AG Mortgage Investment Trust, I (MITT) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	MITT
Entity Common Stock, Shares Outstanding		28,389,211
Entity Registrant Name	AG Mortgage Investment Trust, Inc.
Entity Central Index Key	1514281
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Assets
Residential mortgage loans, at fair value -$72,247,373 and $73,407,869 pledged as collateral, respectively	$82,392,720	$85,089,859
Commercial loans, at fair value - $62,800,000 pledged as collateral	72,800,000	72,800,000
Investments in affiliates	33,125,334	20,345,131
Excess mortgage servicing rights, at fair value	579,734	628,367
Linked transactions, net, at fair value	0	26,695,091
Cash and cash equivalents	42,107,692	64,363,514
Restricted cash	30,655,747	34,477,975
Interest receivable	11,789,233	11,886,019
Receivable under reverse repurchase agreements	25,125,000	0
Derivative assets, at fair value	4,031,370	11,382,622
Other assets	10,142,710	10,543,072
Due from broker	4,826,056	4,586,912
Total Assets	3,559,704,682	3,458,405,131
Liabilities
Repurchase agreements	2,670,615,233	2,644,955,948
Securitized debt	38,405,163	39,777,914
Obligation to return securities borrowed under reverse repurchase agreements, at fair value	25,009,766	0
Payable on unsettled trades	63,437,176	0
Interest payable	2,598,608	2,461,494
Derivative liabilities, at fair value	8,812,676	8,608,209
Dividend payable	17,032,569	17,031,609
Due to affiliates	4,416,366	4,850,807
Accrued expenses	2,376,904	2,285,339
Taxes payable	596,191	1,743,516
Due to broker	1,258,715	4,015,152
Total Liabilities	2,834,559,367	2,725,729,988
Stockholders' Equity
Common stock, par value $0.01 per share; 450,000,000 shares of common stock authorized and 28,387,615 and 28,386,015 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	283,877	283,861
Additional paid-in capital	586,158,388	586,051,751
Retained earnings/(deficit)	-22,510,955	-14,874,474
Total Stockholders' Equity	725,145,315	732,675,143
Total Liabilities & Stockholders' Equity	3,559,704,682	3,458,405,131
US Treasury Securities [Member]
Assets
U.S. Treasury securities, at fair value - $75,509,766 and $0 pledged as collateral, respectively	100,679,688
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:	1,717,271,435	1,808,314,746
Non-Agency [Member]
Assets
Real estate securities, at fair value:	1,249,988,396	1,140,077,928
ABS [Member]
Assets
Real estate securities, at fair value:	69,067,254	66,693,243
CMBS [Member]
Assets
Real estate securities, at fair value:	$105,122,313	$100,520,652

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets [Parenthetical] (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	28,387,615	28,386,015
Common stock, shares outstanding	28,387,615	28,386,015
US Treasury Securities [Member]
Loans Pledged as Collateral (in dollars)	$75,509,766	$0
Residential mortgage loans [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	72,247,373	73,407,869
Commercial Loan [Member]
Loans Pledged as Collateral (in dollars)	62,800,000
Agency [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	1,567,961,574	1,691,194,581
Non-Agency [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	1,169,149,256	1,088,398,641
ABS [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	69,067,254	66,693,243
CMBS [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	101,522,360	96,920,646
8.25% Series A Cumulative Redeemable Preferred Stock [Member]
Preferred Stock, Shares Issued	2,070,000	2,070,000
Preferred Stock, Shares Outstanding	2,070,000	2,070,000
Preferred Stock, Liquidation Preference, Value (in dollars)	51,750,000	51,750,000
8.00% Series B Cumulative Redeemable Preferred Stock [Member]
Preferred Stock, Shares Issued	4,600,000	4,600,000
Preferred Stock, Shares Outstanding	4,600,000	4,600,000
Preferred Stock, Liquidation Preference, Value (in dollars)	$115,000,000	$115,000,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net Interest Income
Interest income	$36,380,265	$34,142,740
Interest expense	7,514,178	6,146,587
Interest Income (Expense), Net	28,866,087	27,996,153
Other Income
Net realized gain/(loss)	-9,649,926	548,860
Income/(loss) from linked transactions, net	0	4,126,741
Realized loss on periodic interest settlements of derivative instruments, net	-3,461,227	-6,307,857
Unrealized gain/(loss) on real estate securities and loans, net	11,259,718	29,367,044
Unrealized gain/(loss) on derivative and other instruments, net	-8,920,798	-19,180,715
Total other income (loss)	-10,772,233	8,554,073
Expenses
Management fee to affiliate	2,507,090	2,500,525
Other operating expenses	3,077,998	2,643,681
Servicing fees	174,999	0
Equity based compensation to affiliate	76,680	81,073
Excise tax	375,000	500,000
Total expenses	6,211,767	5,725,279
Income/(loss) before equity in earnings/(loss) from affiliates	11,882,087	30,824,947
Equity in earnings/(loss) from affiliates	881,355	361,295
Net Income/(Loss)	12,763,442	31,186,242
Dividends on preferred stock	3,367,354	3,367,354
Net Income/(Loss) Available to Common Stockholders	$9,396,088	$27,818,888
Earnings/(Loss) Per Share of Common Stock
Basic (in dollars per share)	$0.33	$0.98
Diluted (in dollars per share)	$0.33	$0.98
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	28,387,615	28,371,419
Diluted (in shares)	28,412,205	28,373,794

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, 2013	$704,430,734	$283,657	$49,920,772	$111,293,233	$585,619,488	($42,686,416)
Balance (in shares) at Dec. 31, 2013		28,365,655
Grant of restricted stock and amortization of equity based compensation	127,150	58	0	0	127,092	0
Grant of restricted stock and amortization of equity based compensation (in shares)		5,764
Common dividends declared	-17,024,351	0	0	0	0	-17,024,351
Preferred Series A dividends declared	-1,067,354	0	0	0	0	-1,067,354
Preferred Series B dividends declared	-2,300,000	0	0	0	0	-2,300,000
Net Income/(Loss)	31,186,242	0	0	0	0	31,186,242
Balance at Mar. 31, 2014	715,352,421	283,715	49,920,772	111,293,233	585,746,580	-31,891,879
Balance (in shares) at Mar. 31, 2014		28,371,419
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
Grant of restricted stock and amortization of equity based compensation	106,653	16	0	0	106,637	0
Grant of restricted stock and amortization of equity based compensation (in shares)		1,600
Common dividends declared	-17,032,569	0	0	0	0	-17,032,569
Preferred Series A dividends declared	-1,067,354	0	0	0	0	-1,067,354
Preferred Series B dividends declared	-2,300,000	0	0	0	0	-2,300,000
Net Income/(Loss)	12,763,442	0	0	0	0	12,763,442
Balance at Mar. 31, 2015	$725,145,315	$283,877	$49,920,772	$111,293,233	$586,158,388	($22,510,955)
Balance (in shares) at Mar. 31, 2015		28,387,615

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities
Net income	$12,763,442	$31,186,242
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized (gain)/loss	9,649,926	-548,860
Net amortization of premium	5,491,860	2,922,253
Net realized and unrealized (gains)/losses on securities underlying linked transactions	0	386,168
Unrealized (gains)/losses on derivative and other instruments, net	8,920,798	19,180,715
Unrealized (gains)/losses on real estate securities and loans, net	-11,259,718	-29,367,044
Equity based compensation to affiliate	76,680	81,073
Equity based compensation expense	29,973	50,103
Change in operating assets/liabilities:
Interest receivable	490,583	-339,191
Other assets	276,995	-252,628
Due from broker	-239,144	372,589
Interest payable	-1,417,363	856,985
Due to affiliates	-434,441	-483,771
Accrued expenses	91,565	384,631
Due to broker	0	-871,813
Taxes payable	-1,147,325	0
Net cash provided by operating activities	23,293,831	23,557,452
Cash Flows from Investing Activities
Purchase of real estate securities	-270,027,414	-240,437,084
Purchase of residential mortgage loans	0	-35,075,171
Purchase of commercial loans	0	-9,927,833
Purchase of U.S. treasury securities	-356,445,072	0
Investments in affiliates	-12,150,900	-11,358,666
Purchase of securities underlying linked transactions	0	-22,064,245
Proceeds from sale of real estate securities	326,102,175	29,794,180
Proceeds from sale of securities underlying linked transactions	0	9,678,945
Proceeds from sales of U.S. treasury securities	280,406,573	0
Distribution received from investments in affiliates	6,093	189,786
Principal repayments on real estate securities	101,246,269	79,295,393
Principal repayments on residential mortgage loans	1,858,700	0
Principal repayments on securities underlying linked transactions	0	27,469,319
Receipt of premium for interest rate swaptions	0	433,750
Payment of premium for interest rate swaptions	0	-300,000
Net proceeds from (payment made) on reverse repurchase agreements	-25,132,464	-15,844,597
Net proceeds from (payment made) on sales of securities borrowed under reverse repurchase agreements	24,015,493	14,968,756
Net settlement of interest rate swaps	-12,095,409	652,643
Net settlement of TBAs	2,155,078	0
Cash flows used in other investing activities	1,548,985	-4,811,377
Restricted cash provided by (used in) investing activities	11,496,435	-11,495,662
Net cash provided by (used in) investing activities	72,984,542	-188,831,863
Cash Flows from Financing Activities
Borrowings under repurchase agreements	7,248,785,207	5,267,402,235
Borrowings under repurchase agreements underlying linked transactions	0	464,748,879
Repayments of repurchase agreements	-7,336,489,795	-5,089,859,251
Repayments of repurchase agreements underlying linked transactions	0	-501,016,236
Net collateral received from (paid to) derivative counterparty	-11,862,625	-9,509,852
Net collateral received from (paid to) repurchase counterparty	1,431,981	959,845
Dividends paid on common stock	-17,031,609	-17,020,893
Dividends paid on preferred stock	-3,367,354	-3,367,354
Net cash provided by (used in) financing activities	-118,534,195	112,337,373
Net change in cash and cash equivalents	-22,255,822	-52,937,038
Cash and cash equivalents, Beginning of Period	64,363,514	86,190,011
Cash and cash equivalents, End of Period	42,107,692	33,252,973
Supplemental disclosure of cash flow information:
Cash paid for interest on repurchase agreements	7,156,994	7,274,129
Cash paid for income tax	1,522,625	1,372,482
Transfer from Linked Transactions to real estate securities	139,778,263	0
Transfer from Linked Transactions to repurchase agreements	113,363,873	0
Real estate securities recorded upon unlinking of Linked Transactions	0	26,753,471
Repurchase agreements recorded upon unlinking of Linked Transactions	0	21,013,315
Transfer from residential mortgage loans to other assets	1,002,533	0
Supplemental disclosure of non-cash financing and investing activities:
Common stock dividends declared but not paid	17,032,569	17,024,351
Decrease of securitized debt	$1,810,119	$0

Organization

Organization	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Organization, Consolidation and Presentation Of Financial Statements Disclosure [Text Block]	1. Organization
	AG Mortgage Investment Trust, Inc. (the “Company”) was incorporated in the state of Maryland on March 1, 2011. The Company is focused on investing in, acquiring and managing a diversified portfolio of residential mortgage-backed securities, or RMBS, issued or guaranteed by a government-sponsored enterprise such as Fannie Mae or Freddie Mac, or any agency of the U.S. Government such as Ginnie Mae, (collectively, “Agency RMBS”), and other real estate-related securities and financial assets, including Non-Agency RMBS, ABS, CMBS and loans (as defined below).
	Non-Agency RMBS represent fixed-and floating-rate RMBS issued by entities or organizations other than a U.S. government-sponsored enterprise or agency of the U.S. government, including investment grade (AAA through BBB) and non investment grade classes (BB and below). The mortgage loan collateral for Non-Agency RMBS consists of residential mortgage loans that do not generally conform to underwriting guidelines issued by U.S. government agencies or U.S. government-sponsored entities.
	Asset Backed Securities (“ABS”) are securitized investments similar to the aforementioned investments except the underlying assets are diverse, not only representing real estate related assets.
	Commercial Mortgage Backed Securities (“CMBS”) represent investments of fixed- and floating-rate CMBS, including investment grade (AAA through BBB) and non investment grade classes (BB and below) secured by, or evidence an ownership interest in, a single commercial mortgage loan or a pool of commercial mortgage loans.
	Collectively, the Company refers to Agency RMBS, Non-Agency RMBS, ABS and CMBS asset types as “real estate securities.”
	Commercial loans are secured by an interest in commercial real estate and represent a contractual right to receive money on demand or on fixed or determinable dates. Residential mortgage loans refer to performing, re-performing and non-performing loans secured by a first lien mortgage on residential mortgaged property located in any of the 50 states of the United States or in the District of Columbia. The Company refers to its commercial and residential mortgage loans as “mortgage loans” or “loans.”
	The Company is externally managed by AG REIT Management, LLC, 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	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies
	The accompanying unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain prior period amounts have been reclassified to conform to the current period’s presentation. In the opinion of management, all adjustments considered necessary for a fair presentation for the interim period of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year.
	Previously the Company classified gains and losses related to linked transactions in the “Net realized gain/(loss)” line item, however the Company subsequently included such gains and losses in the “Income/(loss) from linked transactions, net” line item prior to the adoption of Accounting Standards Update (“ASU”) 2014-11 Transfers and Servicing (Topic 860), “Repurchase to Maturity Transactions, Repurchase Financings and Disclosures” 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. Refer to Note 7 for further detail on the adoption of ASU 2014-11.
	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 March 31, 2015, the Company held $0.4 million of money market securities. The Company held no money market securities at December 31, 2014. The Company places its cash with high credit quality institutions to minimize credit risk exposure. Any cash held by the Company as collateral is included in the 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 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 accounts for its securities under ASC 310 and ASC 325, and evaluates securities 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 which the Company previously recorded an OTTI charge if the performance of such security subsequently improves.
	Securities in an unrealized loss position at March 31, 2015 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.
	Investments 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 investments in affiliates consistently with this election. The investments 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/(loss) 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 derivative and other instruments, 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 . Refer to Note 3 for more detail.
	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 an adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected should be recognized as impairment.
	The Company’s accrual of interest, discount accretion and premium amortization 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 March 31, 2015 and December 31, 2014, the Company has met all margin call requirements.
	On June 12, 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2014-11. This amendment requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty. If all derecognition criteria are met, the initial transferee will account for the initial transfer as a purchase and the related repurchase agreement component of the transaction will be accounted for as a secured borrowing. Public business entities are required to apply the accounting changes for the first interim or annual reporting period beginning after December 15, 2014. Entities must present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption.
	Prior to the adoption of ASU 2014-11, in instances where the Company acquired assets through repurchase agreements with the same counterparty from whom the assets were purchased, ASC 860-10 required the initial transfer of a financial asset and repurchase financing that were entered into contemporaneously with, or in contemplation of, one another to be considered linked unless all of the criteria found in ASC 860-10 were met at the inception of the transaction. If the transaction met all of the conditions, the initial transfer was accounted for separately from the repurchase financing, and the Company recorded 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 was determined to be linked, the Company recorded the initial transfer and repurchase financing on a net basis and recorded 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 were recorded at fair value with subsequent changes in fair value recognized in income. The Company referred to these transactions as Linked Transactions. The Company recorded 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 a transaction was no longer considered to be linked, the real estate asset and related repurchase financing was reported on a gross basis. The unlinking of a transaction caused a realized event in which the fair value of the real estate asset as of the date of unlinking became 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 was the realized gain or loss. Recognition of effective yield for such security was calculated prospectively using the new cost basis. ASU 2014-11 eliminated this guidance for repurchase financings and instead requires that entities consider the initial transfer and the related repurchase agreement separately when applying the derecognition requirements of ASC 860-10. This guidance effectively changes the accounting for linked financings to secured borrowing accounting. Refer to Note 7 for more detail.
	Accounting for derivative financial instruments
	The Company enters into derivative contracts as a means of mitigating 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 March 31, 2015 and December 31, 2014, the Company did not have any 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.”
U.S. Treasury securities
The Company may purchase long or sell short U.S. Treasury securities to help mitigate the potential impact of changes in interest rates. The Company may finance its purchase of U.S. Treasury securities with overnight repurchase agreements. The Company may borrow securities to cover short sales of U.S. Treasury securities through overnight 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. Interest income and expense associated with purchases and short sales of U.S. treasury securities are recognized in “Interest income” and “Interest expense”, respectively, on the consolidated statement of operations. 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/(loss) as opposed to net income/(loss) reported on the Company’s GAAP financial statements. Taxable income/(loss), generally, will differ from net income/(loss) reported on the financial statements because the determination of taxable income/(loss) 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/(loss), a domestic TRS can declare dividends to the Company which will be included in the Company’s taxable income/(loss) 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 these dividends 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 May 2014, the FASB issued 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 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.
In February 2015, the FASB issued ASU 2015-2, “Consolidation” (“ASU 2015-2”). The amendments in this update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments, (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, (2) eliminate the presumption that a general partner should consolidate a limited partnership, (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships partnership, and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The Company is currently assessing the impact of this guidance.

Real_Estate_Securities

Real Estate Securities	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014. The Company’s Agency RMBS are mortgage pass-through certificates or collateralized mortgage obligations (“CMOs”) representing interests in or obligations backed by pools of residential mortgage loans issued or guaranteed by Fannie Mae or Freddie Mac. The Company’s Non-Agency RMBS, ABS and CMBS portfolios are primarily not issued or guaranteed by Fannie Mae, Freddie Mac or any agency of the U.S. Government and are therefore subject to credit risk. The principal and interest payments on Agency RMBS securities have an explicit guarantee by either an agency of the U.S. government or a U.S government-sponsored enterprise. Real estate securities that are accounted for as a component of linked transactions are not reflected in the tables set forth in this note. See Note 7 for further details on linked transactions.
	The following table details the Company’s real estate securities portfolio as of March 31, 2015:
				Premium /					Gross Unrealized (1)							Weighted Average
		Current Face		(Discount)		Amortized Cost			Gains		Losses		Fair Value			Coupon (2)				Yield
	Agency RMBS:
	20 Year Fixed Rate	$	120,481,882	$	5,630,716	$	126,112,598		$	2,892,474	$	-	$	129,005,072			3.72	%			2.76	%
	30 Year Fixed Rate		907,692,408		41,572,317		949,264,725			22,223,509		-126,557		971,361,677			3.8	%			3.1	%
	Fixed Rate CMO		85,659,227		826,794		86,486,021			3,224,801		-		89,710,822			3	%			2.8	%
	ARM		408,557,899		-802,634		407,755,265			10,931,406		-		418,686,671			2.42	%			2.69	%
	Interest Only		712,419,711		-603,767,274		108,652,437			3,642,435		-3,787,679		108,507,193			4.44	%			7.86	%
	Credit Investments:
	Non-Agency RMBS		1,716,983,671		-488,239,998		1,228,743,673			25,851,505		-4,606,782		1,249,988,396			3.54	%			5.5	%
	ABS		68,967,873		-524,344		68,443,529			1,062,967		-439,242		69,067,254			5.2	%			5.49	%
	CMBS		216,126,251		-119,511,371		96,614,880			2,651,983		-150,577		99,116,286			5.02	%			6.45	%
	CMBS Interest Only		52,357,700		-46,582,626		5,775,074			230,953		-		6,006,027			1.85	%			5.76	%
	Total	$	4,289,246,622	$	-1,211,398,420	$	3,077,848,202		$	72,712,033	$	-9,110,837	$	3,141,449,398			3.68	%			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 Company’s real estate securities portfolio as of December 31, 2014:
				Premium /					Gross Unrealized (1)							Weighted Average
		Current Face		(Discount)		Amortized Cost			Gains		Losses		Fair Value			Coupon (2)				Yield
	Agency RMBS:
	20 Year Fixed Rate	$	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	%
	CMBS 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 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 March 31, 2015 and December 31, 2014:
		Less than 12 months				Greater than 12 months
	As of	Fair Value		Unrealized		Fair Value			Unrealized
				Losses					Losses
	31-Mar-15	$	438,800,357	$	-6,320,637	$	90,771,025		$	-2,790,200
	31-Dec-14		551,097,657		-6,921,385		224,261,493			-4,029,419
	As described in Note 2, the Company evaluates securities for OTTI on at least a quarterly basis. The determination of whether a security is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. When the fair value of a real estate security is less than its amortized cost at the balance sheet date, the security is considered impaired, and the impairment is designated as either “temporary” or “other-than-temporary.”
	For the three months ended March 31, 2015 the Company recognized $2.7 million of OTTI on certain securities, which is included in the “Net realized gain/(loss)” line item on the consolidated statement of operations. The Company recorded the $2.7 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. Of the $2.7 million of OTTI recorded, $1.1 million related to securities where OTTI was not previously recognized. For the three months ended March 31, 2014 the Company recognized an OTTI charge of $0.6 million, which is included in the “Net realized gain/(loss)” line item on the consolidated statement of operations. The Company recorded the $0.6 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. Of the $0.6 million of OTTI recorded, $0.1 million related to securities where OTTI was not previously recognized.
	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 March 31, 2015:
		Agency RMBS (1)							Agency IO							Credit Investments (2)
	Weighted Average Life (3)	Fair Value		Amortized Cost		Weighted			Fair Value		Amortized		Weighted			Fair Value			Amortized Cost			Weighted
						Average					Cost		Average									Average
						Coupon							Coupon									Coupon (4)
	Less than or equal to 1 year	$	-	$	-		-		$	-	$	-		-		$	22,175,588		$	22,140,661			4.06	%
	Greater than one year and less than or equal to five years		122,540,361		120,267,738		2.59	%		72,680,755		72,717,557		4.03	%		645,098,126			636,930,130			4.01	%
	Greater than five years and less than or equal to ten years		1,466,509,816		1,429,833,748		3.44	%		35,826,438		35,934,880		5.68	%		640,087,087			629,894,268			3.01	%
	Greater than ten years		19,714,065		19,517,123		3.58	%		-		-		-			116,817,162			110,612,097			5.85	%
	Total	$	1,608,764,242	$	1,569,618,609		3.38	%	$	108,507,193	$	108,652,437		4.44	%	$	1,424,177,963		$	1,399,577,156			3.63	%
	(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, 2014:
		Agency RMBS (1)							Agency IO							Credit Investments (2)
	Weighted Average Life (3)	Fair Value		Amortized Cost		Weighted			Fair Value		Amortized		Weighted			Fair Value			Amortized Cost			Weighted
						Average					Cost		Average									Average
Coupon											Coupon		Coupon (4)
Less than or equal to 1 year	$	-	$	-		-		$	-	$	-		-		$	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.
For the three months ended March 31, 2015, the Company sold 18 securities for total proceeds of $326.1 million, recording realized gains of $5.5 million and realized losses of $0.8 million, respectively.
For the three months ended March 31, 2014, the Company sold 3 securities for total proceeds of $29.8 million, with an additional $152.5 million of proceeds on 7 unsettled security sales as of quarter end, recording realized gains of $0.7 million and realized losses of $0.7 million, respectively.
There were no sales of investments held within affiliated entities for the three months ended March 31, 2015 or March 31, 2014.
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 March 31, 2015, the investments had a fair market value of $54.7 million and a weighted average yield of 10.75%. The underlying entities financed the acquisition of certain investments with repurchase agreements. As of March 31, 2015, the repurchase agreement balance, collateral pledged, and rate were $21.3 million, $28.2 million and 3.00%, respectively. 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. The Company has presented these investments and any related repurchase financing net on the consolidated balance sheet in the “Investments in affiliates” line item, and all income statement components on the consolidated statement of operations within “Equity in earnings/(loss) 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 a 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. Refer to Note 2 for more detail.
In 2014, 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 March 31, 2015 and December 31, 2014, the resecuritized asset had an aggregate fair value of $46.1 million and $47.6 million, respectively. As of March 31, 2015 and December 31, 2014, the fair market value of the consolidated tranche was $38.4 million and $39.8 million, respectively, which is included in the Company’s consolidated balance sheet as “Non-Agency RMBS.” As of March 31, 2015 and December 31, 2014, the aggregate security has a weighted average coupon of 5.54% and 5.50%, respectively, and a weighted average yield of 6.14% and 5.14%, respectively. As of March 31, 2015, and December 31, 2014, the Company has recorded secured financing of $38.4 million and $39.8 million, respectively, on the consolidated balance sheet in the “Securitized debt” line item. The Company 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 for the year ended December 31, 2014. As of March 31, 2015 and December 31, 2014, the consolidated tranche had a weighted average life of 3.23 years and 3.40 years, respectively and a weighted average yield of 3.55% and 3.75%, respectively. 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	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015:
										Gross Unrealized (1)						Weighted Average
		Unpaid Principal			Premium			Amortized Cost		Gains		Losses (2)		Fair Value		Coupon			Yield			Life
		Balance			(Discount)
	Residential mortgage loans	$	113,434,341		$	-32,556,999		$	80,877,342	$	1,778,783	$	-263,405	$	82,392,720	5.47	%		8.66	%		6.17
	(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 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			Amortized Cost		Gains		Losses (2)		Fair Value		Coupon			Yield			Life
		Balance			(Discount)
	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 table below summarizes the distribution of the Company’s residential mortgage loans at fair value:
		March 31, 2015						December 31, 2014
	Loan Type	Fair Value			Unpaid Principal			Fair Value		Unpaid Principal
					Balance					Balance
	Re-Performing	$	67,618,680		$	87,816,458		$	68,581,824	$	89,493,175
	Non-Performing		14,774,040			25,617,883			16,508,035		30,389,661
		$	82,392,720		$	113,434,341		$	85,089,859	$	119,882,836
	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	March 31, 2015				December 31, 2014
	Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100%		97	%			98	%
	Percentage of fair value of mortgage loans secured by properties in the following states:
	Representing 5% or more of fair value:
	New York		17	%			16	%
	California		10	%			11	%
	Florida		6	%			8	%
	Maryland		5	%			5	%
	The Company records interest income on a level-yield basis. The accretable discount is determined by the excess of the Company’s estimate of undiscounted principal, interest, and other cash flows expected to be collected over its initial investment in the mortgage loan. The following is a summary of the changes in the accretable portion of discounts for the three months ended March 31, 2015 and March 31, 2014, respectively:
		Three Months Ended
		March 31, 2015			March 31, 2014
	Beginning Balance	$	38,008,263		$	-
	Additions		-			17,159,216
	Accretion		-1,865,295			-243,898
	Reclassifications from/(to) non-accretable difference		4,356,113			-
	Disposals		-1,041,317			-
	Ending Balance	$	39,457,764		$	16,915,318
	As of March 31, 2015, the Company’s residential mortgage loan portfolio is comprised of 560 conventional loans with original loan balances between $5,000 and $1.1 million.
	Commercial Loans
	The following tables present the current principal balance, premium or discount, amortized cost, gross unrealized gain, gross unrealized loss, fair market value, coupon rate and effective yield of the Company’s commercial loan portfolio at March 31, 2015.
										Gross Unrealized (1)						Weighted Average
		Current Face			Premium			Amortized Cost		Gains		Losses		Fair Value		Coupon				Yield			Life		Stated Maturity	Extended	Location
					(Discount)											-5									Date (6)	Maturity Date
	Loan A (2)	$	30,000,000		$	-193,809		$	29,806,191	$	193,809	$	-	$	30,000,000		6.5	%			8.76	%		2.52	5-Jun-17	5-Jun-19	FL
	Loan B (3)		32,800,000			-138,088			32,661,912		138,088		-		32,800,000		5	%			6.15	%		1.2	1-Jul-16	1-Jul-19	TX
	Loan C (4)		10,000,000			-59,200			9,940,800		59,200		-		10,000,000		13.5	%			15.86	%		1.36	1-Feb-17	1-Feb-18	NY
		$	72,800,000		$	-391,097		$	72,408,903	$	391,097	$	-	$	72,800,000		6.79	%			8.56	%		1.77
	(1) The Company has 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.
	The following tables present the current principal balance, premium or discount, amortized cost, gross unrealized gain, gross unrealized loss, fair market value, coupon rate and effective yield of the Company’s commercial loan portfolio at December 31, 2014.
										Gross Unrealized (1)						Weighted Average
		Current Face			Premium			Amortized Cost		Gains		Losses		Fair Value		Coupon				Yield			Life		Stated Maturity	Extended	Location
					(Discount)											-5									Date (6)	Maturity Date
	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) The Company has 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 three months ended March 31, 2015 the Company recorded [$0.3] million of discount accretion. During the three months ended March 31, 2014 the Company recorded [$0.0] million of discount accretion

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
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 were valued using similar techniques to those used for the Company’s securities portfolio. The value of the underlying security was 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.
	U.S. Treasury securities are valued using quoted prices for identical instruments in active markets. The fair value of the Company’s obligation to return securities borrowed under reverse repurchase agreements is based upon the value of the underlying borrowed U.S. Treasury securities as of the reporting date.
	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2015:
			Level 1		Level 2			Level 3		Total
	Assets:
	Agency RMBS:
	20 Year Fixed Rate		$	-	$	129,005,072		$	-	$	129,005,072
	30 Year Fixed Rate			-		971,361,677			-		971,361,677
	Fixed Rate CMO			-		89,710,822			-		89,710,822
	ARM			-		418,686,671			-		418,686,671
	Interest Only			-		108,507,193			-		108,507,193
	Credit Investments:
	Non-Agency RMBS			-		740,443,224			509,545,172		1,249,988,396
	ABS			-		-			69,067,254		69,067,254
	CMBS			-		45,305,727			53,810,559		99,116,286
	CMBS Interest Only			-		-			6,006,027		6,006,027
	Residential mortgage loans			-		-			82,392,720		82,392,720
	Commercial loans			-		-			72,800,000		72,800,000
	U.S. Treasury Securities			100,679,688		-			-		100,679,688
	Excess mortgage servicing rights			-		-			579,734		579,734
	Derivative assets			-		4,031,370			-		4,031,370
	Total Assets Carried at Fair Value		$	100,679,688	$	2,507,051,756		$	794,201,466	$	3,401,932,910
	Liabilities:
	Securitized debt		$	-	$	-38,405,163		$	-	$	-38,405,163
	Securities borrowed under reverse repurchase agreements			-25,009,766		-			-		-25,009,766
	Derivative liabilities			-		-8,812,676			-		-8,812,676
	Total Liabilities Carried at Fair Value		$	-25,009,766	$	-47,217,839		$	-	$	-72,227,605
	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of 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
	CMBS 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 Company did not have any transfers of assets or liabilities between Levels 1 and 2 of the fair value hierarchy during the three months ended March 31, 2015 and March 31, 2014.
	The following tables present additional information about the Company’s investments which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:
	Three Months Ended
	March 31, 2015
		Non-Agency		ABS			CMBS		CMBS Interest		Residential		Commercial		Excess Mortgage		Linked
		RMBS							Only		Mortgage Loans		Loans		Servicing Rights		Transactions
Beginning balance		$	455,236,279	$	66,693,243		$	39,343,274	$	6,125,949	$	85,089,859	$	72,800,000	$	628,367	$	5,082,731
Transfers (1):
Transfers into level 3			-		-			-		-		-		-		-		-
Transfers out of level 3			-		-			-		-		-		-		-		-
Purchases			74,146,136		4,027,500			14,642,289		-		-		-		-		-
Reclassification of security type (2)			24,129,591		-			-		-		-		-		-		-5,082,731
Proceeds from sales			-12,383,544		-2,595,898			-		-		-		-		-		-
Proceeds from settlement			-35,224,917		-228,246			-387,963		-		-1,858,699		-		-48,633		-
Total net gains/(losses) (3)
Included in net income			3,641,627		1,170,655			212,959		-119,922		-838,440		-		-		-
Included in other comprehensive income (loss)			-		-			-		-		-		-		-		-
Ending Balance		$	509,545,172	$	69,067,254		$	53,810,559	$	6,006,027	$	82,392,720	$	72,800,000	$	579,734	$	-
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of March 31, 2015 (4)		$	3,447,627	$	1,073,361		$	212,959	$	-119,922	$	-770,629	$	-	$	-	$	-
(1) Transfers are assumed to occur at the beginning of the period.
(2) Primarily 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:
Unrealized gain/(loss) on real estate securities and loans, net		$	4,083,812
Net realized gain/(loss)			-16,933
Total		$	4,066,879
(4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Unrealized gain/(loss) on real estate securities and loans, net		$	4,359,636
Net realized gain/(loss)			-516,240
Total		$	3,843,396
Three Months Ended
March 31, 2014
		Non-Agency		ABS			CMBS		CMBS Interest		Residential		Commercial		Linked
		RMBS							Only		Mortgage Loans		Loans		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			75,858,929		3,022,000			-		-		35,075,171		9,927,833		1,640,500
Reclassification of security type (2)			7,507,855		6,562,500			12,683,116		-		-		-		-5,740,156
Proceeds from sales			-10,779,244		-			-		-		-		-		-
Proceeds from settlement			-4,119,236		-7,566,041			-206,807		-		-		-		-1,140,885
Total net gains/ (losses) (3)
Included in net income			2,936,083		297,786			1,476,593		73,523		-135,398		72,167		428,431
Included in other comprehensive income (loss)			-		-			-		-		-		-		-
Ending Balance		$	381,244,949	$	73,661,029		$	37,924,945	$	6,398,258	$	34,939,773	$	10,000,000	$	9,911,059
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of March 31, 2014 (4)		$	2,972,279	$	297,786		$	1,476,593	$	73,523	$	-135,398	$	72,167	$	372,793
(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		$	428,431
Unrealized gain/(loss) on real estate securities and loans, net			4,989,665
Interest income			-268,911
Total		$	5,149,185
(4) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
Income/(loss) from linked transactions, net		$	372,793
Unrealized gain/(loss) on real estate securities and loans, net			4,756,950
Total		$	5,129,743
The Company did not have any transfers of assets or liabilities in or out of Level 3 of the fair value hierarchy during the three months ended March 31, 2015 and March 31, 2014.
The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value:
Asset Class		Fair Value at		Valuation Technique		Unobservable Input		Range
		March 31, 2015						(Weighted Average)
						Yield		0.00% - 36.02% (5.36%)
						Projected Collateral Prepayments		0.00% - 15.00% (3.45%)
Non-Agency RMBS		$	509,545,172	Discounted Cash Flow		Projected Collateral Losses		0.00% - 35.00% (11.33%)
						Projected Collateral Severities		0.00% - 80.00% (31.60%)
						Yield		4.62% - 7.25% (5.49%)
						Projected Collateral Prepayments		0.00% - 100.00% (79.59%)
ABS		$	69,067,254	Discounted Cash Flow		Projected Collateral Losses		0.00% - 8.30% (6.43%)
						Projected Collateral Severities		0.00% - 30.00% (5.52%)
						Yield		4.20% - 9.98% (5.81%)
						Projected Collateral Prepayments		0.00% - 50.00% (6.27%)
CMBS		$	53,810,559	Discounted Cash Flow		Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		5.76% - 5.78% (5.76%)
						Projected Collateral Prepayments		100.00% - 100.00% (100.00%)
CMBS Interest Only		$	6,006,027	Discounted Cash Flow		Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		5.52% - 40.22% (8.66%)
						Projected Collateral Prepayments		1.91% - 8.24% (6.56%)
Residential Mortgage Loans		$	82,392,720	Discounted Cash Flow		Projected Collateral Losses		4.59% - 11.21% (5.99%)
						Projected Collateral Severities		20.19% - 51.78% (27.79%)
						Yield		6.15% - 15.86% (8.56%)
Commercial Loans		$	72,800,000	Discounted Cash Flow		Credit Spread		4.75 bps - 13.25 bps (6.54 bps)
						Recovery Percentage*		100.00% - 100.00% (100.00%)
Excess Mortgage Servicing Rights		$	579,734	Discounted Cash Flow		Yield		7.16% - 7.46% (7.22%)
* Represents the proportion of the principal expected to be collected relative to the loan balances as of March 31, 2015.
Asset Class		Fair Value at		Valuation Technique		Unobservable Input		Range
		December 31, 2014						(Weighted Average)
						Yield		0.29% - 35.48% (5.30%)
						Projected Collateral Prepayments		0.00% - 12.00% (3.21%)
Non-Agency RMBS		$	455,236,279	Discounted Cash Flow		Projected Collateral Losses		0.00% - 35.00% (13.07%)
						Projected Collateral Severities		0.00% - 80.00% (36.04%)
						Yield		4.62% - 7.95% (5.55%)
						Projected Collateral Prepayments		20.00% - 100.00% (88.56%)
ABS		$	66,693,243	Discounted Cash Flow		Projected Collateral Losses		0.00% - 8.30% (5.13%)
						Projected Collateral Severities		0.00% - 50.00% (7.15%)
						Yield		4.80% - 10.52% (6.34%)
						Projected Collateral Prepayments		0.00% - 0.00% (0.00%)
CMBS		$	39,343,274	Discounted Cash Flow		Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		5.72% - 5.78% (5.73%)
						Projected Collateral Prepayments		100.00% - 100.00% (100.00%)
CMBS Interest Only		$	6,125,949	Discounted Cash Flow		Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		5.60% - 23.67% (8.90%)
						Projected Collateral Prepayments		1.98% - 8.36% (6.44%)
Residential Mortgage Loans		$	85,089,859	Discounted Cash Flow		Projected Collateral Losses		4.47% - 9.64% (6.20%)
						Projected Collateral Severities		20.93% - 41.94% (27.65%)
						Yield		6.15% - 15.77% (8.55%)
Commercial Loans		$	72,800,000	Discounted Cash Flow		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%)
						Yield		4.49% - 6.45% (5.50%)
						Projected Collateral Prepayments		3.00% - 12.00% (6.94%)
Linked Transactions*		$	5,082,731	Discounted Cash Flow		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.
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	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015:
		Repurchase Agreements							Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average			Weighted Average		Fair Value			Amortized Cost			Accrued Interest
				Rate			Haircut		Pledged
	30 days or less	$	1,849,733,715	0.9	%		11.4	%	$	2,116,899,525		$	2,064,016,539		$	7,100,101
	31-60 days		349,901,000	1.08	%		11.4	%		399,242,468			393,611,106			1,108,847
	61-90 days		27,423,000	1.82	%		24.8	%		36,814,681			35,762,537			57,038
	Greater than 90 days		295,294,784	1.71	%		12	%		348,742,242			341,453,315			614,850
	Total / Weighted Average	$	2,522,352,499	1.03	%		11.6	%	$	2,901,698,916		$	2,834,843,497		$	8,880,836
	The following table presents certain information regarding the Company’s repurchase agreements secured by real estate securities as of December 31, 2014:
		Repurchase Agreements						Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average		Weighted Average		Fair Value			Amortized Cost			Accrued Interest
				Rate		Haircut		Pledged
	30 days or less	$	1,969,873,000	0.75	%	10.4	%	$	2,205,969,794		$	2,174,485,394		$	6,903,437
	31-60 days		220,953,000	1.11	%	12.2	%		253,788,749			249,993,183			816,574
	61-90 days		51,090,128	1.26	%	13.1	%		60,149,910			58,111,076			171,277
	Greater than 90 days		329,966,102	1.84	%	17.7	%		416,125,338			408,496,220			1,105,242
	Total / Weighted Average	$	2,571,882,230	0.93	%	11.5	%	$	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 interests in residential mortgage loans as of March 31, 2015:
		Repurchase Agreements								Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average		Weighted Average		Weighted		Fair Value			Amortized Cost			Accrued Interest
				Rate		Funding Cost		Average Haircut		Pledged
	30 days or less	$	-	-		-		-		$	-		$	-		$	-
	31-60 days		-	-		-		-			-			-			-
	61-90 days		-	-		-		-			-			-			-
	Greater than 90 days		50,856,483	2.68	%	2.85	%	29.5	%		72,247,373			72,543,319			95,139
	Total / Weighted Average	$	50,856,483	2.68	%	2.85	%	29.5	%	$	72,247,373		$	72,543,319		$	95,139
	The following table presents certain information regarding the Company’s repurchase agreements secured by interests in residential mortgage loans as of December 31, 2014:
		Repurchase Agreements													Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average				Weighted Average				Weighted			Fair Value			Amortized Cost		Accrued Interest
				Rate				Funding Cost				Average Haircut			Pledged
	30 days or less	$	-		-				-				-		$	-		$	-	$	-
	31-60 days		-		-				-				-			-			-		-
	61-90 days		-		-				-				-			-			-		-
	Greater than 90 days		50,573,718		2.93	%			3.08	%			31.1	%		73,407,869			73,084,817		709,585
	Total / Weighted Average	$	50,573,718		2.93	%			3.08	%			31.1	%	$	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 of March 31, 2015:
		Repurchase Agreements													Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average				Weighted Average				Weighted			Fair Value			Amortized Cost		Accrued Interest
				Rate				Funding Cost				Average Haircut			Pledged
	30 days or less	$	-		-				-				-		$	-		$	-	$	-
	31-60 days		-		-				-				-			-			-		-
	61-90 days		-		-				-				-			-			-		-
	Greater than 90 days		22,500,000		2.5	%			2.84	%			64.2	%		62,800,000			62,468,103		678,721
	Total / Weighted Average	$	22,500,000		2.5	%			2.84	%			64.2	%	$	62,800,000		$	62,468,103	$	678,721
	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													Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average				Weighted Average				Weighted			Fair Value			Amortized Cost		Accrued Interest
				Rate				Funding Cost				Average Haircut			Pledged
	30 days or less	$	-		-				-				-		$	-		$	-	$	-
	31-60 days		-		-				-				-			-			-		-
	61-90 days		-		-				-				-			-			-		-
	Greater than 90 days		22,500,000		2.5	%			2.83	%			64.2	%		62,800,000			62,370,168		533,832
	Total / Weighted Average	$	22,500,000		2.5	%			2.83	%			64.2	%	$	62,800,000		$	62,370,168	$	533,832
	The following table presents certain information regarding the Company’s repurchase agreements secured by interests in U.S. Treasury securities as of March 31, 2015:
		Repurchase Agreements								Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average			Weighted Average			Fair Value			Amortized Cost			Accrued Interest
				Rate			Haircut			Pledged
	Overnight	$	74,906,251		-0.3	%		0.8	%	$	75,509,766		$	75,022,998		$	139,848
	30 days or less		-		-			-			-			-			-
	31-60 days		-		-			-			-			-			-
	61-90 days		-		-			-			-			-			-
Greater than 90 days		-		-			-			-			-			-
Total / Weighted Average	$	74,906,251		-0.3	%		0.8	%	$	75,509,766		$	75,022,998		$	139,848
The Company did not hold any positions in U.S. Treasury securities at December 31 2014.
Although repurchase agreements are committed borrowings until maturity, the lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets resulting from changes in market conditions or factor changes would require the Company to provide additional collateral or cash to fund margin calls. The following table presents information with respect to the Company’s posting of collateral under repurchase agreements at March 31, 2015 and December 31, 2014:
	March 31, 2015		December 31, 2014
Repurchase agreements secured by Agency RMBS	$	1,463,845,000	$	1,583,911,000
Fair Value of Agency RMBS pledged as collateral under repurchase agreements		1,561,960,046		1,684,021,261
Repurchase agreements secured by Non-Agency RMBS, ABS and CMBS		1,058,507,499		987,971,230
Fair Value of Non-Agency RMBS, ABS and CMBS pledged as collateral under repurchase agreements		1,339,738,870		1,252,012,530
Repurchase agreements secured by Residential Mortgage Loans		50,856,483		50,573,718
Fair Value of Residential Mortgage Loans pledged as collateral under repurchase agreements		72,247,373		73,407,869
Repurchase agreements secured by Commercial Mortgage Loans		22,500,000		22,500,000
Fair Value of Commercial Mortgage Loans pledged as collateral under repurchase agreements		62,800,000		62,800,000
Repurchase agreements secured by U.S. Treasury Securities		74,906,251		-
Fair Value of Agency U.S. Treasury Securities pledged as collateral under repurchase agreements		75,509,766		-
Cash pledged (i.e., restricted cash) under repurchase agreements		12,074,672		13,374,600
The following table presents both gross information and net information about repurchase agreements eligible for offset in the consolidated balance sheet as of March 31, 2015:
									Gross Amounts Not Offset in the
									Consolidated Balance Sheet
Description	Gross Amounts of		Gross Amounts			Net Amounts of Liabilities			Financial			Cash Collateral			Net Amount
	Recognized		Offset in the			Presented in the Consolidated			Instruments			Posted
	Liabilities		Consolidated Balance			Balance Sheet			Posted
			Sheet
Repurchase Agreements	$	2,670,615,233	$	-		$	2,670,615,233		$	2,670,615,233		$	-		$	-
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
Description	Gross Amounts of		Gross Amounts			Net Amounts of Liabilities			Financial			Cash Collateral			Net Amount
	Recognized		Offset in the			Presented in the Consolidated			Instruments			Posted
	Liabilities		Consolidated Balance			Balance Sheet			Posted
			Sheet
Repurchase Agreements	$	2,644,955,948	$	-		$	2,644,955,948		$	2,644,955,948		$	-		$	-
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 counterparties, under which it had outstanding debt with 22 counterparties at March 31, 2015 and December 31, 2014 on a GAAP basis.
At March 31, 2015 the following table reflects amounts at risk under its repurchase agreements greater than 5% of the Company’s equity with any counterparty, excluding repurchase agreements through affiliated entities.
Counterparty	Amount at Risk		Weighted Average			Percentage of
			Maturity (days)			Stockholders' Equity
Wells Fargo Bank, N.A.	$	86,660,525		443			12	%
Credit Suisse Securities, LLC		83,581,570		95			12	%
Merrill Lynch, Pierce, Fenner & Smith Incorporated		48,577,118		9			7	%
JP Morgan Securities, LLC		46,958,895		444			6	%
The Royal Bank of Canada		37,680,810		33			5	%
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.
Counterparty	Amount at Risk		Weighted Average			Percentage of
			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, and 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.
On April 13, 2015, the Company, AG MIT LLC and AG MIT CMO, LLC, each a direct, wholly-owned subsidiary of the Company, entered into an Amendment Number 2 to the Master Repurchase and Securities Contract (the “Second Renewal”) with Wells Fargo Bank, National Association (“Wells Fargo”) 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 amends the repurchase agreement entered into by the Company, AG MIT and AG MIT CMO with Wells Fargo Bank, National Association, in 2014. Each transaction under the Second Renewal 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 includes a 270 day evergreen structure providing for the automatic renewal of the agreement each day for a new term of 270 days unless Wells Fargo notifies AG MIT and AG MIT CMO that it has decided not to renew, at which point the agreement will terminate 270 days after the date of nonrenewal. The Second Renewal also increased the aggregate maximum borrowing capacity to $200 million and extended the maturity date to April 13, 2017. At the request of AG MIT and AG MIT CMO, Wells Fargo may grant a 90 day extension of the maturity date. The Second Renewal 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. As of March 31, 2015, the Company had $90.4 million of debt outstanding under this facility.
On February 27, 2015, AG MIT WFB1 2014 LLC, (“AG MIT WFB1”), a direct, wholly-owned subsidiary of the Company, entered into Amendment Number Three of the Master Repurchase Agreement and Securities Contract, (as so amended, the “WFB1 Repurchase Agreement”) with Wells Fargo Bank  to finance the ownership and 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 has 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 26, 2016 and a facility termination date of February 27, 2017. 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 those in the Second Renewal Agreement. As of March 31, 2015, the Company had $50.9 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 March 31, 2015, 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, the Company had repurchase agreements of $113.4 million that were accounted for as linked. These linked repurchase agreements are not included in the above tables. There were no linked transactions as of March 31, 2015. See Note 7 for details.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2015
Derivatives [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	7. Derivatives
	The Company’s derivatives may include interest rate swaps (“swaps”), swaptions, TBAs, 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 and long and short positions in U.S. treasury securities.
	The following table presents the fair value of the Company's derivative instruments and their balance sheet location at March 31, 2015 and December 31, 2014.
	Derivative Instrument	Designation		Balance Sheet Location		March 31, 2015			December 31, 2014
	Interest rate swaps	Non-Hedge		Derivative liabilities, at fair value		$	-8,812,676		$	-8,608,209
	Interest rate swaps	Non-Hedge		Derivative assets, at fair value			1,864,570			9,902,151
	TBAs	Non-Hedge		Derivative assets, at fair value			2,166,800			1,480,471
	Long positions on U.S. Treasuries	Non-Hedge		U.S. Treasury securities, at fair value			100,679,688			-
	Short positions on U.S. Treasuries	Non-Hedge		Obligation to return securities borrowed under reverse repurchase			-25,009,766			-
				agreements, at fair value (1)
	Linked transactions	Non-Hedge		Linked transactions, net, at fair value			-			26,695,091
	(1) The Company's obligation to return securities borrowed under reverse repurchase agreements as of March 31, 2015 relates to securities borrowed to cover short sales of U.S. Treasury securities. The change in fair value of the borrowed securities is recorded in the "Unrealized gain/(loss) on derivatives and other instruments, net" line item in the Company's consolidated statement of operations.
	The following table summarizes information related to derivatives:
	Non-hedge derivatives held long/(short):	March 31, 2015			December 31, 2014
	Notional amount of Pay Fix/Receive Float Interest Rate Swap Agreements	$	1,040,000,000		$	1,441,000,000
	Notional amount of Receive Fix/Pay Float Interest Rate Swap Agreements		-5,000,000			-5,000,000
	Notional amount of TBAs		180,000,000			225,000,000
	Notional amount of long positions on U.S. Treasuries		100,000,000			-
	Notional amount of short positions on U.S. Treasuries		-25,000,000			-
	Notional amount of Linked Transactions (1)		-			150,836,900
	(1) Represents the current face of the securities comprising linked transactions as of December 31, 2014.
	The following table summarizes gains/(losses) related to derivatives:
				Three Months Ended			Three Months Ended
	Non-hedge derivatives gain (loss):	Statement of Operations Location		March 31, 2015			March 31, 2014
	Interest rate swaps, at fair value	Unrealized gain/(loss) on derivative and other instruments, net		$	-9,681,958		$	-18,463,039
	Interest rate swaps, at fair value	Net realized gain/(loss)			-12,095,409			619,643
	Swaptions, at fair value	Unrealized gain/(loss) on derivative and other instruments, net			-			-119,049
	Swaptions, at fair value	Net realized gain/(loss)			-			445,000
	TBAs (1)	Unrealized gain/(loss) on derivative and other instruments, net			686,330			-109,414
	TBAs	Net realized gain/(loss)			2,155,078			-
	IO Index, at fair value	Unrealized gain/(loss) on derivative and other instruments, net			-			-34,606
	IO Index, at fair value	Net realized gain/(loss)			-			129,761
	MBS Options, at fair value	Unrealized gain/(loss) on derivative and other instruments, net			-			38,774
	MBS Options, at fair value	Net realized gain/(loss)			-			19,531
	Linked transactions	Income/(loss) from linked transactions, net			-			4,126,741
	Long positions on U.S. Treasuries	Unrealized gain/(loss) on derivative and other instruments, net			649,023			-
	Long positions on U.S. Treasuries	Net realized gain/(loss)			-1,263,672			-
	Short positions on U.S. Treasuries	Unrealized gain/(loss) on derivative and other instruments, net			-369,141			-493,381
	Short positions on U.S. Treasuries	Net realized gain/(loss)			-442,969			-
	(1) For the three months ended March 31, 2015, gains and losses from purchases and sales of TBAs consisted of $1.2 million of net TBA dollar roll net interest income and net gains of $1.6 million due to price changes. For the three months ended March 31, 2014, gains and losses from purchases and sales of TBAs consisted of net losses of $0.1 million, due to price changes. There was no income recorded on TBA dollar rolls for the three months ended March 31, 2014.
	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 March 31, 2015:
											Gross Amounts Not Offset in the Consolidated Balance Sheet
	Description	Gross Amounts of			Gross Amounts			Net Amounts of Assets			Financial			Cash Collateral		Net Amount
		Recognized			Offset in the			(Liabilities) Presented in the			Instruments			(Posted)/Received
		Assets			Consolidated Balance			Consolidated Balance Sheet			(Posted)/Received
		(Liabilities)			Sheet
	Receivable Under Reverse Repurchase Agreements	$	25,125,000		$	-		$	25,125,000		$	25,009,766		$	-	$	115,234
	Derivative Assets (1)
	Interest Rate Swaps	$	2,795,632		$	-		$	2,795,632		$	-		$	1,178,836	$	1,616,796
	TBAs		2,166,800			-			2,166,800			-			2,166,800		-
	Total Derivative Assets	$	4,962,432		$	-		$	4,962,432		$	-		$	3,345,636	$	1,616,796
	Derivative Liabilities (2)
	Interest Rate Swaps	$	-6,614,876		$	-		$	-6,614,876		$	-172,624		$	-6,442,252	$	-
	Total Derivative Liabilities	$	-6,614,876		$	-		$	-6,614,876		$	-172,624		$	-6,442,252	$	-
	(1) Included in Derivative Assets on the consolidated balance sheet is $4,962,432 less accrued interest of $931,062 for a total of $4,031,370.
	(2) Included in Derivative Liabilities on the consolidated balance sheet is $6,614,876 plus accrued interest of $2,197,800 for a total of $8,812,676.
	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, 2014:
											Gross Amounts Not Offset in the
											Consolidated Balance Sheet
	Description	Gross Amounts of			Gross Amounts			Net Amounts of Assets			Financial			Cash Collateral		Net Amount
		Recognized			Offset in the			(Liabilities) Presented in the			Instruments			(Posted)/Received
		Assets			Consolidated Balance			Consolidated Balance Sheet			(Posted)/Received
		(Liabilities)			sheet
	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).
At March 31, 2015, the Company had real estate securities with a fair value of $6.0 million and $18.6 million of cash pledged as collateral against certain derivatives. The Company had $1.2 million of cash received as collateral against certain derivatives. 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.
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 March 31, 2015:
Maturity	Notional Amount			Weighted Average				Weighted Average				Weighted Average
				Pay Rate				Receive Rate				Years to Maturity
2017	$	80,000,000			0.87	%			0.3	%			2.43
2018		210,000,000			1.05	%			0.26	%			3.01
2019		260,000,000			1.27	%			0.26	%			4.39
2020		265,000,000			1.95	%			0.29	%			6.07
2022		70,000,000			1.75	%			0.25	%			7.27
2023		160,000,000			1.8	%			0.2	%			6.38
Total/Wtd Avg	$	1,045,000,000			1.48	%			0.26	%			4.89
The following table presents information about the Company’s interest rate swaps as of December 31, 2014:
Maturity	Notional Amount			Weighted Average				Weighted Average				Weighted Average
				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
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 March 31, 2015, our maximum exposure to loss on TBAs was $187.8 million. As of December 31, 2014, our maximum exposure to loss on TBAs was $235.2 million.
The following table presents information about the Company’s TBAs for the three months ended March 31, 2015 and March 31, 2014:
For the Three Months Ended March 31, 2015
	Beginning			Buys or Covers			Sales or Shorts			Ending Notional			Fair Value as of		Receivable/(Payable)		Derivative		Derivative
	Notional									Amount			Period End		from/to Broker		Asset		Liability
	Amount
TBAs - Long	$	225,000,000		$	605,000,000		$	-650,000,000		$	180,000,000		$	189,959,769	$	-187,792,969	$	2,166,800	$	-
TBAs - Short	$	-		$	219,000,000		$	-219,000,000		$	-		$	-	$	-	$	-	$	-
For the Three Months Ended March 31, 2014
	Beginning			Buys or Covers			Sales or Shorts			Ending Notional			Fair Value as of		Receivable/(Payable)		Derivative		Derivative
	Notional									Amount			Period End		from/to Broker		Asset		Liability
	Amount
TBAs - Long	$	-		$	-		$	-		$	-		$	-	$	-	$	-	$	-
TBAs - Short	$	-		$	147,000,000		$	-147,000,000		$	-		$	-	$	-109,414	$	118,205	$	-227,619
Linked Transactions
In June 2014, the FASB issued final guidance for repurchase financings, ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures,” which requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty. If all derecognition criteria are met, the initial transferee will account for the initial transfer as a purchase and the related repurchase agreement component of the transaction will be accounted for as a secured borrowing. ASU 2014-11 also 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. The accounting changes are effective for public business entities for the first interim or annual period beginning after December 15, 2014. Entities are required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption.
The Company has adopted this guidance as of January 1, 2015. This change had no effect on net income or stockholders’ equity, but did impact the amounts reported on the consolidated balance sheet and the consolidated statement of operations. The Company has disaggregated amounts previously netted together in the “Linked transactions, net, at fair value” line item on the consolidated balance sheet and has presented these amounts gross. As of January 1, 2015, the Company made a cumulative-effect adjustment to transfer real estate securities with values of $124.9 million and $14.9 million to the “Non-Agency” and “CMBS” line items, respectively, and to transfer secured borrowings of $113.4 million to the “Repurchase agreements” line item on the consolidated balance sheet. As part of the cumulative-effect adjustment the Company also transferred interest receivable and payable of $0.4 million and $0.1 million to the “Interest receivable” and “Interest payable” line items, respectively. There was no effect on prior periods as the FASB did not require full retrospective application. As a result, disclosures for periods prior to January 1, 2015 will not be comparable to disclosures subsequent to that date.
Under previous GAAP, when the initial transfer of a financial asset and repurchase financing are entered into contemporaneously with, or in contemplation of, one another, the transaction was considered linked unless all of the criteria found in ASC 860-10 were met at the inception of the transaction. If the transaction was determined to be linked, the Company recorded the initial transfer and repurchase financing on a net basis and recorded a forward commitment to purchase assets as a derivative instrument. Gains and losses were 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 was no longer considered linked, the security and related repurchase agreement was recorded on a gross basis. The fair value of linked transactions reflected the value of the underlying security’s fair market value netted with the respective linked repurchase agreement borrowings and net accrued interest. Disclosures required under previous GAAP have been presented for periods under which the superseded guidance applied.
The following table presents certain information related to the securities accounted for as a part of linked transactions during the three months ended March 31, 2014:
														For the Three Months Ended March 31, 2014
Instrument	Current Face			Amortized			Fair Value			Net Accrued			Net Interest		Unrealized		Net		Amount		Weighted Average			Weighted Average Life
				Cost						Interest			Income		Gain/(Loss)		Realized		Included in		Coupon
																	Gain/(Loss)		Statement of
																			Operations
Non-Agency RMBS	$	236,612,695		$	211,115,545		$	218,648,145		$	365,615		$	4,368,207	$	-377,808	$	35,033	$	4,025,432		3.7	%		5.76
CMBS		10,000,000			9,278,989			9,516,800			-3,629			144,702		124,029		-167,422		101,309		0.4	%		1.04
Total	$	246,612,695		$	220,394,534		$	228,164,945		$	361,986		$	4,512,909	$	-253,779	$	-132,389	$	4,126,741		3.57	%		5.57
The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of March 31, 2014:
Instrument	Repurchase			Weighted				Weighted
	Agreement			Average				Average Years
				Interest Rate				to Maturity
Non-Agency RMBS	$	180,103,626			1.89	%			0.16
CMBS		6,475,333			1.56	%			0.06
	$	186,578,959			1.88	%			0.16
For the three months ended March 31, 2014, Non-Agency RMBS, ABS and CMBS with fair values of $7.5 million, $6.6 million and $12.7 million, respectively, and the related repurchase agreement borrowings of $6.4 million, $4.9 million and $9.7 million, respectively, became unlinked, and the Company recorded net realized losses of $0.2 million from the unlinking of the Linked Transactions.

Earnings_per_Share

Earnings per Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	8. Earnings per Share
	Basic earnings per share (“EPS”) is calculated by dividing net income/(loss) available to common stockholders for the period by the weighted- average shares of the Company’s common stock outstanding for that period that participate in dividends. Diluted EPS takes into account the effect of dilutive instruments, such as stock options, warrants, unvested restricted stock and unvested restricted stock units but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding.
	As of March 31, 2015 and March 31, 2014, the Company’s outstanding warrants, unvested shares of restricted common stock and restricted stock units were as follows:
		March 31, 2015		March 31, 2014
	Warrants		1,007,500		1,007,500
	Restricted stock granted to the Manager		-		6,710
	Restricted stock units granted to the Manager		60,000		-
	Restricted stock granted to the independent directors		-		2,500
	Each warrant entitles the holder to purchase half a share of the Company’s common stock at a fixed price upon exercise of the warrant. For the three months ended March 31, 2015 and March 31, 2014, the Company excluded the effects of such from the computation of diluted earnings per share because their effect would be anti-dilutive.
	Shares of restricted stock held by the Manager and independent directors accrue dividends, but are not paid until vested and are therefore not considered to be participating shares. Restricted stock units granted to the manager do not entitle the participant the rights of a shareholder of the Company’s common stock, such as dividend and voting rights, until shares are issued in settlement of the vested units. The restricted stock units are not considered to be participating shares. The dilutive effects of these shares and restricted stock units are only included in diluted weighted average shares outstanding.
	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the three months ended March 31, 2015 and March 31, 2014:
		Three Months Ended		Three Months Ended
		March 31, 2015		March 31, 2014
	Numerator:
	Net income/(loss) available to common stockholders for basic and diluted earnings per share	$	9,396,088	$	27,818,888
	Denominator:
	Basic weighted average common shares outstanding		28,387,615		28,371,419
	Dilutive effect of manager and director restricted stock, and restricted stock units		24,590		2,375
	Dilutive weighted average common shares outstanding		28,412,205		28,373,794
	Basic Earnings/(Loss) Per Share of Common Stock:	$	0.33	$	0.98
	Diluted Earnings/(Loss) Per Share of Common Stock:	$	0.33	$	0.98

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
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 three months ended March 31, 2015 and March 31, 2014, the Company  recorded excise tax expense of $0.4 million and $0.5 million, respectively. Excise tax represents a four percent tax on the required amount of our ordinary income and net capital gains not distributed during the year. The quarterly expense is calculated in accordance with applicable tax regulations.
	The Company files tax returns in several U.S jurisdictions. There are no ongoing U.S. federal, state and local tax examinations.
	The Company has elected to treat certain subsidiaries as TRSs and may elect to treat other subsidiaries as TRSs. In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly, and generally may engage in any real estate or non-real estate-related business.
	The Company elected to treat one of its consolidated subsidiaries as a foreign TRS and, accordingly, taxable income generated by this foreign TRS may not be subject to local income taxation, but generally will be included in the Company’s income on a current basis as Subpart F income, whether or not distributed.
	Cash distributions declared by the Company that do not exceed its current or accumulated earnings and profits will be considered ordinary income to stockholders for income tax purposes unless all or a portion of a distribution is designated by the Company as a capital gain dividend. Distributions in excess of the Company’s current and accumulated earnings and profits will be characterized as return of capital or capital gains.
	Based on the Company’s analysis of any potential uncertain income tax positions, the Company concluded it did not have any uncertain tax positions that meet the recognition or measurement criteria of ASC 740 as of March 31, 2015 and December 31, 2014. The Company’s federal income tax returns for the last three years are open to examination by the Internal Revenue Service. In the event that the Company incurs income tax related interest and penalties, its policy is to classify them as a component of provision for income taxes.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
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 initial public offering (the “IPO”), the Manager provides the Company with its management team, including its officers, along with appropriate support personnel. Each of the Company’s officers is an employee of Angelo, Gordon. The Company does not have any employees. The Manager, pursuant to a delegation agreement dated as of June 29, 2011, has delegated to Angelo, Gordon the overall responsibility its day-to-day duties and obligations arising under the Company’s management agreement.
	Management fee
	The Manager is entitled to a management fee equal to 1.50% per annum, calculated and paid quarterly, of the Company’s Stockholders’ Equity. For purposes of calculating the management fee, “Stockholders’ Equity” means the sum of the net proceeds from any issuances of equity securities (including preferred securities) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance, and excluding any future equity issuance to the Manager), plus the Company’s retained earnings at the end of such quarter (without taking into account any non-cash equity compensation expense or other non-cash items described below incurred in current or prior periods), less any amount that the Company pays for repurchases of its common stock, excluding any unrealized gains, losses or other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP, regardless of whether such items are included in other comprehensive income or loss, or in net income, and excluding one-time events pursuant to changes in GAAP, and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the Company’s independent directors. Stockholders’ Equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s financial statements.
	For the three months ended March 31, 2015, the Company incurred a management fee of approximately $2.5 million. For the three months ended March 31, 2014, the Company incurred a management fee of approximately $2.5 million.
	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 March 31, 2015 and December 31, 2014, 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 either incurred by the Manager or on behalf of the Company, including expenses relating to legal, accounting, due diligence and other services. The Company’s reimbursement obligation is not subject to any dollar limitation, however expenses are evaluated in accordance with its policy. The reimbursement is subject to an annual budget process which combines guidelines found in the Management Agreement with oversight by the Company’s board of directors. The Company will not reimburse the Manager for the salaries and other compensation of its personnel except that the Company will be responsible for expenses incurred by the Manager in employing the Company’s chief financial officer, general counsel and other employees as further described below.
	The Company will reimburse the Manager or its affiliates for the allocable share of the compensation, including, without limitation, annual base salary, bonus, any related withholding taxes and employee benefits paid to (i) the Company’s chief financial officer based on the percentage of his time spent on Company affairs, (ii) the Company’s general counsel based on the percentage of his time spent on the Company’s affairs, and (iii) other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance and other non-investment personnel of the Manager and its affiliates who spend all or a portion of their time managing the Company’s affairs based upon the percentage of time devoted by such personnel to the Company’s affairs. In their capacities as officers or personnel of the Manager or its affiliates, they will devote such portion of their time to the Company’s affairs as is necessary to enable the Company to operate its business.
	For the three months ended March 31, 2015, and March 31, 2014, the Company expensed into Other operating expenses $1.8 million, and $1.7 million, respectively, of reimbursable expenses payable to the Manager. The Manager did not waive any expense reimbursements for these periods.
	Restricted stock grants
	On July 6, 2011 (the date of consummation of the IPO), the Company entered into (i) a restricted stock award agreement with the Manager under the Manager Equity Incentive Plan, pursuant to which the Manager received 40,250 shares of the Company’s common stock, which vest ratably on a quarterly basis over a three-year period that began on October 1, 2011 and (ii) restricted stock award agreements with the Company’s four initial independent directors under the Equity Incentive Plan, pursuant to which each of the four initial independent directors received 1,500 shares of the Company’s common stock that vest in equal installments over three years on each annual anniversary of the grant date. Following the election of Arthur Ainsberg as an independent director at the 2013 Annual Meeting of Stockholders, 500 shares of the Company’s common stock that vested on July 6, 2014 were granted to Mr. Ainsberg under the Equity Incentive Plan. As of July 6, 2014, an aggregate of 46,750 shares awarded to the Manager and the independent directors were fully vested.
	Pursuant to the Manager Equity Incentive Plan and the Equity Incentive Plan, 277,500 shares of common stock were available to be awarded. As of March 31, 2015, 147,542 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 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 March 31, 2015, 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.
	Investments in Affiliates
	The Company invests in credit sensitive commercial and residential real estate assets through affiliated entities which also hold an ownership interest in the assets. The Company is one investor, amongst other investors managed by the Manager, in such entities and has applied the equity method of accounting for such investments. These assets include investments in unguaranteed portions of CMBS issued by a GSE and secured by mortgages on multifamily properties. These assets also include an investment in a portfolio of non-performing single-family mortgage loans acquired through a competitive auction conducted by a U.S. government agency. Our maximum exposure to loss with respect to these investments is generally equal to the amount that we invested.

Equity

Equity	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, 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 March 31, 2015, 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 March 31, 2015, the Company had sold 1,254,854 shares of common stock through the Sales Agents for net proceeds of approximately $31.3 million with the last sale settling on June 13, 2013.
	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 March 31, 2015, 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 three months ended March 31, 2015 and March 31, 2014.
	The following table details the Company’s common stock dividends during the three months ended March 31, 2015 and March 31, 2014:
	2015
	Declaration Date	Record Date	Payment Date	Dividend Per Share
	3/12/15	3/23/15	4/30/15	$	0.6
	2014
	Declaration Date	Record Date	Payment Date	Dividend Per Share
	3/5/14	3/18/14	4/28/14	$	0.6
	The following table details the Company’s preferred stock dividends during the three months ended March 31, 2015 and March 31, 2014:
	2015
	Dividend	Declaration Date	Record Date	Payment Date		Dividend Per Share
	8.25% Series A	2/12/15	2/27/15	3/17/15		$	0.51563
	8.00% Series B	2/12/15	2/27/15	3/17/15		$	0.5
	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
	8.00% Series B	2/14/14	2/28/14	3/17/14		$	0.5

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014.
	In the normal course of business, the Company enters into agreements where payment may become due if certain events occur. Management believes that the probability of making such payments is remote.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, the Company held $0.4 million of money market securities. The Company held no money market securities at December 31, 2014. The Company places its cash with high credit quality institutions to minimize credit risk exposure. Any cash held by the Company as collateral is included in the 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 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 accounts for its securities under ASC 310 and ASC 325, and evaluates securities 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 which the Company previously recorded an OTTI charge if the performance of such security subsequently improves.
	Securities in an unrealized loss position at March 31, 2015 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]	Investments 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 investments in affiliates consistently with this election. The investments 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/(loss) 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 derivative and other instruments, 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 . Refer to Note 3 for more detail.
	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 an adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected should be recognized as impairment.
	The Company’s accrual of interest, discount accretion and premium amortization 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 March 31, 2015 and December 31, 2014, the Company has met all margin call requirements.
	On June 12, 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2014-11. This amendment requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty. If all derecognition criteria are met, the initial transferee will account for the initial transfer as a purchase and the related repurchase agreement component of the transaction will be accounted for as a secured borrowing. Public business entities are required to apply the accounting changes for the first interim or annual reporting period beginning after December 15, 2014. Entities must present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption.
	Prior to the adoption of ASU 2014-11, in instances where the Company acquired assets through repurchase agreements with the same counterparty from whom the assets were purchased, ASC 860-10 required the initial transfer of a financial asset and repurchase financing that were entered into contemporaneously with, or in contemplation of, one another to be considered linked unless all of the criteria found in ASC 860-10 were met at the inception of the transaction. If the transaction met all of the conditions, the initial transfer was accounted for separately from the repurchase financing, and the Company recorded 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 was determined to be linked, the Company recorded the initial transfer and repurchase financing on a net basis and recorded 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 were recorded at fair value with subsequent changes in fair value recognized in income. The Company referred to these transactions as Linked Transactions. The Company recorded 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 a transaction was no longer considered to be linked, the real estate asset and related repurchase financing was reported on a gross basis. The unlinking of a transaction caused a realized event in which the fair value of the real estate asset as of the date of unlinking became 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 was the realized gain or loss. Recognition of effective yield for such security was calculated prospectively using the new cost basis. ASU 2014-11 eliminated this guidance for repurchase financings and instead requires that entities consider the initial transfer and the related repurchase agreement separately when applying the derecognition requirements of ASC 860-10. This guidance effectively changes the accounting for linked financings to secured borrowing accounting. Refer to Note 7 for more detail.
Derivatives, Policy [Policy Text Block]	Accounting for derivative financial instruments
	The Company enters into derivative contracts as a means of mitigating 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 March 31, 2015 and December 31, 2014, the Company did not have any 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]	U.S. Treasury securities
	The Company may purchase long or sell short U.S. Treasury securities to help mitigate the potential impact of changes in interest rates. The Company may finance its purchase of U.S. Treasury securities with overnight repurchase agreements. The Company may borrow securities to cover short sales of U.S. Treasury securities through overnight 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. Interest income and expense associated with purchases and short sales of U.S. treasury securities are recognized in “Interest income” and “Interest expense”, respectively, on the consolidated statement of operations. 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/(loss) as opposed to net income/(loss) reported on the Company’s GAAP financial statements. Taxable income/(loss), generally, will differ from net income/(loss) reported on the financial statements because the determination of taxable income/(loss) 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/(loss), a domestic TRS can declare dividends to the Company which will be included in the Company’s taxable income/(loss) 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 these dividends 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 May 2014, the FASB issued 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 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.
	In February 2015, the FASB issued ASU 2015-2, “Consolidation” (“ASU 2015-2”). The amendments in this update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments, (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, (2) eliminate the presumption that a general partner should consolidate a limited partnership, (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships partnership, and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The Company is currently assessing the impact of this guidance.

Real_Estate_Securities_Tables

Real Estate Securities (Tables)	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule Of Real Estate Securities [Table Text Block]	The following table details the Company’s real estate securities portfolio as of March 31, 2015:
				Premium /					Gross Unrealized (1)							Weighted Average
		Current Face		(Discount)		Amortized Cost			Gains		Losses		Fair Value			Coupon (2)				Yield
	Agency RMBS:
	20 Year Fixed Rate	$	120,481,882	$	5,630,716	$	126,112,598		$	2,892,474	$	-	$	129,005,072			3.72	%			2.76	%
	30 Year Fixed Rate		907,692,408		41,572,317		949,264,725			22,223,509		-126,557		971,361,677			3.8	%			3.1	%
	Fixed Rate CMO		85,659,227		826,794		86,486,021			3,224,801		-		89,710,822			3	%			2.8	%
	ARM		408,557,899		-802,634		407,755,265			10,931,406		-		418,686,671			2.42	%			2.69	%
	Interest Only		712,419,711		-603,767,274		108,652,437			3,642,435		-3,787,679		108,507,193			4.44	%			7.86	%
	Credit Investments:
	Non-Agency RMBS		1,716,983,671		-488,239,998		1,228,743,673			25,851,505		-4,606,782		1,249,988,396			3.54	%			5.5	%
	ABS		68,967,873		-524,344		68,443,529			1,062,967		-439,242		69,067,254			5.2	%			5.49	%
	CMBS		216,126,251		-119,511,371		96,614,880			2,651,983		-150,577		99,116,286			5.02	%			6.45	%
	CMBS Interest Only		52,357,700		-46,582,626		5,775,074			230,953		-		6,006,027			1.85	%			5.76	%
	Total	$	4,289,246,622	$	-1,211,398,420	$	3,077,848,202		$	72,712,033	$	-9,110,837	$	3,141,449,398			3.68	%			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 Company’s real estate securities portfolio as of December 31, 2014:
				Premium /					Gross Unrealized (1)							Weighted Average
		Current Face		(Discount)		Amortized Cost			Gains		Losses		Fair Value			Coupon (2)				Yield
	Agency RMBS:
	20 Year Fixed Rate	$	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	%
	CMBS 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.
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 March 31, 2015 and December 31, 2014:
		Less than 12 months				Greater than 12 months
	As of	Fair Value		Unrealized		Fair Value			Unrealized
				Losses					Losses
	31-Mar-15	$	438,800,357	$	-6,320,637	$	90,771,025		$	-2,790,200
	31-Dec-14		551,097,657		-6,921,385		224,261,493			-4,029,419
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 March 31, 2015:
		Agency RMBS (1)							Agency IO							Credit Investments (2)
	Weighted Average Life (3)	Fair Value		Amortized Cost		Weighted			Fair Value		Amortized		Weighted			Fair Value			Amortized Cost			Weighted
						Average					Cost		Average									Average
						Coupon							Coupon									Coupon (4)
	Less than or equal to 1 year	$	-	$	-		-		$	-	$	-		-		$	22,175,588		$	22,140,661			4.06	%
	Greater than one year and less than or equal to five years		122,540,361		120,267,738		2.59	%		72,680,755		72,717,557		4.03	%		645,098,126			636,930,130			4.01	%
	Greater than five years and less than or equal to ten years		1,466,509,816		1,429,833,748		3.44	%		35,826,438		35,934,880		5.68	%		640,087,087			629,894,268			3.01	%
	Greater than ten years		19,714,065		19,517,123		3.58	%		-		-		-			116,817,162			110,612,097			5.85	%
	Total	$	1,608,764,242	$	1,569,618,609		3.38	%	$	108,507,193	$	108,652,437		4.44	%	$	1,424,177,963		$	1,399,577,156			3.63	%
	(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, 2014:
		Agency RMBS (1)							Agency IO							Credit Investments (2)
	Weighted Average Life (3)	Fair Value		Amortized Cost		Weighted			Fair Value		Amortized		Weighted			Fair Value			Amortized Cost			Weighted
						Average					Cost		Average									Average
						Coupon							Coupon									Coupon (4)
	Less than or equal to 1 year	$	-	$	-		-		$	-	$	-		-		$	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.

Loans_Tables

Loans (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015:
										Gross Unrealized (1)						Weighted Average
		Unpaid Principal			Premium			Amortized Cost		Gains		Losses (2)		Fair Value		Coupon			Yield			Life
		Balance			(Discount)
	Residential mortgage loans	$	113,434,341		$	-32,556,999		$	80,877,342	$	1,778,783	$	-263,405	$	82,392,720	5.47	%		8.66	%		6.17
	(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 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			Amortized Cost		Gains		Losses (2)		Fair Value		Coupon			Yield			Life
		Balance			(Discount)
	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 residential mortgage loans at fair value:
		March 31, 2015						December 31, 2014
	Loan Type	Fair Value			Unpaid Principal			Fair Value		Unpaid Principal
					Balance					Balance
	Re-Performing	$	67,618,680		$	87,816,458		$	68,581,824	$	89,493,175
	Non-Performing		14,774,040			25,617,883			16,508,035		30,389,661
		$	82,392,720		$	113,434,341		$	85,089,859	$	119,882,836
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	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	March 31, 2015				December 31, 2014
	Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100%		97	%			98	%
	Percentage of fair value of mortgage loans secured by properties in the following states:
	Representing 5% or more of fair value:
	New York		17	%			16	%
	California		10	%			11	%
	Florida		6	%			8	%
	Maryland		5	%			5	%
Schedule Certain Loans Acquired In Transfer Accretable Yield [Table Text Block]	The following is a summary of the changes in the accretable portion of discounts for the three months ended March 31, 2015 and March 31, 2014, respectively:
		Three Months Ended
		March 31, 2015			March 31, 2014
	Beginning Balance	$	38,008,263		$	-
	Additions		-			17,159,216
	Accretion		-1,865,295			-243,898
	Reclassifications from/(to) non-accretable difference		4,356,113			-
	Disposals		-1,041,317			-
	Ending Balance	$	39,457,764		$	16,915,318
Commercial Loans [Member]
Gain (Loss) on Investments [Line Items]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	The following tables present the current principal balance, premium or discount, amortized cost, gross unrealized gain, gross unrealized loss, fair market value, coupon rate and effective yield of the Company’s commercial loan portfolio at March 31, 2015.
										Gross Unrealized (1)						Weighted Average
		Current Face			Premium			Amortized Cost		Gains		Losses		Fair Value		Coupon				Yield			Life	Stated Maturity	Extended	Location
					(Discount)											-5								Date (6)	Maturity Date
	Loan A (2)	$	30,000,000		$	-193,809		$	29,806,191	$	193,809	$	-	$	30,000,000		6.5	%		8.76	%		2.52	5-Jun-17	5-Jun-19	FL
	Loan B (3)		32,800,000			-138,088			32,661,912		138,088		-		32,800,000		5	%		6.15	%		1.2	1-Jul-16	1-Jul-19	TX
	Loan C (4)		10,000,000			-59,200			9,940,800		59,200		-		10,000,000		13.5	%		15.86	%		1.36	1-Feb-17	1-Feb-18	NY
		$	72,800,000		$	-391,097		$	72,408,903	$	391,097	$	-	$	72,800,000		6.79	%		8.56	%		1.77
	(1) The Company has 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.
	The following tables present the current principal balance, premium or discount, amortized cost, gross unrealized gain, gross unrealized loss, fair market value, coupon rate and effective yield of the Company’s commercial loan portfolio at December 31, 2014.
										Gross Unrealized (1)						Weighted Average
		Current Face			Premium			Amortized Cost		Gains		Losses		Fair Value		Coupon				Yield			Life	Stated Maturity	Extended	Location
					(Discount)											-5								Date (6)	Maturity Date
	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) The Company has 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)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015:
		Level 1		Level 2			Level 3		Total
	Assets:
	Agency RMBS:
	20 Year Fixed Rate	$	-	$	129,005,072		$	-	$	129,005,072
	30 Year Fixed Rate		-		971,361,677			-		971,361,677
	Fixed Rate CMO		-		89,710,822			-		89,710,822
	ARM		-		418,686,671			-		418,686,671
	Interest Only		-		108,507,193			-		108,507,193
	Credit Investments:
	Non-Agency RMBS		-		740,443,224			509,545,172		1,249,988,396
	ABS		-		-			69,067,254		69,067,254
	CMBS		-		45,305,727			53,810,559		99,116,286
	CMBS Interest Only		-		-			6,006,027		6,006,027
	Residential mortgage loans		-		-			82,392,720		82,392,720
	Commercial loans		-		-			72,800,000		72,800,000
	U.S. Treasury Securities		100,679,688		-			-		100,679,688
	Excess mortgage servicing rights		-		-			579,734		579,734
	Derivative assets		-		4,031,370			-		4,031,370
	Total Assets Carried at Fair Value	$	100,679,688	$	2,507,051,756		$	794,201,466	$	3,401,932,910
	Liabilities:
	Securitized debt	$	-	$	-38,405,163		$	-	$	-38,405,163
	Securities borrowed under reverse repurchase agreements		-25,009,766		-			-		-25,009,766
	Derivative liabilities		-		-8,812,676			-		-8,812,676
	Total Liabilities Carried at Fair Value	$	-25,009,766	$	-47,217,839		$	-	$	-72,227,605
	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of 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
	CMBS 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
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following tables present additional information about the Company’s investments which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:
	Three Months Ended
	March 31, 2015
		Non-Agency		ABS			CMBS		CMBS Interest		Residential		Commercial		Excess Mortgage		Linked
		RMBS							Only		Mortgage Loans		Loans		Servicing Rights		Transactions
	Beginning balance	$	455,236,279	$	66,693,243		$	39,343,274	$	6,125,949	$	85,089,859	$	72,800,000	$	628,367	$	5,082,731
	Transfers (1):
	Transfers into level 3		-		-			-		-		-		-		-		-
	Transfers out of level 3		-		-			-		-		-		-		-		-
	Purchases		74,146,136		4,027,500			14,642,289		-		-		-		-		-
	Reclassification of security type (2)		24,129,591		-			-		-		-		-		-		-5,082,731
	Proceeds from sales		-12,383,544		-2,595,898			-		-		-		-		-		-
	Proceeds from settlement		-35,224,917		-228,246			-387,963		-		-1,858,699		-		-48,633		-
	Total net gains/(losses) (3)
	Included in net income		3,641,627		1,170,655			212,959		-119,922		-838,440		-		-		-
	Included in other comprehensive income (loss)		-		-			-		-		-		-		-		-
	Ending Balance	$	509,545,172	$	69,067,254		$	53,810,559	$	6,006,027	$	82,392,720	$	72,800,000	$	579,734	$	-
	Change in unrealized appreciation/(depreciation) for level 3 assets still held as of March 31, 2015 (4)	$	3,447,627	$	1,073,361		$	212,959	$	-119,922	$	-770,629	$	-	$	-	$	-
	(1) Transfers are assumed to occur at the beginning of the period.
	(2) Primarily 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:
	Unrealized gain/(loss) on real estate securities and loans, net	$	4,083,812
	Net realized gain/(loss)		-16,933
	Total	$	4,066,879
	(4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations:
	Unrealized gain/(loss) on real estate securities and loans, net	$	4,359,636
	Net realized gain/(loss)		-516,240
	Total	$	3,843,396
	Three Months Ended
	March 31, 2014
		Non-Agency		ABS			CMBS		CMBS Interest		Residential		Commercial		Linked
		RMBS							Only		Mortgage Loans		Loans		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		75,858,929		3,022,000			-		-		35,075,171		9,927,833		1,640,500
	Reclassification of security type (2)		7,507,855		6,562,500			12,683,116		-		-		-		-5,740,156
	Proceeds from sales		-10,779,244		-			-		-		-		-		-
	Proceeds from settlement		-4,119,236		-7,566,041			-206,807		-		-		-		-1,140,885
	Total net gains/ (losses) (3)
	Included in net income		2,936,083		297,786			1,476,593		73,523		-135,398		72,167		428,431
	Included in other comprehensive income (loss)		-		-			-		-		-		-		-
	Ending Balance	$	381,244,949	$	73,661,029		$	37,924,945	$	6,398,258	$	34,939,773	$	10,000,000	$	9,911,059
	Change in unrealized appreciation/(depreciation) for level 3 assets still held as of March 31, 2014 (4)	$	2,972,279	$	297,786		$	1,476,593	$	73,523	$	-135,398	$	72,167	$	372,793
	(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	$	428,431
	Unrealized gain/(loss) on real estate securities and loans, net		4,989,665
	Interest income		-268,911
	Total	$	5,149,185
	(4) Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
	Income/(loss) from linked transactions, net	$	372,793
	Unrealized gain/(loss) on real estate securities and loans, net		4,756,950
	Total	$	5,129,743
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value:
	Asset Class	Fair Value at		Valuation Technique		Unobservable Input		Range
		March 31, 2015						(Weighted Average)
						Yield		0.00% - 36.02% (5.36%)
						Projected Collateral Prepayments		0.00% - 15.00% (3.45%)
	Non-Agency RMBS	$	509,545,172	Discounted Cash Flow		Projected Collateral Losses		0.00% - 35.00% (11.33%)
						Projected Collateral Severities		0.00% - 80.00% (31.60%)
						Yield		4.62% - 7.25% (5.49%)
						Projected Collateral Prepayments		0.00% - 100.00% (79.59%)
	ABS	$	69,067,254	Discounted Cash Flow		Projected Collateral Losses		0.00% - 8.30% (6.43%)
						Projected Collateral Severities		0.00% - 30.00% (5.52%)
						Yield		4.20% - 9.98% (5.81%)
						Projected Collateral Prepayments		0.00% - 50.00% (6.27%)
	CMBS	$	53,810,559	Discounted Cash Flow		Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		5.76% - 5.78% (5.76%)
						Projected Collateral Prepayments		100.00% - 100.00% (100.00%)
	CMBS Interest Only	$	6,006,027	Discounted Cash Flow		Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		5.52% - 40.22% (8.66%)
						Projected Collateral Prepayments		1.91% - 8.24% (6.56%)
	Residential Mortgage Loans	$	82,392,720	Discounted Cash Flow		Projected Collateral Losses		4.59% - 11.21% (5.99%)
						Projected Collateral Severities		20.19% - 51.78% (27.79%)
						Yield		6.15% - 15.86% (8.56%)
	Commercial Loans	$	72,800,000	Discounted Cash Flow		Credit Spread		4.75 bps - 13.25 bps (6.54 bps)
						Recovery Percentage*		100.00% - 100.00% (100.00%)
	Excess Mortgage Servicing Rights	$	579,734	Discounted Cash Flow		Yield		7.16% - 7.46% (7.22%)
	* Represents the proportion of the principal expected to be collected relative to the loan balances as of March 31, 2015.
	Asset Class	Fair Value at		Valuation Technique		Unobservable Input		Range
		December 31, 2014						(Weighted Average)
						Yield		0.29% - 35.48% (5.30%)
						Projected Collateral Prepayments		0.00% - 12.00% (3.21%)
	Non-Agency RMBS	$	455,236,279	Discounted Cash Flow		Projected Collateral Losses		0.00% - 35.00% (13.07%)
						Projected Collateral Severities		0.00% - 80.00% (36.04%)
						Yield		4.62% - 7.95% (5.55%)
						Projected Collateral Prepayments		20.00% - 100.00% (88.56%)
	ABS	$	66,693,243	Discounted Cash Flow		Projected Collateral Losses		0.00% - 8.30% (5.13%)
						Projected Collateral Severities		0.00% - 50.00% (7.15%)
						Yield		4.80% - 10.52% (6.34%)
						Projected Collateral Prepayments		0.00% - 0.00% (0.00%)
	CMBS	$	39,343,274	Discounted Cash Flow		Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		5.72% - 5.78% (5.73%)
						Projected Collateral Prepayments		100.00% - 100.00% (100.00%)
	CMBS Interest Only	$	6,125,949	Discounted Cash Flow		Projected Collateral Losses		0.00% - 0.00% (0.00%)
						Projected Collateral Severities		0.00% - 0.00% (0.00%)
						Yield		5.60% - 23.67% (8.90%)
						Projected Collateral Prepayments		1.98% - 8.36% (6.44%)
	Residential Mortgage Loans	$	85,089,859	Discounted Cash Flow		Projected Collateral Losses		4.47% - 9.64% (6.20%)
						Projected Collateral Severities		20.93% - 41.94% (27.65%)
						Yield		6.15% - 15.77% (8.55%)
	Commercial Loans	$	72,800,000	Discounted Cash Flow		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%)
						Yield		4.49% - 6.45% (5.50%)
						Projected Collateral Prepayments		3.00% - 12.00% (6.94%)
	Linked Transactions*	$	5,082,731	Discounted Cash Flow		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.

Repurchase_Agreements_Tables

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015:
		Repurchase Agreements							Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average			Weighted Average		Fair Value			Amortized Cost			Accrued Interest
				Rate			Haircut		Pledged
	30 days or less	$	1,849,733,715	0.9	%		11.4	%	$	2,116,899,525		$	2,064,016,539		$	7,100,101
	31-60 days		349,901,000	1.08	%		11.4	%		399,242,468			393,611,106			1,108,847
	61-90 days		27,423,000	1.82	%		24.8	%		36,814,681			35,762,537			57,038
	Greater than 90 days		295,294,784	1.71	%		12	%		348,742,242			341,453,315			614,850
	Total / Weighted Average	$	2,522,352,499	1.03	%		11.6	%	$	2,901,698,916		$	2,834,843,497		$	8,880,836
	The following table presents certain information regarding the Company’s repurchase agreements secured by real estate securities as of December 31, 2014:
		Repurchase Agreements						Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average		Weighted Average		Fair Value			Amortized Cost			Accrued Interest
				Rate		Haircut		Pledged
	30 days or less	$	1,969,873,000	0.75	%	10.4	%	$	2,205,969,794		$	2,174,485,394		$	6,903,437
	31-60 days		220,953,000	1.11	%	12.2	%		253,788,749			249,993,183			816,574
	61-90 days		51,090,128	1.26	%	13.1	%		60,149,910			58,111,076			171,277
	Greater than 90 days		329,966,102	1.84	%	17.7	%		416,125,338			408,496,220			1,105,242
	Total / Weighted Average	$	2,571,882,230	0.93	%	11.5	%	$	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 interests in residential mortgage loans as of March 31, 2015:
		Repurchase Agreements								Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average		Weighted Average		Weighted		Fair Value			Amortized Cost			Accrued Interest
				Rate		Funding Cost		Average Haircut		Pledged
	30 days or less	$	-	-		-		-		$	-		$	-		$	-
	31-60 days		-	-		-		-			-			-			-
	61-90 days		-	-		-		-			-			-			-
	Greater than 90 days		50,856,483	2.68	%	2.85	%	29.5	%		72,247,373			72,543,319			95,139
	Total / Weighted Average	$	50,856,483	2.68	%	2.85	%	29.5	%	$	72,247,373		$	72,543,319		$	95,139
	The following table presents certain information regarding the Company’s repurchase agreements secured by interests in residential mortgage loans as of December 31, 2014:
		Repurchase Agreements													Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average				Weighted Average				Weighted			Fair Value			Amortized Cost		Accrued Interest
				Rate				Funding Cost				Average Haircut			Pledged
	30 days or less	$	-		-				-				-		$	-		$	-	$	-
	31-60 days		-		-				-				-			-			-		-
	61-90 days		-		-				-				-			-			-		-
	Greater than 90 days		50,573,718		2.93	%			3.08	%			31.1	%		73,407,869			73,084,817		709,585
	Total / Weighted Average	$	50,573,718		2.93	%			3.08	%			31.1	%	$	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 of March 31, 2015:
		Repurchase Agreements													Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average				Weighted Average				Weighted			Fair Value			Amortized Cost		Accrued Interest
				Rate				Funding Cost				Average Haircut			Pledged
	30 days or less	$	-		-				-				-		$	-		$	-	$	-
	31-60 days		-		-				-				-			-			-		-
	61-90 days		-		-				-				-			-			-		-
	Greater than 90 days		22,500,000		2.5	%			2.84	%			64.2	%		62,800,000			62,468,103		678,721
	Total / Weighted Average	$	22,500,000		2.5	%			2.84	%			64.2	%	$	62,800,000		$	62,468,103	$	678,721
	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													Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average				Weighted Average				Weighted			Fair Value			Amortized Cost		Accrued Interest
				Rate				Funding Cost				Average Haircut			Pledged
	30 days or less	$	-		-				-				-		$	-		$	-	$	-
	31-60 days		-		-				-				-			-			-		-
	61-90 days		-		-				-				-			-			-		-
	Greater than 90 days		22,500,000		2.5	%			2.83	%			64.2	%		62,800,000			62,370,168		533,832
	Total / Weighted Average	$	22,500,000		2.5	%			2.83	%			64.2	%	$	62,800,000		$	62,370,168	$	533,832
	The following table presents certain information regarding the Company’s repurchase agreements secured by interests in U.S. Treasury securities as of March 31, 2015:
		Repurchase Agreements								Collateral Pledged
	Repurchase Agreements Maturing Within:	Balance		Weighted Average			Weighted Average			Fair Value			Amortized Cost			Accrued Interest
				Rate			Haircut			Pledged
	Overnight	$	74,906,251		-0.3	%		0.8	%	$	75,509,766		$	75,022,998		$	139,848
	30 days or less		-		-			-			-			-			-
	31-60 days		-		-			-			-			-			-
	61-90 days		-		-			-			-			-			-
	Greater than 90 days		-		-			-			-			-			-
	Total / Weighted Average	$	74,906,251		-0.3	%		0.8	%	$	75,509,766		$	75,022,998		$	139,848
Schedule Of Securities Collateral Information [Table Text Block]	The following table presents information with respect to the Company’s posting of collateral under repurchase agreements at March 31, 2015 and December 31, 2014:
		March 31, 2015		December 31, 2014
	Repurchase agreements secured by Agency RMBS	$	1,463,845,000	$	1,583,911,000
	Fair Value of Agency RMBS pledged as collateral under repurchase agreements		1,561,960,046		1,684,021,261
	Repurchase agreements secured by Non-Agency RMBS, ABS and CMBS		1,058,507,499		987,971,230
	Fair Value of Non-Agency RMBS, ABS and CMBS pledged as collateral under repurchase agreements		1,339,738,870		1,252,012,530
	Repurchase agreements secured by Residential Mortgage Loans		50,856,483		50,573,718
	Fair Value of Residential Mortgage Loans pledged as collateral under repurchase agreements		72,247,373		73,407,869
	Repurchase agreements secured by Commercial Mortgage Loans		22,500,000		22,500,000
	Fair Value of Commercial Mortgage Loans pledged as collateral under repurchase agreements		62,800,000		62,800,000
	Repurchase agreements secured by U.S. Treasury Securities		74,906,251		-
	Fair Value of Agency U.S. Treasury Securities pledged as collateral under repurchase agreements		75,509,766		-
	Cash pledged (i.e., restricted cash) under repurchase agreements		12,074,672		13,374,600
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 March 31, 2015:
										Gross Amounts Not Offset in the
										Consolidated Balance Sheet
	Description	Gross Amounts of		Gross Amounts			Net Amounts of Liabilities			Financial			Cash Collateral			Net Amount
		Recognized		Offset in the			Presented in the Consolidated			Instruments			Posted
		Liabilities		Consolidated Balance			Balance Sheet			Posted
				Sheet
	Repurchase Agreements	$	2,670,615,233	$	-		$	2,670,615,233		$	2,670,615,233		$	-		$	-
	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
	Description	Gross Amounts of		Gross Amounts			Net Amounts of Liabilities			Financial			Cash Collateral			Net Amount
		Recognized		Offset in the			Presented in the Consolidated			Instruments			Posted
		Liabilities		Consolidated Balance			Balance Sheet			Posted
				Sheet
	Repurchase Agreements	$	2,644,955,948	$	-		$	2,644,955,948		$	2,644,955,948		$	-		$	-
Schedule Of Repurchase Agreement Counterparty [Table Text Block]	At March 31, 2015 the following table reflects amounts at risk under its repurchase agreements greater than 5% of the Company’s equity with any counterparty, excluding repurchase agreements through affiliated entities.
	Counterparty	Amount at Risk		Weighted Average			Percentage of
				Maturity (days)			Stockholders' Equity
	Wells Fargo Bank, N.A.	$	86,660,525		443			12	%
	Credit Suisse Securities, LLC		83,581,570		95			12	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		48,577,118		9			7	%
	JP Morgan Securities, LLC		46,958,895		444			6	%
	The Royal Bank of Canada		37,680,810		33			5	%
	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.
	Counterparty	Amount at Risk		Weighted Average			Percentage of
				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	%

Derivatives_Tables

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014.
	Derivative Instrument	Designation		Balance Sheet Location		March 31, 2015			December 31, 2014
	Interest rate swaps	Non-Hedge		Derivative liabilities, at fair value		$	-8,812,676		$	-8,608,209
	Interest rate swaps	Non-Hedge		Derivative assets, at fair value			1,864,570			9,902,151
	TBAs	Non-Hedge		Derivative assets, at fair value			2,166,800			1,480,471
	Long positions on U.S. Treasuries	Non-Hedge		U.S. Treasury securities, at fair value			100,679,688			-
	Short positions on U.S. Treasuries	Non-Hedge		Obligation to return securities borrowed under reverse repurchase			-25,009,766			-
				agreements, at fair value (1)
	Linked transactions	Non-Hedge		Linked transactions, net, at fair value			-			26,695,091
	(1) The Company's obligation to return securities borrowed under reverse repurchase agreements as of March 31, 2015 relates to securities borrowed to cover short sales of U.S. Treasury securities. The change in fair value of the borrowed securities is recorded in the "Unrealized gain/(loss) on derivatives and other instruments, net" line item in the Company's consolidated statement of operations.
Schedule of Derivative Instruments [Table Text Block]	The following table summarizes information related to derivatives:
	Non-hedge derivatives held long/(short):	March 31, 2015			December 31, 2014
	Notional amount of Pay Fix/Receive Float Interest Rate Swap Agreements	$	1,040,000,000		$	1,441,000,000
	Notional amount of Receive Fix/Pay Float Interest Rate Swap Agreements		-5,000,000			-5,000,000
	Notional amount of TBAs		180,000,000			225,000,000
	Notional amount of long positions on U.S. Treasuries		100,000,000			-
	Notional amount of short positions on U.S. Treasuries		-25,000,000			-
	Notional amount of Linked Transactions (1)		-			150,836,900
	(1) Represents the current face of the securities comprising linked transactions as of December 31, 2014.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]	The following table summarizes gains/(losses) related to derivatives:
				Three Months Ended			Three Months Ended
	Non-hedge derivatives gain (loss):	Statement of Operations Location		March 31, 2015			March 31, 2014
	Interest rate swaps, at fair value	Unrealized gain/(loss) on derivative and other instruments, net		$	-9,681,958		$	-18,463,039
	Interest rate swaps, at fair value	Net realized gain/(loss)			-12,095,409			619,643
	Swaptions, at fair value	Unrealized gain/(loss) on derivative and other instruments, net			-			-119,049
	Swaptions, at fair value	Net realized gain/(loss)			-			445,000
	TBAs (1)	Unrealized gain/(loss) on derivative and other instruments, net			686,330			-109,414
	TBAs	Net realized gain/(loss)			2,155,078			-
	IO Index, at fair value	Unrealized gain/(loss) on derivative and other instruments, net			-			-34,606
	IO Index, at fair value	Net realized gain/(loss)			-			129,761
	MBS Options, at fair value	Unrealized gain/(loss) on derivative and other instruments, net			-			38,774
	MBS Options, at fair value	Net realized gain/(loss)			-			19,531
	Linked transactions	Income/(loss) from linked transactions, net			-			4,126,741
	Long positions on U.S. Treasuries	Unrealized gain/(loss) on derivative and other instruments, net			649,023			-
	Long positions on U.S. Treasuries	Net realized gain/(loss)			-1,263,672			-
	Short positions on U.S. Treasuries	Unrealized gain/(loss) on derivative and other instruments, net			-369,141			-493,381
	Short positions on U.S. Treasuries	Net realized gain/(loss)			-442,969			-
	(1) For the three months ended March 31, 2015, gains and losses from purchases and sales of TBAs consisted of $1.2 million of net TBA dollar roll net interest income and net gains of $1.6 million due to price changes. For the three months ended March 31, 2014, gains and losses from purchases and sales of TBAs consisted of net losses of $0.1 million, due to price changes. There was no income recorded on TBA dollar rolls for the three months ended March 31, 2014.
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 March 31, 2015:
											Gross Amounts Not Offset in the Consolidated Balance Sheet
	Description	Gross Amounts of			Gross Amounts			Net Amounts of Assets			Financial			Cash Collateral		Net Amount
		Recognized			Offset in the			(Liabilities) Presented in the			Instruments			(Posted)/Received
		Assets			Consolidated Balance			Consolidated Balance Sheet			(Posted)/Received
		(Liabilities)			Sheet
	Receivable Under Reverse Repurchase Agreements	$	25,125,000		$	-		$	25,125,000		$	25,009,766		$	-	$	115,234
	Derivative Assets (1)
	Interest Rate Swaps	$	2,795,632		$	-		$	2,795,632		$	-		$	1,178,836	$	1,616,796
	TBAs		2,166,800			-			2,166,800			-			2,166,800		-
	Total Derivative Assets	$	4,962,432		$	-		$	4,962,432		$	-		$	3,345,636	$	1,616,796
	Derivative Liabilities (2)
	Interest Rate Swaps	$	-6,614,876		$	-		$	-6,614,876		$	-172,624		$	-6,442,252	$	-
	Total Derivative Liabilities	$	-6,614,876		$	-		$	-6,614,876		$	-172,624		$	-6,442,252	$	-
	(1) Included in Derivative Assets on the consolidated balance sheet is $4,962,432 less accrued interest of $931,062 for a total of $4,031,370.
	(2) Included in Derivative Liabilities on the consolidated balance sheet is $6,614,876 plus accrued interest of $2,197,800 for a total of $8,812,676.
	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, 2014:
											Gross Amounts Not Offset in the
											Consolidated Balance Sheet
	Description	Gross Amounts of			Gross Amounts			Net Amounts of Assets			Financial			Cash Collateral		Net Amount
		Recognized			Offset in the			(Liabilities) Presented in the			Instruments			(Posted)/Received
		Assets			Consolidated Balance			Consolidated Balance Sheet			(Posted)/Received
		(Liabilities)			sheet
	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).
Schedule of Interest Rate Derivatives [Table Text Block]	The following table presents information about the Company’s interest rate swaps as of March 31, 2015:
	Maturity	Notional Amount			Weighted Average				Weighted Average				Weighted Average
					Pay Rate				Receive Rate				Years to Maturity
	2017	$	80,000,000			0.87	%			0.3	%			2.43
	2018		210,000,000			1.05	%			0.26	%			3.01
	2019		260,000,000			1.27	%			0.26	%			4.39
	2020		265,000,000			1.95	%			0.29	%			6.07
	2022		70,000,000			1.75	%			0.25	%			7.27
	2023		160,000,000			1.8	%			0.2	%			6.38
	Total/Wtd Avg	$	1,045,000,000			1.48	%			0.26	%			4.89
	The following table presents information about the Company’s interest rate swaps as of December 31, 2014:
	Maturity	Notional Amount			Weighted Average				Weighted Average				Weighted Average
					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
Schedule Of To Be Announced Securities Activity [Table Text Block]	The following table presents information about the Company’s TBAs for the three months ended March 31, 2015 and March 31, 2014:
	For the Three Months Ended March 31, 2015
		Beginning			Buys or Covers			Sales or Shorts			Ending Notional			Fair Value as of		Receivable/(Payable)		Derivative		Derivative
		Notional									Amount			Period End		from/to Broker		Asset		Liability
		Amount
	TBAs - Long	$	225,000,000		$	605,000,000		$	-650,000,000		$	180,000,000		$	189,959,769	$	-187,792,969	$	2,166,800	$	-
	TBAs - Short	$	-		$	219,000,000		$	-219,000,000		$	-		$	-	$	-	$	-	$	-
	For the Three Months Ended March 31, 2014
		Beginning			Buys or Covers			Sales or Shorts			Ending Notional			Fair Value as of		Receivable/(Payable)		Derivative		Derivative
		Notional									Amount			Period End		from/to Broker		Asset		Liability
		Amount
	TBAs - Long	$	-		$	-		$	-		$	-		$	-	$	-	$	-	$	-
	TBAs - Short	$	-		$	147,000,000		$	-147,000,000		$	-		$	-	$	-109,414	$	118,205	$	-227,619
Schedule Of Repurchase Agreements Comprising Linked Transaction [Table Text Block]	The following table presents certain information related to the securities accounted for as a part of linked transactions during the three months ended March 31, 2014:
															For the Three Months Ended March 31, 2014
	Instrument	Current Face			Amortized			Fair Value			Net Accrued			Net Interest		Unrealized		Net		Amount		Weighted Average			Weighted Average Life
					Cost						Interest			Income		Gain/(Loss)		Realized		Included in		Coupon
																		Gain/(Loss)		Statement of
																				Operations
	Non-Agency RMBS	$	236,612,695		$	211,115,545		$	218,648,145		$	365,615		$	4,368,207	$	-377,808	$	35,033	$	4,025,432		3.7	%		5.76
	CMBS		10,000,000			9,278,989			9,516,800			-3,629			144,702		124,029		-167,422		101,309		0.4	%		1.04
	Total	$	246,612,695		$	220,394,534		$	228,164,945		$	361,986		$	4,512,909	$	-253,779	$	-132,389	$	4,126,741		3.57	%		5.57
	The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of March 31, 2014:
	Instrument	Repurchase			Weighted				Weighted
		Agreement			Average				Average Years
					Interest Rate				to Maturity
	Non-Agency RMBS	$	180,103,626			1.89	%			0.16
	CMBS		6,475,333			1.56	%			0.06
		$	186,578,959			1.88	%			0.16

Earnings_per_Share_Tables

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	As of March 31, 2015 and March 31, 2014, the Company’s outstanding warrants, unvested shares of restricted common stock and restricted stock units were as follows:
		March 31, 2015		March 31, 2014
	Warrants		1,007,500		1,007,500
	Restricted stock granted to the Manager		-		6,710
	Restricted stock units granted to the Manager		60,000		-
	Restricted stock granted to the independent directors		-		2,500
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the three months ended March 31, 2015 and March 31, 2014:
		Three Months Ended		Three Months Ended
		March 31, 2015		March 31, 2014
	Numerator:
	Net income/(loss) available to common stockholders for basic and diluted earnings per share	$	9,396,088	$	27,818,888
	Denominator:
	Basic weighted average common shares outstanding		28,387,615		28,371,419
	Dilutive effect of manager and director restricted stock, and restricted stock units		24,590		2,375
	Dilutive weighted average common shares outstanding		28,412,205		28,373,794
	Basic Earnings/(Loss) Per Share of Common Stock:	$	0.33	$	0.98
	Diluted Earnings/(Loss) Per Share of Common Stock:	$	0.33	$	0.98

Equity_Tables

Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Schedule of Dividends Payable [Table Text Block]	The following table details the Company’s common stock dividends during the three months ended March 31, 2015 and March 31, 2014:
	2015
	Declaration Date	Record Date	Payment Date	Dividend Per Share
	3/12/15	3/23/15	4/30/15	$	0.6
	2014
	Declaration Date	Record Date	Payment Date	Dividend Per Share
	3/5/14	3/18/14	4/28/14	$	0.6
	The following table details the Company’s preferred stock dividends during the three months ended March 31, 2015 and March 31, 2014:
	2015
	Dividend	Declaration Date	Record Date	Payment Date		Dividend Per Share
	8.25% Series A	2/12/15	2/27/15	3/17/15		$	0.51563
	8.00% Series B	2/12/15	2/27/15	3/17/15		$	0.5
	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
	8.00% Series B	2/14/14	2/28/14	3/17/14		$	0.5

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details Textual) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
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
Money Market Funds, at Carrying Value	$0.40

Real_Estate_Securities_Details

Real Estate Securities (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Current Face	$4,289,246,622		$4,006,448,684
Premium/(Discount)	-1,211,398,420		-941,512,278
Amortized Cost	3,077,848,202		3,064,936,406
Gross Unrealized Gains	72,712,033		61,620,967	[1]
Gross Unrealized Losses	-9,110,837	[1]	-10,950,804	[1]
Fair Value	3,141,449,398		3,115,606,569
Weighted Average Coupon	3.68%	[2]	3.97%	[2]
Weighted Average Yield	4.31%		4.31%
Agency RMBS: 20 Year Fixed Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	120,481,882		125,538,084
Premium/(Discount)	5,630,716		6,009,532
Amortized Cost	126,112,598		131,547,616
Gross Unrealized Gains	2,892,474		2,267,721	[1]
Gross Unrealized Losses	0	[1]	-72,467	[1]
Fair Value	129,005,072		133,742,870
Weighted Average Coupon	3.72%	[2]	3.72%	[2]
Weighted Average Yield	2.76%		2.79%
Agency RMBS: 30 Year Fixed Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	907,692,408		973,102,647
Premium/(Discount)	41,572,317		46,665,955
Amortized Cost	949,264,725		1,019,768,602
Gross Unrealized Gains	22,223,509		17,222,909	[1]
Gross Unrealized Losses	-126,557	[1]	-967,492	[1]
Fair Value	971,361,677		1,036,024,019
Weighted Average Coupon	3.80%	[2]	3.90%	[2]
Weighted Average Yield	3.10%		3.15%
Agency RMBS: Fixed Rate CMO [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	85,659,227		88,345,864
Premium/(Discount)	826,794		880,994
Amortized Cost	86,486,021		89,226,858
Gross Unrealized Gains	3,224,801		1,548,517	[1]
Gross Unrealized Losses	0	[1]	0	[1]
Fair Value	89,710,822		90,775,375
Weighted Average Coupon	3.00%	[2]	3.00%	[2]
Weighted Average Yield	2.80%		2.81%
Agency RMBS: ARM [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	408,557,899		421,043,957
Premium/(Discount)	-802,634		-888,105
Amortized Cost	407,755,265		420,155,852
Gross Unrealized Gains	10,931,406		7,570,945	[1]
Gross Unrealized Losses	0	[1]	-189,430	[1]
Fair Value	418,686,671		427,537,367
Weighted Average Coupon	2.42%	[2]	2.42%	[2]
Weighted Average Yield	2.69%		2.71%
Agency RMBS: Interest Only [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	712,419,711		754,905,240
Premium/(Discount)	-603,767,274		-638,264,371
Amortized Cost	108,652,437		116,640,869
Gross Unrealized Gains	3,642,435		5,941,701	[1]
Gross Unrealized Losses	-3,787,679	[1]	-2,347,455	[1]
Fair Value	108,507,193		120,235,115
Weighted Average Coupon	4.44%	[2]	4.51%	[2]
Weighted Average Yield	7.86%		7.79%
Credit Investments: Non-Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	1,716,983,671		1,303,432,523
Premium/(Discount)	-488,239,998		-181,488,454
Amortized Cost	1,228,743,673		1,121,944,069
Gross Unrealized Gains	25,851,505		24,415,728	[1]
Gross Unrealized Losses	-4,606,782	[1]	-6,281,869	[1]
Fair Value	1,249,988,396		1,140,077,928
Weighted Average Coupon	3.54%	[2]	4.26%	[2]
Weighted Average Yield	5.50%		5.62%
Credit Investments: ABS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	68,967,873		67,696,117
Premium/(Discount)	-524,344		-379,648
Amortized Cost	68,443,529		67,316,469
Gross Unrealized Gains	1,062,967		322,074	[1]
Gross Unrealized Losses	-439,242	[1]	-945,300	[1]
Fair Value	69,067,254		66,693,243
Weighted Average Coupon	5.20%	[2]	5.15%	[2]
Weighted Average Yield	5.49%		5.55%
Credit Investments: CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	216,126,251		220,026,552
Premium/(Discount)	-119,511,371		-127,623,416
Amortized Cost	96,614,880		92,403,136
Gross Unrealized Gains	2,651,983		2,138,358	[1]
Gross Unrealized Losses	-150,577	[1]	-146,791	[1]
Fair Value	99,116,286		94,394,703
Weighted Average Coupon	5.02%	[2]	5.13%	[2]
Weighted Average Yield	6.45%		6.65%
Credit Investments: CMBS Interest Only [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face	52,357,700		52,357,700
Premium/(Discount)	-46,582,626		-46,424,765
Amortized Cost	5,775,074		5,932,935
Gross Unrealized Gains	230,953		193,014	[1]
Gross Unrealized Losses	0	[1]	0	[1]
Fair Value	$6,006,027		$6,125,949
Weighted Average Coupon	1.85%	[2]	1.85%	[2]
Weighted Average Yield	5.76%		5.73%
[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.

Real_Estate_Securities_Details1

Real Estate Securities (Details 1) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value	$438,800,357	$551,097,657
Less than Twelve Months, Unrealized Losses	-6,320,637	-6,921,385
Greater than Twelve Months, Fair Value	90,771,025	224,261,493
Greater than Twelve Months, Unrealized Losses	($2,790,200)	($4,029,419)

Real_Estate_Securities_Details2

Real Estate Securities (Details 2) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	$1,608,764,242	[1],[2]	$1,688,079,631	[1],[2]
Amortized Cost Total	1,569,618,609	[1],[2]	1,660,698,928	[1],[2]
Weighted Average Coupon Total	3.38%	[1],[2]	3.45%	[1],[2]
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],[2]
Amortized Cost Less than or equal to 1 year	0	[1],[2]	0	[1],[2]
Weighted Average Coupon Less than or equal to 1 year	0.00%	[1],[2]	0.00%	[1],[2]
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	122,540,361	[1],[2]	72,253,477	[1],[2]
Amortized Cost Greater than one year and less than or equal to five years	120,267,738	[1],[2]	71,713,942	[1],[2]
Weighted Average Coupon Greater than one year and less than or equal to five years	2.59%	[1],[2]	2.57%	[1],[2]
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	1,466,509,816	[1],[2]	1,486,360,763	[1],[2]
Amortized Cost Greater than five years and less than or equal to ten years	1,429,833,748	[1],[2]	1,461,439,648	[1],[2]
Weighted Average Coupon Greater than five years and less than or equal to ten years	3.44%	[1],[2]	3.49%	[1],[2]
Agency RMBS [Member] | Greater Than Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than ten years	19,714,065	[1],[2]	129,465,391	[1],[2]
Amortized Cost Greater than ten years	19,517,123	[1],[2]	127,545,338	[1],[2]
Weighted Average Coupon Greater than ten years	3.58%	[1],[2]	3.54%	[1],[2]
Agency IO [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	108,507,193	[1]	120,235,115	[1]
Amortized Cost Total	108,652,437	[1]	116,640,869	[1]
Weighted Average Coupon Total	4.44%	[1]	4.51%	[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]	0	[1]
Amortized Cost Less than or equal to 1 year	0	[1]	0	[1]
Weighted Average Coupon Less than or equal to 1 year	0.00%	[1]	0.00%	[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	72,680,755	[1]	67,356,372	[1]
Amortized Cost Greater than one year and less than or equal to five years	72,717,557	[1]	67,199,203	[1]
Weighted Average Coupon Greater than one year and less than or equal to five years	4.03%	[1]	4.16%	[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	35,826,438	[1]	52,878,743	[1]
Amortized Cost Greater than five years and less than or equal to ten years	35,934,880	[1]	49,441,666	[1]
Weighted Average Coupon Greater than five years and less than or equal to ten years	5.68%	[1]	5.13%	[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%		0.00%	[1]
Credit Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	1,424,177,963	[1],[3]	1,307,291,823	[1],[3]
Amortized Cost Total	1,399,577,156	[1],[3]	1,287,596,609	[1],[3]
Weighted Average Coupon Total	3.63%	[1],[3],[4]	4.27%	[1],[3],[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	22,175,588	[1],[3]	39,522,038	[1],[3]
Amortized Cost Less than or equal to 1 year	22,140,661	[1],[3]	39,415,933	[1],[3]
Weighted Average Coupon Less than or equal to 1 year	4.06%	[1],[3],[4]	3.48%	[1],[3],[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	645,098,126	[1],[3]	621,179,587	[1],[3]
Amortized Cost Greater than one year and less than or equal to five years	636,930,130	[1],[3]	612,711,131	[1],[3]
Weighted Average Coupon Greater than one year and less than or equal to five years	4.01%	[1],[3],[4]	3.93%	[1],[3],[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	640,087,087	[1],[3]	562,808,169	[1],[3]
Amortized Cost Greater than five years and less than or equal to ten years	629,894,268	[1],[3]	557,116,343	[1],[3]
Weighted Average Coupon Greater than five years and less than or equal to ten years	3.01%	[1],[3],[4]	4.39%	[1],[3],[4]
Credit Investments [Member] | Greater Than Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than ten years	116,817,162	[1],[3]	83,782,029	[1],[3]
Amortized Cost Greater than ten years	$110,612,097	[1],[3]	$78,353,202	[1],[3]
Weighted Average Coupon Greater than ten years	5.85%	[1],[3],[4]	6.58%	[1],[3],[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, Credit Investments represent Non-Agency RMBS, ABS, CMBS and Credit Interest Only securities.
[4]	Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation.

Real_Estate_Securities_Details3

Real Estate Securities (Details Textual) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Number Of Securities Sold	18
Securities, Gross Realized Gains	$5,500,000
Securities, Gross Realized Losses	800,000
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading	326,102,175	29,794,180
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities, Total	2,700,000		600,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows	2,700,000	600,000
Repurchase Agreements	2,670,615,233		2,644,955,948
Assets Sold Under Agreements To Repurchase, Interest Rate	1.03%	1.88%	0.93%
Assets, Fair Value Disclosure	3,401,932,910		3,312,202,508
Weighted Average Life Of Securitized Debt	3 years 2 months 23 days		3 years 4 months 24 days
Weighted Average Rate Of Securitized Debt	3.55%		3.75%
Other Secured Financings	38,405,163		39,777,914
Weighted Average Yield of Aggregate Security	6.14%		5.14%
Weighted Average Coupon of Aggregate Security	5.54%		5.50%
Repurchase Agreement [Member]
Schedule of Available-for-sale Securities [Line Items]
Repurchase Agreements	21,300,000		21,300,000
Assets Sold Under Agreements To Repurchase, Interest Rate	3.00%		3.00%
Collateral Pledged [Member]
Schedule of Available-for-sale Securities [Line Items]
Repurchase Agreements	28,200,000		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	38,400,000		39,800,000
Commercial Real Estate [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investments	54,700,000		42,000,000
Equity Method Investment Weighted Average Yield	10.75%		12.13%
Settled Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number Of Securities Sold		3
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading		29,800,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows	1,100,000	100,000
Unsettled Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number Of Securities Sold		7
Securities, Gross Realized Gains		700,000
Securities, Gross Realized Losses		700,000
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading		152,500,000
Resecuritization [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets, Fair Value Disclosure	$46,100,000		$47,600,000

Loans_Details

Loans (Details) (Residential Mortgage [Member], USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014	Jul. 31, 2014	Feb. 28, 2014
Residential Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal balance	$113,434,341		$119,882,836		$50,500,000	$13,700,000	$59,000,000
Premium (Discount)	-32,556,999		-35,534,525
Amortized Cost	80,877,342		84,348,311
Gross Unrealized Gains	1,778,783	[1]	1,101,473	[1]
Gross Unrealized Losses	-263,405	[1]	-359,925	[1]
Fair Value	$82,392,720		$85,089,859
Weighted Average Coupon	5.47%		5.53%
Weighted Average Yield	8.66%		8.90%
Weighted Average Useful Life (in years)	6 years 2 months 1 day		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 $)	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jul. 31, 2014	Feb. 28, 2014
Loans Receivable, Fair Value Disclosure	$82,392,720	$85,089,859
Principal Amount Outstanding of Loans Held-in-portfolio	113,434,341	119,882,836	50,500,000	13,700,000	59,000,000
Re-Performing Financing Receivable [Member]
Loans Receivable, Fair Value Disclosure	67,618,680	68,581,824
Principal Amount Outstanding of Loans Held-in-portfolio	87,816,458	89,493,175
Non-Performing Financing Receivable [Member]
Loans Receivable, Fair Value Disclosure	14,774,040	16,508,035
Principal Amount Outstanding of Loans Held-in-portfolio	$25,617,883	$30,389,661

Loans_Details_2

Loans (Details 2)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	97.00%	98.00%
New York [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	17.00%	16.00%
California [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	10.00%	11.00%
Florida [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	6.00%	8.00%
Maryland [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	5.00%	5.00%

Loans_Details_3

Loans (Details 3) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	$38,008,263	$0
Additions	0	17,159,216
Accretion	-1,865,295	-243,898
Reclassifications from/(to) non-accretable difference	4,356,113	0
Disposals	-1,041,317	0
Ending Balance	$39,457,764	$16,915,318

Loans_Details_4

Loans (Details 4) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	$72,800,000		$72,800,000
Premium (Discount), Commercial Loans	-391,097		-496,019
Amortized Cost, Commercial Loans	72,408,903		72,303,981
Gross Unrealized Gains, Commercial Loans	391,097	[1]	496,019	[1]
Gross Unrealized Losses, Commercial Loans	0	[1]	0	[1]
Fair Value, Commercial Loans	72,800,000		72,800,000
Weighted Average Coupon, Commercial Loans	6.79%	[2]	6.79%	[2]
Weighted Average Yield, Commercial Loans	8.56%		8.55%
Weighted Average Life, Commercial Loans	1 year 9 months 7 days		2 years 7 days
Loan A [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated Maturity Date	5-Jun-17	[3],[4]	5-Jun-17	[3],[4]
Extended Maturity Date	5-Jun-19	[3]	5-Jun-19	[3]
Loan A [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	30,000,000	[3]	30,000,000	[3]
Premium (Discount), Commercial Loans	-193,809	[3]	-240,326	[3]
Amortized Cost, Commercial Loans	29,806,191	[3]	29,759,674	[3]
Gross Unrealized Gains, Commercial Loans	193,809	[1],[3]	240,326	[1],[3]
Gross Unrealized Losses, Commercial Loans	0	[1],[3]	0	[1],[3]
Fair Value, Commercial Loans	30,000,000	[3]	30,000,000	[3]
Weighted Average Coupon, Commercial Loans	6.50%	[2],[3]	6.50%	[2],[3]
Weighted Average Yield, Commercial Loans	8.76%	[3]	8.76%	[3]
Weighted Average Life, Commercial Loans	2 years 6 months 7 days	[3]	2 years 9 months 7 days	[3]
Loan B [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated Maturity Date	1-Jul-16		1-Jul-16
Extended Maturity Date	1-Jul-19		1-Jul-19
Loan B [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	32,800,000	[5]	32,800,000	[5]
Premium (Discount), Commercial Loans	-138,088	[5]	-189,506	[5]
Amortized Cost, Commercial Loans	32,661,912	[5]	32,610,494	[5]
Gross Unrealized Gains, Commercial Loans	138,088	[1],[5]	189,506	[1],[5]
Gross Unrealized Losses, Commercial Loans	0		0
Fair Value, Commercial Loans	32,800,000	[5]	32,800,000	[5]
Weighted Average Coupon, Commercial Loans	5.00%	[2],[5]	5.00%	[2],[5]
Weighted Average Yield, Commercial Loans	6.15%	[5]	6.15%	[5]
Weighted Average Life, Commercial Loans	1 year 2 months 12 days	[5]	1 year 5 months 12 days	[5]
Loan C [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated Maturity Date	1-Feb-17	[4],[6]	1-Feb-17	[4],[6]
Extended Maturity Date	1-Feb-18	[6]	1-Feb-18	[6]
Loan C [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	10,000,000	[6]	10,000,000	[6]
Premium (Discount), Commercial Loans	-59,200	[6]	-66,187	[6]
Amortized Cost, Commercial Loans	9,940,800	[6]	9,933,813	[6]
Gross Unrealized Gains, Commercial Loans	59,200	[1],[6]	66,187	[1],[6]
Gross Unrealized Losses, Commercial Loans	0	[1],[6]	0	[1],[6]
Fair Value, Commercial Loans	$10,000,000	[6]	$10,000,000	[6]
Weighted Average Coupon, Commercial Loans	13.50%	[2],[6]	13.50%	[2],[6]
Weighted Average Yield, Commercial Loans	15.86%	[6]	15.77%	[6]
Weighted Average Life, Commercial Loans	1 year 4 months 10 days	[6]	1 year 7 months 10 days	[6]
[1]	The Company has 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 $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Jul. 31, 2014	Feb. 28, 2014
Gain (Loss) on Investments [Line Items]
Accretion of Discount	$300,000	$0
Loan A [Member] | Maximum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	24,000,000
Loan A [Member] | First Mortgage [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	20,000,000		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]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total			31,800,000
Loan B [Member] | First Mortgage [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	31,800,000
Residential Mortgage [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	113,434,341		119,882,836	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
Mortgage Loans on Real Estate, Number of Loans	560
Residential Mortgage [Member] | Maximum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	1,100,000
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		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		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		$1,000,000

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Assets:
Assets, Fair Value Disclosure	$3,401,932,910	$3,312,202,508
Liabilities:
Liabilities, Fair Value Disclosure	-72,227,605	-48,386,123
Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	4,031,370	11,382,622
Securities borrowed under reverse repurchase agreements [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-25,009,766
Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-38,405,163	-39,777,914
Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-8,812,676	-8,608,209
Agency RMBS: 20 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	129,005,072	133,742,870
Agency RMBS: 30 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	971,361,677	1,036,024,019
Agency RMBS: Fixed Rate CMO [Member]
Assets:
Assets, Fair Value Disclosure	89,710,822	90,775,375
Agency RMBS: ARM [Member]
Assets:
Assets, Fair Value Disclosure	418,686,671	427,537,367
Agency RMBS: Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	108,507,193	120,235,115
Credit Investments Non-Agency Rmbs [Member]
Assets:
Assets, Fair Value Disclosure	1,249,988,396	1,140,077,928
Credit Investments ABS [Member]
Assets:
Assets, Fair Value Disclosure	69,067,254	66,693,243
Credit Investments CMBS [Member]
Assets:
Assets, Fair Value Disclosure	99,116,286	94,394,703
Credit Investments CMBS Interest Only [Member] [Member]
Assets:
Assets, Fair Value Disclosure	6,006,027	6,125,949
Residential Mortgage [Member]
Assets:
Assets, Fair Value Disclosure	82,392,720	85,089,859
Commercial Loans [Member]
Assets:
Assets, Fair Value Disclosure	72,800,000	72,800,000
Excess Mortgage Servicing Rights [Member]
Assets:
Assets, Fair Value Disclosure	579,734	628,367
Linked Transactions [Member]
Assets:
Assets, Fair Value Disclosure		26,695,091
US Treasury Securities [Member]
Assets:
Assets, Fair Value Disclosure	100,679,688
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	100,679,688	0
Liabilities:
Liabilities, Fair Value Disclosure	-25,009,766	0
Fair Value, Inputs, Level 1 [Member] | Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Securities borrowed under reverse repurchase agreements [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-25,009,766
Fair Value, Inputs, Level 1 [Member] | Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	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	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 CMBS Interest Only [Member] [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Residential Mortgage [Member]
Assets:
Assets, Fair Value Disclosure	0	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	0
Fair Value, Inputs, Level 1 [Member] | Linked Transactions [Member]
Assets:
Assets, Fair Value Disclosure		0
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member]
Assets:
Assets, Fair Value Disclosure	100,679,688
Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	2,507,051,756	2,581,202,806
Liabilities:
Liabilities, Fair Value Disclosure	-47,217,839	-48,386,123
Fair Value, Inputs, Level 2 [Member] | Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	4,031,370	11,382,622
Fair Value, Inputs, Level 2 [Member] | Securities borrowed under reverse repurchase agreements [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0
Fair Value, Inputs, Level 2 [Member] | Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-38,405,163	-39,777,914
Fair Value, Inputs, Level 2 [Member] | Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	-8,812,676	-8,608,209
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: 20 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	129,005,072	133,742,870
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: 30 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	971,361,677	1,036,024,019
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: Fixed Rate CMO [Member]
Assets:
Assets, Fair Value Disclosure	89,710,822	90,775,375
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: ARM [Member]
Assets:
Assets, Fair Value Disclosure	418,686,671	427,537,367
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	108,507,193	120,235,115
Fair Value, Inputs, Level 2 [Member] | Credit Investments Non-Agency Rmbs [Member]
Assets:
Assets, Fair Value Disclosure	740,443,224	684,841,649
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	45,305,727	55,051,429
Fair Value, Inputs, Level 2 [Member] | Credit Investments CMBS Interest Only [Member] [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage [Member]
Assets:
Assets, Fair Value Disclosure	0	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	0
Fair Value, Inputs, Level 2 [Member] | Linked Transactions [Member]
Assets:
Assets, Fair Value Disclosure		21,612,360
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member]
Assets:
Assets, Fair Value Disclosure	0
Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	794,201,466	730,999,702
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Securities borrowed under reverse repurchase agreements [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0
Fair Value, Inputs, Level 3 [Member] | Securitized Debt [Member]
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] | 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	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	509,545,172	455,236,279
Fair Value, Inputs, Level 3 [Member] | Credit Investments ABS [Member]
Assets:
Assets, Fair Value Disclosure	69,067,254	66,693,243
Fair Value, Inputs, Level 3 [Member] | Credit Investments CMBS [Member]
Assets:
Assets, Fair Value Disclosure	53,810,559	39,343,274
Fair Value, Inputs, Level 3 [Member] | Credit Investments CMBS Interest Only [Member] [Member]
Assets:
Assets, Fair Value Disclosure	6,006,027	6,125,949
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage [Member]
Assets:
Assets, Fair Value Disclosure	82,392,720	85,089,859
Fair Value, Inputs, Level 3 [Member] | Commercial Loans [Member]
Assets:
Assets, Fair Value Disclosure	72,800,000	72,800,000
Fair Value, Inputs, Level 3 [Member] | Excess Mortgage Servicing Rights [Member]
Assets:
Assets, Fair Value Disclosure	579,734	628,367
Fair Value, Inputs, Level 3 [Member] | Linked Transactions [Member]
Assets:
Assets, Fair Value Disclosure		5,082,731
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member]
Assets:
Assets, Fair Value Disclosure	$0

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 1) (Fair Value, Inputs, Level 3 [Member], USD $)	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Residential Mortgage Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$85,089,859		$0
Transfers:
Transfers into level 3	0	[1]	0
Transfers out of level 3	0	[1]	0
Purchases	0		35,075,171
Reclassification of security type	0	[2]	0
Proceeds from sales	0		0
Proceeds from settlement	-1,858,699		0
Total net gains/(losses)
Included in net income	-838,440		-135,398
Included in other comprehensive income (loss)	0		0
Ending Balance	82,392,720		34,939,773
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	-770,629		-135,398
Non-Agency RMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	455,236,279		309,840,562
Transfers:
Transfers into level 3	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]
Purchases	74,146,136		75,858,929
Reclassification of security type	24,129,591	[2]	7,507,855	[2]
Proceeds from sales	-12,383,544		-10,779,244
Proceeds from settlement	-35,224,917		-4,119,236
Total net gains/(losses)
Included in net income	3,641,627		2,936,083
Included in other comprehensive income (loss)	0		0
Ending Balance	509,545,172		381,244,949
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	3,447,627		2,972,279
Credit Investments ABS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	66,693,243		71,344,784
Transfers:
Transfers into level 3	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]
Purchases	4,027,500		3,022,000
Reclassification of security type	0	[2]	6,562,500	[2]
Proceeds from sales	-2,595,898		0
Proceeds from settlement	-228,246		-7,566,041
Total net gains/(losses)
Included in net income	1,170,655		297,786
Included in other comprehensive income (loss)	0		0
Ending Balance	69,067,254		73,661,029
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	1,073,361		297,786
CMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	39,343,274		23,972,043
Transfers:
Transfers into level 3	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]
Purchases	14,642,289		0
Reclassification of security type	0	[2]	12,683,116	[2]
Proceeds from sales	0		0
Proceeds from settlement	-387,963		-206,807
Total net gains/(losses)
Included in net income	212,959		1,476,593
Included in other comprehensive income (loss)	0		0
Ending Balance	53,810,559		37,924,945
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	212,959		1,476,593
CMBS Interest Only [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	6,125,949		6,324,735
Transfers:
Transfers into level 3	0	[1]	0	[1]
Transfers out of level 3	0	[1]	0	[1]
Purchases	0		0
Reclassification of security type	0	[2]	0	[2]
Proceeds from sales	0		0
Proceeds from settlement	0		0
Total net gains/(losses)
Included in net income	-119,922		73,523
Included in other comprehensive income (loss)	0		0
Ending Balance	6,006,027		6,398,258
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	-119,922		73,523
Commercial Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	72,800,000		0
Transfers:
Transfers into level 3	0	[1]	0
Transfers out of level 3	0	[1]	0
Purchases	0		9,927,833
Reclassification of security type	0	[2]	0
Proceeds from sales	0		0
Proceeds from settlement	0		0
Total net gains/(losses)
Included in net income	0		72,167
Included in other comprehensive income (loss)	0		0
Ending Balance	72,800,000		10,000,000
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	0		72,167
Excess Mortgage Servicing Rights [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	628,367
Transfers:
Transfers into level 3	0	[1]
Transfers out of level 3	0	[1]
Purchases	0
Reclassification of security type	0	[2]
Proceeds from sales	0
Proceeds from settlement	-48,633
Total net gains/(losses)
Included in net income	0
Included in other comprehensive income (loss)	0
Ending Balance	579,734
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	5,082,731	[3]	14,723,169
Transfers:
Transfers into level 3	0	[1]	0
Transfers out of level 3	0	[1]	0
Purchases	0		1,640,500
Reclassification of security type	-5,082,731	[2]	-5,740,156
Proceeds from sales	0		0
Proceeds from settlement	0		-1,140,885
Total net gains/(losses)
Included in net income	0		428,431
Included in other comprehensive income (loss)	0		0
Ending Balance	0		9,911,059
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)	$0		$372,793
[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]	Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments.

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Condensed Income Statements, Captions [Line Items]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$3,843,396
Fair Value, Inputs, Level 3 [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	4,066,879	5,149,185
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	-516,240	5,129,743
Fair Value, Inputs, Level 3 [Member] | Trading Securities [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	-16,933
Fair Value, Inputs, Level 3 [Member] | Interest Income [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total		-268,911
Fair Value, Inputs, Level 3 [Member] | Linked Transactions [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total		428,431
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		372,793
Fair Value, Inputs, Level 3 [Member] | Real Estate Securities And Loans [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	4,083,812	4,989,665
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$4,359,636	$4,756,950

Fair_Value_Measurements_Detail3

Fair Value Measurements (Details 3) (Fair Value, Inputs, Level 3 [Member], USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2014	Dec. 31, 2013
Non-Agency Rmbs [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$509,545,172		$455,236,279		$381,244,949	$309,840,562
Fair Value Measurements, Valuation Techniques	Discounted Cash Flow		Discounted Cash Flow
Non-Agency Rmbs [Member] | Yield [Member] | Option One [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] | Option Two [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] | Option One [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	36.02%		35.48%
Non-Agency Rmbs [Member] | Yield [Member] | Maximum [Member] | Option Two [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	7.25%		7.95%
Non-Agency Rmbs [Member] | Yield [Member] | Minimum [Member] | Option One [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	0.00%		0.29%
Non-Agency Rmbs [Member] | Yield [Member] | Minimum [Member] | Option Two [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	4.62%		4.62%
Non-Agency Rmbs [Member] | Yield [Member] | Weighted Average [Member] | Option One [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	-5.36%		-5.30%
Non-Agency Rmbs [Member] | Yield [Member] | Weighted Average [Member] | Option Two [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	-5.49%		-5.55%
Non-Agency Rmbs [Member] | Projected Collateral Prepayments [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	15.00%		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%		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	-3.45%		-3.21%
Non-Agency Rmbs [Member] | Projected Collateral Losses [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%		35.00%
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%		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	-11.33%		-13.07%
Non-Agency Rmbs [Member] | Projected Collateral Severities [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%		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%		0.00%
Non-Agency Rmbs [Member] | Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	-31.60%		-36.04%
Abs [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	69,067,254		66,693,243		73,661,029	71,344,784
Fair Value Measurements, Valuation Techniques	Discounted Cash Flow		Discounted Cash Flow
Abs [Member] | Yield [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	9.98%		10.52%
Abs [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	4.20%		4.80%
Abs [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	-5.81%		-6.34%
Abs [Member] | Projected Collateral Prepayments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Projected Collateral Prepayments		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%		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	0.00%		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	-79.59%		-88.56%
Abs [Member] | Projected Collateral Losses [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Projected Collateral Losses		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%		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%		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	-6.43%		-5.13%
Abs [Member] | Projected Collateral Severities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Projected Collateral Severities		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	30.00%		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%		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	-5.52%		-7.15%
Linked Transactions [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	0		5,082,731	[1]	9,911,059	14,723,169
Fair Value Measurements, Valuation Techniques			Discounted Cash Flow	[1]
Linked Transactions [Member] | Projected Collateral Prepayments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description			Projected Collateral Prepayments	[1]
Linked Transactions [Member] | Projected Collateral Prepayments [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			12.00%	[1]
Linked Transactions [Member] | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			3.00%	[1]
Linked Transactions [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 [Member] | Projected Collateral Losses [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description			Projected Collateral Losses	[1]
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%	[1]
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%	[1]
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%	[1]
Linked Transactions [Member] | Projected Collateral Severities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description			Projected Collateral Severities	[1]
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%	[1]
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%	[1]
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%	[1]
Commercial Loans [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		72,800,000		10,000,000	0
Fair Value Measurements, Valuation Techniques	Discounted Cash Flow		Discounted Cash Flow
Commercial Loans [Member] | Credit Spread [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Credit Spread		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%		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%		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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Recovery Percentage	[2]	Recovery Percentage	[3]
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%		100.00%
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%		100.00%
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%		-100.00%
CMBS Interest Only [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	6,006,027		6,125,949		6,398,258	6,324,735
Fair Value Measurements, Valuation Techniques	Discounted Cash Flow		Discounted Cash Flow
CMBS Interest Only [Member] | Yield [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Yield		Yield
CMBS Interest Only [Member] | Yield [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	40.22%		23.67%
CMBS Interest Only [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	5.52%		5.60%
CMBS Interest Only [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	-8.66%		-8.90%
CMBS Interest Only [Member] | Projected Collateral Prepayments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Projected Collateral Prepayments		Projected Collateral Prepayments
CMBS 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%		100.00%
CMBS 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%		100.00%
CMBS 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%		-100.00%
CMBS Interest Only [Member] | Projected Collateral Losses [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Projected Collateral Losses		Projected Collateral Losses
CMBS 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%		0.00%
CMBS 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%		0.00%
CMBS 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%		0.00%
CMBS Interest Only [Member] | Projected Collateral Severities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Projected Collateral Severities		Projected Collateral Severities
CMBS 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%		0.00%
CMBS 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%		0.00%
CMBS 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%		0.00%
CMBS [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	53,810,559		39,343,274		37,924,945	23,972,043
Fair Value Measurements, Valuation Techniques	Discounted Cash Flow		Discounted Cash Flow
CMBS [Member] | Yield [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	5.78%		5.78%
CMBS [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	5.76%		5.72%
CMBS [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	-5.76%		-5.73%
CMBS [Member] | Projected Collateral Prepayments [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	50.00%		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%		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	-6.27%		0.00%
CMBS [Member] | Projected Collateral Losses [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%		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%		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%		0.00%
CMBS [Member] | Projected Collateral Severities [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%		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%		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%		0.00%
Residential Mortgage Backed Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	82,392,720		85,089,859
Fair Value Measurements, Valuation Techniques	Discounted Cash Flow		Discounted Cash Flow
Residential Mortgage Backed Securities [Member] | Yield [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Yield		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	15.86%		15.77%
Residential Mortgage Backed Securities [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	6.15%		6.15%
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	-8.56%		-8.55%
Residential Mortgage Backed Securities [Member] | Projected Collateral Prepayments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Projected Collateral Prepayments		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	8.24%		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	1.91%		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	-6.56%		-6.44%
Residential Mortgage Backed Securities [Member] | Projected Collateral Losses [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Projected Collateral Losses		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	11.21%		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	4.59%		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	-5.99%		-6.20%
Residential Mortgage Backed Securities [Member] | Projected Collateral Severities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	Projected Collateral Severities		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	51.78%		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	20.19%		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	-27.79%		-27.65%
Excess Mortgage Servicing Rights [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$579,734		$628,367
Fair Value Measurements, Valuation Techniques	Discounted Cash Flow		Discounted Cash Flow
Excess Mortgage Servicing Rights [Member] | Yield [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] | Option One [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] | Option Two [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description			Yield	[1]
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	7.46%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Maximum [Member] | Option One [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] | Maximum [Member] | Option Two [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			6.45%	[1]
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate	7.16%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Minimum [Member] | Option One [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] | Minimum [Member] | Option Two [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			4.49%	[1]
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	-7.22%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Weighted Average [Member] | Option One [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			-9.78%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Weighted Average [Member] | Option Two [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			-5.50%	[1]
[1]	Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments.
[2]	Represents the proportion of the principal expected to be collected relative to the loan balances as of March 31, 2015.
[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 $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$2,522,352,499	$2,571,882,230	$186,578,959
Weighted Average Rate	1.03%	0.93%	1.88%
Weighted Average Haircut	11.60%	11.50%
Fair Value Pledged	2,901,698,916	2,936,033,791
Amortized Cost	2,834,843,497	2,891,085,873
Accrued Interest	8,880,836	8,996,530
Residential mortgage loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	50,856,483	50,573,718
Weighted Average Rate	2.68%	2.93%
Weighted Average Funding Cost	2.85%	3.08%
Weighted Average Haircut	29.50%	31.10%
Fair Value Pledged	72,247,373	73,407,869
Amortized Cost	72,543,319	73,084,817
Accrued Interest	95,139	709,585
Commercial Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	22,500,000	22,500,000
Weighted Average Rate	2.50%	2.50%
Weighted Average Funding Cost	2.84%	2.83%
Weighted Average Haircut	64.20%	64.20%
Fair Value Pledged	62,800,000	62,800,000
Amortized Cost	62,468,103	62,370,168
Accrued Interest	678,721	533,832
US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	74,906,251
Weighted Average Rate	-0.30%
Weighted Average Haircut	0.80%
Fair Value Pledged	75,509,766
Amortized Cost	75,022,998
Accrued Interest	139,848
Overnight | US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	74,906,251
Weighted Average Rate	-0.30%
Weighted Average Haircut	0.80%
Fair Value Pledged	75,509,766
Amortized Cost	75,022,998
Accrued Interest	139,848
30 days or less [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	1,849,733,715	1,969,873,000
Weighted Average Rate	0.90%	0.75%
Weighted Average Haircut	11.40%	10.40%
Fair Value Pledged	2,116,899,525	2,205,969,794
Amortized Cost	2,064,016,539	2,174,485,394
Accrued Interest	7,100,101	6,903,437
30 days or less [Member] | Residential mortgage loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	0	0
Weighted Average Rate	0.00%	0.00%
Weighted Average Funding Cost	0.00%	0.00%
Weighted Average Haircut	0.00%	0.00%
Fair Value Pledged	0	0
Amortized Cost	0	0
Accrued Interest	0	0
30 days or less [Member] | Commercial Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	0	0
Weighted Average Rate	0.00%	0.00%
Weighted Average Funding Cost	0.00%	0.00%
Weighted Average Haircut	0.00%	0.00%
Fair Value Pledged	0	0
Amortized Cost	0	0
Accrued Interest	0	0
30 days or less [Member] | US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	0
Weighted Average Rate	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	349,901,000	220,953,000
Weighted Average Rate	1.08%	1.11%
Weighted Average Haircut	11.40%	12.20%
Fair Value Pledged	399,242,468	253,788,749
Amortized Cost	393,611,106	249,993,183
Accrued Interest	1,108,847	816,574
31-60 days [Member] | Residential mortgage loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	0	0
Weighted Average Rate	0.00%	0.00%
Weighted Average Funding Cost	0.00%	0.00%
Weighted Average Haircut	0.00%	0.00%
Fair Value Pledged	0	0
Amortized Cost	0	0
Accrued Interest	0	0
31-60 days [Member] | Commercial Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	0	0
Weighted Average Rate	0.00%	0.00%
Weighted Average Funding Cost	0.00%	0.00%
Weighted Average Haircut	0.00%	0.00%
Fair Value Pledged	0	0
Amortized Cost	0	0
Accrued Interest	0	0
31-60 days [Member] | US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	0
Weighted Average Rate	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	27,423,000	51,090,128
Weighted Average Rate	1.82%	1.26%
Weighted Average Haircut	24.80%	13.10%
Fair Value Pledged	36,814,681	60,149,910
Amortized Cost	35,762,537	58,111,076
Accrued Interest	57,038	171,277
61-90 days [Member] | Residential mortgage loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	0	0
Weighted Average Rate	0.00%	0.00%
Weighted Average Funding Cost	0.00%	0.00%
Weighted Average Haircut	0.00%	0.00%
Fair Value Pledged	0	0
Amortized Cost	0	0
Accrued Interest	0	0
61-90 days [Member] | Commercial Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	0	0
Weighted Average Rate	0.00%	0.00%
Weighted Average Funding Cost	0.00%	0.00%
Weighted Average Haircut	0.00%	0.00%
Fair Value Pledged	0	0
Amortized Cost	0	0
Accrued Interest	0	0
61-90 days [Member] | US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	0
Weighted Average Rate	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	295,294,784	329,966,102
Weighted Average Rate	1.71%	1.84%
Weighted Average Haircut	12.00%	17.70%
Fair Value Pledged	348,742,242	416,125,338
Amortized Cost	341,453,315	408,496,220
Accrued Interest	614,850	1,105,242
Greater than 90 days [Member] | Residential mortgage loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	50,856,483	50,573,718
Weighted Average Rate	2.68%	2.93%
Weighted Average Funding Cost	2.85%	3.08%
Weighted Average Haircut	29.50%	31.10%
Fair Value Pledged	72,247,373	73,407,869
Amortized Cost	72,543,319	73,084,817
Accrued Interest	95,139	709,585
Greater than 90 days [Member] | Commercial Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	22,500,000	22,500,000
Weighted Average Rate	2.50%	2.50%
Weighted Average Funding Cost	2.84%	2.83%
Weighted Average Haircut	64.20%	64.20%
Fair Value Pledged	62,800,000	62,800,000
Amortized Cost	62,468,103	62,370,168
Accrued Interest	678,721	533,832
Greater than 90 days [Member] | US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	0
Weighted Average Rate	0.00%
Weighted Average Haircut	0.00%
Fair Value Pledged	0
Amortized Cost	0
Accrued Interest	$0

Repurchase_Agreements_Details_

Repurchase Agreements (Details 1) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Schedule Of Securities Collateral Information Line Items [Line Items]
Repurchase agreements secured by Agency RMBS	$1,463,845,000	$1,583,911,000
Fair Value of Agency RMBS pledged as collateral under repurchase agreements	1,561,960,046	1,684,021,261
Repurchase agreements secured by Non-Agency RMBS, ABS and CMBS	1,058,507,499	987,971,230
Fair Value of Non-Agency RMBS, ABS and CMBS pledged as collateral under repurchase agreements	1,339,738,870	1,252,012,530
Repurchase agreements secured by Residential Mortgage Loans	50,856,483	50,573,718
Fair Value of Residential Mortgage Loans pledged as collateral under repurchase agreements	72,247,373	73,407,869
Repurchase agreements secured by Commercial Mortgage Loans	22,500,000	22,500,000
Fair Value of Commercial Mortgage Loans pledged as collateral under repurchase agreements	62,800,000	62,800,000
Repurchase agreements secured by U.S. Treasury Securities	74,906,251	0
Fair Value of Agency U.S. Treasury Securities pledged as collateral under repurchase agreements	75,509,766	0
Cash pledged (i.e., restricted cash) under repurchase agreements	$12,074,672	$13,374,600

Repurchase_Agreements_Details_1

Repurchase Agreements (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	$2,670,615,233	$2,644,955,948
Gross Amounts of Recognized Liabilities [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	2,670,615,233	2,644,955,948
Gross Amounts Offset In The Consolidated Balance Sheet [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	0	0
Net Amounts Of Liabilities Presented In The Consolidated Balance Sheet [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	2,670,615,233	2,644,955,948
Gross Amounts Not Offset in the Statement of Financial Position [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	2,670,615,233	2,644,955,948
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 $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014
Repurchase Agreement Counterparty [Line Items]
Weighted Average Maturity (days)	1 month 28 days
Wells Fargo Bank, N.A [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk		$86,660,525	$92,478,572
Weighted Average Maturity (days)		443 days	509 days
Percentage of Stockholders' Equity		12.00%	13.00%
Credit Suisse Securities, LLC [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk		83,581,570	85,479,003
Weighted Average Maturity (days)		95 days	117 days
Percentage of Stockholders' Equity		12.00%	12.00%
Merrill Lynch, Pierce, Fenner & Smith Incorporated [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk		48,577,118	42,082,013
Weighted Average Maturity (days)		9 days	13 days
Percentage of Stockholders' Equity		7.00%	6.00%
JP Morgan Securities, LLC [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk		46,958,895	51,502,631
Weighted Average Maturity (days)		444 days	168 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%
The Royal Bank of Canada [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk		$37,680,810
Weighted Average Maturity (days)		33 days
Percentage of Stockholders' Equity		5.00%

Repurchase_Agreements_Details_3

Repurchase Agreements (Details Textual) (USD $)	3 Months Ended		12 Months Ended	1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Sep. 17, 2014	Apr. 13, 2014	Feb. 27, 2015
Repurchase Agreement Disclosure [Line Items]
Maximum borrowing capacity on renewal of repurchase agreement					$200,000,000
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		1 month 28 days
Debt Instrument, Maturity Date	13-Apr-17
Long-term Debt, Gross	90,400,000
Credit Suisse [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk	83,581,570		85,479,003
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	95 days		117 days
Cost Method Investment Ownership Percentage	12.00%		12.00%
Merrill Lynch, Pierce, Fenner Smith [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk	48,577,118		42,082,013
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	9 days		13 days
Cost Method Investment Ownership Percentage	7.00%		6.00%
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	86,660,525		92,478,572
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	443 days		509 days
Cost Method Investment Ownership Percentage	12.00%		13.00%
Debt Instrument, Maturity Date	27-Feb-17
Long-term Debt, Gross	50,900,000
Wells Fargo Securities LLC [Member]
Repurchase Agreement Disclosure [Line Items]
Maximum borrowing capacity on renewal of repurchase agreement				150,000,000
Debt Instrument, Maturity Date				17-Sep-16
Long-term Debt, Gross	22,500,000
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	46,958,895		51,502,631
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	444 days		168 days
Cost Method Investment Ownership Percentage	6.00%		7.00%
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

Derivatives_Details

Derivatives (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value	($8,812,676)		($8,608,209)
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	1,864,570		9,902,151
TBAs [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value	2,166,800		1,480,471
Linked transactions [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	0		26,695,091
Long positions on U.S. Treasuries [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	100,679,688		0
Short positions on U.S. Treasuries [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	($25,009,766)	[1]	$0	[1]
[1]	The Company's obligation to return securities borrowed under reverse repurchase agreements as of March 31, 2015 relates to securities borrowed to cover short sales of U.S. Treasury securities. The change in fair value of the borrowed securities is recorded in the "Unrealized gain/(loss) on derivatives and other instruments, net" line item in the Company's consolidated statement of operations.

Derivatives_Details_1

Derivatives (Details 1) (USD $)	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2014
Derivative [Line Items]
Derivative, Notional Amount	$1,045,000,000		$1,446,000,000		$246,612,695
Notional amount of Pay Fix/Receive Float Interest Rate Swap Agreements [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,040,000,000		1,441,000,000
Notional amount of Receive Fix/Pay Float Interest Rate Swap Agreements [Member]
Derivative [Line Items]
Derivative, Notional Amount	-5,000,000		-5,000,000
Notional amount of TBAs [Member]
Derivative [Line Items]
Derivative, Notional Amount	180,000,000		225,000,000
Notional amount of short positions on U.S. Treasuries [Member]
Derivative [Line Items]
Derivative, Notional Amount	-25,000,000		0
Notional amount of long positions on U.S. Treasuries [Member]
Derivative [Line Items]
Derivative, Notional Amount	100,000,000		0
Notional amount of Linked Transactions [Member]
Derivative [Line Items]
Derivative, Notional Amount	$0	[1]	$150,836,900	[1]
[1]	Represents the current face of the securities comprising linked transactions as of December 31, 2014.

Derivatives_Details_2

Derivatives (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Income (loss) from linked transactions, net			$4,126,741
MBS Options, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	0		38,774
Net realized gain/(loss)	0		19,531
Interest rate swaps, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	-9,681,958		-18,463,039
Net realized gain/(loss)	-12,095,409		619,643
Swaptions, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	0		-119,049
Net realized gain/(loss)	0		445,000
TBAs [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	686,330	[1]	-109,414	[1]
Net realized gain/(loss)	2,155,078		0
IO Index, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	0		-34,606
Net realized gain/(loss)	0		129,761
Linked Transactions [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Income (loss) from linked transactions, net	0		4,126,741
Short positions on U.S. Treasuries [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	-369,141		-493,381
Net realized gain/(loss)	-442,969		0
Long positions on U.S. Treasuries [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	649,023		0
Net realized gain/(loss)	($1,263,672)		$0
[1]	For the three months ended March 31, 2015, gains and losses from purchases and sales of TBAs consisted of $1.2 million, of net TBA dollar roll net interest income, and net gains of $1.6 million, due to price changes. For the three months ended March 31, 2014, gains and losses from purchases and sales of TBAs consisted of net losses of $0.1 million, due to price changes. There was no income recorded on TBA dollar rolls for the three months ended March 31, 2014.

Derivatives_Details_3

Derivatives (Details 3) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)	$4,962,432	[1]	$14,849,982	[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	4,962,432	[1]	14,849,982	[2]
Derivative Assets, Financial Instruments (Posted)/Received	0	[1]	0	[2]
Derivative Assets, Cash Collateral (Posted)/Received	3,345,636	[1]	5,387,471	[2]
Derivative Assets, Net Amount	1,616,796	[1]	9,462,511	[2]
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)	-6,614,876	[3]	-7,506,798	[4]
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheet	0	[3]	0	[4]
Derivative Liabilities, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet	-6,614,876	[3]	-7,506,798	[4]
Derivative Liabilities, Financial Instruments (Posted)/Received	-172,624	[3]	0	[4]
Derivative Liabilities, Cash Collateral (Posted)/Received	-6,442,252	[3]	-7,506,798	[4]
Derivative Liabilities, Net Amount	0	[3]	0	[4]
Interest Rate Swaptions [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Net Amount			0	[2]
Interest Rate Swaps [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)	2,795,632	[1]	13,369,511	[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	2,795,632	[1]	13,369,511	[2]
Derivative Assets, Financial Instruments (Posted)/Received	0	[1]	0	[2]
Derivative Assets, Cash Collateral (Posted)/Received	1,178,836	[1]	3,907,000	[2]
Derivative Assets, Net Amount	1,616,796	[1]	9,462,511	[2]
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)	-6,614,876	[3]	-7,506,798	[4]
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheet	0	[3]	0	[4]
Derivative Liabilities, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet	-6,614,876	[3]	-7,506,798	[4]
Derivative Liabilities, Financial Instruments (Posted)/Received	-172,624	[3]	0	[4]
Derivative Liabilities, Cash Collateral (Posted)/Received	-6,442,252	[3]	-7,506,798	[4]
Derivative Liabilities, Net Amount	0	[3]	0	[4]
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)	25,125,000
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheet	0
Derivative Assets, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet	25,125,000
Derivative Assets, Financial Instruments (Posted)/Received	25,009,766
Derivative Assets, Cash Collateral (Posted)/Received	0
Derivative Assets, Net Amount	115,234
TBAs [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)	2,166,800	[1]	1,480,471	[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	2,166,800	[1]	1,480,471	[2]
Derivative Assets, Financial Instruments (Posted)/Received	0	[1]	0	[2]
Derivative Assets, Cash Collateral (Posted)/Received	2,166,800	[1]	1,480,471	[2]
Derivative Assets, Net Amount	0	[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]
Derivative Assets, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet			26,414,390	[5]
Derivative Assets, Financial Instruments (Posted)/Received			-26,414,390	[5]
Derivative Assets, Cash Collateral (Posted)/Received			0	[5]
Derivative Assets, Net Amount			0	[5]
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheet			($113,363,873)	[5]
[1]	Included in Derivative Assets on the consolidated balance sheet is $4,962,432 less accrued interest of $931,062 for a total of $4,031,370.
[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 $6,614,876 plus accrued interest of $2,197,800 for a total of $8,812,676.
[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.

Derivatives_Details_4

Derivatives (Details 4) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$1,045,000,000	$1,446,000,000	$246,612,695
Weighted Average Pay Rate	1.48%	1.62%
Weighted Average Receive Rate	0.26%	0.24%
Weighted Average Years to Maturity	4 years 10 months 20 days	5 years 5 months 19 days
2017 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	80,000,000	80,000,000
Weighted Average Pay Rate	0.87%	0.86%
Weighted Average Receive Rate	0.30%	0.27%
Weighted Average Years to Maturity	2 years 5 months 5 days	2 years 8 months 5 days
2018 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	210,000,000	210,000,000
Weighted Average Pay Rate	1.05%	1.05%
Weighted Average Receive Rate	0.26%	0.23%
Weighted Average Years to Maturity	3 years 4 days	3 years 3 months 4 days
2019 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	260,000,000	350,000,000
Weighted Average Pay Rate	1.27%	1.39%
Weighted Average Receive Rate	0.26%	0.23%
Weighted Average Years to Maturity	4 years 4 months 20 days	4 years 7 months 2 days
2020 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	265,000,000	440,000,000
Weighted Average Pay Rate	1.95%	1.61%
Weighted Average Receive Rate	0.29%	0.23%
Weighted Average Years to Maturity	6 years 25 days	5 years 2 months 26 days
2022 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	70,000,000	50,000,000
Weighted Average Pay Rate	1.75%	1.69%
Weighted Average Receive Rate	0.25%	0.23%
Weighted Average Years to Maturity	7 years 3 months 7 days	7 years 8 months 5 days
2023 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	160,000,000	278,000,000
Weighted Average Pay Rate	1.80%	2.43%
Weighted Average Receive Rate	0.20%	0.23%
Weighted Average Years to Maturity	6 years 4 months 17 days	8 years 6 months 7 days
2024 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
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

Derivatives_Details_5

Derivatives (Details 5) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount			$1,446,000,000
Ending Notional Amount	1,045,000,000	246,612,695	1,446,000,000
Receivable/(Payable) to/from Broker	-1,258,715		-4,015,152
Derivative Asset	4,031,370		11,382,622
Derivative Liability	-8,812,676		-8,608,209
TBAs - Long [Member]
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount	225,000,000	0
Buys or Covers	605,000,000	0
Sales or Shorts	-650,000,000	0
Ending Notional Amount	180,000,000	0
Fair Value as of Period End	189,959,769	0
Receivable/(Payable) to/from Broker	-187,792,969	0
Derivative Asset	2,166,800	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	219,000,000	147,000,000
Sales or Shorts	-219,000,000	-147,000,000
Ending Notional Amount	0	0
Fair Value as of Period End	0	0
Receivable/(Payable) to/from Broker	0	-109,414
Derivative Asset	0	118,205
Derivative Liability	$0	($227,619)

Derivatives_Details_6

Derivatives (Details 6) (USD $)	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014	Dec. 31, 2014
Linked Transaction Disclosure [Line Items]
Current Face	$1,045,000,000		$246,612,695	$1,446,000,000
Amortized Cost			220,394,534
Fair Value			228,164,945
Net Accrued Interest	2,598,608		361,986	2,461,494
Net Interest Income	28,866,087		27,996,153
Unrealized Gain/(Loss)	0		-386,168
Net Realized Gain/(Loss)			-132,389
Amount Included in Statement of Operations			4,126,741
Weighted Average Coupon			3.57%
Weighted Average Life			5 years 6 months 25 days
Repurchase Agreement	2,522,352,499		186,578,959	2,571,882,230
Weighted Average Interest Rate	1.03%		1.88%	0.93%
Weighted Average Years to Maturity			1 month 28 days
Non-Agency Rmbs [Member]
Linked Transaction Disclosure [Line Items]
Current Face			236,612,695
Amortized Cost			211,115,545
Fair Value			218,648,145
Net Accrued Interest			365,615
Net Interest Income			4,368,207
Unrealized Gain/(Loss)			-377,808
Net Realized Gain/(Loss)			35,033
Amount Included in Statement of Operations			4,025,432
Weighted Average Coupon			3.70%
Weighted Average Life			5 years 9 months 4 days
Repurchase Agreement			180,103,626
Weighted Average Interest Rate			1.89%
Weighted Average Years to Maturity			1 month 28 days
CMBS [Member]
Linked Transaction Disclosure [Line Items]
Current Face			10,000,000
Amortized Cost			9,278,989
Fair Value			9,516,800
Net Accrued Interest			-3,629
Net Interest Income			144,702
Unrealized Gain/(Loss)			124,029
Net Realized Gain/(Loss)			-167,422
Amount Included in Statement of Operations			101,309
Weighted Average Coupon			0.40%
Weighted Average Life			1 year 14 days
Repurchase Agreement			6,475,333
Weighted Average Interest Rate			1.56%
Weighted Average Years to Maturity			22 days
Linked Transactions [Member]
Linked Transaction Disclosure [Line Items]
Current Face	0	[1]		150,836,900	[1]
Fair Value				139,778,263
Net Accrued Interest	100,000			280,701
Amount Included in Statement of Operations	$0		$4,126,741
[1]	Represents the current face of the securities comprising linked transactions as of December 31, 2014.

Derivatives_Details_Textual

Derivatives (Details Textual) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Derivative [Line Items]
Linked transactions, net, at fair value	$0		$26,695,091
Linked Securities Fair Value		228,164,945
Interest payable	2,598,608	361,986	2,461,494
Derivative Assets Before Accrued Interest	4,962,432		14,849,982
Derivative Assets Accrued Interest	931,062		-3,467,360
Derivative Assets, At Fair Value	4,031,370		11,382,622
Derivative Liabilities Before Accrued Interest	6,614,876		-7,506,798
Derivative Liabilities Accrued Interest	2,197,800		-1,101,411
Derivative Liabilities, At Fair Value	-8,812,676		-8,608,209
Net Realized Losses From Unlinking Of Linked Transactions		200,000
Unrealized Gain (Loss) on Securities	11,259,718	29,367,044
Due to Correspondent Brokers	1,258,715		4,015,152
Proceeds From Collateral Transactions Against Pledged Assets	1,200,000
Interest Receivable	11,789,233		11,886,019
Linked Transactions [Member]
Derivative [Line Items]
Repurchase Agreement Borrowing Security			-113,363,873
Linked transactions, net, at fair value			26,695,091
Linked Securities Fair Value			139,778,263
Interest payable	100,000		280,701
Interest Receivable	400,000
Linked Transactions [Member] | Repurchase Agreements [Member]
Derivative [Line Items]
Pledged Assets Separately Reported, Other Assets Pledged as Collateral, at Fair Value			139,600,000
Derivative [Member]
Derivative [Line Items]
Proceeds From Collateral Transactions Against Pledged Assets			3,900,000
Derivative [Member] | Real Estate [Member]
Derivative [Line Items]
Pledged Assets Separately Reported, Real Estate Pledged as Collateral, at Fair Value	6,000,000		7,200,000
Non-Agency Rmbs [Member]
Derivative [Line Items]
Securities Held as Collateral, at Fair Value	124,900,000	7,500,000
Repurchase Agreement Borrowing Security	113,400,000	6,400,000
Linked Securities Fair Value		218,648,145
Interest payable		365,615
CMBS [Member]
Derivative [Line Items]
Securities Held as Collateral, at Fair Value	14,900,000	12,700,000
Repurchase Agreement Borrowing Security		9,700,000
Linked Securities Fair Value		9,516,800
Interest payable		-3,629
ABS [Member]
Derivative [Line Items]
Securities Held as Collateral, at Fair Value		6,600,000
Repurchase Agreement Borrowing Security		4,900,000
TBA [Member]
Derivative [Line Items]
Unrealized Gain (Loss) on Securities	1,200,000
Unrealized Gain on Securities	1,600,000
Unrealized Loss on Securities	100,000
Due to Correspondent Brokers	187,800,000		235,200,000
Cash [Member] | Derivative [Member]
Derivative [Line Items]
Pledged Assets Separately Reported, Real Estate Pledged as Collateral, at Fair Value	$18,600,000		$21,100,000

Earnings_per_Share_Details

Earnings per Share (Details)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Class of Warrant or Right [Line Items]
Warrants	1,007,500		1,007,500
Common stock, shares outstanding	28,387,615	28,386,015
Restricted Stock [Member] | Manager [Member]
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	0		6,710
Restricted Stock [Member] | Directors [Member]
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	0		2,500
Restricted Stock Units (RSUs) [Member] | Manager [Member]
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	60,000		0

Earnings_per_Share_Details_1

Earnings per Share (Details 1) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net income/(loss) available to common stockholders for basic and diluted earnings per share	$9,396,088	$27,818,888
Denominator:
Basic weighted average common shares outstanding (in shares)	28,387,615	28,371,419
Dilutive effect of manager and director restricted stock, and restricted stock units (in shares)	24,590	2,375
Dilutive weighted average common shares outstanding (in shares)	28,412,205	28,373,794
Basic Earnings/(Loss) Per Share of Common Stock: (in dollars per share)	$0.33	$0.98
Diluted Earnings/(Loss) Per Share of Common Stock: (in dollars per share)	$0.33	$0.98

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Excise Tax Expenses	$0.40	$0.50

Related_Party_Transactions_Det

Related Party Transactions (Details Textual) (USD $)	3 Months Ended		0 Months Ended	1 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jul. 06, 2011	Jul. 31, 2014	Jul. 06, 2014
Related Party Transaction [Line Items]
Management fee to affiliate	$2,507,090	$2,500,525
Noninterest Expense Directors Fees	90,000
Non Reimbursable expenses Incurred By Manager	$1,800,000	$1,700,000
Management Fee Percentage	1.50%
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	24 months
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
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	147,542
Equity Incentive Plan [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures			1,500
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
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

Equity (Details) (USD $)	0 Months Ended	3 Months Ended
	Aug. 03, 2012	Mar. 31, 2015	Mar. 31, 2014
Series A Preferred Stock [Member]
Dividends Payable [Line Items]
Declaration Date		12-Feb-15	14-Feb-14
Record Date		27-Feb-15	28-Feb-14
Payment Date		17-Mar-15	17-Mar-14
Preferred Stock, Dividend Rate, Percentage	8.25%	8.25%	8.25%
Preferred Stock Dividend Per Share		$0.52	$0.52
Series B Preferred Stock [Member]
Dividends Payable [Line Items]
Declaration Date		12-Feb-15	14-Feb-14
Record Date		27-Feb-15	28-Feb-14
Payment Date		17-Mar-15	17-Mar-14
Preferred Stock, Dividend Rate, Percentage		8.00%	8.00%
Preferred Stock Dividend Per Share		$0.50	$0.50
Common Stock [Member]
Dividends Payable [Line Items]
Declaration Date		12-Mar-15	5-Mar-14
Record Date		23-Mar-15	18-Mar-14
Payment Date		30-Apr-15	28-Apr-14
Common Stock Dividend Per Share		$0.60	$0.60

Equity_Details_Textual

Equity (Details Textual) (USD $)	1 Months Ended		0 Months Ended		3 Months Ended	0 Months Ended	3 Months Ended	1 Months Ended
In Millions, except Share data, unless otherwise specified	Jan. 24, 2012	Dec. 26, 2012	Aug. 15, 2012	Sep. 06, 2012	Mar. 31, 2015	Aug. 03, 2012	Mar. 31, 2014	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	$109.30
Offering costs paid	5.3
Proceeds From Issuance Of Common Stock Net	104
Capital Available For Issuance					549.5				1,000
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		91.2	160.7
Proceeds From Issuance Of Common Stock Net		87.5	152.7
Sale Agents [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues				3,000,000	1,254,854
Proceeds From Issuance Of Common Stock Net					31.3
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value (in dollars per share)						$25
Dividend					8.25%	8.25%	8.25%
Series A Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock						51.8
Proceeds From Issuance Of Common Stock Net						49.9
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
Proceeds From Issuance Of Common Stock Net								$111.30
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
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