Ready Capital (RC) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	ZAIS Financial Corp.
Entity Central Index Key	1,527,590
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ZFC
Entity Common Stock, Shares Outstanding		7,970,886

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash	$ 29,366,231	$ 33,791,013
Restricted cash	4,026,267	7,143,078
Mortgage loans held for investment, at fair value - $399,301,401 and $415,814,067 pledged as collateral, respectively	401,206,350	415,959,838
Mortgage loans held for sale, at fair value - $114,303,003 and $97,690,960 pledged as collateral	114,670,811	97,690,960
Mortgage loans held for investment, at cost	1,074,313	1,338,935
Real estate securities, at fair value - $99,239,271 and $135,779,193 pledged as collateral, respectively	113,220,076	148,585,733
Other investment securities, at fair value - $0 and $2,040,532 pledged as collateral, respectively	15,209,050	2,040,532
Loans eligible for repurchase from Ginnie Mae	28,479,596	21,710,284
Mortgage servicing rights, at fair value	42,044,651	33,378,978
Derivative assets, at fair value	3,528,739	2,485,100
Other assets	7,013,304	6,092,863
Goodwill	14,183,537	16,512,680
Intangible Assets	5,077,355	5,668,611
Total assets	779,100,280	792,398,605
Liabilities
Warehouse lines of credit	104,216,594	89,417,564
Loan repurchase facilities	295,315,030	300,092,293
Securities repurchase agreements	74,520,999	103,014,105
Exchangeable Senior Notes	56,240,664	55,474,741
Contingent consideration	12,612,664	11,430,413
Derivative liabilities, at fair value	2,593,972	2,585,184
Dividends and distributions payable	3,559,120	3,559,120
Accounts payable and other liabilities	18,389,845	11,731,089
Liability for loans eligible for repurchase from Ginnie Mae	28,479,596	21,710,284
Total liabilities	$ 595,928,484	$ 599,014,793
Commitments and Contingencies (Note 22)
Equity
12.5% Series A cumulative non-voting preferred stock, $0.0001 par value; 50,000,000 shares authorized; zero shares issued and outstanding	$ 0	$ 0
Common stock, $0.0001 par value; 500,000,000 shares authorized; 7,970,886 shares issued and outstanding	798	798
Additional paid-in capital	164,207,617	164,207,617
(Accumulated deficit) / retained earnings	(148,270)	9,029,947
Total stockholders' equity, ZAIS Financial Corp.	164,060,145	173,238,362
Non-controlling interests	19,111,651	20,145,450
Total equity	183,171,796	193,383,812
Total liabilities and equity	$ 779,100,280	$ 792,398,605

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Mortgage loans held for investment, pledged as collateral	$ 399,301,401	$ 415,814,067
Mortgage Loans Held For Sale Amount Pledged As Collateral	114,303,003	97,690,960
Real estate securities, pledged as collateral	99,239,271	135,779,193
Other investment securities, pledged as collateral	$ 0	$ 2,040,532
12.5% Series A cumulative non-voting preferred stock, par or stated value per share	$ 0.0001	$ 0.0001
12.5% Series A cumulative non-voting preferred stock, shares authorized	50,000,000	50,000,000
12.5% Series A cumulative non-voting preferred stock, shares issued	0	0
12.5% Series A cumulative non-voting preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	7,970,886	7,970,886
Common stock, shares outstanding	7,970,886	7,970,886

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest income
Mortgage loans held for investment	$ 6,447,802	$ 6,837,318	$ 19,497,295	$ 19,306,825
Mortgage loans held for sale	986,239	0	2,387,695	0
Real estate securities	1,985,913	3,976,315	6,687,328	11,549,506
Other investment securities	230,998	186,986	327,379	468,541
Total interest income	9,650,952	11,000,619	28,899,697	31,324,872
Interest expense
Warehouse lines of credit	574,977	0	1,647,268	0
Loan repurchase facilities	2,329,993	2,390,022	7,054,210	6,481,009
Securities repurchase agreements	357,408	677,159	1,154,459	2,074,851
Exchangeable Senior Notes	1,449,476	1,424,497	4,329,143	4,256,155
Total interest expense	4,711,854	4,491,678	14,185,080	12,812,015
Net interest income	4,939,098	6,508,941	14,714,617	18,512,857
Non-interest income
Mortgage banking activities, net	13,068,360	0	36,323,742	0
Loan servicing fee income, net of direct costs	1,740,107	0	5,044,841	0
Change in fair value of mortgage servicing rights	(5,881,088)	0	(5,658,280)	0
Other income	15,668	0	39,725	0
Total non-interest income	8,943,047	0	35,750,028	0
Other gains/(losses)
Change in unrealized gain or loss	(8,093,720)		(10,036,457)
Gain/(loss) on derivative instruments related to investment portfolio	(177,670)	(517,117)	316,697	(5,528,747)
Total other gains/(losses)	(7,986,942)	(1,805,117)	(8,786,074)	21,875,680
Expenses
Advisory fee - related party	760,066	718,372	2,188,354	2,131,690
Salaries, commissions and benefits	7,681,983	0	23,171,648	0
Operating expenses	3,461,155	1,666,169	10,333,959	5,360,686
Other expenses	953,908	1,039,485	3,065,370	3,261,369
Total expenses	12,857,112	3,424,026	38,759,331	10,753,745
Net (loss) income before income tax benefit (expense)	(6,961,909)	1,279,798	2,919,240	29,634,792
Income tax benefit (expense)	250,491	0	(2,503,896)	0
Net (loss) income	(6,711,418)	1,279,798	415,344	29,634,792
Net (loss) income allocated to non-controlling interests	(670,672)	130,301	28,499	3,087,159
Net (loss) income attributable to ZAIS Financial Corp. common stockholders	$ (6,040,746)	$ 1,149,497	$ 386,845	$ 26,547,633
Net (loss) income per share applicable to common stockholders:
Basic	$ (0.76)	$ 0.14	$ 0.05	$ 3.33
Diluted	$ (0.76)	$ 0.14	$ 0.05	$ 2.97
Weighted average number of shares of common stock:
Basic	7,970,886	7,970,886	7,970,886	7,970,886
Diluted	8,897,800	8,897,800	8,897,800	10,677,360
Mortgage Loans Held for Investment [Member]
Other gains/(losses)
Change in unrealized gain or loss	$ (5,650,924)	$ 915,797	$ (5,603,683)	$ 23,566,322
Realized (loss)/gain on real estate securities	500,967	564,842	1,117,818	972,246
Residential Mortgage Backed Securities [Member]
Other gains/(losses)
Change in unrealized gain or loss	(2,119,917)	(2,319,287)	(4,262,990)	1,964,966
Realized (loss)/gain on real estate securities	(56,949)	446,153	18,710	519,772
Other Investment Securities [Member]
Other gains/(losses)
Change in unrealized gain or loss	(420,796)	(892,336)	(276,269)	384,290
Realized (loss)/gain on real estate securities	0	0	(39,360)	0
Real Estate [Member]
Other gains/(losses)
Change in unrealized gain or loss	97,917	(3,169)	106,485	(3,169)
Realized (loss)/gain on real estate securities	$ (159,570)	$ 0	$ (163,482)	$ 0

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	(Accumulated Deficit)/Retained Earnings	Total Stockholders' Equity, ZAIS Financial Corp.	Non-Controlling Interest [Member]
Balance at Dec. 31, 2013	$ 177,768,562	$ 0	$ 798	$ 164,207,617	$ (4,958,607)	$ 159,249,808	$ 18,518,754
Balance, shares at Dec. 31, 2013		0	7,970,886
Distributions on OP units	(1,112,298)	$ 0	$ 0	0	0	0	(1,112,298)
Dividends on common stock	(9,565,062)	0	0	0	(9,565,062)	(9,565,062)	0
Net income	29,634,792	0	0	0	26,547,633	26,547,633	3,087,159
Balance at Sep. 30, 2014	196,725,994	$ 0	$ 798	164,207,617	12,023,964	176,232,379	20,493,615
Balance, shares at Sep. 30, 2014		0	7,970,886
Balance at Dec. 31, 2014	193,383,812	$ 0	$ 798	164,207,617	9,029,947	173,238,362	20,145,450
Balance, shares at Dec. 31, 2014		0	7,970,886
Distributions on OP units	(1,112,298)	$ 0	$ 0	0	0	0	(1,112,298)
Dividends on common stock	(9,565,062)	0	0	0	(9,565,062)	(9,565,062)	0
Contributions	50,000	0	0	0	0	0	50,000
Net income	415,344	0	0	0	386,845	386,845	28,499
Balance at Sep. 30, 2015	$ 183,171,796	$ 0	$ 798	$ 164,207,617	$ (148,270)	$ 164,060,145	$ 19,111,651
Balance, shares at Sep. 30, 2015		0	7,970,886

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income	$ 415,344	$ 29,634,792
Adjustments to reconcile net income to net cash used in operating activities
Change in unrealized gain or loss	10,036,457
Change in unrealized gain or loss on derivative instruments related to investment portfolio	(1,034,851)	5,168,243
Amortization of Exchangeable Senior Notes discount	765,923	692,922
Depreciation and amortization expense	655,047	0
Proceeds from sales and principal payments on mortgage loans held for sale	1,481,473,208	0
Originations and repurchases of mortgage loans held for sale	(1,449,538,666)	0
Gain on sale of mortgage loans held for sale	(48,848,410)	0
Capitalization of originated mortgage servicing rights	(14,323,953)	0
Changes in operating assets and liabilities
Decrease in other assets	1,478,487	1,537,640
Increase in accounts payable and other liabilities	6,918,026	2,503,012
Increase in contingent consideration	1,182,251	0
Net cash (used in)/provided by operating activities	(15,376,191)	2,384,711
Cash flows from investing activities
Origination of mortgage loans held for investment	(5,604,431)	0
Acquisitions of mortgage loans held for investment	(6,025,503)	(84,795,975)
Proceeds from principal repayments on mortgage loans held for investment	25,854,329	16,274,473
Acquisitions of real estate securities	(6,362,138)	(47,034,324)
Proceeds from principal repayments on real estate securities	13,975,960	23,648,183
Proceeds from sales of real estate securities	26,770,760	12,318,845
Acquisitions of other investment securities	(15,601,330)	(12,926,954)
Proceeds from sales of other investment securities	2,241,387	0
Purchase of swaption	0	(4,803,750)
Proceeds received for the final reconciliation of purchase price relating to the acquisition of GMFS	1,684,263	0
Restricted cash provided by/(used in) investment activities	3,116,811	(4,908,782)
Net cash provided by/(used in) investing activities	40,050,108	(102,228,284)
Cash flows from financing activities
Net borrowings under warehouse lines of credit	14,799,030	0
Net (repayments)/borrowings under loan repurchase facilities	(4,777,263)	57,119,292
Borrowings from securities repurchase agreements	3,764,081	105,218,260
Repayments of securities repurchase agreements	(32,257,187)	(78,206,477)
Dividends on common stock and distributions on OP units (net of change in dividends and distributions payable)	(10,677,360)	(15,571,150)
Contributions from non-controlling interests	50,000	0
Net cash (used in)/provided by financing activities	(29,098,699)	68,559,925
Net decrease in cash	(4,424,782)	(31,283,648)
Cash
Beginning of period	33,791,013	57,060,806
End of period	29,366,231	25,777,158
Supplemental disclosure of cash flow information
Interest paid on warehouse lines of credit, loan repurchase facilities, securities repurchase agreements and Exchangeable Senior Notes	12,113,395	11,405,140
Taxes paid	0	0
Supplemental disclosure of non-cash investing and financing activities
Accrued dividends and distributions payable	3,559,120	3,559,120
Conversion of mortgage loans held for investment to real estate owned	2,134,106	169,406
Real Estate Securities [Member]
Adjustments to reconcile net income to net cash used in operating activities
Net (accretion)/amortization of (discounts)/premiums related	(3,263,205)	(4,197,196)
Change in unrealized gain or loss	4,262,990	(1,964,966)
Realized (gain)/loss	(18,710)	(519,772)
Other Investment Securities [Member]
Adjustments to reconcile net income to net cash used in operating activities
Net (accretion)/amortization of (discounts)/premiums related	(124,204)	(129,307)
Change in unrealized gain or loss	276,269	(384,290)
Realized (gain)/loss	39,360	0
Mortgage Servicing Rights [Member]
Adjustments to reconcile net income to net cash used in operating activities
Change in unrealized gain or loss	5,658,280	0
Real Estate Owned [Member]
Adjustments to reconcile net income to net cash used in operating activities
Change in unrealized gain or loss	(106,485)	3,169
Realized (gain)/loss	163,482	0
Mortgage Loans [Member]
Adjustments to reconcile net income to net cash used in operating activities
Net (accretion)/amortization of (discounts)/premiums related	(5,892,239)	(5,420,968)
Change in unrealized gain or loss	5,603,683	(23,566,322)
Realized (gain)/loss	$ (1,117,818)	$ (972,246)

Formation and Organization

Formation and Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	1. Formation and Organization ZAIS Financial Corp. (the "Company") is a Maryland corporation that originates, acquires, finances, sells, services and manages residential mortgage loans. GMFS, LLC (“GMFS”), a mortgage banking platform the Company acquired in October 2014, originates, sells and services mortgage loans and the Company acquires performing, re-performing and newly originated loans through other channels. The Company also invests in, finances and manages residential mortgage-backed securities ("RMBS") that are not issued or guaranteed by a federally chartered corporation, such as the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or an agency of the U.S. Government, such as Government National Mortgage Association ("Ginnie Mae") ("non-Agency RMBS"), with an emphasis on securities that, when originally issued, were rated in the highest rating category by one or more of the nationally recognized statistical rating organizations. The Company also has the discretion to invest in RMBS that are issued or guaranteed by a federally chartered corporation or a U.S. Government agency ("Agency RMBS"), including through To-Be-Announced ("TBA") contracts, and in other real estate-related and financial assets, such as interest only strips created from RMBS ("IOs"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). The Company refers collectively to the assets it targets as its target assets. The Company's income is generated primarily by the net spread between the income it earns on its assets and the cost of its financing and hedging activities in its residential mortgage investments segment, and the origination, sale and servicing of residential mortgage loans in its residential mortgage banking segment. The Company's objective is to provide attractive risk-adjusted returns to its stockholders, primarily through quarterly dividend distributions and secondarily through capital appreciation. The Company was incorporated in Maryland on May 24, 2011, and has elected to be taxed and to qualify as a real estate investment trust ("REIT") beginning with the taxable year ended December 31, 2011. The Company completed its formation transaction and commenced operations on July 29, 2011. On February 13, 2013, the Company completed its initial public offering ("IPO"), pursuant to which the Company sold 5,650,000 21.25 120.1 1.2 118.9 The Company's charter authorizes the issuance of up to 500,000,000 0.0001 50,000,000 0.0001 The Company is the sole general partner of, and conducts substantially all of its business through, ZAIS Financial Partners, L.P., the Company's consolidated operating partnership subsidiary (the "Operating Partnership"). The Company is externally managed by ZAIS REIT Management, LLC (the "Advisor"), a subsidiary of ZAIS Group, LLC ("ZAIS"), and has no employees except for those employed by GMFS. At September 30, 2015, GMFS had 240 employees.

Basis of Quarterly Presentation

Basis of Quarterly Presentation	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	2. Basis of Quarterly Presentation Mortgage Banking activities, net, Mortgage loans held for sale, at fair value, The Company operates in two business segments: residential mortgage investments and residential mortgage banking. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may ultimately differ from those estimates. The consolidated financial statements include the accounts of the Company, the Operating Partnership, all of the wholly owned subsidiaries of the Operating Partnership (including its taxable REIT subsidiaries (“TRS”) and subsidiaries in which the Company has a controlling financial interest. All intercompany balances have been eliminated in consolidation. The Company, which serves as the sole general partner of and conducts substantially all of its business through the Operating Partnership, holds approximately 89.6 Changes in the Company's ownership interest (and transactions with non-controlling interests in its consolidated subsidiaries) while the Company retains its controlling interest in the subsidiaries, are accounted for as equity transactions. The carrying amount of the non-controlling interest is adjusted to reflect the change in its ownership interest in the subsidiaries, with the offset to equity attributable to the Company. A variable interest entity ("VIE") is an entity that lacks one or more of the characteristics of a voting interest entity. The Company evaluates each of its investments to determine whether it is a VIE based on: (1) the sufficiency of the entity's equity investment at risk to finance its activities without additional subordinated financial support provided by any parties, including the equity holders; (2) whether as a group the holders of the equity investment at risk have (a) the power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impacts the entity's economic performance, (b) the obligation to absorb the expected losses of the legal entity or the right to receive the expected residual returns of the legal entity; and (3) whether the voting rights of these investors are proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected returns of their equity, or both, and whether substantially all of the entity's activities involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. An investment that lacks one or more of the above three characteristics is considered to be a VIE. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE is subject to consolidation 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 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. The Company's mortgage loans held for sale are sold predominantly to Fannie Mae and Freddie Mac, which are government sponsored enterprises ("GSEs" or "Agencies"). The Company also issues Ginnie Mae securities by pooling eligible loans through a pool custodian and assigning rights to the loans to Ginnie Mae. Fannie Mae, Freddie Mac and Ginnie Mae provide credit enhancement of the loans through certain guarantee provisions. The Company also purchases RMBS from securitization trusts or similar vehicles. These securitizations involve VIEs as the trusts or similar vehicles, by design, have the characteristics of a VIE. The Company has evaluated its interests in its real estate investment securities and its interests in the securitizations discussed in the preceding paragraph to determine if each represents a variable interest in a VIE. The Company monitors these investments and its investment in the securities and analyzes them for potential consolidation. The Company determined that it was not the primary beneficiary of the VIEs and therefore none of the VIEs were consolidated at September 30, 2015 or December 31, 2014. The maximum exposure of the Company to VIEs is limited to the fair value of its investments in real estate securities and MSRs as disclosed in the Company's consolidated balance sheets. The Company held Freddie Mac Structured Agency Credit Risk Notes ("FMSA Notes") at September 30, 2015 and December 31, 2014 and Fannie Mae's Risk Transfer Notes (“FMSA Notes”) at September 30, 2015 (collectively, the “Other Investment Securities”). The Other Investment Securities represent unsecured general obligations of Fannie Mae and Freddie Mac and are structured to be subject to the performance of a certain pool of residential mortgage loans. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its taxable year ended December 31, 2011. The Company was organized and has operated and intends to continue to operate in a manner that will enable it to qualify to be taxed as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gains and which does not necessarily equal net income as calculated in accordance with U.S. GAAP). As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders and does not engage in prohibited transactions. The majority of States also recognize the Company's REIT status. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service ("IRS") grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company's net income under U.S. GAAP and net cash available for distribution to stockholders. However, it is assumed that the Company will retain its REIT status and will incur no REIT level taxation as it intends to comply with the REIT regulations and annual distribution requirements. The Company has separately made joint elections with three of its subsidiaries, ZFC Funding Inc., ZFC Trust TRS I, LLC and ZFC Honeybee TRS, LLC, to treat such subsidiaries as taxable REIT subsidiaries (the "TRS entities"). The Company may perform certain activities through these TRS entities that could adversely impact the Company's REIT qualification if performed other than through a TRS entity. The Company's TRS entities file separate tax returns and are taxed as standalone U.S. C-Corporations irrespective of the dividends-paid deduction available to REITs for federal income tax purposes. The Company assesses its tax positions for all open tax years and records tax benefits only if tax positions meet a more-likely-than-not threshold in accordance with U.S. GAAP for guidance on accounting for uncertainty in income taxes. See "Notes to Consolidated Financial Statements, Note 2 - In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). The objective of the guidance is to clarify the principles for recognizing revenue. ASU 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance, and also enhances disclosure requirements around revenue recognition and the related cash flows. The guidance is to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, for interim and annual periods beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact of adopting this new standard. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements – Going Concern (Subtopic 205-04) Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. If conditions or events indicate it is probable that an entity will be unable to meet its obligations as they become due within one year after the financial statements are issued, the update requires additional disclosures. The update is effective for periods beginning after December 15, 2016 with early adoption permitted. Adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, "Consolidation: Amendments to the Consolidation Analysis" ("ASU 2015-02"). ASU 2015-02 makes changes to both the variable interest model and the voting model. The guidance is effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of adopting this new standard. In April 2015 the FASB issued ASU 2015-03, "Interest - In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805)” (ASU 2015-16). The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company is currently evaluating the impact of adopting this new standard.

GMFS Transaction

GMFS Transaction	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
GMFS Transaction [Text Block]	3. GMFS Transaction On August 5, 2014, the Company, in its capacity as guarantor, entered into an agreement and plan of merger (the "Merger Agreement") among ZFC Honeybee TRS, LLC, an indirect subsidiary of the Company, ZFC Honeybee Acquisitions, LLC ("Honeybee Acquisitions"), a wholly owned subsidiary of ZFC Honeybee TRS, LLC, GMFS and Honeyrep, LLC, solely in its capacity as the security holder representative. GMFS is an origination platform that primarily originates and services agency and government guaranteed residential mortgage loans in the southern United States. On October 31, 2014, the Company completed its acquisition of GMFS. Honeybee Acquisitions was merged with and into GMFS (the "Merger"), with GMFS surviving the Merger as an indirect subsidiary of the Company. The final purchase price was approximately $61.2 million. The Merger Agreement contained customary representations and warranties by the parties, as well as customary covenants, including non-competition and non-solicitation covenants by GMFS's key managers and indemnification covenants by both parties, subject to stated thresholds and limitations. The preliminary purchase price was approximately $ 62.8 1 2 20 50 Cash paid to owners of GMFS $ 62,847,452 Contingent consideration 11,430,413 Total preliminary consideration $ 74,277,865 Contingent consideration represents the estimated present value of future earn-out payments as defined in the Merger Agreement. Contingent consideration was estimated at closing based on future earnings projections of GMFS over the four year earn-out period and is re-measured to fair value at each reporting date until the contingency is resolved. The changes in fair value are recognized in earnings. The final consideration paid could be materially different from the estimate and the difference will be recorded through earnings in the consolidated statements of operations. For the three and nine months ended September 30, 2015, the Company recorded an increase in contingent consideration of $ 333,019 1,182,251 Under the acquisition method of accounting, the total purchase price allocated to the identifiable tangible and intangible assets acquired and the liabilities assumed is based on management's preliminary valuation of GMFS's tangible and intangible assets acquired by the Company and GMFS's liabilities assumed by the Company as of October 31, 2014. Fair value of Assets: Cash and cash equivalents $ 13,304,612 Mortgage loans held for sale 92,512,390 Mortgage loans held for investment 1,098,897 Derivative assets 1,590,160 Other assets 2,713,950 MSRs 32,300,337 Goodwill 16,512,680 Intangible Assets 5,800,000 Loans eligible for repurchase from Ginnie Mae 21,169,329 Total assets acquired $ 187,002,355 Fair value of Liabilities: Warehouse lines of credit $ 85,840,705 Accounts payable and other liabilities 5,714,456 Liability for loans eligible for repurchase from Ginnie Mae 21,169,329 Total liabilities assumed $ 112,724,490 Fair value of net assets acquired $ 74,277,865 Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities assumed and is primarily made up of expected synergies and the assembled workforce of GMFS. This determination of goodwill at the time of closing was preliminary and was as follows: Total purchase price $ 74,277,865 Less: Preliminary estimate of the fair value of the net assets acquired (57,765,185) Goodwill $ 16,512,680 Pursuant to the terms of the Merger Agreement, based on the final reconciliation of the October 31, 2014 values, the Company received a net settlement of $ 1,684,263 61,163,189 259,269 385,610 Balance at December 31, 2014 $ 16,512,680 Less: Reversal of a liability existing as of the date of acquisition (385,610) Finalization of purchase price based upon final reconciliation (1,943,533) Balance at September 30, 2015 $ 14,183,537 No impairment losses relating to goodwill were recorded for the three and nine months ended September 30, 2015. The Company did not have any goodwill prior to the acquisition of GMFS on October 31, 2014. Goodwill has been allocated to the Company's residential mortgage banking segment. Additionally, goodwill is expected to be deductible for tax purposes over a 15 Other Intangible Assets Estimated Fair Estimated Useful Trade name $ 2.0 million 10 years Customer relationships 1.3 million 10 years Licenses 1.0 million 3 years Favorable lease 1.5 million 12 years Total Intangible assets $ 5.8 million Three Months Ended Nine Months Ended Amortization expense $ 197,085 $ 591,256 Such amounts are recorded as other expenses in the consolidated statements of operations. September 30 December 31 Trade name $ 183,337 $ 33,333 Customer relationships 119,163 21,666 Licenses 305,558 55,556 Favorable lease 114,587 20,834 Total accumulated amortization $ 722,645 $ 131,389 October 1, 2015 – December 31, 2015 $ 197,085 2016 $ 788,340 2017 $ 732,776 2018 $ 455,004 2019 $ 455,004 2020 $ 455,004

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4. Fair Value Fair Value Measurement Financial assets and liabilities recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Total Assets Mortgage loans held for investment $ — $ — $ 401,206,350 $ 401,206,350 Mortgage loans held for sale — 114,670,811 — 114,670,811 Non-Agency RMBS — — 113,220,076 113,220,076 Other Investment Securities — — 15,209,050 15,209,050 MSRs — — 42,044,651 42,044,651 Derivative assets — — 3,528,739 3,528,739 Total $ — $ 114,670,811 $ 575,208,866 $ 689,879,677 Liabilities Derivative liabilities $ — $ 2,593,972 $ — $ 2,593,972 Total $ — $ 2,593,972 $ — $ 2,593,972 The following table presents the Company's financial instruments that were accounted for at fair value on a recurring basis at December 31, 2014, by level within the fair value hierarchy: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Total Assets Mortgage loans held for investment $ — $ — $ 415,959,838 $ 415,959,838 Mortgage loans held for sale — 97,690,960 — 97,690,960 Non-Agency RMBS — — 148,585,733 148,585,733 Other Investment Securities — — 2,040,532 2,040,532 MSRs — — 33,378,978 33,378,978 Derivative assets — — 2,485,100 2,485,100 Total $ — $ 97,690,960 $ 602,450,181 $ 700,141,141 Liabilities Derivative liabilities $ — $ 2,585,184 $ — $ 2,585,184 Total $ — $ 2,585,184 $ — $ 2,585,184 The following tables present additional information about the Company's financial instruments which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value: Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Mortgage Non-Agency Other Mortgage Non-Agency Other Beginning balance $ 415,959,838 $ 148,585,733 $ 2,040,532 $ 331,785,542 $ 226,155,221 $ — Originations/acquisitions 11,359,110 6,362,138 15,601,330 84,795,975 47,034,324 12,926,954 Proceeds from sales - (26,770,760) (2,241,387) — (12,318,845) — Amortization of premiums (2,388) — — — — — Net accretion of discounts 5,894,627 3,263,205 124,204 5,420,778 4,197,196 129,307 Proceeds from principal repayments (25,384,866) (13,975,960) — (16,274,473) (23,648,183) — Conversion of mortgage loans to REO (2,134,106) — — (169,406) — — Total losses (realized/unrealized) included in earnings (15,316,984) (5,485,768) (539,285) (6,319,913) (2,031,595) (52,950) Total gains (realized/unrealized) included in earnings 10,831,119 1,241,488 223,656 30,858,481 4,516,333 437,240 Ending balance $ 401,206,350 $ 113,220,076 $ 15,209,050 $ 430,096,984 $ 243,904,451 $ 13,440,551 The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date $ (5,664,885) $ (3,554,935) $ (449,755) $ 23,744,752 $ 2,104,672 $ 384,290 Derivative Instruments Nine Months Ended Nine Months Ended Loan Purchase Interest Rate Loan Purchase Interest Rate Beginning balance $ 4,037 $ 2,481,063 $ — $ — Change in unrealized gain or loss 51,443 992,196 — — Ending balance $ 55,480 $ 3,473,259 $ — $ — The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date $ 51,443 $ 992,196 $ — $ — MSR Nine Months Ended September 30, September 30, The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ (3,571,775) $ — See Note 8 – "Mortgage Servicing Rights, at fair value" for additional information about the Company's MSRs. There were no financial assets or liabilities that were accounted for at fair value on a nonrecurring basis at September 30, 2015 or December 31, 2014. During the nine months ended September 30, 2015 and September 30, 2014, mortgage loans held for investment were transferred out of Level 3 when the properties were foreclosed and were classified as real estate owned. There were no other transfers into or out of Level 1, Level 2 or Level 3 during the nine months ended September 30, 2015 or September 30, 2014. Fair Value at Valuation Unobservable Min Max Weighted Mortgage loans held for Investment (1) $ 401,206,350 Discounted cash flow model Constant voluntary prepayment 1.9 % 5.0 % 3.3 % Constant default rate 1.0 % 4.6 % 2.9 % Loss severity 6.2 % 37.2 % 22.4 % Delinquency 5.6 % 11.8 % 10.3 % Non-Agency RMBS (2) Alternative – A $ 36,656,809 Broker quotes/comparable trades Constant voluntary prepayment 2.5 % 18.4 % 12.9 % Constant default rate 0.2 % 7.1 % 2.8 % Loss severity 0.0 % 100.5 % 19.6 % Delinquency 1.3 % 21.2 % 8.8 % Pay option adjustable rate 33,553,550 Broker quotes/comparable trades Constant voluntary prepayment 2.1 % 14.0 % 7.2 % Constant default rate 1.2 % 11.9 % 3.7 % Loss severity 0.0 % 88.8 % 42.2 % Delinquency 4.5 % 24.9 % 12.4 % Prime 34,238,383 Broker quotes/comparable trades Constant voluntary prepayment 3.3 % 18.4 % 8.1 % Constant default rate 1.2 % 12.6 % 3.8 % Loss severity 0.0 % 92.4 % 30.3 % Delinquency 3.8 % 25.4 % 11.9 % Subprime 8,771,334 Broker quotes/comparable trades Constant voluntary prepayment 1.2 % 7.5 % 3.8 % Constant default rate 3.0 % 8.0 % 6.2 % Loss severity 14.0 % 102.0 % 61.4 % Delinquency 17.5 % 26.0 % 22.3 % Total Non-Agency RMBS $ 113,220,076 Other Investment Securities (2) $ 15,209,050 Broker quotes/comparable trades Constant voluntary prepayment 3.9 % 18.8 % 6.6 % MSRs $ 42,044,651 Discounted cash flow model Constant voluntary prepayment 9.8 % 11.0 % 10.5 % Cost of servicing $ 77 $ 109 $ 91 Discount rate 9.0 % 10.0 % 9.4 % (1) The fair value of the mortgage loans held for investment are determined either by (i) a proprietary model (distressed and re-performing loans at the time of purchase) or (ii) secondary-market prices (newly originated loans at the time of purchase). (2) The Company uses an independent third party as its principal valuation source to estimate the fair value of its real estate securities. The Company substantiates these prices by using a variety of methods, including comparing prices to internally estimated prices and corroborating the prices by reference to other independent market data, such as relevant benchmark indices and prices of similar instruments. In certain instances, the Company may use a price other than that provided by the principal valuation source based on the aforementioned market data. Where the Company has disclosed unobservable inputs, those inputs are based on the Company's validations performed at the security level. Derivative Financial Instruments The Company estimates the fair value of interest rate lock commitments ("IRLC") based on quoted Agency MBS prices, its estimate of the fair value of the MSRs it expects to receive in the sale of the loans and the probability that the mortgage loan will be purchased as a percentage of the commitments it has made (the "pull-through rate"). The Company categorizes IRLCs as a "Level 3" financial statement item. The significant unobservable inputs used in the fair value measurement of the Company's IRLCs are the pull-through rate and the MSR component of the Company's estimate of the value of the mortgage loans it has committed to purchase. Significant changes in the pull-through rate and the MSR component of the IRLCs, in isolation, may result in a significant change in fair value. The financial effects of changes in these assumptions are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of IRLC value, but increase the pull-through rate for loans that have decreased in fair value. The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs at September 30, 2015: Pull-through rate Range 60.8% - 100.0 % Weighted average 84.2 % MSR value expressed as: Servicing fee multiple Range 0.5% - 6.1 % Weighted average 4.4 % Percentage of unpaid principal balance Range 0.2% - 1.9 % Weighted average 1.1 % The fair value measurements of these assets are sensitive to changes in assumptions regarding prepayment, probability of default, loss severity in the event of default, forecasts of home prices, and significant activity or developments in the real estate market. Significant changes in any of those inputs in isolation may result in significantly higher or lower fair value measurements. Generally, an increase in the probability of default and loss severity in the event of default would result in a lower fair value measurement. A decrease in these assumptions would have the opposite effect. Conversely, an assumption that the home prices will increase would result in a higher fair value measurement. A decrease in the assumption for home prices would have the opposite effect. Fair Value Option Changes in fair value for assets and liabilities for which the fair value option was elected are recognized in earnings as they occur. The fair value option may be elected on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. September 30, 2015 December 31, 2014 Fair Value Unpaid Principal (2) Difference Fair Value Unpaid Principal (2) Difference Financial instruments, at fair value Mortgage loans held for investment (1) $ 401,206,350 $ 447,058,784 $ (45,852,434) $ 415,959,838 $ 464,877,028 $ (48,917,190) Mortgage loans held for sale 114,670,811 108,361,961 6,308,850 97,690,960 92,917,659 4,773,301 Non-Agency RMBS 113,220,076 174,098,738 (60,878,662) 148,585,733 226,501,915 (77,916,182) Other Investment Securities 15,209,050 15,914,000 (704,950) 2,040,532 2,250,000 (209,468) MSRs 42,044,651 3,916,159,002 (3,874,114,351) 33,378,978 3,078,974,342 (3,045,595,364) (1) Balance comprised of loans that are (i) distressed and re-performing at the time of purchase and (ii) newly originated at the time of purchase. (2) Non-Agency RMBS includes an IO with a notional balance of $ 35.9 48.6 Fair Value of Other Financial Instruments In addition to the above disclosures regarding assets or liabilities which are recorded at fair value, U.S. GAAP requires disclosure about the fair value of all other financial instruments. Estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair values. September 30, 2015 December 31, 2014 Fair Value Carrying Value Fair Value Carrying Value Other financial instruments Assets Cash $ 29,366,231 $ 29,366,231 $ 33,791,013 $ 33,791,013 Restricted cash 4,026,267 4,026,267 7,143,078 7,143,078 Mortgage loans held for investment, at cost 1,020,597 1,074,313 1,310,544 1,338,935 Liabilities Warehouse lines of credit $ 104,216,594 $ 104,216,594 $ 89,417,564 $ 89,417,564 Loan repurchase facilities 295,315,030 295,315,030 300,092,293 300,092,293 Securities repurchase agreements 74,520,999 74,520,999 103,014,105 103,014,105 Exchangeable Senior Notes 57,006,650 56,240,664 59,933,400 55,474,741 Contingent consideration 12,612,664 12,612,664 11,430,413 11,430,413 Cash includes cash on hand for which fair value equals carrying value (a Level 1 measurement). Restricted cash represents the Company's cash held by counterparties as collateral against the Company's derivatives, loan repurchase facilities and securities repurchase agreements. Due to the short-term nature of the restrictions, fair value approximates carrying value (a Level 1 measurement). The fair value of the mortgage loans held for investment is determined, where possible using secondary-market prices. If no such quoted price exists, the fair value of a loan is determined using quoted prices for a similar asset or assets, adjusted for the specific attributes of that loan. Accordingly, mortgage loans held for investment, at cost are classified as Level 2 in the fair value hierarchy. The fair value of the Company's warehouse lines of credit and repurchase agreements related to the GMFS origination platform, loan repurchase facilities and securities repurchase agreements is based on an expected present value technique using observable market interest rates. As such, the Company considers the estimated fair value to be a Level 2 measurement. This method discounts future estimated cash flows using rates the Company determined best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. The fair value of the Exchangeable Senior Notes (see Note 12) is based on observable market prices (a Level 2 measurement). The fair value of the contingent consideration represents the estimated present value of future earn-out payments related to the GMFS acquisition. The estimated present value is determined based on future earnings projections and market discount rates (a Level 3 measurement). The differences reflected in the table for mortgage loans held for investment are not necessarily indicative of cumulative gains or losses related to loans because it does not take into account the fair value of the loans at the date of acquisition.

Mortgage Loans Held for Investm

Mortgage Loans Held for Investment, at Fair Value	9 Months Ended
	Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]	5. Mortgage Loans Held for Investment, at Fair Value Distressed and re-performing loans at the time of purchase During the three and nine months ended September 30, 2015, the Company did not acquire any mortgage loans held for investment which showed evidence of credit deterioration at the time of purchase. Three Months Ended Nine Months Ended Aggregate Unpaid Principal Balance $ — $ 100,422,418 Loan Repurchase Facilities Used — 60,557,196 September 30, 2015 Gross Unrealized (1) Difference Weighted Average Unpaid Premium Amortized Gains Losses Fair Unpaid Coupon Unleveraged Mortgage Loans Held for Investment Performing Fixed $ 243,798,190 $ (45,739,123) $ 198,059,067 $ 25,830,480 $ (1,801,124) $ 222,088,423 $ (21,709,767) 4.67 % 7.51 % ARM 149,729,350 (17,322,646) 132,406,704 6,123,469 (2,972,583) 135,557,590 (14,171,760) 3.56 7.15 Total performing 393,527,540 (63,061,769) 330,465,771 31,953,949 (4,773,707) 357,646,013 (35,881,527) 4.25 7.36 Non-performing (2) 41,621,277 (7,445,729) 34,175,548 1,095,706 (3,855,056) 31,416,198 (10,205,079) 4.90 7.52 Total Mortgage Loans Held for Investment $ 435,148,817 $ (70,507,498) $ 364,641,319 $ 33,049,655 $ (8,628,763) $ 389,062,211 $ (46,086,606) 4.31 % 7.38 % (1) The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded the following as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 $ (5,753,002) $ 915,797 $ (5,632,684) $ 23,566,322 (2) Loans that are delinquent for 60 days or more are considered non-performing. December 31, 2014 Gross Unrealized (1) Difference Weighted Average Unpaid Premium Amortized Gains Losses Fair Unpaid Coupon Unleveraged Mortgage Loans Held for Investment Performing Fixed $ 265,306,697 $ (51,501,092) $ 213,805,605 $ 26,732,362 $ (1,383,524) $ 239,154,443 $ (26,152,254) 4.50 % 7.28 % ARM 162,858,201 (21,343,046) 141,515,155 9,568,296 (1,441,035) 149,642,416 (13,215,785) 3.59 7.10 Total performing 428,164,898 (72,844,138) 355,320,760 36,300,658 (2,824,559) 388,796,859 (39,368,039) 4.15 7.21 Non-performing (2) 35,945,165 (6,039,073) 29,906,092 840,097 (4,369,886) 26,376,303 (9,568,862) 5.48 7.13 Total Mortgage Loans Held for Investment $ 464,110,063 $ (78,883,211) $ 385,226,852 $ 37,140,755 $ (7,194,445) $ 415,173,162 $ (48,936,901) 4.26 % 7.20 % (1) The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. (2) Loans that are delinquent for 60 days or more are considered non-performing. Nine Months Ended September 30, 2015 September 30, 2014 Accretable yield, beginning of period $ 267,509,905 $ 223,401,697 Acquisitions — 55,532,098 Accretion (19,347,512) (19,306,825) Reclassifications from nonaccretable difference 7,760,664 15,683,166 Accretable yield, end of period $ 255,923,057 $ 275,310,136 Newly originated loans at the time of purchase Three Months Ended Nine Months Ended Aggregate Unpaid Principal Balance $ 8,291,350 $ 11,171,269 Loan Repurchase Facilities Used 7,265,036 9,746,638 During the three and nine months ended September 30, 2014, the Company did not acquire any mortgage loans held for investment which were newly originated at the time of purchase. September 30, 2015 Gross Unrealized (1) Weighted Average Unpaid Premium Amortized Gains Losses Fair Value Coupon Unleveraged Performing Fixed $ 11,909,967 $ 201,633 $ 12,111,600 $ 60,915 $ (28,376) $ 12,144,139 4.97 % 4.82 % Total Mortgage Loans Held for Investment $ 11,909,967 $ 201,633 $ 12,111,600 $ 60,915 $ (28,376) $ 12,144,139 4.97 % 4.82 % (1) The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded the following as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations: Three Months Ended Nine Months Ended $ 102,078 $ 29,001 The Company did not hold any mortgage loans held for investment which were newly originated at the time of purchase during the three and nine months ended September 30, 2014. December 31, 2014 Gross Unrealized (1) Weighted Average Unpaid Premium Amortized Gains Losses Fair Value Coupon Unleveraged Yield Performing Fixed $ 766,965 $ 16,173 $ 783,138 $ 3,538 $ — $ 786,676 4.38 % 4.20 % Total Mortgage Loans Held for Investment $ 766,965 $ 16,173 $ 783,138 $ 3,538 $ — $ 786,676 4.38 % 4.20 % (1) The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. Concentrations September 30, December 31, Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100% 46.4 % 55.7 % Percentage of fair value of mortgage loans secured by properties in the following states: Each representing 10% or more of fair value: California 25.8 % 26.2 % Florida 16.2 % 16.6 % Additional state representing more than 5% of fair value: Georgia 6.2 % 5.7 % New York 4.9 % 5.1 % Percentage of unpaid principal balance of mortgage loans carrying mortgage insurance 8.5 % 10.3 % September 30, December 31, Interest rates 1.75% – 12.20% 1.75% – 12.20% Contractual maturities 1 – 45 years 1 – 46 years REO At September 30, 2015 and December 31, 2014, the Company held REO with a net realizable value of $ 1,235,973 1,282,669 Additionally, at September 30, 2015 and December 31, 2014 the carrying amount of mortgage loans held for investment secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction is $ 7,248,620 4,762,509

Mortgage Loans Held for Sale, a

Mortgage Loans Held for Sale, at Fair Value	9 Months Ended
	Sep. 30, 2015
Receivables Held-for-sale [Abstract]
Receivables Held For Sale [Text Block]	6. Mortgage Loans Held for Sale, at Fair Value Balance at beginning of year $ 97,690,960 Originations and repurchases 1,449,538,666 Proceeds from sales and principal payments (1,481,473,208) Transfers from mortgage loans held for investment, at cost 65,983 Gain on sale 48,848,410 Balance at end of period $ 114,670,811 September 30, 2015 December 31, 2014 Unpaid Unpaid Principal Principal Balance Fair Value Balance Fair Value Conventional $ 69,909,078 $ 72,741,840 $ 55,073,645 $ 57,058,195 Governmental 19,679,800 21,635,672 13,407,781 14,601,797 United States Department of Agriculture loans 12,106,292 12,811,911 16,105,088 17,069,138 United States Department of Veteran Affairs loan 5,237,807 5,887,721 6,730,696 7,196,278 Reverse mortgage 1,428,984 1,593,667 1,600,449 1,765,552 Total $ 108,361,961 $ 114,670,811 $ 92,917,659 $ 97,690,960 The Company did not have mortgage loans held for sale prior to the acquisition of GMFS on October 31, 2014.

Real Estate Securities and Othe

Real Estate Securities and Other Investment Securities, at Fair Value	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	7. Real Estate Securities and Other Investment Securities, at Fair Value The Company's non-Agency RMBS portfolio is not issued or guaranteed by Fannie Mae, Freddie Mac or any other U.S. Government agency or a federally chartered corporation and is therefore subject to additional credit risks. September 30, 2015 Gross Unrealized (2) Weighted Average Principal or Notional Premium Amortized Unleveraged Balance (Discount) Cost Gains Losses Fair Value Coupon Yield Real estate securities Non-Agency RMBS: Alternative – A $ 78,316,001 $ (41,385,821) $ 36,930,180 $ 868,563 $ (1,141,934) $ 36,656,809 2.03 % 6.24 % Pay option adjustable rate 43,749,469 (7,725,888) 36,023,581 13,024 (2,483,055) 33,553,550 0.97 5.98 Prime 39,083,582 (5,013,131) 34,070,451 725,167 (557,235) 34,238,383 3.64 5.92 Subprime 12,949,686 (4,159,493) 8,790,193 73,602 (92,461) 8,771,334 0.70 6.77 Total non-Agency RMBS $ 174,098,738 $ (58,284,333) $ 115,814,405 $ 1,680,356 $ (4,274,685) $ 113,220,076 2.03 % 6.11 % Other Investment Securities (1) $ 15,914,000 $ (202,457) $ 15,711,543 $ 1,027 $ (503,520) $ 15,209,050 4.39 % 6.62 % (1) See Note 2 – Basis of Quarterly Presentation, “Other Investment Securities”. (2) The Company has elected the fair value option pursuant to ASC 825 for real estate securities. The Company recorded the following changes in unrealized gain or loss in the consolidated statements of operations. Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Real estate securities $ (2,119,917) $ (2,319,287) $ (4,262,990) $ 1,964,966 Other Investment Securities (420,796) (892,336) (276,269) 384,290 Gross Unrealized (2) Weighted Average Principal or Notional Premium Amortized Unleveraged Balance (Discount) Cost Gains Losses Fair Value Coupon Yield Real estate securities Non-Agency RMBS: Alternative – A $ 118,547,109 $ (58,583,222) $ 59,963,887 $ 1,916,611 $ (583,958) $ 61,296,540 3.44 % 7.03 % Pay option adjustable rate 58,122,808 (11,491,663) 46,631,145 80,848 (1,170,668) 45,541,325 0.93 6.12 Prime 43,803,995 (6,219,091) 37,584,904 1,545,452 (65,280) 39,065,076 3.60 6.79 Subprime 6,028,003 (3,290,867) 2,737,136 — (54,344) 2,682,792 0.33 16.98 Total non-Agency RMBS $ 226,501,915 $ (79,584,843) $ 146,917,072 $ 3,542,911 $ (1,874,250) $ 148,585,733 2.62 % 6.96 % Other Investment Securities (1) $ 2,250,000 $ 16,756 $ 2,266,756 $ — $ (226,224) $ 2,040,532 3.92 % 5.90 % (1) See Note 2 – Basis of Quarterly Presentation, "Other Investment Securities". (2) The Company has elected the fair value option pursuant to ASC 825 for its real estate securities and Other Investment Securities. September 30, 2015 December 31, 2014 Other Investment Other Investment Non-Agency RMBS Securities Non-Agency RMBS Securities Notional balance of IO included in Alternative A $ 35,938,418 — $ 48,569,423 — Contractual maturities (range) 18.3 to 31.5 years 8.7 to 12.1 years 20.3 to 32.3 years 9.7 years Weighted average maturity 24.6 years 9.9 years 24.9 years 9.7 years Actual maturities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses. All real estate securities and Other Investment Securities held by the Company at September 30, 2015 and December 31, 2014 were issued by issuers based in the United States. There were no realized losses from other than temporary impairments on non-Agency RMBS or Other Investment Securities for the three months ended September 30, 2015 or September 30, 2014 or for the nine months ended September 30, 2015 or September 30, 2014.

Mortgage Servicing Rights, at F

Mortgage Servicing Rights, at Fair Value	9 Months Ended
	Sep. 30, 2015
Transfers and Servicing [Abstract]
Transfers and Servicing of Financial Assets [Text Block]	8. Mortgage Servicing Rights, at Fair Value The Company's MSRs consist of conforming conventional loans sold to Fannie Mae and Freddie Mac or loans securitized in Ginnie Mae securities. Similarly, the government loans serviced by the Company are secured through Ginnie Mae, whereby the Company is insured against loss by the FHA or partially guaranteed against loss by the VA. Balance at beginning of year $ 33,378,978 Additions due to loans sold, servicing retained 14,323,953 Change in fair value of MSRs (1) Changes in values of market related inputs or assumptions used in a valuation model (2) (3,571,775) Other changes (3) (2,086,505) Total - Change in fair value of MSRs (5,658,280) Balance at end of period $ 42,044,651 (1) Included in change in fair value of MSRs in the Company's consolidated statements of operations. (2) Primarily reflects changes in values of prepayment assumptions due to changes in interest rates. (3) Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid off or paid down during the period. The Company did not have MSRs prior to the acquisition of GMFS on October 31, 2014. September 30, 2015 December 31, 2014 Unpaid Principal Unpaid Principal Balance Fair Value Balance Fair Value Fannie Mae $ 1,834,356,909 $ 18,737,561 $ 1,640,799,719 $ 17,078,181 Ginnie Mae 1,404,614,765 16,332,072 1,146,234,768 13,102,076 Freddie Mac 677,187,328 6,975,018 291,939,855 3,198,721 Total $ 3,916,159,002 $ 42,044,651 $ 3,078,974,342 $ 33,378,978 Discount rate Range 6.55% - 12.16 % Weighted average 9.36 % Effect on fair value of adverse change of: 5% $ (796,288) 10% $ (1,564,127) 20% $ (3,020,068) Prepayment speed (1) Range 7.67% - 13.52 % Weighted average 10.45 % Effect on fair value of adverse change of: 5% $ (662,003) 10% $ (1,694,287) 20% $ (3,287,807) Per-loan annual cost of servicing Range $64 - $118 Weighted average $91 Effect on fair value of adverse change of: 5% $ (484,051) 10% $ (968,101) 20% $ (1,936,203) (1) Prepayment speed is measured using CPR. Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Income $ 2,729,891 $ 7,613,023 Late charges 29 64 Cost of sub-servicer (989,813) (2,568,246) Loan servicing fee income, net of direct costs $ 1,740,107 $ 5,044,841 The Company did not have any MSRs or loan servicing fees, net of direct costs prior to the acquisition of GMFS on October 31, 2014.

Warehouse Lines of Credit

Warehouse Lines of Credit	9 Months Ended
	Sep. 30, 2015
Warehouse Agreement Borrowings [Member]
Debt Disclosure [Text Block]	9. Warehouse Lines of Credit At September 30, 2015 and December 31, 2014, the Company had two warehouse lines of credit and two master repurchase agreements, each with different lenders, which provide financing for the Company's origination of mortgage loans held for sale in its mortgage banking segment. The warehouse lines of credit and repurchase agreements bear interest at a rate that has historically moved in close relationship to LIBOR. The agreements contain covenants that include certain financial requirements, including maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net worth ratio and current ratio and limitations on capital expenditures, indebtedness, distributions, transactions with affiliates and maintenance of positive net income, as defined in the agreements. The Company was in compliance with all significant debt covenants for the three and nine months ended September 30, 2015 and at December 31, 2014. September 30, 2015 December 31, 2014 Availability $ 185,000,000 $ 130,000,000 Maturity dates November 2015 – September 2016 January 2015 – June 2016 September 30, 2015 December 31, 2014 Maturity Dates Balance Weighted Balance Weighted 30 days or less $ — — % $ 21,210,431 2.47 % 31 – 90 days 25,403,955 2.50 — — 181 days to 1 year 78,812,639 2.49 57,118,533 2.46 Greater than 1 year — — 11,088,600 2.92 Total balance and weighted average rate $ 104,216,594 2.49 % $ 89,417,564 2.52 % At September 30, 2015 and December 31, 2014 the Company pledged $ 114,303,003 97,690,960

Loan Repurchase Facilities

Loan Repurchase Facilities	9 Months Ended
	Sep. 30, 2015
Line of Credit [Member]
Debt Disclosure [Text Block]	10. Loan Repurchase Facilities September 30, 2015 December 31, 2014 Lender Citibank, N.A Credit Suisse First Citibank, N.A Credit Suisse First Collateral type funded by facility Distressed and Re- Newly Originated Distressed and Re- Newly Originated Total facility size $ 325,000,000 $ 100,000,000 $ 325,000,000 $ 100,000,000 Amount committed $ 150,000,000 $ 25,000,000 $ 150,000,000 $ 100,000,000 Maturity date May 20, 2016 June 27, 2016 May 22, 2015 August 13, 2015 Outstanding balance $ 284,931,244 $ 10,383,786 $ 299,402,024 $ 690,269 Each of the Loan Repurchase Facilities is collateralized by the underlying mortgages and related documents and instruments in the residential mortgage investments segment and the obligations are fully guaranteed by the Company. Under the Loan Repurchase Facilities, the Company may sell, and later repurchase trust certificates representing interests in residential mortgage loans (the "Trust Certificates"). The principal amount paid by the lenders under the Loan Repurchase Facilities for the Trust Certificates, which represent interests in residential mortgage loans, is based on (i) in the case of the Citi Loan Repurchase Facility, a percentage of the lesser of the market value or the unpaid principal balance of such mortgage loans backing the Trust Certificates and (ii) in the case of the Credit Suisse Loan Repurchase Facility, a percentage of the lesser of the market value, the unpaid principal balance or the acquisition price of such mortgage loans backing the Trust Certificates. Upon the Company's repurchase of a Trust Certificate sold to the lenders under the Loan Repurchase Facilities, the Company is required to repay the lenders a repurchase amount based on the purchase price plus accrued interest. The Company is also required to pay the lenders a commitment fee for the Loan Repurchase Facilities, as well as certain other administrative costs and expenses in connection with the lenders' structuring, management and ongoing administration of the Loan Repurchase Facilities. The commitment fees are included in interest expense in the consolidated statements of operations. The Company pledges cash and certain of its Trust Certificates as collateral under the Loan Repurchase Facilities. The amounts available to be borrowed are dependent upon the fair value of the Trust Certificates pledged as collateral, which fluctuates with changes in interest rates, type of underlying mortgage loans and liquidity conditions within the banking, mortgage finance and real estate industries. In response to declines in the fair value of pledged Trust Certificates, the 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. During the three and nine months ended September 30, 2015 and September 30, 2014, and at December 31, 2014, the Company has met all margin call requirements related to any outstanding balances under its Loan Repurchase Facilities. The agreements contain covenants that include certain financial requirements, including maintenance of minimum liquidity, minimum tangible net worth and maximum debt to net worth ratio, as defined in the agreements. The Company was in compliance with all significant debt covenants for the three and nine months ended September 30, 2015 and September 30, 2014, and at December 31, 2014. September 30, 2015 December 31, 2014 Weighted Weighted Balance Average Rate Balance Average Rate Loan Repurchase Facilities borrowings maturing within 91-180 days $ — — % $ 299,402,024 2.92 % 181 days to 1 year 295,315,030 2.92 690,269 2.46 % Total balance and weighted average rate $ 295,315,030 2.92 % $ 300,092,293 2.92 % September 30, December 31, 2015 2014 Fair value of Trust Certificates pledged as collateral $ 399,301,401 $ 415,814,067 Fair value of mortgage loans not pledged as collateral 1,904,949 145,771 Cash pledged as collateral 9,152 — Unused Amount (1) 129,684,970 124,907,707 (1) The amount the Company is able to borrow under the Loan Repurchase Facilities is tied to the fair value of unencumbered Trust Certificates eligible to secure those agreements and the Company's ability to fund the agreements' margin requirements relating to the collateral sold. Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Weighted average interest rate (1) 3.14 % 3.09 % 3.15 % 3.07 % Average unpaid principal balance of loans sold under agreements to repurchase $ 694,916 $ — $ 698,204 $ 192,380 Maximum daily amount outstanding 298,047,583 310,575,669 $ 302,037,635 310,575,669 (1) Includes commitment fees.

Securities Repurchase Agreement

Securities Repurchase Agreements	9 Months Ended
	Sep. 30, 2015
Disclosure of Repurchase Agreements [Abstract]
Securities Repurchase Agreements [Text Block]	11. Securities Repurchase Agreements Securities repurchase agreements related to real estate securities and Other Investment Securities involve the sale and a simultaneous agreement to repurchase the transferred assets or similar assets at a future date. The amount borrowed generally is equal to the fair value of the assets pledged less an agreed-upon discount, referred to as a "haircut." Repurchase agreements related to real estate securities and Other Investment Securities entered into by the Company are accounted for as financings and require the repurchase of the transferred securities at the end of each arrangement's term, typically 30 to 90 days. The Company maintains the beneficial interest in the specific securities pledged during the term of the repurchase arrangement and receives the related principal and interest payments. Interest rates on these borrowings are fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the repurchase arrangement at which time the Company may enter into a new repurchase arrangement at prevailing market rates with the same counterparty or repay that counterparty and negotiate financing with a different counterparty. In response to declines in fair value of pledged securities due to changes in market conditions or the publishing of monthly security paydown factors, the lender requires the Company to post additional securities as collateral, pay down borrowings or establish cash margin accounts with the counterparty in order to re-establish the agreed-upon collateral requirements, referred to as margin calls. Under the terms of the Company's master repurchase agreements related to real estate securities and Other Investment Securities, the counterparty may sell or re-hypothecate the pledged collateral. The Company has master repurchase agreements with four financial institutions at September 30, 2015 and December 31, 2014. September 30, 2015 Non-Agency RMBS Other Investment Securities Weighted Weighted Balance Average Rate Balance Average Rate Securities repurchase agreements maturing within 30 days or less $ 74,520,999 1.69 % $ — — % Total balance/weighted average rate $ 74,520,999 1.69 % $ — — % December 31, 2014 Non-Agency RMBS Other Investment Securities Weighted Weighted Balance Average Rate Balance Average Rate Securities repurchase agreements maturing within 30 days or less $ 101,553,292 1.57 % $ 1,460,813 1.66 % Total balance/weighted average rate $ 101,553,292 1.57 % $ 1,460,813 1.66 % Although securities 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 would require the Company to provide additional collateral or cash to fund margin calls. The Company pledges cash and certain of its non-Agency RMBS and Other Investment Securities as collateral under these securities repurchase agreements. The amounts available to be borrowed are dependent upon the fair value of the RMBS and Other Investment Securities pledged as collateral, which fluctuates with changes in interest rates, type of securities and liquidity conditions within the banking, mortgage finance and real estate industries. In response to declines in the fair value of pledged RMBS and Other Investment Securities, the 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. During the three and nine months ended September 30, 2015 and September 30, 2014 and at December 31, 2014, the Company has met all margin call requirements under its securities repurchase agreements. September 30, December 31, 2015 2014 Total outstanding under securities repurchase agreements secured by non-Agency RMBS $ 74,520,999 $ 101,553,292 Total outstanding under securities repurchase agreements secured by Other Investment Securities — 1,460,813 Fair value of non-Agency RMBS pledged as collateral 99,239,271 135,779,193 Fair value of Other Investment Securities pledged as collateral — 2,040,532 Fair value of non-Agency RMBS not pledged as collateral 13,980,805 12,806,540 Fair value of Other Investment Securities not pledged as collateral 15,209,050 — Cash pledged as collateral 2,021,389 684,256

8.0% Exchangeable Senior Notes

8.0% Exchangeable Senior Notes due 2016	9 Months Ended
	Sep. 30, 2015
Notes Payable [Abstract]
8.0% Exchangeable Senior Notes due 2016 [Text Block]	12. 8.0% Exchangeable Senior Notes due 2016 On November 25, 2013, the Operating Partnership issued the Exchangeable Senior Notes with a stated rate of 8.0 57.5 55.3 1.7 2.2 The Exchangeable Senior Notes are the Company's senior unsecured obligations and rank senior in right of payment to the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Exchangeable Senior Notes; equal in right of payment to the Company's existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company's secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities. The Exchangeable Senior Notes are exchangeable for shares of the Company's common stock or, to the extent necessary to satisfy NYSE listing requirements, cash, at the applicable exchange rate at any time prior to the close of business on the scheduled trading day prior to November 15, 2016 (the "Maturity Date"). The Company may not elect to issue shares of common stock upon exchange of the Exchangeable Senior Notes to the extent such election would result in the issuance of 20 1,779,560 As a result of the NYSE related limitation on the use of share-settlement for the full conversion option, the embedded conversion option does not qualify for equity classification and instead is separately valued and accounted for as a derivative liability. The initial value allocated to the derivative liability was $ 1.3 The exchange rate was initially 52.5417 1,000 19.03 0.50 60.4229 1,000 54.3103 0.55 The Company does not have the right to redeem the Exchangeable Senior Notes prior to the Maturity Date, except to the extent necessary to preserve its qualification as a REIT for U.S. federal income tax purposes. No sinking fund is provided for the Exchangeable Senior Notes. In addition, if the Company undergoes certain corporate events that constitute a "fundamental change," the holders of the Exchangeable Senior Notes may require the Company to repurchase for cash all or part of their Exchangeable Senior Notes at a repurchase price equal to 100 The Exchangeable Senior Notes bear interest at a rate of 8.0 10.2 September 30, December 31, 2015 2014 Fair value of conversion option derivative liability $ 8,646 $ 1,022,248 Unamortized discount 1,259,336 2,025,259 The Exchangeable Senior Notes will mature on the Maturity Date, unless previously exchanged or repurchased in accordance with their terms. The Company is currently evaluating alternatives to settle the obligation at maturity including refinancing the obligation or selling assets.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments [Text Block]	13. Derivative Instruments The Company’s derivative instruments, by segment, are as follows: Residential Mortgage Investments Segment Interest Rate Swap and Swaption Agreements To help mitigate exposure to higher short-term interest rates, the Company uses currently-paying and forward-starting, three-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements. Additionally, the Company enters into interest rate swaption agreements which gives the Company the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If exercised, the Company will enter into an interest rate swap agreement and will be obligated to pay a fixed rate of interest and receive a floating rate of interest. These swap agreements establish an economic fixed rate on related borrowings because the variable-rate payments received on the interest rate swap agreements largely offset interest accruing on the related borrowings, leaving the fixed-rate payments to be paid on the interest rate swap agreements as the Company's effective borrowing rate, subject to certain adjustments including changes in spreads between variable rates on the interest rate swap agreements and actual borrowing rates. The Company's interest rate swap agreements and interest rate swaption agreement have not been designated as hedging instruments. Loan Purchase Commitments ("LPCs") The Company enters into LPCs as a means to help mitigate interest rate risk. The LPCs are pursuant to Master Loan Purchase Agreements with approved, third party residential loan originators to purchase residential loans, which meet the guidelines established by the Company, at a future date. LPCs provide that loans acceptable to the Company be delivered if and when they close and are subject to "pair off" fees if the loans are not delivered by the seller. TBA Securities The Company may, as it has in the past, enter into TBA contracts for this segment as a means of acquiring exposure to Agency RMBS and may, from time to time, utilize TBA dollar roll transactions to finance Agency RMBS purchases. The Company may also enter into TBA contracts as a means of hedging against short-term changes in interest rates. The Company may choose, prior to settlement, to move the settlement of these securities to a later date by entering into an offsetting position (referred to as a "pair off"), settling the paired off positions against each other for cash, and simultaneously entering into a similar TBA contract for a later settlement date, which is commonly and collectively referred to as a "dollar roll" transaction. The Company accounts for its TBA contracts as derivative instruments due to the fact that it does not intend to take physical delivery of the securities. The Company had no exposure to TBA contracts for this segment at any time during the three and nine months ended September 30, 2015 and September 30, 2014. At September 30, 2015 and December 31, 2014 the Company did not have any TBA contracts outstanding relating to this segment. Residential Mortgage Banking Segment IRLCs The Company enters into IRLCs to originate residential mortgage loans held for sale, at specified interest rates and within a specified period of time (generally between 30 and 90 days), with customers who have applied for a loan and meet certain credit and underwriting criteria. MBS Forward Sales Contracts and TBA Securities The Company manages the interest rate price risk associated with its outstanding IRLCs and mortgage loans held for sale by entering into derivative loan instruments such as MBS forward sales contracts, some of which are TBA securities. The Company expects these derivatives will experience changes in fair value opposite to changes in fair value of the IRLCs and mortgage loans held for sale, thereby reducing earnings volatility. The Company takes into account various factors and strategies in determining the portion of the IRLCs and mortgage loans held for sale it wants to economically hedge. Other Conversion Option – Exchangeable Senior Notes Changes in the fair value of the conversion option derivative related to the Exchangeable Senior Notes are recorded through earnings. Derivative Instruments Non-hedge derivatives September 30, 2015 December 31, 2014 Notional amount of interest rate swaption $ — $ 225,000,000 Notional amount of interest rate swaps 17,200,000 17,200,000 LPCs (Principal balance of underlying loans) 16,162,370 1,905,700 IRLCs (Principal balance of underlying loans) 196,941,326 118,486,590 Notional amount of MBS forward sales contracts 177,500,000 154,000,000 The notional amount is not representative of the maximum exposure to the Company. September 30, December 31, Derivative instruments Designation Balance Sheet Location 2015 2014 Interest rate swaps Non-hedge Derivative liabilities, at fair value $ (1,251,498) $ (860,553) Interest rate swaption Non-hedge Derivative assets, at fair value — — LPCs Non-hedge Derivative assets, at fair value 55,480 4,037 IRLCs Non-hedge Derivative assets, at fair value 3,473,259 2,481,063 MBS forward sales contracts Non-hedge Derivative liabilities, at fair value (1,333,828) (702,383) Conversion Option - Exchangeable Senior Notes Non-hedge Derivative liabilities, at fair value (8,646) (1,022,248) At September 30, 2015 and December 31, 2014, no credit valuation adjustment was made in determining the fair value of the interest rate swaption or interest rate swaps. Three Months Ended Nine Months Ended Income Statement September 30, September 30, September 30, September 30, Non-hedge derivatives Location 2015 2014 2015 2014 Interest rate swaps Gain/(loss) on derivative instruments related to investment portfolio $ (675,562) $ (36,315) $ (748,348) $ (976,394) Interest rate swaption Gain/(loss) on derivative instruments related to investment portfolio — (298,478) — (4,734,092) LPCs Gain/(loss) on derivative instruments related to investment portfolio 118,277 — 51,443 — IRLCs Mortgage banking activities, net 1,227,839 — 992,196 — MBS forward sales contracts Mortgage banking activities, net (1,593,515) — (631,445) — Conversion Option - Exchangeable Senior Notes Gain/(loss) on derivative instruments related to investment portfolio 379,615 (182,324) 1,013,602 181,739 The Company did not have any IRLCs or MBS forward sales contracts prior to the acquisition of GMFS on October 31, 2014. Additionally, the Company did not have any LPCs during the three and nine months ended September 30, 2014. Interest Rate Swaption Cash Pledged as Swaption Expiration Notional Amount Strike Rate Swap Maturity Collateral (1) January 15, 2015 $ 225,000,000 3.64 % 2025 $ 4,886,011 (1) At December 31, 2014 all collateral provided under the interest rate swaption agreement consisted of cash collateral which is included in restricted cash in the Company's consolidated balance sheets. The interest rate swaption agreement expired in January 2015. The credit support annex provisions of the Company's interest rate swaption agreement allow the parties to mitigate their credit risk by requiring the party which is out of the money to post collateral. Interest Rate Swaps September 30, 2015 December 31, 2014 Maturity 2023 2023 Notional Amount $ 17,200,000 $ 17,200,000 Weighted Average Pay Rate 2.72 % 2.72 % Weighted Average Receive Rate 0.33 % 0.23 % Weighted Average Years to Maturity 7.8 8.6 Cash Pledged as Collateral (1) 1,995,726 $ 1,572,811 (1) At September 30, 2015 and December 31, 2014 all collateral provided under the interest rate swap agreements consisted of cash collateral which is included in restricted cash in the Company's consolidated balance sheets. The Company's interest rate swap agreements contain legally enforceable provisions that allow for netting or setting off of all individual interest rate swap receivables and payables with each respective counterparty and, therefore, the fair value of those interest rate swap agreements are netted. The credit support annex provisions of the Company's interest rate swap agreements allow the parties to mitigate their credit risk by requiring the party which is out of the money to post collateral.

Mortgage Banking Activities

Mortgage Banking Activities	9 Months Ended
	Sep. 30, 2015
Mortgage Banking [Abstract]
Mortgage Banking Income Expense Disclosure [Text Block]	14. Mortgage Banking Activities Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Gain on sale of mortgage loans held for sale, net of direct costs(1) $ 12,769,854 $ 35,530,805 Loan expenses, including provision for loan indemnification (208,576) (602,926) Loan origination fee income 507,082 1,395,863 Total $ 13,068,360 $ 36,323,742 (1) Includes the change in fair value related to IRLCs and MBS forward sales contracts held during the periods. The Company did not have any mortgage banking activities prior to the acquisition of GMFS on October 31, 2014.

Loan Indemnification Reserve

Loan Indemnification Reserve	9 Months Ended
	Sep. 30, 2015
Guarantees [Abstract]
Loan Indemnification Reserve [Text Block]	15. Loan Indemnification Reserve A liability has been established for potential losses related to representations and warranties made by GMFS for loans sold with a corresponding provision recorded for loan losses. The liability is included in accounts payable and other liabilities in the Company's consolidated balance sheets and the provision is included in mortgage banking activities, net in the Company's consolidated statements of operations. In assessing the adequacy of the liability, management evaluates various factors including actual losses on repurchases and indemnifications during the period, historical loss experience, known delinquent and other problem loans, and economic trends and conditions in the industry. Actual losses incurred are reflected as a reduction of the reserve liability. The activity for the loan indemnification reserve for the nine months ended September 30, 2015 is as follows: Balance at the beginning of year $ 2,662,162 Loan losses incurred (198,834) Provision for losses 576,654 Balance at end of period $ 3,039,982 The Company did not have any loan indemnification reserve prior to the acquisition of GMFS on October 31, 2014. Because of the uncertainty in the various estimates underlying the loan indemnification reserve, there is a range of losses in excess of the recorded loan indemnification reserve that is reasonably possible. The estimate of the range of possible losses for representations and warranties does not represent a probable loss, and is based on current available information, significant judgment, and a number of assumptions that are subject to change. At September 30, 2015 and December 31, 2014, the reasonably possible loss above the recorded loan indemnification reserve was not considered material.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes [Text Block]	16. Income Taxes For the three and nine months ended September 30, 2015 and September 30, 2014, and at December 31, 2014, the Company qualified to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders and does not engage in prohibited transactions. The majority of states also recognize the Company's REIT status. The Company has separately made joint elections with three of its subsidiaries, ZFC Funding, Inc., ZFC Trust TRS I, LLC and ZFC Honeybee TRS, LLC to treat such subsidiaries as taxable REIT subsidiaries (the "TRS entities"). The Company's TRS entities file separate tax returns and are taxed as standalone C-Corporations for U.S. income tax purposes. Provision for Income Taxes Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Current tax benefit (expense) Federal $ — $ — $ — — State — — — — Total current tax benefit (expense) — — — — Deferred tax benefit (expense) Federal 200,541 $ — (2,001,745) $ — State 49,950 — (502,151) — Total deferred tax benefit (expense) 250,491 — (2,503,896) — Total benefit (expense) for income taxes $ 250,491 $ — $ (2,503,896) $ — Reconciliation of Statutory Tax Rate to Effective Tax Rate Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Tax benefit (expense) at statutory rate 35.00 % (35.00) % (35.00) % (35.00) % State Tax (Net of Federal benefit) 0.85 — (7.91) — Permanent differences (0.19) — (1.98) — Valuation Allowance (2.85) — (23.25) — Impact of REIT election (29.21) 35.00 (17.63) 35.00 Effective Tax Rate 3.60 % 0.00 % (85.77) % 0.00 % The Company's effective tax rate differs from its statutory tax rate primarily due to the impact of the REIT election and an increase in the deferred tax asset valuation allowances. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes. The Company assesses whether a valuation allowance should be established against its deferred tax assets based on the consideration of all available evidence using a "more likely than not" approach. The Company's estimate of net deferred tax assets could change in future periods to the extent that actual or revised estimates of future taxable income during the carryforward periods change from current expectations. The deferred tax assets and liabilities reported below relate solely to the TRS entities. The Company had activity in ZFC Honeybee TRS, LLC which resulted in a deferred tax liability of $ 1,652,900 The Company also had activity in ZFC Trust TRS I, LLC and ZFC Funding, Inc., which resulted in a deferred tax asset of $ 1,350,536 850,996 Deferred Tax Asset (Liability) September 30, 2015 December 31, 2014 Deferred tax asset Tax effect of unrealized losses and other temporary differences $ 2,016,769 $ 1,207,520 Net operating loss carryforward 2,588,015 673,052 Total deferred tax asset 4,604,784 1,880,572 Deferred tax liability Tax effect of unrealized gains and other temporary differences (4,907,148) (357,663) Total deferred tax liability (4,907,148) (357,663) Valuation allowance (1,350,536) (671,913) Total Deferred Tax (Liability) Asset, net of Valuation Allowance $ (1,652,900) $ 850,996 The Company evaluates uncertain income tax positions each period. Based upon its analysis of income tax positions, the Company concluded that there are no significant uncertain tax positions that meet the recognition or measurement criteria at either September 30, 2015 or December 31, 2014. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in the Company's consolidated financial statements.

Other Assets and Liabilities

Other Assets and Liabilities	9 Months Ended
	Sep. 30, 2015
Other Assets and Liabilities [Abstract]
Other Assets and Liabilities [Text Block]	17. Other Assets and Liabilities Servicing Advances Servicing advances represent escrows and advances on behalf of borrowers and investors to cover delinquent balances for property taxes, insurance premiums and other out-of-pocket costs. Advances are made in accordance with the Company's servicing agreements and are recoverable upon liquidation. At September 30, 2015 and December 31, 2014, the Company had servicing advances of $ 1,737,586 1,987,073 Loans Eligible for Repurchase from Ginnie Mae The Company has recorded an asset and liability in its consolidated balance sheets representing the unilateral right it has to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due). There were no actual repurchases of Ginnie Mae delinquent or defaulted mortgage loans during the three and nine months ended September 30, 2015. The Company did not have any loans eligible for repurchase from Ginnie Mae prior to the acquisition of GMFS on October 31, 2014. Escrow and Fiduciary Funds The Company maintains segregated bank accounts in trust for mortgagor escrow balances. The balances of these accounts are $ 41,105,931 25,619,979 Real Estate Owned At September 30, 2015 and December 31, 2014, the Company held REO (see Note 5) which are included in other assets in the Company's consolidated balance sheets.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	18. Earnings Per Share Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Numerator: Net (loss) income attributable to ZAIS Financial Corp. common stockholders (Basic) $ (6,040,746) $ 1,149,497 $ 386,845 $ 26,547,633 Effect of dilutive securities: Net (loss) income allocated to non-controlling interests relating to OP Units exchangeable for shares of common stock of the Company (702,460) 130,301 44,988 3,087,159 Exchangeable Senior Notes Interest expense — — — 2,425,381 Gain on conversion option derivative liability — — — (103,564) Total – Exchangeable Senior Notes — — — 2,321,817 Net income available to stockholders, after effect of dilutive securities $ (6,743,206) $ 1,279,798 $ 431,833 $ 31,956,609 Denominator: Weighted average number of shares of common stock 7,970,886 7,970,886 7,970,886 7,970,886 Effect of dilutive securities: Weighted average number of OP units 926,914 926,914 926,914 926,914 Weighted average number of shares convertible under Exchangeable Senior Notes — — — 1,779,560 Diluted weighted average shares outstanding 8,897,800 8,897,800 8,897,800 10,677,360 Net (loss) income per share applicable to ZAIS Financial Corp. common stockholders – Basic $ (.76) $ 0.14 $ .05 $ 3.33 Net (loss) income per share applicable to ZAIS Financial Corp. common stockholders – Diluted $ (.76) $ 0.14 $ .05 $ 2.97 For purposes of computing diluted earnings per share, the Company assumes the conversion of OP units and the Exchangeable Senior Notes to shares of common stock unless the effect is anti-dilutive. The dilutive effect of OP units, if any, is computed assuming all units are converted to common stock. The dilutive effect of the Exchangeable Senior Notes, if any, is computed assuming shares converted are limited to 1,779,560

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transaction [Text Block]	19. Related Party Transactions ZAIS REIT Management, LLC The Company is externally managed and advised by the Advisor, a subsidiary of ZAIS. Subject to certain restrictions and limitations, the Advisor is responsible for managing the Company's affairs on a day-to-day basis including, among other responsibilities, (i) the origination, selection, purchase and sale of the Company's portfolio of assets, (ii) arranging the Company's financing activities and (iii) providing the Company with advisory services. The Company pays to its Advisor an advisory fee, calculated and payable quarterly in arrears, equal to 1.5 After an initial three-year term, the Advisor may be terminated annually upon the affirmative vote of at least two-thirds of the Company's independent directors or by a vote of the holders of at least two-thirds of the outstanding shares of the Company's common stock based upon (i) unsatisfactory performance by the Advisor that is materially detrimental to the Company or (ii) a determination that the advisory fees payable to the Advisor are not fair, subject to the Advisor's right to prevent such termination due to unfair fees by accepting a reduction of advisory fees agreed to by at least two-thirds of the Company's independent directors. Additionally, upon such a termination without cause, the Investment Advisory Agreement provides that the Company will pay the Advisor a termination fee equal to three times the average annual advisory fee earned by the Advisor during the prior 24-month period immediately preceding such termination, calculated as of the end of the most recently completed fiscal year before the date of termination. On August 11, 2014, the Company amended its Investment Advisory Agreement to provide that the Company shall pay its Advisor a loan sourcing fee quarterly in arrears in lieu of any payments or reimbursements that would otherwise be due to the Advisor or its affiliates pursuant to Investment Advisory Agreement for loan sourcing services provided. The loan sourcing fee is equal to 0.50 Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Advisory fees $ 718,372 $ 718,372 $ 2,131,690 $ 2,131,690 Loan sourcing fees 41,694 — 56,664 — Total – Advisory fees – related party $ 760,066 $ 718,372 $ 2,188,354 $ 2,131,690 Such amounts are included in "Advisory fee – related party" in the Company's consolidated statements of operations. At September 30, 2015 and December 31, 2014, $ 760,066 718,372 For the three months ended September 30, 2015 and September 30, 2014, the Company incurred Expense Reimbursements of $ 168,134 224,189 604,959 309,855 99,116 266,231 GMFS received total sub-lease income related to a portion of its office space (see Note 22) of $ 10,800 28,160 On March 17, 2015, a business combination was completed between HF2 Financial Management Inc. ("HF2 Financial"), a special purpose acquisition company, and ZAIS Group Parent, LLC ("ZGP"), which wholly owns ZAIS, pursuant to a definitive agreement dated September 16, 2014. The current owners of ZGP did not receive any proceeds at the closing of the transaction and retained a significant equity stake in ZGP. Following the close of the transaction, ZAIS's management team has remained in place to continue to lead the combined organization.

Equity

Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	20. Equity Common Stock The holders of shares of the Company's common stock are entitled to one vote per share on all matters voted on by common stockholders, including election of the Company's directors. The Company's charter does not provide for cumulative voting in the election of directors. Therefore, the holders of a majority of the outstanding shares of the Company's common stock can elect its entire board of directors. Subject to any preferential rights of any outstanding series of preferred stock, the holders of shares of the Company's common stock are entitled to such distributions as may be authorized from time to time by the Company's board of directors out of legally available funds and declared by the Company and, upon liquidation, are entitled to receive all assets available for distribution to stockholders. Holders of shares of the Company's common stock do not have preemptive rights. This means that stockholders do not have an automatic option to purchase any new shares of common stock that the Company issues. In addition, stockholders only have appraisal rights under circumstances specified by the Company's board of directors or where mandated by law. Dividends and Distributions Declaration Date Record Date Payment Date Amount per Share Nine months ended September 30, 2015: March 19, 2015 March 31, 2015 April 15, 2015 $ 0.40 June 18, 2015 June 30, 2015 July 15, 2015 $ 0.40 September 17, 2015 September 30, 2015 October 15, 2015 $ 0.40 Nine months ended September 30, 2014: March 19, 2014 March 31, 2014 April 14, 2014 $ 0.40 June 17, 2014 June 30, 2014 July 15, 2014 $ 0.40 September 17, 2014 September 30, 2014 October 15, 2014 $ 0.40 Preferred Shares The Company's charter authorizes its board of directors to classify and reclassify any unissued shares of its common stock and preferred stock into other classes or series of stock. Prior to issuance of shares of each class or series, the board of directors is required by the Company's charter to set, subject to the charter restrictions on transfer of its stock, the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the board of directors could authorize the issuance of shares of common stock or preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or change in control that might involve a premium price for holders of the Company's common stock or otherwise be in their best interest.

Non-controlling Interests

Non-controlling Interests	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interest Disclosure [Text Block]	21. Non-controlling Interests Non-controlling interests included in the Company's consolidated financial statements consist of the OP units in the Operating Partnership held by parties other than the Company. Certain investors own OP units in the Operating Partnership. An OP unit and a share of common stock of the Company have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. OP unit holders have the right to redeem their OP units, subject to certain restrictions. The redemption is required to be satisfied in shares of common stock or cash at the Company's option, calculated as follows: one share of the Company's common stock, or cash equal to the fair value of a share of the Company's common stock at the time of redemption, for each OP unit. When an OP unit holder redeems an OP unit, non-controlling interest in the Operating Partnership is reduced and the Company's equity is increased. At September 30, 2015 and December 31, 2014, the non-controlling interest OP unit holders owned 926,914 10.4 GMFS has a 50

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Legal Matters and Contingencies [Text Block]	22. Commitments and Contingencies Advisor Services The Company is dependent on the Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company's investment portfolio including determination of fair value; and other general and administrative responsibilities. In the event that the Advisor is unable to provide the respective services, the Company will be required to obtain such services from an alternative source. Litigation From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. In late April 2015, the Company received a claim from a counterparty with whom a statute of limitations tolling agreement is in place relating to certain mortgage loans that were sold servicing released by GMFS prior to its acquisition by the Company in 2014. The Company is currently evaluating this matter which is in its early stages and is unable to reasonably estimate the amount of probable losses or the range of losses that could potentially exist. Management is not aware of any other contingencies that would require accrual or disclosure in the consolidated financial statements at September 30, 2015 or December 31, 2014. Commitments to Originate Loans GMFS enters into IRLCs with customers who have applied for residential mortgage loans and meet certain credit and underwriting criteria. These commitments expose GMFS to market risk if interest rates change, and the loan is not economically hedged or committed to an investor. GMFS is also exposed to credit loss if the loan is originated and not sold to an investor and the mortgagor does not perform. The collateral upon extension of credit typically consists of a first deed of trust in the mortgagor's residential property. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon. Total commitments to originate loans approximated $ 249.1 117.7 Leases GMFS leases office space for use in its mortgage banking operations under a non-cancelable operating lease. The lease provides that GMFS pays taxes, maintenance, insurance, and other occupancy expenses applicable to the leased premises. The lease contains three five-year renewal options at pre-determined amounts specified by the original lease agreement. GMFS also leases equipment under various short-term rental agreements. GMFS incurred rent expense of $ 188,811 557,331 GMFS sub-leases a portion of its office space and furniture and fixtures contained therein to a related party (see Note 19). October 1, 2015 – December 31, 2015 $ 264,115 2016 $ 909,686 2017 $ 731,725 2018 $ 628,901 2019 $ 129,938 2020 $ — Thereafter $ —

Counterparty Risk and Concentra

Counterparty Risk and Concentration	9 Months Ended
	Sep. 30, 2015
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	23. Counterparty Risk and Concentration Counterparty risk is the risk that counterparties may fail to fulfill their obligations, including their inability to post additional collateral in circumstances where their pledged collateral value becomes inadequate. The Company attempts to manage its exposure to counterparty risk through diversification, use of financial instruments and monitoring the creditworthiness of counterparties. The Company finances the acquisition of a significant portion of its mortgage loans held for investment, RMBS and Other Investment Securities with repurchase agreements. Additionally, the Company finances a significant portion of its mortgages held for sale with its warehouse lines of credit and repurchase agreements. In connection with these financing arrangements, the Company pledges its residential mortgage loans, securities and cash as collateral to secure the borrowings. The amount of collateral pledged will typically exceed the amount of the borrowings ( i.e. , the haircut) such that the borrowings will be over-collateralized. As a result, the Company is exposed to the counterparty if, during the term of the repurchase agreement financing, a lender should default on its obligation and the Company is not able to recover its pledged assets. The amount of this exposure is the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged by the Company to the lender including accrued interest receivable on such collateral The Company's deposits with financial institutions may exceed federally insurable limits of $250,000 per institution. In the normal course of business, companies in the mortgage banking industry encounter certain economic and regulatory risks. Economic risks include interest rate risk and credit risk. The Company is subject to interest rate risk to the extent that in a rising interest rate environment, the Company may experience a decrease in loan production, as well as decreases in the value of mortgage loans held for sale and in commitments to originate loans, which may negatively impact the Company's operations. Credit risk is the risk of default that may result from the borrowers' inability or unwillingness to make contractually required payments during the period in which loans are being held for sale. GMFS sells loans to investors without recourse. As such, the investors have assumed the risk of loss or default by the borrower. However, GMFS is usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation and collateral. To the extent that GMFS does not comply with such representations, or there are early payment defaults, GMFS may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. In addition, if loans pay-off within a specified time frame, GMFS may be required to refund a portion of the sales proceeds to the investors. The Company's business requires substantial cash to support its operating and investing activities. As a result, the Company is dependent on its warehouse lines of credit, repurchase facilities and other financing facilities in order to finance its continued operations and investments. If the Company's principal lenders decided to terminate or not to renew any of these credit facilities with the Company, the loss of borrowing capacity could have a material adverse impact on the Company's consolidated financial statements unless the Company found a suitable alternative source. MSRs are subject to substantial interest rate risk and the value of MSRs generally tend to diminish in periods of declining interest rates as borrowers can prepay the mortgage notes underlying the MSRs. MSRs increase in periods of rising interest rates (as prepayments decrease). Although the level of interest rates is a key driver of prepayment activity, there are other factors that influence prepayments, including home prices, underwriting standards and product characteristics.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
	Sep. 30, 2015
Offsetting [Abstract]
Offsetting Assets And Liabilities Disclosure [Text Block]	24. Offsetting Assets and Liabilities Offsetting of Liabilities Net Amounts of Liabilities Gross Amounts Presented in Gross Amounts Not Offset in the Gross Amounts Offset in the the Consolidated Balance Sheets of Recognized Consolidated Consolidated Financial Cash Collateral Liabilities Balance Sheets Balance Sheets Instruments Pledged Net Amount September 30, 2015 Warehouse lines of credit $ 104,216,594 $ — $ 104,216,594 $ (104,216,594) $ — $ — Loan Repurchase Facilities 295,315,030 — 295,315,030 (295,305,878) (9,152) — Securities repurchase agreements 74,520,999 — 74,520,999 (72,499,610) (2,021,389) — Interest rate swap agreements 1,251,498 — 1,251,498 — (1,251,498) — Total $ 475,304,121 $ — $ 475,304,121 $ (472,022,082) $ (3,282,039) $ — December 31, 2014 Warehouse lines of credit $ 89,417,564 $ — $ 89,417,564 $ (89,417,564) $ — $ — Loan Repurchase Facilities 300,092,293 — 300,092,293 (300,092,293) — — Securities repurchase agreements 103,014,105 — 103,014,105 (102,329,849) (684,256) — Interest rate swap agreements 860,553 — 860,553 (860,553) — — Total $ 493,384,515 $ — $ 493,384,515 $ (492,700,259) $ (684,256) $ — The Company did not have any assets that are subject to master netting arrangements which can potentially be offset in the Company's consolidated balance sheets at September 30, 2015 or December 31, 2014.

Employee Benefit Plan

Employee Benefit Plan	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits Disclosure [Text Block]	25. Employee Benefit Plan GMFS has a 401(k) profit sharing plan covering substantially all GMFS employees. The employees may contribute amounts as allowable by IRS and plan limitations. GMFS may make discretionary matching and non-elective contributions. GMFS made contributions to the plan totaling $ 92,643 298,996

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	26. Segment Information The Company operated as one operating segment for the three and nine months ended September 30, 2014. Subsequent to the acquisition of GMFS on October 31, 2014, the Company operates in two operating segments: residential mortgage investments and residential mortgage banking. These operating segments have been identified based on the Company's organizational and management structure. These segments are based on an internally-aligned segment structure, which is how the Company's results are monitored and performance is assessed. The residential mortgage investments segment includes a portfolio of mortgage loans which were either distressed, re-performing or newly originated at the time of purchase. The residential mortgage investments segment's profit and loss consist primarily of net interest income from whole loans and RMBS, changes in unrealized gains and losses from the valuation of the portfolio and realized gains and losses recognized upon the paydowns of mortgage loans and sales of RMBS. Since the operations of GMFS are conducted in ZFC Honeybee TRS, LLC, a wholly owned TRS of the Company, the residential mortgage banking segment includes the operations of GMFS, which originates mortgage loans for subsequent sale as either servicing retained or released, and expenses incurred by ZFC Honeybee TRS, LLC. Each segment includes the operating and other expenses associated with the respective activities. Segment contribution represents the measure of profit that management uses to assess the performance of its business segments and make resource allocation and operating decisions. Certain expenses not directly assigned or allocated to one of the two primary segments are included in the Corporate/Other column. These unallocated expenses primarily include interest expense on the Company's Exchangeable Senior Notes and corporate operating expenses such as insurance, public company expenses, advisory fees, transaction costs and general and administrative expenses. All amounts are before amounts allocated to non-controlling interests. Residential Mortgage Residential Three Months Ended September 30, 2015: Investment Mortgage Banking Corporate/Other Total Interest income $ 8,664,713 $ 986,239 $ — $ 9,650,952 Interest expense 2,687,401 574,977 1,449,476 4,711,854 Net interest income (expense) 5,977,312 411,262 (1,449,476) 4,939,098 Non-interest income — 8,943,047 — 8,943,047 Change in unrealized gain or loss (8,093,720) — — (8,093,720) Realized gain 284,448 — — 284,448 Gain or (loss) on derivative instruments (177,670) — — (177,670) Advisory fee – related party 406,053 138,789 215,224 760,066 Salaries, commissions and benefits — 7,681,983 — 7,681,983 Operating expenses 64,958 1,921,180 1,475,017 3,461,155 Other Expenses Expenses 717,696 — — 717,696 Depreciation and amortization — 236,212 — 236,212 Total other expenses 717,696 236,212 — 953,908 Net loss before income taxes (3,198,337) (623,855) (3,139,717) (6,961,909) Income tax benefit — 250,491 — 250,491 Segment net loss $ (3,198,337) $ (373,364) $ (3,139,717) $ (6,711,418) Residential Mortgage Residential Nine months ended September 30, 2015: Investment Mortgage Banking Corporate/Other Total Interest income $ 26,512,002 $ 2,387,695 $ — $ 28,899,697 Interest expense 8,208,669 1,647,268 4,329,143 14,185,080 Net interest income (expense) 18,303,333 740,427 (4,329,143) 14,714,617 Non-interest income — 35,750,028 — 35,750,028 Change in unrealized gain or loss (10,036,457) — — (10,036,457) Realized gain 933,686 — — 933,686 Gain or (loss) on derivative instruments 316,697 — — 316,697 Advisory fee – related party 1,102,342 404,053 681,959 2,188,354 Salaries, commissions and benefits — 23,171,648 — 23,171,648 Operating expenses 282,916 6,087,395 3,963,648 10,333,959 Other Expenses Expenses 2,306,545 64,652 — 2,371,197 Depreciation and amortization — 694,173 — 694,173 Total other expenses 2,306,545 758,825 — 3,065,370 Net income/(loss) before income taxes 5,825,456 6,068,534 (8,974,750) 2,919,240 Income tax expense — (2,503,896) — (2,503,896) Segment net income (loss) $ 5,825,456 $ 3,564,638 $ (8,974,750) $ 415,344 The following table is a reconciliation of the net income of the residential mortgage banking segment to the operations of GMFS for the three and nine months ended September 30, 2015: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Net (loss) income of the residential mortgage banking segment $ (373,364) $ 3,564,638 Add back (deduct) expenses incurred by ZFC Honeybee TRS, LLC: Advisory fee – related party 138,789 404,053 Amortization of deferred premiums, production and profitability earn-outs included in salaries, commission and benefits 161,620 592,606 Operating expenses 439,589 1,543,008 Other expenses 197,085 655,907 Income tax (benefit) expense (250,491) 2,503,896 Net income of GMFS $ 313,228 $ 9,264,108 Supplemental Disclosures The Company's segment balance sheet information is as follows: Residential Residential Mortgage Mortgage Investment Banking Corporate/Other Total September 30, 2015 Mortgage loans held for investment, at fair value $ 401,206,350 $ — $ — $ 401,206,350 Mortgage loans held for investment, at cost — 1,074,313 — 1,074,313 Mortgage loans held for sale — 114,670,811 — 114,670,811 Real estate securities 113,220,076 — — 113,220,076 Other investment securities 15,209,050 — — 15,209,050 Mortgage servicing rights — 42,044,651 — 42,044,651 Goodwill — 14,183,538 — 14,183,538 Intangible assets — 5,077,355 — 5,077,355 Total assets 549,677,040 228,193,394 1,229,846 779,100,280 December 31, 2014 Mortgage loans held for investment, at fair value $ 415,959,838 $ — $ — $ 415,959,838 Mortgage loans held for investment, at cost — 1,338,935 — 1,338,935 Mortgage loans held for sale — 97,690,960 — 97,690,960 Real estate securities 148,585,733 — — 148,585,733 Other investment securities 2,040,532 — — 2,040,532 Mortgage servicing rights — 33,378,978 — 33,378,978 Goodwill — 16,512,680 — 16,512,680 Intangible assets — 5,668,611 — 5,668,611 Total assets 596,553,227 194,700,643 1,144,735 792,398,605

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	27. Subsequent Events The Company has engaged a financial advisor to commence a process to evaluate potential strategic alternatives to enhance shareholder value.

Basis of Quarterly Presentati34

Basis of Quarterly Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") as contained within the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for interim reporting. In the opinion of management, all adjustments considered necessary for a fair statement 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 the interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP as contained in the ASC have been condensed or omitted from the unaudited interim consolidated financial statements according to the SEC rules and regulations. The information and disclosures contained in the unaudited interim consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. Professional fees, transaction costs, loan servicing fees and general and administrative expenses reported in the prior period have been reclassified to operating expenses and other expenses to conform to the current period's presentation. During the nine months ended September 30, 2015, the Company recorded an out of period adjustment, in the amount of $96,000, to Mortgage Banking activities, net, Mortgage loans held for sale, at fair value, The Company operates in two business segments: residential mortgage investments and residential mortgage banking.
Use of Estimates, Policy [Policy Text Block]	Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may ultimately differ from those estimates.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership, all of the wholly owned subsidiaries of the Operating Partnership (including its taxable REIT subsidiaries (“TRS”) and subsidiaries in which the Company has a controlling financial interest. All intercompany balances have been eliminated in consolidation. The Company, which serves as the sole general partner of and conducts substantially all of its business through the Operating Partnership, holds approximately 89.6 Changes in the Company's ownership interest (and transactions with non-controlling interests in its consolidated subsidiaries) while the Company retains its controlling interest in the subsidiaries, are accounted for as equity transactions. The carrying amount of the non-controlling interest is adjusted to reflect the change in its ownership interest in the subsidiaries, with the offset to equity attributable to the Company.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities A variable interest entity ("VIE") is an entity that lacks one or more of the characteristics of a voting interest entity. The Company evaluates each of its investments to determine whether it is a VIE based on: (1) the sufficiency of the entity's equity investment at risk to finance its activities without additional subordinated financial support provided by any parties, including the equity holders; (2) whether as a group the holders of the equity investment at risk have (a) the power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impacts the entity's economic performance, (b) the obligation to absorb the expected losses of the legal entity or the right to receive the expected residual returns of the legal entity; and (3) whether the voting rights of these investors are proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected returns of their equity, or both, and whether substantially all of the entity's activities involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. An investment that lacks one or more of the above three characteristics is considered to be a VIE. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE is subject to consolidation 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 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. The Company's mortgage loans held for sale are sold predominantly to Fannie Mae and Freddie Mac, which are government sponsored enterprises ("GSEs" or "Agencies"). The Company also issues Ginnie Mae securities by pooling eligible loans through a pool custodian and assigning rights to the loans to Ginnie Mae. Fannie Mae, Freddie Mac and Ginnie Mae provide credit enhancement of the loans through certain guarantee provisions. The Company also purchases RMBS from securitization trusts or similar vehicles. These securitizations involve VIEs as the trusts or similar vehicles, by design, have the characteristics of a VIE. The Company has evaluated its interests in its real estate investment securities and its interests in the securitizations discussed in the preceding paragraph to determine if each represents a variable interest in a VIE. The Company monitors these investments and its investment in the securities and analyzes them for potential consolidation. The Company determined that it was not the primary beneficiary of the VIEs and therefore none of the VIEs were consolidated at September 30, 2015 or December 31, 2014. The maximum exposure of the Company to VIEs is limited to the fair value of its investments in real estate securities and MSRs as disclosed in the Company's consolidated balance sheets.
Other Investment Securities [Policy Text Block]	The Company held Freddie Mac Structured Agency Credit Risk Notes ("FMSA Notes") at September 30, 2015 and December 31, 2014 and Fannie Mae's Risk Transfer Notes (“FMSA Notes”) at September 30, 2015 (collectively, the “Other Investment Securities”). The Other Investment Securities represent unsecured general obligations of Fannie Mae and Freddie Mac and are structured to be subject to the performance of a certain pool of residential mortgage loans.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its taxable year ended December 31, 2011. The Company was organized and has operated and intends to continue to operate in a manner that will enable it to qualify to be taxed as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gains and which does not necessarily equal net income as calculated in accordance with U.S. GAAP). As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders and does not engage in prohibited transactions. The majority of States also recognize the Company's REIT status. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service ("IRS") grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company's net income under U.S. GAAP and net cash available for distribution to stockholders. However, it is assumed that the Company will retain its REIT status and will incur no REIT level taxation as it intends to comply with the REIT regulations and annual distribution requirements. The Company has separately made joint elections with three of its subsidiaries, ZFC Funding Inc., ZFC Trust TRS I, LLC and ZFC Honeybee TRS, LLC, to treat such subsidiaries as taxable REIT subsidiaries (the "TRS entities"). The Company may perform certain activities through these TRS entities that could adversely impact the Company's REIT qualification if performed other than through a TRS entity. The Company's TRS entities file separate tax returns and are taxed as standalone U.S. C-Corporations irrespective of the dividends-paid deduction available to REITs for federal income tax purposes. The Company assesses its tax positions for all open tax years and records tax benefits only if tax positions meet a more-likely-than-not threshold in accordance with U.S. GAAP for guidance on accounting for uncertainty in income taxes.
Significant Accounting Policies [Policy Text Block]	See "Notes to Consolidated Financial Statements, Note 2 -
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). The objective of the guidance is to clarify the principles for recognizing revenue. ASU 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance, and also enhances disclosure requirements around revenue recognition and the related cash flows. The guidance is to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, for interim and annual periods beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact of adopting this new standard. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements – Going Concern (Subtopic 205-04) Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. If conditions or events indicate it is probable that an entity will be unable to meet its obligations as they become due within one year after the financial statements are issued, the update requires additional disclosures. The update is effective for periods beginning after December 15, 2016 with early adoption permitted. Adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, "Consolidation: Amendments to the Consolidation Analysis" ("ASU 2015-02"). ASU 2015-02 makes changes to both the variable interest model and the voting model. The guidance is effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of adopting this new standard. In April 2015 the FASB issued ASU 2015-03, "Interest - In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805)” (ASU 2015-16). The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company is currently evaluating the impact of adopting this new standard.

GMFS Transaction (Tables)

GMFS Transaction (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Business Acquisition [Table Text Block]	Total preliminary consideration at closing was as follows: Cash paid to owners of GMFS $ 62,847,452 Contingent consideration 11,430,413 Total preliminary consideration $ 74,277,865
Schedule of Net Assets Acquired [Table Text Block]	Fair value of Assets: Cash and cash equivalents $ 13,304,612 Mortgage loans held for sale 92,512,390 Mortgage loans held for investment 1,098,897 Derivative assets 1,590,160 Other assets 2,713,950 MSRs 32,300,337 Goodwill 16,512,680 Intangible Assets 5,800,000 Loans eligible for repurchase from Ginnie Mae 21,169,329 Total assets acquired $ 187,002,355 Fair value of Liabilities: Warehouse lines of credit $ 85,840,705 Accounts payable and other liabilities 5,714,456 Liability for loans eligible for repurchase from Ginnie Mae 21,169,329 Total liabilities assumed $ 112,724,490 Fair value of net assets acquired $ 74,277,865 Total purchase price $ 74,277,865 Less: Preliminary estimate of the fair value of the net assets acquired (57,765,185) Goodwill $ 16,512,680
Schedule of Changes in Carrying Amount Of Goodwill [Table Text Block]	The changes in the carrying amount of the goodwill for the nine months ended September 30, 2015 is as follows: Balance at December 31, 2014 $ 16,512,680 Less: Reversal of a liability existing as of the date of acquisition (385,610) Finalization of purchase price based upon final reconciliation (1,943,533) Balance at September 30, 2015 $ 14,183,537
Schedule of Intangible Assets Acquired [Table Text Block]	Estimated Fair Estimated Useful Trade name $ 2.0 million 10 years Customer relationships 1.3 million 10 years Licenses 1.0 million 3 years Favorable lease 1.5 million 12 years Total Intangible assets $ 5.8 million
Schedule of Intangible Assets Acquired [Table Text Block]	Amortization expense related to the intangible assets acquired for the three and nine months ended September 30, 2015 was as follows: Three Months Ended Nine Months Ended Amortization expense $ 197,085 $ 591,256
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	At September 30, 2015 and December 31, 2014, accumulated amortization is as follows: September 30 December 31 Trade name $ 183,337 $ 33,333 Customer relationships 119,163 21,666 Licenses 305,558 55,556 Favorable lease 114,587 20,834 Total accumulated amortization $ 722,645 $ 131,389
Schedule of Future Amortization Expense [Table Text Block]	Amortization expense related to the intangible assets for the period October 1, 2015 to December 31, 2015 and for the five years subsequent to December 31, 2015 is as follows: October 1, 2015 – December 31, 2015 $ 197,085 2016 $ 788,340 2017 $ 732,776 2018 $ 455,004 2019 $ 455,004 2020 $ 455,004

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	The following table presents the Company's financial instruments that were accounted for at fair value on a recurring basis at September 30, 2015, by level within the fair value hierarchy: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Total Assets Mortgage loans held for investment $ — $ — $ 401,206,350 $ 401,206,350 Mortgage loans held for sale — 114,670,811 — 114,670,811 Non-Agency RMBS — — 113,220,076 113,220,076 Other Investment Securities — — 15,209,050 15,209,050 MSRs — — 42,044,651 42,044,651 Derivative assets — — 3,528,739 3,528,739 Total $ — $ 114,670,811 $ 575,208,866 $ 689,879,677 Liabilities Derivative liabilities $ — $ 2,593,972 $ — $ 2,593,972 Total $ — $ 2,593,972 $ — $ 2,593,972 The following table presents the Company's financial instruments that were accounted for at fair value on a recurring basis at December 31, 2014, by level within the fair value hierarchy: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Total Assets Mortgage loans held for investment $ — $ — $ 415,959,838 $ 415,959,838 Mortgage loans held for sale — 97,690,960 — 97,690,960 Non-Agency RMBS — — 148,585,733 148,585,733 Other Investment Securities — — 2,040,532 2,040,532 MSRs — — 33,378,978 33,378,978 Derivative assets — — 2,485,100 2,485,100 Total $ — $ 97,690,960 $ 602,450,181 $ 700,141,141 Liabilities Derivative liabilities $ — $ 2,585,184 $ — $ 2,585,184 Total $ — $ 2,585,184 $ — $ 2,585,184
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Mortgage Loans Held for Investment, RMBS and Other Investment Securities Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Mortgage Non-Agency Other Mortgage Non-Agency Other Beginning balance $ 415,959,838 $ 148,585,733 $ 2,040,532 $ 331,785,542 $ 226,155,221 $ — Originations/acquisitions 11,359,110 6,362,138 15,601,330 84,795,975 47,034,324 12,926,954 Proceeds from sales - (26,770,760) (2,241,387) — (12,318,845) — Amortization of premiums (2,388) — — — — — Net accretion of discounts 5,894,627 3,263,205 124,204 5,420,778 4,197,196 129,307 Proceeds from principal repayments (25,384,866) (13,975,960) — (16,274,473) (23,648,183) — Conversion of mortgage loans to REO (2,134,106) — — (169,406) — — Total losses (realized/unrealized) included in earnings (15,316,984) (5,485,768) (539,285) (6,319,913) (2,031,595) (52,950) Total gains (realized/unrealized) included in earnings 10,831,119 1,241,488 223,656 30,858,481 4,516,333 437,240 Ending balance $ 401,206,350 $ 113,220,076 $ 15,209,050 $ 430,096,984 $ 243,904,451 $ 13,440,551 The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date $ (5,664,885) $ (3,554,935) $ (449,755) $ 23,744,752 $ 2,104,672 $ 384,290 Nine Months Ended Nine Months Ended Loan Purchase Interest Rate Loan Purchase Interest Rate Beginning balance $ 4,037 $ 2,481,063 $ — $ — Change in unrealized gain or loss 51,443 992,196 — — Ending balance $ 55,480 $ 3,473,259 $ — $ — The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date $ 51,443 $ 992,196 $ — $ — MSR Nine Months Ended September 30, September 30, The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ (3,571,775) $ —
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	The following tables present quantitative information about the Company's assets which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value: Fair Value at Valuation Unobservable Min Max Weighted Mortgage loans held for Investment (1) $ 401,206,350 Discounted cash flow model Constant voluntary prepayment 1.9 % 5.0 % 3.3 % Constant default rate 1.0 % 4.6 % 2.9 % Loss severity 6.2 % 37.2 % 22.4 % Delinquency 5.6 % 11.8 % 10.3 % Non-Agency RMBS (2) Alternative – A $ 36,656,809 Broker quotes/comparable trades Constant voluntary prepayment 2.5 % 18.4 % 12.9 % Constant default rate 0.2 % 7.1 % 2.8 % Loss severity 0.0 % 100.5 % 19.6 % Delinquency 1.3 % 21.2 % 8.8 % Pay option adjustable rate 33,553,550 Broker quotes/comparable trades Constant voluntary prepayment 2.1 % 14.0 % 7.2 % Constant default rate 1.2 % 11.9 % 3.7 % Loss severity 0.0 % 88.8 % 42.2 % Delinquency 4.5 % 24.9 % 12.4 % Prime 34,238,383 Broker quotes/comparable trades Constant voluntary prepayment 3.3 % 18.4 % 8.1 % Constant default rate 1.2 % 12.6 % 3.8 % Loss severity 0.0 % 92.4 % 30.3 % Delinquency 3.8 % 25.4 % 11.9 % Subprime 8,771,334 Broker quotes/comparable trades Constant voluntary prepayment 1.2 % 7.5 % 3.8 % Constant default rate 3.0 % 8.0 % 6.2 % Loss severity 14.0 % 102.0 % 61.4 % Delinquency 17.5 % 26.0 % 22.3 % Total Non-Agency RMBS $ 113,220,076 Other Investment Securities (2) $ 15,209,050 Broker quotes/comparable trades Constant voluntary prepayment 3.9 % 18.8 % 6.6 % MSRs $ 42,044,651 Discounted cash flow model Constant voluntary prepayment 9.8 % 11.0 % 10.5 % Cost of servicing $ 77 $ 109 $ 91 Discount rate 9.0 % 10.0 % 9.4 % (1) The fair value of the mortgage loans held for investment are determined either by (i) a proprietary model (distressed and re-performing loans at the time of purchase) or (ii) secondary-market prices (newly originated loans at the time of purchase). (2) The Company uses an independent third party as its principal valuation source to estimate the fair value of its real estate securities. The Company substantiates these prices by using a variety of methods, including comparing prices to internally estimated prices and corroborating the prices by reference to other independent market data, such as relevant benchmark indices and prices of similar instruments. In certain instances, the Company may use a price other than that provided by the principal valuation source based on the aforementioned market data. Where the Company has disclosed unobservable inputs, those inputs are based on the Company's validations performed at the security level. Pull-through rate Range 60.8% - 100.0 % Weighted average 84.2 % MSR value expressed as: Servicing fee multiple Range 0.5% - 6.1 % Weighted average 4.4 % Percentage of unpaid principal balance Range 0.2% - 1.9 % Weighted average 1.1 %
Fair Value, Option, Quantitative Disclosures [Table Text Block]	The following table presents the difference between the fair value and the aggregate unpaid principal amount and/or notional balance of assets for which the fair value option was elected at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Fair Value Unpaid Principal (2) Difference Fair Value Unpaid Principal (2) Difference Financial instruments, at fair value Mortgage loans held for investment (1) $ 401,206,350 $ 447,058,784 $ (45,852,434) $ 415,959,838 $ 464,877,028 $ (48,917,190) Mortgage loans held for sale 114,670,811 108,361,961 6,308,850 97,690,960 92,917,659 4,773,301 Non-Agency RMBS 113,220,076 174,098,738 (60,878,662) 148,585,733 226,501,915 (77,916,182) Other Investment Securities 15,209,050 15,914,000 (704,950) 2,040,532 2,250,000 (209,468) MSRs 42,044,651 3,916,159,002 (3,874,114,351) 33,378,978 3,078,974,342 (3,045,595,364) (1) Balance comprised of loans that are (i) distressed and re-performing at the time of purchase and (ii) newly originated at the time of purchase. (2) Non-Agency RMBS includes an IO with a notional balance of $ 35.9 48.6
Fair Value, by Balance Sheet Grouping [Table Text Block]	The following table summarizes the estimated fair value and carrying value for all other financial instruments at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Fair Value Carrying Value Fair Value Carrying Value Other financial instruments Assets Cash $ 29,366,231 $ 29,366,231 $ 33,791,013 $ 33,791,013 Restricted cash 4,026,267 4,026,267 7,143,078 7,143,078 Mortgage loans held for investment, at cost 1,020,597 1,074,313 1,310,544 1,338,935 Liabilities Warehouse lines of credit $ 104,216,594 $ 104,216,594 $ 89,417,564 $ 89,417,564 Loan repurchase facilities 295,315,030 295,315,030 300,092,293 300,092,293 Securities repurchase agreements 74,520,999 74,520,999 103,014,105 103,014,105 Exchangeable Senior Notes 57,006,650 56,240,664 59,933,400 55,474,741 Contingent consideration 12,612,664 12,612,664 11,430,413 11,430,413

Mortgage Loans Held for Inves37

Mortgage Loans Held for Investment, at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule Of Mortgage Loan Acquisitions [Table Text Block]	During the three and nine months ended September 30, 2014, the Company's acquisition of mortgage loans held for investment which showed evidence of credit deterioration at the time of purchase was as follows: Three Months Ended Nine Months Ended Aggregate Unpaid Principal Balance $ — $ 100,422,418 Loan Repurchase Facilities Used — 60,557,196 During the three and nine months ended September 30, 2015, the Company's acquisition of mortgage loans held for investment which were newly originated at the time of purchase was as follows: Three Months Ended Nine Months Ended Aggregate Unpaid Principal Balance $ 8,291,350 $ 11,171,269 Loan Repurchase Facilities Used 7,265,036 9,746,638
Schedule Of Information About Investments In Mortgage Loans [Table Text Block]	The following tables present certain information regarding the Company's mortgage loans held for investment at September 30, 2015 and December 31, 2014 which showed evidence of credit deterioration at the time of purchase: September 30, 2015 Gross Unrealized (1) Difference Weighted Average Unpaid Premium Amortized Gains Losses Fair Unpaid Coupon Unleveraged Mortgage Loans Held for Investment Performing Fixed $ 243,798,190 $ (45,739,123) $ 198,059,067 $ 25,830,480 $ (1,801,124) $ 222,088,423 $ (21,709,767) 4.67 % 7.51 % ARM 149,729,350 (17,322,646) 132,406,704 6,123,469 (2,972,583) 135,557,590 (14,171,760) 3.56 7.15 Total performing 393,527,540 (63,061,769) 330,465,771 31,953,949 (4,773,707) 357,646,013 (35,881,527) 4.25 7.36 Non-performing (2) 41,621,277 (7,445,729) 34,175,548 1,095,706 (3,855,056) 31,416,198 (10,205,079) 4.90 7.52 Total Mortgage Loans Held for Investment $ 435,148,817 $ (70,507,498) $ 364,641,319 $ 33,049,655 $ (8,628,763) $ 389,062,211 $ (46,086,606) 4.31 % 7.38 % (1) The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded the following as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 $ (5,753,002) $ 915,797 $ (5,632,684) $ 23,566,322 (2) Loans that are delinquent for 60 days or more are considered non-performing. December 31, 2014 Gross Unrealized (1) Difference Weighted Average Unpaid Premium Amortized Gains Losses Fair Unpaid Coupon Unleveraged Mortgage Loans Held for Investment Performing Fixed $ 265,306,697 $ (51,501,092) $ 213,805,605 $ 26,732,362 $ (1,383,524) $ 239,154,443 $ (26,152,254) 4.50 % 7.28 % ARM 162,858,201 (21,343,046) 141,515,155 9,568,296 (1,441,035) 149,642,416 (13,215,785) 3.59 7.10 Total performing 428,164,898 (72,844,138) 355,320,760 36,300,658 (2,824,559) 388,796,859 (39,368,039) 4.15 7.21 Non-performing (2) 35,945,165 (6,039,073) 29,906,092 840,097 (4,369,886) 26,376,303 (9,568,862) 5.48 7.13 Total Mortgage Loans Held for Investment $ 464,110,063 $ (78,883,211) $ 385,226,852 $ 37,140,755 $ (7,194,445) $ 415,173,162 $ (48,936,901) 4.26 % 7.20 % (1) The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. (2) Loans that are delinquent for 60 days or more are considered non-performing. The following tables present certain information regarding the Company's mortgage loans held for investment at September 30, 2015 and December 31, 2014 which were newly originated at the time of purchase and sourced through its loan purchase program: September 30, 2015 Gross Unrealized (1) Weighted Average Unpaid Premium Amortized Gains Losses Fair Value Coupon Unleveraged Performing Fixed $ 11,909,967 $ 201,633 $ 12,111,600 $ 60,915 $ (28,376) $ 12,144,139 4.97 % 4.82 % Total Mortgage Loans Held for Investment $ 11,909,967 $ 201,633 $ 12,111,600 $ 60,915 $ (28,376) $ 12,144,139 4.97 % 4.82 % (1) The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded the following as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations: Three Months Ended Nine Months Ended $ 102,078 $ 29,001 The Company did not hold any mortgage loans held for investment which were newly originated at the time of purchase during the three and nine months ended September 30, 2014. December 31, 2014 Gross Unrealized (1) Weighted Average Unpaid Premium Amortized Gains Losses Fair Value Coupon Unleveraged Yield Performing Fixed $ 766,965 $ 16,173 $ 783,138 $ 3,538 $ — $ 786,676 4.38 % 4.20 % Total Mortgage Loans Held for Investment $ 766,965 $ 16,173 $ 783,138 $ 3,538 $ — $ 786,676 4.38 % 4.20 % (1) The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment.
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Movement [Table Text Block]	The following table presents the change in accretable yield for the Company's mortgages held for investment which had shown evidence of credit deterioration since origination at the time of purchase for the nine months ended September 30, 2015 and September 30, 2014 is as follows: Nine Months Ended September 30, 2015 September 30, 2014 Accretable yield, beginning of period $ 267,509,905 $ 223,401,697 Acquisitions — 55,532,098 Accretion (19,347,512) (19,306,825) Reclassifications from nonaccretable difference 7,760,664 15,683,166 Accretable yield, end of period $ 255,923,057 $ 275,310,136
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The Company's mortgage loans held for investment, at fair value consists of mortgage loans on residential real estate located throughout the United States. The following is a summary of certain concentrations of credit risk in the mortgage loan portfolio at September 30, 2015 and December 31, 2014: September 30, December 31, Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100% 46.4 % 55.7 % Percentage of fair value of mortgage loans secured by properties in the following states: Each representing 10% or more of fair value: California 25.8 % 26.2 % Florida 16.2 % 16.6 % Additional state representing more than 5% of fair value: Georgia 6.2 % 5.7 % New York 4.9 % 5.1 % Percentage of unpaid principal balance of mortgage loans carrying mortgage insurance 8.5 % 10.3 %
Schedule of Interest Rate and Contractual Maturities On Mortgage Loans Held For Investment [Table Text Block]	The range of interest rates and contractual maturities of the Company's mortgage loans held for investment at September 30, 2015 and December 31, 2014 were as follows: September 30, December 31, Interest rates 1.75% – 12.20% 1.75% – 12.20% Contractual maturities 1 – 45 years 1 – 46 years

Mortgage Loans Held for Sale,38

Mortgage Loans Held for Sale, at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Transfers and Servicing [Abstract]
Schedule of Servicing Assets at Fair Value [Table Text Block]	During the nine months ended September 30, 2015, the Company's mortgage loans held for sale activity was as follows: Balance at beginning of year $ 97,690,960 Originations and repurchases 1,449,538,666 Proceeds from sales and principal payments (1,481,473,208) Transfers from mortgage loans held for investment, at cost 65,983 Gain on sale 48,848,410 Balance at end of period $ 114,670,811
Schedule Of Mortgage Loans Held For Sale [Table Text Block]	Mortgage loans held for sale, at fair value at September 30, 2015 and December 31, 2014 is as follows: September 30, 2015 December 31, 2014 Unpaid Unpaid Principal Principal Balance Fair Value Balance Fair Value Conventional $ 69,909,078 $ 72,741,840 $ 55,073,645 $ 57,058,195 Governmental 19,679,800 21,635,672 13,407,781 14,601,797 United States Department of Agriculture loans 12,106,292 12,811,911 16,105,088 17,069,138 United States Department of Veteran Affairs loan 5,237,807 5,887,721 6,730,696 7,196,278 Reverse mortgage 1,428,984 1,593,667 1,600,449 1,765,552 Total $ 108,361,961 $ 114,670,811 $ 92,917,659 $ 97,690,960

Real Estate Securities and Ot39

Real Estate Securities and Other Investment Securities, at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule Of Investments In Real Estate Securities [Table Text Block]	September 30, 2015 Gross Unrealized (2) Weighted Average Principal or Notional Premium Amortized Unleveraged Balance (Discount) Cost Gains Losses Fair Value Coupon Yield Real estate securities Non-Agency RMBS: Alternative – A $ 78,316,001 $ (41,385,821) $ 36,930,180 $ 868,563 $ (1,141,934) $ 36,656,809 2.03 % 6.24 % Pay option adjustable rate 43,749,469 (7,725,888) 36,023,581 13,024 (2,483,055) 33,553,550 0.97 5.98 Prime 39,083,582 (5,013,131) 34,070,451 725,167 (557,235) 34,238,383 3.64 5.92 Subprime 12,949,686 (4,159,493) 8,790,193 73,602 (92,461) 8,771,334 0.70 6.77 Total non-Agency RMBS $ 174,098,738 $ (58,284,333) $ 115,814,405 $ 1,680,356 $ (4,274,685) $ 113,220,076 2.03 % 6.11 % Other Investment Securities (1) $ 15,914,000 $ (202,457) $ 15,711,543 $ 1,027 $ (503,520) $ 15,209,050 4.39 % 6.62 % (1) See Note 2 – Basis of Quarterly Presentation, “Other Investment Securities”. (2) The Company has elected the fair value option pursuant to ASC 825 for real estate securities. The Company recorded the following changes in unrealized gain or loss in the consolidated statements of operations. December 31, 2014 Gross Unrealized (2) Weighted Average Principal or Notional Premium Amortized Unleveraged Balance (Discount) Cost Gains Losses Fair Value Coupon Yield Real estate securities Non-Agency RMBS: Alternative – A $ 118,547,109 $ (58,583,222) $ 59,963,887 $ 1,916,611 $ (583,958) $ 61,296,540 3.44 % 7.03 % Pay option adjustable rate 58,122,808 (11,491,663) 46,631,145 80,848 (1,170,668) 45,541,325 0.93 6.12 Prime 43,803,995 (6,219,091) 37,584,904 1,545,452 (65,280) 39,065,076 3.60 6.79 Subprime 6,028,003 (3,290,867) 2,737,136 — (54,344) 2,682,792 0.33 16.98 Total non-Agency RMBS $ 226,501,915 $ (79,584,843) $ 146,917,072 $ 3,542,911 $ (1,874,250) $ 148,585,733 2.62 % 6.96 % Other Investment Securities (1) $ 2,250,000 $ 16,756 $ 2,266,756 $ — $ (226,224) $ 2,040,532 3.92 % 5.90 % (1) See Note 2 – Basis of Quarterly Presentation, "Other Investment Securities". (2) The Company has elected the fair value option pursuant to ASC 825 for its real estate securities and Other Investment Securities.
Unrealized Gain (Loss) on Investments [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Real estate securities $ (2,119,917) $ (2,319,287) $ (4,262,990) $ 1,964,966 Other Investment Securities (420,796) (892,336) (276,269) 384,290
Investments Classified by Contractual Maturity Date [Table Text Block]	September 30, 2015 December 31, 2014 Other Investment Other Investment Non-Agency RMBS Securities Non-Agency RMBS Securities Notional balance of IO included in Alternative A $ 35,938,418 — $ 48,569,423 — Contractual maturities (range) 18.3 to 31.5 years 8.7 to 12.1 years 20.3 to 32.3 years 9.7 years Weighted average maturity 24.6 years 9.9 years 24.9 years 9.7 years

Mortgage Servicing Rights, at40

Mortgage Servicing Rights, at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Transfers and Servicing [Abstract]
Schedule Of Activity Of Mortgage Servicing Rights [Table Text Block]	The activity of MSRs for the nine months ended September 30, 2015 is as follows: Balance at beginning of year $ 33,378,978 Additions due to loans sold, servicing retained 14,323,953 Change in fair value of MSRs (1) Changes in values of market related inputs or assumptions used in a valuation model (2) (3,571,775) Other changes (3) (2,086,505) Total - Change in fair value of MSRs (5,658,280) Balance at end of period $ 42,044,651 (1) Included in change in fair value of MSRs in the Company's consolidated statements of operations. (2) Primarily reflects changes in values of prepayment assumptions due to changes in interest rates. (3) Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid off or paid down during the period.
Schedule Of Mortgage Servicing Rights Portfolio [Table Text Block]	The Company's MSR portfolio at September 30, 2015 and December 31, 2014 is as follows: September 30, 2015 December 31, 2014 Unpaid Principal Unpaid Principal Balance Fair Value Balance Fair Value Fannie Mae $ 1,834,356,909 $ 18,737,561 $ 1,640,799,719 $ 17,078,181 Ginnie Mae 1,404,614,765 16,332,072 1,146,234,768 13,102,076 Freddie Mac 677,187,328 6,975,018 291,939,855 3,198,721 Total $ 3,916,159,002 $ 42,044,651 $ 3,078,974,342 $ 33,378,978
Schedule Of Quantitative Information Of Mortgage Servicing Rights [Table Text Block]	The following is a quantitative summary of key input assumptions and their related impact on the estimated fair value of the MSRs from adverse changes in those assumptions (weighted averages are based upon unpaid principal balance): Discount rate Range 6.55% - 12.16 % Weighted average 9.36 % Effect on fair value of adverse change of: 5% $ (796,288) 10% $ (1,564,127) 20% $ (3,020,068) Prepayment speed (1) Range 7.67% - 13.52 % Weighted average 10.45 % Effect on fair value of adverse change of: 5% $ (662,003) 10% $ (1,694,287) 20% $ (3,287,807) Per-loan annual cost of servicing Range $64 - $118 Weighted average $91 Effect on fair value of adverse change of: 5% $ (484,051) 10% $ (968,101) 20% $ (1,936,203) (1) Prepayment speed is measured using CPR.
Schedule Of Loan Servicing Fee Income Net Of Direct Costs [Table Text Block]	The Company contracts with licensed sub-servicers to perform all servicing functions for these loans. The following table presents the loan servicing fee income, net of direct costs, for the three and nine months ended September 30, 2015: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Income $ 2,729,891 $ 7,613,023 Late charges 29 64 Cost of sub-servicer (989,813) (2,568,246) Loan servicing fee income, net of direct costs $ 1,740,107 $ 5,044,841

Warehouse Lines of Credit (Tabl

Warehouse Lines of Credit (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Short-term Debt [Table Text Block]	September 30, 2015 December 31, 2014 Maturity Dates Balance Weighted Balance Weighted 30 days or less $ — — % $ 21,210,431 2.47 % 31 – 90 days 25,403,955 2.50 — — 181 days to 1 year 78,812,639 2.49 57,118,533 2.46 Greater than 1 year — — 11,088,600 2.92 Total balance and weighted average rate $ 104,216,594 2.49 % $ 89,417,564 2.52 %
Warehouse Agreement Borrowings [Member]
Schedule of Line of Credit Facilities [Table Text Block]	The following tables present certain information regarding the Company's warehouse lines of credit and repurchase agreements in its mortgage banking segment at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Availability $ 185,000,000 $ 130,000,000 Maturity dates November 2015 – September 2016 January 2015 – June 2016

Loan Repurchase Facilities (Tab

Loan Repurchase Facilities (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Loan Repurchase Facilities [Table Text Block]	At September 30, 2015 and December 31, 2014, the Company had the following outstanding master repurchase agreements with Citibank, N.A. (the "Citi Loan Repurchase Facility") and Credit Suisse First Boston Mortgage Capital LLC (the "Credit Suisse Loan Repurchase Facility") (collectively, the "Loan Repurchase Facilities") used to fund the purchase of mortgage loans held for investment in its residential mortgage investments segment: September 30, 2015 December 31, 2014 Lender Citibank, N.A Credit Suisse First Citibank, N.A Credit Suisse First Collateral type funded by facility Distressed and Re- Newly Originated Distressed and Re- Newly Originated Total facility size $ 325,000,000 $ 100,000,000 $ 325,000,000 $ 100,000,000 Amount committed $ 150,000,000 $ 25,000,000 $ 150,000,000 $ 100,000,000 Maturity date May 20, 2016 June 27, 2016 May 22, 2015 August 13, 2015 Outstanding balance $ 284,931,244 $ 10,383,786 $ 299,402,024 $ 690,269
Schedule of Loan Repurchase facilities, By Remaining Maturity [Table Text Block]	The following tables present certain information regarding the Company's Loan Repurchase Facilities at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Weighted Weighted Balance Average Rate Balance Average Rate Loan Repurchase Facilities borrowings maturing within 91-180 days $ — — % $ 299,402,024 2.92 % 181 days to 1 year 295,315,030 2.92 690,269 2.46 % Total balance and weighted average rate $ 295,315,030 2.92 % $ 300,092,293 2.92 %
Schedule Of Posting of Mortgage Loan Collateral For The Loan Repurchase Facilities [Table Text Block]	September 30, December 31, 2015 2014 Fair value of Trust Certificates pledged as collateral $ 399,301,401 $ 415,814,067 Fair value of mortgage loans not pledged as collateral 1,904,949 145,771 Cash pledged as collateral 9,152 — Unused Amount (1) 129,684,970 124,907,707 (1) The amount the Company is able to borrow under the Loan Repurchase Facilities is tied to the fair value of unencumbered Trust Certificates eligible to secure those agreements and the Company's ability to fund the agreements' margin requirements relating to the collateral sold.
Schedule Of Additional Information with Respect To The Loan Repurchase Facilities [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Weighted average interest rate (1) 3.14 % 3.09 % 3.15 % 3.07 % Average unpaid principal balance of loans sold under agreements to repurchase $ 694,916 $ — $ 698,204 $ 192,380 Maximum daily amount outstanding 298,047,583 310,575,669 $ 302,037,635 310,575,669 (1) Includes commitment fees.

Securities Repurchase Agreeme43

Securities Repurchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Repurchase Agreements [Abstract]
Schedule of Information Regarding Repurchase Agreements [Table Text Block]	The following tables present certain information regarding the Company's securities repurchase agreements at September 30, 2015 and December 31, 2014 by remaining maturity and collateral type: September 30, 2015 Non-Agency RMBS Other Investment Securities Weighted Weighted Balance Average Rate Balance Average Rate Securities repurchase agreements maturing within 30 days or less $ 74,520,999 1.69 % $ — — % Total balance/weighted average rate $ 74,520,999 1.69 % $ — — % December 31, 2014 Non-Agency RMBS Other Investment Securities Weighted Weighted Balance Average Rate Balance Average Rate Securities repurchase agreements maturing within 30 days or less $ 101,553,292 1.57 % $ 1,460,813 1.66 % Total balance/weighted average rate $ 101,553,292 1.57 % $ 1,460,813 1.66 %
Schedule of Information Regarding Posting of Collateral [Table Text Block]	The following table presents information with respect to the Company's posting of collateral under its securities repurchase agreements at September 30, 2015 and December 31, 2014: September 30, December 31, 2015 2014 Total outstanding under securities repurchase agreements secured by non-Agency RMBS $ 74,520,999 $ 101,553,292 Total outstanding under securities repurchase agreements secured by Other Investment Securities — 1,460,813 Fair value of non-Agency RMBS pledged as collateral 99,239,271 135,779,193 Fair value of Other Investment Securities pledged as collateral — 2,040,532 Fair value of non-Agency RMBS not pledged as collateral 13,980,805 12,806,540 Fair value of Other Investment Securities not pledged as collateral 15,209,050 — Cash pledged as collateral 2,021,389 684,256

8.0% Exchangeable Senior Note44

8.0% Exchangeable Senior Notes due 2016 (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Payable [Abstract]
Schedule of Information Pertaining to Senior Notes [Table Text Block]	The following table presents information with respect to the Exchangeable Senior Notes at September 30, 2015 and December 31, 2014: September 30, December 31, 2015 2014 Fair value of conversion option derivative liability $ 8,646 $ 1,022,248 Unamortized discount 1,259,336 2,025,259

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Notional Amounts of Derivative Instruments [Table Text Block]	The following table presents certain information related to derivative instruments held at September 30, 2015 and December 31, 2014: Non-hedge derivatives September 30, 2015 December 31, 2014 Notional amount of interest rate swaption $ — $ 225,000,000 Notional amount of interest rate swaps 17,200,000 17,200,000 LPCs (Principal balance of underlying loans) 16,162,370 1,905,700 IRLCs (Principal balance of underlying loans) 196,941,326 118,486,590 Notional amount of MBS forward sales contracts 177,500,000 154,000,000
Schedule of Fair Value of Derivative Instruments [Table Text Block]	The following table presents the fair value of the Company's derivative instruments and their balance sheet location at September 30, 2015 and December 31, 2014: September 30, December 31, Derivative instruments Designation Balance Sheet Location 2015 2014 Interest rate swaps Non-hedge Derivative liabilities, at fair value $ (1,251,498) $ (860,553) Interest rate swaption Non-hedge Derivative assets, at fair value — — LPCs Non-hedge Derivative assets, at fair value 55,480 4,037 IRLCs Non-hedge Derivative assets, at fair value 3,473,259 2,481,063 MBS forward sales contracts Non-hedge Derivative liabilities, at fair value (1,333,828) (702,383) Conversion Option - Exchangeable Senior Notes Non-hedge Derivative liabilities, at fair value (8,646) (1,022,248)
Schedule of Gains / (Losses) Related to Derivatives [Table Text Block]	The following table presents the gains and losses related to Company's derivative instruments: Three Months Ended Nine Months Ended Income Statement September 30, September 30, September 30, September 30, Non-hedge derivatives Location 2015 2014 2015 2014 Interest rate swaps Gain/(loss) on derivative instruments related to investment portfolio $ (675,562) $ (36,315) $ (748,348) $ (976,394) Interest rate swaption Gain/(loss) on derivative instruments related to investment portfolio — (298,478) — (4,734,092) LPCs Gain/(loss) on derivative instruments related to investment portfolio 118,277 — 51,443 — IRLCs Mortgage banking activities, net 1,227,839 — 992,196 — MBS forward sales contracts Mortgage banking activities, net (1,593,515) — (631,445) — Conversion Option - Exchangeable Senior Notes Gain/(loss) on derivative instruments related to investment portfolio 379,615 (182,324) 1,013,602 181,739
Interest Rate Swaption [Member]
Schedule of Interest Rate Derivatives [Table Text Block]	The following table presents information about the Company's interest rate swaption agreement at December 31, 2014: Cash Pledged as Swaption Expiration Notional Amount Strike Rate Swap Maturity Collateral (1) January 15, 2015 $ 225,000,000 3.64 % 2025 $ 4,886,011 (1) At December 31, 2014 all collateral provided under the interest rate swaption agreement consisted of cash collateral which is included in restricted cash in the Company's consolidated balance sheets. The interest rate swaption agreement expired in January 2015.
Interest Rate Swap [Member]
Schedule of Interest Rate Derivatives [Table Text Block]	The following table presents information about the Company's interest rate swap agreements at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Maturity 2023 2023 Notional Amount $ 17,200,000 $ 17,200,000 Weighted Average Pay Rate 2.72 % 2.72 % Weighted Average Receive Rate 0.33 % 0.23 % Weighted Average Years to Maturity 7.8 8.6 Cash Pledged as Collateral (1) 1,995,726 $ 1,572,811 (1) At September 30, 2015 and December 31, 2014 all collateral provided under the interest rate swap agreements consisted of cash collateral which is included in restricted cash in the Company's consolidated balance sheets.

Mortgage Banking Activities (Ta

Mortgage Banking Activities (Tables)	9 Months Ended
	Sep. 30, 2015
Mortgage Banking [Abstract]
Schedule Of Mortgage Banking Income Expense [Table Text Block]	The following table presents the components of mortgage banking activities, net, recorded in the Company's consolidated statements of operations for the three and nine months ended September 30, 2015: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Gain on sale of mortgage loans held for sale, net of direct costs(1) $ 12,769,854 $ 35,530,805 Loan expenses, including provision for loan indemnification (208,576) (602,926) Loan origination fee income 507,082 1,395,863 Total $ 13,068,360 $ 36,323,742 (1) Includes the change in fair value related to IRLCs and MBS forward sales contracts held during the periods.

Loan Indemnification Reserve (T

Loan Indemnification Reserve (Tables)	9 Months Ended
	Sep. 30, 2015
Guarantees [Abstract]
Schedule of Activity in Loan Indemnification Reserve [Table Text Block]	The activity for the loan indemnification reserve for the nine months ended September 30, 2015 is as follows: Balance at the beginning of year $ 2,662,162 Loan losses incurred (198,834) Provision for losses 576,654 Balance at end of period $ 3,039,982

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes [Table Text Block]	The following table summarizes the tax (expense) benefit recorded at the TRS entity level for the three and nine months ended September 30, 2015 and September 30, 2014. Provision for Income Taxes Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Current tax benefit (expense) Federal $ — $ — $ — — State — — — — Total current tax benefit (expense) — — — — Deferred tax benefit (expense) Federal 200,541 $ — (2,001,745) $ — State 49,950 — (502,151) — Total deferred tax benefit (expense) 250,491 — (2,503,896) — Total benefit (expense) for income taxes $ 250,491 $ — $ (2,503,896) $ —
Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate [Table Text Block]	The following is a reconciliation of the statutory federal and state rate to the effective rate for the three and nine months ended September 30, 2015 and September 30, 2014. Reconciliation of Statutory Tax Rate to Effective Tax Rate Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Tax benefit (expense) at statutory rate 35.00 % (35.00) % (35.00) % (35.00) % State Tax (Net of Federal benefit) 0.85 — (7.91) — Permanent differences (0.19) — (1.98) — Valuation Allowance (2.85) — (23.25) — Impact of REIT election (29.21) 35.00 (17.63) 35.00 Effective Tax Rate 3.60 % 0.00 % (85.77) % 0.00 %
Schedule of Deferred Tax Assets (Liabilities) [Table Text Block]	Components of the Company's net deferred tax asset and liability at September 30, 2015 and December 31, 2014 are presented in the following table: Deferred Tax Asset (Liability) September 30, 2015 December 31, 2014 Deferred tax asset Tax effect of unrealized losses and other temporary differences $ 2,016,769 $ 1,207,520 Net operating loss carryforward 2,588,015 673,052 Total deferred tax asset 4,604,784 1,880,572 Deferred tax liability Tax effect of unrealized gains and other temporary differences (4,907,148) (357,663) Total deferred tax liability (4,907,148) (357,663) Valuation allowance (1,350,536) (671,913) Total Deferred Tax (Liability) Asset, net of Valuation Allowance $ (1,652,900) $ 850,996

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
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 earnings per share: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Numerator: Net (loss) income attributable to ZAIS Financial Corp. common stockholders (Basic) $ (6,040,746) $ 1,149,497 $ 386,845 $ 26,547,633 Effect of dilutive securities: Net (loss) income allocated to non-controlling interests relating to OP Units exchangeable for shares of common stock of the Company (702,460) 130,301 44,988 3,087,159 Exchangeable Senior Notes Interest expense — — — 2,425,381 Gain on conversion option derivative liability — — — (103,564) Total – Exchangeable Senior Notes — — — 2,321,817 Net income available to stockholders, after effect of dilutive securities $ (6,743,206) $ 1,279,798 $ 431,833 $ 31,956,609 Denominator: Weighted average number of shares of common stock 7,970,886 7,970,886 7,970,886 7,970,886 Effect of dilutive securities: Weighted average number of OP units 926,914 926,914 926,914 926,914 Weighted average number of shares convertible under Exchangeable Senior Notes — — — 1,779,560 Diluted weighted average shares outstanding 8,897,800 8,897,800 8,897,800 10,677,360 Net (loss) income per share applicable to ZAIS Financial Corp. common stockholders – Basic $ (.76) $ 0.14 $ .05 $ 3.33 Net (loss) income per share applicable to ZAIS Financial Corp. common stockholders – Diluted $ (.76) $ 0.14 $ .05 $ 2.97

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transaction [Table Text Block]	The Company incurred the following fees pursuant to the Investment Advisory Agreement: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Advisory fees $ 718,372 $ 718,372 $ 2,131,690 $ 2,131,690 Loan sourcing fees 41,694 — 56,664 — Total – Advisory fees – related party $ 760,066 $ 718,372 $ 2,188,354 $ 2,131,690

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Dividends Declared [Table Text Block]	During the nine months ended September 30, 2015 and September 30, 2014 the Company declared the following dividends: Declaration Date Record Date Payment Date Amount per Share Nine months ended September 30, 2015: March 19, 2015 March 31, 2015 April 15, 2015 $ 0.40 June 18, 2015 June 30, 2015 July 15, 2015 $ 0.40 September 17, 2015 September 30, 2015 October 15, 2015 $ 0.40 Nine months ended September 30, 2014: March 19, 2014 March 31, 2014 April 14, 2014 $ 0.40 June 17, 2014 June 30, 2014 July 15, 2014 $ 0.40 September 17, 2014 September 30, 2014 October 15, 2014 $ 0.40

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	At September 30, 2015, the future minimum rental payments for the period from October 1, 2015 to December 31, 2015 and the next five years and thereafter are as follows: October 1, 2015 – December 31, 2015 $ 264,115 2016 $ 909,686 2017 $ 731,725 2018 $ 628,901 2019 $ 129,938 2020 $ — Thereafter $ —

Offsetting Assets and Liabili53

Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Offsetting [Abstract]
Offsetting Liabilities [Table Text Block]	The following table presents information about certain liabilities that are subject to master netting arrangements (or similar agreements) and can potentially be offset in the Company's consolidated balance sheets at September 30, 2015 and December 31, 2014: Offsetting of Liabilities Net Amounts of Liabilities Gross Amounts Presented in Gross Amounts Not Offset in the Gross Amounts Offset in the the Consolidated Balance Sheets of Recognized Consolidated Consolidated Financial Cash Collateral Liabilities Balance Sheets Balance Sheets Instruments Pledged Net Amount September 30, 2015 Warehouse lines of credit $ 104,216,594 $ — $ 104,216,594 $ (104,216,594) $ — $ — Loan Repurchase Facilities 295,315,030 — 295,315,030 (295,305,878) (9,152) — Securities repurchase agreements 74,520,999 — 74,520,999 (72,499,610) (2,021,389) — Interest rate swap agreements 1,251,498 — 1,251,498 — (1,251,498) — Total $ 475,304,121 $ — $ 475,304,121 $ (472,022,082) $ (3,282,039) $ — December 31, 2014 Warehouse lines of credit $ 89,417,564 $ — $ 89,417,564 $ (89,417,564) $ — $ — Loan Repurchase Facilities 300,092,293 — 300,092,293 (300,092,293) — — Securities repurchase agreements 103,014,105 — 103,014,105 (102,329,849) (684,256) — Interest rate swap agreements 860,553 — 860,553 (860,553) — — Total $ 493,384,515 $ — $ 493,384,515 $ (492,700,259) $ (684,256) $ —

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The Company's segment profit and loss information is as follows: Residential Mortgage Residential Three Months Ended September 30, 2015: Investment Mortgage Banking Corporate/Other Total Interest income $ 8,664,713 $ 986,239 $ — $ 9,650,952 Interest expense 2,687,401 574,977 1,449,476 4,711,854 Net interest income (expense) 5,977,312 411,262 (1,449,476) 4,939,098 Non-interest income — 8,943,047 — 8,943,047 Change in unrealized gain or loss (8,093,720) — — (8,093,720) Realized gain 284,448 — — 284,448 Gain or (loss) on derivative instruments (177,670) — — (177,670) Advisory fee – related party 406,053 138,789 215,224 760,066 Salaries, commissions and benefits — 7,681,983 — 7,681,983 Operating expenses 64,958 1,921,180 1,475,017 3,461,155 Other Expenses Expenses 717,696 — — 717,696 Depreciation and amortization — 236,212 — 236,212 Total other expenses 717,696 236,212 — 953,908 Net loss before income taxes (3,198,337) (623,855) (3,139,717) (6,961,909) Income tax benefit — 250,491 — 250,491 Segment net loss $ (3,198,337) $ (373,364) $ (3,139,717) $ (6,711,418) Residential Mortgage Residential Nine months ended September 30, 2015: Investment Mortgage Banking Corporate/Other Total Interest income $ 26,512,002 $ 2,387,695 $ — $ 28,899,697 Interest expense 8,208,669 1,647,268 4,329,143 14,185,080 Net interest income (expense) 18,303,333 740,427 (4,329,143) 14,714,617 Non-interest income — 35,750,028 — 35,750,028 Change in unrealized gain or loss (10,036,457) — — (10,036,457) Realized gain 933,686 — — 933,686 Gain or (loss) on derivative instruments 316,697 — — 316,697 Advisory fee – related party 1,102,342 404,053 681,959 2,188,354 Salaries, commissions and benefits — 23,171,648 — 23,171,648 Operating expenses 282,916 6,087,395 3,963,648 10,333,959 Other Expenses Expenses 2,306,545 64,652 — 2,371,197 Depreciation and amortization — 694,173 — 694,173 Total other expenses 2,306,545 758,825 — 3,065,370 Net income/(loss) before income taxes 5,825,456 6,068,534 (8,974,750) 2,919,240 Income tax expense — (2,503,896) — (2,503,896) Segment net income (loss) $ 5,825,456 $ 3,564,638 $ (8,974,750) $ 415,344 The following table is a reconciliation of the net income of the residential mortgage banking segment to the operations of GMFS for the three and nine months ended September 30, 2015: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Net (loss) income of the residential mortgage banking segment $ (373,364) $ 3,564,638 Add back (deduct) expenses incurred by ZFC Honeybee TRS, LLC: Advisory fee – related party 138,789 404,053 Amortization of deferred premiums, production and profitability earn-outs included in salaries, commission and benefits 161,620 592,606 Operating expenses 439,589 1,543,008 Other expenses 197,085 655,907 Income tax (benefit) expense (250,491) 2,503,896 Net income of GMFS $ 313,228 $ 9,264,108 Supplemental Disclosures The Company's segment balance sheet information is as follows: Residential Residential Mortgage Mortgage Investment Banking Corporate/Other Total September 30, 2015 Mortgage loans held for investment, at fair value $ 401,206,350 $ — $ — $ 401,206,350 Mortgage loans held for investment, at cost — 1,074,313 — 1,074,313 Mortgage loans held for sale — 114,670,811 — 114,670,811 Real estate securities 113,220,076 — — 113,220,076 Other investment securities 15,209,050 — — 15,209,050 Mortgage servicing rights — 42,044,651 — 42,044,651 Goodwill — 14,183,538 — 14,183,538 Intangible assets — 5,077,355 — 5,077,355 Total assets 549,677,040 228,193,394 1,229,846 779,100,280 December 31, 2014 Mortgage loans held for investment, at fair value $ 415,959,838 $ — $ — $ 415,959,838 Mortgage loans held for investment, at cost — 1,338,935 — 1,338,935 Mortgage loans held for sale — 97,690,960 — 97,690,960 Real estate securities 148,585,733 — — 148,585,733 Other investment securities 2,040,532 — — 2,040,532 Mortgage servicing rights — 33,378,978 — 33,378,978 Goodwill — 16,512,680 — 16,512,680 Intangible assets — 5,668,611 — 5,668,611 Total assets 596,553,227 194,700,643 1,144,735 792,398,605

Formation and Organization (Det

Formation and Organization (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Feb. 13, 2013	Sep. 30, 2015	Dec. 31, 2014
Common Stock, Shares Authorized		500,000,000	500,000,000
Common Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized		50,000,000	50,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Common Stock [Member]
Stock Issued During Period, Shares, New Issues	5,650,000
Shares Issued, Price Per Share	$ 21.25
Proceeds from Issuance Initial Public Offering	$ 120.1
Payments of Stock Issuance Costs	1.2
Stock Issued During Period, Value, New Issues	$ 118.9

Basis of Quarterly Presentati56

Basis of Quarterly Presentation (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Amount of adjustment	$ 96,000
ZAIS Financial Partners, LP [Member]
Noncontrolling Interest, Ownership Percentage by Parent	89.60%	89.60%

GMFS Transaction (Details)

GMFS Transaction (Details) - GMFS, LLC [Member]	1 Months Ended
	Oct. 31, 2014USD ($)
Cash paid to owners of GMFS	$ 62,847,452
Contingent consideration	11,430,413
Total preliminary consideration	$ 74,277,865

GMFS Transaction (Details 1)

GMFS Transaction (Details 1) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Oct. 31, 2014
Fair value of Assets:
Goodwill	$ 14,183,537	$ 16,512,680
GMFS, LLC [Member]
Fair value of Assets:
Cash and cash equivalents			$ 13,304,612
Other assets			2,713,950
Goodwill			16,512,680
Intangible Assets			5,800,000
Total assets acquired			187,002,355
Fair value of Liabilities:
Warehouse lines of credit			85,840,705
Accounts payable and other liabilities			5,714,456
Liability for loans eligible for repurchase from Ginnie Mae			21,169,329
Total liabilities assumed			112,724,490
Fair value of net assets acquired			74,277,865
GMFS, LLC [Member] | Mortgage Loans Held For Sale [Member]
Financial assets			92,512,390
GMFS, LLC [Member] | Mortgage Loans Held for Investment [Member]
Financial assets			1,098,897
GMFS, LLC [Member] | Derivative Financial Instruments, Assets [Member]
Financial assets			1,590,160
GMFS, LLC [Member] | MSRs [Member]
Financial assets			32,300,337
GMFS, LLC [Member] | Loans Eligible for Repurchase from Ginnie Mae [Member]
Financial assets			$ 21,169,329

GMFS Transaction (Details 2)

GMFS Transaction (Details 2) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Oct. 31, 2014
Business Acquisition [Line Items]
Goodwill	$ 14,183,537	$ 16,512,680
GMFS, LLC [Member]
Business Acquisition [Line Items]
Total purchase price			$ 74,277,865
Less: Preliminary estimate of the fair value of the net assets acquired			(57,765,185)
Goodwill			$ 16,512,680

GMFS Transaction (Details 3)

GMFS Transaction (Details 3)	9 Months Ended
	Sep. 30, 2015USD ($)
Schedule of Changes in Carrying Amount Of Goodwill [Line Items]
Balance at December 31, 2014	$ 16,512,680
Less:
Reversal of a liability existing as of the date of acquisition	(385,610)
Finalization of purchase price based upon final reconciliation	(1,943,533)
Balance at September 30, 2015	$ 14,183,537

GMFS Transaction (Details 4)

GMFS Transaction (Details 4) - GMFS, LLC [Member] $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Estimated Fair Value	$ 5.8
Trade Names [Member]
Estimated Fair Value	$ 2
Estimated Useful Life	10 years
Customer Relationships [Member]
Estimated Fair Value	$ 1.3
Estimated Useful Life	10 years
Licenses [Member]
Estimated Fair Value	$ 1
Estimated Useful Life	3 years
Favorable Lease [Member]
Estimated Fair Value	$ 1.5
Estimated Useful Life	12 years

GMFS Transaction (Details 5)

GMFS Transaction (Details 5) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Amortization expense	$ 197,085	$ 591,256

GMFS Transaction (Details 6)

GMFS Transaction (Details 6) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets, Accumulated Amortization	$ 722,645	$ 131,389
Trade Names [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	183,337	33,333
Customer Relationships [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	119,163	21,666
Licenses [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	305,558	55,556
Favorable Lease [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 114,587	$ 20,834

GMFS Transaction (Details 7)

GMFS Transaction (Details 7)	Sep. 30, 2015USD ($)
October 1, 2015 - December 31, 2015	$ 197,085
2,016	788,340
2,017	732,776
2,018	455,004
2,019	455,004
2,020	$ 455,004

GMFS Transaction (Details Textu

GMFS Transaction (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 31, 2014	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		$ 333,019	$ 1,182,251	$ 0
Receipt of escrowed funds upon final reconciliation of purchase price			$ 1,684,263
Goodwill Tax Deductible Period			15 years
Goodwill, Period Increase (Decrease), Total			$ (1,943,533)
Increase (Decrease) in Accrued Liabilities, Total			259,269
Goodwill, Other Changes			$ 385,610
Final Purchase Price of Acquisition Before Contingent Consideration	$ 61,163,189
GMFS, LLC [Member]
Business Acquisition [Line Items]
Business Combination Contingent Consideration Arrangements Percentage Which May Be Paid In Stock	50.00%
Payments to Acquire Businesses, Gross	$ 62,800,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	20,000,000
GMFS, LLC [Member] | Discrete Payment One [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Liabilities Incurred	1,000,000
GMFS, LLC [Member] | Discrete Payment Two [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Liabilities Incurred	1,000,000
GMFS, LLC [Member] | Deferred Premium Payments [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Liabilities Incurred	$ 2,000,000

Fair Value (Details)

Fair Value (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets
Mortgage loans held for sale	$ 114,670,811	$ 97,690,960
MSRs	42,044,651	33,378,978
Derivative assets	3,528,739	2,485,100
Liabilities
Derivative liabilities	2,593,972	2,585,184
Non-Agency RMBS [Member]
Assets
Mortgage loans held for investment	113,220,076	148,585,733
Other Investment Securities [Member]
Assets
Mortgage loans held for investment	15,209,050	2,040,532
Fair Value, Measurements, Recurring [Member]
Assets
Mortgage loans held for investment	401,206,350	415,959,838
Mortgage loans held for sale	114,670,811	97,690,960
MSRs	42,044,651	33,378,978
Derivative assets	3,528,739	2,485,100
Total	689,879,677	700,141,141
Liabilities
Derivative liabilities	2,593,972	2,585,184
Total	2,593,972	2,585,184
Fair Value, Measurements, Recurring [Member] | Non-Agency RMBS [Member]
Assets
Investment securities	113,220,076	148,585,733
Fair Value, Measurements, Recurring [Member] | Other Investment Securities [Member]
Assets
Investment securities	15,209,050	2,040,532
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Mortgage loans held for investment	0	0
Mortgage loans held for sale	0	0
MSRs	0	0
Derivative assets	0	0
Total	0	0
Liabilities
Derivative liabilities	0	0
Total	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Non-Agency RMBS [Member]
Assets
Investment securities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Investment Securities [Member]
Assets
Investment securities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Mortgage loans held for investment	0	0
Mortgage loans held for sale	114,670,811	97,690,960
MSRs	0	0
Derivative assets	0	0
Total	114,670,811	97,690,960
Liabilities
Derivative liabilities	2,593,972	2,585,184
Total	2,593,972	2,585,184
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Non-Agency RMBS [Member]
Assets
Investment securities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Investment Securities [Member]
Assets
Investment securities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Mortgage loans held for investment	401,206,350	415,959,838
Mortgage loans held for sale	0	0
MSRs	42,044,651	33,378,978
Derivative assets	3,528,739	2,485,100
Total	575,208,866	602,450,181
Liabilities
Derivative liabilities	0	0
Total	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Non-Agency RMBS [Member]
Assets
Investment securities	113,220,076	148,585,733
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Investment Securities [Member]
Assets
Investment securities	$ 15,209,050	$ 2,040,532

Fair Value (Details 1)

Fair Value (Details 1) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	$ (3,571,775)	$ 0
Non-Agency RMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	148,585,733	226,155,221
Originations/acquisitions	6,362,138	47,034,324
Proceeds from sales	(26,770,760)	(12,318,845)
Amortization of premiums	0	0
Net accretion of discounts	3,263,205	4,197,196
Proceeds from principal repayments	(13,975,960)	(23,648,183)
Conversion of mortgage loans to REO	0	0
Total losses (realized/unrealized) included in earnings	(5,485,768)	(2,031,595)
Total gains (realized/unrealized) included in earnings	1,241,488	4,516,333
Ending balance	113,220,076	243,904,451
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	(3,554,935)	2,104,672
Loan Purchase Commitments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	4,037	0
Change in unrealized gain or loss	51,443	0
Ending balance	55,480	0
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	51,443	0
Interest Rate Lock Commitments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	2,481,063	0
Change in unrealized gain or loss	992,196	0
Ending balance	3,473,259	0
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	992,196	0
Mortgage Loans Held for Investment [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	415,959,838	331,785,542
Originations/acquisitions	11,359,110	84,795,975
Proceeds from sales	0	0
Amortization of premiums	(2,388)	0
Net accretion of discounts	5,894,627	5,420,778
Proceeds from principal repayments	(25,384,866)	(16,274,473)
Conversion of mortgage loans to REO	(2,134,106)	(169,406)
Total losses (realized/unrealized) included in earnings	(15,316,984)	(6,319,913)
Total gains (realized/unrealized) included in earnings	10,831,119	30,858,481
Ending balance	401,206,350	430,096,984
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	(5,664,885)	23,744,752
Other Investment Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	2,040,532	0
Originations/acquisitions	15,601,330	12,926,954
Proceeds from sales	(2,241,387)	0
Amortization of premiums	0	0
Net accretion of discounts	124,204	129,307
Proceeds from principal repayments	0	0
Conversion of mortgage loans to REO	0	0
Total losses (realized/unrealized) included in earnings	(539,285)	(52,950)
Total gains (realized/unrealized) included in earnings	223,656	437,240
Ending balance	15,209,050	13,440,551
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	$ (449,755)	$ 384,290

Fair Value (Details 2)

Fair Value (Details 2)	9 Months Ended
	Sep. 30, 2015USD ($)
Mortgage Loans Held for Investment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 401,206,350	[1]
Mortgage Loans Held for Investment [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	1.90%	[1]
Constant default rate	1.00%	[1]
Loss severity	6.20%	[1]
Delinquency	5.60%	[1]
Mortgage Loans Held for Investment [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	5.00%	[1]
Constant default rate	4.60%	[1]
Loss severity	37.20%	[1]
Delinquency	11.80%	[1]
Mortgage Loans Held for Investment [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	3.30%	[1]
Constant default rate	2.90%	[1]
Loss severity	22.40%	[1]
Delinquency	10.30%	[1]
Alternative - A [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 36,656,809	[2]
Alternative - A [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	2.50%	[2]
Constant default rate	0.20%	[2]
Loss severity	0.00%	[2]
Delinquency	1.30%	[2]
Alternative - A [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	18.40%	[2]
Constant default rate	7.10%	[2]
Loss severity	100.50%	[2]
Delinquency	21.20%	[2]
Alternative - A [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	12.90%	[2]
Constant default rate	2.80%	[2]
Loss severity	19.60%	[2]
Delinquency	8.80%	[2]
Pay Option Adjustable Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 33,553,550
Pay Option Adjustable Rate [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	2.10%
Constant default rate	1.20%
Loss severity	0.00%
Delinquency	4.50%
Pay Option Adjustable Rate [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	14.00%
Constant default rate	11.90%
Loss severity	88.80%
Delinquency	24.90%
Pay Option Adjustable Rate [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	7.20%
Constant default rate	3.70%
Loss severity	42.20%
Delinquency	12.40%
Prime [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 34,238,383
Prime [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	3.30%
Constant default rate	1.20%
Loss severity	0.00%
Delinquency	3.80%
Prime [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	18.40%
Constant default rate	12.60%
Loss severity	92.40%
Delinquency	25.40%
Prime [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	8.10%
Constant default rate	3.80%
Loss severity	30.30%
Delinquency	11.90%
Subprime [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 8,771,334
Subprime [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	1.20%
Constant default rate	3.00%
Loss severity	14.00%
Delinquency	17.50%
Subprime [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	7.50%
Constant default rate	8.00%
Loss severity	102.00%
Delinquency	26.00%
Subprime [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	3.80%
Constant default rate	6.20%
Loss severity	61.40%
Delinquency	22.30%
Non-Agency RMBS [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 113,220,076
Other Investment Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 15,209,050	[2]
Other Investment Securities [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	3.90%	[2]
Other Investment Securities [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	18.80%	[2]
Other Investment Securities [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	6.60%	[2]
Mortgage Servicing Rights [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 42,044,651
Mortgage Servicing Rights [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	9.80%
Cost of servicing	$ 77
Discount rate	9.00%
Mortgage Servicing Rights [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	11.00%
Cost of servicing	$ 109
Discount rate	10.00%
Mortgage Servicing Rights [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	10.50%
Cost of servicing	$ 91
Discount rate	9.40%
[1]	The fair value of the mortgage loans held for investment are determined either by (i) a proprietary model (distressed and re-performing loans at the time of purchase) or (ii) secondary-market prices (newly originated loans at the time of purchase).
[2]	The Company uses an independent third party as its principal valuation source to estimate the fair value of its real estate securities. The Company substantiates these prices by using a variety of methods, including comparing prices to internally estimated prices and corroborating the prices by reference to other independent market data, such as relevant benchmark indices and prices of similar instruments. In certain instances, the Company may use a price other than that provided by the principal valuation source based on the aforementioned market data. Where the Company has disclosed unobservable inputs, those inputs are based on the Company's validations performed at the security level.

Fair Value (Details 3)

Fair Value (Details 3) - Interest Rate Lock Commitments [Member]	9 Months Ended
	Sep. 30, 2015
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Pull-through rate	60.80%
Servicing fee multiple	0.50%
Percentage of unpaid principal balance	0.20%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Pull-through rate	100.00%
Servicing fee multiple	6.10%
Percentage of unpaid principal balance	1.90%
Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Pull-through rate	84.20%
Servicing fee multiple	4.40%
Percentage of unpaid principal balance	1.10%

Fair Value (Details 4)

Fair Value (Details 4) - USD ($)		Sep. 30, 2015	Dec. 31, 2014
Mortgage Loans Held for Investment [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	[1]	$ 401,206,350	$ 415,959,838
Unpaid Principal and/or Notional Balance	[1],[2]	447,058,784	464,877,028
Difference	[1]	(45,852,434)	(48,917,190)
Mortgage Loans Held for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value		114,670,811	97,690,960
Unpaid Principal and/or Notional Balance	[2]	108,361,961	92,917,659
Difference		6,308,850	4,773,301
Non-Agency RMBS [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value		113,220,076	148,585,733
Unpaid Principal and/or Notional Balance	[2]	174,098,738	226,501,915
Difference		(60,878,662)	(77,916,182)
Other Investment Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value		15,209,050	2,040,532
Unpaid Principal and/or Notional Balance	[2]	15,914,000	2,250,000
Difference		(704,950)	(209,468)
MSRs [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value		42,044,651	33,378,978
Unpaid Principal and/or Notional Balance	[2]	3,916,159,002	3,078,974,342
Difference		$ (3,874,114,351)	$ (3,045,595,364)
[1]	Balance comprised of loans that are (i) distressed and re-performing at the time of purchase and (ii) newly originated at the time of purchase.
[2]	Non-Agency RMBS includes an IO with a notional balance of $35.9 million and $48.6 million at September 30, 2015 and December 31, 2014, respectively.

Fair Value (Details 5)

Fair Value (Details 5) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets
Restricted cash	$ 4,026,267	$ 7,143,078
Mortgage loans held for investment, at cost	1,074,313	1,338,935
Liabilities
Loan repurchase facilities	295,315,030	300,092,293
Contingent consideration	12,612,664	11,430,413
Estimate of Fair Value Measurement [Member]
Assets
Cash	29,366,231	33,791,013
Restricted cash	4,026,267	7,143,078
Mortgage loans held for investment, at cost	1,020,597	1,310,544
Liabilities
Securities repurchase agreements	74,520,999	103,014,105
Exchangeable Senior Notes	57,006,650	59,933,400
Contingent consideration	12,612,664	11,430,413
Estimate of Fair Value Measurement [Member] | Secured Debt [Member]
Liabilities
Loan repurchase facilities	295,315,030	300,092,293
Estimate of Fair Value Measurement [Member] | Warehouse Agreement Borrowings [Member]
Liabilities
Loan repurchase facilities	104,216,594	89,417,564
Reported Value Measurement [Member]
Assets
Cash	29,366,231	33,791,013
Restricted cash	4,026,267	7,143,078
Mortgage loans held for investment, at cost	1,074,313	1,338,935
Liabilities
Securities repurchase agreements	74,520,999	103,014,105
Exchangeable Senior Notes	56,240,664	55,474,741
Contingent consideration	12,612,664	11,430,413
Reported Value Measurement [Member] | Secured Debt [Member]
Liabilities
Loan repurchase facilities	295,315,030	300,092,293
Reported Value Measurement [Member] | Warehouse Agreement Borrowings [Member]
Liabilities
Loan repurchase facilities	$ 104,216,594	$ 89,417,564

Fair Value (Details Textual)

Fair Value (Details Textual) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Mortgage Loans On Held for Investment [Line Items]
Notional Balance Of IO	$ 35.9	$ 48.6

Mortgage Loans Held for Inves73

Mortgage Loans Held for Investment, at Fair Value (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Newly Originated Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Aggregate Unpaid Principal Balance	$ 8,291,350		$ 11,171,269
Newly Originated Mortgage Loans [Member] | Loan Repurchase Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Loan Repurchase Facilities Used	$ 7,265,036		$ 9,746,638
Distressed And Reperforming Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Aggregate Unpaid Principal Balance		$ 0		$ 100,422,418
Distressed And Reperforming Loans [Member] | Loan Repurchase Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Loan Repurchase Facilities Used		$ 0		$ 60,557,196

Mortgage Loans Held for Inves74

Mortgage Loans Held for Investment, at Fair Value (Parenthetical) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Unrealized Gain (Loss) on Investments, Total	$ (5,753,002)	$ 915,797	$ (5,632,684)	$ 23,566,322
Threshold Period Past Due for Write-off of Financing Receivable			60 days
Newly Originated Mortgage Loans [Member]
Unrealized Gain (Loss) on Investments, Total	$ 102,078		$ 29,001

Mortgage Loans Held for Inves75

Mortgage Loans Held for Investment, at Fair Value (Details 1) - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2015		Dec. 31, 2014
Newly Originated Mortgage Loans [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 11,909,967		$ 766,965
Premium (Discount)		201,633		16,173
Amortized Cost		12,111,600		783,138
Gross Unrealized
Gains		60,915	[1]	3,538	[2]
Losses		(28,376)	[1]	0	[2]
Fair Value		$ 12,144,139		$ 786,676
Weighted Average Coupon		4.97%		4.38%
Weighted Average Yield		4.82%		4.20%
Newly Originated Mortgage Loans [Member] | Fixed [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 11,909,967		$ 766,965
Premium (Discount)		201,633		16,173
Amortized Cost		12,111,600		783,138
Gross Unrealized
Gains		60,915	[1]	3,538	[2]
Losses		(28,376)	[1]	0	[2]
Fair Value		$ 12,144,139		$ 786,676
Weighted Average Coupon		4.97%		4.38%
Weighted Average Yield		4.82%		4.20%
Distressed And Reperforming Loans [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 435,148,817		$ 464,110,063
Premium (Discount)		(70,507,498)		(78,883,211)
Amortized Cost		364,641,319		385,226,852
Gross Unrealized
Gains		33,049,655	[3]	37,140,755
Losses		(8,628,763)	[3]	(7,194,445)
Fair Value		389,062,211	[3]	415,173,162
Difference Between Fair Value and Aggregate Unpaid Principal Balance		$ (46,086,606)		$ (48,936,901)
Weighted Average Coupon		4.31%		4.26%
Weighted Average Yield		7.38%		7.20%
Distressed And Reperforming Loans [Member] | Performing Loans [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 393,527,540		$ 428,164,898
Premium (Discount)		(63,061,769)		(72,844,138)
Amortized Cost		330,465,771		355,320,760
Gross Unrealized
Gains		31,953,949	[3]	36,300,658
Losses		(4,773,707)	[3]	(2,824,559)
Fair Value		357,646,013	[3]	388,796,859
Difference Between Fair Value and Aggregate Unpaid Principal Balance		$ (35,881,527)		$ (39,368,039)
Weighted Average Coupon		4.25%		4.15%
Weighted Average Yield		7.36%		7.21%
Distressed And Reperforming Loans [Member] | Nonperforming Loans [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance	[4]	$ 41,621,277		$ 35,945,165
Premium (Discount)	[4]	(7,445,729)		(6,039,073)
Amortized Cost	[4]	34,175,548		29,906,092
Gross Unrealized
Gains	[4]	1,095,706	[3]	840,097
Losses	[4]	(3,855,056)	[3]	(4,369,886)
Fair Value	[4]	31,416,198	[3]	26,376,303
Difference Between Fair Value and Aggregate Unpaid Principal Balance	[4]	$ (10,205,079)		$ (9,568,862)
Weighted Average Coupon	[4]	4.90%		5.48%
Weighted Average Yield	[4]	7.52%		7.13%
Distressed And Reperforming Loans [Member] | Fixed [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 243,798,190		$ 265,306,697
Premium (Discount)		(45,739,123)		(51,501,092)
Amortized Cost		198,059,067		213,805,605
Gross Unrealized
Gains		25,830,480	[3]	26,732,362
Losses		(1,801,124)	[3]	(1,383,524)
Fair Value		222,088,423	[3]	239,154,443
Difference Between Fair Value and Aggregate Unpaid Principal Balance		$ (21,709,767)		$ (26,152,254)
Weighted Average Coupon		4.67%		4.50%
Weighted Average Yield		7.51%		7.28%
Distressed And Reperforming Loans [Member] | ARM [Member
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 149,729,350		$ 162,858,201
Premium (Discount)		(17,322,646)		(21,343,046)
Amortized Cost		132,406,704		141,515,155
Gross Unrealized
Gains		6,123,469	[3]	9,568,296
Losses		(2,972,583)	[3]	(1,441,035)
Fair Value		135,557,590	[3]	149,642,416
Difference Between Fair Value and Aggregate Unpaid Principal Balance		$ (14,171,760)		$ (13,215,785)
Weighted Average Coupon		3.56%		3.59%
Weighted Average Yield		7.15%		7.10%
[1]	The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded the following as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 $ 102,079 $ 29,001
[2]	The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment.
[3]	The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded the following as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations:
[4]	Loans that are delinquent for 60 days or more are considered non-performing.

Mortgage Loans Held for Inves76

Mortgage Loans Held for Investment, at Fair Value (Details 2) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Change in accretable yield:
Accretable yield, beginning of period	$ 267,509,905	$ 223,401,697
Acquisitions	0	55,532,098
Accretion	(19,347,512)	(19,306,825)
Reclassifications from nonaccretable difference	7,760,664	15,683,166
Accretable yield, end of period	$ 255,923,057	$ 275,310,136

Mortgage Loans Held for Inves77

Mortgage Loans Held for Investment, at Fair Value (Details 3)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100% [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	46.40%	55.70%
Geographic Concentration Risk [Member] | California [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	25.80%	26.20%
Geographic Concentration Risk [Member] | Florida [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	16.20%	16.60%
Geographic Concentration Risk [Member] | Georgia [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	6.20%	5.70%
Geographic Concentration Risk [Member] | New York [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	4.90%	5.10%
Loans With unpaid principal balance of mortgage loans carrying mortgage insurance [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	8.50%	10.30%

Mortgage Loans Held for Inves78

Mortgage Loans Held for Investment, at Fair Value (Details 4)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	1.75%	1.75%
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	12.20%	12.20%
Maximum [Member]
Mortgage Loans On Real Estate Maturity Term	45 years	46 years
Minimum [Member]
Mortgage Loans On Real Estate Maturity Term	1 year	1 year

Mortgage Loans Held for Inves79

Mortgage Loans Held for Investment, at Fair Value (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Real estate owned	$ 1,235,973	$ 1,282,669
Carrying amount of mortgage loans held for investment for which formal foreclosure proceedings are in process	$ 7,248,620	$ 4,762,509

Mortgage Loans Held for Sale,80

Mortgage Loans Held for Sale, at Fair Value (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Balance at beginning of year	$ 97,690,960
Originations and repurchases	1,449,538,666	$ 0
Proceeds from sales and principal payments	(1,481,473,208)
Transfers from mortgage loans held for investment, at cost	65,983
Gain on sale	48,848,410	$ 0
Balance at end of period	$ 114,670,811

Mortgage Loans Held for Sale,81

Mortgage Loans Held for Sale, at Fair Value (Details 1) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Principal Amount Outstanding on Loans Held-for-sale or Securitization or Asset-backed Financing Arrangement	$ 108,361,961	$ 92,917,659
Mortgages Held-for-sale, Fair Value Disclosure	114,670,811	97,690,960
Conventional Mortgage Loan [Member]
Principal Amount Outstanding on Loans Held-for-sale or Securitization or Asset-backed Financing Arrangement	69,909,078	55,073,645
Mortgages Held-for-sale, Fair Value Disclosure	72,741,840	57,058,195
Governmental Mortgages [Member]
Principal Amount Outstanding on Loans Held-for-sale or Securitization or Asset-backed Financing Arrangement	19,679,800	13,407,781
Mortgages Held-for-sale, Fair Value Disclosure	21,635,672	14,601,797
Reverse Mortgages [Member]
Principal Amount Outstanding on Loans Held-for-sale or Securitization or Asset-backed Financing Arrangement	1,428,984	1,600,449
Mortgages Held-for-sale, Fair Value Disclosure	1,593,667	1,765,552
United States Department of Agriculture Loans [Member]
Principal Amount Outstanding on Loans Held-for-sale or Securitization or Asset-backed Financing Arrangement	12,106,292	16,105,088
Mortgages Held-for-sale, Fair Value Disclosure	12,811,911	17,069,138
United States Department of Veteran Affairs [Member]
Principal Amount Outstanding on Loans Held-for-sale or Securitization or Asset-backed Financing Arrangement	5,237,807	6,730,696
Mortgages Held-for-sale, Fair Value Disclosure	$ 5,887,721	$ 7,196,278

Real Estate Securities and Ot82

Real Estate Securities and Other Investment Securities, at Fair Value (Details) - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2015		Dec. 31, 2014
Alternative Mortgage Backed Securities Issued By Private Enterprises [Member]
Investment Holdings [Line Items]
Investment Owned, Balance, Principal Amount		$ 78,316,001		$ 118,547,109
Investment Owned Premium Discount		(41,385,821)		(58,583,222)
Investment Owned, at Cost		36,930,180		59,963,887
Unrealized Gain (Loss) on Investments [Abstract]
Gross Unrealized Gains On Securities		868,563	[1]	1,916,611	[2]
Gross Unrealized Losses On Securities		(1,141,934)	[1]	(583,958)	[2]
Investment Owned, at Fair Value		$ 36,656,809		$ 61,296,540
Investment Owned Weighted Average Coupon Rate		2.03%		3.44%
Investment Owned Weighted Average Yield		6.24%		7.03%
Pay Option Adjustable Rate [Member]
Investment Holdings [Line Items]
Investment Owned, Balance, Principal Amount		$ 43,749,469		$ 58,122,808
Investment Owned Premium Discount		(7,725,888)		(11,491,663)
Investment Owned, at Cost		36,023,581		46,631,145
Unrealized Gain (Loss) on Investments [Abstract]
Gross Unrealized Gains On Securities		13,024	[1]	80,848	[2]
Gross Unrealized Losses On Securities		(2,483,055)	[1]	(1,170,668)	[2]
Investment Owned, at Fair Value		$ 33,553,550		$ 45,541,325
Investment Owned Weighted Average Coupon Rate		0.97%		0.93%
Investment Owned Weighted Average Yield		5.98%		6.12%
Prime [Member]
Investment Holdings [Line Items]
Investment Owned, Balance, Principal Amount		$ 39,083,582		$ 43,803,995
Investment Owned Premium Discount		(5,013,131)		(6,219,091)
Investment Owned, at Cost		34,070,451		37,584,904
Unrealized Gain (Loss) on Investments [Abstract]
Gross Unrealized Gains On Securities		725,167	[1]	1,545,452	[2]
Gross Unrealized Losses On Securities		(557,235)	[1]	(65,280)	[2]
Investment Owned, at Fair Value		$ 34,238,383		$ 39,065,076
Investment Owned Weighted Average Coupon Rate		3.64%		3.60%
Investment Owned Weighted Average Yield		5.92%		6.79%
Subprime [Member]
Investment Holdings [Line Items]
Investment Owned, Balance, Principal Amount		$ 12,949,686		$ 6,028,003
Investment Owned Premium Discount		(4,159,493)		(3,290,867)
Investment Owned, at Cost		8,790,193		2,737,136
Unrealized Gain (Loss) on Investments [Abstract]
Gross Unrealized Gains On Securities		73,602	[1]	0	[2]
Gross Unrealized Losses On Securities		(92,461)	[1]	(54,344)	[2]
Investment Owned, at Fair Value		$ 8,771,334		$ 2,682,792
Investment Owned Weighted Average Coupon Rate		0.70%		0.33%
Investment Owned Weighted Average Yield		6.77%		16.98%
Total non-Agency RMBS [Member]
Investment Holdings [Line Items]
Investment Owned, Balance, Principal Amount		$ 174,098,738		$ 226,501,915
Investment Owned Premium Discount		(58,284,333)		(79,584,843)
Investment Owned, at Cost		115,814,405		146,917,072
Unrealized Gain (Loss) on Investments [Abstract]
Gross Unrealized Gains On Securities		1,680,356	[1]	3,542,911	[2]
Gross Unrealized Losses On Securities		(4,274,685)	[1]	(1,874,250)	[2]
Investment Owned, at Fair Value		$ 113,220,076		$ 148,585,733
Investment Owned Weighted Average Coupon Rate		2.03%		2.62%
Investment Owned Weighted Average Yield		6.11%		6.96%
Other Investment Securities [Member]
Investment Holdings [Line Items]
Investment Owned, Balance, Principal Amount	[3]	$ 15,914,000		$ 2,250,000
Investment Owned Premium Discount	[3]	(202,457)		16,756
Investment Owned, at Cost	[3]	15,711,543		2,266,756
Unrealized Gain (Loss) on Investments [Abstract]
Gross Unrealized Gains On Securities	[3]	1,027	[1]	0	[2]
Gross Unrealized Losses On Securities	[3]	(503,520)	[1]	(226,224)	[2]
Investment Owned, at Fair Value	[3]	$ 15,209,050		$ 2,040,532
Investment Owned Weighted Average Coupon Rate	[3]	4.39%		3.92%
Investment Owned Weighted Average Yield	[3]	6.62%		5.90%
[1]	The Company has elected the fair value option pursuant to ASC 825 for real estate securities. The Company recorded the following changes in unrealized gain or loss in the consolidated statements of operations.
[2]	The Company has elected the fair value option pursuant to ASC 825 for its real estate securities and Other Investment Securities.
[3]	See Note 2 – Basis of Quarterly Presentation, “Other Investment Securities".

Real Estate Securities and Ot83

Real Estate Securities and Other Investment Securities, at Fair Value (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gain (Loss) on Investments [Line Items]
Unrealized Gain (Loss) on Investments, Total	$ (5,753,002)	$ 915,797	$ (5,632,684)	$ 23,566,322
Real estate securities [Member]
Gain (Loss) on Investments [Line Items]
Unrealized Gain (Loss) on Investments, Total	(2,119,917)	(2,319,287)	(4,262,990)	1,964,966
Other Investment Securities [Member]
Gain (Loss) on Investments [Line Items]
Unrealized Gain (Loss) on Investments, Total	$ (420,796)	$ (892,336)	$ (276,269)	$ 384,290

Real Estate Securities and Ot84

Real Estate Securities and Other Investment Securities, at Fair Value (Details 2) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Notional Balance Of IO	$ 35,900,000	$ 48,600,000
Other Debt Obligations [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities		9 years 8 months 12 days
Notional Balance Of IO	$ 0	$ 0
Other Debt Obligations [Member] | Maximum [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	12 years 1 month 6 days
Other Debt Obligations [Member] | Minimum [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	8 years 8 months 12 days
Other Debt Obligations [Member] | Weighted Average [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	9 years 10 months 24 days	9 years 8 months 12 days
Residential Mortgage Backed Securities [Member]
Investment Holdings [Line Items]
Notional Balance Of IO	$ 35,938,418	$ 48,569,423
Residential Mortgage Backed Securities [Member] | Maximum [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	31 years 6 months	32 years 3 months 18 days
Residential Mortgage Backed Securities [Member] | Minimum [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	18 years 3 months 18 days	20 years 3 months 18 days
Residential Mortgage Backed Securities [Member] | Weighted Average [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	24 years 7 months 6 days	24 years 10 months 24 days

Mortgage Servicing Rights, at85

Mortgage Servicing Rights, at Fair Value (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Servicing Assets at Fair Value [Line Items]
Balance at beginning of year				$ 33,378,978
Additions due to loans sold, servicing retained				14,323,953
Change in fair value of MSRs
Changes in valuation inputs or assumptions used in a valuation model	[1],[2]			(3,571,775)
Other changes	[1],[3]			(2,086,505)
Total - Change in fair value of MSRs		$ 5,881,088	$ 0	5,658,280	$ 0
Balance at end of period		$ 42,044,651		$ 42,044,651
[1]	Included in change in fair value of MSRs in the Company's consolidated statements of operations.
[2]	Primarily reflects changes in values of prepayment assumptions due to changes in interest rates.
[3]	Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid off or paid down during the period.

Mortgage Servicing Rights, at86

Mortgage Servicing Rights, at Fair Value (Details 1) - USD ($)		Sep. 30, 2015	Dec. 31, 2014
Servicing Assets at Fair Value [Line Items]
Fair Value		$ 42,044,651	$ 33,378,978
MSRs [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance	[1]	3,916,159,002	3,078,974,342
Fair Value		42,044,651	33,378,978
Fannie Mae [Member] | MSRs [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance		1,834,356,909	1,640,799,719
Fair Value		18,737,561	17,078,181
Ginnie Mae [Member] | MSRs [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance		1,404,614,765	1,146,234,768
Fair Value		16,332,072	13,102,076
Freddie Mac [Member] | MSRs [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance		677,187,328	291,939,855
Fair Value		$ 6,975,018	$ 3,198,721
[1]	Non-Agency RMBS includes an IO with a notional balance of $35.9 million and $48.6 million at September 30, 2015 and December 31, 2014, respectively.

Mortgage Servicing Rights, at87

Mortgage Servicing Rights, at Fair Value (Details 2) - USD ($)		9 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		$ (42,044,651)	$ (33,378,978)
Mortgage Servicing Rights [Member] | Effect of Discount Rate At Five Percent [Member]
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		(796,288)
Mortgage Servicing Rights [Member] | Effect of Prepayment Rate At Five Percent [Member]
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		(662,003)
Mortgage Servicing Rights [Member] | Effect Of Cost of Servicing At Five Percent [Member]
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		(484,051)
Mortgage Servicing Rights [Member] | Effect of Discount Rate At Ten Percent [Member]
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		(1,564,127)
Mortgage Servicing Rights [Member] | Effect of Discount Rate At Twenty Percent [Member]
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		(3,020,068)
Mortgage Servicing Rights [Member] | Effect of Prepayment Rate At Ten Percent [Member]
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		(1,694,287)
Mortgage Servicing Rights [Member] | Effect of Prepayment Rate At Twenty Percent [Member]
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		(3,287,807)
Mortgage Servicing Rights [Member] | Effect Of Cost of Servicing At Ten Percent [Member]
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		(968,101)
Mortgage Servicing Rights [Member] | Effect Of Cost of Servicing At Twenty Percent [Member]
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		$ (1,936,203)
Minimum [Member] | Mortgage Servicing Rights [Member]
Servicing Assets at Fair Value [Line Items]
Fair Value Inputs, Discount Rate		6.55%
Fair Value Inputs, Prepayment Rate	[1]	7.67%
Per-loan annual to Cost of Servicing		$ 64
Maximum [Member] | Mortgage Servicing Rights [Member]
Servicing Assets at Fair Value [Line Items]
Fair Value Inputs, Discount Rate		12.16%
Fair Value Inputs, Prepayment Rate	[1]	13.52%
Per-loan annual to Cost of Servicing		$ 118
Weighted Average [Member] | Mortgage Servicing Rights [Member]
Servicing Assets at Fair Value [Line Items]
Fair Value Inputs, Discount Rate		9.36%
Fair Value Inputs, Prepayment Rate	[1]	10.45%
Per-loan annual to Cost of Servicing		$ 91
[1]	Prepayment speed is measured using CPR.

Mortgage Servicing Rights, at88

Mortgage Servicing Rights, at Fair Value (Details 3) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Servicing Assets at Fair Value [Line Items]
Income	$ 2,729,891	$ 7,613,023
Late charges	29	64
Cost of sub-servicer	(989,813)	(2,568,246)
Loan servicing fee income, net of direct costs	$ 1,740,107	$ 5,044,841

Warehouse Lines of Credit (Deta

Warehouse Lines of Credit (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Maturity dates	November 2015 – September 2016	January 2015 – June 2016
Warehouse Agreement Borrowings [Member]
Short-term Debt [Line Items]
Availability	$ 185,000,000	$ 130,000,000

Warehouse Lines of Credit (De90

Warehouse Lines of Credit (Details 1) - Warehouse Lines of Credit [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Long-term Line of Credit	$ 104,216,594	$ 89,417,564
Line of Credit Weighted Average Rate	2.49%	2.52%
Maturity up to 30 days [Member]
Short-term Debt [Line Items]
Line of Credit Weighted Average Rate	0.00%	2.47%
Line of Credit, Current	$ 0	$ 21,210,431
Maturity Greater Than One Hundred Eighty Days To One Year [Member]
Short-term Debt [Line Items]
Line of Credit Weighted Average Rate	2.49%	2.46%
Line of Credit, Current	$ 78,812,639	$ 57,118,533
Maturity Greater Than 1 Year [Member]
Short-term Debt [Line Items]
Long-term Line of Credit	$ 0	$ 11,088,600
Line of Credit Weighted Average Rate	0.00%	2.92%
Maturity Thirty one to Ninty Days [Member]
Short-term Debt [Line Items]
Line of Credit Weighted Average Rate	2.50%	0.00%
Line of Credit, Current	$ 25,403,955	$ 0

Warehouse Lines of Credit (De91

Warehouse Lines of Credit (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Mortgage Loans Held For Sale Amount Pledged As Collateral	$ 114,303,003	$ 97,690,960

Loan Repurchase Facilities (Det

Loan Repurchase Facilities (Details) - Loan Repurchase Facility [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Citibank, N.A [Member]
Line of Credit Facility [Line Items]
Total facility size	$ 325,000,000	$ 325,000,000
Amount committed	$ 150,000,000	$ 150,000,000
Maturity date	May 20, 2016	May 22, 2015
Outstanding balance	$ 284,931,244	$ 299,402,024
Credit Suisse [Member]
Line of Credit Facility [Line Items]
Total facility size	100,000,000	100,000,000
Amount committed	$ 25,000,000	$ 100,000,000
Maturity date	Jun. 27, 2016	Aug. 13, 2015
Outstanding balance	$ 10,383,786	$ 690,269

Loan Repurchase Facilities (D93

Loan Repurchase Facilities (Details 1) - Loan Repurchase Facilities [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 295,315,030	$ 300,092,293
Weighted Average Rate	2.92%	2.92%
91-180 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 0	$ 299,402,024
Weighted Average Rate	0.00%	2.92%
Greater than 180 days to 1 year
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 295,315,030	$ 690,269
Weighted Average Rate	2.92%	2.46%

Loan Repurchase Facilities (D94

Loan Repurchase Facilities (Details 2) - USD ($)		Sep. 30, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of Trust Certificates pledged as collateral		$ 399,301,401	$ 415,814,067
Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of Trust Certificates pledged as collateral		399,301,401	415,814,067
Fair value of mortgage loans not pledged as collateral		1,904,949	145,771
Cash pledged as collateral		9,152	0
Loan Repurchase Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unused Amount	[1]	$ 129,684,970	$ 124,907,707
[1]	The amount the Company is able to borrow under the Loan Repurchase Facilities is tied to the fair value of unencumbered Trust Certificates eligible to secure those agreements and the Company's ability to fund the agreements' margin requirements relating to the collateral sold.

Loan Repurchase Facilities (D95

Loan Repurchase Facilities (Details 3) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Line of Credit Facility [Line Items]
Weighted average interest rate	[1]	3.14%	3.09%	3.15%	3.07%
Average unpaid principal balance of loans sold under agreements to repurchase		$ 694,916	$ 0	$ 698,204	$ 192,380
Maximum daily amount outstanding		$ 298,047,583	$ 310,575,669	$ 302,037,635	$ 310,575,669
[1]	Includes commitment fees.

Securities Repurchase Agreeme96

Securities Repurchase Agreements (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Other Investment Securities [Member]
Balance	$ 0	$ 1,460,813
Weighted Average Rate	0.00%	1.66%
Other Investment Securities [Member] | 30 Days or Less [Member]
Balance	$ 0	$ 1,460,813
Weighted Average Rate	0.00%	1.66%
Non-Agency RMBS [Member]
Balance	$ 74,520,999	$ 101,553,292
Weighted Average Rate	1.69%	1.57%
Non-Agency RMBS [Member] | 30 Days or Less [Member]
Balance	$ 74,520,999	$ 101,553,292
Weighted Average Rate	1.69%	1.57%

Securities Repurchase Agreeme97

Securities Repurchase Agreements (Details 1) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of investment securities pledged as collateral	$ 99,239,271	$ 135,779,193
Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Cash pledged as collateral	2,021,389	684,256
Non-Agency RMBS [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities repurchase agreements secured by investment securities	74,520,999	101,553,292
Fair value of investment securities pledged as collateral	99,239,271	135,779,193
Fair value of investment securities not pledged as collateral	13,980,805	12,806,540
Other Investment Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities repurchase agreements secured by investment securities	0	1,460,813
Fair value of investment securities pledged as collateral	0	2,040,532
Fair value of investment securities not pledged as collateral	$ 15,209,050	$ 0

8.0% Exchangeable Senior Note98

8.0% Exchangeable Senior Notes due 2016 (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Fair value of derivative liability	$ 2,593,972	$ 2,585,184
Exchangeable Senior Notes Conversion Option [Member]
Debt Instrument [Line Items]
Fair value of derivative liability	8,646	1,022,248
Unamortized discount	$ 1,259,336	$ 2,025,259

8.0% Exchangeable Senior Note99

8.0% Exchangeable Senior Notes due 2016 (Details Textual)	1 Months Ended		9 Months Ended
	Dec. 27, 2013	Nov. 25, 2013USD ($)$ / shares	Sep. 30, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)	Dec. 19, 2013$ / shares
8.0% Exchangeable Senior Notes due 2016
Debt Instrument [Line Items]
Principal amount			$ 1,000
Stated interest rate		8.00%
Debt Instrument, Interest Rate, Stated Percentage		8.00%
Debt Instrument, Face Amount			$ 1,000
Debt Instrument Repurchase Price, Percentage on Principal Amount			100.00%
Exchangeable Senior Notes Conversion Option [Member]
Debt Instrument [Line Items]
Principal amount		$ 57,500,000
Proceeds from sale of debt		55,300,000
Aggregate estimated offering expenses		$ 2,200,000
Stated interest rate			8.00%
Effective annual rate			10.20%
Percentage of shares outstanding issuable upon exchange			20.00%
Number of shares issuable upon exchange			1,779,560
Conversion ratio	54.3103	52.5417
Exchange price | $ / shares		$ 19.03
Dividend threshold requiring adjustment to exchange rate | $ / shares			$ 0.50
Unamortized discount			$ 1,259,336	$ 2,025,259
Debt Instrument, Interest Rate, Stated Percentage			8.00%
Debt Instrument, Face Amount		$ 57,500,000
Purchase Discount Amount		$ 1,700,000
Exchangeable Senior Notes Conversion Option [Member] | Maximum [Member]
Debt Instrument [Line Items]
Conversion ratio		60.4229
Special Cash Dividend [Member]
Debt Instrument [Line Items]
Dividend declared, amount per share | $ / shares					$ 0.55

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Interest Rate Swaption [Member]
Derivative [Line Items]
Notional amount	$ 0	$ 225,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Notional amount	17,200,000	17,200,000
Loan Purchase Commitments [Member]
Derivative [Line Items]
Notional amount	16,162,370	1,905,700
Interest Rate Lock Commitments [Member]
Derivative [Line Items]
Notional amount	196,941,326	118,486,590
MBS Forward Sales Contracts [Member]
Derivative [Line Items]
Notional amount	$ 177,500,000	$ 154,000,000

Derivative Instruments (Deta101

Derivative Instruments (Details 1) - Non-hedge [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	$ (1,251,498)	$ (860,553)
Interest Rate Swaption [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	0	0
Loan Purchase Commitments [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	55,480	4,037
Interest Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	3,473,259	2,481,063
MBS forward sales contracts
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	(1,333,828)	(702,383)
Exchangeable Senior Notes Conversion Option [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	$ (8,646)	$ (1,022,248)

Derivative Instruments (Deta102

Derivative Instruments (Details 2) - Non-hedge derivatives [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest Rate Swap [Member] | Investment portfolio [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ (675,562)	$ (36,315)	$ (748,348)	$ (976,394)
Interest Rate Swaption [Member] | Investment portfolio [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	0	(298,478)	0	(4,734,092)
Loan Purchase Commitments [Member] | Investment portfolio [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	118,277	0	51,443	0
Interest Rate Lock Commitments [Member] | Mortgage banking activities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	1,227,839	0	992,196	0
MBS Forward Sales Contracts [Member] | Mortgage banking activities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	(1,593,515)	0	(631,445)	0
Exchangeable Senior Notes Conversion Option [Member] | Investment portfolio [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ 379,615	$ (182,324)	$ 1,013,602	$ 181,739

Derivative Instruments (Deta103

Derivative Instruments (Details 3) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Swaption Expiration			Jan. 15, 2015
Swap [Member]
Derivative [Line Items]
Notional Amount		$ 17,200,000	$ 17,200,000
Swap [Member] | Derivative - Maturity Date Five [Member]
Derivative [Line Items]
Weighted Average Years to Maturity		7 years 9 months 18 days	8 years 7 months 6 days
Notional Amount		$ 17,200,000	$ 17,200,000
Weighted Average Pay Rate		2.72%	2.72%
Weighted Average Receive Rate		0.33%	0.23%
Cash Pledged as Collateral	[1]	$ 1,995,726	$ 1,572,811
Derivative Maturity Period		2,023	2,023
Interest Rate Swaption [Member]
Derivative [Line Items]
Notional Amount		$ 0	$ 225,000,000
Interest Rate Swaption [Member] | Derivative - Maturity Date Four [Member]
Derivative [Line Items]
Notional Amount			$ 225,000,000
Strike Rate			3.64%
Cash Pledged as Collateral	[2]		$ 4,886,011
Derivative Maturity Period			2,025
[1]	At September 30, 2015 and December 31, 2014 all collateral provided under the interest rate swap agreements consisted of cash collateral which is included in restricted cash in the Company's consolidated balance sheets.
[2]	At December 31, 2014 all collateral provided under the interest rate swaption agreement consisted of cash collateral which is included in restricted cash in the Company's consolidated balance sheets. The interest rate swaption agreement expired in January 2015.

Mortgage Banking Activities (De

Mortgage Banking Activities (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gain on sale of mortgage loans held for sale, net of direct costs	[1]	$ 12,769,854		$ 35,530,805
Loan expenses, including provision for loan indemnification		(208,576)		(602,926)
Loan origination fee income		507,082		1,395,863
Total		$ 13,068,360	$ 0	$ 36,323,742	$ 0
[1]	Includes the change in fair value related to IRLCs and MBS forward sales contracts held during the periods.

Loan Indemnification Reserve (D

Loan Indemnification Reserve (Details) - Indemnification Reserve [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Balance at the beginning of year	$ 2,662,162
Loan losses incurred	(198,834)
Provision for losses	576,654
Balance at end of period	$ 3,039,982

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Current tax benefit (expense)
Federal	$ 0	$ 0	$ 0	$ 0
State	0	0	0	0
Total current tax benefit (expense)	0	0	0	0
Deferred tax benefit (expense)
Federal	200,541	0	(2,001,745)	0
State	49,950	0	(502,151)	0
Total deferred tax benefit (expense)	250,491	0	(2,503,896)	0
Total benefit (expense) for income taxes	$ 250,491	$ 0	$ (2,503,896)	$ 0

Income Taxes (Details 1)

Income Taxes (Details 1)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax benefit (expense) at statutory rate	35.00%	(35.00%)	(35.00%)	(35.00%)
State Tax (Net of Federal benefit)	0.85%	0.00%	(7.91%)	0.00%
Permanent differences	(0.19%)	0.00%	(1.98%)	0.00%
Valuation Allowance	(2.85%)	0.00%	(23.25%)	0.00%
Impact of REIT election	(29.21%)	35.00%	(17.63%)	35.00%
Effective Tax Rate	3.60%	0.00%	(85.77%)	0.00%

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Deferred tax assets
Tax effect of unrealized losses and other temporary differences	$ 2,016,769	$ 1,207,520
Net operating loss carryforward	2,588,015	673,052
Total deferred tax assets	4,604,784	1,880,572
Deferred tax liabilities
Tax effect of unrealized gains and other temporary differences	(4,907,148)	(357,663)
Total deferred tax liabilities	(4,907,148)	(357,663)
Valuation allowance	(1,350,536)	(671,913)
Total Deferred Tax (Liabilities) Assets, net of Valuation Allowance	$ (1,652,900)	$ 850,996

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Total deferred tax asset	$ 4,604,784	$ 1,880,572
Operating Loss Carryforwards, Expiration Description	The Company is allowed to carryforward its net operating losses for 20 years under U.S. Federal Income Tax law and between 12 and 20 years in the majority of states which it operates in. The Company's net operating losses will expire between the years 2026-2035.
ZFC Honeybee TRS, LLC [Member]
Deferred Income Tax Liabilities, Net	$ 1,652,900
ZFC Trust TRS I, LLC and ZFC Funding, Inc [Member]
Total deferred tax asset	$ 1,350,536	$ 850,996

Other Assets and Liabilities (D

Other Assets and Liabilities (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Other Assets And Liabilities [Line Items]
Servicing Advances	$ 1,737,586	$ 1,987,073
Escrow Deposit	$ 41,105,931	$ 25,619,979

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net (loss) income attributable to ZAIS Financial Corp. common stockholders (Basic)	$ (6,040,746)	$ 1,149,497	$ 386,845	$ 26,547,633
Effect of dilutive securities:
Net (loss) income allocated to non-controlling interests relating to OP Units exchangeable for shares of common stock of the Company	(670,672)	130,301	28,499	3,087,159
Exchangeable Senior Notes
Interest expense	0	0	0	2,425,381
Gain on conversion option derivative liability	0	0	0	(103,564)
Total - Exchangeable Senior Notes	0	0	0	2,321,817
Net income available to stockholders, after effect of dilutive securities	$ (6,743,206)	$ 1,279,798	$ 431,833	$ 31,956,609
Denominator:
Weighted average number of shares of common stock	7,970,886	7,970,886	7,970,886	7,970,886
Effect of dilutive securities:
Weighted average number of OP units	926,914	926,914	926,914	926,914
Weighted average number of shares convertible under Exchangeable Senior Notes	0	0	0	1,779,560
Diluted weighted average shares outstanding	8,897,800	8,897,800	8,897,800	10,677,360
Net (loss) income per share applicable to ZAIS Financial Corp. common stockholders - Basic	$ (0.76)	$ 0.14	$ 0.05	$ 3.33
Net (loss) income per share applicable to ZAIS Financial Corp. common stockholders - Diluted	$ (0.76)	$ 0.14	$ 0.05	$ 2.97

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Weighted Average Number of Shares Outstanding, Diluted	8,897,800	8,897,800	8,897,800	10,677,360
New York Stock Exchange [Member]
Weighted Average Number of Shares Outstanding, Diluted				1,779,560

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Advisory fee - related party	$ 760,066	$ 718,372	$ 2,188,354	$ 2,131,690
ZAIS REIT Management, LLC | Advisory Fee [Member]
Related Party Transaction [Line Items]
Advisory fee - related party	718,372	718,372	2,131,690	2,131,690
ZAIS REIT Management, LLC | Loan Sourcing Fee [Member]
Related Party Transaction [Line Items]
Advisory fee - related party	$ 41,694	$ 0	$ 56,664	$ 0

Related Party Transactions (114

Related Party Transactions (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Aug. 11, 2014
Accounts Payable And Other Liabilities [Member]
Related Party Transaction [Line Items]
Costs and Expenses, Related Party			$ 99,116		$ 266,231
Operating Expense [Member]
Related Party Transaction [Line Items]
Costs and Expenses, Related Party	$ 168,134	$ 224,189	604,959	$ 309,855
ZAIS REIT Management, LLC
Related Party Transaction [Line Items]
Loan origination Rate						0.50%
ZAIS REIT Management, LLC | Accounts Payable And Other Liabilities [Member]
Related Party Transaction [Line Items]
Due to Related Parties	760,066		$ 760,066		$ 718,372
ZAIS REIT Management, LLC | Advisory Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction Advisory Fee Rate			1.50%
Related Party [Member]
Related Party Transaction [Line Items]
Operating Leases, Income Statement, Sublease Revenue	$ 10,800		$ 28,160

Equity (Details)

Equity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Dividend Declared on March 19, 2015
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share	$ 0.4
Dividends Payable, Date of Record	Mar. 31, 2015
Dividends Payable, Date to be Paid	Apr. 15, 2015
Dividend Declared on June 18, 2015
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share	$ 0.4
Dividends Payable, Date of Record	Jun. 30, 2015
Dividends Payable, Date to be Paid	Jul. 15, 2015
Dividend Declared on September 17, 2015
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share	$ 0.40
Dividends Payable, Date of Record	Sep. 30, 2015
Dividends Payable, Date to be Paid	Oct. 15, 2015
Dividend Declared on March 19, 2014
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share		$ 0.4
Dividends Payable, Date of Record		Mar. 31, 2014
Dividends Payable, Date to be Paid		Apr. 14, 2014
Dividend Declared on June 17, 2014
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share		$ 0.40
Dividends Payable, Date of Record		Jun. 30, 2014
Dividends Payable, Date to be Paid		Jul. 15, 2014
Dividend Declared on September 17, 2014
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share		$ 0.40
Dividends Payable, Date of Record		Sep. 30, 2014
Dividends Payable, Date to be Paid		Oct. 15, 2014

Non-controlling Interests (Deta

Non-controlling Interests (Details Textual) - shares	Sep. 30, 2015	Dec. 31, 2014
GMFS [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	50.00%
OP units [Member] | ZAIS Financial Partners, LP [Member]
Noncontrolling Interest [Line Items]
Partners' Capital Account, Units	926,914	926,914
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.40%	10.40%

Commitments and Contingencie117

Commitments and Contingencies (Details)	Sep. 30, 2015USD ($)
October 1, 2015 - December 31, 2015	$ 264,115
2,016	909,686
2,017	731,725
2,018	628,901
2,019	129,938
2,020	0
Thereafter	$ 0

Commitments and Contingencie118

Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Lessee Leasing Arrangements, Operating Leases, Renewal Term		5 years
Operating Leases, Rent Expense, Minimum Rentals	$ 188,811	$ 557,331
Loan Origination Commitments [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset	$ 249,100,000	$ 249,100,000	$ 117,700,000

Counterparty Risk and Concen119

Counterparty Risk and Concentration (Details Textual)	9 Months Ended
	Sep. 30, 2015
Concentration Risk, Credit Risk, Uninsured Deposits	The Company's deposits with financial institutions may exceed federally insurable limits of $250,000 per institution.

Offsetting Assets and Liabil120

Offsetting Assets and Liabilities (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	$ 475,304,121	$ 493,384,515
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	475,304,121	493,384,515
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(472,022,082)	(492,700,259)
Cash Collateral Pledged	(3,282,039)	(684,256)
Net Amount	0	0
Warehouse Lines of Credit [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	104,216,594	89,417,564
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	104,216,594	89,417,564
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(104,216,594)	(89,417,564)
Cash Collateral Pledged	0	0
Net Amount	0	0
Loan Repurchase Facilities [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	295,315,030	300,092,293
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	295,315,030	300,092,293
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(295,305,878)	(300,092,293)
Cash Collateral Pledged	(9,152)	0
Net Amount	0	0
Securities Repurchase Agreements [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	74,520,999	103,014,105
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	74,520,999	103,014,105
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(72,499,610)	(102,329,849)
Cash Collateral Pledged	(2,021,389)	(684,256)
Net Amount	0	0
Interest rate swap agreements
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	1,251,498	860,553
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	1,251,498	860,553
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	0	(860,553)
Cash Collateral Pledged	(1,251,498)	0
Net Amount	$ 0	$ 0

Employee Benefit Plan (Details

Employee Benefit Plan (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Cost Recognized	$ 92,643	$ 298,996

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Interest income	$ 9,650,952		$ 28,899,697
Interest expense	4,711,854	$ 4,491,678	14,185,080	$ 12,812,015
Net interest income (expense)	4,939,098	6,508,941	14,714,617	18,512,857
Non-interest income	8,943,047	0	35,750,028	0
Change in unrealized gain or loss	(8,093,720)		(10,036,457)
Realized gain	284,448		933,686
Gain or (loss) on derivative instruments	(177,670)	(517,117)	316,697	(5,528,747)
Advisory fee - related party	760,066	718,372	2,188,354	2,131,690
Salaries, commissions and benefits	7,681,983	0	23,171,648	0
Operating expenses	3,461,155	1,666,169	10,333,959	5,360,686
Other Expenses
Expenses	717,696		2,371,197
Depreciation and amortization	236,212		694,173
Total other expenses	953,908		3,065,370
Net income/(loss) before income taxes	(6,961,909)	1,279,798	2,919,240	29,634,792
Income tax benefit (expense)	250,491	0	(2,503,896)	0
Segment net income (loss)	(6,711,418)	$ 1,279,798	415,344	$ 29,634,792
Residential Mortgage Investment [Member]
Segment Reporting Information [Line Items]
Interest income	8,664,713		26,512,002
Interest expense	2,687,401		8,208,669
Net interest income (expense)	5,977,312		18,303,333
Non-interest income	0		0
Change in unrealized gain or loss	(8,093,720)		(10,036,457)
Realized gain	284,448		933,686
Gain or (loss) on derivative instruments	(177,670)		316,697
Advisory fee - related party	406,053		1,102,342
Salaries, commissions and benefits	0		0
Operating expenses	64,958		282,916
Other Expenses
Expenses	717,696		2,306,545
Depreciation and amortization	0		0
Total other expenses	717,696		2,306,545
Net income/(loss) before income taxes	(3,198,337)		5,825,456
Income tax benefit (expense)	0		0
Segment net income (loss)	(3,198,337)		5,825,456
Residential Mortgage Banking [Member]
Segment Reporting Information [Line Items]
Interest income	986,239		2,387,695
Interest expense	574,977		1,647,268
Net interest income (expense)	411,262		740,427
Non-interest income	8,943,047		35,750,028
Change in unrealized gain or loss	0		0
Realized gain	0		0
Gain or (loss) on derivative instruments	0		0
Advisory fee - related party	138,789		404,053
Salaries, commissions and benefits	7,681,983		23,171,648
Operating expenses	1,921,180		6,087,395
Other Expenses
Expenses	0		64,652
Depreciation and amortization	236,212		694,173
Total other expenses	236,212		758,825
Net income/(loss) before income taxes	(623,855)		6,068,534
Income tax benefit (expense)	250,491		(2,503,896)
Segment net income (loss)	(373,364)		3,564,638
Corporate/Other [Member]
Segment Reporting Information [Line Items]
Interest income	0		0
Interest expense	1,449,476		4,329,143
Net interest income (expense)	(1,449,476)		(4,329,143)
Non-interest income	0		0
Change in unrealized gain or loss	0		0
Realized gain	0		0
Gain or (loss) on derivative instruments	0		0
Advisory fee - related party	215,224		681,959
Salaries, commissions and benefits	0		0
Operating expenses	1,475,017		3,963,648
Other Expenses
Expenses	0		0
Depreciation and amortization	0		0
Total other expenses	0		0
Net income/(loss) before income taxes	(3,139,717)		(8,974,750)
Income tax benefit (expense)	0		0
Segment net income (loss)	$ (3,139,717)		$ (8,974,750)

Segment Information (Details 1)

Segment Information (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net (loss) income	$ (6,711,418)	$ 1,279,798	$ 415,344	$ 29,634,792
Advisory fee - related party	760,066	718,372	2,188,354	2,131,690
Amortization of deferred premiums, production and profitability earn-outs included in salaries, commission and benefits	7,681,983	0	23,171,648	0
Operating expenses	3,461,155	1,666,169	10,333,959	5,360,686
Income tax (benefit) expense	(250,491)	$ 0	2,503,896	$ 0
Residential Mortgage Banking Segment [Member]
Net (loss) income	(373,364)		3,564,638
Residential Mortgage Banking Segment [Member] | GMFS, LLC [Member]
Net (loss) income	313,228		9,264,108
Advisory fee - related party	138,789		404,053
Amortization of deferred premiums, production and profitability earn-outs included in salaries, commission and benefits	161,620		592,606
Operating expenses	439,589		1,543,008
Other expenses	197,085		655,907
Income tax (benefit) expense	$ (250,491)		$ 2,503,896

Segment Information (Details 2)

Segment Information (Details 2) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Mortgage loans held for investment, at fair value	$ 401,206,350	$ 415,959,838
Mortgage loans held for investment, at cost	1,074,313	1,338,935
Mortgage loans held for sale	114,670,811	97,690,960
Real estate securities	113,220,076	148,585,733
Other investment securities	15,209,050	2,040,532
Mortgage servicing rights	42,044,651	33,378,978
Goodwill	14,183,537	16,512,680
Intangible Assets	5,077,355	5,668,611
Total assets	779,100,280	792,398,605
Corporate/Other [Member]
Segment Reporting Information [Line Items]
Mortgage loans held for investment, at fair value	0	0
Mortgage loans held for investment, at cost	0	0
Mortgage loans held for sale	0	0
Real estate securities	0	0
Other investment securities	0	0
Mortgage servicing rights	0	0
Goodwill	0	0
Intangible Assets	0	0
Total assets	1,229,846	1,144,735
Residential Mortgage Investment [Member]
Segment Reporting Information [Line Items]
Mortgage loans held for investment, at fair value	401,206,350	415,959,838
Mortgage loans held for investment, at cost	0	0
Mortgage loans held for sale	0	0
Real estate securities	113,220,076	148,585,733
Other investment securities	15,209,050	2,040,532
Mortgage servicing rights	0	0
Goodwill	0	0
Intangible Assets	0	0
Total assets	549,677,040	596,553,227
Residential Mortgage Banking [Member]
Segment Reporting Information [Line Items]
Mortgage loans held for investment, at fair value	0	0
Mortgage loans held for investment, at cost	1,074,313	1,338,935
Mortgage loans held for sale	114,670,811	97,690,960
Real estate securities	0	0
Other investment securities	0	0
Mortgage servicing rights	42,044,651	33,378,978
Goodwill	14,183,538	16,512,680
Intangible Assets	5,077,355	5,668,611
Total assets	$ 228,193,394	$ 194,700,643

Segment Information (Details Te

Segment Information (Details Textual)	1 Months Ended
	Oct. 31, 2014
Segment Reporting Information [Line Items]
Number of Operating Segments	2