Ready Capital (RC) 10-K 10 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 08, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	ZAIS Financial Corp.
Entity Central Index Key	1,527,590
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 125,460,507
Trading Symbol	ZFC
Entity Common Stock, Shares Outstanding		7,970,886

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash	$ 20,793,716	$ 33,791,013
Restricted cash	4,371,725	7,143,078
Mortgage loans held for investment, at fair value - $394,942,512 and $415,814,067 pledged as collateral, respectively	397,678,140	415,959,838
Mortgage loans held for investment, at cost	1,886,642	1,338,935
Mortgage loans held for sale, at fair value - $115,942,230 and $97,690,960 pledged as collateral, respectively	115,942,230	97,690,960
Real estate securities, at fair value - $95,627,850 and $135,779,193 pledged as collateral, respectively	109,339,281	148,585,733
Other Investment Securities, at fair value - $1,989,174 and $2,040,532 pledged as collateral, respectively	12,804,196	2,040,532
Loans eligible for repurchase from Ginnie Mae	34,745,103	21,710,284
Mortgage servicing rights, at fair value	48,209,016	33,378,978
Derivative assets, at fair value	2,376,187	2,485,100
Other assets	7,928,878	6,092,863
Goodwill	14,183,537	16,512,680
Intangible Assets	4,880,270	5,668,611
Total assets	775,138,921	792,398,605
Liabilities
Warehouse lines of credit	100,768,428	89,417,564
Loan repurchase facilities	296,789,330	300,092,293
Securities repurchase agreements	73,300,159	103,014,105
Exchangeable Senior Notes	56,509,046	55,474,741
Contingent consideration	11,285,100	11,430,413
Derivative liabilities, at fair value	1,831,967	2,585,184
Dividends and distributions payable	3,559,120	3,559,120
Accounts payable and other liabilities	18,572,613	11,731,089
Liability for loans eligible for repurchase from Ginnie Mae	34,745,103	21,710,284
Total liabilities	$ 597,360,866	$ 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	(4,984,178)	9,029,947
Total ZAIS Financial Corp. stockholders' equity	159,224,237	173,238,362
Non-controlling interests in operating partnership	18,553,818	20,145,450
Total equity	177,778,055	193,383,812
Total liabilities and equity	$ 775,138,921	$ 792,398,605

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Mortgage loans held for investment, pledged as collateral	$ 394,942,512	$ 415,814,067
Mortgage Loans Held For Sale Amount Pledged As Collateral	115,942,230	97,690,960
Real estate securities, pledged as collateral	95,627,850	135,779,193
Other investment securities, pledged as collateral	$ 1,989,174	$ 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 ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest income
Mortgage loans held for investment	$ 25,930,901	$ 26,140,679	$ 10,470,435
Mortgage loans held for sale	3,144,345	594,217	0
Real estate securities	8,166,961	14,313,293	15,947,892
Other investment securities	560,349	544,558	0
Total interest income	37,802,556	41,592,747	26,418,327
Interest expense
Warehouse lines of credit	2,151,690	121,194	0
Loan repurchase facilities	9,432,335	8,906,849	3,612,167
Securities repurchase agreements	1,480,616	2,544,838	2,918,813
Exchangeable Senior Notes	5,785,264	5,686,664	563,539
Total interest expense	18,849,905	17,259,545	7,094,519
Net interest income	18,952,651	24,333,202	19,323,808
Non-interest income
Mortgage banking activities, net	45,857,462	5,439,006	0
Loan servicing fee income, net of direct costs	7,092,431	929,718	0
Change in fair value of mortgage servicing rights	(4,128,476)	(1,684,373)	0
Other income	54,857	45,861	0
Total non-interest income	48,876,274	4,730,212	0
Other (losses)/gains
Change in unrealized gain or loss on mortgage loans held for investment	(9,368,719)	22,814,340	7,136,482
Change in unrealized gain or loss on real estate securities	(4,851,240)	(2,993,640)	(7,170,706)
Change in unrealized gain or loss on Other Investment Securities	(334,167)	(226,224)	0
Change in unrealized gain or loss on real estate owned	(435,282)	(503,956)	0
Realized gain on mortgage loans held for investment	1,479,145	1,838,800	1,298,844
Realized gain/(loss) on real estate securities	18,833	3,694,256	(9,045,689)
Realized (loss)/gain on Other Investment Securities	(154,554)	226,743	0
Realized (loss)/gain on real estate owned	(160,341)	2,455	0
(Loss)/gain on derivative instruments related to investmentportfolio	(171,859)	(5,921,725)	5,614,815
Total other (losses)/gains	(13,978,184)	18,931,049	(2,166,254)
Expenses
Advisory fee - related party	2,953,115	2,853,896	2,629,815
Salaries, commissions and benefits	30,934,727	3,765,784	0
Operating expenses	12,294,334	7,862,308	5,473,915
Other expenses	4,672,368	4,511,741	1,500,359
Total expenses	50,854,544	18,993,729	9,604,089
Net income before income taxes	2,996,197	29,000,734	7,553,465
Income tax expense/(benefit)	4,415,474	(850,996)	0
Net (loss)/income after income taxes	(1,419,277)	29,851,730	7,553,465
Net (loss)/income allocated to non-controlling interests	(158,568)	3,109,760	880,358
Preferred dividends	0	0	15,379
Net (loss)/income attributable to ZAIS Financial Corp. common stockholders	$ (1,260,709)	$ 26,741,970	$ 6,657,728
Net (loss)/income per share applicable to common stockholders:
Basic	$ (0.16)	$ 3.35	$ 0.92
Diluted	$ (0.16)	$ 3.08	$ 0.92
Weighted average number of shares of common stock:
Basic	7,970,886	7,970,886	7,273,366
Diluted	8,897,800	10,677,360	8,200,280

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, 2012	$ 65,140,795	$ 0	$ 207	$ 39,759,770	$ 5,281,941	$ 45,041,918	$ 20,098,877
Balance, shares at Dec. 31, 2012		133	2,071,096
Reversal of common stock repurchase liability	5,440,175	$ 0	$ 25	5,440,150	0	5,440,175	0
Reversal of common stock repurchase liability (in shares)		0	249,790
Repurchase of preferred shares	(133,000)	$ 0	$ 0	(133,000)	0	(133,000)	0
Repurchase of preferred shares (in shares)		(133)	0
Net proceeds from initial public offering	118,862,500	$ 0	$ 566	118,861,934	0	118,862,500	0
Net proceeds from initial public offering (in shares)		0	5,650,000
Equity raise payments	(216,658)	$ 0	$ 0	(216,658)	0	(216,658)	0
Distributions on OP units	(1,965,060)	0	0	0	0	0	(1,965,060)
Dividends on common stock	(16,898,276)	0	0	0	(16,898,276)	(16,898,276)	0
Rebalancing of ownership percentage between the Company and operating partnership	0	0	0	495,421	0	495,421	(495,421)
Net income (loss)	7,553,465	0	0	0	6,657,728	6,657,728	880,358
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	(1,483,064)	$ 0	$ 0	0	0	0	(1,483,064)
Dividends on common stock	(12,753,416)	0	0	0	(12,753,416)	(12,753,416)	0
Net income (loss)	29,851,730	0	0	0	26,741,970	26,741,970	3,109,760
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	(1,483,064)	$ 0	$ 0	0	0	0	(1,483,064)
Dividends on common stock	(12,753,416)	0	0	0	(12,753,416)	(12,753,416)	0
Contributions	50,000	0	0	0	0	0	50,000
Net income (loss)	(1,419,277)	0	0	0	(1,260,709)	(1,260,709)	(158,568)
Balance at Dec. 31, 2015	$ 177,778,055	$ 0	$ 798	$ 164,207,617	$ (4,984,178)	$ 159,224,237	$ 18,553,818
Balance, shares at Dec. 31, 2015		0	7,970,886

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net (loss) income	$ (1,419,277)	$ 29,851,730	$ 7,553,465
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities
Change in unrealized gain or loss	14,989,408	(19,090,520)
Change in unrealized gain or loss on derivative instruments related to investment portfolio	(644,304)	5,306,841	(1,281,997)
Amortization of Exchangeable Senior Notes discount	1,034,305	935,690	88,457
Depreciation and amortization expense	933,812	154,010	0
Proceeds from sale and principal payments on mortgages held for sale	1,893,833,985	245,140,671	0
Originations and repurchases of mortgage loans held for sale	(1,851,206,995)	(253,934,598)	0
Gain on sale of mortgage loans held for sale	(61,322,192)	3,615,357	0
Capitalization of originated mortgage servicing rights	(18,958,514)	(2,763,014)	0
Changes in operating assets and liabilities
(Increase) /decrease in other assets	1,614,564	559,791	(1,321,134)
Increase /(decrease) in accounts payable and other liabilities	7,100,795	2,818,360	1,302,727
Decrease in contingent consideration	(145,313)	0	0
Net cash (used in)/ provided by operating activities	(23,081,128)	(4,689,880)	8,131,267
Cash flows from investing activities
Cash paid for the acquisition of GMFS, net of cash acquired	0	(49,542,840)	0
Origination of mortgage loans held for investment	(6,201,147)	0	0
Acquisitions of mortgage loans held for investment	(16,353,410)	(85,579,169)	(334,162,044)
Proceeds from sales and principal repayments on mortgage loans held for investment	36,798,274	31,519,288	13,871,059
Acquisitions of real estate securities, net of change in payable for real estate securities purchased	(6,362,138)	(47,034,327)	(406,263,789)
Proceeds from principal repayments on real estate securities	17,888,188	28,197,740	46,752,670
Proceeds from sales of real estate securities, net of changes in receivable for real estate securities sold	26,770,882	102,635,229	291,348,906
Acquisitions of Other Investment Securities	(17,031,330)	(12,926,953)	0
Proceeds from sales of Other Investment Securities	5,961,506	11,067,378	0
Proceeds from principal repayments on other investment securities	9,915	0	0
Purchase of swaption	0	(4,803,750)	0
Proceeds received for the final reconciliation of purchase price relating to the acquisition of GMFS	1,684,263	0	0
Restricted cash provided by/(used in) investment activities	2,771,353	(5,014,842)	1,639,915
Net cash provided by/(used in) investing activities	45,936,356	(31,482,246)	(386,813,283)
Cash flows from financing activities
Proceeds from issuance of common stock, net		0	118,862,500
Payment of common stock repurchase liability		0	(5,750,512)
Net borrowings under warehouse lines of credit	11,350,864	3,576,859	0
Net (repayments)/borrowings under loan repurchase facilities	(3,302,963)	64,033,317	236,058,976
Borrowings from securities repurchase agreements	5,243,481	138,210,170	366,103,785
Repayments of securities repurchase agreements	(34,957,427)	(173,787,743)	(343,592,574)
Proceeds from issuance of Exchangeable Senior Notes	0	0	54,450,594
Allocation of proceeds to conversion option on Exchangeable Senior Notes	0	0	1,324,406
Dividends on common stock and distributions on OP units (net of dividends and distributions payable)	(14,236,480)	(19,130,270)	(10,410,426)
Repurchase of preferred stock including dividend	0	0	(148,379)
Equity raise payments	0	0	(216,658)
Contributions from non-controlling interests	50,000	0	0
Net cash (used in)/provided by financing activities	(35,852,525)	12,902,333	416,681,712
Net (decrease)/ increase in cash	(12,997,297)	(23,269,793)	37,999,696
Cash
Beginning of year	33,791,013	57,060,806	19,061,110
End of year	20,793,716	33,791,013	57,060,806
Supplemental disclosure of cash flow information
Interest paid on warehouse lines of credit, loan repurchase facilities, securities repurchase agreements and Exchangeable Senior Notes	17,536,164	18,666,057	5,696,619
Taxes paid	0	0	0
Supplemental disclosure of noncash investing and financing activities
Accrued dividends and distributions payable	3,559,120	3,559,120	8,452,910
Conversion of mortgage loans held for investment to real estate owned	3,806,064	0	0
Real Estate Securities [Member]
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities
Change in unrealized gain or loss	(3,882,887)	(5,528,538)	(2,932,089)
Change in unrealized gain or loss	4,851,240	2,993,640	7,170,706
Realized (gain)/loss	(18,833)	(3,694,256)	9,045,689
Other Investment Securities [Member]
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities
Change in unrealized gain or loss	(192,476)	(180,438)	0
Change in unrealized gain or loss	334,167	226,224	0
Realized (gain)/loss	154,554	(226,743)	0
Mortgage Servicing Rights [Member]
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities
Change in unrealized gain or loss	4,128,476	1,684,373	0
Real Estate Owned [Member]
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities
Change in unrealized gain or loss	435,282	503,956	0
Realized (gain)/loss	160,341	(2,455)	0
Mortgage Loans [Member]
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities
Change in unrealized gain or loss	(7,761,432)	(7,497,341)	(3,059,231)
Change in unrealized gain or loss	9,368,719	(22,814,340)	(7,136,482)
Realized (gain)/loss	$ (1,479,145)	$ (1,838,800)	$ (1,298,844)

Formation and Organization

Formation and Organization	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	ZAIS Financial Corp. and subsidiaries (the "Company") is a Maryland corporation invests in 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. As announced on November 4, 2015, the Company has engaged a financial advisor to assist it in evaluating potential strategic alternatives to enhance stockholder value. The continuing strategic review includes the exploration of merger or sale transactions involving the Company or a liquidation of Company's assets. In light of the strategic review and in order to reduce current market risk in its investment portfolio, the Company has recently begun the process of selling its seasoned, re-performing mortgage loans from its residential mortgage investments segment. A sale of these assets is expected to be completed early in the second quarter of 2016. Additionally, as part of the strategic review, the Company has made the recent decision to cease the purchase of newly originated residential mortgage loans as part of its mortgage conduit purchase program and will begin the unwinding of the Company’s mortgage conduit business. The Company and its financial advisor have engaged in preliminary discussions with several potential counterparties. While the Company is currently engaged in discussions with a potential counterparty about a potential merger or sale transaction, there is no assurance that the discussions will lead to a definitive merger or sale transaction, which would be subject to approval by the Company’s board of directors and its stockholders. In the event that the Company does not reach a definitive agreement with respect to a merger or sale transaction, management of the Company intends to present to the Company’s board of directors for its consideration a plan of liquidation. There is no assurance that the Company’s board of directors will approve any plan of liquidation and recommend its acceptance by the Company’s stockholders. 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. GMFS had 246 employees at December 31, 2015.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies The accompanying consolidated financial statements 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. The Company operates in the following two 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 period. 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 a joint venture 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 December 31, 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 considers highly liquid short-term interest bearing instruments with original maturities of three months or less and other instruments readily convertible into cash to be cash equivalents. Restricted cash represents the Company's cash held by counterparties as collateral against the Company's derivatives and/or securities repurchase agreements. Cash held by counterparties as collateral is not available to the Company for general corporate purposes, but may be applied against amounts due to derivative or securities repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the derivatives or securities repurchase agreements. The Company held Freddie Mac Structured Agency Credit Risk Notes at December 31, 2015 and December 31, 2014 and Fannie Mae's Risk Transfer Notes at December 31, 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. Mortgage Loans Held for Investment, Mortgage Loans Held for Sale, Real Estate Securities, Other Investment Securities and MSRs — Fair Value Election U.S. GAAP permits entities to choose to measure certain eligible financial instruments at fair value. The Company has elected the fair value option for some of its mortgage loans held for investment, and each of its real estate securities, Other Investment Securities and MSRs at the date of purchase. The fair value option election is irrevocable and requires the Company to measure these mortgage loans, real estate securities, Other Investment Securities and MSRs at estimated fair value with the change in estimated fair value recognized through earnings. The Company has established a policy for its mortgage loans held for investment, real estate securities and Other Investment Securities to separate interest income from the full change in fair value in the consolidated statements of operations. The interest income component is presented as interest income on mortgage loans held for investment, mortgage loans held for sale, real estate securities and Other Investment Securities and the remainder of the change in fair value is presented separately as change in unrealized gain or loss in the Company's consolidated statements of operations. Determination of Fair Value Measurement The "Fair Value Measurements and Disclosures" Topic of the FASB ASC defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under U.S. GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. Fair value under U.S. GAAP represents an exit price in the normal course of business, not a forced liquidation price. If the Company was forced to sell assets in a short period to meet liquidity needs, the prices it receives could be substantially less than their recorded fair values. The Company follows the fair value measurement and disclosure guidance under U.S. GAAP, which establishes a hierarchical disclosure framework. This framework prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment, the characteristics specific to the investment and the state of the marketplace including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices in an orderly market generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. In all cases, an instrument's level within the hierarchy is based upon the market pricing transparency of the instrument and does not necessarily correspond to the Company's perceived risk or liquidity of the instrument. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires significant judgment and considers factors specific to the investment. Assets and liabilities that are measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 — Fair value is determined based on quoted prices for identical assets or liabilities in an active market. Assets and liabilities included in Level 1 include listed securities. As required in the fair value measurement and disclosure guidance under U.S. GAAP, the Company does not adjust the quoted price for these investments. The hierarchy gives highest priority to Level 1. Level 2 — Fair value is determined based on inputs other than quoted prices that are observable for the asset or liability either directly or indirectly as of the reporting date. Assets and liabilities which are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over-the-counter derivatives, including foreign exchange forward contracts whose values are based on the following: ⋅ Quoted prices for similar assets or liabilities in active markets. ⋅ Quoted prices for identical or similar assets or liabilities in nonactive markets. ⋅ Pricing models whose inputs are observable for substantially the full term of the asset or liability. ⋅ Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability. Level 3 — Fair value is determined based on inputs that are unobservable for the investment and includes situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value require significant management judgment or estimation and the Company may use models or other valuation methodologies to arrive at fair value. Investments that are included in this category generally include MSRs, distressed debt, less liquid corporate debt securities, non-investment grade residual interests in securitizations, collateralized debt obligations and certain derivative contracts. The hierarchy gives the lowest priority to Level 3. ZAIS has established a valuation process that applies for all levels of investments in the valuation hierarchy to ensure that the valuation techniques are consistent and verifiable. The valuation process includes discussions between the valuation team, portfolio management team and the valuation committee (the “Valuation Committee”). The Valuation Committee consists of senior members of ZAIS Group and is co-chaired by the Chief Risk Officer and Chief Financial Officer of ZAIS. The Valuation Committee meets to review and approve the results of the valuation process which are used in connection with the preparation of quarterly and annual financial statements. The Valuation Committee is responsible for oversight and review of the written valuation policies and procedures and ensuring that they are applied consistently. The lack of an established, liquid secondary market for some of the Company’s holdings may have an adverse effect on the market value of those holdings and on the Company’s ability to dispose of them. Additionally, the public markets for the Company’s holdings may experience periods of volatility and periods of reduced liquidity and the Company’s holdings may be subject to certain other transfer restrictions that may further contribute to illiquidity. Such illiquidity may adversely affect the price and timing of liquidations of the Company’s holdings. The following is a description of the valuation techniques used to measure fair value and the classification of these instruments pursuant to the fair value hierarchy: Mortgage Loans Held for Investment, at Fair Value The fair value of the Company's mortgage loans held for investment considers data such as loan origination information and additional updated borrower and loan servicing data, as available, forward interest rates, general economic conditions, home price index forecasts and valuations of the underlying properties. The variables considered most significant to the determination of the fair value of the Company's mortgage loans held for investment include market-implied discount rates, projections of default rates, delinquency rates, loss severity (considering mortgage insurance) and prepayment rates. ZAIS uses loan level data, macro-economic inputs and forward interest rates to generate loss adjusted cash flows and other information in determining the fair value of its mortgage loans. Because of the inherent uncertainty of such valuation, the fair values established for mortgage loans held for investment by the Company may differ from the fair values that would have been established if a ready market existed for these mortgage loans held for investment. Accordingly, mortgage loans held for investment are classified as Level 3 in the fair value hierarchy. Mortgage Loans Held for Sale, at Fair Value The fair value of mortgage loans held for sale is determined, when possible, using quoted 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 sale are classified as Level 2 in the fair value hierarchy. Real Estate Securities and Other Investment Securities, at Fair Value ZAIS determines the fair value of the Company’s investments in RMBS generally using third party valuation services. ZAIS verifies that the quotes received from the valuation services are reflective of fair value as defined in U.S. GAAP, generally by comparing to trading activity for similar asset classes, pricing research provided by banks and brokers, the indicative broker quotes and results from ZAIS’ proprietary models. If the values from the third party valuation services are insufficient or unavailable, fair value is determined using observable market data, indicative broker quotes or proprietary models that incorporate market based inputs but also include unobservable inputs. Some of the significant unobservable inputs used are constant prepayment rates, constant default rates, delinquency rates, security ratings, discount rates, credit spreads, and yields. The proprietary models convert future projected cash flows to a single discounted present value. ZAIS’ assessment of the significance of a particular input to the fair value measurement in its entirety requires significant judgment and considers factors specific to the investment. The Company's Agency RMBS, if any, are valued using the market data described above, which includes inputs determined to be observable or whose significant fair value drivers are observable. Accordingly, Agency RMBS securities are classified as Level 2 in the fair value hierarchy. MSRs, at Fair Value The Company uses a third party vendor to assist management in estimating the fair value of MSRs. The third party vendor uses a discounted cash flow approach which consists of projecting servicing cash flows discounted at a rate that management believes market participants would use in their determinations of fair value. The key assumptions used in the estimation of the fair value of MSRs include prepayment speeds, discount rates, default rates, cost to service, contractual servicing fees, escrow earnings and ancillary income. MSRs are classified as Level 3 in the fair value hierarchy. Derivative Instruments Interest Rate Swaption Agreements An interest rate swaption agreement represents an option that gives the Company the right, but not the obligation, to enter into a previously agreed upon interest rate swap agreement on a future date. If exercised the Company will enter into an interest rate swap agreement and is obligated to pay a fixed rate of interest and receive a floating rate of interest. The Company utilizes proprietary modeling analysis or industry standard third party analytics to support the counterparty valuations received for interest rate swaption agreements. These counterparty valuations are generally based on models with observable market inputs such as interest rates and contractual cash flows, and, as such, are classified as Level 2 on the fair value hierarchy. The Company's interest rate swaption agreements are governed by International Swap and Derivative Association trading agreements, which are separately negotiated agreements with dealer counterparties. Interest Rate Swap Agreements An interest rate swap is an agreement between two counterparties to exchange periodic interest payments where one party to the contract makes a fixed rate payment in exchange for a floating rate payment from the other party. The dollar amount each party pays is an agreed-upon periodic interest rate multiplied by some predetermined dollar principal (notional amount). No principal (notional amount) is exchanged between the two parties at trade initiation date. Only interest payments are exchanged. ZAIS utilize proprietary modeling analysis or industry standard third party analytics to support the counterparty valuations received for interest rate swap agreements. These counterparty valuations are generally based on models with observable market inputs such as interest rates and contractual cash flows, and, as such, are classified as Level 2 on the fair value hierarchy. The Company’s interest rate swap agreements are governed by International Swap and Derivative Association trading agreements, which are separately negotiated agreements with dealer counterparties. At December 31, 2015 and December 31, 2014, no credit valuation adjustment was made in determining the fair value of the derivative. Changes in the value of the contract are reported in gain (loss) on derivative instruments related to investment portfolio in the consolidated statements of operations. Loan Purchase Commitments ("LPCs") LPCs are agreements with approved third-party residential loan originators to purchase residential loans at a future date. LPCs that qualify as derivatives are recorded at their estimated fair values in the Company's consolidated balance sheets. The fair value of the Company's LPCs are based on the prices the underlying loans can be purchased for in the secondary market, adjusted for an estimated pull through rate. Changes in fair value are reported in the consolidated statements of operations. LPCs are classified as Level 3 in the fair value hierarchy. Interest Rate Lock Commitments ("IRLCs") IRLCs are agreements under which the Company agrees to extend credit to a borrower under certain specified terms and conditions in which the interest rate and the maximum amount of the loan are set prior to funding. Unrealized gains and losses on the IRLCs, reflected as derivative assets and derivative liabilities, respectively, are measured based on the value of the underlying mortgage loan, quoted GSE mortgage backed security ("MBS") prices, estimates of the fair value of the MSRs and the probability that the mortgage loan will fund within the terms of the IRLC, net of commission expense and broker fees. IRLCs are classified as Level 3 in the fair value hierarchy. MBS Forward Sales Contracts and TBA Securities MBS forward sales contracts and TBA securities are forward contracts for the purchase or sale of MBS at a predetermined price with a stated face amount, coupon and stated maturity at a agreed upon future date. The specific MBS delivered into the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association ("SIFMA"), are not known at the time of the transaction. The Company estimates the fair value of MBS forward sales contracts and TBA securities based on third party vendor prices and quoted MBS prices. MBS forward sales contracts and TBA securities are classified as Level 2 in the fair value hierarchy. Mortgage Loans Held for Investment, at Cost Mortgage loans held for investment related to the Company's mortgage banking activities includes loans which, due to various reasons, are unable to be sold to a third party. Such loans are performing loans which the Company carries at amortized cost, less a valuation allowance for estimated credit losses, if applicable. Mortgage Loans Held for Investment, at Fair Value Pursuant to the Company's policy for separately presenting interest income on mortgage loans, the Company follows acceptable methods under U.S. GAAP for allocating a portion of the change in fair value of certain mortgage loans held for investment to interest income. When the Company purchases mortgage loans which are held for investment and which have shown evidence of credit deterioration since origination and management determines that it is probable the Company will not collect all contractual cash flows on those loans, the Company applies the guidance that addresses accounting for differences between contractual cash flows and cash flows expected to be collected if those differences are attributable to, at least in part, credit quality. Interest income is recognized on a level-yield basis over the life of the loan as long as cash flows can be reasonably estimated. The level-yield is determined by the excess of the Company's initial estimate of undiscounted expected principal, interest, and other cash flows (cash flows expected at acquisition to be collected) over the Company's initial investment in the mortgage loan (accretable yield). The amount of interest income to be recognized cannot result in a carrying amount that exceeds the payoff amount of the loan. The excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) will not be recognized as an adjustment of yield. On a quarterly basis, the Company updates its estimate of the cash flows expected to be collected. For purposes of interest income recognition, any subsequent increases in cash flows expected to be collected are generally recognized as prospective yield adjustments (which establishes a new level-yield) and any subsequent decreases in cash flows expected to be collected are recognized as an impairment to be recorded through change in unrealized gain or loss in the consolidated statements of operations. Income recognition is suspended for a loan when cash flows cannot be reasonably estimated. Interest income on newly originated mortgage loans which are purchased by the Company and held for investment, is accrued based on the effective yield method on the outstanding principal balance and their contractual terms. Premiums and discounts associated with these mortgage loans at the time of purchase are amortized into interest income over the life of such loan using the effective yield method and adjusted for actual prepayments. Real Estate Securities and Other Investment Securities, at Fair Value Pursuant to the Company's policy for separately presenting interest income on real estate securities and Other Investment Securities, the Company follows acceptable methods under U.S. GAAP for allocating a portion of the change in fair value of real estate securities and Other Investment Securities to interest income. Interest income on Agency RMBS, if any, is accrued based on the effective yield method on the outstanding principal balance and their contractual terms. Premiums and discounts associated with Agency RMBS at the time of purchase are amortized into interest income over the life of such securities using the effective yield method and adjusted for actual prepayments. Interest income on the non-Agency RMBS and Other Investment Securities, which were purchased at a discount to par value and/or were rated below AA at the time of purchase, is recognized based on the effective yield method. The effective yield on these securities is based on the projected cash flows from each security, which are estimated based on the Company's observation of current information and events and include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On a monthly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses. Therefore, actual maturities of the securities are generally shorter than stated contractual maturities. Based on the projected cash flows from the Company's non-Agency RMBS purchased at a discount to par value, a portion of the purchase discount may be designated as credit protection against future credit losses and, therefore, not accreted into interest income. The amount designated as credit discount is determined, and may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a credit discount is more favorable than forecasted, a portion of the amount designated as credit discount may be accreted into interest income prospectively. RMBS and Other Investment Securities are evaluated for other-than-temporary impairment ("OTTI") each quarter. A security with a fair value that is less than amortized cost is considered impaired. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a security has been deemed to be other-than-temporarily impaired, the amount of OTTI is bifurcated into: (i) the amount related to expected credit losses; and (ii) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations as a realized loss on real estate securities and realized loss on Other Investment Securities. The remaining OTTI related to the valuation adjustment is recognized as a component of change in unrealized gain or loss in the consolidated statements of operations. Realized gains and losses on sale of real estate securities and Other Investment Securities are determined using the specific identification method. Real estate securities and Other Investment Securities transactions are recorded on the trade date. Mortgage Loans Held for Investment, at Cost and Mortgage Loans Held for Sale, at Fair Value Interest income on mortgage loans is accrued to income based upon the principal amount outstanding and contractual interest rates and is included in interest income on mortgage loans held for sale in the consolidated statements of operations. Income recognition is discontinued when loans become 90 Mortgage Banking Activities, net Gain on Sale of Mortgage Loans Held for Sale, net of direct costs Mortgage loans held for sale are considered sold when the Company surrenders control over the financial assets. Control is considered to have been surrendered when the transferred assets have been isolated from the Company, beyond the reach of the Company and its creditors; the purchaser obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and the Company does not maintain effective control over the transferred assets through an agreement that both entitles and obligates the Company to repurchase or redeem the transferred assets before their maturity or the ability to unilaterally cause the holder to return specific assets. Such transfers may involve securitizations, participation agreements or repurchase agreements. If the criteria above are not met, such transfers are accounted for as secured borrowings, in which the assets remain on the consolidated balance sheets, the proceeds from the transaction are recognized as a liability and no MSRs are recorded for the transferred loans. Gains and losses from the sale of mortgage loans held for sale are recognized based upon the difference between the sales proceeds and carrying value of the related loans upon sale and is included in mortgage banking activities, net in the consolidated statements of operations. The sales proceeds reflect the cash received and the initial fair value of the separately recognized MSRs. Gains and losses also includes the unrealized gains and losses associated with the mortgage loans held for sale and the realized and unrealized gains and losses from MBS forward sales contracts and IRLCs. Loan origination costs directly attributable to the processing, underwriting, and closing of a loan are offset against gain on sale of mortgage loans held for sale when loans are sold. Loan Expenses, including Provision for Loan Indemnification Loan expenses include indirect costs related to loan origination activities and are expensed as incurred and are included in mortgage banking activities, net in the Company’s consolidated statements of operations. The provision for loan indemnification includes the fair value of the incurred liability for mortgage repurchases and indemnifications recognized at the time of loan sale and any other provisions recorded against the loan indemnification reserve Loan Origination Fee Income Loan origination fee income represents revenue earned from originating mortgage loans and is included in mortgage banking activities, net in the Company's consolidated statements of operations. Loan origination fees relating to mortgage loans held for sale are reflected in mortgage banking activities, net when loans are sold. Loan servicing fee income represents revenue earned for servicing loans for various investors and is included in the consolidated statements of operations. The servicing fees are based on a contractual percentage of the outstanding principal balance and recognized into revenue as the rel

GMFS Transaction

GMFS Transaction	12 Months Ended
	Dec. 31, 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 "GMFS 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 a mortgage banking 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 The GMFS 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 consideration at closing $ 74,277,865 Contingent consideration represents the estimated present value of deferred premiums and the Production and Profitability Earn-Out. Contingent consideration was estimated at closing based on future production and 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 year ended December 31, 2015, the Company recorded a decrease in the contingent consideration liability of $ 145,313 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, at cost 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 For the years ended December 31, 2015 and December 31, 2014, the Company incurred acquisition related costs of $ 120,852 2,177,617 Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities. The determination of goodwill at the time of closing 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 GMFS 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 1,943,533 259,269 385,610 Acquisition of GMFS $ 16,512,680 Balance at December 31, 2014 16,512,680 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 December 31, 2015 $ 14,183,537 Goodwill has been allocated to the Company's residential mortgage banking segment and was established as a result of the acquisition of GMFS on October 31, 2014. Goodwill is not amortized but is tested for impairment on the anniversary date of the acquisition or more frequently if events or changes in circumstances indicate that a potential impairment may have occurred. As of October 31, 2015, the Company’s common stock had been trading below its book value for several quarters which is an indicator of potential impairment of the goodwill. The Company, therefore, conducted a valuation analysis of the mortgage banking unit using both a discounted cash flow analysis and market comparables. This valuation analysis supported the current carrying value of the mortgage banking segment, and indicated that the discount in the Company’s stock price was attributable to the residential mortgage investments and corporate segments. No impairment losses relating to goodwill were recorded for the period from October 31, 2014 to December 31, 2014 or the year ended December 31, 2015. Additionally, goodwill is expected to be deductible for tax purposes over a 15 Other Intangible Assets Estimated Fair Estimated Useful Value Life 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 Year Ended October 31, 2014 to December 31, 2015 December 31, 2014 Amortization expense $ 788,341 $ 131,389 Such amounts are recorded as other expenses in the consolidated statements of operations. December 31, December 31 2015 2014 Trade name $ 233,338 $ 33,333 Customer relationships 151,662 21,666 Licenses 388,892 55,556 Favorable lease 145,838 20,834 Total accumulated amortization $ 919,730 $ 131,389 2016 $ 788,340 2017 $ 732,776 2018 $ 455,004 2019 $ 455,004 2020 $ 455,004 No impairment losses relating to intangible assets were recorded for the period from October 31, 2014 to December 31, 2014 or the year ended December 31, 2015. The Company did not have any intangible assets prior to the acquisition of GMFS on October 31, 2014. Results of Operations and Pro-Forma Results Interest income – mortgage loans held for sale $ 594,217 Mortgage banking activities, net: Gain on sale of mortgage loans, net of direct costs 5,344,361 Loan origination fee income 213,540 Provision for loan indemnification (118,895) 5,439,006 Loan servicing fee income, net of direct costs 929,718 Change in fair value of mortgage servicing rights (1,684,373) Other income 45,861 Total non-interest income 4,730,212 Net income before expenses and taxes relating to Honeybee TRS 583,073 Expenses of Honeybee TRS (2,710,564) (1) Net loss after expenses of Honeybee TRS, before tax (2,127,491) Tax benefit 850,996 Net loss after expenses of Honeybee TRS, after tax $ (1,276,495) (1) The results of GMFS are included in the Company’s results beginning October 31, 2014. The unaudited pro forma revenues and net income of the consolidated entity for the year ended December 31, 2014, assuming the business combination was consummated on January 1, 2013, are as follows: Year Ended Year Ended December 31, 2014 December 31, 2013 Net interest income $ 21,623,473 $ 15,737,131 Non-interest Income Mortgage banking activities, net 41,047,510 46,354,596 Loan servicing fees, net of direct costs 5,239,010 3,022,447 Other income 673,270 709,369 Net income 35,213,626 11,465,008 The pro forma results are presented for illustrative purposes only and are not intended to represent or be indicative of the actual consolidated results of operations of the Company that would have been achieved had the business combination occurred on January 1, 2013, nor are they intended to represent or be indicative of future results of operations.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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. December 31, 2015 Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Total Assets Mortgage loans held for investment $ — $ — $ 397,678,140 $ 397,678,140 Mortgage loans held for sale — 115,942,230 — 115,942,230 Non-Agency RMBS — — 109,339,281 109,339,281 Other Investment Securities — — 12,804,196 12,804,196 MSRs — — 48,209,016 48,209,016 Derivative assets — — 2,376,187 2,376,187 Total $ — $ 115,942,230 $ 570,406,820 $ 686,349,050 Liabilities Contingent consideration $ — $ — $ 11,285,100 $ 11,285,100 Derivative liabilities — 1,822,096 9,871 1,831,967 Total $ — $ 1,822,096 $ 11,294,971 $ 13,117,067 December 31, 2014 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 Contingent consideration $ — $ — $ 11,430,413 $ 11,430,413 Derivative liabilities — 2,585,184 — 2,585,184 Total $ — $ 2,585,184 $ 11,430,413 $ 14,015,597 The following table presents 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: Year Ended December 31, 2015 Year Ended December 31, 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 21,709,387 6,362,138 17,031,330 85,579,169 47,034,327 12,926,953 Proceeds from sales — (26,770,882) (5,961,506) — (102,635,229) (11,067,378) Amortization of premiums (6,422) — — — — — Net accretion of discounts 7,767,854 3,882,887 192,476 7,497,341 5,528,538 180,438 Proceeds from principal repayments (36,056,879) (17,888,188) (9,915) (31,759,326) (28,197,740) — Conversion of mortgage loans to REO (3,806,064) — — (1,796,028) — — Total losses (realized/unrealized) included in earnings (19,504,275) (6,105,642) (723,638) (8,250,003) (6,694,487) (226,224) Total gains (realized/unrealized) included in earnings 11,614,701 1,273,235 234,917 32,903,143 7,395,103 226,743 Ending balance $ 397,678,140 $ 109,339,281 $ 12,804,196 $ 415,959,838 $ 148,585,733 $ 2,040,532 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 $ (9,639,808) $ (4,098,040) $ (567,589) $ 22,957,500 $ (1,039,499) $ (226,224) Derivative Instruments Year Ended Year Ended Loan Purchase Interest Rate Loan Purchase Interest Rate Beginning balance $ 4,037 $ 2,481,063 $ — $ — Acquisition of GMFS — — — 2,702,954 Change in unrealized gain or loss (13,908) (104,876) 4,037 (221,891) Ending balance $ (9,871) $ 2,376,187 $ 4,037 $ 2,481,063 The amount of total gains or (losses) for the year included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date $ (13,908) $ (104,876) $ 4.037 $ (221,891) MSRs See Note 8 – "Mortgage Servicing Rights, at fair value" for additional information about the Company's MSRs. Year Ended December 31, December 31, Beginning balance $ 11,430,413 $ — Acquisition of GMFS — 11,430,413 Change in fair value (145,313) — Ending balance $ 11,285,100 $ 11,430,413 There were no financial assets or liabilities that were accounted for at fair value on a nonrecurring basis at December 31, 2015 or December 31, 2014. During the years ended December 31, 2015 and December 31, 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 years ended December 31, 2015 or December 31, 2014. Fair Value at Valuation Unobservable Min Max Weighted Mortgage loans held for Investment $ 397,678,140 Discounted cash flow model Constant voluntary prepayment 1.9 % 5.0 % 3.2 % Constant default rate 1.4 % 5.0 % 3.1 % Loss severity 5.9 % 37.2 % 22.1 % Delinquency 6.3 % 13.2 % 10.9 % Non-Agency RMBS Alternative – A $ 35,998,175 Broker quotes/comparable trades Constant voluntary prepayment 2.7 % 18.9 % 12.9 % Constant default rate 0.2 % 7.8 % 2.8 % Loss severity 0.0 % 85.0 % 21.0 % Delinquency 1.4 % 22.2 % 8.9 % Pay option adjustable rate 32,209,538 Broker quotes/comparable trades Constant voluntary prepayment 2.2 % 13.5 % 7.5 % Constant default rate 0.5 % 13.0 % 3.5 % Loss severity 0.0 % 95.6 % 40.0 % Delinquency 5.3 % 21.9 % 12.3 % Prime 32,482,521 Broker quotes/comparable trades Constant voluntary prepayment 3.6 % 21.0 % 8.0 % Constant default rate 0.5 % 9.4 % 3.7 % Loss severity 0.0 % 85.1 % 28.9 % Delinquency 4.4 % 25.5 % 12.0 % Subprime 8,649,047 Broker quotes/comparable trades Constant voluntary prepayment 1.2 % 7.7 % 3.9 % Constant default rate 3.0 % 8.0 % 6.2 % Loss severity 11.1 % 128.5 % 54.0 % Delinquency 18.3 % 28.0 % 22.2 % Total Non-Agency RMBS $ 109,339,281 Other Investment Securities $ 12,804,196 Broker quotes/comparable trades Constant voluntary prepayment 4.0 % 18.4 % 6.9 % MSRs $ 48,209,016 Discounted cash flow model Constant voluntary prepayment 8.5 % 10.5 % 9.3 % Cost of servicing $ 77 $ 110 $ 92 Discount rate 9.0 % 10.0 % 9.4 % Contingent consideration $ 11,285,100 Option pricing model Discount rate 10.2 % 10.8 % 10.5 % Production volatility — — 20.0 % Profitability volatility — — 50.0 % Fair Value at Valuation Unobservable Input Min/Max Weighted Mortgage loans held for investment $ 415,959,838 Discounted cash flow model Constant voluntary prepayment 1.4 % 27.1 % 3.9 % Constant default rate 0.0 % 4.0 % 2.9 % Loss severity 0.0 % 40.5 % 23.8 % Delinquency 0.1 % 13.6 % 10.6 % Non-Agency RMBS Alternative – A $ 61,296,540 Broker quotes/ comparable trades Constant voluntary prepayment 1.6 % 24.8 % 13.6 % Constant default rate 0.1 % 8.4 % 3.1 % Loss severity 0.0 % 81.1 % 20.5 % Delinquency 1.3 % 25.9 % 10.1 % Pay option adjustable rate $ 45,541,325 Broker quotes/ comparable trades Constant voluntary prepayment 1.7 % 20.1 % 8.9 % Constant default rate 1.6 % 19.4 % 4.3 % Loss severity 0.0 % 66.2 % 38.0 % Delinquency 6.8 % 29.1 % 15.2 % Prime $ 39,065,076 Broker quotes/ comparable trades Constant voluntary prepayment 2.6 % 17.3 % 9.2 % Constant default rate 0.2 % 9.2 % 4.1 % Loss severity 0.0 % 78.3 % 28.2 % Delinquency 5.0 % 24.8 % 13.0 % Subprime $ 2,682,792 Broker quotes/ comparable trades Constant voluntary prepayment 2.4 % 7.4 % 4.7 % Constant default rate 6.0 % 8.0 % 7.7 % Loss severity 65.0 % 85.0 % 72.0 % Delinquency 25.5 % 27.7 % 26.8 % Total Non-Agency RMBS $ 148,585,733 Other Investment Securities $ 2,040,532 Broker quotes/ comparable trades Constant voluntary prepayment 7.5 % MSRs $ 33,378,978 Discounted cash flow model Constant prepayment rate 7.6 % 58.2 % 10.6 % Cost of servicing $ 76 $ 533 $ 91 Discount rate 9.0 % 10.0 % 9.4 % Contingent consideration $ 11,430,413 Discounted cash flow model Cost of equity — — 6.4 % Cost of capital — — 16.9 % The valuation methodology for the contingent consideration changed from 2014 to 2015. The contingent consideration recorded at December 31, 2014 was based on a discount cash flow in connection with the acquisition of GMFS on October 31, 2014. The Company used an option pricing model to reassess the fair value of the contingent consideration at December 31, 2015. Derivative Financial Instruments The Company estimates the fair value of interest rate lock commitments ("IRLC") based on quoted Agency MBS prices, the expected net future cash flows related to servicing the mortgage loan, adjusted for: (i) estimated costs to complete and originate the loan and (ii) an adjustment to reflect the estimated percentage of IRLCs that will result in a closed mortgage loan under the original terms of the agreement (or “pullthrough 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 expected net future cash flows related to servicing the MSRs 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 expected net future cash flows related to servicing 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. Pull-through rate Range 62.4% – 100.0% 55.7% - 100.0% Weighted average 87.6% 85.0% MSR value expressed as: Servicing fee multiple Range 0.8% - 5.9% 0.4% - 6.0% Weighted average 4.3% 4.4% Percentage of unpaid principal balance Range 0.3% - 1.7% 0.2% - 1.9% Weighted average 1.1% 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. December 31, 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) $ 397,678,140 $ 444,500,063 $ (46,821,923) $ 415,959,838 $ 464,877,028 $ (48,917,190) Mortgage loans held for sale 115,942,230 111,393,424 4,548,804 97,690,960 92,917,659 4,773,301 Non-Agency RMBS 109,339,281 168,925,162 (59,585,881) 148,585,733 226,501,915 (77,916,182) Other Investment Securities 12,804,196 13,398,851 (594,655) 2,040,532 2,250,000 (209,468) MSRs 48,209,016 4,173,927,393 N/A (3) 33,378,978 3,078,974,342 N/A (3) (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 $35.0 million and $48.6 million at December 31, 2015 and December 31, 2014, respectively. (3) Amounts not presented. Unpaid principal balance of MSRs are generally significantly greater than their fair value. 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. December 31, 2015 December 31, 2014 Fair Value Carrying Value Fair Value Carrying Value Other financial instruments Assets Cash $ 20,793,716 $ 20,793,716 $ 33,791,013 $ 33,791,013 Restricted cash 4,371,725 4,371,725 7,143,078 7,143,078 Mortgage loans held for investment, at cost 1,886,642 1,886,642 1,310,544 1,338,935 Liabilities Warehouse lines of credit $ 100,768,428 $ 100,768,428 $ 89,417,564 $ 89,417,564 Loan repurchase facilities 296,789,330 296,789,330 300,092,293 300,092,293 Securities repurchase agreements 73,300,159 73,300,159 103,014,105 103,014,105 Exchangeable Senior Notes 56,775,500 56,509,046 59,933,400 55,474,741 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 mortgage banking 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 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	12 Months Ended
	Dec. 31, 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 year ended December 31, 2015, the Company did not acquire any mortgage loans held for investment which showed evidence of credit deterioration at the time of purchase. Year Ended December 31 December 31, Aggregate Unpaid Principal Balance $ 100,422,418 $ 412,865,280 Loan Repurchase Facilities Used 60,557,196 231,981,549 December 31, 2015 Unpaid Gross Unrealized (1) Difference Weighted Average Principal Premium Amortized Gains Losses Fair Principal Coupon Unleveraged Mortgage Loans Held for Investment Performing Fixed $ 240,031,119 $ (44,650,666) $ 195,380,453 $ 23,626,555 $ (2,521,921) $ 216,485,087 $ (23,546,032) 4.70 % 7.59 % ARM 143,625,653 (15,597,990) 128,027,663 5.918,004 (3,126,826) 130,818,841 (12,806,812) 3.63 7.15 Total performing 383,656,772 (60,248,656) 323,408,116 29,544,559 (5,648,747) 347,303,928 (36,352,844) 4.30 7.41 Non-performing (2) 40,100,775 (7,515,130) 32,585,645 990,974 (4,245,960) 29,330,659 (10,770,116) 4.65 7.78 Total Mortgage Loans Held for Investment $ 423,757,547 $ (67,763,786) $ 355,993,761 $ 30,535,533 $ (9,894,707) $ 376,634,587 $ (47,122,960) 4.34 % 7.45 % December 31, 2014 Unpaid Gross Unrealized (1) Difference Weighted Average Principal Premium Amortized Gains Losses Fair Principal 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. The Company recorded the following as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations: Year Ended December 31, December 31, December 31, $ (9,305,484) $ 22,810,802 $ 7,136,482 (2) Loans that are delinquent for 60 days or more are considered non-performing. 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 years ended December 31, 2015, December 31, 2014 and December 31, 2013 is as follows: Year Ended December 31, December 31, December 31, Accretable yield, beginning of year $ 267,509,905 $ 223,401,697 $ — Acquisitions — 55,532,098 222,899,189 Accretion (25,582,964) (26,137,006) (10,470,435) Reclassifications from nonaccretable difference 5,825,003 14,713,116 10,972,942 Accretable yield, end of year $ 247,751,944 $ 267,509,905 $ 223,401,696 Newly originated loans at the time of purchase Year Ended December 31, December 31, Aggregate Unpaid Principal Balance $ 21,336,404 $ 766,965 Loan Repurchase Facilities Used 18,129,422 690,268 During the year ended December 31, 2013, the Company did not acquire any mortgage loans held for investment which were newly originated at the time of purchase. The following tables present certain information regarding the Company's mortgage loans held for investment, at fair value, at December 31, 2015 and December 31, 2014 which were newly originated at the time of purchase and sourced through the Company’s loan purchase program: December 31, 2015 Unpaid Gross Unrealized (1) Weighted Average Principal Premium Amortized Gains Losses Fair Value Coupon Unleveraged Performing Fixed $ 17,674,257 $ 315,860 $ 17,990,117 $ 58,069 $ (99,486) $ 17,948,700 5,05 % 4.89 % ARM 3,068,259 44,875 3,113,134 — (18,280) 3,094,854 4.37 4.25 Total Mortgage Loans Held for Investment $ 20,742,516 $ 360,735 $ 21,103,251 $ 58,069 $ (117,766) $ 21,043,554 4.95 % 4.79 % December 31, 2014 Unpaid Gross Unrealized (1) Weighted Average Principal Premium Amortized Gains Losses Fair Value Coupon Unleveraged 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. The Company recorded the following as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations: Year Ended December 31, December 31, $ (63,235) $ 3,538 Concentrations The Company's mortgage loans held for investment, at fair value consists of mortgage loans on residential real estate located throughout the United States. December 31, December 31, Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100% 44.1 % 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 26.2 % 26.2 % Florida 16.1 % 16.6 % Additional state representing more than 5% of fair value: Georgia 6.1 % 5.7 % New York 4.8 % 5.1 % Percentage of unpaid principal balance of mortgage loans carrying mortgage insurance 8.2 % 10.3 % December 31, December 31, Interest rates 1.75% – 12.20% 1.75% – 12.20% Contractual maturities 1 – 45 years 1 – 46 years REO December 31, December 31, Net realizable value (included in other assets in the Company's consolidated balance sheets) $ 1,784,670 $ 1,282,669 Carrying amount of mortgage loans held for investment, at fair value secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction 5,597,611 4,762,509

Mortgage Loans Held for Sale, a

Mortgage Loans Held for Sale, at Fair Value	12 Months Ended
	Dec. 31, 2015
Receivables Held-for-sale [Abstract]
Receivables Held For Sale [Text Block]	6. Mortgage Loans Held for Sale, at Fair Value Year Ended December 31, December 31, 2015 2014 Balance at beginning of year $ 97,690,960 $ — Acquisition of GMFS — 92,512,390 Originations and repurchases 1,851,206,995 253,934,598 Proceeds from sales and principal payments (1,893,833,985) (245,140,671) Transfers to mortgage loans held for investment, at cost, net (443,932) — Gain on sale 61,322,192 (3,615,357) Balance at end of year $ 115,942,230 $ 97,690,960 December 31, 2015 December 31, 2014 Unpaid Unpaid Principal Principal Balance Fair Value Balance Fair Value Conventional $ 54,962,904 $ 56,586,717 $ 55,073,645 $ 57,058,195 Governmental 30,531,301 32,131,354 13,407,781 14,601,797 United States Department of Agriculture loans 16,222,152 17,059,982 16,105,088 17,069,138 United States Department of Veteran Affairs loan 8,922,978 9,314,255 6,730,696 7,196,278 Reverse mortgage 754,089 849,922 1,600,449 1,765,552 Total $ 111,393,424 $ 115,942,230 $ 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	12 Months Ended
	Dec. 31, 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. December 31, 2015 Principal or Gross Unrealized (2) Weighted Average Notional Premium Amortized Unleveraged Balance (Discount) Cost Gains Losses Fair Value Coupon Yield Real estate securities Non-Agency RMBS: Alternative – A $ 76,328,172 $ (40,150,416) $ 36,177,756 $ 846,318 $ (1,025,899) $ 35,998,175 2.01 % 6.18 % Pay option adjustable rate 42,562,819 (7,480,996) 35,081,823 6,863 (2,879,148) 32,209,538 1.10 5.31 Prime 37,366,079 (4,732,637) 32,633,442 563,311 (714,232) 32,482,521 3.62 5.95 Subprime 12,668,092 (4,039,253) 8,628,839 111,651 (91,443) 8,649,047 0.93 6.63 Total non-Agency RMBS $ 168,925,162 $ (56,403,302) $ 112,521,860 $ 1,528,143 $ (4,710,722) $ 109,339,281 2.05 % 5.87 % Other Investment Securities (1) $ 13,398,851 $ (34,264) $ 13,364,587 $ 897 $ (561,288) $ 12,804,196 4.94 % 6.65 % December 31, 2014 Principal or Gross Unrealized (2) Weighted Average 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 – Summary of Significant Accounting Policies , “Other Investment Securities”. (2) The Company has elected the fair value option pursuant to ASC 825 for real estate securities. December 31, 2015 December 31, 2014 Other Investment Other Investment Non-Agency RMBS Securities Non-Agency RMBS Securities Notional balance of IO included in Alternative A $ 35,042,860 — $ 48,569,424 — Contractual maturities (range) 18.1 to 31.3 years 8.4 to 20.3 to 32.3 years 9.7 years Weighted average maturity 24.4 years 10.1 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 December 31, 2015 and December 31, 2014 were issued by issuers based in the United States. Year Ended December 31, December 31, December 31, $ — $ — $ 1,108,024

Mortgage Servicing Rights, at F

Mortgage Servicing Rights, at Fair Value	12 Months Ended
	Dec. 31, 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 securitized through Ginnie Mae, whereby the Company is insured against loss by the FHA or partially guaranteed against loss by the VA. Year Ended December 31, December 31, Balance at beginning of year $ 33,378,978 $ — Acquisition of MSRs in connection with purchase of GMFS on October 31, 2014 — 32,300,337 Additions due to loans sold, servicing retained 18,958,514 2,763,014 Change in fair value of MSRs (1) Changes in values of market related inputs or assumptions used in a valuation model (2) 29,378 (1,420,925) Other changes (3) (4,157,854) (263,448) Total - change in fair value of MSRs (4,128,476) (1,684,373) Balance at end of year $ 48,209,016 $ 33,378,978 (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 change in value primarily 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 year. The Company did not have MSRs prior to the acquisition of GMFS on October 31, 2014. December 31, 2015 December 31, 2014 Unpaid Principal Fair Value Unpaid Principal Fair Value Fannie Mae $ 1,880,177,827 $ 20,751,648 $ 1,640,799,719 $ 17,078,181 Ginnie Mae 1,488,159,758 18,231,527 1,146,234,768 13,102,076 Freddie Mac 805,589,808 9,225,841 291,939,855 3,198,721 Total $ 4,173,927,393 $ 48,209,016 $ 3,078,974,342 $ 33,378,978 Discount rate: Range 6.6%-12.2 % Weighted average 9.4 % Effect on fair value of adverse change of: 5% $ (958,786) 10% $ (1,881,870) 20% $ (3,628,281) Prepayment speed (1) Range 7.0%-12.0 % Weighted average 9.3 % Effect on fair value of adverse change of: 5% $ (938,584) 10% $ (1,756,195) 20% $ (3,428,890) Per-loan annual cost of servicing: Range $64-$119 Weighted average $ 92 Effect on fair value of adverse change of: 5% $ (547,228) 10% $ (1,094,455) 20% $ (2,188,910) (1) Prepayment speed is measured using CPR. Year Ended December 31, December 31, The amount of total gains or (losses) for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ 29,378 $ (1,420,925) Year Ended December 31, December 31, Loan servicing fee income $ 10,641,288 $ 1,412,583 Late fee income 64 60 Sub-servicing costs (3,548,921) (482,925) Loan servicing fee income, net of direct costs $ 7,092,431 $ 929,718 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	12 Months Ended
	Dec. 31, 2015
Warehouse Agreement Borrowings [Member]
Debt Disclosure [Text Block]	9. Warehouse Lines of Credit At December 31, 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 residential 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 at December 31, 2015 and December 31, 2014 and for the years ended December 31, 2015 and December 31, 2014 December 31, 2015 December 31, 2014 Availability $ 185,000,000 $ 130,000,000 Maturity dates June 2016 – November 2016 January 2015 – June 2016 December 31, 2015 December 31, 2014 Weighted Weighted Maturity Dates Balance Average Rate Balance Average Rate 30 days or less $ — — % $ 21,210,431 2.47 % 181 days to 1 year 100,768,428 2.72 57,118,533 2.46 Greater than 1 year — — 11,088,600 2.92 Total balance and weighted average rate $ 100,768,428 2.72 % $ 89,417,564 2.52 % Collateral December 31, 2015 December 31, 2014 Mortgage loans held for sale pledged as collateral to secure the warehouse lines of credit and repurchase agreements related to the GMFS mortgage banking platform $ 115,942,230 $ 97,690,960 These obligations are also fully guaranteed by the Company.

Loan Repurchase Facilities

Loan Repurchase Facilities	12 Months Ended
	Dec. 31, 2015
Line of Credit [Member]
Debt Disclosure [Text Block]	10. Loan Repurchase Facilities December 31, 2015 December 31, 2014 Lender Citibank, N.A Credit Suisse Citibank, N.A Credit Suisse 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 $ 279,467,573 $ 17,321,757 $ 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 years ended December 31, 2015, December 31, 2014 and December 31, 2013 and at December 31, 2015 and 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 years ended December 31, 2015 and December 31, 2014, and at December 31, 2015. December 31, 2015 December 31, 2014 Balance Weighted Balance Weighted Loan Repurchase Facilities borrowings maturing within — — 91-180 days $ 296,789,330 3.14 % $ 299,402,024 2.92 % 181 days to 1 year — — 690,269 2.46 % Total balance and weighted average rate $ 296,789,330 3.14 % $ 300,092,293 2.92 % December 31, December 31, Fair value of Trust Certificates pledged as collateral $ 394,942,512 $ 415,814,067 Fair value of mortgage loans not pledged as collateral 2,735,628 145,771 Cash pledged as collateral 375,579 — Unused Amount (1) 128,210,670 124,907,707 (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. Year Ended December 31, December 31, Weighted average interest rate (1) 3.16 % 3.11 % Average unpaid principal balance of loans sold under agreements to repurchase $ 688,271 $ 193,332 Maximum daily amount outstanding $ 302,037,635 $ 310,575,669 (1) Includes commitment fees.

Securities Repurchase Agreement

Securities Repurchase Agreements	12 Months Ended
	Dec. 31, 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 the 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 December 31, 2015 and December 31, 2014. December 31, 2015 Non-Agency RMBS Other Investment Securities Weighted Weighted Balance Average Rate Balance Average Rate Securities repurchase agreements maturing within 30 days or less $ 71,910,849 1.80 % $ 1,389,310 2.17 % Total balance/weighted average rate $ 71,910,849 1.80 % $ 1,389,310 2.17 % 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 fair 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 years ended December 31, 2015, December 31, 2014 and December 31, 2013 and at December 31, 2015 and December 31, 2014, the Company has met all margin call requirements under its securities repurchase agreements. December 31, December 31, 2015 2014 Fair value of non-Agency RMBS pledged as collateral $ 95,627,850 $ 135,779,193 Fair value of Other Investment Securities pledged as collateral 1,989,174 2,040,532 Fair value of non-Agency RMBS not pledged as collateral 13,711,431 12,806,540 Fair value of Other Investment Securities not pledged as collateral 10,815,022 — Cash pledged as collateral 2,029,581 684,256

8.0% Exchangeable Senior Notes

8.0% Exchangeable Senior Notes due 2016	12 Months Ended
	Dec. 31, 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 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% per year, payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2014. The effective interest rate of the Exchangeable Senior Notes, which is equal to the stated rate of 8.0% plus the amortization of the original issue discount and associated costs, is 10.2 December 31, December 31, 2015 2014 Fair value of conversion option derivative liability $ 612,878 $ 1,022,248 Unamortized discount 990,954 2,025,259

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 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. 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 years ended December 31, 2015 and December 31, 2014. During the year ended December 31, 2013, the Company paired off purchases of TBA securities with a combined notional amount of $ 643.0 4.2 0.5 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 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 the 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. The Company did not have any IRLCs, MBS Forward Sales Contracts or TBA Securities related to the residential mortgage banking segment prior to the acquisition of GMFS on October 31, 2014. 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 December 31, 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) 18,494,332 1,905,700 IRLCs (Principal balance of underlying loans) 190,933,017 118,486,590 Notional amount of MBS forward sales contracts 179,417,280 154,000,000 The notional amount is not representative of the maximum exposure to the Company. December 31, December 31, Derivative instruments Designation Balance Sheet Location 2015 2014 Interest rate swaps Non-hedge Derivative liabilities, at fair value $ (1,009,014) $ (860,553) Interest rate swaption Non-hedge Derivative assets, at fair value — — LPCs Non-hedge Derivative (liabilities) assets, at fair value (9,871) 4,037 IRLCs Non-hedge Derivative assets, at fair value 2,376,187 2,481,063 MBS forward sales contracts Non-hedge Derivative liabilities, at fair value (200,204) (702,383) Conversion Option - Exchangeable Senior Notes Non-hedge Derivative liabilities, at fair value (612,878) (1,022,248) At December 31, 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. Year Ended Income Statement December 31, December 31, December 31, Non-hedge derivatives Location 2015 2014 2013 Interest rate swaps Gain/(loss) on derivative instruments related to investment portfolio $ (567,321) $ (1,571,371) $ 10,548,012 Interest rate swaption Gain/(loss) on derivative instruments related to investment portfolio — (4,803,750) — LPCs Gain/(loss) on derivative instruments related to investment portfolio (13,908) 4,037 — IRLCs Mortgage banking activities, net (104,876) (221,891) — MBS forward sales contracts Mortgage banking activities, net 502,179 410,411 — Conversion Option - Exchangeable Senior Notes Gain/(loss) on derivative instruments related to investment portfolio 409,370 449,359 (147,201) TBAs Gain/(loss) on derivative instruments related to investment portfolio — — (4,785,996) 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 December 31, December 31, 2015 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 7.6 8.6 Cash Pledged as Collateral (1) $ 1,966,565 $ 1,572,811 (1) At December 31, 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	12 Months Ended
	Dec. 31, 2015
Mortgage Banking [Abstract]
Mortgage Banking Income Expense Disclosure [Text Block]	14. Mortgage Banking Activities The following table presents the components of mortgage banking activities, net, recorded in the Company's consolidated statements of operations for the years ended December 31, 2015 and December 31, 2014: December 31, December 31, 2015 2014 Gain on sale of mortgage loans held for sale, net of direct costs (1) $ 44,847,548 $ 5,344,361 Loan expenses, including provision for loan indemnification (762,239) (118,895) Loan origination fee income 1,772,153 213,540 Total $ 45,857,462 $ 5,439,006 (1) Includes the change in fair value related to IRLCs and MBS forward sales contracts held during the year.

Loan Indemnification Reserve

Loan Indemnification Reserve	12 Months Ended
	Dec. 31, 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 indemnification losses. The liability is included in accounts payable and other liabilities in the Company's consolidated balance sheets and the provision for loan indemnification losses 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 historical repurchases and indemnifications, historical loss experience, known delinquent and other problem loans, outstanding repurchase demand, historical rescission rates and economic trends and conditions in the industry. Actual losses incurred are reflected as a reduction of the reserve liability. Year Ended December 31, December 31, 2015 2014 Balance at the beginning of year $ 2,662,162 $ — Balance at the date of acquisition — 2,560,907 Loan indemnification losses incurred (198,834) — Provision for loan indemnification losses 737,672 101,255 Total $ 3,201,000 $ 2,662,162 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 December 31, 2015 and December 31, 2014, the reasonably possible loss above the recorded loan indemnification reserve was not considered material.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes [Text Block]	16. Income Taxes For the years ended December 31, 2015, December 31, 2014, and December 31, 2013 and at December 31, 2015 and 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 Year Ended December 31, December 31, December 31, 2015 2014 2013 Current tax expense (benefit) Federal $ — $ — $ — State — — — Total current tax (benefit) expense — — — Deferred tax expense (benefit) Federal 3,547,809 (677,780) — State 867,665 (173,216) — Total deferred tax expense (benefit) $ 4,415,474 $ (850,996) — Total expense (benefit) for income taxes $ 4,415,474 $ (850,996) $ — Reconciliation of Statutory Tax Rate to Effective Tax Rate Year Ended December 31, December 31, December 31, 2015 2014 2013 Tax expense/(benefit) at statutory rate 34.00 % 35.00 % 35.00 % State and local taxes, net of Federal Benefit 13.61 % (0.82) % 0.00 % Impact of REIT election (1) 58.88 % (39.46) % (35.00) % Change in valuation allowance (2) 37.11 % 2.31 % 0.00 % Other non-deductible/non-taxable items (3) 2.42 % 0.03 % 0.00 % Adjustment of tax rate used to value deferred taxes (4) 1.35 % 0.00 % 0.00 % Effective Tax Rate 147.37 % (2.94) % 0.00 % (1) For all tax years, the Company’s effective tax rate differs from its statutory tax rate due to the deduction for dividend distributions required to be paid under Code section 857(a). (2) For the years ended December 31, 2015 and December 31, 2014, the change in valuation allowance relates to the change in reserve related to net operating losses and other future deductible items for ZFC Trust TRS, LLC and ZFC Funding, Inc. (3) For the years ended December 31, 2015 and December 31, 2014, the amount primarily relates to non-deductible meals and entertainment expenses. (4) For the year ended December 31, 2015, the amount primarily relates to the change in U.S. Federal statutory income tax rate used to value deferred tax assets and liabilities from 35 34 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. For the year ended December 31, 2015, the Company had activity in the ZFC Honeybee TRS, LLC which resulted in gross deferred tax assets of $ 3.9 7.5 3.6 1.8 0.8 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. Components of the Company's net deferred tax asset and liability at December 31, 2015 and December 31, 2014 are presented in the following table: December 31, 2015 December 31, 2014 Deferred tax assets: Tax effect of unrealized losses and other temporary differences $ 519,503 $ 1,207,520 Accrued compensation 333,946 — Loan loss reserves 249,745 — Goodwill and intangible assets 634,491 — Capital loss carryforward 364,803 — Net operating loss carryforward 3,586,676 673,052 Total deferred tax assets 5,689,164 1,880,572 Valuation allowance (1,762,628) (671,913) Total deferred tax assets less valuation allowance 3,926,536 1,208,659 Deferred tax liabilities: MSRs (7,187,289) Tax effect of unrealized gains and other temporary differences (303,725) (357,663) Total deferred tax liabilities (7,491,014) (357,663) Total Deferred Tax (Liability) Asset, net of Valuation Allowance $ (3,564,478) $ 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 December 31, 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	12 Months Ended
	Dec. 31, 2015
Other Assets and Liabilities [Abstract]
Other Assets and Liabilities [Text Block]	17. Other Assets and Liabilities Servicing Advances Servicing advances represent escrows and other 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 December 31, 2015 and December 31, 2014, the Company had servicing advances of $ 3,546,186 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 year ended December 31, 2015 and for the period from November 1, 2014 to December 31, 2014. 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 Escrow and fiduciary funds are $ 24,985,730 25,619,979 Real Estate Owned At December 31, 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. Accounts Payable and Other Liabilities At December 31, 2015 and December 31, 2014, the Company’s accounts payable and accrued expenses consisted of the following: December 31, December 31, Accrued compensation and benefits $ 5,692,244 $ 1,466,899 Accounts payable and accrued expenses 4,714,192 5,220,346 Loan indemnification reserve 3,201,000 2,662,162 Deferred tax liability 3,564,478 — Accrued interest expense 985,310 856,834 Other liabilities 415,389 1,524,848 Total $ 18,572,613 $ 11,731,089

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	18. Earnings Per Share Year Ended December 31, December 31, December 31, Numerator: Net (loss) income attributable to ZAIS Financial Corp. common stockholders (Basic) $ (1,260,709) $ 26,741,970 $ 6,657,728 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 (158,568) 3,109,760 880,358 Exchangeable Senior Notes: Interest expense — 3,240,561 — Gain on conversion option derivative liability — (256,068) — Total – Exchangeable Senior Notes — 2,984,493 — Net (loss) income available to stockholders, after effect of dilutive securities $ (1,419,277) $ 32,836,223 $ 7,538,086 Denominator: Weighted average number of shares of common stock 7,970,886 7,970,886 7,273,366 Effect of dilutive securities: Weighted average number of OP Units 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 10,677,360 8,200,280 Net (loss) income per share applicable to ZAIS Financial Corp. common stockholders – Basic $ (.16) $ 3.35 $ 0.92 Net (loss) income per share applicable to ZAIS Financial Corp. common stockholders – Diluted $ (.16) $ 3.08 $ 0.92 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	12 Months Ended
	Dec. 31, 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 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. Year Ended December 31, December 31, December 31, 2015 2014 2013 Advisory fees $ 2,850,062 $ 2,850,062 $ 2,629,815 Loan sourcing fees 103,053 3,834 — Total – Advisory fees – related party $ 2,953,115 $ 2,853,896 $ 2,629,815 Such amounts are included in "Advisory fee – related party" in the Company's consolidated statements of operations. Year Ended December 31, December 31, December 31, 2015 2014 2013 Expense Reimbursements $ 880,551 $ 463,086 $ 199,694 Such amounts are included in operating expenses in the Company's consolidated statements of operations. December 31, December 31, $ 867,415 $ 984,603 Such amounts were included in accounts payable and other liabilities in the Company's consolidated balance sheets. Other Year Ended December 31, December 31, December 31, $ 38,960 $ 7,200 $ — Such amounts are included in other income in the Company's consolidated statements of operations. The Company did not have any sub-lease income prior to the acquisition of GMFS on October 31, 2014 .

Equity

Equity	12 Months Ended
	Dec. 31, 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. Initial Public Offering On February 13, 2013, the Company completed its IPO, pursuant to which the Company sold 5,650,000 21.25 120.1 1.2 118.9 6.3 Common Stock Repurchase In January 2013, the Company’s agreement with one of its stockholders to repurchase 515,035 265,245 5.8 Dividends and Distributions Declaration Date Record Date Payment Date Amount per Share Year ended December 31, 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 December 17, 2015 December 31, 2015 January 15, 2016 $ 0.40 Year ended December 31, 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 December 18, 2014 December 31, 2014 January 15, 2015 $ 0.40 Year ended December 31, 2013: May 14, 2013 May 24, 2013 May 31, 2013 $ 0.22 June 25, 2013 July 9, 2013 July 23, 2013 $ 0.45 September 18, 2013 September 30, 2013 October 11, 2013 $ 0.50 December 19, 2013 (1) December 31, 2013 January 15, 2014 $ 0.95 (1) Comprised of a regular cash dividend of $ 0.40 0.55 Other 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	12 Months Ended
	Dec. 31, 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 and an interest in a joint venture of GMFS 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 interests in the Operating Partnership is reduced and the Company's equity is increased. At December 31, 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	12 Months Ended
	Dec. 31, 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 April 2015, GMFS received a claim from a counterparty of GMFS with respect to residential mortgage loans that were sold servicing released by GMFS to this counterparty’s predecessor prior to its acquisition by the Company on October 31, 2014. GMFS has since executed statute of limitations tolling agreements with this counterparty which have been extended to expire on June 2, 2016 but can be further extended by agreement of the parties (the initial tolling agreement was executed by GMFS on December 12, 2013). Although the Company has established a loan indemnification reserve for potential losses related to loan sale representations and warranties with a corresponding provision recorded for loan losses (see Note 15), due to the early stage of this matter and the limited information available the Company is not able to determine the likelihood of the outcome. The Company believes that any losses in excess of the loan indemnification reserve will be recovered by the Company as either a reduction of total contingent consideration owed under the GMFS Merger Agreement given the indemnification provisions in the GMFS Merger Agreement or by withdrawing funds from an escrow account established by the sellers at the time of the acquisition (as of December 31, 2015, the balance in the escrow account was $ 4,004,424 Losses in excess of the loan indemnification reserve, total contingent consideration and the escrow account could have a material adverse impact on the Company's results of operations, financial position or cash flows. In the event of litigation or settlement with the counterparty, the Company intends to pursue claims against the sellers of GMFS seeking indemnification for any losses or any amounts paid in settlement, although there can be no assurance that such claims would be successful or that any amounts available for indemnification would be adequate. Management is not aware of any other contingencies that would require accrual or disclosure in the consolidated financial statements at December 31, 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. 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. December 31, December 31, 2015 2014 $ 216,072,457 $ 117,678,075 Leases GMFS leases office space in Baton Rouge, LA for its corporate headquarters under a non-cancelable operating lease. The lease provides that GMFS pays taxes, maintenance, insurance, and other occupancy expenses applicable to the leased premises and contains three five-year renewal options at pre-determined amounts specified by the original lease agreement. GMFS also leases space in various states for its branch offices and equipment under various short-term rental agreements. Year Ended December 31, December 31, $ 797,981 $ 122,986 Such amounts are included in operating expenses in the Company's consolidated statements of operations. The Company did not incur any rent expense prior to the acquisition of GMFS on October 31, 2014. GMFS sub-leases a portion of its office space and furniture and fixtures contained therein to a related party (see Note 19). 2016 $ 981,775 2017 $ 807,361 2018 $ 682,321 2019 $ 130,080 2020 $ — Thereafter $ —

Counterparty Risk and Concentra

Counterparty Risk and Concentration	12 Months Ended
	Dec. 31, 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 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 and repurchase 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	12 Months Ended
	Dec. 31, 2015
Offsetting [Abstract]
Offsetting Assets And Liabilities Disclosure [Text Block]	24. Offsetting Assets and 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 December 31, 2015 Warehouse lines of credit $ 100,768,428 $ — $ 100,768,428 $ (100,768,428) $ — $ — Loan Repurchase Facilities 296,789,330 — 296,789,330 (296,413,751) (375,579) — Securities repurchase agreements 73,300,159 — 73,300,159 (71,270,578) (2,029,581) — Interest rate swap agreements 1,009,014 — 1,009,014 — (1,009,014) — Total $ 471,866,931 $ — $ 471,866,931 $ (468,452,757) $ (3,414,174) $ — 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 $ (491,839,706) $ (1,544,809) $ — 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 December 31, 2015 or December 31, 2014.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 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. Year Ended December 31, December 31, December 31, 2015 2014 2013 $ 399,970 $ 69,719 $ — Such amounts are included in salaries, commissions and benefits in the Company's consolidated statements of operations. The Company did not have a 401(k) profit sharing plan prior to the acquisition of GMFS on October 31, 2014.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	26. Segment Information The Company operated as one operating segment prior to the acquisition of GMFS on October 31, 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. Year Ended December 31, 2015: Residential Residential Corporate/Other Total Interest income $ 34,658,211 $ 3,144,345 $ — $ 37,802,556 Interest expense 10,912,951 2,151,690 5,785,264 18,849,905 Net interest income (expense) 23,745,260 992,655 (5,785,264) 18,952,651 Non-interest income — 48,876,274 — 48,876,274 Change in unrealized gain or loss (14,989,408) — — (14,989,408) Realized gain 1,183,083 — — 1,183,083 Gain or (loss) on derivative instruments (171,859) — — (171,859) Advisory fee – related party 1,536,078 542,842 874,195 2,953,115 Salaries, commissions and benefits — 30,934,727 — 30,940,727 Operating expenses 342,243 6,337,911 5,614,180 12,294,334 Other Expenses Expenses 2,693,489 64,652 980,418 3,738,559 Depreciation and amortization — 933,811 — 933,811 Total other expenses 2,693,489 998,463 980,416 4,672,368 Net income (loss) before income taxes 5,195,266 11,054,986 (13,254,057) 2,996,197 Income tax expense — 4,415,474 — 4,415,474 Segment net income (loss) $ 5,195,266 $ 6,639,512 $ (13,254,057) $ (1,419,277) Residential Residential Mortgage Mortgage Year Ended December 31, 2014 Investments Banking Corporate/Other Total Interest income $ 40,998,530 $ 594,217 $ — $ 41,592,747 Interest expense 11,451,687 121,194 5,686,664 17,259,545 Net interest income (expense) 29,546,843 473,023 (5,686,664) 24,333,202 Non-interest income — 4,730,212 — 4,730,212 Change in unrealized gain or loss 19,090,520 — — 19,090,520 Realized gain 5,762,254 — — 5,762,254 Gain or (loss) on derivative instruments (5,921,725) — — (5,921,725) Advisory fee – related party 3,835 143,674 2,706,387 2,853,896 Salaries, commissions and benefits — 3,765,784 — 3,765,784 Operating expenses 251,305 1,089,640 6,521,363 7,862,308 Other Expenses: Expenses 2,180,113 — — 2,180,113 Transaction costs relating to the acquisition of GMFS — 2,177,617 — 2,177,617 Depreciation and amortization — 154,011 — 154,011 Total other expenses 2,180,113 2,331,628 — 4,511,741 Net income/(loss) before income taxes 46,042,639 (2,127,491) (14,914,414) 29,000,734 Income tax (benefit) — (850,996) — (850,996) Segment net income (loss) $ 46,042,639 $ (1,276,495) $ (14,914,414) $ 29,851,730 The following table is a reconciliation of the net income of the residential mortgage banking segment to the operations of GMFS: Year Ended December 31, December 31, 2015 2014 Net income (loss) of the residential mortgage banking segment $ 6,639,512 $ (1,276,495) Add back (deduct) expenses incurred by ZFC Honeybee TRS, LLC: Advisory fee – related party 542,842 143,674 Amortization of deferred premiums, production and profitability earn-outs included in salaries, commission and benefits 855,900 — Operating expenses (including change in contingent consideration) 237,279 257,883 Other expenses 852,992 131,390 Transaction costs relating to the acquisition of GMFS — 2,177,617 Income tax expense (benefit) 4,415,474 (850,996) Net income of GMFS $ 13,543,999 $ 583,073 Supplemental Disclosures Selected segment balance sheet information is as follows: Residential Residential Mortgage Mortgage Investments Banking Corporate/Other Total December 31, 2015 Mortgage loans held for investment, at fair value $ 397,678,140 $ — $ — $ 397,678,140 Mortgage loans held for investment, at cost — 1,886,642 — 1,886,642 Mortgage loans held for sale — 115,942,230 — 115,942,230 Real estate securities 109,339,281 — — 109,339,281 Other investment securities 12,804,196 — — 12,804,196 Mortgage servicing rights — 48,209,016 — 48,209,016 Goodwill — 14,183,537 — 14,183,537 Intangible assets — 4,880,270 — 4,880,270 Total assets 543,337,289 227,689,257 4,112,375 775,138,921 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

Quarterly Results

Quarterly Results	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	27. Quarterly Results (Unaudited) For the Three Months Ended December 31, September 30, June 30, March 31, Total interest income $ 8,902,859 $ 9,650,952 $ 9,561,348 $ 9,687,397 Total interest expense 4,664,825 4,711,854 4,727,749 4,745,477 Net interest income 4,238,034 4,939,098 4,833,599 4,941,920 Non-interest income 13,126,246 8,943,047 17,430,551 9,376,430 Total other gain/(loss) (5,192,110) (7,986,942) 1,082,596 (1,881,728) Total expenses 12,095,213 12,857,112 13,737,314 12,164,905 Income tax expense (benefit) 1,911,578 (250,491) 2,899,916 (145,529) Net (loss)/income (1,834,621) (6,711,418) 6,709,516 417,246 Net (loss)/income attributable to ZAIS Financial Corp. common stockholders $ (1,647,554) $ (6,040,746) $ 6,053,811 $ 373,780 Net income/(loss) per share applicable to common stockholders – basic $ (0.21) $ (0.76) $ 0.76 $ 0.05 Net income/(loss) per share applicable to common stockholders – diluted $ (0.21) $ (0.76) $ 0.65 $ 0.05 Weighted average number of shares: Basic 7,970,886 7,970,886 7,970,886 7,970,886 Diluted 8,897,800 8,897,800 10,677,360 8,897,800 For the Three Months Ended December 31, (1) September 30, June 30, March 31, Total interest income $ 10,267,875 $ 11,000,619 $ 10,831,220 $ 9,493,033 Total interest expense 4,447,530 4,491,678 4,416,385 3,903,952 Net interest income 5,820,345 6,508,941 6,414,835 5,589,081 Non-interest income 4,730,212 — — — Total other gain/(loss) (2,944,631) (1,805,117) 22,688,696 992,101 Total expenses 8,239,984 3,424,026 3,231,396 4,098,323 Income tax (benefit) (850,996) — — — Net income/(loss) 216,938 1,279,798 25,872,135 2,482,859 Net income/(loss) attributable to ZAIS Financial Corp. common stockholders $ 194,337 $ 1,149,497 $ 23,173,931 $ 2,224,205 Net income/(loss) per share applicable to common stockholders – basic $ 0.02 $ .14 $ 2.91 $ .28 Net income/(loss) per share applicable to common stockholders – diluted $ 0.02 $ .14 $ 2.47 $ .28 Weighted average number of shares: Basic 7,970,886 7,970,886 7,970,886 7,970,886 Diluted 8,897,800 8,897,800 10,677,360 8,897,800 (1) On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 in its consolidated statements of operations.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	28. Subsequent Events In light of the strategic review and in order to reduce current market risk in its investment portfolio ,

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation 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. The Company operates in the following two
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 period. 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 a joint venture 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 December 31, 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.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers highly liquid short-term interest bearing instruments with original maturities of three months or less and other instruments readily convertible into cash to be cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash represents the Company's cash held by counterparties as collateral against the Company's derivatives and/or securities repurchase agreements. Cash held by counterparties as collateral is not available to the Company for general corporate purposes, but may be applied against amounts due to derivative or securities repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the derivatives or securities repurchase agreements.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Other Investment Securities The Company held Freddie Mac Structured Agency Credit Risk Notes at December 31, 2015 and December 31, 2014 and Fannie Mae's Risk Transfer Notes at December 31, 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. Mortgage Loans Held for Investment, Mortgage Loans Held for Sale, Real Estate Securities, Other Investment Securities and MSRs — Fair Value Election U.S. GAAP permits entities to choose to measure certain eligible financial instruments at fair value. The Company has elected the fair value option for some of its mortgage loans held for investment, and each of its real estate securities, Other Investment Securities and MSRs at the date of purchase. The fair value option election is irrevocable and requires the Company to measure these mortgage loans, real estate securities, Other Investment Securities and MSRs at estimated fair value with the change in estimated fair value recognized through earnings. The Company has established a policy for its mortgage loans held for investment, real estate securities and Other Investment Securities to separate interest income from the full change in fair value in the consolidated statements of operations. The interest income component is presented as interest income on mortgage loans held for investment, mortgage loans held for sale, real estate securities and Other Investment Securities and the remainder of the change in fair value is presented separately as change in unrealized gain or loss in the Company's consolidated statements of operations. Determination of Fair Value Measurement The "Fair Value Measurements and Disclosures" Topic of the FASB ASC defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under U.S. GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. Fair value under U.S. GAAP represents an exit price in the normal course of business, not a forced liquidation price. If the Company was forced to sell assets in a short period to meet liquidity needs, the prices it receives could be substantially less than their recorded fair values. The Company follows the fair value measurement and disclosure guidance under U.S. GAAP, which establishes a hierarchical disclosure framework. This framework prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment, the characteristics specific to the investment and the state of the marketplace including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices in an orderly market generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. In all cases, an instrument's level within the hierarchy is based upon the market pricing transparency of the instrument and does not necessarily correspond to the Company's perceived risk or liquidity of the instrument. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires significant judgment and considers factors specific to the investment. Assets and liabilities that are measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 — Fair value is determined based on quoted prices for identical assets or liabilities in an active market. Assets and liabilities included in Level 1 include listed securities. As required in the fair value measurement and disclosure guidance under U.S. GAAP, the Company does not adjust the quoted price for these investments. The hierarchy gives highest priority to Level 1. Level 2 — Fair value is determined based on inputs other than quoted prices that are observable for the asset or liability either directly or indirectly as of the reporting date. Assets and liabilities which are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over-the-counter derivatives, including foreign exchange forward contracts whose values are based on the following: ⋅ Quoted prices for similar assets or liabilities in active markets. ⋅ Quoted prices for identical or similar assets or liabilities in nonactive markets. ⋅ Pricing models whose inputs are observable for substantially the full term of the asset or liability. ⋅ Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability. Level 3 — Fair value is determined based on inputs that are unobservable for the investment and includes situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value require significant management judgment or estimation and the Company may use models or other valuation methodologies to arrive at fair value. Investments that are included in this category generally include MSRs, distressed debt, less liquid corporate debt securities, non-investment grade residual interests in securitizations, collateralized debt obligations and certain derivative contracts. The hierarchy gives the lowest priority to Level 3. ZAIS has established a valuation process that applies for all levels of investments in the valuation hierarchy to ensure that the valuation techniques are consistent and verifiable. The valuation process includes discussions between the valuation team, portfolio management team and the valuation committee (the “Valuation Committee”). The Valuation Committee consists of senior members of ZAIS Group and is co-chaired by the Chief Risk Officer and Chief Financial Officer of ZAIS. The Valuation Committee meets to review and approve the results of the valuation process which are used in connection with the preparation of quarterly and annual financial statements. The Valuation Committee is responsible for oversight and review of the written valuation policies and procedures and ensuring that they are applied consistently. The lack of an established, liquid secondary market for some of the Company’s holdings may have an adverse effect on the market value of those holdings and on the Company’s ability to dispose of them. Additionally, the public markets for the Company’s holdings may experience periods of volatility and periods of reduced liquidity and the Company’s holdings may be subject to certain other transfer restrictions that may further contribute to illiquidity. Such illiquidity may adversely affect the price and timing of liquidations of the Company’s holdings. The following is a description of the valuation techniques used to measure fair value and the classification of these instruments pursuant to the fair value hierarchy: Mortgage Loans Held for Investment, at Fair Value The fair value of the Company's mortgage loans held for investment considers data such as loan origination information and additional updated borrower and loan servicing data, as available, forward interest rates, general economic conditions, home price index forecasts and valuations of the underlying properties. The variables considered most significant to the determination of the fair value of the Company's mortgage loans held for investment include market-implied discount rates, projections of default rates, delinquency rates, loss severity (considering mortgage insurance) and prepayment rates. ZAIS uses loan level data, macro-economic inputs and forward interest rates to generate loss adjusted cash flows and other information in determining the fair value of its mortgage loans. Because of the inherent uncertainty of such valuation, the fair values established for mortgage loans held for investment by the Company may differ from the fair values that would have been established if a ready market existed for these mortgage loans held for investment. Accordingly, mortgage loans held for investment are classified as Level 3 in the fair value hierarchy. Mortgage Loans Held for Sale, at Fair Value The fair value of mortgage loans held for sale is determined, when possible, using quoted 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 sale are classified as Level 2 in the fair value hierarchy. Real Estate Securities and Other Investment Securities, at Fair Value ZAIS determines the fair value of the Company’s investments in RMBS generally using third party valuation services. ZAIS verifies that the quotes received from the valuation services are reflective of fair value as defined in U.S. GAAP, generally by comparing to trading activity for similar asset classes, pricing research provided by banks and brokers, the indicative broker quotes and results from ZAIS’ proprietary models. If the values from the third party valuation services are insufficient or unavailable, fair value is determined using observable market data, indicative broker quotes or proprietary models that incorporate market based inputs but also include unobservable inputs. Some of the significant unobservable inputs used are constant prepayment rates, constant default rates, delinquency rates, security ratings, discount rates, credit spreads, and yields. The proprietary models convert future projected cash flows to a single discounted present value. ZAIS’ assessment of the significance of a particular input to the fair value measurement in its entirety requires significant judgment and considers factors specific to the investment. The Company's Agency RMBS, if any, are valued using the market data described above, which includes inputs determined to be observable or whose significant fair value drivers are observable. Accordingly, Agency RMBS securities are classified as Level 2 in the fair value hierarchy. MSRs, at Fair Value The Company uses a third party vendor to assist management in estimating the fair value of MSRs. The third party vendor uses a discounted cash flow approach which consists of projecting servicing cash flows discounted at a rate that management believes market participants would use in their determinations of fair value. The key assumptions used in the estimation of the fair value of MSRs include prepayment speeds, discount rates, default rates, cost to service, contractual servicing fees, escrow earnings and ancillary income. MSRs are classified as Level 3 in the fair value hierarchy. Derivative Instruments Interest Rate Swaption Agreements An interest rate swaption agreement represents an option that gives the Company the right, but not the obligation, to enter into a previously agreed upon interest rate swap agreement on a future date. If exercised the Company will enter into an interest rate swap agreement and is obligated to pay a fixed rate of interest and receive a floating rate of interest. The Company utilizes proprietary modeling analysis or industry standard third party analytics to support the counterparty valuations received for interest rate swaption agreements. These counterparty valuations are generally based on models with observable market inputs such as interest rates and contractual cash flows, and, as such, are classified as Level 2 on the fair value hierarchy. The Company's interest rate swaption agreements are governed by International Swap and Derivative Association trading agreements, which are separately negotiated agreements with dealer counterparties. Interest Rate Swap Agreements An interest rate swap is an agreement between two counterparties to exchange periodic interest payments where one party to the contract makes a fixed rate payment in exchange for a floating rate payment from the other party. The dollar amount each party pays is an agreed-upon periodic interest rate multiplied by some predetermined dollar principal (notional amount). No principal (notional amount) is exchanged between the two parties at trade initiation date. Only interest payments are exchanged. ZAIS utilize proprietary modeling analysis or industry standard third party analytics to support the counterparty valuations received for interest rate swap agreements. These counterparty valuations are generally based on models with observable market inputs such as interest rates and contractual cash flows, and, as such, are classified as Level 2 on the fair value hierarchy. The Company’s interest rate swap agreements are governed by International Swap and Derivative Association trading agreements, which are separately negotiated agreements with dealer counterparties. At December 31, 2015 and December 31, 2014, no credit valuation adjustment was made in determining the fair value of the derivative. Changes in the value of the contract are reported in gain (loss) on derivative instruments related to investment portfolio in the consolidated statements of operations. Loan Purchase Commitments ("LPCs") LPCs are agreements with approved third-party residential loan originators to purchase residential loans at a future date. LPCs that qualify as derivatives are recorded at their estimated fair values in the Company's consolidated balance sheets. The fair value of the Company's LPCs are based on the prices the underlying loans can be purchased for in the secondary market, adjusted for an estimated pull through rate. Changes in fair value are reported in the consolidated statements of operations. LPCs are classified as Level 3 in the fair value hierarchy. Interest Rate Lock Commitments ("IRLCs") IRLCs are agreements under which the Company agrees to extend credit to a borrower under certain specified terms and conditions in which the interest rate and the maximum amount of the loan are set prior to funding. Unrealized gains and losses on the IRLCs, reflected as derivative assets and derivative liabilities, respectively, are measured based on the value of the underlying mortgage loan, quoted GSE mortgage backed security ("MBS") prices, estimates of the fair value of the MSRs and the probability that the mortgage loan will fund within the terms of the IRLC, net of commission expense and broker fees. IRLCs are classified as Level 3 in the fair value hierarchy. MBS Forward Sales Contracts and TBA Securities MBS forward sales contracts and TBA securities are forward contracts for the purchase or sale of MBS at a predetermined price with a stated face amount, coupon and stated maturity at a agreed upon future date. The specific MBS delivered into the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association ("SIFMA"), are not known at the time of the transaction. The Company estimates the fair value of MBS forward sales contracts and TBA securities based on third party vendor prices and quoted MBS prices. MBS forward sales contracts and TBA securities are classified as Level 2 in the fair value hierarchy. Mortgage Loans Held for Investment, at Cost Mortgage loans held for investment related to the Company's mortgage banking activities includes loans which, due to various reasons, are unable to be sold to a third party. Such loans are performing loans which the Company carries at amortized cost, less a valuation allowance for estimated credit losses, if applicable.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Mortgage Loans Held for Investment, at Fair Value Pursuant to the Company's policy for separately presenting interest income on mortgage loans, the Company follows acceptable methods under U.S. GAAP for allocating a portion of the change in fair value of certain mortgage loans held for investment to interest income. When the Company purchases mortgage loans which are held for investment and which have shown evidence of credit deterioration since origination and management determines that it is probable the Company will not collect all contractual cash flows on those loans, the Company applies the guidance that addresses accounting for differences between contractual cash flows and cash flows expected to be collected if those differences are attributable to, at least in part, credit quality. Interest income is recognized on a level-yield basis over the life of the loan as long as cash flows can be reasonably estimated. The level-yield is determined by the excess of the Company's initial estimate of undiscounted expected principal, interest, and other cash flows (cash flows expected at acquisition to be collected) over the Company's initial investment in the mortgage loan (accretable yield). The amount of interest income to be recognized cannot result in a carrying amount that exceeds the payoff amount of the loan. The excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) will not be recognized as an adjustment of yield. On a quarterly basis, the Company updates its estimate of the cash flows expected to be collected. For purposes of interest income recognition, any subsequent increases in cash flows expected to be collected are generally recognized as prospective yield adjustments (which establishes a new level-yield) and any subsequent decreases in cash flows expected to be collected are recognized as an impairment to be recorded through change in unrealized gain or loss in the consolidated statements of operations. Income recognition is suspended for a loan when cash flows cannot be reasonably estimated. Interest income on newly originated mortgage loans which are purchased by the Company and held for investment, is accrued based on the effective yield method on the outstanding principal balance and their contractual terms. Premiums and discounts associated with these mortgage loans at the time of purchase are amortized into interest income over the life of such loan using the effective yield method and adjusted for actual prepayments. Real Estate Securities and Other Investment Securities, at Fair Value Pursuant to the Company's policy for separately presenting interest income on real estate securities and Other Investment Securities, the Company follows acceptable methods under U.S. GAAP for allocating a portion of the change in fair value of real estate securities and Other Investment Securities to interest income. Interest income on Agency RMBS, if any, is accrued based on the effective yield method on the outstanding principal balance and their contractual terms. Premiums and discounts associated with Agency RMBS at the time of purchase are amortized into interest income over the life of such securities using the effective yield method and adjusted for actual prepayments. Interest income on the non-Agency RMBS and Other Investment Securities, which were purchased at a discount to par value and/or were rated below AA at the time of purchase, is recognized based on the effective yield method. The effective yield on these securities is based on the projected cash flows from each security, which are estimated based on the Company's observation of current information and events and include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On a monthly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses. Therefore, actual maturities of the securities are generally shorter than stated contractual maturities. Based on the projected cash flows from the Company's non-Agency RMBS purchased at a discount to par value, a portion of the purchase discount may be designated as credit protection against future credit losses and, therefore, not accreted into interest income. The amount designated as credit discount is determined, and may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a credit discount is more favorable than forecasted, a portion of the amount designated as credit discount may be accreted into interest income prospectively. RMBS and Other Investment Securities are evaluated for other-than-temporary impairment ("OTTI") each quarter. A security with a fair value that is less than amortized cost is considered impaired. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a security has been deemed to be other-than-temporarily impaired, the amount of OTTI is bifurcated into: (i) the amount related to expected credit losses; and (ii) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations as a realized loss on real estate securities and realized loss on Other Investment Securities. The remaining OTTI related to the valuation adjustment is recognized as a component of change in unrealized gain or loss in the consolidated statements of operations. Realized gains and losses on sale of real estate securities and Other Investment Securities are determined using the specific identification method. Real estate securities and Other Investment Securities transactions are recorded on the trade date. Mortgage Loans Held for Investment, at Cost and Mortgage Loans Held for Sale, at Fair Value Interest income on mortgage loans is accrued to income based upon the principal amount outstanding and contractual interest rates and is included in interest income on mortgage loans held for sale in the consolidated statements of operations. Income recognition is discontinued when loans become 90 Mortgage Banking Activities, net Gain on Sale of Mortgage Loans Held for Sale, net of direct costs Mortgage loans held for sale are considered sold when the Company surrenders control over the financial assets. Control is considered to have been surrendered when the transferred assets have been isolated from the Company, beyond the reach of the Company and its creditors; the purchaser obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and the Company does not maintain effective control over the transferred assets through an agreement that both entitles and obligates the Company to repurchase or redeem the transferred assets before their maturity or the ability to unilaterally cause the holder to return specific assets. Such transfers may involve securitizations, participation agreements or repurchase agreements. If the criteria above are not met, such transfers are accounted for as secured borrowings, in which the assets remain on the consolidated balance sheets, the proceeds from the transaction are recognized as a liability and no MSRs are recorded for the transferred loans. Gains and losses from the sale of mortgage loans held for sale are recognized based upon the difference between the sales proceeds and carrying value of the related loans upon sale and is included in mortgage banking activities, net in the consolidated statements of operations. The sales proceeds reflect the cash received and the initial fair value of the separately recognized MSRs. Gains and losses also includes the unrealized gains and losses associated with the mortgage loans held for sale and the realized and unrealized gains and losses from MBS forward sales contracts and IRLCs. Loan origination costs directly attributable to the processing, underwriting, and closing of a loan are offset against gain on sale of mortgage loans held for sale when loans are sold. Loan Expenses, including Provision for Loan Indemnification Loan expenses include indirect costs related to loan origination activities and are expensed as incurred and are included in mortgage banking activities, net in the Company’s consolidated statements of operations. The provision for loan indemnification includes the fair value of the incurred liability for mortgage repurchases and indemnifications recognized at the time of loan sale and any other provisions recorded against the loan indemnification reserve Loan Origination Fee Income Loan origination fee income represents revenue earned from originating mortgage loans and is included in mortgage banking activities, net in the Company's consolidated statements of operations. Loan origination fees relating to mortgage loans held for sale are reflected in mortgage banking activities, net when loans are sold. Loan Servicing Fee Income, Net of Direct Costs Loan servicing fee income represents revenue earned for servicing loans for various investors and is included in the consolidated statements of operations. The servicing fees are based on a contractual percentage of the outstanding principal balance and recognized into revenue as the related mortgage payments are received. Direct costs consist of sub-servicing costs which are offset against loan servicing fee income as incurred.
Expense Recognition [Policy Text Block]	Expense Recognition Expenses are recognized when incurred. Expenses include, but are not limited to, loan servicing fees, advisory fees, professional fees for legal, accounting and consulting services, and general and administrative expenses such as insurance, custodial and miscellaneous fees.
Transfers and Servicing of Financial Assets, Policy [Policy Text Block]	Servicing Advances Servicing advances represent escrow and other 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 servicing agreements and are recoverable upon liquidation. The Company periodically reviews the advances for collectability and amounts are written off when they are deemed uncollectible.
Stockholders' Equity, Policy [Policy Text Block]	Offering Costs Offering costs are accounted for as a reduction of additional paid-in capital. Offering costs in connection with the Company’s IPO were paid out of the proceeds of the IPO. Costs incurred to organize the Company were expensed as incurred. The Company’s obligation to pay for organization and offering expenses directly related to the IPO was capped at $ 1.2
Repurchase and Resale Agreements Policy [Policy Text Block]	Repurchase Facilities Loan Repurchase Facilities The Company finances a portion of its mortgage loans held for investment, at fair value through the use of repurchase agreements entered into under master repurchase agreements with certain lenders (the "Loan Repurchase Facilities"). Under the Loan Repurchase Facilities, the Company may sell, and later repurchase trust certificates representing interests in residential mortgage loans (the "Trust Certificates"). The borrowings under the Loan Repurchase Facilities are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreement. The borrowings under the Loan Repurchase Facilities are recorded on the trade date at the contract amount. Securities Repurchase Agreements The Company finances a portion of its RMBS portfolio and Other Investment Securities through the use of securities repurchase agreements entered into under master repurchase agreements. The Company has master repurchase agreements with four financial institutions at December 31, 2015. Repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Repurchase agreements are recorded on trade date at the contract amount.
Derivatives, Policy [Policy Text Block]	Derivatives and Hedging Activities The Company accounts for its derivative financial instruments in accordance with derivative accounting guidance, which requires an entity to recognize all derivatives as either assets or liabilities in the consolidated balance sheets and to measure those instruments at fair value. The Company has not designated any of its derivative agreements as hedging instruments for accounting purposes. As a result, changes in the fair value of derivatives are recorded through current period earnings.
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block]	Real Estate Owned The Company records real estate owned ("REO") assets when it is considered to have received physical possession (resulting from an in substance repossession or foreclosure) of residential real estate property collateralizing mortgage loans. The Company is considered to have received physical possession of the property upon the occurrence of either (i) obtaining legal title to the residential real estate property upon completion of a foreclosure (the Company may obtain legal title to the residential real estate property even if the borrower has redemption rights that provide the borrower with a legal right for a period of time after a foreclosure to reclaim the real estate property by paying certain amounts specified by law) or (ii) the borrower conveying all interest in the residential real estate property to the Company to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The deed in lieu of foreclosure or similar legal agreement is completed when agreed-upon terms and conditions have been satisfied by both the borrower and the creditor. The Company records its REO at fair value, less costs to sell. All legal fees and direct costs relating to real estate owned are expensed as incurred. The excess of the Company's investment in the mortgage loan satisfied over the fair value of the foreclosed property (less cost to sell) is reported as a realized loss in the Company's statements of operations.
Loans and Leases Receivable, Mortgage Banking Activities, Policy [Policy Text Block]	Loans Eligible for Repurchase from Ginnie Mae When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the Company then records the right to repurchase the loan as an asset and liability in its consolidated balance sheets. Such amounts reflect the unpaid principal balance of the loans.
Debt, Policy [Policy Text Block]	8% Exchangeable Senior Notes Due 2016 On November 25, 2013, the Operating Partnership issued $ 57.5
Guarantees, Indemnifications and Warranties Policies [Policy Text Block]	Liability for Loan Repurchases and Indemnifications Loans sold to investors by the Company and which met investor and agency underwriting guidelines at the time of sale may be subject to repurchase or indemnification in the event of specific default by the borrower or subsequent discovery that underwriting standards were not met. The Company may, upon mutual agreement, agree to repurchase the loans or indemnify the investor against future losses on such loans. In such cases, the Company bears any subsequent credit loss on the loans. The Company has established a liability for potential losses related to these representations and warranties with a corresponding provision recorded for loan indemnification losses. The liability is included in accounts payable and other liabilities in the Company's consolidated balance sheets and the provision for loan indemnification 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 historical repurchases and indemnifications, historical loss experience, known delinquent and other problem loans, outstanding repurchase demands, historical rescission rates and economic trends and conditions in the industry. Actual losses incurred are reflected as charge-offs against the reserve liability. 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. Loss Contingencies Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company’s management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief available, sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be reasonably estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable, would be disclosed. Legal costs are recorded on an accrual basis as incurred.
Segregated and Fiduciary Funds Policy [Policy Text Block]	Escrow and Fiduciary Funds The Company maintains segregated bank accounts in trust for mortgagor escrow balances. Such amounts are excluded from the Company's consolidated balance sheets.
Earnings Per Share, Policy [Policy Text Block]	Net Income (Loss) Per Share The Company's basic earnings per share ("EPS") is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding OP Units and Exchangeable Senior Notes were converted to common stock, where such exercise or conversion would result in a lower EPS.
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.
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill and Intangible Assets The purchase price of GMFS was allocated to the assets acquired, including identifiable intangible assets (trade name, customer relationships, licenses and favorable leases), and the liabilities assumed based on their estimated fair values at the date of acquisition. The excess of purchase price over the fair value of the net assets acquired was recognized as goodwill. Goodwill is carried at cost, net of impairment charges, and reflected on the Company's consolidated balance sheets. The Company does not amortize intangible assets with indefinite lives. The Company amortizes intangible assets with identified estimated useful lives on a straight-line basis over their estimated useful lives. Goodwill is not amortized but is tested for impairment on October 31st of each calendar year, or more frequently if events or changes in circumstances indicate that a potential impairment may have occurred. The testing of goodwill for impairment is initially based on a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the facts indicate that it is more likely than not that that an impairment may exist, a two-step quantitative assessment is conducted to (a) calculate the fair value of the reporting unit and compare to its carrying value including goodwill and (b) if the carrying value of a reporting unit exceeds its fair value, goodwill is considered impaired with the impairment loss equal to the amount by which the carrying value of the goodwill exceeds the implied fair value of that goodwill. The impairment is recognized as an expense in the period in which the impairment occurs. The Company periodically reviews the carrying amounts of its finite-lived intangible assets to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. The assessment of recoverability is based on management’s estimates by comparing the sum of the estimated undiscounted cash flows generated by the underlying asset, or other appropriate grouping of assets, to its carrying value to determine whether an impairment existed at its lowest level of identifiable cash flows. If the carrying amount of the asset is greater than the expected undiscounted cash flows to be generated by such asset, an impairment is recognized to the extent the carrying value of such asset exceeds its fair value.
Contingent Liability Reserve Estimate, Policy [Policy Text Block]	Contingent Consideration Contingent consideration represent future payments of cash or equity interests to the former owners of GMFS which was acquired on October 31, 2014. The contingent consideration was initially recorded on the date of acquisition at fair value in the consolidated balance sheet and is subsequently remeasured each reporting period at fair value with the change in the fair value recorded in operating expenses in the Company’s consolidated statements of operations.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued 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. Adoption of ASU 2015-02 on January 1, 2016 is not expected to have a material effect on the Company’s consolidated financial statements. In April 2015 the FASB issued ASU 2015-03, "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. Adoption of ASU 2015-03 on January 1, 2016 is not expected to have a material effect on the Company's consolidated financial statements. 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. Adoption of ASU 2015-16 on January 1, 2016 is not expected to have a material effect on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments–Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). 'The amendments in ASU 2016-01, among other things: (i) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (ii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (iii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) and (iii) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. The Company is currently evaluating the impact of adopting this new standard.

GMFS Transaction (Tables)

GMFS Transaction (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of Business Acquisition [Table Text Block]	Total consideration at closing was as follows: Cash paid to owners of GMFS $ 62,847,452 Contingent consideration 11,430,413 Total consideration at closing $ 74,277,865
Schedule of Net Assets Acquired [Table Text Block]	The valuation of the net assets acquired is summarized as follows (the final purchase price allocation in June 2015 did not result in material changes): Fair value of Assets: Cash and cash equivalents $ 13,304,612 Mortgage loans held for sale 92,512,390 Mortgage loans held for investment, at cost 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 period from October 31, 2014 through December 31, 2014 and the year ended December 31, 2015 is as follows: Acquisition of GMFS $ 16,512,680 Balance at December 31, 2014 16,512,680 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 December 31, 2015 $ 14,183,537
Schedule of Intangible Assets Acquired [Table Text Block]	The following table presents information about the intangible assets acquired by the Company: Estimated Fair Estimated Useful Value Life 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 year ended December 31, 2015 and period from October 31, 2014 to December 31, 2014 was as follows: Year Ended October 31, 2014 to December 31, 2015 December 31, 2014 Amortization expense $ 788,341 $ 131,389
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	At December 31, 2015 and December 31, 2014, accumulated amortization is as follows: December 31, December 31 2015 2014 Trade name $ 233,338 $ 33,333 Customer relationships 151,662 21,666 Licenses 388,892 55,556 Favorable lease 145,838 20,834 Total accumulated amortization $ 919,730 $ 131,389
Schedule of Future Amortization Expense [Table Text Block]	Amortization expense related to the intangible assets for the five years subsequent to December 31, 2015 is as follows: 2016 $ 788,340 2017 $ 732,776 2018 $ 455,004 2019 $ 455,004 2020 $ 455,004
Business Acquisition, Pro Forma Information [Table Text Block]	The Company has recognized the following revenues and earnings related to its investment in GMFS for the period from October 31, 2014 (the date of acquisition) to December 31, 2014 which are reflected in the Company’s consolidated statements of operations: Interest income – mortgage loans held for sale $ 594,217 Mortgage banking activities, net: Gain on sale of mortgage loans, net of direct costs 5,344,361 Loan origination fee income 213,540 Provision for loan indemnification (118,895) 5,439,006 Loan servicing fee income, net of direct costs 929,718 Change in fair value of mortgage servicing rights (1,684,373) Other income 45,861 Total non-interest income 4,730,212 Net income before expenses and taxes relating to Honeybee TRS 583,073 Expenses of Honeybee TRS (2,710,564) (1) Net loss after expenses of Honeybee TRS, before tax (2,127,491) Tax benefit 850,996 Net loss after expenses of Honeybee TRS, after tax $ (1,276,495) (1) The results of GMFS are included in the Company’s results beginning October 31, 2014. The unaudited pro forma revenues and net income of the consolidated entity for the year ended December 31, 2014, assuming the business combination was consummated on January 1, 2013, are as follows: Year Ended Year Ended December 31, 2014 December 31, 2013 Net interest income $ 21,623,473 $ 15,737,131 Non-interest Income Mortgage banking activities, net 41,047,510 46,354,596 Loan servicing fees, net of direct costs 5,239,010 3,022,447 Other income 673,270 709,369 Net income 35,213,626 11,465,008

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	The following tables present the Company’s financial instruments that were accounted for at fair value on a recurring basis at December 31, 2015 and December 31, 2014, by level within the fair value hierarchy: December 31, 2015 Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Total Assets Mortgage loans held for investment $ — $ — $ 397,678,140 $ 397,678,140 Mortgage loans held for sale — 115,942,230 — 115,942,230 Non-Agency RMBS — — 109,339,281 109,339,281 Other Investment Securities — — 12,804,196 12,804,196 MSRs — — 48,209,016 48,209,016 Derivative assets — — 2,376,187 2,376,187 Total $ — $ 115,942,230 $ 570,406,820 $ 686,349,050 Liabilities Contingent consideration $ — $ — $ 11,285,100 $ 11,285,100 Derivative liabilities — 1,822,096 9,871 1,831,967 Total $ — $ 1,822,096 $ 11,294,971 $ 13,117,067 December 31, 2014 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 Contingent consideration $ — $ — $ 11,430,413 $ 11,430,413 Derivative liabilities — 2,585,184 — 2,585,184 Total $ — $ 2,585,184 $ 11,430,413 $ 14,015,597
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Year Ended December 31, 2015 Year Ended December 31, 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 21,709,387 6,362,138 17,031,330 85,579,169 47,034,327 12,926,953 Proceeds from sales — (26,770,882) (5,961,506) — (102,635,229) (11,067,378) Amortization of premiums (6,422) — — — — — Net accretion of discounts 7,767,854 3,882,887 192,476 7,497,341 5,528,538 180,438 Proceeds from principal repayments (36,056,879) (17,888,188) (9,915) (31,759,326) (28,197,740) — Conversion of mortgage loans to REO (3,806,064) — — (1,796,028) — — Total losses (realized/unrealized) included in earnings (19,504,275) (6,105,642) (723,638) (8,250,003) (6,694,487) (226,224) Total gains (realized/unrealized) included in earnings 11,614,701 1,273,235 234,917 32,903,143 7,395,103 226,743 Ending balance $ 397,678,140 $ 109,339,281 $ 12,804,196 $ 415,959,838 $ 148,585,733 $ 2,040,532 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 $ (9,639,808) $ (4,098,040) $ (567,589) $ 22,957,500 $ (1,039,499) $ (226,224) Derivative Instruments Year Ended Year Ended Loan Purchase Interest Rate Loan Purchase Interest Rate Beginning balance $ 4,037 $ 2,481,063 $ — $ — Acquisition of GMFS — — — 2,702,954 Change in unrealized gain or loss (13,908) (104,876) 4,037 (221,891) Ending balance $ (9,871) $ 2,376,187 $ 4,037 $ 2,481,063 The amount of total gains or (losses) for the year included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date $ (13,908) $ (104,876) $ 4.037 $ (221,891)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Contingent Consideration Year Ended December 31, December 31, Beginning balance $ 11,430,413 $ — Acquisition of GMFS — 11,430,413 Change in fair value (145,313) — Ending balance $ 11,285,100 $ 11,430,413
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	Fair Value at Valuation Unobservable Min Max Weighted Mortgage loans held for Investment $ 397,678,140 Discounted cash flow model Constant voluntary prepayment 1.9 % 5.0 % 3.2 % Constant default rate 1.4 % 5.0 % 3.1 % Loss severity 5.9 % 37.2 % 22.1 % Delinquency 6.3 % 13.2 % 10.9 % Non-Agency RMBS Alternative – A $ 35,998,175 Broker quotes/comparable trades Constant voluntary prepayment 2.7 % 18.9 % 12.9 % Constant default rate 0.2 % 7.8 % 2.8 % Loss severity 0.0 % 85.0 % 21.0 % Delinquency 1.4 % 22.2 % 8.9 % Pay option adjustable rate 32,209,538 Broker quotes/comparable trades Constant voluntary prepayment 2.2 % 13.5 % 7.5 % Constant default rate 0.5 % 13.0 % 3.5 % Loss severity 0.0 % 95.6 % 40.0 % Delinquency 5.3 % 21.9 % 12.3 % Prime 32,482,521 Broker quotes/comparable trades Constant voluntary prepayment 3.6 % 21.0 % 8.0 % Constant default rate 0.5 % 9.4 % 3.7 % Loss severity 0.0 % 85.1 % 28.9 % Delinquency 4.4 % 25.5 % 12.0 % Subprime 8,649,047 Broker quotes/comparable trades Constant voluntary prepayment 1.2 % 7.7 % 3.9 % Constant default rate 3.0 % 8.0 % 6.2 % Loss severity 11.1 % 128.5 % 54.0 % Delinquency 18.3 % 28.0 % 22.2 % Total Non-Agency RMBS $ 109,339,281 Other Investment Securities $ 12,804,196 Broker quotes/comparable trades Constant voluntary prepayment 4.0 % 18.4 % 6.9 % MSRs $ 48,209,016 Discounted cash flow model Constant voluntary prepayment 8.5 % 10.5 % 9.3 % Cost of servicing $ 77 $ 110 $ 92 Discount rate 9.0 % 10.0 % 9.4 % Contingent consideration $ 11,285,100 Option pricing model Discount rate 10.2 % 10.8 % 10.5 % Production volatility — — 20.0 % Profitability volatility — — 50.0 % Fair Value at Valuation Unobservable Input Min/Max Weighted Mortgage loans held for investment $ 415,959,838 Discounted cash flow model Constant voluntary prepayment 1.4 % 27.1 % 3.9 % Constant default rate 0.0 % 4.0 % 2.9 % Loss severity 0.0 % 40.5 % 23.8 % Delinquency 0.1 % 13.6 % 10.6 % Non-Agency RMBS Alternative – A $ 61,296,540 Broker quotes/ comparable trades Constant voluntary prepayment 1.6 % 24.8 % 13.6 % Constant default rate 0.1 % 8.4 % 3.1 % Loss severity 0.0 % 81.1 % 20.5 % Delinquency 1.3 % 25.9 % 10.1 % Pay option adjustable rate $ 45,541,325 Broker quotes/ comparable trades Constant voluntary prepayment 1.7 % 20.1 % 8.9 % Constant default rate 1.6 % 19.4 % 4.3 % Loss severity 0.0 % 66.2 % 38.0 % Delinquency 6.8 % 29.1 % 15.2 % Prime $ 39,065,076 Broker quotes/ comparable trades Constant voluntary prepayment 2.6 % 17.3 % 9.2 % Constant default rate 0.2 % 9.2 % 4.1 % Loss severity 0.0 % 78.3 % 28.2 % Delinquency 5.0 % 24.8 % 13.0 % Subprime $ 2,682,792 Broker quotes/ comparable trades Constant voluntary prepayment 2.4 % 7.4 % 4.7 % Constant default rate 6.0 % 8.0 % 7.7 % Loss severity 65.0 % 85.0 % 72.0 % Delinquency 25.5 % 27.7 % 26.8 % Total Non-Agency RMBS $ 148,585,733 Other Investment Securities $ 2,040,532 Broker quotes/ comparable trades Constant voluntary prepayment 7.5 % MSRs $ 33,378,978 Discounted cash flow model Constant prepayment rate 7.6 % 58.2 % 10.6 % Cost of servicing $ 76 $ 533 $ 91 Discount rate 9.0 % 10.0 % 9.4 % Contingent consideration $ 11,430,413 Discounted cash flow model Cost of equity — — 6.4 % Cost of capital — — 16.9 % The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs at December 31, 2015 and December 31, 2014: Pull-through rate Range 62.4% – 100.0% 55.7% - 100.0% Weighted average 87.6% 85.0% MSR value expressed as: Servicing fee multiple Range 0.8% - 5.9% 0.4% - 6.0% Weighted average 4.3% 4.4% Percentage of unpaid principal balance Range 0.3% - 1.7% 0.2% - 1.9% Weighted average 1.1% 1.1%
Fair Value, Option, Quantitative Disclosures [Table Text Block]	December 31, 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) $ 397,678,140 $ 444,500,063 $ (46,821,923) $ 415,959,838 $ 464,877,028 $ (48,917,190) Mortgage loans held for sale 115,942,230 111,393,424 4,548,804 97,690,960 92,917,659 4,773,301 Non-Agency RMBS 109,339,281 168,925,162 (59,585,881) 148,585,733 226,501,915 (77,916,182) Other Investment Securities 12,804,196 13,398,851 (594,655) 2,040,532 2,250,000 (209,468) MSRs 48,209,016 4,173,927,393 N/A (3) 33,378,978 3,078,974,342 N/A (3) (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 $35.0 million and $48.6 million at December 31, 2015 and December 31, 2014, respectively. (3) Amounts not presented. Unpaid principal balance of MSRs are generally significantly greater than their fair value.
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 December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Fair Value Carrying Value Fair Value Carrying Value Other financial instruments Assets Cash $ 20,793,716 $ 20,793,716 $ 33,791,013 $ 33,791,013 Restricted cash 4,371,725 4,371,725 7,143,078 7,143,078 Mortgage loans held for investment, at cost 1,886,642 1,886,642 1,310,544 1,338,935 Liabilities Warehouse lines of credit $ 100,768,428 $ 100,768,428 $ 89,417,564 $ 89,417,564 Loan repurchase facilities 296,789,330 296,789,330 300,092,293 300,092,293 Securities repurchase agreements 73,300,159 73,300,159 103,014,105 103,014,105 Exchangeable Senior Notes 56,775,500 56,509,046 59,933,400 55,474,741

Mortgage Loans Held for Inves38

Mortgage Loans Held for Investment, at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule Of Mortgage Loan Acquisitions [Table Text Block]	During the years ended December 31, 2014 and December 31, 2013, the Company's acquisition of mortgage loans held for investment which showed evidence of credit deterioration at the time of purchase was as follows: Year Ended December 31 December 31, Aggregate Unpaid Principal Balance $ 100,422,418 $ 412,865,280 Loan Repurchase Facilities Used 60,557,196 231,981,549 During the years ended December 31, 2015 and December 31, 2014, the Company's acquisition of mortgage loans held for investment which were newly originated at the time of purchase was as follows: Year Ended December 31, December 31, Aggregate Unpaid Principal Balance $ 21,336,404 $ 766,965 Loan Repurchase Facilities Used 18,129,422 690,268
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 December 31, 2015 and December 31, 2014 which showed evidence of credit deterioration at the time of purchase: December 31, 2015 Unpaid Gross Unrealized (1) Difference Weighted Average Principal Premium Amortized Gains Losses Fair Principal Coupon Unleveraged Mortgage Loans Held for Investment Performing Fixed $ 240,031,119 $ (44,650,666) $ 195,380,453 $ 23,626,555 $ (2,521,921) $ 216,485,087 $ (23,546,032) 4.70 % 7.59 % ARM 143,625,653 (15,597,990) 128,027,663 5.918,004 (3,126,826) 130,818,841 (12,806,812) 3.63 7.15 Total performing 383,656,772 (60,248,656) 323,408,116 29,544,559 (5,648,747) 347,303,928 (36,352,844) 4.30 7.41 Non-performing (2) 40,100,775 (7,515,130) 32,585,645 990,974 (4,245,960) 29,330,659 (10,770,116) 4.65 7.78 Total Mortgage Loans Held for Investment $ 423,757,547 $ (67,763,786) $ 355,993,761 $ 30,535,533 $ (9,894,707) $ 376,634,587 $ (47,122,960) 4.34 % 7.45 % December 31, 2014 Unpaid Gross Unrealized (1) Difference Weighted Average Principal Premium Amortized Gains Losses Fair Principal 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. The Company recorded the following as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations: Year Ended December 31, December 31, December 31, $ (9,305,484) $ 22,810,802 $ 7,136,482 (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 December 31, 2015 and December 31, 2014 which were newly originated at the time of purchase and sourced through its loan purchase program: December 31, 2015 Gross Unrealized (1) Weighted Average Unpaid Premium Amortized Gains Losses Fair Value Coupon Unleveraged Performing Fixed $ 17,674,257 $ 315,860 $ 17,990,117 $ 58,069 $ (99,486) $ 17,948,700 505 % 4.89 % ARM 3,068,259 44,875 3,113,134 — (18,280) 3,094,854 4.37 4.25 Total Mortgage Loans Held for Investment $ 20,742,516 $ 360,735 $ 21,103,251 $ — $ (117,766) $ 21,043,554 4.95 % 4.79 % December 31, 2014 Gross Unrealized (1) Weighted Average Unpaid Premium Amortized Gains Losses Fair Value Coupon Unleveraged 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. The Company recorded the following as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations: Year Ended December 31, December 31, $ (63,235) $ 3,538
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Movement [Table Text Block]	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 years ended December 31, 2015, December 31, 2014 and December 31, 2013 is as follows: Year Ended December 31, December 31, December 31, Accretable yield, beginning of year $ 267,509,905 $ 223,401,697 $ — Acquisitions — 55,532,098 222,899,189 Accretion (25,582,964) (26,137,006) (10,470,435) Reclassifications from nonaccretable difference 5,825,003 14,713,116 10,972,942 Accretable yield, end of year $ 247,751,944 $ 267,509,905 $ 223,401,696
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The following is a summary of certain concentrations of credit risk in the mortgage loan portfolio at December 31, 2015 and December 31, 2014: December 31, December 31, Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100% 44.1 % 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 26.2 % 26.2 % Florida 16.1 % 16.6 % Additional state representing more than 5% of fair value: Georgia 6.1 % 5.7 % New York 4.8 % 5.1 % Percentage of unpaid principal balance of mortgage loans carrying mortgage insurance 8.2 % 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 December 31, 2015 and December 31, 2014 were as follows: December 31, December 31, Interest rates 1.75% – 12.20% 1.75% – 12.20% Contractual maturities 1 – 45 years 1 – 46 years
Schedule Of Additional Information Company's Real Estate Owned On Mortgage Loans Held For Investment [Table Text Block]	Additional information about the Company’s REO assets at December 31, 2015 and December 31, 2014, are as follows: December 31, December 31, Net realizable value (included in other assets in the Company's consolidated balance sheets) $ 1,784,670 $ 1,282,669 Carrying amount of mortgage loans held for investment, at fair value secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction 5,597,611 4,762,509

Mortgage Loans Held for Sale,39

Mortgage Loans Held for Sale, at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Transfers and Servicing [Abstract]
Schedule of Servicing Assets at Fair Value [Table Text Block]	During the year ended December 31, 2015 and December 31, 2014, the Company's mortgage loans held for sale activity was as follows: Year Ended December 31, December 31, 2015 2014 Balance at beginning of year $ 97,690,960 $ — Acquisition of GMFS — 92,512,390 Originations and repurchases 1,851,206,995 253,934,598 Proceeds from sales and principal payments (1,893,833,985) (245,140,671) Transfers to mortgage loans held for investment, at cost, net (443,932) — Gain on sale 61,322,192 (3,615,357) Balance at end of year $ 115,942,230 $ 97,690,960
Schedule Of Mortgage Loans Held For Sale [Table Text Block]	Mortgage loans held for sale, at fair value at December 31, 2015 and December 31, 2014 is as follows: December 31, 2015 December 31, 2014 Unpaid Unpaid Principal Principal Balance Fair Value Balance Fair Value Conventional $ 54,962,904 $ 56,586,717 $ 55,073,645 $ 57,058,195 Governmental 30,531,301 32,131,354 13,407,781 14,601,797 United States Department of Agriculture loans 16,222,152 17,059,982 16,105,088 17,069,138 United States Department of Veteran Affairs loan 8,922,978 9,314,255 6,730,696 7,196,278 Reverse mortgage 754,089 849,922 1,600,449 1,765,552 Total $ 111,393,424 $ 115,942,230 $ 92,917,659 $ 97,690,960

Real Estate Securities and Ot40

Real Estate Securities and Other Investment Securities, at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule Of Investments In Real Estate Securities [Table Text Block]	The following tables present certain information regarding the Company's non-Agency RMBS and Other Investment Securities at December 31, 2015 and December 31, 2014: December 31, 2015 Principal or Gross Unrealized (2) Weighted Average Notional Premium Amortized Unleveraged Balance (Discount) Cost Gains Losses Fair Value Coupon Yield Real estate securities Non-Agency RMBS: Alternative – A $ 76,328,172 $ (40,150,416) $ 36,177,756 $ 846,318 $ (1,025,899) $ 35,998,175 2.01 % 6.18 % Pay option adjustable rate 42,562,819 (7,480,996) 35,081,823 6,863 (2,879,148) 32,209,538 1.10 5.31 Prime 37,366,079 (4,732,637) 32,633,442 563,311 (714,232) 32,482,521 3.62 5.95 Subprime 12,668,092 (4,039,253) 8,628,839 111,651 (91,443) 8,649,047 0.93 6.63 Total non-Agency RMBS $ 168,925,162 $ (56,403,302) $ 112,521,860 $ 1,528,143 $ (4,710,722) $ 109,339,281 2.05 % 5.87 % Other Investment Securities (1) $ 13,398,851 $ (34,264) $ 13,364,587 $ 897 $ (561,288) $ 12,804,196 4.94 % 6.65 % December 31, 2014 Principal or Gross Unrealized (2) Weighted Average 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 – Summary of Significant Accounting Policies , “Other Investment Securities”. (2) The Company has elected the fair value option pursuant to ASC 825 for real estate securities.
Investments Classified by Contractual Maturity Date [Table Text Block]	The Company recorded the changes in unrealized gain or loss in the consolidated statements of operations. December 31, 2015 December 31, 2014 Other Investment Other Investment Non-Agency RMBS Securities Non-Agency RMBS Securities Notional balance of IO included in $ 35,042,860 — $ 48,569,423 — Contractual maturities (range) 19.3 to 31.3 years 8.4 to 12.3 years 20.3 to 32.3 years 9.7 years Weighted average maturity 21.3 years 10.1 years 24.9 years 9.7 years
Realized Gain (Loss) on Investments [Table Text Block]	Realized losses from OTTI on non-Agency RMBS or Other Investment Securities for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 are as follows: Year Ended December 31, December 31, December 31, $ — $ — $ 1,108,024

Mortgage Servicing Rights, at41

Mortgage Servicing Rights, at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Transfers and Servicing [Abstract]
Schedule Of Activity Of Mortgage Servicing Rights [Table Text Block]	The activity of MSRs for the years ended December 31, 2015 and December 31, 2014 is as follows: Year Ended December 31, December 31, Balance at beginning of year $ 33,378,978 $ — Acquisition of MSRs in connection with purchase of GMFS on October 31, 2014 — 32,300,337 Additions due to loans sold, servicing retained 18,958,514 2,763,014 Change in fair value of MSRs (1) Changes in values of market related inputs or assumptions used in a valuation model (2) 29,378 (1,420,925) Other changes (3) (4,157,854) (263,448) Total - change in fair value of MSRs (4,128,476) (1,684,373) Balance at end of year $ 48,209,016 $ 33,378,978 (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 change in value primarily 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 year.
Schedule Of Mortgage Servicing Rights Portfolio [Table Text Block]	The Company's MSR portfolio at December 31, 2015 and December 31, 2014 is as follows: December 31, 2015 December 31, 2014 Unpaid Principal Fair Value Unpaid Principal Fair Value Fannie Mae $ 1,880,177,827 $ 20,751,648 $ 1,640,799,719 $ 17,078,181 Ginnie Mae 1,488,159,758 18,231,527 1,146,234,768 13,102,076 Freddie Mac 805,589,808 9,225,841 291,939,855 3,198,721 Total $ 4,173,927,393 $ 48,209,016 $ 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) at December 31, 2015: Discount rate: Range 6.6%-12.2 % Weighted average 9.4 % Effect on fair value of adverse change of: 5% $ (958,786) 10% $ (1,881,870) 20% $ (3,628,281) Prepayment speed (1) Range 7.0%-12.0 % Weighted average 9.3 % Effect on fair value of adverse change of: 5% $ (938,584) 10% $ (1,756,195) 20% $ (3,428,890) Per-loan annual cost of servicing: Range $64-$119 Weighted average $ 92 Effect on fair value of adverse change of: 5% $ (547,228) 10% $ (1,094,455) 20% $ (2,188,910) (1) Prepayment speed is measured using CPR.
Schedule Of Gains Losses Included In Earnings [Table Text Block]	Year Ended December 31, December 31, The amount of total gains or (losses) for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ 29,378 $ (1,420,925)
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 years ended December 31, 2015 and December 31, 2014: Year Ended December 31, December 31, Loan servicing fee income $ 10,641,288 $ 1,412,583 Late fee income 64 60 Sub-servicing costs (3,548,921) (482,925) Loan servicing fee income, net of direct costs $ 7,092,431 $ 929,718

Warehouse Lines of Credit (Tabl

Warehouse Lines of Credit (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Short-term Debt [Table Text Block]	December 31, 2015 December 31, 2014 Weighted Weighted Maturity Dates Balance Average Rate Balance Average Rate 30 days or less $ — — % $ 21,210,431 2.47 % 181 days to 1 year 100,768,428 2.72 57,118,533 2.46 Greater than 1 year — — 11,088,600 2.92 Total balance and weighted average rate $ 100,768,428 2.72 % $ 89,417,564 2.52 %
Schedule of Receivables Held For Sale [Table Text Block]	December 31, 2015 December 31, 2014 Mortgage loans held for sale pledged as collateral to secure the warehouse lines of credit and repurchase agreements related to the GMFS mortgage banking platform $ 115,942,230 $ 97,690,960
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 residential mortgage banking segment at December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Availability $ 185,000,000 $ 130,000,000 Maturity dates June 2016 – November 2016 January 2015 – June 2016

Loan Repurchase Facilities (Tab

Loan Repurchase Facilities (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Loan Repurchase Facilities [Table Text Block]	At December 31, 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: December 31, 2015 December 31, 2014 Lender Citibank, N.A Credit Suisse Citibank, N.A Credit Suisse 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 $ 279,467,573 $ 17,321,757 $ 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 December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Balance Weighted Balance Weighted Loan Repurchase Facilities borrowings maturing within — — 91-180 days $ 296,789,330 3.14 % $ 299,402,024 2.92 % 181 days to 1 year — — 690,269 2.46 % Total balance and weighted average rate $ 296,789,330 3.14 % $ 300,092,293 2.92 %
Schedule Of Posting of Mortgage Loan Collateral For The Loan Repurchase Facilities [Table Text Block]	December 31, December 31, Fair value of Trust Certificates pledged as collateral $ 394,942,512 $ 415,814,067 Fair value of mortgage loans not pledged as collateral 2,735,628 145,771 Cash pledged as collateral 375,579 — Unused Amount (1) 128,210,670 124,907,707 (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]	Year Ended December 31, December 31, Weighted average interest rate (1) 3.16 % 3.11 % Average unpaid principal balance of loans sold under agreements to repurchase $ 688,271 $ 193,332 Maximum daily amount outstanding $ 302,037,635 $ 310,575,669 (1) Includes commitment fees.

Securities Repurchase Agreeme44

Securities Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and December 31, 2014 by remaining maturity and collateral type: December 31, 2015 Non-Agency RMBS Other Investment Securities Weighted Weighted Balance Average Rate Balance Average Rate Securities repurchase agreements maturing within 30 days or less $ 71,910,849 1.80 % $ 1,389,310 2.17 % Total balance/weighted average rate $ 71,910,849 1.80 % $ 1,389,310 2.17 % 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 December 31, 2015 and December 31, 2014: December 31, December 31, 2015 2014 Fair value of non-Agency RMBS pledged as collateral $ 95,627,850 $ 135,779,193 Fair value of Other Investment Securities pledged as collateral 1,989,174 2,040,532 Fair value of non-Agency RMBS not pledged as collateral 13,711,431 12,806,540 Fair value of Other Investment Securities not pledged as collateral 10,815,022 — Cash pledged as collateral 2,029,581 684,256

8.0% Exchangeable Senior Note45

8.0% Exchangeable Senior Notes due 2016 (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and December 31, 2014: December 31, December 31, 2015 2014 Fair value of conversion option derivative liability $ 612,878 $ 1,022,248 Unamortized discount 990,954 2,025,259

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Notional Amounts of Derivative Instruments [Table Text Block]	The following table presents certain information related to derivative instruments held at December 31, 2015 and December 31, 2014: Non-hedge derivatives December 31, 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) 18,494,332 1,905,700 IRLCs (Principal balance of underlying loans) 190,933,017 118,486,590 Notional amount of MBS forward sales contracts 179,417,280 154,000,000
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 December 31, 2015 and December 31, 2014: December 31, December 31, Derivative instruments Designation Balance Sheet Location 2015 2014 Interest rate swaps Non-hedge Derivative liabilities, at fair value $ (1,009,014) $ (860,553) Interest rate swaption Non-hedge Derivative assets, at fair value — — LPCs Non-hedge Derivative (liabilities) assets, at fair value (9,871) 4,037 IRLCs Non-hedge Derivative assets, at fair value 2,376,187 2,481,063 MBS forward sales contracts Non-hedge Derivative liabilities, at fair value (200,204) (702,383) Conversion Option - Exchangeable Senior Notes Non-hedge Derivative liabilities, at fair value (612,878) (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: Year Ended Income Statement December 31, December 31, December 31, Non-hedge derivatives Location 2015 2014 2013 Interest rate swaps Gain/(loss) on derivative instruments related to investment portfolio $ (567,321) $ (1,571,371) $ 10,548,012 Interest rate swaption Gain/(loss) on derivative instruments related to investment portfolio — (4,803,750) — LPCs Gain/(loss) on derivative instruments related to investment portfolio (13,908) 4,037 — IRLCs Mortgage banking activities, net (104,876) (221,891) — MBS forward sales contracts Mortgage banking activities, net 502,179 410,411 — Conversion Option - Exchangeable Senior Notes Gain/(loss) on derivative instruments related to investment portfolio 409,370 449,359 (147,201) TBAs Gain/(loss) on derivative instruments related to investment portfolio — — (4,785,996)
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. 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 Swap [Member]
Schedule of Interest Rate Derivatives [Table Text Block]	The following table presents information about the Company's interest rate swap agreements at December 31, 2015 and December 31, 2014: December 31, December 31, 2015 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 7.6 8.6 Cash Pledged as Collateral (1) $ 1,966,565 $ 1,572,811 (1) At December 31, 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)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2015 and December 31, 2014: December 31, December 31, 2015 2014 Gain on sale of mortgage loans held for sale, net of direct costs (1) $ 44,847,548 $ 5,344,361 Loan expenses, including provision for loan indemnification (762,239) (118,895) Loan origination fee income 1,772,153 213,540 Total $ 45,857,462 $ 5,439,006 (1) Includes the change in fair value related to IRLCs and MBS forward sales contracts held during the year.

Loan Indemnification Reserve (T

Loan Indemnification Reserve (Tables)	12 Months Ended
	Dec. 31, 2015
Guarantees [Abstract]
Schedule of Activity in Loan Indemnification Reserve [Table Text Block]	The activity for the loan indemnification reserve for the years ended December 31, 2015 and December 31, 2014 is as follows: Year Ended December 31, December 31, 2015 2014 Balance at the beginning of year $ 2,662,162 $ — Balance at the date of acquisition — 2,560,907 Loan indemnification losses incurred (198,834) — Provision for loan indemnification losses 737,672 101,255 Total $ 3,201,000 $ 2,662,162

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes [Table Text Block]	The following table summarizes the tax provision (benefit) recorded at the TRS entity level for the years ended December 31, 2015, December 31, 2014 and December 31, 2013: Provision for Income Taxes Year Ended December 31, December 31, December 31, 2015 2014 2013 Current tax expense (benefit) Federal $ — $ — $ — State — — — Total current tax (benefit) expense — — — Deferred tax expense (benefit) Federal 3,547,809 (677,780) — State 867,665 (173,216) — Total deferred tax expense (benefit) $ 4,415,474 $ (850,996) — Total expense (benefit) for income taxes $ 4,415,474 $ (850,996) $ —
Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate [Table Text Block]	Reconciliation of Statutory Tax Rate to Effective Tax Rate Year Ended December 31, December 31, December 31, 2015 2014 2013 Tax expense/(benefit) at statutory rate 34.00 % 35.00 % 35.00 % State and local taxes, net of Federal Benefit 13.61 % (0.82) % 0.00 % Impact of REIT election (1) 58.88 % (39.46) % (35.00) % Change in valuation allowance (2) 37.11 % 2.31 % 0.00 % Other non-deductible/non-taxable items (3) 2.42 % 0.03 % 0.00 % Adjustment of tax rate used to value deferred taxes (4) 1.35 % 0.00 % 0.00 % Effective Tax Rate 147.37 % (2.94) % 0.00 % (1) For all tax years, the Company’s effective tax rate differs from its statutory tax rate due to the deduction for dividend distributions required to be paid under Code section 857(a). (2) For the years ended December 31, 2015 and December 31, 2014, the change in valuation allowance relates to the change in reserve related to net operating losses and other future deductible items for ZFC Trust TRS, LLC and ZFC Funding, Inc. (3) For the years ended December 31, 2015 and December 31, 2014, the amount primarily relates to non-deductible meals and entertainment expenses. (4) For the year ended December 31, 2015, the amount primarily relates to the change in U.S. Federal statutory income tax rate used to value deferred tax assets and liabilities from 35 34
Schedule of Deferred Tax Assets (Liabilities) [Table Text Block]	Components of the Company's net deferred tax asset and liability at December 31, 2015 and December 31, 2014 are presented in the following table: December 31, 2015 December 31, 2014 Deferred tax assets: Tax effect of unrealized losses and other temporary differences $ 519,503 $ 1,207,520 Accrued compensation 333,946 — Loan loss reserves 249,745 — Goodwill and intangible assets 634,491 — Capital loss carryforward 364,803 — Net operating loss carryforward 3,586,676 673,052 Total deferred tax assets 5,689,164 1,880,572 Valuation allowance (1,762,628) (671,913) Total deferred tax assets less valuation allowance 3,926,536 1,208,659 Deferred tax liabilities: MSRs (7,187,289) Tax effect of unrealized gains and other temporary differences (303,725) (357,663) Total deferred tax liabilities (7,491,014) (357,663) Total Deferred Tax (Liability) Asset, net of Valuation Allowance $ (3,564,478) $ 850,996

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Other Assets and Liabilities [Abstract]
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	At December 31, 2015 and December 31, 2014, the Company’s accounts payable and accrued expenses consisted of the following: December 31, December 31, Accrued compensation and benefits $ 5,692,244 $ 1,466,899 Accounts payable and accrued expenses 4,714,192 5,220,346 Loan indemnification reserve 3,201,000 2,662,162 Deferred tax liability 3,564,478 — Accrued interest expense 985,310 856,834 Other liabilities 415,389 1,524,848 Total $ 18,572,613 $ 11,731,089

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended December 31, December 31, December 31, Numerator: Net (loss) income attributable to ZAIS Financial Corp. common stockholders (Basic) $ (1,260,709) $ 26,741,970 $ 6,657,728 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 (158,568) 3,109,760 880,358 Exchangeable Senior Notes: Interest expense — 3,240,561 — Gain on conversion option derivative liability — (256,068) — Total – Exchangeable Senior Notes — 2,984,493 — Net (loss) income available to stockholders, after effect of dilutive securities $ (1,419,277) $ 32,836,223 $ 7,538,086 Denominator: Weighted average number of shares of common stock 7,970,886 7,970,886 7,273,366 Effect of dilutive securities: Weighted average number of OP Units 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 10,677,360 8,200,280 Net (loss) income per share applicable to ZAIS Financial Corp. common stockholders – Basic $ (.16) $ 3.35 $ 0.92 Net (loss) income per share applicable to ZAIS Financial Corp. common stockholders – Diluted $ (.16) $ 3.08 $ 0.92

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transaction [Table Text Block]	The Company incurred the following fees pursuant to the Investment Advisory Agreement: Year Ended December 31, December 31, December 31, 2015 2014 2013 Advisory fees $ 2,850,062 $ 2,850,062 $ 2,629,815 Loan sourcing fees 103,053 3,834 — Total – Advisory fees – related party $ 2,953,115 $ 2,853,896 $ 2,629,815
Schedule of Related Party Transactions for Expense Reimbursements [Table Text Block]	The Company incurred the following Expense Reimbursements for amounts incurred by the Advisor for research and market data (including the amortization expense related to amounts prepaid to the Advisor): Year Ended December 31, December 31, December 31, 2015 2014 2013 Expense Reimbursements $ 880,551 $ 463,086 $ 199,694
Schedule of Related Party Transactions for Other Expense [Table Text Block]	Amounts payable to the Advisor for advisory fees, loan sourcing fees and Expense Reimbursements at December 31, 2015 and December 31, 2014 are as follows: December 31, December 31, $ 867,415 $ 984,603
Schedule of Related Party Transactions for Sub-Lease Income [Table Text Block]	GMFS received the following sub-lease income related to a portion of its office space (see Note 22) from a related party: Year Ended December 31, December 31, December 31, $ 38,960 $ 7,200 $ —

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Dividends Declared [Table Text Block]	During the years ended December 31, 2015, December 31, 2014 and December 31, 2013 the Company declared the following dividends: Declaration Date Record Date Payment Date Amount per Share Year ended December 31, 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 December 17, 2015 December 31, 2015 January 15, 2016 $ 0.40 Year ended December 31, 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 December 18, 2014 December 31, 2014 January 15, 2015 $ 0.40 Year ended December 31, 2013: May 14, 2013 May 24, 2013 May 31, 2013 $ 0.22 June 25, 2013 July 9, 2013 July 23, 2013 $ 0.45 September 18, 2013 September 30, 2013 October 11, 2013 $ 0.50 December 19, 2013 (1) December 31, 2013 January 15, 2014 $ 0.95 (1) Comprised of a regular cash dividend of $ 0.40 0.55

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	At December 31, 2015, the future minimum rental payments for the five years subsequent to December 31, 2015 and thereafter are as follows: 2016 $ 981,775 2017 $ 807,361 2018 $ 682,321 2019 $ 130,080 2020 $ — Thereafter $ —
Long-term Purchase Commitment [Table Text Block]	Total commitments to originate loans are as follows at December 31, 2015 and December 31, 2014: December 31, December 31, 2015 2014 $ 216,072,457 $ 117,678,075
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	GMFS incurred rent expense as follows: Year Ended December 31, December 31, $ 797,981 $ 122,986

Offsetting Assets and Liabili55

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and December 31, 2014: 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 December 31, 2015 Warehouse lines of credit $ 100,768,428 $ — $ 100,768,428 $ (100,768,428) $ — $ — Loan Repurchase Facilities 296,789,330 — 296,789,330 (296,413,751) (375,579) — Securities repurchase agreements 73,300,159 — 73,300,159 (71,270,578) (2,029,581) — Interest rate swap agreements 1,009,014 — 1,009,014 — (1,009,014) — Total $ 471,866,931 $ — $ 471,866,931 $ (468,452,757) $ (3,414,174) $ — 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 $ (491,839,706) $ (1,544,809) $ —

Employee Benefit Plan (Tables)

Employee Benefit Plan (Tables)	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	GMFS contributions to the plan were as follows: Year Ended December 31, December 31, December 31, 2015 2014 2013 $ 399,970 $ 69,719 $ —

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2015: Residential Residential Corporate/Other Total Interest income $ 34,658,211 $ 3,144,345 $ — $ 37,802,556 Interest expense 10,912,951 2,151,690 5,785,264 18,849,905 Net interest income (expense) 23,745,260 992,655 (5,785,264) 18,952,651 Non-interest income — 48,876,274 — 48,876,274 Change in unrealized gain or loss (14,989,408) — — (14,989,408) Realized gain 1,183,083 — — 1,183,083 Gain or (loss) on derivative instruments (171,859) — — (171,859) Advisory fee – related party 1,536,078 542,842 874,195 2,953,115 Salaries, commissions and benefits — 30,934,727 — 30,940,727 Operating expenses 342,243 6,337,911 5,614,180 12,294,334 Other Expenses Expenses 2,693,489 64,652 980,418 3,738,559 Depreciation and amortization — 933,811 — 933,811 Total other expenses 2,693,489 998,463 980,416 4,672,368 Net income (loss) before income taxes 5,195,266 11,054,986 (13,254,057) 2,996,197 Income tax expense — 4,415,474 — 4,415,474 Segment net income (loss) $ 5,195,266 $ 6,639,512 $ (13,254,057) $ (1,419,277) Residential Residential Mortgage Mortgage Year Ended December 31, 2014 Investments Banking Corporate/Other Total Interest income $ 40,998,530 $ 594,217 $ — $ 41,592,747 Interest expense 11,451,687 121,194 5,686,664 17,259,545 Net interest income (expense) 29,546,843 473,023 (5,686,664) 24,333,202 Non-interest income — 4,730,212 — 4,730,212 Change in unrealized gain or loss 19,090,520 — — 19,090,520 Realized gain 5,762,254 — — 5,762,254 Gain or (loss) on derivative instruments (5,921,725) — — (5,921,725) Advisory fee – related party 3,835 143,674 2,706,387 2,853,896 Salaries, commissions and benefits — 3,765,784 — 3,765,784 Operating expenses 251,305 1,089,640 6,521,363 7,862,308 Other Expenses: Expenses 2,180,113 — — 2,180,113 Transaction costs relating to the acquisition of GMFS — 2,177,617 — 2,177,617 Depreciation and amortization — 154,011 — 154,011 Total other expenses 2,180,113 2,331,628 — 4,511,741 Net income/(loss) before income taxes 46,042,639 (2,127,491) (14,914,414) 29,000,734 Income tax (benefit) — (850,996) — (850,996) Segment net income (loss) $ 46,042,639 $ (1,276,495) $ (14,914,414) $ 29,851,730 The following table is a reconciliation of the net income of the residential mortgage banking segment to the operations of GMFS: Year Ended December 31, December 31, 2015 2014 Net income (loss) of the residential mortgage banking segment $ 6,639,512 $ (1,276,495) Add back (deduct) expenses incurred by ZFC Honeybee TRS, LLC: Advisory fee – related party 542,842 143,674 Amortization of deferred premiums, production and profitability earn-outs included in salaries, commission and benefits 855,900 — Operating expenses (including change in contingent consideration) 237,279 257,883 Other expenses 852,992 131,390 Transaction costs relating to the acquisition of GMFS — 2,177,617 Income tax expense (benefit) 4,415,474 (850,996) Net income of GMFS $ 13,543,999 $ 583,073 Supplemental Disclosures Selected segment balance sheet information is as follows: Residential Residential Mortgage Mortgage Investments Banking Corporate/Other Total December 31, 2015 Mortgage loans held for investment, at fair value $ 397,678,140 $ — $ — $ 397,678,140 Mortgage loans held for investment, at cost — 1,886,642 — 1,886,642 Mortgage loans held for sale — 115,942,230 — 115,942,230 Real estate securities 109,339,281 — — 109,339,281 Other investment securities 12,804,196 — — 12,804,196 Mortgage servicing rights — 48,209,016 — 48,209,016 Goodwill — 14,183,537 — 14,183,537 Intangible assets — 4,880,270 — 4,880,270 Total assets 543,337,289 227,689,257 4,112,375 775,138,921 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

Quarterly Results (Tables)

Quarterly Results (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	The following is a presentation of the quarterly results of operations for the years ended December 31, 2015 and December 31, 2014: For the Three Months Ended December 31, September 30, June 30, March 31, Total interest income $ 8,902,859 $ 9,650,952 $ 9,561,348 $ 9,687,397 Total interest expense 4,664,825 4,711,854 4,727,749 4,745,477 Net interest income 4,238,034 4,939,098 4,833,599 4,941,920 Non-interest income 13,126,246 8,943,047 17,430,551 9,376,430 Total other gain/(loss) (5,192,110) (7,986,942) 1,082,596 (1,881,728) Total expenses 12,095,213 12,857,112 13,737,314 12,164,905 Income tax expense (benefit) 1,911,578 (250,491) 2,899,916 (145,529) Net (loss)/income (1,834,621) (6,711,418) 6,709,516 417,246 Net (loss)/income attributable to ZAIS Financial Corp. common stockholders $ (1,647,554) $ (6,040,746) $ 6,053,811 $ 373,780 Net income/(loss) per share applicable to common stockholders – basic $ (0.21) $ (0.76) $ 0.76 $ 0.05 Net income/(loss) per share applicable to common stockholders – diluted $ (0.21) $ (0.76) $ 0.65 $ 0.05 Weighted average number of shares: Basic 7,970,886 7,970,886 7,970,886 7,970,886 Diluted 8,897,800 8,897,800 10,677,360 8,897,800 For the Three Months Ended December 31, (1) September 30, June 30, March 31, Total interest income $ 10,267,875 $ 11,000,619 $ 10,831,220 $ 9,493,033 Total interest expense 4,447,530 4,491,678 4,416,385 3,903,952 Net interest income 5,820,345 6,508,941 6,414,835 5,589,081 Non-interest income 4,730,212 — — — Total other gain/(loss) (2,944,631) (1,805,117) 22,688,696 992,101 Total expenses 8,239,984 3,424,026 3,231,396 4,098,323 Income tax (benefit) (850,996) — — — Net income/(loss) 216,938 1,279,798 25,872,135 2,482,859 Net income/(loss) attributable to ZAIS Financial Corp. common stockholders $ 194,337 $ 1,149,497 $ 23,173,931 $ 2,224,205 Net income/(loss) per share applicable to common stockholders – basic $ 0.02 $ .14 $ 2.91 $ .28 Net income/(loss) per share applicable to common stockholders – diluted $ 0.02 $ .14 $ 2.47 $ .28 Weighted average number of shares: Basic 7,970,886 7,970,886 7,970,886 7,970,886 Diluted 8,897,800 8,897,800 10,677,360 8,897,800 (1) On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 in its consolidated statements of operations.

Formation and Organization (Det

Formation and Organization (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 13, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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
Payments of Stock Issuance Costs		$ 0	$ 0	$ 216,658
Stock Issued During Period, Value, New Issues				$ 118,862,500
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	$ 120,100,000
Payments of Stock Issuance Costs	1,200,000
Stock Issued During Period, Value, New Issues	$ 118,900,000

Summary of Significant Accoun60

Summary of Significant Accounting Policies (Details Textual)	1 Months Ended	12 Months Ended
	Oct. 31, 2014	Dec. 31, 2015USD ($)	Dec. 31, 2014	Nov. 25, 2013USD ($)
Threshold Period Past Due for Write-off of Financing Receivable		60 days
Deferred Costs, Total		$ 1,200,000
Number of Operating Segments	2	2
Exchangeable Senior Notes [Member]
Debt Instrument, Face Amount		$ 1,000		$ 57,500,000
Mortgage Receivable [Member]
Threshold Period Past Due for Write-off of Financing Receivable		90 days
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 consideration at closing	$ 74,277,865

GMFS Transaction (Details 1)

GMFS Transaction (Details 1) - USD ($)	Dec. 31, 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, at cost [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 ($)	Dec. 31, 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) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule of Changes in Carrying Amount Of Goodwill [Line Items]
Acquisition of GMFS	$ 16,512,680
Balance at December 31, 2014	16,512,680
Less:
Reversal of a liability existing as of the date of acquisition	(385,610)	$ (1,943,533)
Finalization of purchase price based upon final reconciliation	(1,943,533)
Balance at December 31, 2015	$ 14,183,537	$ 16,512,680

GMFS Transaction (Details 4)

GMFS Transaction (Details 4) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Trade Names [Member]
Estimated Fair Value	$ 2
GMFS, LLC [Member]
Estimated Fair Value	$ 5.8
GMFS, LLC [Member] | Trade Names [Member]
Estimated Useful Life	10 years
GMFS, LLC [Member] | Customer Relationships [Member]
Estimated Fair Value	$ 1.3
Estimated Useful Life	10 years
GMFS, LLC [Member] | Licenses [Member]
Estimated Fair Value	$ 1
Estimated Useful Life	3 years
GMFS, LLC [Member] | Favorable Lease [Member]
Estimated Fair Value	$ 1.5
Estimated Useful Life	12 years

GMFS Transaction (Details 5)

GMFS Transaction (Details 5) - USD ($)	2 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015
Amortization expense	$ 131,389	$ 788,341

GMFS Transaction (Details 6)

GMFS Transaction (Details 6) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets, Accumulated Amortization	$ 919,730	$ 131,389
Trade Names [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	233,338	33,333
Customer Relationships [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	151,662	21,666
Licenses [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	388,892	55,556
Favorable Lease [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 145,838	$ 20,834

GMFS Transaction (Details 7)

GMFS Transaction (Details 7)	Dec. 31, 2015USD ($)
2,016	$ 788,340
2,017	732,776
2,018	455,004
2,019	455,004
2,020	$ 455,004

GMFS Transaction (Details 8)

GMFS Transaction (Details 8) - USD ($)		2 Months Ended	3 Months Ended									12 Months Ended
		Dec. 31, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	[2]	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Interest income - mortgage loans held for sale												$ 3,144,345	$ 594,217	$ 0
Gain on sale of mortgage loans, net of direct costs	[1]											44,847,548	5,344,361
Loan origination fee income												1,772,153	213,540
Provision for loan indemnification												(762,239)	(118,895)
Net interest income			$ 4,238,034	$ 4,939,098	$ 4,833,599	$ 4,941,920	$ 5,820,345		$ 6,508,941	$ 6,414,835	$ 5,589,081	18,952,651	24,333,202	19,323,808
Total												45,857,462	5,439,006	0
Loan servicing fee income, net of direct costs												7,092,431	929,718
Change in fair value of mortgage servicing rights												(4,128,476)	(1,684,373)	0
Other income												54,857	45,861	0
Total non-interest income			13,126,246	8,943,047	17,430,551	9,376,430	4,730,212		0	0	0	48,876,274	4,730,212	0
Net loss after expenses of Honeybee TRS, before tax												(2,996,197)	(29,000,734)	(7,553,465)
Tax benefit			(1,911,578)	250,491	(2,899,916)	145,529	850,996		0	0	0	(4,415,474)	850,996	0
Net loss after expenses of Honeybee TRS, after tax			$ (1,834,621)	$ (6,711,418)	$ 6,709,516	$ 417,246	$ 216,938		$ 1,279,798	$ 25,872,135	$ 2,482,859	$ (1,419,277)	29,851,730	7,553,465
GMFS, LLC [Member]
Business Acquisition [Line Items]
Interest income - mortgage loans held for sale		$ 594,217
Gain on sale of mortgage loans, net of direct costs		5,344,361
Loan origination fee income		213,540
Provision for loan indemnification		(118,895)
Total		5,439,006
Loan servicing fee income, net of direct costs		929,718
Change in fair value of mortgage servicing rights		(1,684,373)
Other income		45,861
Total non-interest income		4,730,212
Net income before expenses and taxes relating to Honeybee TRS		583,073
Expenses of Honeybee TRS	[3]	(2,710,564)
Net loss after expenses of Honeybee TRS, before tax		(2,127,491)
Tax benefit		850,996
Net loss after expenses of Honeybee TRS, after tax		$ (1,276,495)
GMFS, LLC [Member] | Pro Forma [Member]
Business Acquisition [Line Items]
Net interest income													21,623,473	15,737,131
Total													41,047,510	46,354,596
Loan servicing fee income, net of direct costs													5,239,010	3,022,447
Other income													673,270	709,369
Net loss after expenses of Honeybee TRS, after tax													$ 35,213,626	$ 11,465,008
[1]	Includes the change in fair value related to IRLCs and MBS forward sales contracts held during the year.
[2]	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 in its consolidated statements of operations.
[3]	These expenses are included in other expenses in the Company’s consolidated statements of operations.

GMFS Transaction (Details Textu

GMFS Transaction (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		$ (145,313)	$ 0	$ 0
Receipt of escrowed funds upon final reconciliation of purchase price		$ 1,684,263
Goodwill Tax Deductible Period		15 years
Increase (Decrease) in Accrued Liabilities, Total		$ 259,269
Goodwill, Other Changes		385,610	1,943,533
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
Final Purchase Price of Acquisition Before Contingent Consideration	61,200,000
GMFS, LLC [Member] | Discrete Payment One [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
GMFS [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs		$ 120,852	$ 2,177,617

Fair Value (Details)

Fair Value (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets
Mortgage loans held for sale	$ 115,942,230	$ 97,690,960	$ 0
MSRs	48,209,016	33,378,978	$ 0
Derivative assets	2,376,187	2,485,100
Liabilities
Contingent consideration	11,285,100	11,430,413
Derivative liabilities	1,831,967	2,585,184
Non-Agency RMBS [Member]
Assets
Mortgage loans held for investment	109,339,281	148,585,733
Other Investment Securities [Member]
Assets
Mortgage loans held for investment	12,804,196	2,040,532
Fair Value, Measurements, Recurring [Member]
Assets
Mortgage loans held for investment	397,678,140	415,959,838
Mortgage loans held for sale	115,942,230	97,690,960
Other Investment Securities		2,040,532
MSRs	48,209,016	33,378,978
Derivative assets	2,376,187	2,485,100
Total	686,349,050	700,141,141
Liabilities
Contingent consideration	11,285,100	11,430,413
Derivative liabilities	1,831,967	2,585,184
Total	13,117,067	14,015,597
Fair Value, Measurements, Recurring [Member] | Non-Agency RMBS [Member]
Assets
Other Investment Securities	109,339,281	148,585,733
Fair Value, Measurements, Recurring [Member] | Other Investment Securities [Member]
Assets
Other Investment Securities	12,804,196
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
Other Investment Securities		0
MSRs	0	0
Derivative assets	0	0
Total	0	0
Liabilities
Contingent consideration	0	0
Derivative liabilities	0	0
Total	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Non-Agency RMBS [Member]
Assets
Other Investment Securities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Investment Securities [Member]
Assets
Other Investment Securities	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	115,942,230	97,690,960
Other Investment Securities		0
MSRs	0	0
Derivative assets	0	0
Total	115,942,230	97,690,960
Liabilities
Contingent consideration	0	0
Derivative liabilities	1,822,096	2,585,184
Total	1,822,096	2,585,184
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Non-Agency RMBS [Member]
Assets
Other Investment Securities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Investment Securities [Member]
Assets
Other Investment Securities	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Mortgage loans held for investment	397,678,140	415,959,838
Mortgage loans held for sale	0	0
Other Investment Securities		2,040,532
MSRs	48,209,016	33,378,978
Derivative assets	2,376,187	2,485,100
Total	570,406,820	602,450,181
Liabilities
Contingent consideration	11,285,100	11,430,413
Derivative liabilities	9,871	0
Total	11,294,971	11,430,413
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Non-Agency RMBS [Member]
Assets
Other Investment Securities	109,339,281	$ 148,585,733
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Investment Securities [Member]
Assets
Other Investment Securities	$ 12,804,196

Fair Value (Details 1)

Fair Value (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Acquisition of GMFS	$ 0	$ 92,512,390
The amount of total gains or (losses) for the year included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	29,378	(1,420,925)
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	47,034,327
Proceeds from sales	(26,770,882)	(102,635,229)
Amortization of premiums	0	0
Net accretion of discounts	3,882,887	5,528,538
Proceeds from principal repayments	(17,888,188)	(28,197,740)
Conversion of mortgage loans to REO	0	0
Total losses (realized/unrealized) included in earnings	(6,105,642)	(6,694,487)
Total gains (realized/unrealized) included in earnings	1,273,235	7,395,103
Ending balance	109,339,281	148,585,733
The amount of total gains or (losses) for the year included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	(4,098,040)	(1,039,499)
Loan Purchase Commitments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	4,037	0
Acquisition of GMFS	0	0
Change in unrealized gain or loss	(13,908)	4,037
Ending balance	(9,871)	4,037
The amount of total gains or (losses) for the year included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	(13,908)	4.037
Interest Rate Lock Commitments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	2,481,063	0
Acquisition of GMFS	0	2,702,954
Change in unrealized gain or loss	(104,876)	(221,891)
Ending balance	2,376,187	2,481,063
The amount of total gains or (losses) for the year included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	(104,876)	(221,891)
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	21,709,387	85,579,169
Proceeds from sales	0	0
Amortization of premiums	(6,422)	0
Net accretion of discounts	7,767,854	7,497,341
Proceeds from principal repayments	(36,056,879)	(31,759,326)
Conversion of mortgage loans to REO	(3,806,064)	(1,796,028)
Total losses (realized/unrealized) included in earnings	(19,504,275)	(8,250,003)
Total gains (realized/unrealized) included in earnings	11,614,701	32,903,143
Ending balance	397,678,140	415,959,838
The amount of total gains or (losses) for the year included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	(9,639,808)	22,957,500
Other Investment Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	2,040,532	0
Originations/acquisitions	17,031,330	12,926,953
Proceeds from sales	(5,961,506)	(11,067,378)
Amortization of premiums	0	0
Net accretion of discounts	192,476	180,438
Proceeds from principal repayments	(9,915)	0
Conversion of mortgage loans to REO	0	0
Total losses (realized/unrealized) included in earnings	(723,638)	(226,224)
Total gains (realized/unrealized) included in earnings	234,917	226,743
Ending balance	12,804,196	2,040,532
The amount of total gains or (losses) for the year included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	$ (567,589)	$ (226,224)

Fair Value (Details 2)

Fair Value (Details 2) - Contingent Consideration Classified as Equity [Member] - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Beginning balance	$ 11,430,413	$ 0
Acquisition of GMFS	0	11,430,413
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	(145,313)	0
Ending balance	$ 11,285,100	$ 11,430,413

Fair Value (Details 3)

Fair Value (Details 3) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Market Approach Valuation Technique [Member] | Minimum [Member] | Contingent Consideration Classified as Equity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate		10.20%
Market Approach Valuation Technique [Member] | Maximum [Member] | Contingent Consideration Classified as Equity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate		10.80%
Market Approach Valuation Technique [Member] | Weighted Average [Member] | Contingent Consideration Classified as Equity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate		10.50%
Level 3 [Member] | Contingent Consideration Classified as Equity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value			$ 11,430,413
Level 3 [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | Contingent Consideration Classified as Equity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Production volatility		0.00%
Profitability volatility		0.00%
Cost of equity			0.00%
Cost of capital			0.00%
Level 3 [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | Contingent Consideration Classified as Equity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Production volatility		0.00%
Profitability volatility		0.00%
Cost of equity			0.00%
Cost of capital			0.00%
Level 3 [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | Contingent Consideration Classified as Equity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Production volatility		20.00%
Profitability volatility		50.00%
Cost of equity			6.40%
Cost of capital			16.90%
Mortgage Loans Held for Investment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	[1]	$ 397,678,140
Mortgage Loans Held for Investment [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Delinquency			10.60%
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]	1.90%
Constant default rate	[1]	1.40%
Loss severity	[1]	5.90%
Delinquency	[1]	6.30%
Mortgage Loans Held for Investment [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	[1]	5.00%
Constant default rate	[1]	5.00%
Loss severity	[1]	37.20%
Delinquency	[1]	13.20%
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	[1]	3.20%
Constant default rate	[1]	3.10%
Loss severity	[1]	22.10%
Delinquency	[1]	10.90%
Mortgage Loans Held for Investment [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value			$ 415,959,838
Mortgage Loans Held for Investment [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			1.40%
Constant default rate			0.00%
Loss severity			0.00%
Delinquency			0.10%
Mortgage Loans Held for Investment [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			27.10%
Constant default rate			4.00%
Loss severity			40.50%
Delinquency			13.60%
Mortgage Loans Held for Investment [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			3.90%
Constant default rate			2.90%
Loss severity			23.80%
Alternative - A [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	[2]	$ 35,998,175
Alternative - A [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	[2]	2.70%
Constant default rate	[2]	0.20%
Loss severity	[2]	0.00%
Delinquency	[2]	1.40%
Alternative - A [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	[2]	18.90%
Constant default rate	[2]	7.80%
Loss severity	[2]	85.00%
Delinquency	[2]	22.20%
Alternative - A [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	[2]	12.90%
Constant default rate	[2]	2.80%
Loss severity	[2]	21.00%
Delinquency	[2]	8.90%
Alternative - A [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value			$ 61,296,540
Alternative - A [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			1.60%
Constant default rate			0.10%
Loss severity			0.00%
Delinquency			1.30%
Alternative - A [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			24.80%
Constant default rate			8.40%
Loss severity			81.10%
Delinquency			25.90%
Alternative - A [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			13.60%
Constant default rate			3.10%
Loss severity			20.50%
Delinquency			10.10%
Pay Option Adjustable Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value		$ 32,209,538
Pay Option Adjustable Rate [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment		2.20%
Constant default rate		0.50%
Loss severity		0.00%
Delinquency		5.30%
Pay Option Adjustable Rate [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment		13.50%
Constant default rate		13.00%
Loss severity		95.60%
Delinquency		21.90%
Pay Option Adjustable Rate [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment		7.50%
Constant default rate		3.50%
Loss severity		40.00%
Delinquency		12.30%
Pay Option Adjustable Rate [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value			$ 45,541,325
Pay Option Adjustable Rate [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			1.70%
Constant default rate			1.60%
Loss severity			0.00%
Delinquency			6.80%
Pay Option Adjustable Rate [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			20.10%
Constant default rate			19.40%
Loss severity			66.20%
Delinquency			29.10%
Pay Option Adjustable Rate [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			8.90%
Constant default rate			4.30%
Loss severity			38.00%
Delinquency			15.20%
Prime [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value		$ 32,482,521
Prime [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment		3.60%
Constant default rate		0.50%
Loss severity		0.00%
Delinquency		4.40%
Prime [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment		21.00%
Constant default rate		9.40%
Loss severity		85.10%
Delinquency		25.50%
Prime [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment		8.00%
Constant default rate		3.70%
Loss severity		28.90%
Delinquency		12.00%
Prime [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value			$ 39,065,076
Prime [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			2.60%
Constant default rate			0.20%
Loss severity			0.00%
Delinquency			5.00%
Prime [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			17.30%
Constant default rate			9.20%
Loss severity			78.30%
Delinquency			24.80%
Prime [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			9.20%
Constant default rate			4.10%
Loss severity			28.20%
Delinquency			13.00%
Subprime [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value		$ 8,649,047
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		11.10%
Delinquency		18.30%
Subprime [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment		7.70%
Constant default rate		8.00%
Loss severity		128.50%
Delinquency		28.00%
Subprime [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment		3.90%
Constant default rate		6.20%
Loss severity		54.00%
Delinquency		22.20%
Subprime [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value			$ 2,682,792
Subprime [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			2.40%
Constant default rate			6.00%
Loss severity			65.00%
Delinquency			25.50%
Subprime [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			7.40%
Constant default rate			8.00%
Loss severity			85.00%
Delinquency			27.70%
Subprime [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			4.70%
Constant default rate			7.70%
Loss severity			72.00%
Delinquency			26.80%
Non-Agency RMBS [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value		$ 109,339,281
Non-Agency RMBS [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value			$ 148,585,733
Other Investment Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	[2]	$ 12,804,196
Other Investment Securities [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	[2]	4.00%
Other Investment Securities [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	[2]	18.40%
Other Investment Securities [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	[2]	6.90%
Other Investment Securities [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value			$ 2,040,532
Other Investment Securities [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment
Other Investment Securities [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment
Other Investment Securities [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			7.50%
Mortgage Servicing Rights [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value		$ 48,209,016
Mortgage Servicing Rights [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment		8.50%
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		10.50%
Cost of servicing		$ 110
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		9.30%
Cost of servicing		$ 92
Discount rate		9.40%
Mortgage Servicing Rights [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value			$ 33,378,978
Mortgage Servicing Rights [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			7.60%
Cost of servicing			$ 76
Discount rate			9.00%
Mortgage Servicing Rights [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			58.20%
Cost of servicing			$ 533
Discount rate			10.00%
Mortgage Servicing Rights [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment			10.60%
Cost of servicing			$ 91
Discount rate			9.40%
Contingent Consideration [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value		$ 11,285,100
[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 4)

Fair Value (Details 4) - Interest Rate Lock Commitments [Member]	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Pull-through rate	62.40%	55.70%
Servicing fee multiple	0.80%	0.40%
Percentage of unpaid principal balance	0.30%	0.20%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Pull-through rate	100.00%	100.00%
Servicing fee multiple	5.90%	6.00%
Percentage of unpaid principal balance	1.70%	1.90%
Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Pull-through rate	87.60%	85.00%
Servicing fee multiple	4.30%	4.40%
Percentage of unpaid principal balance	1.10%	1.10%

Fair Value (Details 5)

Fair Value (Details 5) - USD ($)		Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans Held for Investment [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	[1]	$ 397,678,140	$ 415,959,838
Unpaid Principal and/or Notional Balance	[1],[2]	444,500,063	464,877,028
Difference	[1]	(46,821,923)	(48,917,190)
Mortgage Loans Held for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value		115,942,230	97,690,960
Unpaid Principal and/or Notional Balance	[2]	111,393,424	92,917,659
Difference		4,548,804	4,773,301
Non-Agency RMBS [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value		109,339,281	148,585,733
Unpaid Principal and/or Notional Balance	[2]	168,925,162	226,501,915
Difference		(59,585,881)	(77,916,182)
Other Investment Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value		12,804,196	2,040,532
Unpaid Principal and/or Notional Balance	[2]	13,398,851	2,250,000
Difference		(594,655)	(209,468)
MSRs [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value		48,209,016	33,378,978
Unpaid Principal and/or Notional Balance	[2]	4,174,806,617	3,078,974,342
Difference	[3]	$ 0	$ 0
[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 $35.0 million and $48.6 million at December 31, 2015 and December 31, 2014, respectively.
[3]	Amounts not presented. Unpaid principal balance of MSRs are generally significantly greater than their fair value.

Fair Value (Details 6)

Fair Value (Details 6) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets
Restricted cash	$ 4,371,725	$ 7,143,078
Mortgage loans held for investment, at cost	1,886,642	1,338,935
Liabilities
Loan repurchase facilities	296,789,330	300,092,293
Estimate of Fair Value Measurement [Member]
Assets
Cash	20,793,716	33,791,013
Restricted cash	4,371,725	7,143,078
Mortgage loans held for investment, at cost	1,886,642	1,310,544
Liabilities
Securities repurchase agreements	73,300,159	103,014,105
Exchangeable Senior Notes	56,775,500	59,933,400
Estimate of Fair Value Measurement [Member] | Secured Debt [Member]
Liabilities
Loan repurchase facilities	296,789,330	300,092,293
Estimate of Fair Value Measurement [Member] | Warehouse Agreement Borrowings [Member]
Liabilities
Loan repurchase facilities	100,768,428	89,417,564
Reported Value Measurement [Member]
Assets
Cash	20,793,716	33,791,013
Restricted cash	4,371,725	7,143,078
Mortgage loans held for investment, at cost	1,886,642	1,338,935
Liabilities
Securities repurchase agreements	73,300,159	103,014,105
Exchangeable Senior Notes	56,509,046	55,474,741
Reported Value Measurement [Member] | Secured Debt [Member]
Liabilities
Loan repurchase facilities	296,789,330	300,092,293
Reported Value Measurement [Member] | Warehouse Agreement Borrowings [Member]
Liabilities
Loan repurchase facilities	$ 100,768,428	$ 89,417,564

Mortgage Loans Held for Inves78

Mortgage Loans Held for Investment, at Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Newly Originated Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Aggregate Unpaid Principal Balance	$ 21,336,404	$ 766,965
Newly Originated Mortgage Loans [Member] | Loan Repurchase Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Loan Repurchase Facilities Used	$ 18,129,422	690,268
Distressed And Reperforming Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Aggregate Unpaid Principal Balance		100,422,418	$ 412,865,280
Distressed And Reperforming Loans [Member] | Loan Repurchase Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Loan Repurchase Facilities Used		$ 60,557,196	$ 231,981,549

Mortgage Loans Held for Inves79

Mortgage Loans Held for Investment, at Fair Value (Details 1) - USD ($)		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014
Newly Originated Mortgage Loans [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 20,742,516		$ 766,965
Premium (Discount)		360,735		16,173
Amortized Cost		21,103,251		783,138
Gross Unrealized
Gains	[1]	58,069		3,538
Losses	[1]	(117,766)		0
Fair Value		$ 21,043,554		$ 786,676
Weighted Average Coupon		4.95%		4.38%
Weighted Average Yield		4.79%		4.20%
Newly Originated Mortgage Loans [Member] | Fixed [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 17,674,257		$ 766,965
Premium (Discount)		315,860		16,173
Amortized Cost		17,990,117		783,138
Gross Unrealized
Gains	[1]	58,069		3,538
Losses	[1]	(99,486)		0
Fair Value		$ 17,948,700		$ 786,676
Weighted Average Coupon		505.00%		4.38%
Weighted Average Yield		4.89%		4.20%
Newly Originated Mortgage Loans [Member] | ARM [Member
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 3,068,259
Premium (Discount)		44,875
Amortized Cost		3,113,134
Gross Unrealized
Gains	[1]	0
Losses	[1]	(18,280)
Fair Value		$ 3,094,854
Weighted Average Coupon		4.37%
Weighted Average Yield		4.25%
Distressed And Reperforming Loans [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 423,757,547		$ 464,110,063
Premium (Discount)		(67,763,786)		(78,883,211)
Amortized Cost		355,993,761		385,226,852
Gross Unrealized
Gains		30,535,533	[2]	37,140,755	[1]
Losses	[1]	(9,894,707)		(7,194,445)
Fair Value		376,634,587	[2]	415,173,162	[1]
Difference Between Fair Value and Aggregate Unpaid Principal Balance		$ (47,122,960)		$ (48,936,901)
Weighted Average Coupon		4.34%		4.26%
Weighted Average Yield		7.45%		7.20%
Distressed And Reperforming Loans [Member] | Performing Loans [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 383,656,772		$ 428,164,898
Premium (Discount)		(60,248,656)		(72,844,138)
Amortized Cost		323,408,116		355,320,760
Gross Unrealized
Gains		29,544,559	[2]	36,300,658	[1]
Losses	[1]	(5,648,747)		(2,824,559)
Fair Value		347,303,928	[2]	388,796,859	[1]
Difference Between Fair Value and Aggregate Unpaid Principal Balance		$ (36,352,844)		$ (39,368,039)
Weighted Average Coupon		4.30%		4.15%
Weighted Average Yield		7.41%		7.21%
Distressed And Reperforming Loans [Member] | Nonperforming Loans [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance	[3]	$ 40,100,775		$ 35,945,165
Premium (Discount)	[3]	(7,515,130)		(6,039,073)
Amortized Cost	[3]	32,585,645		29,906,092
Gross Unrealized
Gains	[3]	990,974	[2]	840,097	[1]
Losses	[1],[3]	(4,245,960)		(4,369,886)
Fair Value	[3]	29,330,659	[2]	26,376,303	[1]
Difference Between Fair Value and Aggregate Unpaid Principal Balance	[3]	$ (10,770,116)		$ (9,568,862)
Weighted Average Coupon	[3]	4.65%		5.48%
Weighted Average Yield	[3]	7.78%		7.13%
Distressed And Reperforming Loans [Member] | Fixed [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 240,031,119		$ 265,306,697
Premium (Discount)		(44,650,666)		(51,501,092)
Amortized Cost		195,380,453		213,805,605
Gross Unrealized
Gains		23,626,555	[2]	26,732,362	[1]
Losses	[1]	(2,521,921)		(1,383,524)
Fair Value		216,485,087	[2]	239,154,443	[1]
Difference Between Fair Value and Aggregate Unpaid Principal Balance		$ (23,546,032)		$ (26,152,254)
Weighted Average Coupon		4.70%		4.50%
Weighted Average Yield		7.59%		7.28%
Distressed And Reperforming Loans [Member] | ARM [Member
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 143,625,653		$ 162,858,201
Premium (Discount)		(15,597,990)		(21,343,046)
Amortized Cost		128,027,663		141,515,155
Gross Unrealized
Gains		5.918004	[2]	9,568,296	[1]
Losses	[1]	(3,126,826)		(1,441,035)
Fair Value		130,818,841	[2]	149,642,416	[1]
Difference Between Fair Value and Aggregate Unpaid Principal Balance		$ (12,806,812)		$ (13,215,785)
Weighted Average Coupon		3.63%		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:
[2]	The Company has elected the fair value option pursuant to ASC 825 for real estate securities. The Company recorded the changes in unrealized gain or loss in the consolidated statements of operations.
[3]	Loans that are delinquent for 60 days or more are considered non-performing.

Mortgage Loans Held for Inves80

Mortgage Loans Held for Investment, at Fair Value (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Change in accretable yield:
Accretable yield, beginning of year	$ 267,509,905	$ 223,401,697	$ 0
Acquisitions	0	55,532,098	222,899,189
Accretion	(25,582,964)	(26,137,006)	(10,470,435)
Reclassifications from nonaccretable difference	5,825,003	14,713,116	10,972,942
Accretable yield, end of year	$ 247,751,944	$ 267,509,905	$ 223,401,697

Mortgage Loans Held for Inves81

Mortgage Loans Held for Investment, at Fair Value (Details 3)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Geographic Concentration Risk [Member] | California [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	26.20%	26.20%
Geographic Concentration Risk [Member] | Florida [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	16.10%	16.60%
Geographic Concentration Risk [Member] | Georgia [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	6.10%	5.70%
Geographic Concentration Risk [Member] | New York [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	4.80%	5.10%
Loans With unpaid principal balance of mortgage loans carrying mortgage insurance [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	8.20%	10.30%

Mortgage Loans Held for Inves82

Mortgage Loans Held for Investment, at Fair Value (Details 4)	12 Months Ended
	Dec. 31, 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 Inves83

Mortgage Loans Held for Investment, at Fair Value (Details 5) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Net realizable value (included in other assets in the Company's consolidated balance sheets)	$ 1,784,670	$ 1,282,669
Carrying amount of mortgage loans held for investment, at fair value secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction	$ 5,597,611	$ 4,762,509

Mortgage Loans Held for Inves84

Mortgage Loans Held for Investment, at Fair Value (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unrealized Gain (Loss) on Investments, Total	$ (9,305,484)	$ 22,810,802	$ 7,136,482
Threshold Period Past Due for Write-off of Financing Receivable	60 days
Newly Originated Mortgage Loans [Member]
Unrealized Gain (Loss) on Investments, Total	$ (63,235)	$ 3,538

Mortgage Loans Held for Sale,85

Mortgage Loans Held for Sale, at Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Balance at beginning of year	$ 97,690,960	$ 0
Acquisition of GMFS	0	92,512,390
Originations and repurchases	1,851,206,995	253,934,598	$ 0
Proceeds from sales and principal payments	(1,893,833,985)	(245,140,671)
Transfers to mortgage loans held for investment, at cost, net	(443,932)	0
Gain on sale	61,322,192	(3,615,357)	0
Balance at end of year	$ 115,942,230	$ 97,690,960	$ 0

Mortgage Loans Held for Sale,86

Mortgage Loans Held for Sale, at Fair Value (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Mortgage Loans Held for Sale, Unpaid Principal Balance	$ 111,393,424	$ 92,917,659
Mortgage Loans Held for Sale, Fair Value	115,942,230	97,690,960	$ 0
Conventional Mortgage Loan [Member]
Mortgage Loans Held for Sale, Unpaid Principal Balance	54,962,904	55,073,645
Mortgage Loans Held for Sale, Fair Value	56,586,717	57,058,195
Governmental Mortgages [Member]
Mortgage Loans Held for Sale, Unpaid Principal Balance	30,531,301	13,407,781
Mortgage Loans Held for Sale, Fair Value	32,131,354	14,601,797
United States Department of Agriculture Loans [Member]
Mortgage Loans Held for Sale, Unpaid Principal Balance	16,222,152	16,105,088
Mortgage Loans Held for Sale, Fair Value	17,059,982	17,069,138
United States Department of Veteran Affairs [Member]
Mortgage Loans Held for Sale, Unpaid Principal Balance	8,922,978	6,730,696
Mortgage Loans Held for Sale, Fair Value	9,314,255	7,196,278
Reverse Mortgages [Member]
Mortgage Loans Held for Sale, Unpaid Principal Balance	754,089	1,600,449
Mortgage Loans Held for Sale, Fair Value	$ 849,922	$ 1,765,552

Real Estate Securities and Ot87

Real Estate Securities and Other Investment Securities, at Fair Value (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Alternative Mortgage Backed Securities Issued By Private Enterprises [Member]
Investment Holdings [Line Items]
Investment Owned, Principal or Notional Balance		$ 76,328,172	$ 118,547,109
Investment Owned Premium (Discount)		(40,150,416)	(58,583,222)
Investment Owned, at Amortized Cost		36,177,756	59,963,887
Unrealized Gain (Loss) on Investments [Abstract]
Gross Unrealized Gains On Securities	[1]	846,318	1,916,611
Gross Unrealized Losses On Securities	[1]	(1,025,899)	(583,958)
Investment Owned, at Fair Value		$ 35,998,175	$ 61,296,540
Investment Owned Weighted Average Coupon Rate		2.01%	3.44%
Investment Owned Weighted Average Yield		6.18%	7.03%
Pay Option Adjustable Rate [Member]
Investment Holdings [Line Items]
Investment Owned, Principal or Notional Balance		$ 42,562,819	$ 58,122,808
Investment Owned Premium (Discount)		(7,480,996)	(11,491,663)
Investment Owned, at Amortized Cost		35,081,823	46,631,145
Unrealized Gain (Loss) on Investments [Abstract]
Gross Unrealized Gains On Securities	[1]	6,863	80,848
Gross Unrealized Losses On Securities	[1]	(2,879,148)	(1,170,668)
Investment Owned, at Fair Value		$ 32,209,538	$ 45,541,325
Investment Owned Weighted Average Coupon Rate		1.10%	0.93%
Investment Owned Weighted Average Yield		5.31%	6.12%
Prime [Member]
Investment Holdings [Line Items]
Investment Owned, Principal or Notional Balance		$ 37,366,079	$ 43,803,995
Investment Owned Premium (Discount)		(4,732,637)	(6,219,091)
Investment Owned, at Amortized Cost		32,633,442	37,584,904
Unrealized Gain (Loss) on Investments [Abstract]
Gross Unrealized Gains On Securities	[1]	563,311	1,545,452
Gross Unrealized Losses On Securities	[1]	(714,232)	(65,280)
Investment Owned, at Fair Value		$ 32,482,521	$ 39,065,076
Investment Owned Weighted Average Coupon Rate		3.62%	3.60%
Investment Owned Weighted Average Yield		5.95%	6.79%
Subprime [Member]
Investment Holdings [Line Items]
Investment Owned, Principal or Notional Balance		$ 12,668,092	$ 6,028,003
Investment Owned Premium (Discount)		(4,039,253)	(3,290,867)
Investment Owned, at Amortized Cost		8,628,839	2,737,136
Unrealized Gain (Loss) on Investments [Abstract]
Gross Unrealized Gains On Securities	[1]	111,651	0
Gross Unrealized Losses On Securities	[1]	(91,443)	(54,344)
Investment Owned, at Fair Value		$ 8,649,047	$ 2,682,792
Investment Owned Weighted Average Coupon Rate		0.93%	0.33%
Investment Owned Weighted Average Yield		6.63%	16.98%
Total non-Agency RMBS [Member]
Investment Holdings [Line Items]
Investment Owned, Principal or Notional Balance		$ 168,925,162	$ 226,501,915
Investment Owned Premium (Discount)		(56,403,302)	(79,584,843)
Investment Owned, at Amortized Cost		112,521,860	146,917,072
Unrealized Gain (Loss) on Investments [Abstract]
Gross Unrealized Gains On Securities	[1]	1,528,143	3,542,911
Gross Unrealized Losses On Securities	[1]	(4,710,722)	(1,874,250)
Investment Owned, at Fair Value		$ 109,339,281	$ 148,585,733
Investment Owned Weighted Average Coupon Rate		2.05%	2.62%
Investment Owned Weighted Average Yield		5.87%	6.96%
Other Investment Securities [Member]
Investment Holdings [Line Items]
Investment Owned, Principal or Notional Balance	[2]	$ 13,398,851	$ 2,250,000
Investment Owned Premium (Discount)	[2]	(34,264)	16,756
Investment Owned, at Amortized Cost	[2]	13,364,587	2,266,756
Unrealized Gain (Loss) on Investments [Abstract]
Gross Unrealized Gains On Securities	[1],[2]	897	0
Gross Unrealized Losses On Securities	[1],[2]	(561,288)	(226,224)
Investment Owned, at Fair Value	[2]	$ 12,804,196	$ 2,040,532
Investment Owned Weighted Average Coupon Rate	[2]	4.94%	3.92%
Investment Owned Weighted Average Yield	[2]	6.65%	5.90%
[1]	The Company has elected the fair value option pursuant to ASC 825 for real estate securities. The Company recorded the changes in unrealized gain or loss in the consolidated statements of operations.
[2]	See Note 2 - Summary of Significant Accounting Policies , "Other Investment Securities".

Real Estate Securities and Ot88

Real Estate Securities and Other Investment Securities, at Fair Value (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Debt Obligations [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities		9 years 8 months 12 days
Notional balance of IO included in Alternative A	$ 0	$ 0
Other Debt Obligations [Member] | Maximum [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	12 years 3 months 18 days
Other Debt Obligations [Member] | Minimum [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	8 years 4 months 24 days
Other Debt Obligations [Member] | Weighted Average [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	10 years 1 month 6 days	9 years 8 months 12 days
Residential Mortgage Backed Securities [Member]
Investment Holdings [Line Items]
Notional balance of IO included in Alternative A	$ 35,042,860	$ 48,569,424
Realized loss on OTTI	$ 0	$ 0	$ 1,108,024
Residential Mortgage Backed Securities [Member] | Maximum [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	31 years 3 months 18 days	32 years 3 months 18 days
Residential Mortgage Backed Securities [Member] | Minimum [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	18 years 1 month 6 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 4 months 24 days	24 years 10 months 24 days

Mortgage Servicing Rights, at89

Mortgage Servicing Rights, at Fair Value (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Servicing Assets at Fair Value [Line Items]
Balance at beginning of year		$ 33,378,978	$ 0
Acquisition of MSRs in connection with purchase of GMFS on October 31, 2014		0	32,300,337
Additions due to loans sold, servicing retained		18,958,514	2,763,014
Change in fair value of MSRs
Changes in values of market related inputs or assumptions used in a valuation model	[1],[2]	29,378	(1,420,925)
Other changes	[1],[3]	(4,157,854)	(263,448)
Total - change in fair value of MSRs		4,128,476	1,684,373	$ 0
Balance at end of year		$ 48,209,016	$ 33,378,978	$ 0
[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 change in value primarily 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, at90

Mortgage Servicing Rights, at Fair Value (Details 1) - USD ($)		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Servicing Assets at Fair Value [Line Items]
Fair Value		$ 48,209,016	$ 33,378,978	$ 0
MSRs [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance	[1]	4,174,806,617	3,078,974,342
Fair Value		48,209,016	33,378,978
Fannie Mae [Member] | MSRs [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance		1,880,177,827	1,640,799,719
Fair Value		20,751,648	17,078,181
Ginnie Mae [Member] | MSRs [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance		1,488,159,758	1,146,234,768
Fair Value		18,231,527	13,102,076
Freddie Mac [Member] | MSRs [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance		805,589,808	291,939,855
Fair Value		$ 9,225,841	$ 3,198,721
[1]	Non-Agency RMBS includes an IO with a notional balance of $35.0 million and $48.6 million at December 31, 2015 and December 31, 2014, respectively.

Mortgage Servicing Rights, at91

Mortgage Servicing Rights, at Fair Value (Details 2) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		$ (48,209,016)	$ (33,378,978)	$ 0
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		(958,786)
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		(938,584)
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		(547,228)
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		(1,881,870)
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		(3,628,281)
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		(1,756,195)
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		(3,428,890)
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		(1,094,455)
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		$ (2,188,910)
Minimum [Member] | Mortgage Servicing Rights [Member]
Servicing Assets at Fair Value [Line Items]
Fair Value Inputs, Discount Rate		6.60%
Fair Value Inputs, Prepayment Rate	[1]	7.00%
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		12.20%
Fair Value Inputs, Prepayment Rate	[1]	11.70%
Per-loan annual to Cost of Servicing		$ 119
Weighted Average [Member] | Mortgage Servicing Rights [Member]
Servicing Assets at Fair Value [Line Items]
Fair Value Inputs, Discount Rate		9.40%
Fair Value Inputs, Prepayment Rate	[1]	9.30%
Per-loan annual to Cost of Servicing		$ 92
[1]	Prepayment speed is measured using CPR.

Mortgage Servicing Rights, at92

Mortgage Servicing Rights, at Fair Value (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
The amount of total gains or (losses) for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$ 29,378	$ (1,420,925)

Mortgage Servicing Rights, at93

Mortgage Servicing Rights, at Fair Value (Details 4) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Servicing Assets at Fair Value [Line Items]
Loan servicing fee income	$ 10,641,288	$ 1,412,583
Late fee income	64	60
Sub-servicing costs	(3,548,921)	(482,925)
Loan servicing fee income, net of direct costs	$ 7,092,431	$ 929,718

Warehouse Lines of Credit (Deta

Warehouse Lines of Credit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Maturity dates	June 2016 – November 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 (De95

Warehouse Lines of Credit (Details 1) - Warehouse Lines of Credit [Member] - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Long-term Line of Credit	$ 100,768,428	$ 89,417,564
Line of Credit Weighted Average Rate	2.65%	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	2.65%	2.46%
Line of Credit, Current	$ 100,768,428	$ 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%

Warehouse Lines of Credit (De96

Warehouse Lines of Credit (Details 2) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Mortgage loans held for sale pledged as collateral to secure the warehouse lines of credit and repurchase agreements related to the GMFS mortgage banking platform	$ 115,942,230	$ 97,690,960

Loan Repurchase Facilities (Det

Loan Repurchase Facilities (Details) - Loan Repurchase Facility [Member] - USD ($)	12 Months Ended
	Dec. 31, 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	$ 279,467,573	$ 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	$ 17,321,757	$ 690,269

Loan Repurchase Facilities (D98

Loan Repurchase Facilities (Details 1) - Loan Repurchase Facilities [Member] - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 296,789,330	$ 300,092,293
Weighted Average Rate	3.14%	2.92%
91-180 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 296,789,330	$ 299,402,024
Weighted Average Rate	3.14%	2.92%
Greater than 180 days to 1 year
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 0	$ 690,269
Weighted Average Rate	0.00%	2.46%

Loan Repurchase Facilities (D99

Loan Repurchase Facilities (Details 2) - USD ($)		Dec. 31, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of Trust Certificates pledged as collateral		$ 394,942,512	$ 415,814,067
Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of Trust Certificates pledged as collateral		394,942,512	415,814,067
Fair value of mortgage loans not pledged as collateral		2,735,628	145,771
Cash pledged as collateral		375,579	0
Loan Repurchase Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unused Amount	[1]	$ 128,210,670	$ 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 (100

Loan Repurchase Facilities (Details 3) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Weighted average interest rate	[1]	3.16%	3.11%
Average unpaid principal balance of loans sold under agreements to repurchase		$ 688,271	$ 193,332
Maximum daily amount outstanding		$ 302,037,635	$ 310,575,669
[1]	Includes commitment fees.

Securities Repurchase Agreem101

Securities Repurchase Agreements (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Other Investment Securities [Member]
Balance	$ 1,389,310	$ 1,460,813
Weighted Average Rate	2.17%	1.66%
Other Investment Securities [Member] | 30 Days or Less [Member]
Balance	$ 1,389,310	$ 1,460,813
Weighted Average Rate	2.17%	1.66%
Non-Agency RMBS [Member]
Balance	$ 71,910,849	$ 101,553,292
Weighted Average Rate	1.80%	1.57%
Non-Agency RMBS [Member] | 30 Days or Less [Member]
Balance	$ 71,910,849	$ 101,553,292
Weighted Average Rate	1.80%	1.57%

Securities Repurchase Agreem102

Securities Repurchase Agreements (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of investment securities pledged as collateral	$ 95,627,850	$ 135,779,193
Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Cash pledged as collateral	2,029,581	684,256
Non-Agency RMBS [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of investment securities pledged as collateral	95,627,850	135,779,193
Fair value of investment securities not pledged as collateral	13,711,431	12,806,540
Other Investment Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of investment securities pledged as collateral	1,989,174	2,040,532
Fair value of investment securities not pledged as collateral	$ 10,815,022	$ 0

8.0% Exchangeable Senior Not103

8.0% Exchangeable Senior Notes due 2016 (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Nov. 25, 2013
Debt Instrument [Line Items]
Fair value of conversion option derivative liability	$ 1,831,967	$ 2,585,184
Exchangeable Senior Notes Conversion Option [Member]
Debt Instrument [Line Items]
Fair value of conversion option derivative liability	612,878	1,022,248	$ 1,300,000
Unamortized discount	$ 990,954	$ 2,025,259

8.0% Exchangeable Senior Not104

8.0% Exchangeable Senior Notes due 2016 (Details Textual)	1 Months Ended		12 Months Ended
	Dec. 27, 2013	Nov. 25, 2013USD ($)$ / shares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)	Dec. 31, 2013$ / shares	Dec. 19, 2013$ / shares
Debt Instrument [Line Items]
Derivative Liability			$ 1,831,967	$ 2,585,184
8.0% Exchangeable Senior Notes due 2016
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 57,500,000	$ 1,000
Debt Instrument Repurchase Price, Percentage on Principal Amount			100.00%
Exchangeable Senior Notes Conversion Option [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		57,500,000
Proceeds from sale of debt		55,300,000
Aggregate estimated offering expenses		$ 2,200,000
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
Debt Instrument, Interest Rate, Stated Percentage			8.00%
Purchase Discount Amount		$ 1,700,000
Derivative Liability		$ 1,300,000	$ 612,878	$ 1,022,248
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	$ 0.55

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($)	Dec. 31, 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	18,494,332	1,905,700
Interest Rate Lock Commitments [Member]
Derivative [Line Items]
Notional amount	190,933,017	118,486,590
MBS Forward Sales Contracts [Member]
Derivative [Line Items]
Notional amount	$ 179,417,280	$ 154,000,000

Derivative Instruments (Deta106

Derivative Instruments (Details 1) - Non-hedge [Member] - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	$ (1,009,014)	$ (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	(9,871)	4,037
Interest Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	2,376,187	2,481,063
MBS forward sales contracts
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	(200,204)	(702,383)
Exchangeable Senior Notes Conversion Option [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	$ (612,878)	$ (1,022,248)

Derivative Instruments (Deta107

Derivative Instruments (Details 2) - Non-hedge derivatives [Member] - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment portfolio [Member] | TBA Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ 0	$ 0	$ (4,785,996)
Interest Rate Swap [Member] | Investment portfolio [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	(567,321)	(1,571,371)	10,548,012
Interest Rate Swaption [Member] | Investment portfolio [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	0	(4,803,750)	0
Loan Purchase Commitments [Member] | Investment portfolio [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	(13,908)	4,037	0
Interest Rate Lock Commitments [Member] | Mortgage banking activities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	(104,876)	(221,891)	0
MBS Forward Sales Contracts [Member] | Mortgage banking activities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	502,179	410,411	0
Exchangeable Senior Notes Conversion Option [Member] | Investment portfolio [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ 409,370	$ 449,359	$ (147,201)

Derivative Instruments (Deta108

Derivative Instruments (Details 3) - USD ($)		12 Months Ended
		Dec. 31, 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 7 months 6 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]	$ 1,966,565	$ 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 December 31, 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.

Derivative Instruments (Deta109

Derivative Instruments (Details Texual) - TBA Securities [Member] - Short [Member] $ in Millions	12 Months Ended
	Dec. 31, 2013USD ($)
Derivative [Line Items]
Derivative Notional Amount Of Contracts Paired Off And Sold	$ 643
Gain (Loss) on Sale of Derivatives	4.2
Unrealized Gain (Loss) on Derivatives	$ 0.5

Mortgage Banking Activities (De

Mortgage Banking Activities (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain on sale of mortgage loans held for sale, net of direct costs	[1]	$ 44,847,548	$ 5,344,361
Loan expenses, including provision for loan indemnification		(762,239)	(118,895)
Loan origination fee income		1,772,153	213,540
Total		$ 45,857,462	$ 5,439,006	$ 0
[1]	Includes the change in fair value related to IRLCs and MBS forward sales contracts held during the year.

Loan Indemnification Reserve (D

Loan Indemnification Reserve (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Balance at the beginning of year	$ 2,662,162
Total	3,201,000	$ 2,662,162
Indemnification Reserve [Member]
Balance at the beginning of year	2,662,162	0
Balance at the date of acquisition	0	2,560,907
Loan indemnification losses incurred	(198,834)	0
Provision for loan indemnification losses	737,672	101,255
Total	$ 3,201,000	$ 2,662,162

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	[1]	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current tax expense (benefit)
Federal										$ 0	$ 0	$ 0
State										0	0	0
Total current tax (benefit) expense										0	0	0
Deferred tax expense (benefit)
Federal										3,547,809	(677,780)	0
State										867,665	(173,216)	0
Total deferred tax expense (benefit)										4,415,474	(850,996)	0
Total expense (benefit) for income taxes	$ 1,911,578	$ (250,491)	$ 2,899,916	$ (145,529)	$ (850,996)		$ 0	$ 0	$ 0	$ 4,415,474	$ (850,996)	$ 0
[1]	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 in its consolidated statements of operations.

Income Taxes (Details 1)

Income Taxes (Details 1)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax expense/(benefit) at statutory rate		34.00%	35.00%	35.00%
State and local taxes, net of Federal Benefit		13.61%	(0.82%)	0.00%
Impact of REIT election	[1]	58.88%	(39.46%)	(35.00%)
Change in valuation allowance	[2]	37.11%	2.31%	0.00%
Other non-deductible/non-taxable items	[3]	2.42%	0.03%	0.00%
Adjustment of tax rate used to value deferred taxes	[4]	1.35%	0.00%	0.00%
Effective Tax Rate		147.37%	(2.94%)	0.00%
[1]	For all tax years, the Company’s effective tax rate differs from its statutory tax rate due to the deduction for dividend distributions required to be paid under Code section 857(a).
[2]	For the years ended December 31, 2015 and December 31, 2014, the change in valuation allowance relates to the change in reserve related to net operating losses and other future deductible items for ZFC Trust TRS, LLC and ZFC Funding, Inc.
[3]	For the years ended December 31, 2015 and December 31, 2014, the amount primarily relates to non-deductible meals and entertainment expenses.
[4]	For the year ended December 31, 2015, the amount primarily relates to the change in U.S. Federal statutory income tax rate used to value deferred tax assets and liabilities from 35% to 34%.

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Tax effect of unrealized losses and other temporary differences	$ 519,503	$ 1,207,520
Accrued compensation	333,946	0
Loan loss reserves	249,745	0
Goodwill and intangible assets	634,491	0
Capital loss carryforward	364,803	0
Net operating loss carryforward	3,586,676	673,052
Total deferred tax assets	5,689,164	1,880,572
Valuation allowance	(1,762,628)	(671,913)
Total deferred tax assets less valuation allowance	3,926,536	$ 1,208,659
Deferred tax liabilities:
MSRs	(7,187,289)
Tax effect of unrealized gains and other temporary differences	(303,725)	$ (357,663)
Total deferred tax liabilities	(7,491,014)	(357,663)
Total Deferred Tax (Liability) Asset, net of Valuation Allowance	$ (3,564,478)	$ 850,996

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total deferred tax asset		$ 5,689,164	$ 1,880,572
Deferred Income Tax Liabilities, Net		$ 7,500,000
Operating Loss Carryforwards, Expiration Description	[1]	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.
Deferred Tax Assets, Net, Total		$ (3,564,478)	$ 850,996
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		34.00%	35.00%	35.00%
ZFC Honeybee TRS, LLC [Member]
Total deferred tax asset		$ 3,900,000
ZFC Trust TRS I, LLC and ZFC Funding, Inc [Member]
Deferred Tax Liabilities, Net, Total		3,600,000
Deferred Tax Assets, Net, Total		$ 1,800,000	$ 800,000
[1]	Amounts not presented. Unpaid principal balance of MSRs are generally significantly greater than their fair value.

Other Assets and Liabilities (D

Other Assets and Liabilities (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Accrued compensation and benefits	$ 5,692,244	$ 1,466,899
Accounts payable and accrued expenses	4,714,192	5,220,346
Loan indemnification reserve	3,201,000	2,662,162
Deferred tax liability	3,564,478	0
Accrued interest expense	985,310	856,834
Other liabilities	415,389	1,524,848
Total	$ 18,572,613	$ 11,731,089

Other Assets and Liabilities117

Other Assets and Liabilities (Details Textual) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Other Assets And Liabilities [Line Items]
Servicing Advances	$ 3,546,186	$ 1,987,073
Escrow Deposit	$ 24,985,730	$ 25,619,979

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	[1]	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net (loss) income attributable to ZAIS Financial Corp. common stockholders (Basic)	$ (1,647,554)	$ (6,040,746)	$ 6,053,811	$ 373,780	$ 194,337		$ 1,149,497	$ 23,173,931	$ 2,224,205	$ (1,260,709)	$ 26,741,970	$ 6,657,728
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										(158,568)	3,109,760	880,358
Exchangeable Senior Notes
Interest expense										0	3,240,561	0
Gain on conversion option derivative liability										0	(256,068)	0
Total - Exchangeable Senior Notes										0	2,984,493	0
Net (loss) income available to stockholders, after effect of dilutive securities										$ (1,419,277)	$ 32,836,223	$ 7,538,086
Denominator:
Weighted average number of shares of common stock	7,970,886	7,970,886	7,970,886	7,970,886	7,970,886		7,970,886	7,970,886	7,970,886	7,970,886	7,970,886	7,273,366
Effect of dilutive securities:
Weighted average number of OP Units										926,914	926,914	926,914
Weighted average number of shares convertible under Exchangeable Senior Notes										0	1,779,560	0
Diluted weighted average shares outstanding	8,897,800	8,897,800	10,677,360	8,897,800	8,897,800		8,897,800	10,677,360	8,897,800	8,897,800	10,677,360	8,200,280
Net (loss) income per share applicable to ZAIS Financial Corp. common stockholders - Basic	$ (0.21)	$ (0.76)	$ 0.76	$ 0.05	$ 0.02		$ 0.14	$ 2.91	$ 0.28	$ (0.16)	$ 3.35	$ 0.92
Net (loss) income per share applicable to ZAIS Financial Corp. common stockholders - Diluted	$ (0.21)	$ (0.76)	$ 0.65	$ 0.05	$ 0.02		$ 0.14	$ 2.47	$ 0.28	$ (0.16)	$ 3.08	$ 0.92
[1]	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 in its consolidated statements of operations.

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares

3 Months Ended

12 Months Ended

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

[1]

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Weighted Average Number of Shares Outstanding, Diluted

8,897,800

8,897,800

10,677,360

8,897,800

8,897,800

8,897,800

10,677,360

8,897,800

8,897,800

10,677,360

8,200,280

New York Stock Exchange [Member]

Weighted Average Number of Shares Outstanding, Diluted

1,779,560

[1]

On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 in its consolidated statements of operations.

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Advisory fee - related party	$ 2,953,115	$ 2,853,896	$ 2,629,815
ZAIS REIT Management, LLC | Advisory Fee [Member]
Related Party Transaction [Line Items]
Advisory fee - related party	2,850,062	2,850,062	2,629,815
ZAIS REIT Management, LLC | Loan Sourcing Fee [Member]
Related Party Transaction [Line Items]
Advisory fee - related party	$ 103,053	$ 3,834	$ 0

Related Party Transactions (121

Related Party Transactions (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Expense Reimbursements	$ 867,415	$ 984,603
Operating Expense [Member]
Related Party Transaction [Line Items]
Expense Reimbursements	$ 880,551	$ 463,086	$ 199,694

Related Party Transactions (122

Related Party Transactions (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Expense Reimbursements	$ 867,415	$ 984,603

Related Party Transactions (123

Related Party Transactions (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
GMFS, LLC [Member]
Related Party Transaction [Line Items]
Operating Leases, Income Statement, Sublease Revenue	$ 38,960	$ 7,200	$ 0

Related Party Transactions (124

Related Party Transactions (Details Textual) - ZAIS REIT Management, LLC	12 Months Ended
	Dec. 31, 2015	Aug. 11, 2014
Related Party Transaction [Line Items]
Loan origination Rate		0.50%
Advisory Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction Advisory Fee Rate	1.50%

Equity (Details)

Equity (Details) - $ / shares		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividend Declared on March 19, 2015
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share		$ 0.40
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		$ 0.40
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 December 17, 2015
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share		$ 0.40
Dividends Payable, Date of Record		Dec. 31, 2015
Dividends Payable, Date to be Paid		Jan. 15, 2016
Dividend Declared on March 19, 2014
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share			$ 0.40
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
Dividend Declared on December 18, 2014
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share			$ 0.40
Dividends Payable, Date of Record			Dec. 31, 2014
Dividends Payable, Date to be Paid			Jan. 15, 2015
Dividend Declared on May 14, 2013
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share				$ 0.22
Dividends Payable, Date of Record				May 24, 2013
Dividends Payable, Date to be Paid				May 31, 2013
Dividend Declared on June 25, 2013
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share				$ 0.45
Dividends Payable, Date of Record				Jul. 9, 2013
Dividends Payable, Date to be Paid				Jul. 23, 2013
Dividend Declared on September 18, 2013
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share				$ 0.50
Dividends Payable, Date of Record				Sep. 30, 2013
Dividends Payable, Date to be Paid				Oct. 11, 2013
Dividend Declared on December 19, 2013
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share	[1]			$ 0.95
Dividends Payable, Date of Record	[1]			Dec. 31, 2013
Dividends Payable, Date to be Paid	[1]			Jan. 15, 2014
[1]	Comprised of a regular cash dividend of $0.40 per share of common stock and OP unit for the quarter ending December 31, 2013, and an additional special cash dividend of $0.55 per share of its common stock and OP unit. The Company declared the special cash dividend to distribute taxable income from 2013 attributable to the termination of interest rate swap contracts.

Equity (Details Textual)

Equity (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 13, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 19, 2013	Mar. 31, 2013	Jan. 31, 2013
Class of Stock [Line Items]
Payments of Stock Issuance Costs		$ 0	$ 0	$ 216,658
Stock Issued During Period, Value, New Issues				$ 118,862,500
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Number of Shares Indexed		515,035					265,245
Other Liabilities						$ 5,800,000
Regular Cash Dividend [Member]
Class of Stock [Line Items]
Dividends Payable, Amount Per Share				$ 0.40
Special Cash Dividend [Member]
Class of Stock [Line Items]
Dividends Payable, Amount Per Share				$ 0.55	$ 0.55
ZAIS REIT Management, LLC
Class of Stock [Line Items]
Payments of Stock Issuance Costs	$ 6,300,000
Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	5,650,000			5,650,000
Shares Issued, Price Per Share	$ 21.25
Proceeds from Issuance Initial Public Offering	$ 120,100,000
Payments of Stock Issuance Costs	1,200,000
Stock Issued During Period, Value, New Issues	$ 118,900,000			$ 566

Non-controlling Interests (Deta

Non-controlling Interests (Details Textual) - shares	Dec. 31, 2015	Dec. 31, 2014
GMFS [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	50.00%	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 Contingencie128

Commitments and Contingencies (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies [Line Items]
Total commitments to originate loans	$ 216,072,457	$ 117,678,075

Commitments and Contingencie129

Commitments and Contingencies (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies [Line Items]
Capital Leases, Future Minimum Payments Due, Total	$ 797,981	$ 122,986

Commitments and Contingencie130

Commitments and Contingencies (Details 2)	Dec. 31, 2015USD ($)
2,016	$ 981,775
2,017	807,361
2,018	682,321
2,019	130,080
2,020	0
Thereafter	$ 0

Commitments and Contingencie131

Commitments and Contingencies (Details Textual) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Escrow Deposit	$ 24,985,730	$ 25,619,979

Counterparty Risk and Concen132

Counterparty Risk and Concentration (Details Textual)	12 Months Ended
	Dec. 31, 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 Liabil133

Offsetting Assets and Liabilities (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	$ 471,866,931	$ 493,384,515
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	471,866,931	493,384,515
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(468,452,757)	(491,839,706)
Cash Collateral Pledged	(3,414,174)	(1,544,809)
Net Amount	0	0
Warehouse Lines of Credit [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	100,768,428	89,417,564
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	100,768,428	89,417,564
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(100,768,428)	(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	296,789,330	300,092,293
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	296,789,330	300,092,293
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(296,413,751)	(300,092,293)
Cash Collateral Pledged	(375,579)	0
Net Amount	0	0
Securities Repurchase Agreements [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	73,300,159	103,014,105
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	73,300,159	103,014,105
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(71,270,578)	(102,329,849)
Cash Collateral Pledged	(2,029,581)	(684,256)
Net Amount	0	0
Interest rate swap agreements [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	1,009,014	860,553
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	1,009,014	860,553
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	0	0
Cash Collateral Pledged	(1,009,014)	(860,553)
Net Amount	$ 0	$ 0

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Cost Recognized	$ 399,970	$ 69,719	$ 0

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Interest income	$ 8,902,859	$ 9,650,952	$ 9,561,348	$ 9,687,397	$ 10,267,875	[1]	$ 11,000,619	$ 10,831,220	$ 9,493,033	$ 37,802,556	$ 41,592,747
Interest expense	4,664,825	4,711,854	4,727,749	4,745,477	4,447,530	[1]	4,491,678	4,416,385	3,903,952	18,849,905	17,259,545	$ 7,094,519
Net interest income (expense)	4,238,034	4,939,098	4,833,599	4,941,920	5,820,345	[1]	6,508,941	6,414,835	5,589,081	18,952,651	24,333,202	19,323,808
Non-interest income	13,126,246	8,943,047	17,430,551	9,376,430	4,730,212	[1]	0	0	0	48,876,274	4,730,212	0
Change in unrealized gain or loss										(14,989,408)	19,090,520
Realized gain										1,183,083	5,762,254
Gain or (loss) on derivative instruments										(171,859)	(5,921,725)	5,614,815
Advisory fee - related party										2,953,115	2,853,896	2,629,815
Salaries, commissions and benefits										30,934,727	3,765,784	0
Operating expenses										12,294,334	7,862,308	5,473,915
Other Expenses
Expenses										3,738,559	2,180,113
Transaction costs relating to the acquisition of GMFS					2,177,617						2,177,617
Depreciation and amortization										933,811	154,011
Total other expenses										4,672,368	4,511,741
Net income/(loss) before income taxes										2,996,197	29,000,734	7,553,465
Income tax expense (benefit)	1,911,578	(250,491)	2,899,916	(145,529)	(850,996)	[1]	0	0	0	4,415,474	(850,996)	0
Segment net income (loss)	$ (1,834,621)	$ (6,711,418)	$ 6,709,516	$ 417,246	216,938	[1]	$ 1,279,798	$ 25,872,135	$ 2,482,859	(1,419,277)	29,851,730	$ 7,553,465
Residential Mortgage Investment [Member]
Segment Reporting Information [Line Items]
Interest income										34,658,211	40,998,530
Interest expense										10,912,951	11,451,687
Net interest income (expense)										23,745,260	29,546,843
Non-interest income										0	0
Change in unrealized gain or loss										(14,989,408)	10,090,520
Realized gain										1,183,083	5,762,254
Gain or (loss) on derivative instruments										(171,859)	(5,921,725)
Advisory fee - related party										1,536,078	3,835
Salaries, commissions and benefits										0	0
Operating expenses										342,243	251,305
Other Expenses
Expenses										2,693,489	2,180,113
Transaction costs relating to the acquisition of GMFS					0						0
Depreciation and amortization										0	0
Total other expenses										2,693,489	2,180,113
Net income/(loss) before income taxes										5,195,266	46,042,639
Income tax expense (benefit)										0	0
Segment net income (loss)										5,195,266	46,042,639
Residential Mortgage Banking [Member]
Segment Reporting Information [Line Items]
Interest income										3,144,345	594,217
Interest expense										2,151,690	121,194
Net interest income (expense)										992,655	473,023
Non-interest income										48,876,274	4,730,212
Change in unrealized gain or loss										0	0
Realized gain										0	0
Gain or (loss) on derivative instruments										0	0
Advisory fee - related party										542,842	143,674
Salaries, commissions and benefits										30,934,727	3,765,784
Operating expenses										6,337,911	1,089,640
Other Expenses
Expenses										64,652	0
Transaction costs relating to the acquisition of GMFS					2,177,617						2,177,617
Depreciation and amortization										933,811	154,011
Total other expenses										998,463	2,331,628
Net income/(loss) before income taxes										11,054,986	(2,127,491)
Income tax expense (benefit)										4,415,474	(850,996)
Segment net income (loss)										6,639,512	(1,276,495)
Corporate/Other [Member]
Segment Reporting Information [Line Items]
Interest income										0	0
Interest expense										5,785,264	5,686,664
Net interest income (expense)										(5,785,264)	(5,686,664)
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										874,195	2,706,387
Salaries, commissions and benefits										0	0
Operating expenses										5,614,180	6,521,363
Other Expenses
Expenses										980,418	0
Transaction costs relating to the acquisition of GMFS					$ 0						0
Depreciation and amortization										0	0
Total other expenses										980,416	0
Net income/(loss) before income taxes										(13,254,057)	(14,914,414)
Income tax expense (benefit)										0	0
Segment net income (loss)										$ (13,254,057)	$ (14,914,414)
[1]	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 in its consolidated statements of operations.

Segment Information (Details 1)

Segment Information (Details 1) - USD ($)	3 Months Ended									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net income	$ (1,834,621)	$ (6,711,418)	$ 6,709,516	$ 417,246	$ 216,938	[1]	$ 1,279,798	$ 25,872,135	$ 2,482,859	$ (1,419,277)	$ 29,851,730	$ 7,553,465
Advisory fee - related party										2,953,115	2,853,896	2,629,815
Amortization of deferred premiums, production and profitability earn-outs included in salaries, commission and benefits										30,934,727	3,765,784	0
Operating expenses										12,294,334	7,862,308	5,473,915
Transaction costs relating to the acquisition of GMFS					2,177,617						2,177,617
Income tax expense (benefit)	$ 1,911,578	$ (250,491)	$ 2,899,916	$ (145,529)	(850,996)	[1]	$ 0	$ 0	$ 0	4,415,474	(850,996)	$ 0
Residential Mortgage Banking Segment [Member]
Net income										6,639,512	(1,276,495)
Residential Mortgage Banking Segment [Member] | GMFS, LLC [Member]
Net income										13,543,999	583,073
Advisory fee - related party										542,842	143,674
Amortization of deferred premiums, production and profitability earn-outs included in salaries, commission and benefits										855,900	0
Operating expenses										237,279	257,883
Other expenses										$ 852,992	131,390
Transaction costs relating to the acquisition of GMFS					$ 2,177,617						2,177,617
Income tax expense (benefit)										$ 4,415,474	$ (850,996)
[1]	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 in its consolidated statements of operations.

Segment Information (Details 2)

Segment Information (Details 2) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Mortgage loans held for investment, at fair value	$ 397,678,140	$ 415,959,838
Mortgage loans held for investment, at cost	1,886,642	1,338,935
Mortgage loans held for sale	115,942,230	97,690,960	$ 0
Real estate securities	109,339,281	148,585,733
Other investment securities	12,804,196	2,040,532
Mortgage servicing rights	48,209,016	33,378,978	$ 0
Goodwill	14,183,537	16,512,680
Intangible Assets	4,880,270	5,668,611
Total assets	775,138,921	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	4,112,375	1,144,735
Residential Mortgage Investment [Member]
Segment Reporting Information [Line Items]
Mortgage loans held for investment, at fair value	397,678,140	415,959,838
Mortgage loans held for investment, at cost	0	0
Mortgage loans held for sale	0	0
Real estate securities	109,339,281	148,585,733
Other investment securities	12,804,196	2,040,532
Mortgage servicing rights	0	0
Goodwill	0	0
Intangible Assets	0	0
Total assets	543,337,289	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	1,886,642	1,338,935
Mortgage loans held for sale	115,942,230	97,690,960
Real estate securities	0	0
Other investment securities	0	0
Mortgage servicing rights	48,209,016	33,378,978
Goodwill	14,183,537	16,512,680
Intangible Assets	4,880,270	5,668,611
Total assets	$ 227,689,257	$ 194,700,643

Segment Information (Details Te

Segment Information (Details Textual)	1 Months Ended	12 Months Ended
	Oct. 31, 2014	Dec. 31, 2015
Segment Reporting Information [Line Items]
Number of Operating Segments	2	2

Quarterly Results (Details)

Quarterly Results (Details) - USD ($)	3 Months Ended									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	[1]	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total interest income	$ 8,902,859	$ 9,650,952	$ 9,561,348	$ 9,687,397	$ 10,267,875		$ 11,000,619	$ 10,831,220	$ 9,493,033	$ 37,802,556	$ 41,592,747
Total interest expense	4,664,825	4,711,854	4,727,749	4,745,477	4,447,530		4,491,678	4,416,385	3,903,952	18,849,905	17,259,545	$ 7,094,519
Net interest income	4,238,034	4,939,098	4,833,599	4,941,920	5,820,345		6,508,941	6,414,835	5,589,081	18,952,651	24,333,202	19,323,808
Non-interest income	13,126,246	8,943,047	17,430,551	9,376,430	4,730,212		0	0	0	48,876,274	4,730,212	0
Total other gain/(loss)	(5,192,110)	(7,986,942)	1,082,596	(1,881,728)	(2,944,631)		(1,805,117)	22,688,696	992,101	(13,978,184)	18,931,049	(2,166,254)
Total expenses	12,095,213	12,857,112	13,737,314	12,164,905	8,239,984		3,424,026	3,231,396	4,098,323	50,854,544	18,993,729	9,604,089
Income tax expense (benefit)	1,911,578	(250,491)	2,899,916	(145,529)	(850,996)		0	0	0	4,415,474	(850,996)	0
Net (loss) income	(1,834,621)	(6,711,418)	6,709,516	417,246	216,938		1,279,798	25,872,135	2,482,859	(1,419,277)	29,851,730	7,553,465
Net (loss)/income attributable to ZAIS Financial Corp. common stockholders	$ (1,647,554)	$ (6,040,746)	$ 6,053,811	$ 373,780	$ 194,337		$ 1,149,497	$ 23,173,931	$ 2,224,205	$ (1,260,709)	$ 26,741,970	$ 6,657,728
Net income/(loss) per share applicable to common stockholders - basic	$ (0.21)	$ (0.76)	$ 0.76	$ 0.05	$ 0.02		$ 0.14	$ 2.91	$ 0.28	$ (0.16)	$ 3.35	$ 0.92
Net income/(loss) per share applicable to common stockholders - diluted	$ (0.21)	$ (0.76)	$ 0.65	$ 0.05	$ 0.02		$ 0.14	$ 2.47	$ 0.28	$ (0.16)	$ 3.08	$ 0.92
Weighted average number of shares:
Basic	7,970,886	7,970,886	7,970,886	7,970,886	7,970,886		7,970,886	7,970,886	7,970,886	7,970,886	7,970,886	7,273,366
Diluted	8,897,800	8,897,800	10,677,360	8,897,800	8,897,800		8,897,800	10,677,360	8,897,800	8,897,800	10,677,360	8,200,280
[1]	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 in its consolidated statements of operations.