AG Mortgage Investment Trust, I (MITT) 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 24, 2017
Document Information [Line Items]
Entity Registrant Name	AG Mortgage Investment Trust, Inc.
Entity Central Index Key	1,514,281
Trading Symbol	MITT
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		27,828,441

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Assets
Residential mortgage loans, at fair value - $20,943,195 and $31,031,107 pledged as collateral, respectively	$ 23,455,233	$ 38,195,576
Commercial loans, at fair value - $32,800,000 pledged as collateral	57,294,106	60,068,800
Investments in debt and equity of affiliates	84,711,002	72,215,919
Excess mortgage servicing rights, at fair value	2,786,501	412,648
Cash and cash equivalents	29,150,477	52,469,891
Restricted cash	48,109,840	26,583,527
Interest receivable	10,164,621	8,570,383
Receivable on unsettled trades - $0 and $3,057,814 pledged as collateral, respectively	0	3,633,161
Receivable under reverse repurchase agreements	0	22,680,000
Derivative assets, at fair value	3,129,277	3,703,366
Other assets	3,295,079	5,600,341
Due from broker	4,233,927	945,304
Total Assets	3,234,514,919	2,628,644,566
Liabilities
Repurchase agreements	2,256,742,388	1,900,509,806
Securitized debt, at fair value	18,778,169	21,491,710
Loan participation payable, at fair value	0	1,800,000
Obligation to return securities borrowed under reverse repurchase agreements, at fair value	0	22,365,000
Payable on unsettled trades	250,732,846	0
Interest payable	3,585,468	2,570,854
Derivative liabilities, at fair value	1,769,032	2,907,255
Dividend payable	13,205,483	13,157,573
Due to affiliates	4,300,944	3,967,622
Accrued expenses	1,007,454	1,068,779
Taxes payable	801,883	1,717,883
Due to broker	459,557	1,211,694
Total Liabilities	2,551,383,224	1,972,768,176
Stockholders' Equity
Common stock, par value $0.01 per share; 450,000,000 shares of common stock authorized and 27,805,162 and 27,700,154 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	278,053	277,002
Additional paid-in capital	578,340,378	576,276,322
Retained earnings/(deficit)	(56,700,741)	(81,890,939)
Total Stockholders' Equity	683,131,695	655,876,390
Total Liabilities & Stockholders' Equity	3,234,514,919	2,628,644,566
8.25 % Series A Cumulative Redeemable Preferred Stock [Member]
Stockholders' Equity
Preferred stock - $0.01 par value; 50,000,000 shares authorized:	49,920,772	49,920,772
8.00 % Series B Cumulative Redeemable Preferred Stock [Member]
Stockholders' Equity
Preferred stock - $0.01 par value; 50,000,000 shares authorized:	111,293,233	111,293,233
Agency [Member]
Assets
Real estate securities, at fair value:	1,601,265,257	1,057,663,726
Non-Agency [Member]
Assets
Real estate securities, at fair value:	1,106,818,817	1,043,017,308
ABS [Member]
Assets
Real estate securities, at fair value:	47,917,356	21,231,956
CMBS [Member]
Assets
Real estate securities, at fair value:	$ 212,183,426	$ 211,652,660

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - USD ($)	Jun. 30, 2017	Dec. 31, 2016
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	27,805,162	27,700,154
Common stock, shares outstanding	27,805,162	27,700,154
Trade Accounts Receivable [Member]
Investments Pledged As Collateral (in dollars)	$ 0	$ 3,057,814
Residential mortgage loans [Member]
Loans Pledged as Collateral (in dollars)	20,943,195	31,031,107
Commercial loans [Member]
Loans Pledged as Collateral (in dollars)	32,800,000	32,800,000
Agency [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	1,266,254,543	972,232,174
Non-Agency [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	1,078,998,578	990,985,143
ABS [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	26,777,004	21,231,956
CMBS [Member]
Real estate securities, at fair value, pledged as collateral (in dollars)	$ 203,968,254	$ 201,464,058
8.25% Series A Cumulative Redeemable Preferred Stock [Member]
Preferred Stock, Shares Issued	2,070,000	2,070,000
Preferred Stock, Shares Outstanding	2,070,000	2,070,000
Preferred Stock, Liquidation Preference, Value (in dollars)	$ 51,750,000	$ 51,750,000
8.00% Series B Cumulative Redeemable Preferred Stock [Member]
Preferred Stock, Shares Issued	4,600,000	4,600,000
Preferred Stock, Shares Outstanding	4,600,000	4,600,000
Preferred Stock, Liquidation Preference, Value (in dollars)	$ 115,000,000	$ 115,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net Interest Income
Interest income	$ 31,220,535	$ 30,200,296	$ 59,180,427	$ 60,897,454
Interest expense	10,201,393	8,396,997	18,362,805	16,957,296
Interest Income (Expense), Net	21,019,142	21,803,299	40,817,622	43,940,158
Other Income
Net realized gain/(loss)	(10,121,477)	(5,317,085)	(12,549,564)	(18,303,743)
Realized loss on periodic interest settlements of derivative instruments, net	(1,857,542)	(1,607,539)	(3,467,519)	(3,985,314)
Unrealized gain/(loss) on real estate securities and loans, net	25,546,552	10,958,117	38,297,116	19,798,887
Unrealized gain/(loss) on derivative and other instruments, net	1,927,169	202,572	1,801,297	(11,753,430)
Other income	3,845	1,995	31,882	27,386
Total other income (loss)	15,498,547	4,238,060	24,113,212	(14,216,214)
Expenses
Management fee to affiliate	2,443,780	2,420,782	4,919,596	4,870,925
Other operating expenses	2,851,353	2,664,252	5,644,587	5,711,064
Servicing fees	86,001	106,974	162,002	237,344
Equity based compensation to affiliate	87,540	87,183	165,018	142,154
Excise tax	375,000	375,000	750,000	750,000
Total expenses	5,843,674	5,654,191	11,641,203	11,711,487
Income/(loss) before equity in earnings/(loss) from affiliates	30,674,015	20,387,168	53,289,631	18,012,457
Equity in earnings/(loss) from affiliates	2,497,116	689,973	4,999,162	620,257
Net Income/(Loss)	33,171,131	21,077,141	58,288,793	18,632,714
Dividends on preferred stock	3,367,354	3,367,354	6,734,708	6,734,708
Net Income/(Loss) Available to Common Stockholders	$ 29,803,777	$ 17,709,787	$ 51,554,085	$ 11,898,006
Earnings/(Loss) Per Share of Common Stock
Basic (in dollars per share)	$ 1.08	$ 0.63	$ 1.86	$ 0.42
Diluted (in dollars per share)	$ 1.07	$ 0.63	$ 1.86	$ 0.42
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	27,724,183	28,038,953	27,713,104	28,155,441
Diluted (in shares)	27,731,325	28,054,454	27,720,309	28,170,433

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, 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
Repurchase of common stock	(5,867,778)	$ (4,329)	0	0	(5,863,449)	0
Repurchase of common stock (in shares)		(432,853)
Grant of restricted stock and amortization of equity based compensation	202,091	$ 46	0	0	202,045	0
Grant of restricted stock and amortization of equity based compensation (in shares)		4,636
Common dividends declared	(26,655,902)	$ 0	0	0	0	(26,655,902)
Preferred Series A dividends declared	(2,134,708)	0	0	0	0	(2,134,708)
Preferred Series B dividends declared	(4,600,000)	0	0	0	0	(4,600,000)
Net Income/(Loss)	18,632,714	0	0	0	0	18,632,714
Balance at Jun. 30, 2016	646,521,130	$ 278,580	49,920,772	111,293,233	578,920,591	(93,892,046)
Balance (in shares) at Jun. 30, 2016		27,857,993
Balance at Dec. 31, 2016	655,876,390	$ 277,002	49,920,772	111,293,233	576,276,322	(81,890,939)
Balance (in shares) at Dec. 31, 2016		27,700,154
Net proceeds from issuance of common stock	1,780,185	$ 1,000	0	0	1,779,185	0
Net proceeds from issuance of common stock (in shares)		99,932
Grant of restricted stock and amortization of equity based compensation	284,922	$ 51	0	0	284,871	0
Grant of restricted stock and amortization of equity based compensation (in shares)		5,076
Common dividends declared	(26,363,887)	$ 0	0	0	0	(26,363,887)
Preferred Series A dividends declared	(2,134,708)	0	0	0	0	(2,134,708)
Preferred Series B dividends declared	(4,600,000)	0	0	0	0	(4,600,000)
Net Income/(Loss)	58,288,793	0	0	0	0	58,288,793
Balance at Jun. 30, 2017	$ 683,131,695	$ 278,053	$ 49,920,772	$ 111,293,233	$ 578,340,378	$ (56,700,741)
Balance (in shares) at Jun. 30, 2017		27,805,162

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows from Operating Activities
Net income/(loss)	$ 58,288,793	$ 18,632,714
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Net amortization of premium	3,206,571	4,615,360
Net realized (gain)/loss	12,549,564	18,303,743
Unrealized (gains)/losses on real estate securities and loans, net	(38,297,116)	(19,798,887)
Unrealized (gains)/losses on derivative and other instruments, net	(1,801,297)	11,753,430
Equity based compensation to affiliate	165,018	142,154
Equity based compensation expense	119,904	59,937
Change in operating assets/liabilities:
Interest receivable	(1,617,572)	1,302,352
Other assets	555,298	700,209
Due from broker	(56,819)	(63,548)
Interest payable	1,764,770	(1,335,693)
Due to affiliates	333,322	(190,708)
Accrued expenses	(23,391)	(525,734)
Taxes payable	(916,000)	(760,000)
Net cash provided by (used in) operating activities	34,271,045	32,835,329
Cash Flows from Investing Activities
Purchase of real estate securities	(841,128,758)	(165,749,030)
Origination of commercial loans	0	(10,428,437)
Purchase of commercial loans	(10,270,833)	0
Purchase of U.S. Treasury securities	0	(358,417,649)
Purchase of excess mortgage servicing rights	(2,422,805)	0
Investments in debt and equity of affiliates	(14,471,397)	(12,906,210)
Proceeds from sales of real estate securities	260,894,043	131,005,232
Proceeds from sales of residential mortgage loans	13,760,936	23,267,693
Proceeds from sales of U.S. treasury securities	0	383,950,089
Distribution received from investments in debt and equity of affiliates	2,049,870	234,554
Principal repayments on real estate securities	213,297,512	171,006,146
Principal repayments on commercial loans	13,478,194	30,000,000
Principal repayments on residential mortgage loans	5,145,108	1,064,010
Net proceeds from/(payments made) on reverse repurchase agreements	22,680,932	(45,655,799)
Net proceeds from/(payments made) on sales of securities borrowed under reverse repurchase agreements	(22,413,242)	45,281,749
Net settlement of interest rate swaps and other instruments	(12,598,178)	(5,606,515)
Net settlement of TBAs	1,331,055	25,039
Proceeds from redemption of FHLBC Stock	0	8,013,900
Cash flows provided by/(used in) other investing activities	3,397,769	(229,607)
Restricted cash provided by/(used in) investing activities	(26,172,528)	(3,858,092)
Net cash provided by/(used in) investing activities	(393,442,322)	190,997,073
Cash Flows from Financing Activities
Repurchase of common stock	0	(7,066,364)
Net proceeds from issuance of common stock	1,830,184	0
Borrowings under repurchase agreements	14,939,399,850	47,385,733,895
Borrowings under FHLBC advances	0	147,215,991
Repayments of repurchase agreements	(14,577,400,121)	(47,170,701,353)
Repayments of FHLBC advances	0	(544,109,991)
Proceeds from transfer of loan participation	0	1,564,266
Repayments of loan participation	(1,800,000)	0
Net collateral received from/(paid to) derivative counterparty	1,996,906	(15,111,367)
Net collateral received from/(paid to) repurchase counterparty	4,875,729	7,941,766
Dividends paid on common stock	(26,315,977)	(26,919,494)
Dividends paid on preferred stock	(6,734,708)	(6,734,708)
Net cash provided by/(used in) financing activities	335,851,863	(228,187,359)
Net change in cash and cash equivalents	(23,319,414)	(4,354,957)
Cash and cash equivalents, Beginning of Period	52,469,891	46,253,291
Cash and cash equivalents, End of Period	29,150,477	41,898,334
Supplemental disclosure of cash flow information:
Cash paid for interest on repurchase agreements and FHLBC advances	16,736,898	15,953,483
Cash paid for income tax	1,727,709	1,572,625
Supplemental disclosure of non-cash financing and investing activities:
Principal repayments on real estate securities not yet received	9,879,692	0
Principal repayments on residential mortgage loans not yet received	447,676	0
Common stock dividends declared but not paid	13,205,483	13,232,547
Repayments of repurchase agreements not yet paid	6,537,247	0
Decrease in securitized debt	2,747,475	4,194,321
Transfer from residential mortgage loans to other assets	2,050,070	1,370,872
Transfer from investments in debt and equity of affiliates to CMBS	$ 0	$ 3,103,111

Organization

Organization	6 Months Ended
	Jun. 30, 2017
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 (collectively, “GSEs”), 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” or “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, pursuant to a management agreement. The Manager, pursuant to a delegation agreement dated as of June 29, 2011, has delegated to Angelo, Gordon the overall responsibility of its day-to-day duties and obligations arising under the management agreement. The Company conducts its operations to qualify and be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of significant accounting policies The accompanying unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain prior period amounts have been reclassified to conform to the current period’s presentation. In the opinion of management, all adjustments considered necessary for a fair statement for the interim period of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. 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 June 30, 2017 and December 31, 2016, 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 sheets. Any cash held by the Company as collateral is included in the “Due to broker” line item on the consolidated balance sheets and in cash flows from financing activities on the consolidated statement of cash flows. Any cash due to the Company in the form of principal payments is included in the “Due from broker” line item on the consolidated balance sheets and in cash flows from operating 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. Restricted cash does not include variation margin on centrally cleared derivatives. See Note 7 for more detail. The Company incurred offering costs in connection with common stock offerings. The offering costs were paid out of the proceeds of the respective offerings. Offering costs in connection with common stock offerings have been accounted for as a reduction of additional paid-in capital. 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. The three levels of the hierarchy under ASC 820 are described below: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. • Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available. Transfers between levels are assumed to occur at the beginning of the reporting period. Investments in real estate securities are recorded in accordance with ASC 320-10, “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 sheets 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 sheets 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 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 a real estate security is less than its amortized cost at the balance sheet date, the security is considered impaired, and the impairment is designated as either “temporary” or “other-than-temporary.” When a real estate security is impaired, an OTTI is considered to have occurred if (i) the Company intends to sell the security (i.e., a decision has been made as of the reporting date) or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the real estate security before recovery of its amortized cost basis, the entire amount of the impairment loss, if any, is recognized in earnings as a realized loss and the cost basis of the security is adjusted to its fair value. Additionally for securities accounted for under ASC 325-40 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 include observations of current information and events, and assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of potential credit losses. Cash flows 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. Any remaining unrealized losses on securities at June 30, 2017 do not represent other than temporary impairment 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, any unrealized losses on the Company’s Agency RMBS accounted for under ASC 320 are not due to credit losses given their explicit guarantee of principal and interest by the GSEs, but rather are 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. At purchase, the Company aggregates its mortgage loans into pools based on common risk characteristics. Once a pool of loans is assembled, its composition is maintained. 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 sheets and any periodic change in fair market value will be recorded in current period earnings on the consolidated statement of operations as a component of “Unrealized gain/(loss) on real estate securities and loans, net.” The Company amortizes or accretes any premium or discount over the life of the related loan utilizing the effective interest method. On at least a quarterly basis, the Company evaluates the collectability of both interest and principal of each loan, if circumstances warrant, to determine whether they are impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated and recorded accordingly. Income recognition is suspended for loans at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. When the Company purchases mortgage loans with evidence of credit deterioration since origination and it determines that it is probable it will not collect all contractual cash flows on those loans, it will apply the guidance found in ASC 310-30. 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. A majority of the Company’s investments held through affiliated entities are comprised of real estate securities and loans. These underlying entities have chosen to make a fair value election on their financial instruments pursuant to ASC 825; as such, the Company will treat these investments consistently with this election. As of June 30, 2017 and December 31, 2016, these investments had a fair market value of $ 75.3 69.0 In December 2015, the Company, alongside private funds under the management of Angelo, Gordon, through AG Arc LLC, one of the Company’s indirect subsidiaries (“AG Arc”), formed Arc Home LLC (“Arc Home”). The Company invests in Arc Home through AG Arc, and has chosen to make a fair value election on AG Arc pursuant to ASC 825. As of June 30, 2017 and December 31, 2016, the Company’s interest in AG Arc had a fair market value of $ 17.7 12.9 The Company’s investments in debt and equity of affiliates are recorded at fair market value on the consolidated balance sheets in the “Investments in debt and equity of affiliates” line item and periodic changes in fair market value are 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. The Company has acquired the right to receive the excess servicing spread related to excess mortgage servicing rights (“Excess MSRs”). The Company has chosen to make a fair value election pursuant to ASC 825 for Excess MSRs. Excess MSRs are recorded at fair market value on the consolidated balance sheets 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. See Note 3 for more detail. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. The company adopted ASU 2015-02 on January 1, 2016 using the modified retrospective approach, which did not require the restatement of prior periods to conform to the post-adoption presentation. The Company concluded the adoption of this guidance did not have a material impact on its financial statements. 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 transfers assets to a third party. 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. On February 12, 2016, the Company originated a $ 12.0 1.8 12.0 1.8 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 sheets or as a “financing” and will be classified as “real estate securities” on the consolidated balance sheets, 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, exclusive of interest-only securities), 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 estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment as adjusted for credit impairment, if any. Interest income on the Company’s loan portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such loans. The Company has elected to record interest in accordance with ASC 835-30-35-2 using the effective interest method for all loans accounted for under the fair value option (ASC 825). Any amortization will be reflected as an adjustment to interest income in the consolidated statement of operations. For security and loan investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30. For purposes of income recognition, the Company aggregates loans that have common risk characteristics into pools and uses a composite interest rate and expectation of cash flows expected to be collected for the pool. ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities (loans) acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected generally should be recognized prospectively through an adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected should be recognized as impairment. The Company’s accrual of interest, discount accretion and premium amortization for U.S. federal and other tax purposes differs from the financial accounting treatment of these items as described above. The Company finances the acquisition of certain assets within its portfolio through the use of repurchase agreements. Prior to March 31, 2016, the Company also financed its Agency RMBS portfolio with advances from the Federal Home Loan Bank of Cincinnati (“FHLBC Advances”) (see the following paragraph regarding the current status of the FHLBC Advances). Repurchase agreements are, and while the Company had them, FHLBC Advances were treated as collateralized financing transactions and 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”). However, in January 2016, the Federal Housing Finance Agency, the FHFA, issued RIN 2590-AA39, Members of Federal Home Loan Banks (“the Final Rule”), which expressly excludes captive insurance companies, such as MITT Insurance (“Excluded Captives”), from being eligible for membership in the FHLBC. The Final Rule prevents the FHLBC from making any new advances or extending any existing advances to Excluded Captives, subject to a defined grace period. Upon the termination of membership, the FHLB must liquidate all outstanding advances to Excluded Captives and settle all other business transactions in accordance with the Final Rule. In addition, all FHLB stock held by the terminated Excluded Captive will be repurchased or redeemed at the FHLB’s discretion. Therefore, MITT Insurance must completely wind down all business relationships with the FHLBC, including the repayment of all outstanding advances, prior to or simultaneously with the termination of MITT Insurance’s membership with the FHLBC. As a result of the Final Rule, MITT Insurance exited all FHLBC Advances and as of June 30, 2017, the Company had no outstanding advances with the FHLBC. See the “Other investments” section below for a discussion on FHLBC stock. The Company pledges certain securities or loans as collateral under repurchase agreements with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. The amounts available to be borrowed are dependent upon the fair value of the securities or loans pledged as collateral, which fluctuates with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. In response to declines in fair value of pledged assets, lenders may require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as margin calls. As of June 30, 2017 and December 31, 2016, the Company has met all margin call requirements. At June 30, 2017 and December 31, 2016 the Company owned FHLBC stock totaling $ 2,000 0.0 0.1 0.0 0.1 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, if or when hedge accounting is elected, the fair value adjustments will affect either other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings or net income depending on whether the derivative instrument is designated and qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. As of June 30, 2017 and December 31, 2016, 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 with respect to its counterparties. Refer to Footnote 7 for a discussion on the accounting for the daily receipt or payment of variation margin associated with its centrally cleared derivative instruments. During the period in which the Company unwinds a derivative, it records a realized gain/(loss) in the “Net realized gain/(loss)” line item in the consolidated statement of operations. 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 trans

Real Estate Securities

Real Estate Securities	6 Months Ended
	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Mortgage-Backed Securities Disclosure [Text Block]	3. Real Estate Securities The following tables detail the Company’s real estate securities portfolio as of June 30, 2017 and December 31, 2016. 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, Freddie Mac or Ginnie Mae. 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. Gross Unrealized (1) Weighted Average Current Face Premium / Amortized Cost Gains Losses Fair Value Coupon (2) Yield Agency RMBS: 30 Year Fixed Rate $ 1,233,190,846 $ 58,425,562 $ 1,291,616,408 $ 6,661,300 $ (3,291,092) $ 1,294,986,616 3.83 % 3.14 % Fixed Rate CMO 57,663,319 463,126 58,126,445 1,038,462 - 59,164,907 3.00 % 2.79 % ARM 191,718,640 (1,228,204) 190,490,436 3,622,858 - 194,113,294 2.35 % 2.83 % Interest Only 498,224,520 (445,487,503) 52,737,017 2,547,463 (2,284,040) 53,000,440 2.78 % 7.30 % Credit Securities: Non-Agency RMBS 1,281,602,888 (226,894,647) 1,054,708,241 52,853,377 (3,956,198) 1,103,605,420 4.29 % 5.62 % Non-Agency RMBS Interest Only 409,424,770 (405,784,066) 3,640,704 136,900 (564,207) 3,213,397 0.29 % 9.88 % ABS 48,044,846 (436,541) 47,608,305 314,649 (5,598) 47,917,356 8.37 % 8.76 % CMBS 211,054,292 (51,853,507) 159,200,785 1,361,135 (1,184,133) 159,377,787 5.46 % 6.10 % CMBS Interest Only 1,956,481,713 (1,907,452,823) 49,028,890 3,794,393 (17,644) 52,805,639 0.43 % 6.61 % Total $ 5,887,405,834 $ (2,980,248,603) $ 2,907,157,231 $ 72,330,537 $ (11,302,912) $ 2,968,184,856 2.45 % 4.43 % (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 in the consolidated statement of operations. 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, 2016: Gross Unrealized (1) Weighted Average Current Face Premium / Amortized Cost Gains Losses Fair Value Coupon (2) Yield Agency RMBS: 30 Year Fixed Rate $ 713,234,586 $ 28,338,222 $ 741,572,808 $ 3,672,057 $ (5,517,144) $ 739,727,721 3.64 % 2.99 % Fixed Rate CMO 62,570,005 531,431 63,101,436 595,962 - 63,697,398 3.00 % 2.80 % ARM 208,592,111 (1,633,175) 206,958,936 4,385,116 - 211,344,052 2.35 % 2.84 % Interest Only 416,902,327 (375,843,483) 41,058,844 3,033,926 (1,198,215) 42,894,555 2.70 % 8.26 % Credit Securities: Non-Agency RMBS 1,255,224,713 (235,346,323) 1,019,878,390 28,705,591 (9,328,119) 1,039,255,862 4.31 % 6.03 % Non-Agency RMBS Interest Only 449,759,113 (446,027,313) 3,731,800 33,512 (3,866) 3,761,446 0.25 % 12.47 % ABS 22,025,000 (357,022) 21,667,978 100,247 (536,269) 21,231,956 5.43 % 6.32 % CMBS 217,935,976 (56,549,776) 161,386,200 959,842 (2,830,108) 159,515,934 5.15 % 6.16 % CMBS Interest Only 1,967,685,636 (1,916,198,928) 51,486,708 1,001,503 (351,485) 52,136,726 0.41 % 6.48 % Total $ 5,313,929,467 $ (3,003,086,367) $ 2,310,843,100 $ 42,487,756 $ (19,765,206) $ 2,333,565,650 2.18 % 4.76 % (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 in the consolidated statement of operations. The gross unrealized stated above represents inception to date unrealized gains/(losses). (2) Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation. Less than 12 months Greater than 12 months As of Fair Value Unrealized Fair Value Unrealized June 30, 2017 $ 444,047,650 $ (7,417,197) $ 130,698,280 $ (3,885,715) December 31, 2016 756,302,518 (12,017,743) 203,287,535 (7,747,463) As described in Note 2, the Company evaluates securities for OTTI on at least a quarterly basis. The determination of whether a security is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. When the fair value of a real estate security is less than its amortized cost at the balance sheet date, the security is considered impaired, and the impairment is designated as either “temporary” or “other-than-temporary.” For the three months ended June 30, 2017 the Company recognized an OTTI charge of $ 1.8 0.9 0.9 For the six months ended June 30, 2017 the Company recognized an OTTI charge of $ 4.5 1.9 2.6 1.1 For the three months ended June 30, 2016 the Company recognized an OTTI charge of $ 3.2 3.2 0.5 For the six months ended June 30, 2016 the Company recognized an OTTI charge of $ 12.4 12.4 5.6 The decline in value of the remaining real estate securities is solely due to market conditions and not the credit quality of the assets. The investments in any remaining 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 the investments for regulatory or other reasons. Agency RMBS (1) Agency IO Credit Securities (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 $ - $ - - $ - $ - - $ 161,466,410 $ 161,334,424 2.51 % Greater than one year and less than or equal to five years 222,318,920 218,366,675 2.53 % 32,349,456 33,373,527 2.43 % 485,631,207 476,268,044 1.04 % Greater than five years and less than or equal to ten years 1,316,818,452 1,312,783,650 3.79 % 20,650,984 19,363,490 4.14 % 489,382,251 466,524,031 2.71 % Greater than ten years 9,127,445 9,082,964 3.50 % - - - 230,439,731 210,060,426 5.44 % Total $ 1,548,264,817 $ 1,540,233,289 3.60 % $ 53,000,440 $ 52,737,017 2.78 % $ 1,366,919,599 $ 1,314,186,925 1.95 % (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 Securities 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 broken out by Agency RMBS, Agency IO and Credit Securities as of December 31, 2016: Agency RMBS (1) Agency IO Credit Securities (2) Weighted Average Life (3) Fair Value Amortized Cost Weighted Fair Value Amortized Cost Weighted Fair Value Amortized Cost Weighted Less than or equal to 1 year $ - $ - - $ - $ - - $ 169,483,329 $ 170,533,908 2.09 % Greater than one year and less than or equal to five years 124,913,463 123,021,262 2.73 % 28,514,942 27,995,835 2.23 % 430,525,739 430,108,024 0.94 % Greater than five years and less than or equal to ten years 808,271,767 806,474,038 3.44 % 14,379,613 13,063,009 5.14 % 425,043,315 418,094,774 2.30 % Greater than ten years 81,583,941 82,137,880 3.10 % - - - 250,849,541 239,414,370 5.88 % Total $ 1,014,769,171 $ 1,011,633,180 3.32 % $ 42,894,555 $ 41,058,844 2.70 % $ 1,275,901,924 $ 1,258,151,076 1.82 % (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 Securities 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 three months ended June 30, 2017, the Company sold 15 141.8 0.5 1.4 30 260.9 1.0 2.1 For the three months ended June 30, 2016, the Company sold 4 101.1 0.8 0.2 10 131.0 0.8 1.6 See Notes 4 and 7 for amounts realized on sales of loans and the settlement of certain derivatives, respectively. 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. See Note 2 for more detail. The Company previously 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 that the VIE created to facilitate the resecuritization transaction should be consolidated by the Company and treated as a secured borrowing, based on the Company’s involvement in the VIE, including the design and purpose of the SPE, and whether the Company’s involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of the VIE. As of June 30, 2017 and December 31, 2016, the resecuritized asset had an aggregate principal balance of $ 28.4 31.5 24.9 27.4 18.8 21.6 18.8 21.5 3.22 3.15 6.97 6.73 18.8 21.5 3.02 3.27 3.78 3.87

Loans

Loans	6 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Financing Receivables [Text Block]	4. Loans Residential mortgage loans The table below details certain information regarding the Company’s residential mortgage loan portfolio as of June 30, 2017: Gross Unrealized (1) Weighted Average Unpaid Principal Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) (2) Residential mortgage loans $ 32,360,883 $ (9,714,756) $ 22,646,127 $ 1,357,708 $ (548,602) $ 23,455,233 6.13 % 9.86 % 5.90 (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 columns above represent inception to date unrealized gains (losses). (2) Actual maturities of residential mortgage loans are generally shorter than stated contractual maturities. Actual 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, 2016: Gross Unrealized (1) Weighted Average Unpaid Principal Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) (2) Residential mortgage loans $ 53,827,336 $ (16,491,472) $ 37,335,864 $ 1,262,223 $ (402,511) $ 38,195,576 5.60 % 8.74 % 6.71 (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 columns above represent inception to date unrealized gains (losses). (2) Actual maturities of residential mortgage loans are generally shorter than stated contractual maturities. Actual maturities are affected by the lives of the underlying mortgages, periodic payments of principal and prepayments of principal. June 30, 2017 December 31, 2016 Loan Type Fair Value Unpaid Principal Fair Value Unpaid Principal Re-Performing $ 15,597,028 $ 20,432,960 $ 26,665,750 $ 35,645,382 Non-Performing 7,858,205 11,927,923 11,529,826 18,181,954 $ 23,455,233 $ 32,360,883 $ 38,195,576 $ 53,827,336 As described in Note 2, the Company evaluates loans for OTTI on at least a quarterly basis. The determination of whether a loan is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. When the fair value of a loan is less than its amortized cost at the balance sheet date, the loan is considered impaired, and the impairment is designated as either “temporary” or “other-than-temporary.” For the three and six months ended June 30, 2017 the Company recognized $ 0.4 0.4 9.8 7.7 8.1 As of June 30, 2017 and December 31, 2016 the Company had residential mortgage loans that were in the process of foreclosure with a fair value of $ 9.4 11.0 Concentration of Credit Risk June 30, 2017 December 31, 2016 Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100% 92 % 98 % Percentage of fair value of mortgage loans secured by properties in the following states: Representing 5% or more of fair value: New York 31 % 25 % California 9 % 9 % Florida 3 % 5 % Maryland 6 % 6 % The Company records interest income on a level-yield basis. The accretable discount is determined by the excess of the Company’s estimate of undiscounted principal, interest, and other cash flows expected to be collected over its initial investment in the mortgage loan. Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Beginning Balance $ 18,725,471 $ 23,163,147 $ 18,281,517 $ 24,216,638 Additions - - - - Accretion (708,857) (1,140,611) (1,462,394) (2,244,638) Reclassifications from/(to) non-accretable difference 1,909,368 632,192 3,381,708 786,597 Disposals (9,584,506) (106,779) (9,859,355) (210,648) Ending Balance $ 10,341,476 $ 22,547,949 $ 10,341,476 $ 22,547,949 As of June 30, 2017, the Company’s residential mortgage loan portfolio is comprised of 170 conventional loans with original loan balances between $ 9,000 1.1 As of December 31, 2016, the Company’s residential mortgage loan portfolio is comprised of 277 conventional loans with original loan balances between $ 9,000 1.1 Commercial loans Gross Unrealized (1) Weighted Average Loan (3) (7) Current Face Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Stated Maturity Extended Location Loan B (2) 32,800,000 - 32,800,000 - - 32,800,000 5.84 % 6.21 % 2.04 July 1, 2016 July 1, 2019 TX Loan E (4) 14,521,806 (1,150,353) 13,371,453 705,987 - 14,077,440 9.51 % 12.35 % 3.48 April 9, 2017 April 9, 2021 Various Loan F (4) 10,416,666 (110,096) 10,306,570 110,096 - 10,416,666 11.60 % 13.54 % 1.21 September 9, 2018 September 9, 2019 MN 57,738,472 (1,260,449) 56,478,023 816,083 - 57,294,106 7.80 % 9.05 % 2.25 (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 columns above represent inception to date unrealized gains (losses). (2) Loan B is comprised of a first mortgage and mezzanine loan of $ 31.8 1.0 (3) Loan D paid off at par in Q1 2017. (4) Loan E and Loan F are mezzanine loans. As of the stated maturity date above, Loan E has been extended for one year. (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. (8) Represents the maturity date of the last possible extension option. The following table presents detail on the Company’s commercial loan portfolio on December 31, 2016. Gross Unrealized (1) Weighted Average Loan (2) (4) (9) Current Face Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Stated Maturity Extended Location Loan B (3) $ 32,800,000 $ (1,294) $ 32,798,706 $ 1,294 $ - $ 32,800,000 5.40 % 5.65 % 0.52 July 1, 2016 July 1, 2019 TX Loan D (5) (11) 12,000,000 (211,692) 11,788,308 296,278 (84,586) 12,000,000 10.62 % 14.33 % 0.62 February 11, 2017 August 11, 2017 NY Loan E (6) 16,000,000 (1,291,648) 14,708,352 560,448 - 15,268,800 9.05 % 12.76 % 4.33 April 9, 2017 April 9, 2021 Various $ 60,800,000 $ (1,504,634) $ 59,295,366 $ 858,020 $ (84,586) $ 60,068,800 7.39 % 9.19 % 1.54 (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 columns above represent inception to date unrealized gains (losses). (2) Loan A paid off in Q2 2016, with the Company receiving $ 30.0 (3) Loan B is comprised of a first mortgage and mezzanine loan of $ 31.8 1.0 (4) Loan C paid off in Q3 2016, with the Company receiving $ 10.0 (5) Loan D is a first mortgage loan. See below for further information. As of the stated maturity date, Loan D has been extended for an additional 6 months. (6) Loan E is a mezzanine loan. (7) Each commercial loan investment has a variable coupon rate. (8) Actual maturities of commercial mortgage loans may be shorter than stated contractual maturities. Maturities are affected by prepayments of principal. (9) The Company has the contractual right to receive a balloon payment. (10) Represents the maturity date of the last possible extension option. (11) Loan D paid off in Q1 2017. In February 2016, the Company originated a $ 12.0 15.0 1.8 10.62 14.33 1.8 10.62 21.70 12.0 0.1 0.1 0.2

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2017
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. Values for the Company’s securities, Excess MSRs, securitized debt, and derivatives 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 fair value of the Company's mortgage loans and loan participation 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. TBA instruments are similar in form to the Company’s Agency RMBS portfolio, and the Company therefore estimates fair value based on similar methods. U.S. Treasury securities are valued using quoted prices for identical instruments in active markets. The fair value of the Company’s obligation to return securities borrowed under reverse repurchase agreements is based upon the value of the underlying borrowed U.S. Treasury securities as of the reporting date. The 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 3. In December 2015, the Company, alongside private funds under the management of Angelo, Gordon, through AG Arc, formed Arc Home. The Company invests in Arc Home through AG Arc. In June 2016, Arc Home closed on the acquisition of a Fannie Mae, Freddie Mac, FHA, VA and Ginnie Mae seller/servicer of mortgages. Through this subsidiary, Arc Home originates conforming, Government, Jumbo and other non-conforming residential mortgage loans, retains the mortgage servicing rights associated with the loans it originates, and purchases additional mortgage servicing rights from third-party sellers. As a result of this acquisition, the Company transferred its investment in AG Arc from Level 1 into Level 3. In February 2016, the Company originated a $ 12.0 15 Fair Value at June 30, 2017 Level 1 Level 2 Level 3 Total Assets: Agency RMBS: 30 Year Fixed Rate $ - $ 1,294,986,616 $ - $ 1,294,986,616 Fixed Rate CMO - 59,164,907 - 59,164,907 ARM - 194,113,294 - 194,113,294 Interest Only - 53,000,440 - 53,000,440 Credit Investments: Non-Agency RMBS - 240,584,518 863,020,902 1,103,605,420 Non-Agency RMBS Interest Only - - 3,213,397 3,213,397 ABS - - 47,917,356 47,917,356 CMBS - 21,719,460 137,658,327 159,377,787 CMBS Interest Only - - 52,805,639 52,805,639 Residential mortgage loans - - 23,455,233 23,455,233 Commercial loans - - 57,294,106 57,294,106 Excess mortgage servicing rights - - 2,786,501 2,786,501 Derivative assets 697,188 2,432,089 - 3,129,277 AG Arc - - 17,712,557 17,712,557 Total Assets Carried at Fair Value $ 697,188 $ 1,866,001,324 $ 1,205,864,018 $ 3,072,562,530 Liabilities: Securitized debt $ - $ - $ (18,778,169) $ (18,778,169) Derivative liabilities - (1,769,032) - (1,769,032) Total Liabilities Carried at Fair Value $ - $ (1,769,032) $ (18,778,169) $ (20,547,201) The following table presents the Company’s financial instruments measured at fair value as of December 31, 2016: Fair Value at December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Agency RMBS: 30 Year Fixed Rate $ - $ 739,727,721 $ - $ 739,727,721 Fixed Rate CMO - 63,697,398 - 63,697,398 ARM - 211,344,052 - 211,344,052 Interest Only - 42,894,555 - 42,894,555 Credit Investments: Non-Agency RMBS - 321,495,328 717,760,534 1,039,255,862 Non-Agency RMBS Interest Only - - 3,761,446 3,761,446 ABS - - 21,231,956 21,231,956 CMBS - 28,726,319 130,789,615 159,515,934 CMBS Interest Only - - 52,136,726 52,136,726 Residential mortgage loans - - 38,195,576 38,195,576 Commercial loans - - 60,068,800 60,068,800 Excess mortgage servicing rights - - 412,648 412,648 Derivative assets - 3,703,366 - 3,703,366 AG Arc - - 12,894,819 12,894,819 Total Assets Carried at Fair Value $ - $ 1,411,588,739 $ 1,037,252,120 $ 2,448,840,859 Liabilities: Securitized debt $ - $ - $ (21,491,710) $ (21,491,710) Loan participation payable - - (1,800,000) (1,800,000) Securities borrowed under reverse repurchase agreements (22,365,000) - - (22,365,000) Derivative liabilities (636,211) (2,271,044) - (2,907,255) Total Liabilities Carried at Fair Value $ (23,001,211) $ (2,271,044) $ (23,291,710) $ (48,563,965) The Company did not have any transfers of assets or liabilities between Levels 1 and 2 of the fair value hierarchy during the three and six months ended June 30, 2017 and June 30, 2016. Three Months Ended June 30, 2017 Non-Agency Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess AG Arc Securitized Beginning balance $ 762,089,348 $ 3,557,950 $ 21,165,442 $ 122,215,294 $ 52,921,927 $ 36,255,911 $ 58,274,488 $ 1,056,123 $ 13,010,453 $ (19,948,739) Transfers (1): Transfers into level 3 70,603,992 - - - - - - - - - Transfers out of level 3 (51,307,381) - - - - - - - - - Purchases/Transfers 215,073,421 - 39,717,021 15,000,001 - - - 1,858,979 - - Capital contributions - - - - - - - - 4,459,000 - Proceeds from sales/redemptions (61,084,219) - (9,311,530) - - (9,248,143) - - - - Proceeds from settlement (86,015,924) - (3,984,154) (108,799) - (4,631,367) (1,176,506) (176,923) - 1,171,856 Total net gains/(losses) (2) Included in net income 13,661,665 (344,553) 330,577 551,831 (116,288) 1,078,832 196,124 48,322 243,104 (1,286) Included in other comprehensive income (loss) - - - - - - - - - - Ending Balance $ 863,020,902 $ 3,213,397 $ 47,917,356 $ 137,658,327 $ 52,805,639 $ 23,455,233 $ 57,294,106 $ 2,786,501 $ 17,712,557 $ (18,778,169) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2017 (3) $ 14,997,601 $ (344,553) $ (95,002) $ 897,090 $ (116,288) $ (913,062) $ 196,124 $ 48,322 $ 243,104 $ (1,286) (1) Transfers are assumed to occur at the beginning of the period. During the three months ended June 30, 2017, the Company transferred 6 Non-Agency RMBS securities into the Level 3 category from the Level 2 category and 5 Non-Agency RMBS securities into the Level 2 category from the Level 3 category under the fair value hierarchy of ASC 820. (2) 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 $ 15,783,215 Unrealized gain/(loss) on derivative and other instruments, net (1,286) Net realized gain/(loss) (376,705) Equity in earnings/(loss) from affiliates 243,104 Total $ 15,648,328 (3) 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 $ 14,670,232 Unrealized gain/(loss) on derivative and other instruments, net (1,286) Equity in earnings/(loss) from affiliates 243,104 Total $ 14,912,050 Three Months Ended June 30, 2016 Non-Agency Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess AG Arc Securitized Loan Beginning balance $ 760,004,764 $ 4,052,280 $ 64,643,140 $ 86,980,005 $ 17,126,868 $ 56,709,105 $ 84,800,000 $ 383,843 $ - $ (28,256,689) $ (1,800,000) Transfers (1): Transfers into level 3 124,939,008 - - - - - - - (316,580) - - Transfers out of level 3 - - - - - - - - - - - Purchases/Transfers 4,993,750 - 12,500,598 2,000,000 26,318,875 - - - - - - Capital contributions - - - - - - - - 5,306,210 - - Proceeds from sales/redemptions (21,677,437) - (1,511,503) (2,100,960) - - - - - - - Proceeds from settlement (53,642,972) - (559,488) (182,835) - (737,718) (30,000,000) (37,336) - 2,480,725 - Total net gains/(losses) (2) Included in net income (611,831) (1,651,548) 400,422 66,496 (140,250) (334,781) - - (501,349) (12,319) - Included in other comprehensive income (loss) - - - - - - - - - - - Ending Balance $ 814,005,282 $ 2,400,732 $ 75,473,169 $ 86,762,706 $ 43,305,493 $ 55,636,606 $ 54,800,000 $ 346,507 $ 4,488,281 $ (25,788,283) $ (1,800,000) Change in unrealized appreciation/(depreciation) for level 3 assets still held as of June 30, 2016 (3) $ 748,366 $ (522,058) $ 390,869 $ 54,752 $ (140,250) $ (334,781) $ - $ - (501,349) $ (12,319) $ - (1) Transfers are assumed to occur at the beginning of the period. During the three months ended June 30, 2016, the Company transferred 7 Non-Agency RMBS securities into the Level 3 category from the Level 2 category and its investment in AG Arc into the Level 3 category from the Level 1 category under the fair value hierarchy of ASC 820. (2) 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 $ 409,357 Unrealized gain/(loss) on derivative and other instruments, net (12,319) Net realized gain/(loss) (2,680,849) Equity in earnings/(loss) from affiliates (501,349) Total $ (2,785,160) (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 $ 196,897 Unrealized gain/(loss) on derivative and other instruments, net (12,318) Equity in earnings/(loss) from affiliates (501,349) Total $ (316,770) Six Months Ended June 30, 2017 Non-Agency Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess AG Arc Securitized Loan Beginning balance $ 717,760,534 $ 3,761,446 $ 21,231,956 $ 130,789,615 $ 52,136,726 $ 38,195,576 $ 60,068,800 $ 412,648 $ 12,894,819 $ (21,491,710) $ (1,800,000) Transfers (1): Transfers into level 3 156,247,235 - - - - - - - - - - Transfers out of level 3 (87,193,669) - - - - - - - - - - Purchases/Transfers 257,276,811 - 46,447,667 18,568,750 - - 10,270,833 2,565,344 - - - Capital contributions - - - - - - - - 4,459,000 - - Proceeds from sales/redemptions (84,759,581) - (16,977,157) (4,533,594) - (10,102,590) - - - - - Proceeds from settlement (115,376,445) - (3,984,154) (8,594,055) - (5,297,349) (13,534,402) (187,287) - 2,747,475 1,954,927 Total net gains/(losses) (2) Included in net income 19,066,017 (548,049) 1,199,044 1,427,611 668,913 659,596 488,875 (4,204) 358,738 (33,934) (154,927) Included in other comprehensive income (loss) - - - - - - - - - - - Ending Balance $ 863,020,902 $ 3,213,397 $ 47,917,356 $ 137,658,327 $ 52,805,639 $ 23,455,233 $ 57,294,106 $ 2,786,501 $ 17,712,557 $ (18,778,169) $ - Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2017 (3) $ 20,392,109 $ (548,049) $ 743,730 $ 1,857,762 $ 668,913 $ (1,401,691) $ 432,666 $ (4,204) $ 358,738 $ (33,934) $ - (1) Transfers are assumed to occur at the beginning of the period. During the six months ended June 30, 2017, the Company transferred 12 Non-Agency RMBS securities into the Level 3 category from the Level 2 category and 8 Non-Agency RMBS securities into the Level 2 category from the Level 3 category under the fair value hierarchy of ASC 820. (2) 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 $ 23,619,676 Unrealized gain/(loss) on derivative and other instruments, net (188,861) Net realized gain/(loss) (661,873) Equity in earnings/(loss) from affiliates 358,738 Total $ 23,127,680 (3) 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 $ 22,141,236 Unrealized gain/(loss) on derivative and other instruments, net (33,934) Equity in earnings/(loss) from affiliates 358,738 Total $ 22,466,040 Six Months Ended June 30, 2016 Non-Agency Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess AG Arc Securitized Loan Beginning balance $ 451,677,960 $ 5,553,734 $ 54,761,837 $ 91,024,418 $ 14,077,716 $ 57,080,227 $ 72,800,000 $ 425,311 $ - $ - $ - Transfers (1): Transfers into level 3 466,014,255 - - - - - - - (316,580) (30,046,861) - Purchases/Transfers (2) 11,717,812 - 23,698,801 2,000,000 26,348,759 - 10,428,437 - - - (1,564,266) Capital contributions - - - - - - - - 5,306,210 - - Reclassification of security type (3) - - - - 3,103,111 - - - - - - Proceeds from sales/redemptions (29,172,134) - (1,511,503) (2,100,960) - - - - - - - Proceeds from settlement (76,553,594) - (1,187,108) (1,103,203) - (1,064,010) (30,000,000) (78,804) - 4,194,321 - Total net gains/(losses) (4) Included in net income (9,679,017) (3,153,002) (288,858) (3,057,549) (224,093) (379,611) 1,571,563 - (501,349) 64,257 (235,734) Included in other comprehensive income (loss) - - - - - - - - - - - Ending Balance $ 814,005,282 $ 2,400,732 $ 75,473,169 $ 86,762,706 $ 43,305,493 $ 55,636,606 $ 54,800,000 $ 346,507 $ 4,488,281 $ (25,788,283) $ (1,800,000) Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2015 (4) $ (3,571,140) $ (1,529,325) $ (160,154) $ (2,739,373) $ (224,093) $ (379,611) $ 1,571,563 $ - $ (501,349) $ 64,257 $ (235,733) (1) Transfers are assumed to occur at the beginning of the period. During the six months ended June 30, 2016, the Company transferred 36 Non-Agency RMBS securities and its securitized debt investment into the Level 3 category from the Level 2 category and its investment in AG Arc into the Level 3 category from the Level 1 category under the fair value hierarchy of ASC 820. (2) Transfers represent proceeds from transfer of loan participation. (3) Represents a reclassification from investments in debt and equity of affiliates. (4) 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 $ (6,816,273) Unrealized gain/(loss) on derivative and other instruments, net (171,477) Net realized gain/(loss) (8,394,294) Equity in earnings/(loss) from affiliates (501,349) Total $ (15,883,393) (5) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Unrealized gain/(loss) on real estate securities and loans, net $ (7,032,133) Unrealized gain/(loss) on derivative and other instruments, net (171,476) Equity in earnings/(loss) from affiliates (501,349) Total $ (7,704,958) Refer to the tables above for details on transfers between the Level 3 and Level 2 categories under ASC 820. Transfers into the Level 3 category of the fair value hierarchy occur due to instruments exhibiting indications of reduced levels of market transparency. Transfers out of the Level 3 category of the fair value hierarchy occur due to instruments exhibiting indications of increased levels of market transparency. Indications of increases or decreases in levels of market transparency include a change in observable transactions or executable quotes involving these instruments or similar instruments. Changes in these indications could impact price transparency, and thereby cause a change in level designations in future periods. The following tables present a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value. Asset Class Fair Value at Valuation Technique Unobservable Input Range Yield 2.50% - 9.70% (4.60%) Projected Collateral Prepayments 0.00% - 35.00% (10.59%) Non-Agency RMBS $ 835,907,355 Discounted Cash Flow Projected Collateral Losses 0.00% - 30.00% (3.42%) Projected Reperforming Rates 18.81% - 47.76% (33.32%) Projected Collateral Severities 0.00% - 100.00% (28.60%) Projected Timeline to Liquidation (Months) 16.17 - 22.99 (20.30) $ 27,113,547 Consensus Pricing Offered Quotes 21.50 - 100.00 (84.17) Yield 17.50% - 17.50% (17.50%) Projected Collateral Prepayments 12.50% - 18.00% (12.79%) Non-Agency RMBS Interest Only $ 2,821,103 Discounted Cash Flow Projected Collateral Losses 0.50% - 0.75% (0.51%) Projected Collateral Severities 10.00% - 15.00% (10.26%) $ 392,294 Consensus Pricing Offered Quotes 0.74 - 0.74 (0.74) Yield 5.64% - 5.64% (5.64%) Projected Collateral Prepayments 20.00% - 40.00% (24.70%) ABS $ 17,338,510 Discounted Cash Flow Projected Collateral Losses 0.00% - 2.00% (1.53%) Projected Collateral Severities 0.00% - 50.00% (38.26%) $ 30,578,846 Consensus Pricing Offered Quotes 98.63 - 100.00 (99.56) Yield 4.33% - 8.39% (6.08%) Projected Collateral Prepayments 0.00% - 30.00% (0.28%) CMBS $ 134,438,321 Discounted Cash Flow Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) $ 3,220,006 Consensus Pricing Offered Quotes 5.60 - 6.74 (6.34) Yield 2.50% - 5.95% (4.52%) Projected Collateral Prepayments 100.00% - 100.00% (100.00%) CMBS Interest Only $ 52,805,639 Discounted Cash Flow Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Yield 6.25% - 9.00% (7.54%) Projected Collateral Prepayments 3.34% - 5.48% (4.74%) Projected Collateral Losses 5.13% - 6.70% (5.68%) Residential Mortgage Loans $ 23,455,233 Discounted Cash Flow Projected Reperforming Rates 10.22% - 42.78% (24.14%) Projected Collateral Severities 23.10% - 46.24% (38.74%) Projected Timeline to Liquidation (Months) 13.59 - 29.81 (16.63) Yield 6.21% - 6.21% (6.21%) Commercial Loans $ 32,800,000 Discounted Cash Flow Credit Spread 4.75 bps - 4.75 bps (4.75 bps) Recovery Percentage (1) 100.00% - 100.00% (100.00%) $ 24,494,106 Consensus Pricing Offered Quotes 96.94 - 100.00 (98.24) $ 2,478,235 Discounted Cash Flow Yield 9.50% - 11.73% (10.14%) Excess Mortgage Servicing Rights Projected Collateral Prepayments 8.13% - 12.74% (10.18%) $ 308,266 Consensus Pricing Offered Quotes 0.06 - 0.54 (0.49) AG Arc $ 17,712,557 Comparable Multiple Book Value Multiple 1.0x Liability Class Fair Value at Valuation Technique Unobservable Input Range Yield 3.46% - 3.46% (3.46%) Securitized debt $ (18,778,169) Discounted Cash Flow Projected Collateral Prepayments 14.00% - 14.00% (14.00%) Projected Collateral Losses 7.00% - 7.00% (7.00%) Projected Collateral Severities 40.00% - 40.00% (40.00%) (1) Represents the proportion of the principal expected to be collected relative to the loan balances as of June 30, 2017. Asset Class Fair Value at Valuation Technique Unobservable Input Range Yield 1.70% - 18.56% (5.11%) Projected Collateral Prepayments 0.00% - 35.00% (9.84%) Non-Agency RMBS $ 694,948,644 Discounted Cash Flow Projected Collateral Losses 0.00% - 38.00% (5.22%) Projected Reperforming Rates 18.53% - 46.77% (33.39%) Projected Collateral Severities 0.00% - 100.00% (38.57%) Projected Timeline to Liquidation (Months) 16.13 - 23.09 (20.72) $ 22,811,890 Consensus Pricing Offered Quotes 21.50 - 100.07 (78.89) Yield 17.50% - 17.50% (17.50%) Projected Collateral Prepayments 18.00% - 18.00% (18.00%) Non-Agency RMBS Interest Only $ 3,761,446 Discounted Cash Flow Projected Collateral Losses 0.50% - 0.50% (0.50%) Projected Collateral Severities 10.00% - 10.00% (10.00%) Yield 4.16% - 6.47% (4.98%) Projected Collateral Prepayments 1.50% - 40.00% (22.31%) ABS $ 21,231,956 Discounted Cash Flow Projected Collateral Losses 0.00% - 2.00% (0.88%) Projected Collateral Severities 0.00% - 50.00% (9.81%) Yield 3.32% - 9.16% (6.13%) Projected Collateral Prepayments 0.00% - 0.00% (0.00%) CMBS $ 121,056,008 Discounted Cash Flow Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) $ 9,733,607 Consensus Pricing Offered Quotes 5.03 - 99.81 (68.64) Yield 2.51% - 9.49% (5.85%) Projected Collateral Prepayments 100.00% - 100.00% (100.00%) CMBS Interest Only $ 52,136,726 Discounted Cash Flow Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Yield 6.50% - 8.00% (7.42%) Projected Collateral Prepayments 3.18% - 5.82% (4.51%) Residential Mortgage Loans $ 38,195,576 Discounted Cash Flow Projected Collateral Losses 5.16% - 5.32% (5.18%) Projected Reperforming Rates 9.59% - 34.53% (22.91%) Projected Collateral Severities 25.19% - 84.80% (45.34%) Projected Timeline to Liquidation (Months) 12.32 - 29.85 (14.33) Yield 5.65% - 21.70% (7.98%) Commercial Loans $ 44,800,000 Discounted Cash Flow Credit Spread 4.75 bps - 10 bps (6.16 bps) Recovery Percentage (1) 100.00% - 100.00% (100.00%) $ 15,268,800 Consensus Pricing Offered Quotes 95.43 - 95.43 (95.43) Excess Mortgage Servicing Rights $ 412,648 Consensus Pricing Offered Quotes 0.09 - 0.62 (0.55) AG Arc $ 12,894,819 Comparable Multiple Book Value Multiple 1.0x Liability Class Fair Value at Valuation Technique Unobservable Input Range Yield 3.36% - 3.36% (3.36%) Projected Collateral Prepayments 14.00% - 14.00% (14.00%) Securitized debt $ (21,491,710) Discounted Cash Flow Projected Collateral Losses 7.00% - 7.00% (7.00%) Projected Collateral Severities 40.00% - 40.00% (40.00%) Yield 21.70% - 21.70% (21.70%) Loan participation payable $ (1,800,000) Discounted Cash Flow Credit Spread 10 bps - 10 bps (10 bps) Recovery Percentage* 100.00% - 100.00% (100.00%) (1) Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2016. 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 are prepayment rates, probability of default, and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. Also as described above, valuation of the Company’s loan portfolio is determined by the Manager using third-party pricing services where available, specialized third party valuation service providers, or model-based pricing. The evaluation considers the underlying characteristics of each loan, which are observable inputs, including: coupon, maturity date, loan age, reset date, collateral type, periodic and life cap, geography, and prepayment speeds. These valuations also require significant judgments, which include assumptions regarding capitalization rates, re-performance rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management. Changes in the market environment and other events that may occur over the life of our investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently estimated. If applicable, analyses provided by valuation service providers are reviewed and considered by the Manager.

Repurchase agreements

Repurchase agreements	6 Months Ended
	Jun. 30, 2017
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	6. Repurchase agreements The Company pledges certain real estate securities and loans as collateral under repurchase agreements with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. Repurchase agreements involve the sale and a simultaneous agreement to repurchase the transferred assets or similar assets at a future date. The amount borrowed generally is equal to the fair value of the assets pledged less an agreed-upon discount, referred to as a “haircut.” The Company calculates haircuts disclosed in the tables below by dividing allocated capital on each borrowing by the current fair market value of each investment. Repurchase agreements entered into by the Company are accounted for as financings and require the repurchase of the transferred assets at the end of each agreement’s term, typically 30 to 90 days. The carrying amount of the Company’s repurchase agreements approximates fair value due to their short-term maturities or floating rate coupons. 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 these 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. If the fair value of pledged assets declines due to changes in market conditions or the publishing of monthly security paydown factors, lenders typically would 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 disclosed in the tables below represent the Company’s fair value of such instruments which may differ from the fair value assigned to the collateral by its counterparties. The Company maintains a level of liquidity in the form of cash and unpledged Agency RMBS and Agency Interest-Only securities in order to meet these obligations. Under the terms of the Company’s master repurchase agreements, the counterparties may, in certain cases, sell or re-hypothecate the pledged collateral. Repurchase Agreements Collateral Pledged Weighted Average Weighted Average Repurchase Agreements Maturing Within: Balance Rate Haircut Fair Value Pledged Amortized Cost Accrued Interest Overnight $ 79,442,000 1.42 % 3.0 % $ 81,888,405 $ 81,389,926 $ 244,793 30 days or less 1,271,611,000 2.22 % 15.7 % 1,533,383,438 1,482,365,948 5,390,520 31-60 days 453,727,000 1.39 % 7.0 % 492,275,346 486,107,148 1,530,381 61-90 days 230,737,000 1.50 % 6.2 % 254,858,959 252,017,830 686,533 91-180 days 78,494,000 1.43 % 4.5 % 85,813,781 85,460,132 250,912 Greater than 180 days 107,075,000 1.51 % 11.1 % 120,749,692 121,401,315 315,530 Total / Weighted Average $ 2,221,086,000 1.89 % 11.9 % $ 2,568,969,621 $ 2,508,742,299 $ 8,418,669 Repurchase Agreements Collateral Pledged Weighted Average Weighted Average Repurchase Agreements Maturing Within: Balance Rate Haircut Fair Value Pledged Amortized Cost Accrued Interest Overnight $ 70,899,000 0.66 % 3.5 % $ 73,485,225 $ 73,170,802 $ 191,554 30 days or less 961,185,000 1.79 % 14.7 % 1,164,241,469 1,152,472,020 3,851,520 31-60 days 465,776,000 1.23 % 8.6 % 514,624,485 512,633,509 1,607,435 61-90 days 129,119,000 1.69 % 13.2 % 151,989,415 151,567,289 399,702 91-180 days 16,897,000 2.81 % 21.6 % 21,554,174 21,892,108 17,056 Greater than 180 days 209,293,104 1.93 % 4.7 % 252,940,437 244,734,715 948,975 Total / Weighted Average $ 1,853,169,104 1.63 % 11.5 % $ 2,178,835,205 $ 2,156,470,443 $ 7,016,242 The following table presents certain financial information regarding the Company’s repurchase agreements secured by interests in residential mortgage loans as of June 30, 2017: Repurchase Agreements Collateral Pledged Weighted Average Weighted Average Weighted Average Fair Value Repurchase Agreements Maturing Within: Balance Rate Funding Cost Haircut Pledged Amortized Cost Accrued Interest Greater than 180 days $ 13,860,388 3.72 % 3.92 % 32.8 % $ 20,943,195 $ 19,877,808 $ 27,562 The following table presents certain financial information regarding the Company’s repurchase agreements secured by interests in residential mortgage loans as of December 31, 2016: Repurchase Agreements Collateral Pledged Weighted Average Weighted Average Weighted Average Fair Value Repurchase Agreements Maturing Within: Balance Rate Funding Cost Haircut Pledged Amortized Cost Accrued Interest Greater than 180 days $ 25,544,702 3.27 % 3.79 % 30.3 % $ 34,088,921 $ 32,849,686 $ 45,068 The following table presents certain financial information regarding the Company’s repurchase agreements secured by interests in commercial loans as of June 30, 2017: Repurchase Agreements Collateral Pledged Weighted Average Weighted Average Weighted Average Fair Value Repurchase Agreements Maturing Within: Balance Rate Funding Cost Haircut Pledged Amortized Cost Accrued Interest Greater than 180 days $ 21,796,000 3.37 % 3.32 % 33.5 % $ 32,800,000 $ 32,800,000 $ 153,768 The following table presents certain financial information regarding the Company’s repurchase agreements secured by commercial loans as of December 31, 2016: Repurchase Agreements Collateral Pledged Weighted Average Weighted Average Weighted Average Fair Value Repurchase Agreements Maturing Within: Balance Rate Funding Cost Haircut Pledged Amortized Cost Accrued Interest Greater than 180 days $ 21,796,000 2.91 % 3.13 % 33.5 % $ 32,800,000 $ 32,798,706 $ 125,314 Although repurchase agreements are committed borrowings until maturity, the lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets resulting from changes in market conditions or factor changes would require the Company to provide additional collateral or cash to fund margin calls. See Note 7 for details on collateral posted/received against certain derivatives. June 30, 2017 December 31, 2016 Fair Value of investments pledged as collateral under repurchase agreements Agency RMBS $ 1,259,225,785 $ 965,154,048 Non-Agency RMBS 1,078,998,578 990,985,143 ABS 26,777,004 21,231,956 CMBS 203,968,254 201,464,058 Residential Mortgage Loans 20,943,195 31,031,107 Commercial Mortgage Loans 32,800,000 32,800,000 Cash pledged (i.e., restricted cash) under repurchase agreements 11,951,335 17,149,022 Fair Value of unsettled trades pledged as collateral under repurchase agreements: - 3,057,814 Total collateral pledged under Repurchase agreements $ 2,634,664,151 $ 2,262,873,148 June 30, 2017 December 31, 2016 Repurchase agreements secured by investments: Agency RMBS $ 1,187,289,000 $ 907,041,000 Non-Agency RMBS 863,701,000 776,459,104 ABS 19,234,000 15,283,000 CMBS 150,862,000 154,386,000 Residential Mortgage Loans 13,860,388 25,544,702 Commercial Mortgage Loans 21,796,000 21,796,000 Gross Liability for Repurchase agreements $ 2,256,742,388 $ 1,900,509,806 Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts Gross Amounts of Offset in the Net Amounts of Liabilities Financial Recognized Consolidated Balance Presented in the Consolidated Instruments Cash Collateral Description Liabilities Sheets Balance Sheets Posted Posted Net Amount Repurchase Agreements $ 2,256,742,388 $ - $ 2,256,742,388 $ 2,256,742,388 $ - $ - The following table presents both gross information and net information about repurchase agreements eligible for offset in the consolidated balance sheets as of December 31, 2016: Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts Gross Amounts of Offset in the Net Amounts of Liabilities Financial Recognized Consolidated Balance Presented in the Consolidated Instruments Cash Collateral Description Liabilities Sheets Balance Sheets Posted Posted Net Amount Repurchase Agreements $ 1,900,509,806 $ - $ 1,900,509,806 $ 1,900,509,806 $ - $ - The Company seeks to obtain financing from several different counterparties in order to reduce the financing risk related to any single counterparty. The Company has entered into master repurchase agreements (“MRAs”) or loan agreements with such financing counterparties. As of June 30, 2017 and December 31, 2016 the Company had 39 and 37 financing counterparties, respectively, under which it had outstanding debt with 26 and 23 counterparties, respectively. Stockholders' Equity Weighted Average Percentage of Counterparty at Risk Maturity (days) Stockholders' Equity JP Morgan Securities, LLC $ 50,493,355 81 7 % RBC (Barbados) Trading Bank Corporation 35,982,610 19 5 % Credit Suisse Securities, LLC 34,600,293 22 5 % The following table presents information at December 31, 2016 with respect to each counterparty that provides the Company with financing for which the Company had greater than 5% of its stockholders’ equity at risk, excluding stockholders’ equity at risk under financing through affiliated entities. Stockholders' Equity Weighted Average Percentage of Counterparty at Risk Maturity (days) Stockholders' Equity Wells Fargo Bank, N.A. $ 50,917,158 357 8 % JP Morgan Securities, LLC 34,885,263 160 5 % On April 13, 2015, the Company, AG MIT, LLC (“AG MIT”) and AG MIT CMO, LLC (“AG MIT CMO”), each a subsidiary of the Company, entered into Amendment Number 2 to the Master Repurchase and Securities Contract (the “Second Renewal”) with Wells Fargo Bank, National Association (“Wells Fargo”) to finance both AG MIT’s and AG MIT CMO’s acquisition of certain consumer asset-backed securities and commercial mortgage-backed securities as well as Non-Agency RMBS. The Second Renewal amended the repurchase agreement entered into by the Company, AG MIT and AG MIT CMO with Wells Fargo in 2014. Each transaction under the Second Renewal had its own specific terms, such as identification of the assets subject to the transaction, sale price, repurchase price and rate. The Second Renewal included 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 notified AG MIT and AG MIT CMO that it had decided not to renew, at which point the agreement terminated 270 days after the date of nonrenewal. The Second Renewal also increased the aggregate maximum borrowing capacity to $ 200 93.4 On February 23, 2017, AG MIT WFB1 2014 LLC (“AG MIT WFB1”), a subsidiary of the Company, entered into Amendment Number Five of the Master Repurchase Agreement and Securities Contract (as amended, the “WFB1 Repurchase Agreement”) with Wells Fargo 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 23, 2018 and a facility termination date of February 22, 2019. The maximum aggregate borrowing capacity available under the WFB1 Repurchase Agreement is $ 50.0 13.9 25.5 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 provided for a funding period ending September 17, 2016 and an initial facility termination date of September 17, 2016 (the “Initial Termination Date”), subject to the satisfaction of certain terms of the extensions described below. AG MIT CREL had three (3) one-year options On August 4, 2015, the Company, AG MIT CREL and AG MIT entered into an Omnibus Amendment No. 1 to Master Repurchase and Securities Contract, Guarantee Agreement and Fee and Pricing Letter (the “First Amendment”) with Wells Fargo. The First Amendment amended certain terms in the CREL Repurchase Agreement, the Guarantee, dated as of September 17, 2014, delivered by the Company and AG MIT to Wells Fargo and the Fee and Pricing Letter, dated as of September 17, 2014, between AG MIT CREL and Wells Fargo. The First Amendment lowered the maximum aggregate borrowing capacity available under the CREL Repurchase Agreement from $ 150 42.8 21.8 In September 2016, the Company exercised its option to extend the term of the CREL Repurchase Agreement to the First Extended Termination Date. In June 2017, the Company, AG MIT CREL and AG MIT entered into an Omnibus Amendment No. 2 to Master Repurchase and Securities Contract, Guarantee Agreement and Fee and Pricing Letter (the “Second Amendment”) with Wells Fargo. The Second Amendment amended the CREL Repurchase Agreement to extend the facility termination date to July 1, 2019 and remove the second and third extension options. The Company’s MRAs generally include customary representations, warranties, and covenants, but may also contain more restrictive supplemental terms and conditions. Although specific to each MRA, typical supplemental terms include requirements of minimum equity, leverage ratios, performance triggers or other financial ratios.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2017
Derivatives [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	7. Derivatives The Company’s derivatives may include interest rate swaps (“swaps”), TBAs, and Eurodollar Futures and U.S. Treasury Futures, (collectively, “Futures”). Derivatives have not been designated as hedging instruments. The Company may also utilize other instruments to manage interest rate risk, including long and short positions in U.S. Treasury securities. The Company exchanges cash “variation margin” with the counterparties to its derivative instruments at least on a daily basis based upon daily changes in fair value as measured by the Chicago Mercantile Exchange (“CME”), the central clearinghouse through which those derivatives are cleared. In addition, the CME requires market participants to deposit and maintain an “initial margin” amount which is determined by the CME and is generally intended to be set at a level sufficient to protect the CME from the maximum estimated single-day price movement in that market participant’s contracts. Receivables recognized for the right to reclaim cash initial margin posted in respect of derivative instruments are included in the “Restricted cash” line item in the consolidated balance sheets. Prior to the first quarter of 2017, the daily exchange of variation margin associated with centrally cleared derivative instruments was considered a pledge of collateral. For these prior periods, receivables recognized for the right to reclaim cash variation margin posted in respect of derivative instruments are included in the “Restricted cash” line item in the consolidated balance sheets. The Company elected to offset any payables recognized for the obligation to return cash variation margin received from a derivative instrument counterparty against receivables recognized for the right to reclaim cash initial margin posted by the Company to that same counterparty. Beginning in the first quarter of 2017, as a result of a CME amendment to their rule book which governs their central clearing activities, the daily exchange of variation margin associated with a centrally cleared derivative instrument is legally characterized as the daily settlement of the derivative instrument itself, as opposed to a pledge of collateral. Accordingly, beginning in 2017, the Company accounts for the daily receipt or payment of variation margin associated with its centrally cleared derivative instruments as a direct reduction to the carrying value of the derivative asset or liability, respectively. Beginning in 2017, the carrying amount of centrally cleared derivative instruments reflected in the Company’s consolidated balance sheets approximates the unsettled fair value of such instruments; because variation margin is exchanged on a one-day lag, the unsettled fair value of such instruments represents the change in fair value that occurred on the last day of the reporting period. Non-exchange traded derivatives were not affected by these legal interpretations and continue to be reported at fair value including accrued interest. Derivatives and Other Instruments Designation Balance Sheet Location June 30, 2017 December 31, 2016 Interest rate swaps Non-Hedge Derivative liabilities, at fair value $ - $ (1,847,219) Interest rate swaps Non-Hedge Derivative assets, at fair value 2,136,460 3,703,366 TBAs Non-Hedge Derivative liabilities, at fair value (1,769,032) (423,825) TBAs Non-Hedge Derivative assets, at fair value 295,629 - Short positions on U.S. Treasury Futures Non-Hedge Derivative liabilities, at fair value - (636,211) Short positions on U.S. Treasury Futures Non-Hedge Derivative assets, at fair value 697,188 - Short positions on U.S. Treasuries Non-Hedge Obligation to return securities borrowed under reverse repurchase - (22,365,000) (1) The Company's obligation to return securities borrowed under reverse repurchase agreements as of December 31, 2016 relates to securities borrowed to cover short sales of U.S. Treasury securities. The change in fair value of the borrowed securities is recorded in the "Unrealized gain/(loss) on derivatives and other instruments, net" line item in the Company's consolidated statement of operations. Non-hedge derivatives and other instruments held long/(short): June 30, 2017 December 31, 2016 Notional amount of Pay Fix/Receive Float Interest Rate Swap Agreements $ 1,494,000,000 $ 644,000,000 Notional amount of TBAs 300,000,000 (25,000,000) Notional amount of short positions on U.S. Treasury Futures (1) (70,000,000) (141,500,000) Notional amount of short positions on U.S. Treasuries - (24,000,000) (1) Each U.S. Treasury Future contract embodies $ 100,000 Three Months Ended Three Months Ended Six Months Ended Six Months Ended Non-hedge derivatives and other instruments gain/(loss): Statement of Operations Location June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Interest rate swaps, at fair value Unrealized gain/(loss) on derivative and other instruments, net $ 2,027,635 $ (1,615,094) $ 3,258,849 $ (19,516,469) Interest rate swaps, at fair value Net realized gain/(loss) (8,082,738) (2,839,917) (8,082,738) (5,733,434) Short positions on Eurodollar Futures Unrealized gain/(loss) on derivative and other instruments, net - (150,547) - (150,547) Long positions on U.S. Treasury Futures Unrealized gain/(loss) on derivative and other instruments, net - (20,374) - (20,374) Long positions on U.S. Treasury Futures Net realized gain/(loss) - 126,919 - 126,919 Short positions on U.S. Treasury Futures Unrealized gain/(loss) on derivative and other instruments, net 1,273,312 21,123 1,379,811 21,123 Short positions on U.S. Treasury Futures Net realized gain/(loss) (2,882,643) 15,056 (3,830,579) 15,056 TBAs (1) Unrealized gain/(loss) on derivative and other instruments, net (1,409,304) 441,638 (1,049,539) 441,246 TBAs (1) Net realized gain/(loss) 1,573,086 (180,625) 1,331,055 25,039 Long positions on U.S. Treasuries Unrealized gain/(loss) on derivative and other instruments, net - 1,587,306 - 7,580,039 Long positions on U.S. Treasuries Net realized gain/(loss) - 109,062 - 423,828 Short positions on U.S. Treasuries Unrealized gain/(loss) on derivative and other instruments, net - (200,391) (1,724,922) (200,391) Short positions on U.S. Treasuries Net realized gain - - 1,730,547 - (1) For the three months ended June 30, 2017, gains and losses from purchases and sales of TBAs consisted of $ 0.7 0.6 1.1 0.8 7,656 0.3 0.1 0.4 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 $ 2,749,027 $ - $ 2,749,027 $ - $ 448,635 $ 2,300,392 U.S. Treasury Futures - Short 697,188 - 697,188 - - 697,188 TBAs 295,629 - 295,629 - - 295,629 Total Derivative Assets $ 3,741,844 $ - $ 3,741,844 $ - $ 448,635 $ 3,293,209 Derivative Liabilities TBAs $ (1,769,032) $ - $ (1,769,032) $ (1,769,032) $ - $ - Total Derivative Liabilities $ (1,769,032) $ - $ (1,769,032) $ (1,769,032) $ - $ - (1) Included in Derivative Assets on the consolidated balance sheet is $ 3,741,844 (612,567) 3,129,277 The following table presents both gross information and net information about derivative instruments eligible for offset in the consolidated balance sheets as of December 31, 2016: Gross Amounts Not Offset in the Description Gross Amounts of Gross Amounts Net Amounts of Assets Financial Cash Collateral Net Amount Receivable Under Reverse Repurchase Agreements $ 22,680,000 $ - $ 22,680,000 $ 22,365,000 $ - $ 315,000 Derivative Assets (1) Interest Rate Swaps $ 4,559,134 $ - $ 4,559,134 $ - $ 879,575 $ 3,679,559 Total Derivative Assets $ 4,559,134 $ - $ 4,559,134 $ - $ 879,575 $ 3,679,559 Derivative Liabilities (2) Interest Rate Swaps $ (1,705,865) $ - $ (1,705,865) $ - $ (1,705,865) $ - U.S. Treasury Futures - Short (636,211) - (636,211) - (636,211) - TBAs (423,824) - (423,824) (423,824) - - Total Derivative Liabilities $ (2,765,900) $ - $ (2,765,900) $ (423,824) $ (2,342,076) $ - (1) Included in Derivative Assets on the consolidated balance sheet is $ 4,559,134 (855,768) 3,703,366 (2) Included in Derivative Liabilities on the consolidated balance sheet is $ (2,765,900) (141,355) (2,907,255) The Company must post cash or securities as collateral on its derivative instruments when their fair value declines. This typically occurs when prevailing market rates change adversely, with the severity of the change also dependent on the term of the derivatives involved. The posting of collateral is generally bilateral, meaning that if the fair value of the Company’s derivatives increases, its counterparty will post collateral to it. On June 30, 2017, the Company pledged real estate securities with a fair value of $ 7.0 28.0 0.4 7.1 9.4 0.9 Interest rate swaps To help mitigate exposure to increases in short-term interest rates, the Company uses currently-paying and may use forward-starting, one- or three-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements. This arrangement hedges our exposure to higher short-term interest rates because the variable-rate payments received on the swap agreements largely offset additional interest accruing on the related borrowings due to the higher interest rate, 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 % 1.17 % 0.34 2019 170,000,000 1.36 % 1.19 % 2.38 2020 570,000,000 1.63 % 1.22 % 2.86 2022 363,000,000 1.80 % 1.25 % 5.00 2024 150,000,000 2.04 % 1.23 % 6.89 2026 75,000,000 2.12 % 1.19 % 9.39 2027 130,000,000 2.30 % 1.20 % 9.80 Total/Wtd Avg $ 1,494,000,000 1.75 % 1.22 % 4.60 As of December 31, 2016, the Company’s interest rate swap positions consist of pay-fixed interest rate swaps. The following table presents information about the Company’s interest rate swaps as of December 31, 2016: Maturity Notional Amount Weighted Average Weighted Average Weighted Average 2017 $ 36,000,000 0.88 % 0.89 % 0.84 2019 170,000,000 1.36 % 0.91 % 2.88 2020 115,000,000 1.59 % 0.90 % 3.20 2021 60,000,000 1.86 % 0.96 % 4.94 2022 53,000,000 1.69 % 0.94 % 5.69 2023 85,000,000 2.30 % 0.94 % 6.43 2025 30,000,000 2.48 % 0.94 % 8.43 2026 95,000,000 2.17 % 0.92 % 9.90 Total/Wtd Avg $ 644,000,000 1.74 % 0.92 % 5.01 TBAs As discussed in Note 2, the Company has entered into TBAs. The following table presents information about the Company’s TBAs for the three and six months ended June 30, 2017 and June 30, 2016: For the Three Months Ended June 30, 2017 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ 90,000,000 $ 891,000,000 $ (681,000,000) $ 300,000,000 $ 309,964,840 $ (311,438,243) $ 295,629 $ (1,769,032) TBAs - Short $ - $ - $ - $ - $ - $ - $ - $ - For the Three Months Ended June 30, 2016 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ - $ 232,000,000 $ (132,000,000) $ 100,000,000 $ 103,757,810 $ (103,450,351) $ 719,960 $ (412,501) TBAs - Short $ - $ 75,000,000 $ (75,000,000) $ - $ - $ (7,813) $ 484,376 $ (492,189) For the Six Months Ended June 30, 2017 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ 50,000,000 $ 1,176,000,000 $ (926,000,000) $ 300,000,000 $ 309,964,840 $ (311,438,243) $ 295,629 $ (1,769,032) TBAs - Short $ (75,000,000) $ 75,000,000 $ - $ - $ - $ - $ - $ - For the Six Months Ended June 30, 2016 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ 75,000,000 $ 277,000,000 $ (252,000,000) $ 100,000,000 $ 103,757,810 $ (103,450,351) $ 719,960 $ (412,501) TBAs - Short $ - $ 225,000,000 $ (225,000,000) $ - $ - $ (7,813) $ 484,376 $ (492,189)

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2017
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 the Company’s common dividends. Diluted EPS takes into account the effect of dilutive instruments, such as stock options, warrants, unvested restricted stock and unvested restricted stock units but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. June 30, 2017 June 30, 2016 Outstanding warrants 1,007,500 1,007,500 Unvested restricted stock units previously granted to the Manager 20,003 40,006 Each warrant entitles the holder to purchase half a share of the Company’s common stock at a fixed price upon exercise of the warrant. For the three and six months ended June 30, 2017 and June 30, 2016, the Company excluded the effects of such from the computation of diluted earnings per share because their effect would be anti-dilutive. 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 the restricted stock units are only included in diluted weighted average common shares outstanding. Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Numerator: Net income/(loss) available to common stockholders for basic and diluted earnings per share $ 29,803,777 $ 17,709,787 $ 51,554,085 $ 11,898,006 Denominator: Basic weighted average common shares outstanding 27,724,183 28,038,953 27,713,104 28,155,441 Dilutive effect of restricted stock units 7,142 15,501 7,205 14,992 Diluted weighted average common shares outstanding 27,731,325 28,054,454 27,720,309 28,170,433 Basic Earnings/(Loss) Per Share of Common Stock: $ 1.08 $ 0.63 $ 1.86 $ 0.42 Diluted Earnings/(Loss) Per Share of Common Stock: $ 1.07 $ 0.63 $ 1.86 $ 0.42 2017 Declaration Date Record Date Payment Date Dividend Per Share 3/10/2017 3/21/2017 4/28/2017 $ 0.475 6/8/2017 6/19/2017 7/31/2017 0.475 2016 Declaration Date Record Date Payment Date Dividend Per Share 3/10/2016 3/21/2016 4/29/2016 $ 0.475 6/9/2016 6/20/2016 7/29/2016 0.475 2017 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.25% Series A 2/16/2017 2/28/2017 3/17/2017 $ 0.51563 8.25% Series A 5/15/2017 5/31/2017 6/19/2017 0.51563 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.00% Series B 2/16/2017 2/28/2017 3/17/2017 $ 0.50 8.00% Series B 5/15/2017 5/31/2017 6/19/2017 0.50 2016 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.25% Series A 2/12/2016 2/29/2016 3/17/2016 $ 0.51563 8.25% Series A 5/13/2016 5/31/2016 6/17/2016 0.51563 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.00% Series B 2/12/2016 2/29/2016 3/17/2016 $ 0.50 8.00% Series B 5/13/2016 5/31/2016 6/17/2016 0.50

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	9. Income taxes As a REIT, the Company is not subject to federal income tax to the extent that it makes qualifying distributions to its stockholders, and provided it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. Most states follow U.S. federal income tax treatment of REITs. For the three months ended June 30, 2017 and June 30, 2016, the Company recorded excise tax expense of $ 0.4 0.4 0.8 0.8 The Company files tax returns in several U.S jurisdictions. There are no ongoing U.S. federal, state or 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. The Company elected to treat one of its foreign subsidiaries as a TRS and, accordingly, taxable income generated by this TRS may not be subject to local income taxation, but generally will be included in the Company’s income on a current basis as Subpart F income, whether or not distributed. Cash distributions declared by the Company that do not exceed its current or accumulated earnings and profits will be considered ordinary income to stockholders for income tax purposes unless all or a portion of a distribution is designated by the Company as a capital gain dividend. Distributions in excess of the Company’s current and accumulated earnings and profits will be characterized as return of capital or capital gains. Based on the Company’s analysis of any potential uncertain income tax positions, the Company concluded it did not have any uncertain tax positions that meet the recognition or measurement criteria of ASC 740 as of June 30, 2017 or December 31, 2016. 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	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	10. Related party transactions The Company has entered into a management agreement with the Manager, which provided for an initial term and will be deemed renewed automatically each year for an additional one-year period, subject to certain termination rights. As of June 30, 2017 and December 31, 2016, 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 of its day-to-day duties and obligations arising under the Company’s management agreement. Management fee The Manager is entitled to a management fee equal to 1.50 For the three months and six months ended June 30, 2017, the Company incurred management fees of approximately $ 2.4 4.9 2.4 4.9 Termination fee The termination fee, payable upon the occurrence of (i) the Company’s termination of the management agreement without cause or (ii) the Manager’s termination of the management agreement upon a breach of any material term of the management agreement, will be equal to three times the average annual management fee during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter. As of June 30, 2017 and December 31, 2016, no event of termination of the management agreement had occurred. Expense reimbursement The Company is required to reimburse the Manager or its affiliates for operating expenses which are incurred by the Manager or its affiliates on behalf of the Company, including expenses relating to legal, accounting, due diligence and other services. The Company’s reimbursement obligation is not subject to any dollar limitation; however, the reimbursement is subject to an annual budget process which combines guidelines from the Management Agreement with oversight by the Company’s board of directors. The Company reimburses the Manager or its affiliates for the Company’s 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 time spent on Company affairs, (ii) the Company’s general counsel based on the percentage of 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 devote such portion of their time to the Company’s affairs as is necessary to enable the Company to operate its business. Of the $ 2.8 5.6 1.7 3.4 2.7 5.7 1.7 3.5 Restricted stock grants Pursuant to the Company’s Manager Equity Incentive Plan and the Equity Incentive Plan adopted on July 6, 2011, the Company can award up to 277,500 128,514 As of June 30, 2017, the Company has granted an aggregate of 48,736 shares of restricted common stock to its independent directors and 100,250 shares of restricted common stock to its Manager under its equity incentive plans. As of June 30, 2017, 48,736 and 80,247 shares of restricted common stock granted to the Company’s independent directors and Manager, respectively, have vested. On July 1, 2014, the Company granted 60,000 20,000 20,000 20,000 On July 1, 2017, the Company granted 60,000 20,000 Director compensation The Company pays a $ 120,000 50 50 Investments in debt and equity of 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 the Department of Housing and Urban Development (“HUD”). Our maximum exposure to loss with respect to these investments is generally equal to the amount that we invested. See Note 2 for more detail. On December 9, 2015, the Company, alongside private funds under the management of Angelo, Gordon, through AG Arc, entered into the Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) of Arc Home, a Delaware limited liability company. The Company’s investment in AG Arc is reflected on the “Investments in debt and equity of affiliates” line item on its consolidated balance sheets at a fair value of $ 17.7 12.9 In June 2016, Arc Home closed on the acquisition of 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, including Washington D.C. Through this subsidiary, Arc Home originates conforming, Government, Jumbo and other non-conforming residential mortgage loans, retains the mortgage servicing rights associated with the loans it originates, and purchases additional mortgage servicing rights from third-party sellers. Arc Home is led by an external management team. Arc Home may sell loans that it either purchases from third parties or originates to the Company, to third parties, or to affiliates of the Manager. Arc Home may also enter into agreements with third parties or affiliates of the Manager to sell rights to receive the excess servicing spread related to the MSR on the mortgage loans that it either purchases from third parties or originates. As of June 30, 2017, the Company entered into an agreement with Arc Home to purchase rights to receive the excess servicing spread related to certain of its MSRs at fair value for approximately $ 2.7 Transactions with affiliates In May 2015, the Company completed an arm’s-length securitization with other investors managed by an affiliate of the Manager (the “Related Parties”) by combining the assets of a prior private securitization, in which the Company held a 10.0 3.1 7.5 5.1 In July 2015, the Company completed an arm’s-length purchase at fair value. Certain entities managed by an affiliate of the Company's Manager (“Related Entities”) had previously formed a joint venture (“Joint Venture”) with an unaffiliated third party. The Joint Venture owns certain multi-family properties for which the mortgages partly collateralize 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 was reflected on the “Investments in debt and equity of affiliates” line item on the consolidated balance sheets with a fair value of $ 7.1 In connection with the Company’s investments in residential mortgage loans and residential mortgage loans in securitized form that it purchases from an affiliate (or affiliates) of the Manager (“Securitized Whole Loans”), the Company may engage 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. For the three and six months ended June 30, 2017, the fees paid by the Company to the Asset Manager, inclusive of fees paid through affiliated entities, totaled $44,824 and $95,290, respectively. For the three and six months ended June 30, 2016, the fees paid by the Company to the Asset Manager, inclusive of fees paid through affiliated entities, totaled $ 69,254 In connection with the Company’s investments in Excess MSRs purchased through Arc Home, the Company pays a sourcing fee to Arc Home based on the net equity invested by the Company for these investments. For the three and six months ended June 30, 2017, the sourcing fees paid by the Company to Arc Home totaled $3,443. No sourcing fees were paid by the Company to Arc Home for the three or six months ended June 30, 2016. In June 2016, in accordance with the Company’s Affiliated Transactions Policy, the Company executed two trades whereby the Company acquired real estate securities from two separate affiliates of the Manager (the “June Selling Affiliates”). As of the date of the trades, the securities acquired from the June Selling Affiliates had a total fair value of $ 6.9 In February 2017, in accordance with the Company’s Affiliated Transactions Policy, the Company executed one trade whereby the Company acquired a real estate security from a separate affiliate of the Manager (the “February Selling Affiliate”). As of the date of the trade, the security acquired from the February Selling Affiliate had a total fair value of $ 2.0

Equity

Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	11. Equity On May 6, 2015, the Company filed a shelf registration statement, registering up to $ 750.0 650.0 Concurrently with the IPO, the Company offered a private placement of 3,205,000 20.00 0.5 20.50 July 6, 2018 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 Company’s 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 14.6 Month Purchased (1) Total Number of Weighted Average Total Number of Shares Maximum Number (or March 2016 119,606 $ 12.86 246,321 $ 21,790,786 May 2016 276,522 13.75 522,843 17,988,891 June 2016 36,725 14.38 559,568 17,460,743 Total 432,853 $ 13.56 559,568 $ 17,460,743 (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 maximum dollar amount authorized was $ 25.0 On May 5, 2017, the Company entered into an equity distribution agreement with each of Credit Suisse Securities (USA) LLC and JMP Securities LLC (collectively, the "Sales Agents”), which the Company refers to as the “Equity Distribution Agreements”, pursuant to which the Company may sell up to $ 100.0 99,932 1.8

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
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. On December 9, 2015, the Company, alongside private funds under the management of Angelo, Gordon, through AG Arc, entered into the LLC Agreement of Arc Home and agreed to fund an initial capital commitment of $30.0 million. On April 25, 2017, the Company, alongside private funds under the management of Angelo, Gordon, agreed to fund an additional capital commitment to Arc Home in the amount of $ 10.0 17.8 In the normal course of business, the Company enters into agreements where payment may become due if certain events occur. Management believes that the probability of making such payments is remote.

Summary of significant accoun19

Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and December 31, 2016, 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 sheets. Any cash held by the Company as collateral is included in the “Due to broker” line item on the consolidated balance sheets and in cash flows from financing activities on the consolidated statement of cash flows. Any cash due to the Company in the form of principal payments is included in the “Due from broker” line item on the consolidated balance sheets and in cash flows from operating 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. Restricted cash does not include variation margin on centrally cleared derivatives. See Note 7 for more detail.
Offering and Organization Costs [Policy Text Block]	Offering costs The Company incurred offering costs in connection with common stock offerings. The offering costs were paid out of the proceeds of the respective offerings. Offering costs in connection with common stock offerings have been accounted for as a reduction of additional paid-in capital.
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. The three levels of the hierarchy under ASC 820 are described below: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. • Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available. Transfers between levels are assumed to occur at the beginning of the reporting period.
Real Estate, Policy [Policy Text Block]	Accounting for real estate securities Investments in real estate securities are recorded in accordance with ASC 320-10, “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 sheets 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 sheets 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 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 a real estate security is less than its amortized cost at the balance sheet date, the security is considered impaired, and the impairment is designated as either “temporary” or “other-than-temporary.” When a real estate security is impaired, an OTTI is considered to have occurred if (i) the Company intends to sell the security (i.e., a decision has been made as of the reporting date) or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the real estate security before recovery of its amortized cost basis, the entire amount of the impairment loss, if any, is recognized in earnings as a realized loss and the cost basis of the security is adjusted to its fair value. Additionally for securities accounted for under ASC 325-40 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 include observations of current information and events, and assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of potential credit losses. Cash flows 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. Any remaining unrealized losses on securities at June 30, 2017 do not represent other than temporary impairment 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, any unrealized losses on the Company’s Agency RMBS accounted for under ASC 320 are not due to credit losses given their explicit guarantee of principal and interest by the GSEs, but rather are 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 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. At purchase, the Company aggregates its mortgage loans into pools based on common risk characteristics. Once a pool of loans is assembled, its composition is maintained. 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 sheets and any periodic change in fair market value will be recorded in current period earnings on the consolidated statement of operations as a component of “Unrealized gain/(loss) on real estate securities and loans, net.” The Company amortizes or accretes any premium or discount over the life of the related loan utilizing the effective interest method. On at least a quarterly basis, the Company evaluates the collectability of both interest and principal of each loan, if circumstances warrant, to determine whether they are impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated and recorded accordingly. Income recognition is suspended for loans at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. When the Company purchases mortgage loans with evidence of credit deterioration since origination and it determines that it is probable it will not collect all contractual cash flows on those loans, it will apply the guidance found in ASC 310-30. 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 debt and equity of affiliates The Company’s unconsolidated ownership interests in affiliates are accounted for using the equity method. A majority of the Company’s investments held through affiliated entities are comprised of real estate securities and loans. These underlying entities have chosen to make a fair value election on their financial instruments pursuant to ASC 825; as such, the Company will treat these investments consistently with this election. As of June 30, 2017 and December 31, 2016, these investments had a fair market value of $ 75.3 69.0 In December 2015, the Company, alongside private funds under the management of Angelo, Gordon, through AG Arc LLC, one of the Company’s indirect subsidiaries (“AG Arc”), formed Arc Home LLC (“Arc Home”). The Company invests in Arc Home through AG Arc, and has chosen to make a fair value election on AG Arc pursuant to ASC 825. As of June 30, 2017 and December 31, 2016, the Company’s interest in AG Arc had a fair market value of $ 17.7 12.9 The Company’s investments in debt and equity of affiliates are recorded at fair market value on the consolidated balance sheets in the “Investments in debt and equity of affiliates” line item and periodic changes in fair market value are 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.
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 (“Excess MSRs”). The Company has chosen to make a fair value election pursuant to ASC 825 for Excess MSRs. Excess MSRs are recorded at fair market value on the consolidated balance sheets 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. See Note 3 for more detail. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. The company adopted ASU 2015-02 on January 1, 2016 using the modified retrospective approach, which did not require the restatement of prior periods to conform to the post-adoption presentation. The Company concluded the adoption of this guidance did not have a material impact on its financial statements. 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 transfers assets to a third party. 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. On February 12, 2016, the Company originated a $ 12.0 1.8 12.0 1.8 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 sheets or as a “financing” and will be classified as “real estate securities” on the consolidated balance sheets, depending upon the structure of the securitization transaction. ASC 860-10 is a standard that may require the Company to exercise significant judgment in determining whether a transaction should be recorded as a “sale” or a “financing.”
Revenue Recognition, Policy [Policy Text Block]	Interest income recognition Interest income on the Company’s real estate securities portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such securities. The Company has elected to record interest in accordance with ASC 835-30-35-2 using the effective interest method for all securities accounted for under the fair value option (ASC 825). As such, premiums and discounts are amortized or accreted into interest income over the lives of the securities in accordance with ASC 310-20, “Nonrefundable Fees and Other Costs,” ASC 320-10 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, exclusive of interest-only securities), 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 estimated. Differences between previously estimated cash flows and current actual and anticipated cash flows are recognized prospectively through an adjustment of the yield over the remaining life of the security based on the current amortized cost of the investment as adjusted for credit impairment, if any. Interest income on the Company’s loan portfolio is accrued based on the actual coupon rate and the outstanding principal balance of such loans. The Company has elected to record interest in accordance with ASC 835-30-35-2 using the effective interest method for all loans accounted for under the fair value option (ASC 825). Any amortization will be reflected as an adjustment to interest income in the consolidated statement of operations. For security and loan investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30. For purposes of income recognition, the Company aggregates loans that have common risk characteristics into pools and uses a composite interest rate and expectation of cash flows expected to be collected for the pool. ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities (loans) acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected generally should be recognized prospectively through an adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected should be recognized as impairment. The Company’s accrual of interest, discount accretion and premium amortization for U.S. federal and other tax purposes differs from the financial accounting treatment of these items as described above.
Repurchase Agreements, Valuation, Policy [Policy Text Block]	Repurchase agreements and FHLBC Advances The Company finances the acquisition of certain assets within its portfolio through the use of repurchase agreements. Prior to March 31, 2016, the Company also financed its Agency RMBS portfolio with advances from the Federal Home Loan Bank of Cincinnati (“FHLBC Advances”) (see the following paragraph regarding the current status of the FHLBC Advances). Repurchase agreements are, and while the Company had them, FHLBC Advances were treated as collateralized financing transactions and 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”). However, in January 2016, the Federal Housing Finance Agency, the FHFA, issued RIN 2590-AA39, Members of Federal Home Loan Banks (“the Final Rule”), which expressly excludes captive insurance companies, such as MITT Insurance (“Excluded Captives”), from being eligible for membership in the FHLBC. The Final Rule prevents the FHLBC from making any new advances or extending any existing advances to Excluded Captives, subject to a defined grace period. Upon the termination of membership, the FHLB must liquidate all outstanding advances to Excluded Captives and settle all other business transactions in accordance with the Final Rule. In addition, all FHLB stock held by the terminated Excluded Captive will be repurchased or redeemed at the FHLB’s discretion. Therefore, MITT Insurance must completely wind down all business relationships with the FHLBC, including the repayment of all outstanding advances, prior to or simultaneously with the termination of MITT Insurance’s membership with the FHLBC. As a result of the Final Rule, MITT Insurance exited all FHLBC Advances and as of June 30, 2017, the Company had no outstanding advances with the FHLBC. See the “Other investments” section below for a discussion on FHLBC stock. The Company pledges certain securities or loans as collateral under repurchase agreements with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. The amounts available to be borrowed are dependent upon the fair value of the securities or loans pledged as collateral, which fluctuates with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. In response to declines in fair value of pledged assets, lenders may require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as margin calls. As of June 30, 2017 and December 31, 2016, the Company has met all margin call requirements.
Other Investments [Policy Text Block]	Other investments At June 30, 2017 and December 31, 2016 the Company owned FHLBC stock totaling $ 2,000 0.0 0.1 0.0 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, if or when hedge accounting is elected, the fair value adjustments will affect either other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings or net income depending on whether the derivative instrument is designated and qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. As of June 30, 2017 and December 31, 2016, 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 with respect to its counterparties. Refer to Footnote 7 for a discussion on the accounting for the daily receipt or payment of variation margin associated with its centrally cleared derivative instruments. During the period in which the Company unwinds a derivative, it records a realized gain/(loss) 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.” The Company presents the purchase or sale of TBAs net of the corresponding payable or receivable, respectively, until the settlement date of the transaction. Contracts for the purchase or sale of Agency RMBS are accounted for as derivatives if they do not qualify for the “regular way” security trade scope exception found in ASC 815-10. To be eligible for this scope exception, the contract must meet the following conditions: (1) there is no other way to purchase or sell that security, (2) delivery of that security and settlement will occur within the shortest period possible for that type of security, and (3) it is probable at inception and throughout the term of the individual contract that the contract will not settle net and will result in physical delivery of a security when it is issued. Unrealized gains and losses associated with TBA contracts not meeting the regular-way exception and 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 sheets 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. As of June 30, 2017, and December 31, 2016, the Company had no positions in U.S. Treasury securities.
Short Positions in U.S Treasury Securities Reverse Repurchase Agreements [Policy Text Block]	Short positions in U.S. Treasury securities through reverse repurchase agreements The Company may sell short U.S. Treasury securities to help mitigate the potential impact of changes in interest rates. The Company may borrow securities to cover short sales of U.S. Treasury securities under reverse repurchase agreements, which are accounted for as borrowing transactions, and the Company recognizes an obligation to return the borrowed securities at fair value on its consolidated balance sheets based on the value of the underlying borrowed securities as of the reporting date. The Company establishes haircuts to ensure the market value of the underlying assets remain sufficient to protect the Company in the event of a default by a counterparty. Realized and unrealized gains and losses associated with purchases and short sales of U.S. Treasury securities are recognized in “Net realized gain/(loss)” and “Unrealized gain/(loss) on derivative and other instruments, net,” respectively, on the consolidated statement of operations.
Manager Remuneration [Policy Text Block]	Manager compensation The management agreement provides for payment to the Manager of a management fee. The management fee is accrued and expensed during the period for which it is calculated and earned. For a more detailed discussion on the fees payable under the management agreement, see Note 10.
Income Tax, Policy [Policy Text Block]	Income taxes The Company conducts its operations to qualify and be taxed as a REIT. Accordingly, the Company will generally not be subject to federal or state corporate income tax to the extent that the Company makes qualifying distributions to its stockholders, and provided that it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the four taxable years following the year in which the Company fails to qualify as a REIT. The dividends paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income/(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. The Company evaluates uncertain income tax positions, if any, in accordance with ASC 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]	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 has concluded the guidance will not have a material impact on its consolidated 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 required to adopt this new accounting standard in the first quarter of 2018 using a modified retrospective method for each period presented. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses,” (“ASU 2016-13”). ASU 2016-13 introduces a new model related to the accounting for credit losses on instruments, specifically, financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures. ASU 2016-13 amends the current guidance, requiring an OTTI charge only when fair value is below the amortized cost of an asset. The length of time the fair value of an available-for-sale debt security has been below the amortized cost will no longer impact the determination of whether a credit loss exists. As such, it is no longer an other-than-temporary model. In addition, credit losses on available-for-sale debt securities will now be limited to the difference between the security’s amortized cost basis and its fair value. The new debt security model will also require the use of an allowance to record estimated credit losses. The new guidance also expands the disclosure requirements regarding an entity’s assumptions, and models. In addition, public entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating its method of adoption and the impact this ASU will have on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments”, (“ASU 2016-15”). ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing existing diversity of how certain cash receipts and cash payments are presented. These specific issues include debt prepayment and debt extinguishment costs, settlement of zero-coupon debt, proceeds from the settlement of insurance claims, and beneficial interests in securitization transactions, among others. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The ASU is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact of this guidance. In March 2017, the FASB issued ASU 2017-08, “Premium Amortization of Purchased Callable Debt Securities” (“ASU 2017-08”). The amendments in this update require purchase premiums for investments in debt securities that are noncontingently callable by the issuer (at a fixed price and preset date) to be amortized to the earliest call date. Previously, purchase premiums for such investments were permitted to be amortized to the instrument’s maturity date. ASU 2017-08 is effective for public business entities for fiscal years beginning after December 15, 2018 and interim periods within those years. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting.” This ASU provides clarity and reduces both diversity in practice and cost and complexity when applying the guidance in Topic 718 to a change to the terms or conditions of a share-based payment award. This update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The ASU is effective fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact of this guidance.

Real Estate Securities (Tables)

Real Estate Securities (Tables)	6 Months Ended
	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Schedule Of Real Estate Securities [Table Text Block]	The following table details the Company’s real estate securities portfolio as of June 30, 2017: Gross Unrealized (1) Weighted Average Current Face Premium / Amortized Cost Gains Losses Fair Value Coupon (2) Yield Agency RMBS: 30 Year Fixed Rate $ 1,233,190,846 $ 58,425,562 $ 1,291,616,408 $ 6,661,300 $ (3,291,092) $ 1,294,986,616 3.83 % 3.14 % Fixed Rate CMO 57,663,319 463,126 58,126,445 1,038,462 - 59,164,907 3.00 % 2.79 % ARM 191,718,640 (1,228,204) 190,490,436 3,622,858 - 194,113,294 2.35 % 2.83 % Interest Only 498,224,520 (445,487,503) 52,737,017 2,547,463 (2,284,040) 53,000,440 2.78 % 7.30 % Credit Securities: Non-Agency RMBS 1,281,602,888 (226,894,647) 1,054,708,241 52,853,377 (3,956,198) 1,103,605,420 4.29 % 5.62 % Non-Agency RMBS Interest Only 409,424,770 (405,784,066) 3,640,704 136,900 (564,207) 3,213,397 0.29 % 9.88 % ABS 48,044,846 (436,541) 47,608,305 314,649 (5,598) 47,917,356 8.37 % 8.76 % CMBS 211,054,292 (51,853,507) 159,200,785 1,361,135 (1,184,133) 159,377,787 5.46 % 6.10 % CMBS Interest Only 1,956,481,713 (1,907,452,823) 49,028,890 3,794,393 (17,644) 52,805,639 0.43 % 6.61 % Total $ 5,887,405,834 $ (2,980,248,603) $ 2,907,157,231 $ 72,330,537 $ (11,302,912) $ 2,968,184,856 2.45 % 4.43 % (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 in the consolidated statement of operations. 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, 2016: Gross Unrealized (1) Weighted Average Current Face Premium / Amortized Cost Gains Losses Fair Value Coupon (2) Yield Agency RMBS: 30 Year Fixed Rate $ 713,234,586 $ 28,338,222 $ 741,572,808 $ 3,672,057 $ (5,517,144) $ 739,727,721 3.64 % 2.99 % Fixed Rate CMO 62,570,005 531,431 63,101,436 595,962 - 63,697,398 3.00 % 2.80 % ARM 208,592,111 (1,633,175) 206,958,936 4,385,116 - 211,344,052 2.35 % 2.84 % Interest Only 416,902,327 (375,843,483) 41,058,844 3,033,926 (1,198,215) 42,894,555 2.70 % 8.26 % Credit Securities: Non-Agency RMBS 1,255,224,713 (235,346,323) 1,019,878,390 28,705,591 (9,328,119) 1,039,255,862 4.31 % 6.03 % Non-Agency RMBS Interest Only 449,759,113 (446,027,313) 3,731,800 33,512 (3,866) 3,761,446 0.25 % 12.47 % ABS 22,025,000 (357,022) 21,667,978 100,247 (536,269) 21,231,956 5.43 % 6.32 % CMBS 217,935,976 (56,549,776) 161,386,200 959,842 (2,830,108) 159,515,934 5.15 % 6.16 % CMBS Interest Only 1,967,685,636 (1,916,198,928) 51,486,708 1,001,503 (351,485) 52,136,726 0.41 % 6.48 % Total $ 5,313,929,467 $ (3,003,086,367) $ 2,310,843,100 $ 42,487,756 $ (19,765,206) $ 2,333,565,650 2.18 % 4.76 % (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 in the consolidated statement of operations. 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 June 30, 2017 and December 31, 2016: Less than 12 months Greater than 12 months As of Fair Value Unrealized Fair Value Unrealized June 30, 2017 $ 444,047,650 $ (7,417,197) $ 130,698,280 $ (3,885,715) December 31, 2016 756,302,518 (12,017,743) 203,287,535 (7,747,463)
Weighted Average Life Of Real Estate Securities [Table Text Block]	The following table details weighted average life broken out by Agency RMBS, Agency Interest-Only (“IO”) and Credit Securities as of June 30, 2017: Agency RMBS (1) Agency IO Credit Securities (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 $ - $ - - $ - $ - - $ 161,466,410 $ 161,334,424 2.51 % Greater than one year and less than or equal to five years 222,318,920 218,366,675 2.53 % 32,349,456 33,373,527 2.43 % 485,631,207 476,268,044 1.04 % Greater than five years and less than or equal to ten years 1,316,818,452 1,312,783,650 3.79 % 20,650,984 19,363,490 4.14 % 489,382,251 466,524,031 2.71 % Greater than ten years 9,127,445 9,082,964 3.50 % - - - 230,439,731 210,060,426 5.44 % Total $ 1,548,264,817 $ 1,540,233,289 3.60 % $ 53,000,440 $ 52,737,017 2.78 % $ 1,366,919,599 $ 1,314,186,925 1.95 % (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 Securities 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 broken out by Agency RMBS, Agency IO and Credit Securities as of December 31, 2016: Agency RMBS (1) Agency IO Credit Securities (2) Weighted Average Life (3) Fair Value Amortized Cost Weighted Fair Value Amortized Cost Weighted Fair Value Amortized Cost Weighted Less than or equal to 1 year $ - $ - - $ - $ - - $ 169,483,329 $ 170,533,908 2.09 % Greater than one year and less than or equal to five years 124,913,463 123,021,262 2.73 % 28,514,942 27,995,835 2.23 % 430,525,739 430,108,024 0.94 % Greater than five years and less than or equal to ten years 808,271,767 806,474,038 3.44 % 14,379,613 13,063,009 5.14 % 425,043,315 418,094,774 2.30 % Greater than ten years 81,583,941 82,137,880 3.10 % - - - 250,849,541 239,414,370 5.88 % Total $ 1,014,769,171 $ 1,011,633,180 3.32 % $ 42,894,555 $ 41,058,844 2.70 % $ 1,275,901,924 $ 1,258,151,076 1.82 % (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 Securities 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)	6 Months Ended
	Jun. 30, 2017
Gain (Loss) on Investments [Line Items]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Gross Unrealized (1) Weighted Average Unpaid Principal Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) (2) Residential mortgage loans $ 32,360,883 $ (9,714,756) $ 22,646,127 $ 1,357,708 $ (548,602) $ 23,455,233 6.13 % 9.86 % 5.90 (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 columns above represent inception to date unrealized gains (losses). (2) Actual maturities of residential mortgage loans are generally shorter than stated contractual maturities. Actual 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, 2016: Gross Unrealized (1) Weighted Average Unpaid Principal Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life (Years) (2) Residential mortgage loans $ 53,827,336 $ (16,491,472) $ 37,335,864 $ 1,262,223 $ (402,511) $ 38,195,576 5.60 % 8.74 % 6.71 (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 columns above represent inception to date unrealized gains (losses). (2) Actual maturities of residential mortgage loans are generally shorter than stated contractual maturities. Actual 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 certain aggregate pool level information pertaining to the Company’s residential mortgage loans: June 30, 2017 December 31, 2016 Loan Type Fair Value Unpaid Principal Fair Value Unpaid Principal Re-Performing $ 15,597,028 $ 20,432,960 $ 26,665,750 $ 35,645,382 Non-Performing 7,858,205 11,927,923 11,529,826 18,181,954 $ 23,455,233 $ 32,360,883 $ 38,195,576 $ 53,827,336
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Concentration of Credit Risk June 30, 2017 December 31, 2016 Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100% 92 % 98 % Percentage of fair value of mortgage loans secured by properties in the following states: Representing 5% or more of fair value: New York 31 % 25 % California 9 % 9 % Florida 3 % 5 % Maryland 6 % 6 %
Schedule Certain Loans Acquired In Transfer Accretable Yield [Table Text Block]	The following is a summary of the changes in the accretable portion of discounts for the three months and six months ended June 30, 2017 and June 30, 2016, respectively: Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Beginning Balance $ 18,725,471 $ 23,163,147 $ 18,281,517 $ 24,216,638 Additions - - - - Accretion (708,857) (1,140,611) (1,462,394) (2,244,638) Reclassifications from/(to) non-accretable difference 1,909,368 632,192 3,381,708 786,597 Disposals (9,584,506) (106,779) (9,859,355) (210,648) Ending Balance $ 10,341,476 $ 22,547,949 $ 10,341,476 $ 22,547,949
Commercial Loans [Member]
Gain (Loss) on Investments [Line Items]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Gross Unrealized (1) Weighted Average Loan (3) (7) Current Face Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Stated Maturity Extended Location Loan B (2) 32,800,000 - 32,800,000 - - 32,800,000 5.84 % 6.21 % 2.04 July 1, 2016 July 1, 2019 TX Loan E (4) 14,521,806 (1,150,353) 13,371,453 705,987 - 14,077,440 9.51 % 12.35 % 3.48 April 9, 2017 April 9, 2021 Various Loan F (4) 10,416,666 (110,096) 10,306,570 110,096 - 10,416,666 11.60 % 13.54 % 1.21 September 9, 2018 September 9, 2019 MN 57,738,472 (1,260,449) 56,478,023 816,083 - 57,294,106 7.80 % 9.05 % 2.25 (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 columns above represent inception to date unrealized gains (losses). (2) Loan B is comprised of a first mortgage and mezzanine loan of $ 31.8 1.0 (3) Loan D paid off at par in Q1 2017. (4) Loan E and Loan F are mezzanine loans. As of the stated maturity date above, Loan E has been extended for one year. (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. (8) Represents the maturity date of the last possible extension option. The following table presents detail on the Company’s commercial loan portfolio on December 31, 2016. Gross Unrealized (1) Weighted Average Loan (2) (4) (9) Current Face Premium Amortized Cost Gains Losses Fair Value Coupon Yield Life Stated Maturity Extended Location Loan B (3) $ 32,800,000 $ (1,294) $ 32,798,706 $ 1,294 $ - $ 32,800,000 5.40 % 5.65 % 0.52 July 1, 2016 July 1, 2019 TX Loan D (5) (11) 12,000,000 (211,692) 11,788,308 296,278 (84,586) 12,000,000 10.62 % 14.33 % 0.62 February 11, 2017 August 11, 2017 NY Loan E (6) 16,000,000 (1,291,648) 14,708,352 560,448 - 15,268,800 9.05 % 12.76 % 4.33 April 9, 2017 April 9, 2021 Various $ 60,800,000 $ (1,504,634) $ 59,295,366 $ 858,020 $ (84,586) $ 60,068,800 7.39 % 9.19 % 1.54 (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 columns above represent inception to date unrealized gains (losses). (2) Loan A paid off in Q2 2016, with the Company receiving $ 30.0 (3) Loan B is comprised of a first mortgage and mezzanine loan of $ 31.8 1.0 (4) Loan C paid off in Q3 2016, with the Company receiving $ 10.0 (5) Loan D is a first mortgage loan. See below for further information. As of the stated maturity date, Loan D has been extended for an additional 6 months. (6) Loan E is a mezzanine loan. (7) Each commercial loan investment has a variable coupon rate. (8) Actual maturities of commercial mortgage loans may be shorter than stated contractual maturities. Maturities are affected by prepayments of principal. (9) The Company has the contractual right to receive a balloon payment. (10) Represents the maturity date of the last possible extension option. (11) Loan D paid off in Q1 2017.

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017: Fair Value at June 30, 2017 Level 1 Level 2 Level 3 Total Assets: Agency RMBS: 30 Year Fixed Rate $ - $ 1,294,986,616 $ - $ 1,294,986,616 Fixed Rate CMO - 59,164,907 - 59,164,907 ARM - 194,113,294 - 194,113,294 Interest Only - 53,000,440 - 53,000,440 Credit Investments: Non-Agency RMBS - 240,584,518 863,020,902 1,103,605,420 Non-Agency RMBS Interest Only - - 3,213,397 3,213,397 ABS - - 47,917,356 47,917,356 CMBS - 21,719,460 137,658,327 159,377,787 CMBS Interest Only - - 52,805,639 52,805,639 Residential mortgage loans - - 23,455,233 23,455,233 Commercial loans - - 57,294,106 57,294,106 Excess mortgage servicing rights - - 2,786,501 2,786,501 Derivative assets 697,188 2,432,089 - 3,129,277 AG Arc - - 17,712,557 17,712,557 Total Assets Carried at Fair Value $ 697,188 $ 1,866,001,324 $ 1,205,864,018 $ 3,072,562,530 Liabilities: Securitized debt $ - $ - $ (18,778,169) $ (18,778,169) Derivative liabilities - (1,769,032) - (1,769,032) Total Liabilities Carried at Fair Value $ - $ (1,769,032) $ (18,778,169) $ (20,547,201) The following table presents the Company’s financial instruments measured at fair value as of December 31, 2016: Fair Value at December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Agency RMBS: 30 Year Fixed Rate $ - $ 739,727,721 $ - $ 739,727,721 Fixed Rate CMO - 63,697,398 - 63,697,398 ARM - 211,344,052 - 211,344,052 Interest Only - 42,894,555 - 42,894,555 Credit Investments: Non-Agency RMBS - 321,495,328 717,760,534 1,039,255,862 Non-Agency RMBS Interest Only - - 3,761,446 3,761,446 ABS - - 21,231,956 21,231,956 CMBS - 28,726,319 130,789,615 159,515,934 CMBS Interest Only - - 52,136,726 52,136,726 Residential mortgage loans - - 38,195,576 38,195,576 Commercial loans - - 60,068,800 60,068,800 Excess mortgage servicing rights - - 412,648 412,648 Derivative assets - 3,703,366 - 3,703,366 AG Arc - - 12,894,819 12,894,819 Total Assets Carried at Fair Value $ - $ 1,411,588,739 $ 1,037,252,120 $ 2,448,840,859 Liabilities: Securitized debt $ - $ - $ (21,491,710) $ (21,491,710) Loan participation payable - - (1,800,000) (1,800,000) Securities borrowed under reverse repurchase agreements (22,365,000) - - (22,365,000) Derivative liabilities (636,211) (2,271,044) - (2,907,255) Total Liabilities Carried at Fair Value $ (23,001,211) $ (2,271,044) $ (23,291,710) $ (48,563,965)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Three Months Ended June 30, 2017 Non-Agency Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess AG Arc Securitized Beginning balance $ 762,089,348 $ 3,557,950 $ 21,165,442 $ 122,215,294 $ 52,921,927 $ 36,255,911 $ 58,274,488 $ 1,056,123 $ 13,010,453 $ (19,948,739) Transfers (1): Transfers into level 3 70,603,992 - - - - - - - - - Transfers out of level 3 (51,307,381) - - - - - - - - - Purchases/Transfers 215,073,421 - 39,717,021 15,000,001 - - - 1,858,979 - - Capital contributions - - - - - - - - 4,459,000 - Proceeds from sales/redemptions (61,084,219) - (9,311,530) - - (9,248,143) - - - - Proceeds from settlement (86,015,924) - (3,984,154) (108,799) - (4,631,367) (1,176,506) (176,923) - 1,171,856 Total net gains/(losses) (2) Included in net income 13,661,665 (344,553) 330,577 551,831 (116,288) 1,078,832 196,124 48,322 243,104 (1,286) Included in other comprehensive income (loss) - - - - - - - - - - Ending Balance $ 863,020,902 $ 3,213,397 $ 47,917,356 $ 137,658,327 $ 52,805,639 $ 23,455,233 $ 57,294,106 $ 2,786,501 $ 17,712,557 $ (18,778,169) Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2017 (3) $ 14,997,601 $ (344,553) $ (95,002) $ 897,090 $ (116,288) $ (913,062) $ 196,124 $ 48,322 $ 243,104 $ (1,286) (1) Transfers are assumed to occur at the beginning of the period. During the three months ended June 30, 2017, the Company transferred 6 Non-Agency RMBS securities into the Level 3 category from the Level 2 category and 5 Non-Agency RMBS securities into the Level 2 category from the Level 3 category under the fair value hierarchy of ASC 820. (2) 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 $ 15,783,215 Unrealized gain/(loss) on derivative and other instruments, net (1,286) Net realized gain/(loss) (376,705) Equity in earnings/(loss) from affiliates 243,104 Total $ 15,648,328 (3) 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 $ 14,670,232 Unrealized gain/(loss) on derivative and other instruments, net (1,286) Equity in earnings/(loss) from affiliates 243,104 Total $ 14,912,050 Three Months Ended June 30, 2016 Non-Agency Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess AG Arc Securitized Loan Beginning balance $ 760,004,764 $ 4,052,280 $ 64,643,140 $ 86,980,005 $ 17,126,868 $ 56,709,105 $ 84,800,000 $ 383,843 $ - $ (28,256,689) $ (1,800,000) Transfers (1): Transfers into level 3 124,939,008 - - - - - - - (316,580) - - Transfers out of level 3 - - - - - - - - - - - Purchases/Transfers 4,993,750 - 12,500,598 2,000,000 26,318,875 - - - - - - Capital contributions - - - - - - - - 5,306,210 - - Proceeds from sales/redemptions (21,677,437) - (1,511,503) (2,100,960) - - - - - - - Proceeds from settlement (53,642,972) - (559,488) (182,835) - (737,718) (30,000,000) (37,336) - 2,480,725 - Total net gains/(losses) (2) Included in net income (611,831) (1,651,548) 400,422 66,496 (140,250) (334,781) - - (501,349) (12,319) - Included in other comprehensive income (loss) - - - - - - - - - - - Ending Balance $ 814,005,282 $ 2,400,732 $ 75,473,169 $ 86,762,706 $ 43,305,493 $ 55,636,606 $ 54,800,000 $ 346,507 $ 4,488,281 $ (25,788,283) $ (1,800,000) Change in unrealized appreciation/(depreciation) for level 3 assets still held as of June 30, 2016 (3) $ 748,366 $ (522,058) $ 390,869 $ 54,752 $ (140,250) $ (334,781) $ - $ - (501,349) $ (12,319) $ - (1) Transfers are assumed to occur at the beginning of the period. During the three months ended June 30, 2016, the Company transferred 7 Non-Agency RMBS securities into the Level 3 category from the Level 2 category and its investment in AG Arc into the Level 3 category from the Level 1 category under the fair value hierarchy of ASC 820. (2) 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 $ 409,357 Unrealized gain/(loss) on derivative and other instruments, net (12,319) Net realized gain/(loss) (2,680,849) Equity in earnings/(loss) from affiliates (501,349) Total $ (2,785,160) (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 $ 196,897 Unrealized gain/(loss) on derivative and other instruments, net (12,318) Equity in earnings/(loss) from affiliates (501,349) Total $ (316,770) Six Months Ended June 30, 2017 Non-Agency Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess AG Arc Securitized Loan Beginning balance $ 717,760,534 $ 3,761,446 $ 21,231,956 $ 130,789,615 $ 52,136,726 $ 38,195,576 $ 60,068,800 $ 412,648 $ 12,894,819 $ (21,491,710) $ (1,800,000) Transfers (1): Transfers into level 3 156,247,235 - - - - - - - - - - Transfers out of level 3 (87,193,669) - - - - - - - - - - Purchases/Transfers 257,276,811 - 46,447,667 18,568,750 - - 10,270,833 2,565,344 - - - Capital contributions - - - - - - - - 4,459,000 - - Proceeds from sales/redemptions (84,759,581) - (16,977,157) (4,533,594) - (10,102,590) - - - - - Proceeds from settlement (115,376,445) - (3,984,154) (8,594,055) - (5,297,349) (13,534,402) (187,287) - 2,747,475 1,954,927 Total net gains/(losses) (2) Included in net income 19,066,017 (548,049) 1,199,044 1,427,611 668,913 659,596 488,875 (4,204) 358,738 (33,934) (154,927) Included in other comprehensive income (loss) - - - - - - - - - - - Ending Balance $ 863,020,902 $ 3,213,397 $ 47,917,356 $ 137,658,327 $ 52,805,639 $ 23,455,233 $ 57,294,106 $ 2,786,501 $ 17,712,557 $ (18,778,169) $ - Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2017 (3) $ 20,392,109 $ (548,049) $ 743,730 $ 1,857,762 $ 668,913 $ (1,401,691) $ 432,666 $ (4,204) $ 358,738 $ (33,934) $ - (1) Transfers are assumed to occur at the beginning of the period. During the six months ended June 30, 2017, the Company transferred 12 Non-Agency RMBS securities into the Level 3 category from the Level 2 category and 8 Non-Agency RMBS securities into the Level 2 category from the Level 3 category under the fair value hierarchy of ASC 820. (2) 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 $ 23,619,676 Unrealized gain/(loss) on derivative and other instruments, net (188,861) Net realized gain/(loss) (661,873) Equity in earnings/(loss) from affiliates 358,738 Total $ 23,127,680 (3) 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 $ 22,141,236 Unrealized gain/(loss) on derivative and other instruments, net (33,934) Equity in earnings/(loss) from affiliates 358,738 Total $ 22,466,040 Six Months Ended June 30, 2016 Non-Agency Non-Agency ABS CMBS CMBS Interest Residential Commercial Excess AG Arc Securitized Loan Beginning balance $ 451,677,960 $ 5,553,734 $ 54,761,837 $ 91,024,418 $ 14,077,716 $ 57,080,227 $ 72,800,000 $ 425,311 $ - $ - $ - Transfers (1): Transfers into level 3 466,014,255 - - - - - - - (316,580) (30,046,861) - Purchases/Transfers (2) 11,717,812 - 23,698,801 2,000,000 26,348,759 - 10,428,437 - - - (1,564,266) Capital contributions - - - - - - - - 5,306,210 - - Reclassification of security type (3) - - - - 3,103,111 - - - - - - Proceeds from sales/redemptions (29,172,134) - (1,511,503) (2,100,960) - - - - - - - Proceeds from settlement (76,553,594) - (1,187,108) (1,103,203) - (1,064,010) (30,000,000) (78,804) - 4,194,321 - Total net gains/(losses) (4) Included in net income (9,679,017) (3,153,002) (288,858) (3,057,549) (224,093) (379,611) 1,571,563 - (501,349) 64,257 (235,734) Included in other comprehensive income (loss) - - - - - - - - - - - Ending Balance $ 814,005,282 $ 2,400,732 $ 75,473,169 $ 86,762,706 $ 43,305,493 $ 55,636,606 $ 54,800,000 $ 346,507 $ 4,488,281 $ (25,788,283) $ (1,800,000) Change in unrealized appreciation/(depreciation) for level 3 assets still held as of September 30, 2015 (4) $ (3,571,140) $ (1,529,325) $ (160,154) $ (2,739,373) $ (224,093) $ (379,611) $ 1,571,563 $ - $ (501,349) $ 64,257 $ (235,733) (1) Transfers are assumed to occur at the beginning of the period. During the six months ended June 30, 2016, the Company transferred 36 Non-Agency RMBS securities and its securitized debt investment into the Level 3 category from the Level 2 category and its investment in AG Arc into the Level 3 category from the Level 1 category under the fair value hierarchy of ASC 820. (2) Transfers represent proceeds from transfer of loan participation. (3) Represents a reclassification from investments in debt and equity of affiliates. (4) 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 $ (6,816,273) Unrealized gain/(loss) on derivative and other instruments, net (171,477) Net realized gain/(loss) (8,394,294) Equity in earnings/(loss) from affiliates (501,349) Total $ (15,883,393) (5) Gains/(losses) are recorded in the following line items in the consolidated statement of operations: Unrealized gain/(loss) on real estate securities and loans, net $ (7,032,133) Unrealized gain/(loss) on derivative and other instruments, net (171,476) Equity in earnings/(loss) from affiliates (501,349) Total $ (7,704,958)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	Asset Class Fair Value at Valuation Technique Unobservable Input Range Yield 2.50% - 9.70% (4.60%) Projected Collateral Prepayments 0.00% - 35.00% (10.59%) Non-Agency RMBS $ 835,907,355 Discounted Cash Flow Projected Collateral Losses 0.00% - 30.00% (3.42%) Projected Reperforming Rates 18.81% - 47.76% (33.32%) Projected Collateral Severities 0.00% - 100.00% (28.60%) Projected Timeline to Liquidation (Months) 16.17 - 22.99 (20.30) $ 27,113,547 Consensus Pricing Offered Quotes 21.50 - 100.00 (84.17) Yield 17.50% - 17.50% (17.50%) Projected Collateral Prepayments 12.50% - 18.00% (12.79%) Non-Agency RMBS Interest Only $ 2,821,103 Discounted Cash Flow Projected Collateral Losses 0.50% - 0.75% (0.51%) Projected Collateral Severities 10.00% - 15.00% (10.26%) $ 392,294 Consensus Pricing Offered Quotes 0.74 - 0.74 (0.74) Yield 5.64% - 5.64% (5.64%) Projected Collateral Prepayments 20.00% - 40.00% (24.70%) ABS $ 17,338,510 Discounted Cash Flow Projected Collateral Losses 0.00% - 2.00% (1.53%) Projected Collateral Severities 0.00% - 50.00% (38.26%) $ 30,578,846 Consensus Pricing Offered Quotes 98.63 - 100.00 (99.56) Yield 4.33% - 8.39% (6.08%) Projected Collateral Prepayments 0.00% - 30.00% (0.28%) CMBS $ 134,438,321 Discounted Cash Flow Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) $ 3,220,006 Consensus Pricing Offered Quotes 5.60 - 6.74 (6.34) Yield 2.50% - 5.95% (4.52%) Projected Collateral Prepayments 100.00% - 100.00% (100.00%) CMBS Interest Only $ 52,805,639 Discounted Cash Flow Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Yield 6.25% - 9.00% (7.54%) Projected Collateral Prepayments 3.34% - 5.48% (4.74%) Projected Collateral Losses 5.13% - 6.70% (5.68%) Residential Mortgage Loans $ 23,455,233 Discounted Cash Flow Projected Reperforming Rates 10.22% - 42.78% (24.14%) Projected Collateral Severities 23.10% - 46.24% (38.74%) Projected Timeline to Liquidation (Months) 13.59 - 29.81 (16.63) Yield 6.21% - 6.21% (6.21%) Commercial Loans $ 32,800,000 Discounted Cash Flow Credit Spread 4.75 bps - 4.75 bps (4.75 bps) Recovery Percentage (1) 100.00% - 100.00% (100.00%) $ 24,494,106 Consensus Pricing Offered Quotes 96.94 - 100.00 (98.24) $ 2,478,235 Discounted Cash Flow Yield 9.50% - 11.73% (10.14%) Excess Mortgage Servicing Rights Projected Collateral Prepayments 8.13% - 12.74% (10.18%) $ 308,266 Consensus Pricing Offered Quotes 0.06 - 0.54 (0.49) AG Arc $ 17,712,557 Comparable Multiple Book Value Multiple 1.0x Liability Class Fair Value at Valuation Technique Unobservable Input Range Yield 3.46% - 3.46% (3.46%) Securitized debt $ (18,778,169) Discounted Cash Flow Projected Collateral Prepayments 14.00% - 14.00% (14.00%) Projected Collateral Losses 7.00% - 7.00% (7.00%) Projected Collateral Severities 40.00% - 40.00% (40.00%) (1) Represents the proportion of the principal expected to be collected relative to the loan balances as of June 30, 2017. Asset Class Fair Value at Valuation Technique Unobservable Input Range Yield 1.70% - 18.56% (5.11%) Projected Collateral Prepayments 0.00% - 35.00% (9.84%) Non-Agency RMBS $ 694,948,644 Discounted Cash Flow Projected Collateral Losses 0.00% - 38.00% (5.22%) Projected Reperforming Rates 18.53% - 46.77% (33.39%) Projected Collateral Severities 0.00% - 100.00% (38.57%) Projected Timeline to Liquidation (Months) 16.13 - 23.09 (20.72) $ 22,811,890 Consensus Pricing Offered Quotes 21.50 - 100.07 (78.89) Yield 17.50% - 17.50% (17.50%) Projected Collateral Prepayments 18.00% - 18.00% (18.00%) Non-Agency RMBS Interest Only $ 3,761,446 Discounted Cash Flow Projected Collateral Losses 0.50% - 0.50% (0.50%) Projected Collateral Severities 10.00% - 10.00% (10.00%) Yield 4.16% - 6.47% (4.98%) Projected Collateral Prepayments 1.50% - 40.00% (22.31%) ABS $ 21,231,956 Discounted Cash Flow Projected Collateral Losses 0.00% - 2.00% (0.88%) Projected Collateral Severities 0.00% - 50.00% (9.81%) Yield 3.32% - 9.16% (6.13%) Projected Collateral Prepayments 0.00% - 0.00% (0.00%) CMBS $ 121,056,008 Discounted Cash Flow Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) $ 9,733,607 Consensus Pricing Offered Quotes 5.03 - 99.81 (68.64) Yield 2.51% - 9.49% (5.85%) Projected Collateral Prepayments 100.00% - 100.00% (100.00%) CMBS Interest Only $ 52,136,726 Discounted Cash Flow Projected Collateral Losses 0.00% - 0.00% (0.00%) Projected Collateral Severities 0.00% - 0.00% (0.00%) Yield 6.50% - 8.00% (7.42%) Projected Collateral Prepayments 3.18% - 5.82% (4.51%) Residential Mortgage Loans $ 38,195,576 Discounted Cash Flow Projected Collateral Losses 5.16% - 5.32% (5.18%) Projected Reperforming Rates 9.59% - 34.53% (22.91%) Projected Collateral Severities 25.19% - 84.80% (45.34%) Projected Timeline to Liquidation (Months) 12.32 - 29.85 (14.33) Yield 5.65% - 21.70% (7.98%) Commercial Loans $ 44,800,000 Discounted Cash Flow Credit Spread 4.75 bps - 10 bps (6.16 bps) Recovery Percentage (1) 100.00% - 100.00% (100.00%) $ 15,268,800 Consensus Pricing Offered Quotes 95.43 - 95.43 (95.43) Excess Mortgage Servicing Rights $ 412,648 Consensus Pricing Offered Quotes 0.09 - 0.62 (0.55) AG Arc $ 12,894,819 Comparable Multiple Book Value Multiple 1.0x Liability Class Fair Value at Valuation Technique Unobservable Input Range Yield 3.36% - 3.36% (3.36%) Projected Collateral Prepayments 14.00% - 14.00% (14.00%) Securitized debt $ (21,491,710) Discounted Cash Flow Projected Collateral Losses 7.00% - 7.00% (7.00%) Projected Collateral Severities 40.00% - 40.00% (40.00%) Yield 21.70% - 21.70% (21.70%) Loan participation payable $ (1,800,000) Discounted Cash Flow Credit Spread 10 bps - 10 bps (10 bps) Recovery Percentage* 100.00% - 100.00% (100.00%)

Repurchase agreements (Tables)

Repurchase agreements (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Repurchase Agreements [Abstract]
Schedule of Repurchase Agreements [Table Text Block]	The following table presents certain financial information regarding the Company’s repurchase agreements secured by real estate securities as of June 30, 2017: Repurchase Agreements Collateral Pledged Weighted Average Weighted Average Repurchase Agreements Maturing Within: Balance Rate Haircut Fair Value Pledged Amortized Cost Accrued Interest Overnight $ 79,442,000 1.42 % 3.0 % $ 81,888,405 $ 81,389,926 $ 244,793 30 days or less 1,271,611,000 2.22 % 15.7 % 1,533,383,438 1,482,365,948 5,390,520 31-60 days 453,727,000 1.39 % 7.0 % 492,275,346 486,107,148 1,530,381 61-90 days 230,737,000 1.50 % 6.2 % 254,858,959 252,017,830 686,533 91-180 days 78,494,000 1.43 % 4.5 % 85,813,781 85,460,132 250,912 Greater than 180 days 107,075,000 1.51 % 11.1 % 120,749,692 121,401,315 315,530 Total / Weighted Average $ 2,221,086,000 1.89 % 11.9 % $ 2,568,969,621 $ 2,508,742,299 $ 8,418,669 The following table presents certain financial information regarding the Company’s repurchase agreements secured by real estate securities as of December 31, 2016: Repurchase Agreements Collateral Pledged Weighted Average Weighted Average Repurchase Agreements Maturing Within: Balance Rate Haircut Fair Value Pledged Amortized Cost Accrued Interest Overnight $ 70,899,000 0.66 % 3.5 % $ 73,485,225 $ 73,170,802 $ 191,554 30 days or less 961,185,000 1.79 % 14.7 % 1,164,241,469 1,152,472,020 3,851,520 31-60 days 465,776,000 1.23 % 8.6 % 514,624,485 512,633,509 1,607,435 61-90 days 129,119,000 1.69 % 13.2 % 151,989,415 151,567,289 399,702 91-180 days 16,897,000 2.81 % 21.6 % 21,554,174 21,892,108 17,056 Greater than 180 days 209,293,104 1.93 % 4.7 % 252,940,437 244,734,715 948,975 Total / Weighted Average $ 1,853,169,104 1.63 % 11.5 % $ 2,178,835,205 $ 2,156,470,443 $ 7,016,242 The following table presents certain financial information regarding the Company’s repurchase agreements secured by interests in residential mortgage loans as of June 30, 2017: Repurchase Agreements Collateral Pledged Weighted Average Weighted Average Weighted Average Fair Value Repurchase Agreements Maturing Within: Balance Rate Funding Cost Haircut Pledged Amortized Cost Accrued Interest Greater than 180 days $ 13,860,388 3.72 % 3.92 % 32.8 % $ 20,943,195 $ 19,877,808 $ 27,562 The following table presents certain financial information regarding the Company’s repurchase agreements secured by interests in residential mortgage loans as of December 31, 2016: Repurchase Agreements Collateral Pledged Weighted Average Weighted Average Weighted Average Fair Value Repurchase Agreements Maturing Within: Balance Rate Funding Cost Haircut Pledged Amortized Cost Accrued Interest Greater than 180 days $ 25,544,702 3.27 % 3.79 % 30.3 % $ 34,088,921 $ 32,849,686 $ 45,068 The following table presents certain financial information regarding the Company’s repurchase agreements secured by interests in commercial loans as of June 30, 2017: Repurchase Agreements Collateral Pledged Weighted Average Weighted Average Weighted Average Fair Value Repurchase Agreements Maturing Within: Balance Rate Funding Cost Haircut Pledged Amortized Cost Accrued Interest Greater than 180 days $ 21,796,000 3.37 % 3.32 % 33.5 % $ 32,800,000 $ 32,800,000 $ 153,768 The following table presents certain financial information regarding the Company’s repurchase agreements secured by commercial loans as of December 31, 2016: Repurchase Agreements Collateral Pledged Weighted Average Weighted Average Weighted Average Fair Value Repurchase Agreements Maturing Within: Balance Rate Funding Cost Haircut Pledged Amortized Cost Accrued Interest Greater than 180 days $ 21,796,000 2.91 % 3.13 % 33.5 % $ 32,800,000 $ 32,798,706 $ 125,314
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 on June 30, 2017 and December 31, 2016, broken out by investment type: June 30, 2017 December 31, 2016 Fair Value of investments pledged as collateral under repurchase agreements Agency RMBS $ 1,259,225,785 $ 965,154,048 Non-Agency RMBS 1,078,998,578 990,985,143 ABS 26,777,004 21,231,956 CMBS 203,968,254 201,464,058 Residential Mortgage Loans 20,943,195 31,031,107 Commercial Mortgage Loans 32,800,000 32,800,000 Cash pledged (i.e., restricted cash) under repurchase agreements 11,951,335 17,149,022 Fair Value of unsettled trades pledged as collateral under repurchase agreements: - 3,057,814 Total collateral pledged under Repurchase agreements $ 2,634,664,151 $ 2,262,873,148
Schedule Of Total Borrowings Under Repurchase Agreements [Table Text Block]	The following table presents information with respect to the Company’s total borrowings under repurchase agreements on June 30, 2017 and December 31, 2016, broken out by investment type: June 30, 2017 December 31, 2016 Repurchase agreements secured by investments: Agency RMBS $ 1,187,289,000 $ 907,041,000 Non-Agency RMBS 863,701,000 776,459,104 ABS 19,234,000 15,283,000 CMBS 150,862,000 154,386,000 Residential Mortgage Loans 13,860,388 25,544,702 Commercial Mortgage Loans 21,796,000 21,796,000 Gross Liability for Repurchase agreements $ 2,256,742,388 $ 1,900,509,806
Schedule Of Gross and Net Information About Repurchase Agreements [Table Text Block]	The following table presents both gross information and net information about repurchase agreements eligible for offset in the consolidated balance sheets as of June 30, 2017: Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts Gross Amounts of Offset in the Net Amounts of Liabilities Financial Recognized Consolidated Balance Presented in the Consolidated Instruments Cash Collateral Description Liabilities Sheets Balance Sheets Posted Posted Net Amount Repurchase Agreements $ 2,256,742,388 $ - $ 2,256,742,388 $ 2,256,742,388 $ - $ - The following table presents both gross information and net information about repurchase agreements eligible for offset in the consolidated balance sheets as of December 31, 2016: Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts Gross Amounts of Offset in the Net Amounts of Liabilities Financial Recognized Consolidated Balance Presented in the Consolidated Instruments Cash Collateral Description Liabilities Sheets Balance Sheets Posted Posted Net Amount Repurchase Agreements $ 1,900,509,806 $ - $ 1,900,509,806 $ 1,900,509,806 $ - $ -
Schedule Of Repurchase Agreement Counterparty [Table Text Block]	The following table presents information at June 30, 2017 with respect to each counterparty that provides the Company with financing for which the Company had greater than 5% of its stockholders’ equity at risk, excluding stockholders’ equity at risk under financing through affiliated entities. Stockholders' Equity Weighted Average Percentage of Counterparty at Risk Maturity (days) Stockholders' Equity JP Morgan Securities, LLC $ 50,493,355 81 7 % RBC (Barbados) Trading Bank Corporation 35,982,610 19 5 % Credit Suisse Securities, LLC 34,600,293 22 5 % The following table presents information at December 31, 2016 with respect to each counterparty that provides the Company with financing for which the Company had greater than 5% of its stockholders’ equity at risk, excluding stockholders’ equity at risk under financing through affiliated entities. Stockholders' Equity Weighted Average Percentage of Counterparty at Risk Maturity (days) Stockholders' Equity Wells Fargo Bank, N.A. $ 50,917,158 357 8 % JP Morgan Securities, LLC 34,885,263 160 5 %

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2017
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 and other instruments and their balance sheet location at June 30, 2017 and December 31, 2016. Derivatives and Other Instruments Designation Balance Sheet Location June 30, 2017 December 31, 2016 Interest rate swaps Non-Hedge Derivative liabilities, at fair value $ - $ (1,847,219) Interest rate swaps Non-Hedge Derivative assets, at fair value 2,136,460 3,703,366 TBAs Non-Hedge Derivative liabilities, at fair value (1,769,032) (423,825) TBAs Non-Hedge Derivative assets, at fair value 295,629 - Short positions on U.S. Treasury Futures Non-Hedge Derivative liabilities, at fair value - (636,211) Short positions on U.S. Treasury Futures Non-Hedge Derivative assets, at fair value 697,188 - Short positions on U.S. Treasuries Non-Hedge Obligation to return securities borrowed under reverse repurchase - (22,365,000) (1) The Company's obligation to return securities borrowed under reverse repurchase agreements as of December 31, 2016 relates to securities borrowed to cover short sales of U.S. Treasury securities. The change in fair value of the borrowed securities is recorded in the "Unrealized gain/(loss) on derivatives and other instruments, net" line item in the Company's consolidated statement of operations.
Schedule of Derivative Instruments [Table Text Block]	The following table summarizes information related to derivatives and other instruments: Non-hedge derivatives and other instruments held long/(short): June 30, 2017 December 31, 2016 Notional amount of Pay Fix/Receive Float Interest Rate Swap Agreements $ 1,494,000,000 $ 644,000,000 Notional amount of TBAs 300,000,000 (25,000,000) Notional amount of short positions on U.S. Treasury Futures (1) (70,000,000) (141,500,000) Notional amount of short positions on U.S. Treasuries - (24,000,000) (1) Each U.S. Treasury Future contract embodies $ 100,000
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]	The following table summarizes gains/(losses) related to derivatives and other instruments: Three Months Ended Three Months Ended Six Months Ended Six Months Ended Non-hedge derivatives and other instruments gain/(loss): Statement of Operations Location June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Interest rate swaps, at fair value Unrealized gain/(loss) on derivative and other instruments, net $ 2,027,635 $ (1,615,094) $ 3,258,849 $ (19,516,469) Interest rate swaps, at fair value Net realized gain/(loss) (8,082,738) (2,839,917) (8,082,738) (5,733,434) Short positions on Eurodollar Futures Unrealized gain/(loss) on derivative and other instruments, net - (150,547) - (150,547) Long positions on U.S. Treasury Futures Unrealized gain/(loss) on derivative and other instruments, net - (20,374) - (20,374) Long positions on U.S. Treasury Futures Net realized gain/(loss) - 126,919 - 126,919 Short positions on U.S. Treasury Futures Unrealized gain/(loss) on derivative and other instruments, net 1,273,312 21,123 1,379,811 21,123 Short positions on U.S. Treasury Futures Net realized gain/(loss) (2,882,643) 15,056 (3,830,579) 15,056 TBAs (1) Unrealized gain/(loss) on derivative and other instruments, net (1,409,304) 441,638 (1,049,539) 441,246 TBAs (1) Net realized gain/(loss) 1,573,086 (180,625) 1,331,055 25,039 Long positions on U.S. Treasuries Unrealized gain/(loss) on derivative and other instruments, net - 1,587,306 - 7,580,039 Long positions on U.S. Treasuries Net realized gain/(loss) - 109,062 - 423,828 Short positions on U.S. Treasuries Unrealized gain/(loss) on derivative and other instruments, net - (200,391) (1,724,922) (200,391) Short positions on U.S. Treasuries Net realized gain - - 1,730,547 - (1) For the three months ended June 30, 2017, gains and losses from purchases and sales of TBAs consisted of $ 0.7 0.6 1.1 0.8 7,656 0.3 0.1 0.4
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 sheets as of June 30, 2017: 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 $ 2,749,027 $ - $ 2,749,027 $ - $ 448,635 $ 2,300,392 U.S. Treasury Futures - Short 697,188 - 697,188 - - 697,188 TBAs 295,629 - 295,629 - - 295,629 Total Derivative Assets $ 3,741,844 $ - $ 3,741,844 $ - $ 448,635 $ 3,293,209 Derivative Liabilities TBAs $ (1,769,032) $ - $ (1,769,032) $ (1,769,032) $ - $ - Total Derivative Liabilities $ (1,769,032) $ - $ (1,769,032) $ (1,769,032) $ - $ - (1) Included in Derivative Assets on the consolidated balance sheet is $ 3,741,844 (612,567) 3,129,277 The following table presents both gross information and net information about derivative instruments eligible for offset in the consolidated balance sheets as of December 31, 2016: Gross Amounts Not Offset in the Description Gross Amounts of Gross Amounts Net Amounts of Assets Financial Cash Collateral Net Amount Receivable Under Reverse Repurchase Agreements $ 22,680,000 $ - $ 22,680,000 $ 22,365,000 $ - $ 315,000 Derivative Assets (1) Interest Rate Swaps $ 4,559,134 $ - $ 4,559,134 $ - $ 879,575 $ 3,679,559 Total Derivative Assets $ 4,559,134 $ - $ 4,559,134 $ - $ 879,575 $ 3,679,559 Derivative Liabilities (2) Interest Rate Swaps $ (1,705,865) $ - $ (1,705,865) $ - $ (1,705,865) $ - U.S. Treasury Futures - Short (636,211) - (636,211) - (636,211) - TBAs (423,824) - (423,824) (423,824) - - Total Derivative Liabilities $ (2,765,900) $ - $ (2,765,900) $ (423,824) $ (2,342,076) $ - (1) Included in Derivative Assets on the consolidated balance sheet is $ 4,559,134 (855,768) 3,703,366 (2) Included in Derivative Liabilities on the consolidated balance sheet is $ (2,765,900) (141,355) (2,907,255)
Schedule of Interest Rate Derivatives [Table Text Block]	As of June 30, 2017, the Company’s interest rate swap positions consist of pay-fixed interest rate swaps. The following table presents information about the Company’s interest rate swaps as of June 30, 2017: Maturity Notional Amount Weighted Average Weighted Average Weighted Average 2017 $ 36,000,000 0.88 % 1.17 % 0.34 2019 170,000,000 1.36 % 1.19 % 2.38 2020 570,000,000 1.63 % 1.22 % 2.86 2022 363,000,000 1.80 % 1.25 % 5.00 2024 150,000,000 2.04 % 1.23 % 6.89 2026 75,000,000 2.12 % 1.19 % 9.39 2027 130,000,000 2.30 % 1.20 % 9.80 Total/Wtd Avg $ 1,494,000,000 1.75 % 1.22 % 4.60 As of December 31, 2016, the Company’s interest rate swap positions consist of pay-fixed interest rate swaps. The following table presents information about the Company’s interest rate swaps as of December 31, 2016: Maturity Notional Amount Weighted Average Weighted Average Weighted Average 2017 $ 36,000,000 0.88 % 0.89 % 0.84 2019 170,000,000 1.36 % 0.91 % 2.88 2020 115,000,000 1.59 % 0.90 % 3.20 2021 60,000,000 1.86 % 0.96 % 4.94 2022 53,000,000 1.69 % 0.94 % 5.69 2023 85,000,000 2.30 % 0.94 % 6.43 2025 30,000,000 2.48 % 0.94 % 8.43 2026 95,000,000 2.17 % 0.92 % 9.90 Total/Wtd Avg $ 644,000,000 1.74 % 0.92 % 5.01
Schedule Of To Be Announced Securities Activity [Table Text Block]	For the Three Months Ended June 30, 2017 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ 90,000,000 $ 891,000,000 $ (681,000,000) $ 300,000,000 $ 309,964,840 $ (311,438,243) $ 295,629 $ (1,769,032) TBAs - Short $ - $ - $ - $ - $ - $ - $ - $ - For the Three Months Ended June 30, 2016 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ - $ 232,000,000 $ (132,000,000) $ 100,000,000 $ 103,757,810 $ (103,450,351) $ 719,960 $ (412,501) TBAs - Short $ - $ 75,000,000 $ (75,000,000) $ - $ - $ (7,813) $ 484,376 $ (492,189) For the Six Months Ended June 30, 2017 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ 50,000,000 $ 1,176,000,000 $ (926,000,000) $ 300,000,000 $ 309,964,840 $ (311,438,243) $ 295,629 $ (1,769,032) TBAs - Short $ (75,000,000) $ 75,000,000 $ - $ - $ - $ - $ - $ - For the Six Months Ended June 30, 2016 Beginning Buys or Covers Sales or Shorts Ending Notional Fair Value as of Receivable/(Payable) Derivative Derivative TBAs - Long $ 75,000,000 $ 277,000,000 $ (252,000,000) $ 100,000,000 $ 103,757,810 $ (103,450,351) $ 719,960 $ (412,501) TBAs - Short $ - $ 225,000,000 $ (225,000,000) $ - $ - $ (7,813) $ 484,376 $ (492,189)

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2017
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	As of June 30, 2017 and June 30, 2016, the Company’s outstanding warrants and unvested restricted stock units were as follows: June 30, 2017 June 30, 2016 Outstanding warrants 1,007,500 1,007,500 Unvested restricted stock units previously granted to the Manager 20,003 40,006
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the three and six months ended June 30, 2017 and June 30, 2016: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Numerator: Net income/(loss) available to common stockholders for basic and diluted earnings per share $ 29,803,777 $ 17,709,787 $ 51,554,085 $ 11,898,006 Denominator: Basic weighted average common shares outstanding 27,724,183 28,038,953 27,713,104 28,155,441 Dilutive effect of restricted stock units 7,142 15,501 7,205 14,992 Diluted weighted average common shares outstanding 27,731,325 28,054,454 27,720,309 28,170,433 Basic Earnings/(Loss) Per Share of Common Stock: $ 1.08 $ 0.63 $ 1.86 $ 0.42 Diluted Earnings/(Loss) Per Share of Common Stock: $ 1.07 $ 0.63 $ 1.86 $ 0.42
Common Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following tables detail our common stock dividends for the six months ended June 30, 2017, and June 30, 2016: 2017 Declaration Date Record Date Payment Date Dividend Per Share 3/10/2017 3/21/2017 4/28/2017 $ 0.475 6/8/2017 6/19/2017 7/31/2017 0.475 2016 Declaration Date Record Date Payment Date Dividend Per Share 3/10/2016 3/21/2016 4/29/2016 $ 0.475 6/9/2016 6/20/2016 7/29/2016 0.475
Preferred Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following tables detail our preferred stock dividends during the six months ended June 30, 2017, and June 30, 2016: 2017 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.25% Series A 2/16/2017 2/28/2017 3/17/2017 $ 0.51563 8.25% Series A 5/15/2017 5/31/2017 6/19/2017 0.51563 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.00% Series B 2/16/2017 2/28/2017 3/17/2017 $ 0.50 8.00% Series B 5/15/2017 5/31/2017 6/19/2017 0.50 2016 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.25% Series A 2/12/2016 2/29/2016 3/17/2016 $ 0.51563 8.25% Series A 5/13/2016 5/31/2016 6/17/2016 0.51563 Dividend Declaration Date Record Date Payment Date Dividend Per Share 8.00% Series B 2/12/2016 2/29/2016 3/17/2016 $ 0.50 8.00% Series B 5/13/2016 5/31/2016 6/17/2016 0.50

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Class of Treasury Stock [Table Text Block]	Month Purchased (1) Total Number of Weighted Average Total Number of Shares Maximum Number (or March 2016 119,606 $ 12.86 246,321 $ 21,790,786 May 2016 276,522 13.75 522,843 17,988,891 June 2016 36,725 14.38 559,568 17,460,743 Total 432,853 $ 13.56 559,568 $ 17,460,743 (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 maximum dollar amount authorized was $ 25.0

Summary of significant accoun27

Summary of significant accounting policies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Feb. 29, 2016	Feb. 12, 2016
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.
Amount Of Loans And Leases Receivable Commercial Transferred To Unaffiliated Third Party					$ 1,800,000	$ 1,800,000	$ 1,800,000
Investments in affiliates	$ 84,711,002		$ 84,711,002		72,215,919
Investments fair market value	75,300,000		75,300,000		69,000,000
Commercial Portfolio Segment [Member]
Significant Accounting Policies Disclosure [Line Items]
Loans and Leases Receivable before Fees, Gross						$ 12,000,000	$ 12,000,000
Federal Home Loan Bank of Cincinnati [Member]
Significant Accounting Policies Disclosure [Line Items]
Federal Home Loan Bank Stock	2,000		2,000		2,000
Interest Income, Deposits with Other Federal Home Loan Banks	0	$ 100,000	0	$ 100,000
ARC Home LLC [Member]
Significant Accounting Policies Disclosure [Line Items]
Investments in affiliates	$ 17,700,000		$ 17,700,000		$ 12,900,000

Real Estate Securities (Details

Real Estate Securities (Details) - USD ($)		Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 5,887,405,834	$ 5,313,929,467
Premium/(Discount)		(2,980,248,603)	(3,003,086,367)
Amortized Cost		2,907,157,231	2,310,843,100
Gross Unrealized Gains	[1]	72,330,537	42,487,756
Gross Unrealized Losses	[1]	(11,302,912)	(19,765,206)
Fair Value		$ 2,968,184,856	$ 2,333,565,650
Weighted Average Coupon	[2]	2.45%	2.18%
Weighted Average Yield		4.43%	4.76%
Agency RMBS: 30 Year Fixed Rate [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 1,233,190,846	$ 713,234,586
Premium/(Discount)		58,425,562	28,338,222
Amortized Cost		1,291,616,408	741,572,808
Gross Unrealized Gains	[1]	6,661,300	3,672,057
Gross Unrealized Losses	[1]	(3,291,092)	(5,517,144)
Fair Value		$ 1,294,986,616	$ 739,727,721
Weighted Average Coupon	[2]	3.83%	3.64%
Weighted Average Yield		3.14%	2.99%
Agency RMBS: Fixed Rate CMO [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 57,663,319	$ 62,570,005
Premium/(Discount)		463,126	531,431
Amortized Cost		58,126,445	63,101,436
Gross Unrealized Gains	[1]	1,038,462	595,962
Gross Unrealized Losses	[1]	0	0
Fair Value		$ 59,164,907	$ 63,697,398
Weighted Average Coupon	[2]	3.00%	3.00%
Weighted Average Yield		2.79%	2.80%
Agency RMBS: ARM [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 191,718,640	$ 208,592,111
Premium/(Discount)		(1,228,204)	(1,633,175)
Amortized Cost		190,490,436	206,958,936
Gross Unrealized Gains	[1]	3,622,858	4,385,116
Gross Unrealized Losses	[1]	0	0
Fair Value		$ 194,113,294	$ 211,344,052
Weighted Average Coupon	[2]	2.35%	2.35%
Weighted Average Yield		2.83%	2.84%
Agency RMBS: Interest Only [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 498,224,520	$ 416,902,327
Premium/(Discount)		(445,487,503)	(375,843,483)
Amortized Cost		52,737,017	41,058,844
Gross Unrealized Gains	[1]	2,547,463	3,033,926
Gross Unrealized Losses	[1]	(2,284,040)	(1,198,215)
Fair Value		$ 53,000,440	$ 42,894,555
Weighted Average Coupon	[2]	2.78%	2.70%
Weighted Average Yield		7.30%	8.26%
Credit Securities: Non-Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 1,281,602,888	$ 1,255,224,713
Premium/(Discount)		(226,894,647)	(235,346,323)
Amortized Cost		1,054,708,241	1,019,878,390
Gross Unrealized Gains	[1]	52,853,377	28,705,591
Gross Unrealized Losses	[1]	(3,956,198)	(9,328,119)
Fair Value		$ 1,103,605,420	$ 1,039,255,862
Weighted Average Coupon	[2]	4.29%	4.31%
Weighted Average Yield		5.62%	6.03%
Credit Securities: Non-Agency RMBS Interest Only [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 409,424,770	$ 449,759,113
Premium/(Discount)		(405,784,066)	(446,027,313)
Amortized Cost		3,640,704	3,731,800
Gross Unrealized Gains	[1]	136,900	33,512
Gross Unrealized Losses	[1]	(564,207)	(3,866)
Fair Value		$ 3,213,397	$ 3,761,446
Weighted Average Coupon	[2]	0.29%	0.25%
Weighted Average Yield		9.88%	12.47%
Credit Securities: ABS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 48,044,846	$ 22,025,000
Premium/(Discount)		(436,541)	(357,022)
Amortized Cost		47,608,305	21,667,978
Gross Unrealized Gains	[1]	314,649	100,247
Gross Unrealized Losses	[1]	(5,598)	(536,269)
Fair Value		$ 47,917,356	$ 21,231,956
Weighted Average Coupon	[2]	8.37%	5.43%
Weighted Average Yield		8.76%	6.32%
Credit Securities: CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 211,054,292	$ 217,935,976
Premium/(Discount)		(51,853,507)	(56,549,776)
Amortized Cost		159,200,785	161,386,200
Gross Unrealized Gains	[1]	1,361,135	959,842
Gross Unrealized Losses	[1]	(1,184,133)	(2,830,108)
Fair Value		$ 159,377,787	$ 159,515,934
Weighted Average Coupon	[2]	5.46%	5.15%
Weighted Average Yield		6.10%	6.16%
Credit Securities: CMBS Interest Only [Member]
Schedule of Available-for-sale Securities [Line Items]
Current Face		$ 1,956,481,713	$ 1,967,685,636
Premium/(Discount)		(1,907,452,823)	(1,916,198,928)
Amortized Cost		49,028,890	51,486,708
Gross Unrealized Gains	[1]	3,794,393	1,001,503
Gross Unrealized Losses	[1]	(17,644)	(351,485)
Fair Value		$ 52,805,639	$ 52,136,726
Weighted Average Coupon	[2]	0.43%	0.41%
Weighted Average Yield		6.61%	6.48%
[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 in the consolidated statement of operations. The gross unrealized stated above represents inception to date unrealized gains/(losses).
[2]	Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation.

Real Estate Securities (Detai29

Real Estate Securities (Details 1) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value	$ 444,047,650	$ 756,302,518
Less than 12 months, Unrealized Losses	(7,417,197)	(12,017,743)
Greater than 12 months, Fair Value	130,698,280	203,287,535
Greater than 12 months, Unrealized Losses	$ (3,885,715)	$ (7,747,463)

Real Estate Securities (Detai30

Real Estate Securities (Details 2) - USD ($)		Jun. 30, 2017	Dec. 31, 2016
Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	[1],[2]	$ 1,548,264,817	$ 1,014,769,171
Amortized Cost Total	[1],[2]	$ 1,540,233,289	$ 1,011,633,180
Weighted Average Coupon Total	[1],[2]	3.60%	3.32%
Agency RMBS [Member] | Less than or equal to 1 year [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Less than or equal to 1 year	[1],[2]	$ 0	$ 0
Amortized Cost Less than or equal to 1 year	[1],[2]	$ 0	$ 0
Weighted Average Coupon Less than or equal to 1 year	[1],[2]	0.00%	0.00%
Agency RMBS [Member] | Greater than one year and less than or equal to five years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than one year and less than or equal to five years	[1],[2]	$ 222,318,920	$ 124,913,463
Amortized Cost Greater than one year and less than or equal to five years	[1],[2]	$ 218,366,675	$ 123,021,262
Weighted Average Coupon Greater than one year and less than or equal to five years	[1],[2]	2.53%	2.73%
Agency RMBS [Member] | Greater than five years and less than or equal to ten years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than five years and less than or equal to ten years	[1],[2]	$ 1,316,818,452	$ 808,271,767
Amortized Cost Greater than five years and less than or equal to ten years	[1],[2]	$ 1,312,783,650	$ 806,474,038
Weighted Average Coupon Greater than five years and less than or equal to ten years	[1],[2]	3.79%	3.44%
Agency RMBS [Member] | Greater than ten years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than ten years	[1],[2]	$ 9,127,445	$ 81,583,941
Amortized Cost Greater than ten years	[1],[2]	$ 9,082,964	$ 82,137,880
Weighted Average Coupon Greater than ten years	[1],[2]	3.50%	3.10%
Agency IO [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	[1]	$ 53,000,440	$ 42,894,555
Amortized Cost Total	[1]	$ 52,737,017	$ 41,058,844
Weighted Average Coupon Total	[1]	2.78%	2.70%
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]	$ 32,349,456	$ 28,514,942
Amortized Cost Greater than one year and less than or equal to five years	[1]	$ 33,373,527	$ 27,995,835
Weighted Average Coupon Greater than one year and less than or equal to five years	[1]	2.43%	2.23%
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]	$ 20,650,984	$ 14,379,613
Amortized Cost Greater than five years and less than or equal to ten years	[1]	$ 19,363,490	$ 13,063,009
Weighted Average Coupon Greater than five years and less than or equal to ten years	[1]	4.14%	5.14%
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 Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Total	[1],[3]	$ 1,366,919,599	$ 1,275,901,924
Amortized Cost Total	[1],[3]	$ 1,314,186,925	$ 1,258,151,076
Weighted Average Coupon Total	[1],[3],[4]	1.95%	1.82%
Credit Securities [Member] | Less than or equal to 1 year [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Less than or equal to 1 year	[1],[3]	$ 161,466,410	$ 169,483,329
Amortized Cost Less than or equal to 1 year	[1],[3]	$ 161,334,424	$ 170,533,908
Weighted Average Coupon Less than or equal to 1 year	[1],[3],[4]	2.51%	2.09%
Credit Securities [Member] | Greater than one year and less than or equal to five years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than one year and less than or equal to five years	[1],[3]	$ 485,631,207	$ 430,525,739
Amortized Cost Greater than one year and less than or equal to five years	[1],[3]	$ 476,268,044	$ 430,108,024
Weighted Average Coupon Greater than one year and less than or equal to five years	[1],[3],[4]	1.04%	0.94%
Credit Securities [Member] | Greater than five years and less than or equal to ten years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than five years and less than or equal to ten years	[1],[3]	$ 489,382,251	$ 425,043,315
Amortized Cost Greater than five years and less than or equal to ten years	[1],[3]	$ 466,524,031	$ 418,094,774
Weighted Average Coupon Greater than five years and less than or equal to ten years	[1],[3],[4]	2.71%	2.30%
Credit Securities [Member] | Greater than ten years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Greater than ten years	[1],[3]	$ 230,439,731	$ 250,849,541
Amortized Cost Greater than ten years	[1],[3]	$ 210,060,426	$ 239,414,370
Weighted Average Coupon Greater than ten years	[1],[3],[4]	5.44%	5.88%
[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, Credit Securities represent Non-Agency RMBS, ABS, CMBS and Interest Only credit securities.
[4]	Equity residual investments and principal only securities with a zero coupon rate are excluded from this calculation.

Real Estate Securities (Detai31

Real Estate Securities (Details Textual)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading			$ 260,894,043	$ 131,005,232
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities	$ 900,000	$ 3,200,000	1,900,000	12,400,000
Assets, Fair Value Disclosure	3,072,562,530		3,072,562,530		$ 2,448,840,859
Debt Instrument, Fair Value Disclosure	$ 28,400,000		$ 28,400,000		$ 31,500,000
Weighted Average Life Of Securitized Debt			3 years 7 days		3 years 3 months 7 days
Weighted Average Rate Of Securitized Debt	3.78%		3.78%		3.87%
Other Secured Financings	$ 18,778,169		$ 18,778,169		$ 21,491,710
Weighted Average Yield of Aggregate Security	6.97%		6.97%		6.73%
Weighted Average Coupon of Aggregate Security	3.22%		3.22%		3.15%
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	$ 1,800,000	$ 3,200,000	$ 4,500,000	$ 12,400,000
Senior Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Fair Value Disclosure	18,800,000		18,800,000		$ 21,600,000
Variable Interest Entity, Primary Beneficiary [Member] | Senior Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Fair Value Disclosure	$ 18,800,000		$ 18,800,000		21,500,000
Settled Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number Of Securities Sold	15	4	30	10
Securities, Gross Realized Gains	$ 500,000	$ 800,000	$ 1,000,000	$ 800,000
Securities, Gross Realized Losses	1,400,000	200,000	2,100,000	1,600,000
Proceeds From Sale Of Mortgage Backed Securities (Mbs) Categorized As Trading	141,800,000	101,100,000	260,900,000	131,000,000
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities		500,000	1,100,000	5,600,000
Resecuritization [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets, Fair Value Disclosure	24,900,000		24,900,000		$ 27,400,000
Fair Values of Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities	$ 900,000	$ 3,200,000	$ 2,600,000	$ 12,400,000

Loans (Details)

Loans (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 32,360,883	$ 53,827,336
Fair Value		23,455,233	38,195,576
Residential Mortgage Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		32,360,883	53,827,336
Premium (Discount)		(9,714,756)	(16,491,472)
Amortized Cost		22,646,127	37,335,864
Gross Unrealized Gains	[1]	1,357,708	1,262,223
Gross Unrealized Losses	[1]	(548,602)	(402,511)
Fair Value		$ 23,455,233	$ 38,195,576
Weighted Average Coupon		6.13%	5.60%
Weighted Average Yield		9.86%	8.74%
Weighted Average Useful Life (in years)	[2]	5 years 10 months 24 days	6 years 8 months 16 days
[1]	The Company has chosen to make a fair value election pursuant to ASC 825 for its loan portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized columns above represent inception to date unrealized gains (losses).
[2]	Actual maturities of residential mortgage loans are generally shorter than stated contractual maturities. Actual maturities are affected by the lives of the underlying mortgages, periodic payments of principal and prepayments of principal.

Loans (Details 1)

Loans (Details 1) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value	$ 23,455,233	$ 38,195,576
Unpaid Principal Balance	32,360,883	53,827,336
Residential Mortgage Loans [Member]
Fair Value	23,455,233	38,195,576
Unpaid Principal Balance	32,360,883	53,827,336
Re-Performing Financing Receivable [Member] | Residential Mortgage Loans [Member]
Fair Value	15,597,028	26,665,750
Unpaid Principal Balance	20,432,960	35,645,382
Non-Performing Financing Receivable [Member] | Residential Mortgage Loans [Member]
Fair Value	7,858,205	11,529,826
Unpaid Principal Balance	$ 11,927,923	$ 18,181,954

Loans (Details 2)

Loans (Details 2) - Accounts Receivable [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	92.00%	98.00%
California [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	9.00%	9.00%
Florida [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	3.00%	5.00%
Maryland [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	6.00%	6.00%
New York New York [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage	31.00%	25.00%

Loans (Details 3)

Loans (Details 3) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	$ 18,725,471	$ 23,163,147	$ 18,281,517	$ 24,216,638
Additions	0	0	0	0
Accretion	(708,857)	(1,140,611)	(1,462,394)	(2,244,638)
Reclassifications from/(to) non-accretable difference	1,909,368	632,192	3,381,708	786,597
Disposals	(9,584,506)	(106,779)	(9,859,355)	(210,648)
Ending Balance	$ 10,341,476	$ 22,547,949	$ 10,341,476	$ 22,547,949

Loans (Details 4)

Loans (Details 4) - Commercial Loan [Member] - Commercial Portfolio Segment [Member] - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2017		Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	[2]	$ 57,738,472	[1]	$ 60,800,000	[3],[4]
Premium (Discount), Commercial Loans	[2]	(1,260,449)	[1]	(1,504,634)	[3],[4]
Amortized Cost, Commercial Loans	[2]	56,478,023	[1]	59,295,366	[3],[4]
Gross Unrealized Gains, Commercial Loans	[2],[5]	816,083	[1]	858,020	[3],[4]
Gross Unrealized Losses, Commercial Loans	[2]	0	[6],[7]	(84,586)	[3],[4],[5]
Fair Value, Commercial Loans	[2]	$ 57,294,106	[1]	$ 60,068,800	[3],[4]
Weighted Average Coupon, Commercial Loans	[2],[8]	7.80%	[1]	7.39%	[3],[4]
Weighted Average Yield, Commercial Loans	[2]	9.05%	[1]	9.19%	[3],[4]
Weighted Average Life (in years), Commercial Loans	[2],[9]	2 years 3 months	[1]	1 year 6 months 14 days	[3],[4]
Loan B [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	[2]	$ 32,800,000	[1],[10]	$ 32,800,000	[3],[4],[11]
Premium (Discount), Commercial Loans	[2]	0	[1],[10]	(1,294)	[3],[4],[11]
Amortized Cost, Commercial Loans	[2]	32,800,000	[1],[10]	32,798,706	[3],[4],[11]
Gross Unrealized Gains, Commercial Loans	[2]	0	[1],[7],[10]	1,294	[3],[4],[5],[11]
Gross Unrealized Losses, Commercial Loans		0	[10]	0	[2],[3],[4],[5],[11]
Fair Value, Commercial Loans	[2]	$ 32,800,000	[1],[10]	$ 32,800,000	[3],[4],[11]
Weighted Average Coupon, Commercial Loans	[2],[8]	5.84%	[1],[10]	5.40%	[3],[4],[11]
Weighted Average Yield, Commercial Loans	[2]	6.21%	[1],[10]	5.65%	[3],[4],[11]
Weighted Average Life (in years), Commercial Loans	[2],[9]	2 years 14 days	[1],[10]	6 months 7 days	[3],[4],[11]
Stated Maturity Date	[2]	Jul. 1, 2016	[1],[10]	Jul. 1, 2016	[3],[4],[11]
Extended Maturity Date	[2]	Jul. 1, 2019	[1],[10],[12]	Jul. 1, 2019	[3],[4],[11]
Loan D [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	[2],[3],[4],[6],[13]			$ 12,000,000
Premium (Discount), Commercial Loans	[2],[3],[4],[6],[13]			(211,692)
Amortized Cost, Commercial Loans	[2],[3],[4],[6],[13]			11,788,308
Gross Unrealized Gains, Commercial Loans	[2],[3],[4],[5],[6],[13]			296,278
Gross Unrealized Losses, Commercial Loans	[2],[3],[4],[5],[6],[13]			(84,586)
Fair Value, Commercial Loans	[2],[3],[4],[6],[13]			$ 12,000,000
Weighted Average Coupon, Commercial Loans	[2],[3],[4],[6],[8],[13]			10.62%
Weighted Average Yield, Commercial Loans	[2],[3],[4],[6],[13]			14.33%
Weighted Average Life (in years), Commercial Loans	[2],[3],[4],[6],[9],[13]			7 months 13 days
Stated Maturity Date	[2],[3],[4],[6],[13]			Feb. 11, 2017
Extended Maturity Date	[2],[3],[4],[6],[13]			Aug. 11, 2017
Loan E [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	[2]	$ 14,521,806	[1],[14]	$ 16,000,000	[3],[4],[15]
Premium (Discount), Commercial Loans	[2]	(1,150,353)	[1],[14]	(1,291,648)	[3],[4],[15]
Amortized Cost, Commercial Loans	[2]	13,371,453	[1],[14]	14,708,352	[3],[4],[15]
Gross Unrealized Gains, Commercial Loans	[2],[5]	705,987	[1],[14]	560,448	[3],[4],[15]
Gross Unrealized Losses, Commercial Loans		0	[14]	0	[2],[3],[4],[5],[15]
Fair Value, Commercial Loans	[2]	$ 14,077,440	[1],[14]	$ 15,268,800	[3],[4],[15]
Weighted Average Coupon, Commercial Loans	[2],[8]	9.51%	[1],[14]	9.05%	[3],[4],[15]
Weighted Average Yield, Commercial Loans	[2]	12.35%	[1],[14]	12.76%	[3],[4],[15]
Weighted Average Life (in years), Commercial Loans	[2],[9]	3 years 5 months 23 days	[1],[14]	4 years 3 months 29 days	[3],[4],[15]
Stated Maturity Date	[2]	Apr. 9, 2017	[1],[14]	Apr. 9, 2017	[3],[4],[15]
Extended Maturity Date	[2]	Apr. 9, 2021	[1],[12],[14]	Apr. 9, 2021	[3],[4],[15]
Loan F [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face, Commerical Loans	[1],[2],[14]	$ 10,416,666
Premium (Discount), Commercial Loans	[1],[2],[14]	(110,096)
Amortized Cost, Commercial Loans	[1],[2],[14]	10,306,570
Gross Unrealized Gains, Commercial Loans	[1],[2],[5],[14]	110,096
Gross Unrealized Losses, Commercial Loans	[14]	0
Fair Value, Commercial Loans	[1],[2],[14]	$ 10,416,666
Weighted Average Coupon, Commercial Loans	[1],[2],[8],[14]	11.60%
Weighted Average Yield, Commercial Loans	[1],[2],[14]	13.54%
Weighted Average Life (in years), Commercial Loans	[1],[2],[9],[14]	1 year 2 months 16 days
Stated Maturity Date	[1],[2],[14]	Sep. 9, 2018
Extended Maturity Date	[1],[2],[12],[14]	Sep. 9, 2019
[1]	Loan D paid off at par in Q1 2017.
[2]	The Company has the contractual right to receive a balloon payment.
[3]	Loan A paid off in Q2 2016, with the Company receiving $30.0 million of principal proceeds.
[4]	Loan C paid off in Q3 2016, with the Company receiving $10.0 million of principal proceeds.
[5]	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 columns above represent inception to date unrealized gains (losses).
[6]	Loan D paid off in Q1 2017.
[7]	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 in the consolidated statement of operations. The gross unrealized stated above represents inception to date unrealized gains/(losses).
[8]	Each commercial loan investment has a variable coupon rate.
[9]	Actual maturities of commercial mortgage loans may be shorter than stated contractual maturities. Maturities are affected by prepayments of principal.
[10]	Loan B is comprised of a first mortgage and mezzanine loan of $31.8 million and $1.0 million, respectively. As of June 30, 2017, Loan B has been extended to the extended maturity date. shown above.
[11]	Loan B is comprised of a first mortgage and mezzanine loan of $31.8 million and $1.0 million, respectively.
[12]	Represents the maturity date of the last possible extension option.
[13]	Loan D is a first mortgage loan. See below for further information. As of the stated maturity date, Loan D has been extended for an additional 6 months.
[14]	Loan E and Loan F are mezzanine loans. As of the stated maturity date above, Loan E has been extended for one year.
[15]	Loan E is a mezzanine loan.

Loans (Details Textual)

Loans (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 28, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Sep. 30, 2016	Feb. 29, 2016	Feb. 12, 2016
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total		$ 32,360,883		$ 32,360,883		$ 53,827,336
Loans Receivable, Fair Value Disclosure		23,455,233		23,455,233		38,195,576
Percentage Of Loans And Leases Receivable Commercial Transferred To Unaffiliated Third Party								15.00%
Amount Of Loans And Leases Receivable Commercial Transferred To Unaffiliated Third Party						1,800,000		$ 1,800,000	$ 1,800,000
Proceeds from Collection of Loans Receivable					$ 30,000,000
Accretion of Purchase, Discount		100,000	$ 100,000	200,000	200,000
Mortgage Loans in Process of Foreclosure, Amount		9,400,000		9,400,000		$ 11,000,000
Commercial Portfolio Segment [Member]
Gain (Loss) on Investments [Line Items]
Loans and Leases Receivable before Fees, Gross								$ 12,000,000	$ 12,000,000
Nonperforming Financing Receivable [Member]
Gain (Loss) on Investments [Line Items]
Loans Receivable, Fair Value Disclosure			$ 7,700,000		$ 7,700,000
Impaired Financing Receivable, Unpaid Principal Balance		9,800,000		9,800,000
Reperforming Financing Receivable [Member]
Gain (Loss) on Investments [Line Items]
Loans Receivable, Fair Value Disclosure		8,100,000		8,100,000
Loans [Member]
Gain (Loss) on Investments [Line Items]
Other than Temporary Impairment Losses, Loan, Portion Recognized in Earnings, Net, Available-for-sale Securities				400,000
Loan C [Member]
Gain (Loss) on Investments [Line Items]
Loan Receivable Commercial Weighted Average Coupon Rate						10.62%
Loan Receivable Commercial Weighted Average Yield						21.70%
Loan D [Member]
Gain (Loss) on Investments [Line Items]
Proceeds from Collection of Loans Receivable	$ 12,000,000
Loans Pools [Member]
Gain (Loss) on Investments [Line Items]
Other than Temporary Impairment Losses, Loan, Portion Recognized in Earnings, Net, Available-for-sale Securities		400,000		$ 400,000
Current Property Value In Excess Of Hundred Percentage [Member] | Property, Plant and Equipment [Member]
Gain (Loss) on Investments [Line Items]
Concentration Risk, Percentage				100.00%
Secured By Properties [Member] | Property, Plant and Equipment [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		32,360,883		$ 32,360,883		$ 53,827,336
Loans Receivable, Fair Value Disclosure		23,455,233		23,455,233		38,195,576
Residential Mortgage Loans [Member] | Maximum [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total		1,100,000		1,100,000		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		9,000		9,000
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		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		$ 1,000,000
Mezzanine Loan [Member] | Loan C [Member]
Gain (Loss) on Investments [Line Items]
Principal Amount Outstanding of Loans Held-in-portfolio, Total							$ 10,000,000
Participation Interest [Member]
Gain (Loss) on Investments [Line Items]
Loan Receivable Commercial Weighted Average Coupon Rate						10.62%
Loan Receivable Commercial Weighted Average Yield						14.33%

Fair value measurements (Detail

Fair value measurements (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Assets:
Assets, Fair Value Disclosure	$ 3,072,562,530	$ 2,448,840,859
Liabilities:
Liabilities, Fair Value Disclosure	(20,547,201)	(48,563,965)
Securities borrowed under reverse repurchase agreements		(22,365,000)
AG Arc LLC [Member]
Assets:
Assets, Fair Value Disclosure	17,712,557	12,894,819
Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	3,129,277	3,703,366
Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(18,778,169)	(21,491,710)
Loan Participation Payable [Member]
Liabilities:
Liabilities, Fair Value Disclosure		(1,800,000)
Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(1,769,032)	(2,907,255)
Agency RMBS: 30 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	1,294,986,616	739,727,721
Agency RMBS: Fixed Rate CMO [Member]
Assets:
Assets, Fair Value Disclosure	59,164,907	63,697,398
Agency RMBS: ARM [Member]
Assets:
Assets, Fair Value Disclosure	194,113,294	211,344,052
Agency RMBS: Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	53,000,440	42,894,555
Credit Investments: Non-Agency RMBS [Member]
Assets:
Assets, Fair Value Disclosure	1,103,605,420	1,039,255,862
Credit Investments: Non-Agency RMBS Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	3,213,397	3,761,446
Credit Investments: ABS [Member]
Assets:
Assets, Fair Value Disclosure	47,917,356	21,231,956
Credit Investments: CMBS [Member]
Assets:
Assets, Fair Value Disclosure	159,377,787	159,515,934
Credit Investment: CMBS Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	52,805,639	52,136,726
Residential Mortgage Loans [Member]
Assets:
Assets, Fair Value Disclosure	23,455,233	38,195,576
Commercial Loans [Member]
Assets:
Assets, Fair Value Disclosure	57,294,106	60,068,800
Excess Mortgage Servicing Rights [Member]
Assets:
Assets, Fair Value Disclosure	2,786,501	412,648
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	697,188	0
Liabilities:
Liabilities, Fair Value Disclosure	0	(23,001,211)
Securities borrowed under reverse repurchase agreements		(22,365,000)
Fair Value, Inputs, Level 1 [Member] | AG Arc LLC [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	697,188	0
Fair Value, Inputs, Level 1 [Member] | Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Loan Participation Payable [Member]
Liabilities:
Liabilities, Fair Value Disclosure		0
Fair Value, Inputs, Level 1 [Member] | Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	(636,211)
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: Non-Agency RMBS Interest Only [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 2 [Member]
Assets:
Assets, Fair Value Disclosure	1,866,001,324	1,411,588,739
Liabilities:
Liabilities, Fair Value Disclosure	(1,769,032)	(2,271,044)
Securities borrowed under reverse repurchase agreements		0
Fair Value, Inputs, Level 2 [Member] | AG Arc LLC [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Derivative Assets [Member]
Assets:
Assets, Fair Value Disclosure	2,432,089	3,703,366
Fair Value, Inputs, Level 2 [Member] | Securitized Debt [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Loan Participation Payable [Member]
Liabilities:
Liabilities, Fair Value Disclosure		0
Fair Value, Inputs, Level 2 [Member] | Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	(1,769,032)	(2,271,044)
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: 30 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	1,294,986,616	739,727,721
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: Fixed Rate CMO [Member]
Assets:
Assets, Fair Value Disclosure	59,164,907	63,697,398
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: ARM [Member]
Assets:
Assets, Fair Value Disclosure	194,113,294	211,344,052
Fair Value, Inputs, Level 2 [Member] | Agency RMBS: Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	53,000,440	42,894,555
Fair Value, Inputs, Level 2 [Member] | Credit Investments: Non-Agency RMBS [Member]
Assets:
Assets, Fair Value Disclosure	240,584,518	321,495,328
Fair Value, Inputs, Level 2 [Member] | Credit Investments: Non-Agency RMBS Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	0	0
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	21,719,460	28,726,319
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 3 [Member]
Assets:
Assets, Fair Value Disclosure	1,205,864,018	1,037,252,120
Liabilities:
Liabilities, Fair Value Disclosure	(18,778,169)	(23,291,710)
Securities borrowed under reverse repurchase agreements		0
Fair Value, Inputs, Level 3 [Member] | AG Arc LLC [Member]
Assets:
Assets, Fair Value Disclosure	17,712,557	12,894,819
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	(18,778,169)	(21,491,710)
Fair Value, Inputs, Level 3 [Member] | Loan Participation Payable [Member]
Liabilities:
Liabilities, Fair Value Disclosure		(1,800,000)
Fair Value, Inputs, Level 3 [Member] | Derivative Liabilities [Member]
Liabilities:
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Agency RMBS: 30 Year Fixed Rate [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Agency RMBS: Fixed Rate CMO [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Agency RMBS: ARM [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Agency RMBS: Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Credit Investments: Non-Agency RMBS [Member]
Assets:
Assets, Fair Value Disclosure	863,020,902	717,760,534
Fair Value, Inputs, Level 3 [Member] | Credit Investments: Non-Agency RMBS Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	3,213,397	3,761,446
Fair Value, Inputs, Level 3 [Member] | Credit Investments: ABS [Member]
Assets:
Assets, Fair Value Disclosure	47,917,356	21,231,956
Fair Value, Inputs, Level 3 [Member] | Credit Investments: CMBS [Member]
Assets:
Assets, Fair Value Disclosure	137,658,327	130,789,615
Fair Value, Inputs, Level 3 [Member] | Credit Investment: CMBS Interest Only [Member]
Assets:
Assets, Fair Value Disclosure	52,805,639	52,136,726
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Loans [Member]
Assets:
Assets, Fair Value Disclosure	23,455,233	38,195,576
Fair Value, Inputs, Level 3 [Member] | Commercial Loans [Member]
Assets:
Assets, Fair Value Disclosure	57,294,106	60,068,800
Fair Value, Inputs, Level 3 [Member] | Excess Mortgage Servicing Rights [Member]
Assets:
Assets, Fair Value Disclosure	$ 2,786,501	$ 412,648

Fair value measurements (Deta39

Fair value measurements (Details 1) - USD ($)		3 Months Ended			6 Months Ended
		Jun. 30, 2017		Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016
Fair Value, Inputs, Level 3 [Member] | FHLBC Stock [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance							$ 0
Transfers:
Transfers into level 3	[1]						(316,580)
Purchases/Transfers	[2]						0
Capital contributions							5,306,210
Reclassification of security type							0
Proceeds from sales/redemptions							0
Proceeds from settlement							0
Total net gains/(losses)
Included in net income	[3]						(501,349)
Included in other comprehensive income (loss)	[3]						0
Ending Balance				$ 4,488,281			4,488,281
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held							(501,349)
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		$ 36,255,911		56,709,105	$ 38,195,576		57,080,227
Transfers:
Transfers into level 3		0	[1]	0	0	[1]	0	[1]
Transfers out of level 3		0	[1]	0	0	[1]
Purchases/Transfers		0		0	0		0	[2]
Capital contributions		0		0	0		0
Reclassification of security type							0
Proceeds from sales/redemptions		(9,248,143)		0	(10,102,590)		0
Proceeds from settlement		(4,631,367)		(737,718)	(5,297,349)		(1,064,010)
Total net gains/(losses)
Included in net income	[3]	1,078,832		(334,781)	659,596		(379,611)
Included in other comprehensive income (loss)	[3]	0		0	0		0
Ending Balance		23,455,233		55,636,606	23,455,233		55,636,606
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		(913,062)	[4]	(334,781)	(1,401,691)		(379,611)
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		762,089,348		760,004,764	717,760,534		451,677,960
Transfers:
Transfers into level 3		70,603,992	[1]	124,939,008	156,247,235	[1]	466,014,255	[1]
Transfers out of level 3		(51,307,381)	[1]	0	(87,193,669)	[1]
Purchases/Transfers		215,073,421		4,993,750	257,276,811		11,717,812	[2]
Capital contributions		0		0	0		0
Reclassification of security type							0
Proceeds from sales/redemptions		(61,084,219)		(21,677,437)	(84,759,581)		(29,172,134)
Proceeds from settlement		(86,015,924)		(53,642,972)	(115,376,445)		(76,553,594)
Total net gains/(losses)
Included in net income	[3]	13,661,665		(611,831)	19,066,017		(9,679,017)
Included in other comprehensive income (loss)	[3]	0		0	0		0
Ending Balance		863,020,902		814,005,282	863,020,902		814,005,282
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		14,997,601	[4]	748,366	20,392,109		(3,571,140)
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		3,557,950		4,052,280	3,761,446		5,553,734
Transfers:
Transfers into level 3		0	[1]	0	0	[1]	0	[1]
Transfers out of level 3		0	[1]	0	0	[1]
Purchases/Transfers		0		0	0		0	[2]
Capital contributions		0		0	0		0
Reclassification of security type							0
Proceeds from sales/redemptions		0		0	0		0
Proceeds from settlement		0		0	0		0
Total net gains/(losses)
Included in net income	[3]	(344,553)		(1,651,548)	(548,049)		(3,153,002)
Included in other comprehensive income (loss)	[3]	0		0	0		0
Ending Balance		3,213,397		2,400,732	3,213,397		2,400,732
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		(344,553)	[4]	(522,058)	(548,049)		(1,529,325)
Credit Investments: ABS [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		21,165,442		64,643,140	21,231,956		54,761,837
Transfers:
Transfers into level 3		0	[1]	0	0	[1]	0	[1]
Transfers out of level 3		0	[1]	0	0	[1]
Purchases/Transfers		39,717,021		12,500,598	46,447,667		23,698,801	[2]
Capital contributions		0		0	0		0
Reclassification of security type							0
Proceeds from sales/redemptions		(9,311,530)		(1,511,503)	(16,977,157)		(1,511,503)
Proceeds from settlement		(3,984,154)		(559,488)	(3,984,154)		(1,187,108)
Total net gains/(losses)
Included in net income	[3]	330,577		400,422	1,199,044		(288,858)
Included in other comprehensive income (loss)	[3]	0		0	0		0
Ending Balance		47,917,356		75,473,169	47,917,356		75,473,169
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		(95,002)	[4]	390,869	743,730		(160,154)
CMBS [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		122,215,294		86,980,005	130,789,615		91,024,418
Transfers:
Transfers into level 3		0	[1]	0	0	[1]	0	[1]
Transfers out of level 3		0	[1]	0	0	[1]
Purchases/Transfers		15,000,001		2,000,000	18,568,750		2,000,000	[2]
Capital contributions		0		0	0		0
Reclassification of security type							0
Proceeds from sales/redemptions		0		(2,100,960)	(4,533,594)		(2,100,960)
Proceeds from settlement		(108,799)		(182,835)	(8,594,055)		(1,103,203)
Total net gains/(losses)
Included in net income	[3]	551,831		66,496	1,427,611		(3,057,549)
Included in other comprehensive income (loss)	[3]	0		0	0		0
Ending Balance		137,658,327		86,762,706	137,658,327		86,762,706
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		897,090	[4]	54,752	1,857,762		(2,739,373)
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		52,921,927		17,126,868	52,136,726		14,077,716
Transfers:
Transfers into level 3		0	[1]	0			0	[1]
Transfers out of level 3		0	[1]	0	0	[1]
Purchases/Transfers		0		26,318,875	0		26,348,759	[2]
Capital contributions		0		0	0		0
Reclassification of security type							3,103,111
Proceeds from sales/redemptions		0		0	0		0
Proceeds from settlement		0		0			0
Total net gains/(losses)
Included in net income	[3]	(116,288)		(140,250)	668,913		(224,093)
Included in other comprehensive income (loss)	[3]	0		0	0		0
Ending Balance		52,805,639		43,305,493	52,805,639		43,305,493
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		(116,288)	[4]	(140,250)	668,913		(224,093)
Commercial Loans [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		58,274,488		84,800,000	60,068,800		72,800,000
Transfers:
Transfers into level 3		0	[1]	0	0	[1]	0	[1]
Transfers out of level 3		0	[1]	0	0	[1]
Purchases/Transfers		0		0	10,270,833		10,428,437	[2]
Capital contributions		0		0	0		0
Reclassification of security type							0
Proceeds from sales/redemptions		0		0	0		0
Proceeds from settlement		(1,176,506)		(30,000,000)	(13,534,402)		(30,000,000)
Total net gains/(losses)
Included in net income	[3]	196,124		0	488,875		1,571,563
Included in other comprehensive income (loss)	[3]	0		0	0		0
Ending Balance		57,294,106		54,800,000	57,294,106		54,800,000
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		196,124	[4]	0	432,666		1,571,563
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		1,056,123		383,843	412,648		425,311
Transfers:
Transfers into level 3		0	[1]	0			0	[1]
Transfers out of level 3		0	[1]	0	0
Purchases/Transfers		1,858,979		0	2,565,344		0	[2]
Capital contributions		0		0	0		0
Reclassification of security type							0
Proceeds from sales/redemptions		0		0	0		0
Proceeds from settlement		(176,923)		(37,336)	(187,287)		(78,804)
Total net gains/(losses)
Included in net income	[3]	48,322		0	(4,204)		0
Included in other comprehensive income (loss)	[3]	0		0	0		0
Ending Balance		2,786,501		346,507	2,786,501		346,507
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		48,322	[4]	0	(4,204)		0
Securitized Debt [Member]
Total net gains/(losses)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held				(12,319)
Securitized Debt [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		(19,948,739)		(28,256,689)	(21,491,710)		0
Transfers:
Transfers into level 3		0	[1]	0	0	[1]	0	[1]
Transfers out of level 3		0	[1]	0	0	[1]
Purchases/Transfers		0		0	0		(1,564,266)	[2]
Capital contributions		0		0			0
Reclassification of security type							0
Proceeds from sales/redemptions		0		0	0		0
Proceeds from settlement		1,171,856		2,480,725	2,747,475		0
Total net gains/(losses)
Included in net income	[3]	(1,286)		(12,319)	(33,934)		(235,734)
Included in other comprehensive income (loss)	[3]	0		0	0		0
Ending Balance		(18,778,169)		(1,800,000)	(18,778,169)		(1,800,000)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		(1,286)	[4]		(33,934)		(235,733)
Loan Participation Payable [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance				(1,800,000)	(1,800,000)
Transfers:
Transfers into level 3				0	0	[1]
Transfers out of level 3				0	0	[1]
Purchases/Transfers				0	0
Capital contributions				0
Proceeds from sales/redemptions				0	0
Proceeds from settlement				0	1,954,927
Total net gains/(losses)
Included in net income				0	(154,927)	[3]
Included in other comprehensive income (loss)				0	0	[3]
Ending Balance		0		(1,800,000)	0		(1,800,000)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held				0	0
AG Arc [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		13,010,453		0	12,894,819		0
Transfers:
Transfers into level 3		0	[1]	(316,580)	0	[1]	(30,046,861)	[1]
Transfers out of level 3		0	[1]	0
Purchases/Transfers		0		0			0	[2]
Capital contributions		4,459,000		5,306,210	4,459,000		0
Reclassification of security type							0
Proceeds from sales/redemptions		0		0			0
Proceeds from settlement		0		0			4,194,321
Total net gains/(losses)
Included in net income	[3]	243,104		(501,349)	358,738		64,257
Included in other comprehensive income (loss)	[3]	0		0	0		0
Ending Balance		17,712,557		(25,788,283)	17,712,557		(25,788,283)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		$ 243,104	[4]	$ (501,349)	$ 358,738		$ 64,257
[1]	Transfers are assumed to occur at the beginning of the period. During the three months ended June 30, 2017, the Company transferred 6 Non-Agency RMBS securities into the Level 3 category from the Level 2 category and 5 Non-Agency RMBS securities into the Level 2 category from the Level 3 category under the fair value hierarchy of ASC 820.
[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
[4]	Unrealized gains/(losses) are recorded in the following line items in the consolidated statement of operations

Fair value measurements (Deta40

Fair value measurements (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	$ 14,912,050	$ (316,770)	$ 22,466,040	$ (7,704,958)
Unrealized gain/(loss) on derivative and other instruments, net			1,801,297	(11,753,430)
Equity in earnings/(loss) from affiliates	2,497,116	689,973	4,999,162	620,257
Interest Income [Member]
Condensed Income Statements, Captions [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	(1,286)	(12,318)	(33,934)	(171,476)
Fair Value, Inputs, Level 3 [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	15,648,328	(2,785,160)	23,127,680	(15,883,393)
Equity in earnings/(loss) from affiliates	243,104	(501,349)	358,738	(501,349)
Fair Value, Inputs, Level 3 [Member] | Trading Securities [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	(376,705)	(2,680,849)	(661,873)	(8,394,294)
Fair Value, Inputs, Level 3 [Member] | Interest Income [Member]
Condensed Income Statements, Captions [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	(1,286)	(12,319)	(188,861)	(171,477)
Equity in earnings/(loss) from affiliates	243,104	(501,349)	358,738	(501,349)
Fair Value, Inputs, Level 3 [Member] | Real Estate Securities And Loans [Member]
Condensed Income Statements, Captions [Line Items]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total	15,783,215	409,357	23,619,676	(6,816,273)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ 14,670,232	$ 196,897	$ 22,141,236	$ (7,032,133)

Fair value measurements (Deta41

Fair value measurements (Details 3) - Fair Value, Inputs, Level 3 [Member] - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2017	Dec. 31, 2016	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ (18,778,169)
Non-Agency RMBS
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		863,020,902	$ 717,760,534	$ 762,089,348	$ 814,005,282	$ 760,004,764	$ 451,677,960
Non-Agency RMBS | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 835,907,355	$ 694,948,644
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow	Discounted Cash Flow
Non-Agency RMBS | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 27,113,547	$ 22,811,890
Fair Value Measurements, Valuation Techniques		Consensus Pricing	Consensus Pricing
Non-Agency RMBS | Yield [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield	Yield
Non-Agency RMBS | Yield [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		9.70%	18.56%
Non-Agency RMBS | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		2.50%	1.70%
Non-Agency RMBS | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		4.60%	5.11%
Non-Agency RMBS | Projected Collateral Prepayments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments	Projected Collateral Prepayments
Non-Agency RMBS | Projected Collateral Prepayments [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		35.00%	35.00%
Non-Agency RMBS | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%	0.00%
Non-Agency RMBS | Projected Collateral Prepayments [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		10.59%	9.84%
Non-Agency RMBS | Projected Collateral Losses [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Losses	Projected Collateral Losses
Non-Agency RMBS | Projected Collateral Losses [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		30.00%	38.00%
Non-Agency RMBS | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%	0.00%
Non-Agency RMBS | Projected Collateral Losses [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		3.42%	5.22%
Non-Agency RMBS | Projected Collateral Severities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Severities	Projected Collateral Severities
Non-Agency RMBS | Projected Collateral Severities [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%	100.00%
Non-Agency RMBS | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%	0.00%
Non-Agency RMBS | Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		28.60%	38.57%
Non-Agency RMBS | Projected Reperforming Rates [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Reperforming Rates	Projected Reperforming Rates
Non-Agency RMBS | Projected Reperforming Rates [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		47.76%	46.77%
Non-Agency RMBS | Projected Reperforming Rates [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		18.81%	18.53%
Non-Agency RMBS | Projected Reperforming Rates [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		33.32%	33.39%
Non-Agency RMBS | Projected Timeline To Liquidation Months [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Timeline to Liquidation (Months)	Projected Timeline to Liquidation (Months)
Non-Agency RMBS | Projected Timeline To Liquidation Months [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Projected Timeline to Liquidation Term		22 months 29 days	23 months 2 days
Non-Agency RMBS | Projected Timeline To Liquidation Months [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Projected Timeline to Liquidation Term		16 months 5 days	16 months 3 days
Non-Agency RMBS | Projected Timeline To Liquidation Months [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Projected Timeline to Liquidation Term		20 months 9 days	20 months 21 days
Non-Agency RMBS | Offered Quotes [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Offered Quotes	Offered Quotes
Non-Agency RMBS | Offered Quotes [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		$ 100	$ 100.07
Non-Agency RMBS | Offered Quotes [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		21.50	21.50
Non-Agency RMBS | Offered Quotes [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		$ 84.17	$ 78.89
Non-Agency RMBS Interest Only [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 3,213,397	$ 3,761,446	3,557,950	2,400,732	4,052,280	5,553,734
Non-Agency RMBS Interest Only [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 2,821,103	$ 3,761,446
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow	Discounted Cash Flow
Non-Agency RMBS Interest Only [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 392,294
Fair Value Measurements, Valuation Techniques		Consensus Pricing
Non-Agency RMBS Interest Only [Member] | Yield [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield	Yield
Non-Agency RMBS Interest Only [Member] | Yield [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		17.50%	17.50%
Non-Agency RMBS Interest Only [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		17.50%	17.50%
Non-Agency RMBS Interest Only [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		17.50%	17.50%
Non-Agency RMBS Interest Only [Member] | Projected Collateral Prepayments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments	Projected Collateral Prepayments
Non-Agency RMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		18.00%	18.00%
Non-Agency RMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		12.50%	18.00%
Non-Agency RMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		12.79%	18.00%
Non-Agency RMBS Interest Only [Member] | Projected Collateral Losses [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Losses	Projected Collateral Losses
Non-Agency RMBS Interest Only [Member] | Projected Collateral Losses [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.75%	0.50%
Non-Agency RMBS Interest Only [Member] | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.50%	0.50%
Non-Agency RMBS Interest Only [Member] | Projected Collateral Losses [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.51%	0.50%
Non-Agency RMBS Interest Only [Member] | Projected Collateral Severities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Severities	Projected Collateral Severities
Non-Agency RMBS Interest Only [Member] | Projected Collateral Severities [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		15.00%	10.00%
Non-Agency RMBS Interest Only [Member] | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		10.00%	10.00%
Non-Agency RMBS Interest Only [Member] | Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		10.26%	10.00%
Non-Agency RMBS Interest Only [Member] | Offered Quotes [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Offered Quotes
Non-Agency RMBS Interest Only [Member] | Offered Quotes [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		$ 0.74
Non-Agency RMBS Interest Only [Member] | Offered Quotes [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		0.74
Non-Agency RMBS Interest Only [Member] | Offered Quotes [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		$ 0.74
ABS [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 47,917,356	$ 21,231,956	21,165,442	75,473,169	64,643,140	54,761,837
ABS [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 17,338,510	$ 21,231,956
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow	Discounted Cash Flow
ABS [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 30,578,846
Fair Value Measurements, Valuation Techniques		Consensus Pricing
ABS [Member] | Yield [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield	Yield
ABS [Member] | Yield [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.64%	6.47%
ABS [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.64%	4.16%
ABS [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.64%	4.98%
ABS [Member] | Projected Collateral Prepayments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments	Projected Collateral Prepayments
ABS [Member] | Projected Collateral Prepayments [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		40.00%	40.00%
ABS [Member] | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		20.00%	1.50%
ABS [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		24.70%	22.31%
ABS [Member] | Projected Collateral Losses [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Losses	Projected Collateral Losses
ABS [Member] | Projected Collateral Losses [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		2.00%	2.00%
ABS [Member] | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%	0.00%
ABS [Member] | Projected Collateral Losses [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		1.53%	0.88%
ABS [Member] | Projected Collateral Severities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Severities	Projected Collateral Severities
ABS [Member] | Projected Collateral Severities [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		50.00%	50.00%
ABS [Member] | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%	0.00%
ABS [Member] | Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		38.26%	9.81%
ABS [Member] | Offered Quotes [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Offered Quotes
ABS [Member] | Offered Quotes [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		$ 100
ABS [Member] | Offered Quotes [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		98.63
ABS [Member] | Offered Quotes [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		$ 99.56
CMBS [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 137,658,327	$ 130,789,615	122,215,294	86,762,706	86,980,005	91,024,418
CMBS [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 134,438,321	$ 121,056,008
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow	Discounted Cash Flow
CMBS [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 3,220,006	$ 9,733,607
Fair Value Measurements, Valuation Techniques		Consensus Pricing	Consensus Pricing
CMBS [Member] | Yield [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield	Yield
CMBS [Member] | Yield [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		8.39%
CMBS [Member] | Yield [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			9.16%
CMBS [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		4.33%
CMBS [Member] | Yield [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			3.32%
CMBS [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		6.08%
CMBS [Member] | Yield [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			6.13%
CMBS [Member] | Projected Collateral Prepayments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments	Projected Collateral Prepayments
CMBS [Member] | Projected Collateral Prepayments [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		30.00%
CMBS [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS [Member] | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.28%
CMBS [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS [Member] | Projected Collateral Losses [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Losses	Projected Collateral Losses
CMBS [Member] | Projected Collateral Losses [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS [Member] | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS [Member] | Projected Collateral Losses [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS [Member] | Projected Collateral Severities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Severities	Projected Collateral Severities
CMBS [Member] | Projected Collateral Severities [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS [Member] | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS [Member] | Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS [Member] | Offered Quotes [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Offered Quotes	Offered Quotes
CMBS [Member] | Offered Quotes [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes			$ 68.64
CMBS [Member] | Offered Quotes [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		$ 6.74
CMBS [Member] | Offered Quotes [Member] | Maximum [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes			0
CMBS [Member] | Offered Quotes [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		5.60
CMBS [Member] | Offered Quotes [Member] | Minimum [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes			$ 0
CMBS [Member] | Offered Quotes [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		$ 6.34
CMBS Interest Only [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 52,805,639	$ 52,136,726	52,921,927	43,305,493	17,126,868	14,077,716
CMBS Interest Only [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 52,805,639	$ 52,136,726
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow	Discounted Cash Flow
CMBS Interest Only [Member] | Yield [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield	Yield
CMBS Interest Only [Member] | Yield [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.95%
CMBS Interest Only [Member] | Yield [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			9.49%
CMBS Interest Only [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		2.50%
CMBS Interest Only [Member] | Yield [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			2.51%
CMBS Interest Only [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		4.52%
CMBS Interest Only [Member] | Yield [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			5.85%
CMBS Interest Only [Member] | Projected Collateral Prepayments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments	Projected Collateral Prepayments
CMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%
CMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			100.00%
CMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%
CMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			100.00%
CMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%
CMBS Interest Only [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			100.00%
CMBS Interest Only [Member] | Projected Collateral Losses [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Losses	Projected Collateral Losses
CMBS Interest Only [Member] | Projected Collateral Losses [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS Interest Only [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS Interest Only [Member] | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS Interest Only [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS Interest Only [Member] | Projected Collateral Losses [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS Interest Only [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS Interest Only [Member] | Projected Collateral Severities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Severities	Projected Collateral Severities
CMBS Interest Only [Member] | Projected Collateral Severities [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS Interest Only [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS Interest Only [Member] | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS Interest Only [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
CMBS Interest Only [Member] | Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		0.00%
CMBS Interest Only [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			0.00%
Residential Mortgage Loans [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 23,455,233	$ 38,195,576
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow	Discounted Cash Flow
Residential Mortgage Loans [Member] | Yield [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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		9.00%
Residential Mortgage Loans [Member] | Yield [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			8.00%
Residential Mortgage Loans [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		6.25%
Residential Mortgage Loans [Member] | Yield [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			6.50%
Residential Mortgage Loans [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		7.54%
Residential Mortgage Loans [Member] | Yield [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			7.42%
Residential Mortgage Loans [Member] | Projected Collateral Prepayments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments	Projected Collateral Prepayments
Residential Mortgage Loans [Member] | Projected Collateral Prepayments [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.48%
Residential Mortgage Loans [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			5.82%
Residential Mortgage Loans [Member] | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		3.34%
Residential Mortgage Loans [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			3.18%
Residential Mortgage Loans [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		4.74%
Residential Mortgage Loans [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			4.51%
Residential Mortgage Loans [Member] | Projected Collateral Losses [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Losses	Projected Collateral Losses
Residential Mortgage Loans [Member] | Projected Collateral Losses [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		6.70%
Residential Mortgage Loans [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			5.32%
Residential Mortgage Loans [Member] | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.13%
Residential Mortgage Loans [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			5.16%
Residential Mortgage Loans [Member] | Projected Collateral Losses [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		5.68%
Residential Mortgage Loans [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			5.18%
Residential Mortgage Loans [Member] | Projected Collateral Severities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Severities	Projected Collateral Severities
Residential Mortgage Loans [Member] | Projected Collateral Severities [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		46.24%
Residential Mortgage Loans [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			84.80%
Residential Mortgage Loans [Member] | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		23.10%
Residential Mortgage Loans [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			25.19%
Residential Mortgage Loans [Member] | Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		38.74%
Residential Mortgage Loans [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			45.34%
Residential Mortgage Loans [Member] | Projected Reperforming Rates [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Reperforming Rates	Projected Reperforming Rates
Residential Mortgage Loans [Member] | Projected Reperforming Rates [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		42.78%
Residential Mortgage Loans [Member] | Projected Reperforming Rates [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			34.53%
Residential Mortgage Loans [Member] | Projected Reperforming Rates [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		10.22%
Residential Mortgage Loans [Member] | Projected Reperforming Rates [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			9.59%
Residential Mortgage Loans [Member] | Projected Reperforming Rates [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		24.14%
Residential Mortgage Loans [Member] | Projected Reperforming Rates [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			22.91%
Residential Mortgage Loans [Member] | Projected Timeline To Liquidation Months [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Timeline to Liquidation (Months)	Projected Timeline to Liquidation (Months)
Residential Mortgage Loans [Member] | Projected Timeline To Liquidation Months [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Projected Timeline to Liquidation Term		29 months 24 days	29 months 25 days
Residential Mortgage Loans [Member] | Projected Timeline To Liquidation Months [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Projected Timeline to Liquidation Term		13 months 17 days	12 months 9 days
Residential Mortgage Loans [Member] | Projected Timeline To Liquidation Months [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Projected Timeline to Liquidation Term		16 months 18 days	14 months 9 days
Commercial Loans [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 57,294,106	$ 60,068,800	58,274,488	54,800,000	84,800,000	72,800,000
Commercial Loans [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 32,800,000	$ 44,800,000
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow	Discounted Cash Flow
Commercial Loans [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 24,494,106	$ 15,268,800
Fair Value Measurements, Valuation Techniques		Consensus Pricing	Consensus Pricing
Commercial Loans [Member] | Yield [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 Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		6.21%
Commercial Loans [Member] | Yield [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			21.70%
Commercial Loans [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		6.21%
Commercial Loans [Member] | Yield [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			5.65%
Commercial Loans [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		6.21%
Commercial Loans [Member] | Yield [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			7.98%
Commercial Loans [Member] | Credit Spread [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Credit Spread	Credit Spread
Commercial Loans [Member] | Credit Spread [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurement Credit Spread		4.75 bps
Commercial Loans [Member] | Credit Spread [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurement Credit Spread			10 bps
Commercial Loans [Member] | Credit Spread [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurement Credit Spread		4.75 bps
Commercial Loans [Member] | Credit Spread [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurement Credit Spread			10 bps
Commercial Loans [Member] | Credit Spread [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurement Credit Spread		4.75 bps
Commercial Loans [Member] | Credit Spread [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurement Credit Spread			10 bps
Commercial Loans [Member] | Recovery Percentage [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	[1]	Recovery Percentage (1)	Recovery Percentage (1)
Commercial Loans [Member] | Recovery Percentage [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%
Commercial Loans [Member] | Recovery Percentage [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			100.00%
Fair Value Measurement Credit Spread			10 bps
Commercial Loans [Member] | Recovery Percentage [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%
Commercial Loans [Member] | Recovery Percentage [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			100.00%
Fair Value Measurement Credit Spread			4.75 bps
Commercial Loans [Member] | Recovery Percentage [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		100.00%
Commercial Loans [Member] | Recovery Percentage [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			100.00%
Fair Value Measurement Credit Spread			6.16 bps
Commercial Loans [Member] | Offered Quotes [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Offered Quotes	Offered Quotes
Commercial Loans [Member] | Offered Quotes [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		$ 100
Commercial Loans [Member] | Offered Quotes [Member] | Maximum [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes			$ 0
Commercial Loans [Member] | Offered Quotes [Member] | Maximum [Member] | Option One [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes			0
Commercial Loans [Member] | Offered Quotes [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		96.94
Commercial Loans [Member] | Offered Quotes [Member] | Minimum [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes			0
Commercial Loans [Member] | Offered Quotes [Member] | Minimum [Member] | Option One [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes			0
Commercial Loans [Member] | Offered Quotes [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		$ 98.24
Commercial Loans [Member] | Offered Quotes [Member] | Weighted Average [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes			0
Commercial Loans [Member] | Offered Quotes [Member] | Weighted Average [Member] | Option One [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes			$ 0
Excess Mortgage Servicing Rights [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 2,786,501	$ 412,648	1,056,123	346,507	383,843	425,311
Excess Mortgage Servicing Rights [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 2,478,235
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow
Excess Mortgage Servicing Rights [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 308,266	$ 412,648
Fair Value Measurements, Valuation Techniques		Consensus Pricing	Consensus Pricing
Excess Mortgage Servicing Rights [Member] | Yield [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		11.73%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		9.50%
Excess Mortgage Servicing Rights [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		10.14%
Excess Mortgage Servicing Rights [Member] | Projected Collateral Prepayments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments
Excess Mortgage Servicing Rights [Member] | Projected Collateral Prepayments [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		12.74%
Excess Mortgage Servicing Rights [Member] | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		8.13%
Excess Mortgage Servicing Rights [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		10.18%
Excess Mortgage Servicing Rights [Member] | Offered Quotes [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Offered Quotes	Offered Quotes
Excess Mortgage Servicing Rights [Member] | Offered Quotes [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes			$ 0.55
Excess Mortgage Servicing Rights [Member] | Offered Quotes [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		$ 0.54
Excess Mortgage Servicing Rights [Member] | Offered Quotes [Member] | Maximum [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes			0
Excess Mortgage Servicing Rights [Member] | Offered Quotes [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		0.06
Excess Mortgage Servicing Rights [Member] | Offered Quotes [Member] | Minimum [Member] | Consensus Pricing [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes			$ 0
Excess Mortgage Servicing Rights [Member] | Offered Quotes [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Offered Quotes		$ 0.49
Securitized debt [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ (18,778,169)	$ (21,491,710)	(19,948,739)	(1,800,000)	(28,256,689)	0
Securitized debt [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			$ (21,491,710)
Fair Value Measurements, Valuation Techniques		Discounted Cash Flow	Discounted Cash Flow
Securitized debt [Member] | Yield [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Yield	Yield
Securitized debt [Member] | Yield [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		3.46%
Securitized debt [Member] | Yield [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			3.36%
Securitized debt [Member] | Yield [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		3.46%
Securitized debt [Member] | Yield [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			3.36%
Securitized debt [Member] | Yield [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		3.46%
Securitized debt [Member] | Yield [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			3.36%
Securitized debt [Member] | Projected Collateral Prepayments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description			Projected Collateral Prepayments
Securitized debt [Member] | Projected Collateral Prepayments [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		14.00%
Securitized debt [Member] | Projected Collateral Prepayments [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			14.00%
Securitized debt [Member] | Projected Collateral Prepayments [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		14.00%
Securitized debt [Member] | Projected Collateral Prepayments [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			14.00%
Securitized debt [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		14.00%
Securitized debt [Member] | Projected Collateral Prepayments [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			14.00%
Securitized debt [Member] | Projected Collateral Losses [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Prepayments	Projected Collateral Losses
Fair Value Measurement With Unobservable Inputs		Projected Collateral Losses
Securitized debt [Member] | Projected Collateral Losses [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		7.00%
Securitized debt [Member] | Projected Collateral Losses [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			7.00%
Securitized debt [Member] | Projected Collateral Losses [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		7.00%
Securitized debt [Member] | Projected Collateral Losses [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			7.00%
Securitized debt [Member] | Projected Collateral Losses [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		7.00%
Securitized debt [Member] | Projected Collateral Losses [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			7.00%
Securitized debt [Member] | Projected Collateral Severities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Projected Collateral Severities	Projected Collateral Severities
Securitized debt [Member] | Projected Collateral Severities [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		40.00%
Securitized debt [Member] | Projected Collateral Severities [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			40.00%
Securitized debt [Member] | Projected Collateral Severities [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		40.00%
Securitized debt [Member] | Projected Collateral Severities [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			40.00%
Securitized debt [Member] | Projected Collateral Severities [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate		40.00%
Securitized debt [Member] | Projected Collateral Severities [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			40.00%
Loan participation payable [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 0	$ (1,800,000)		(1,800,000)	(1,800,000)
Loan participation payable [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			$ (1,800,000)
Fair Value Measurements, Valuation Techniques			Discounted Cash Flow
Loan participation payable [Member] | Yield [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description			Yield
Loan participation payable [Member] | Yield [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			21.70%
Loan participation payable [Member] | Yield [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			21.70%
Loan participation payable [Member] | Yield [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			21.70%
Loan participation payable [Member] | Credit Spread [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description			Credit Spread
Loan participation payable [Member] | Recovery Percentage [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description	[1]		Recovery Percentage*
Loan participation payable [Member] | Recovery Percentage [Member] | Maximum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			100.00%
Loan participation payable [Member] | Recovery Percentage [Member] | Minimum [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			100.00%
Loan participation payable [Member] | Recovery Percentage [Member] | Weighted Average [Member] | Discounted Cash Flow [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Input Interest Rate			100.00%
AG Arc [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		17,712,557	$ 12,894,819	$ 13,010,453	$ (25,788,283)	$ 0	$ 0
AG Arc [Member] | Comparable Multiple [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 17,712,557	$ 12,894,819
Fair Value Measurements, Valuation Techniques		Comparable Multiple	Comparable Multiple
AG Arc [Member] | Book Value Multiple [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements Unobservable Input Description		Book Value Multiple	Book Value Multiple
[1]	Represents the proportion of the principal expected to be collected relative to the loan balances as of June 30, 2017.

Fair value measurements (Deta42

Fair value measurements (Details Textual) - USD ($) $ in Millions	Feb. 29, 2016	Feb. 12, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Percentage Of Loans And Leases Receivable Commercial Transferred To Unaffiliated Third Party	15.00%
Commercial Portfolio Segment [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans and Leases Receivable before Fees, Gross	$ 12	$ 12

Repurchase agreements (Details)

Repurchase agreements (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 2,221,086,000	$ 1,853,169,104
Weighted Average Rate	1.89%	1.63%
Weighted Average Haircut	11.90%	11.50%
Fair Value Pledged	$ 2,568,969,621	$ 2,178,835,205
Amortized Cost	2,508,742,299	2,156,470,443
Accrued Interest	8,418,669	7,016,242
Overnight
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 79,442,000	$ 70,899,000
Weighted Average Rate	1.42%	0.66%
Weighted Average Haircut	3.00%	3.50%
Fair Value Pledged	$ 81,888,405	$ 73,485,225
Amortized Cost	81,389,926	73,170,802
Accrued Interest	244,793	191,554
30 days or less [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 1,271,611,000	$ 961,185,000
Weighted Average Rate	2.22%	1.79%
Weighted Average Haircut	15.70%	14.70%
Fair Value Pledged	$ 1,533,383,438	$ 1,164,241,469
Amortized Cost	1,482,365,948	1,152,472,020
Accrued Interest	5,390,520	3,851,520
31-60 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 453,727,000	$ 465,776,000
Weighted Average Rate	1.39%	1.23%
Weighted Average Haircut	7.00%	8.60%
Fair Value Pledged	$ 492,275,346	$ 514,624,485
Amortized Cost	486,107,148	512,633,509
Accrued Interest	1,530,381	1,607,435
61-90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 230,737,000	$ 129,119,000
Weighted Average Rate	1.50%	1.69%
Weighted Average Haircut	6.20%	13.20%
Fair Value Pledged	$ 254,858,959	$ 151,989,415
Amortized Cost	252,017,830	151,567,289
Accrued Interest	686,533	399,702
Maturity 91 to 180 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 78,494,000	$ 16,897,000
Weighted Average Rate	1.43%	2.81%
Weighted Average Haircut	4.50%	21.60%
Fair Value Pledged	$ 85,813,781	$ 21,554,174
Amortized Cost	85,460,132	21,892,108
Accrued Interest	250,912	17,056
Maturity Over 180 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 107,075,000	$ 209,293,104
Weighted Average Rate	1.51%	1.93%
Weighted Average Haircut	11.10%	4.70%
Fair Value Pledged	$ 120,749,692	$ 252,940,437
Amortized Cost	121,401,315	244,734,715
Accrued Interest	315,530	948,975
Maturity Over 180 Days [Member] | Residential Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 13,860,388	$ 25,544,702
Weighted Average Rate	3.72%	3.27%
Weighted Average Funding Cost	3.92%	3.79%
Weighted Average Haircut	32.80%	30.30%
Fair Value Pledged	$ 20,943,195	$ 34,088,921
Amortized Cost	19,877,808	32,849,686
Accrued Interest	27,562	45,068
Maturity Over 180 Days [Member] | Commercial Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 21,796,000	$ 21,796,000
Weighted Average Rate	3.37%	2.91%
Weighted Average Funding Cost	3.32%	3.13%
Weighted Average Haircut	33.50%	33.50%
Fair Value Pledged	$ 32,800,000	$ 32,800,000
Amortized Cost	32,800,000	32,798,706
Accrued Interest	$ 153,768	$ 125,314

Repurchase agreements (Details

Repurchase agreements (Details 1) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value of investments pledged as collateral under repurchase agreements
Cash pledged (i.e., restricted cash) under repurchase agreements	$ 11,951,335	$ 17,149,022
Fair Value of unsettled trades pledged as collateral under repurchase agreements:	0	3,057,814
Total collateral pledged under Repurchase agreements	2,634,664,151	2,262,873,148
Agency RMBS [Member]
Fair Value of investments pledged as collateral under repurchase agreements
Trading Securities Pledged as Collateral	1,259,225,785	965,154,048
Non-Agency RMBS [Member]
Fair Value of investments pledged as collateral under repurchase agreements
Trading Securities Pledged as Collateral	1,078,998,578	990,985,143
ABS [Member]
Fair Value of investments pledged as collateral under repurchase agreements
Trading Securities Pledged as Collateral	26,777,004	21,231,956
CMBS [Member]
Fair Value of investments pledged as collateral under repurchase agreements
Trading Securities Pledged as Collateral	203,968,254	201,464,058
Residential Mortgage Loans [Member]
Fair Value of investments pledged as collateral under repurchase agreements
Loans Pledged as Collateral	20,943,195	31,031,107
Commercial Mortgage Loans [Member]
Fair Value of investments pledged as collateral under repurchase agreements
Loans Pledged as Collateral	$ 32,800,000	$ 32,800,000

Repurchase agreements (Detail45

Repurchase agreements (Details 2) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	$ 2,256,742,388	$ 1,900,509,806
Agency RMBS [Member] | Repurchase Agreement [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	1,187,289,000	907,041,000
Non-Agency RMBS [Member] | Repurchase Agreement [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	863,701,000	776,459,104
ABS [Member] | Repurchase Agreement [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	19,234,000	15,283,000
CMBS [Member] | Repurchase Agreement [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	150,862,000	154,386,000
Residential Mortgage Loans [Member] | Repurchase Agreement [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	13,860,388	25,544,702
Commercial Mortgage Loans [Member] | Repurchase Agreement [Member]
Schedule Of Total Borrowings Under Repurchase Agreements [Line Items]
Gross Liability for Repurchase agreements	$ 21,796,000	$ 21,796,000

Repurchase agreements (Detail46

Repurchase agreements (Details 3) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	$ 2,256,742,388	$ 1,900,509,806
Gross Amounts of Recognized Liabilities [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	2,256,742,388	1,900,509,806
Gross Amounts Offset In The Consolidated Balance Sheets [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	0	0
Net Amounts Of Liabilities Presented In The Consolidated Balance Sheets [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	2,256,742,388	1,900,509,806
Gross Amounts Not Offset in the Consolidated Balance Sheets Financial Instruments Posted [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	2,256,742,388	1,900,509,806
Gross Amounts Not Offset in the Consolidated Balance Sheets of Cash Collateral Posted [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	0	0
Net Amount [Member]
Gross And Net Information About Repurchase Agreement Disclosure [Line Items]
Repurchase Agreements	$ 0	$ 0

Repurchase agreements (Detail47

Repurchase agreements (Details 4) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Wells Fargo Bank, N.A [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk		$ 50,917,158
Weighted Average Maturity (days)		357 days
Percentage of Stockholders' Equity		8.00%
JP Morgan Securities, LLC [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$ 50,493,355	$ 34,885,263
Weighted Average Maturity (days)	81 days	160 days
Percentage of Stockholders' Equity	7.00%	5.00%
RBC Capital Markets [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$ 35,982,610
Weighted Average Maturity (days)	19 days
Percentage of Stockholders' Equity	5.00%
Credit Suisse Securities, LLC [Member]
Repurchase Agreement Counterparty [Line Items]
Amount at Risk	$ 34,600,293
Weighted Average Maturity (days)	22 days
Percentage of Stockholders' Equity	5.00%

Repurchase agreements (Detail48

Repurchase agreements (Details Textual) - USD ($) $ in Millions	Jun. 30, 2017	Feb. 23, 2017	Dec. 31, 2016	Aug. 04, 2015	Apr. 13, 2015
Repurchase Agreement Disclosure [Line Items]
Maximum borrowing capacity on renewal of repurchase agreement					$ 200
Long-term Debt, Gross			$ 93.4
Wells Fargo Bank, N.A [Member] | Minimum [Member]
Repurchase Agreement Disclosure [Line Items]
Maximum borrowing capacity on renewal of repurchase agreement		$ 50
AG MIT WFB1 [Member]
Repurchase Agreement Disclosure [Line Items]
Long-term Debt, Gross	$ 13.9		25.5
AG MIT CREL [Member]
Repurchase Agreement Disclosure [Line Items]
Maximum borrowing capacity on renewal of repurchase agreement				$ 150
Long-term Debt, Gross	$ 21.8		$ 21.8	$ 42.8

Derivatives (Details)

Derivatives (Details) - USD ($)		Jun. 30, 2017	Dec. 31, 2016
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value		$ 0	$ (1,847,219)
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value		2,136,460	3,703,366
TBAs [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value		(1,769,032)	(423,825)
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value		295,629	0
US Treasury Securities [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value	[1]	0	(22,365,000)
US Treasury Futures [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Assets at Fair Value		697,188	0
US Treasury Futures [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liabilities at Fair Value		$ 0	$ (636,211)
[1]	The Company's obligation to return securities borrowed under reverse repurchase agreements as of December 31, 2016 relates to securities borrowed to cover short sales of U.S. Treasury securities. The change in fair value of the borrowed securities is recorded in the "Unrealized gain/(loss) on derivatives and other instruments, net" line item in the Company's consolidated statement of operations.

Derivatives (Details 1)

Derivatives (Details 1) - USD ($)		Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative, Notional Amount		$ 1,494,000,000	$ 644,000,000
Long [Member] | Float Interest Rate Swap Agreements [Member]
Derivative [Line Items]
Derivative, Notional Amount		1,494,000,000	644,000,000
Notional amount of TBAs [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount		300,000,000
Derivative Liability, Notional Amount			(25,000,000)
US Treasury Securities [Member] | Short [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount		0	(24,000,000)
US Treasury Futures [Member] | Short [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	[1]	$ (70,000,000)	$ (141,500,000)
[1]	Each U.S. Treasury Future contract embodies $100,000 of notional value.

Derivatives (Details 2)

Derivatives (Details 2) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest rate swaps, at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		$ 2,027,635	$ (1,615,094)	$ 3,258,849	$ (19,516,469)
Net realized gain/(loss)		(8,082,738)	(2,839,917)	(8,082,738)	(5,733,434)
Eurodollar Futures [Member] | Short [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		0	(150,547)	0	(150,547)
US Treasury Futures [Member] | Long [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		0	(20,374)	0	(20,374)
Net realized gain/(loss)		0	126,919	0	126,919
US Treasury Futures [Member] | Short [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		1,273,312	21,123	1,379,811	21,123
Net realized gain/(loss)		(2,882,643)	15,056	(3,830,579)	15,056
TBAs [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net	[1]	(1,409,304)	441,638	(1,049,539)	441,246
Net realized gain/(loss)	[1]	1,573,086	(180,625)	1,331,055	25,039
Long positions on U.S. Treasuries [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		0	1,587,306	0	7,580,039
Net realized gain/(loss)		0	109,062	0	423,828
Short positions on U.S. Treasuries [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) on derivative and other instruments, net		0	(200,391)	(1,724,922)	(200,391)
Net realized gain/(loss)		$ 0	$ 0	$ 1,730,547	$ 0
[1]	For the three months ended June 30, 2017, gains and losses from purchases and sales of TBAs consisted of $0.7 of net TBA dollar roll net interest income and net losses of $0.6 million due to price changes. For the six months ended June 30, 2017, gains and losses from purchases and sales of TBAs consisted of $1.1 million of net TBA dollar roll net interest income and net losses of $0.8 million due to price changes. For the three months ended June 30, 2016, gains and losses from purchases and sales of TBAs consisted of $7,656 of net TBA dollar roll net interest income and net gains of $0.3 million due to price changes. For the six months ended June 30, 2016, gains and losses from purchases and sales of TBAs consisted of $0.1 million of net TBA dollar roll net interest income and net gains of $0.4 million due to price changes.

Derivatives (Details 3)

Derivatives (Details 3) - USD ($)		Jun. 30, 2017		Dec. 31, 2016
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)		$ 3,741,844	[1]	$ 4,559,134	[2]
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheets		0	[1]	0	[2]
Derivative Assets, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets		3,741,844	[1]	4,559,134	[2]
Derivative Assets, Financial Instruments (Posted)/Received		0	[1]	0	[2]
Derivative Assets, Cash Collateral (Posted)/Received		448,635	[1]	879,575	[2]
Derivative Assets, Net Amount		3,293,209	[1]	3,679,559	[2]
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)		(1,769,032)		(2,765,900)	[3]
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheets		0		0	[3]
Derivative Liabilities, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets		(1,769,032)		(2,765,900)	[3]
Derivative Liabilities, Financial Instruments (Posted)/Received		(1,769,032)		(423,824)	[3]
Derivative Liabilities, Cash Collateral (Posted)/Received		0		(2,342,076)	[3]
Derivative Liabilities, Net Amount		0		0	[3]
Interest Rate Swaps [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)		2,749,027	[1]	4,559,134	[2]
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheets		0	[1]	0	[2]
Derivative Assets, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets		2,749,027	[1]	4,559,134	[2]
Derivative Assets, Financial Instruments (Posted)/Received		0	[1]	0	[2]
Derivative Assets, Cash Collateral (Posted)/Received		448,635	[1]	879,575	[2]
Derivative Assets, Net Amount		2,300,392	[1]	3,679,559	[2]
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)	[3]			(1,705,865)
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheets	[3]			0
Derivative Liabilities, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets	[3]			(1,705,865)
Derivative Liabilities, Financial Instruments (Posted)/Received	[3]			0
Derivative Liabilities, Cash Collateral (Posted)/Received	[3]			(1,705,865)
Derivative Liabilities, Net Amount	[3]			0
TBAs [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)	[1]	295,629
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheets	[1]	0
Derivative Assets, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets	[1]	295,629
Derivative Assets, Financial Instruments (Posted)/Received	[1]	0
Derivative Assets, Cash Collateral (Posted)/Received	[1]	0
Derivative Assets, Net Amount	[1]	295,629
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)		(1,769,032)		(423,824)	[3]
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheets		0		0	[3]
Derivative Liabilities, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets		(1,769,032)		(423,824)	[3]
Derivative Liabilities, Financial Instruments (Posted)/Received		(1,769,032)		(423,824)	[3]
Derivative Liabilities, Cash Collateral (Posted)/Received		0		0	[3]
Derivative Liabilities, Net Amount		0		0	[3]
Receivable Under Reverse Repurchase Agreements [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)				22,680,000
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheets				0
Derivative Assets, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets				22,680,000
Derivative Assets, Financial Instruments (Posted)/Received				22,365,000
Derivative Assets, Cash Collateral (Posted)/Received				0
Derivative Assets, Net Amount				315,000
U.S. Treasury Futures - Short [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Assets, Gross Amounts of Recognized Assets (Liabilities)	[1]	697,188
Derivative Assets, Gross Amounts Offset in the Consolidated Balance Sheets	[1]	0
Derivative Assets, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets	[1]	697,188
Derivative Assets, Financial Instruments (Posted)/Received	[1]	0
Derivative Assets, Cash Collateral (Posted)/Received	[1]	0
Derivative Assets, Net Amount	[1]	$ 697,188
Derivative Liabilities, Gross Amounts of Recognized Assets (Liabilities)	[3]			(636,211)
Derivative Liabilities, Gross Amounts Offset in the Consolidated Balance Sheets	[3]			0
Derivative Liabilities, Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets	[3]			(636,211)
Derivative Liabilities, Financial Instruments (Posted)/Received	[3]			0
Derivative Liabilities, Cash Collateral (Posted)/Received	[3]			(636,211)
Derivative Liabilities, Net Amount	[3]			$ 0
[1]	Included in Derivative Assets on the consolidated balance sheet is $3,741,844 less accrued interest of $(612,567) for a total of $3,129,277.
[2]	Included in Derivative Assets on the consolidated balance sheet is $4,559,134 less accrued interest of $(855,768) for a total of $3,703,366.
[3]	Included in Derivative Liabilities on the consolidated balance sheet is $(2,765,900) plus accrued interest of $(141,355) for a total of $(2,907,255).

Derivatives (Details 4)

Derivatives (Details 4) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 1,494,000,000	$ 644,000,000
Weighted Average Pay Rate	1.75%	1.74%
Weighted Average Receive Rate	1.22%	0.92%
Weighted Average Years to Maturity	4 years 7 months 6 days	5 years 4 days
2017 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 36,000,000	$ 36,000,000
Weighted Average Pay Rate	0.88%	0.88%
Weighted Average Receive Rate	1.17%	0.89%
Weighted Average Years to Maturity	4 months 2 days	10 months 2 days
2019 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 170,000,000	$ 170,000,000
Weighted Average Pay Rate	1.36%	1.36%
Weighted Average Receive Rate	1.19%	0.91%
Weighted Average Years to Maturity	2 years 4 months 17 days	2 years 10 months 17 days
2020 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 570,000,000	$ 115,000,000
Weighted Average Pay Rate	1.63%	1.59%
Weighted Average Receive Rate	1.22%	0.90%
Weighted Average Years to Maturity	2 years 10 months 10 days	3 years 2 months 12 days
2021 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount		$ 60,000,000
Weighted Average Pay Rate		1.86%
Weighted Average Receive Rate		0.96%
Weighted Average Years to Maturity		4 years 11 months 8 days
2022 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 363,000,000	$ 53,000,000
Weighted Average Pay Rate	1.80%	1.69%
Weighted Average Receive Rate	1.25%	0.94%
Weighted Average Years to Maturity	5 years	5 years 8 months 8 days
2023 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount		$ 85,000,000
Weighted Average Pay Rate		2.30%
Weighted Average Receive Rate		0.94%
Weighted Average Years to Maturity		6 years 5 months 5 days
2024 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 150,000,000
Weighted Average Pay Rate	2.04%
Weighted Average Receive Rate	1.23%
Weighted Average Years to Maturity	6 years 10 months 20 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		0.94%
Weighted Average Years to Maturity		8 years 5 months 5 days
2026 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 75,000,000	$ 95,000,000
Weighted Average Pay Rate	2.12%	2.17%
Weighted Average Receive Rate	1.19%	0.92%
Weighted Average Years to Maturity	9 years 4 months 20 days	9 years 10 months 24 days
2027 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 130,000,000
Weighted Average Pay Rate	2.30%
Weighted Average Receive Rate	1.20%
Weighted Average Years to Maturity	9 years 9 months 18 days

Derivatives (Details 5)

Derivatives (Details 5) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount			$ 644,000,000
Ending Net Notional Amount	$ 1,494,000,000		1,494,000,000
Net Receivable/(Payable) from/to Broker	(459,557)		(459,557)		$ (1,211,694)
Derivative Asset	3,129,277		3,129,277		3,703,366
Derivative Liabilities, At Fair Value	(1,769,032)		(1,769,032)		$ (2,907,255)
To Be Announced Securities [Member] | Long [Member]
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount	90,000,000	$ 0	50,000,000	$ 75,000,000
Buys or Covers	891,000,000	232,000,000	1,176,000,000	277,000,000
Sales or Shorts	(681,000,000)	(132,000,000)	(926,000,000)	(252,000,000)
Ending Net Notional Amount	300,000,000	100,000,000	300,000,000	100,000,000
Net Fair Value as of Year End	309,964,840	103,757,810	309,964,840	103,757,810
Net Receivable/(Payable) from/to Broker	(311,438,243)	(103,450,351)	(311,438,243)	(103,450,351)
Derivative Asset	295,629	719,960	295,629	719,960
Derivative Liabilities, At Fair Value	(1,769,032)	(412,501)	(1,769,032)	(412,501)
To Be Announced Securities [Member] | Short [Member]
Schedule Of To Be Announced Securities Activity [Line Items]
Beginning Notional Amount	0	0	(75,000,000)	0
Buys or Covers	0	75,000,000	75,000,000	225,000,000
Sales or Shorts	0	(75,000,000)	0	(225,000,000)
Ending Net Notional Amount	0	0	0	0
Net Fair Value as of Year End	0	0	0	0
Net Receivable/(Payable) from/to Broker	0	(7,813)	0	(7,813)
Derivative Asset	0	484,376	0	484,376
Derivative Liabilities, At Fair Value	$ 0	$ (492,189)	$ 0	$ (492,189)

Derivatives (Details Textual)

Derivatives (Details Textual) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Derivative [Line Items]
Derivative Assets Before Accrued Interest		$ 3,741,844		$ 3,741,844		$ 4,559,134
Derivative Assets Accrued Interest		(612,567)		(612,567)		(855,768)
Derivative Assets, At Fair Value		3,129,277		3,129,277		3,703,366
Derivative Liabilities Before Accrued Interest						(2,765,900)
Derivative Liabilities Accrued Interest						(141,355)
Derivative Liabilities, At Fair Value		(1,769,032)		(1,769,032)		(2,907,255)
Unrealized Gain (Loss) on Securities				38,297,116	$ 19,798,887
Pledged Assets Separately Reported, Real Estate Pledged as Collateral, at Fair Value		7,000,000		7,000,000		7,100,000
Pledged Assets Separately Reported, Other Assets Pledged as Collateral, at Fair Value		400,000		400,000		900,000
Proceeds Pledged To Serve Collateral Against Certain Derivatives				28,000,000		9,400,000
Derivative, Notional Amount		1,494,000,000		1,494,000,000		$ 644,000,000
US Treasury Futures [Member]
Derivative [Line Items]
Derivative, Notional Amount	[1]	100,000		100,000
TBA [Member]
Derivative [Line Items]
Unrealized Gain (Loss) on Securities		700,000	$ 7,656	1,100,000	100,000
Unrealized Gain on Securities			$ 300,000		$ 400,000
Unrealized Loss on Securities		$ 600,000		$ 800,000
[1]	For the three months ended June 30, 2017, gains and losses from purchases and sales of TBAs consisted of $0.7 of net TBA dollar roll net interest income and net losses of $0.6 million due to price changes. For the six months ended June 30, 2017, gains and losses from purchases and sales of TBAs consisted of $1.1 million of net TBA dollar roll net interest income and net losses of $0.8 million due to price changes. For the three months ended June 30, 2016, gains and losses from purchases and sales of TBAs consisted of $7,656 of net TBA dollar roll net interest income and net gains of $0.3 million due to price changes. For the six months ended June 30, 2016, gains and losses from purchases and sales of TBAs consisted of $0.1 million of net TBA dollar roll net interest income and net gains of $0.4 million due to price changes.

Earnings per share (Details)

Earnings per share (Details) - shares	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Class of Warrant or Right [Line Items]
Outstanding warrants	1,007,500		1,007,500
Unvested restricted stock units previously granted to the Manager	27,805,162	27,700,154
Restricted Stock Units (RSUs) [Member] | Manager [Member]
Class of Warrant or Right [Line Items]
Unvested restricted stock units previously granted to the Manager	20,003		40,006

Earnings per share (Details 1)

Earnings per share (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net income/(loss) available to common stockholders for basic and diluted earnings per share	$ 29,803,777	$ 17,709,787	$ 51,554,085	$ 11,898,006
Denominator:
Basic weighted average common shares outstanding	27,724,183	28,038,953	27,713,104	28,155,441
Dilutive effect of restricted stock units	7,142	15,501	7,205	14,992
Diluted weighted average common shares outstanding	27,731,325	28,054,454	27,720,309	28,170,433
Basic Earnings/(Loss) Per Share of Common Stock:	$ 1.08	$ 0.63	$ 1.86	$ 0.42
Diluted Earnings/(Loss) Per Share of Common Stock:	$ 1.07	$ 0.63	$ 1.86	$ 0.42

Earnings per share (Details 2)

Earnings per share (Details 2) - $ / shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Common Stock One [Member]
Declaration Date	Jun. 8, 2017	Jun. 9, 2016
Record Date	Jun. 19, 2017	Jun. 20, 2016
Payment Date	Jul. 31, 2017	Jul. 29, 2016
Dividend Per Share	$ 0.475	$ 0.475
Common Stock [Member]
Declaration Date	Mar. 10, 2017	Mar. 10, 2016
Record Date	Mar. 21, 2017	Mar. 21, 2016
Payment Date	Apr. 28, 2017	Apr. 29, 2016
Dividend Per Share	$ 0.475	$ 0.475

Earnings per share (Details 3)

Earnings per share (Details 3) - $ / shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Series A Preferred Stock One [Member]
Dividend	8.25%	8.25%
Declaration Date	Feb. 16, 2017	Feb. 12, 2016
Record Date	Feb. 28, 2017	Feb. 29, 2016
Payment Date	Mar. 17, 2017	Mar. 17, 2016
Dividend Per Share	$ 0.51563	$ 0.51563
Series A Preferred Stock Two [Member]
Dividend	8.25%	8.25%
Declaration Date	May 15, 2017	May 13, 2016
Record Date	May 31, 2017	May 31, 2016
Payment Date	Jun. 19, 2017	Jun. 17, 2016
Dividend Per Share	$ 0.51563	$ 0.51563
Series B Preferred Stock one [Member]
Dividend	8.00%	8.00%
Declaration Date	Feb. 16, 2017	Feb. 12, 2016
Record Date	Feb. 28, 2017	Feb. 29, 2016
Payment Date	Mar. 17, 2017	Mar. 17, 2016
Dividend Per Share	$ 0.50	$ 0.50
Series B Preferred Stock Two [Member]
Dividend	8.00%	8.00%
Declaration Date	May 15, 2017	May 13, 2016
Record Date	May 31, 2017	May 31, 2016
Payment Date	Jun. 19, 2017	Jun. 17, 2016
Dividend Per Share	$ 0.50	$ 0.50

Income taxes (Details Textual)

Income taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Excise Tax Expenses	$ 0.4	$ 0.4	$ 0.8	$ 0.8

Related party transactions (Det

Related party transactions (Details Textual) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2017	Jul. 31, 2014	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Feb. 28, 2017	Dec. 31, 2016	Jul. 31, 2015	May 31, 2015
Related Party Transaction [Line Items]
Management fee to affiliate			$ 2,443,780	$ 2,420,782	$ 4,919,596	$ 4,870,925
Noninterest Expense Directors Fees					120,000
Non Reimbursable expenses Incurred By Manager			$ 1,700,000	1,700,000	$ 3,400,000	3,500,000
Management Fee Percentage			1.50%		1.50%
Investments in and Advances to Affiliates, at Fair Value			$ 84,711,002		$ 84,711,002			$ 72,215,919
Fees Paid to Asset Manager			44,824	69,254	95,290	135,526
Other Cost and Expense, Operating			2,851,353	2,664,252	$ 5,644,587	5,711,064
Noninterest Expense Directors Fees Paid In Cash,Percentage					50.00%
Noninterest Expense Directors Fees Paid In Restricted Common Stock ,Percentage					50.00%
AG Arc LLC [Member]
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value			17,700,000		$ 17,700,000			$ 12,900,000
Mortgage Servicing Rights, Fair Value			2,700,000		2,700,000
ARC Home LLC [Member]
Related Party Transaction [Line Items]
Payments for Sourcing Fees				0		0
Related Party Transaction, Expenses from Transactions with Related Party			$ 3,443		$ 3,443
Arms Length Transaction One [Member]
Related Party Transaction [Line Items]
Ownership Interest in Assets Contributed to Securitization										10.00%
Arms Length Transaction One [Member] | Non-Agency [Member]
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value										$ 3,100,000
Arms Length Transaction Two [Member]
Related Party Transaction [Line Items]
Ownership Interest in Assets Contributed to Securitization									7.50%
Arms Length Transaction Two [Member] | Non-Agency [Member]
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value										$ 5,100,000
Selling Affiliates [Member]
Related Party Transaction [Line Items]
Trading Securities, Total				$ 6,900,000		$ 6,900,000
Bond Tranches [Member]
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value									$ 7,100,000
BWIC [Member]
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value							$ 2,000,000
Manager Equity Incentive Plan [Member]
Related Party Transaction [Line Items]
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			128,514		128,514
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] | 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			100,250
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					80,247
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance			20,000		20,000
Manager [Member] | Restricted Stock [Member] | Subsequent Event [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, Options, Outstanding, Number, Beginning Balance	20,000
Manager [Member] | Restricted Stock [Member] | July 1, 2015 [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					20,000
Director [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					48,736
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					48,736

Equity (Details)

Equity (Details) - Repurchase [Member] - $ / shares		1 Months Ended			6 Months Ended
		Jun. 30, 2016	May 31, 2016	Mar. 31, 2016	Jun. 30, 2017
Stock Repurchased During Period, Shares	[1]				432,853
Shares Issued, Price Per Share	[1],[2]				$ 13.56
June Purchases [Member]
Stock Repurchased During Period, Shares	[1]	36,725
Shares Issued, Price Per Share	[1],[2]	$ 14.38
Maximum [Member]
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation	[1],[3]				17,460,743
Maximum [Member] | June Purchases [Member]
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation	[1],[3]	17,460,743
May Purchases [Member]
Stock Repurchased During Period, Shares	[1]		276,522
Shares Issued, Price Per Share	[1],[2]		$ 13.75
May Purchases [Member] | Maximum [Member]
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation	[1],[3]		17,988,891
Publicly Announced Program [Member]
Stock Repurchased During Period, Shares	[1]				559,568
Publicly Announced Program [Member] | June Purchases [Member]
Stock Repurchased During Period, Shares	[1]	559,568
Publicly Announced Program [Member] | May Purchases [Member]
Stock Repurchased During Period, Shares	[1]		522,843
March Purchases [Member]
Stock Repurchased During Period, Shares	[1]			119,606
Shares Issued, Price Per Share	[1],[2]			$ 12.86
March Purchases [Member] | Maximum [Member]
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation	[1],[3]			21,790,786
March Purchases [Member] | Publicly Announced Program [Member]
Stock Repurchased During Period, Shares	[1]			246,321
[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 maximum dollar amount authorized was $25.0 million.

Equity (Details Textual)

Equity (Details Textual) - USD ($)	May 05, 2017	Jun. 30, 2017	Nov. 03, 2015	May 06, 2015
Class of Stock [Line Items]
Capital Available For Issuance		$ 650,000,000		$ 750,000,000
Stock Repurchase Program, Authorized Amount		25,000,000	$ 25,000,000
Stock Issued During Period, Value, New Issues		$ 1,780,185
Repurchase [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		14,600,000
Sale Agents [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues		99,932
Stock Issued During Period, Value, New Issues	$ 100,000,000	$ 1,800,000
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
Class Of Warrant Or Right Expiration Date		Jul. 6, 2018

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	Dec. 09, 2015	Apr. 25, 2017
Long-term Purchase Commitment, Amount	$ 30	$ 10
AG Arc LLC [Member]
Long-term Purchase Commitment, Amount		$ 17.8