AG Mortgage Investment Trust, I (MITT) 10-K 2 Mar 15 2014 FY Annual report Financial data

Document_And_Entity_Informatio

Document And Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Feb. 17, 2015	Jun. 30, 2014
Document Information [Line Items]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	MITT
Entity Common Stock, Shares Outstanding		28,387,615
Entity Registrant Name	AG Mortgage Investment Trust, Inc.
Entity Central Index Key	1514281
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$522,382,550

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets
Residential mortgage loans, at fair value - $73,407,869 and $0 pledged as collateral, respectively	$85,089,859	$0
Commercial loans, at fair value - $62,800,000 and $0 pledged as collateral, respectively	72,800,000	0
Investment in affiliates	20,345,131	16,411,314
Excess mortgage servicing rights, at fair value	628,367	0
Linked transactions, net, at fair value	26,695,091	49,501,897
Cash and cash equivalents	64,363,514	86,190,011
Restricted cash	34,477,975	3,575,006
Interest receivable	11,886,019	12,018,919
Receivable under reverse repurchase agreements	0	27,475,000
Derivative assets, at fair value	11,382,622	55,060,075
Other assets	10,543,072	1,246,842
Due from broker	4,586,912	1,410,720
Total Assets	3,458,405,131	3,684,706,374
Liabilities
Repurchase agreements	2,644,955,948	2,891,634,416
Securitized debt	39,777,914	0
Obligation to return securities borrowed under reverse repurchase agreements, at fair value	0	27,477,188
Interest payable	2,461,494	3,839,045
Derivative liabilities, at fair value	8,608,209	2,206,289
Dividend payable	17,031,609	17,020,893
Due to affiliates	4,850,807	4,645,297
Accrued expenses	2,285,339	1,395,183
Taxes payable	1,743,516	1,490,329
Due to broker	4,015,152	30,567,000
Total Liabilities	2,725,729,988	2,980,275,640
Stockholders' Equity
Common stock, par value $0.01 per share; 450,000,000 shares of common stock authorized and 28,386,015 and 28,365,655 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively	283,861	283,657
Additional paid-in capital	586,051,751	585,619,488
Retained earnings/(deficit)	-14,874,474	-42,686,416
Total Stockholders' Equity	732,675,143	704,430,734
Total Liabilities & Stockholders' Equity	3,458,405,131	3,684,706,374
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:	1,808,314,746	2,423,002,768
Non-Agency [Member]
Assets
Real estate securities, at fair value:	1,140,077,928	844,217,568
ABS [Member]
Assets
Real estate securities, at fair value:	66,693,243	71,344,784
CMBS [Member]
Assets
Real estate securities, at fair value:	$100,520,652	$93,251,470

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets [Parenthetical] (USD $)	Dec. 31, 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	28,386,015	28,365,655
Common stock, shares outstanding	28,386,015	28,365,655
Residential mortgage loans [Member]
Loans Pledged as Collateral (in dollars)	$73,407,869	$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)	1,691,194,581	2,242,322,869
Non-Agency [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	1,088,398,641	844,217,568
ABS [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	66,693,243	71,344,784
CMBS [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	96,920,646	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 $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net Interest Income
Interest income	$141,573,188	$151,000,673	$96,376,692
Interest expense	26,497,398	25,553,273	15,010,444
Interest Income (Expense), Net	115,075,790	125,447,400	81,366,248
Other Income
Net realized gain/(loss)	3,637,954	-115,594,848	24,568,561
Income/(loss) from linked transactions, net	12,503,516	5,610,609	24,983,333
Realized loss on periodic interest settlements of derivative instruments, net	-22,261,187	-27,912,227	-9,962,125
Unrealized gain/(loss) on real estate securities and loans, net	72,480,056	-84,195,306	52,071,455
Unrealized gain/(loss) on derivative and other instruments, net	-51,255,430	89,112,320	-24,086,526
Total other income (loss)	15,104,909	-132,979,452	67,574,698
Expenses
Management fee to affiliate	10,089,239	10,688,725	6,413,443
Other operating expenses	11,874,427	10,844,988	5,443,059
Servicing fees	511,519	0	0
Equity based compensation to affiliate	291,131	251,447	400,200
Excise tax	1,783,539	1,483,630	1,748,327
Total expenses	24,549,855	23,268,790	14,005,029
Income/(loss) before income tax benefit/(expense) and equity in earnings/(loss) from affiliates	105,630,844	-30,800,842	134,935,917
Income tax benefit/(expense)	79,914	-3,041,616	0
Equity in earnings/(loss) from affiliates	3,684,810	2,263,822	0
Net Income/(Loss)	109,395,568	-31,578,636	134,935,917
Dividends on preferred stock	13,469,416	13,469,416	4,137,010
Net Income/(Loss) Available to Common Stockholders	$95,926,152	($45,048,052)	$130,798,907
Earnings/(Loss) Per Share of Common Stock
Basic (in dollars per share)	$3.38	($1.61)	$7.20
Diluted (in dollars per share)	$3.37	($1.61)	$7.18
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	28,379,782	28,022,565	18,167,227
Diluted (in shares)	28,424,168	28,022,565	18,227,060

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 (Deficit) [Member]
Balance at Dec. 31, 2011	$206,283,920	$100,100	$0	$0	$198,228,694	$7,955,126
Balance (in shares) at Dec. 31, 2011		10,009,958
Net proceeds from issuance of common stock	353,530,658	169,309	0	0	353,361,349	0
Net proceeds from issuance of common stock (in shares)		16,930,918
Net proceeds from issuance of preferred stock	161,214,005	0	49,920,772	111,293,233	0	0
Net proceeds from issuance of preferred stock (in shares)		0
Grant of restricted stock and amortization of equity based compensation	477,849	211	0	0	477,638	0
Grant of restricted stock and amortization of equity based compensation (in shares)		21,060
Common dividends declared	-58,207,367	0	0	0	0	-58,207,367
Preferred Series A dividends declared	-1,589,201	0	0	0	0	-1,589,201
Preferred Series B dividends declared	-2,024,000	0	0	0	0	-2,024,000
Net (loss) income	134,935,917	0	0	0	0	134,935,917
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
Net proceeds from issuance of preferred stock	0	0	0	0	0	0
Net proceeds from issuance of preferred stock (in shares)		0
Grant of restricted stock and amortization of equity based compensation	389,556	220	0	0	389,336	0
Grant of restricted stock and amortization of equity based compensation (in shares)		21,980
Common dividends declared	-78,708,839	0	0	0	0	-78,708,839
Preferred Series A dividends declared	-4,269,416	0	0	0	0	-4,269,416
Preferred Series B dividends declared	-9,200,000	0	0	0	0	-9,200,000
Net (loss) income	-31,578,636	0	0	0	0	-31,578,636
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
Net proceeds from issuance of common stock	0	0	0	0	0	0
Net proceeds from issuance of common stock (in shares)		0
Net proceeds from issuance of preferred stock	0	0	0	0	0	0
Net proceeds from issuance of preferred stock (in shares)		0
Grant of restricted stock and amortization of equity based compensation	432,467	204	0	0	432,263	0
Grant of restricted stock and amortization of equity based compensation (in shares)		20,360
Common dividends declared	-68,114,210	0	0	0	0	-68,114,210
Preferred Series A dividends declared	-4,269,416	0	0	0	0	-4,269,416
Preferred Series B dividends declared	-9,200,000	0	0	0	0	-9,200,000
Net (loss) income	109,395,568	0	0	0	0	109,395,568
Balance at Dec. 31, 2014	$732,675,143	$283,861	$49,920,772	$111,293,233	$586,051,751	($14,874,474)
Balance (in shares) at Dec. 31, 2014		28,386,015

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash Flows from Operating Activities
Net income	$109,395,568	($31,578,636)	$134,935,917
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized (gain)/loss	-3,637,954	115,594,848	-24,568,561
Net amortization of premium related to real estate securities	16,773,835	41,176,196	46,753,636
Net realized and unrealized (gains)/losses on securities underlying linked transactions	-2,952,810	8,222,438	-14,818,484
Unrealized (gains)/losses on derivative and other instruments, net	51,255,430	-89,112,320	24,086,526
Unrealized (gains)/losses on real estate securities and loans, net	-72,480,056	84,195,306	-52,071,455
Equity based compensation to affiliate	291,131	-986,706	400,200
Equity based compensation expense	147,370	181,717	161,706
Income from investment in affiliates in excess of distributions received	-76,658	0	0
Change in operating assets/liabilities:
Interest receivable	134,372	2,901,780	-11,198,237
Other assets	-348,396	-792,773	-83,943
Due from affiliates	0	0	104,994
Due from broker	-3,176,192	-526,115	-543,114
Interest payable	-2,838,550	448,071	7,025,826
Due to affiliates	205,510	735,232	3,139,724
Accrued expenses	890,156	588,330	244,025
Due to broker	0	0	-379,914
Taxes payable	253,187	-240,812	1,625,417
Net cash provided by operating activities	93,835,943	130,806,556	114,814,263
Cash Flows from Investing Activities
Purchase of real estate securities	-980,792,941	-3,118,517,499	-4,370,299,655
Purchase of residential mortgage loans	-84,678,576	0	0
Purchase of commercial loans	-72,084,833	-30,017,825	-2,500,000
Investment in affiliates	-7,165,460	-14,357,976	0
Purchase of excess mortgage servicing rights	-730,146	0	0
Purchase of securities underlying linked transactions	-48,250,318	-317,436,622	-570,209,016
Proceeds from sale of real estate securities	872,701,795	3,648,604,962	1,050,511,764
Proceeds from sale of securities underlying linked transactions	26,056,464	126,082,338	41,385,353
Proceeds from settlement of commercial loans	0	32,635,156	0
Distribution received from investments in affiliates	3,133,976	0	0
Principal repayments on real estate securities	583,423,535	504,738,013	324,443,650
Principal repayments on residential mortgage loans	2,250,087	0	0
Principal repayments on securities underlying linked transactions	57,371,713	88,829,701	61,191,782
Receipt of premium for interest rate swaptions	433,751	495,000	0
Payment of premium for interest rate swaptions	-745,500	-495,000	0
Net proceeds from (payment made) on reverse repurchase agreements	27,473,695	-27,483,814	0
Net proceeds from (payment made) on sales of securities borrowed under reverse repurchase agreements	-29,403,375	27,322,644	0
Net settlement of interest rate swaps	-3,438,878	-10,617,785	-332,127
Net settlement of TBAs	5,500,858	-310,329	1,774,492
Net settlement of IO Indexes	-1,855,253	0	0
Cash flows used in other investing activities	-8,258,241	0	0
Restricted cash provided by (used in) investing activities	-14,360,593	-653,785	928,001
Net cash provided by (used in) investing activities	326,581,760	908,817,179	-3,463,105,756
Cash Flows from Financing Activities
Net proceeds from issuance of common stock	0	33,176,288	353,673,174
Net proceeds from issuance of preferred stock	0	0	161,214,005
Borrowings under repurchase agreements	21,322,102,856	24,482,544,919	22,617,690,216
Borrowings under repurchase agreements underlying linked transactions	1,799,454,966	3,561,632,718	2,669,256,464
Repayments of repurchase agreements	-21,568,781,324	-25,502,330,321	-19,856,419,805
Repayments of repurchase agreements underlying linked transactions	-1,908,937,408	-3,621,129,860	-2,426,067,010
Payment made for repurchase agreement costs	-1,258,322	0	0
Proceeds from issuance of securitized debt	39,842,166	0	0
Collateral received from (paid to) derivative counterparty	-30,681,671	36,237,826	-5,710,000
Collateral received from (paid to) repurchase counterparty	-12,412,553	537,953	-1,310,946
Dividends paid on common stock	-68,103,494	-80,228,613	-46,677,871
Dividends paid on preferred stock	-13,469,416	-13,469,416	-3,613,201
Net cash provided by (used in) financing activities	-442,244,200	-1,103,028,506	3,462,035,026
Net change in cash and cash equivalents	-21,826,497	-63,404,771	113,743,533
Cash and cash equivalents, Beginning of Period	86,190,011	149,594,782	35,851,249
Cash and cash equivalents, End of Period	64,363,514	86,190,011	149,594,782
Supplemental disclosure of cash flow information:
Cash paid for interest on repurchase agreements	27,902,821	24,759,417	11,887,615
Cash paid for income tax	1,583,739	5,452,265	140,191
Real estate securities recorded upon unlinking of Linked Transactions	119,253,223	141,614,987	206,945,371
Repurchase agreements recorded upon unlinking of Linked Transactions	89,817,051	118,803,382	168,905,010
Transfer from residential mortgage loans to other assets	1,341,379	0	0
Supplemental disclosure of non-cash financing activities:
Common stock dividends declared but not paid	$17,031,609	$17,020,893	$18,540,667

Organization

Organization	12 Months Ended
	Dec. 31, 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 residential 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 assets 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, a Delaware limited liability company (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	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies
	The accompanying 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”). 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 annual period of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature.
	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 December 31, 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 offering 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. 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/(Loss) per share
	In accordance with the provisions of Accounting Standards Codification (“ASC”) 260, “Earnings per Share,” the Company calculates basic income/(loss) per share by dividing net income/(loss) available to common stockholders for the period by weighted-average shares of the Company’s common stock outstanding for that period. Diluted income/(loss) 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 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 an investment 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 charge if the performance of such security subsequently improves.
	Securities in an unrealized loss position at December 31, 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 charges 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.” Mortgage loans that are delinquent 60 or more days are considered non-performing.
	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.
	Excess mortgage servicing rights
	The Company has acquired the right to receive the excess servicing spread related to excess mortgage servicing rights (“MSRs”). The Company has chosen to make a fair value election pursuant to ASC 825 for MSRs.  MSRs are recorded at fair market value on the consolidated balance sheet and any 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.”
	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.
	The Company has entered into resecuritization transactions which result in the Company consolidating the VIEs that were created to facilitate the transactions and to which the underlying assets in connection with the resecuritization were transferred. In determining the accounting treatment to be applied to these resecuritization transactions, the Company evaluated whether the entities used to facilitate these transactions were VIEs and, if so, whether they should be consolidated. Based on its evaluation, the Company concluded that the VIEs should be consolidated. If the Company had determined that consolidation was not required, it would have then assessed whether the transfer of the underlying assets would qualify as a sale or should be accounted for as secured financings under GAAP.
	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 consolidated 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 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 (loans) 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 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 December 31, 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 consolidated 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 rather than to enhance returns. 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 December 31, 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, 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 that 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 in the 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 (subject to specific timing rules for certain dividends paid in January) at least the sum of (i) 85% of its ordinary income for such year, (ii) 95% of its capital gain net income for such year, and (iii) any undistributed taxable income from the prior year, the Company would be subject to a non-deductible 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. Shares of restricted common 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. Restricted stock units are measured at fair value reduced by the present value of the dividends expected to be paid on the underlying shares during the requisite service period, discounted at an assumed risk free rate. 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.
In August 2014, the FASB issued ASU 2014-13, “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (“ASU 2014-13”). This guidance applies to a reporting entity that is required to consolidate a collateralized financing entity under the Variable Interest Entities Subsections of Subtopic 810-10 when (1) the reporting entity measures all of the financial assets and the financial liabilities of that consolidated collateralized financing entity at fair value in the consolidated financial statements based on other Topics and (2) the changes in the fair values of those financial assets and financial liabilities are reflected in earnings. The amendments in this Update clarify that when the measurement alternative is elected, a reporting entity’s consolidated net income (loss) should reflect the reporting entity’s own economic interests in the collateralized financing entity, including (1) changes in the fair value of the beneficial interests retained by the reporting entity and (2) beneficial interests that represent compensation for services. Beneficial interests retained by the reporting entity that represent compensation for services (for example, management fees or servicing fees) and nonfinancial assets that are held temporarily by a collateralized financing entity should be measured in accordance with other applicable Topics. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company is currently assessing the impact of this guidance.

Real_Estate_Securities

Real Estate Securities	12 Months Ended
	Dec. 31, 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 December 31, 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 real estate securities portfolio as of December 31, 2014:
									Gross Unrealized (1)							Weighted Average
				Premium /
		Current Face		(Discount)		Amortized Cost			Gains		Losses		Fair Value			Coupon (2)			Yield
	Agency RMBS:
	20 Year Fixed Rate	$	125,538,084	$	6,009,532	$	131,547,616		$	2,267,721	$	-72,467	$	133,742,870			3.72	%		2.79	%
	30 Year Fixed Rate		973,102,647		46,665,955		1,019,768,602			17,222,909		-967,492		1,036,024,019			3.9	%		3.15	%
	Fixed Rate CMO		88,345,864		880,994		89,226,858			1,548,517		-		90,775,375			3	%		2.81	%
	ARM		421,043,957		-888,105		420,155,852			7,570,945		-189,430		427,537,367			2.42	%		2.71	%
	Interest Only		754,905,240		-638,264,371		116,640,869			5,941,701		-2,347,455		120,235,115			4.51	%		7.79	%
	Credit Investments:
	Non-Agency RMBS		1,303,432,523		-181,488,454		1,121,944,069			24,415,728		-6,281,869		1,140,077,928			4.26	%		5.62	%
	ABS		67,696,117		-379,648		67,316,469			322,074		-945,300		66,693,243			5.15	%		5.55	%
	CMBS		220,026,552		-127,623,416		92,403,136			2,138,358		-146,791		94,394,703			5.13	%		6.65	%
	Interest Only		52,357,700		-46,424,765		5,932,935			193,014		-		6,125,949			1.85	%		5.73	%
	Total	$	4,006,448,684	$	-941,512,278	$	3,064,936,406		$	61,620,967	$	-10,950,804	$	3,115,606,569			3.97	%		4.31	%
	(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 real estate securities portfolio as of December 31, 2013:
									Gross Unrealized (1)							Weighted Average
				Premium /
		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 December 31, 2014 and December 31, 2013.
		Less than 12 months				Greater than 12 months
				Unrealized					Unrealized
	As of	Fair Value		Losses		Fair Value			Losses
	31-Dec-14	$	551,097,657	$	-6,921,385	$	224,261,493		$	-4,029,419
	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 year ended December 31, 2014 the Company recognized an OTTI charge of $4.8 million, which is included in the “Net realized gain/(loss)” line item on the consolidated statement of operations. Of this amount, $1.0 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 $3.8 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 year ended December 31, 2013 the Company recognized an OTTI charge of $52.7 million, which is included in the “Net realized gain/(loss)” line item on the consolidated statement of operations. Of this amount, $48.4 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 $4.3 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. No OTTI was recorded for the year ended December 31, 2012.
	The decline in value of the remaining real estate securities is solely due to market conditions and not the quality of the assets. The investments 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 December 31, 2014:
		Agency RMBS (1)							Agency IO							Credit Investments (2)
						Weighted							Weighted									Weighted
						Average					Amortized		Average									Average
	Weighted Average Life (3)	Fair Value		Amortized Cost		Coupon			Fair Value		Cost		Coupon			Fair Value			Amortized Cost			Coupon (4)
	Less than or equal to 1 year	$	-	$	-		-		$	-	$	-		-		$	39,522,038		$	39,415,933			3.48	%
	Greater than one year and less than or equal to five years		72,253,477		71,713,942		2.57	%		67,356,372		67,199,203		4.16	%		621,179,587			612,711,131			3.93	%
	Greater than five years and less than or equal to ten years		1,486,360,763		1,461,439,648		3.49	%		52,878,743		49,441,666		5.13	%		562,808,169			557,116,343			4.39	%
	Greater than ten years		129,465,391		127,545,338		3.54	%		-		-		-			83,782,029			78,353,202			6.58	%
	Total	$	1,688,079,631	$	1,660,698,928		3.45	%	$	120,235,115	$	116,640,869		4.51	%	$	1,307,291,823		$	1,287,596,609			4.27	%
	(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							Weighted									Weighted
					Average					Amortized		Average									Average
Weighted Average Life (3)	Fair Value		Amortized Cost		Coupon			Fair Value		Cost		Coupon			Fair Value			Amortized Cost			Coupon
Less than or equal to 1 year	$	-	$	-		-		$	5,406,120	$	4,739,053		3	%	$	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 year ended December 31, 2014, the Company sold 50 securities for total proceeds of  $872.7 million, recording realized gains of $14.4 million and realized losses of $4.3 million. For the year ended December 31, 2013, the Company sold 166 securities for total proceeds of $3.6 billion, recording realized gains of $17.5 million and realized losses of $72.5 million, inclusive of related tax expenses. For the year ended December 31, 2012, the Company sold forty-eight securities for total proceeds of $1.1 billion, inclusive of three unsettled securities as of December 31, 2012, recording realized gains of $25.5 million and realized losses of $1.8 million.
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 has applied the equity method of accounting for such investments. As of December 31, 2014, the investments had a fair market value of $42.0 million and a weighted average yield of 12.13%. The underlying entities financed the acquisition of certain investments with repurchase agreements. As of December 31, 2014, the repurchase agreement balance, collateral pledged, and rate were  $21.3 million, $28.4 million  and 3.00%, respectively. As of December 31, 2013, the investments had a fair market value of $16.4 million and a weighted average yield of 12.54%. There was no financing as of December 31, 2013. The Company has presented these investments and any related repurchase financing net on the consolidated balance sheet in the “Investment in affiliates, net” line item, and all income statement components on the consolidated statement of operations within “Equity in earnings from affiliates.”
A Special Purpose Entity (“SPE”) is an entity designed to fulfill a specific limited need of the company that organized it.  SPEs are often used to facilitate transactions that involve securitizing financial assets or resecuritizing previously securitized financial assets.  The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms.  Securitization involves transferring assets to a SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business, through the SPE’s issuance of debt or equity instruments.  Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement.
The Company entered into a resecuritization transaction that resulted in the Company consolidating the VIE created with the SPE which was used to facilitate the transaction. The Company concluded that the entity created to facilitate this transaction was a VIE.  The Company also determined the VIE created to facilitate the resecuritization transaction should be consolidated by the Company and treated as a secured borrowing, based on consideration of its involvement in the VIE, including the design and purpose of the SPE, and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of the VIE. As of December 31, 2014, the Company resecuritized an asset with an aggregate fair value of $47.6 million. The fair market value of the consolidated tranche was $39.8 million, which is included in the Company’s consolidated balance sheet as “Non-Agency RMBS.”  The aggregate security has a weighted average coupon of 5.50% and a weighted average yield of 5.14%. The Company has recorded the secured financing of $39.8 million on the consolidated balance sheet in the “Securitized debt” line item. The Company has recorded the proceeds from the issuance of the secured financing in the “Cash Flows from Financing Activities” section of the consolidated statement of cash flows. The consolidated tranche has a weighted average life of 3.40 years and a weighted average rate of 3.75%. The holders of the consolidated tranche have no recourse to the general credit of the Company. The Company has no obligation to provide any other explicit or implicit support to any VIE.

Loans

Loans	12 Months Ended
	Dec. 31, 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. 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.
	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.
	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.
	The table below details certain information regarding the Company’s residential mortgage loan portfolio as of December 31, 2014:
									Gross Unrealized (1)						Weighted Average
		Unpaid Principal			Premium
		Balance			(Discount)		Amortized Cost		Gains		Losses (2)		Fair Value		Coupon				Yield				Life
	Residential mortgage loans	$	119,882,836		$	-35,534,525	$	84,348,311	$	1,101,473	$	-359,925	$	85,089,859		5.53	%			8.9	%			5.65
	(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).
	The Company did not hold any residential mortgage loans as of December 31, 2013.
	The table below summarizes the distribution of the Company’s mortgage loans at fair value.
		December 31, 2014					December 31, 2013
					Unpaid Principal				Unpaid Principal
	Loan Type	Fair Value			Balance		Fair Value		Balance
	Re-Performing	$	68,581,824		$	89,493,175	$	-	$	-
	Non-Performing		16,508,035			30,389,661		-		-
		$	85,089,859		$	119,882,836	$	-	$	-
	As of December 31, 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 within the Company’s mortgage loan portfolio:
	Concentration of Credit Risk	December 31, 2014			December 31, 2013
	Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100%		98	%		-
	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		8	%		-
	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 years ended December 31, 2014 and December 31, 2013:
		Year Ended
		December 31, 2014			December 31, 2013
	Beginning Balance	$	-		$	-
	Additions		38,295,030			-
	Accretion		-3,739,798			-
	Reclassifications from/(to) non-accretable difference		4,274,831			-
	Disposals		-821,800			-
	Ending Balance	$	38,008,263		$	-
	The Company’s residential mortgage loan portfolio is comprised of 574 conventional loans with original loan balances between $5,000 and $2.5 million.
	Commercial Loans
	The following table presents 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 commercial loan portfolio at December 31, 2014. The Company did not hold any commercial loans as of December 31, 2013.
									Gross Unrealized (1)						Weighted Average
					Premium										Coupon									Stated Maturity	Extended
		Current Face			(Discount)		Amortized Cost		Gains		Losses		Fair Value		-5			Yield			Life			Date (6)	Maturity Date	Location
	Loan A (2)	$	30,000,000		$	-240,326	$	29,759,674	$	240,326	$	-	$	30,000,000		6.5	%		8.76	%		2.77		5-Jun-17	5-Jun-19	FL
	Loan B (3)		32,800,000			-189,506		32,610,494		189,506				32,800,000		5	%		6.15	%		1.45		1-Jul-16	1-Jul-19	TX
	Loan C (4)		10,000,000			-66,187		9,933,813		66,187		-		10,000,000		13.5	%		15.77	%		1.61		1-Feb-17	1-Feb-18	NY
		$	72,800,000		$	-496,019	$	72,303,981	$	496,019	$	-	$	72,800,000		6.79	%		8.55	%		2.02
	(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).
	(2) Loan A is comprised of a first mortgage and mezzanine loan of up to $24.0 million and $12.0 million, respectively, of which $20.0 million and $10.0 million has been advanced.
	(3) Loan B is comprised of a first mortgage and mezzanine loan of $31.8 million and $1.0 million, respectively.
	(4) Loan C is mezzanine loan.
	(5) Each commercial loan investment has a variable coupon rate.
	(6) The Company has the contractual right to receive a balloon payment.
	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 years ended December 31, 2014 and 2012.
	During the year ended December 31, 2014 and December 31, 2013 the Company recorded $0.2 million and $0.2 million respectively, of discount accretion. The Company did not record discount accretion in 2012.

Fair_Value_Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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, securitized debt, 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 Counterparty Clearing House (“CCP”) now stands between the Company and the over-the-counter derivative counterparties. In order to access clearing, the Company has entered into clearing agreements with Futures Commissions 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 December 31, 2014:
			Fair Value at December 31, 2014
			Level 1		Level 2		Level 3			Total
	Assets:
	Agency RMBS:
	20 Year Fixed Rate		$	-	$	133,742,870	$	-		$	133,742,870
	30 Year Fixed Rate			-		1,036,024,019		-			1,036,024,019
	Fixed Rate CMO			-		90,775,375		-			90,775,375
	ARM			-		427,537,367		-			427,537,367
	Interest Only			-		120,235,115		-			120,235,115
	Credit Investments:
	Non-Agency RMBS			-		684,841,649		455,236,279			1,140,077,928
	ABS			-		-		66,693,243			66,693,243
	CMBS			-		55,051,429		39,343,274			94,394,703
	Interest Only			-		-		6,125,949			6,125,949
	Residential mortgage loans			-		-		85,089,859			85,089,859
	Commercial loans			-		-		72,800,000			72,800,000
	Excess mortgage servicing rights			-		-		628,367			628,367
	Linked transactions			-		21,612,360		5,082,731			26,695,091
	Derivative assets			-		11,382,622		-			11,382,622
	Total Assets Carried at Fair Value		$	-	$	2,581,202,806	$	730,999,702		$	3,312,202,508
	Liabilities:
	Securitized debt		$	-	$	-39,777,914	$	-		$	-39,777,914
	Derivative liabilities			-		-8,608,209		-			-8,608,209
	Total Liabilities Carried at Fair Value		$	-	$	-48,386,123	$	-		$	-48,386,123
	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			-		55,060,075		-			55,060,075
	Total Assets Carried at Fair Value		$	-	$	3,110,173,269	$	426,205,293		$	3,536,378,562
	Liabilities:
	Obligation to return securities borrowed under reverse repurchase agreements, at fair value		$	-27,477,188	$	-	$	-		$	-27,477,188
	Derivative liabilities			-		-2,206,289		-			-2,206,289
	Total Liabilities Carried at Fair Value		$	-27,477,188	$	-2,206,289	$	-		$	-29,683,477
	The Company did not have any transfers of assets or liabilities between Levels 1 and 2 of the fair value hierarchy during the years ended December 31, 2014 and December 31, 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:
	Year Ended
	31-Dec-14
			Non-Agency		ABS		CMBS			Interest Only		Residential		Commercial		Excess Mortgage		Linked
			RMBS									Mortgage Loans		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			449,980,502		67,489,710		22,068,216			-		84,678,576		72,084,833		730,146		1,856,433
Reclassification of security type (2)			26,752,863		-		-			-		-		-				-4,219,811
Proceeds from sales			-96,960,392		-45,409,687		-5,586,445			-				-		-		-16,364,916
Proceeds from settlement			-241,145,912		-26,704,044		-2,130,834					-2,250,087		-		-101,779		7,307,909
Total net gains/(losses) (3)
Included in net income			6,768,656		-27,520		1,020,294			-198,786		2,661,370		715,167		-		1,779,947
Included in other comprehensive income (loss)			-		-		-			-		-		-		-		-
Ending Balance		$	455,236,279	$	66,693,243	$	39,343,274		$	6,125,949	$	85,089,859	$	72,800,000	$	628,367	$	5,082,731
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)		$	2,887,993	$	-378,408	$	205,360		$	-198,786	$	2,522,554	$	742,747	$	-	$	763,744
(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		$	1,779,947
Unrealized gain/(loss) on real estate securities and loans, net			6,617,905
Net realized gain/(loss)			4,321,276
Total		$	12,719,128
(4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net		$	763,744
Unrealized gain/(loss) on real estate securities and loans, net			5,781,460
Total		$	6,545,204
Year Ended
31-Dec-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			254,337,307		139,603,404		6,085,156			7,048,720		30,017,825		13,963,549
Reclassification of security type (2)			-		-		-			-		-		-
Proceeds from sales			-187,061,610		-60,839,523		-15,317,706			-		-30,017,825		-
Proceeds from settlement			-17,383,788		-41,587,807		-63,172			-		-		-5,484,875
Total net gains/ (losses) (3)
Included in net income			4,905,096		231,613		-798,945			-723,985		-		-181,188
Included in other comprehensive income (loss)			-		-		-			-		-		-
Ending Balance		$	309,840,562	$	71,344,784	$	23,972,043		$	6,324,735	$	-	$	14,723,169
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2013 (4)		$	378,382	$	242,808	$	-449,810		$	-723,988	$	-	$	-177
(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		$	-181,188
Unrealized gain/(loss) on real estate securities and loans, net			-1,457,255
Net realized loss			5,071,034
Total		$	3,432,591
(4) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net		$	-177
Unrealized gain/(loss) on real estate securities and loans, net			-552,608
Total		$	-552,785
The Company did not have any transfers of assets or liabilities in or out of Level 3 of the fair value hierarchy during the years ended December 31, 2014 and December 31, 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 as of December 31, 2014 and December 31, 2013:
Asset Class		Fair Value at			Valuation Technique	Unobservable Input		Range
		31-Dec-14						(Weighted Average)
Non-Agency RMBS		$	455,236,279		Discounted Cash Flow	Yield		0.29% - 35.48% (5.30%)
						Projected Collateral Prepayments		0.00% - 12.00% (3.21%)
						Projected Collateral Losses		0.00% - 35.00% (13.07%)
						Projected Collateral Severities		0.00% - 80.00% (36.04%)
ABS		$	66,693,243		Discounted Cash Flow	Yield		4.62% - 7.95% (5.55%)
						Projected Collateral Prepayments		20.00% - 100.00% (88.56%)
						Projected Collateral Losses		0.00% - 8.30% (5.13%)
						Projected Collateral Severities		0.00% - 50.00% (7.15%)
CMBS		$	39,343,274		Discounted Cash Flow	Yield		4.80% - 10.52% (6.34%)
						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%)
Interest Only		$	6,125,949		Discounted Cash Flow	Yield		5.72% - 5.78% (5.73%)
						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		$	85,089,859		Discounted Cash Flow	Yield		5.60% - 23.67% (8.90%)
						Projected Collateral Prepayments		1.98% - 8.36% (6.44%)
						Projected Collateral Losses		4.47% - 9.64% (6.20%)
						Projected Collateral Severities		20.93% - 41.94% (27.65%)
Commercial Loans		$	72,800,000		Discounted Cash Flow	Yield		6.15% - 15.77% (8.55%)
						Credit Spread		4.75 bps - 13.25 bps (6.54 bps)
						Recovery Percentage**		100.00% - 100.00% (100.00%)
Excess Mortgage Servicing Rights		$	628,367		Discounted Cash Flow	Yield		9.09% - 12.52% (9.78%)
Linked Transactions*		$	5,082,731		Discounted Cash Flow	Yield		4.49% - 6.45% (5.50%)
						Projected Collateral Prepayments		3.00% - 12.00% (6.94%)
						Projected Collateral Losses		4.00% - 14.00% (8.09%)
						Projected Collateral Severities		42.00% - 60.00% (52.87%)
*Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments.
** Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2014.
Asset Class		Fair Value at			Valuation Technique	Unobservable Input		Range
		31-Dec-13						(Weighted Average)
Non-Agency RMBS		$	309,840,562		Discounted Cash Flow	Yield		3.35% - 13.99% (5.13%)
						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%)
CMBS		$	23,972,043		Discounted Cash Flow	Yield		4.88% - 5.75% (5.51%)
						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%)
Interest Only		$	6,324,735		Discounted Cash Flow	Yield		5.70% - 5.72% (5.71%)
						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%)
Linked Transactions*		$	14,723,169		Discounted Cash Flow	Yield		3.85% - 9.01% (4.71%)
						Projected Collateral Prepayments		0.00% - 12.00% (2.43%)
						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, re-performance 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	12 Months Ended
	Dec. 31, 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, typically 30 to 90 days. The carrying amount of the Company’s repurchase agreements approximates fair value as the debt is short-term in nature. 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 December 31, 2014:
					Weighted			Weighted Average
	Repurchase Agreements Maturing Within:	Balance			Average Rate			Haircut
	30 days or less	$	1,969,873,000			0.75	%		10.4	%
	31-60 days		220,953,000			1.11	%		12.2	%
	61-90 days		51,090,128			1.26	%		13.1	%
	Greater than 90 days		329,966,102			1.84	%		17.7	%
	Total / Weighted Average	$	2,571,882,230			0.93	%		11.5	%
	The following table presents certain information regarding securities pledged under the Company’s repurchase agreements secured by real estate securities as of December 31, 2014:
	Repurchase Agreements Maturing Within:	Fair Value Pledged			Amortized Cost			Accrued Interest
	30 days or less	$	2,205,969,794		$	2,174,485,394		$	6,903,437
	31-60 days		253,788,749			249,993,183			816,574
	61-90 days		60,149,910			58,111,076			171,277
	Greater than 90 days		416,125,338			408,496,220			1,105,242
	Total / Weighted Average	$	2,936,033,791		$	2,891,085,873		$	8,996,530
	The following table presents certain information regarding the Company’s repurchase agreements secured by real estate securities as of December 31, 2013:
					Weighted Average			Weighted Average
	Repurchase Agreements Maturing Within:	Balance			Rate			Haircut
	30 days or less	$	1,357,768,314			0.85	%		8	%
	31-60 days		903,866,190			0.54	%		4.5	%
	61-90 days		250,387,000			0.49	%		5.6	%
	Greater than 90 days		379,612,912			1.53	%		16.4	%
	Total / Weighted Average	$	2,891,634,416			0.81	%		7.8	%
	The following table presents certain information regarding securities pledged under the Company’s repurchase agreements secured by real estate securities as of December 31, 2013:
	Repurchase Agreements Maturing Within:	Fair Value Pledged			Amortized Cost			Accrued Interest
	30 days or less	$	1,502,157,214		$	1,512,532,855		$	5,193,397
	31-60 days		950,898,508			959,743,513			3,197,252
	61-90 days		265,986,674			270,255,461			736,754
	Greater than 90 days		525,102,559			524,426,207			2,075,504
	Total / Weighted Average	$	3,244,144,955		$	3,266,958,036		$	11,202,907
	The following table presents certain information regarding the Company’s repurchase agreements secured by interests in residential mortgage loans as of December 31, 2014:
				Weighted				Weighted Average			Weighted Average
	Repurchase Agreements Maturing Within:	Balance		Average Rate				Funding Cost			Haircut
	30 days or less	$	-			-			-			-
	31-60 days		-			-			-			-
	61-90 days		-			-			-			-
	Greater than 90 days		50,573,718			2.93	%		3.08	%		31.1	%
	Total / Weighted Average	$	50,573,718			2.93	%		3.08	%		31.1	%
	The following table presents certain information regarding collateral pledged under the Company’s repurchase agreements secured by residential mortgage loans as of December 31, 2014:
		Fair Value Pledged			Amortized Cost			Accrued Interest
	30 days or less	$	-		$	-		$	-
	31-60 days		-			-			-
	61-90 days		-			-			-
	Greater than 90 days	$	73,407,869			73,084,817			709,585
	Total / Weighted Average	$	73,407,869		$	73,084,817		$	709,585
	The following table presents certain information regarding the Company’s repurchase agreements secured by interests in commercial mortgage loans as well as collateral posted as of December 31, 2014:
					Weighted Average			Weighted Average			Weighted
	Repurchase Agreements Maturing Within:	Balance			Rate			Funding Cost			Average Haircut
	30 days or less	$	-			-			-			-
	31-60 days		-			-			-			-
	61-90 days		-			-			-			-
	Greater than 90 days		22,500,000			2.5	%		2.83	%		64.2	%
	Total / Weighted Average	$	22,500,000			2.5	%		2.83	%		64.2	%
	The following table presents certain information regarding collateral pledged under the Company’s repurchase agreements secured by commercial mortgage loans as of December 31, 2014:
	Repurchase Agreements Maturing Within:	Fair Value Pledged			Amortized Cost			Accrued Interest
	30 days or less	$	-		$	-		$	-
	31-60 days		-			-			-
	61-90 days		-			-			-
	Greater than 90 days	$	62,800,000			62,370,168			533,832
	Total / Weighted Average	$	62,800,000		$	62,370,168		$	533,832
	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 at December 31, 2014 and December 31, 2013:
	December 31, 2014			December 31, 2013
Repurchase agreements secured by Agency RMBS	$	1,583,911,000		$	2,104,691,819
Fair Value of Agency RMBS pledged as collateral under repurchase agreements		1,684,021,261			2,235,331,133
Repurchase agreements secured by Non-Agency RMBS, ABS and CMBS		987,971,230			786,942,597
Fair Value of Non-Agency RMBS, ABS and CMBS pledged as collateral under repurchase agreements		1,252,012,530			1,008,813,822
Repurchase agreements secured by Residential Mortgage Loans		50,573,718			-
Fair Value of Residential Mortgage Loans pledged as collateral under repurchase agreements		73,407,869			-
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		13,374,600			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 December 31, 2014:
										Gross Amounts Not Offset in the
										Consolidated Balance Sheet
	Gross Amounts of			Gross Amounts Offset			Net Amounts of Liabilities
	Recognized			in the Consolidated			Presented in the Consolidated			Financial			Cash Collateral
Description	Liabilities			Balance Sheet			Balance Sheet			Instruments Posted			Posted		Net Amount
Repurchase Agreements	$	2,644,955,948		$	-		$	2,644,955,948		$	2,644,955,948		$	-	$	-
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 Not Offset in the
										Consolidated Balance Sheet
	Gross Amounts of			Gross Amounts Offset			Net Amounts of Liabilities
	Recognized			in the Consolidated			Presented in the Consolidated			Financial			Cash Collateral
Description	Liabilities			Balance Sheet			Balance Sheet			Instruments Posted			Posted		Net Amount
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 34 and 30 counterparties, under which the Company had outstanding debt with 22 and 24 counterparties at December 31, 2014 and December 31, 2013, respectively on a GAAP basis. At December 31, 2014, the following table reflects amounts at risk under the Company’s repurchase agreements greater than 5% of its equity with any counterparty, excluding repurchase agreements accounted for as linked transactions and repurchase agreements through affiliated entities.
				Weighted Average			Percentage of
Counterparty	Amount at Risk			Maturity (days)			Stockholders' Equity
Wells Fargo Bank, N.A.	$	92,478,572			509			13	%
Credit Suisse Securities, LLC		85,479,003			117			12	%
JP Morgan Securities, LLC		51,502,631			168			7	%
Merrill Lynch, Pierce, Fenner & Smith Incorporated		42,082,013			13			6	%
Goldman, Sachs & Co.		32,078,210			18			4	%
In addition to the amount at risk in the table above, at December 31, 2014, the Company had repurchase agreements with Credit Suisse Securities, LLC, JP Morgan Securities, LLC and Goldman, Sachs & Co. determined to be linked. The amount at risk including linked transactions is $  88.3 million, $52.8 million and $39.2 million, respectively, with weighted average maturities of  114 days, 165 days, and 16 days, respectively, representing approximately 12%, 7%, and 5% of stockholders’ equity, respectively.
At December 31, 2013, 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.
				Weighted Average			Percentage of
Counterparty	Amount at Risk			Maturity (days)			Stockholders' Equity
Credit Suisse Securities, LLC	$	62,749,069			35			9	%
Merrill Lynch, Pierce, Fenner & Smith Incorporated		51,047,394			34			7	%
Wells Fargo Bank, N.A		39,399,377			101			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. At the request of the Company, Wells Fargo may grant a ninety day extension of the maturity date. The Second Renewal Agreement 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 December 31, 2014, the Company had $  99.9 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 December 31, 2014, the Company had $  50.6 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. The Company records its financing at cost, which approximates its estimated fair value. As of December 31, 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 December 31, 2014 and December 31, 2013, the Company had repurchase agreements of  $113.4 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	12 Months Ended
	Dec. 31, 2014
Derivatives [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	7. Derivatives
	The Company’s derivatives may include interest rate swaps (“swaps”), swaptions, 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 December 31, 2014 and December 31, 2013.
	Derivative Instrument	Designation		Balance Sheet Location		December 31, 2014			December 31, 2013
	Interest rate swaps	Non-Hedge		Derivative liabilities, at fair value		$	-8,608,209		$	-1,439,688
	Interest rate swaps	Non-Hedge		Derivative assets, at fair value			9,902,151			54,418,115
	Swaptions	Non-Hedge		Derivative liabilities, at fair value			-			-559,858
	Swaptions	Non-Hedge		Derivative assets, at fair value			-			641,960
	TBAs	Non-Hedge		Derivative assets, at fair value			1,480,471			-
	MBS Options	Non-Hedge		Derivative liabilities, at fair value			-			-206,743
	Linked transactions	Non-Hedge		Linked transactions, net, at fair value			26,695,091			49,501,897
	The following table summarizes information related to derivatives:
		December 31, 2014			December 31, 2013
	Non-hedge derivatives:
	Notional amount of Interest Rate Swap Agreements (1)	$	1,446,000,000		$	2,145,000,000
	Net notional amount of Swaptions		-			115,000,000
	Net notional amount of TBAs		225,000,000			-
	Notional amount of Linked Transactions (2)		150,836,900			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:
				Year Ended			Year Ended			Year Ended
	Non-hedge derivatives gain (loss):	Statement of Operations Location		December 31, 2014			December 31, 2013			December 31, 2012
	Interest rate swaps, at fair value	Unrealized gain/(loss) on derivative and other instruments, net		$	-52,615,387		$	88,918,362		$	-23,043,671
	Interest rate swaps, at fair value	Net realized gain/(loss)			-3,458,409			-10,617,785			-332,127
	Swaptions, at fair value	Unrealized gain/(loss) on derivative and other instruments, net			-82,102			82,102			-
	Swaptions, at fair value	Net realized gain/(loss)			-546,750			-			-
	TBAs (1)	Unrealized gain/(loss) on derivative and other instruments, net			1,480,471			137,695			-1,042,855
	TBAs	Net realized gain/(loss)			5,500,859			-310,329			1,774,492
	IO Index, at fair value	Net realized gain/(loss)			-1,770,548			-			-
	MBS Options, at fair value	Unrealized gain/(loss) on derivative and other instruments, net			38,774			-38,774			-
	MBS Options, at fair value	Net realized gain/(loss)			19,531			-			-
	Linked transactions	Income/(loss) from linked transactions, net			12,503,516			5,610,609			24,983,333
	Short positions on U.S. Treasuries	Unrealized gain/(loss) on derivative and other instruments, net			-12,935			12,935			-
	Short positions on U.S. Treasuries	Net realized gain/(loss)			-1,407,255			-24,359			-
	(1) For the year ended December 31, 2014, gains and losses from purchases and sales of TBAs consisted of $3.5 million, of net TBA dollar roll net interest income, and net gains of $3.5 million, due to price changes. The Company did not have any TBA dollar roll transactions for the year ended December 31, 2013 or December 31, 2012.
	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 December 31, 2014:
											Gross Amounts Not Offset in the
											Consolidated Balance Sheet
		Gross Amounts of			Gross Amounts Offset			Net Amounts of Assets			Financial
		Recognized			in the Consolidated			(Liabilities) Presented in the			Instruments		Cash Collateral
	Description	Assets (Liabilities)			Balance Sheet			Consolidated Balance Sheet			(Posted)/Received		(Posted)/Received		Net Amount
	Linked Transactions (1)	$	139,778,263		$	-113,363,873		$	26,414,390		$	-26,414,390	$	-	$	-
	Derivative Assets (2)
	Interest Rate Swaps	$	13,369,511		$	-		$	13,369,511		$	-	$	3,907,000	$	9,462,511
	TBAs		1,480,471			-			1,480,471			-		1,480,471		-
	Total Derivative Assets	$	14,849,982		$	-		$	14,849,982		$	-	$	5,387,471	$	9,462,511
	Derivative Liabilities (3)
	Interest Rate Swaps	$	-7,506,798		$	-		$	-7,506,798		$	-	$	-7,506,798	$	-
	Total Derivative Liabilities	$	-7,506,798		$	-		$	-7,506,798		$	-	$	-7,506,798	$	-
	(1) Included in Linked Transactions on the consolidated balance sheet is security fair market value of $139,778,263, less repurchase agreements of $(113,363,873), plus net accrued interest of $280,701 for a total of $26,695,091.
	(2) Included in Derivative Assets on the consolidated balance sheet is $14,849,982 less accrued interest of $(3,467,360) for a total of $11,382,622.
	(3) Included in Derivative Liabilities on the consolidated balance sheet is $(7,506,798) plus accrued interest of $(1,101,411) for a total of $(8,608,209).
	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
		Gross Amounts of			Gross Amounts Offset			Net Amounts of Assets			Financial
		Recognized			in the Consolidated			(Liabilities) Presented in the			Instruments		Cash Collateral
	Description	Assets (Liabilities)			Balance Sheet			Consolidated Balance Sheet			(Posted)/Received		(Posted)/Received		Net Amount
	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).
At December 31, 2014, the Company had real estate securities with a fair value of $7.2 million and $21.1 million of cash pledged as collateral against certain derivatives. The Company had $3.9 million of cash received as collateral against certain derivatives. The Company pledged assets accounted for within linked transactions with a fair value of $139.6 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.
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 December 31, 2014:
				Weighted Average			Weighted Average			Weighted Average
Maturity	Notional Amount			Pay Rate			Receive Rate			Years to Maturity
2017	$	80,000,000			0.86	%		0.27	%		2.68
2018		210,000,000			1.05	%		0.23	%		3.26
2019		350,000,000			1.39	%		0.23	%		4.59
2020		440,000,000			1.61	%		0.23	%		5.24
2022		50,000,000			1.69	%		0.23	%		7.68
2023		278,000,000			2.43	%		0.23	%		8.52
2024		38,000,000			2.75	%		0.23	%		9.18
Total/Wtd Avg	$	1,446,000,000			1.62	%		0.24	%		5.47
The following table presents information about the Company’s interest rate swaps as of December 31, 2013:
				Weighted Average			Weighted Average			Weighted Average
Maturity	Notional Amount			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. Our maximum exposure to loss represents the net payable amount until the settlement date. As of December 31, 2014, our maximum exposure to loss on TBAs is $235.2 million. The Company did not hold any TBA positions at December 31, 2013.
The following table presents information about the Company’s TBAs for the years ended December 31, 2014 and December 31, 2013:
For the Year Ended December 31, 2014
	Beginning									Ending Net				Net
	Notional									Notional		Net Fair Value		Receivable/(Payable)		Derivative		Derivative
	Amount			Buys or Covers			Sales or Shorts			Amount		as of Year End		from/to Broker		Asset		Liability
TBAs - Long	$	-		$	1,081,000,000		$	-856,000,000		$	225,000,000	$	236,720,705	$	-235,240,234	$	1,480,471	$	-
TBAs - Short	$	-		$	751,000,000		$	-751,000,000		$	-	$	-	$	-	$	-	$	-
For the Year Ended December 31, 2013
	Beginning									Ending Net				Net
	Notional									Notional		Net Fair Value		Receivable/(Payable)		Derivative		Derivative
	Amount			Buys or Covers			Sales or Shorts			Amount		as of Year End		from/to Broker		Asset		Liability
TBAs - Long	$	40,000,000		$	715,000,000		$	-755,000,000		$	-	$	-	$	-	$	-	$	-
TBAs - Short	$	-		$	1,402,000,000		$	-1,402,000,000		$	-	$	-	$	-	$	-	$	-
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 year ended December 31, 2014, 6 Non-Agency RMBS with security fair values of $  119.3 million, and related repurchase agreement borrowings of $  100.7 million, became unlinked, and the Company recorded a net realized loss of $  1.9 million, from the unlinking of the linked transactions. For the year ended December 31, 2013 Non-Agency RMBS with security fair values of $141.6 million, and related repurchase agreement borrowings of $118.8 million, were unlinked, and the Company recorded a net realized loss of $4.0 million, from the unlinking of the linked transactions. For the year ended December 31, 2012, Non-Agency RMBS and CMBS with a fair value of $161.7 million and $45.3 million, respectively, and related repurchase agreement borrowings secured by Non-Agency RMBS and CMBS of $131.7 million and $37.2 million, respectively, were unlinked, and the Company recorded net realized gains of $3.4 million, from the unlinking of the linked transactions.
The following table presents certain information related to the securities accounted for as part of linked transactions for the year ended December 31, 2014:
												For the Year Ended December 31, 2014
																		Amount
																Net		Included in		Weighted			Weighted
				Amortized						Net Accrued		Net Interest		Unrealized		Realized		Statement of		Average			Average
Instrument	Current Face			Cost			Fair Value			Interest		Income		Loss		Gain		Operations		Coupon			Life
Non-Agency RMBS	$	135,836,900		$	122,943,942		$	124,873,523		$	265,216	$	8,689,418	$	-5,819,864	$	7,717,452	$	10,587,006		3.87	%		5.6
CMBS		15,000,000			14,617,851			14,904,740			15,485		861,288		235,185		820,037		1,916,510		2.12	%		0.76
Total	$	150,836,900		$	137,561,793		$	139,778,263		$	280,701	$	9,550,706	$	-5,584,679	$	8,537,489	$	12,503,516		3.69	%		5.12
The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of December 31, 2014:
				Weighted			Weighted
	Repurchase			Average			Average Years
Instrument	Agreement			Interest Rate			to Maturity
Non-Agency RMBS	$	102,713,873			1.74	%		0.05
CMBS		10,650,000			1.68	%		0.08
	$	113,363,873			1.74	%		0.06
The following table presents certain information related to the securities accounted for as part of linked transactions for the period ended December 31, 2013:
												For the Year Ended December 31, 2013
																		Amount
																Net		Included in		Weighted				Weighted
				Amortized						Net Accrued		Net Interest		Unrealized		Realized		Statement of		Average				Average
Instrument	Current Face			Cost			Fair Value			Interest		Income		Gain/(Loss)		Loss		Operations		Coupon				Life
Non-Agency RMBS	$	257,864,071		$	232,618,716		$	240,529,122		$	63,371	$	13,035,620	$	-108,905	$	-8,065,222	$	4,861,493		3.4	%			5.42
CMBS		33,870,000			31,616,351			31,732,228			23,491		797,427		153,478		-201,790		749,115		1.71	%			3.03
Total	$	291,734,071		$	264,235,067		$	272,261,350		$	86,862	$	13,833,047	$	44,573	$	-8,267,012	$	5,610,608		3.2	%			5.14
The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of December 31, 2013:
				Weighted			Weighted
	Repurchase			Average			Average Years
Instrument	Agreement			Interest Rate			to Maturity
Non-Agency RMBS	$	199,694,315			1.89	%		0.15
CMBS		23,152,000			1.47	%		0.03
	$	222,846,315			1.85	%		0.14
The following table presents certain information related to the securities accounted for as part of linked transactions for the year ended December 31, 2012:
												For the Year Ended December 31, 2012
																		Amount
																Net		Included in		Weighted			Weighted
				Amortized						Net Accrued		Net Interest		Unrealized		Realized		Statement of		Average			Average
Instrument	Current Face			Cost			Fair Value			Interest		Income		Gain/(Loss)		Gain		Operations		Coupon			Life
Non-Agency RMBS	$	335,905,342		$	305,634,794		$	313,846,243			839,347	$	9,238,720	$	9,786,473	$	2,266,068	$	21,291,261		4.84	%		6.53
ABS		-			-			-			-		230,160		134,178		1,041,444		1,405,782		-			-
CMBS		13,870,000			12,814,226			12,743,380			37,308		695,969		-70,846		1,661,167		2,286,290		3.56	%		6.73
Total	$	349,775,342		$	318,449,020		$	326,589,623		$	876,655	$	10,164,849	$	9,849,805	$	4,968,679	$	24,983,333		4.79	%		6.54
The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of December 31, 2012:
	Repurchase Agreement Data
				Weighted			Weighted
	Repurchase			Average			Average Years
Instrument	Agreement			Interest Rate			to Maturity
Non-Agency RMBS	$	272,755,454			1.87	%		0.04
CMBS		9,588,000			1.21	%		0.06
	$	282,343,454			1.85	%		0.04
Short positions in U.S. Treasury securities through reverse repurchase agreements
The Company has also sold short U.S. Treasury securities contracts to help mitigate the potential impact of changes in interest rates. The Company had no short positions in U.S. Treasury securities as of December 31, 2014.
As of 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 and notional amount of $27.5 million 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 December 31, 2013, the U.S. Treasury securities had a weighted average maturity of 6.6 years. The borrowed securities were collateralized by cash loaned under reverse repurchase agreements of $27.5 million, which is presented as “Receivable under reverse repurchase agreements” on the consolidated balance sheet. As of December 31, 2013, the reverse repurchase agreements had a weighted average maturity of January 3, 2014. Changes in fair value of the borrowed securities are recorded in the “Unrealized gain/(loss) on derivative and other instruments, net” line item on the consolidated statement of operations. During the year ended December 31, 2013, the Company recorded unrealized gains of $0.0 million on the borrowed securities. Realized gains and losses are recorded in the “Net realized gain/(loss) line item on the consolidated statement of operations. During the year ended December 31, 2013, the Company recorded $0.0 million of realized losses.
The Company had no short positions in U.S. Treasury securities as of December 31, 2012.

Earnings_per_Share

Earnings per Share	12 Months Ended
	Dec. 31, 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 and 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 December 31, 2014, December 31, 2013, and December 31, 2012 the Company’s outstanding warrants, unvested shares of restricted common stock and restricted stock units were as follows:
		December 31, 2014			December 31, 2013			December 31, 2012
	Warrants		1,007,500			1,007,500			1,642,000
	Restricted stock granted to the Manager		-			10,064			23,480
	Restricted stock units granted to the Manager		60,000			-			-
	Restricted stock granted to the independent directors		-			2,500			4,000
	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. For the years ended December 31, 2014 and December 31, 2013, the Company excluded the effects of such from the computation of diluted earnings per share because their effect would be anti-dilutive. During the year ended December 31, 2012, the average market value per share of the Company’s common stock was above the exercise price of the warrants, and therefore the warrants were included in the Company’s diluted weighted average shares outstanding in accordance with ASC 260.
	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 years ended December 31, 2014, 2013 and 2012:
		Year Ended			Year Ended			Year Ended
		December 31, 2014			December 31, 2013			December 31, 2012
	Numerator:
	Net income/(loss) available to common stockholders for basic and diluted earnings per share	$	95,926,152		$	-45,048,052		$	130,798,907
	Denominator:
	Basic weighted average common shares outstanding		28,379,782			28,022,565			18,167,227
	Dilutive effect of manager and director restricted stock, restricted stock units and warrants		44,386			-			59,833
	Dilutive weighted average common shares outstanding		28,424,168			28,022,565			18,227,060
	Basic Earnings/(Loss) Per Share of Common Stock:	$	3.38		$	-1.61		$	7.2
	Diluted Earnings/(Loss) Per Share of Common Stock:	$	3.37		$	-1.61		$	7.18
	The following table details dividends paid on the Company’s common stock during the years ended December 31, 2014, 2013, and 2012:
	2014
	Declaration Date	Record Date		Payment Date		Dividend Per Share
	3/5/14	3/18/14		4/28/14		$	0.6
	6/9/14	6/19/14		7/28/14			0.6
	9/11/14	9/22/14		10/27/14			0.6
	12/4/14	12/18/14		1/27/15			0.6
	2013
	Declaration Date	Record Date		Payment Date		Dividend Per Share
	3/5/13	3/18/13		4/26/13		$	0.8
	6/6/13	6/18/13		7/26/13			0.8
	9/9/13	9/19/13		10/28/13			0.6
	12/5/13	12/18/13		1/27/14			0.6
	2012
	Declaration Date	Record Date		Payment Date		Dividend Per Share
	3/14/12	3/30/12		4/27/12		$	0.7
	6/7/12	6/29/12		7/27/12			0.7
	9/6/12	9/18/12		10/26/12			0.77
	12/6/12	12/18/12		1/28/13			0.8
	The following table details dividends paid on the Company’s preferred stock:
	2014
	Dividend	Declaration Date		Record Date		Payment Date	Dividend Per Share
	8.25% Series A	2/14/14		2/28/14		3/17/14	$		0.51563
	8.25% Series A	5/15/14		5/30/14		6/17/14			0.51563
	8.25% Series A	8/14/14		8/29/14		9/17/14			0.51563
	8.25% Series A	11/12/14		11/28/14		12/17/14			0.51563
	Dividend	Declaration Date		Record Date		Payment Date		Dividend Per Share
	8.00% Series B	2/14/14		2/28/14		3/17/14		$	0.5
	8.00% Series B	5/15/14		5/30/14		6/17/14			0.5
	8.00% Series B	8/14/14		8/29/14		9/17/14			0.5
	8.00% Series B	11/12/14		11/28/14		12/17/14			0.5
	2013
	Dividend	Declaration Date		Record Date		Payment Date		Dividend Per Share
	8.25% Series A	2/14/13		2/28/13		3/18/13		$	0.51563
	8.25% Series A	5/14/13		5/31/13		6/17/13			0.51563
	8.25% Series A	8/15/13		8/30/13		9/17/13			0.51563
	8.25% Series A	11/14/13		11/29/13		12/17/13			0.51563
	Dividend	Declaration Date		Record Date		Payment Date		Dividend Per Share
	8.00% Series B	2/14/13		2/28/13		3/18/13		$	0.5
	8.00% Series B	5/14/13		5/31/13		6/17/13			0.5
	8.00% Series B	8/15/13		8/30/13		9/17/13			0.5
	8.00% Series B	11/14/13		11/29/13		12/17/13			0.5
	2012
Dividend	Declaration Date		Record Date		Payment Date		Dividend Per Share
8.25% Series A	8/16/12		8/31/12		9/17/12		$	0.2521
8.25% Series A	11/16/12		11/30/12		12/17/12			0.51563
Dividend	Declaration Date		Record Date		Payment Date		Dividend Per Share
8.00% Series B	11/16/12		11/30/12		12/17/12		$	0.44

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 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.
	For the years ended December 31, 2014, and 2013, the Company elected to satisfy the REIT distribution requirements in part with a dividend to be paid in 2015, and 2014, respectively. In conjunction with this, the Company accrued an excise tax of $1.7 million, and $1.5 million, respectively, which is included in the excise tax payable line item on the accompanying consolidated balance sheet.
	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.
	A domestic TRS is subject to federal, state and local corporate income taxes. During the year ended December 31, 2013, the Company recognized an income tax expense of $  3.0 million related to the income and sale of investments held within the Company’s domestic TRSs.
	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. For the years ended December 31, 2014, and December 31, 2013 all income distributed was in the form of common and preferred dividends and was characterized as ordinary income. For the year ended December 31, 2012, 13.51% of income distributed in the form of common and preferred dividends has been characterized as capital gains and 86.49% has been characterized as ordinary income.
	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 December 31, 2014, 2013 or 2012. The Company’s federal income tax return for the last three tax years is 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	12 Months Ended
	Dec. 31, 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 provided 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 years ended December 31, 2014, December 31, 2013 and December 31, 2012, the Company incurred management fees of $10.1 million, $10.7 million and $6.4 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 December 31, 2014, December 31, 2013, and December 31, 2012, 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 year ended December 31, 2014, December 31, 2013 and December 31, 2012, the Company expensed in to Other operating expenses $6.9 million, $6.5 million, and $2.2 million, respectively, of reimbursable expenses payable to the Manager. To facilitate the ramp-up and establishment of the Company, the Manager waived its right to receive $2.2 million of expense reimbursement for the year ended December 31, 2012. The manager did not waive any expense reimbursements for the year ended December 31, 2014 or the year ended December 31, 2013.
	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 the 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 December 31, 2014, 149,142 shares of common stock were 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.
	On or around July 1, 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 December 31, 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.
	The following table presents information with respect to the Company’s restricted stock for the year ended December 31, 2014:
		Shares of		Weighted Average Grant
		Restricted Stock		Date Fair Value (1)
	Outstanding at beginning of year		30,376		20.25
	Granted		67,796		18.68
	Cancelled/forfeited		-		-
	Unrestricted		-15,746		18.1
	Outstanding at end of year		82,426		19.37
	Unvested at end of year		60,000		18.86
	(1) The grant date fair value of restricted stock awards was established as the average of the high and low prices of the Company's common stock at the grant date.
	The following table presents information with respect to the Company’s restricted stock for the year ended December 31, 2013:
		Shares of		Weighted Average Grant
		Restricted Stock		Date Fair Value (1)
	Outstanding at beginning of year		36,728		20.14
	Granted		7,064		20.35
	Cancelled/forfeited		-		-
	Unrestricted		-13,416		20
	Outstanding at end of year		30,376		20.25
	Unvested at end of year		12,564		20.12
	(1) The grant date fair value of restricted stock awards is based on the closing market price of the Company's common stock at the grant date.
	The following table presents information with respect to the Company’s restricted stock for the year ended December 31, 2012:
		Shares of		Weighted Average Grant
		Restricted Stock		Date Fair Value (1)
	Outstanding at beginning of year		44,500		19.96
	Granted		5,644		21.24
	Cancelled/forfeited		-		-
	Unrestricted		-13,416		20
	Outstanding at end of year		36,728		20.14
	Unvested at end of year		27,480		20
	(1) The grant date fair value of restricted stock awards is based on the closing market price of the Company's common stock at the grant date.
	During the years ended December 31, 2014, December 31, 2013, and December 31, 2012, 20,360, 21,980 and 21,060 shares of total restricted stock vested, respectively.
	At December 31, 2014, the Company had unrecognized compensation expense of $0.7 million related to the unvested shares of restricted common stock. The total fair value of restricted shares vested for the years ended December 31, 2014, December 31, 2013 and December 31, 2012 was approximately $0.4 million, $0.4 million and $0.4 million, respectively, based on the closing price of the stock on the vesting date. The unrecognized compensation expense at December 31, 2014 is expected to be recognized over a weighted average period of 18 months.
	The Company capitalized equity based compensation expense of $0.4 million, $0.4 million and $0.5 million during years ended December 31, 2014, December 31, 2013 and December 31, 2012, respectively, associated with the amortization of restricted stock.

Equity

Equity	12 Months Ended
	Dec. 31, 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 December 31, 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 Company’s 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 Company’s Series A Preferred Stock is convertible to shares of the common stock. Holders of the Company’s 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 Company’s 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 December 31, 2014, the Company had declared all required quarterly dividends on the Company’s 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 December 31, 2014, the Company had sold 1,254,854 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 Company’s 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 Company’s Series B Preferred Stock is convertible to shares of the common stock. Holders of the Company’s 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 December 31, 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.
	Concurrently with the IPO, the Company offered a private placement of 3,205,000 units at $20.00 per share to a limited number of investors qualifying as “accredited investors” under Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Each unit consisted of one share of common stock (“private placement share”) and a warrant (“private placement warrant”) to purchase 0.5 of a share of common stock. Each private placement warrant had an exercise price of $20.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like). No warrants were exercised for the year ending December 31, 2014. For the years ended December 31, 2013 and December 31, 2012, warrants were exercised by the cashless exercise option, which resulted in the issuance of 20,101 and 60,453 shares, respectively, of common stock. No proceeds were received in connection with the exercise of the cashless option. For the years ended December 31, 2013 and December 31, 2012, warrants were exercised by the cash exercise option, which resulted in the issuance of 196,250 and 380,999 shares, respectively, of common stock for proceeds to the Company of $4.0 million and $7.8 million, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 commitments and contingencies at December 31, 2014 and December 31, 2013.
	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.

Quarterly_Results_Unaudited

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	13. Quarterly Results (Unaudited)
	Summarized quarterly results of operations were as follows:
		Three Months Ended
		March 31, 2014		June 30, 2014		September 30, 2014		December 31, 2014
	Statement of Operations Data:
	Net Interest Income
	Interest income	$	34,142,740	$	36,079,435	$	36,197,633	$	35,153,380
	Interest expense		6,146,587		6,783,768		6,819,731		6,747,312
			27,996,153		29,295,667		29,377,902		28,406,068
	Other Income
	Net realized gain/(loss)		548,860		-1,826,360		10,539,221		-5,623,767
	Income/(loss) from linked transactions, net		4,126,741		3,409,366		3,481,936		1,485,473
	Realized loss on periodic interest settlements of derivative instruments, net		-6,307,857		-5,773,644		-5,260,449		-4,919,237
	Unrealized gain/(loss) on real estate securities and loans, net		29,367,044		42,653,828		-19,457,277		19,916,461
	Unrealized gain/(loss) on derivative and other instruments, net		-19,180,715		-23,917,820		9,459,244		-17,616,139
			8,554,073		14,545,370		-1,237,325		-6,757,209
	Expenses
	Management fee to affiliate		2,500,525		2,507,487		2,548,601		2,532,626
	Other operating expenses		2,643,681		2,739,225		3,140,272		3,351,249
	Servicing fees		-		162,717		157,016		191,786
	Equity based compensation to affiliate		81,073		73,586		67,562		68,910
	Excise tax		500,000		375,000		533,539		375,000
			5,725,279		5,858,015		6,446,990		6,519,571
	Income/(loss) before income tax benefit/(expense) and equity in earnings/(loss) from affiliates		30,824,947		37,983,022		21,693,587		15,129,288
	Income tax benefit/(expense)		-		-92,795		172,709		-
	Equity in earnings/(loss) from affiliates		361,295		3,275,056		523,316		-474,857
	Net Income/(Loss)		31,186,242		41,165,283		22,389,612		14,654,431
	Dividends on preferred stock		3,367,354		3,367,354		3,367,354		3,367,354
	Net Income/(Loss) Available to Common Stockholders	$	27,818,888	$	37,797,929	$	19,022,258	$	11,287,077
	Earnings/(Loss) Per Share of Common Stock
	Basic	$	0.98	$	1.33	$	0.67	$	0.4
	Diluted	$	0.98	$	1.33	$	0.67	$	0.4
		Three Months Ended
		March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013
	Statement of Operations Data:
	Net Interest Income
	Interest income	$	38,617,716	$	42,267,747	$	33,278,284	$	36,836,926
	Interest expense		6,875,962		7,289,211		5,584,419		5,803,681
			31,741,754		34,978,536		27,693,865		31,033,245
	Other Income
	Net realized gain/(loss)		4,995,748		-74,554,810		-42,667,835		-3,367,951
	Income/(loss) from linked transactions, net		6,177,888		-3,361,562		-519,785		3,314,068
	Realized loss on periodic interest settlements of interest rate swaps, net		-5,272,343		-6,809,777		-9,123,233		-6,706,874
	Unrealized gain/(loss) on real estate securities and loans, net		-17,711,381		-83,093,338		40,136,126		-23,526,713
	Unrealized gain/(loss) on derivative and other instruments, net		5,223,241		67,905,018		-5,779,945		21,764,006
			-6,586,847		-99,914,469		-17,954,672		-8,523,464
	Expenses
	Management fee to affiliate		2,859,340		2,813,003		2,523,547		2,492,835
	Other operating expenses		2,274,370		2,686,584		2,819,431		3,064,603
	Equity based compensation to affiliate		114,528		17,350		55,105		64,464
	Excise tax		500,000		518,859		373,083		91,688
			5,748,238		6,035,796		5,771,166		5,713,590
	Income/(loss) before income taxes and equity in earnings from affiliate		19,406,669		-70,971,729		3,968,027		16,796,191
	Income taxes		-2,632,269		-23,510		-122,979		-262,858
	Equity in earnings from affiliate		-3,591		-240,050		2,155,471		351,992
	Net Income/(Loss)		16,770,809		-71,235,289		6,000,519		16,885,325
	Dividends on preferred stock		3,367,354		3,367,354		3,367,354		3,367,354
	Net Income/(Loss) Available to Common Stockholders	$	13,403,455	$	-74,602,643	$	2,633,165	$	13,517,971
	Earnings/(Loss) Per Share of Common Stock
	Basic	$	0.49	$	-2.66	$	0.09	$	0.48
	Diluted	$	0.49	$	-2.66	$	0.09	$	0.48

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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 December 31, 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 offering 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. 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/(Loss) per share
	In accordance with the provisions of Accounting Standards Codification (“ASC”) 260, “Earnings per Share,” the Company calculates basic income/(loss) per share by dividing net income/(loss) available to common stockholders for the period by weighted-average shares of the Company’s common stock outstanding for that period. Diluted income/(loss) 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 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 an investment 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 charge if the performance of such security subsequently improves.
	Securities in an unrealized loss position at December 31, 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 charges 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.” Mortgage loans that are delinquent 60 or more days are considered non-performing.
	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.
Excess Mortgage Servicing Rights, Basis Of Accounting Policy [Policy Text Block]	Excess mortgage servicing rights
	The Company has acquired the right to receive the excess servicing spread related to excess mortgage servicing rights (“MSRs”). The Company has chosen to make a fair value election pursuant to ASC 825 for MSRs.  MSRs are recorded at fair market value on the consolidated balance sheet and any 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.”
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.
	The Company has entered into resecuritization transactions which result in the Company consolidating the VIEs that were created to facilitate the transactions and to which the underlying assets in connection with the resecuritization were transferred. In determining the accounting treatment to be applied to these resecuritization transactions, the Company evaluated whether the entities used to facilitate these transactions were VIEs and, if so, whether they should be consolidated. Based on its evaluation, the Company concluded that the VIEs should be consolidated. If the Company had determined that consolidation was not required, it would have then assessed whether the transfer of the underlying assets would qualify as a sale or should be accounted for as secured financings under GAAP.
	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 consolidated 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 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 (loans) 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 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 December 31, 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 consolidated 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 rather than to enhance returns. 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 December 31, 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, 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 that 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 in the 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 (subject to specific timing rules for certain dividends paid in January) at least the sum of (i) 85% of its ordinary income for such year, (ii) 95% of its capital gain net income for such year, and (iii) any undistributed taxable income from the prior year, the Company would be subject to a non-deductible 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. Shares of restricted common 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. Restricted stock units are measured at fair value reduced by the present value of the dividends expected to be paid on the underlying shares during the requisite service period, discounted at an assumed risk free rate. 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.
	In August 2014, the FASB issued ASU 2014-13, “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (“ASU 2014-13”). This guidance applies to a reporting entity that is required to consolidate a collateralized financing entity under the Variable Interest Entities Subsections of Subtopic 810-10 when (1) the reporting entity measures all of the financial assets and the financial liabilities of that consolidated collateralized financing entity at fair value in the consolidated financial statements based on other Topics and (2) the changes in the fair values of those financial assets and financial liabilities are reflected in earnings. The amendments in this Update clarify that when the measurement alternative is elected, a reporting entity’s consolidated net income (loss) should reflect the reporting entity’s own economic interests in the collateralized financing entity, including (1) changes in the fair value of the beneficial interests retained by the reporting entity and (2) beneficial interests that represent compensation for services. Beneficial interests retained by the reporting entity that represent compensation for services (for example, management fees or servicing fees) and nonfinancial assets that are held temporarily by a collateralized financing entity should be measured in accordance with other applicable Topics. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company is currently assessing the impact of this guidance.

Real_Estate_Securities_Tables

Real Estate Securities (Tables)	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Schedule Of Real Estate Securities [Table Text Block]	The following table details the real estate securities portfolio as of December 31, 2014:
									Gross Unrealized (1)							Weighted Average
				Premium /
		Current Face		(Discount)		Amortized Cost			Gains		Losses		Fair Value			Coupon (2)			Yield
	Agency RMBS:
	20 Year Fixed Rate	$	125,538,084	$	6,009,532	$	131,547,616		$	2,267,721	$	-72,467	$	133,742,870			3.72	%		2.79	%
	30 Year Fixed Rate		973,102,647		46,665,955		1,019,768,602			17,222,909		-967,492		1,036,024,019			3.9	%		3.15	%
	Fixed Rate CMO		88,345,864		880,994		89,226,858			1,548,517		-		90,775,375			3	%		2.81	%
	ARM		421,043,957		-888,105		420,155,852			7,570,945		-189,430		427,537,367			2.42	%		2.71	%
	Interest Only		754,905,240		-638,264,371		116,640,869			5,941,701		-2,347,455		120,235,115			4.51	%		7.79	%
	Credit Investments:
	Non-Agency RMBS		1,303,432,523		-181,488,454		1,121,944,069			24,415,728		-6,281,869		1,140,077,928			4.26	%		5.62	%
	ABS		67,696,117		-379,648		67,316,469			322,074		-945,300		66,693,243			5.15	%		5.55	%
	CMBS		220,026,552		-127,623,416		92,403,136			2,138,358		-146,791		94,394,703			5.13	%		6.65	%
	Interest Only		52,357,700		-46,424,765		5,932,935			193,014		-		6,125,949			1.85	%		5.73	%
	Total	$	4,006,448,684	$	-941,512,278	$	3,064,936,406		$	61,620,967	$	-10,950,804	$	3,115,606,569			3.97	%		4.31	%
	(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 real estate securities portfolio as of December 31, 2013:
									Gross Unrealized (1)							Weighted Average
				Premium /
		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 December 31, 2014 and December 31, 2013.
		Less than 12 months				Greater than 12 months
				Unrealized					Unrealized
	As of	Fair Value		Losses		Fair Value			Losses
	31-Dec-14	$	551,097,657	$	-6,921,385	$	224,261,493		$	-4,029,419
	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 December 31, 2014:
		Agency RMBS (1)							Agency IO							Credit Investments (2)
						Weighted							Weighted									Weighted
						Average					Amortized		Average									Average
	Weighted Average Life (3)	Fair Value		Amortized Cost		Coupon			Fair Value		Cost		Coupon			Fair Value			Amortized Cost			Coupon (4)
	Less than or equal to 1 year	$	-	$	-		-		$	-	$	-		-		$	39,522,038		$	39,415,933			3.48	%
	Greater than one year and less than or equal to five years		72,253,477		71,713,942		2.57	%		67,356,372		67,199,203		4.16	%		621,179,587			612,711,131			3.93	%
	Greater than five years and less than or equal to ten years		1,486,360,763		1,461,439,648		3.49	%		52,878,743		49,441,666		5.13	%		562,808,169			557,116,343			4.39	%
	Greater than ten years		129,465,391		127,545,338		3.54	%		-		-		-			83,782,029			78,353,202			6.58	%
	Total	$	1,688,079,631	$	1,660,698,928		3.45	%	$	120,235,115	$	116,640,869		4.51	%	$	1,307,291,823		$	1,287,596,609			4.27	%
	(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							Weighted									Weighted
						Average					Amortized		Average									Average
	Weighted Average Life (3)	Fair Value		Amortized Cost		Coupon			Fair Value		Cost		Coupon			Fair Value			Amortized Cost			Coupon
	Less than or equal to 1 year	$	-	$	-		-		$	5,406,120	$	4,739,053		3	%	$	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)	12 Months Ended
	Dec. 31, 2014
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 December 31, 2014:
									Gross Unrealized (1)						Weighted Average
		Unpaid Principal			Premium
		Balance			(Discount)		Amortized Cost		Gains		Losses (2)		Fair Value		Coupon				Yield				Life
	Residential mortgage loans	$	119,882,836		$	-35,534,525	$	84,348,311	$	1,101,473	$	-359,925	$	85,089,859		5.53	%			8.9	%			5.65
	(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).
Financing Receivable Credit Quality Indicators [Table Text Block]	The table below summarizes the distribution of the Company’s mortgage loans at fair value.
		December 31, 2014					December 31, 2013
					Unpaid Principal				Unpaid Principal
	Loan Type	Fair Value			Balance		Fair Value		Balance
	Re-Performing	$	68,581,824		$	89,493,175	$	-	$	-
	Non-Performing		16,508,035			30,389,661		-		-
		$	85,089,859		$	119,882,836	$	-	$	-
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The following is a summary of certain concentrations of credit risk within the Company’s mortgage loan portfolio:
	Concentration of Credit Risk	December 31, 2014			December 31, 2013
	Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100%		98	%		-
	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		8	%		-
	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 years ended December 31, 2014 and December 31, 2013:
		Year Ended
		December 31, 2014			December 31, 2013
	Beginning Balance	$	-		$	-
	Additions		38,295,030			-
	Accretion		-3,739,798			-
	Reclassifications from/(to) non-accretable difference		4,274,831			-
	Disposals		-821,800			-
	Ending Balance	$	38,008,263		$	-
Commercial Loans [Member]
Gain (Loss) on Investments [Line Items]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	The following table presents 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 commercial loan portfolio at December 31, 2014. The Company did not hold any commercial loans as of December 31, 2013.
									Gross Unrealized (1)						Weighted Average
					Premium										Coupon									Stated Maturity	Extended
		Current Face			(Discount)		Amortized Cost		Gains		Losses		Fair Value		-5			Yield			Life			Date (6)	Maturity Date	Location
	Loan A (2)	$	30,000,000		$	-240,326	$	29,759,674	$	240,326	$	-	$	30,000,000		6.5	%		8.76	%		2.77		5-Jun-17	5-Jun-19	FL
	Loan B (3)		32,800,000			-189,506		32,610,494		189,506				32,800,000		5	%		6.15	%		1.45		1-Jul-16	1-Jul-19	TX
	Loan C (4)		10,000,000			-66,187		9,933,813		66,187		-		10,000,000		13.5	%		15.77	%		1.61		1-Feb-17	1-Feb-18	NY
		$	72,800,000		$	-496,019	$	72,303,981	$	496,019	$	-	$	72,800,000		6.79	%		8.55	%		2.02
	(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).
	(2) Loan A is comprised of a first mortgage and mezzanine loan of up to $24.0 million and $12.0 million, respectively, of which $20.0 million and $10.0 million has been advanced.
	(3) Loan B is comprised of a first mortgage and mezzanine loan of $31.8 million and $1.0 million, respectively.
	(4) Loan C is mezzanine loan.
	(5) Each commercial loan investment has a variable coupon rate.
	(6) The Company has the contractual right to receive a balloon payment.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2014:
		Fair Value at December 31, 2014
		Level 1		Level 2		Level 3			Total
	Assets:
	Agency RMBS:
	20 Year Fixed Rate	$	-	$	133,742,870	$	-		$	133,742,870
	30 Year Fixed Rate		-		1,036,024,019		-			1,036,024,019
	Fixed Rate CMO		-		90,775,375		-			90,775,375
	ARM		-		427,537,367		-			427,537,367
	Interest Only		-		120,235,115		-			120,235,115
	Credit Investments:
	Non-Agency RMBS		-		684,841,649		455,236,279			1,140,077,928
	ABS		-		-		66,693,243			66,693,243
	CMBS		-		55,051,429		39,343,274			94,394,703
	Interest Only		-		-		6,125,949			6,125,949
	Residential mortgage loans		-		-		85,089,859			85,089,859
	Commercial loans		-		-		72,800,000			72,800,000
	Excess mortgage servicing rights		-		-		628,367			628,367
	Linked transactions		-		21,612,360		5,082,731			26,695,091
	Derivative assets		-		11,382,622		-			11,382,622
	Total Assets Carried at Fair Value	$	-	$	2,581,202,806	$	730,999,702		$	3,312,202,508
	Liabilities:
	Securitized debt	$	-	$	-39,777,914	$	-		$	-39,777,914
	Derivative liabilities		-		-8,608,209		-			-8,608,209
	Total Liabilities Carried at Fair Value	$	-	$	-48,386,123	$	-		$	-48,386,123
	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		-		55,060,075		-			55,060,075
	Total Assets Carried at Fair Value	$	-	$	3,110,173,269	$	426,205,293		$	3,536,378,562
	Liabilities:
	Obligation to return securities borrowed under reverse repurchase agreements, at fair value	$	-27,477,188	$	-	$	-		$	-27,477,188
	Derivative liabilities		-		-2,206,289		-			-2,206,289
	Total Liabilities Carried at Fair Value	$	-27,477,188	$	-2,206,289	$	-		$	-29,683,477
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:
	Year Ended
	31-Dec-14
		Non-Agency		ABS		CMBS			Interest Only		Residential		Commercial		Excess Mortgage		Linked
		RMBS									Mortgage Loans		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		449,980,502		67,489,710		22,068,216			-		84,678,576		72,084,833		730,146		1,856,433
	Reclassification of security type (2)		26,752,863		-		-			-		-		-				-4,219,811
	Proceeds from sales		-96,960,392		-45,409,687		-5,586,445			-				-		-		-16,364,916
	Proceeds from settlement		-241,145,912		-26,704,044		-2,130,834					-2,250,087		-		-101,779		7,307,909
	Total net gains/(losses) (3)
	Included in net income		6,768,656		-27,520		1,020,294			-198,786		2,661,370		715,167		-		1,779,947
	Included in other comprehensive income (loss)		-		-		-			-		-		-		-		-
	Ending Balance	$	455,236,279	$	66,693,243	$	39,343,274		$	6,125,949	$	85,089,859	$	72,800,000	$	628,367	$	5,082,731
	Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	$	2,887,993	$	-378,408	$	205,360		$	-198,786	$	2,522,554	$	742,747	$	-	$	763,744
	(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	$	1,779,947
	Unrealized gain/(loss) on real estate securities and loans, net		6,617,905
	Net realized gain/(loss)		4,321,276
	Total	$	12,719,128
	(4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations:
	Income/(loss) from linked transactions, net	$	763,744
	Unrealized gain/(loss) on real estate securities and loans, net		5,781,460
	Total	$	6,545,204
	Year Ended
	31-Dec-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		254,337,307		139,603,404		6,085,156			7,048,720		30,017,825		13,963,549
	Reclassification of security type (2)		-		-		-			-		-		-
	Proceeds from sales		-187,061,610		-60,839,523		-15,317,706			-		-30,017,825		-
	Proceeds from settlement		-17,383,788		-41,587,807		-63,172			-		-		-5,484,875
	Total net gains/ (losses) (3)
	Included in net income		4,905,096		231,613		-798,945			-723,985		-		-181,188
	Included in other comprehensive income (loss)		-		-		-			-		-		-
	Ending Balance	$	309,840,562	$	71,344,784	$	23,972,043		$	6,324,735	$	-	$	14,723,169
	Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2013 (4)	$	378,382	$	242,808	$	-449,810		$	-723,988	$	-	$	-177
	(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	$	-181,188
	Unrealized gain/(loss) on real estate securities and loans, net		-1,457,255
	Net realized loss		5,071,034
	Total	$	3,432,591
	(4) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
	Income/(loss) from linked transactions, net	$	-177
	Unrealized gain/(loss) on real estate securities and loans, net		-552,608
	Total	$	-552,785
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 as of December 31, 2014 and December 31, 2013:
	Asset Class	Fair Value at			Valuation Technique	Unobservable Input		Range
		31-Dec-14						(Weighted Average)
	Non-Agency RMBS	$	455,236,279		Discounted Cash Flow	Yield		0.29% - 35.48% (5.30%)
						Projected Collateral Prepayments		0.00% - 12.00% (3.21%)
						Projected Collateral Losses		0.00% - 35.00% (13.07%)
						Projected Collateral Severities		0.00% - 80.00% (36.04%)
	ABS	$	66,693,243		Discounted Cash Flow	Yield		4.62% - 7.95% (5.55%)
						Projected Collateral Prepayments		20.00% - 100.00% (88.56%)
						Projected Collateral Losses		0.00% - 8.30% (5.13%)
						Projected Collateral Severities		0.00% - 50.00% (7.15%)
	CMBS	$	39,343,274		Discounted Cash Flow	Yield		4.80% - 10.52% (6.34%)
						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%)
	Interest Only	$	6,125,949		Discounted Cash Flow	Yield		5.72% - 5.78% (5.73%)
						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	$	85,089,859		Discounted Cash Flow	Yield		5.60% - 23.67% (8.90%)
						Projected Collateral Prepayments		1.98% - 8.36% (6.44%)
						Projected Collateral Losses		4.47% - 9.64% (6.20%)
						Projected Collateral Severities		20.93% - 41.94% (27.65%)
	Commercial Loans	$	72,800,000		Discounted Cash Flow	Yield		6.15% - 15.77% (8.55%)
						Credit Spread		4.75 bps - 13.25 bps (6.54 bps)
						Recovery Percentage**		100.00% - 100.00% (100.00%)
	Excess Mortgage Servicing Rights	$	628,367		Discounted Cash Flow	Yield		9.09% - 12.52% (9.78%)
	Linked Transactions*	$	5,082,731		Discounted Cash Flow	Yield		4.49% - 6.45% (5.50%)
						Projected Collateral Prepayments		3.00% - 12.00% (6.94%)
						Projected Collateral Losses		4.00% - 14.00% (8.09%)
						Projected Collateral Severities		42.00% - 60.00% (52.87%)
	*Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments.
	** Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2014.
	Asset Class	Fair Value at			Valuation Technique	Unobservable Input		Range
		31-Dec-13						(Weighted Average)
	Non-Agency RMBS	$	309,840,562		Discounted Cash Flow	Yield		3.35% - 13.99% (5.13%)
						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%)
	CMBS	$	23,972,043		Discounted Cash Flow	Yield		4.88% - 5.75% (5.51%)
						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%)
	Interest Only	$	6,324,735		Discounted Cash Flow	Yield		5.70% - 5.72% (5.71%)
						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%)
	Linked Transactions*	$	14,723,169		Discounted Cash Flow	Yield		3.85% - 9.01% (4.71%)
						Projected Collateral Prepayments		0.00% - 12.00% (2.43%)
						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)	12 Months Ended
	Dec. 31, 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 December 31, 2014:
					Weighted			Weighted Average
	Repurchase Agreements Maturing Within:	Balance			Average Rate			Haircut
	30 days or less	$	1,969,873,000			0.75	%		10.4	%
	31-60 days		220,953,000			1.11	%		12.2	%
	61-90 days		51,090,128			1.26	%		13.1	%
	Greater than 90 days		329,966,102			1.84	%		17.7	%
	Total / Weighted Average	$	2,571,882,230			0.93	%		11.5	%
	The following table presents certain information regarding securities pledged under the Company’s repurchase agreements secured by real estate securities as of December 31, 2014:
	Repurchase Agreements Maturing Within:	Fair Value Pledged			Amortized Cost			Accrued Interest
	30 days or less	$	2,205,969,794		$	2,174,485,394		$	6,903,437
	31-60 days		253,788,749			249,993,183			816,574
	61-90 days		60,149,910			58,111,076			171,277
	Greater than 90 days		416,125,338			408,496,220			1,105,242
	Total / Weighted Average	$	2,936,033,791		$	2,891,085,873		$	8,996,530
	The following table presents certain information regarding the Company’s repurchase agreements secured by real estate securities as of December 31, 2013:
					Weighted Average			Weighted Average
	Repurchase Agreements Maturing Within:	Balance			Rate			Haircut
	30 days or less	$	1,357,768,314			0.85	%		8	%
	31-60 days		903,866,190			0.54	%		4.5	%
	61-90 days		250,387,000			0.49	%		5.6	%
	Greater than 90 days		379,612,912			1.53	%		16.4	%
	Total / Weighted Average	$	2,891,634,416			0.81	%		7.8	%
	The following table presents certain information regarding securities pledged under the Company’s repurchase agreements secured by real estate securities as of December 31, 2013:
	Repurchase Agreements Maturing Within:	Fair Value Pledged			Amortized Cost			Accrued Interest
	30 days or less	$	1,502,157,214		$	1,512,532,855		$	5,193,397
	31-60 days		950,898,508			959,743,513			3,197,252
	61-90 days		265,986,674			270,255,461			736,754
	Greater than 90 days		525,102,559			524,426,207			2,075,504
	Total / Weighted Average	$	3,244,144,955		$	3,266,958,036		$	11,202,907
	The following table presents certain information regarding the Company’s repurchase agreements secured by interests in residential mortgage loans as of December 31, 2014:
				Weighted				Weighted Average			Weighted Average
	Repurchase Agreements Maturing Within:	Balance		Average Rate				Funding Cost			Haircut
	30 days or less	$	-			-			-			-
	31-60 days		-			-			-			-
	61-90 days		-			-			-			-
	Greater than 90 days		50,573,718			2.93	%		3.08	%		31.1	%
	Total / Weighted Average	$	50,573,718			2.93	%		3.08	%		31.1	%
	The following table presents certain information regarding collateral pledged under the Company’s repurchase agreements secured by residential mortgage loans as of December 31, 2014:
		Fair Value Pledged			Amortized Cost			Accrued Interest
	30 days or less	$	-		$	-		$	-
	31-60 days		-			-			-
	61-90 days		-			-			-
	Greater than 90 days	$	73,407,869			73,084,817			709,585
	Total / Weighted Average	$	73,407,869		$	73,084,817		$	709,585
	The following table presents certain information regarding the Company’s repurchase agreements secured by interests in commercial mortgage loans as well as collateral posted as of December 31, 2014:
					Weighted Average			Weighted Average			Weighted
	Repurchase Agreements Maturing Within:	Balance			Rate			Funding Cost			Average Haircut
	30 days or less	$	-			-			-			-
	31-60 days		-			-			-			-
	61-90 days		-			-			-			-
	Greater than 90 days		22,500,000			2.5	%		2.83	%		64.2	%
	Total / Weighted Average	$	22,500,000			2.5	%		2.83	%		64.2	%
	The following table presents certain information regarding collateral pledged under the Company’s repurchase agreements secured by commercial mortgage loans as of December 31, 2014:
	Repurchase Agreements Maturing Within:	Fair Value Pledged			Amortized Cost			Accrued Interest
	30 days or less	$	-		$	-		$	-
	31-60 days		-			-			-
	61-90 days		-			-			-
	Greater than 90 days	$	62,800,000			62,370,168			533,832
	Total / Weighted Average	$	62,800,000		$	62,370,168		$	533,832
Schedule Of Securities Collateral Information [Table Text Block]	The following table presents information with respect to the Company’s posting of collateral at December 31, 2014 and December 31, 2013:
		December 31, 2014			December 31, 2013
	Repurchase agreements secured by Agency RMBS	$	1,583,911,000		$	2,104,691,819
	Fair Value of Agency RMBS pledged as collateral under repurchase agreements		1,684,021,261			2,235,331,133
	Repurchase agreements secured by Non-Agency RMBS, ABS and CMBS		987,971,230			786,942,597
	Fair Value of Non-Agency RMBS, ABS and CMBS pledged as collateral under repurchase agreements		1,252,012,530			1,008,813,822
	Repurchase agreements secured by Residential Mortgage Loans		50,573,718			-
	Fair Value of Residential Mortgage Loans pledged as collateral under repurchase agreements		73,407,869			-
	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		13,374,600			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 December 31, 2014:
											Gross Amounts Not Offset in the
											Consolidated Balance Sheet
		Gross Amounts of			Gross Amounts Offset			Net Amounts of Liabilities
		Recognized			in the Consolidated			Presented in the Consolidated			Financial			Cash Collateral
	Description	Liabilities			Balance Sheet			Balance Sheet			Instruments Posted			Posted		Net Amount
	Repurchase Agreements	$	2,644,955,948		$	-		$	2,644,955,948		$	2,644,955,948		$	-	$	-
	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 Not Offset in the
											Consolidated Balance Sheet
		Gross Amounts of			Gross Amounts Offset			Net Amounts of Liabilities
		Recognized			in the Consolidated			Presented in the Consolidated			Financial			Cash Collateral
	Description	Liabilities			Balance Sheet			Balance Sheet			Instruments Posted			Posted		Net Amount
	Repurchase Agreements	$	2,891,634,416		$	-		$	2,891,634,416		$	2,891,634,416		$	-	$	-
Schedule Of Repurchase Agreement Counterparty [Table Text Block]	At December 31, 2014, the following table reflects amounts at risk under the Company’s repurchase agreements greater than 5% of its equity with any counterparty, excluding repurchase agreements accounted for as linked transactions and repurchase agreements through affiliated entities.
					Weighted Average			Percentage of
	Counterparty	Amount at Risk			Maturity (days)			Stockholders' Equity
	Wells Fargo Bank, N.A.	$	92,478,572			509			13	%
	Credit Suisse Securities, LLC		85,479,003			117			12	%
	JP Morgan Securities, LLC		51,502,631			168			7	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		42,082,013			13			6	%
	Goldman, Sachs & Co.		32,078,210			18			4	%
	At December 31, 2013, 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.
					Weighted Average			Percentage of
	Counterparty	Amount at Risk			Maturity (days)			Stockholders' Equity
	Credit Suisse Securities, LLC	$	62,749,069			35			9	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		51,047,394			34			7	%
	Wells Fargo Bank, N.A		39,399,377			101			6	%

Derivatives_Tables

Derivatives (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2014 and December 31, 2013.
	Derivative Instrument	Designation		Balance Sheet Location		December 31, 2014			December 31, 2013
	Interest rate swaps	Non-Hedge		Derivative liabilities, at fair value		$	-8,608,209		$	-1,439,688
	Interest rate swaps	Non-Hedge		Derivative assets, at fair value			9,902,151			54,418,115
	Swaptions	Non-Hedge		Derivative liabilities, at fair value			-			-559,858
	Swaptions	Non-Hedge		Derivative assets, at fair value			-			641,960
	TBAs	Non-Hedge		Derivative assets, at fair value			1,480,471			-
	MBS Options	Non-Hedge		Derivative liabilities, at fair value			-			-206,743
	Linked transactions	Non-Hedge		Linked transactions, net, at fair value			26,695,091			49,501,897
Schedule of Derivative Instruments [Table Text Block]	The following table summarizes information related to derivatives:
		December 31, 2014			December 31, 2013
	Non-hedge derivatives:
	Notional amount of Interest Rate Swap Agreements (1)	$	1,446,000,000		$	2,145,000,000
	Net notional amount of Swaptions		-			115,000,000
	Net notional amount of TBAs		225,000,000			-
	Notional amount of Linked Transactions (2)		150,836,900			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:
				Year Ended			Year Ended			Year Ended
	Non-hedge derivatives gain (loss):	Statement of Operations Location		December 31, 2014			December 31, 2013			December 31, 2012
	Interest rate swaps, at fair value	Unrealized gain/(loss) on derivative and other instruments, net		$	-52,615,387		$	88,918,362		$	-23,043,671
	Interest rate swaps, at fair value	Net realized gain/(loss)			-3,458,409			-10,617,785			-332,127
	Swaptions, at fair value	Unrealized gain/(loss) on derivative and other instruments, net			-82,102			82,102			-
	Swaptions, at fair value	Net realized gain/(loss)			-546,750			-			-
	TBAs (1)	Unrealized gain/(loss) on derivative and other instruments, net			1,480,471			137,695			-1,042,855
	TBAs	Net realized gain/(loss)			5,500,859			-310,329			1,774,492
	IO Index, at fair value	Net realized gain/(loss)			-1,770,548			-			-
	MBS Options, at fair value	Unrealized gain/(loss) on derivative and other instruments, net			38,774			-38,774			-
	MBS Options, at fair value	Net realized gain/(loss)			19,531			-			-
	Linked transactions	Income/(loss) from linked transactions, net			12,503,516			5,610,609			24,983,333
	Short positions on U.S. Treasuries	Unrealized gain/(loss) on derivative and other instruments, net			-12,935			12,935			-
	Short positions on U.S. Treasuries	Net realized gain/(loss)			-1,407,255			-24,359			-
	(1) For the year ended December 31, 2014, gains and losses from purchases and sales of TBAs consisted of $3.5 million, of net TBA dollar roll net interest income, and net gains of $3.5 million, due to price changes. The Company did not have any TBA dollar roll transactions for the year ended December 31, 2013 or December 31, 2012.
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 December 31, 2014:
											Gross Amounts Not Offset in the
											Consolidated Balance Sheet
		Gross Amounts of			Gross Amounts Offset			Net Amounts of Assets			Financial
		Recognized			in the Consolidated			(Liabilities) Presented in the			Instruments		Cash Collateral
	Description	Assets (Liabilities)			Balance Sheet			Consolidated Balance Sheet			(Posted)/Received		(Posted)/Received		Net Amount
	Linked Transactions (1)	$	139,778,263		$	-113,363,873		$	26,414,390		$	-26,414,390	$	-	$	-
	Derivative Assets (2)
	Interest Rate Swaps	$	13,369,511		$	-		$	13,369,511		$	-	$	3,907,000	$	9,462,511
	TBAs		1,480,471			-			1,480,471			-		1,480,471		-
	Total Derivative Assets	$	14,849,982		$	-		$	14,849,982		$	-	$	5,387,471	$	9,462,511
	Derivative Liabilities (3)
	Interest Rate Swaps	$	-7,506,798		$	-		$	-7,506,798		$	-	$	-7,506,798	$	-
	Total Derivative Liabilities	$	-7,506,798		$	-		$	-7,506,798		$	-	$	-7,506,798	$	-
	(1) Included in Linked Transactions on the consolidated balance sheet is security fair market value of $139,778,263, less repurchase agreements of $(113,363,873), plus net accrued interest of $280,701 for a total of $26,695,091.
	(2) Included in Derivative Assets on the consolidated balance sheet is $14,849,982 less accrued interest of $(3,467,360) for a total of $11,382,622.
	(3) Included in Derivative Liabilities on the consolidated balance sheet is $(7,506,798) plus accrued interest of $(1,101,411) for a total of $(8,608,209).
	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
		Gross Amounts of			Gross Amounts Offset			Net Amounts of Assets			Financial
		Recognized			in the Consolidated			(Liabilities) Presented in the			Instruments		Cash Collateral
	Description	Assets (Liabilities)			Balance Sheet			Consolidated Balance Sheet			(Posted)/Received		(Posted)/Received		Net Amount
	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 December 31, 2014:
					Weighted Average			Weighted Average			Weighted Average
	Maturity	Notional Amount			Pay Rate			Receive Rate			Years to Maturity
	2017	$	80,000,000			0.86	%		0.27	%		2.68
	2018		210,000,000			1.05	%		0.23	%		3.26
	2019		350,000,000			1.39	%		0.23	%		4.59
	2020		440,000,000			1.61	%		0.23	%		5.24
	2022		50,000,000			1.69	%		0.23	%		7.68
	2023		278,000,000			2.43	%		0.23	%		8.52
	2024		38,000,000			2.75	%		0.23	%		9.18
	Total/Wtd Avg	$	1,446,000,000			1.62	%		0.24	%		5.47
	The following table presents information about the Company’s interest rate swaps as of December 31, 2013:
					Weighted Average			Weighted Average			Weighted Average
	Maturity	Notional Amount			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 years ended December 31, 2014 and December 31, 2013:
	For the Year Ended December 31, 2014
		Beginning									Ending Net				Net
		Notional									Notional		Net Fair Value		Receivable/(Payable)		Derivative		Derivative
		Amount			Buys or Covers			Sales or Shorts			Amount		as of Year End		from/to Broker		Asset		Liability
	TBAs - Long	$	-		$	1,081,000,000		$	-856,000,000		$	225,000,000	$	236,720,705	$	-235,240,234	$	1,480,471	$	-
	TBAs - Short	$	-		$	751,000,000		$	-751,000,000		$	-	$	-	$	-	$	-	$	-
	For the Year Ended December 31, 2013
		Beginning									Ending Net				Net
		Notional									Notional		Net Fair Value		Receivable/(Payable)		Derivative		Derivative
		Amount			Buys or Covers			Sales or Shorts			Amount		as of Year End		from/to Broker		Asset		Liability
	TBAs - Long	$	40,000,000		$	715,000,000		$	-755,000,000		$	-	$	-	$	-	$	-	$	-
	TBAs - Short	$	-		$	1,402,000,000		$	-1,402,000,000		$	-	$	-	$	-	$	-	$	-
Schedule Of Repurchase Agreements Comprising Linked Transaction [Table Text Block]	The following table presents certain information related to the securities accounted for as part of linked transactions for the year ended December 31, 2014:
													For the Year Ended December 31, 2014
																			Amount
																	Net		Included in		Weighted			Weighted
					Amortized						Net Accrued		Net Interest		Unrealized		Realized		Statement of		Average			Average
	Instrument	Current Face			Cost			Fair Value			Interest		Income		Loss		Gain		Operations		Coupon			Life
	Non-Agency RMBS	$	135,836,900		$	122,943,942		$	124,873,523		$	265,216	$	8,689,418	$	-5,819,864	$	7,717,452	$	10,587,006		3.87	%		5.6
	CMBS		15,000,000			14,617,851			14,904,740			15,485		861,288		235,185		820,037		1,916,510		2.12	%		0.76
	Total	$	150,836,900		$	137,561,793		$	139,778,263		$	280,701	$	9,550,706	$	-5,584,679	$	8,537,489	$	12,503,516		3.69	%		5.12
	The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of December 31, 2014:
					Weighted			Weighted
		Repurchase			Average			Average Years
	Instrument	Agreement			Interest Rate			to Maturity
	Non-Agency RMBS	$	102,713,873			1.74	%		0.05
	CMBS		10,650,000			1.68	%		0.08
		$	113,363,873			1.74	%		0.06
	The following table presents certain information related to the securities accounted for as part of linked transactions for the period ended December 31, 2013:
													For the Year Ended December 31, 2013
																			Amount
																	Net		Included in		Weighted				Weighted
					Amortized						Net Accrued		Net Interest		Unrealized		Realized		Statement of		Average				Average
	Instrument	Current Face			Cost			Fair Value			Interest		Income		Gain/(Loss)		Loss		Operations		Coupon				Life
	Non-Agency RMBS	$	257,864,071		$	232,618,716		$	240,529,122		$	63,371	$	13,035,620	$	-108,905	$	-8,065,222	$	4,861,493		3.4	%			5.42
	CMBS		33,870,000			31,616,351			31,732,228			23,491		797,427		153,478		-201,790		749,115		1.71	%			3.03
	Total	$	291,734,071		$	264,235,067		$	272,261,350		$	86,862	$	13,833,047	$	44,573	$	-8,267,012	$	5,610,608		3.2	%			5.14
	The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of December 31, 2013:
					Weighted			Weighted
		Repurchase			Average			Average Years
	Instrument	Agreement			Interest Rate			to Maturity
	Non-Agency RMBS	$	199,694,315			1.89	%		0.15
	CMBS		23,152,000			1.47	%		0.03
		$	222,846,315			1.85	%		0.14
	The following table presents certain information related to the securities accounted for as part of linked transactions for the year ended December 31, 2012:
													For the Year Ended December 31, 2012
																			Amount
																	Net		Included in		Weighted			Weighted
					Amortized						Net Accrued		Net Interest		Unrealized		Realized		Statement of		Average			Average
	Instrument	Current Face			Cost			Fair Value			Interest		Income		Gain/(Loss)		Gain		Operations		Coupon			Life
	Non-Agency RMBS	$	335,905,342		$	305,634,794		$	313,846,243			839,347	$	9,238,720	$	9,786,473	$	2,266,068	$	21,291,261		4.84	%		6.53
	ABS		-			-			-			-		230,160		134,178		1,041,444		1,405,782		-			-
	CMBS		13,870,000			12,814,226			12,743,380			37,308		695,969		-70,846		1,661,167		2,286,290		3.56	%		6.73
	Total	$	349,775,342		$	318,449,020		$	326,589,623		$	876,655	$	10,164,849	$	9,849,805	$	4,968,679	$	24,983,333		4.79	%		6.54
	The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of December 31, 2012:
		Repurchase Agreement Data
					Weighted			Weighted
		Repurchase			Average			Average Years
	Instrument	Agreement			Interest Rate			to Maturity
	Non-Agency RMBS	$	272,755,454			1.87	%		0.04
	CMBS		9,588,000			1.21	%		0.06
		$	282,343,454			1.85	%		0.04

Earnings_per_Share_Tables

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2014
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	As of December 31, 2014, December 31, 2013, and December 31, 2012 the Company’s outstanding warrants, unvested shares of restricted common stock and restricted stock units were as follows:
		December 31, 2014			December 31, 2013			December 31, 2012
	Warrants		1,007,500			1,007,500			1,642,000
	Restricted stock granted to the Manager		-			10,064			23,480
	Restricted stock units granted to the Manager		60,000			-			-
	Restricted stock granted to the independent directors		-			2,500			4,000
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 years ended December 31, 2014, 2013 and 2012:
		Year Ended			Year Ended			Year Ended
		December 31, 2014			December 31, 2013			December 31, 2012
	Numerator:
	Net income/(loss) available to common stockholders for basic and diluted earnings per share	$	95,926,152		$	-45,048,052		$	130,798,907
	Denominator:
	Basic weighted average common shares outstanding		28,379,782			28,022,565			18,167,227
	Dilutive effect of manager and director restricted stock, restricted stock units and warrants		44,386			-			59,833
	Dilutive weighted average common shares outstanding		28,424,168			28,022,565			18,227,060
	Basic Earnings/(Loss) Per Share of Common Stock:	$	3.38		$	-1.61		$	7.2
	Diluted Earnings/(Loss) Per Share of Common Stock:	$	3.37		$	-1.61		$	7.18
Common Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table details dividends paid on the Company’s common stock during the years ended December 31, 2014, 2013, and 2012:
	2014
	Declaration Date	Record Date		Payment Date		Dividend Per Share
	3/5/14	3/18/14		4/28/14		$	0.6
	6/9/14	6/19/14		7/28/14			0.6
	9/11/14	9/22/14		10/27/14			0.6
	12/4/14	12/18/14		1/27/15			0.6
	2013
	Declaration Date	Record Date		Payment Date		Dividend Per Share
	3/5/13	3/18/13		4/26/13		$	0.8
	6/6/13	6/18/13		7/26/13			0.8
	9/9/13	9/19/13		10/28/13			0.6
	12/5/13	12/18/13		1/27/14			0.6
	2012
	Declaration Date	Record Date		Payment Date		Dividend Per Share
	3/14/12	3/30/12		4/27/12		$	0.7
	6/7/12	6/29/12		7/27/12			0.7
	9/6/12	9/18/12		10/26/12			0.77
	12/6/12	12/18/12		1/28/13			0.8
Preferred Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table details dividends paid on the Company’s preferred stock:
	2014
	Dividend	Declaration Date		Record Date		Payment Date	Dividend Per Share
	8.25% Series A	2/14/14		2/28/14		3/17/14	$		0.51563
	8.25% Series A	5/15/14		5/30/14		6/17/14			0.51563
	8.25% Series A	8/14/14		8/29/14		9/17/14			0.51563
	8.25% Series A	11/12/14		11/28/14		12/17/14			0.51563
	Dividend	Declaration Date		Record Date		Payment Date		Dividend Per Share
	8.00% Series B	2/14/14		2/28/14		3/17/14		$	0.5
	8.00% Series B	5/15/14		5/30/14		6/17/14			0.5
	8.00% Series B	8/14/14		8/29/14		9/17/14			0.5
	8.00% Series B	11/12/14		11/28/14		12/17/14			0.5
	2013
	Dividend	Declaration Date		Record Date		Payment Date		Dividend Per Share
	8.25% Series A	2/14/13		2/28/13		3/18/13		$	0.51563
	8.25% Series A	5/14/13		5/31/13		6/17/13			0.51563
	8.25% Series A	8/15/13		8/30/13		9/17/13			0.51563
	8.25% Series A	11/14/13		11/29/13		12/17/13			0.51563
	Dividend	Declaration Date		Record Date		Payment Date		Dividend Per Share
	8.00% Series B	2/14/13		2/28/13		3/18/13		$	0.5
	8.00% Series B	5/14/13		5/31/13		6/17/13			0.5
	8.00% Series B	8/15/13		8/30/13		9/17/13			0.5
	8.00% Series B	11/14/13		11/29/13		12/17/13			0.5
	2012
	Dividend	Declaration Date		Record Date		Payment Date		Dividend Per Share
	8.25% Series A	8/16/12		8/31/12		9/17/12		$	0.2521
	8.25% Series A	11/16/12		11/30/12		12/17/12			0.51563
	Dividend	Declaration Date		Record Date		Payment Date		Dividend Per Share
	8.00% Series B	11/16/12		11/30/12		12/17/12		$	0.44

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	The following table presents information with respect to the Company’s restricted stock for the year ended December 31, 2014:
		Shares of		Weighted Average Grant
		Restricted Stock		Date Fair Value (1)
	Outstanding at beginning of year		30,376		20.25
	Granted		67,796		18.68
	Cancelled/forfeited		-		-
	Unrestricted		-15,746		18.1
	Outstanding at end of year		82,426		19.37
	Unvested at end of year		60,000		18.86
	(1) The grant date fair value of restricted stock awards was established as the average of the high and low prices of the Company's common stock at the grant date.
	The following table presents information with respect to the Company’s restricted stock for the year ended December 31, 2013:
		Shares of		Weighted Average Grant
		Restricted Stock		Date Fair Value (1)
	Outstanding at beginning of year		36,728		20.14
	Granted		7,064		20.35
	Cancelled/forfeited		-		-
	Unrestricted		-13,416		20
	Outstanding at end of year		30,376		20.25
	Unvested at end of year		12,564		20.12
	(1) The grant date fair value of restricted stock awards is based on the closing market price of the Company's common stock at the grant date.
	The following table presents information with respect to the Company’s restricted stock for the year ended December 31, 2012:
		Shares of		Weighted Average Grant
		Restricted Stock		Date Fair Value (1)
	Outstanding at beginning of year		44,500		19.96
	Granted		5,644		21.24
	Cancelled/forfeited		-		-
	Unrestricted		-13,416		20
	Outstanding at end of year		36,728		20.14
	Unvested at end of year		27,480		20
	(1) The grant date fair value of restricted stock awards is based on the closing market price of the Company's common stock at the grant date.

Quarterly_Results_Unaudited_Ta

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	Summarized quarterly results of operations were as follows:
		Three Months Ended
		March 31, 2014		June 30, 2014		September 30, 2014		December 31, 2014
	Statement of Operations Data:
	Net Interest Income
	Interest income	$	34,142,740	$	36,079,435	$	36,197,633	$	35,153,380
	Interest expense		6,146,587		6,783,768		6,819,731		6,747,312
			27,996,153		29,295,667		29,377,902		28,406,068
	Other Income
	Net realized gain/(loss)		548,860		-1,826,360		10,539,221		-5,623,767
	Income/(loss) from linked transactions, net		4,126,741		3,409,366		3,481,936		1,485,473
	Realized loss on periodic interest settlements of derivative instruments, net		-6,307,857		-5,773,644		-5,260,449		-4,919,237
	Unrealized gain/(loss) on real estate securities and loans, net		29,367,044		42,653,828		-19,457,277		19,916,461
	Unrealized gain/(loss) on derivative and other instruments, net		-19,180,715		-23,917,820		9,459,244		-17,616,139
			8,554,073		14,545,370		-1,237,325		-6,757,209
	Expenses
	Management fee to affiliate		2,500,525		2,507,487		2,548,601		2,532,626
	Other operating expenses		2,643,681		2,739,225		3,140,272		3,351,249
	Servicing fees		-		162,717		157,016		191,786
	Equity based compensation to affiliate		81,073		73,586		67,562		68,910
	Excise tax		500,000		375,000		533,539		375,000
			5,725,279		5,858,015		6,446,990		6,519,571
	Income/(loss) before income tax benefit/(expense) and equity in earnings/(loss) from affiliates		30,824,947		37,983,022		21,693,587		15,129,288
	Income tax benefit/(expense)		-		-92,795		172,709		-
	Equity in earnings/(loss) from affiliates		361,295		3,275,056		523,316		-474,857
	Net Income/(Loss)		31,186,242		41,165,283		22,389,612		14,654,431
	Dividends on preferred stock		3,367,354		3,367,354		3,367,354		3,367,354
	Net Income/(Loss) Available to Common Stockholders	$	27,818,888	$	37,797,929	$	19,022,258	$	11,287,077
	Earnings/(Loss) Per Share of Common Stock
	Basic	$	0.98	$	1.33	$	0.67	$	0.4
	Diluted	$	0.98	$	1.33	$	0.67	$	0.4
		Three Months Ended
		March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013
	Statement of Operations Data:
	Net Interest Income
	Interest income	$	38,617,716	$	42,267,747	$	33,278,284	$	36,836,926
	Interest expense		6,875,962		7,289,211		5,584,419		5,803,681
			31,741,754		34,978,536		27,693,865		31,033,245
	Other Income
	Net realized gain/(loss)		4,995,748		-74,554,810		-42,667,835		-3,367,951
	Income/(loss) from linked transactions, net		6,177,888		-3,361,562		-519,785		3,314,068
	Realized loss on periodic interest settlements of interest rate swaps, net		-5,272,343		-6,809,777		-9,123,233		-6,706,874
	Unrealized gain/(loss) on real estate securities and loans, net		-17,711,381		-83,093,338		40,136,126		-23,526,713
	Unrealized gain/(loss) on derivative and other instruments, net		5,223,241		67,905,018		-5,779,945		21,764,006
			-6,586,847		-99,914,469		-17,954,672		-8,523,464
	Expenses
	Management fee to affiliate		2,859,340		2,813,003		2,523,547		2,492,835
	Other operating expenses		2,274,370		2,686,584		2,819,431		3,064,603
	Equity based compensation to affiliate		114,528		17,350		55,105		64,464
	Excise tax		500,000		518,859		373,083		91,688
			5,748,238		6,035,796		5,771,166		5,713,590
	Income/(loss) before income taxes and equity in earnings from affiliate		19,406,669		-70,971,729		3,968,027		16,796,191
	Income taxes		-2,632,269		-23,510		-122,979		-262,858
	Equity in earnings from affiliate		-3,591		-240,050		2,155,471		351,992
	Net Income/(Loss)		16,770,809		-71,235,289		6,000,519		16,885,325
	Dividends on preferred stock		3,367,354		3,367,354		3,367,354		3,367,354
	Net Income/(Loss) Available to Common Stockholders	$	13,403,455	$	-74,602,643	$	2,633,165	$	13,517,971
	Earnings/(Loss) Per Share of Common Stock
	Basic	$	0.49	$	-2.66	$	0.09	$	0.48
	Diluted	$	0.49	$	-2.66	$	0.09	$	0.48

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 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 (subject to specific timing rules for certain dividends paid in January) at least the sum of (i) 85% of its ordinary income for such year, (ii) 95% of its capital gain net income for such year, and (iii) any undistributed taxable income from the prior year, the Company would be subject to a non-deductible 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 $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Current Face	$4,006,448,684		$4,147,597,794
Premium (Discount)	-941,512,278		-695,014,422
Amortized Cost	3,064,936,406		3,452,583,372
Gross Unrealized Gains	61,620,967	[1]	29,670,900	[2]
Gross Unrealized Losses	-10,950,804	[1]	-50,437,682	[2]
Fair Value	3,115,606,569		3,431,816,590
Weighted Average Coupon	3.97%	[3]	3.94%
Weighted Average Yield	4.31%		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	125,538,084		142,296,219
Premium (Discount)	6,009,532		7,316,644
Amortized Cost	131,547,616		149,612,863
Gross Unrealized Gains	2,267,721	[1]	610,806	[2]
Gross Unrealized Losses	-72,467	[1]	-3,166,423	[2]
Fair Value	133,742,870		147,057,246
Weighted Average Coupon	3.72%	[3]	3.73%
Weighted Average Yield	2.79%		2.89%
Agency RMBS: 30 Year Fixed Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	973,102,647		1,191,781,474
Premium (Discount)	46,665,955		68,531,950
Amortized Cost	1,019,768,602		1,260,313,424
Gross Unrealized Gains	17,222,909	[1]	60,020	[2]
Gross Unrealized Losses	-967,492	[1]	-30,868,697	[2]
Fair Value	1,036,024,019		1,229,504,747
Weighted Average Coupon	3.90%	[3]	4.03%
Weighted Average Yield	3.15%		3.28%
Agency RMBS: Fixed Rate CMO [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	88,345,864
Premium (Discount)	880,994
Amortized Cost	89,226,858
Gross Unrealized Gains	1,548,517	[1]
Gross Unrealized Losses	0	[1]
Fair Value	90,775,375
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	421,043,957		466,047,819
Premium (Discount)	-888,105		-1,583,428
Amortized Cost	420,155,852		464,464,391
Gross Unrealized Gains	7,570,945	[1]	187,111	[2]
Gross Unrealized Losses	-189,430	[1]	-2,864,107	[2]
Fair Value	427,537,367		461,787,395
Weighted Average Coupon	2.42%	[3]	2.43%
Weighted Average Yield	2.71%		2.78%
Agency RMBS: Interest Only [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	754,905,240		736,263,003
Premium (Discount)	-638,264,371		-601,525,564
Amortized Cost	116,640,869		134,737,439
Gross Unrealized Gains	5,941,701	[1]	5,083,736	[2]
Gross Unrealized Losses	-2,347,455	[1]	-2,767,627	[2]
Fair Value	120,235,115		137,053,548
Weighted Average Coupon	4.51%	[3]	4.92%
Weighted Average Yield	7.79%		6.49%
Credit Investments: Non-Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	1,303,432,523		962,852,550
Premium (Discount)	-181,488,454		-132,283,547
Amortized Cost	1,121,944,069		830,569,003
Gross Unrealized Gains	24,415,728	[1]	20,615,586	[2]
Gross Unrealized Losses	-6,281,869	[1]	-6,967,021	[2]
Fair Value	1,140,077,928		844,217,568
Weighted Average Coupon	4.26%	[3]	4.19%
Weighted Average Yield	5.62%		5.79%
Credit Investments: ABS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	67,696,117		71,326,847
Premium (Discount)	-379,648		-315,657
Amortized Cost	67,316,469		71,011,190
Gross Unrealized Gains	322,074	[1]	333,594	[2]
Gross Unrealized Losses	-945,300	[1]	0	[2]
Fair Value	66,693,243		71,344,784
Weighted Average Coupon	5.15%	[3]	3.82%
Weighted Average Yield	5.55%		4.07%
Credit Investments: CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	220,026,552		88,828,774
Premium (Discount)	-127,623,416		-2,269,882
Amortized Cost	92,403,136		86,558,892
Gross Unrealized Gains	2,138,358	[1]	1,270,629	[2]
Gross Unrealized Losses	-146,791	[1]	-902,786	[2]
Fair Value	94,394,703		86,926,735
Weighted Average Coupon	5.13%	[3]	5.16%
Weighted Average Yield	6.65%		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)	-46,424,765		-45,794,824
Amortized Cost	5,932,935		6,562,876
Gross Unrealized Gains	193,014	[1]	0	[2]
Gross Unrealized Losses	0	[1]	-238,141	[2]
Fair Value	$6,125,949	[1]	$6,324,735
Weighted Average Coupon	1.85%	[3]	1.85%
Weighted Average Yield	5.73%		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 $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value	$551,097,657	$2,330,415,740
Less than Twelve Months, Unrealized Losses	-6,921,385	-43,557,831
Greater than Twelve Months, Fair Value	224,261,493	112,253,956
Greater than Twelve Months, Unrealized Losses	($4,029,419)	($6,879,851)

Real_Estate_Securities_Details2

Real Estate Securities (Details 2) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	$1,688,079,631	[1],[2]	$2,285,949,220	[1],[3]
Amortized Cost Total	1,660,698,928	[1],[2]	2,323,143,972	[1],[3]
Weighted Average Coupon Total	3.45%	[1],[2]	3.50%	[1],[3]
Agency RMBS [Member] | Less Than Or Equal To 1 Year [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Less than or equal to 1 year	0	[1],[2]	0	[1],[3]
Amortized Cost Less than or equal to 1 year	0	[1],[2]	0	[1],[3]
Weighted Average Coupon Less than or equal to 1 year	0.00%	[1],[2]	0.00%	[1],[3]
Agency RMBS [Member] | Greater Than One Year and Less Than Or Equal To Five Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than one year and less than or equal to five years	72,253,477	[1],[2]	292,921,980	[1],[3]
Amortized Cost Greater than one year and less than or equal to five years	71,713,942	[1],[2]	292,010,291	[1],[3]
Weighted Average Coupon Greater than one year and less than or equal to five years	2.57%	[1],[2]	3.12%	[1],[3]
Agency RMBS [Member] | Greater Than Five Years and Less Than Or Equal To Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than five years and less than or equal to ten years	1,486,360,763	[1],[2]	1,514,649,739	[1],[3]
Amortized Cost Greater than five years and less than or equal to ten years	1,461,439,648	[1],[2]	1,534,246,672	[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]
Agency RMBS [Member] | Greater Than Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than ten years	129,465,391	[1],[2]	478,377,501	[1],[3]
Amortized Cost Greater than ten years	127,545,338	[1],[2]	496,887,009	[1],[3]
Weighted Average Coupon Greater than ten years	3.54%	[1],[2]	3.73%	[1],[3]
Agency IO [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	120,235,115	[1]	137,053,548	[1]
Amortized Cost Total	116,640,869	[1]	134,737,439	[1]
Weighted Average Coupon Total	4.51%	[1]	4.92%	[1]
Agency IO [Member] | Less Than Or Equal To 1 Year [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Less than or equal to 1 year	0	[1]	5,406,120	[1]
Amortized Cost Less than or equal to 1 year	0	[1]	4,739,053	[1]
Weighted Average Coupon Less than or equal to 1 year	0.00%	[1]	3.00%	[1]
Agency IO [Member] | Greater Than One Year and Less Than Or Equal To Five Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than one year and less than or equal to five years	67,356,372	[1]	109,110,653	[1]
Amortized Cost Greater than one year and less than or equal to five years	67,199,203	[1]	107,278,916	[1]
Weighted Average Coupon Greater than one year and less than or equal to five years	4.16%	[1]	5.11%	[1]
Agency IO [Member] | Greater Than Five Years and Less Than Or Equal To Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than five years and less than or equal to ten years	52,878,743	[1]	22,536,775	[1]
Amortized Cost Greater than five years and less than or equal to ten years	49,441,666	[1]	22,719,470	[1]
Weighted Average Coupon Greater than five years and less than or equal to ten years	5.13%	[1]	4.48%	[1]
Agency IO [Member] | Greater Than Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than ten years	0	[1]	0	[1]
Amortized Cost Greater than ten years	0	[1]	0	[1]
Weighted Average Coupon Greater than ten years			0.00%	[1]
Credit Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	1,307,291,823	[1],[4]	1,008,813,822	[1],[4]
Amortized Cost Total	1,287,596,609	[1],[4]	994,701,961	[1],[4]
Weighted Average Coupon Total	4.27%	[1],[4],[5]	4.14%	[1],[4]
Credit Investments [Member] | Less Than Or Equal To 1 Year [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Less than or equal to 1 year	39,522,038	[1],[4]	5,227,857	[1],[4]
Amortized Cost Less than or equal to 1 year	39,415,933	[1],[4]	5,355,113	[1],[4]
Weighted Average Coupon Less than or equal to 1 year	3.48%	[1],[4],[5]	0.67%	[1],[4]
Credit Investments [Member] | Greater Than One Year and Less Than Or Equal To Five Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than one year and less than or equal to five years	621,179,587	[1],[4]	367,316,237	[1],[4]
Amortized Cost Greater than one year and less than or equal to five years	612,711,131	[1],[4]	359,557,150	[1],[4]
Weighted Average Coupon Greater than one year and less than or equal to five years	3.93%	[1],[4],[5]	4.29%	[1],[4]
Credit Investments [Member] | Greater Than Five Years and Less Than Or Equal To Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than five years and less than or equal to ten years	562,808,169	[1],[4]	513,581,646	[1],[4]
Amortized Cost Greater than five years and less than or equal to ten years	557,116,343	[1],[4]	504,612,828	[1],[4]
Weighted Average Coupon Greater than five years and less than or equal to ten years	4.39%	[1],[4],[5]	3.74%	[1],[4]
Credit Investments [Member] | Greater Than Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than ten years	83,782,029	[1],[4]	122,688,082	[1],[4]
Amortized Cost Greater than ten years	$78,353,202	[1],[4]	$125,176,870	[1],[4]
Weighted Average Coupon Greater than ten years	6.58%	[1],[4],[5]	5.56%	[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.
[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 $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Securities, Gross Realized Gains	$14,400,000	$17,500,000
Securities, Gross Realized Losses	4,300,000	72,500,000
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading	872,701,795	3,648,604,962	1,050,511,764
Repurchase Agreements	2,644,955,948	2,891,634,416
Assets Sold Under Agreements To Repurchase, Interest Rate	0.93%	0.81%
Assets, Fair Value Disclosure	3,312,202,508	3,536,378,562
Weighted Average Life Of Securitized Debt	3 years 4 months 24 days
Weighted Average Rate Of Securitized Debt	3.75%
Weighted Average [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Rate Of Securitized Debt	5.14%
Repurchase Agreement [Member]
Schedule of Available-for-sale Securities [Line Items]
Repurchase Agreements	21,300,000
Assets Sold Under Agreements To Repurchase, Interest Rate	3.00%
Collateral Pledged [Member]
Schedule of Available-for-sale Securities [Line Items]
Repurchase Agreements	28,400,000
Variable Interest Entity, Primary Beneficiary [Member] | Senior Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Fair Value Disclosure	39,800,000
Commercial Real Estate [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investments	42,000,000	16,400,000
Equity Method Investment Weighted Average Yield	12.13%	12.54%
Residential Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities, Total	3,800,000	48,400,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows	4,800,000	52,700,000
Other than Temporary Impairment, Credit Losses Recognized In Earnings Or Other Comprehensive Income, Reductions, Change In Status	1,000,000	4,300,000
Settled Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number Of Securities Sold	50	166
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading	872,700,000
Unsettled Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities, Gross Realized Gains			25,500,000
Securities, Gross Realized Losses			1,800,000
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading			1,100,000,000
Resecuritization [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets, Fair Value Disclosure	$47,600,000

Loans_Details

Loans (Details) (Residential Mortgage [Member], USD $)	12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014	Jul. 31, 2014	Feb. 28, 2014	Dec. 31, 2013
Residential Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal balance	$119,882,836		$50,500,000	$13,700,000	$59,000,000	$0
Premium (Discount)	-35,534,525
Amortized Cost	84,348,311
Gross Unrealized Gains	1,101,473	[1]
Gross Unrealized Losses	-359,925	[1]
Fair Value	$85,089,859					$0
Weighted Average Coupon	5.53%
Weighted Average Yield	8.90%
Weighted Average Useful Life (in years)	5 years 7 months 24 days
[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).

Loans_Details_1

Loans (Details 1) (Residential Mortgage [Member], USD $)	Dec. 31, 2014	Sep. 30, 2014	Jul. 31, 2014	Feb. 28, 2014	Dec. 31, 2013
Loans Receivable, Fair Value Disclosure	$85,089,859				$0
Principal Amount Outstanding of Loans Held-in-portfolio	119,882,836	50,500,000	13,700,000	59,000,000	0
Re-Performing Financing Receivable [Member]
Loans Receivable, Fair Value Disclosure	68,581,824				0
Principal Amount Outstanding of Loans Held-in-portfolio	89,493,175				0
Non-Performing Financing Receivable [Member]
Loans Receivable, Fair Value Disclosure	16,508,035				0
Principal Amount Outstanding of Loans Held-in-portfolio	$30,389,661				$0

Loans_Details_2

Loans (Details 2)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	98.00%	0.00%
New York [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	16.00%	0.00%
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	8.00%	0.00%
Maryland [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	5.00%	0.00%

Loans_Details_3

Loans (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	$0	$0
Additions	38,295,030	0
Accretion	-3,739,798	0
Reclassifications from/(to) non-accretable difference	4,274,831	0
Disposals	-821,800	0
Ending Balance	$38,008,263	$0

Loans_Details_4

Loans (Details 4) (Commercial Loan [Member], USD $)	12 Months Ended
	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	$72,800,000
Premium (Discount), Commercial Loans	-496,019
Amortized Cost, Commercial Loans	72,303,981
Gross Unrealized Gains, Commercial Loans	496,019	[1]
Gross Unrealized Losses, Commercial Loans	0	[1]
Fair Value, Commercial Loans	72,800,000
Weighted Average Coupon, Commercial Loans	6.79%	[2]
Weighted Average Yield, Commercial Loans	8.55%
Weighted Average Life, Commercial Loans	2 years 7 days
Loan A [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	30,000,000	[3]
Premium (Discount), Commercial Loans	-240,326	[3]
Amortized Cost, Commercial Loans	29,759,674	[3]
Gross Unrealized Gains, Commercial Loans	240,326	[1],[3]
Gross Unrealized Losses, Commercial Loans	0	[1],[3]
Fair Value, Commercial Loans	30,000,000	[3]
Weighted Average Coupon, Commercial Loans	6.50%	[2],[3]
Weighted Average Yield, Commercial Loans	8.76%	[3]
Weighted Average Life, Commercial Loans	2 years 9 months 7 days	[3]
Stated Maturity Date	5-Jun-17	[3],[4]
Extended Maturity Date	5-Jun-19	[3]
Loan B [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	32,800,000	[5]
Premium (Discount), Commercial Loans	-189,506	[5]
Amortized Cost, Commercial Loans	32,610,494	[5]
Gross Unrealized Gains, Commercial Loans	189,506	[1],[5]
Fair Value, Commercial Loans	32,800,000	[5]
Weighted Average Coupon, Commercial Loans	5.00%	[2],[5]
Weighted Average Yield, Commercial Loans	6.15%	[5]
Weighted Average Life, Commercial Loans	1 year 5 months 12 days	[5]
Stated Maturity Date	1-Jul-16	[4],[5]
Extended Maturity Date	1-Jul-19	[5]
Loan C [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	10,000,000	[6]
Premium (Discount), Commercial Loans	-66,187	[6]
Amortized Cost, Commercial Loans	9,933,813	[6]
Gross Unrealized Gains, Commercial Loans	66,187	[1],[6]
Gross Unrealized Losses, Commercial Loans	0	[1],[6]
Fair Value, Commercial Loans	$10,000,000	[6]
Weighted Average Coupon, Commercial Loans	13.50%	[2],[6]
Weighted Average Yield, Commercial Loans	15.77%	[6]
Weighted Average Life, Commercial Loans	1 year 7 months 10 days	[6]
Stated Maturity Date	1-Feb-17	[4],[6]
Extended Maturity Date	1-Feb-18	[6]
[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).
[2]	Each commercial loan investment has a variable coupon rate.
[3]	Loan A is comprised of a first mortgage and mezzanine loan of up to $24.0 million and $12.0 million, respectively, of which $20.0 million and $10.0 million has been advanced.
[4]	The Company has the contractual right to receive a balloon payment.
[5]	Loan B is comprised of a first mortgage and mezzanine loan of $31.8 million and $1.0 million, respectively.
[6]	Loan C is mezzanine loan.

Loans_Details_Textual

Loans (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014	Jul. 31, 2014	Feb. 28, 2014
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
Concentration Risk, Percentage	98.00%	0.00%
Accretion of Discount	200,000	200,000
Loan A [Member] | First Mortgage [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	20,000,000
Loan A [Member] | First Mortgage [Member] | Maximum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	24,000,000
Loan B [Member] | First Mortgage [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	31,800,000
Current Property Value In Excess Of Hundred Percentage [Member]
Gain (Loss) on Investments [Line Items]
Concentration Risk, Percentage	100.00%
Secured By Properties [Member]
Gain (Loss) on Investments [Line Items]
Concentration Risk, Percentage	5.00%
Residential Mortgage [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	119,882,836	0	50,500,000	13,700,000	59,000,000
Mortgages Held-for-sale, Fair Value Disclosure			44,000,000	5,700,000	34,900,000
Residential Mortgage [Member] | Maximum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	2,500,000
Residential Mortgage [Member] | Minimum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	5,000
Mezzanine Loan [Member] | Loan A [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	10,000,000
Mezzanine Loan [Member] | Loan A [Member] | Maximum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	12,000,000
Mezzanine Loan [Member] | Loan B [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	$1,000,000

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets:
Assets, Fair Value Disclosure	$3,312,202,508	$3,536,378,562
Liabilities:
Liabilities, Fair Value Disclosure	-48,386,123	-29,683,477
Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-8,608,209	-2,206,289
Obligation to return securities borrowed under reverse repurchase agreements, at fair value [Member]
Liabilities:
Liabilities, Fair Value Disclosure		-27,477,188
Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	11,382,622	55,060,075
Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-39,777,914
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	133,742,870	147,057,246
Agency RMBS: 30 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	1,036,024,019	1,229,504,747
Agency RMBS: Fixed Rate CMO [Member]
Assets:
Assets, Fair Value Disclosure	90,775,375
Agency RMBS: ARM [Member]
Assets:
Assets, Fair Value Disclosure	427,537,367	461,787,395
Agency RMBS: Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	120,235,115	137,053,548
Credit Investments Non-Agency Rmbs [Member]
Assets:
Assets, Fair Value Disclosure	1,140,077,928	844,217,568
Credit Investments ABS [Member]
Assets:
Assets, Fair Value Disclosure	66,693,243	71,344,784
Credit Investments CMBS [Member]
Assets:
Assets, Fair Value Disclosure	94,394,703	86,926,735
Credit Investments Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	6,125,949	6,324,735
Residential Mortgage [Member]
Assets:
Assets, Fair Value Disclosure	85,089,859
Commercial Loans [Member]
Assets:
Assets, Fair Value Disclosure	72,800,000	0
Excess Mortgage Servicing Rights [Member]
Assets:
Assets, Fair Value Disclosure	628,367
Linked Transactions [Member]
Assets:
Assets, Fair Value Disclosure	26,695,091	49,501,897
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Liabilities:
Liabilities, Fair Value Disclosure	0	-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, at fair value [Member]
Liabilities:
Liabilities, Fair Value Disclosure		-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] | Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	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	2,581,202,806	3,110,173,269
Liabilities:
Liabilities, Fair Value Disclosure	-48,386,123	-2,206,289
Fair Value, Inputs, Level 2 [Member] | Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-8,608,209	-2,206,289
Fair Value, Inputs, Level 2 [Member] | Obligation to return securities borrowed under reverse repurchase agreements, at fair value [Member]
Liabilities:
Liabilities, Fair Value Disclosure		0
Fair Value, Inputs, Level 2 [Member] | Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	11,382,622	55,060,075
Fair Value, Inputs, Level 2 [Member] | Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-39,777,914
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	133,742,870	147,057,246
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: 30 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	1,036,024,019	1,229,504,747
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: Fixed Rate CMO [Member]
Assets:
Assets, Fair Value Disclosure	90,775,375
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: ARM [Member]
Assets:
Assets, Fair Value Disclosure	427,537,367	461,787,395
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	120,235,115	137,053,548
Fair Value, Inputs, Level 2 [Member] | Credit Investments Non-Agency Rmbs [Member]
Assets:
Assets, Fair Value Disclosure	684,841,649	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	55,051,429	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	21,612,360	34,778,728
Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	730,999,702	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, at fair value [Member]
Liabilities:
Liabilities, Fair Value Disclosure		0
Fair Value, Inputs, Level 3 [Member] | Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	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	455,236,279	309,840,562
Fair Value, Inputs, Level 3 [Member] | Credit Investments ABS [Member]
Assets:
Assets, Fair Value Disclosure	66,693,243	71,344,784
Fair Value, Inputs, Level 3 [Member] | Credit Investments CMBS [Member]
Assets:
Assets, Fair Value Disclosure	39,343,274	23,972,043
Fair Value, Inputs, Level 3 [Member] | Credit Investments Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	6,125,949	6,324,735
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage [Member]
Assets:
Assets, Fair Value Disclosure	85,089,859
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	628,367
Fair Value, Inputs, Level 3 [Member] | Linked Transactions [Member]
Assets:
Assets, Fair Value Disclosure	$5,082,731	$14,723,169

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 1) (Fair Value, Inputs, Level 3 [Member], USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Residential Mortgage Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$0
Transfers:
Transfers into level 3	0	[1]
Transfers out of level 3	0	[1]
Purchases	84,678,576
Reclassification of security type	0	[2]
Proceeds from settlement	-2,250,087
Total net gains/(losses)
Included in net income	2,661,370	[3]
Included in other comprehensive income (loss)	0	[3]
Ending Balance	85,089,859
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	2,522,554
Non-Agency Rmbs [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	309,840,562		255,043,557
Transfers:
Transfers into level 3	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]
Purchases	449,980,502		254,337,307
Reclassification of security type	26,752,863	[2]	0	[2]
Proceeds from sales	-96,960,392		-187,061,610
Proceeds from settlement	-241,145,912		-17,383,788
Total net gains/(losses)
Included in net income	6,768,656	[3]	4,905,096	[4]
Included in other comprehensive income (loss)	0	[3]	0	[4]
Ending Balance	455,236,279		309,840,562
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	2,887,993		378,382	[5]
Credit Investments ABS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	71,344,784		33,937,097
Transfers:
Transfers into level 3	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]
Purchases	67,489,710		139,603,404
Reclassification of security type	0	[2]	0	[2]
Proceeds from sales	-45,409,687		-60,839,523
Proceeds from settlement	-26,704,044		-41,587,807
Total net gains/(losses)
Included in net income	-27,520	[3]	231,613	[4]
Included in other comprehensive income (loss)	0	[3]	0	[4]
Ending Balance	66,693,243		71,344,784
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	-378,408		242,808	[5]
CMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	23,972,043		34,066,710
Transfers:
Transfers into level 3	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]
Purchases	22,068,216		6,085,156
Reclassification of security type	0	[2]	0	[2]
Proceeds from sales	-5,586,445		-15,317,706
Proceeds from settlement	-2,130,834		-63,172
Total net gains/(losses)
Included in net income	1,020,294	[3]	-798,945	[4]
Included in other comprehensive income (loss)	0	[3]	0	[4]
Ending Balance	39,343,274		23,972,043
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	205,360		-449,810	[5]
Interest only [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	6,324,735		0
Transfers:
Transfers into level 3	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]
Purchases	0		7,048,720
Reclassification of security type	0	[2]	0	[2]
Proceeds from sales	0		0
Proceeds from settlement			0
Total net gains/(losses)
Included in net income	-198,786	[3]	-723,985	[4]
Included in other comprehensive income (loss)	0	[3]	0	[4]
Ending Balance	6,125,949		6,324,735
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	-198,786		-723,988	[5]
Commercial Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0		0
Transfers:
Transfers into level 3	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]
Purchases	72,084,833		30,017,825
Reclassification of security type	0	[2]	0	[2]
Proceeds from sales	0		-30,017,825
Proceeds from settlement	0		0
Total net gains/(losses)
Included in net income	715,167	[3]	0	[4]
Included in other comprehensive income (loss)	0	[3]	0	[4]
Ending Balance	72,800,000		0
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	742,747		0	[5]
Excess Mortgage Servicing Rights [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0
Transfers:
Purchases	730,146
Proceeds from sales	0
Proceeds from settlement	-101,779
Total net gains/(losses)
Included in net income	0	[3]
Included in other comprehensive income (loss)	0	[3]
Ending Balance	628,367
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	0
Linked Transactions [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	14,723,169	[6]	6,425,683
Transfers:
Transfers into level 3	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]
Purchases	1,856,433		13,963,549
Reclassification of security type	-4,219,811	[2]	0	[2]
Proceeds from sales	-16,364,916		0
Proceeds from settlement	7,307,909		-5,484,875
Total net gains/(losses)
Included in net income	1,779,947	[3]	-181,188	[4]
Included in other comprehensive income (loss)	0	[3]	0	[4]
Ending Balance	5,082,731	[7]	14,723,169	[6]
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	$763,744	[8]	($177)	[5]
[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 1,779,947 Unrealized gain/(loss) on real estate securities and loans, net 5,857,539 Net realized gain/(loss) 4,321,276 Total 11,958,762
[4]	Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net (159,573) Unrealized gain/(loss) on real estate securities and loans, net (1,457,255) Net realized loss 5,049,419 Total 3,432,591
[5]	Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net (177) Unrealized gain/(loss) on real estate securities and loans, net (552,608) Total (552,785)
[6]	Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS and CMBS investments.
[7]	Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments.
[8]	Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net 763,744 Unrealized gain/(loss) on real estate securities and loans, net 6,205,292 Total 6,969,036

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 2) (Fair Value, Inputs, Level 3 [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	$12,719,128	$3,432,591
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	6,545,204	-552,785
Trading Securities [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	4,321,276	5,071,034
Linked Transactions [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	1,779,947	-181,188
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	763,744	-177
Real Estate Securities And Loans [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	6,617,905	-1,457,255
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$5,781,460	($552,608)

Fair_Value_Measurements_Detail3

Fair Value Measurements (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Techniques	Valuation Technique
Fair Value Measurements Unobservable Input Description	Unobservable Input
Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	12.00%
Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	3.00%
Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	5.50%	[1]
Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	36.04%
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	$455,236,279		$309,840,562		$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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	35.48%
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			13.99%
Non-Agency Rmbs [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	0.29%
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			3.35%
Non-Agency Rmbs [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	5.30%
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			5.13%
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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	12.00%
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%
Non-Agency Rmbs [Member] | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	0.00%
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%
Non-Agency Rmbs [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	3.21%
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			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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	35.00%
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%
Non-Agency Rmbs [Member] | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	0.00%
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%
Non-Agency Rmbs [Member] | Projected Collateral Losses [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	13.07%
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			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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	80.00%
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%
Non-Agency Rmbs [Member] | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	0.00%
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%
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			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	66,693,243		71,344,784		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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	7.95%
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			5.39%
Abs [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	4.62%
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			3.78%
Abs [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	5.55%
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			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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	100.00%
Abs [Member] | Projected Collateral Prepayments [Member] | Minimum [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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	88.56%
Abs [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
Abs [Member] | Projected Collateral Losses [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	8.30%
Abs [Member] | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	0.00%
Abs [Member] | Projected Collateral Losses [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	5.13%
Abs [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
Abs [Member] | Projected Collateral Severities [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	50.00%
Abs [Member] | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	0.00%
Abs [Member] | Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	7.15%
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	5,082,731	[1]	14,723,169	[2]	6,425,683
Fair Value Measurements, Valuation Techniques	Discounted Cash Flow	[1]	Discounted Cash Flow	[2]
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	[2]
Linked Transactions [Member] | Yield [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	6.45%	[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			9.01%	[2]
Linked Transactions [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	4.49%	[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			3.85%	[2]
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			4.71%	[2]
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		Projected Collateral Prepayments
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%
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%
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			2.43%
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		Projected Collateral Losses
Linked Transactions [Member] | Projected Collateral Losses [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	14.00%
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%
Linked Transactions [Member] | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	4.00%
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			0.00%
Linked Transactions [Member] | Projected Collateral Losses [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	8.09%
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			12.83%
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		Projected Collateral Severities
Linked Transactions [Member] | Projected Collateral Severities [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	60.00%
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			80.00%
Linked Transactions [Member] | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	42.00%
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			0.00%
Linked Transactions [Member] | Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	52.87%
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			41.37%
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		0
Fair Value Measurements, Valuation Techniques	Discounted Cash Flow
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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	15.77%
Commercial Loans [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	6.15%
Commercial Loans [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	8.55%
Commercial Loans [Member] | Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Credit Spread
Commercial Loans [Member] | Credit Spread [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	13.25%
Commercial Loans [Member] | Credit Spread [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	4.75%
Commercial Loans [Member] | Credit Spread [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	6.54%
Commercial Loans [Member] | Recovery Percentage [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Recovery Percentage**
Commercial Loans [Member] | Recovery Percentage [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	100.00%	[3]
Commercial Loans [Member] | Recovery Percentage [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	100.00%	[3]
Commercial Loans [Member] | Recovery Percentage [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	100.00%	[3]
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	6,125,949		6,324,735		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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	5.78%
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			5.72%
Credit Investments Interest Only [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	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			5.70%
Credit Investments Interest Only [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	5.73%
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			5.71%
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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	100.00%
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%
Credit Investments Interest Only [Member] | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	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%
Credit Investments Interest Only [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	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%
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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	0.00%
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%
Credit Investments Interest Only [Member] | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	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%
Credit Investments Interest Only [Member] | Projected Collateral Losses [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	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%
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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	0.00%
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%
Credit Investments Interest Only [Member] | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	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%
Credit Investments Interest Only [Member] | Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	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%
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	39,343,274		23,972,043		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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	10.52%
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			5.75%
CMBS [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	4.80%
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			4.88%
CMBS [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	6.34%
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			5.51%
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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	0.00%
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%
CMBS [Member] | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	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%
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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	0.00%
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%
CMBS [Member] | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	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%
CMBS [Member] | Projected Collateral Losses [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 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%
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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	0.00%
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%
CMBS [Member] | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	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%
CMBS [Member] | Projected Collateral Severities [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 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%
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	85,089,859
Fair Value Measurements, Valuation Techniques	Discounted Cash Flow
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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	23.67%
Residential Mortgage Backed Securities [Member] | Yield [Member] | Minimum [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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	8.90%
Residential Mortgage Backed Securities [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
Residential Mortgage Backed Securities [Member] | Projected Collateral Prepayments [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	8.36%
Residential Mortgage Backed Securities [Member] | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	1.98%
Residential Mortgage Backed Securities [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	6.44%
Residential Mortgage Backed Securities [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
Residential Mortgage Backed Securities [Member] | Projected Collateral Losses [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	9.64%
Residential Mortgage Backed Securities [Member] | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	4.47%
Residential Mortgage Backed Securities [Member] | Projected Collateral Losses [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	6.20%
Residential Mortgage Backed Securities [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
Residential Mortgage Backed Securities [Member] | Projected Collateral Severities [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	41.94%
Residential Mortgage Backed Securities [Member] | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	20.93%
Residential Mortgage Backed Securities [Member] | Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	27.65%
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	$628,367		$0
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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	12.52%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	9.09%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	9.78%
Excess Mortgage Servicing Rights [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	6.94%
[1]	Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments.
[2]	Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS and CMBS investments.
[3]	Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2014.

Repurchase_Agreements_Details

Repurchase Agreements (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$2,571,882,230	$2,891,634,416
Weighted Average Rate	0.93%	0.81%
Weighted Average Haircut	11.50%	7.80%
Fair Value Pledged	2,936,033,791	3,244,144,955
Amortized Cost	2,891,085,873	3,266,958,036
Accrued Interest	8,996,530	11,202,907
Residential mortgage loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	50,573,718
Weighted Average Rate	2.93%
Weighted Average Funding Cost	3.08%
Weighted Average Haircut	31.10%
Fair Value Pledged	73,407,869
Amortized Cost	73,084,817
Accrued Interest	709,585
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	2.83%
Weighted Average Haircut	64.20%
Fair Value Pledged	62,800,000
Amortized Cost	62,370,168
Accrued Interest	533,832
30 days or less [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	1,969,873,000	1,357,768,314
Weighted Average Rate	0.75%	0.85%
Weighted Average Haircut	10.40%	8.00%
Fair Value Pledged	2,205,969,794	1,502,157,214
Amortized Cost	2,174,485,394	1,512,532,855
Accrued Interest	6,903,437	5,193,397
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%
Fair Value Pledged	0
Amortized Cost	0
Accrued Interest	0
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%
Fair Value Pledged	0
Amortized Cost	0
Accrued Interest	0
31-60 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	220,953,000	903,866,190
Weighted Average Rate	1.11%	0.54%
Weighted Average Haircut	12.20%	4.50%
Fair Value Pledged	253,788,749	950,898,508
Amortized Cost	249,993,183	959,743,513
Accrued Interest	816,574	3,197,252
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%
Fair Value Pledged	0
Amortized Cost	0
Accrued Interest	0
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%
Fair Value Pledged	0
Amortized Cost	0
Accrued Interest	0
61-90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	51,090,128	250,387,000
Weighted Average Rate	1.26%	0.49%
Weighted Average Haircut	13.10%	5.60%
Fair Value Pledged	60,149,910	265,986,674
Amortized Cost	58,111,076	270,255,461
Accrued Interest	171,277	736,754
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%
Fair Value Pledged	0
Amortized Cost	0
Accrued Interest	0
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%
Fair Value Pledged	0
Amortized Cost	0
Accrued Interest	0
Greater than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	329,966,102	379,612,912
Weighted Average Rate	1.84%	1.53%
Weighted Average Haircut	17.70%	16.40%
Fair Value Pledged	416,125,338	525,102,559
Amortized Cost	408,496,220	524,426,207
Accrued Interest	1,105,242	2,075,504
Greater than 90 days [Member] | Residential mortgage loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	50,573,718
Weighted Average Rate	2.93%
Weighted Average Funding Cost	3.08%
Weighted Average Haircut	31.10%
Fair Value Pledged	73,407,869
Amortized Cost	73,084,817
Accrued Interest	709,585
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	2.83%
Weighted Average Haircut	64.20%
Fair Value Pledged	62,800,000
Amortized Cost	62,370,168
Accrued Interest	$533,832

Repurchase_Agreements_Details_

Repurchase Agreements (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Securities Collateral Information Line Items [Line Items]
Repurchase agreements secured by Agency RMBS	$1,583,911,000	$2,104,691,819
Fair Value of Agency RMBS pledged as collateral under repurchase agreements	1,684,021,261	2,235,331,133
Repurchase agreements secured by Non-Agency RMBS, ABS and CMBS	987,971,230	786,942,597
Fair Value of Non-Agency RMBS, ABS and CMBS pledged as collateral under repurchase agreements	1,252,012,530	1,008,813,822
Repurchase agreements secured by Residential Mortgage Loans	50,573,718	0
Fair Value of Residential Mortgage Loans pledged as collateral under repurchase agreements	73,407,869	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	$13,374,600	$962,047

Repurchase_Agreements_Details_1

Repurchase Agreements (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	$2,644,955,948	$2,891,634,416
Gross Amounts of Recognized Liabilities [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	2,644,955,948
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	2,644,955,948	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	2,644,955,948	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 $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Credit Suisse Securities, LLC [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$85,479,003	$62,749,069
Weighted Average Maturity (days)	117 days	35 days
Percentage of Stockholders' Equity	12.00%	9.00%
Wells Fargo Bank, N.A [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	92,478,572	39,399,377
Weighted Average Maturity (days)	509 days	101 days
Percentage of Stockholders' Equity	13.00%	6.00%
Merrill Lynch, Pierce, Fenner & Smith Incorporated [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	42,082,013	51,047,394
Weighted Average Maturity (days)	13 days	34 days
Percentage of Stockholders' Equity	6.00%	7.00%
Goldman, Sachs & Co.:AG MIT, LLC
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	32,078,210
Weighted Average Maturity (days)	18 days
Percentage of Stockholders' Equity	4.00%
JP Morgan Securities, LLC [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$51,502,631
Weighted Average Maturity (days)	168 days
Percentage of Stockholders' Equity	7.00%

Repurchase_Agreements_Details_3

Repurchase Agreements (Details Textual) (USD $)	1 Months Ended	12 Months Ended
	Apr. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014
Repurchase Agreement Disclosure [Line Items]
Stock Holders Equity Percentage At Risk		5.00%	5.00%
Adjusted Tangible Net Worth		$0
Liquidity Available	30,000,000
Minimum Unrestricted Cash To Be Maintained	5,000,000
Maximum borrowing capacity on renewal of repurchase agreement	165,000,000			150,000,000
Debt Instrument, Maturity Date	13-Apr-15
Long-term Debt, Gross		22,500,000
Credit Suisse [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		85,479,003	62,749,069
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		117 days	35 days
Cost Method Investment Ownership Percentage		12.00%	9.00%
Merrill Lynch, Pierce, Fenner Smith [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		42,082,013	51,047,394
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		13 days	34 days
Cost Method Investment Ownership Percentage		6.00%	7.00%
Wells Fargo Bank, N.A [Member]
Repurchase Agreement Disclosure [Line Items]
Maximum borrowing capacity on renewal of repurchase agreement		100,000,000
Repurchase Agreement Counterparty, Amount at Risk		92,478,572	39,399,377
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		509 days	101 days
Cost Method Investment Ownership Percentage		13.00%	6.00%
Goldman, Sachs Co.AG MIT, LLC [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		32,078,210
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		18 days
Cost Method Investment Ownership Percentage		4.00%
JP Morgan [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		51,502,631
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		168 days
Cost Method Investment Ownership Percentage		7.00%
AG MIT LLC and AG MIT CMO, LLC [Member]
Repurchase Agreement Disclosure [Line Items]
Long-term Debt, Gross		99,900,000
AG MIT WFB1 [Member]
Repurchase Agreement Disclosure [Line Items]
Long-term Debt, Gross		50,600,000
Credit Suisse Securities LLC [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		88,300,000
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		114 days
Cost Method Investment Ownership Percentage		12.00%
JP Morgan Securities LLC [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		52,800,000
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		165 days
Cost Method Investment Ownership Percentage		7.00%
Goldman, Sachs Co [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		39,200,000
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		16 days
Cost Method Investment Ownership Percentage		5.00%
Linked Transactions [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		113,400,000	222,800,000
Linked Transactions [Member] | Credit Suisse [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk			$72,100,000
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements			30 days
Cost Method Investment Ownership Percentage			10.20%

Derivatives_Details

Derivatives (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value	($8,608,209)	($1,439,688)
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	9,902,151	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	0	641,960
TBAs [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value	1,480,471	0
MBS Options [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value	0	-206,743
Linked transactions [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	$26,695,091	$49,501,897

Derivatives_Details_1

Derivatives (Details 1) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Derivative [Line Items]
Derivative, Notional Amount	$1,446,000,000		$2,145,000,000
Notional amount of Interest Rate Swap Agreements [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,446,000,000	[1]	2,145,000,000	[1]
Net notional amount of Swaptions [Member]
Derivative [Line Items]
Derivative, Notional Amount	0		115,000,000
Net notional amount of TBAs [Member]
Derivative [Line Items]
Derivative, Notional Amount	225,000,000		0
Notional amount of Linked Transactions [Member]
Derivative [Line Items]
Derivative, Notional Amount	$150,836,900	[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 $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
MBS Options, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	$38,774		($38,774)		$0
Net realized gain/(loss)	19,531		0		0
Interest rate swaps, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	-52,615,387		88,918,362		-23,043,671
Net realized gain/(loss)	-3,458,409		-10,617,785		-332,127
Swaptions, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	-82,102		82,102		0
Net realized gain/(loss)	-546,750		0		0
TBAs [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	1,480,471	[1]	137,695	[1]	-1,042,855	[1]
Net realized gain/(loss)	5,500,859		-310,329		1,774,492
IO Index, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain/(loss)	-1,770,548		0		0
Linked Transactions [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Income (loss) from linked transactions, net	12,503,516		5,610,609		24,983,333
Short positions in U.S. Treasuries [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	-12,935		12,935		0
Net realized gain/(loss)	($1,407,255)		($24,359)		$0
[1]	For the year ended December 31, 2014, gains and losses from purchases and sales of TBAs consisted of $3.5 million, of net TBA dollar roll net interest income, and net gains of $3.5 million, due to price changes. The Company did not have any TBA dollar roll transactions for the year ended December 31, 2013, or December 31, 2012.

Derivatives_Details_3

Derivatives (Details 3) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)	$0	[1]	$60,230,127	[2]
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheet	0	[1]	0	[2]
Derivative Assets, Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet	0	[1]	60,230,127	[2]
Derivative Assets, Financial Instruments (Posted)/Received	0	[1]	0	[2]
Derivative Assets, Cash Collateral (Posted)/Received	0	[1]	30,567,000	[2]
Derivative Assets, Net Amount	0		29,663,127	[2]
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)			-1,876,666	[3]
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheet			0	[3]
Derivative Liabilities, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet			-1,876,666	[3]
Derivative Liabilities, Financial Instruments (Posted)/Received			0	[3]
Derivative Liabilities, Cash Collateral (Posted)/Received			-1,110,065	[3]
Derivative Liabilities, Net Amount			-766,601	[3]
Swaption [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)			641,960	[2]
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheet			0	[2]
Derivative Assets, Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet			641,960	[2]
Derivative Assets, Financial Instruments (Posted)/Received			0	[2]
Derivative Assets, Cash Collateral (Posted)/Received			0	[2]
Derivative Assets, Net Amount			641,960	[2]
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)			-559,858	[3]
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheet			0	[3]
Derivative Liabilities, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet			-559,858	[3]
Derivative Liabilities, Financial Instruments (Posted)/Received			0	[3]
Derivative Liabilities, Cash Collateral (Posted)/Received			0	[3]
Derivative Liabilities, Net Amount			-559,858	[3]
Interest Rate Swaps [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)	1,480,471	[1]	59,588,167	[2]
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheet	0	[1]	0	[2]
Derivative Assets, Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet	1,480,471	[1]	59,588,167	[2]
Derivative Assets, Financial Instruments (Posted)/Received	0	[1]	0	[2]
Derivative Assets, Cash Collateral (Posted)/Received	1,480,471	[1]	30,567,000	[2]
Derivative Assets, Net Amount	0	[1]	29,021,167	[2]
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)	-7,506,798	[4]	-1,110,065	[3]
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheet	0	[4]	0	[3]
Derivative Liabilities, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet	-7,506,798	[4]	-1,110,065	[3]
Derivative Liabilities, Financial Instruments (Posted)/Received	0	[4]	0	[3]
Derivative Liabilities, Cash Collateral (Posted)/Received	-7,506,798	[4]	-1,110,065	[3]
Derivative Liabilities, Net Amount	0	[4]	0	[3]
Receivable Under Reverse Repurchase Agreements [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)			27,475,000
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheet			0
Derivative Assets, Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet			27,475,000
Derivative Assets, Financial Instruments (Posted)/Received			27,475,000
Derivative Assets, Cash Collateral (Posted)/Received			0
Derivative Assets, Net Amount			0
TBAs [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)	14,849,982	[1]
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheet	0	[1]
Derivative Assets, Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet	14,849,982	[1]
Derivative Assets, Financial Instruments (Posted)/Received	0	[1]
Derivative Assets, Cash Collateral (Posted)/Received	5,387,471	[1]
Derivative Assets, Net Amount	9,462,511	[1]
Linked Transactions [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)	139,778,263	[5]	272,261,350	[6]
Derivative Assets, Net Amounts of Assets (Liabilities Presented in the Consolidated Balance Sheet	26,414,390	[5]	49,415,035	[6]
Derivative Assets, Financial Instruments (Posted)/Received	-26,414,390	[5]	-49,415,035	[6]
Derivative Assets, Cash Collateral (Posted)/Received	0	[5]	0	[6]
Derivative Assets, Net Amount	0	[5]	0	[6]
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheet	-113,363,873		-222,846,315
MBS Options [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)			-206,743	[3]
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheet			0	[3]
Derivative Liabilities, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet			-206,743	[3]
Derivative Liabilities, Financial Instruments (Posted)/Received			0	[3]
Derivative Liabilities, Cash Collateral (Posted)/Received			0	[3]
Derivative Liabilities, Net Amount			($206,743)	[3]
[1]	Included in Derivative Assets on the consolidated balance sheet is $14,849,982 less accrued interest of $(3,467,360) for a total of $11,382,622.
[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).
[4]	Included in Derivative Liabilities on the consolidated balance sheet is $(7,506,798) plus accrued interest of $(1,101,411) for a total of $(8,608,209).
[5]	Included in Linked Transactions on the consolidated balance sheet is security fair market value of $139,778,263, less repurchase agreements of $(113,363,873), plus net accrued interest of $280,701 for a total of $26,695,091.
[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 $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$1,446,000,000	$2,145,000,000
Weighted Average Pay Rate	1.62%	1.43%
Weighted Average Receive Rate	0.24%	0.30%
Weighted Average Years to Maturity	5 years 5 months 19 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	0.27%	0.24%
Weighted Average Years to Maturity	2 years 8 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 3 months 4 days	4 years 5 months 5 days
2019 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	350,000,000	260,000,000
Weighted Average Pay Rate	1.39%	1.27%
Weighted Average Receive Rate	0.23%	0.25%
Weighted Average Years to Maturity	4 years 7 months 2 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 2 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 8 months 5 days	8 years 8 months 5 days
2023 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	278,000,000	340,000,000
Weighted Average Pay Rate	2.43%	2.49%
Weighted Average Receive Rate	0.23%	0.24%
Weighted Average Years to Maturity	8 years 6 months 7 days	9 years 6 months 22 days
2024 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	38,000,000
Weighted Average Pay Rate	2.75%
Weighted Average Receive Rate	0.23%
Weighted Average Years to Maturity	9 years 2 months 5 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 $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Schedule Of To Be Announced Securities Activity [Line Items]
Ending Net Notional Amount	$1,446,000,000	$2,145,000,000
Net Receivable/(Payable) to/from Broker	4,015,152	30,567,000
Derivative Asset	11,382,622	55,060,075
Derivative Liability	8,608,209	2,206,289
TBAs - Long [Member]
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount	0	40,000,000
Buys or Covers	1,081,000,000	715,000,000
Sales or Shorts	-856,000,000	-755,000,000
Ending Net Notional Amount	225,000,000	0
Net Fair Value as of Period End	236,720,705	0
Net Receivable/(Payable) to/from Broker	-235,240,234	0
Derivative Asset	1,480,471	0
Derivative Liability	0	0
TBAs - Short [Member]
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount	0	0
Buys or Covers	751,000,000	1,402,000,000
Sales or Shorts	-751,000,000	-1,402,000,000
Ending Net Notional Amount	0	0
Net Fair Value as of Period End	0	0
Net Receivable/(Payable) to/from Broker	0	0
Derivative Asset	0	0
Derivative Liability	$0	$0

Derivatives_Details_6

Derivatives (Details 6) (USD $)	3 Months Ended										12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013		Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Linked Transaction Disclosure [Line Items]
Current Face	$1,446,000,000					$2,145,000,000					$1,446,000,000		$2,145,000,000
Net Accrued Interest	2,461,494					3,839,045					2,461,494		3,839,045
Net Interest Income	28,406,068		29,377,902	29,295,667	27,996,153	31,033,245		27,693,865	34,978,536	31,741,754	115,075,790		125,447,400		81,366,248
Unrealized Loss											2,952,810		-8,222,438		14,818,484
Repurchase Agreement	2,571,882,230					2,891,634,416					2,571,882,230		2,891,634,416
Weighted Average Interest Rate	0.93%					0.81%					0.93%		0.81%
Linked Transaction Securities [Member]
Linked Transaction Disclosure [Line Items]
Current Face	150,836,900					291,734,071					150,836,900		291,734,071		349,775,342
Amortized Cost	137,561,793					264,235,067					137,561,793		264,235,067		318,449,020
Fair Value	139,778,263					272,261,350					139,778,263		272,261,350		326,589,623
Net Accrued Interest	280,701					86,862					280,701		86,862		876,655
Net Interest Income											9,550,706		13,833,047		10,164,849
Unrealized Loss											-5,584,679		44,573		9,849,805
Net Realized Gain											8,537,489		-8,267,012		4,968,679
Income (loss) from linked transactions, net											12,503,516		5,610,608		24,983,333
Weighted Average Coupon	3.69%					3.20%					3.69%		3.20%		4.79%
Weighted Average Life											5 years 1 month 13 days		5 years 1 month 20 days		6 years 6 months 14 days
Repurchase Agreement	113,363,873					222,846,315					113,363,873		222,846,315		282,343,454
Weighted Average Interest Rate	1.74%					1.85%					1.74%		1.85%		1.85%
Weighted Average Years to Maturity											22 days		1 month 20 days		14 days
Non-Agency Rmbs [Member] | Linked Transaction Securities [Member]
Linked Transaction Disclosure [Line Items]
Current Face	135,836,900					257,864,071					135,836,900		257,864,071		335,905,342
Amortized Cost	122,943,942					232,618,716					122,943,942		232,618,716		305,634,794
Fair Value	124,873,523					240,529,122					124,873,523		240,529,122		313,846,243
Net Accrued Interest	265,216					63,371					265,216		63,371		839,347
Net Interest Income											8,689,418		13,035,620		9,238,720
Unrealized Loss											-5,819,864		-108,905		9,786,473
Net Realized Gain											7,717,452		-8,065,222		2,266,068
Income (loss) from linked transactions, net											10,587,006		4,861,493		21,291,261
Weighted Average Coupon	3.87%					3.40%					3.87%		3.40%		4.84%
Weighted Average Life											5 years 7 months 6 days		5 years 5 months 1 day		6 years 6 months 11 days
Repurchase Agreement	102,713,873					199,694,315					102,713,873		199,694,315		272,755,454
Weighted Average Interest Rate	1.74%					1.89%					1.74%		1.89%		1.87%
Weighted Average Years to Maturity											18 days		1 month 24 days		14 days
Credit Investments Abs [Member] | Linked Transaction Securities [Member]
Linked Transaction Disclosure [Line Items]
Current Face															0
Amortized Cost															0
Fair Value															0
Net Interest Income															230,160
Unrealized Loss															134,178
Net Realized Gain															1,041,444
Income (loss) from linked transactions, net															1,405,782
Weighted Average Coupon															0.00%
Weighted Average Life															0 years
CMBS [Member] | Linked Transaction Securities [Member]
Linked Transaction Disclosure [Line Items]
Current Face	15,000,000					33,870,000					15,000,000		33,870,000		13,870,000
Amortized Cost	14,617,851					31,616,351					14,617,851		31,616,351		12,814,226
Fair Value	14,904,740					31,732,228					14,904,740		31,732,228		12,743,380
Net Accrued Interest	15,485					23,491					15,485		23,491		37,308
Net Interest Income											861,288		797,427		695,969
Unrealized Loss											235,185		153,478		-70,846
Net Realized Gain											820,037		-201,790		1,661,167
Income (loss) from linked transactions, net											1,916,510		749,115		2,286,290
Weighted Average Coupon	2.12%					1.71%					2.12%		1.71%		3.56%
Weighted Average Life											9 months 4 days		3 years 11 days		6 years 8 months 23 days
Repurchase Agreement	10,650,000					23,152,000					10,650,000		23,152,000		9,588,000
Weighted Average Interest Rate	1.68%					1.47%					1.68%		1.47%		1.21%
Weighted Average Years to Maturity											29 days		11 days		22 days
Linked Transactions [Member]
Linked Transaction Disclosure [Line Items]
Current Face	150,836,900	[1]				291,734,071	[1]				150,836,900	[1]	291,734,071	[1]
Fair Value	139,778,263					272,261,350					139,778,263		272,261,350
Net Accrued Interest	280,701					86,862					280,701		86,862
Income (loss) from linked transactions, net											$12,503,516		$5,610,609		$24,983,333
[1]	Represents the current face of the securities comprising linked transactions.

Derivatives_Details_Textual

Derivatives (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Derivative [Line Items]
Derivative, Notional Amount	$1,446,000,000		$2,145,000,000
Linked transactions, net, at fair value	26,695,091		49,501,897
Interest payable	2,461,494		3,839,045
Derivative Assets Before Accrued Interest	14,849,982		60,230,127
Derivative Assets Accrued Interest	-3,467,360		-5,170,052
Derivative Assets, At Fair Value	11,382,622		55,060,075
Derivative Liabilities Before Accrued Interest	-7,506,798		-1,876,666
Derivative Liabilities Accrued Interest	-1,101,411		-329,623
Derivative Liabilities, At Fair Value	-8,608,209		-2,206,289
Unrealized Gain (Loss) on Securities	72,480,056		-84,195,306		52,071,455
Due to Correspondent Brokers	4,015,152		30,567,000
Linked Transactions [Member]
Derivative [Line Items]
Derivative, Notional Amount	150,836,900	[1]	291,734,071	[1]
Repurchase Agreement Borrowing Security	-113,363,873		-222,846,315
Linked transactions, net, at fair value	26,695,091		49,501,897
Linked Securities Fair Value	139,778,263		272,261,350
Interest payable	280,701		86,862
Linked Transactions [Member] | Repurchase Agreements [Member]
Derivative [Line Items]
Pledged Assets Separately Reported, Other Assets Pledged as Collateral, at Fair Value	139,600,000		272,300,000
Derivative [Member]
Derivative [Line Items]
Proceeds From Collateral Transactions Against Pledged Assets	3,900,000		30,600,000
Derivative [Member] | Real Estate [Member]
Derivative [Line Items]
Pledged Assets Separately Reported, Real Estate Pledged as Collateral, at Fair Value	7,200,000		7,000,000
Interest Rate Swaps, At Fair Value [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,446,000,000	[2]	2,145,000,000	[2]
Non-Agency Rmbs [Member]
Derivative [Line Items]
Securities Held as Collateral, at Fair Value	119,300,000		141,600,000		161,700,000
Repurchase Agreement Borrowing Security	100,700,000		118,800,000		131,700,000
Net Realized Losses From Unlinking Of Linked Transactions	1,900,000		4,000,000		3,400,000
Forward Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount			100,000,000	[3]
Derivative Asset, Notional Amount			100,000,000
CMBS [Member]
Derivative [Line Items]
Securities Held as Collateral, at Fair Value					45,300,000
Repurchase Agreement Borrowing Security					37,200,000
TBA [Member]
Derivative [Line Items]
Unrealized Gain (Loss) on Securities	3,500,000		3,500,000
Realized Investment Gains (Losses)	5,500,859		-310,329		1,774,492
Due to Correspondent Brokers			235,200,000
US Treasury Securities [Member]
Derivative [Line Items]
Fair Value Of Borrowed Securities Under Reverse Repurchase agreement			27,500,000		28,000,000
Repurchase agreement Securities Maturity Period			6 years 7 months 6 days
Collateralized Securities Under Reverse repurchase Agreement			27,500,000
Realized Investment Gains (Losses)			0
Unrealized Gain on Securities			0
Cash [Member] | Derivative [Member]
Derivative [Line Items]
Pledged Assets Separately Reported, Real Estate Pledged as Collateral, at Fair Value	$21,100,000		$2,600,000
[1]	Represents the current face of the securities comprising linked transactions.
[2]	Includes forward starting swaps with a notional of $100.0 million as of December 31, 2013.
[3]	For the year ended December 31, 2014, gains and losses from purchases and sales of TBAs consisted of $[3.5] million, of net TBA dollar roll net interest income, and net losses of $[2.0] million, due to price changes. The Company did not have any TBA dollar roll transactions for the year ended December 31, 2013.

Earnings_per_Share_Details

Earnings per Share (Details)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Class of Warrant or Right [Line Items]
Warrants	1,007,500	1,007,500	1,642,000
Common stock, shares outstanding	28,386,015	28,365,655
Restricted Stock [Member] | Manager [Member]
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	0	10,064	23,480
Restricted Stock [Member] | Directors [Member]
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	0	2,500	4,000
Restricted Stock Units (RSUs) [Member] | Manager [Member]
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	60,000	0	0

Earnings_per_Share_Details_1

Earnings per Share (Details 1) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Numerator:
Net income/(loss) available to common stockholders for basic and diluted earnings per share	$11,287,077	$19,022,258	$37,797,929	$27,818,888	$13,517,971	$2,633,165	($74,602,643)	$13,403,455	$95,926,152	($45,048,052)	$130,798,907
Denominator:
Basic weighted average common shares outstanding (in shares)									28,379,782	28,022,565	18,167,227
Dilutive effect of manager and director restricted stock, restricted stock units and warrants (in shares)									44,386	0	59,833
Dilutive weighted average common shares outstanding (in shares)									28,424,168	28,022,565	18,227,060
Basic Earnings/(Loss) Per Share of Common Stock: (in dollars per share)	$0.40	$0.67	$1.33	$0.98	$0.48	$0.09	($2.66)	$0.49	$3.38	($1.61)	$7.20
Diluted Earnings/(Loss) Per Share of Common Stock: (in dollars per share)	$0.40	$0.67	$1.33	$0.98	$0.48	$0.09	($2.66)	$0.49	$3.37	($1.61)	$7.18

Earnings_per_Share_Details_2

Earnings per Share (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Common Stock One [Member]
Declaration Date	5-Mar-14	5-Mar-13	14-Mar-12
Record Date	18-Mar-14	18-Mar-13	30-Mar-12
Payment Date	28-Apr-14	26-Apr-13	27-Apr-12
Dividend Per Share	$0.60	$0.80	$0.70
Common Stock Two [Member]
Declaration Date	9-Jun-14	6-Jun-13	7-Jun-12
Record Date	19-Jun-14	18-Jun-13	29-Jun-12
Payment Date	28-Jul-14	26-Jul-13	27-Jul-12
Dividend Per Share	$0.60	$0.80	$0.70
Common Stock Three [Member]
Declaration Date	11-Sep-14	9-Sep-13	6-Sep-12
Record Date	22-Sep-14	19-Sep-13	18-Sep-12
Payment Date	27-Oct-14	28-Oct-13	26-Oct-12
Dividend Per Share	$0.60	$0.60	$0.77
Common Stock Four [Member]
Declaration Date	4-Dec-14	5-Dec-13	6-Dec-12
Record Date	18-Dec-14	18-Dec-13	18-Dec-12
Payment Date	27-Jan-15	27-Jan-14	28-Jan-13
Dividend Per Share	$0.60	$0.60	$0.80

Earnings_per_Share_Details_3

Earnings per Share (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Series A Preferred Stock One [Member]
Dividend	8.25%	8.25%	8.25%
Declaration Date	14-Feb-14	14-Feb-13	16-Aug-12
Record Date	28-Feb-14	28-Feb-13	31-Aug-12
Payment Date	17-Mar-14	18-Mar-13	17-Sep-12
Dividend Per Share	$0.52	$0.52	$0.25
Series A Preferred Stock Two [Member]
Dividend	8.25%	8.25%	8.25%
Declaration Date	15-May-14	14-May-13	16-Nov-12
Record Date	30-May-14	31-May-13	30-Nov-12
Payment Date	17-Jun-14	17-Jun-13	17-Dec-12
Dividend Per Share	$0.52	$0.52	$0.52
Series A Preferred Stock Three [Member]
Dividend	8.25%	8.25%
Declaration Date	14-Aug-14	15-Aug-13
Record Date	29-Aug-14	30-Aug-13
Payment Date	17-Sep-14	17-Sep-13
Dividend Per Share	$0.52	$0.52
Series A Preferred Stock Four [Member]
Dividend	8.25%	8.25%
Declaration Date	12-Nov-14	14-Nov-13
Record Date	28-Nov-14	29-Nov-13
Payment Date	17-Dec-14	17-Dec-13
Dividend Per Share	$0.52	$0.52
Series B Preferred Stock one [Member]
Dividend	8.00%	8.00%	8.00%
Declaration Date	14-Feb-14	14-Feb-13	16-Nov-12
Record Date	28-Feb-14	28-Feb-13	30-Nov-12
Payment Date	17-Mar-14	18-Mar-13	17-Dec-12
Dividend Per Share	$0.50	$0.50	$0.44
Series B Preferred Stock Two [Member]
Dividend	8.00%	8.00%
Declaration Date	15-May-14	14-May-13
Record Date	30-May-14	31-May-13
Payment Date	17-Jun-14	17-Jun-13
Dividend Per Share	$0.50	$0.50
Series B Preferred Stock Three [Member]
Dividend	8.00%	8.00%
Declaration Date	14-Aug-14	15-Aug-13
Record Date	29-Aug-14	30-Aug-13
Payment Date	17-Sep-14	17-Sep-13
Dividend Per Share	$0.50	$0.50
Series B Preferred Stock Four [Member]
Dividend	8.00%	8.00%
Declaration Date	12-Nov-14	14-Nov-13
Record Date	28-Nov-14	29-Nov-13
Payment Date	17-Dec-14	17-Dec-13
Dividend Per Share	$0.50	$0.50

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Expense (Benefit)	$0	($172,709)	$92,795	$0	$262,858	$122,979	$23,510	$2,632,269	($79,914)	$3,041,616	$0
Dividend percentage distributed											13.51%
Percentage Of Retained Earnings											86.49%
Sales and Excise Tax Payable	1,700,000				1,500,000				1,700,000	1,500,000
Sale Of Investment [Member]
Income Tax Expense (Benefit)										$3,000,000

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Related Party Transaction [Line Items]
Outstanding at beginning of year Shares of Restricted Stock	30,376		36,728		44,500
Granted Shares of Restricted Stock	67,796		7,064		5,644
Cancelled/forfeited Shares of Restricted Stock	0		0		0
Unrestricted at end of year Shares of Restricted Stock	-15,746		-13,416		-13,416
Outstanding at end of year Shares of Restricted Stock	82,426		30,376		36,728
Unvested at end of year Shares of Restricted Stock	60,000		12,564		27,480
Outstanding at beginning of year Weighted Average Grant Date Fair Value	$20.25	[1],[2]	$20.14	[1]	$19.96	[1]
Granted Weighted Average Grant Date Fair Value	$18.68	[2]	$20.35	[1]	$21.24	[1]
Cancelled/forfeited Weighted Average Grant Date Fair Value	$0	[2]	$0	[1]	$0	[1]
Unrestricted Weighted Average Grant Date Fair Value	$18.10	[2]	$20	[1]	$20	[1]
Outstanding at end of year Weighted Average Grant Date Fair Value	$19.37	[2]	$20.25	[1],[2]	$20.14	[1]
Unvested at end of year Weighted Average Grant Date Fair Value	$18.86	[2]	$20.12	[1]	$20	[1]
[1]	The grant date fair value of restricted stock awards is based on the closing market price of the Company's common stock at the grant date.
[2]	The grant date fair value of restricted stock awards was established as the average of the high and low prices of the Company's common stock at the grant date.

Related_Party_Transactions_Det1

Related Party Transactions (Details Textual) (USD $)

3 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Jul. 06, 2011

Jul. 31, 2014

Jul. 06, 2014

Related Party Transaction [Line Items]

Management fee to affiliate

$2,532,626

$2,548,601

$2,507,487

$2,500,525

$2,492,835

$2,523,547

$2,813,003

$2,859,340

$10,089,239

$10,688,725

$6,413,443

Noninterest Expense Directors Fees

90,000

Non Reimbursable expenses Incurred By Manager

6,900,000

6,500,000

2,200,000

Management Fee Percentage

1.50%

1.50%

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized

700,000

700,000

Ainsberg [Member]

Related Party Transaction [Line Items]

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

500

Common Stock [Member]

Related Party Transaction [Line Items]

Stock Issued During Period Shares Restricted Stock Award And Amortization Of Equity Based Compensation Gross

20,360

21,980

21,060

Restricted Stock [Member]

Related Party Transaction [Line Items]

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

400,000

400,000

400,000

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition

18 months

Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount

400,000

400,000

500,000

Manager Equity Incentive Plan [Member]

Related Party Transaction [Line Items]

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

40,250

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

277,500

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

149,142

149,142

Equity Incentive Plan [Member]

Related Party Transaction [Line Items]

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

1,500

Manager [Member]

Related Party Transaction [Line Items]

Expense Reimbursement Received For Rights Waived

$2,200,000

Manager [Member] | July 1, 2015 [Member]

Related Party Transaction [Line Items]

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

20,000

Manager [Member] | July 1, 2016 [Member]

Related Party Transaction [Line Items]

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

20,000

20,000

Manager [Member] | July 1, 2017 [Member]

Related Party Transaction [Line Items]

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

20,000

20,000

Manager [Member] | Restricted Stock [Member]

Related Party Transaction [Line Items]

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

60,000

Manager and Director [Member]

Related Party Transaction [Line Items]

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

46,750

Equity_Details_Textual

Equity (Details Textual) (USD $)	1 Months Ended	12 Months Ended			1 Months Ended	0 Months Ended			1 Months Ended
	Jan. 24, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 26, 2012	Aug. 15, 2012	Sep. 06, 2012	Aug. 03, 2012	Sep. 27, 2012	Jul. 13, 2012
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues	5,000,000
Proceeds from issuance of common stock	$109,300,000	$0	$33,176,288	$353,673,174
Offering costs paid	5,300,000
Proceeds From Issuance Of Common Stock Net	104,000,000
Capital Available For Issuance		549,500,000								1,000,000,000
Public Offering [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues					3,750,000	6,000,000
Sale of Stock, Price Per Share					$24.33
Proceeds from issuance of common stock					91,200,000	160,700,000
Proceeds From Issuance Of Common Stock Net					87,500,000	152,700,000
Sale Agents [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues		1,254,854					3,000,000
Proceeds From Issuance Of Common Stock Net		31,300,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value (in dollars per share)								$25
Dividend								8.25%
Series A Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock								51,800,000
Proceeds From Issuance Of Common Stock Net								49,900,000
Series A Cumulative Redeemable Preferred Stock [Member] | Public Offering [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues								1,800,000
Dividend								8.25%
Series B Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues									4,000,000
Proceeds from issuance of common stock									115,000,000
Proceeds From Issuance Of Common Stock Net									111,300,000
Dividend									8.00%
Series B Preferred Stocks [Member]
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value (in dollars per share)									$25
Dividend									8.00%
Private Placement [Member]
Class of Stock [Line Items]
Sale of Stock, Price Per Share		$20
Sale of Stock, Number of Shares Issued in Transaction		3,205,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		0.5
Class of Warrant or Right, Exercise Price of Warrants or Rights		$20.50
Private Placement [Member] | Cash Less Warrants [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross			20,101	60,453
Proceeds from Warrant Exercises			$4,000,000	$7,800,000
Private Placement [Member] | Cash Excercise Warrants [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross			196,250	380,999
Underwriters Over-Allotment Option [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues	750,000					900,000
Sale of Stock, Price Per Share	$19					$23.29
Underwriters Over-Allotment Option [Member] | Series A Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues								270,000
Preferred Stock, Liquidation Preference, Value (in dollars per share)								$25
Underwriters Over-Allotment Option [Member] | Series B Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues									600,000
Preferred Stock, Liquidation Preference, Value (in dollars per share)									$25

Quarterly_Results_Unaudited_De

Quarterly Results (Unaudited) (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest Income (Expense), Net
Interest income	$35,153,380	$36,197,633	$36,079,435	$34,142,740	$36,836,926	$33,278,284	$42,267,747	$38,617,716	$141,573,188	$151,000,673	$96,376,692
Interest expense	6,747,312	6,819,731	6,783,768	6,146,587	5,803,681	5,584,419	7,289,211	6,875,962	26,497,398	25,553,273	15,010,444
Interest Income (Expense), Net	28,406,068	29,377,902	29,295,667	27,996,153	31,033,245	27,693,865	34,978,536	31,741,754	115,075,790	125,447,400	81,366,248
Other Income
Net realized gain/(loss)	-5,623,767	10,539,221	-1,826,360	548,860	-3,367,951	-42,667,835	-74,554,810	4,995,748	3,637,954	-115,594,848	24,568,561
Income/(loss) from linked transactions, net	1,485,473	3,481,936	3,409,366	4,126,741	3,314,068	-519,785	-3,361,562	6,177,888
Realized loss on periodic interest settlements of derivative instruments, net	-4,919,237	-5,260,449	-5,773,644	-6,307,857	-6,706,874	-9,123,233	-6,809,777	-5,272,343	-22,261,187	-27,912,227	-9,962,125
Unrealized gain/(loss) on real estate securities and loans, net	19,916,461	-19,457,277	42,653,828	29,367,044	-23,526,713	40,136,126	-83,093,338	-17,711,381	-51,255,430	89,112,320	-24,086,526
Unrealized gain/(loss) on derivative and other instruments, net	-17,616,139	9,459,244	-23,917,820	-19,180,715	21,764,006	-5,779,945	67,905,018	5,223,241	72,480,056	-84,195,306	52,071,455
Total other income (loss)	-6,757,209	-1,237,325	14,545,370	8,554,073	-8,523,464	-17,954,672	-99,914,469	-6,586,847	15,104,909	-132,979,452	67,574,698
Expenses
Management fee to affiliate	2,532,626	2,548,601	2,507,487	2,500,525	2,492,835	2,523,547	2,813,003	2,859,340	10,089,239	10,688,725	6,413,443
Other operating expenses	3,351,249	3,140,272	2,739,225	2,643,681	3,064,603	2,819,431	2,686,584	2,274,370	11,874,427	10,844,988	5,443,059
Servicing fees	191,786	157,016	162,717	0					511,519	0	0
Equity based compensation to affiliate	68,910	67,562	73,586	81,073	64,464	55,105	17,350	114,528	291,131	251,447	400,200
Excise tax	375,000	533,539	375,000	500,000	91,688	373,083	518,859	500,000	1,783,539	1,483,630	1,748,327
Total expenses	6,519,571	6,446,990	5,858,015	5,725,279	5,713,590	5,771,166	6,035,796	5,748,238	24,549,855	23,268,790	14,005,029
Income/(loss) before income tax benefit/(expense) and equity in earnings/(loss) from affiliates	15,129,288	21,693,587	37,983,022	30,824,947	16,796,191	3,968,027	-70,971,729	19,406,669	105,630,844	-30,800,842	134,935,917
Income tax benefit/(expense)	0	172,709	-92,795	0	-262,858	-122,979	-23,510	-2,632,269	79,914	-3,041,616	0
Equity in earnings/(loss) from affiliates	-474,857	523,316	3,275,056	361,295	351,992	2,155,471	-240,050	-3,591
Net Income/(Loss)	14,654,431	22,389,612	41,165,283	31,186,242	16,885,325	6,000,519	-71,235,289	16,770,809	109,395,568	-31,578,636	134,935,917
Dividends on preferred stock	3,367,354	3,367,354	3,367,354	3,367,354	3,367,354	3,367,354	3,367,354	3,367,354	13,469,416	13,469,416	4,137,010
Net Income/(Loss) Available to Common Stockholders	$11,287,077	$19,022,258	$37,797,929	$27,818,888	$13,517,971	$2,633,165	($74,602,643)	$13,403,455	$95,926,152	($45,048,052)	$130,798,907
Earnings/(Loss) Per Share of Common Stock
Basic (in dollars per share)	$0.40	$0.67	$1.33	$0.98	$0.48	$0.09	($2.66)	$0.49	$3.38	($1.61)	$7.20
Diluted (in dollars per share)	$0.40	$0.67	$1.33	$0.98	$0.48	$0.09	($2.66)	$0.49	$3.37	($1.61)	$7.18