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	1,021,249,379	1,229,504,747
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: Fixed Rate CMO [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	92,489,859	'
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: ARM [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	436,728,354	461,787,395
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: Interest Only [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	132,063,394	137,053,548
Fair Value, Inputs, Level 2 [Member] | Credit Investments Non-Agency Rmbs [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	653,168,050	534,377,006
Fair Value, Inputs, Level 2 [Member] | Credit Investments ABS [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Credit Investments CMBS [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	55,329,089	62,954,692
Fair Value, Inputs, Level 2 [Member] | Credit Investments Interest Only [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	'
Fair Value, Inputs, Level 2 [Member] | Commercial Loans [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Excess Mortgage Servicing Rights [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	'
Fair Value, Inputs, Level 2 [Member] | Linked Transactions [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	21,820,825	34,778,728
Fair Value, Inputs, Level 3 [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	736,835,770	426,205,293
Liabilities:	'	'
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Derivative Liabilities [Member]	'	'
Liabilities:	'	'
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Obligation to return securities borrowed under reverse repurchase agreements [Member]	'	'
Liabilities:	'	'
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Derivative Assets [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Agency RMBS: 15 Year Fixed Rate [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	'	0
Fair Value, Inputs, Level 3 [Member] | Agency RMBS: 20 Year Fixed Rate [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Agency RMBS: 30 Year Fixed Rate [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Agency RMBS: Fixed Rate CMO [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	'
Fair Value, Inputs, Level 3 [Member] | Agency RMBS: ARM [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Agency RMBS: Interest Only [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Credit Investments Non-Agency Rmbs [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	463,463,203	309,840,562
Fair Value, Inputs, Level 3 [Member] | Credit Investments ABS [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	76,035,121	71,344,784
Fair Value, Inputs, Level 3 [Member] | Credit Investments CMBS [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	27,266,308	23,972,043
Fair Value, Inputs, Level 3 [Member] | Credit Investments Interest Only [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	6,354,425	6,324,735
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	83,710,984	'
Fair Value, Inputs, Level 3 [Member] | Commercial Loans [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	72,800,000	0
Fair Value, Inputs, Level 3 [Member] | Excess Mortgage Servicing Rights [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	679,752	'
Fair Value, Inputs, Level 3 [Member] | Linked Transactions [Member]	'	'
Assets:	'	'
Assets, Fair Value Disclosure	$6,525,977	$14,723,169

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 1) (Fair Value, Inputs, Level 3 [Member], USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Residential Mortgage Loans [Member]	'		'		'		'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'		'		'		'
Beginning balance	$34,841,048		'		$0		'
Transfers:	'		'		'		'
Transfers into level 3	0	[1]	'		0	[1]	'
Transfers out of level 3	0	[1]	'		0	[1]	'
Purchases	49,407,678		'		84,482,849		'
Reclassification of security type	0	[2]	'		0	[2]	'
Proceeds from sales	0		'		'		'
Proceeds from settlement	-154,506		'		-608,604		'
Total net gains/(losses)	'		'		'		'
Included in net income	-383,236	[3]	'		-163,261	[4]	'
Included in other comprehensive income (loss)	0	[3]	'		0	[4]	'
Ending Balance	83,710,984		'		83,710,984		'
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2014	-444,083	[5]	'		-163,261	[6]	'
Non-Agency Rmbs [Member]	'		'		'		'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'		'		'		'
Beginning balance	548,337,038		217,503,196		309,840,562		255,043,557
Transfers:	'		'		'		'
Transfers into level 3	0	[1]	0	[1]	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]	0	[1]	0	[1]
Purchases	126,990,580		14,967,242		376,356,600		112,712,253
Reclassification of security type	0	[2]	0	[2]	26,752,862	[2]	0	[2]
Proceeds from sales	-75,994,907		-57,972,354		-91,759,940		-185,283,901
Proceeds from settlement	-134,372,644		-2,427,774		-163,379,361		-14,815,085
Total net gains/(losses)	'		'		'		'
Included in net income	-1,496,864	[3]	-2,997,362	[7]	5,652,480	[4]	1,416,124	[8]
Included in other comprehensive income (loss)	0	[3]	0	[7]	0	[4]	0	[8]
Ending Balance	463,463,203		169,072,948		463,463,203		169,072,948
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2014	-3,417,387	[5]	-1,972,852	[9]	3,528,920	[6]	-1,206,175	[10]
Credit Investments ABS [Member]	'		'		'		'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'		'		'		'
Beginning balance	43,095,198		97,916,107		71,344,784		33,937,097
Transfers:	'		'		'		'
Transfers into level 3	0	[1]	0	[1]	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]	0	[1]	0	[1]
Purchases	56,736,048		11,610,000		66,320,548		139,603,404
Reclassification of security type	0	[2]	0	[2]	0	[2]	0	[2]
Proceeds from sales	-21,617,858		0		-45,409,687		-41,105,832
Proceeds from settlement	-2,008,936		-11,487,436		-16,254,316		-32,076,184
Total net gains/(losses)	'		'		'		'
Included in net income	-169,331	[3]	1,305,652	[7]	33,792	[4]	-1,014,162	[8]
Included in other comprehensive income (loss)	0	[3]	0	[7]	0	[4]	0	[8]
Ending Balance	76,035,121		99,344,323		76,035,121		99,344,323
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2014	-240,323	[5]	1,305,652	[9]	-178,003	[6]	-782,493	[10]
CMBS [Member]	'		'		'		'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'		'		'		'
Beginning balance	19,289,905		22,779,730		23,972,043		34,066,710
Transfers:	'		'		'		'
Transfers into level 3	0	[1]	0	[1]	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]	0	[1]	0	[1]
Purchases	8,468,211		4,462,500		8,468,211		4,462,500
Reclassification of security type	0	[2]	0	[2]	0	[2]	0	[2]
Proceeds from sales	88,283		0		-5,586,445		-10,041,297
Proceeds from settlement	-354,761		0		-919,156		-58,631
Total net gains/(losses)	'		'		'		'
Included in net income	-225,330	[3]	101,669	[7]	1,331,655	[4]	-1,085,383	[8]
Included in other comprehensive income (loss)	0	[3]	0	[7]	0	[4]	0	[8]
Ending Balance	27,266,308		27,343,899		27,266,308		27,343,899
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2014	-225,331	[5]	93,343	[9]	496,313	[6]	-730,024	[10]
Interest only [Member]	'		'		'		'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'		'		'		'
Beginning balance	6,629,380		6,592,026		6,324,735		0
Transfers:	'		'		'		'
Transfers into level 3	0	[1]	0	[1]	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]	0	[1]	0	[1]
Purchases	0		0		0		7,048,720
Reclassification of security type	0	[2]	0	[2]	0	[2]	0	[2]
Proceeds from sales	0		0		0		0
Proceeds from settlement	0		0		'		0
Total net gains/(losses)	'		'		'		'
Included in net income	-274,955	[3]	-95,605	[7]	29,690	[4]	-552,299	[8]
Included in other comprehensive income (loss)	0	[3]	0	[7]	0	[4]	0	[8]
Ending Balance	6,354,425		6,496,421		6,354,425		6,496,421
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2014	-274,954	[5]	47,010	[9]	29,691	[6]	-213,915	[10]
Commercial Loans [Member]	'		'		'		'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'		'		'		'
Beginning balance	72,800,000		30,000,000		0		0
Transfers:	'		'		'		'
Transfers into level 3	0	[1]	0	[1]	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]	0	[1]	0	[1]
Purchases	0		0		72,084,833		30,017,825
Reclassification of security type	0	[2]	0	[2]	0	[2]	0	[2]
Proceeds from sales	0		0		0		0
Proceeds from settlement	0		0		0		0
Total net gains/(losses)	'		'		'		'
Included in net income	0	[3]	0	[7]	715,167	[4]	-17,825	[8]
Included in other comprehensive income (loss)	0	[3]	0	[7]	0	[4]	0	[8]
Ending Balance	72,800,000		30,000,000		72,800,000		30,000,000
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2014	27,579	[5]	0	[9]	742,746	[6]	-17,825	[10]
Excess Mortgage Servicing Rights [Member]	'		'		'		'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'		'		'		'
Beginning balance	730,146		'		0		'
Transfers:	'		'		'		'
Transfers into level 3	0	[1]	'		'		'
Transfers out of level 3	0	[1]	'		'		'
Purchases	0		'		730,146		'
Reclassification of security type	0	[2]	'		'		'
Proceeds from sales	0		'		0		'
Proceeds from settlement	-50,394		'		-50,394		'
Total net gains/(losses)	'		'		'		'
Included in net income	0	[3]	'		0	[4]	'
Included in other comprehensive income (loss)	0	[3]	'		0	[4]	'
Ending Balance	679,752		'		679,752		'
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2014	0	[5]	'		0	[6]	'
Linked Transactions [Member]	'		'		'		'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'		'		'		'
Beginning balance	8,547,625		6,089,083		14,723,169	[11]	6,425,683
Transfers:	'		'		'		'
Transfers into level 3	0	[1]	0	[1]	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]	0	[1]	0	[1]
Purchases	1,856,434		2,674,853		1,856,434		5,333,022
Reclassification of security type	0	[2]	0	[2]	-4,219,811	[2]	0	[2]
Proceeds from sales	-16,308,660		-567,000		-16,308,660		-567,000
Proceeds from settlement	12,241,898		-1,116,717		8,627,536		-3,512,076
Total net gains/(losses)	'		'		'		'
Included in net income	188,680	[3]	31,534	[7]	1,847,309	[4]	-567,876	[8]
Included in other comprehensive income (loss)	0	[3]	0	[7]	0	[4]	0	[8]
Ending Balance	6,525,977	[11]	7,111,753		6,525,977	[11]	7,111,753
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2014	($834,215)	[5]	$50,778	[9]	$821,929	[6]	($664,102)	[10]
[1]	Transfers are assumed to occur at the beginning of the period.
[2]	Represents an accounting reclassification between a linked transaction and a real estate security.
[3]	Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 188,680 Unrealized gain/(loss) on real estate securities and loans, net (6,348,850 ) Net realized gain/(loss) 3,799,134 Total $ (2,361,036 )
[4]	Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 1,847,309 Unrealized gain/(loss) on real estate securities and loans, net 3,419,516 Net realized gain/(loss) 4,180,007 Total $ 9,446,832
[5]	Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ (834,215 ) Unrealized gain/(loss) on real estate securities and loans, net (4,574,499 ) Total $ (5,408,714 )
[6]	Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 821,929 Unrealized gain/(loss) on real estate securities and loans, net 4,456,406 Total $ 5,278,335
[7]	Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 152,946 Unrealized gain/(loss) on real estate securities and loans, net (530,032) Interest income 37,573 Net realized loss (1,314,599) Total $ (1,654,112)
[8]	Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ (489,068 ) Unrealized gain/(loss) on real estate securities and loans, net (4,713,939 ) Interest income 475,040 Net realized loss 2,906,546 Total $ (1,821,421 )
[9]	Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 50,778 Unrealized gain/(loss) on real estate securities and loans, net (526,847) Total $ (476,069)
[10]	Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ (664,102 ) Unrealized gain/(loss) on real estate securities and loans, net (2,950,432 ) Total $ (3,614,534 )
[11]	Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS and CMBS investments.

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Condensed Income Statements, Captions [Line Items]	'	'	'	'
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	($2,361,036)	($1,654,112)	$9,446,832	($1,821,421)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	-5,408,714	-476,069	5,278,335	-3,614,534
Trading Securities [Member]	'	'	'	'
Condensed Income Statements, Captions [Line Items]	'	'	'	'
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	3,799,134	-1,314,599	4,180,007	2,906,546
Interest Income [Member]	'	'	'	'
Condensed Income Statements, Captions [Line Items]	'	'	'	'
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	'	37,573	'	475,040
Linked Transactions [Member]	'	'	'	'
Condensed Income Statements, Captions [Line Items]	'	'	'	'
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	188,680	152,946	1,847,309	-489,068
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	-834,215	50,778	821,929	-664,102
Real Estate Securities And Loans [Member]	'	'	'	'
Condensed Income Statements, Captions [Line Items]	'	'	'	'
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	-6,348,850	-530,032	3,419,516	-4,713,939
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	($4,574,499)	($526,847)	$4,456,406	($2,950,432)

Fair_Value_Measurements_Detail3

Fair Value Measurements (Details 3) (USD $)	9 Months Ended		12 Months Ended
	Sep. 30, 2014		Dec. 31, 2013		Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2012
Non-Agency Rmbs [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$463,463,203		$309,840,562		$548,337,038	$169,072,948	$217,503,196	$255,043,557
Fair Value Measurements, Valuation Techniques	'Discounted Cash Flow		'Discounted Cash Flow		'	'	'	'
Non-Agency Rmbs [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Yield		'Yield		'	'	'	'
Non-Agency Rmbs [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	34.34%		13.99%		'	'	'	'
Non-Agency Rmbs [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	1.95%		3.35%		'	'	'	'
Non-Agency Rmbs [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	5.22%		5.13%		'	'	'	'
Non-Agency Rmbs [Member] | Projected Collateral Prepayments [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Prepayments		'Projected Collateral Prepayments		'	'	'	'
Non-Agency Rmbs [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	12.00%		12.00%		'	'	'	'
Non-Agency Rmbs [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
Non-Agency Rmbs [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	2.42%		3.51%		'	'	'	'
Non-Agency Rmbs [Member] | Projected Collateral Losses [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Losses		'Projected Collateral Losses		'	'	'	'
Non-Agency Rmbs [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	30.00%		30.00%		'	'	'	'
Non-Agency Rmbs [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
Non-Agency Rmbs [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	17.01%		7.93%		'	'	'	'
Non-Agency Rmbs [Member] | Projected Collateral Severities [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Severities		'Projected Collateral Severities		'	'	'	'
Non-Agency Rmbs [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	80.00%		80.00%		'	'	'	'
Non-Agency Rmbs [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
Non-Agency Rmbs [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	47.23%		60.40%		'	'	'	'
Abs [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	76,035,121		71,344,784		43,095,198	99,344,323	97,916,107	33,937,097
Fair Value Measurements, Valuation Techniques	'Discounted Cash Flow		'Discounted Cash Flow		'	'	'	'
Abs [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Yield		'Yield		'	'	'	'
Abs [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	7.95%		5.39%		'	'	'	'
Abs [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	4.67%		3.78%		'	'	'	'
Abs [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	5.59%		4.07%		'	'	'	'
Abs [Member] | Projected Collateral Prepayments [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Prepayments		'		'	'	'	'
Abs [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	20.00%		'		'	'	'	'
Abs [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	20.00%		'		'	'	'	'
Abs [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	20.00%		'		'	'	'	'
Linked Transactions [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	6,525,977	[1]	14,723,169	[1]	8,547,625	7,111,753	6,089,083	6,425,683
Fair Value Measurements, Valuation Techniques	'Discounted Cash Flow	[1]	'Discounted Cash Flow	[1]	'	'	'	'
Linked Transactions [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Yield	[1]	'Yield	[1]	'	'	'	'
Linked Transactions [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	6.14%	[1]	9.01%	[1]	'	'	'	'
Linked Transactions [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	4.41%	[1]	3.85%	[1]	'	'	'	'
Linked Transactions [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	5.30%	[1]	4.71%	[1]	'	'	'	'
Linked Transactions [Member] | Projected Collateral Prepayments [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Prepayments	[1]	'Projected Collateral Prepayments	[1]	'	'	'	'
Linked Transactions [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	12.00%	[1]	12.00%	[1]	'	'	'	'
Linked Transactions [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%	[1]	0.00%	[1]	'	'	'	'
Linked Transactions [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	5.40%	[1]	2.43%	[1]	'	'	'	'
Linked Transactions [Member] | Projected Collateral Losses [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Losses	[1]	'Projected Collateral Losses	[1]	'	'	'	'
Linked Transactions [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	30.00%	[1]	30.00%	[1]	'	'	'	'
Linked Transactions [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	4.00%	[1]	0.00%	[1]	'	'	'	'
Linked Transactions [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	12.81%		12.83%	[1]	'	'	'	'
Linked Transactions [Member] | Projected Collateral Severities [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Severities	[1]	'Projected Collateral Severities	[1]	'	'	'	'
Linked Transactions [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	60.00%		80.00%	[1]	'	'	'	'
Linked Transactions [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	30.00%	[1]	0.00%	[1]	'	'	'	'
Linked Transactions [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	48.03%	[1]	41.37%	[1]	'	'	'	'
Commercial Loans [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	72,800,000		0		72,800,000	30,000,000	30,000,000	0
Fair Value Measurements, Valuation Techniques	'Market Comparable		'		'	'	'	'
Commercial Loans [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Yield		'		'	'	'	'
Commercial Loans [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	15.22%		'		'	'	'	'
Commercial Loans [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	6.25%		'		'	'	'	'
Commercial Loans [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	8.40%		'		'	'	'	'
Credit Investments Interest Only [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	6,354,425		6,324,735		6,629,380	6,496,421	6,592,026	0
Fair Value Measurements, Valuation Techniques	'Discounted Cash Flow		'Discounted Cash Flow		'	'	'	'
Credit Investments Interest Only [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Yield		'Yield		'	'	'	'
Credit Investments Interest Only [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	5.73%		5.72%		'	'	'	'
Credit Investments Interest Only [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	5.72%		5.70%		'	'	'	'
Credit Investments Interest Only [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	5.72%		5.71%		'	'	'	'
Credit Investments Interest Only [Member] | Projected Collateral Prepayments [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Prepayments		'Projected Collateral Prepayments		'	'	'	'
Credit Investments Interest Only [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	100.00%		100.00%		'	'	'	'
Credit Investments Interest Only [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	100.00%		100.00%		'	'	'	'
Credit Investments Interest Only [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	100.00%		100.00%		'	'	'	'
Credit Investments Interest Only [Member] | Projected Collateral Losses [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Losses		'Projected Collateral Losses		'	'	'	'
Credit Investments Interest Only [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
Credit Investments Interest Only [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
Credit Investments Interest Only [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
Credit Investments Interest Only [Member] | Projected Collateral Severities [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Severities		'Projected Collateral Severities		'	'	'	'
Credit Investments Interest Only [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
Credit Investments Interest Only [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
Credit Investments Interest Only [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
CMBS [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	27,266,308		23,972,043		19,289,905	27,343,899	22,779,730	34,066,710
Fair Value Measurements, Valuation Techniques	'Discounted Cash Flow		'Discounted Cash Flow		'	'	'	'
CMBS [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Yield		'Yield		'	'	'	'
CMBS [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	6.54%		5.75%		'	'	'	'
CMBS [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	5.07%		4.88%		'	'	'	'
CMBS [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	5.99%		5.51%		'	'	'	'
CMBS [Member] | Projected Collateral Prepayments [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Prepayments		'Projected Collateral Prepayments		'	'	'	'
CMBS [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
CMBS [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
CMBS [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	'		0.00%		'	'	'	'
CMBS [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	'		0.00%		'	'	'	'
CMBS [Member] | Projected Collateral Losses [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Losses		'Projected Collateral Losses		'	'	'	'
CMBS [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
CMBS [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
CMBS [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
CMBS [Member] | Projected Collateral Severities [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Projected Collateral Severities		'Projected Collateral Severities		'	'	'	'
CMBS [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
CMBS [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
CMBS [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	0.00%		0.00%		'	'	'	'
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	83,710,984		'		'	'	'	'
Fair Value Measurements, Valuation Techniques	'Market Comparable		'		'	'	'	'
Residential Mortgage Backed Securities [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Yield		'		'	'	'	'
Residential Mortgage Backed Securities [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	13.68%		'		'	'	'	'
Residential Mortgage Backed Securities [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	5.60%		'		'	'	'	'
Residential Mortgage Backed Securities [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	7.52%		'		'	'	'	'
Excess Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$679,752		$0		$730,146	'	'	'
Fair Value Measurements, Valuation Techniques	'Discounted Cash Flow		'		'	'	'	'
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Measurements Unobservable Input Description	'Yield		'		'	'	'	'
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	7.81%		'		'	'	'	'
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	5.71%		'		'	'	'	'
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]	'		'		'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'		'		'	'	'	'
Fair Value Input Interest Rate	7.38%		'		'	'	'	'
[1]	Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS and CMBS investments.

Repurchase_Agreements_Details

Repurchase Agreements (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	$2,666,802,121	$2,891,634,416
Weighted Average Rate	0.91%	0.81%
Weighted Average Haircut	9.36%	7.77%
Residential mortgage loans [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	51,044,573	'
Weighted Average Rate	2.97%	'
Weighted Average Funding Cost	3.24%	'
Weighted Average Haircut	30.10%	'
Commercial Mortgage Loans [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	22,500,000	'
Weighted Average Rate	2.50%	'
Weighted Average Funding Cost	2.72%	'
Weighted Average Haircut	64.17%	'
30 days or less [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	1,196,667,081	1,357,768,314
Weighted Average Rate	0.81%	0.85%
Weighted Average Haircut	10.56%	7.97%
30 days or less [Member] | Residential mortgage loans [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	0	'
Weighted Average Rate	0.00%	'
Weighted Average Funding Cost	0.00%	'
Weighted Average Haircut	0.00%	'
30 days or less [Member] | Commercial Mortgage Loans [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	0	'
Weighted Average Rate	0.00%	'
Weighted Average Funding Cost	0.00%	'
Weighted Average Haircut	0.00%	'
31-60 days [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	623,875,000	903,866,190
Weighted Average Rate	0.61%	0.54%
Weighted Average Haircut	4.28%	4.46%
31-60 days [Member] | Residential mortgage loans [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	0	'
Weighted Average Rate	0.00%	'
Weighted Average Funding Cost	0.00%	'
Weighted Average Haircut	0.00%	'
31-60 days [Member] | Commercial Mortgage Loans [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	0	'
Weighted Average Rate	0.00%	'
Weighted Average Funding Cost	0.00%	'
Weighted Average Haircut	0.00%	'
61-90 days [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	291,055,398	250,387,000
Weighted Average Rate	0.39%	0.49%
Weighted Average Haircut	6.39%	5.65%
61-90 days [Member] | Residential mortgage loans [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	0	'
Weighted Average Rate	0.00%	'
Weighted Average Funding Cost	0.00%	'
Weighted Average Haircut	0.00%	'
61-90 days [Member] | Commercial Mortgage Loans [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	0	'
Weighted Average Rate	0.00%	'
Weighted Average Funding Cost	0.00%	'
Weighted Average Haircut	0.00%	'
Greater than 90 days [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	555,204,642	379,612,912
Weighted Average Rate	1.72%	1.53%
Weighted Average Haircut	14.05%	16.37%
Greater than 90 days [Member] | Residential mortgage loans [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	51,044,573	'
Weighted Average Rate	2.97%	'
Weighted Average Funding Cost	3.24%	'
Weighted Average Haircut	30.10%	'
Greater than 90 days [Member] | Commercial Mortgage Loans [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Balance	$22,500,000	'
Weighted Average Rate	2.50%	'
Weighted Average Funding Cost	2.72%	'
Weighted Average Haircut	64.17%	'

Repurchase_Agreements_Details_

Repurchase Agreements (Details 1) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Schedule Of Securities Collateral Information Line Items [Line Items]	'	'
Repurchase agreements secured by Agency RMBS	$1,703,213,999	$2,104,691,819
Fair Value of Agency RMBS pledged as collateral under repurchase agreements	1,810,225,767	2,235,331,133
Repurchase agreements secured by Non-Agency RMBS, ABS and CMBS	963,588,122	786,942,597
Fair Value of Non-Agency RMBS, ABS and CMBS pledged as collateral under repurchase agreements	1,205,142,809	1,008,813,822
Repurchase agreements secured by Residential Mortgage Loans	51,044,573	0
Fair Value of Residential Mortgage Loans pledged as collateral under repurchase agreements	73,028,954	0
Repurchase agreements secured by Commercial Mortgage Loans	22,500,000	0
Fair Value of Commercial Mortgage Loans pledged as collateral under repurchase agreements	62,800,000	0
Cash pledged (i.e., restricted cash) under repurchase agreements	$26,459,148	$962,047

Repurchase_Agreements_Details_1

Repurchase Agreements (Details 2) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]	'	'
Repurchase Agreements	($2,740,346,694)	($2,891,634,416)
Gross Amounts of Recognized Liabilities [Member]	'	'
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]	'	'
Repurchase Agreements	2,740,346,694	2,891,634,416
Gross Amounts Offset in the Statement of Financial Position [Member]	'	'
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]	'	'
Repurchase Agreements	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position [Member]	'	'
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]	'	'
Repurchase Agreements	2,740,346,694	2,891,634,416
Gross Amounts Not Offset in the Statement of Financial Position [Member]	'	'
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]	'	'
Repurchase Agreements	2,740,346,694	2,891,634,416
Gross Amounts Not Offset in the Statement of Cash Collateral Posted [Member]	'	'
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]	'	'
Repurchase Agreements	0	0
Net Amount [Member]	'	'
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]	'	'
Repurchase Agreements	$0	$0

Repurchase_Agreements_Details_2

Repurchase Agreements (Details 3) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Credit Suisse Securities, LLC [Member]	'	'
Repurchase Agreement Counterparty [Line Items]	'	'
Amount at Risk	$72,489,644	$62,749,069
Weighted Average Maturity (days)	'151 days	'35 days
Percentage of Stockholders' Equity	9.80%	8.90%
Wells Fargo Bank, N.A [Member]	'	'
Repurchase Agreement Counterparty [Line Items]	'	'
Amount at Risk	93,266,083	39,399,377
Weighted Average Maturity (days)	'580 days	'101 days
Percentage of Stockholders' Equity	12.60%	5.60%
Merrill Lynch, Pierce, Fenner & Smith Incorporated [Member]	'	'
Repurchase Agreement Counterparty [Line Items]	'	'
Amount at Risk	'	51,047,394
Weighted Average Maturity (days)	'	'34 days
Percentage of Stockholders' Equity	'	7.20%
The Royal Bank of Scotland, PLC [Member]	'	'
Repurchase Agreement Counterparty [Line Items]	'	'
Amount at Risk	38,680,781	'
Weighted Average Maturity (days)	'143 days	'
Percentage of Stockholders' Equity	5.20%	'
JP Morgan Securities, LLC [Member]	'	'
Repurchase Agreement Counterparty [Line Items]	'	'
Amount at Risk	36,629,521	'
Weighted Average Maturity (days)	'249 days	'
Percentage of Stockholders' Equity	5.00%	'
The Royal Bank of Canada [Member]	'	'
Repurchase Agreement Counterparty [Line Items]	'	'
Amount at Risk	$42,201,982	'
Weighted Average Maturity (days)	'37 days	'
Percentage of Stockholders' Equity	5.70%	'

Repurchase_Agreements_Details_3

Repurchase Agreements (Details Textual) (USD $)

1 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

Apr. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Credit Suisse [Member]

Credit Suisse [Member]

Merrill Lynch, Pierce, Fenner Smith [Member]

Wells Fargo Bank, N.A [Member]

Wells Fargo Bank, N.A [Member]

Royal Bank of Scotland [Member]

JP Morgan [Member]

AG MIT LLC and AG MIT CMO, LLC [Member]

AG MIT WFB1 [Member]

AG MIT CREL [Member]

Linked Transactions [Member]

Linked Transactions [Member]

Linked Transactions [Member]

Linked Transactions [Member]

Linked Transactions [Member]

Credit Suisse [Member]

Credit Suisse [Member]

JP Morgan [Member]

Repurchase Agreement Disclosure [Line Items]

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Stock Holders Equity Percentage At Risk

'

5.00%

5.00%

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

Adjusted Tangible Net Worth

$430,000,000

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'

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'

'

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Liquidity Available

30,000,000

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Minimum Unrestricted Cash To Be Maintained

5,000,000

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'

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Maximum borrowing capacity on renewal of repurchase agreement

165,000,000

150,000,000

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100,000,000

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'

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Repurchase Agreement Counterparty, Amount at Risk

'

'

'

72,489,644

62,749,069

51,047,394

93,266,083

39,399,377

38,680,781

36,629,521

'

'

'

131,100,000

222,800,000

75,300,000

72,100,000

37,200,000

Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements

'

'

'

'151 days

'35 days

'34 days

'580 days

'101 days

'143 days

'249 days

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'159 days

'30 days

'248 days

Cost Method Investment Ownership Percentage

'

'

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9.80%

8.90%

7.20%

12.60%

5.60%

5.20%

5.00%

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'

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10.20%

10.20%

5.00%

Debt Instrument, Maturity Date

13-Apr-15

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Long-term Debt, Gross

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'

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$96,000,000

$51,000,000

$22,500,000

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'

Derivatives_Details

Derivatives (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
MBS Options [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value	$0	($206,743)
Interest Rate Swaps [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value	-4,602,316	-1,439,688
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	24,392,607	54,418,115
Swaption [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value	0	-559,858
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	107,527	641,960
TBAs [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value	-345,001	0
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	142,652	0
IO Index [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	167,485	0
Linked transactions [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	$28,346,802	$49,501,897

Derivatives_Details_1

Derivatives (Details 1) (USD $)	Sep. 30, 2014		Dec. 31, 2013
Derivative [Line Items]	'		'
Derivative, Notional Amount	$1,481,000,000		$2,145,000,000
Notional amount of Interest Rate Swap Agreements [Member] | Non-hedge [Member]	'		'
Derivative [Line Items]	'		'
Derivative, Notional Amount	1,481,000,000	[1]	2,145,000,000	[1]
Net notional amount of Swaptions [Member] | Non-hedge [Member]	'		'
Derivative [Line Items]	'		'
Derivative, Notional Amount	105,000,000		115,000,000
Net Notional Amount of IO Index [Member] | Non-hedge [Member]	'		'
Derivative [Line Items]	'		'
Derivative, Notional Amount	38,434,785		0
Net notional amount of TBAs [Member] | Non-hedge [Member]	'		'
Derivative [Line Items]	'		'
Derivative, Notional Amount	200,000,000		0
Notional amount of Linked Transactions [Member]	'		'
Derivative [Line Items]	'		'
Derivative, Notional Amount	168,230,815		'
Notional amount of Linked Transactions [Member] | Non-hedge [Member]	'		'
Derivative [Line Items]	'		'
Derivative, Notional Amount	$168,230,815	[2]	$291,734,071	[2]
[1]	Includes forward starting swaps with a notional of $100.0 million as of December 31, 2013.
[2]	Represents the current face of the securities comprising linked transactions.

Derivatives_Details_2

Derivatives (Details 2) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
MBS Options, at fair value [Member]	'		'		'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'		'		'
Unrealized gain/(loss) on derivative and other instruments, net	$0		$0		$38,774		$0
Net realized gain/(loss)	0		0		19,531		0
Interest Rate Swaps, At Fair Value [Member]	'		'		'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'		'		'
Unrealized gain/(loss) on derivative and other instruments, net	10,991,593		-5,700,547		-32,567,949		69,649,295
Net realized gain/(loss)	-1,787,879		-2,207,074		109,277		-9,294,517
Swaption, at fair value [Member]	'		'		'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'		'		'
Unrealized gain/(loss) on derivative and other instruments, net	176,087		0		-405,077		0
Net realized gain/(loss)	-250,000		0		-116,250		0
TBAs [Member]	'		'		'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'		'		'
Unrealized gain/(loss) on derivative and other instruments, net	-2,292,387	[1]	1,022,755	[1]	-202,349	[1]	-1,198,828	[1]
Net realized gain/(loss)	2,889,453		153,578		2,663,476		-423,571
IO Index, at fair value [Member]	'		'		'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'		'		'
Unrealized gain/(loss) on derivative and other instruments, net	28,071		0		66,060		0
Net realized gain/(loss)	-131,368		0		-454,257		0
Linked Transactions [Member]	'		'		'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'		'		'
Income (loss) from linked transactions, net	3,481,936		-519,785		11,018,043		2,296,541
Short Positions In US Treasuries [Member]	'		'		'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'		'		'
Unrealized gain/(loss) on derivative and other instruments, net	555,880		-1,102,153		-568,750		-1,102,153
Net realized gain/(loss)	($634,826)		$48,710		($69,287)		$48,710
[1]	For the three and nine months ended September 30, 2014, gains and losses from purchases and sales of TBAs consisted of $1.2 million and $1.5 million, respectively, of net TBA dollar roll net interest income, and net losses of $3.5 million and $1.7 million, respectively, due to price changes. The Company did not have any TBA dollar roll transactions for the three and nine months ended September 30, 2013.

Derivatives_Details_3

Derivatives (Details 3) (USD $)	Sep. 30, 2014		Dec. 31, 2013
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]	'		'
Gross Amounts of Recognized Assets (Liabilities), Total Derivative Assets	$29,136,454	[1]	$60,230,127	[2]
Gross Amounts Offset in the Consolidated Balance Sheet, Total Derivative Assets	0	[1]	0	[2]
Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet, Total Derivative Assets	29,136,454	[1]	60,230,127	[2]
Financial Instruments (Posted)/Received, Total Derivative Assets	0	[1]	0	[2]
Cash Collateral (Posted)/Received, Total Derivative Assets	15,517,001	[1]	30,567,000	[2]
Net Amount, Total Derivative Assets	13,619,453	[1]	29,663,127	[2]
Gross Amounts of Recognized Assets (Liabilities), Total Derivative Liabilities	-3,255,065	[3]	-1,876,666	[4]
Gross Amounts Offset in the Consolidated Balance Sheet, Total Derivative Liabilities	0	[3]	0	[4]
Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet, Total Derivative Liabilities	-3,255,065	[3]	-1,876,666	[4]
Financial Instruments (Posted)/Received, Total Derivative Liabilities	0	[3]	0	[4]
Cash Collateral (Posted)/Received, Total Derivative Liabilities	-3,255,065	[3]	-1,110,065	[4]
Net Amount, Total Derivative Liabilities	0	[3]	-766,601	[4]
Swaption [Member]	'		'
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]	'		'
Gross Amounts of Recognized Assets (Liabilities), Total Derivative Assets	107,526	[1]	641,960	[2]
Gross Amounts Offset in the Consolidated Balance Sheet, Total Derivative Assets	0	[1]	0	[2]
Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet, Total Derivative Assets	107,526	[1]	641,960	[2]
Financial Instruments (Posted)/Received, Total Derivative Assets	0	[1]	0	[2]
Cash Collateral (Posted)/Received, Total Derivative Assets	0	[1]	0	[2]
Net Amount, Total Derivative Assets	107,526	[1]	641,960	[2]
Gross Amounts of Recognized Assets (Liabilities), Total Derivative Liabilities	'		-559,858	[4]
Gross Amounts Offset in the Consolidated Balance Sheet, Total Derivative Liabilities	'		0	[4]
Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet, Total Derivative Liabilities	'		-559,858	[4]
Financial Instruments (Posted)/Received, Total Derivative Liabilities	'		0	[4]
Cash Collateral (Posted)/Received, Total Derivative Liabilities	'		0	[4]
Net Amount, Total Derivative Liabilities	'		-559,858	[4]
Interest Rate Swaps [Member]	'		'
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]	'		'
Gross Amounts of Recognized Assets (Liabilities), Total Derivative Assets	28,820,214	[1]	59,588,167	[2]
Gross Amounts Offset in the Consolidated Balance Sheet, Total Derivative Assets	0	[1]	0	[2]
Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet, Total Derivative Assets	28,820,214	[1]	59,588,167	[2]
Financial Instruments (Posted)/Received, Total Derivative Assets	0	[1]	0	[2]
Cash Collateral (Posted)/Received, Total Derivative Assets	15,517,001	[1]	30,567,000	[2]
Net Amount, Total Derivative Assets	13,303,213	[1]	29,021,167	[2]
Gross Amounts of Recognized Assets (Liabilities), Total Derivative Liabilities	-2,910,064	[3]	-1,110,065	[4]
Gross Amounts Offset in the Consolidated Balance Sheet, Total Derivative Liabilities	0	[3]	0	[4]
Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet, Total Derivative Liabilities	-2,910,064	[3]	-1,110,065	[4]
Financial Instruments (Posted)/Received, Total Derivative Liabilities	0	[3]	0	[4]
Cash Collateral (Posted)/Received, Total Derivative Liabilities	-2,910,064	[3]	-1,110,065	[4]
Net Amount, Total Derivative Liabilities	0	[3]	0	[4]
Receivable Under Reverse Repurchase Agreements [Member]	'		'
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]	'		'
Gross Amounts of Recognized Assets (Liabilities), Total Derivative Assets	28,245,000		27,475,000
Gross Amounts Offset in the Consolidated Balance Sheet, Total Derivative Assets	0		0
Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet, Total Derivative Assets	28,245,000		27,475,000
Financial Instruments (Posted)/Received, Total Derivative Assets	28,045,938		27,475,000
Cash Collateral (Posted)/Received, Total Derivative Assets	0		0
Net Amount, Total Derivative Assets	199,062		0
TBAs [Member]	'		'
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]	'		'
Gross Amounts of Recognized Assets (Liabilities), Total Derivative Assets	142,652	[1]	'
Gross Amounts Offset in the Consolidated Balance Sheet, Total Derivative Assets	0	[1]	'
Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet, Total Derivative Assets	142,652	[1]	'
Financial Instruments (Posted)/Received, Total Derivative Assets	0	[1]	'
Cash Collateral (Posted)/Received, Total Derivative Assets	0	[1]	'
Net Amount, Total Derivative Assets	142,652	[1]	'
Gross Amounts of Recognized Assets (Liabilities), Total Derivative Liabilities	-345,001	[3]	'
Gross Amounts Offset in the Consolidated Balance Sheet, Total Derivative Liabilities	0	[3]	'
Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet, Total Derivative Liabilities	-345,001	[3]	'
Financial Instruments (Posted)/Received, Total Derivative Liabilities	0	[3]	'
Cash Collateral (Posted)/Received, Total Derivative Liabilities	-345,001	[3]	'
Net Amount, Total Derivative Liabilities	0	[3]	'
Linked Transactions [Member]	'		'
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]	'		'
Gross Amounts of Recognized Assets (Liabilities), Total Derivative Assets	159,107,735	[5]	272,261,350	[6]
Gross Amounts Offset in the Consolidated Balance Sheet, Total Derivative Assets	-131,106,935	[5]	-222,846,315	[6]
Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet, Total Derivative Assets	28,000,800	[5]	49,415,035	[6]
Financial Instruments (Posted)/Received, Total Derivative Assets	-28,000,800	[5]	-49,415,035	[6]
Cash Collateral (Posted)/Received, Total Derivative Assets	0	[5]	0	[6]
Net Amount, Total Derivative Assets	0	[5]	0	[6]
IO Index [Member]	'		'
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]	'		'
Gross Amounts of Recognized Assets (Liabilities), Total Derivative Assets	66,062	[1]	'
Gross Amounts Offset in the Consolidated Balance Sheet, Total Derivative Assets	0	[1]	'
Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet, Total Derivative Assets	66,062	[1]	'
Financial Instruments (Posted)/Received, Total Derivative Assets	0	[1]	'
Cash Collateral (Posted)/Received, Total Derivative Assets	0	[1]	'
Net Amount, Total Derivative Assets	66,062	[1]	'
MBS Options [Member]	'		'
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]	'		'
Gross Amounts of Recognized Assets (Liabilities), Total Derivative Liabilities	'		-206,743	[4]
Gross Amounts Offset in the Consolidated Balance Sheet, Total Derivative Liabilities	'		0	[4]
Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet, Total Derivative Liabilities	'		-206,743	[4]
Financial Instruments (Posted)/Received, Total Derivative Liabilities	'		0	[4]
Cash Collateral (Posted)/Received, Total Derivative Liabilities	'		0	[4]
Net Amount, Total Derivative Liabilities	'		($206,743)	[4]
[1]	Included in Derivative Assets on the consolidated balance sheet is $29,136,454 less accrued interest of $(4,326,183) for a total of $24,810,271.
[2]	Included in Derivative Assets on the consolidated balance sheet is $60,230,127 less accrued interest of $(5,170,052) for a total of $55,060,075.
[3]	Included in Derivative Liabilities on the consolidated balance sheet is $(3,255,065) plus accrued interest of $(1,692,252) for a total of $(4,947,317).
[4]	Included in Derivative Liabilities on the consolidated balance sheet is $(1,876,666) plus accrued interest of $(329,623) for a total of $(2,206,289).
[5]	Included in Linked Transactions on the consolidated balance sheet is security fair market value of $159,107,735, less repurchase agreements of $(131,106,935), plus net accrued interest of $346,002 for a total of $28,346,802.
[6]	Included in Linked Transactions on the consolidated balance sheet is security fair market value of $272,261,350, less repurchase agreements of $(222,846,315), plus net accrued interest of $86,862 for a total of $49,501,897.

Derivatives_Details_4

Derivatives (Details 4) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'	'
Derivative, Notional Amount	$1,481,000,000	$2,145,000,000
Weighted Average Pay Rate	1.68%	1.43%
Weighted Average Receive Rate	0.24%	0.30%
Weighted Average Years to Maturity	'5 years 11 months 8 days	'5 years 8 months 1 day
2016 [Member]	'	'
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'	'
Derivative, Notional Amount	'	260,000,000	[1]
Weighted Average Pay Rate	'	0.62%	[1]
Weighted Average Receive Rate	'	0.71%	[1]
Weighted Average Years to Maturity	'	'2 years 7 months 17 days	[1]
2017 [Member]	'	'
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'	'
Derivative, Notional Amount	80,000,000	275,000,000
Weighted Average Pay Rate	0.86%	1.02%
Weighted Average Receive Rate	0.28%	0.24%
Weighted Average Years to Maturity	'2 years 11 months 5 days	'3 years 9 months 29 days
2018 [Member]	'	'
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'	'
Derivative, Notional Amount	210,000,000	490,000,000
Weighted Average Pay Rate	1.05%	1.15%
Weighted Average Receive Rate	0.23%	0.24%
Weighted Average Years to Maturity	'3 years 6 months 4 days	'4 years 5 months 5 days
2019 [Member]	'	'
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'	'
Derivative, Notional Amount	306,000,000	260,000,000
Weighted Average Pay Rate	1.34%	1.27%
Weighted Average Receive Rate	0.23%	0.25%
Weighted Average Years to Maturity	'4 years 10 months 10 days	'5 years 7 months 20 days
2020 [Member]	'	'
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'	'
Derivative, Notional Amount	440,000,000	450,000,000
Weighted Average Pay Rate	1.61%	1.62%
Weighted Average Receive Rate	0.23%	0.24%
Weighted Average Years to Maturity	'5 years 5 months 26 days	'6 years 3 months
2022 [Member]	'	'
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'	'
Derivative, Notional Amount	50,000,000	50,000,000
Weighted Average Pay Rate	1.69%	1.69%
Weighted Average Receive Rate	0.23%	0.24%
Weighted Average Years to Maturity	'7 years 11 months 5 days	'8 years 8 months 5 days
2023 [Member]	'	'
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'	'
Derivative, Notional Amount	328,000,000	340,000,000
Weighted Average Pay Rate	2.49%	2.49%
Weighted Average Receive Rate	0.23%	0.24%
Weighted Average Years to Maturity	'8 years 9 months 22 days	'9 years 6 months 22 days
2024 [Member]	'	'
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'	'
Derivative, Notional Amount	67,000,000	'
Weighted Average Pay Rate	2.74%	'
Weighted Average Receive Rate	0.23%	'
Weighted Average Years to Maturity	'9 years 5 months 23 days	'
2028 [Member]	'	'
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'	'
Derivative, Notional Amount	'	$20,000,000
Weighted Average Pay Rate	'	3.47%
Weighted Average Receive Rate	'	0.25%
Weighted Average Years to Maturity	'	'14 years 11 months 19 days
[1]	This figure includes a forward starting swap with a total notional of $100.0 million and a start date of December 23, 2015. Weighted average rates shown are inclusive of rates corresponding to the terms of the swap as if the swap were effective as of December 31, 2013.

Derivatives_Details_5

Derivatives (Details 5) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
			TBAs - Long [Member]	TBAs - Long [Member]	TBAs - Long [Member]	TBAs - Long [Member]	TBAs - Short [Member]	TBAs - Short [Member]	TBAs - Short [Member]	TBAs - Short [Member]
Schedule Of To Be Announced Securities Activity [Line Items]	'	'	'	'	'	'	'	'	'	'
Beginning Notional Amount	$1,481,000,000	$2,145,000,000	$85,000,000	$0	$0	$40,000,000	$0	($150,000,000)	$0	$0
Buys or Covers	'	'	375,000,000	100,000,000	535,000,000	445,000,000	493,000,000	523,000,000	740,000,000	1,098,000,000
Sales or Shorts	'	'	-260,000,000	-100,000,000	-335,000,000	-485,000,000	-493,000,000	-398,000,000	-740,000,000	-1,123,000,000
Ending Net Notional Amount	1,481,000,000	2,145,000,000	200,000,000	0	200,000,000	0	0	-25,000,000	0	-25,000,000
Net Fair Value as of Period End	'	'	210,640,620	0	210,640,620	0	0	-24,431,640	0	-24,431,640
Net Receivable/(Payable) to/from Broker	16,260,255	30,567,000	-210,843,359	869,531	-210,843,359	869,531	390	22,225,586	390	22,225,586
Derivative Asset	24,810,271	55,060,075	0	1,177,734	0	1,177,734	142,652	1,015,625	142,652	1,015,625
Derivative Liability	$4,947,317	$2,206,289	($202,739)	($308,203)	($202,739)	($308,203)	($142,262)	($3,221,679)	($142,262)	($3,221,679)

Derivatives_Details_6

Derivatives (Details 6) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Linked Transaction Disclosure [Line Items]	'	'	'	'	'
Current Face	$1,481,000,000	'	$1,481,000,000	'	$2,145,000,000
Net Accrued Interest	2,607,427	'	2,607,427	'	3,839,045
Net Interest Income	29,377,902	27,693,865	86,669,722	94,414,155	'
Unrealized Loss	'	'	3,503,633	-8,161,223	'
Repurchase Agreement	2,666,802,121	'	2,666,802,121	'	2,891,634,416
Weighted Average Interest Rate	0.91%	'	0.91%	'	0.81%
Linked Transaction Securities [Member]	'	'	'	'	'
Linked Transaction Disclosure [Line Items]	'	'	'	'	'
Current Face	'	311,676,369	'	311,676,369	'
Amortized Cost	'	275,416,315	'	275,416,315	'
Fair Value	'	279,655,499	'	279,655,499	'
Net Accrued Interest	'	695,413	'	695,413	'
Net Interest Income	'	2,912,942	'	10,457,764	'
Unrealized Loss	'	-852,672	'	-3,898,885	'
Net Realized Gain	'	-2,580,055	'	-4,262,338	'
Income (loss) from linked transactions, net	'	-519,785	'	2,296,541	'
Weighted Average Coupon	'	3.95%	'	3.95%	'
Weighted Average Life	'	'	'	'4 years 9 months 14 days	'
Repurchase Agreement	131,106,935	229,265,000	131,106,935	229,265,000	'
Weighted Average Interest Rate	1.61%	1.87%	1.61%	1.87%	'
Weighted Average Years to Maturity	'	'	'22 days	'25 days	'
Non-Agency Rmbs [Member] | Linked Transaction Securities [Member]	'	'	'	'	'
Linked Transaction Disclosure [Line Items]	'	'	'	'	'
Current Face	153,230,815	287,806,369	153,230,815	287,806,369	'
Amortized Cost	141,726,229	253,545,104	141,726,229	253,545,104	'
Fair Value	144,288,301	258,164,346	144,288,301	258,164,346	'
Net Accrued Interest	325,379	657,323	325,379	657,323	'
Net Interest Income	1,611,819	2,750,860	6,689,534	9,969,921	'
Unrealized Loss	-1,365,000	-1,095,697	-4,656,329	-3,592,194	'
Net Realized Gain	3,217,466	-2,458,643	7,580,176	-4,060,548	'
Income (loss) from linked transactions, net	3,464,285	-803,480	9,613,381	2,317,179	'
Weighted Average Coupon	3.82%	4.09%	3.82%	4.09%	'
Weighted Average Life	'	'	'6 years 29 days	'4 years 10 months 6 days	'
Repurchase Agreement	120,431,603	213,681,000	120,431,603	213,681,000	'
Weighted Average Interest Rate	1.60%	1.91%	1.60%	1.91%	'
Weighted Average Years to Maturity	'	'	'18 days	'25 days	'
CMBS [Member] | Linked Transaction Securities [Member]	'	'	'	'	'
Linked Transaction Disclosure [Line Items]	'	'	'	'	'
Current Face	15,000,000	23,870,000	15,000,000	23,870,000	'
Amortized Cost	14,420,341	21,871,211	14,420,341	21,871,211	'
Fair Value	14,819,434	21,491,153	14,819,434	21,491,153	'
Net Accrued Interest	20,623	38,090	20,623	38,090	'
Net Interest Income	348,835	162,082	824,876	487,843	'
Unrealized Loss	-1,050,471	243,025	-240,251	-306,691	'
Net Realized Gain	719,287	-121,412	820,037	-201,790	'
Income (loss) from linked transactions, net	17,651	283,695	1,404,662	-20,638	'
Weighted Average Coupon	2.12%	2.32%	2.12%	2.32%	'
Weighted Average Life	'	'	'1 year 7 days	'4 years 1 month 13 days	'
Repurchase Agreement	10,675,332	15,584,000	10,675,332	15,584,000	'
Weighted Average Interest Rate	1.68%	1.34%	1.68%	1.34%	'
Weighted Average Years to Maturity	'	'	'29 days	'22 days	'
Linked Transactions [Member]	'	'	'	'	'
Linked Transaction Disclosure [Line Items]	'	'	'	'	'
Current Face	168,230,815	'	168,230,815	'	'
Amortized Cost	156,146,570	'	156,146,570	'	'
Fair Value	159,107,735	'	159,107,735	'	272,261,350
Net Accrued Interest	346,002	'	346,002	'	86,862
Net Interest Income	1,960,654	'	7,514,410	'	'
Unrealized Loss	-2,415,471	'	-4,896,580	'	'
Net Realized Gain	3,936,753	'	8,400,213	'	'
Income (loss) from linked transactions, net	3,481,936	-519,785	11,018,043	2,296,541	'
Weighted Average Coupon	3.67%	'	3.67%	'	'
Weighted Average Life	'	'	'5 years 7 months 17 days	'	'
Repurchase Agreement	($131,106,936)	'	($131,106,936)	'	($222,846,315)

Derivatives_Details_Textual

Derivatives (Details Textual) (USD $)	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2014		Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2013	Dec. 31, 2013
Derivative [Line Items]	'		'	'		'	'
Derivative, Notional Amount	$1,481,000,000		'	$1,481,000,000		'	$2,145,000,000
Repurchase Agreement Borrowing Security	12,100,000		24,100,000	73,500,000		'	'
Linked transactions, net, at fair value	28,346,802		'	28,346,802		'	49,501,897
Balance	2,666,802,121		'	2,666,802,121		'	2,891,634,416
Interest payable	2,607,427		'	2,607,427		'	3,839,045
Derivative Assets Before Accrued Interest	29,136,454		'	29,136,454		'	60,230,127
Derivative Assets Accrued Interest	-4,326,183		'	-4,326,183		'	-5,170,052
Derivative Assets, At Fair Value	24,810,271		'	24,810,271		'	55,060,075
Derivative Liabilities Before Accrued Interest	-3,255,065	[1]	'	-3,255,065	[1]	'	-1,876,666	[2]
Derivative Liabilities Accrued Interest	1,692,252		'	1,692,252		'	329,623
Derivative Liabilities, At Fair Value	-4,947,317		'	-4,947,317		'	-2,206,289
Collateralized Securities Under Reverse repurchase Agreement	28,200,000		'	28,200,000		'	27,500,000
Unrealized Gain (Loss) on Securities	'		'	52,563,595		-60,668,593	'
Linked Transactions [Member]	'		'	'		'	'
Derivative [Line Items]	'		'	'		'	'
Derivative, Notional Amount	168,230,815		'	168,230,815		'	'
Linked transactions, net, at fair value	28,346,802		'	28,346,802		'	49,501,897
Linked Securities Fair Value	159,107,735		'	159,107,735		'	272,261,350
Balance	-131,106,936		'	-131,106,936		'	-222,846,315
Interest payable	346,002		'	346,002		'	86,862
Fair Value Of Borrowed Securities Under Reverse Repurchase agreement	-131,106,935		'	-131,106,935		'	-222,846,315
Linked Transactions [Member] | Repurchase Agreements [Member]	'		'	'		'	'
Derivative [Line Items]	'		'	'		'	'
Securities Held as Collateral, at Fair Value	'		'	159,100,000		'	272,300,000
Interest Rate Swaps, At Fair Value [Member]	'		'	'		'	'
Derivative [Line Items]	'		'	'		'	'
Derivative Assets, At Fair Value	24,810,271		'	24,810,271		'	'
Derivative Liabilities Before Accrued Interest	3,255,065		'	3,255,065		'	'
Non-Agency Rmbs [Member]	'		'	'		'	'
Derivative [Line Items]	'		'	'		'	'
Securities Held as Collateral, at Fair Value	15,600,000		30,200,000	87,200,000		43,400,000	'
Repurchase Agreement Borrowing Security	'		'	'		35,700,000	'
Net Realized Losses From Unlinking Of Linked Transactions	200,000		400,000	2,000,000		100,000	'
Forward Contracts [Member]	'		'	'		'	'
Derivative [Line Items]	'		'	'		'	'
Derivative, Notional Amount	'		'	'		'	100,000,000
TBA [Member]	'		'	'		'	'
Derivative [Line Items]	'		'	'		'	'
Derivative Liabilities Before Accrued Interest	-345,001	[1]	'	-345,001	[1]	'	'
Unrealized Gain (Loss) on Securities	1,200,000		'	1,500,000		'	'
Interest and Other Income	3,500,000		'	1,700,000		'	'
Realized Investment Gains (Losses)	2,889,453		153,578	2,663,476		-423,571	'
Restricted Cash [Member]	'		'	'		'	'
Derivative [Line Items]	'		'	'		'	'
Derivative Asset, Notional Amount	1,600,000		'	1,600,000		'	2,600,000
Derivative Liability, Notional Amount	'		'	'		'	30,600,000
US Treasury Securities [Member]	'		'	'		'	'
Derivative [Line Items]	'		'	'		'	'
Securities Held as Collateral, at Fair Value	'		'	28,000,000		'	27,500,000
Derivative, Notional Amount	28,000,000		'	28,000,000		'	28,000,000
Repurchase agreement Securities Maturity Period	'		'	'5 years 9 months 18 days		'	'6 years 7 months 6 days
Realized Investment Gains (Losses)	600,000		0	100,000		0	'
Unrealized Gain on Securities	600,000		'	'		'	'
Unrealized Loss on Securities	'		1,100,000	600,000		1,100,000	'
Real Estate Investment [Member]	'		'	'		'	'
Derivative [Line Items]	'		'	'		'	'
Securities Held as Collateral, at Fair Value	'		'	$6,400,000		'	$7,000,000
[1]	Included in Derivative Liabilities on the consolidated balance sheet is $(3,255,065) plus accrued interest of $(1,692,252) for a total of $(4,947,317).
[2]	Included in Derivative Liabilities on the consolidated balance sheet is $(1,876,666) plus accrued interest of $(329,623) for a total of $(2,206,289).

Earnings_per_Share_Details

Earnings per Share (Details)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Class of Warrant or Right [Line Items]	'	'	'
Warrants	1,007,500	'	1,007,500
Common stock, shares outstanding	28,384,347	28,365,655	'
Restricted Stock [Member] | Manager [Member]	'	'	'
Class of Warrant or Right [Line Items]	'	'	'
Common stock, shares outstanding	0	'	13,418
Restricted Stock [Member] | Directors [Member]	'	'	'
Class of Warrant or Right [Line Items]	'	'	'
Common stock, shares outstanding	0	'	2,500
Restricted Stock Units (RSUs) [Member] | Manager [Member]	'	'	'
Class of Warrant or Right [Line Items]	'	'	'
Common stock, shares outstanding	60,000	'	0

Earnings_per_Share_Details_1

Earnings per Share (Details 1) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerator:	'	'	'	'
Net income/(loss) available to common stockholders for basic and diluted earnings per share	$19,022,258	$2,633,165	$84,639,075	($58,566,023)
Denominator:	'	'	'	'
Basic weighted average common shares outstanding (in shares)	28,384,238	28,359,937	28,377,681	27,906,946
Dilutive effect of manager and director restricted stock units and warrants (in shares)	20,831	6	19,116	0
Dilutive weighted average common shares outstanding (in shares)	28,405,069	28,359,943	28,396,797	27,906,946
Basic Earnings/(Loss) Per Share of Common Stock: (in dollars per share)	$0.67	$0.09	$2.98	($2.10)
Diluted Earnings/(Loss) Per Share of Common Stock: (in dollars per share)	$0.67	$0.09	$2.98	($2.10)

Related_Party_Transactions_Det

Related Party Transactions (Details Textual) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jul. 06, 2014

Jul. 06, 2011

Sep. 30, 2014

Jul. 06, 2011

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 06, 2014

Ainsberg [Member]

Manager Equity Incentive Plan [Member]

Manager Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Manager [Member]

Manager [Member]

Manager [Member]

Manager [Member]

Manager and Director [Member]

July 1, 2015 [Member]

July 1, 2016 [Member]

July 1, 2017 [Member]

Restricted Stock [Member]

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Management fee to affiliate

$2,548,601

$2,523,547

$7,556,613

$8,195,890

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures

'

'

'

'

'

40,250

'

1,500

'

'

'

'

'

Share-Based Compensation Arrangement By Share-Based Payment Award, Shares Issued In Period

'

'

'

'

'

277,500

'

'

'

'

'

'

'

Noninterest Expense Directors Fees

'

'

90,000

'

'

'

'

'

'

'

'

'

'

Non Reimbursable expenses Incurred By Manager

$1,700,000

$1,600,000

$5,000,000

$4,400,000

'

'

'

'

'

'

'

'

'

Management Fee Percentage

1.50%

'

1.50%

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant

'

'

'

'

'

'

150,810

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares

'

'

'

'

'

'

'

'

'

'

'

'

46,750

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number

'

'

'

'

500

'

'

'

20,000

20,000

20,000

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

'

'

'

'

'

'

'

'

'

'

'

60,000

'

Equity_Details_Textual

Equity (Details Textual) (USD $)

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

Aug. 03, 2012

Jan. 24, 2012

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jul. 13, 2012

Dec. 26, 2012

Aug. 15, 2012

Sep. 06, 2012

Sep. 30, 2014

Aug. 03, 2012

Sep. 27, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Aug. 15, 2012

Jan. 24, 2012

Aug. 03, 2012

Sep. 27, 2012

Public Offering [Member]

Public Offering [Member]

Sale Agents [Member]

Sale Agents [Member]

Series A Cumulative Redeemable Preferred Stock [Member]

Series B Cumulative Redeemable Preferred Stock [Member]

Cash Less Warrants [Member]

Cash Excercise Warrants [Member]

Quarterly Distribution [Member]

Quarterly Distribution [Member]

Quarterly Distribution [Member]

Quarterly Distribution [Member]

Distribution [Member]

Distribution [Member]

Distribution [Member]

Distribution [Member]

Underwriters Over-Allotment Option [Member]

Underwriters Over-Allotment Option [Member]

Underwriters Over-Allotment Option [Member]

Underwriters Over-Allotment Option [Member]

Options Two [Member]

Series A Preferred Stocks [Member]

Series A Preferred Stocks [Member]

Series B Preferred Stocks [Member]

Series B Preferred Stocks [Member]

Series A Preferred Stocks [Member]

Series A Preferred Stocks [Member]

Series B Preferred Stocks [Member]

Series B Preferred Stocks [Member]

Series A Cumulative Redeemable Preferred Stock [Member]

Series B Cumulative Redeemable Preferred Stock [Member]

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period Shares New Issues

'

5,000,000

'

'

'

'

'

3,750,000

6,000,000

3,000,000

'

1,800,000

4,000,000

'

'

'

'

'

'

'

'

'

'

900,000

750,000

270,000

600,000

Sale of Stock, Price Per Share

'

'

'

'

'

'

'

$24.33

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$23.29

$19

'

'

Proceeds from issuance of common stock

'

$109,300,000

'

'

$0

$33,176,288

'

$91,200,000

$160,700,000

'

'

$51,800,000

$115,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Offering costs paid

'

5,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds From Issuance Of Common Stock Net

'

104,000,000

'

'

'

'

'

87,500,000

152,700,000

'

31,300,000

49,900,000

111,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period

'

'

'

'

'

'

'

'

'

'

'

'

'

20,101

196,250

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Value, Stock Options Exercised

'

'

'

'

'

'

'

'

'

'

'

'

'

0

4,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Stock, Liquidation Preference, Value (in dollars per share)

$25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$25

$25

Capital Available For Issuance

'

'

549,500,000

'

549,500,000

'

1,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividend

8.25%

'

'

'

'

'

'

'

'

'

'

8.25%

8.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock, Dividends, Per Share, Declared

'

'

$0.60

$0.60

$1.80

$2.17

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends, Common Stock, Total

'

'

$17,000,000

$17,000,000

$51,100,000

$39,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Stock, Dividends Per Share, Declared

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.52

$0.52

$0.50

$0.50

$1.55

$1.55

$1.50

$1.50

'

'

'

'