AG Mortgage Investment Trust, I (MITT) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	MITT
Entity Common Stock, Shares Outstanding		28,410,937
Entity Registrant Name	AG Mortgage Investment Trust, Inc.
Entity Central Index Key	1,514,281
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets
Residential mortgage loans, at fair value -$74,328,679 and $73,407,869 pledged as collateral, respectively	$ 80,725,305	$ 85,089,859
Commercial loans, at fair value - $62,800,000 pledged as collateral	72,800,000	72,800,000
Investments in affiliates	33,637,519	20,345,131
Excess mortgage servicing rights, at fair value	529,946	628,367
Linked transactions, net, at fair value	0	26,695,091
Cash and cash equivalents	73,802,887	64,363,514
Restricted cash	23,070,257	34,477,975
Interest receivable	11,513,517	11,886,019
Receivable under reverse repurchase agreements	104,868,750	0
Derivative assets, at fair value	4,313,897	11,382,622
Other assets	9,603,578	10,543,072
Due from broker	3,254,746	4,586,912
Total Assets	3,392,022,026	3,458,405,131
Liabilities
Repurchase agreements	2,513,218,214	2,644,955,948
Securitized debt	36,009,319	39,777,914
Obligation to return securities borrowed under reverse repurchase agreements, at fair value	102,891,797	0
Interest payable	2,865,826	2,461,494
Derivative liabilities, at fair value	2,897,666	8,608,209
Dividend payable	17,033,527	17,031,609
Due to affiliates	4,774,983	4,850,807
Accrued expenses	2,227,218	2,285,339
Taxes payable	977,216	1,743,516
Due to broker	2,558,314	4,015,152
Total Liabilities	2,685,454,080	2,725,729,988
Stockholders' Equity
Common stock, par value $0.01 per share; 450,000,000 shares of common stock authorized and 28,389,211 and 28,386,015 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	283,893	283,861
Additional paid-in capital	586,141,440	586,051,751
Retained earnings/(deficit)	(41,071,392)	(14,874,474)
Total Stockholders' Equity	706,567,946	732,675,143
Total Liabilities & Stockholders' Equity	3,392,022,026	3,458,405,131
8.25% Series A Cumulative Redeemable Preferred Stock [Member]
Stockholders' Equity
Preferred stock, value	49,920,772	49,920,772
8.00% Series B Cumulative Redeemable Preferred Stock [Member]
Stockholders' Equity
Preferred stock, value	111,293,233	111,293,233
Agency [Member]
Assets
Real estate securities, at fair value:	1,639,497,291	1,808,314,746
Non-Agency [Member]
Assets
Real estate securities, at fair value:	1,164,542,624	1,140,077,928
ABS [Member]
Assets
Real estate securities, at fair value:	61,094,356	66,693,243
Liabilities
Repurchase agreements	48,140,000	52,993,000
CMBS [Member]
Assets
Real estate securities, at fair value:	108,767,353	100,520,652
Liabilities
Repurchase agreements	$ 77,941,000	$ 74,959,000

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - USD ($)	Jun. 30, 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	28,389,211	28,386,015
Common stock, shares outstanding	28,389,211	28,386,015
Residential mortgage loans [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	$ 74,328,679	$ 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)	1,520,424,707	1,691,194,581
Non-Agency [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	1,117,558,576	1,088,398,641
ABS [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	61,094,356	66,693,243
CMBS [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	$ 105,167,321	$ 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 Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Interest Income
Interest income	$ 37,278,271	$ 36,079,435	$ 73,658,536	$ 70,222,175
Interest expense	7,574,429	6,783,768	15,088,607	12,930,355
Interest Income (Expense), Net	29,703,842	29,295,667	58,569,929	57,291,820
Other Income
Net realized gain/(loss)	(2,153,328)	(1,826,360)	(11,803,254)	(1,277,500)
Income/(loss) from linked transactions, net	0	3,409,366	0	7,536,107
Realized loss on periodic interest settlements of derivative instruments, net	(3,228,729)	(5,773,644)	(6,689,956)	(12,081,501)
Unrealized gain/(loss) on real estate securities and loans, net	(22,256,001)	42,653,828	(10,996,283)	72,020,872
Unrealized gain/(loss) on derivative and other instruments, net	5,798,988	(23,917,820)	(3,121,810)	(43,098,535)
Total other income (loss)	(21,839,070)	14,545,370	(32,611,303)	23,099,443
Expenses
Management fee to affiliate	2,502,091	2,507,487	5,009,181	5,008,012
Other operating expenses	3,285,942	2,739,225	6,363,940	5,382,906
Servicing fees	144,999	162,717	319,998	162,717
Equity based compensation to affiliate	36,738	73,586	113,418	154,659
Excise tax	375,000	375,000	750,000	875,000
Total expenses	6,344,770	5,858,015	12,556,537	11,583,294
Income/(loss) before equity in earnings/(loss) from affiliates	1,520,002	37,983,022	13,402,089	68,807,969
Income tax benefit/(expense)	0	(92,795)	0	(92,795)
Equity in earnings/(loss) from affiliates	320,442	3,275,056	1,201,797	3,636,351
Net Income/(Loss)	1,840,444	41,165,283	14,603,886	72,351,525
Dividends on preferred stock	3,367,354	3,367,354	6,734,708	6,734,708
Net Income/(Loss) Available to Common Stockholders	$ (1,526,910)	$ 37,797,929	$ 7,869,178	$ 65,616,817
Earnings/(Loss) Per Share of Common Stock
Basic (in dollars per share)	$ (0.05)	$ 1.33	$ 0.28	$ 2.31
Diluted (in dollars per share)	$ (0.05)	$ 1.33	$ 0.28	$ 2.31
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	28,389,211	28,377,245	28,388,417	28,374,348
Diluted (in shares)	28,389,211	28,380,458	28,415,992	28,375,675

Consolidated Statements of Stoc

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	239,053	$ 117	0	0	238,936	0
Grant of restricted stock and amortization of equity based compensation (in shares)		11,749
Common dividends declared	(34,051,993)	$ 0	0	0	0	(34,051,993)
Preferred Series A dividends declared	(2,134,708)	0	0	0	0	(2,134,708)
Preferred Series B dividends declared	(4,600,000)	0	0	0	0	(4,600,000)
Net Income/(Loss)	72,351,525	0	0	0	0	72,351,525
Balance at Jun. 30, 2014	736,234,611	$ 283,774	49,920,772	111,293,233	585,858,424	(11,121,592)
Balance (in shares) at Jun. 30, 2014		28,377,404
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
Offering costs	(83,651)	$ 0	0	0	(83,651)	0
Grant of restricted stock and amortization of equity based compensation	173,372	$ 32	0	0	173,340	0
Grant of restricted stock and amortization of equity based compensation (in shares)		3,196
Common dividends declared	(34,066,096)	$ 0	0	0	0	(34,066,096)
Preferred Series A dividends declared	(2,134,708)	0	0	0	0	(2,134,708)
Preferred Series B dividends declared	(4,600,000)	0	0	0	0	(4,600,000)
Net Income/(Loss)	14,603,886	0	0	0	0	14,603,886
Balance at Jun. 30, 2015	$ 706,567,946	$ 283,893	$ 49,920,772	$ 111,293,233	$ 586,141,440	$ (41,071,392)
Balance (in shares) at Jun. 30, 2015		28,389,211

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities
Net income/(loss)	$ 14,603,886	$ 72,351,525
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized (gain)/loss	11,803,254	1,277,500
Net amortization of premium	7,684,635	9,956,156
Net realized and unrealized (gains)/losses on securities underlying linked transactions	0	(1,984,448)
Unrealized (gains)/losses on derivative and other instruments, net	3,121,810	43,098,535
Unrealized (gains)/losses on real estate securities and loans, net	10,996,283	(72,020,872)
Equity based compensation to affiliate	113,418	154,659
Equity based compensation expense	59,954	90,428
Income from investments in affiliates in excess of distributions received	(698,246)	(31,619)
Change in operating assets/liabilities:
Interest receivable	766,299	(405,433)
Other assets	594,875	(413,065)
Due from broker	1,332,166	(754,355)
Interest payable	(955,753)	(1,607,597)
Due to affiliates	(75,824)	(283,270)
Accrued expenses	(58,121)	284,797
Taxes payable	(766,300)	(404,018)
Net cash provided by operating activities	48,522,336	49,308,923
Cash Flows from Investing Activities
Purchase of real estate securities	(387,133,161)	(517,737,467)
Purchase of residential mortgage loans	0	(35,075,171)
Purchase of commercial loans	0	(72,123,364)
Purchase of U.S. treasury securities	(525,244,604)	0
Investments in affiliates	(12,150,900)	7,197,841
Purchase of excess mortgage servicing rights	0	(730,146)
Purchase of securities underlying linked transactions	0	(26,934,398)
Proceeds from sale of real estate securities	387,880,819	349,925,637
Proceeds from sale of securities underlying linked transactions	0	9,678,945
Proceeds from sales of U.S. treasury securities	522,584,101	0
Principal repayments on real estate securities	256,557,649	190,759,954
Principal repayments on residential mortgage loans	4,552,318	454,098
Principal repayments on securities underlying linked transactions	0	34,931,251
Receipt of premium for interest rate swaptions	0	433,750
Payment of premium for interest rate swaptions	0	(745,500)
Net proceeds from (payment made) on reverse repurchase agreements	(104,887,745)	(16,584,132)
Net proceeds from (payment made) on sales of securities borrowed under reverse repurchase agreements	101,381,187	15,251,378
Net settlement of interest rate swaps	(12,095,409)	1,897,155
Net settlement of TBAs	2,838,477	(225,977)
Net settlement of IO Indexes	0	(437,861)
Cash flows provided by (used in) other investing activities	2,667,569	(5,240,175)
Restricted cash provided by (used in) investing activities	12,840,432	(12,724,251)
Net cash provided by (used in) investing activities	249,790,733	(78,028,433)
Cash Flows from Financing Activities
Offering costs	(83,651)	0
Borrowings under repurchase agreements	15,375,825,942	10,974,971,334
Borrowings under repurchase agreements underlying linked transactions	0	981,707,722
Repayments of repurchase agreements	(15,620,927,549)	(10,890,794,402)
Repayments of repurchase agreements underlying linked transactions	0	(1,046,278,862)
Net collateral received from (paid to) derivative counterparty	(3,622,876)	(25,286,048)
Net collateral received from (paid to) repurchase counterparty	733,324	192,936
Dividends paid on common stock	(34,064,178)	(34,045,244)
Dividends paid on preferred stock	(6,734,708)	(6,734,708)
Net cash provided by (used in) financing activities	(288,873,696)	(46,267,272)
Net change in cash and cash equivalents	9,439,373	(74,986,782)
Cash and cash equivalents, Beginning of Period	64,363,514	86,190,011
Cash and cash equivalents, End of Period	73,802,887	11,203,229
Supplemental disclosure of cash flow information:
Cash paid for interest on repurchase agreements	14,152,096	14,248,958
Cash paid for income tax	1,535,522	1,372,482
Real estate securities recorded upon unlinking of Linked Transactions	139,778,263	71,626,997
Repurchase agreements recorded upon unlinking of Linked Transactions	113,363,873	61,397,051
Transfer from residential mortgage loans to other assets	1,767,572	0
Supplemental disclosure of non-cash financing and investing activities:
Common stock dividends declared but not paid	17,033,527	17,027,642
Decrease of securitized debt	$ 4,247,368	$ 0

Organization

Organization	6 Months Ended
	Jun. 30, 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 Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies 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 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. The Company held no cash equivalents 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. The Company incurred offering costs in connection with common stock offerings, issuances of preferred stock and registration statements. The offering costs were paid out of the proceeds of the respective offerings. Offering costs in connection with common stock offerings and costs in connection with registration statements 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. 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. 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. 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. 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 June 30, 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 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. 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. 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 on its financial instruments 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. 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.” 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 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. 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. 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 June 30, 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 June 30, 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. 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” exce

Real Estate Securities

Real Estate Securities	6 Months Ended
	Jun. 30, 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 June 30, 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. Premium / Gross Unrealized (1) Weighted Average Current Face (Discount) Amortized Cost Gains Losses Fair Value Coupon (2) Yield Agency RMBS: 20 Year Fixed Rate $ 115,433,500 $ 5,525,045 $ 120,958,545 $ 1,708,200 $ (357,780) $ 122,308,965 3.72 % 2.79 % 30 Year Fixed Rate 890,073,785 41,993,673 932,067,458 8,630,613 (4,455,610) 936,242,461 3.80 % 3.12 % Fixed Rate CMO 82,478,290 796,092 83,274,382 2,167,848 - 85,442,230 3.00 % 2.87 % ARM 391,490,514 7,222 391,497,736 6,816,129 (279,697) 398,034,168 2.41 % 2.75 % Interest Only 763,244,238 (669,822,513) 93,421,725 4,786,420 (738,678) 97,469,467 3.49 % 7.75 % Credit Investments: Non-Agency RMBS 1,842,576,195 (696,920,485) 1,145,655,710 25,339,207 (6,452,293) 1,164,542,624 3.13 % 5.69 % ABS 61,003,014 (461,061) 60,541,953 900,977 (348,574) 61,094,356 5.27 % 5.66 % CMBS 209,935,854 (108,880,417) 101,055,437 2,331,241 (386,316) 103,000,362 5.37 % 6.57 % CMBS Interest Only 52,357,700 (46,750,830) 5,606,870 160,121 - 5,766,991 1.92 % 5.78 % Total $ 4,408,593,090 $ (1,474,513,274) $ 2,934,079,816 $ 52,840,756 $ (13,018,948) $ 2,973,901,624 3.35 % 4.39 % (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 3.90 % 3.15 % Fixed Rate CMO 88,345,864 880,994 89,226,858 1,548,517 - 90,775,375 3.00 % 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. Less than 12 months Greater than 12 months As of Fair Value Unrealized Fair Value Unrealized June 30, 2015 $ 778,798,167 $ (10,304,612) $ 123,942,383 $ (2,714,336) December 31, 2014 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 June 30, 2015 the Company recognized $ 1.2 Company recorded the $ 1.2 Of the $1.2 million of OTTI recorded, $ 0.7 June 30, 2015 the Company recognized $ 3.9 Of the $3.9 million of OTTI recorded, $ 1.8 For the three months ended June 30, 2014 the Company recognized $ 0.7 Company recorded the $ 0.7 Of the $0.7 million of OTTI recorded, $ 0.1 June 30, 2014 the Company recognized $ 1.3 Of the $1.3 million of OTTI recorded, $ 0.2 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. 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 Less than or equal to 1 year $ - $ - $ - $ - - $ 41,299,854 $ 41,798,479 5.54 % Greater than one year and less than or equal to five years 88,682,235 88,038,435 2.34 % 62,820,569 60,628,510 3.46 % 498,720,313 490,325,153 4.01 % Greater than five years and less than or equal to ten years 1,160,708,936 1,144,755,002 3.42 % 34,648,898 32,793,215 3.56 % 680,305,780 672,194,555 2.56 % Greater than ten years 292,636,653 295,004,684 3.54 % - - - 114,078,386 108,541,783 5.40 % Total $ 1,542,027,824 $ 1,527,798,121 3.38 % $ 97,469,467 $ 93,421,725 3.49 % $ 1,334,404,333 $ 1,312,859,970 3.27 % (1) For purposes of this table, Agency RMBS represent securities backed by Fixed Rate 20 Year and 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 CMBS 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 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 and 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 CMBS 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 June 30, 2015, the Company sold 14 61.8 2.4 1.0 32 387.9 7.9 1.8 For the three months ended June 30, 2014, the Company sold 8 167.6 5.2 1.3 3.3 19 349.9 2.0 4.0 There were no sales of investments held within affiliated entities for the three and six months ended June 30, 2015. For the three and six months ended June 30, 2014, the Company sold 12 31.0 3.6 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 and residential real estate assets through affiliated entities, and has applied the equity method of accounting for such investments. As of June 30, 2015, the investments had a fair market value of $ 55.0 8.93 21.1 28.0 3.00 42.0 12.13 21.3 28.4 3.00 The underlying affiliated entities evaluate their investments for OTTI on at least a quarterly basis. The determination of whether these investments are other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. When the fair value of an investment is less than its amortized cost at the balance sheet date, the investment is considered impaired, and the impairment is designated as either “temporary” or “other-than-temporary.” For the three and six months ended June 30, 2015 the underlying affiliated entities recognized $ 1.7 1.7 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 June 30, 2015 and December 31, 2014, the resecuritized asset had an aggregate fair value of $ 43.6 47.6 36.0 39.8 5.59 5.50 5.91 5.14 36.0 39.8 4.42 3.40 3.70 3.75

Loans

Loans	6 Months Ended
	Jun. 30, 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 34.9 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 5.7 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 44.0 Gross Unrealized (1) Weighted Average Unpaid Principal Premium Balance (Discount) Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) Residential mortgage loans $ 109,326,731 $ (31,652,845) $ 77,673,886 $ 3,051,419 $ - $ 80,725,305 5.50 % 7.93 % 5.72 (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 Balance (Discount) Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) Residential mortgage loans $ 119,882,836 $ (35,534,525) $ 84,348,311 $ 1,101,473 $ (359,925) $ 85,089,859 5.53 % 8.90 % 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). June 30, 2015 December 31, 2014 Loan Type Fair Value Unpaid Principal Fair Value Unpaid Principal Re-Performing $ 67,766,720 $ 86,159,610 $ 68,581,824 $ 89,493,175 Non-Performing 12,958,585 23,167,121 16,508,035 30,389,661 $ 80,725,305 $ 109,326,731 $ 85,089,859 $ 119,882,836 As described in Note 2, the Company evaluates loans for OTTI on at least a quarterly basis. The determination of whether a loan is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. When the fair value of a loan is less than its amortized cost at the balance sheet date, the loan is considered impaired, and the impairment is designated as either “temporary” or “other-than-temporary.” For the three and six months ended June 30, 2015 the Company recognized $ 0.4 0.4 19.4 48.0 Concentration of Credit Risk June 30, 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 16 % 16 % California 10 % 11 % Florida 7 % 8 % Maryland 6 % 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. Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Beginning Balance $ 39,457,764 $ 16,915,318 $ 38,008,263 $ - Additions - - - 17,159,216 Accretion (1,424,792) (43,987) (3,290,087) (287,885) Reclassifications from/(to) non-accretable difference (4,491,240) - (212,560) - Disposals (11,408) (414,764) (975,292) (414,764) Ending Balance $ 33,530,324 $ 16,456,567 $ 33,530,324 $ 16,456,567 As of June 30, 2015, the Company’s residential mortgage loan portfolio is comprised of 544 conventional loans with original loan balances between $ 5,000 1.1 Commercial Loans 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 commercial loan portfolio at June 30, 2015. Gross Unrealized (1) Weighted Average Current Face Premium Amortized Cost Gains Losses Fair Value Coupon (5) Yield Life Stated Maturity Extended Location Loan A (2) $ 30,000,000 $ (164,411) $ 29,835,589 $ 164,411 $ - $ 30,000,000 6.50 % 8.10 % 1.96 June 5, 2017 June 5, 2019 FL Loan B (3) 32,800,000 (90,881) 32,709,119 90,881 - 32,800,000 5.00 % 6.16 % 0.95 July 1, 2016 July 1, 2019 TX Loan C (4) 10,000,000 (49,738) 9,950,262 49,738 - 10,000,000 13.50 % 15.99 % 1.11 February 1, 2017 February 1, 2018 NY $ 72,800,000 $ (305,030) $ 72,494,970 $ 305,030 $ - $ 72,800,000 6.79 % 8.31 % 1.39 (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 $ 20.0 10.0 (3) Loan B is comprised of a first mortgage and mezzanine loan of $ 31.8 1.0 (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 (5) Yield Life Stated Maturity Extended Location Loan A (2) $ 30,000,000 $ (240,326) $ 29,759,674 $ 240,326 $ - $ 30,000,000 6.50 % 8.76 % 2.77 June 5, 2017 June 5, 2019 FL Loan B (3) 32,800,000 (189,506) 32,610,494 189,506 - 32,800,000 5.00 % 6.15 % 1.45 July 1, 2016 July 1, 2019 TX Loan C (4) 10,000,000 (66,187) 9,933,813 66,187 - 10,000,000 13.50 % 15.77 % 1.61 February 1, 2017 February 1, 2018 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 12.0 20.0 10.0 (3) Loan B is comprised of a first mortgage and mezzanine loan of $ 31.8 1.0 (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 and six months ended June 30, 2015 the Company recorded $ 0.1 0.2 0.1 0.1

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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. Level 1 Level 2 Level 3 Total Assets: Agency RMBS: 20 Year Fixed Rate $ - $ 122,308,965 $ - $ 122,308,965 30 Year Fixed Rate - 936,242,461 - 936,242,461 Fixed Rate CMO - 85,442,230 - 85,442,230 ARM - 398,034,168 - 398,034,168 Interest Only - 97,469,467 - 97,469,467 Credit Investments: Non-Agency RMBS - 691,409,945 473,132,679 1,164,542,624 ABS - - 61,094,356 61,094,356 CMBS - 45,504,008 57,496,354 103,000,362 CMBS Interest Only - - 5,766,991 5,766,991 Residential mortgage loans - - 80,725,305 80,725,305 Commercial loans - - 72,800,000 72,800,000 Excess mortgage servicing rights - - 529,946 529,946 Derivative assets - 4,313,897 - 4,313,897 Total Assets Carried at Fair Value $ - $ 2,380,725,141 $ 751,545,631 $ 3,132,270,772 Liabilities: Securitized debt $ - $ (36,009,319) $ - $ (36,009,319) Securities borrowed under reverse repurchase agreements (102,891,797) - - (102,891,797) Derivative liabilities - (2,897,666) - (2,897,666) Total Liabilities Carried at Fair Value $ (102,891,797) $ (38,906,985) $ - $ (141,798,782) 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) Three Months Ended June 30, 2015 Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess Mortgage Beginning balance $ 509,545,172 $ 69,067,254 $ 53,810,559 $ 6,006,027 $ 82,392,720 $ 72,800,000 $ 579,734 Transfers (1): Transfers into level 3 20,308,267 - - - - - - Transfers out of level 3 - - - - - - - Purchases 28,384,097 - 18,000,000 - - - - Reclassification of security type (2) - - - - - - - Proceeds from sales (14,262,260) (7,803,290) (13,870,892) - - - - Proceeds from settlement (71,350,444) (334,856) (717,106) - (2,702,973) - (49,788) Total net gains/(losses) (3) - - - - - - - Included in net income 507,847 165,248 273,793 (239,036) 1,035,558 - - Included in other comprehensive income (loss) - - - - - - - Ending Balance $ 473,132,679 $ 61,094,356 $ 57,496,354 $ 5,766,991 $ 80,725,305 $ 72,800,000 $ 529,946 Change in unrealized appreciation/(depreciation) for level 3 assets still held as of June 30, 2015 (4) $ 2,057,034 $ 212,014 $ (133,055) $ (239,036) $ 1,401,735 $ - $ 12,878 (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 $ 1,701,227 Net realized gain/(loss) 42,183 Total $ 1,743,410 (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 $ 3,311,570 Three Months Ended Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess Mortgage Linked Beginning balance $ 381,244,949 $ 73,661,029 $ 37,924,945 $ 6,398,258 $ 34,939,773 $ 10,000,000 $ - $ 9,911,059 Transfers (1): Transfers into level 3 - - - - - - - - Transfers out of level 3 - - - - - - - - Purchases 173,507,091 6,562,500 - - - 62,157,000 730,146 (1,640,500) Reclassification of security type (2) 19,245,007 (6,562,500) (12,683,116) - - - - 1,520,345 Proceeds from sales (4,985,789) (23,791,829) (5,674,728) - - - - - Proceeds from settlement (24,887,481) (6,679,339) (357,588) - (454,098) - - (2,473,477) Total net gains/ (losses) (3) Included in net income 4,213,261 (94,663) 80,392 231,122 355,373 643,000 - 1,230,198 Included in other comprehensive income (loss) - - - - - - - - Ending Balance $ 548,337,038 $ 43,095,198 $ 19,289,905 $ 6,629,380 $ 34,841,048 $ 72,800,000 $ 730,146 $ 8,547,625 Change in unrealized appreciation/(depreciation) for level 3 assets still held as of June 30, 2014 (4) $ 3,974,028 $ (235,466) $ (754,949) $ 231,122 $ 416,220 $ 643,000 $ - $ 1,283,351 (1) Transfers are assumed to occur at the beginning of the period. (2) Represents an accounting reclassification between a linked transaction and a real estate security. (3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 1,230,198 Unrealized gain/(loss) on real estate securities and loans, net 4,778,701 Interest income 649,784 Total $ 6,658,683 (4) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 1,283,351 Unrealized gain/(loss) on real estate securities and loans, net 4,273,955 Total $ 5,557,306 Six Months Ended June 30, 2015 Non-Agency ABS CMBS CMBS Interest Only Residential Mortgage Loans Commercial Loans Excess Mortgage Linked 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 20,308,267 - - - - - - - Transfers out of level 3 - - - - - - - - Purchases 102,530,233 4,027,500 32,642,289 - - - - - Reclassification of security type (2) 24,129,591 - - - - - - (5,082,731) Proceeds from sales (26,645,804) (10,399,188) (13,870,892) - - - - Proceeds from settlement (106,575,361) (563,102) (1,105,069) (4,561,672) - (98,421) - Total net gains/(losses) (3) Included in net income 4,149,474 1,335,903 486,752 (358,958) 197,118 - - - Included in other comprehensive income (loss) - - - - - - - - Ending Balance $ 473,132,679 $ 61,094,356 $ 57,496,354 $ 5,766,991 $ 80,725,305 $ 72,800,000 $ 529,946 $ - Change in unrealized appreciation/(depreciation) for level 3 assets still held as of June 30, 2015 (4) $ 5,504,661 $ 1,285,375 $ 79,904 $ (358,958) $ 631,106 $ - $ 12,878 $ - (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 $ 5,785,039 Net realized gain/(loss) 25,250 Total $ 5,810,289 (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 $ 7,154,966 Six Months Ended June 30, 2014 Non-Agency RMBS ABS CMBS Interest Only Residential Mortgage Loans Commercial Loans Excess Mortgage Linked 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 249,366,020 9,584,500 - - 35,075,171 72,084,833 730,146 - Reclassification of security type (2) 26,752,862 - - - - - (4,219,811) Proceeds from sales (15,765,033) (23,791,829) (5,674,728) - - - - - Proceeds from settlement (29,006,717) (14,245,380) (564,395) - (454,098) - - (3,614,362) Total net gains/(losses) (3) Included in net income 7,149,344 203,123 1,556,985 304,645 219,975 715,167 - 1,658,629 Included in other comprehensive income (loss) - - - - - - - - Ending Balance $ 548,337,038 $ 43,095,198 $ 19,289,905 $ 6,629,380 $ 34,841,048 $ 72,800,000 $ 730,146 $ 8,547,625 Change in unrealized appreciation/(depreciation) for level 3 assets still held as of June 30, 2014 (4) $ 6,946,307 $ 62,320 $ 721,644 $ 304,645 $ 280,822 $ 715,167 $ - $ 1,656,144 (1) Transfers are assumed to occur at the beginning of the period. (2) Represents an accounting reclassification between a linked transaction and a real estate security. (3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 1,658,629 Unrealized gain/(loss) on real estate securities and loans, net 9,768,366 Net realized loss 380,873 Total $ 11,807,868 (4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 1,656,144 Unrealized gain/(loss) on real estate securities and loans, net 9,030,905 Total $ 10,687,049 During the three and six months ended June 30, 2015, the Company transferred a $ 20.3 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 Unobservable Input Range Yield 3.05% - 20.48% (5.67%) Non-Agency RMBS $ 473,132,679 Discounted Cash Flow Projected Collateral Prepayments 0.00% - 25.00% (5.91%) Projected Collateral Losses 0.00% - 35.00% (8.74%) Projected Collateral Severities 0.00% - 80.00% (35.45%) Yield 4.61% - 7.64% (5.66%) ABS $ 61,094,356 Discounted Cash Flow Projected Collateral Prepayments 20.00% - 100.00% (68.91%) Projected Collateral Losses 2.00% - 2.00% (2.00%) Projected Collateral Severities 50.00% - 50.00% (50.00%) Yield 4.31% - 15.92% (6.06%) CMBS $ 57,496,354 Discounted Cash Flow Projected Collateral Prepayments 0.00% - 20.00% (1.05%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Yield 5.77% - 5.80% (5.78%) CMBS Interest Only $ 5,766,991 Discounted Cash Flow Projected Collateral Prepayments 100.00% - 100.00% (100.00%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Yield 5.17% - 29.78% (7.93%) Residential Mortgage Loans $ 80,725,305 Discounted Cash Flow Projected Collateral Prepayments 3.56% - 7.20% (5.45%) Projected Collateral Losses 4.47% - 8.38% (6.32%) Projected Collateral Severities 30.25% - 39.25% (34.62%) Yield 6.16% - 15.99% (8.31%) 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 $ 529,946 Discounted Cash Flow Yield 11.90% - 15.25% (14.62%) * Represents the proportion of the principal expected to be collected relative to the loan balances as of June 30, 2015. Asset Class Fair Value at Valuation Technique Unobservable Input Range Yield 0.29% - 35.48% (5.30%) Non-Agency RMBS $ 455,236,279 Discounted Cash Flow Projected Collateral Prepayments 0.00% - 12.00% (3.21%) Projected Collateral Losses 0.00% - 35.00% (13.07%) Projected Collateral Severities 0.00% - 80.00% (36.04%) Yield 4.62% - 7.95% (5.55%) ABS $ 66,693,243 Discounted Cash Flow Projected Collateral Prepayments 20.00% - 100.00% (88.56%) Projected Collateral Losses 0.00% - 8.30% (5.13%) Projected Collateral Severities 0.00% - 50.00% (7.15%) Yield 4.80% - 10.52% (6.34%) CMBS $ 39,343,274 Discounted Cash Flow Projected Collateral Prepayments 0.00% - 0.00% (0.00%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Yield 5.72% - 5.78% (5.73%) CMBS Interest Only $ 6,125,949 Discounted Cash Flow Projected Collateral Prepayments 100.00% - 100.00% (100.00%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Yield 5.60% - 23.67% (8.90%) Residential Mortgage Loans $ 85,089,859 Discounted Cash Flow Projected Collateral Prepayments 1.98% - 8.36% (6.44%) Projected Collateral Losses 4.47% - 9.64% (6.20%) Projected Collateral Severities 20.93% - 41.94% (27.65%) 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%) Linked Transactions* $ 5,082,731 Discounted Cash Flow Projected Collateral Prepayments 3.00% - 12.00% (6.94%) Projected Collateral Losses 4.00% - 14.00% (8.09%) Projected Collateral Severities 42.00% - 60.00% (52.87%) *Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments. ** Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2014. 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 securities 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	6 Months Ended
	Jun. 30, 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. 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. The Company maintains a level of liquidity in the form of cash and unpledged Agency whole-pool RMBS and Agency Interest-Only securities in order to meet these obligations. Under the terms of the Company’s master repurchase agreements, the counterparties may, in certain cases, sell or re-hypothecate the pledged collateral. Repurchase Agreements Collateral Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Fair Value Amortized Cost Accrued Interest 30 days or less $ 1,784,481,000 0.84 % 9.4 % $ 2,008,500,287 $ 1,978,221,373 $ 6,375,273 31-60 days 213,157,000 1.20 % 11.1 % 243,309,452 249,224,502 731,637 61-90 days 19,727,000 1.80 % 27.1 % 27,175,990 26,109,661 53,494 Greater than 90 days 421,111,508 1.69 % 12.5 % 517,989,672 509,619,203 1,555,551 Total / Weighted Average $ 2,438,476,508 1.02 % 10.3 % $ 2,796,975,401 $ 2,763,174,739 $ 8,715,955 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 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 June 30, 2015: Repurchase Agreements Collateral Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Weighted Fair Value Amortized Cost Accrued Interest 30 days or less $ - - - - $ - $ - $ - 31-60 days - - - - - - - 61-90 days - - - - - - - Greater than 90 days 52,241,706 2.69 % 2.93 % 29.6 % 74,328,679 71,754,313 83,543 Total / Weighted Average $ 52,241,706 2.69 % 2.93 % 29.6 % $ 74,328,679 $ 71,754,313 $ 83,543 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 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 June 30, 2015: Repurchase Agreements Collateral Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Weighted Fair Value Amortized Cost Accrued Interest 30 days or less $ - - - - $ - $ - $ - 31-60 days - - - - - - - 61-90 days - - - - - - - Greater than 90 days 22,500,000 2.43 % 3.33 % 64.2 % 62,800,000 62,544,708 771,348 Total / Weighted Average $ 22,500,000 2.43 % 3.33 % 64.2 % $ 62,800,000 $ 62,544,708 $ 771,348 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 30 days or less $ - - - - $ - $ - $ - 31-60 days - - - - - - - 61-90 days - - - - - - - Greater than 90 days 22,500,000 2.50 % 2.83 % 64.2 % 62,800,000 62,370,168 533,832 Total / Weighted Average $ 22,500,000 2.50 % 2.83 % 64.2 % $ 62,800,000 $ 62,370,168 $ 533,832 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. June 30, 2015 December 31, 2014 Fair Value of investments pledged as collateral under repurchase agreements: Agency RMBS $ 1,513,155,148 $ 1,684,021,261 Non-Agency RMBS 1,117,558,576 1,088,398,641 ABS 61,094,356 66,693,243 CMBS 105,167,321 96,920,646 Residential Mortgage Loans 74,328,679 73,407,869 Commercial Mortgage Loans 62,800,000 62,800,000 Cash pledged (i.e., restricted cash) under repurchase agreements 12,641,361 13,374,600 Total collateral pledged under Repurchase agreements $ 2,946,745,441 $ 3,085,616,260 June 30, 2015 December 31, 2014 Repurchase agreements secured by investments: Agency RMBS $ 1,429,553,000 $ 1,583,911,000 Non-Agency RMBS 882,842,508 860,019,230 ABS 48,140,000 52,993,000 CMBS 77,941,000 74,959,000 Residential Mortgage Loans 52,241,706 50,573,718 Commercial Mortgage Loans 22,500,000 22,500,000 Gross Liability for Repurchase agreements $ 2,513,218,214 $ 2,644,955,948 Gross Amounts Not Offset in the Description Gross Amounts of Gross Amounts Net Amounts of Liabilities Financial Cash Collateral Net Amount Repurchase Agreements $ 2,513,218,214 $ - $ 2,513,218,214 $ 2,513,218,214 $ - $ - 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 Description Gross Amounts of Gross Amounts Net Amounts of Liabilities Financial Cash Collateral Net Amount 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 37 and 34 counterparties, under which it had outstanding debt with 22 and 22 counterparties at June 30, 2015 and December 31, 2014 on a GAAP basis, respectively. At June 30, 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 Wells Fargo Bank, N.A. $ 86,135,568 555 12 % Credit Suisse Securities, LLC 58,680,541 109 8 % Merrill Lynch, Pierce, Fenner & Smith Incorporated 45,527,811 11 6 % JP Morgan Securities, LLC 39,798,147 399 6 % The Royal Bank of Canada 39,018,295 36 6 % 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 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 52.8 39.2 114 165 16 12 7 5 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 April 13, 2017 84.2 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 100.0 52.2 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 150.0 80 22.5 On August 4, 2015, the Company, AG MIT CREL and AG MIT, LLC, entered into an Omnibus Amendment No. 1 to Master Repurchase and Securities Contract, Guarantee Agreement and Fee and Pricing Letter (the “Amendment”) with Wells Fargo. The Amendment amended certain terms in the CREL Repurchase Agreement, the Guarantee, dated as of September 17, 2014, delivered by the Company and AG MIT to Wells Fargo (the “Guarantee”), and the Fee and Pricing Letter, dated as of September 17, 2014, between AG MIT CREL and Wells Fargo. The Amendment lowered the maximum aggregate borrowing capacity available under the CREL Repurchase Agreement from $ 150 42.8 20.3 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

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 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 may also enter into non-derivative instruments to manage interest rate risk, including Agency IO securities and long and short positions in U.S. treasury securities. Derivative Instrument Designation Balance Sheet Location June 30, 2015 December 31, 2014 Interest rate swaps Non-Hedge Derivative liabilities, at fair value $ (2,143,761) $ (8,608,209) Interest rate swaps Non-Hedge Derivative assets, at fair value 4,169,367 9,902,151 TBAs Non-Hedge Derivative liabilities, at fair value (753,905) - TBAs Non-Hedge Derivative assets, at fair value 144,530 1,480,471 Short positions on U.S. Treasuries Non-Hedge Obligation to return securities borrowed under reverse repurchase agreements, at fair value (1) (102,891,797) - 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 June 30, 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. Non-hedge derivatives held long/(short): June 30, 2015 December 31, 2014 Notional amount of Pay Fix/Receive Float Interest Rate Swap Agreements $ 1,105,000,000 $ 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 - 225,000,000 Notional amount of short positions on U.S. Treasuries (105,000,000) - 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. Three Months Ended Three Months Ended Six Months Ended Six Months Ended Non-hedge derivatives gain (loss): Statement of Operations Location June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Interest rate swaps, at fair value Unrealized gain/(loss) on derivative and other instruments, net $ 9,168,104 $ (25,096,503) $ (513,854) $ (43,559,542) Interest rate swaps, at fair value Net realized gain/(loss) - 1,277,513 (12,095,409) 1,897,156 Swaptions, at fair value Unrealized gain/(loss) on derivative and other instruments, net - (462,115) - (581,164) Swaptions, at fair value Net realized gain/(loss) - (311,250) - 133,750 TBAs (1) Unrealized gain/(loss) on derivative and other instruments, net (2,776,176) 2,199,452 (2,089,846) 2,090,038 TBAs Net realized gain/(loss) 683,399 (225,977) 2,838,477 (225,977) IO Index, at fair value Unrealized gain/(loss) on derivative and other instruments, net - 72,595 - 37,989 IO Index, at fair value Net realized gain/(loss) - (452,650) - (322,889) 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 - 3,409,366 - 7,536,107 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) (1,914,062) - (3,177,734) - Short positions on U.S. Treasuries Unrealized gain/(loss) on derivative and other instruments, net 14,453 (631,249) (354,688) (1,124,630) Short positions on U.S. Treasuries Net realized gain/(loss) (708,789) 565,539 (1,151,758) 565,539 (1) For the three months ended June 30, 2015, realized and unrealized gains and losses from purchases and sales of TBAs consisted of $ 1.0 (3.1) 2.2 (1.5) 0.3 1.7 0.3 1.6 Gross Amounts Not Offset in the Description Gross Amounts of Gross Amounts Net Amounts of Assets Financial Cash Collateral Net Amount Receivable Under Reverse Repurchase Agreements $ 104,868,750 $ - $ 104,868,750 $ 102,891,797 $ - $ 1,976,953 Derivative Assets (1) Interest Rate Swaps $ 6,223,883 $ - $ 6,223,883 $ - $ 2,479,502 $ 3,744,381 TBAs 144,530 - 144,530 - - 144,530 Total Derivative Assets $ 6,368,413 $ - $ 6,368,413 $ - $ 2,479,502 $ 3,888,911 Derivative Liabilities (2) Interest Rate Swaps $ (875,024) $ - $ (875,024) $ - $ (875,024) $ - TBAs (753,905) - (753,905) - (753,905) - Total Derivative Liabilities $ (1,628,929) $ - $ (1,628,929) $ - $ (1,628,929) $ - (1) Included in Derivative Assets on the consolidated balance sheet is $ 6,368,413 2,054,516 4,313,897 (2) Included in Derivative Liabilities on the consolidated balance sheet is $ 1,628,929 1,268,737 2,897,666 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 Description Gross Amounts of Gross Amounts Net Amounts of Assets Financial Cash Collateral Net Amount Linked Transactions (1) $ 139,778,263 $ (113,363,873) $ 26,414,390 $ (26,414,390) $ - $ - Derivative Assets (2) Interest Rate Swaps $ 13,369,511 $ - $ 13,369,511 $ - $ 3,907,000 $ 9,462,511 TBAs 1,480,471 - 1,480,471 - 1,480,471 - Total Derivative Assets $ 14,849,982 $ - $ 14,849,982 $ - $ 5,387,471 $ 9,462,511 Derivative Liabilities (3) Interest Rate Swaps $ (7,506,798) $ - $ (7,506,798) $ - $ (7,506,798) $ - Total Derivative Liabilities $ (7,506,798) $ - $ (7,506,798) $ - $ (7,506,798) $ - (1) Included in Linked Transactions on the consolidated balance sheet is security fair market value of $ 139,778,263 (113,363,873) 280,701 26,695,091 (2) Included in Derivative Assets on the consolidated balance sheet is $ 14,849,982 (3,467,360) 11,382,622 (3) Included in Derivative Liabilities on the consolidated balance sheet is $ (7,506,798) (1,101,411) (8,608,209) At June 30, 2015, the Company had real estate securities with a fair value of $ 7.3 10.4 2.5 7.2 21.1 3.9 139.6 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. Maturity Notional Amount Weighted Average Weighted Average Weighted Average 2017 $ 80,000,000 0.87 % 0.32 % 2.18 2018 210,000,000 1.05 % 0.27 % 2.76 2019 260,000,000 1.27 % 0.27 % 4.14 2020 290,000,000 1.67 % 0.27 % 4.76 2022 70,000,000 1.75 % 0.27 % 7.02 2023 160,000,000 2.31 % 0.28 % 7.92 2025 40,000,000 2.48 % 0.28 % 9.93 Total/Wtd Avg $ 1,110,000,000 1.53 % 0.28 % 4.84 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 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 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). Our maximum exposure to loss represents the net payable amount until the settlement date. As of June 30, 2015, our maximum exposure to loss on TBAs was $ 0.6 235.2 For the Three Months Ended June 30, 2015 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ 180,000,000 $ 310,000,000 $ (490,000,000) $ - $ - $ (609,375) $ 144,530 $ (753,905) TBAs - Short $ - $ - $ - $ - $ - $ - $ - $ - For the Three Months Ended June 30, 2014 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ - $ 235,000,000 $ (75,000,000) $ 160,000,000 $ 168,729,295 $ (166,639,257) $ 2,963,081 $ (873,043) TBAs - Short $ - $ 100,000,000 $ (100,000,000) $ - $ - $ - $ - $ - For the Six Months Ended June 30, 2015 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ 225,000,000 $ 915,000,000 $ (1,140,000,000) $ - $ - $ (609,375) $ 144,530 $ (753,905) TBAs - Short $ - $ 219,000,000 $ (219,000,000) $ - $ - $ - $ - $ - For the Six Months Ended June 30, 2014 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ - $ 235,000,000 $ (75,000,000) $ 160,000,000 $ 168,729,295 $ (166,639,257) $ 2,963,081 $ (873,043) TBAs - Short $ - $ 247,000,000 $ (247,000,000) $ - $ - $ - $ - $ - 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 14.9 113.4 0.4 0.1 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. For the Three Months Ended June 30, 2014 For the Six Months Ended June 30, 2014 Instrument Current Face Amortized Fair Value Net Accrued Net Interest Unrealized Net Amount Net Interest Unrealized Gain/(Loss) Net Realized Amount Weighted Weighted Non-Agency RMBS $ 174,306,536 $ 161,625,769 $ 162,531,203 $ 346,452 $ 707,409 $ (2,911,422) $ 4,327,677 $ 2,123,664 $ 5,075,619 $ (3,289,232) $ 4,362,710 $ 6,149,097 3.99 % 6.11 CMBS 28,870,000 27,195,155 28,708,893 44,597 331,340 686,190 268,172 1,285,702 476,041 810,219 100,750 1,387,010 2.87 % 3.16 Total $ 203,176,536 $ 188,820,924 $ 191,240,096 $ 391,049 $ 1,038,749 $ (2,225,232) $ 4,595,849 $ 3,409,366 $ 5,551,660 $ (2,479,013) $ 4,463,460 $ 7,536,107 3.83 % 5.69 The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of June 30, 2014: Instrument Repurchase Weighted Weighted Non-Agency RMBS $ 137,465,510 1.61 % 0.05 CMBS 20,809,667 1.40 % 0.04 $ 158,275,177 1.58 % 0.05 For the three months ended June 30, 2014 a Non-Agency RMBS security with a fair value of $ 47.3 40.4 2.4 71.6 61.4 2.2

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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. June 30, 2015 June 30, 2014 Warrants 1,007,500 1,007,500 Restricted stock granted to the Manager - 3,355 Restricted stock units granted to the Manager 60,000 - Restricted stock granted to the independent directors - 2,000 Each warrant entitles the holder to purchase half a share of the Company’s common stock at a fixed price upon exercise of the warrant. For the three and six months ended June 30, 2015 and June 30, 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. Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Numerator: Net income/(loss) available to common stockholders for basic and diluted earnings per share $ (1,526,910) $ 37,797,929 $ 7,869,178 $ 65,616,817 Denominator: Basic weighted average common shares outstanding 28,389,211 28,377,245 28,388,417 28,374,348 Dilutive effect of manager and director restricted stock, and restricted stock units - 3,213 27,575 1,327 Dilutive weighted average common shares outstanding 28,389,211 28,380,458 28,415,992 28,375,675 Basic Earnings/(Loss) Per Share of Common Stock: $ (0.05) $ 1.33 $ 0.28 $ 2.31 Diluted Earnings/(Loss) Per Share of Common Stock: $ (0.05) $ 1.33 $ 0.28 $ 2.31 Excluded from the computation of diluted earnings per share because its effect would be anti-dilutive was manager restricted stock units of 29,915

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 June 30, 2015 and June 30, 2014, the Company recorded excise tax expense of $ 0.4 0.4 0.8 0.9 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 June 30, 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	6 Months Ended
	Jun. 30, 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 and will be deemed renewed automatically each year for an additional one-year period, subject to certain termination rights. As of June 30, 2015 and December 31, 2014, no event of termination had occurred. 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 For the three and six months ended June 30, 2015, the Company incurred a management fee of approximately $ 2.5 5.0 2.5 5.0 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 June 30, 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 and six months ended June 30, 2015, the Company expensed into Other operating expenses $ 1.9 3.7 1.6 3.3 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 1,500 500 46,750 Pursuant to the Manager Equity Incentive Plan and the Equity Incentive Plan, 277,500 145,946 On July 1, 2014, the Company granted 60,000 20,000 The Company also pays a $ 90,000 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. Transactions with affiliates In May 2015, the Company, with other investors managed by an affiliate of the Manager (collectively, “Related Parties”), completed an arms-length transaction. The transaction consisted of a securitization of seasoned, fixed-rate and adjustable-rate, non-performing and re-performing mortgage loans secured by first or second liens on one- to four-family properties or cooperative shares and real estate owned.

Equity

Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	11. Equity On January 24, 2012, the Company completed a follow-on offering of 5,000,000 750,000 19.00 109.3 104.0 5.3 On July 13, 2012, the Company filed a shelf registration statement on Form S-3 with the SEC, offering up to $ 1.0 750.0 On August 3, 2012, the Company completed a public offering of 1,800,000 8.25 270,000 25.00 51.8 49.9 8.25 25.00 On August 15, 2012, the Company completed a public offering of 6,000,000 900,000 23.29 160.7 152.7 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 1,254,854 31.3 On September 27, 2012, the Company completed a public offering of 4,000,000 8.00 600,000 25.00 115.0 111.3 8.00 25.00 On December 26, 2012, the Company completed a public offering of 3,750,000 24.33 91.2 87.5 Concurrently with the IPO, the Company offered a private placement of 3,205,000 20.00 0.5 2015 Declaration Date Record Date Payment Date Dividend Per Share 3/12/2015 3/23/2015 4/30/2015 $ 0.60 6/11/2015 6/22/2015 7/31/2015 0.60 2014 Declaration Date Record Date Payment Date Dividend Per Share 3/5/2014 3/18/2014 4/28/2014 $ 0.60 6/9/2014 6/19/2014 7/28/2014 0.60 The following table details the Company’s preferred stock dividends during the six months ended June 30, 2015 and June 30, 2014: 2015 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.25% Series A 2/12/2015 2/27/2015 3/17/2015 $ 0.51563 8.25% Series A 5/14/2015 5/29/2015 6/17/2015 0.51563 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.00% Series B 2/12/2015 2/27/2015 3/17/2015 $ 0.50 8.00% Series B 5/14/2015 5/29/2015 6/17/2015 0.50 2014 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.25% Series A 2/14/2014 2/28/2014 3/17/2014 $ 0.51563 8.25% Series A 5/15/2014 5/30/2014 6/17/2014 0.51563 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.00% Series B 2/14/2014 2/28/2014 3/17/2014 $ 0.50 8.00% Series B 5/15/2014 5/30/2014 6/17/2014 0.50

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	13. Subsequent Events As of July 30, 2015, the Company’s wholly-owned captive insurance subsidiary was granted membership in the Federal Home Loan Bank (“FHLB”) system, specifically in the FHLB of Cincinnati (“FHLBC”). The 11 regional FHLBs provide short- and long-term secured loans, called “advances” to their members. FHLB members may use a variety of real estate related assets, including residential mortgage loans and Agency RMBS, as collateral for advances. Membership in the FHLBC obligates the Company’s wholly-owned captive insurance subsidiary to purchase FHLBC membership stock and activity stock, the latter being a percentage of the advances it obtains from the FHLBC. Membership in the FHLB will provide the Company with greater financial flexibility and enhanced liquidity management.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Cash and Cash Equivalents, Policy [Policy Text Block]	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. The Company held no cash equivalents
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, issuances of preferred stock and registration statements. The offering costs were paid out of the proceeds of the respective offerings. Offering costs in connection with common stock offerings and costs in connection with registration statements 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]	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 June 30, 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 on its financial instruments 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]	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. 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 June 30, 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 June 30, 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]	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 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, 2017, 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 2015-02, “Consolidation” (“ASU 2015-02”). 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 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 April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), to simplify the presentation of debt issuance costs. Debt issuance costs are specific incremental third party costs—other than those paid to the lender—that are directly attributable to issuing a debt instrument. Under the new guidance, debt issuance costs will be presented as a direct deduction from the carrying value of the associated debt, consistent with the existing presentation of a debt discount. Before the FASB issued this simplification, debt issuance costs were capitalized as an asset (i.e., a deferred charge). For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently assessing the impact of this guidance.

Real Estate Securities (Tables)

Real Estate Securities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 115,433,500 $ 5,525,045 $ 120,958,545 $ 1,708,200 $ (357,780) $ 122,308,965 3.72 % 2.79 % 30 Year Fixed Rate 890,073,785 41,993,673 932,067,458 8,630,613 (4,455,610) 936,242,461 3.80 % 3.12 % Fixed Rate CMO 82,478,290 796,092 83,274,382 2,167,848 - 85,442,230 3.00 % 2.87 % ARM 391,490,514 7,222 391,497,736 6,816,129 (279,697) 398,034,168 2.41 % 2.75 % Interest Only 763,244,238 (669,822,513) 93,421,725 4,786,420 (738,678) 97,469,467 3.49 % 7.75 % Credit Investments: Non-Agency RMBS 1,842,576,195 (696,920,485) 1,145,655,710 25,339,207 (6,452,293) 1,164,542,624 3.13 % 5.69 % ABS 61,003,014 (461,061) 60,541,953 900,977 (348,574) 61,094,356 5.27 % 5.66 % CMBS 209,935,854 (108,880,417) 101,055,437 2,331,241 (386,316) 103,000,362 5.37 % 6.57 % CMBS Interest Only 52,357,700 (46,750,830) 5,606,870 160,121 - 5,766,991 1.92 % 5.78 % Total $ 4,408,593,090 $ (1,474,513,274) $ 2,934,079,816 $ 52,840,756 $ (13,018,948) $ 2,973,901,624 3.35 % 4.39 % (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 3.90 % 3.15 % Fixed Rate CMO 88,345,864 880,994 89,226,858 1,548,517 - 90,775,375 3.00 % 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 June 30, 2015 and December 31, 2014: Less than 12 months Greater than 12 months As of Fair Value Unrealized Fair Value Unrealized June 30, 2015 $ 778,798,167 $ (10,304,612) $ 123,942,383 $ (2,714,336) December 31, 2014 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 June 30, 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 Less than or equal to 1 year $ - $ - $ - $ - - $ 41,299,854 $ 41,798,479 5.54 % Greater than one year and less than or equal to five years 88,682,235 88,038,435 2.34 % 62,820,569 60,628,510 3.46 % 498,720,313 490,325,153 4.01 % Greater than five years and less than or equal to ten years 1,160,708,936 1,144,755,002 3.42 % 34,648,898 32,793,215 3.56 % 680,305,780 672,194,555 2.56 % Greater than ten years 292,636,653 295,004,684 3.54 % - - - 114,078,386 108,541,783 5.40 % Total $ 1,542,027,824 $ 1,527,798,121 3.38 % $ 97,469,467 $ 93,421,725 3.49 % $ 1,334,404,333 $ 1,312,859,970 3.27 % (1) For purposes of this table, Agency RMBS represent securities backed by Fixed Rate 20 Year and 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 CMBS 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 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 and 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 CMBS 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)	6 Months Ended
	Jun. 30, 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 June 30, 2015: Gross Unrealized (1) Weighted Average Unpaid Principal Premium Balance (Discount) Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) Residential mortgage loans $ 109,326,731 $ (31,652,845) $ 77,673,886 $ 3,051,419 $ - $ 80,725,305 5.50 % 7.93 % 5.72 (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 Balance (Discount) Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) Residential mortgage loans $ 119,882,836 $ (35,534,525) $ 84,348,311 $ 1,101,473 $ (359,925) $ 85,089,859 5.53 % 8.90 % 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: June 30, 2015 December 31, 2014 Loan Type Fair Value Unpaid Principal Fair Value Unpaid Principal Re-Performing $ 67,766,720 $ 86,159,610 $ 68,581,824 $ 89,493,175 Non-Performing 12,958,585 23,167,121 16,508,035 30,389,661 $ 80,725,305 $ 109,326,731 $ 85,089,859 $ 119,882,836
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Concentration of Credit Risk June 30, 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 16 % 16 % California 10 % 11 % Florida 7 % 8 % Maryland 6 % 5 %
Schedule Certain Loans Acquired In Transfer Accretable Yield [Table Text Block]	The following is a summary of the changes in the accretable portion of discounts for the three and six months ended June 30, 2015 and June 30, 2014, respectively: Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Beginning Balance $ 39,457,764 $ 16,915,318 $ 38,008,263 $ - Additions - - - 17,159,216 Accretion (1,424,792) (43,987) (3,290,087) (287,885) Reclassifications from/(to) non-accretable difference (4,491,240) - (212,560) - Disposals (11,408) (414,764) (975,292) (414,764) Ending Balance $ 33,530,324 $ 16,456,567 $ 33,530,324 $ 16,456,567
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, weighted average coupon rate and weighted average effective yield of the Company’s commercial loan portfolio at June 30, 2015. Gross Unrealized (1) Weighted Average Current Face Premium Amortized Cost Gains Losses Fair Value Coupon (5) Yield Life Stated Maturity Extended Location Loan A (2) $ 30,000,000 $ (164,411) $ 29,835,589 $ 164,411 $ - $ 30,000,000 6.50 % 8.10 % 1.96 June 5, 2017 June 5, 2019 FL Loan B (3) 32,800,000 (90,881) 32,709,119 90,881 - 32,800,000 5.00 % 6.16 % 0.95 July 1, 2016 July 1, 2019 TX Loan C (4) 10,000,000 (49,738) 9,950,262 49,738 - 10,000,000 13.50 % 15.99 % 1.11 February 1, 2017 February 1, 2018 NY $ 72,800,000 $ (305,030) $ 72,494,970 $ 305,030 $ - $ 72,800,000 6.79 % 8.31 % 1.39 (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 $ 20.0 10.0 (3) Loan B is comprised of a first mortgage and mezzanine loan of $ 31.8 1.0 (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 (5) Yield Life Stated Maturity Extended Location Loan A (2) $ 30,000,000 $ (240,326) $ 29,759,674 $ 240,326 $ - $ 30,000,000 6.50 % 8.76 % 2.77 June 5, 2017 June 5, 2019 FL Loan B (3) 32,800,000 (189,506) 32,610,494 189,506 - 32,800,000 5.00 % 6.15 % 1.45 July 1, 2016 July 1, 2019 TX Loan C (4) 10,000,000 (66,187) 9,933,813 66,187 - 10,000,000 13.50 % 15.77 % 1.61 February 1, 2017 February 1, 2018 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 12.0 20.0 10.0 (3) Loan B is comprised of a first mortgage and mezzanine loan of $ 31.8 1.0 (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)	6 Months Ended
	Jun. 30, 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 June 30, 2015: Level 1 Level 2 Level 3 Total Assets: Agency RMBS: 20 Year Fixed Rate $ - $ 122,308,965 $ - $ 122,308,965 30 Year Fixed Rate - 936,242,461 - 936,242,461 Fixed Rate CMO - 85,442,230 - 85,442,230 ARM - 398,034,168 - 398,034,168 Interest Only - 97,469,467 - 97,469,467 Credit Investments: Non-Agency RMBS - 691,409,945 473,132,679 1,164,542,624 ABS - - 61,094,356 61,094,356 CMBS - 45,504,008 57,496,354 103,000,362 CMBS Interest Only - - 5,766,991 5,766,991 Residential mortgage loans - - 80,725,305 80,725,305 Commercial loans - - 72,800,000 72,800,000 Excess mortgage servicing rights - - 529,946 529,946 Derivative assets - 4,313,897 - 4,313,897 Total Assets Carried at Fair Value $ - $ 2,380,725,141 $ 751,545,631 $ 3,132,270,772 Liabilities: Securitized debt $ - $ (36,009,319) $ - $ (36,009,319) Securities borrowed under reverse repurchase agreements (102,891,797) - - (102,891,797) Derivative liabilities - (2,897,666) - (2,897,666) Total Liabilities Carried at Fair Value $ (102,891,797) $ (38,906,985) $ - $ (141,798,782) 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 June 30, 2015 Non-Agency RMBS ABS CMBS CMBS Interest Only Residential Mortgage Loans Commercial Loans Excess Mortgage Servicing Rights Beginning balance $ 509,545,172 $ 69,067,254 $ 53,810,559 $ 6,006,027 $ 82,392,720 $ 72,800,000 $ 579,734 Transfers (1): Transfers into level 3 20,308,267 - - - - - - Transfers out of level 3 - - - - - - - Purchases 28,384,097 - 18,000,000 - - - - Reclassification of security type (2) - - - - - - - Proceeds from sales (14,262,260 ) (7,803,290 ) (13,870,892 ) - - - - Proceeds from settlement (71,350,444 ) (334,856 ) (717,106 ) - (2,702,973 ) - (49,788 ) Total net gains/(losses) (3) - - - - - - - Included in net income 507,847 165,248 273,793 (239,036 ) 1,035,558 - - Included in other comprehensive income (loss) - - - - - - - Ending Balance $ 473,132,679 $ 61,094,356 $ 57,496,354 $ 5,766,991 $ 80,725,305 $ 72,800,000 $ 529,946 Change in unrealized appreciation/(depreciation) for level 3 assets still held as of June 30, 2015 (4) $ 2,057,034 $ 212,014 $ (133,055 ) $ (239,036 ) $ 1,401,735 $ - $ 12,878 (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 $ 1,701,227 Net realized gain/(loss) 42,183 Total $ 1,743,410 (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 $ 3,311,570 Three Months Ended June 30, 2014 Non-Agency RMBS ABS CMBS CMBS Interest Only Residential Mortgage Loans Commercial Loans Excess Mortgage Servicing Rights Linked Transactions Beginning balance $ 381,244,949 $ 73,661,029 $ 37,924,945 $ 6,398,258 $ 34,939,773 $ 10,000,000 $ - $ 9,911,059 Transfers (1): Transfers into level 3 - - - - - - - - Transfers out of level 3 - - - - - - - - Purchases 173,507,091 6,562,500 - - - 62,157,000 730,146 (1,640,500 ) Reclassification of security type (2) 19,245,007 (6,562,500 ) (12,683,116 ) - - - - 1,520,345 Proceeds from sales (4,985,789 ) (23,791,829 ) (5,674,728 ) - - - - - Proceeds from settlement (24,887,481 ) (6,679,339 ) (357,588 ) - (454,098 ) - - (2,473,477 ) Total net gains/ (losses) (3) Included in net income 4,213,261 (94,663 ) 80,392 231,122 355,373 643,000 - 1,230,198 Included in other comprehensive income (loss) - - - - - - - - Ending Balance $ 548,337,038 $ 43,095,198 $ 19,289,905 $ 6,629,380 $ 34,841,048 $ 72,800,000 $ 730,146 $ 8,547,625 Change in unrealized appreciation/(depreciation) for level 3 assets still held as of June 30, 2014 (4) $ 3,974,028 $ (235,466 ) $ (754,949 ) $ 231,122 $ 416,220 $ 643,000 $ - $ 1,283,351 (1) Transfers are assumed to occur at the beginning of the period. (2) Represents an accounting reclassification between a linked transaction and a real estate security. (3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 1,230,198 Unrealized gain/(loss) on real estate securities and loans, net 4,778,701 Interest income 649,784 Total $ 6,658,683 (4) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 1,283,351 Unrealized gain/(loss) on real estate securities and loans, net 4,273,955 Total $ 5,557,306 Six Months Ended June 30, 2015 Non-Agency RMBS ABS CMBS CMBS Interest Only Residential Mortgage Loans Commercial Loans Excess Mortgage Servicing Rights Linked 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 20,308,267 - - - - - - - Transfers out of level 3 - - - - - - - - Purchases 102,530,233 4,027,500 32,642,289 - - - - - Reclassification of security type (2) 24,129,591 - - - - - - (5,082,731 ) Proceeds from sales (26,645,804 ) (10,399,188 ) (13,870,892 ) - - - - - Proceeds from settlement (106,575,361 ) (563,102 ) (1,105,069 ) - (4,561,672 ) - (98,421 ) - Total net gains/(losses) (3) Included in net income 4,149,474 1,335,903 486,752 (358,958 ) 197,118 - - - Included in other comprehensive income (loss) - - - - - - - - Ending Balance $ 473,132,679 $ 61,094,356 $ 57,496,354 $ 5,766,991 $ 80,725,305 $ 72,800,000 $ 529,946 $ - Change in unrealized appreciation/(depreciation) for level 3 assets still held as of June 30, 2015 (4) $ 5,504,661 $ 1,285,375 $ 79,904 $ (358,958 ) $ 631,106 $ - $ 12,878 $ - (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 $ 5,785,039 Net realized gain/(loss) 25,250 Total $ 5,810,289 (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 $ 7,154,966 Six Months Ended June 30, 2014 Non-Agency RMBS ABS CMBS Interest Only Residential Mortgage Loans Commercial Loans Excess Mortgage Servicing Rights Linked 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 249,366,020 9,584,500 - - 35,075,171 72,084,833 730,146 - Reclassification of security type (2) 26,752,862 - - - - - - (4,219,811 ) Proceeds from sales (15,765,033 ) (23,791,829 ) (5,674,728 ) - - - - - Proceeds from settlement (29,006,717 ) (14,245,380 ) (564,395 ) - (454,098 ) - - (3,614,362 ) Total net gains/(losses) (3) Included in net income 7,149,344 203,123 1,556,985 304,645 219,975 715,167 - 1,658,629 Included in other comprehensive income (loss) - - - - - - - - Ending Balance $ 548,337,038 $ 43,095,198 $ 19,289,905 $ 6,629,380 $ 34,841,048 $ 72,800,000 $ 730,146 $ 8,547,625 Change in unrealized appreciation/(depreciation) for level 3 assets still held as of June 30, 2014 (4) $ 6,946,307 $ 62,320 $ 721,644 $ 304,645 $ 280,822 $ 715,167 $ - $ 1,656,144 (1) Transfers are assumed to occur at the beginning of the period. (2) Represents an accounting reclassification between a linked transaction and a real estate security. (3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 1,658,629 Unrealized gain/(loss) on real estate securities and loans, net 9,768,366 Net realized loss 380,873 Total $ 11,807,868 (4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 1,656,144 Unrealized gain/(loss) on real estate securities and loans, net 9,030,905 Total $ 10,687,049
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	Asset Class Fair Value at Valuation Unobservable Input Range Yield 3.05% - 20.48% (5.67%) Non-Agency RMBS $ 473,132,679 Discounted Cash Flow Projected Collateral Prepayments 0.00% - 25.00% (5.91%) Projected Collateral Losses 0.00% - 35.00% (8.74%) Projected Collateral Severities 0.00% - 80.00% (35.45%) Yield 4.61% - 7.64% (5.66%) ABS $ 61,094,356 Discounted Cash Flow Projected Collateral Prepayments 20.00% - 100.00% (68.91%) Projected Collateral Losses 2.00% - 2.00% (2.00%) Projected Collateral Severities 50.00% - 50.00% (50.00%) Yield 4.31% - 15.92% (6.06%) CMBS $ 57,496,354 Discounted Cash Flow Projected Collateral Prepayments 0.00% - 20.00% (1.05%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Yield 5.77% - 5.80% (5.78%) CMBS Interest Only $ 5,766,991 Discounted Cash Flow Projected Collateral Prepayments 100.00% - 100.00% (100.00%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Yield 5.17% - 29.78% (7.93%) Residential Mortgage Loans $ 80,725,305 Discounted Cash Flow Projected Collateral Prepayments 3.56% - 7.20% (5.45%) Projected Collateral Losses 4.47% - 8.38% (6.32%) Projected Collateral Severities 30.25% - 39.25% (34.62%) Yield 6.16% - 15.99% (8.31%) 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 $ 529,946 Discounted Cash Flow Yield 11.90% - 15.25% (14.62%) * Represents the proportion of the principal expected to be collected relative to the loan balances as of June 30, 2015. Asset Class Fair Value at Valuation Technique Unobservable Input Range Yield 0.29% - 35.48% (5.30%) Non-Agency RMBS $ 455,236,279 Discounted Cash Flow Projected Collateral Prepayments 0.00% - 12.00% (3.21%) Projected Collateral Losses 0.00% - 35.00% (13.07%) Projected Collateral Severities 0.00% - 80.00% (36.04%) Yield 4.62% - 7.95% (5.55%) ABS $ 66,693,243 Discounted Cash Flow Projected Collateral Prepayments 20.00% - 100.00% (88.56%) Projected Collateral Losses 0.00% - 8.30% (5.13%) Projected Collateral Severities 0.00% - 50.00% (7.15%) Yield 4.80% - 10.52% (6.34%) CMBS $ 39,343,274 Discounted Cash Flow Projected Collateral Prepayments 0.00% - 0.00% (0.00%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Yield 5.72% - 5.78% (5.73%) CMBS Interest Only $ 6,125,949 Discounted Cash Flow Projected Collateral Prepayments 100.00% - 100.00% (100.00%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Yield 5.60% - 23.67% (8.90%) Residential Mortgage Loans $ 85,089,859 Discounted Cash Flow Projected Collateral Prepayments 1.98% - 8.36% (6.44%) Projected Collateral Losses 4.47% - 9.64% (6.20%) Projected Collateral Severities 20.93% - 41.94% (27.65%) 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%) Linked Transactions* $ 5,082,731 Discounted Cash Flow Projected Collateral Prepayments 3.00% - 12.00% (6.94%) Projected Collateral Losses 4.00% - 14.00% (8.09%) Projected Collateral Severities 42.00% - 60.00% (52.87%) *Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments. ** Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2014.

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015: Repurchase Agreements Collateral Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Fair Value Amortized Cost Accrued Interest 30 days or less $ 1,784,481,000 0.84 % 9.4 % $ 2,008,500,287 $ 1,978,221,373 $ 6,375,273 31-60 days 213,157,000 1.20 % 11.1 % 243,309,452 249,224,502 731,637 61-90 days 19,727,000 1.80 % 27.1 % 27,175,990 26,109,661 53,494 Greater than 90 days 421,111,508 1.69 % 12.5 % 517,989,672 509,619,203 1,555,551 Total / Weighted Average $ 2,438,476,508 1.02 % 10.3 % $ 2,796,975,401 $ 2,763,174,739 $ 8,715,955 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 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 Repurchase Agreements Collateral Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Weighted Fair Value Amortized Cost Accrued Interest 30 days or less $ - - - - $ - $ - $ - 31-60 days - - - - - - - 61-90 days - - - - - - - Greater than 90 days 52,241,706 2.69 % 2.93 % 29.6 % 74,328,679 71,754,313 83,543 Total / Weighted Average $ 52,241,706 2.69 % 2.93 % 29.6 % $ 74,328,679 $ 71,754,313 $ 83,543 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 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 June 30, 2015: Repurchase Agreements Collateral Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Weighted Fair Value Amortized Cost Accrued Interest 30 days or less $ - - - - $ - $ - $ - 31-60 days - - - - - - - 61-90 days - - - - - - - Greater than 90 days 22,500,000 2.43 % 3.33 % 64.2 % 62,800,000 62,544,708 771,348 Total / Weighted Average $ 22,500,000 2.43 % 3.33 % 64.2 % $ 62,800,000 $ 62,544,708 $ 771,348 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 30 days or less $ - - - - $ - $ - $ - 31-60 days - - - - - - - 61-90 days - - - - - - - Greater than 90 days 22,500,000 2.50 % 2.83 % 64.2 % 62,800,000 62,370,168 533,832 Total / Weighted Average $ 22,500,000 2.50 % 2.83 % 64.2 % $ 62,800,000 $ 62,370,168 $ 533,832
Schedule Of Securities Collateral Information [Table Text Block]	The following table presents information with respect to the Company’s posting of collateral under repurchase agreements at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Fair Value of investments pledged as collateral under repurchase agreements: Agency RMBS $ 1,513,155,148 $ 1,684,021,261 Non-Agency RMBS 1,117,558,576 1,088,398,641 ABS 61,094,356 66,693,243 CMBS 105,167,321 96,920,646 Residential Mortgage Loans 74,328,679 73,407,869 Commercial Mortgage Loans 62,800,000 62,800,000 Cash pledged (i.e., restricted cash) under repurchase agreements 12,641,361 13,374,600 Total collateral pledged under Repurchase agreements $ 2,946,745,441 $ 3,085,616,260
Schedule Of Total Borrowings Under Repurchase Agreements [Table Text Block]	The following table presents information with respect to the Company’s total borrowings under repurchase agreements at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Repurchase agreements secured by investments: Agency RMBS $ 1,429,553,000 $ 1,583,911,000 Non-Agency RMBS 882,842,508 860,019,230 ABS 48,140,000 52,993,000 CMBS 77,941,000 74,959,000 Residential Mortgage Loans 52,241,706 50,573,718 Commercial Mortgage Loans 22,500,000 22,500,000 Gross Liability for Repurchase agreements $ 2,513,218,214 $ 2,644,955,948
Schedule Of Gross and Net Information About Repurchase Agreements [Table Text Block]	Gross Amounts Not Offset in the Description Gross Amounts of Gross Amounts Net Amounts of Liabilities Financial Cash Collateral Net Amount Repurchase Agreements $ 2,513,218,214 $ - $ 2,513,218,214 $ 2,513,218,214 $ - $ - 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 Description Gross Amounts of Gross Amounts Net Amounts of Liabilities Financial Cash Collateral Net Amount Repurchase Agreements $ 2,644,955,948 $ - $ 2,644,955,948 $ 2,644,955,948 $ - $ -
Schedule Of Repurchase Agreement Counterparty [Table Text Block]	Counterparty Amount at Risk Weighted Average Percentage of Wells Fargo Bank, N.A. $ 86,135,568 555 12 % Credit Suisse Securities, LLC 58,680,541 109 8 % Merrill Lynch, Pierce, Fenner & Smith Incorporated 45,527,811 11 6 % JP Morgan Securities, LLC 39,798,147 399 6 % The Royal Bank of Canada 39,018,295 36 6 % 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 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)	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014. Derivative Instrument Designation Balance Sheet Location June 30, 2015 December 31, 2014 Interest rate swaps Non-Hedge Derivative liabilities, at fair value $ (2,143,761) $ (8,608,209) Interest rate swaps Non-Hedge Derivative assets, at fair value 4,169,367 9,902,151 TBAs Non-Hedge Derivative liabilities, at fair value (753,905) - TBAs Non-Hedge Derivative assets, at fair value 144,530 1,480,471 Short positions on U.S. Treasuries Non-Hedge Obligation to return securities borrowed under reverse repurchase agreements, at fair value (1) (102,891,797) - 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 June 30, 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): June 30, 2015 December 31, 2014 Notional amount of Pay Fix/Receive Float Interest Rate Swap Agreements $ 1,105,000,000 $ 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 - 225,000,000 Notional amount of short positions on U.S. Treasuries (105,000,000) - 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 Six Months Ended Six Months Ended Non-hedge derivatives gain (loss): Statement of Operations Location June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Interest rate swaps, at fair value Unrealized gain/(loss) on derivative and other instruments, net $ 9,168,104 $ (25,096,503) $ (513,854) $ (43,559,542) Interest rate swaps, at fair value Net realized gain/(loss) - 1,277,513 (12,095,409) 1,897,156 Swaptions, at fair value Unrealized gain/(loss) on derivative and other instruments, net - (462,115) - (581,164) Swaptions, at fair value Net realized gain/(loss) - (311,250) - 133,750 TBAs (1) Unrealized gain/(loss) on derivative and other instruments, net (2,776,176) 2,199,452 (2,089,846) 2,090,038 TBAs Net realized gain/(loss) 683,399 (225,977) 2,838,477 (225,977) IO Index, at fair value Unrealized gain/(loss) on derivative and other instruments, net - 72,595 - 37,989 IO Index, at fair value Net realized gain/(loss) - (452,650) - (322,889) 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 - 3,409,366 - 7,536,107 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) (1,914,062) - (3,177,734) - Short positions on U.S. Treasuries Unrealized gain/(loss) on derivative and other instruments, net 14,453 (631,249) (354,688) (1,124,630) Short positions on U.S. Treasuries Net realized gain/(loss) (708,789) 565,539 (1,151,758) 565,539 (1) For the three months ended June 30, 2015, realized and unrealized gains and losses from purchases and sales of TBAs consisted of $ 1.0 (3.1) 2.2 (1.5) 0.3 1.7 0.3 1.6
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 June 30, 2015: Gross Amounts Not Offset in the Description Gross Amounts of Gross Amounts Net Amounts of Assets Financial Cash Collateral Net Amount Receivable Under Reverse Repurchase Agreements $ 104,868,750 $ - $ 104,868,750 $ 102,891,797 $ - $ 1,976,953 Derivative Assets (1) Interest Rate Swaps $ 6,223,883 $ - $ 6,223,883 $ - $ 2,479,502 $ 3,744,381 TBAs 144,530 - 144,530 - - 144,530 Total Derivative Assets $ 6,368,413 $ - $ 6,368,413 $ - $ 2,479,502 $ 3,888,911 Derivative Liabilities (2) Interest Rate Swaps $ (875,024) $ - $ (875,024) $ - $ (875,024) $ - TBAs (753,905) - (753,905) - (753,905) - Total Derivative Liabilities $ (1,628,929) $ - $ (1,628,929) $ - $ (1,628,929) $ - (1) Included in Derivative Assets on the consolidated balance sheet is $ 6,368,413 2,054,516 4,313,897 (2) Included in Derivative Liabilities on the consolidated balance sheet is $ 1,628,929 1,268,737 2,897,666 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 Description Gross Amounts of Gross Amounts Net Amounts of Assets Financial Cash Collateral Net Amount Linked Transactions (1) $ 139,778,263 $ (113,363,873) $ 26,414,390 $ (26,414,390) $ - $ - Derivative Assets (2) Interest Rate Swaps $ 13,369,511 $ - $ 13,369,511 $ - $ 3,907,000 $ 9,462,511 TBAs 1,480,471 - 1,480,471 - 1,480,471 - Total Derivative Assets $ 14,849,982 $ - $ 14,849,982 $ - $ 5,387,471 $ 9,462,511 Derivative Liabilities (3) Interest Rate Swaps $ (7,506,798) $ - $ (7,506,798) $ - $ (7,506,798) $ - Total Derivative Liabilities $ (7,506,798) $ - $ (7,506,798) $ - $ (7,506,798) $ - (1) Included in Linked Transactions on the consolidated balance sheet is security fair market value of $ 139,778,263 (113,363,873) 280,701 26,695,091 (2) Included in Derivative Assets on the consolidated balance sheet is $ 14,849,982 (3,467,360) 11,382,622 (3) Included in Derivative Liabilities on the consolidated balance sheet is $ (7,506,798) (1,101,411) (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 June 30, 2015: Maturity Notional Amount Weighted Average Weighted Average Weighted Average 2017 $ 80,000,000 0.87 % 0.32 % 2.18 2018 210,000,000 1.05 % 0.27 % 2.76 2019 260,000,000 1.27 % 0.27 % 4.14 2020 290,000,000 1.67 % 0.27 % 4.76 2022 70,000,000 1.75 % 0.27 % 7.02 2023 160,000,000 2.31 % 0.28 % 7.92 2025 40,000,000 2.48 % 0.28 % 9.93 Total/Wtd Avg $ 1,110,000,000 1.53 % 0.28 % 4.84 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 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 and six months ended June 30, 2015 and June 30, 2014: For the Three Months Ended June 30, 2015 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ 180,000,000 $ 310,000,000 $ (490,000,000) $ - $ - $ (609,375) $ 144,530 $ (753,905) TBAs - Short $ - $ - $ - $ - $ - $ - $ - $ - For the Three Months Ended June 30, 2014 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ - $ 235,000,000 $ (75,000,000) $ 160,000,000 $ 168,729,295 $ (166,639,257) $ 2,963,081 $ (873,043) TBAs - Short $ - $ 100,000,000 $ (100,000,000) $ - $ - $ - $ - $ - For the Six Months Ended June 30, 2015 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ 225,000,000 $ 915,000,000 $ (1,140,000,000) $ - $ - $ (609,375) $ 144,530 $ (753,905) TBAs - Short $ - $ 219,000,000 $ (219,000,000) $ - $ - $ - $ - $ - For the Six Months Ended June 30, 2014 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ - $ 235,000,000 $ (75,000,000) $ 160,000,000 $ 168,729,295 $ (166,639,257) $ 2,963,081 $ (873,043) TBAs - Short $ - $ 247,000,000 $ (247,000,000) $ - $ - $ - $ - $ -
Schedule Of Repurchase Agreements Comprising Linked Transaction [Table Text Block]	The following table presents certain information related to the securities accounted for as a part of linked transactions during the three and six months ended June 30, 2014: For the Three Months Ended June 30, 2014 For the Six Months Ended June 30, 2014 Instrument Current Face Amortized Fair Value Net Accrued Net Interest Unrealized Net Amount Net Interest Unrealized Gain/(Loss) Net Realized Amount Weighted Weighted Non-Agency RMBS $ 174,306,536 $ 161,625,769 $ 162,531,203 $ 346,452 $ 707,409 $ (2,911,422) $ 4,327,677 $ 2,123,664 $ 5,075,619 $ (3,289,232) $ 4,362,710 $ 6,149,097 3.99 % 6.11 CMBS 28,870,000 27,195,155 28,708,893 44,597 331,340 686,190 268,172 1,285,702 476,041 810,219 100,750 1,387,010 2.87 % 3.16 Total $ 203,176,536 $ 188,820,924 $ 191,240,096 $ 391,049 $ 1,038,749 $ (2,225,232) $ 4,595,849 $ 3,409,366 $ 5,551,660 $ (2,479,013) $ 4,463,460 $ 7,536,107 3.83 % 5.69 The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of June 30, 2014: Instrument Repurchase Weighted Weighted Non-Agency RMBS $ 137,465,510 1.61 % 0.05 CMBS 20,809,667 1.40 % 0.04 $ 158,275,177 1.58 % 0.05

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	As of June 30, 2015 and June 30, 2014, the Company’s outstanding warrants, unvested shares of restricted common stock and unvested restricted stock units were as follows: June 30, 2015 June 30, 2014 Warrants 1,007,500 1,007,500 Restricted stock granted to the Manager - 3,355 Restricted stock units granted to the Manager 60,000 - Restricted stock granted to the independent directors - 2,000
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the three and six months ended June 30, 2015 and June 30, 2014: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Numerator: Net income/(loss) available to common stockholders for basic and diluted earnings per share $ (1,526,910) $ 37,797,929 $ 7,869,178 $ 65,616,817 Denominator: Basic weighted average common shares outstanding 28,389,211 28,377,245 28,388,417 28,374,348 Dilutive effect of manager and director restricted stock, and restricted stock units - 3,213 27,575 1,327 Dilutive weighted average common shares outstanding 28,389,211 28,380,458 28,415,992 28,375,675 Basic Earnings/(Loss) Per Share of Common Stock: $ (0.05) $ 1.33 $ 0.28 $ 2.31 Diluted Earnings/(Loss) Per Share of Common Stock: $ (0.05) $ 1.33 $ 0.28 $ 2.31

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Dividends Payable [Table Text Block]	The following table details the Company’s common stock dividends during the six months ended June 30, 2015 and June 30, 2014: 2015 Declaration Date Record Date Payment Date Dividend Per Share 3/12/2015 3/23/2015 4/30/2015 $ 0.60 6/11/2015 6/22/2015 7/31/2015 0.60 2014 Declaration Date Record Date Payment Date Dividend Per Share 3/5/2014 3/18/2014 4/28/2014 $ 0.60 6/9/2014 6/19/2014 7/28/2014 0.60 The following table details the Company’s preferred stock dividends during the six months ended June 30, 2015 and June 30, 2014: 2015 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.25% Series A 2/12/2015 2/27/2015 3/17/2015 $ 0.51563 8.25% Series A 5/14/2015 5/29/2015 6/17/2015 0.51563 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.00% Series B 2/12/2015 2/27/2015 3/17/2015 $ 0.50 8.00% Series B 5/14/2015 5/29/2015 6/17/2015 0.50 2014 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.25% Series A 2/14/2014 2/28/2014 3/17/2014 $ 0.51563 8.25% Series A 5/15/2014 5/30/2014 6/17/2014 0.51563 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.00% Series B 2/14/2014 2/28/2014 3/17/2014 $ 0.50 8.00% Series B 5/15/2014 5/30/2014 6/17/2014 0.50

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details Textual)	6 Months Ended
	Jun. 30, 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.

Real Estate Securities (Details

Real Estate Securities (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 4,408,593,090	$ 4,006,448,684
Premium/(Discount)		(1,474,513,274)	(941,512,278)
Amortized Cost		2,934,079,816	3,064,936,406
Gross Unrealized Gains	[1]	52,840,756	61,620,967
Gross Unrealized Losses	[1]	(13,018,948)	(10,950,804)
Fair Value		$ 2,973,901,624	$ 3,115,606,569
Weighted Average Coupon	[2]	3.35%	3.97%
Weighted Average Yield		4.39%	4.31%
Agency RMBS: 20 Year Fixed Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 115,433,500	$ 125,538,084
Premium/(Discount)		5,525,045	6,009,532
Amortized Cost		120,958,545	131,547,616
Gross Unrealized Gains	[1]	1,708,200	2,267,721
Gross Unrealized Losses	[1]	(357,780)	(72,467)
Fair Value		$ 122,308,965	$ 133,742,870
Weighted Average Coupon	[2]	3.72%	3.72%
Weighted Average Yield		2.79%	2.79%
Agency RMBS: 30 Year Fixed Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 890,073,785	$ 973,102,647
Premium/(Discount)		41,993,673	46,665,955
Amortized Cost		932,067,458	1,019,768,602
Gross Unrealized Gains	[1]	8,630,613	17,222,909
Gross Unrealized Losses	[1]	(4,455,610)	(967,492)
Fair Value		$ 936,242,461	$ 1,036,024,019
Weighted Average Coupon	[2]	3.80%	3.90%
Weighted Average Yield		3.12%	3.15%
Agency RMBS: Fixed Rate CMO [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 82,478,290	$ 88,345,864
Premium/(Discount)		796,092	880,994
Amortized Cost		83,274,382	89,226,858
Gross Unrealized Gains	[1]	2,167,848	1,548,517
Gross Unrealized Losses	[1]	0	0
Fair Value		$ 85,442,230	$ 90,775,375
Weighted Average Coupon	[2]	3.00%	3.00%
Weighted Average Yield		2.87%	2.81%
Agency RMBS: ARM [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 391,490,514	$ 421,043,957
Premium/(Discount)		7,222	(888,105)
Amortized Cost		391,497,736	420,155,852
Gross Unrealized Gains	[1]	6,816,129	7,570,945
Gross Unrealized Losses	[1]	(279,697)	(189,430)
Fair Value		$ 398,034,168	$ 427,537,367
Weighted Average Coupon	[2]	2.41%	2.42%
Weighted Average Yield		2.75%	2.71%
Agency RMBS: Interest Only [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 763,244,238	$ 754,905,240
Premium/(Discount)		(669,822,513)	(638,264,371)
Amortized Cost		93,421,725	116,640,869
Gross Unrealized Gains	[1]	4,786,420	5,941,701
Gross Unrealized Losses	[1]	(738,678)	(2,347,455)
Fair Value		$ 97,469,467	$ 120,235,115
Weighted Average Coupon	[2]	3.49%	4.51%
Weighted Average Yield		7.75%	7.79%
Credit Investments: Non-Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 1,842,576,195	$ 1,303,432,523
Premium/(Discount)		(696,920,485)	(181,488,454)
Amortized Cost		1,145,655,710	1,121,944,069
Gross Unrealized Gains	[1]	25,339,207	24,415,728
Gross Unrealized Losses	[1]	(6,452,293)	(6,281,869)
Fair Value		$ 1,164,542,624	$ 1,140,077,928
Weighted Average Coupon	[2]	3.13%	4.26%
Weighted Average Yield		5.69%	5.62%
Credit Investments: ABS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 61,003,014	$ 67,696,117
Premium/(Discount)		(461,061)	(379,648)
Amortized Cost		60,541,953	67,316,469
Gross Unrealized Gains	[1]	900,977	322,074
Gross Unrealized Losses	[1]	(348,574)	(945,300)
Fair Value		$ 61,094,356	$ 66,693,243
Weighted Average Coupon	[2]	5.27%	5.15%
Weighted Average Yield		5.66%	5.55%
Credit Investments: CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 209,935,854	$ 220,026,552
Premium/(Discount)		(108,880,417)	(127,623,416)
Amortized Cost		101,055,437	92,403,136
Gross Unrealized Gains	[1]	2,331,241	2,138,358
Gross Unrealized Losses	[1]	(386,316)	(146,791)
Fair Value		$ 103,000,362	$ 94,394,703
Weighted Average Coupon	[2]	5.37%	5.13%
Weighted Average Yield		6.57%	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)		(46,750,830)	(46,424,765)
Amortized Cost		5,606,870	5,932,935
Gross Unrealized Gains	[1]	160,121	193,014
Gross Unrealized Losses	[1]	0	0
Fair Value		$ 5,766,991	$ 6,125,949
Weighted Average Coupon	[2]	1.92%	1.85%
Weighted Average Yield		5.78%	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 (Detai30

Real Estate Securities (Details 1) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value	$ 778,798,167	$ 551,097,657
Less than Twelve Months, Unrealized Losses	(10,304,612)	(6,921,385)
Greater than Twelve Months, Fair Value	123,942,383	224,261,493
Greater than Twelve Months, Unrealized Losses	$ (2,714,336)	$ (4,029,419)

Real Estate Securities (Detai31

Real Estate Securities (Details 2) - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	[1],[2]	$ 1,542,027,824	$ 1,688,079,631
Amortized Cost Total	[1],[2]	$ 1,527,798,121	$ 1,660,698,928
Weighted Average Coupon Total	[1],[2]	3.38%	3.45%
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	[1],[2]	$ 0	$ 0
Amortized Cost Less than or equal to 1 year	[1],[2]	$ 0	$ 0
Weighted Average Coupon Less than or equal to 1 year	[1],[2]	0.00%	0.00%
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	[1],[2]	$ 88,682,235	$ 72,253,477
Amortized Cost Greater than one year and less than or equal to five years	[1],[2]	$ 88,038,435	$ 71,713,942
Weighted Average Coupon Greater than one year and less than or equal to five years	[1],[2]	2.34%	2.57%
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],[2]	$ 1,160,708,936	$ 1,486,360,763
Amortized Cost Greater than five years and less than or equal to ten years	[1],[2]	$ 1,144,755,002	$ 1,461,439,648
Weighted Average Coupon Greater than five years and less than or equal to ten years	[1],[2]	3.42%	3.49%
Agency RMBS [Member] | Greater Than Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than ten years	[1],[2]	$ 292,636,653	$ 129,465,391
Amortized Cost Greater than ten years	[1],[2]	$ 295,004,684	$ 127,545,338
Weighted Average Coupon Greater than ten years	[1],[2]	3.54%	3.54%
Agency IO [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	[1]	$ 97,469,467	$ 120,235,115
Amortized Cost Total	[1]	$ 93,421,725	$ 116,640,869
Weighted Average Coupon Total	[1]	3.49%	4.51%
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	[1]	$ 0	$ 0
Amortized Cost Less than or equal to 1 year	[1]	$ 0	$ 0
Weighted Average Coupon Less than or equal to 1 year	[1]	0.00%	0.00%
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	[1]	$ 62,820,569	$ 67,356,372
Amortized Cost Greater than one year and less than or equal to five years	[1]	$ 60,628,510	$ 67,199,203
Weighted Average Coupon Greater than one year and less than or equal to five years	[1]	3.46%	4.16%
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	[1]	$ 34,648,898	$ 52,878,743
Amortized Cost Greater than five years and less than or equal to ten years	[1]	$ 32,793,215	$ 49,441,666
Weighted Average Coupon Greater than five years and less than or equal to ten years	[1]	3.56%	5.13%
Agency IO [Member] | Greater Than Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than ten years	[1]	$ 0	$ 0
Amortized Cost Greater than ten years	[1]	$ 0	$ 0
Weighted Average Coupon Greater than ten years	[1]	0.00%	0.00%
Credit Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	[1],[3]	$ 1,334,404,333	$ 1,307,291,823
Amortized Cost Total	[1],[3]	$ 1,312,859,970	$ 1,287,596,609
Weighted Average Coupon Total	[1],[3],[4]	3.27%	4.27%
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	[1],[3]	$ 41,299,854	$ 39,522,038
Amortized Cost Less than or equal to 1 year	[1],[3]	$ 41,798,479	$ 39,415,933	[4]
Weighted Average Coupon Less than or equal to 1 year	[1],[3],[4]	5.54%	3.48%
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	[1],[3]	$ 498,720,313	$ 621,179,587
Amortized Cost Greater than one year and less than or equal to five years	[1],[3]	$ 490,325,153	$ 612,711,131
Weighted Average Coupon Greater than one year and less than or equal to five years	[1],[3],[4]	4.01%	3.93%
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	[1],[3]	$ 680,305,780	$ 562,808,169
Amortized Cost Greater than five years and less than or equal to ten years	[1],[3]	$ 672,194,555	$ 557,116,343
Weighted Average Coupon Greater than five years and less than or equal to ten years	[1],[3],[4]	2.56%	4.39%
Credit Investments [Member] | Greater Than Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than ten years	[1],[3]	$ 114,078,386	$ 83,782,029
Amortized Cost Greater than ten years	[1],[3]	$ 108,541,783	$ 78,353,202
Weighted Average Coupon Greater than ten years	[1],[3],[4]	5.40%	6.58%
[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 and 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 CMBS Interest Only securities.
[4]	Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation.

Real Estate Securities (Detai32

Real Estate Securities (Details Textual)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Schedule of Available-for-sale Securities [Line Items]
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading			$ 387,880,819	$ 349,925,637
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities, Total	$ 1,200,000	$ 700,000	1,200,000	700,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows	1,200,000	$ 700,000	3,900,000	$ 1,300,000
Repurchase Agreements	$ 2,513,218,214		$ 2,513,218,214		$ 2,644,955,948
Assets Sold Under Agreements To Repurchase, Interest Rate	1.02%	1.58%	1.02%	1.58%	0.93%
Assets, Fair Value Disclosure	$ 3,132,270,772		$ 3,132,270,772		$ 3,312,202,508
Weighted Average Life Of Securitized Debt				4 years 5 months 1 day	3 years 4 months 24 days
Weighted Average Rate Of Securitized Debt	3.70%		3.70%		3.75%
Other Secured Financings	$ 36,009,319		$ 36,009,319		$ 39,777,914
Weighted Average Yield of Aggregate Security	5.91%		5.91%		5.14%
Weighted Average Coupon of Aggregate Security	5.59%		5.59%		5.50%
Repurchase Agreement [Member]
Schedule of Available-for-sale Securities [Line Items]
Repurchase Agreements	$ 21,100,000		$ 21,100,000		$ 21,300,000
Assets Sold Under Agreements To Repurchase, Interest Rate	3.00%		3.00%		3.00%
Collateral Pledged [Member]
Schedule of Available-for-sale Securities [Line Items]
Repurchase Agreements	$ 28,000,000		$ 28,000,000		$ 28,400,000
Affiliated Entity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number Of Securities Sold	0	12	0	12
Securities, Gross Realized Gains	$ 0	$ 3,600,000	$ 0	$ 3,600,000
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities, Total	1,700,000	1,700,000	1,700,000	1,700,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows			1,700,000	1,700,000
Proceeds from Sale of Long-term Investments	0	31,000,000	0	31,000,000
Available-For-Sale Securities, Gross Realized Gains	0	$ 3,600,000	0	$ 3,600,000
Variable Interest Entity, Primary Beneficiary [Member] | Senior Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Fair Value Disclosure	36,000,000		36,000,000		39,800,000
Commercial Real Estate [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investments	$ 55,000,000		$ 55,000,000		$ 42,000,000
Equity Method Investment Weighted Average Yield	8.93%				12.13%
Settled Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number Of Securities Sold	14	8	32	19
Securities, Gross Realized Gains	$ 2,400,000	$ 1,300,000	$ 7,900,000	$ 2,000,000
Securities, Gross Realized Losses	1,000,000	3,300,000	1,800,000
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading	61,800,000	167,600,000	387,900,000	349,900,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows	700,000	100,000	1,800,000	200,000
Available-For-Sale Securities, Gross Realized Gains	2,400,000	1,300,000	7,900,000	2,000,000
Unsettled Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities, Gross Realized Losses				$ 4,000,000
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading		$ 5,200,000
Resecuritization [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets, Fair Value Disclosure	$ 43,600,000		$ 43,600,000		$ 47,600,000

Loans (Details)

Loans (Details) - Residential Mortgage Loans - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jul. 31, 2014	Feb. 28, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal balance		$ 109,326,731	$ 119,882,836	$ 50,500,000	$ 13,700,000	$ 59,000,000
Premium (Discount)		(31,652,845)	(35,534,525)
Amortized Cost		77,673,886	84,348,311
Gross Unrealized Gains	[1]	3,051,419	1,101,473
Gross Unrealized Losses	[1]	0	(359,925)
Fair Value		$ 80,725,305	$ 85,089,859
Weighted Average Coupon		5.50%	5.53%
Weighted Average Yield		7.93%	8.90%
Weighted Average Useful Life (in years)		5 years 8 months 19 days	5 years 7 months 24 days
[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).

Loans (Details 1)

Loans (Details 1) - Residential Mortgage Loans - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jul. 31, 2014	Feb. 28, 2014
Loans Receivable, Fair Value Disclosure	$ 80,725,305	$ 85,089,859
Principal Amount Outstanding of Loans Held-in-portfolio	109,326,731	119,882,836	$ 50,500,000	$ 13,700,000	$ 59,000,000
Re-Performing Financing Receivable [Member]
Loans Receivable, Fair Value Disclosure	67,766,720	68,581,824
Principal Amount Outstanding of Loans Held-in-portfolio	86,159,610	89,493,175
Non-Performing Financing Receivable [Member]
Loans Receivable, Fair Value Disclosure	12,958,585	16,508,035
Principal Amount Outstanding of Loans Held-in-portfolio	$ 23,167,121	$ 30,389,661

Loans (Details 2)

Loans (Details 2)	6 Months Ended	12 Months Ended
	Jun. 30, 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	16.00%	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	7.00%	8.00%
Maryland [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	6.00%	5.00%

Loans (Details 3)

Loans (Details 3) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	$ 39,457,764	$ 16,915,318	$ 38,008,263	$ 0
Additions	0	0	0	17,159,216
Accretion	(1,424,792)	(43,987)	(3,290,087)	(287,885)
Reclassifications from/(to) non-accretable difference	(4,491,240)	0	(212,560)	0
Disposals	(11,408)	(414,764)	(975,292)	(414,764)
Ending Balance	$ 33,530,324	$ 16,456,567	$ 33,530,324	$ 16,456,567

Loans (Details 4)

Loans (Details 4) - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2015		Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans		$ 72,800,000		$ 72,800,000
Unrealized Loss on Securities		(305,030)		(496,019)
Amortized Cost, Commercial Loans		72,494,970		72,303,981
Gross Unrealized Gains, Commercial Loans		305,030	[1]	496,019	[2]
Gross Unrealized Losses, Commercial Loans		0	[1]	0	[2]
Fair Value, Commercial Loans		$ 72,800,000		$ 72,800,000
Weighted Average Coupon, Commercial Loans	[3]	6.79%		6.79%
Weighted Average Yield, Commercial Loans		8.31%		8.55%
Weighted Average Life, Commercial Loans		1 year 4 months 20 days		2 years 7 days
Loan A [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated Maturity Date	[4],[5]	Jun. 5, 2017		Jun. 5, 2017
Extended Maturity Date		Jun. 5, 2019	[4]	Jun. 5, 2019
Loan A [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	[4]	$ 30,000,000		$ 30,000,000
Unrealized Loss on Securities	[4]	(164,411)		(240,326)
Amortized Cost, Commercial Loans	[4]	29,835,589		29,759,674
Gross Unrealized Gains, Commercial Loans	[4]	164,411	[1]	240,326	[2]
Gross Unrealized Losses, Commercial Loans	[4]	0	[1]	0	[2]
Fair Value, Commercial Loans	[4]	$ 30,000,000		$ 30,000,000
Weighted Average Coupon, Commercial Loans	[3],[4]	6.50%		6.50%
Weighted Average Yield, Commercial Loans	[4]	8.10%		8.76%
Weighted Average Life, Commercial Loans	[4]	1 year 11 months 16 days		2 years 9 months 7 days
Loan B [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated Maturity Date	[5],[6]	Jul. 1, 2016		Jul. 1, 2016
Extended Maturity Date	[6]	Jul. 1, 2019		Jul. 1, 2019
Loan B [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	[6]	$ 32,800,000		$ 32,800,000
Unrealized Loss on Securities	[6]	(90,881)		(189,506)
Amortized Cost, Commercial Loans	[6]	32,709,119		32,610,494
Gross Unrealized Gains, Commercial Loans	[6]	90,881	[1]	189,506	[2]
Gross Unrealized Losses, Commercial Loans	[6]	0	[1]	0	[2]
Fair Value, Commercial Loans	[6]	$ 32,800,000		$ 32,800,000
Weighted Average Coupon, Commercial Loans	[3],[6]	5.00%		5.00%
Weighted Average Yield, Commercial Loans	[6]	6.16%		6.15%
Weighted Average Life, Commercial Loans	[6]	11 months 12 days		1 year 5 months 12 days
Loan C [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated Maturity Date	[5],[7]	Feb. 1, 2017		Feb. 1, 2017
Extended Maturity Date	[7]	Feb. 1, 2018		Feb. 1, 2018
Loan C [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	[7]	$ 10,000,000		$ 10,000,000
Unrealized Loss on Securities	[7]	(49,738)		(66,187)
Amortized Cost, Commercial Loans	[7]	9,950,262		9,933,813
Gross Unrealized Gains, Commercial Loans	[7]	49,738	[1]	66,187	[2]
Gross Unrealized Losses, Commercial Loans	[7]	0	[1]	0	[2]
Fair Value, Commercial Loans	[7]	$ 10,000,000		$ 10,000,000
Weighted Average Coupon, Commercial Loans	[3],[7]	13.50%		13.50%
Weighted Average Yield, Commercial Loans	[7]	15.99%		15.77%
Weighted Average Life, Commercial Loans	[7]	1 year 1 month 10 days		1 year 7 months 10 days
[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]	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).
[3]	Each commercial loan investment has a variable coupon rate.
[4]	Loan A is comprised of a first mortgage and mezzanine loan of $20.0 million and $10.0 million, respectively.
[5]	The Company has the contractual right to receive a balloon payment.
[6]	Loan B is comprised of a first mortgage and mezzanine loan of $31.8 million and $1.0 million, respectively.
[7]	Loan C is mezzanine loan.

Loans (Details Textual)

Loans (Details Textual) - Internal Credit Assessment [Domain] - Major Types of Debt and Equity Securities [Domain] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Sep. 30, 2014	Jul. 31, 2014	Feb. 28, 2014
Gain (Loss) on Investments [Line Items]
Accretion of Discount	$ 100,000	$ 100,000	$ 200,000	$ 100,000
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities, Total	1,200,000	700,000	1,200,000	700,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows	1,200,000	700,000	3,900,000	1,300,000
Loans [Member]
Gain (Loss) on Investments [Line Items]
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities, Total		400,000		400,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows		$ 400,000		$ 400,000
Loan A [Member] | First Mortgage [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total					$ 20,000,000
Residential Mortgage Loans
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	109,326,731		109,326,731		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
Residential Mortgage Loans | Nonperforming Financing Receivable [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	48,000,000		48,000,000
Residential Mortgage Loans | Performing Financing Receivable [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	19,400,000		19,400,000
Residential Mortgage Loans | Maximum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	1,100,000		1,100,000
Residential Mortgage Loans | Minimum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	5,000		5,000
Mezzanine Loan [Member] | Loan A [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total					10,000,000
Mezzanine Loan [Member] | Loan A [Member] | First Mortgage [Member] | Maximum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	20,000,000		20,000,000		24,000,000
Mezzanine Loan [Member] | Loan A [Member] | First Mortgage [Member] | Minimum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	10,000,000		10,000,000		12,000,000
Mezzanine Loan [Member] | Loan B [Member] | First Mortgage [Member] | Maximum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	31,800,000		31,800,000		31,800,000
Mezzanine Loan [Member] | Loan B [Member] | First Mortgage [Member] | Minimum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	$ 1,000,000		$ 1,000,000		$ 1,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets:
Assets, Fair Value Disclosure	$ 3,132,270,772	$ 3,312,202,508
Liabilities:
Liabilities, Fair Value Disclosure	(141,798,782)	(48,386,123)
Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	4,313,897	11,382,622
Securities borrowed under reverse repurchase agreements [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(102,891,797)
Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(36,009,319)	(39,777,914)
Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(2,897,666)	(8,608,209)
Agency RMBS: 20 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	122,308,965	133,742,870
Agency RMBS: 30 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	936,242,461	1,036,024,019
Agency RMBS: Fixed Rate CMO [Member]
Assets:
Assets, Fair Value Disclosure	85,442,230	90,775,375
Agency RMBS: ARM [Member]
Assets:
Assets, Fair Value Disclosure	398,034,168	427,537,367
Agency RMBS: Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	97,469,467	120,235,115
Credit Investments Non-Agency Rmbs [Member]
Assets:
Assets, Fair Value Disclosure	1,164,542,624	1,140,077,928
Credit Investments ABS [Member]
Assets:
Assets, Fair Value Disclosure	61,094,356	66,693,243
Credit Investments CMBS [Member]
Assets:
Assets, Fair Value Disclosure	103,000,362	94,394,703
Credit Investments CMBS Interest Only [Member] [Member]
Assets:
Assets, Fair Value Disclosure	5,766,991	6,125,949
Residential Mortgage Loans
Assets:
Assets, Fair Value Disclosure	80,725,305	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	529,946	628,367
Linked Transactions [Member]
Assets:
Assets, Fair Value Disclosure		26,695,091
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Liabilities:
Liabilities, Fair Value Disclosure	(102,891,797)	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	(102,891,797)
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 Loans
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 2 [Member]
Assets:
Assets, Fair Value Disclosure	2,380,725,141	2,581,202,806
Liabilities:
Liabilities, Fair Value Disclosure	(38,906,985)	(48,386,123)
Fair Value, Inputs, Level 2 [Member] | Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	4,313,897	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	(36,009,319)	(39,777,914)
Fair Value, Inputs, Level 2 [Member] | Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(2,897,666)	(8,608,209)
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: 20 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	122,308,965	133,742,870
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: 30 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	936,242,461	1,036,024,019
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: Fixed Rate CMO [Member]
Assets:
Assets, Fair Value Disclosure	85,442,230	90,775,375
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: ARM [Member]
Assets:
Assets, Fair Value Disclosure	398,034,168	427,537,367
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	97,469,467	120,235,115
Fair Value, Inputs, Level 2 [Member] | Credit Investments Non-Agency Rmbs [Member]
Assets:
Assets, Fair Value Disclosure	691,409,945	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	45,504,008	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 Loans
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 3 [Member]
Assets:
Assets, Fair Value Disclosure	751,545,631	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	473,132,679	455,236,279
Fair Value, Inputs, Level 3 [Member] | Credit Investments ABS [Member]
Assets:
Assets, Fair Value Disclosure	61,094,356	66,693,243
Fair Value, Inputs, Level 3 [Member] | Credit Investments CMBS [Member]
Assets:
Assets, Fair Value Disclosure	57,496,354	39,343,274
Fair Value, Inputs, Level 3 [Member] | Credit Investments CMBS Interest Only [Member] [Member]
Assets:
Assets, Fair Value Disclosure	5,766,991	6,125,949
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Loans
Assets:
Assets, Fair Value Disclosure	80,725,305	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	$ 529,946	628,367
Fair Value, Inputs, Level 3 [Member] | Linked Transactions [Member]
Assets:
Assets, Fair Value Disclosure		$ 5,082,731

Fair Value Measurements (Deta40

Fair Value Measurements (Details 1) - USD ($)		3 Months Ended				6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		$ 82,392,720		$ 34,939,773		$ 85,089,859		$ 0
Transfers:
Transfers into level 3	[1]	0		0		0		0
Transfers out of level 3	[1]	0		0		0		0
Purchases		0		0		0		35,075,171
Reclassification of security type		0	[2]	0	[3]	0	[2]	0	[3]
Proceeds from sales		0		0		0		0
Proceeds from settlement		(2,702,973)		(454,098)		(4,561,672)		(454,098)
Total net gains/(losses)
Included in net income	[4]	1,035,558		355,373		197,118		219,975
Included in other comprehensive income (loss)	[4]	0		0		0		0
Ending Balance		80,725,305		34,841,048		80,725,305		34,841,048
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)		1,401,735	[5]	416,220	[4]	631,106	[5]	280,822	[5]
Non-Agency RMBS [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		509,545,172		381,244,949		455,236,279		309,840,562
Transfers:
Transfers into level 3	[1]	20,308,267		0		20,308,267		0
Transfers out of level 3	[1]	0		0		0		0
Purchases		28,384,097		173,507,091		102,530,233		249,366,020
Reclassification of security type		0	[2]	19,245,007	[3]	24,129,591	[2]	26,752,862	[3]
Proceeds from sales		(14,262,260)		(4,985,789)		(26,645,804)		(15,765,033)
Proceeds from settlement		(71,350,444)		(24,887,481)		(106,575,361)		(29,006,717)
Total net gains/(losses)
Included in net income	[4]	507,847		4,213,261		4,149,474		7,149,344
Included in other comprehensive income (loss)	[4]	0		0		0		0
Ending Balance		473,132,679		548,337,038		473,132,679		548,337,038
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)		2,057,034	[5]	3,974,028	[4]	5,504,661	[5]	6,946,307	[5]
Credit Investments ABS [Member]
Total net gains/(losses)
Ending Balance		61,094,356				61,094,356
Credit Investments ABS [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		69,067,254		73,661,029		66,693,243		71,344,784
Transfers:
Transfers into level 3	[1]	0		0		0		0
Transfers out of level 3	[1]	0		0		0		0
Purchases		0		6,562,500		4,027,500		9,584,500
Reclassification of security type		0	[2]	(6,562,500)	[3]	0	[2]	0	[3]
Proceeds from sales		(7,803,290)		(23,791,829)		(10,399,188)		(23,791,829)
Proceeds from settlement		(334,856)		(6,679,339)		(563,102)		(14,245,380)
Total net gains/(losses)
Included in net income	[4]	165,248		(94,663)		1,335,903		203,123
Included in other comprehensive income (loss)	[4]	0		0		0		0
Ending Balance		61,094,356		43,095,198		61,094,356		43,095,198
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)		212,014	[5]	(235,466)	[4]	1,285,375	[5]	62,320	[5]
CMBS [Member]
Total net gains/(losses)
Ending Balance		57,496,354				57,496,354
CMBS [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		53,810,559		37,924,945		39,343,274		23,972,043
Transfers:
Transfers into level 3	[1]	0		0		0		0
Transfers out of level 3	[1]	0		0		0		0
Purchases		18,000,000		0		32,642,289		0
Reclassification of security type		0	[2]	(12,683,116)	[3]	0	[2]	0	[3]
Proceeds from sales		(13,870,892)		(5,674,728)		(13,870,892)		(5,674,728)
Proceeds from settlement		(717,106)		(357,588)		(1,105,069)		(564,395)
Total net gains/(losses)
Included in net income	[4]	273,793		80,392		486,752		1,556,985
Included in other comprehensive income (loss)	[4]	0		0		0		0
Ending Balance		57,496,354		19,289,905		57,496,354		19,289,905
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)		(133,055)	[5]	(754,949)	[4]	79,904	[5]	721,644	[5]
CMBS Interest Only [Member]
Total net gains/(losses)
Ending Balance		5,766,991				5,766,991
CMBS Interest Only [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		6,006,027		6,398,258		6,125,949		6,324,735
Transfers:
Transfers into level 3	[1]	0		0		0		0
Transfers out of level 3	[1]	0		0		0		0
Purchases		0		0		0		0
Reclassification of security type		0	[2]	0	[3]	0	[2]	0	[3]
Proceeds from sales		0		0		$ 0		$ 0
Proceeds from settlement		0		0
Total net gains/(losses)
Included in net income	[4]	(239,036)		231,122		$ (358,958)		$ 304,645
Included in other comprehensive income (loss)	[4]	0		0		0		0
Ending Balance		5,766,991		6,629,380		5,766,991		6,629,380
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)		(239,036)	[5]	231,122	[4]	(358,958)	[5]	304,645	[5]
Commercial Loans [Member]
Total net gains/(losses)
Ending Balance		72,800,000				72,800,000
Commercial Loans [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		72,800,000		10,000,000		72,800,000		0
Transfers:
Transfers into level 3	[1]	0		0		0		0
Transfers out of level 3	[1]	0		0		0		0
Purchases		0		62,157,000		0		72,084,833
Reclassification of security type		0	[2]	0	[3]	0	[2]	0	[3]
Proceeds from sales		0		0		0		0
Proceeds from settlement		0		0		0		0
Total net gains/(losses)
Included in net income	[4]	0		643,000		0		715,167
Included in other comprehensive income (loss)	[4]	0		0		0		0
Ending Balance		72,800,000		72,800,000		72,800,000		72,800,000
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)		0	[5]	643,000	[4]	0	[5]	715,167	[5]
Excess Mortgage Servicing Rights [Member]
Total net gains/(losses)
Ending Balance		529,946				529,946
Excess Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		579,734		0		$ 628,367		$ 0
Transfers:
Transfers into level 3	[1]	0		0
Transfers out of level 3	[1]	0		0
Purchases		0		730,146		$ 0		$ 730,146
Reclassification of security type		0	[2]	0	[3]
Proceeds from sales		0		0		$ 0		$ 0
Proceeds from settlement		(49,788)		0		(98,421)		0
Total net gains/(losses)
Included in net income	[4]	0		0		0		0
Included in other comprehensive income (loss)	[4]	0		0		0		0
Ending Balance		529,946		730,146		529,946		730,146
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)		12,878	[5]	0	[4]	12,878	[5]	0	[5]
Linked Transactions [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance				9,911,059		5,082,731	[6]	14,723,169
Transfers:
Transfers into level 3	[1]			0		0		0
Transfers out of level 3	[1]			0		0		0
Purchases				(1,640,500)		0		0
Reclassification of security type				1,520,345	[3]	(5,082,731)	[2]	(4,219,811)	[3]
Proceeds from sales				0		0		0
Proceeds from settlement				(2,473,477)		0		(3,614,362)
Total net gains/(losses)
Included in net income	[4]			1,230,198		0		1,658,629
Included in other comprehensive income (loss)	[4]			0		0		0
Ending Balance		$ 0		8,547,625		0		8,547,625
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4)				$ 1,283,351	[4]	$ 0	[5]	$ 1,656,144	[5]
[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]	Represents an accounting reclassification between a linked transaction and a real estate security.
[4]	Gains/(losses) are recorded in the following line items in the consolidated statement of operations:
[5]	Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations:
[6]	Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments.

Fair Value Measurements (Deta41

Fair Value Measurements (Details 2) - Fair Value, Inputs, Level 3 [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	$ 1,743,410	$ 6,658,683	$ 5,810,289	$ 11,807,868
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		5,557,306		10,687,049
Trading Securities [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	42,183		25,250
Interest Income [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total		649,784		380,873
Linked Transactions [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total		1,230,198		1,658,629
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		1,283,351		1,656,144
Real Estate Securities And Loans [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	1,701,227	4,778,701	5,785,039	9,768,366
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ 3,311,570	$ 4,273,955	$ 7,154,966	$ 9,030,905

Fair Value Measurements (Deta42

Fair Value Measurements (Details 3) - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2015		Dec. 31, 2014		Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Non-Agency RMBS [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 473,132,679		$ 455,236,279		$ 509,545,172	$ 548,337,038	$ 381,244,949	$ 309,840,562
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow		Discounted Cash Flow
Non-Agency RMBS [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield		Yield
Non-Agency RMBS [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		20.48%		35.48%
Non-Agency RMBS [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		3.05%		0.29%
Non-Agency RMBS [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.67%		5.30%
Non-Agency RMBS [Member] | Projected Collateral Prepayments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments		Projected Collateral Prepayments
Non-Agency RMBS [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		25.00%		12.00%
Non-Agency RMBS [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
Non-Agency RMBS [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.91%		3.21%
Non-Agency RMBS [Member] | Projected Collateral Losses [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Losses		Projected Collateral Losses
Non-Agency RMBS [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		35.00%		35.00%
Non-Agency RMBS [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
Non-Agency RMBS [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		8.74%		13.07%
Non-Agency RMBS [Member] | Projected Collateral Severities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Severities		Projected Collateral Severities
Non-Agency RMBS [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		80.00%		80.00%
Non-Agency RMBS [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
Non-Agency RMBS [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		35.45%		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		$ 61,094,356
Abs [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 61,094,356		$ 66,693,243		69,067,254	43,095,198	73,661,029	71,344,784
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow		Discounted Cash Flow
Abs [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield		Yield
Abs [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		7.64%		7.95%
Abs [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		4.61%		4.62%
Abs [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.66%		5.55%
Abs [Member] | Projected Collateral Prepayments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments		Projected Collateral Prepayments
Abs [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%		100.00%
Abs [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		20.00%		20.00%
Abs [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		68.91%		88.56%
Abs [Member] | Projected Collateral Losses [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Losses		Projected Collateral Losses
Abs [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		2.00%		8.30%
Abs [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		2.00%		0.00%
Abs [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		2.00%		5.13%
Abs [Member] | Projected Collateral Severities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Severities		Projected Collateral Severities
Abs [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		50.00%		50.00%
Abs [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		50.00%		0.00%
Abs [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		50.00%		7.15%
CMBS [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 57,496,354
CMBS [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 57,496,354		$ 39,343,274		53,810,559	19,289,905	37,924,945	23,972,043
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow		Discounted Cash Flow
CMBS [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield		Yield
CMBS [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		15.92%		10.52%
CMBS [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		4.31%		4.80%
CMBS [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		6.06%		6.34%
CMBS [Member] | Projected Collateral Prepayments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments		Projected Collateral Prepayments
CMBS [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		20.00%		0.00%
CMBS [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
CMBS [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		1.05%		0.00%
CMBS [Member] | Projected Collateral Losses [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Losses		Projected Collateral Losses
CMBS [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
CMBS [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
CMBS [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
CMBS [Member] | Projected Collateral Severities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Severities		Projected Collateral Severities
CMBS [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
CMBS [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
CMBS [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
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		$ 5,766,991
CMBS Interest Only [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 5,766,991		$ 6,125,949		6,006,027	6,629,380	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, Inputs, Level 3 [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, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.80%		5.78%
CMBS Interest Only [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.77%		5.72%
CMBS Interest Only [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.78%		5.73%
CMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments		Projected Collateral Prepayments
CMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%		100.00%
CMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%		100.00%
CMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%		100.00%
CMBS Interest Only [Member] | Projected Collateral Losses [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Losses		Projected Collateral Losses
CMBS Interest Only [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
CMBS Interest Only [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
CMBS Interest Only [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
CMBS Interest Only [Member] | Projected Collateral Severities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Severities		Projected Collateral Severities
CMBS Interest Only [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
CMBS Interest Only [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
CMBS Interest Only [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%		0.00%
Agency RMBS
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 80,725,305
Agency RMBS | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value				$ 85,089,859
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow		Discounted Cash Flow
Agency RMBS | Yield [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield		Yield
Agency RMBS | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		29.78%		23.67%
Agency RMBS | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.17%		5.60%
Agency RMBS | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		7.93%		8.90%
Agency RMBS | Projected Collateral Prepayments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments		Projected Collateral Prepayments
Agency RMBS | Projected Collateral Prepayments [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		7.20%		8.36%
Agency RMBS | Projected Collateral Prepayments [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		3.56%		1.98%
Agency RMBS | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.45%		6.44%
Agency RMBS | Projected Collateral Losses [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Losses		Projected Collateral Losses
Agency RMBS | Projected Collateral Losses [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		8.38%		9.64%
Agency RMBS | Projected Collateral Losses [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		4.47%		4.47%
Agency RMBS | Projected Collateral Losses [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		6.32%		6.20%
Agency RMBS | Projected Collateral Severities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Severities		Projected Collateral Severities
Agency RMBS | Projected Collateral Severities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		39.25%		41.94%
Agency RMBS | Projected Collateral Severities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		30.25%		20.93%
Agency RMBS | Projected Collateral Severities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		34.62%		27.65%
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
Commercial Loans [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 72,800,000		$ 72,800,000		72,800,000	72,800,000	10,000,000	0
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow		Discounted Cash Flow
Commercial Loans [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield		Yield
Commercial Loans [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		15.99%		15.77%
Commercial Loans [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		6.16%		6.15%
Commercial Loans [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		8.31%		8.55%
Commercial Loans [Member] | Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Credit Spread		Credit Spread
Commercial Loans [Member] | Credit Spread [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		13.25%		13.25%
Commercial Loans [Member] | Credit Spread [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		4.75%		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] | Credit Spread [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		6.54%
Commercial Loans [Member] | Recovery Percentage [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Recovery Percentage*	[1]	Recovery Percentage**	[2],[3]
Commercial Loans [Member] | Recovery Percentage [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%		100.00%
Commercial Loans [Member] | Recovery Percentage [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%		100.00%
Commercial Loans [Member] | Recovery Percentage [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%		100.00%
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		$ 529,946
Excess Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 529,946		$ 628,367		$ 579,734	730,146	0	0
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow		Discounted Cash Flow
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [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] | Fair Value, Inputs, Level 3 [Member] | Option Two [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description				Yield
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		15.25%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [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] | Fair Value, Inputs, Level 3 [Member] | Option Two [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				6.45%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		11.90%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [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] | Fair Value, Inputs, Level 3 [Member] | Option Two [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				4.49%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		14.62%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [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] | Fair Value, Inputs, Level 3 [Member] | Option Two [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				5.50%
Linked Transactions [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 0		$ 5,082,731	[2]		$ 8,547,625	$ 9,911,059	$ 14,723,169
Fair Value Measurements, Valuation Techniques	[2]			Discounted Cash Flow
Linked Transactions [Member] | Projected Collateral Prepayments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	[2]			Projected Collateral Prepayments
Linked Transactions [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				12.00%
Linked Transactions [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				3.00%
Linked Transactions [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				6.94%
Linked Transactions [Member] | Projected Collateral Losses [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	[2]			Projected Collateral Losses
Linked Transactions [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				14.00%
Linked Transactions [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				4.00%
Linked Transactions [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				8.09%
Linked Transactions [Member] | Projected Collateral Severities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	[2]			Projected Collateral Severities
Linked Transactions [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				60.00%
Linked Transactions [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				42.00%
Linked Transactions [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				52.87%
[1]	Represents the proportion of the principal expected to be collected relative to the loan balances as of June 30, 2015.
[2]	Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments.
[3]	Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2014.

Fair Value Measurements (Deta43

Fair Value Measurements (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Fair Value, Inputs, Level 2 [Member] | Non-Agency Rmbs [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	$ 20.3

Repurchase Agreements (Details)

Repurchase Agreements (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 2,438,476,508	$ 2,571,882,230	$ 158,275,177
Weighted Average Rate	1.02%	0.93%	1.58%
Weighted Average Haircut	10.30%	11.50%
Fair Value Pledged	$ 2,796,975,401	$ 2,936,033,791
Amortized Cost	2,763,174,739	2,891,085,873
Accrued Interest	8,715,955	8,996,530
Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 52,241,706	$ 50,573,718
Weighted Average Rate	2.69%	2.93%
Weighted Average Funding Cost	2.93%	3.08%
Weighted Average Haircut	29.60%	31.10%
Fair Value Pledged	$ 74,328,679	$ 73,407,869
Amortized Cost	71,754,313	73,084,817
Accrued Interest	83,543	709,585
Commercial Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 22,500,000	$ 22,500,000
Weighted Average Rate	2.43%	2.50%
Weighted Average Funding Cost	3.33%	2.83%
Weighted Average Haircut	64.20%	64.20%
Fair Value Pledged	$ 62,800,000	$ 62,800,000
Amortized Cost	62,544,708	62,370,168
Accrued Interest	771,348	533,832
30 days or less [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 1,784,481,000	$ 1,969,873,000
Weighted Average Rate	0.84%	0.75%
Weighted Average Haircut	9.40%	10.40%
Fair Value Pledged	$ 2,008,500,287	$ 2,205,969,794
Amortized Cost	1,978,221,373	2,174,485,394
Accrued Interest	6,375,273	6,903,437
30 days or less [Member] | Residential Mortgage Loans
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
31-60 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 213,157,000	$ 220,953,000
Weighted Average Rate	1.20%	1.11%
Weighted Average Haircut	11.10%	12.20%
Fair Value Pledged	$ 243,309,452	$ 253,788,749
Amortized Cost	249,224,502	249,993,183
Accrued Interest	731,637	816,574
31-60 days [Member] | Residential Mortgage Loans
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
61-90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 19,727,000	$ 51,090,128
Weighted Average Rate	1.80%	1.26%
Weighted Average Haircut	27.10%	13.10%
Fair Value Pledged	$ 27,175,990	$ 60,149,910
Amortized Cost	26,109,661	58,111,076
Accrued Interest	53,494	171,277
61-90 days [Member] | Residential Mortgage Loans
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
Greater than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 421,111,508	$ 329,966,102
Weighted Average Rate	1.69%	1.84%
Weighted Average Haircut	12.50%	17.70%
Fair Value Pledged	$ 517,989,672	$ 416,125,338
Amortized Cost	509,619,203	408,496,220
Accrued Interest	1,555,551	1,105,242
Greater than 90 days [Member] | Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 52,241,706	$ 50,573,718
Weighted Average Rate	2.69%	2.93%
Weighted Average Funding Cost	2.93%	3.08%
Weighted Average Haircut	29.60%	31.10%
Fair Value Pledged	$ 74,328,679	$ 73,407,869
Amortized Cost	71,754,313	73,084,817
Accrued Interest	83,543	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	2.43%	2.50%
Weighted Average Funding Cost	3.33%	2.83%
Weighted Average Haircut	64.20%	64.20%
Fair Value Pledged	$ 62,800,000	$ 62,800,000
Amortized Cost	62,544,708	62,370,168
Accrued Interest	$ 771,348	$ 533,832

Repurchase Agreements (Details

Repurchase Agreements (Details 1) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Securities Collateral Information Line Items [Line Items]
Cash Collateral for Borrowed Securities	$ 12,641,361	$ 13,374,600
Total collateral pledged under Repurchase agreements	2,946,745,441	3,085,616,260
Agency RMBS
Schedule Of Securities Collateral Information Line Items [Line Items]
Trading Securities Pledged as Collateral	1,513,155,148	1,684,021,261
Non-Agency RMBS [Member]
Schedule Of Securities Collateral Information Line Items [Line Items]
Trading Securities Pledged as Collateral	1,117,558,576	1,088,398,641
ABS
Schedule Of Securities Collateral Information Line Items [Line Items]
Trading Securities Pledged as Collateral	61,094,356	66,693,243
CMBS [Member]
Schedule Of Securities Collateral Information Line Items [Line Items]
Trading Securities Pledged as Collateral	105,167,321	96,920,646
Residential Mortgage Loans
Schedule Of Securities Collateral Information Line Items [Line Items]
Loans Pledged as Collateral	74,328,679	73,407,869
Commercial Mortgage Loans
Schedule Of Securities Collateral Information Line Items [Line Items]
Loans Pledged as Collateral	$ 62,800,000	$ 62,800,000

Repurchase Agreements (Detail46

Repurchase Agreements (Details 2) - Agreement [Domain] - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	$ 2,513,218,214	$ 2,644,955,948
Agency RMBS
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	1,429,553,000	1,583,911,000
Non-Agency RMBS [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	882,842,508	860,019,230
ABS
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	48,140,000	52,993,000
CMBS [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	77,941,000	74,959,000
Residential Mortgage Loans
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	52,241,706	50,573,718
Commercial Mortgage Loans
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	$ 22,500,000	$ 22,500,000

Repurchase Agreements (Detail47

Repurchase Agreements (Details 3) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	$ 2,513,218,214	$ 2,644,955,948
Gross Amounts of Recognized Liabilities [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	2,513,218,214	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	2,513,218,214	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	2,513,218,214	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 (Detail48

Repurchase Agreements (Details 4) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Repurchase Agreement Counterparty [Line Items]
Weighted Average Maturity (days)		18 days
Wells Fargo Bank, N.A [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$ 86,135,568		$ 92,478,572
Weighted Average Maturity (days)	555 days		509 days
Percentage of Stockholders' Equity	12.00%		13.00%
Credit Suisse Securities, LLC [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$ 58,680,541		$ 85,479,003
Weighted Average Maturity (days)	109 days		117 days
Percentage of Stockholders' Equity	8.00%		12.00%
Merrill Lynch, Pierce, Fenner & Smith Incorporated [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$ 45,527,811		$ 42,082,013
Weighted Average Maturity (days)	11 days		13 days
Percentage of Stockholders' Equity	6.00%		6.00%
JP Morgan Securities, LLC [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$ 39,798,147		$ 51,502,631
Weighted Average Maturity (days)	399 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	$ 39,018,295
Weighted Average Maturity (days)	36 days
Percentage of Stockholders' Equity	6.00%

Repurchase Agreements (Detail49

Repurchase Agreements (Details Textual) - USD ($)	Aug. 04, 2015	Sep. 17, 2014	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Feb. 27, 2015	Apr. 13, 2014
Repurchase Agreement Disclosure [Line Items]
Maximum borrowing capacity on renewal of repurchase agreement								$ 200,000,000
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements					18 days
Debt Instrument, Maturity Date				Apr. 13, 2017
Long-term Debt, Gross			$ 84,200,000	$ 84,200,000
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			$ 86,135,568	$ 86,135,568		$ 92,478,572
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements			555 days			509 days
Cost Method Investment Ownership Percentage			12.00%	12.00%		13.00%
Debt Instrument, Maturity Date				Feb. 26, 2016
Long-term Debt, Gross			$ 52,200,000	$ 52,200,000
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		Sep. 17, 2016
Long-term Debt, Gross			22,500,000	22,500,000
Wells Fargo Securities LLC [Member] | Subsequent Event [Member]
Repurchase Agreement Disclosure [Line Items]
Long-term Debt, Gross	$ 42,800,000
Additional Borrowings Under Repurchase Agreement	$ 20,300,000
AG MIT CREL [Member]
Repurchase Agreement Disclosure [Line Items]
Maximum borrowing capacity on renewal of repurchase agreement			$ 80,000,000	$ 80,000,000
Credit Suisse Securities LLC [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk						$ 88,300,000
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements						114 days
Cost Method Investment Ownership Percentage						12.00%
JP Morgan Securities LLC [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk						$ 52,800,000
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements						165 days
Cost Method Investment Ownership Percentage						7.00%
Goldman, Sachs Co [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk						$ 39,200,000
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements						16 days
Cost Method Investment Ownership Percentage						5.00%
Linked Transactions [Member]
Repurchase Agreement Disclosure [Line Items]
Repurchase Agreement Counterparty, Amount at Risk						$ 113,400,000

Derivatives (Details)

Derivatives (Details) - USD ($)		Jun. 30, 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		$ (2,143,761)	$ (8,608,209)
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value		4,169,367	9,902,151
TBAs [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value		(753,905)	0
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value		144,530	1,480,471
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	[1]	(102,891,797)	0
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
[1]	The Company's obligation to return securities borrowed under reverse repurchase agreements as of June 30, 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 ($)		Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Derivative [Line Items]
Derivative, Notional Amount		$ 1,110,000,000	$ 1,446,000,000	$ 203,176,536
Notional amount of Pay Fix/Receive Float Interest Rate Swap Agreements [Member]
Derivative [Line Items]
Derivative, Notional Amount		1,105,000,000	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		0	225,000,000
Notional amount of short positions on U.S. Treasuries [Member]
Derivative [Line Items]
Derivative, Notional Amount		(105,000,000)	0
Notional amount of Linked Transactions [Member]
Derivative [Line Items]
Derivative, Notional Amount	[1]	$ 0	$ 150,836,900
[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		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Income (loss) from linked transactions, net			$ 3,409,366		$ 7,536,107
MBS Options, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		$ 0	0	$ 0	38,774
Net realized gain/(loss)		0	0	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		9,168,104	(25,096,503)	(513,854)	(43,559,542)
Net realized gain/(loss)		0	1,277,513	(12,095,409)	1,897,156
Swaptions, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		0	(462,115)	0	(581,164)
Net realized gain/(loss)		0	(311,250)	0	133,750
TBAs [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	[1]	(2,776,176)	2,199,452	(2,089,846)	2,090,038
Net realized gain/(loss)		683,399	(225,977)	2,838,477	(225,977)
IO Index, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		0	72,595	0	37,989
Net realized gain/(loss)		0	(452,650)	0	(322,889)
Linked Transactions [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Income (loss) from linked transactions, net		0	3,409,366	0	7,536,107
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	0	0
Net realized gain/(loss)		(1,914,062)	0	(3,177,734)	0
Short positions on U.S. Treasuries [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		14,453	(631,249)	(354,688)	(1,124,630)
Net realized gain/(loss)		$ (708,789)	$ 565,539	$ (1,151,758)	$ 565,539
[1]	For the three months ended June 30, 2015, realized and unrealized gains and losses from purchases and sales of TBAs consisted of $1.0 million of net TBA dollar roll net interest income and net losses of $(3.1) million due to price changes. For the six months ended June 30, 2015, realized and unrealized gains and losses from purchases and sales of TBAs consisted of $2.2 million of net TBA dollar roll net interest income and net losses of $(1.5) million due to price changes. For the three months ended June 30, 2014, realized and unrealized gains and losses from purchases and sales of TBAs consisted of $0.3 million of net TBA dollar roll net interest income and net gains of $1.7 million due to price changes. For the six months ended June 30, 2014, realized and unrealized gains and losses from purchases and sales of TBAs consisted of $0.3 million of net TBA dollar roll net interest income and net gains of $1.6 million due to price changes.

Derivatives (Details 3)

Derivatives (Details 3) - USD ($)		Jun. 30, 2015		Dec. 31, 2014
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)		$ 6,368,413	[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		6,368,413	[1]	14,849,982	[2]
Derivative Assets, Financial Instruments (Posted)/Received		0	[1]	0	[2]
Derivative Assets, Cash Collateral (Posted)/Received		2,479,502	[1]	5,387,471	[2]
Derivative Assets, Net Amount		3,888,911	[1]	9,462,511	[2]
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)		(1,628,929)	[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		(1,628,929)	[3]	(7,506,798)	[4]
Derivative Liabilities, Financial Instruments (Posted)/Received		0	[3]	0	[4]
Derivative Liabilities, Cash Collateral (Posted)/Received		(1,628,929)	[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	[2]			0
Interest Rate Swaps [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)		6,223,883	[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		6,223,883	[1]	13,369,511	[2]
Derivative Assets, Financial Instruments (Posted)/Received		0	[1]	0	[2]
Derivative Assets, Cash Collateral (Posted)/Received		2,479,502	[1]	3,907,000	[2]
Derivative Assets, Net Amount		3,744,381	[1]	9,462,511	[2]
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)		(875,024)	[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		(875,024)	[3]	(7,506,798)	[4]
Derivative Liabilities, Financial Instruments (Posted)/Received		0	[3]	0	[4]
Derivative Liabilities, Cash Collateral (Posted)/Received		(875,024)	[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)		104,868,750
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheet		0
Derivative Assets, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet		104,868,750
Derivative Assets, Financial Instruments (Posted)/Received		102,891,797
Derivative Assets, Cash Collateral (Posted)/Received		0
Derivative Assets, Net Amount		1,976,953
TBAs [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)		144,530	[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		144,530	[1]	1,480,471	[2]
Derivative Assets, Financial Instruments (Posted)/Received		0	[1]	0	[2]
Derivative Assets, Cash Collateral (Posted)/Received		0	[1]	1,480,471	[2]
Derivative Assets, Net Amount	[1]	144,530
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)	[3]	(753,905)
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheet	[3]	0
Derivative Liabilities, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet	[3]	(753,905)
Derivative Liabilities, Financial Instruments (Posted)/Received	[3]	0
Derivative Liabilities, Cash Collateral (Posted)/Received	[3]	(753,905)
Derivative Liabilities, Net Amount	[3]	$ 0
Linked Transactions [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)	[5]			139,778,263
Derivative Assets, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet	[5]			26,414,390
Derivative Assets, Financial Instruments (Posted)/Received	[5]			(26,414,390)
Derivative Assets, Cash Collateral (Posted)/Received	[5]			0
Derivative Assets, Net Amount	[5]			0
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheet	[5]			$ (113,363,873)
[1]	Included in Derivative Assets on the consolidated balance sheet is $6,368,413 less accrued interest of $2,054,516 for a total of $4,313,897.
[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 $1,628,929 plus accrued interest of $1,268,737 for a total of $2,897,666.
[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
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 1,110,000,000	$ 1,446,000,000	$ 203,176,536
Weighted Average Pay Rate	1.53%	1.62%
Weighted Average Receive Rate	0.28%	0.24%
Weighted Average Years to Maturity	4 years 10 months 2 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	0.32%	0.27%
Weighted Average Years to Maturity	2 years 2 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	0.27%	0.23%
Weighted Average Years to Maturity	2 years 9 months 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	0.27%	0.23%
Weighted Average Years to Maturity	4 years 1 month 20 days	4 years 7 months 2 days
2020 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 290,000,000	$ 440,000,000
Weighted Average Pay Rate	1.67%	1.61%
Weighted Average Receive Rate	0.27%	0.23%
Weighted Average Years to Maturity	4 years 9 months 4 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	0.27%	0.23%
Weighted Average Years to Maturity	7 years 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	2.31%	2.43%
Weighted Average Receive Rate	0.28%	0.23%
Weighted Average Years to Maturity	7 years 11 months 1 day	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
2025 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 40,000,000
Weighted Average Pay Rate	2.48%
Weighted Average Receive Rate	0.28%
Weighted Average Years to Maturity	9 years 11 months 5 days

Derivatives (Details 5)

Derivatives (Details 5) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount			$ 1,446,000,000
Ending Notional Amount	$ 1,110,000,000	$ 203,176,536	1,110,000,000	$ 203,176,536
Receivable/(Payable) to/from Broker	(2,558,314)		(2,558,314)		$ (4,015,152)
Derivative Asset	4,313,897		4,313,897		11,382,622
Derivative Liability	(2,897,666)		(2,897,666)		$ (8,608,209)
TBAs - Long [Member]
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount	180,000,000	0	225,000,000	0
Buys or Covers	310,000,000	235,000,000	915,000,000	235,000,000
Sales or Shorts	(490,000,000)	(75,000,000)	(1,140,000,000)	(75,000,000)
Ending Notional Amount	0	160,000,000	0	160,000,000
Fair Value as of Period End	0	168,729,295	0	168,729,295
Receivable/(Payable) to/from Broker	(609,375)	(166,639,257)	(609,375)	(166,639,257)
Derivative Asset	144,530	2,963,081	144,530	2,963,081
Derivative Liability	(753,905)	(873,043)	(753,905)	(873,043)
TBAs - Short [Member]
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount	0	0	0	0
Buys or Covers	0	100,000,000	219,000,000	247,000,000
Sales or Shorts	0	(100,000,000)	(219,000,000)	(247,000,000)
Ending Notional Amount	0	0	0	0
Fair Value as of Period End	0	0	0	0
Receivable/(Payable) to/from Broker	0	0	0	0
Derivative Asset	0	0	0	0
Derivative Liability	$ 0	$ 0	$ 0	$ 0

Derivatives (Details 6)

Derivatives (Details 6) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Linked Transaction Disclosure [Line Items]
Current Face	$ 203,176,536	$ 1,110,000,000	$ 203,176,536	$ 1,446,000,000
Amortized Cost	188,820,924		188,820,924
Fair Value	191,240,096		191,240,096
Net Accrued Interest	391,049	2,865,826	391,049	2,461,494
Net Interest Income	1,038,749		5,551,660
Unrealized Gain/(Loss)	(2,225,232)	0	1,984,448
Net Realized Gain/(Loss)	4,595,849		4,463,460
Amount Included in Statement of Operations	$ 3,409,366		$ 7,536,107
Weighted Average Coupon	3.83%		3.83%
Weighted Average Life			5 years 8 months 8 days
Repurchase Agreement	$ 158,275,177	$ 2,438,476,508	$ 158,275,177	$ 2,571,882,230
Weighted Average Interest Rate	1.58%	1.02%	1.58%	0.93%
Weighted Average Years to Maturity			18 days
Non-Agency RMBS [Member]
Linked Transaction Disclosure [Line Items]
Current Face	$ 174,306,536		$ 174,306,536
Amortized Cost	161,625,769		161,625,769
Fair Value	162,531,203		162,531,203
Net Accrued Interest	346,452		346,452
Net Interest Income	707,409		5,075,619
Unrealized Gain/(Loss)	(2,911,422)		(3,289,232)
Net Realized Gain/(Loss)	4,327,677		4,362,710
Amount Included in Statement of Operations	$ 2,123,664		$ 6,149,097
Weighted Average Coupon	3.99%		3.99%
Weighted Average Life			6 years 1 month 10 days
Repurchase Agreement	$ 137,465,510		$ 137,465,510
Weighted Average Interest Rate	1.61%		1.61%
Weighted Average Years to Maturity			18 days
CMBS [Member]
Linked Transaction Disclosure [Line Items]
Current Face	$ 28,870,000		$ 28,870,000
Amortized Cost	27,195,155		27,195,155
Fair Value	28,708,893		28,708,893
Net Accrued Interest	44,597		44,597
Net Interest Income	331,340		476,041
Unrealized Gain/(Loss)	686,190		810,219
Net Realized Gain/(Loss)	268,172		100,750
Amount Included in Statement of Operations	$ 1,285,702		$ 1,387,010
Weighted Average Coupon	2.87%		2.87%
Weighted Average Life			3 years 1 month 28 days
Repurchase Agreement	$ 20,809,667		$ 20,809,667
Weighted Average Interest Rate	1.40%		1.40%
Weighted Average Years to Maturity			14 days

Derivatives (Details Textual)

Derivatives (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative [Line Items]
Linked transactions, net, at fair value	$ 0		$ 0		$ 26,695,091
Linked Securities Fair Value		$ 191,240,096		$ 191,240,096
Interest payable	2,865,826	391,049	2,865,826	391,049	2,461,494
Derivative Assets Before Accrued Interest	6,368,413		6,368,413		14,849,982
Derivative Assets Accrued Interest	2,054,516		2,054,516		(3,467,360)
Derivative Assets, At Fair Value	4,313,897		4,313,897		11,382,622
Derivative Liabilities Before Accrued Interest	1,628,929		1,628,929		(7,506,798)
Derivative Liabilities Accrued Interest	1,268,737		1,268,737		(1,101,411)
Derivative Liability	(2,897,666)		(2,897,666)		(8,608,209)
Unrealized Gain (Loss) on Securities			(10,996,283)	72,020,872
Due to Correspondent Brokers	2,558,314		2,558,314		4,015,152
Proceeds From Collateral Transactions Against Pledged Assets			2,500,000
Interest Receivable	11,513,517		11,513,517		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		100,000		280,701
Interest Receivable	400,000		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	7,300,000		7,300,000		7,200,000
Non-Agency RMBS [Member]
Derivative [Line Items]
Securities Held as Collateral, at Fair Value		47,300,000	124,900,000	71,600,000
Repurchase Agreement Borrowing Security		40,400,000	113,400,000	61,400,000
Linked Securities Fair Value		162,531,203		162,531,203
Interest payable		346,452		346,452
Net Realized Losses From Unlinking Of Linked Transactions		2,400,000		2,200,000
CMBS [Member]
Derivative [Line Items]
Securities Held as Collateral, at Fair Value			14,900,000
Linked Securities Fair Value		28,708,893		28,708,893
Interest payable		44,597		44,597
TBA [Member]
Derivative [Line Items]
Unrealized Gain (Loss) on Securities	1,000,000	300,000	2,200,000	300,000
Unrealized Gain on Securities		$ 1,700,000		$ 1,600,000
Unrealized Loss on Securities	(3,100,000)		(1,500,000)
Due to Correspondent Brokers	600,000		600,000		235,200,000
Cash [Member] | Derivative [Member]
Derivative [Line Items]
Pledged Assets Separately Reported, Real Estate Pledged as Collateral, at Fair Value	$ 10,400,000		$ 10,400,000		$ 21,100,000

Earnings per Share (Details)

Earnings per Share (Details) - shares	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Class of Warrant or Right [Line Items]
Warrants	1,007,500		1,007,500
Common stock, shares outstanding	28,389,211	28,386,015
Restricted Stock [Member] | Manager [Member]
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	0		3,355
Restricted Stock [Member] | Directors [Member]
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	0		2,000
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		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income/(loss) available to common stockholders for basic and diluted earnings per share	$ (1,526,910)	$ 37,797,929	$ 7,869,178	$ 65,616,817
Denominator:
Basic weighted average common shares outstanding (in shares)	28,389,211	28,377,245	28,388,417	28,374,348
Dilutive effect of manager and director restricted stock, and restricted stock units (in shares)	0	3,213	27,575	1,327
Dilutive weighted average common shares outstanding (in shares)	28,389,211	28,380,458	28,415,992	28,375,675
Basic Earnings/(Loss) Per Share of Common Stock: (in dollars per share)	$ (0.05)	$ 1.33	$ 0.28	$ 2.31
Diluted Earnings/(Loss) Per Share of Common Stock: (in dollars per share)	$ (0.05)	$ 1.33	$ 0.28	$ 2.31

Earnings per Share (Details Tex

Earnings per Share (Details Textual)	3 Months Ended
	Jun. 30, 2015shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	29,915

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Excise Tax Expenses	$ 0.4	$ 0.4	$ 0.8	$ 0.9

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	Jul. 06, 2014	Jul. 06, 2011	Jul. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Management fee to affiliate				$ 2,502,091	$ 2,507,487	$ 5,009,181	$ 5,008,012
Noninterest Expense Directors Fees						90,000
Non Reimbursable expenses Incurred By Manager				$ 1,900,000	$ 1,600,000	$ 3,700,000	$ 3,300,000
Management Fee Percentage				1.50%		1.50%
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				145,946		145,946
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		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) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Dividend Declared One [Member]
Dividends Payable [Line Items]
Declaration Date	May 14, 2015
Record Date	May 29, 2015
8.25% Series A Preferred Stock [Member] | Dividend Declared [Member]
Dividends Payable [Line Items]
Declaration Date	Feb. 12, 2015	Feb. 14, 2014
Record Date	Feb. 27, 2015	Feb. 28, 2014
Payment Date	Mar. 17, 2015	Mar. 17, 2014
Preferred Stock Dividend Per Share	$ 0.51563	$ 0.51563
8.25% Series A Preferred Stock [Member] | Dividend Declared One [Member]
Dividends Payable [Line Items]
Declaration Date	May 14, 2015	May 15, 2014
Record Date	May 29, 2015	May 30, 2014
Payment Date	Jun. 17, 2015	Jun. 17, 2014
Preferred Stock Dividend Per Share	$ 0.51563	$ 0.51563
8.00% Series B Preferred Stock [Member] | Dividend Declared [Member]
Dividends Payable [Line Items]
Declaration Date	Feb. 12, 2015	Feb. 14, 2014
Record Date	Feb. 27, 2015	Feb. 28, 2014
Payment Date	Mar. 17, 2015	Mar. 17, 2014
Preferred Stock Dividend Per Share	$ 0.50	$ 0.50
8.00% Series B Preferred Stock [Member] | Dividend Declared One [Member]
Dividends Payable [Line Items]
Declaration Date		May 15, 2014
Record Date		May 30, 2014
Payment Date	Jun. 17, 2015	Jun. 17, 2014
Preferred Stock Dividend Per Share	$ 0.50	$ 0.50
Common Stock [Member] | Dividend Declared [Member]
Dividends Payable [Line Items]
Declaration Date	Mar. 12, 2015	Mar. 5, 2014
Record Date	Mar. 23, 2015	Mar. 18, 2014
Payment Date	Apr. 30, 2015	Apr. 28, 2014
Common Stock Dividend Per Share	$ 0.60	$ 0.60
Common Stock [Member] | Dividend Declared One [Member]
Dividends Payable [Line Items]
Declaration Date	Jun. 11, 2015	Jun. 9, 2014
Record Date	Jun. 22, 2015	Jun. 19, 2014
Payment Date	Jul. 31, 2015	Jul. 28, 2014
Common Stock Dividend Per Share	$ 0.60	$ 0.60

Equity (Details Textual)

Equity (Details Textual) - USD ($)	Sep. 06, 2012	Aug. 15, 2012	Aug. 03, 2012	Dec. 26, 2012	Sep. 27, 2012	Jan. 24, 2012	Jun. 30, 2015	Jun. 30, 2014	Jul. 13, 2012
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues						5,000,000
Proceeds from issuance of common stock						$ 109,300,000
Offering costs paid						5,300,000	$ 83,651	$ 0
Proceeds From Issuance Of Common Stock Net						$ 104,000,000
Capital Available For Issuance							$ 750,000,000		$ 1,000,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights								$ 20.50
Public Offering [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues		6,000,000		3,750,000
Sale of Stock, Price Per Share				$ 24.33
Proceeds from issuance of common stock		$ 160,700,000		$ 91,200,000
Proceeds From Issuance Of Common Stock Net		$ 152,700,000		$ 87,500,000
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							$ 31,300,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value (in dollars per share)			$ 25
Dividend			8.25%
Series A Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock			$ 51,800,000
Proceeds From Issuance Of Common Stock Net			$ 49,900,000
Series A Cumulative Redeemable Preferred Stock [Member] | Public Offering [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues			1,800,000
Dividend			8.25%
Series B Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues					4,000,000
Proceeds from issuance of common stock					$ 115,000,000
Proceeds From Issuance Of Common Stock Net					$ 111,300,000
Dividend					8.00%
Series B Preferred Stocks [Member]
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value (in dollars per share)					$ 25
Dividend					8.00%
Private Placement [Member]
Class of Stock [Line Items]
Sale of Stock, Price Per Share							$ 20
Sale of Stock, Number of Shares Issued in Transaction							3,205,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right							0.5
Underwriters Over-Allotment Option [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues		900,000				750,000
Sale of Stock, Price Per Share		$ 23.29				$ 19
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