AG Mortgage Investment Trust, I (MITT) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 17, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	MITT
Entity Common Stock, Shares Outstanding		28,288,534
Entity Registrant Name	AG Mortgage Investment Trust, Inc.
Entity Central Index Key	1,514,281
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 476,733,064

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets
Residential mortgage loans, at fair value -$50,686,922 and $73,407,869 pledged as collateral, respectively	$ 57,080,227	$ 85,089,859
Commercial loans, at fair value - $62,800,000 pledged as collateral	72,800,000	72,800,000
U.S. Treasury securities, at fair value - $203,520,859 and $0 pledged as collateral, respectively	223,434,922	0
Investments in affiliates	43,040,191	20,345,131
Excess mortgage servicing rights, at fair value	425,311	628,367
Linked transactions, net, at fair value	0	26,695,091
Cash and cash equivalents	46,253,291	64,363,514
Restricted cash	32,200,558	34,477,975
Interest receivable	11,154,785	11,886,019
Derivative assets, at fair value	1,755,467	11,382,622
Other assets	16,064,115	10,543,072
Due from broker	24,904,168	4,586,912
Total Assets	3,164,076,232	3,458,405,131
Liabilities
Repurchase agreements	2,034,963,460	2,644,955,948
FHLBC advances	396,894,000	0
Securitized debt	30,046,861	39,777,914
Payable on unsettled trades	1,198,587	0
Interest payable	2,731,846	2,461,494
Derivative liabilities, at fair value	6,863,770	8,608,209
Dividend payable	13,496,139	17,031,609
Due to affiliates	4,407,051	4,850,807
Accrued expenses	2,074,628	2,285,339
Taxes payable	1,714,716	1,743,516
Due to broker	2,740,461	4,015,152
Total Liabilities	2,497,131,519	2,725,729,988
Stockholders' Equity
Common stock, par value $0.01 per share; 450,000,000 shares of common stock authorized and 28,286,210 and 28,386,015 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively	282,863	283,861
Additional paid-in capital	584,581,995	586,051,751
Retained earnings/(deficit)	(79,134,150)	(14,874,474)
Total Stockholders' Equity	666,944,713	732,675,143
Total Liabilities & Stockholders' Equity	3,164,076,232	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:	1,201,441,652	1,808,314,746
Non-Agency [Member]
Assets
Real estate securities, at fair value:	1,229,811,018	1,140,077,928
ABS [Member]
Assets
Real estate securities, at fair value:	54,761,837	66,693,243
CMBS [Member]
Assets
Real estate securities, at fair value:	$ 148,948,690	100,520,652
Liabilities
Interest payable		$ 15,485

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	28,286,210	28,386,015
Common stock, shares outstanding	28,286,210	28,386,015
U.S. Treasury securities, at fair value pledged as collateral (in dollars)	$ 203,520,859	$ 0
Residential mortgage loans [Member]
Loans Pledged as Collateral (in dollars)	50,686,922	73,407,869
Commercial loans [Member]
Loans Pledged as Collateral (in dollars)	62,800,000	0
Agency [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	1,133,899,693	1,691,194,581
Non-Agency [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	1,157,357,871	1,088,398,641
ABS [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	54,761,837	66,693,243
CMBS [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	$ 142,852,162	$ 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 ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Interest Income
Interest income	$ 141,273,414	$ 141,573,188	$ 151,000,673
Interest expense	31,230,369	26,497,398	25,553,273
Interest Income (Expense), Net	110,043,045	115,075,790	125,447,400
Other Income
Net realized gain/(loss)	(17,148,069)	3,637,954	(115,594,848)
Income/(loss) from linked transactions, net	0	12,503,516	5,610,609
Realized loss on periodic interest settlements of derivative instruments, net	(13,204,884)	(22,261,187)	(27,912,227)
Unrealized gain/(loss) on real estate securities and loans, net	(32,491,857)	72,480,056	(84,195,306)
Unrealized gain/(loss) on derivative and other instruments, net	(12,180,501)	(51,255,430)	89,112,320
Total other income (loss)	(75,025,311)	15,104,909	(132,979,452)
Expenses
Management fee to affiliate	9,971,287	10,089,239	10,688,725
Other operating expenses	12,356,644	11,874,427	10,844,988
Servicing fees	604,996	511,519	0
Equity based compensation to affiliate	164,487	291,131	251,447
Excise tax	1,500,000	1,783,539	1,483,630
Total expenses	24,597,414	24,549,855	23,268,790
Income/(loss) before income tax benefit/(expense) and equity in earnings/(loss) from affiliates	10,420,320	105,630,844	(30,800,842)
Income tax benefit/(expense)	0	79,914	(3,041,616)
Equity in earnings/(loss) from affiliates	3,398,217	3,684,810	2,263,822
Net Income/(Loss)	13,818,537	109,395,568	(31,578,636)
Dividends on preferred stock	13,469,416	13,469,416	13,469,416
Net Income/(Loss) Available to Common Stockholders	$ 349,121	$ 95,926,152	$ (45,048,052)
Earnings/(Loss) Per Share of Common Stock
Basic (in dollars per share)	$ 0.01	$ 3.38	$ (1.61)
Diluted (in dollars per share)	$ 0.01	$ 3.37	$ (1.61)
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	28,398,718	28,379,782	28,022,565
Diluted (in shares)	28,409,908	28,424,168	28,022,565

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, 2012	$ 794,621,781	$ 269,620	$ 49,920,772	$ 111,293,233	$ 552,067,681	$ 81,070,475
Balance (in shares) at Dec. 31, 2012		26,961,936
Net proceeds from issuance of common stock	33,176,288	$ 13,817	0	0	33,162,471	0
Net proceeds from issuance of common stock (in shares)		1,381,739
Grant of restricted stock and amortization of equity based compensation	389,556	$ 220	0	0	389,336	0
Grant of restricted stock and amortization of equity based compensation (in shares)		21,980
Common dividends declared	(78,708,839)	$ 0	0	0	0	(78,708,839)
Preferred Series A dividends declared	(4,269,416)	0	0	0	0	(4,269,416)
Preferred Series B dividends declared	(9,200,000)	0	0	0	0	(9,200,000)
Net Income/(Loss)	(31,578,636)	0	0	0	0	(31,578,636)
Balance at Dec. 31, 2013	704,430,734	$ 283,657	49,920,772	111,293,233	585,619,488	(42,686,416)
Balance (in shares) at Dec. 31, 2013		28,365,655
Grant of restricted stock and amortization of equity based compensation	432,467	$ 204	0	0	432,263	0
Grant of restricted stock and amortization of equity based compensation (in shares)		20,360
Common dividends declared	(68,114,210)	$ 0	0	0	0	(68,114,210)
Preferred Series A dividends declared	(4,269,416)	0	0	0	0	(4,269,416)
Preferred Series B dividends declared	(9,200,000)	0	0	0	0	(9,200,000)
Net Income/(Loss)	109,395,568	0	0	0	0	109,395,568
Balance at Dec. 31, 2014	732,675,143	$ 283,861	49,920,772	111,293,233	586,051,751	(14,874,474)
Balance (in shares) at Dec. 31, 2014		28,386,015
Offering costs	(83,651)	$ 0	0	0	(83,651)	0
Repurchase of common stock	(1,671,479)	$ (1,267)	0	0	(1,670,212)	0
Repurchase of common stock (in shares)		(126,715)
Grant of restricted stock and amortization of equity based compensation	284,376	$ 269	0	0	284,107	0
Grant of restricted stock and amortization of equity based compensation (in shares)		26,910
Common dividends declared	(64,608,797)	$ 0	0	0	0	(64,608,797)
Preferred Series A dividends declared	(4,269,416)	0	0	0	0	(4,269,416)
Preferred Series B dividends declared	(9,200,000)	0	0	0	0	(9,200,000)
Net Income/(Loss)	13,818,537	0	0	0	0	13,818,537
Balance at Dec. 31, 2015	$ 666,944,713	$ 282,863	$ 49,920,772	$ 111,293,233	$ 584,581,995	$ (79,134,150)
Balance (in shares) at Dec. 31, 2015		28,286,210

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities
Net income/(loss)	$ 13,818,537	$ 109,395,568	$ (31,578,636)
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Net amortization of premium	12,194,792	16,773,835	41,176,196
Net realized (gain)/loss	17,148,069	(3,637,954)	115,594,848
Net realized and unrealized (gains)/losses on securities underlying linked transactions	0	(2,952,810)	8,222,438
Unrealized (gain)/loss on real estate securities and loans, net	12,180,501	(72,480,056)	84,195,306
Unrealized (gain)/loss on derivative and other instruments, net	32,491,857	51,255,430	(89,112,320)
Equity based compensation to affiliate	164,487	291,131	(986,706)
Equity based compensation expense	119,889	147,370	181,717
Income from investments in affiliates in excess of distributions received	(2,553,535)	(76,658)	0
Change in operating assets/liabilities:
Interest receivable	467,898	134,372	2,901,780
Other assets	1,373,987	(348,396)	(792,773)
Due from broker	1,935,070	(3,176,192)	(526,115)
Interest payable	(1,602,472)	(2,838,550)	448,071
Due to affiliates	(443,756)	205,510	735,232
Accrued expenses	(210,711)	890,156	588,330
Taxes payable	(28,800)	253,187	(240,812)
Net cash provided by (used in) operating activities	87,055,813	93,835,943	130,806,556
Cash Flows from Investing Activities
Purchase of real estate securities	(714,412,238)	(980,792,941)	(3,118,517,499)
Purchase of residential mortgage loans	0	(84,678,576)	0
Purchase of commercial loans	0	(72,084,833)	(30,017,825)
Purchase of U.S. treasury securities	(863,414,732)	0	0
Investments in affiliates	(19,250,900)	(4,031,484)	(14,357,976)
Purchase of excess mortgage servicing rights	0	(730,146)	0
Purchase of securities underlying linked transactions	0	(48,250,318)	(317,436,622)
Proceeds from sale of real estate securities	762,005,404	872,701,795	3,648,604,962
Proceeds from settlement of commercial loans	0	0	32,635,156
Proceeds from sales of U.S. treasury securities	633,532,184	0	0
Proceeds from sale of securities underlying linked transactions	0	26,056,464	126,082,338
Principal repayments on real estate securities	517,538,387	583,423,535	504,738,013
Principal repayments on residential mortgage loans	6,029,735	2,250,087	0
Principal repayments on securities underlying linked transactions	0	57,371,713	88,829,701
Receipt of premium for interest rate swaptions	0	433,751	495,000
Payment of premium for interest rate swaptions	0	(745,500)	(495,000)
Net proceeds from (payment made) on reverse repurchase agreements	(1,647)	27,473,695	(27,483,814)
Net proceeds from (payment made) on sales of securities borrowed under reverse repurchase agreements	(4,632,171)	(29,403,375)	27,322,644
Net settlement of interest rate swaps	(11,728,953)	(3,438,878)	(10,617,785)
Net settlement of TBAs	1,909,844	5,500,858	(310,329)
Net settlement of IO Indexes	0	(1,855,253)	0
Purchase of FHLBC Stock	(8,015,900)	0	0
Cash flows provided by (used in) other investing activities	2,904,812	(8,258,241)	0
Restricted cash provided by (used in) investing activities	11,638,098	(14,360,593)	(653,785)
Net cash provided by (used in) investing activities	314,101,923	326,581,760	908,817,179
Cash Flows from Financing Activities
Net proceeds from issuance of common stock	0	0	33,176,288
Offering costs	(83,651)	0	0
Repurchase of common stock	(472,892)	0	0
Borrowings under repurchase agreements	42,763,497,748	21,322,102,856	24,482,544,919
Borrowings under FHLBC advances	1,241,801,435	0	0
Borrowings under repurchase agreements underlying linked transactions	0	1,799,454,966	3,561,632,718
Repayments of repurchase agreements	(43,486,854,109)	(21,568,781,324)	(25,502,330,321)
Repayments of FHLBC advances	(844,907,435)	0	0
Repayments of repurchase agreements underlying linked transactions	0	(1,908,937,408)	(3,621,129,860)
Payment made for repurchase agreement costs	0	(1,258,322)	0
Proceeds from issuance of securitized debt	0	39,842,166	0
Net collateral received from (paid to) derivative counterparty	(7,097,816)	(30,681,671)	36,237,826
Net collateral received from (paid to) repurchase counterparty	(3,287,556)	(12,412,553)	537,953
Net collateral received from (paid to) FHLBC	(250,000)	0	0
Dividends paid on common stock	(68,144,267)	(68,103,494)	(80,228,613)
Dividends paid on preferred stock	(13,469,416)	(13,469,416)	(13,469,416)
Net cash provided by (used in) financing activities	(419,267,959)	(442,244,200)	(1,103,028,506)
Net change in cash and cash equivalents	(18,110,223)	(21,826,497)	(63,404,771)
Cash and cash equivalents, Beginning of Period	64,363,514	86,190,011	149,594,782
Cash and cash equivalents, End of Period	46,253,291	64,363,514	86,190,011
Supplemental disclosure of cash flow information:
Cash paid for interest on repurchase agreements and FHLBC advances	29,153,643	27,902,821	24,759,417
Cash paid for income tax	1,572,401	1,583,739	5,452,265
Transfer from Linked Transactions to real estate securities	139,778,263	119,253,223	141,614,987
Transfer from Linked Transactions to repurchase agreements	113,363,873	89,817,051	118,803,382
Transfer from residential mortgage loans to other assets	2,492,625	1,341,379	0
Supplemental disclosure of non-cash investing activities:
Procceds from mortgage loan sales not yet received	23,267,693	0	0
Supplemental disclosure of non-cash financing activities:
Common stock dividends declared but not paid	13,496,139	17,031,609	17,020,893
Decrease of securitized debt	10,310,268	0	0
Unsettled repurchases of common stock	$ 1,198,587	$ 0	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Organization, Consolidation and Presentation Of Financial Statements Disclosure [Text Block]	1. Organization AG Mortgage Investment Trust, Inc. (the “Company”) was incorporated in the state of Maryland on March 1, 2011. The Company is focused on investing in, acquiring and managing a diversified portfolio of residential mortgage-backed securities, or RMBS, issued or guaranteed by a government-sponsored entity 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 entity 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 residential and commercial 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	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies The accompanying consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain prior period amounts have been reclassified to conform to the current period’s presentation. In the opinion of management, all adjustments considered necessary for a fair presentation for the annual period of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. Previously the Company classified gains and losses related to linked transactions in the “Net realized gain/(loss)” line item, however the Company 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. As of December 31, 2015 and December 31, 2014, the Company held no cash equivalents. The Company places its cash with high credit quality institutions to minimize credit risk exposure. Cash pledged to the Company as collateral is unrestricted in use and, accordingly, is included as a component of “Cash and cash equivalents” on the consolidated balance sheet. Any cash held by the Company as collateral is included in the “Due to broker” line item on the consolidated balance sheet and in cash flows from financing activities on the consolidated statement of cash flows. Restricted cash includes cash pledged as collateral for clearing and executing trades, derivatives and repurchase agreements, and is not available to the Company for general corporate purposes. Restricted cash may be returned to the Company when the related collateral requirements are exceeded or at the maturity of the derivative or repurchase agreement. 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. In periods in which the Company records a loss, potentially dilutive securities are excluded from the diluted loss per share calculation, as their effect on loss per share is anti-dilutive. 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. • 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, “Investments – Debt and Equity Securities”, ASC 325-40, “Beneficial Interests in Securitized Financial Assets” or ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. The Company has chosen to make a fair value election pursuant to ASC 825, “Financial Instruments” 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 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 an OTTI is deemed to have occurred when there is an adverse change in the expected cash flows to be received and the fair value of the security is less than its carrying amount. In determining whether an adverse change in cash flows occurred, the present value of the remaining cash flows, as estimated at the initial transaction date (or the last date previously revised), is compared to the present value of the expected cash flows at the current reporting date. The estimated cash flows reflect those a “market participant” would use and are discounted at a rate equal to the current yield used to accrete interest income. Any resulting OTTI adjustments are reflected in the “Net realized gain/(loss)” line item on the consolidated statement of operations. The determination as to whether an OTTI exists is subjective, given that such determination is based on information available at the time of assessment as well as the Company’s estimate of the future performance and cash flow projections for the individual security. As a result, the timing and amount of an OTTI constitutes an accounting estimate that may change materially over time. Increases in interest income may be recognized on a security on which the Company previously recorded an OTTI charge if the performance of such security subsequently improves. Securities in an unrealized loss position on December 31, 2015 are not considered other than temporarily impaired as the Company has the ability and intent to hold the securities to maturity or for a period of time sufficient for a forecasted market price recovery up to or above the amortized cost of the investment, and the Company is not required to sell the security for regulatory or other reasons. In addition, unrealized losses on the Company’s Agency securities accounted for under ASC 320 were not due to credit losses given their explicit guarantee of principal and interest by the GSEs, but rather were due to changes in interest rates and prepayment expectations. 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 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. 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, “Accounting Changes and Error Corrections” 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. Increases in interest income may be recognized on a loan on which the Company previously recorded an OTTI charge if the performance of such loan subsequently improves. 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 their 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 operations 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. A majority of the Company’s investments held through affiliated entities are comprised of real estate securities and loans. Refer to Note 3 for more detail. In December 2015, the Company, alongside private funds under the management of Angelo, Gordon, formed Arc Home LLC (“Arc Home”) to originate conforming, FHA, Jumbo and non-qualifying residential mortgage loans (“non-QM”). The Company invests in Arc Home through an affiliated entity and has chosen to make a fair value election on this affiliated entity pursuant to ASC 825. The investment in Arc Home 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 operations as a component of “Equity in earnings/(loss) from affiliates.” As of December 31, 2015, the investment had a fair market value of $(0.3) million which is recorded in the “Investments in affiliates” line item. 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 or ASC 325-40 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 premiums on its securities. If actual and anticipated cash flows differ from previous estimates, the Company recognizes a “catch-up” adjustment in the current period to the amortization of premiums for the impact of the cumulative change in the effective yield through the reporting date. Similarly, the Company also reassesses the cash flows on at least a quarterly basis for securities accounted for under ASC 325-40 (generally Non-Agency RMBS, ABS, CMBS and interest only securities). In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies. These include the rate and timing of principal and interest receipts, (including assumptions of prepayments, repurchases, defaults and liquidations), the pass-through or coupon rate and interest rate fluctuations. In addition, interest payment shortfalls due to delinquencies on the underlying mortgage loans have to be judgmentally estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment as adjusted for credit impairment, if any. Interest income on the Company’s loan portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such loans. The Company has elected to record interest in accordance with ASC 835-30-35-2 using the effective interest method for all loans accounted for under the fair value option (ASC 825). Any amortization will be reflected as an adjustment to interest income in the consolidated statement of operations. For security and loan investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30. For purposes of income recognition, the Company aggregates loans that have common risk characteristics into pools and uses a composite interest rate and expectation of cash flows expected to be collected for the pool. ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities (loans) acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected generally should be recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected should be recognized as impairment. The Company’s accrual of interest, discount 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 and FHLBC Advances. Repurchase agreements and FHLBC Advances 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 and FHLBC Advances approximates fair value. In July 2015, the Company’s wholly-owned captive insurance subsidiary, MITT Insurance Company LLC (“MITT Insurance”), 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 the aforementioned real estate securities, as collateral for advances. Membership in the FHLBC obligates MITT Insurance to purchase FHLBC membership stock and activity stock, the latter being a percentage of the advances it obtains from the FHLBC. MITT Insurance may seek short- and long-term advances (together, “FHLBC Advances”) from the FHLBC. In January 2016, the FHFA issued the Final Ruling, which expressly excludes the Company’s captive insurance subsidiary from being eligible for membership in the FHLBC. Under the Final Rule, there is a one-year transition period from the effective date (which will be February 9, 2016) within which the FHLBC must wind down its relationships with the Company’s captive insurance subsidiary. The FHLBC cannot make any new advances or extend any existing advances to the Company’s captive insurance subsidiary. The Company pledges certain securities or loans as collateral under repurchase agreements with financial institutions, and certain securities as collateral under FHLBC Advances with the FHLBC, 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, including the FHLBC, may require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as margin calls. As of December 31, 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 were 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 wh

Real Estate Securities

Real Estate Securities	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Mortgage-Backed Securities Disclosure [Text Block]	3. Real Estate Securities The following tables present the current principal balance, premium or discount, amortized cost, gross unrealized gain, gross unrealized loss, fair market value, weighted average coupon rate and weighted average effective yield of the Company’s real estate securities portfolio on December 31, 2015 and December 31, 2014. The Company’s Agency RMBS are mortgage pass-through certificates or collateralized mortgage obligations (“CMOs”) representing interests in or obligations backed by pools of residential mortgage loans issued or guaranteed by Fannie Mae or Freddie Mac. The Company’s Non-Agency RMBS, ABS and CMBS portfolios are primarily not issued or guaranteed by Fannie Mae, Freddie Mac or any agency of the U.S. Government and are therefore subject to credit risk. The principal and interest payments on Agency RMBS securities have an explicit guarantee by either an agency of the U.S. government or a U.S. government-sponsored entity. 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. Gross Unrealized (1) Weighted Average Current Face Premium / Amortized Cost Gains Losses Fair Value Coupon (2) Yield Agency RMBS: 30 Year Fixed Rate $ 782,276,607 $ 34,905,903 $ 817,182,510 $ 6,674,932 $ (3,720,150) $ 820,137,292 3.76 % 3.10 % Fixed Rate CMO 76,098,478 672,376 76,770,854 1,254,658 - 78,025,512 3.00 % 2.81 % ARM 248,169,781 (2,658,877) 245,510,904 4,298,463 - 249,809,367 2.37 % 2.84 % Interest Only 522,058,244 (468,676,886) 53,381,358 2,226,513 (2,138,390) 53,469,481 2.70 % 7.56 % Credit Investments: Non-Agency RMBS 1,395,179,483 (183,015,256) 1,212,164,227 23,555,968 (11,462,911) 1,224,257,284 4.17 % 5.56 % Non-Agency RMBS Interest Only 465,387,354 (459,897,579) 5,489,775 351,842 (287,883) 5,553,734 0.12 % 11.05 % ABS 56,264,253 (353,693) 55,910,560 236,424 (1,385,147) 54,761,837 5.26 % 5.62 % CMBS 224,844,665 (89,380,593) 135,464,072 789,264 (1,382,362) 134,870,974 5.15 % 6.28 % CMBS Interest Only 1,138,848,526 (1,124,644,529) 14,203,997 37,717 (163,998) 14,077,716 0.25 % 6.67 % Total $ 4,909,127,391 $ (2,293,049,134) $ 2,616,078,257 $ 39,425,781 $ (20,540,841) $ 2,634,963,197 2.52 % 4.55 % (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: Gross Unrealized (1) Weighted Average Current Face Premium / 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 its 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 December 31, 2015 $ 905,669,623 $ (13,906,215) $ 154,287,673 $ (6,634,626) 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 year ended 8.1 2.8 4.8 1.0 to fair value as of the reporting date. The remaining $ 3.8 2.9 52.7 48.4 4.3 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 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 $ - $ - - $ - $ - - $ 61,279,492 $ 62,031,034 4.92 % Greater than one year and less than or equal to five years 8,855,191 8,698,829 2.53 % 35,583,940 36,517,583 2.19 % 465,361,086 465,420,736 1.20 % Greater than five years and less than or equal to ten years 1,130,350,078 1,122,059,484 3.39 % 17,885,541 16,863,775 5.33 % 602,483,200 599,969,280 2.21 % Greater than ten years 8,766,902 8,705,955 4.11 % - - - 304,397,767 295,811,581 5.71 % Total $ 1,147,972,171 $ 1,139,464,268 3.39 % $ 53,469,481 $ 53,381,358 2.70 % $ 1,433,521,545 $ 1,423,232,631 2.18 % (1) For purposes of this table, Agency RMBS represent securities backed by 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 Interest Only credit 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 Interest Only credit 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 year ended December 31, 2015, the Company sold 70 762.0 12.7 4.9 50 872.7 14.4 4.3 166 3.6 17.5 72.5 See Notes 4 and 7 for amounts realized on sales of loans and the settlement of certain derivatives, respectively. The Company invests in credit sensitive commercial real estate assets through affiliated entities, and has applied the equity method of accounting for such investments. As of December 31, 2015, the investments had a fair market value of $ 62.2 11.32 18.6 25.4 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 year ended December 31, 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 an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. 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 December 31, 2015 and December 31, 2014, the resecuritized asset had an aggregate principal balance of $ 40.0 50.9 37.1 47.6 30.4 40.7 30.0 39.8 5.32 5.50 6.14 5.14 30.0 39.8 4.04 3.40 3.67 3.75

Loans

Loans	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Financing Receivables [Text Block]	4. Loans Residential Mortgage Loans On February 28, 2014, the Company acquired a residential mortgage loan portfolio with an aggregate unpaid principal balance and acquisition fair value of $59.0 million and $34.9 million, respectively. On February 18, 2014, the Company entered into a Master Repurchase Agreement and Securities Contract (“Repurchase facility”) to finance acquisitions of residential mortgage loans. See Note 6 for further detail on the Company’s loan repurchase facility. On July 31, 2014, the Company acquired a residential mortgage loan portfolio with an aggregate unpaid principal balance and acquisition fair value of $ 13.7 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 Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) (2) Residential mortgage loans $ 78,834,774 $ (24,413,319) $ 54,421,455 $ 2,658,772 $ - $ 57,080,227 5.46 % 8.70 % 5.58 (1) The Company has chosen to make a fair value election pursuant to ASC 825 for its loan portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains (losses). (2) Actual maturities of residential mortgage loans are generally shorter than stated contractual maturities. Maturities are affected by the lives of the underlying mortgages, periodic payments of principal and prepayments of principal. The table below details certain information regarding the Company’s residential mortgage loan portfolio as of December 31, 2014: Gross Unrealized (1) Weighted Average Unpaid Principal Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) (2) 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). (2) Actual maturities of residential mortgage loans are generally shorter than stated contractual maturities. Maturities are affected by the lives of the underlying mortgages, periodic payments of principal and prepayments of principal. December 31, 2015 December 31, 2014 Loan Type Fair Value Unpaid Principal Fair Value Unpaid Re-Performing $ 43,152,987 $ 56,424,387 $ 68,581,824 $ 89,493,175 Non-Performing 13,927,240 22,410,387 16,508,035 30,389,661 $ 57,080,227 $ 78,834,774 $ 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 year ended December 31, 0.6 0.6 0.6 unpaid principal balances of $ 18.7 23.7 12.5 31.4 The Company recognized $ 0.4 0.5 Concentration of Credit Risk December 31, 2015 December 31, 2014 Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100% 95 % 98 % Percentage of fair value of mortgage loans secured by properties in the following states: Representing 5% or more of fair value: New York 20 % 16 % California 9 % 11 % Florida 6 % 8 % Maryland 5 % 5 % Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Beginning Balance $ 38,008,263 $ - $ - Additions - 38,295,030 - Accretion (5,801,933) (3,739,798) - Reclassifications from/(to) non-accretable difference 4,403,604 4,274,831 - Disposals (12,393,296) (821,800) - Ending Balance $ 24,216,638 $ 38,008,263 $ - As of December 31, 2015, the Company’s residential mortgage loan portfolio is comprised of 392 conventional loans with original loan balances between $ 9,000 1.1 For the year ended December 31, 2015, the Company sold 135 loans for total proceeds of $ 23.3 1.9 Commercial Loans Gross Unrealized (1) Weighted Average Current Face Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Stated Maturity Extended Location Loan A (2) $ 30,000,000 $ (70,981) $ 29,929,019 $ 70,981 $ - $ 30,000,000 6.52 % 8.50 % 0.44 June 5, 2017 June 5, 2019 FL Loan B (3) 32,800,000 (38,441) 32,761,559 38,441 - 32,800,000 5.02 % 5.72 % 0.52 July 1, 2016 July 1, 2019 TX Loan C (4) 10,000,000 (29,607) 9,970,393 29,607 - 10,000,000 13.50 % 16.13 % 1.19 February 1, 2017 February 1, 2018 NY $ 72,800,000 $ (139,029) $ 72,660,971 $ 139,029 $ - $ 72,800,000 6.80 % 8.30 % 0.58 (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) Actual maturities of commercial mortgage loans may be shorter than stated contractual maturities. Maturities are affected by prepayments of principal. (7) 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 on 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 (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) Actual maturities of commercial mortgage loans may be shorter than stated contractual maturities. Maturities are affected by prepayments of principal. (7) The Company has the contractual right to receive a balloon payment. During the years ended December 31, 2015, and December 31, 2014, the Company recorded $ 0.4 0.2 During year ended December 31, 2013, the Company recorded $ 0.2

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	5. Fair Value Measurements As described in Note 2, the fair value of financial instruments that are recorded at fair value will be determined by the Manager, subject to oversight of the Company’s board of directors, and in accordance with ASC 820, “Fair Value Measurements and Disclosures.” When possible, the Company determines fair value using independent data sources. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under ASC 820 are described below: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. • Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available. Values for the Company’s securities, securitized debt, derivatives and loan portfolios are based upon prices obtained from third party pricing services, which are indicative of market activity. The evaluation methodology of the Company’s third-party pricing services incorporates commonly used market pricing methods, including a spread measurement to various indices such as the one-year constant maturity treasury and LIBOR, which are observable inputs. The evaluation also considers the underlying characteristics of each investment, which are also observable inputs, including: coupon; maturity date; loan age; reset date; collateral type; periodic and life cap; geography; and prepayment speeds. The Company collects and considers current market intelligence on all major markets, including benchmark security evaluations and bid-lists from various sources, when available. As part of the Company’s risk management process, the Company reviews and analyzes all prices obtained by comparing prices to recently completed transactions involving the same or similar investments on or near the reporting date. If, in the opinion of the Manager, one or more prices reported to the Company are not reliable or unavailable, the Manager reviews the fair value based on characteristics of the investment it receives from the issuer and available market information. In valuing its derivatives, the Company considers the creditworthiness of both the Company and its counterparties, along with collateral provisions contained in each derivative agreement, from the perspective of both the Company and its counterparties. All of the Company’s derivatives are either subject to bilateral collateral arrangements or clearing in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”). For swaps cleared under the Dodd Frank Act, a Central Counterparty Clearing House (“CCP”) now stands between the Company and the over-the-counter derivative counterparties. In order to access clearing, the Company has entered into clearing agreements with Futures Commissions Merchants (“FCMs”). The Company records its derivative asset and liability positions on a gross basis. The fair value of the Company's mortgage loans considers data such as loan origination information, additional updated borrower information, loan servicing data, as available, forward interest rates, general economic conditions, home price index forecasts and valuations of the underlying properties. The variables considered most significant to the determination of the fair value of the Company's mortgage loans include market-implied discount rates, projections of default rates, delinquency rates, reperformance rates, loss severity (considering mortgage insurance) and prepayment rates. The Company uses loan level data and macro-economic inputs to generate loss adjusted cash flows and other information in determining the fair value of its mortgage loans. Because of the inherent uncertainty of such valuation, the fair values established for mortgage loans held by the Company may differ from the fair values that would have been established if a ready market existed for these mortgage loans. Accordingly, mortgage loans are classified as Level 3 in the fair value hierarchy. The Manager may also engage specialized third party valuation service providers to assess and corroborate the valuation of a selection of investments in the Company’s loan portfolio on a periodic basis. These specialized third party valuation service providers conduct independent valuation analyses based on a review of source documents, available market data, and comparable investments. The analyses provided by valuation service providers are reviewed and considered by the Manager. The securities underlying the Company’s linked transactions were valued using similar techniques to those used for the Company’s securities portfolio. The value of the underlying security was then netted against the carrying amount (which approximates fair value) of the repurchase agreement at the valuation date. Additionally, TBA instruments are similar in form to the Company’s Agency RMBS portfolio, and the Company therefore estimates fair value based on similar methods. U.S. Treasury securities are valued using quoted prices for identical instruments in active markets. The fair value of the Company’s obligation to return securities borrowed under reverse repurchase agreements is based upon the value of the underlying borrowed U.S. Treasury securities as of the reporting date. In 2014, the Company entered into a resecuritization transaction that resulted in the Company consolidating a VIE created with the SPE which was used to facilitate the transaction. The Company categorizes the fair value measurement of the consolidated tranche as Level 2. As a condition to membership in the FHLBC, members are required to purchase and hold a certain amount of FHLBC stock, which is considered a non-marketable, long-term investment. Because this stock can only be transacted at its par value, and only to the FHLBC, cost approximates fair value. The Company categorizes the fair value measurement of these assets as Level 3. As part of the Final Ruling mentioned previously, the Company will have to sell back its FHLBC stock as it begins to unwind its FHLBC Advances. Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Agency RMBS: 30 Year Fixed Rate $ - $ 820,137,292 $ - $ 820,137,292 Fixed Rate CMO - 78,025,512 - 78,025,512 ARM - 249,809,367 - 249,809,367 Interest Only - 53,469,481 - 53,469,481 Credit Investments: Non-Agency RMBS - 772,579,324 451,677,960 1,224,257,284 Non-Agency RMBS Interest Only 5,553,734 5,553,734 ABS - - 54,761,837 54,761,837 CMBS - 43,846,556 91,024,418 134,870,974 CMBS Interest Only - - 14,077,716 14,077,716 Residential mortgage loans - - 57,080,227 57,080,227 Commercial loans - - 72,800,000 72,800,000 U.S. Treasury securities 223,434,922 - - 223,434,922 Excess mortgage servicing rights - - 425,311 425,311 Derivative assets - 1,755,467 - 1,755,467 FHLBC stock - - 8,015,900 8,015,900 Total Assets Carried at Fair Value $ 223,434,922 $ 2,019,622,999 $ 755,417,103 $ 2,998,475,024 Liabilities: Securitized debt $ - $ (30,046,861) $ - $ (30,046,861) Derivative liabilities - (6,863,770) - (6,863,770) Total Liabilities Carried at Fair Value $ - $ (36,910,631) $ - $ (36,910,631) The following table presents the Company’s financial instruments measured at fair value as of December 31, 2014: Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Agency RMBS: 20 Year Fixed Rate $ - $ 133,742,870 $ - $ 133,742,870 30 Year Fixed Rate - 1,036,024,019 - 1,036,024,019 Fixed Rate CMO - 90,775,375 - 90,775,375 ARM - 427,537,367 - 427,537,367 Interest Only - 120,235,115 - 120,235,115 Credit Investments: Non-Agency RMBS - 684,841,649 455,236,279 1,140,077,928 ABS - - 66,693,243 66,693,243 CMBS - 55,051,429 39,343,274 94,394,703 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) Year Ended December 31, 2015 Non-Agency Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess Linked FHLBC 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 215,895,977 5,534,431 8,926,755 68,226,218 9,096,499 - - - - 8,015,900 Reclassification of security type (2) 24,129,591 - - - - - - - (5,082,731) - Proceeds from sales (59,975,910) - (18,955,475) (13,870,892) - (23,267,693) - - - - Proceeds from settlement (211,879,760) - (1,715,676) (2,262,727) - (6,029,735) - (189,401) - - Total net gains/(losses) (3) Included in net income 7,963,516 19,303 (187,010) (411,455) (1,144,732) 1,287,796 - (13,655) - - Included in other comprehensive income (loss) - - - - - - - - - - Ending Balance $ 451,677,960 $ 5,553,734 $ 54,761,837 $ 91,024,418 $ 14,077,716 $ 57,080,227 $ 72,800,000 $ 425,311 $ - $ 8,015,900 Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2015 (4) $ 7,561,408 $ 19,303 $ (312,250) $ (545,113) $ (1,144,732) $ (7,094) $ - $ 35,729 $ - $ - (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 $ 6,487,130 Net realized gain/(loss) 1,026,633 Total $ 7,513,763 (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 $ 5,607,251 Year Ended December 31, 2014 Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess Mortgage Linked Beginning balance $ 309,840,562 $ 71,344,784 $ 23,972,043 $ 6,324,735 $ - $ - $ - $ 14,723,169 Transfers (1): Transfers into level 3 - - - - - - - Transfers out of level 3 - - - - - - - Purchases 449,980,502 67,489,710 22,068,216 - 84,678,576 72,084,833 730,146 1,856,433 Reclassification of security type (2) 26,752,863 - - - - - (4,219,811) Proceeds from sales (96,960,392) (45,409,687) (5,586,445) - - - (16,364,916) Proceeds from settlement (241,145,912) (26,704,044) (2,130,834) (2,250,087) - (101,779) 7,307,909 Total net gains/(losses) (3) Included in net income 6,768,656 (27,520) 1,020,294 (198,786) 2,661,370 715,167 - 1,779,947 Included in other comprehensive income (loss) - - - - - - - - Ending Balance $ 455,236,279 $ 66,693,243 $ 39,343,274 $ 6,125,949 $ 85,089,859 $ 72,800,000 $ 628,367 $ 5,082,731 Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4) $ 2,887,993 $ (378,408) $ 205,360 $ (198,786) $ 2,522,554 $ 742,747 $ - $ 763,744 (1) Transfers are assumed to occur at the beginning of the period. (2) Represents an accounting reclassification between a linked transaction and a real estate security. (3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 1,779,947 Unrealized gain/(loss) on real estate securities and loans, net 6,617,905 Net realized gain/(loss) 4,321,276 Total $ 12,719,128 (4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 763,744 Unrealized gain/(loss) on real estate securities and loans, net 5,781,460 Total $ 6,545,204 During the year ended December 31, 2015, the Company transferred a $ 20.3 Asset Class Fair Value at Valuation Technique Unobservable Input Range Non-Agency RMBS $ 451,677,960 Discounted Cash Flow Yield 0.81% - 16.11% (5.82%) Projected Collateral Prepayments 0.00% - 20.00% (6.36%) Projected Collateral Losses 0.00% - 38.00% (10.27%) Projected Collateral Severities 0.00% - 88.08% (31.22%) Non-Agency RMBS Interest Only $ 5,553,734 Discounted Cash Flow Yield 10.59% - 11.40% (10.70%) Projected Collateral Prepayments 25.00% - 25.00% (25.00%) Projected Collateral Losses 1.00% - 1.00% (1.00%) Projected Collateral Severities 10.00% - 10.00% (10.00%) ABS $ 54,761,837 Discounted Cash Flow Yield 2.44% - 7.57% (5.62%) Projected Collateral Prepayments 20.00% - 100.00% (79.96%) Projected Collateral Losses 0.00% - 8.30% (6.06%) Projected Collateral Severities 0.00% - 50.00% (10.98%) CMBS $ 91,024,418 Discounted Cash Flow Yield 3.94% - 16.87% (5.83%) Projected Collateral Prepayments 0.00% - 20.00% (0.37%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) CMBS Interest Only $ 14,077,716 Discounted Cash Flow Yield 5.78% - 7.28% (6.67%) Projected Collateral Prepayments 100.00% - 100.00% (100.00%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Residential Mortgage Loans $ 57,080,227 Discounted Cash Flow Yield 6.27% - 38.49% (8.70%) Projected Collateral Prepayments 3.42% - 7.41% (6.54%) Projected Collateral Losses 6.32% - 12.26% (10.17%) Projected Collateral Severities 28.10% - 37.47% (34.05%) Commercial Loans $ 72,800,000 Discounted Cash Flow Yield 5.72% - 16.13% (8.30%) Credit Spread 4.75 bps - 13.25 bps (6.54 bps) Recovery Percentage* 100.00% - 100.00% (100.00%) Excess Mortgage Servicing Rights $ 425,311 Discounted Cash Flow Yield 5.49% - 11.51% (6.33%) FHLBC stock $ 8,015,900 ** Yield 4.00% - 4.00% (4.00%) * Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2015. ** Fair value of the FHLBC stock approximates outstanding face amount as the Company's wholly-owned subsidiary is restricted from trading the stock and can only put the stock back to the FHLBC, at the FHLBC's discretion, at par. Asset Class Fair Value at Valuation Technique Unobservable Input Range Non-Agency RMBS $ 455,236,279 Discounted Cash Flow Yield 0.29% - 35.48% (5.30%) Projected Collateral Prepayments 0.00% - 12.00% (3.21%) Projected Collateral Losses 0.00% - 35.00% (13.07%) Projected Collateral Severities 0.00% - 80.00% (36.04%) ABS $ 66,693,243 Discounted Cash Flow Yield 4.62% - 7.95% (5.55%) Projected Collateral Prepayments 20.00% - 100.00% (88.56%) Projected Collateral Losses 0.00% - 8.30% (5.13%) Projected Collateral Severities 0.00% - 50.00% (7.15%) CMBS $ 39,343,274 Discounted Cash Flow Yield 4.80% - 10.52% (6.34%) Projected Collateral Prepayments 0.00% - 0.00% (0.00%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) CMBS Interest Only $ 6,125,949 Discounted Cash Flow Yield 5.72% - 5.78% (5.73%) Projected Collateral Prepayments 100.00% - 100.00% (100.00%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Residential Mortgage Loans $ 85,089,859 Discounted Cash Flow Yield 5.60% - 23.67% (8.90%) Projected Collateral Prepayments 1.98% - 8.36% (6.44%) Projected Collateral Losses 4.47% - 9.64% (6.20%) Projected Collateral Severities 20.93% - 41.94% (27.65%) Commercial Loans $ 72,800,000 Discounted Cash Flow Yield 6.15% - 15.77% (8.55%) Credit Spread 4.75 bps - 13.25 bps (6.54 bps) Recovery Percentage** 100.00% - 100.00% (100.00%) Excess Mortgage Servicing Rights $ 628,367 Discounted Cash Flow Yield 9.09% - 12.52% (9.78%) Linked Transactions* $ 5,082,731 Discounted Cash Flow Yield 4.49% - 6.45% (5.50%) Projected Collateral Prepayments 3.00% - 12.00% (6.94%) Projected Collateral Losses 4.00% - 14.00% (8.09%) Projected Collateral Severities 42.00% - 60.00% (52.87%) *Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments. ** Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2014. 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 and FHLBC

Repurchase Agreements and FHLBC Advances	12 Months Ended
	Dec. 31, 2015
Disclosure Of Repurchase Agreements [Abstract]
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	6. Repurchase Agreements and FHLBC Advances The Company pledges certain real estate securities and loans as collateral under repurchase agreements with financial institutions, and certain securities as collateral under FHLBC Advances with the FHLBC, 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. FHLBC Advances involve loan advances made to the Company by the FHLBC in exchange for real estate securities as collateral. The amount borrowed generally is equal to the fair value of the assets pledged less an agreed-upon discount, referred to as a “haircut.” Generally, FHLBC Advances collateralized by Agency RMBS typically allow for lower effective “haircuts” than those required under the Company’s repurchase agreements. Repurchase agreements and FHLBC Advances 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 and FHLBC Advances approximates fair value. If the Company maintains the beneficial interest in the specific assets pledged during the term of the borrowing, it receives the related principal and interest payments. If the Company does not maintain the beneficial interest in the specific assets pledged during the term of the borrowing, it will have the related principal and interest payments remitted to it by the lender. Interest rates on borrowings are fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the borrowing at which time the Company may enter into a new borrowing arrangement 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 fair value of financial instruments pledged as collateral on the Company’s repurchase agreements and FHLBC Advances disclosed in the tables below represent the Company’s fair value which may differ from the fair value assigned to the collateral by its counterparties. In January 2016, the FHFA issued the Final Ruling, which expressly excludes MITT Insurance from being eligible for membership in the FHLBC. Refer to Note 2 for more detail. Repurchase Agreements Financial Instruments Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Fair Value Amortized Cost Accrued Interest 30 days or less $ 1,052,983,000 1.43 % 15.4 % $ 1,268,366,695 $ 1,256,686,536 $ 4,308,583 31-60 days 245,124,000 1.23 % 11.8 % 281,093,633 280,893,609 887,640 61-90 days 76,739,000 1.98 % 21.1 % 98,349,611 97,456,598 222,769 Greater than 90 days 364,352,658 1.57 % 9.4 % 431,942,111 425,617,273 1,315,462 Total / Weighted Average $ 1,739,198,658 1.46 % 13.9 % $ 2,079,752,050 $ 2,060,654,016 $ 6,734,454 The following table presents certain information regarding the Company’s repurchase agreements secured by real estate securities as of December 31, 2014: Repurchase Agreements Financial Instruments 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 FHLBC Advances secured by Agency RMBS as of December 31, 2015: FHLBC Advances Financial Instruments Pledged FHLBC Advances Maturing Within: Balance Weighted Average Weighted Average Fair Value Amortized Cost Accrued Interest 30 days or less $ 186,449,500 0.36 % 0.2 % $ 187,002,677 $ 186,972,618 $ 550,689 31-60 days 39,750,000 0.44 % 2.7 % 40,857,352 40,726,086 115,211 61-90 days 170,694,500 0.49 % 0.3 % 176,322,379 174,577,627 471,330 Greater than 90 days - - - - - - Total / Weighted Average $ 396,894,000 0.42 % 0.5 % $ 404,182,408 $ 402,276,331 $ 1,137,230 The Company had no FHLBC Advances as of December 31, 2014. The following table presents certain information regarding the Company’s repurchase agreements secured by interests in residential mortgage loans as of December 31, 2015: Repurchase Agreements Financial Instruments Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Weighted Average Fair Value Amortized Cost Accrued Interest 30 days or less $ - - - - $ - $ - $ - 31-60 days - - - - - - - 61-90 days - - - - - - - Greater than 90 days 50,606,302 2.93 % 3.18 % N/A 50,686,922 48,426,156 53,074 Total / Weighted Average $ 50,606,302 2.93 % 3.18 % N/A $ 50,686,922 $ 48,426,156 $ 53,074 (1) As of December 31, 2015, the Company had a total of $ 74.0 50.7 23.3 , which at December 31, 2015 was held by the Company's broker 31.1 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 Financial Instruments Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Weighted Average 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 December 31, 2015: Repurchase Agreements Financial Instruments Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Weighted Average Fair Value Amortized Cost Accrued Interest 30 days or less $ - - - - $ - $ - $ - 31-60 days - - - - - - - 61-90 days - - - - - - - Greater than 90 days 42,796,000 2.67 % 3.62 % 31.8 % 62,800,000 62,690,578 941,247 Total / Weighted Average $ 42,796,000 2.67 % 3.62 % 31.8 % $ 62,800,000 $ 62,690,578 $ 941,247 The following table presents certain information regarding the Company’s repurchase agreements secured by commercial mortgage loans as of December 31, 2014: Repurchase Agreements Financial Instruments Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Weighted Average 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 The following table presents certain information regarding the Company’s repurchase agreements secured by interests in U.S. Treasury securities as of December 31, 2015. Repurchase Agreements Financial Instruments Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Fair Value Amortized Cost Accrued Interest Overnight $ 202,362,500 0.42 % 0.57 % $ 203,520,859 $ 205,763,477 $ 693,430 30 days or less - - - - - - 31-60 days - - - - - - 61-90 days - - - - - - Greater than 90 days - - - - - - Total / Weighted Average $ 202,362,500 0.42 % 0.57 % $ 203,520,859 $ 205,763,477 $ 693,430 The Company did not hold any positions in U.S. Treasury securities on December 31, 2014. Although repurchase agreements and FHLBC Advances 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 to fund margin calls. Refer to Note 7 for details on collateral posted /received against certain derivatives. December 31, 2015 December 31, 2014 Fair Value of investments pledged as collateral under repurchase agreements and FHLBC advances: Agency RMBS (1) $ 1,128,962,588 $ 1,684,021,261 Non-Agency RMBS 1,157,357,871 1,088,398,641 ABS 54,761,837 66,693,243 CMBS 142,852,162 96,920,646 Residential Mortgage Loans 50,686,922 73,407,869 Commercial Mortgage Loans 62,800,000 62,800,000 U.S. Treasury Securities 203,520,859 - Cash pledged (i.e., restricted cash) as collateral under repurchase agreements 16,662,156 13,374,600 Total collateral pledged under Repurchase agreements and FHLBC advances $ 2,817,604,395 $ 3,085,616,260 (1) Collateral for FHLBC advances consist solely of Agency RMBS December 31, 2015 December 31, 2014 Repurchase agreements secured by: Agency RMBS $ 676,679,000 $ 1,583,911,000 Non-Agency RMBS 914,276,658 860,019,230 ABS 43,544,000 52,993,000 CMBS 104,699,000 74,959,000 Residential Mortgage Loans 50,606,302 50,573,718 Commercial Mortgage Loans 42,796,000 22,500,000 U.S. Treasury Securities 202,362,500 - FHLBC advances secured by: Agency RMBS 396,894,000 - Gross Liability for Repurchase agreements and FHLBC advances $ 2,431,857,460 $ 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 $ 2,034,963,460 $ - $ 2,034,963,460 $ 2,034,963,460 $ - $ - FHLBC advances 396,894,000 - 396,894,000 396,894,000 - - Total $ 2,431,857,460 $ - $ 2,431,857,460 $ 2,431,857,460 $ - $ - 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 had no FHLBC Advances as of December 31, 2014. The Company seeks to transact with several different financing counterparties in order to reduce the exposure to any single counterparty. The Company has entered into master repurchase agreements (“MRAs”) or loan agreements with such counterparties. As of December 31, 2015 and December 31, 2014 the Company had 38 and 34 financing counterparties, under which it had outstanding debt with 21 and 22 counterparties on a GAAP basis, respectively. On December 31, 2015 the following table reflects amounts at risk under its repurchase agreement borrowings and FHLBC Advances 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. $ 59,863,639 543 9 % JP Morgan Securities, LLC 45,341,579 187 7 % RBC (Barbados) Trading Bank Corporation 41,788,752 44 6 % Credit Suisse Securities, LLC 40,797,732 44 6 % On 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, on December 31, 2014, the Company had repurchase agreements with Credit Suisse Securities, LLC, JP Morgan Securities, LLC and Goldman, Sachs & Co. determined to be linked. The amount at risk including linked transactions is $ 88.3 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 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 $ 200 102.3 On February 27, 2015, AG MIT WFB1 2014 LLC, (“AG MIT WFB1”), a subsidiary of the Company, entered into Amendment Number Three of the Master Repurchase Agreement and Securities Contract, (as so amended, the “WFB1 Repurchase Agreement”) with Wells Fargo Bank to finance the ownership and acquisition of certain beneficial interests in trusts owning participation interests in one or more pools of residential mortgage loans. Each transaction under the WFB1 Repurchase Agreement has its own specific terms, such as identification of the assets subject to the transaction, sale price, repurchase price and rate. The WFB1 Repurchase Agreement provides for a funding period ending February 26, 2016 and a facility termination date of February 27, 2017. The maximum aggregate borrowing capacity available under the WFB1 Repurchase Agreement is $ 100.0 50.6 On September 17, 2014, AG MIT CREL, LLC (“AG MIT CREL”), a subsidiary of the Company, entered into a Master Repurchase Agreement and Securities Contract (the “CREL Repurchase Agreement”), with Wells Fargo to finance AG MIT CREL’s acquisition of certain beneficial interests in one or more commercial mortgage loans. Each transaction under the CREL Repurchase Agreement will have its own specific terms, such as identification of the assets subject to the transaction, sale price, repurchase price and rate. The CREL Repurchase Agreement provides for a funding period ending September 17, 2016 and an initial facility termination date of September 17, 2016 (the “Initial Termination Date”), subject to satisfaction of certain terms of the extensions. AG MIT CREL has three (3) one-year options to extend the term of the CREL Repurchase Agreement: (i) the first for an additional one year period (the “First Extension Period”) ending September 17, 2017 (the “First Extended Termination Date”), (ii) the second for an additional one year period (the “Second Extension Period”) ending September 17, 2018 (the “Second Extended Termination Date”) and (iii) the third for an additional one year period ending September 17, 2019 (the “Third Extended Termination Date”). For each of the Initial Termination Date, the First Extended Termination Date, the Second Extended Termination Date and the Third Extended Termination Date, if such day is not a Business Day, such date shall be the next succeeding Business Day. Each option shall be exercisable in each case no more than ninety (90) days and no fewer than thirty (30) days prior to the initial facility termination date, the First Extended Termination Date or the Second Extended Termination Date, as the case may be. The maximum aggregate borrowing capacity available under the CREL Repurchase Agreement is $ 150.0 80 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, delivered by the Company and AG MIT to Wells Fargo (the “Guarantee”), and the Fee and Pricing Letter, between AG MIT CREL and Wells Fargo. The Amendment lowered the maximum aggregate borrowing capacity available under the CREL Repurchase Agreement from $150 million to approximately $ 42.8 20.3 42.8 42.8 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 and loan agreements with the FHLBC generally include customary representations, warranties, and covenants, but may also contain more restrictive supplemental terms and conditions. Although specific to each MRA or loan agreement with the FHLBC, 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. On December 31, 2014, the Company had repurchase agreements of $ 113.4

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2015
Derivatives [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	7. Derivatives The Company’s derivatives may include interest rate swaps (“swaps”), swaptions, TBAs, MBS options, IO Indexes and linked transactions. Derivatives have not been designated as hedging instruments. The Company may also enter into non-derivative instruments to manage interest rate risk, including Agency interest only securities and long and short positions in U.S. Treasury securities. Derivative Instrument Designation Balance Sheet Location December 31, 2015 December 31, 2014 Interest rate swaps Non-Hedge Derivative liabilities, at fair value $ (6,722,170) $ (8,608,209) Interest rate swaps Non-Hedge Derivative assets, at fair value 1,755,467 9,902,151 TBAs Non-Hedge Derivative liabilities, at fair value (141,600) - TBAs Non-Hedge Derivative assets, at fair value - 1,480,471 Long positions on U.S. Treasuries Non-Hedge U.S. Treasury securities, at fair value 223,434,922 - Linked transactions Non-Hedge Linked transactions, net, at fair value - 26,695,091 Non-hedge derivatives held long/(short): December 31, 2015 December 31, 2014 Notional amount of Pay Fix/Receive Float Interest Rate Swap Agreements $ 969,000,000 $ 1,441,000,000 Notional amount of Receive Fix/Pay Float Interest Rate Swap Agreements - (5,000,000) Net notional amount of TBAs 75,000,000 225,000,000 Notional amount of long positions on U.S. Treasuries 226,000,000 - 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. Year Ended Year Ended Year Ended Non-hedge derivatives gain (loss): Statement of Operations Location December 31, 2015 December 31, 2014 December 31, 2013 Interest rate swaps, at fair value Unrealized gain/(loss) on derivative and other instruments, net $ (8,018,902) $ (52,615,387) $ 88,918,362 Interest rate swaps, at fair value Net realized gain/(loss) (11,728,954) (3,458,409) (10,617,785) Swaptions, at fair value Unrealized gain/(loss) on derivative and other instruments, net - (82,102) 82,102 Swaptions, at fair value Net realized gain/(loss) - (546,750) - TBAs (1) Unrealized gain/(loss) on derivative and other instruments, net (1,622,070) 1,480,471 137,695 TBAs Net realized gain/(loss) 1,909,844 5,500,859 (310,329) IO Index, at fair value Net realized gain/(loss) - (1,770,548) - MBS Options, at fair value Unrealized gain/(loss) on derivative and other instruments, net - 38,774 (38,774) MBS Options, at fair value Net realized gain/(loss) - 19,531 - Linked transactions Income/(loss) from linked transactions, net - 12,503,516 5,610,609 Long positions on U.S. Treasuries Unrealized gain/(loss) on derivative and other instruments, net (2,588,711) - - Long positions on U.S. Treasuries Net realized gain/(loss) (5,284,258) - - Short positions on U.S. Treasuries Unrealized gain/(loss) on derivative and other instruments, net - (12,935) 12,935 Short positions on U.S. Treasuries Net realized gain/(loss) (3,013,867) (1,407,255) (24,359) (1) For the year ended December 31, 2015, gains and losses from purchases and sales of TBAs consisted of $ 2.2 1.9 3.5 3.5 Gross Amounts Not Offset in the Description Gross Amounts of Gross Amounts Net Amounts of Assets Financial Cash Collateral Net Amount Derivative Assets (1) Interest Rate Swaps $ 3,195,522 $ - $ 3,195,522 $ - $ 1,820,022 $ 1,375,500 Total Derivative Assets $ 3,195,522 $ - $ 3,195,522 $ - $ 1,820,022 $ 1,375,500 Derivative Liabilities (2) Interest Rate Swaps $ (5,351,711) $ - $ (5,351,711) $ - $ (5,351,711) $ - TBAs (141,600) - (141,600) (141,600) - - Total Derivative Liabilities $ (5,493,311) $ - $ (5,493,311) $ (141,600) $ (5,351,711) $ - (1) Included in Derivative Assets on the consolidated balance sheet is $ 3,195,522 1,440,055 1,755,467 (2) Included in Derivative Liabilities on the consolidated balance sheet is $ (5,493,311) (1,370,459) (6,863,770) 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 Offset 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) The Company has the ability to post cash or securities as collateral on its derivative instruments. The Company may receive cash as collateral on its derivative instruments. On December 31, 2015, the Company had real estate securities with a fair value of $ 4.9 15.3 1.8 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 $ 36,000,000 0.88 % 0.33 % 1.84 2018 165,000,000 1.06 % 0.50 % 2.20 2019 210,000,000 1.29 % 0.43 % 3.73 2020 295,000,000 1.67 % 0.40 % 4.27 2022 73,000,000 1.75 % 0.42 % 6.53 2023 160,000,000 2.31 % 0.43 % 7.42 2025 30,000,000 2.48 % 0.45 % 9.43 Total/Wtd Avg $ 969,000,000 1.59 % 0.43 % 4.56 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 December 31, 2015, our maximum exposure to loss on TBAs is $ 77.5 235.2 The following table presents information about the Company’s TBAs for the years ended December 31, 2015, December 31, 2014 and December 31, 2013: For the Year Ended December 31, 2015 Beginning Buys or Covers Sales or Shorts Ending Net Net Fair Value Net Derivative Derivative TBAs - Long $ 225,000,000 $ 1,092,000,000 $ (1,242,000,000) $ 75,000,000 $ 77,361,330 $ (77,502,930) $ - $ (141,600) TBAs - Short $ - $ 254,000,000 $ (254,000,000) $ - $ - $ - $ - $ - For the Year Ended December 31, 2014 Beginning Buys or Covers Sales or Shorts Ending Net Net Fair Value Net Derivative Derivative TBAs - Long $ - $ 1,081,000,000 $ (856,000,000) $ 225,000,000 $ 236,720,705 $ (235,240,234) $ 1,480,471 $ - TBAs - Short $ - $ 751,000,000 $ (751,000,000) $ - $ - $ - $ - $ - For the Year Ended December 31, 2013 Beginning Buys or Covers Sales or Shorts Ending Net Net Fair Value Net Derivative Derivative TBAs - Long $ 40,000,000 $ 715,000,000 $ (755,000,000) $ - $ - $ - $ - $ - TBAs - Short $ - $ 1,402,000,000 $ (1,402,000,000) $ - $ - $ - $ - $ - 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 were 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 Year Ended December 31, 2014 Instrument Current Face Amortized Fair Value Net Accrued Net Interest Unrealized Net Amount Weighted Weighted Non-Agency RMBS $ 135,836,900 $ 122,943,942 $ 124,873,523 $ 265,216 $ 8,689,418 $ (5,819,864) $ 7,717,452 $ 10,587,006 3.87 % 5.60 CMBS 15,000,000 14,617,851 14,904,740 15,485 861,288 235,185 820,037 1,916,510 2.12 % 0.76 Total $ 150,836,900 $ 137,561,793 $ 139,778,263 $ 280,701 $ 9,550,706 $ (5,584,679) $ 8,537,489 $ 12,503,516 3.69 % 5.12 The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of December 31, 2014: Instrument Repurchase Weighted Weighted Non-Agency RMBS $ 102,713,873 1.74 % 0.05 CMBS 10,650,000 1.68 % 0.08 $ 113,363,873 1.74 % 0.06 The following table presents certain information related to the securities accounted for as a part of linked transactions for the period ended December 31, 2013: For the Year Ended December 31, 2013 Instrument Current Face Amortized Fair Value Net Accrued Net Interest Unrealized Net Amount Weighted Weighted Non-Agency RMBS $ 257,864,071 $ 232,618,716 $ 240,529,122 $ 63,371 $ 13,035,620 $ (108,905) $ (8,065,222) $ 4,861,493 3.40 % 5.42 CMBS 33,870,000 31,616,351 31,732,228 23,491 797,427 153,478 (201,790) 749,115 1.71 % 3.03 Total $ 291,734,071 $ 264,235,067 $ 272,261,350 $ 86,862 $ 13,833,047 $ 44,573 $ (8,267,012) $ 5,610,608 3.20 % 5.14 The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of December 31, 2013: Instrument Repurchase Weighted Weighted Non-Agency RMBS $ 199,694,315 1.89 % 0.15 CMBS 23,152,000 1.47 % 0.03 $ 222,846,315 1.85 % 0.14

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	8. Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing net income/(loss) available to common stockholders for the period by the weighted- average shares of the Company’s common stock outstanding for that period that participate in dividends. Diluted EPS takes into account the effect of dilutive instruments, such as stock options, warrants and unvested restricted stock and unvested restricted stock units but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. December 31, 2015 December 31, 2014 December 31, 2013 Outstanding warrants 1,007,500 1,007,500 1,007,500 Unvested restricted stock previously granted to the Manager - - 10,064 Unvested restricted stock units previously granted to the Manager 40,006 60,000 - Unvested restricted stock previously granted to the independent directors - - 2,500 Each warrant entitles the holder to purchase half a share of the Company’s common stock at a fixed price upon exercise of the warrant. For the years ended December 31, 2015, December 31, 2014 and December 31, 2013, the Company excluded the effects of such from the computation of diluted earnings per share because their effect would be anti-dilutive. 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. Year Ended Year Ended Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Numerator: Net income/(loss) available to common stockholders for basic and diluted earnings per share $ 349,121 $ 95,926,152 $ (45,048,052) Denominator: Basic weighted average common shares outstanding 28,398,718 28,379,782 28,022,565 Dilutive effect of restricted stock units 11,190 44,386 - Dilutive weighted average common shares outstanding 28,409,908 28,424,168 28,022,565 Basic Earnings/(Loss) Per Share of Common Stock: $ 0.01 $ 3.38 $ (1.61) Diluted Earnings/(Loss) Per Share of Common Stock: $ 0.01 $ 3.37 $ (1.61) Excluded from the computation of diluted earnings per share because its effect would be anti-dilutive was 316 45,736 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 9/10/2015 9/21/2015 10/30/2015 0.60 12/10/2015 12/21/2015 1/29/2016 0.475 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 9/11/2014 9/22/2014 10/27/2014 0.60 12/4/2014 12/18/2014 1/27/2015 0.60 2013 Declaration Date Record Date Payment Date Dividend Per Share 3/5/2013 3/18/2013 4/26/2013 $ 0.80 6/6/2013 6/18/2013 7/26/2013 0.80 9/9/2013 9/19/2013 10/28/2013 0.60 12/5/2013 12/18/2013 1/27/2014 0.60 The following tables detail our preferred stock dividends during the years ended December 31, 2015, 2014 and 2013: 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 8.25% Series A 8/14/2015 8/31/2015 9/17/2015 0.51563 8.25% Series A 11/13/2015 11/30/2015 12/17/2015 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 8.00% Series B 8/14/2015 8/31/2015 9/17/2015 0.50 8.00% Series B 11/13/2015 11/30/2015 12/17/2015 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 8.25% Series A 8/14/2014 8/29/2014 9/17/2014 0.51563 8.25% Series A 11/12/2014 11/28/2014 12/17/2014 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 8.00% Series B 8/14/2014 8/29/2014 9/17/2014 0.50 8.00% Series B 11/12/2014 11/28/2014 12/17/2014 0.50 2013 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.25% Series A 2/14/2013 2/28/2013 3/18/2013 $ 0.51563 8.25% Series A 5/14/2013 5/31/2013 6/17/2013 0.51563 8.25% Series A 8/15/2013 8/30/2013 9/17/2013 0.51563 8.25% Series A 11/14/2013 11/29/2013 12/17/2013 0.51563 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.00% Series B 2/14/2013 2/28/2013 3/18/2013 $ 0.50 8.00% Series B 5/14/2013 5/31/2013 6/17/2013 0.50 8.00% Series B 8/15/2013 8/30/2013 9/17/2013 0.50 8.00% Series B 11/14/2013 11/29/2013 12/17/2013 0.50

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Income Tax Disclosure [Text Block]	9. Income Taxes As a REIT, the Company is not subject to federal income tax to the extent that it makes qualifying distributions to its stockholders, and provided it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. Most states follow U.S. federal income tax treatment of REITs. For the years ended December 31, 2015, and 2014, the Company elected to satisfy the REIT distribution requirements in part with a dividend paid in 2016, and 2015, respectively. In conjunction with this, the Company accrued an excise tax of $ 1.7 1.7 The Company files tax returns in several U.S. jurisdictions. There are no ongoing U.S. federal, state and local tax examinations. The Company elected to treat certain domestic subsidiaries as TRSs and may elect to treat other subsidiaries as TRSs. In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly, and generally may engage in any real estate or non-real estate-related business. A domestic TRS is subject to federal, state and local corporate income taxes. During the year ended December 31, 2013, the Company recognized an income tax expense of $ 3.0 The Company elected to treat one of its foreign subsidiaries as a TRS and, accordingly, taxable income generated by this foreign TRS may not be subject to local income taxation, but generally will be included in the Company’s income on a current basis as Subpart F income, whether or not distributed. Cash distributions declared by the Company that do not exceed its current or accumulated earnings and profits will be considered ordinary income to stockholders for income tax purposes unless all or a portion of a distribution is designated by the Company as a capital gain dividend. Distributions in excess of the Company’s current and accumulated earnings and profits will be characterized as return of capital or capital gains. For the years ended December 31, 2015, December 31, 2014 and December 31, 2013 all income distributed was in the form of common and preferred dividends and was characterized as ordinary income. Based on the Company’s analysis of any potential uncertain income tax positions, the Company concluded it did not have any uncertain tax positions that meet the recognition or measurement criteria of ASC 740 as of December 31, 2015, 2014 or 2013. The Company’s federal income tax returns for the last three tax years are open to examination by the Internal Revenue Service. In the event that the Company incurs income tax related interest and penalties, its policy is to classify them as a component of provision for income taxes.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	10. Related Party Transactions The Company has entered into a management agreement with the Manager, which provided for an initial term and will be deemed renewed automatically each year for an additional one-year period, subject to certain termination rights. As of December 31, 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 GAAP, regardless of whether such items are included in other comprehensive income or loss, or in net income, and excluding one-time events pursuant to changes in GAAP, and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the Company’s independent directors. Stockholders’ Equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s financial statements. For the years ended December 31, 2015, December 31, 2014 and December 31, 2013, the Company incurred management fees of $ 10.0 10.1 10.7 Termination fee The termination fee, payable for the Company’s termination of the management agreement without cause or the Manager’s termination of the management agreement upon a default in the performance of any material term of the management agreement, will be equal to three times the average annual management fee during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter. As of December 31, 2015, December 31, 2014, and December 31, 2013, no event of termination of the management agreement had occurred. Expense reimbursement The Company is required to reimburse the Manager for operating expenses related to the Company that are either incurred by the Manager, on or 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 year ended December 31, 2015, December 31, 2014 and December 31, 2013, the Company expensed in to Other operating expenses $ 7.1 6.9 6.5 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, 277,500 142,226 On July 1, 2014, the Company granted 60,000 20,000 The vesting of such units is subject to the continuation of the management agreement. In an event of termination of the management agreement, all unvested units then held by the Manager or the Manager’s transferee shall be immediately cancelled and forfeited without consideration. 20,000 40,000 The Company also pays a $ 90,000 Shares of Restricted Stock and Weighted Average Grant Outstanding at beginning of year 82,426 19.37 Granted (1) 6,916 17.34 Cancelled/forfeited - - Unrestricted (19,994) 17.45 Outstanding at end of year 69,348 19.72 Unvested at end of year 40,006 18.86 (1) The grant date fair value of restricted stock awards was established as the average of the high and low prices of the Company's common stock at the grant date. The following table presents information with respect to the Company’s restricted stock and restricted stock units for the year ended December 31, 2014: Shares of Restricted Stock and Weighted Average Grant Outstanding at beginning of year 30,376 20.25 Granted (1) 67,796 18.68 Cancelled/forfeited - - Unrestricted (15,746) 18.10 Outstanding at end of year 82,426 19.37 Unvested at end of year 60,000 18.86 (1) The grant date fair value of restricted stock awards was established as the average of the high and low prices of the Company's common stock at the grant date. The following table presents information with respect to the Company’s restricted stock for the year ended December 31, 2013: Shares of Restricted Stock Weighted Average Grant Outstanding at beginning of year 36,728 20.14 Granted (1) 7,064 20.35 Cancelled/forfeited - - Unrestricted (13,416) 20.00 Outstanding at end of year 30,376 20.25 Unvested at end of year 12,564 20.12 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company's common stock at the grant date. During the years ended December 31, 2015, December 31, 2014, and December 31, 2013, 26,910 20,360 21,980 On December 31, 2015, the Company had unrecognized compensation expense of $ 0.3 0.5 0.4 0.4 12 The Company capitalized equity based compensation expense of $ 0.3 0.4 0.4 Investments in affiliates The Company invests in credit sensitive residential and commercial 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 GSE. Our maximum exposure to loss with respect to these investments is generally equal to the amount that we invested. Refer to Note 3 for more detail. On December 9, 2015, the Company, alongside private funds under the management of Angelo, Gordon, entered into the Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) of Arc Home LLC (“Arc Home”), a Delaware limited liability company. Arc Home plans to originate conforming, FHA, Jumbo and non-QM residential mortgage loans and will be led by an external management team (the “Management Team”). The Board of Managers of Arc Home will consist of three (3) members appointed by the Company and certain affiliates of the Company and two (2) members appointed by the Management Team. The Company’s investment in Arc Home is reflected on the “Investments in affiliates” line item on its consolidated balance sheet and has a fair value of $ (0.3) Transactions with affiliates In July 2015, the Company completed an arm’s-length investment purchase at fair value. Certain entities managed by an affiliate of the Manager (“Related Entities”) had previously formed a joint venture (“Joint Venture”) with an unaffiliated third party (“Third Party”). The Joint Venture owns certain multi-family properties whose mortgages form part of the collateral of a securitization wherein the Company purchased certain bond tranches. To ensure an arm’s-length transaction, the Manager delegated its decision making rights with respect to the securitization to a third party servicer. In addition, the members of the Joint Venture agreed to cease sharing material non-public information with the Company’s investment team regarding the collateral. The investment by the Company in these bond tranches is reflected on the “Investments in Affiliates” line item on the consolidated balance sheet and has a combined fair value of $ 7.6 The Company, with other investors managed by an affiliate of the Manager (collectively, “Related Parties”), completed two arm’s-length transactions in May and July of 2015. Each 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. The Company obtained third party pricing for each transaction. 10.00 0.00 3.0 7.50 0.00 5.2 In connection with the Company’s investments in residential loans and Securitized Whole Loans, the Company engages asset managers to provide advisory, consultation, asset management and other services to formulate and implement strategic plans to manage, collect and dispose of loans in a manner that is reasonably expected to maximize the amount of proceeds from each loan. Beginning in November 2015, the Company engaged Red Creek Asset Management LLC (“Asset Manager”), a related party of the Manager and direct subsidiary of Angelo, Gordon, as the asset manager for certain of its residential loans and Securitized Whole Loans. The Asset Manager acknowledges that the Company will at all times have and retain ownership and control of all loans and that the Asset Manager will not acquire (i) title to any loan, (ii) any security interest in any loan, or (iii) any other rights or interests of any kind or any nature whatsoever in or to any loan. The Company pays separate arm’s-length asset management fees as assessed and confirmed by a third party valuation firm for (i) non-performing loans and (ii) reperforming loans, in each case, to the Asset Manager. For the year ended December 31, 2015, the fees paid by the Company to the Asset Manager totaled less than $120,000.

Equity

Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	11. Equity 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 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 This equity distribution agreement is no longer available for our use after the expiration of our previous shelf registration statement in 2015. Concurrently with the IPO, the Company offered a private placement of 3,205,000 20.00 0.5 20.50 reclassifications, consolidations, mergers, sales, transfers or other dispositions 20,101 196,250 4.0 The Company’s Series A and Series B Preferred Stock have no stated maturity and are not subject to any sinking fund or mandatory redemption. Under certain circumstances upon a change of control, the Company’s Series A and Series B Preferred Stock are convertible to shares of the common stock. Holders of the Company’s Series A and Series B Preferred Stock have no voting rights, except under limited conditions, and holders are entitled to receive cumulative cash dividends at a rate of 8.25 8.00 25.00 25.00 On November 3, 2015, the Company’s board of directors authorized a stock repurchase program (“Repurchase Program”), to repurchase up to $ 25.0 The Company is incorporated in the State of Maryland and under the laws of that state, shares of its own stock that are acquired by the Company constitute authorized but unissued shares. The cost of the acquisition by the Company of shares of its own stock in excess of the aggregate par value of the shares first reduces additional paid-in capital, to the extent available, with any residual cost applied against retained earnings. As of December 31, 2015, the Company repurchased 126,715 1.7 13.19 23.3 Month Purchased (1) Total Number of Weighted Average Total Number of Shares Maximum Number (or December 2015 126,715 $ 13.19 126,715 $ 23,328,521 Total 126,715 $ 13.19 126,715 $ 23,328,521 (1) Based on trade date. The Program was announced on November 4, 2015. The Program does not have an expiration date. (2) Includes brokerage commissions and clearing fees (3) The maxmium dollar amount auhorized was $ 25.0

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies Disclosure [Text Block]	12. Commitments and Contingencies From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any significant commitments and contingencies on December 31, 2015 and December 31, 2014. In the normal course of business, the Company enters into agreements where payment may become due if certain events occur. Management believes that the probability of making such payments is remote.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	13. Subsequent Events In January 2016, the Company’s newly formed mortgage banking platform, Arc Home, entered into a definitive agreement to acquire a Fannie Mae, Freddie Mac, Federal Housing Administration (“FHA”), Veteran’s Administration (“VA”) and Ginnie Mae seller/servicer of mortgages with licenses to conduct business in 47 states. Arc Home is currently working to secure approval of the acquisition from the GSEs, FHA, VA, Ginnie Mae and various state licensing authorities, which is required prior to closing the transaction.

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	14. Quarterly Results (Unaudited) Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Statement of Operations Data: Net Interest Income Interest income $ 36,380,265 $ 37,278,271 $ 33,506,151 $ 34,108,727 Interest expense 7,514,178 7,574,429 8,506,994 7,634,768 28,866,087 29,703,842 24,999,157 26,473,959 Other Income Net realized gain/(loss) (9,649,926) (2,153,328) (4,710,086) (634,729) Realized loss on periodic interest settlements of derivative instruments, net (3,461,227) (3,228,729) (3,340,497) (3,174,431) Unrealized gain/(loss) on real estate securities and loans, net 11,259,718 (22,256,001) 7,238,103 (28,733,677) Unrealized gain/(loss) on derivative and other instruments, net (8,920,798) 5,798,988 (19,523,287) 10,464,596 (10,772,233) (21,839,070) (20,335,767) (22,078,241) Expenses Management fee to affiliate 2,507,090 2,502,091 2,481,816 2,480,290 Other operating expenses 3,077,998 3,285,942 3,390,191 2,602,513 Servicing fees 174,999 144,999 174,999 109,999 Equity based compensation to affiliate 76,680 36,738 51,069 - Excise tax 375,000 375,000 375,000 375,000 6,211,767 6,344,770 6,473,075 5,567,802 Income/(loss) before equity in earnings/(loss) from affiliates 11,882,087 1,520,002 (1,809,685) (1,172,084) Equity in earnings/(loss) from affiliates 881,355 320,442 1,512,037 684,383 Net Income/(Loss) 12,763,442 1,840,444 (297,648) (487,701) Dividends on preferred stock 3,367,354 3,367,354 3,367,354 3,367,354 Net Income/(Loss) Available to Common Stockholders $ 9,396,088 $ (1,526,910) $ (3,665,002) $ (3,855,055) Earnings/(Loss) Per Share of Common Stock Basic $ 0.33 $ (0.05) $ (0.13) $ (0.14) Diluted $ 0.33 $ (0.05) $ (0.13) $ (0.14) Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Statement of Operations Data: Net Interest Income Interest income $ 34,142,740 $ 36,079,435 $ 36,197,633 $ 35,153,380 Interest expense 6,146,587 6,783,768 6,819,731 6,747,312 27,996,153 29,295,667 29,377,902 28,406,068 Other Income Net realized gain/(loss) 548,860 (1,826,360) 10,539,221 (5,623,767) Income/(loss) from linked transactions, net 4,126,741 3,409,366 3,481,936 1,485,473 Realized loss on periodic interest settlements of derivative instruments, net (6,307,857) (5,773,644) (5,260,449) (4,919,237) Unrealized gain/(loss) on real estate securities and loans, net 29,367,044 42,653,828 (19,457,277) 19,916,461 Unrealized gain/(loss) on derivative and other instruments, net (19,180,715) (23,917,820) 9,459,244 (17,616,139) 8,554,073 14,545,370 (1,237,325) (6,757,209) Expenses Management fee to affiliate 2,500,525 2,507,487 2,548,601 2,532,626 Other operating expenses 2,643,681 2,739,225 3,140,272 3,351,249 Servicing fees - 162,717 157,016 191,786 Equity based compensation to affiliate 81,073 73,586 67,562 68,910 Excise tax 500,000 375,000 533,539 375,000 5,725,279 5,858,015 6,446,990 6,519,571 Income/(loss) before income tax benefit/(expense) and equity in earnings/(loss) from affiliates 30,824,947 37,983,022 21,693,587 15,129,288 Income tax benefit/(expense) - (92,795) 172,709 - Equity in earnings/(loss) from affiliates 361,295 3,275,056 523,316 (474,857) Net Income/(Loss) 31,186,242 41,165,283 22,389,612 14,654,431 Dividends on preferred stock 3,367,354 3,367,354 3,367,354 3,367,354 Net Income/(Loss) Available to Common Stockholders $ 27,818,888 $ 37,797,929 $ 19,022,258 $ 11,287,077 Earnings/(Loss) Per Share of Common Stock Basic $ 0.98 $ 1.33 $ 0.67 $ 0.40 Diluted $ 0.98 $ 1.33 $ 0.67 $ 0.40

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents Cash is comprised of cash on deposit with financial institutions. The Company classifies highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents. As of December 31, 2015 and December 31, 2014, the Company held no cash equivalents. The Company places its cash with high credit quality institutions to minimize credit risk exposure. Cash pledged to the Company as collateral is unrestricted in use and, accordingly, is included as a component of “Cash and cash equivalents” on the consolidated balance sheet. Any cash held by the Company as collateral is included in the “Due to broker” line item on the consolidated balance sheet and in cash flows from financing activities on the consolidated statement of cash flows.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted cash Restricted cash includes cash pledged as collateral for clearing and executing trades, derivatives and repurchase agreements, and is not available to the Company for general corporate purposes. Restricted cash may be returned to the Company when the related collateral requirements are exceeded or at the maturity of the derivative or repurchase agreement. 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. In periods in which the Company records a loss, potentially dilutive securities are excluded from the diluted loss per share calculation, as their effect on loss per share is anti-dilutive.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Valuation of financial instruments The fair value of the financial instruments that the Company records at fair value will be determined by the Manager, subject to oversight of the Company’s board of directors, and in accordance with ASC 820, “Fair Value Measurements and Disclosures.” When possible, the Company determines fair value using independent data sources. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. • 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, “Investments – Debt and Equity Securities”, ASC 325-40, “Beneficial Interests in Securitized Financial Assets” or ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. The Company has chosen to make a fair value election pursuant to ASC 825, “Financial Instruments” 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 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 an OTTI is deemed to have occurred when there is an adverse change in the expected cash flows to be received and the fair value of the security is less than its carrying amount. In determining whether an adverse change in cash flows occurred, the present value of the remaining cash flows, as estimated at the initial transaction date (or the last date previously revised), is compared to the present value of the expected cash flows at the current reporting date. The estimated cash flows reflect those a “market participant” would use and are discounted at a rate equal to the current yield used to accrete interest income. Any resulting OTTI adjustments are reflected in the “Net realized gain/(loss)” line item on the consolidated statement of operations. The determination as to whether an OTTI exists is subjective, given that such determination is based on information available at the time of assessment as well as the Company’s estimate of the future performance and cash flow projections for the individual security. As a result, the timing and amount of an OTTI constitutes an accounting estimate that may change materially over time. Increases in interest income may be recognized on a security on which the Company previously recorded an OTTI charge if the performance of such security subsequently improves. Securities in an unrealized loss position on December 31, 2015 are not considered other than temporarily impaired as the Company has the ability and intent to hold the securities to maturity or for a period of time sufficient for a forecasted market price recovery up to or above the amortized cost of the investment, and the Company is not required to sell the security for regulatory or other reasons. In addition, unrealized losses on the Company’s Agency securities accounted for under ASC 320 were not due to credit losses given their explicit guarantee of principal and interest by the GSEs, but rather were due to changes in interest rates and prepayment expectations. See Note 3 for a summary of OTTI charges recorded.
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block]	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 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. 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, “Accounting Changes and Error Corrections” 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. Increases in interest income may be recognized on a loan on which the Company previously recorded an OTTI charge if the performance of such loan subsequently improves.
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 their 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 operations 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. A majority of the Company’s investments held through affiliated entities are comprised of real estate securities and loans. Refer to Note 3 for more detail. In December 2015, the Company, alongside private funds under the management of Angelo, Gordon, formed Arc Home LLC (“Arc Home”) to originate conforming, FHA, Jumbo and non-qualifying residential mortgage loans (“non-QM”). The Company invests in Arc Home through an affiliated entity and has chosen to make a fair value election on this affiliated entity pursuant to ASC 825. The investment in Arc Home 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 operations as a component of “Equity in earnings/(loss) from affiliates.” As of December 31, 2015, the investment had a fair market value of $(0.3) million which is recorded in the “Investments in affiliates” line item.
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 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 or ASC 325-40 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 premiums on its securities. If actual and anticipated cash flows differ from previous estimates, the Company recognizes a “catch-up” adjustment in the current period to the amortization of premiums for the impact of the cumulative change in the effective yield through the reporting date. Similarly, the Company also reassesses the cash flows on at least a quarterly basis for securities accounted for under ASC 325-40 (generally Non-Agency RMBS, ABS, CMBS and interest only securities). In estimating these cash flows, there are a number of assumptions that will be subject to uncertainties and contingencies. These include the rate and timing of principal and interest receipts, (including assumptions of prepayments, repurchases, defaults and liquidations), the pass-through or coupon rate and interest rate fluctuations. In addition, interest payment shortfalls due to delinquencies on the underlying mortgage loans have to be judgmentally estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment as adjusted for credit impairment, if any. Interest income on the Company’s loan portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such loans. The Company has elected to record interest in accordance with ASC 835-30-35-2 using the effective interest method for all loans accounted for under the fair value option (ASC 825). Any amortization will be reflected as an adjustment to interest income in the consolidated statement of operations. For security and loan investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30. For purposes of income recognition, the Company aggregates loans that have common risk characteristics into pools and uses a composite interest rate and expectation of cash flows expected to be collected for the pool. ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities (loans) acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected generally should be recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected should be recognized as impairment. The Company’s accrual of interest, discount accretion and premium amortization for U.S. federal and other tax purposes differs from the financial accounting treatment of these items as described above.
Repurchase Agreements, Valuation, Policy [Policy Text Block]	Repurchase agreements and FHLBC Advances The Company finances the acquisition of certain assets within its portfolio through the use of repurchase agreements and FHLBC Advances. Repurchase agreements and FHLBC Advances 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 and FHLBC Advances approximates fair value. In July 2015, the Company’s wholly-owned captive insurance subsidiary, MITT Insurance Company LLC (“MITT Insurance”), 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 the aforementioned real estate securities, as collateral for advances. Membership in the FHLBC obligates MITT Insurance to purchase FHLBC membership stock and activity stock, the latter being a percentage of the advances it obtains from the FHLBC. MITT Insurance may seek short- and long-term advances (together, “FHLBC Advances”) from the FHLBC. In January 2016, the FHFA issued the Final Ruling, which expressly excludes the Company’s captive insurance subsidiary from being eligible for membership in the FHLBC. Under the Final Rule, there is a one-year transition period from the effective date (which will be February 9, 2016) within which the FHLBC must wind down its relationships with the Company’s captive insurance subsidiary. The FHLBC cannot make any new advances or extend any existing advances to the Company’s captive insurance subsidiary. The Company pledges certain securities or loans as collateral under repurchase agreements with financial institutions, and certain securities as collateral under FHLBC Advances with the FHLBC, 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, including the FHLBC, may require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as margin calls. As of December 31, 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 were 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 changed the accounting for linked financings to secured borrowing accounting. Refer to Note 7 for more detail.
Other Investments [Policy Text Block]	Other investments The Company's subsidiary, MITT Insurance, is a member of, and owns capital stock in, the FHLBC. The FHLBC provides MITT Insurance with credit capacity and authorizes advances based on the security of pledged investments, provided the Company meets certain creditworthiness standards. FHLBC Advances, included in the “FHLBC advances” line item on the Company's consolidated balance sheet, are a funding source for the Company. As a condition of its membership in the FHLBC, MITT Insurance is required to maintain a FHLBC stock investment, both for membership and for the level of advances from the FHLBC to MITT Insurance. On December 31, 2015, the Company had stock in the FHLBC totaling $ 8.0 0.1
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 December 31, 2015 and December 31, 2014, the Company did not have any interest rate derivatives designated as hedges. All derivatives have been recorded at fair value in accordance with ASC 820-10, with corresponding changes in value recognized in the consolidated statement of operations. The Company records derivative asset and liability positions on a gross basis. When the Company unwinds a derivative, it records a realized gain/(loss) in the period in which it was generated in the “Net realized gain/(loss)” line item in the consolidated statement of operations.
To Be Announced Securities [Policy Text Block]	To-be-announced securities A to-be-announced security (“TBA”) is a forward contract for the purchase or sale of Agency RMBS at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific Agency RMBS delivered into or received from the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association, are not known at the time of the transaction. The Company may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a pair off), net settling the paired off positions for cash, simultaneously purchasing or selling a similar TBA contract for a later settlement date. This transaction is commonly referred to as a dollar roll. The Agency RMBS purchased or sold for a forward settlement date are typically priced at a discount to Agency RMBS for settlement in the current month. This difference, or discount, is referred to as the price drop. The price drop is the economic equivalent of net interest carry income on the underlying Agency RMBS over the roll period (interest income less implied financing cost) and is commonly referred to as dollar roll income/(loss). Consequently, forward purchases of Agency RMBS and dollar roll transactions represent a form of off-balance sheet financing. Dollar roll income is recognized in the consolidated statement of operations in the line item “Unrealized gain/(loss) on derivative and other instruments, net.” TBAs are exempt from ASC 815 and are accounted for under ASC 320 if there is no other way to purchase or sell that security, if delivery or receipt of that security and settlement will occur within the shortest period possible for that type of security and if it is probable at inception and throughout the term of the individual contract that physical delivery or receipt of the security will occur (referred to as the “regular-way” exception). Unrealized gains and losses associated with TBA contracts not subject to the regular-way exception or not designated as hedging instruments are recognized in the consolidated statement of operations in the line item “Unrealized gain/(loss) on derivative and other instruments, net.”
Us Treasury Securities [Policy Text Block]	U.S. Treasury securities The Company may purchase long or sell short U.S. Treasury securities to help mitigate the potential impact of changes in interest rates. The Company may finance its purchase of U.S. Treasury securities with overnight repurchase agreements. The Company may borrow securities to cover short sales of U.S. Treasury securities through overnight reverse repurchase agreements, which are accounted for as borrowing transactions, and the Company recognizes an obligation to return the borrowed securities at fair value on its consolidated balance sheet based on the value of the underlying borrowed securities as of the reporting date. Interest income and expense associated with purchases and short sales of U.S. Treasury securities are recognized in “Interest income” and “Interest expense”, respectively, on the consolidated statement of operations. Realized and unrealized gains and losses associated with purchases and short sales of U.S. Treasury securities are recognized in “Net realized gain/(loss)” and “Unrealized gain/(loss) on derivative and other instruments, net,” respectively, on the consolidated statement of operations.
Manager Remuneration [Policy Text Block]	Manager compensation The management agreement provides for payment to the Manager of a management fee. The management fee is accrued and expensed during the period for which it is calculated and earned. For a more detailed discussion on the fees payable under the management agreement, see Note 10.
Income Tax, Policy [Policy Text Block]	Income taxes The Company conducts its operations to qualify and be taxed as a REIT. Accordingly, the Company will generally not be subject to federal or state corporate income tax to the extent that the Company makes qualifying distributions to its stockholders, and provided that it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the four taxable years following the year in which the Company fails to qualify as a REIT. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income/(loss) as opposed to net income/(loss) reported on the Company’s GAAP financial statements. Taxable income/(loss), generally, will differ from net income/(loss) reported on the financial statements because the determination of taxable income/(loss) is based on tax principles and not financial accounting principles. The Company elected to treat certain domestic 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. A domestic TRS may 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 foreign subsidiaries as a 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. 1.7 1.7 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 therefore the shares are 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 restricted common shares and restricted stock units.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent accounting pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB deferred the effective date of the new revenue recognition standard by one year. The new standard is effective for the first interim period within annual reporting periods beginning after December 15, 2017 and early adoption is permitted. The Company is continuing to evaluate its method of adoption and the impact this ASU will have on its consolidated financial statements. 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 has concluded the guidance does not have a material impact on our financial statements. 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 has concluded the guidance does not have a material impact on our financial statements. 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 has concluded the guidance does not have a material impact on our financial statements. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15”), to simplify the presentation of debt issuance costs, specifically, line-of-credit arrangements. 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. The ASU states that the Securities and Exchange Commission (“SEC”) would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are outstanding borrowings under that arrangement. 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 has concluded the guidance does not have a material impact on our financial statements. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). The amendments in this ASU affect all entities that hold financial assets or owe financial liabilities, and address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The classification and measurement guidance of investments in debt securities and loans are not affected by the amendments in this ASU. ASU 2016-01 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is not permitted for public business entities, except for a provision related to financial statements of fiscal years or interim periods that have not yet been issued, to recognize in other comprehensive income, the change in fair value of a liability resulting from a change in the instrument-specific credit risk measured using the fair value option. Entities should apply the amendments in this ASU by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The Company is currently evaluating the method of adoption and the impact this ASU will have on its consolidated financial statements

Real Estate Securities (Tables)

Real Estate Securities (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule Of Real Estate Securities [Table Text Block]	The following table details the Company’s real estate securities portfolio as of December 31, 2015: Gross Unrealized (1) Weighted Average Current Face Premium / Amortized Cost Gains Losses Fair Value Coupon (2) Yield Agency RMBS: 30 Year Fixed Rate $ 782,276,607 $ 34,905,903 $ 817,182,510 $ 6,674,932 $ (3,720,150) $ 820,137,292 3.76 % 3.10 % Fixed Rate CMO 76,098,478 672,376 76,770,854 1,254,658 - 78,025,512 3.00 % 2.81 % ARM 248,169,781 (2,658,877) 245,510,904 4,298,463 - 249,809,367 2.37 % 2.84 % Interest Only 522,058,244 (468,676,886) 53,381,358 2,226,513 (2,138,390) 53,469,481 2.70 % 7.56 % Credit Investments: Non-Agency RMBS 1,395,179,483 (183,015,256) 1,212,164,227 23,555,968 (11,462,911) 1,224,257,284 4.17 % 5.56 % Non-Agency RMBS Interest Only 465,387,354 (459,897,579) 5,489,775 351,842 (287,883) 5,553,734 0.12 % 11.05 % ABS 56,264,253 (353,693) 55,910,560 236,424 (1,385,147) 54,761,837 5.26 % 5.62 % CMBS 224,844,665 (89,380,593) 135,464,072 789,264 (1,382,362) 134,870,974 5.15 % 6.28 % CMBS Interest Only 1,138,848,526 (1,124,644,529) 14,203,997 37,717 (163,998) 14,077,716 0.25 % 6.67 % Total $ 4,909,127,391 $ (2,293,049,134) $ 2,616,078,257 $ 39,425,781 $ (20,540,841) $ 2,634,963,197 2.52 % 4.55 % (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: Gross Unrealized (1) Weighted Average Current Face Premium / 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 its 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 on December 31, 2015 and December 31, 2014. Less than 12 months Greater than 12 months As of Fair Value Unrealized Fair Value Unrealized December 31, 2015 $ 905,669,623 $ (13,906,215) $ 154,287,673 $ (6,634,626) 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 December 31, 2015: Agency RMBS (1) Agency IO Credit Investments (2) Weighted Average Life (3) Fair Value Amortized Cost Weighted Fair Value Amortized Weighted Fair Value Amortized Cost Weighted Less than or equal to 1 year $ - $ - - $ - $ - - $ 61,279,492 $ 62,031,034 4.92 % Greater than one year and less than or equal to five years 8,855,191 8,698,829 2.53 % 35,583,940 36,517,583 2.19 % 465,361,086 465,420,736 1.20 % Greater than five years and less than or equal to ten years 1,130,350,078 1,122,059,484 3.39 % 17,885,541 16,863,775 5.33 % 602,483,200 599,969,280 2.21 % Greater than ten years 8,766,902 8,705,955 4.11 % - - - 304,397,767 295,811,581 5.71 % Total $ 1,147,972,171 $ 1,139,464,268 3.39 % $ 53,469,481 $ 53,381,358 2.70 % $ 1,433,521,545 $ 1,423,232,631 2.18 % (1) For purposes of this table, Agency RMBS represent securities backed by 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 Interest Only credit 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 Interest Only credit 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)	12 Months Ended
	Dec. 31, 2015
Gain (Loss) on Investments [Line Items]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	The table below details certain information regarding the Company’s residential mortgage loan portfolio as of December 31, 2015: Gross Unrealized (1) Weighted Average Unpaid Principal Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) (2) Residential mortgage loans $ 78,834,774 $ (24,413,319) $ 54,421,455 $ 2,658,772 $ - $ 57,080,227 5.46 % 8.70 % 5.58 (1) The Company has chosen to make a fair value election pursuant to ASC 825 for its loan portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains (losses). (2) Actual maturities of residential mortgage loans are generally shorter than stated contractual maturities. Maturities are affected by the lives of the underlying mortgages, periodic payments of principal and prepayments of principal. The table below details certain information regarding the Company’s residential mortgage loan portfolio as of December 31, 2014: Gross Unrealized (1) Weighted Average Unpaid Principal Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) (2) 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). (2) Actual maturities of residential mortgage loans are generally shorter than stated contractual maturities. Maturities are affected by the lives of the underlying mortgages, periodic payments of principal and prepayments of principal.
Financing Receivable Credit Quality Indicators [Table Text Block]	The table below summarizes the distribution of the Company’s residential mortgage loans at fair value. December 31, 2015 December 31, 2014 Loan Type Fair Value Unpaid Principal Fair Value Unpaid Re-Performing $ 43,152,987 $ 56,424,387 $ 68,581,824 $ 89,493,175 Non-Performing 13,927,240 22,410,387 16,508,035 30,389,661 $ 57,080,227 $ 78,834,774 $ 85,089,859 $ 119,882,836
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The Company’s mortgage loan portfolio consisted of mortgage loans on residential real estate located throughout the U.S. The following is a summary of certain concentrations of credit risk within the Company’s mortgage loan portfolio: Concentration of Credit Risk December 31, 2015 December 31, 2014 Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100% 95 % 98 % Percentage of fair value of mortgage loans secured by properties in the following states: Representing 5% or more of fair value: New York 20 % 16 % California 9 % 11 % Florida 6 % 8 % Maryland 5 % 5 %
Schedule Certain Loans Acquired In Transfer Accretable Yield [Table Text Block]	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. Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Beginning Balance $ 38,008,263 $ - $ - Additions - 38,295,030 - Accretion (5,801,933) (3,739,798) - Reclassifications from/(to) non-accretable difference 4,403,604 4,274,831 - Disposals (12,393,296) (821,800) - Ending Balance $ 24,216,638 $ 38,008,263 $ -
Commercial Loans [Member]
Gain (Loss) on Investments [Line Items]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	The following table presents the current principal balance, premium or discount, amortized cost, gross unrealized gain, gross unrealized loss, fair market value, weighted average coupon rate and weighted average effective yield of the Company’s commercial loan portfolio on December 31, 2015. Gross Unrealized (1) Weighted Average Current Face Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Stated Maturity Extended Location Loan A (2) $ 30,000,000 $ (70,981) $ 29,929,019 $ 70,981 $ - $ 30,000,000 6.52 % 8.50 % 0.44 June 5, 2017 June 5, 2019 FL Loan B (3) 32,800,000 (38,441) 32,761,559 38,441 - 32,800,000 5.02 % 5.72 % 0.52 July 1, 2016 July 1, 2019 TX Loan C (4) 10,000,000 (29,607) 9,970,393 29,607 - 10,000,000 13.50 % 16.13 % 1.19 February 1, 2017 February 1, 2018 NY $ 72,800,000 $ (139,029) $ 72,660,971 $ 139,029 $ - $ 72,800,000 6.80 % 8.30 % 0.58 (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) Actual maturities of commercial mortgage loans may be shorter than stated contractual maturities. Maturities are affected by prepayments of principal. (7) 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 on 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 (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) Actual maturities of commercial mortgage loans may be shorter than stated contractual maturities. Maturities are affected by prepayments of principal. (7) The Company has the contractual right to receive a balloon payment.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	The following table presents the Company’s financial instruments measured at fair value as of December 31, 2015: Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Agency RMBS: 30 Year Fixed Rate $ - $ 820,137,292 $ - $ 820,137,292 Fixed Rate CMO - 78,025,512 - 78,025,512 ARM - 249,809,367 - 249,809,367 Interest Only - 53,469,481 - 53,469,481 Credit Investments: Non-Agency RMBS - 772,579,324 451,677,960 1,224,257,284 Non-Agency RMBS Interest Only 5,553,734 5,553,734 ABS - - 54,761,837 54,761,837 CMBS - 43,846,556 91,024,418 134,870,974 CMBS Interest Only - - 14,077,716 14,077,716 Residential mortgage loans - - 57,080,227 57,080,227 Commercial loans - - 72,800,000 72,800,000 U.S. Treasury securities 223,434,922 - - 223,434,922 Excess mortgage servicing rights - - 425,311 425,311 Derivative assets - 1,755,467 - 1,755,467 FHLBC stock - - 8,015,900 8,015,900 Total Assets Carried at Fair Value $ 223,434,922 $ 2,019,622,999 $ 755,417,103 $ 2,998,475,024 Liabilities: Securitized debt $ - $ (30,046,861) $ - $ (30,046,861) Derivative liabilities - (6,863,770) - (6,863,770) Total Liabilities Carried at Fair Value $ - $ (36,910,631) $ - $ (36,910,631) The following table presents the Company’s financial instruments measured at fair value as of December 31, 2014: Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Agency RMBS: 20 Year Fixed Rate $ - $ 133,742,870 $ - $ 133,742,870 30 Year Fixed Rate - 1,036,024,019 - 1,036,024,019 Fixed Rate CMO - 90,775,375 - 90,775,375 ARM - 427,537,367 - 427,537,367 Interest Only - 120,235,115 - 120,235,115 Credit Investments: Non-Agency RMBS - 684,841,649 455,236,279 1,140,077,928 ABS - - 66,693,243 66,693,243 CMBS - 55,051,429 39,343,274 94,394,703 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 for which the Company has utilized Level 3 inputs to determine fair value: Year Ended December 31, 2015 Non-Agency Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess Linked FHLBC 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 215,895,977 5,534,431 8,926,755 68,226,218 9,096,499 - - - - 8,015,900 Reclassification of security type (2) 24,129,591 - - - - - - - (5,082,731) - Proceeds from sales (59,975,910) - (18,955,475) (13,870,892) - (23,267,693) - - - - Proceeds from settlement (211,879,760) - (1,715,676) (2,262,727) - (6,029,735) - (189,401) - - Total net gains/(losses) (3) Included in net income 7,963,516 19,303 (187,010) (411,455) (1,144,732) 1,287,796 - (13,655) - - Included in other comprehensive income (loss) - - - - - - - - - - Ending Balance $ 451,677,960 $ 5,553,734 $ 54,761,837 $ 91,024,418 $ 14,077,716 $ 57,080,227 $ 72,800,000 $ 425,311 $ - $ 8,015,900 Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2015 (4) $ 7,561,408 $ 19,303 $ (312,250) $ (545,113) $ (1,144,732) $ (7,094) $ - $ 35,729 $ - $ - (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 $ 6,487,130 Net realized gain/(loss) 1,026,633 Total $ 7,513,763 (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 $ 5,607,251 Year Ended December 31, 2014 Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess Mortgage Linked Beginning balance $ 309,840,562 $ 71,344,784 $ 23,972,043 $ 6,324,735 $ - $ - $ - $ 14,723,169 Transfers (1): Transfers into level 3 - - - - - - - Transfers out of level 3 - - - - - - - Purchases 449,980,502 67,489,710 22,068,216 - 84,678,576 72,084,833 730,146 1,856,433 Reclassification of security type (2) 26,752,863 - - - - - (4,219,811) Proceeds from sales (96,960,392) (45,409,687) (5,586,445) - - - (16,364,916) Proceeds from settlement (241,145,912) (26,704,044) (2,130,834) (2,250,087) - (101,779) 7,307,909 Total net gains/(losses) (3) Included in net income 6,768,656 (27,520) 1,020,294 (198,786) 2,661,370 715,167 - 1,779,947 Included in other comprehensive income (loss) - - - - - - - - Ending Balance $ 455,236,279 $ 66,693,243 $ 39,343,274 $ 6,125,949 $ 85,089,859 $ 72,800,000 $ 628,367 $ 5,082,731 Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2014 (4) $ 2,887,993 $ (378,408) $ 205,360 $ (198,786) $ 2,522,554 $ 742,747 $ - $ 763,744 (1) Transfers are assumed to occur at the beginning of the period. (2) Represents an accounting reclassification between a linked transaction and a real estate security. (3) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 1,779,947 Unrealized gain/(loss) on real estate securities and loans, net 6,617,905 Net realized gain/(loss) 4,321,276 Total $ 12,719,128 (4) Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations: Income/(loss) from linked transactions, net $ 763,744 Unrealized gain/(loss) on real estate securities and loans, net 5,781,460 Total $ 6,545,204
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value as of December 31, 2015 and December 31, 2014: Asset Class Fair Value at Valuation Technique Unobservable Input Range Non-Agency RMBS $ 451,677,960 Discounted Cash Flow Yield 0.81% - 16.11% (5.82%) Projected Collateral Prepayments 0.00% - 20.00% (6.36%) Projected Collateral Losses 0.00% - 38.00% (10.27%) Projected Collateral Severities 0.00% - 88.08% (31.22%) Non-Agency RMBS Interest Only $ 5,553,734 Discounted Cash Flow Yield 10.59% - 11.40% (10.70%) Projected Collateral Prepayments 25.00% - 25.00% (25.00%) Projected Collateral Losses 1.00% - 1.00% (1.00%) Projected Collateral Severities 10.00% - 10.00% (10.00%) ABS $ 54,761,837 Discounted Cash Flow Yield 2.44% - 7.57% (5.62%) Projected Collateral Prepayments 20.00% - 100.00% (79.96%) Projected Collateral Losses 0.00% - 8.30% (6.06%) Projected Collateral Severities 0.00% - 50.00% (10.98%) CMBS $ 91,024,418 Discounted Cash Flow Yield 3.94% - 16.87% (5.83%) Projected Collateral Prepayments 0.00% - 20.00% (0.37%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) CMBS Interest Only $ 14,077,716 Discounted Cash Flow Yield 5.78% - 7.28% (6.67%) Projected Collateral Prepayments 100.00% - 100.00% (100.00%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Residential Mortgage Loans $ 57,080,227 Discounted Cash Flow Yield 6.27% - 38.49% (8.70%) Projected Collateral Prepayments 3.42% - 7.41% (6.54%) Projected Collateral Losses 6.32% - 12.26% (10.17%) Projected Collateral Severities 28.10% - 37.47% (34.05%) Commercial Loans $ 72,800,000 Discounted Cash Flow Yield 5.72% - 16.13% (8.30%) Credit Spread 4.75 bps - 13.25 bps (6.54 bps) Recovery Percentage* 100.00% - 100.00% (100.00%) Excess Mortgage Servicing Rights $ 425,311 Discounted Cash Flow Yield 5.49% - 11.51% (6.33%) FHLBC stock $ 8,015,900 ** Yield 4.00% - 4.00% (4.00%) * Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2015. ** Fair value of the FHLBC stock approximates outstanding face amount as the Company's wholly-owned subsidiary is restricted from trading the stock and can only put the stock back to the FHLBC, at the FHLBC's discretion, at par. Asset Class Fair Value at Valuation Technique Unobservable Input Range Non-Agency RMBS $ 455,236,279 Discounted Cash Flow Yield 0.29% - 35.48% (5.30%) Projected Collateral Prepayments 0.00% - 12.00% (3.21%) Projected Collateral Losses 0.00% - 35.00% (13.07%) Projected Collateral Severities 0.00% - 80.00% (36.04%) ABS $ 66,693,243 Discounted Cash Flow Yield 4.62% - 7.95% (5.55%) Projected Collateral Prepayments 20.00% - 100.00% (88.56%) Projected Collateral Losses 0.00% - 8.30% (5.13%) Projected Collateral Severities 0.00% - 50.00% (7.15%) CMBS $ 39,343,274 Discounted Cash Flow Yield 4.80% - 10.52% (6.34%) Projected Collateral Prepayments 0.00% - 0.00% (0.00%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) CMBS Interest Only $ 6,125,949 Discounted Cash Flow Yield 5.72% - 5.78% (5.73%) Projected Collateral Prepayments 100.00% - 100.00% (100.00%) Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Residential Mortgage Loans $ 85,089,859 Discounted Cash Flow Yield 5.60% - 23.67% (8.90%) Projected Collateral Prepayments 1.98% - 8.36% (6.44%) Projected Collateral Losses 4.47% - 9.64% (6.20%) Projected Collateral Severities 20.93% - 41.94% (27.65%) Commercial Loans $ 72,800,000 Discounted Cash Flow Yield 6.15% - 15.77% (8.55%) Credit Spread 4.75 bps - 13.25 bps (6.54 bps) Recovery Percentage** 100.00% - 100.00% (100.00%) Excess Mortgage Servicing Rights $ 628,367 Discounted Cash Flow Yield 9.09% - 12.52% (9.78%) Linked Transactions* $ 5,082,731 Discounted Cash Flow Yield 4.49% - 6.45% (5.50%) Projected Collateral Prepayments 3.00% - 12.00% (6.94%) Projected Collateral Losses 4.00% - 14.00% (8.09%) Projected Collateral Severities 42.00% - 60.00% (52.87%) *Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments. ** Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2014.

Repurchase Agreements and FHL25

Repurchase Agreements and FHLBC Advances (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Of Repurchase Agreements [Abstract]
Schedule of Repurchase Agreements [Table Text Block]	The following table presents certain information regarding the Company’s repurchase agreements secured by real estate securities as of December 31, 2015: Repurchase Agreements Financial Instruments Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Fair Value Amortized Cost Accrued Interest 30 days or less $ 1,052,983,000 1.43 % 15.4 % $ 1,268,366,695 $ 1,256,686,536 $ 4,308,583 31-60 days 245,124,000 1.23 % 11.8 % 281,093,633 280,893,609 887,640 61-90 days 76,739,000 1.98 % 21.1 % 98,349,611 97,456,598 222,769 Greater than 90 days 364,352,658 1.57 % 9.4 % 431,942,111 425,617,273 1,315,462 Total / Weighted Average $ 1,739,198,658 1.46 % 13.9 % $ 2,079,752,050 $ 2,060,654,016 $ 6,734,454 The following table presents certain information regarding the Company’s repurchase agreements secured by real estate securities as of December 31, 2014: Repurchase Agreements Financial Instruments 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 FHLBC Advances secured by Agency RMBS as of December 31, 2015: FHLBC Advances Financial Instruments Pledged FHLBC Advances Maturing Within: Balance Weighted Average Weighted Average Fair Value Amortized Cost Accrued Interest 30 days or less $ 186,449,500 0.36 % 0.2 % $ 187,002,677 $ 186,972,618 $ 550,689 31-60 days 39,750,000 0.44 % 2.7 % 40,857,352 40,726,086 115,211 61-90 days 170,694,500 0.49 % 0.3 % 176,322,379 174,577,627 471,330 Greater than 90 days - - - - - - Total / Weighted Average $ 396,894,000 0.42 % 0.5 % $ 404,182,408 $ 402,276,331 $ 1,137,230 The Company had no FHLBC Advances as of December 31, 2014. The following table presents certain information regarding the Company’s repurchase agreements secured by interests in residential mortgage loans as of December 31, 2015: Repurchase Agreements Financial Instruments Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Weighted Average Fair Value Amortized Cost Accrued Interest 30 days or less $ - - - - $ - $ - $ - 31-60 days - - - - - - - 61-90 days - - - - - - - Greater than 90 days 50,606,302 2.93 % 3.18 % N/A 50,686,922 48,426,156 53,074 Total / Weighted Average $ 50,606,302 2.93 % 3.18 % N/A $ 50,686,922 $ 48,426,156 $ 53,074 (1) As of December 31, 2015, the Company had a total of $ 74.0 50.7 23.3 , which at December 31, 2015 was held by the Company's broker 31.1 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 Financial Instruments Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Weighted Average 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 December 31, 2015: Repurchase Agreements Financial Instruments Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Weighted Average Fair Value Amortized Cost Accrued Interest 30 days or less $ - - - - $ - $ - $ - 31-60 days - - - - - - - 61-90 days - - - - - - - Greater than 90 days 42,796,000 2.67 % 3.62 % 31.8 % 62,800,000 62,690,578 941,247 Total / Weighted Average $ 42,796,000 2.67 % 3.62 % 31.8 % $ 62,800,000 $ 62,690,578 $ 941,247 The following table presents certain information regarding the Company’s repurchase agreements secured by commercial mortgage loans as of December 31, 2014: Repurchase Agreements Financial Instruments Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Weighted Average 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 The following table presents certain information regarding the Company’s repurchase agreements secured by interests in U.S. Treasury securities as of December 31, 2015. Repurchase Agreements Financial Instruments Pledged Repurchase Agreements Maturing Within: Balance Weighted Average Weighted Average Fair Value Amortized Cost Accrued Interest Overnight $ 202,362,500 0.42 % 0.57 % $ 203,520,859 $ 205,763,477 $ 693,430 30 days or less - - - - - - 31-60 days - - - - - - 61-90 days - - - - - - Greater than 90 days - - - - - - Total / Weighted Average $ 202,362,500 0.42 % 0.57 % $ 203,520,859 $ 205,763,477 $ 693,430
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 and FHLBC Advances on December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Fair Value of investments pledged as collateral under repurchase agreements and FHLBC advances: Agency RMBS (1) $ 1,128,962,588 $ 1,684,021,261 Non-Agency RMBS 1,157,357,871 1,088,398,641 ABS 54,761,837 66,693,243 CMBS 142,852,162 96,920,646 Residential Mortgage Loans 50,686,922 73,407,869 Commercial Mortgage Loans 62,800,000 62,800,000 U.S. Treasury Securities 203,520,859 - Cash pledged (i.e., restricted cash) as collateral under repurchase agreements 16,662,156 13,374,600 Total collateral pledged under Repurchase agreements and FHLBC advances $ 2,817,604,395 $ 3,085,616,260 (1) Collateral for FHLBC advances consist solely of Agency RMBS
Schedule Of Total Borrowings Under Repurchase Agreements [Table Text Block]	The following table presents the Company’s total borrowings under repurchase agreements and FHLBC Advances broken out by investment type on December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Repurchase agreements secured by: Agency RMBS $ 676,679,000 $ 1,583,911,000 Non-Agency RMBS 914,276,658 860,019,230 ABS 43,544,000 52,993,000 CMBS 104,699,000 74,959,000 Residential Mortgage Loans 50,606,302 50,573,718 Commercial Mortgage Loans 42,796,000 22,500,000 U.S. Treasury Securities 202,362,500 - FHLBC advances secured by: Agency RMBS 396,894,000 - Gross Liability for Repurchase agreements and FHLBC advances $ 2,431,857,460 $ 2,644,955,948
Schedule Of Gross and Net Information About Repurchase Agreements [Table Text Block]	The following table presents both gross information and net information about repurchase agreements and FHLBC Advances eligible for offset in the consolidated balance sheet as of December 31, 2015: Gross Amounts Not Offset in the Description Gross Amounts of Gross Amounts Net Amounts of Liabilities Financial Cash Collateral Net Amount Repurchase Agreements $ 2,034,963,460 $ - $ 2,034,963,460 $ 2,034,963,460 $ - $ - FHLBC advances 396,894,000 - 396,894,000 396,894,000 - - Total $ 2,431,857,460 $ - $ 2,431,857,460 $ 2,431,857,460 $ - $ - 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]	On December 31, 2015 the following table reflects amounts at risk under its repurchase agreement borrowings and FHLBC Advances 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. $ 59,863,639 543 9 % JP Morgan Securities, LLC 45,341,579 187 7 % RBC (Barbados) Trading Bank Corporation 41,788,752 44 6 % Credit Suisse Securities, LLC 40,797,732 44 6 % On 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)	12 Months Ended
	Dec. 31, 2015
Derivatives [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following table presents the fair value of the Company’s derivative instruments and their balance sheet location on December 31, 2015 and December 31, 2014. Derivative Instrument Designation Balance Sheet Location December 31, 2015 December 31, 2014 Interest rate swaps Non-Hedge Derivative liabilities, at fair value $ (6,722,170) $ (8,608,209) Interest rate swaps Non-Hedge Derivative assets, at fair value 1,755,467 9,902,151 TBAs Non-Hedge Derivative liabilities, at fair value (141,600) - TBAs Non-Hedge Derivative assets, at fair value - 1,480,471 Long positions on U.S. Treasuries Non-Hedge U.S. Treasury securities, at fair value 223,434,922 - Linked transactions Non-Hedge Linked transactions, net, at fair value - 26,695,091
Schedule of Derivative Instruments [Table Text Block]	The following table summarizes information related to derivatives: Non-hedge derivatives held long/(short): December 31, 2015 December 31, 2014 Notional amount of Pay Fix/Receive Float Interest Rate Swap Agreements $ 969,000,000 $ 1,441,000,000 Notional amount of Receive Fix/Pay Float Interest Rate Swap Agreements - (5,000,000) Net notional amount of TBAs 75,000,000 225,000,000 Notional amount of long positions on U.S. Treasuries 226,000,000 - 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: Year Ended Year Ended Year Ended Non-hedge derivatives gain (loss): Statement of Operations Location December 31, 2015 December 31, 2014 December 31, 2013 Interest rate swaps, at fair value Unrealized gain/(loss) on derivative and other instruments, net $ (8,018,902) $ (52,615,387) $ 88,918,362 Interest rate swaps, at fair value Net realized gain/(loss) (11,728,954) (3,458,409) (10,617,785) Swaptions, at fair value Unrealized gain/(loss) on derivative and other instruments, net - (82,102) 82,102 Swaptions, at fair value Net realized gain/(loss) - (546,750) - TBAs (1) Unrealized gain/(loss) on derivative and other instruments, net (1,622,070) 1,480,471 137,695 TBAs Net realized gain/(loss) 1,909,844 5,500,859 (310,329) IO Index, at fair value Net realized gain/(loss) - (1,770,548) - MBS Options, at fair value Unrealized gain/(loss) on derivative and other instruments, net - 38,774 (38,774) MBS Options, at fair value Net realized gain/(loss) - 19,531 - Linked transactions Income/(loss) from linked transactions, net - 12,503,516 5,610,609 Long positions on U.S. Treasuries Unrealized gain/(loss) on derivative and other instruments, net (2,588,711) - - Long positions on U.S. Treasuries Net realized gain/(loss) (5,284,258) - - Short positions on U.S. Treasuries Unrealized gain/(loss) on derivative and other instruments, net - (12,935) 12,935 Short positions on U.S. Treasuries Net realized gain/(loss) (3,013,867) (1,407,255) (24,359) (1) For the year ended December 31, 2015, gains and losses from purchases and sales of TBAs consisted of $ 2.2 1.9 3.5 3.5
Schedule Of Gross and Net Information About Derivative Instruments [Table Text Block]	The following table presents both gross information and net information about derivative and other instruments eligible for offset in the consolidated balance sheet as of December 31, 2015: Gross Amounts Not Offset in the Description Gross Amounts of Gross Amounts Net Amounts of Assets Financial Cash Collateral Net Amount Derivative Assets (1) Interest Rate Swaps $ 3,195,522 $ - $ 3,195,522 $ - $ 1,820,022 $ 1,375,500 Total Derivative Assets $ 3,195,522 $ - $ 3,195,522 $ - $ 1,820,022 $ 1,375,500 Derivative Liabilities (2) Interest Rate Swaps $ (5,351,711) $ - $ (5,351,711) $ - $ (5,351,711) $ - TBAs (141,600) - (141,600) (141,600) - - Total Derivative Liabilities $ (5,493,311) $ - $ (5,493,311) $ (141,600) $ (5,351,711) $ - (1) Included in Derivative Assets on the consolidated balance sheet is $ 3,195,522 1,440,055 1,755,467 (2) Included in Derivative Liabilities on the consolidated balance sheet is $ (5,493,311) (1,370,459) (6,863,770) 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 Offset 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 December 31, 2015: Maturity Notional Amount Weighted Average Weighted Average Weighted Average 2017 $ 36,000,000 0.88 % 0.33 % 1.84 2018 165,000,000 1.06 % 0.50 % 2.20 2019 210,000,000 1.29 % 0.43 % 3.73 2020 295,000,000 1.67 % 0.40 % 4.27 2022 73,000,000 1.75 % 0.42 % 6.53 2023 160,000,000 2.31 % 0.43 % 7.42 2025 30,000,000 2.48 % 0.45 % 9.43 Total/Wtd Avg $ 969,000,000 1.59 % 0.43 % 4.56 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 years ended December 31, 2015, December 31, 2014 and December 31, 2013: For the Year Ended December 31, 2015 Beginning Buys or Covers Sales or Shorts Ending Net Net Fair Value Net Derivative Derivative TBAs - Long $ 225,000,000 $ 1,092,000,000 $ (1,242,000,000) $ 75,000,000 $ 77,361,330 $ (77,502,930) $ - $ (141,600) TBAs - Short $ - $ 254,000,000 $ (254,000,000) $ - $ - $ - $ - $ - For the Year Ended December 31, 2014 Beginning Buys or Covers Sales or Shorts Ending Net Net Fair Value Net Derivative Derivative TBAs - Long $ - $ 1,081,000,000 $ (856,000,000) $ 225,000,000 $ 236,720,705 $ (235,240,234) $ 1,480,471 $ - TBAs - Short $ - $ 751,000,000 $ (751,000,000) $ - $ - $ - $ - $ - For the Year Ended December 31, 2013 Beginning Buys or Covers Sales or Shorts Ending Net Net Fair Value Net Derivative Derivative TBAs - Long $ 40,000,000 $ 715,000,000 $ (755,000,000) $ - $ - $ - $ - $ - TBAs - Short $ - $ 1,402,000,000 $ (1,402,000,000) $ - $ - $ - $ - $ -
Schedule Of Repurchase Agreements Comprising Linked Transaction [Table Text Block]	The following table presents certain information related to the securities accounted for as a part of linked transactions for the year ended December 31, 2014: For the Year Ended December 31, 2014 Instrument Current Face Amortized Fair Value Net Accrued Net Interest Unrealized Net Amount Weighted Weighted Non-Agency RMBS $ 135,836,900 $ 122,943,942 $ 124,873,523 $ 265,216 $ 8,689,418 $ (5,819,864) $ 7,717,452 $ 10,587,006 3.87 % 5.60 CMBS 15,000,000 14,617,851 14,904,740 15,485 861,288 235,185 820,037 1,916,510 2.12 % 0.76 Total $ 150,836,900 $ 137,561,793 $ 139,778,263 $ 280,701 $ 9,550,706 $ (5,584,679) $ 8,537,489 $ 12,503,516 3.69 % 5.12 The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of December 31, 2014: Instrument Repurchase Weighted Weighted Non-Agency RMBS $ 102,713,873 1.74 % 0.05 CMBS 10,650,000 1.68 % 0.08 $ 113,363,873 1.74 % 0.06 The following table presents certain information related to the securities accounted for as a part of linked transactions for the period ended December 31, 2013: For the Year Ended December 31, 2013 Instrument Current Face Amortized Fair Value Net Accrued Net Interest Unrealized Net Amount Weighted Weighted Non-Agency RMBS $ 257,864,071 $ 232,618,716 $ 240,529,122 $ 63,371 $ 13,035,620 $ (108,905) $ (8,065,222) $ 4,861,493 3.40 % 5.42 CMBS 33,870,000 31,616,351 31,732,228 23,491 797,427 153,478 (201,790) 749,115 1.71 % 3.03 Total $ 291,734,071 $ 264,235,067 $ 272,261,350 $ 86,862 $ 13,833,047 $ 44,573 $ (8,267,012) $ 5,610,608 3.20 % 5.14 The following table presents certain information related to the repurchase agreements accounted for as a part of linked transactions as of December 31, 2013: Instrument Repurchase Weighted Weighted Non-Agency RMBS $ 199,694,315 1.89 % 0.15 CMBS 23,152,000 1.47 % 0.03 $ 222,846,315 1.85 % 0.14

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	As of December 31, 2015, December 31, 2014, and December 31, 2013 the Company’s outstanding warrants, unvested shares of restricted common stock and restricted stock units were as follows: December 31, 2015 December 31, 2014 December 31, 2013 Outstanding warrants 1,007,500 1,007,500 1,007,500 Unvested restricted stock previously granted to the Manager - - 10,064 Unvested restricted stock units previously granted to the Manager 40,006 60,000 - Unvested restricted stock previously granted to the independent directors - - 2,500
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the years ended December 31, 2015, 2014 and 2013: Year Ended Year Ended Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Numerator: Net income/(loss) available to common stockholders for basic and diluted earnings per share $ 349,121 $ 95,926,152 $ (45,048,052) Denominator: Basic weighted average common shares outstanding 28,398,718 28,379,782 28,022,565 Dilutive effect of restricted stock units 11,190 44,386 - Dilutive weighted average common shares outstanding 28,409,908 28,424,168 28,022,565 Basic Earnings/(Loss) Per Share of Common Stock: $ 0.01 $ 3.38 $ (1.61) Diluted Earnings/(Loss) Per Share of Common Stock: $ 0.01 $ 3.37 $ (1.61)
Common Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following tables detail our common stock dividends during the years ended December 31, 2015, 2014 and 2013: 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 9/10/2015 9/21/2015 10/30/2015 0.60 12/10/2015 12/21/2015 1/29/2016 0.475 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 9/11/2014 9/22/2014 10/27/2014 0.60 12/4/2014 12/18/2014 1/27/2015 0.60 2013 Declaration Date Record Date Payment Date Dividend Per Share 3/5/2013 3/18/2013 4/26/2013 $ 0.80 6/6/2013 6/18/2013 7/26/2013 0.80 9/9/2013 9/19/2013 10/28/2013 0.60 12/5/2013 12/18/2013 1/27/2014 0.60
Preferred Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following tables detail our preferred stock dividends during the years ended December 31, 2015, 2014 and 2013: 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 8.25% Series A 8/14/2015 8/31/2015 9/17/2015 0.51563 8.25% Series A 11/13/2015 11/30/2015 12/17/2015 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 8.00% Series B 8/14/2015 8/31/2015 9/17/2015 0.50 8.00% Series B 11/13/2015 11/30/2015 12/17/2015 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 8.25% Series A 8/14/2014 8/29/2014 9/17/2014 0.51563 8.25% Series A 11/12/2014 11/28/2014 12/17/2014 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 8.00% Series B 8/14/2014 8/29/2014 9/17/2014 0.50 8.00% Series B 11/12/2014 11/28/2014 12/17/2014 0.50 2013 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.25% Series A 2/14/2013 2/28/2013 3/18/2013 $ 0.51563 8.25% Series A 5/14/2013 5/31/2013 6/17/2013 0.51563 8.25% Series A 8/15/2013 8/30/2013 9/17/2013 0.51563 8.25% Series A 11/14/2013 11/29/2013 12/17/2013 0.51563 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.00% Series B 2/14/2013 2/28/2013 3/18/2013 $ 0.50 8.00% Series B 5/14/2013 5/31/2013 6/17/2013 0.50 8.00% Series B 8/15/2013 8/30/2013 9/17/2013 0.50 8.00% Series B 11/14/2013 11/29/2013 12/17/2013 0.50

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	The following table presents information with respect to the Company’s restricted stock and restricted stock units for the year ended December 31, 2015: Shares of Restricted Stock and Weighted Average Grant Outstanding at beginning of year 82,426 19.37 Granted (1) 6,916 17.34 Cancelled/forfeited - - Unrestricted (19,994) 17.45 Outstanding at end of year 69,348 19.72 Unvested at end of year 40,006 18.86 (1) The grant date fair value of restricted stock awards was established as the average of the high and low prices of the Company's common stock at the grant date. The following table presents information with respect to the Company’s restricted stock and restricted stock units for the year ended December 31, 2014: Shares of Restricted Stock and Weighted Average Grant Outstanding at beginning of year 30,376 20.25 Granted (1) 67,796 18.68 Cancelled/forfeited - - Unrestricted (15,746) 18.10 Outstanding at end of year 82,426 19.37 Unvested at end of year 60,000 18.86 (1) The grant date fair value of restricted stock awards was established as the average of the high and low prices of the Company's common stock at the grant date. The following table presents information with respect to the Company’s restricted stock for the year ended December 31, 2013: Shares of Restricted Stock Weighted Average Grant Outstanding at beginning of year 36,728 20.14 Granted (1) 7,064 20.35 Cancelled/forfeited - - Unrestricted (13,416) 20.00 Outstanding at end of year 30,376 20.25 Unvested at end of year 12,564 20.12 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company's common stock at the grant date.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Class of Treasury Stock [Table Text Block]	The following table presents a summary of our common stock repurchases under the Repurchase Program for the year ended December 31, 2015. Month Purchased (1) Total Number of Weighted Average Total Number of Shares Maximum Number (or December 2015 126,715 $ 13.19 126,715 $ 23,328,521 Total 126,715 $ 13.19 126,715 $ 23,328,521 (1) Based on trade date. The Program was announced on November 4, 2015. The Program does not have an expiration date. (2) Includes brokerage commissions and clearing fees (3) The maxmium dollar amount auhorized was $ 25.0

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	Summarized quarterly results of operations were as follows: Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Statement of Operations Data: Net Interest Income Interest income $ 36,380,265 $ 37,278,271 $ 33,506,151 $ 34,108,727 Interest expense 7,514,178 7,574,429 8,506,994 7,634,768 28,866,087 29,703,842 24,999,157 26,473,959 Other Income Net realized gain/(loss) (9,649,926) (2,153,328) (4,710,086) (634,729) Realized loss on periodic interest settlements of derivative instruments, net (3,461,227) (3,228,729) (3,340,497) (3,174,431) Unrealized gain/(loss) on real estate securities and loans, net 11,259,718 (22,256,001) 7,238,103 (28,733,677) Unrealized gain/(loss) on derivative and other instruments, net (8,920,798) 5,798,988 (19,523,287) 10,464,596 (10,772,233) (21,839,070) (20,335,767) (22,078,241) Expenses Management fee to affiliate 2,507,090 2,502,091 2,481,816 2,480,290 Other operating expenses 3,077,998 3,285,942 3,390,191 2,602,513 Servicing fees 174,999 144,999 174,999 109,999 Equity based compensation to affiliate 76,680 36,738 51,069 - Excise tax 375,000 375,000 375,000 375,000 6,211,767 6,344,770 6,473,075 5,567,802 Income/(loss) before equity in earnings/(loss) from affiliates 11,882,087 1,520,002 (1,809,685) (1,172,084) Equity in earnings/(loss) from affiliates 881,355 320,442 1,512,037 684,383 Net Income/(Loss) 12,763,442 1,840,444 (297,648) (487,701) Dividends on preferred stock 3,367,354 3,367,354 3,367,354 3,367,354 Net Income/(Loss) Available to Common Stockholders $ 9,396,088 $ (1,526,910) $ (3,665,002) $ (3,855,055) Earnings/(Loss) Per Share of Common Stock Basic $ 0.33 $ (0.05) $ (0.13) $ (0.14) Diluted $ 0.33 $ (0.05) $ (0.13) $ (0.14) Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Statement of Operations Data: Net Interest Income Interest income $ 34,142,740 $ 36,079,435 $ 36,197,633 $ 35,153,380 Interest expense 6,146,587 6,783,768 6,819,731 6,747,312 27,996,153 29,295,667 29,377,902 28,406,068 Other Income Net realized gain/(loss) 548,860 (1,826,360) 10,539,221 (5,623,767) Income/(loss) from linked transactions, net 4,126,741 3,409,366 3,481,936 1,485,473 Realized loss on periodic interest settlements of derivative instruments, net (6,307,857) (5,773,644) (5,260,449) (4,919,237) Unrealized gain/(loss) on real estate securities and loans, net 29,367,044 42,653,828 (19,457,277) 19,916,461 Unrealized gain/(loss) on derivative and other instruments, net (19,180,715) (23,917,820) 9,459,244 (17,616,139) 8,554,073 14,545,370 (1,237,325) (6,757,209) Expenses Management fee to affiliate 2,500,525 2,507,487 2,548,601 2,532,626 Other operating expenses 2,643,681 2,739,225 3,140,272 3,351,249 Servicing fees - 162,717 157,016 191,786 Equity based compensation to affiliate 81,073 73,586 67,562 68,910 Excise tax 500,000 375,000 533,539 375,000 5,725,279 5,858,015 6,446,990 6,519,571 Income/(loss) before income tax benefit/(expense) and equity in earnings/(loss) from affiliates 30,824,947 37,983,022 21,693,587 15,129,288 Income tax benefit/(expense) - (92,795) 172,709 - Equity in earnings/(loss) from affiliates 361,295 3,275,056 523,316 (474,857) Net Income/(Loss) 31,186,242 41,165,283 22,389,612 14,654,431 Dividends on preferred stock 3,367,354 3,367,354 3,367,354 3,367,354 Net Income/(Loss) Available to Common Stockholders $ 27,818,888 $ 37,797,929 $ 19,022,258 $ 11,287,077 Earnings/(Loss) Per Share of Common Stock Basic $ 0.98 $ 1.33 $ 0.67 $ 0.40 Diluted $ 0.98 $ 1.33 $ 0.67 $ 0.40

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies Disclosure [Line Items]
Description Of Real Estate Investment Trust For Federal Income Tax Purposes	As a REIT, if the Company fails to distribute in any calendar year (subject to specific timing rules for certain dividends paid in January) at least the sum of (i)85% of its ordinary income for such year, (ii)95% of its capital gain net income for such year, and (iii)any undistributed taxable income from the prior year, the Company would be subject to a non-deductible 4% excise tax on the excess of such required distribution over the sum of (i)the amounts actually distributed and (ii)the amounts of income retained and on which the Company has paid corporate income tax.
Investments in affiliates	$ 43,040,191	$ 20,345,131
Taxes Payable, Total	1,714,716	$ 1,743,516
Federal Home Loan Bank of Cincinnati [Member]
Significant Accounting Policies Disclosure [Line Items]
Federal Home Loan Bank Stock	8,000,000
Interest Income, Deposits with Other Federal Home Loan Banks	100,000
ARC Home LLC [Member]
Significant Accounting Policies Disclosure [Line Items]
Investments in affiliates	$ 300,000

Real Estate Securities (Details

Real Estate Securities (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 4,909,127,391		$ 4,006,448,684
Premium/(Discount)		(2,293,049,134)		(941,512,278)
Amortized Cost		2,616,078,257		3,064,936,406
Gross Unrealized Gains		39,425,781	[1]	61,620,967	[2]
Gross Unrealized Losses		(20,540,841)	[1]	(10,950,804)	[2]
Fair Value		$ 2,634,963,197		$ 3,115,606,569
Weighted Average Coupon	[3]	2.52%		3.97%
Weighted Average Yield		4.55%		4.31%
Agency RMBS: 20 Year Fixed Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face				$ 125,538,084
Premium/(Discount)				6,009,532
Amortized Cost				131,547,616
Gross Unrealized Gains	[2]			2,267,721
Gross Unrealized Losses	[2]			(72,467)
Fair Value				$ 133,742,870
Weighted Average Coupon	[3]			3.72%
Weighted Average Yield				2.79%
Agency RMBS: 30 Year Fixed Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 782,276,607		$ 973,102,647
Premium/(Discount)		34,905,903		46,665,955
Amortized Cost		817,182,510		1,019,768,602
Gross Unrealized Gains		6,674,932	[1]	17,222,909	[2]
Gross Unrealized Losses		(3,720,150)	[1]	(967,492)	[2]
Fair Value		$ 820,137,292		$ 1,036,024,019
Weighted Average Coupon	[3]	3.76%		3.90%
Weighted Average Yield		3.10%		3.15%
Agency RMBS: Fixed Rate CMO [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 76,098,478		$ 88,345,864
Premium/(Discount)		672,376		880,994
Amortized Cost		76,770,854		89,226,858
Gross Unrealized Gains		1,254,658	[1]	1,548,517	[2]
Gross Unrealized Losses		0	[1]	0	[2]
Fair Value		$ 78,025,512		$ 90,775,375
Weighted Average Coupon	[3]	3.00%		3.00%
Weighted Average Yield		2.81%		2.81%
Agency RMBS: ARM [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 248,169,781		$ 421,043,957
Premium/(Discount)		(2,658,877)		(888,105)
Amortized Cost		245,510,904		420,155,852
Gross Unrealized Gains		4,298,463	[1]	7,570,945	[2]
Gross Unrealized Losses		0	[1]	(189,430)	[2]
Fair Value		$ 249,809,367		$ 427,537,367
Weighted Average Coupon	[3]	2.37%		2.42%
Weighted Average Yield		2.84%		2.71%
Agency RMBS: Interest Only [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 522,058,244		$ 754,905,240
Premium/(Discount)		(468,676,886)		(638,264,371)
Amortized Cost		53,381,358		116,640,869
Gross Unrealized Gains		2,226,513	[1]	5,941,701	[2]
Gross Unrealized Losses		(2,138,390)	[1]	(2,347,455)	[2]
Fair Value		$ 53,469,481		$ 120,235,115
Weighted Average Coupon	[3]	2.70%		4.51%
Weighted Average Yield		7.56%		7.79%
Credit Investments: Non-Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 1,395,179,483		$ 1,303,432,523
Premium/(Discount)		(183,015,256)		(181,488,454)
Amortized Cost		1,212,164,227		1,121,944,069
Gross Unrealized Gains		23,555,968	[1]	24,415,728	[2]
Gross Unrealized Losses		(11,462,911)	[1]	(6,281,869)	[2]
Fair Value		$ 1,224,257,284		$ 1,140,077,928
Weighted Average Coupon	[3]	4.17%		4.26%
Weighted Average Yield		5.56%		5.62%
Credit Investments: Non-Agency RMBS Interest Only [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 465,387,354
Premium/(Discount)		(459,897,579)
Amortized Cost		5,489,775
Gross Unrealized Gains	[1]	351,842
Gross Unrealized Losses	[1]	(287,883)
Fair Value		$ 5,553,734
Weighted Average Coupon	[3]	0.12%
Weighted Average Yield		11.05%
Credit Investments: ABS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 56,264,253		$ 67,696,117
Premium/(Discount)		(353,693)		(379,648)
Amortized Cost		55,910,560		67,316,469
Gross Unrealized Gains		236,424	[1]	322,074	[2]
Gross Unrealized Losses		(1,385,147)	[1]	(945,300)	[2]
Fair Value		$ 54,761,837		$ 66,693,243
Weighted Average Coupon	[3]	5.26%		5.15%
Weighted Average Yield		5.62%		5.55%
Credit Investments: CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 224,844,665		$ 220,026,552
Premium/(Discount)		(89,380,593)		(127,623,416)
Amortized Cost		135,464,072		92,403,136
Gross Unrealized Gains		789,264	[1]	2,138,358	[2]
Gross Unrealized Losses		(1,382,362)	[1]	(146,791)	[2]
Fair Value		$ 134,870,974		$ 94,394,703
Weighted Average Coupon	[3]	5.15%		5.13%
Weighted Average Yield		6.28%		6.65%
Credit Investments: CMBS Interest Only [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 1,138,848,526		$ 52,357,700
Premium/(Discount)		(1,124,644,529)		(46,424,765)
Amortized Cost		14,203,997		5,932,935
Gross Unrealized Gains		37,717	[1]	193,014	[2]
Gross Unrealized Losses		(163,998)	[1]	0	[2]
Fair Value		$ 14,077,716		$ 6,125,949
Weighted Average Coupon	[3]	0.25%		1.85%
Weighted Average Yield		6.67%		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]	The Company has chosen to make a fair value election pursuant to ASC 825 for its real estate securities portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains/(losses).
[3]	Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation.

Real Estate Securities (Detai33

Real Estate Securities (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value	$ 905,669,623	$ 551,097,657
Less than Twelve Months, Unrealized Losses	(13,906,215)	(6,921,385)
Greater than Twelve Months, Fair Value	154,287,673	224,261,493
Greater than Twelve Months, Unrealized Losses	$ (6,634,626)	$ (4,029,419)

Real Estate Securities (Detai34

Real Estate Securities (Details 2) - USD ($)		Dec. 31, 2015		Dec. 31, 2014
Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	[1]	$ 1,147,972,171	[2]	$ 1,688,079,631	[3]
Amortized Cost Total	[1]	$ 1,139,464,268	[2]	$ 1,660,698,928	[3]
Weighted Average Coupon Total	[1]	3.39%	[2]	3.45%	[3]
Agency RMBS [Member] | Less than or equal to 1 year [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Less than or equal to 1 year	[1]	$ 0	[2]	$ 0	[3]
Amortized Cost Less than or equal to 1 year	[1]	$ 0	[2]	$ 0	[3]
Weighted Average Coupon Less than or equal to 1 year	[1]	0.00%	[2]	0.00%	[3]
Agency RMBS [Member] | Greater than one year and less than or equal to five years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than one year and less than or equal to five years	[1]	$ 8,855,191	[2]	$ 72,253,477	[3]
Amortized Cost Greater than one year and less than or equal to five years	[1]	$ 8,698,829	[2]	$ 71,713,942	[3]
Weighted Average Coupon Greater than one year and less than or equal to five years	[1]	2.53%	[2]	2.57%	[3]
Agency RMBS [Member] | Greater than five years and less than or equal to ten years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than five years and less than or equal to ten years	[1]	$ 1,130,350,078	[2]	$ 1,486,360,763	[3]
Amortized Cost Greater than five years and less than or equal to ten years	[1]	$ 1,122,059,484	[2]	$ 1,461,439,648	[3]
Weighted Average Coupon Greater than five years and less than or equal to ten years	[1]	3.39%	[2]	3.49%	[3]
Agency RMBS [Member] | Greater than ten years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than ten years	[1]	$ 8,766,902	[2]	$ 129,465,391	[3]
Amortized Cost Greater than ten years	[1]	$ 8,705,955	[2]	$ 127,545,338	[3]
Weighted Average Coupon Greater than ten years	[1]	4.11%	[2]	3.54%	[3]
Agency IO [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	[1]	$ 53,469,481		$ 120,235,115
Amortized Cost Total	[1]	$ 53,381,358		$ 116,640,869
Weighted Average Coupon Total	[1]	2.70%		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]	$ 35,583,940		$ 67,356,372
Amortized Cost Greater than one year and less than or equal to five years	[1]	$ 36,517,583		$ 67,199,203
Weighted Average Coupon Greater than one year and less than or equal to five years	[1]	2.19%		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]	$ 17,885,541		$ 52,878,743
Amortized Cost Greater than five years and less than or equal to ten years	[1]	$ 16,863,775		$ 49,441,666
Weighted Average Coupon Greater than five years and less than or equal to ten years	[1]	5.33%		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],[4]	$ 1,433,521,545		$ 1,307,291,823
Amortized Cost Total	[1],[4]	$ 1,423,232,631		$ 1,287,596,609
Weighted Average Coupon Total	[1],[4],[5]	2.18%		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],[4]	$ 61,279,492		$ 39,522,038
Amortized Cost Less than or equal to 1 year	[1],[4]	$ 62,031,034		$ 39,415,933
Weighted Average Coupon Less than or equal to 1 year	[1],[4],[5]	4.92%		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],[4]	$ 465,361,086		$ 621,179,587
Amortized Cost Greater than one year and less than or equal to five years	[1],[4]	$ 465,420,736		$ 612,711,131
Weighted Average Coupon Greater than one year and less than or equal to five years	[1],[4],[5]	1.20%		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],[4]	$ 602,483,200		$ 562,808,169
Amortized Cost Greater than five years and less than or equal to ten years	[1],[4]	$ 599,969,280		$ 557,116,343
Weighted Average Coupon Greater than five years and less than or equal to ten years	[1],[4],[5]	2.21%		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],[4]	$ 304,397,767		$ 83,782,029
Amortized Cost Greater than ten years	[1],[4]	$ 295,811,581		$ 78,353,202
Weighted Average Coupon Greater than ten years	[1],[4],[5]	5.71%		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 30 Year mortgages, ARMs and Fixed Rate CMOs.
[3]	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.
[4]	For purposes of this table, Credit Investments represent Non-Agency RMBS, ABS, CMBS and Interest Only credit securities.
[5]	Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation.

Real Estate Securities (Detai35

Real Estate Securities (Details Textual)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Schedule of Available-for-sale Securities [Line Items]
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading	$ 762,005,404	$ 872,701,795	$ 3,648,604,962
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities, Total	8,100,000	4,800,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows	48,400,000	1,000,000
Other than Temporary Impairment, Credit Losses Recognized In Earnings Or Other Comprehensive Income, Reductions, Change In Status		3,800,000	$ 4,300,000
Repurchase Agreements	$ 2,034,963,460	$ 2,644,955,948
Assets Sold Under Agreements To Repurchase, Interest Rate	1.46%	0.93%	1.85%
Assets, Fair Value Disclosure	$ 2,998,475,024	$ 3,312,202,508
Weighted Average Life Of Securitized Debt	4 years 14 days	3 years 4 months 24 days
Weighted Average Rate Of Securitized Debt	3.67%	3.75%
Other Secured Financings	$ 30,046,861	$ 39,777,914
Weighted Average Yield of Aggregate Security	6.14%	5.14%
Weighted Average Coupon of Aggregate Security	5.32%	5.50%
Repurchase Agreement [Member]
Schedule of Available-for-sale Securities [Line Items]
Repurchase Agreements	$ 18,600,000	$ 21,300,000
Assets Sold Under Agreements To Repurchase, Interest Rate	3.00%	3.00%
Senior Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Fair Value Disclosure	$ 30,400,000	$ 40,700,000
Affiliated Entity [Member]
Schedule of Available-for-sale Securities [Line Items]
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities, Total	1,700,000	1,700,000
Variable Interest Entity, Primary Beneficiary [Member] | Senior Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Fair Value Disclosure	37,100,000	47,600,000
Commercial Real Estate [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investments	$ 62,200,000	$ 42,000,000
Equity Method Investment Weighted Average Yield	11.32%	12.13%
Settled Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number Of Securities Sold	70	50	166
Securities, Gross Realized Gains	$ 12,700,000	$ 14,400,000	$ 17,500,000
Securities, Gross Realized Losses	4,900,000	4,300,000	72,500,000
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading	762,000,000	872,700,000	3,600,000,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows	2,800,000	2,900,000	$ 52,700,000
Resecuritization [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets, Fair Value Disclosure	$ 40,000,000	$ 50,900,000

Loans (Details)

Loans (Details) - Residential Mortgage Loans [Member] - USD ($)	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014		Sep. 30, 2014	Jul. 31, 2014	Feb. 28, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal balance	$ 78,834,774		$ 119,882,836		$ 50,500,000	$ 13,700,000	$ 59,000,000
Premium (Discount)	(24,413,319)		(35,534,525)
Amortized Cost	54,421,455		84,348,311
Gross Unrealized Gains	2,658,772	[1]	1,101,473	[2]
Gross Unrealized Losses	0	[1]	(359,925)	[2]
Fair Value	$ 57,080,227		$ 85,089,859
Weighted Average Coupon	5.46%		5.53%
Weighted Average Yield	8.70%		8.90%
Weighted Average Useful Life (in years)	5 years 6 months 29 days	[3]	5 years 7 months 24 days	[4]
[1]	The Company has chosen to make a fair value election pursuant to ASC 825 for its loan portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains (losses).
[2]	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]	Actual maturities of residential mortgage loans are generally shorter than stated contractual maturities. Maturities are affected by the lives of the underlying mortgages, periodic payments of principal and prepayments of principal.
[4]	Actual maturities of mortgage-backed securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.

Loans (Details 1)

Loans (Details 1) - Residential Mortgage Loans [Member] - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jul. 31, 2014	Feb. 28, 2014
Loans Receivable, Fair Value Disclosure	$ 57,080,227	$ 85,089,859
Principal Amount Outstanding of Loans Held-in-portfolio	78,834,774	119,882,836	$ 50,500,000	$ 13,700,000	$ 59,000,000
Re-Performing Financing Receivable [Member]
Loans Receivable, Fair Value Disclosure	43,152,987	68,581,824
Principal Amount Outstanding of Loans Held-in-portfolio	56,424,387	89,493,175
Non-Performing Financing Receivable [Member]
Loans Receivable, Fair Value Disclosure	13,927,240	16,508,035
Principal Amount Outstanding of Loans Held-in-portfolio	$ 22,410,387	$ 30,389,661

Loans (Details 2)

Loans (Details 2)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	95.00%	98.00%
New York [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	20.00%	16.00%
California [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	9.00%	11.00%
Florida [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	6.00%	8.00%
Maryland [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	5.00%	5.00%

Loans (Details 3)

Loans (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	$ 38,008,263	$ 0	$ 0
Additions	0	38,295,030	0
Accretion	(5,801,933)	(3,739,798)	0
Reclassifications from/(to) non-accretable difference	4,403,604	4,274,831	0
Disposals	(12,393,296)	(821,800)	0
Ending Balance	$ 24,216,638	$ 38,008,263	$ 0

Loans (Details 4)

Loans (Details 4) - USD ($)		12 Months Ended
		Dec. 31, 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		(139,029)		(496,019)
Amortized Cost, Commercial Loans		72,660,971		72,303,981
Gross Unrealized Gains, Commercial Loans	[1]	139,029		496,019
Gross Unrealized Losses, Commercial Loans	[1]	0		0
Fair Value, Commercial Loans		$ 72,800,000		$ 72,800,000
Weighted Average Coupon, Commercial Loans	[2]	6.80%		6.79%
Weighted Average Yield, Commercial Loans		8.30%		8.55%
Weighted Average Life, Commercial Loans	[3]	6 months 29 days		2 years 7 days
Loan A [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated Maturity Date	[5]	Jun. 5, 2017	[4]	Jun. 5, 2017	[6]
Extended Maturity Date		Jun. 5, 2019	[4]	Jun. 5, 2019	[6]
Loan A [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans		$ 30,000,000	[4]	$ 30,000,000	[6]
Unrealized Loss on Securities		(70,981)	[4]	(240,326)	[6]
Amortized Cost, Commercial Loans		29,929,019	[4]	29,759,674	[6]
Gross Unrealized Gains, Commercial Loans	[1]	70,981	[4]	240,326	[6]
Gross Unrealized Losses, Commercial Loans	[1]	0	[4]	0	[6]
Fair Value, Commercial Loans		$ 30,000,000	[4]	$ 30,000,000	[6]
Weighted Average Coupon, Commercial Loans	[2]	6.52%	[4]	6.50%	[6]
Weighted Average Yield, Commercial Loans		8.50%	[4]	8.76%	[6]
Weighted Average Life, Commercial Loans	[3]	5 months 8 days	[4]	2 years 9 months 7 days	[6]
Loan B [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated Maturity Date	[5],[7]	Jul. 1, 2016		Jul. 1, 2016
Extended Maturity Date	[7]	Jul. 1, 2019		Jul. 1, 2019
Loan B [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	[7]	$ 32,800,000		$ 32,800,000
Unrealized Loss on Securities	[7]	(38,441)		(189,506)
Amortized Cost, Commercial Loans	[7]	32,761,559		32,610,494
Gross Unrealized Gains, Commercial Loans	[1],[7]	38,441		189,506
Gross Unrealized Losses, Commercial Loans	[1],[7]	0		0
Fair Value, Commercial Loans	[7]	$ 32,800,000		$ 32,800,000
Weighted Average Coupon, Commercial Loans	[2],[7]	5.02%		5.00%
Weighted Average Yield, Commercial Loans	[7]	5.72%		6.15%
Weighted Average Life, Commercial Loans	[3],[7]	6 months 7 days		1 year 5 months 12 days
Loan C [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated Maturity Date	[5],[8]	Feb. 1, 2017		Feb. 1, 2017
Extended Maturity Date	[8]	Feb. 1, 2018		Feb. 1, 2018
Loan C [Member] | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	[8]	$ 10,000,000		$ 10,000,000
Unrealized Loss on Securities	[8]	(29,607)		(66,187)
Amortized Cost, Commercial Loans	[8]	9,970,393		9,933,813
Gross Unrealized Gains, Commercial Loans	[1],[8]	29,607		66,187
Gross Unrealized Losses, Commercial Loans	[1],[8]	0		0
Fair Value, Commercial Loans	[8]	$ 10,000,000		$ 10,000,000
Weighted Average Coupon, Commercial Loans	[2],[8]	13.50%		13.50%
Weighted Average Yield, Commercial Loans	[8]	16.13%		15.77%
Weighted Average Life, Commercial Loans	[3],[8]	1 year 2 months 8 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]	Each commercial loan investment has a variable coupon rate.
[3]	Actual maturities of commercial mortgage loans may be shorter than stated contractual maturities. Maturities are affected by prepayments of principal.
[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 A is comprised of a first mortgage and mezzanine loan of up to $24.0 million and $12.0 million, respectively, of which $20.0 million and $10.0 million has been advanced.
[7]	Loan B is comprised of a first mortgage and mezzanine loan of $31.8 million and $1.0 million, respectively.
[8]	Loan C is mezzanine loan.

Loans (Details Textual)

Loans (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014	Jul. 31, 2014	Feb. 28, 2014
Gain (Loss) on Investments [Line Items]
Proceeds from Sale of Loans Held-for-sale	$ 23,300,000
Realized Gain On Sale of Loan	$ 1,900,000
Concentration Risk, Percentage	95.00%	98.00%
Accretion of Discount	$ 400,000	$ 200,000	$ 200,000
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities, Total	8,100,000	4,800,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows	48,400,000	1,000,000
Nonperforming Financing Receivable [Member]
Gain (Loss) on Investments [Line Items]
Loans Receivable, Fair Value Disclosure	12,500,000
Impaired Financing Receivable, Recorded Investment	600,000
Interest and Fee Income, Loans, Commercial and Residential, Real Estate	400,000
Performing Financing Receivable [Member]
Gain (Loss) on Investments [Line Items]
Loans Receivable, Fair Value Disclosure	31,400,000
Reperforming Financing Receivable [Member]
Gain (Loss) on Investments [Line Items]
Interest and Fee Income, Loans, Commercial and Residential, Real Estate	500,000
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	600,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows	$ 600,000
Current Property Value In Excess Of Hundred Percentage [Member]
Gain (Loss) on Investments [Line Items]
Concentration Risk, Percentage	100.00%
Secured By Properties [Member]
Gain (Loss) on Investments [Line Items]
Concentration Risk, Percentage	5.00%
Residential Mortgage Loans [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	$ 78,834,774	119,882,836		$ 50,500,000	$ 13,700,000	$ 59,000,000
Loans Receivable, Fair Value Disclosure	57,080,227	85,089,859
Mortgages Held-for-sale, Fair Value Disclosure				$ 44,000,000	$ 5,700,000	$ 34,900,000
Residential Mortgage Loans [Member] | Performing Financing Receivable [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	18,700,000	23,700,000
Residential Mortgage Loans [Member] | Maximum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	1,100,000
Residential Mortgage Loans [Member] | Minimum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	9,000
Mezzanine Loan [Member] | Loan A [Member] | Maximum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	20,000,000	24,000,000
Mezzanine Loan [Member] | Loan A [Member] | Minimum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	10,000,000	12,000,000
Mezzanine Loan [Member] | Loan B [Member] | Maximum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	31,800,000	31,800,000
Mezzanine Loan [Member] | Loan B [Member] | Minimum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total	$ 1,000,000	$ 1,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets:
Assets, Fair Value Disclosure	$ 2,998,475,024	$ 3,312,202,508
Liabilities:
Liabilities, Fair Value Disclosure	(36,910,631)	(48,386,123)
FHLBC stock [Member]
Assets:
Assets, Fair Value Disclosure	8,015,900
Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	1,755,467	11,382,622
Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(30,046,861)	(39,777,914)
Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(6,863,770)	(8,608,209)
Agency RMBS: 20 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure		133,742,870
Agency RMBS: 30 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	820,137,292	1,036,024,019
Agency RMBS: Fixed Rate CMO [Member]
Assets:
Assets, Fair Value Disclosure	78,025,512	90,775,375
Agency RMBS: ARM [Member]
Assets:
Assets, Fair Value Disclosure	249,809,367	427,537,367
Agency RMBS: Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	53,469,481	120,235,115
Credit Investments: Non-Agency RMBS [Member]
Assets:
Assets, Fair Value Disclosure	1,224,257,284	1,140,077,928
Credit Investments: Non-Agency RMBS Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	5,553,734
Credit Investments: ABS [Member]
Assets:
Assets, Fair Value Disclosure	54,761,837	66,693,243
Credit Investments: CMBS [Member]
Assets:
Assets, Fair Value Disclosure	134,870,974	94,394,703
Credit Investment: CMBS Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	14,077,716	6,125,949
Residential Mortgage Loans [Member]
Assets:
Assets, Fair Value Disclosure	57,080,227	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	425,311	628,367
Linked Transactions [Member]
Assets:
Assets, Fair Value Disclosure		26,695,091
US Treasury securities [Member]
Assets:
Assets, Fair Value Disclosure	223,434,922
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	223,434,922	0
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	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
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 Investment: CMBS Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Residential Mortgage Loans [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Commercial Loans [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Excess Mortgage Servicing Rights [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Linked Transactions [Member]
Assets:
Assets, Fair Value Disclosure		0
Fair Value, Inputs, Level 1 [Member] | US Treasury securities [Member]
Assets:
Assets, Fair Value Disclosure	223,434,922
Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	2,019,622,999	2,581,202,806
Liabilities:
Liabilities, Fair Value Disclosure	(36,910,631)	(48,386,123)
Fair Value, Inputs, Level 2 [Member] | Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	1,755,467	11,382,622
Fair Value, Inputs, Level 2 [Member] | Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(30,046,861)	(39,777,914)
Fair Value, Inputs, Level 2 [Member] | Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(6,863,770)	(8,608,209)
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: 20 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure		133,742,870
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: 30 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	820,137,292	1,036,024,019
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: Fixed Rate CMO [Member]
Assets:
Assets, Fair Value Disclosure	78,025,512	90,775,375
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: ARM [Member]
Assets:
Assets, Fair Value Disclosure	249,809,367	427,537,367
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	53,469,481	120,235,115
Fair Value, Inputs, Level 2 [Member] | Credit Investments: Non-Agency RMBS [Member]
Assets:
Assets, Fair Value Disclosure	772,579,324	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	43,846,556	55,051,429
Fair Value, Inputs, Level 2 [Member] | Credit Investment: CMBS Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Loans [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Commercial Loans [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Excess Mortgage Servicing Rights [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Linked Transactions [Member]
Assets:
Assets, Fair Value Disclosure		21,612,360
Fair Value, Inputs, Level 2 [Member] | US Treasury securities [Member]
Assets:
Assets, Fair Value Disclosure	0
Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	755,417,103	730,999,702
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | FHLBC stock [Member]
Assets:
Assets, Fair Value Disclosure	8,015,900
Fair Value, Inputs, Level 3 [Member] | Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	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
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	451,677,960	455,236,279
Fair Value, Inputs, Level 3 [Member] | Credit Investments: Non-Agency RMBS Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	5,553,734
Fair Value, Inputs, Level 3 [Member] | Credit Investments: ABS [Member]
Assets:
Assets, Fair Value Disclosure	54,761,837	66,693,243
Fair Value, Inputs, Level 3 [Member] | Credit Investments: CMBS [Member]
Assets:
Assets, Fair Value Disclosure	91,024,418	39,343,274
Fair Value, Inputs, Level 3 [Member] | Credit Investment: CMBS Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	14,077,716	6,125,949
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Loans [Member]
Assets:
Assets, Fair Value Disclosure	57,080,227	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	425,311	628,367
Fair Value, Inputs, Level 3 [Member] | Linked Transactions [Member]
Assets:
Assets, Fair Value Disclosure		$ 5,082,731
Fair Value, Inputs, Level 3 [Member] | US Treasury securities [Member]
Assets:
Assets, Fair Value Disclosure	$ 0

Fair Value Measurements (Deta43

Fair Value Measurements (Details 1) - USD ($)		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014
FHLBC Stock [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		$ 0
Transfers:
Transfers into level 3	[1]	0
Transfers out of level 3	[1]	0
Purchases		8,015,900
Reclassification of security type	[2]	0
Proceeds from sales		0
Proceeds from settlement		0
Total net gains/(losses)
Included in net income	[3]	0
Included in other comprehensive income (loss)	[3]	0
Ending Balance		8,015,900		$ 0
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2015 (4)	[4]	0
Fair Value, Inputs, Level 3 [Member] | FHLBC Stock [Member]
Total net gains/(losses)
Ending Balance	[5]	8,015,900
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		85,089,859		0
Transfers:
Transfers into level 3	[1]	0		0
Transfers out of level 3	[1]	0		0
Purchases		0		84,678,576
Reclassification of security type		0	[2]	0	[6]
Proceeds from sales		(23,267,693)		0
Proceeds from settlement		(6,029,735)		(2,250,087)
Total net gains/(losses)
Included in net income	[3]	1,287,796		2,661,370
Included in other comprehensive income (loss)	[3]	0		0
Ending Balance		57,080,227		85,089,859
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2015 (4)	[4]	(7,094)		2,522,554
Credit Investments: Non-Agency RMBS [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		455,236,279		309,840,562
Transfers:
Transfers into level 3	[1]	20,308,267		0
Transfers out of level 3	[1]	0		0
Purchases		215,895,977		449,980,502
Reclassification of security type		24,129,591	[2]	26,752,863	[6]
Proceeds from sales		(59,975,910)		(96,960,392)
Proceeds from settlement		(211,879,760)		(241,145,912)
Total net gains/(losses)
Included in net income	[3]	7,963,516		6,768,656
Included in other comprehensive income (loss)	[3]	0		0
Ending Balance		451,677,960		455,236,279
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2015 (4)	[4]	7,561,408		2,887,993
Credit Investments: Non-Agency RMBS Interest Only [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		0
Transfers:
Transfers into level 3	[1]	0
Transfers out of level 3	[1]	0
Purchases		5,534,431
Reclassification of security type	[2]	0
Proceeds from sales		0
Proceeds from settlement		0
Total net gains/(losses)
Included in net income	[3]	19,303
Included in other comprehensive income (loss)	[3]	0
Ending Balance		5,553,734		0
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2015 (4)	[4]	19,303
Credit Investments: ABS [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		66,693,243		71,344,784
Transfers:
Transfers into level 3	[1]	0		0
Transfers out of level 3	[1]	0		0
Purchases		8,926,755		67,489,710
Reclassification of security type		0	[2]	0	[6]
Proceeds from sales		(18,955,475)		(45,409,687)
Proceeds from settlement		(1,715,676)		(26,704,044)
Total net gains/(losses)
Included in net income	[3]	(187,010)		(27,520)
Included in other comprehensive income (loss)	[3]	0		0
Ending Balance		54,761,837		66,693,243
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2015 (4)	[4]	(312,250)		(378,408)
CMBS [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		39,343,274		23,972,043
Transfers:
Transfers into level 3	[1]	0		0
Transfers out of level 3	[1]	0		0
Purchases		68,226,218		22,068,216
Reclassification of security type		0	[2]	0	[6]
Proceeds from sales		(13,870,892)		(5,586,445)
Proceeds from settlement		(2,262,727)		(2,130,834)
Total net gains/(losses)
Included in net income	[3]	(411,455)		1,020,294
Included in other comprehensive income (loss)	[3]	0		0
Ending Balance		91,024,418		39,343,274
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2015 (4)	[4]	(545,113)		205,360
Credit Investment: CMBS Interest Only [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		6,125,949		6,324,735
Transfers:
Transfers into level 3	[1]	0		0
Transfers out of level 3	[1]	0		0
Purchases		9,096,499		0
Reclassification of security type		0	[2]	0	[6]
Proceeds from sales		0		0
Proceeds from settlement		0		0
Total net gains/(losses)
Included in net income	[3]	(1,144,732)		(198,786)
Included in other comprehensive income (loss)	[3]	0		0
Ending Balance		14,077,716		6,125,949
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2015 (4)	[4]	(1,144,732)		(198,786)
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		0
Transfers:
Transfers into level 3	[1]	0		0
Transfers out of level 3	[1]	0		0
Purchases		0		72,084,833
Reclassification of security type		0	[2]	0	[6]
Proceeds from sales		0		0
Proceeds from settlement		0		0
Total net gains/(losses)
Included in net income	[3]	0		715,167
Included in other comprehensive income (loss)	[3]	0		0
Ending Balance		72,800,000		72,800,000
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2015 (4)	[4]	0		742,747
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		628,367		0
Transfers:
Transfers into level 3	[1]	0		0
Transfers out of level 3	[1]	0		0
Purchases		0		730,146
Reclassification of security type		0	[2]	0	[6]
Proceeds from sales		0		0
Proceeds from settlement		(189,401)		(101,779)
Total net gains/(losses)
Included in net income	[3]	(13,655)		0
Included in other comprehensive income (loss)	[3]	0		0
Ending Balance		425,311		628,367
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2015 (4)	[4]	35,729		0
Linked Transactions [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		5,082,731	[7]	14,723,169
Transfers:
Transfers into level 3	[1]	0		0
Transfers out of level 3	[1]	0		0
Purchases		0		1,856,433
Reclassification of security type		(5,082,731)	[2]	(4,219,811)	[6]
Proceeds from sales		0		(16,364,916)
Proceeds from settlement		0		7,307,909
Total net gains/(losses)
Included in net income	[3]	0		1,779,947
Included in other comprehensive income (loss)	[3]	0		0
Ending Balance		0		5,082,731	[7]
Change in unrealized appreciation/(depreciation) for level 3 assets still held as of December 31, 2015 (4)	[4]	$ 0		$ 763,744
[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:
[4]	Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations:
[5]	Fair value of the FHLBC stock approximates outstanding face amount as the Company's wholly-owned subsidiary is restricted from trading the stock and can only put the stock back to the FHLBC, at the FHLBC's discretion, at par.
[6]	Represents an accounting reclassification between a linked transaction and a real estate security.
[7]	Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments.

Fair Value Measurements (Deta44

Fair Value Measurements (Details 2) - Fair Value, Inputs, Level 3 [Member] - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	$ 7,513,763	$ 12,719,128
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		6,545,204
Trading Securities [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	1,026,633	4,321,276
Linked Transactions [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total		1,779,947
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		763,744
Real Estate Securities And Loans [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	6,487,130	6,617,905
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ 5,607,251	$ 5,781,460

Fair Value Measurements (Deta45

Fair Value Measurements (Details 3) - USD ($)		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Federal Home Loan Bank of Cincinnati [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 8,015,900		$ 0
Fair Value, Inputs, Level 3 [Member] | Federal Home Loan Bank of Cincinnati [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	[1]	$ 8,015,900
Yield [Member] | Fair Value, Inputs, Level 3 [Member] | Federal Home Loan Bank of Cincinnati [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield
Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Federal Home Loan Bank of Cincinnati [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		4.00%
Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Federal Home Loan Bank of Cincinnati [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		4.00%
Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | Federal Home Loan Bank of Cincinnati [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		4.00%
Non-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		$ 451,677,960		$ 455,236,279		$ 309,840,562
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow		Discounted Cash Flow
Fair Value Measurements Unobservable Input Description				Yield
Non-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
Non-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		16.11%		35.48%
Non-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		0.81%		0.29%
Non-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		5.82%		5.30%
Non-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
Non-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		20.00%		12.00%
Non-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		0.00%		0.00%
Non-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		6.36%		3.21%
Non-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
Non-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		38.00%		35.00%
Non-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		0.00%		0.00%
Non-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		10.27%		13.07%
Non-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
Non-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		88.08%		80.00%
Non-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		0.00%		0.00%
Non-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		31.22%		36.04%
Non-Agency RMBS 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		$ 5,553,734		$ 0
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow
Non-Agency RMBS 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
Non-Agency RMBS 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		11.40%
Non-Agency RMBS 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		10.59%
Non-Agency RMBS 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		10.70%
Non-Agency RMBS 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
Non-Agency RMBS 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		25.00%
Non-Agency RMBS 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		25.00%
Non-Agency RMBS 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		25.00%
Non-Agency RMBS 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
Non-Agency RMBS 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		1.00%
Non-Agency RMBS 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		1.00%
Non-Agency RMBS 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		1.00%
Non-Agency RMBS 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
Non-Agency RMBS 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		10.00%
Non-Agency RMBS 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		10.00%
Non-Agency RMBS 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		10.00%
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		$ 54,761,837		$ 66,693,243		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		7.57%		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		2.44%		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		5.62%		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		79.96%		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		8.30%		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		0.00%		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		6.06%		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		0.00%		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		10.98%		7.15%
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		$ 91,024,418		$ 39,343,274		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		16.87%		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		3.94%		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		5.83%		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		0.37%		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, 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		$ 14,077,716		$ 6,125,949		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		7.28%		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		5.78%		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		6.67%		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%
Residential Mortgage 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		$ 57,080,227		$ 85,089,859
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow		Discounted Cash Flow
Residential Mortgage 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
Residential Mortgage 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		38.49%		23.67%
Residential Mortgage 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		6.27%		5.60%
Residential Mortgage 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		8.70%		8.90%
Residential Mortgage Loans [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
Residential Mortgage Loans [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		7.41%		8.36%
Residential Mortgage Loans [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		3.42%		1.98%
Residential Mortgage Loans [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		6.54%		6.44%
Residential Mortgage Loans [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
Residential Mortgage Loans [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		12.26%		9.64%
Residential Mortgage Loans [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		6.32%		4.47%
Residential Mortgage Loans [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		10.17%		6.20%
Residential Mortgage Loans [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
Residential Mortgage Loans [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		37.47%		41.94%
Residential Mortgage Loans [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		28.10%		20.93%
Residential Mortgage Loans [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		34.05%		27.65%
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		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		16.13%		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		5.72%		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		8.30%		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, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		6.54%		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	[2]	Recovery Percentage	[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, 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		$ 425,311		$ 628,367		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		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		11.51%		12.52%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.49%		9.09%
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		6.33%		9.78%
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	[4]	$ 14,723,169
Fair Value Measurements, Valuation Techniques	[4]			Discounted Cash Flow
Linked Transactions [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	[4]			Yield
Linked Transactions [Member] | Yield [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				6.45%
Linked Transactions [Member] | Yield [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				4.49%
Linked Transactions [Member] | Yield [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate				5.50%
Linked Transactions [Member] | Projected Collateral Prepayments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description				Projected Collateral Prepayments
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				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				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]	Fair value of the FHLBC stock approximates outstanding face amount as the Company's wholly-owned subsidiary is restricted from trading the stock and can only put the stock back to the FHLBC, at the FHLBC's discretion, at par.
[2]	Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2015.
[3]	Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2014.
[4]	Linked Transactions are comprised of unobservable inputs from Non-Agency RMBS investments.

Fair Value Measurements (Deta46

Fair Value Measurements (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 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 and FHL47

Repurchase Agreements and FHLBC Advances (Details) - USD ($)	Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2013
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 1,739,198,658		$ 2,571,882,230	$ 222,846,315
Weighted Average Rate	1.46%		0.93%	1.85%
Weighted Average Haircut	13.90%		11.50%
Fair Value Pledged	$ 2,079,752,050		$ 2,936,033,791
Amortized Cost	2,060,654,016		2,891,085,873
Accrued Interest	6,734,454		8,996,530
Residential Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 50,606,302		$ 50,573,718
Weighted Average Rate	2.93%		2.93%
Weighted Average Funding Cost	3.18%		3.08%
Weighted Average Haircut			31.10%
Fair Value Pledged	$ 50,686,922		$ 73,407,869
Amortized Cost	48,426,156		73,084,817
Accrued Interest	53,074		709,585
Commercial Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 42,796,000		$ 22,500,000
Weighted Average Rate	2.67%		2.50%
Weighted Average Funding Cost	3.62%		2.83%
Weighted Average Haircut	31.80%		64.20%
Fair Value Pledged	$ 62,800,000		$ 62,800,000
Amortized Cost	62,690,578		62,370,168
Accrued Interest	941,247		533,832
US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 202,362,500
Weighted Average Rate	0.42%
Weighted Average Haircut	0.57%
Fair Value Pledged	$ 203,520,859
Amortized Cost	205,763,477
Accrued Interest	693,430
Overnight | US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 202,362,500
Weighted Average Rate	0.42%
Weighted Average Haircut	0.57%
Fair Value Pledged	$ 203,520,859
Amortized Cost	205,763,477
Accrued Interest	693,430
30 days or less [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 1,052,983,000		$ 1,969,873,000
Weighted Average Rate	1.43%		0.75%
Weighted Average Haircut	15.40%		10.40%
Fair Value Pledged	$ 1,268,366,695		$ 2,205,969,794
Amortized Cost	1,256,686,536		2,174,485,394
Accrued Interest	4,308,583		6,903,437
30 days or less [Member] | Residential Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 0		$ 0
Weighted Average Rate	0.00%		0.00%
Weighted Average Funding Cost	0.00%		0.00%
Weighted Average Haircut	0.00%	[1]	0.00%
Fair Value Pledged	$ 0		$ 0
Amortized Cost	0		0
Accrued Interest	0		0
30 days or less [Member] | Commercial Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 0		$ 0
Weighted Average Rate	0.00%		0.00%
Weighted Average Funding Cost	0.00%		0.00%
Weighted Average Haircut	0.00%		0.00%
Fair Value Pledged	$ 0		$ 0
Amortized Cost	0		0
Accrued Interest	0		0
30 days or less [Member] | US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 0
Weighted Average Rate	0.00%
Weighted Average Haircut	0.00%
Fair Value Pledged	$ 0
Amortized Cost	0
Accrued Interest	0
31-60 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 245,124,000		$ 220,953,000
Weighted Average Rate	1.23%		1.11%
Weighted Average Haircut	11.80%		12.20%
Fair Value Pledged	$ 281,093,633		$ 253,788,749
Amortized Cost	280,893,609		249,993,183
Accrued Interest	887,640		816,574
31-60 days [Member] | Residential Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 0		$ 0
Weighted Average Rate	0.00%		0.00%
Weighted Average Funding Cost	0.00%		0.00%
Weighted Average Haircut	0.00%	[1]	0.00%
Fair Value Pledged	$ 0		$ 0
Amortized Cost	0		0
Accrued Interest	0		0
31-60 days [Member] | Commercial Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 0		$ 0
Weighted Average Rate	0.00%		0.00%
Weighted Average Funding Cost	0.00%		0.00%
Weighted Average Haircut	0.00%		0.00%
Fair Value Pledged	$ 0		$ 0
Amortized Cost	0		0
Accrued Interest	0		0
31-60 days [Member] | US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 0
Weighted Average Rate	0.00%
Weighted Average Haircut	0.00%
Fair Value Pledged	$ 0
Amortized Cost	0
Accrued Interest	0
61-90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 76,739,000		$ 51,090,128
Weighted Average Rate	1.98%		1.26%
Weighted Average Haircut	21.10%		13.10%
Fair Value Pledged	$ 98,349,611		$ 60,149,910
Amortized Cost	97,456,598		58,111,076
Accrued Interest	222,769		171,277
61-90 days [Member] | Residential Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 0		$ 0
Weighted Average Rate	0.00%		0.00%
Weighted Average Funding Cost	0.00%		0.00%
Weighted Average Haircut	0.00%	[1]	0.00%
Fair Value Pledged	$ 0		$ 0
Amortized Cost	0		0
Accrued Interest	0		0
61-90 days [Member] | Commercial Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 0		$ 0
Weighted Average Rate	0.00%		0.00%
Weighted Average Funding Cost	0.00%		0.00%
Weighted Average Haircut	0.00%		0.00%
Fair Value Pledged	$ 0		$ 0
Amortized Cost	0		0
Accrued Interest	0		0
61-90 days [Member] | US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 0
Weighted Average Rate	0.00%
Weighted Average Haircut	0.00%
Fair Value Pledged	$ 0
Amortized Cost	0
Accrued Interest	0
Greater than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 364,352,658		$ 329,966,102
Weighted Average Rate	1.57%		1.84%
Weighted Average Haircut	9.40%		17.70%
Fair Value Pledged	$ 431,942,111		$ 416,125,338
Amortized Cost	425,617,273		408,496,220
Accrued Interest	1,315,462		1,105,242
Greater than 90 days [Member] | Residential Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 50,606,302		$ 50,573,718
Weighted Average Rate	2.93%		2.93%
Weighted Average Funding Cost	3.18%		3.08%
Weighted Average Haircut			31.10%
Fair Value Pledged	$ 50,686,922		$ 73,407,869
Amortized Cost	48,426,156		73,084,817
Accrued Interest	53,074		709,585
Greater than 90 days [Member] | Commercial Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 42,796,000		$ 22,500,000
Weighted Average Rate	2.67%		2.50%
Weighted Average Funding Cost	3.62%		2.83%
Weighted Average Haircut	31.80%		64.20%
Fair Value Pledged	$ 62,800,000		$ 62,800,000
Amortized Cost	62,690,578		62,370,168
Accrued Interest	941,247		$ 533,832
Greater than 90 days [Member] | US Treasury Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 0
Weighted Average Rate	0.00%
Weighted Average Haircut	0.00%
Fair Value Pledged	$ 0
Amortized Cost	0
Accrued Interest	$ 0
[1]	As of December 31, 2015, the Company had a total of $74.0 million of collateral pledged, comprised of $50.7 million of financial instruments and $23.3 million of cash from loan sales, which at December 31, 2015 was held by the Company's broker. The haircut based on total collateral pledged is 31.1% as of December 31, 2015.

Repurchase Agreements and FHL48

Repurchase Agreements and FHLBC Advances (Details 1)	Dec. 31, 2015USD ($)
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	$ 396,894,000
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate	0.42%
Federal Home Loan Bank Advances Weighted Average Haircut	0.50%
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	$ 404,182,408
Federal Home Loan Bank Advances Amortized Cost	402,276,331
Federal Home Loan Bank Advances Accrued Interest	1,137,230
Maturity Up To 30 Days [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	$ 186,449,500
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate	0.36%
Federal Home Loan Bank Advances Weighted Average Haircut	0.20%
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	$ 187,002,677
Federal Home Loan Bank Advances Amortized Cost	186,972,618
Federal Home Loan Bank Advances Accrued Interest	550,689
Maturity 31 To 60 Days [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	$ 39,750,000
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate	0.44%
Federal Home Loan Bank Advances Weighted Average Haircut	2.70%
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	$ 40,857,352
Federal Home Loan Bank Advances Amortized Cost	40,726,086
Federal Home Loan Bank Advances Accrued Interest	115,211
Maturity 61 To 90 Days [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	$ 170,694,500
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate	0.49%
Federal Home Loan Bank Advances Weighted Average Haircut	0.30%
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	$ 176,322,379
Federal Home Loan Bank Advances Amortized Cost	174,577,627
Federal Home Loan Bank Advances Accrued Interest	471,330
Maturity Over 90 Days [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	$ 0
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate	0.00%
Federal Home Loan Bank Advances Weighted Average Haircut	0.00%
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	$ 0
Federal Home Loan Bank Advances Amortized Cost	0
Federal Home Loan Bank Advances Accrued Interest	$ 0

Repurchase Agreements and FHL49

Repurchase Agreements and FHLBC Advances (Details 2) - USD ($)		Dec. 31, 2015	Dec. 31, 2014
Schedule Of Securities Collateral Information Line Items [Line Items]
Cash pledged (i.e., restricted cash) as collateral under repurchase agreements		$ 16,662,156	$ 13,374,600
Total collateral pledged under Repurchase agreements and FHLBC advances		2,817,604,395	3,085,616,260
US Treasury Securities [Member]
Schedule Of Securities Collateral Information Line Items [Line Items]
Treasury securities, at fair value		203,520,859	0
Agency RMBS [Member]
Schedule Of Securities Collateral Information Line Items [Line Items]
Trading Securities Pledged as Collateral	[1]	1,128,962,588	1,684,021,261
Credit Investments: Non-Agency RMBS [Member]
Schedule Of Securities Collateral Information Line Items [Line Items]
Trading Securities Pledged as Collateral		1,157,357,871	1,088,398,641
ABS [Member]
Schedule Of Securities Collateral Information Line Items [Line Items]
Trading Securities Pledged as Collateral		54,761,837	66,693,243
CMBS [Member]
Schedule Of Securities Collateral Information Line Items [Line Items]
Trading Securities Pledged as Collateral		142,852,162	96,920,646
Residential Mortgage Loans [Member]
Schedule Of Securities Collateral Information Line Items [Line Items]
Loans Pledged as Collateral		50,686,922	73,407,869
Commercial Mortgage Loans [Member]
Schedule Of Securities Collateral Information Line Items [Line Items]
Loans Pledged as Collateral		$ 62,800,000	$ 62,800,000
[1]	Collateral for FHLBC advances consist solely of Agency RMBS

Repurchase Agreements and FHL50

Repurchase Agreements and FHLBC Advances (Details 3) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	$ 2,034,963,460	$ 2,644,955,948
Advances from Federal Home Loan Banks	396,894,000	0
Repurchase Agreement [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	18,600,000	21,300,000
Agency RMBS [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Advances from Federal Home Loan Banks	396,894,000	0
Agency RMBS [Member] | Repurchase Agreement [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	676,679,000	1,583,911,000
Credit Investments: Non-Agency RMBS [Member] | Repurchase Agreement [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	914,276,658	860,019,230
ABS [Member] | Repurchase Agreement [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	43,544,000	52,993,000
CMBS [Member] | Repurchase Agreement [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	104,699,000	74,959,000
Residential Mortgage Loans [Member] | Repurchase Agreement [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	50,606,302	50,573,718
Commercial Mortgage Loans [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	42,796,000	22,500,000
US Treasury Securities [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	$ 202,362,500	$ 0

Repurchase Agreements and FHL51

Repurchase Agreements and FHLBC Advances (Details 4) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	$ 2,034,963,460	$ 2,644,955,948
FHLBC advances	396,894,000	0
Gross Amounts of Recognized Liabilities [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	2,034,963,460	2,644,955,948
FHLBC advances	396,894,000
Total	2,431,857,460
Gross Amounts Offset In The Consolidated Balance Sheet [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	0	0
FHLBC advances	0
Total	0
Net Amounts Of Liabilities Presented In The Consolidated Balance Sheet [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	2,034,963,460	2,644,955,948
FHLBC advances	396,894,000
Total	2,431,857,460
Gross Amounts Not Offset in the Statement of Financial Position [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	2,034,963,460	2,644,955,948
FHLBC advances	396,894,000
Total	2,431,857,460
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
FHLBC advances	0
Total	0
Net Amount [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	0	$ 0
FHLBC advances	0
Total	$ 0

Repurchase Agreements and FHL52

Repurchase Agreements and FHLBC Advances (Details 5) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Repurchase Agreement Counterparty [Line Items]
Weighted Average Maturity (days)		22 days	1 month 20 days
Wells Fargo Bank, N.A [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$ 59,863,639	$ 92,478,572
Weighted Average Maturity (days)	543 days	509 days
Percentage of Stockholders' Equity	9.00%	13.00%
Credit Suisse Securities, LLC [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$ 40,797,732	$ 85,479,003
Weighted Average Maturity (days)	44 days	117 days
Percentage of Stockholders' Equity	6.00%	12.00%
Merrill Lynch, Pierce, Fenner & Smith Incorporated [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk		$ 42,082,013
Weighted Average Maturity (days)		13 days
Percentage of Stockholders' Equity		6.00%
JP Morgan Securities, LLC [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$ 45,341,579	$ 51,502,631
Weighted Average Maturity (days)	187 days	168 days
Percentage of Stockholders' Equity	7.00%	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%
RBC (Barbados) Trading Bank Corporation [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$ 41,788,752
Weighted Average Maturity (days)	44 days
Percentage of Stockholders' Equity	6.00%

Repurchase Agreements and FHL53

Repurchase Agreements and FHLBC Advances (Details Textual) - USD ($)	Aug. 04, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Apr. 13, 2015	Feb. 27, 2015	Sep. 17, 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			22 days	1 month 20 days
Long-term Debt, Gross		$ 102,300,000
Available For Sale Securities Pledged As Collateral Percentage		31.10%
Available-for-sale Securities Pledged as Collateral		$ 74,000,000
Cash [Member]
Repurchase Agreement Disclosure [Line Items]
Available-for-sale Securities Pledged as Collateral		23,300,000
Financial Instruments [Member]
Repurchase Agreement Disclosure [Line Items]
Available-for-sale Securities Pledged as Collateral		50,700,000
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		$ 59,863,639	$ 92,478,572
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		543 days	509 days
Cost Method Investment Ownership Percentage		9.00%	13.00%
Wells Fargo Securities LLC [Member]
Repurchase Agreement Disclosure [Line Items]
Additional Borrowings Under Repurchase Agreement	$ 20,300,000
Goldman, Sachs Co.AG MIT, LLC [Member]
Repurchase Agreement Disclosure [Line Items]
Maximum borrowing capacity on renewal of repurchase agreement							$ 80,000,000
Repurchase Agreement Counterparty, Amount at Risk			$ 32,078,210
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements			18 days
Cost Method Investment Ownership Percentage			4.00%
AG MIT WFB1 [Member]
Repurchase Agreement Disclosure [Line Items]
Long-term Debt, Gross		$ 50,600,000
AG MIT CREL [Member]
Repurchase Agreement Disclosure [Line Items]
Maximum borrowing capacity on renewal of repurchase agreement	150,000,000						150,000,000
Long-term Debt, Gross	$ 42,800,000	$ 42,800,000					$ 42,800,000
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 ($)	Dec. 31, 2015	Dec. 31, 2014
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value	$ (6,722,170)	$ (8,608,209)
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	1,755,467	9,902,151
TBAs [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value	(141,600)	0
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	0	1,480,471
Linked transactions [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	0	26,695,091
Long positions on U.S. Treasuries [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value	$ 223,434,922	$ 0

Derivatives (Details 1)

Derivatives (Details 1) - USD ($)		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Derivative, Notional Amount		$ 969,000,000	$ 150,836,900	$ 291,734,071
Long [Member] | Float Interest Rate Swap Agreements [Member]
Derivative [Line Items]
Derivative, Notional Amount		969,000,000	1,441,000,000
Short [Member] | Float Interest Rate Swap Agreements [Member]
Derivative [Line Items]
Derivative, Notional Amount		0	(5,000,000)
Notional amount of TBAs [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount		75,000,000	225,000,000
Notional amount of Linked Transactions [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	[1]	0	150,836,900
US Treasury Securities [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 226,000,000	$ 0
[1]	Represents the current face of the securities comprising linked transactions as of December 31, 2014.

Derivatives (Details 2)

Derivatives (Details 2) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Income (loss) from linked transactions, net			$ 12,503,516	$ 5,610,608
MBS Options, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		$ 0	38,774	(38,774)
Net realized gain/(loss)		0	19,531	0
Interest rate swaps, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		(8,018,902)	(52,615,387)	88,918,362
Net realized gain/(loss)		(11,728,954)	(3,458,409)	(10,617,785)
Swaptions, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		0	(82,102)	82,102
Net realized gain/(loss)		0	(546,750)	0
TBAs [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	[1]	(1,622,070)	1,480,471	137,695
Net realized gain/(loss)		1,909,844	5,500,859	(310,329)
IO Index, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		0	(1,770,548)	0
Linked Transactions [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Income (loss) from linked transactions, net		0	12,503,516	5,610,609
Long positions on U.S. Treasuries [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		(2,588,711)	0	0
Net realized gain/(loss)		(5,284,258)	0	0
Short positions on U.S. Treasuries [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		0	(12,935)	12,935
Net realized gain/(loss)		$ (3,013,867)	$ (1,407,255)	$ (24,359)
[1]	For the year ended December 31, 2015, 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 $1.9 million, due to price changes. For the year ended December 31, 2014, gains and losses from purchases and sales of TBAs consisted of $3.5 million, of net TBA dollar roll net interest income, and net gains of $3.5 million, due to price changes. The Company did not have any TBA dollar roll transactions for the year ended December 31, 2013.

Derivatives (Details 3)

Derivatives (Details 3) - USD ($)		Dec. 31, 2015		Dec. 31, 2014
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)		$ 3,195,522	[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		3,195,522	[1]	14,849,982	[2]
Derivative Assets, Financial Instruments (Posted)/Received		0	[1]	0	[2]
Derivative Assets, Cash Collateral (Posted)/Received		1,820,022	[1]	5,387,471	[2]
Derivative Assets, Net Amount		1,375,500	[1]	9,462,511	[2]
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)		(5,493,311)	[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		(5,493,311)	[3]	(7,506,798)	[4]
Derivative Liabilities, Financial Instruments (Posted)/Received		(141,600)	[3]	0	[4]
Derivative Liabilities, Cash Collateral (Posted)/Received		(5,351,711)	[3]	(7,506,798)	[4]
Derivative Liabilities, Net Amount		0	[3]	0	[4]
Interest Rate Swaps [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)		3,195,522	[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		3,195,522	[1]	13,369,511	[2]
Derivative Assets, Financial Instruments (Posted)/Received		0	[1]	0	[2]
Derivative Assets, Cash Collateral (Posted)/Received		1,820,022	[1]	3,907,000	[2]
Derivative Assets, Net Amount		1,375,500	[1]	9,462,511	[2]
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)		(5,351,711)	[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		(5,351,711)	[3]	(7,506,798)	[4]
Derivative Liabilities, Financial Instruments (Posted)/Received		0	[3]	0	[4]
Derivative Liabilities, Cash Collateral (Posted)/Received		(5,351,711)	[3]	(7,506,798)	[4]
Derivative Liabilities, Net Amount		0	[3]	0	[4]
TBAs [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)	[2]			1,480,471
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheet	[2]			0
Derivative Assets, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheet	[2]			1,480,471
Derivative Assets, Financial Instruments (Posted)/Received	[2]			0
Derivative Assets, Cash Collateral (Posted)/Received	[2]			1,480,471
Derivative Assets, Net Amount	[2]			0
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)	[3]	(141,600)
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]	(141,600)
Derivative Liabilities, Financial Instruments (Posted)/Received	[3]	(141,600)
Derivative Liabilities, Cash Collateral (Posted)/Received	[3]	0
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 $3,195,522 less accrued interest of $1,440,055 for a total of $1,755,467.
[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 $(5,493,311) plus accrued interest of $(1,370,459) for a total of $(6,863,770).
[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 ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 969,000,000	$ 150,836,900	$ 291,734,071
Weighted Average Pay Rate	1.59%	1.62%
Weighted Average Receive Rate	0.43%	0.24%
Weighted Average Years to Maturity	4 years 6 months 22 days	5 years 5 months 19 days
2017 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 36,000,000	$ 80,000,000
Weighted Average Pay Rate	0.88%	0.86%
Weighted Average Receive Rate	0.33%	0.27%
Weighted Average Years to Maturity	1 year 10 months 2 days	2 years 8 months 5 days
2018 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 165,000,000	$ 210,000,000
Weighted Average Pay Rate	1.06%	1.05%
Weighted Average Receive Rate	0.50%	0.23%
Weighted Average Years to Maturity	2 years 2 months 12 days	3 years 3 months 4 days
2019 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 210,000,000	$ 350,000,000
Weighted Average Pay Rate	1.29%	1.39%
Weighted Average Receive Rate	0.43%	0.23%
Weighted Average Years to Maturity	3 years 8 months 23 days	4 years 7 months 2 days
2020 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 295,000,000	$ 440,000,000
Weighted Average Pay Rate	1.67%	1.61%
Weighted Average Receive Rate	0.40%	0.23%
Weighted Average Years to Maturity	4 years 3 months 7 days	5 years 2 months 26 days
2022 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 73,000,000	$ 50,000,000
Weighted Average Pay Rate	1.75%	1.69%
Weighted Average Receive Rate	0.42%	0.23%
Weighted Average Years to Maturity	6 years 6 months 11 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	0.43%	0.23%
Weighted Average Years to Maturity	7 years 5 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	$ 30,000,000
Weighted Average Pay Rate	2.48%
Weighted Average Receive Rate	0.45%
Weighted Average Years to Maturity	9 years 5 months 5 days

Derivatives (Details 5)

Derivatives (Details 5) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount	$ 150,836,900	$ 291,734,071
Ending Net Notional Amount	969,000,000	150,836,900	$ 291,734,071
Net Receivable/(Payable) from/to Broker	(2,740,461)	(4,015,152)
Derivative Asset	1,755,467	11,382,622
Derivative Liability	(6,863,770)	(8,608,209)
TBAs - Long [Member]
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount	225,000,000	0	40,000,000
Buys or Covers	1,092,000,000	1,081,000,000	715,000,000
Sales or Shorts	(1,242,000,000)	(856,000,000)	(755,000,000)
Ending Net Notional Amount	75,000,000	225,000,000	0
Fair Value as of Period End	77,361,330	236,720,705	0
Net Receivable/(Payable) from/to Broker	(77,502,930)	(235,240,234)	0
Derivative Asset	0	1,480,471	0
Derivative Liability	(141,600)	0	0
TBAs - Short [Member]
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount	0	0	0
Buys or Covers	254,000,000	751,000,000	1,402,000,000
Sales or Shorts	(254,000,000)	(751,000,000)	(1,402,000,000)
Ending Net Notional Amount	0	0	0
Fair Value as of Period End	0	0	0
Net Receivable/(Payable) from/to Broker	0	0	0
Derivative Asset	0	0	0
Derivative Liability	$ 0	$ 0	$ 0

Derivatives (Details 6)

Derivatives (Details 6) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Linked Transaction Disclosure [Line Items]
Current Face	$ 969,000,000	$ 150,836,900	$ 291,734,071
Amortized Cost		137,561,793	264,235,067
Fair Value		139,778,263	272,261,350
Net Accrued Interest	2,731,846	2,461,494	86,862
Net Interest Income		9,550,706	13,833,047
Unrealized Gain/(Loss)	0	2,952,810	(8,222,438)
Net Realized Gain/(Loss)		8,537,489	(8,267,012)
Amount Included in Statement of Operations		$ 12,503,516	$ 5,610,608
Weighted Average Coupon		3.69%	3.20%
Weighted Average Life		5 years 1 month 13 days	5 years 1 month 20 days
Repurchase Agreement	$ 1,739,198,658	$ 2,571,882,230	$ 222,846,315
Weighted Average Interest Rate	1.46%	0.93%	1.85%
Weighted Average Years to Maturity		22 days	1 month 20 days
Credit Investments: Non-Agency RMBS [Member]
Linked Transaction Disclosure [Line Items]
Current Face		$ 135,836,900	$ 257,864,071
Amortized Cost		122,943,942	232,618,716
Fair Value		124,873,523	240,529,122
Net Accrued Interest		265,216	63,371
Net Interest Income		8,689,418	13,035,620
Unrealized Gain/(Loss)		(5,819,864)	(108,905)
Net Realized Gain/(Loss)		7,717,452	(8,065,222)
Amount Included in Statement of Operations		$ 10,587,006	$ 4,861,493
Weighted Average Coupon		3.87%	3.40%
Weighted Average Life		5 years 7 months 6 days	5 years 5 months 1 day
Repurchase Agreement		$ 102,713,873	$ 199,694,315
Weighted Average Interest Rate		1.74%	1.89%
Weighted Average Years to Maturity		18 days	1 month 24 days
CMBS [Member]
Linked Transaction Disclosure [Line Items]
Current Face		$ 15,000,000	$ 33,870,000
Amortized Cost		14,617,851	31,616,351
Fair Value		14,904,740	31,732,228
Net Accrued Interest		15,485	23,491
Net Interest Income		861,288	797,427
Unrealized Gain/(Loss)		235,185	153,478
Net Realized Gain/(Loss)		820,037	(201,790)
Amount Included in Statement of Operations		$ 1,916,510	$ 749,115
Weighted Average Coupon		2.12%	1.71%
Weighted Average Life		9 months 4 days	3 years 11 days
Repurchase Agreement		$ 10,650,000	$ 23,152,000
Weighted Average Interest Rate		1.68%	1.47%
Weighted Average Years to Maturity		29 days	11 days

Derivatives (Details Textual)

Derivatives (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Securities Held as Collateral, at Fair Value	$ 1,800,000	$ 3,900,000
Linked transactions, net, at fair value	0	26,695,091
Linked Securities Fair Value		139,778,263	$ 272,261,350
Interest payable	2,731,846	2,461,494	86,862
Derivative Assets Before Accrued Interest	3,195,522	14,849,982
Derivative Assets Accrued Interest	1,440,055	(3,467,360)
Derivative Assets, At Fair Value	1,755,467	11,382,622
Derivative Liabilities Before Accrued Interest	(5,493,311)	(7,506,798)
Derivative Liabilities Accrued Interest	(1,370,459)	(1,101,411)
Derivative Liability	(6,863,770)	(8,608,209)
Unrealized Gain (Loss) on Securities	(12,180,501)	72,480,056	(84,195,306)
Due to Correspondent Brokers	2,740,461	4,015,152
Interest Receivable	11,154,785	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	400,000	280,701
Interest Receivable	100,000
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] | Real Estate [Member]
Derivative [Line Items]
Pledged Assets Separately Reported, Real Estate Pledged as Collateral, at Fair Value	4,900,000	7,200,000
Credit Investments: Non-Agency RMBS [Member]
Derivative [Line Items]
Securities Held as Collateral, at Fair Value	124,900,000
Repurchase Agreement Borrowing Security	113,400,000
Linked Securities Fair Value		124,873,523	240,529,122
Interest payable		265,216	63,371
CMBS [Member]
Derivative [Line Items]
Securities Held as Collateral, at Fair Value	14,900,000
Linked Securities Fair Value		14,904,740	31,732,228
Interest payable		15,485	$ 23,491
TBA [Member]
Derivative [Line Items]
Unrealized Gain (Loss) on Securities	2,200,000	3,500,000
Unrealized Loss on Securities	1,900,000	3,500,000
Due to Correspondent Brokers	77,500,000	235,200,000
Cash [Member] | Derivative [Member]
Derivative [Line Items]
Pledged Assets Separately Reported, Real Estate Pledged as Collateral, at Fair Value	$ 15,300,000	$ 21,100,000

Earnings per Share (Details)

Earnings per Share (Details) - shares	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Warrant or Right [Line Items]
Outstanding warrants	1,007,500	1,007,500	1,007,500
Common stock, shares outstanding	28,286,210	28,386,015
Restricted Stock [Member] | Manager [Member]
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	0	0	10,064
Restricted Stock [Member] | Directors [Member]
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	0	0	2,500
Restricted Stock Units (RSUs) [Member] | Manager [Member]
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	40,006	60,000	0

Earnings per Share (Details 1)

Earnings per Share (Details 1) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income/(loss) available to common stockholders for basic and diluted earnings per share	$ (3,855,055)	$ (3,665,002)	$ (1,526,910)	$ 9,396,088	$ 11,287,077	$ 19,022,258	$ 37,797,929	$ 27,818,888	$ 349,121	$ 95,926,152	$ (45,048,052)
Denominator:
Basic weighted average common shares outstanding (in shares)									28,398,718	28,379,782	28,022,565
Dilutive effect of restricted stock units (in shares)									11,190	44,386	0
Dilutive weighted average common shares outstanding (in shares)									28,409,908	28,424,168	28,022,565
Basic Earnings/(Loss) Per Share of Common Stock: (in dollars per share)	$ (0.14)	$ (0.13)	$ (0.05)	$ 0.33	$ 0.40	$ 0.67	$ 1.33	$ 0.98	$ 0.01	$ 3.38	$ (1.61)
Diluted Earnings/(Loss) Per Share of Common Stock: (in dollars per share)	$ (0.14)	$ (0.13)	$ (0.05)	$ 0.33	$ 0.40	$ 0.67	$ 1.33	$ 0.98	$ 0.01	$ 3.37	$ (1.61)

Earnings per Share (Details 2)

Earnings per Share (Details 2) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Stock One [Member]
Declaration Date	Mar. 12, 2015	Mar. 5, 2014	Mar. 5, 2013
Record Date	Mar. 23, 2015	Mar. 18, 2014	Mar. 18, 2013
Payment Date	Apr. 30, 2015	Apr. 28, 2014	Apr. 26, 2013
Dividend Per Share	$ 0.60	$ 0.60	$ 0.80
Common Stock Two [Member]
Declaration Date	Jun. 11, 2015	Jun. 9, 2014	Jun. 6, 2013
Record Date	Jun. 22, 2015	Jun. 19, 2014	Jun. 18, 2013
Payment Date	Jul. 31, 2015	Jul. 28, 2014	Jul. 26, 2013
Dividend Per Share	$ 0.60	$ 0.60	$ 0.80
Common Stock Three [Member]
Declaration Date	Sep. 10, 2015	Sep. 11, 2014	Sep. 9, 2013
Record Date	Sep. 21, 2015	Sep. 22, 2014	Sep. 19, 2013
Payment Date	Oct. 30, 2015	Oct. 27, 2014	Oct. 28, 2013
Dividend Per Share	$ 0.60	$ 0.60	$ 0.60
Common Stock Four [Member]
Declaration Date	Dec. 10, 2015	Dec. 4, 2014	Dec. 5, 2013
Record Date	Dec. 21, 2015	Dec. 18, 2014	Dec. 18, 2013
Payment Date	Jan. 29, 2016	Jan. 27, 2015	Jan. 27, 2014
Dividend Per Share	$ 0.475	$ 0.60	$ 0.60

Earnings per Share (Details 3)

Earnings per Share (Details 3) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Series A Preferred Stock One [Member]
Dividend	8.25%	8.25%	8.25%
Declaration Date	Feb. 12, 2015	Feb. 14, 2014	Feb. 14, 2013
Record Date	Feb. 27, 2015	Feb. 28, 2014	Feb. 28, 2013
Payment Date	Mar. 17, 2015	Mar. 17, 2014	Mar. 18, 2013
Dividend Per Share	$ 0.51563	$ 0.51563	$ 0.51563
Series A Preferred Stock Two [Member]
Dividend	8.25%	8.25%	8.25%
Declaration Date	May 14, 2015	May 15, 2014	May 14, 2013
Record Date	May 29, 2015	May 30, 2014	May 31, 2013
Payment Date	Jun. 17, 2015	Jun. 17, 2014	Jun. 17, 2013
Dividend Per Share	$ 0.51563	$ 0.51563	$ 0.51563
Series A Preferred Stock Three [Member]
Dividend	8.25%	8.25%	8.25%
Declaration Date	Aug. 14, 2015	Aug. 14, 2014	Aug. 15, 2013
Record Date	Aug. 31, 2015	Aug. 29, 2014	Aug. 30, 2013
Payment Date	Sep. 17, 2015	Sep. 17, 2014	Sep. 17, 2013
Dividend Per Share	$ 0.51563	$ 0.51563	$ 0.51563
Series A Preferred Stock Four [Member]
Dividend	8.25%	8.25%	8.25%
Declaration Date	Nov. 13, 2015	Nov. 12, 2014	Nov. 14, 2013
Record Date	Nov. 30, 2015	Nov. 28, 2014	Nov. 29, 2013
Payment Date	Dec. 17, 2015	Dec. 17, 2014	Dec. 17, 2013
Dividend Per Share	$ 0.51563	$ 0.51563	$ 0.51563
Series B Preferred Stock one [Member]
Dividend	8.00%	8.00%	8.00%
Declaration Date	Feb. 12, 2015	Feb. 14, 2014	Feb. 14, 2013
Record Date	Feb. 27, 2015	Feb. 28, 2014	Feb. 28, 2013
Payment Date	Mar. 17, 2015	Mar. 17, 2014	Mar. 18, 2013
Dividend Per Share	$ 0.50	$ 0.50	$ 0.50
Series B Preferred Stock Two [Member]
Dividend	8.00%	8.00%	8.00%
Declaration Date	May 14, 2015	May 15, 2014	May 14, 2013
Record Date	May 29, 2015	May 30, 2014	May 31, 2013
Payment Date	Jun. 17, 2015	Jun. 17, 2014	Jun. 17, 2013
Dividend Per Share	$ 0.50	$ 0.50	$ 0.50
Series B Preferred Stock Three [Member]
Dividend	8.00%	8.00%	8.00%
Declaration Date	Aug. 14, 2015	Aug. 14, 2014	Aug. 15, 2013
Record Date	Aug. 31, 2015	Aug. 29, 2014	Aug. 30, 2013
Payment Date	Sep. 17, 2015	Sep. 17, 2014	Sep. 17, 2013
Dividend Per Share	$ 0.50	$ 0.50	$ 0.50
Series B Preferred Stock Four [Member]
Dividend	8.00%	8.00%	8.00%
Declaration Date	Nov. 13, 2015	Nov. 12, 2014	Nov. 14, 2013
Record Date	Nov. 30, 2015	Nov. 28, 2014	Nov. 29, 2013
Payment Date	Dec. 17, 2015	Dec. 17, 2014	Dec. 17, 2013
Dividend Per Share	$ 0.50	$ 0.50	$ 0.50

Earnings per Share (Details Tex

Earnings per Share (Details Textual)	12 Months Ended
	Dec. 31, 2013shares
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	45,736
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	316

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	3 Months Ended				12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Excise Tax Expenses					$ 1,700,000	$ 1,700,000
Income Tax Expense (Benefit)	$ 0	$ (172,709)	$ 92,795	$ 0	$ 0	$ (79,914)	$ 3,041,616
Sale Of Investment [Member]
Income Tax Expense (Benefit)							$ 3,000,000

Related Party Transactions (Det

Related Party Transactions (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Related Party Transaction [Line Items]
Outstanding at beginning of year Shares of Restricted Common Stock and Restricted Stock Units	82,426		30,376		36,728
Granted Shares of Restricted Common Stock and Restricted Stock Units	6,916	[1]	67,796	[1]	7,064	[2]
Cancelled/forfeited Shares of Restricted Common Stock and Restricted Stock Units	0		0		0
Unrestricted at end of year Shares of Restricted Common Stock and Restricted Stock Units	(19,994)		(15,746)		(13,416)
Outstanding at end of year Shares of Restricted Common Stock and Restricted Stock Units	69,348		82,426		30,376
Unvested at end of year Shares of Restricted Common Stock and Restricted Stock Units	40,006		60,000		12,564
Outstanding at beginning of year Weighted Average Grant Date Fair Value	$ 19.37		$ 20.25		$ 20.14
Granted Weighted Average Grant Date Fair Value	17.34	[1]	18.68	[1]	20.35	[2]
Cancelled/forfeited Weighted Average Grant Date Fair Value	0		0		0
Unrestricted Weighted Average Grant Date Fair Value	17.45		18.10		20
Outstanding at end of year Weighted Average Grant Date Fair Value	19.72		19.37		20.25
Unvested at end of year Weighted Average Grant Date Fair Value	$ 18.86		$ 18.86		$ 20.12
[1]	The grant date fair value of restricted stock awards was established as the average of the high and low prices of the Company's common stock at the grant date.
[2]	The grant date fair value of restricted stock awards is based on the closing market price of the Company's common stock at the grant date.

Related Party Transactions (D69

Related Party Transactions (Details Textual) - USD ($)	Jul. 06, 2011	Jul. 31, 2015	Jul. 31, 2014	Jul. 06, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	May. 31, 2015	Dec. 31, 2012
Related Party Transaction [Line Items]
Management fee to affiliate					$ 2,480,290	$ 2,481,816	$ 2,502,091	$ 2,507,090	$ 2,532,626	$ 2,548,601	$ 2,507,487	$ 2,500,525	$ 9,971,287	$ 10,089,239	$ 10,688,725
Noninterest Expense Directors Fees													90,000
Non Reimbursable expenses Incurred By Manager													$ 7,100,000	6,900,000	$ 6,500,000
Management Fee Percentage					1.50%								1.50%
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized					$ 300,000								$ 300,000
Investments in and Advances to Affiliates, at Fair Value					43,040,191				$ 20,345,131				43,040,191	$ 20,345,131
Fees Paid to Asset Manager													120,000
Investment in Affiliates [Member]
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value					7,600,000								7,600,000
Arms Length Transaction One [Member]
Related Party Transaction [Line Items]
Ownership Interest in Assets Contributed to Securitization		7.50%														10.00%
Arms Length Transaction One [Member] | Non-Agency [Member]
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value					3,000,000								3,000,000
Arms Length Transaction Two [Member]
Related Party Transaction [Line Items]
Ownership Interest in Assets Contributed to Securitization		0.00%														0.00%
Arms Length Transaction Two [Member] | Non-Agency [Member]
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value					$ 5,200,000								$ 5,200,000
Ainsberg [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	500
Common Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period Shares Restricted Stock Award And Amortization Of Equity Based Compensation Gross													26,910	20,360	21,980
Restricted Stock [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value													$ 500,000	$ 400,000	$ 400,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition													12 months
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount													$ 300,000	$ 400,000	$ 400,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period													19,994	15,746	13,416
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number					69,348				82,426				69,348	82,426	30,376		36,728
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					142,226								142,226
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, 2015 [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares													20,000
Manager [Member] | July 1, 2016 [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares													20,000
Manager [Member] | July 1, 2017 [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares													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
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		20,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number					40,000								40,000
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) - Repurchase [Member]	12 Months Ended
	Dec. 31, 2015$ / sharesshares	[1]
Stock Repurchased During Period, Shares	126,715
Shares Issued, Price Per Share | $ / shares	$ 13.19	[2]
Maximum [Member]
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation	23,328,521	[3]
Publicly Announced Program [Member]
Stock Repurchased During Period, Shares	126,715
December Purchases [Member]
Stock Repurchased During Period, Shares	126,715
Shares Issued, Price Per Share | $ / shares	$ 13.19	[2]
December Purchases [Member] | Maximum [Member]
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation	23,328,521	[3]
December Purchases [Member] | Publicly Announced Program [Member]
Stock Repurchased During Period, Shares	126,715
[1]	Based on trade date. The Program was announced on November 4, 2015. The Program does not have an expiration date.
[2]	Includes brokerage commissions and clearing fees
[3]	The maxmium dollar amount auhorized was $25.0 million.

Equity (Details Textual)

Equity (Details Textual) - USD ($)	Sep. 06, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jul. 13, 2012
Class of Stock [Line Items]
Capital Available For Issuance		$ 750,000,000			$ 1,000,000,000
Payments for Repurchase of Common Stock		472,892	$ 0	$ 0
Treasury Stock, Value, Acquired, Cost Method		1,700,000
Stock Repurchase Program, Authorized Amount		25,000,000
Employee Stock Option [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				20,101
Employee Stock Option One [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				196,250
Proceeds from Warrant Exercises				$ 4,000,000
Repurchase [Member]
Class of Stock [Line Items]
Payments for Repurchase of Common Stock		$ 126,715
Shares Issued, Price Per Share		$ 13.19
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		23,300,000
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 B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value (in dollars per share)		$ 25
Dividend		8.00%
Private Placement [Member]
Class of Stock [Line Items]
Sale of Stock, Price Per Share		$ 20
Sale of Stock, Number of Shares Issued in Transaction		3,205,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		0.5
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 20.50

Quarterly Results (Unaudited)72

Quarterly Results (Unaudited) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Interest Income
Interest income	$ 34,108,727	$ 33,506,151	$ 37,278,271	$ 36,380,265	$ 35,153,380	$ 36,197,633	$ 36,079,435	$ 34,142,740	$ 141,273,414	$ 141,573,188	$ 151,000,673
Interest expense	7,634,768	8,506,994	7,574,429	7,514,178	6,747,312	6,819,731	6,783,768	6,146,587	31,230,369	26,497,398	25,553,273
Interest Income (Expense), Net	26,473,959	24,999,157	29,703,842	28,866,087	28,406,068	29,377,902	29,295,667	27,996,153	110,043,045	115,075,790	125,447,400
Other Income
Net realized gain/(loss)	(634,729)	(4,710,086)	(2,153,328)	(9,649,926)	(5,623,767)	10,539,221	(1,826,360)	548,860	(17,148,069)	3,637,954	(115,594,848)
Income/(loss) from linked transactions, net					1,485,473	3,481,936	3,409,366	4,126,741
Realized loss on periodic interest settlements of derivative instruments, net	(3,174,431)	(3,340,497)	(3,228,729)	(3,461,227)	(4,919,237)	(5,260,449)	(5,773,644)	(6,307,857)	(13,204,884)	(22,261,187)	(27,912,227)
Unrealized gain/(loss) on real estate securities and loans, net	(28,733,677)	7,238,103	(22,256,001)	11,259,718	19,916,461	(19,457,277)	42,653,828	29,367,044	(12,180,501)	(51,255,430)	89,112,320
Unrealized gain/(loss) on derivative and other instruments, net	10,464,596	(19,523,287)	5,798,988	(8,920,798)	(17,616,139)	9,459,244	(23,917,820)	(19,180,715)	(32,491,857)	72,480,056	(84,195,306)
Total other income (loss)	(22,078,241)	(20,335,767)	(21,839,070)	(10,772,233)	(6,757,209)	(1,237,325)	14,545,370	8,554,073	(75,025,311)	15,104,909	(132,979,452)
Expenses
Management fee to affiliate	2,480,290	2,481,816	2,502,091	2,507,090	2,532,626	2,548,601	2,507,487	2,500,525	9,971,287	10,089,239	10,688,725
Other operating expenses	2,602,513	3,390,191	3,285,942	3,077,998	3,351,249	3,140,272	2,739,225	2,643,681	12,356,644	11,874,427	10,844,988
Servicing fees	109,999	174,999	144,999	174,999	191,786	157,016	162,717	0	604,996	511,519	0
Equity based compensation to affiliate	0	51,069	36,738	76,680	68,910	67,562	73,586	81,073	164,487	291,131	251,447
Excise tax	375,000	375,000	375,000	375,000	375,000	533,539	375,000	500,000	1,500,000	1,783,539	1,483,630
Total expenses	5,567,802	6,473,075	6,344,770	6,211,767	6,519,571	6,446,990	5,858,015	5,725,279	24,597,414	24,549,855	23,268,790
Income/(loss) before income tax benefit/(expense) and equity in earnings/(loss) from affiliates	(1,172,084)	(1,809,685)	1,520,002	11,882,087	15,129,288	21,693,587	37,983,022	30,824,947	10,420,320	105,630,844	(30,800,842)
Income tax benefit/(expense)					0	172,709	(92,795)	0	0	79,914	(3,041,616)
Equity in earnings/(loss) from affiliates	684,383	1,512,037	320,442	881,355	(474,857)	523,316	3,275,056	361,295
Net Income/(Loss)	(487,701)	(297,648)	1,840,444	12,763,442	14,654,431	22,389,612	41,165,283	31,186,242	13,818,537	109,395,568	(31,578,636)
Dividends on preferred stock	3,367,354	3,367,354	3,367,354	3,367,354	3,367,354	3,367,354	3,367,354	3,367,354	13,469,416	13,469,416	13,469,416
Net Income/(Loss) Available to Common Stockholders	$ (3,855,055)	$ (3,665,002)	$ (1,526,910)	$ 9,396,088	$ 11,287,077	$ 19,022,258	$ 37,797,929	$ 27,818,888	$ 349,121	$ 95,926,152	$ (45,048,052)
Earnings/(Loss) Per Share of Common Stock
Basic (in dollars per share)	$ (0.14)	$ (0.13)	$ (0.05)	$ 0.33	$ 0.40	$ 0.67	$ 1.33	$ 0.98	$ 0.01	$ 3.38	$ (1.61)
Diluted (in dollars per share)	$ (0.14)	$ (0.13)	$ (0.05)	$ 0.33	$ 0.40	$ 0.67	$ 1.33	$ 0.98	$ 0.01	$ 3.37	$ (1.61)