Ready Capital (RC) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 09, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	ZAIS Financial Corp.
Entity Central Index Key	1,527,590
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ZFC
Entity Common Stock, Shares Outstanding		8,836,902

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 188,537,658	$ 20,793,716
Restricted cash	4,846,467	4,371,725
Mortgage loans held for investment, at fair value - $39,368,159 and $394,942,512 pledged as collateral, respectively	43,572,755	397,678,140
Mortgage loans held for investment, at cost	1,711,199	1,886,642
Mortgage loans held for sale, at fair value - $109,941,507 and $115,942,230 pledged as collateral, respectively	113,868,924	115,942,230
Real estate securities, at fair value - $76,681,507 and $95,627,850 pledged as collateral, respectively	84,616,561	109,339,281
Other Investment Securities, at fair value - $2,093,853 and $1,989,174 pledged as collateral, respectively	13,247,414	12,804,196
Loans eligible for repurchase from Ginnie Mae	38,845,598	34,745,103
Mortgage servicing rights, at fair value	44,495,707	48,209,016
Derivative assets, at fair value	6,373,774	2,376,187
Other assets	6,566,942	7,928,878
Goodwill	14,183,537	14,183,537
Intangible assets	4,486,100	4,880,270
Total assets	565,352,636	775,138,921
Liabilities
Warehouse lines of credit	102,497,508	100,768,428
Treasury securities repurchase agreements	69,254,000	0
Loan repurchase facilities	34,040,495	296,789,330
Securities repurchase agreements	58,712,839	73,300,159
Exchangeable Senior Notes	57,066,426	56,509,046
Contingent consideration	11,684,100	11,285,100
Derivative liabilities, at fair value	4,814,959	1,831,967
Dividends and distributions payable	3,559,120	3,559,120
Accounts payable and other liabilities	18,714,723	18,572,613
Liability for loans eligible for repurchase from Ginnie Mae	38,845,598	34,745,103
Total liabilities	399,189,768	597,360,866
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	(15,437,639)	(4,984,178)
Total ZAIS Financial Corp. stockholders’ equity	148,770,776	159,224,237
Non-controlling interests	17,392,092	18,553,818
Total equity	166,162,868	177,778,055
Total liabilities and equity	$ 565,352,636	$ 775,138,921

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Mortgage loans held for investment, pledged as collateral	$ 39,368,159	$ 394,942,512
Mortgage Loans Held For Sale Amount Pledged As Collateral	109,941,507	115,942,230
Real estate securities, pledged as collateral	76,681,507	95,627,850
Other investment securities, pledged as collateral	$ 2,093,853	$ 1,989,174
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest income
Mortgage loans held for investment	$ 460,221	$ 6,423,504	$ 754,740	$ 13,049,493
Mortgage loans held for sale previously held for investment	2,410,828	0	8,492,678	0
Mortgage loans held for sale	916,060	793,224	1,690,023	1,401,456
Real estate securities	1,195,353	2,280,782	2,538,590	4,701,415
Other Investment Securities	204,679	63,838	416,026	96,381
Total interest income	5,187,141	9,561,348	13,892,057	19,248,745
Interest expense
Warehouse lines of credit	653,639	518,932	1,205,459	1,072,291
Treasury securities repurchase agreements	59,587	0	60,862	0
Loan repurchase facilities	1,620,802	2,371,281	4,080,076	4,724,217
Securities repurchase agreements	309,773	394,542	631,745	797,051
Exchangeable Senior Notes	1,469,924	1,442,994	2,932,860	2,879,667
Total interest expense	4,113,725	4,727,749	8,911,002	9,473,226
Net interest income	1,073,416	4,833,599	4,981,055	9,775,519
Non-interest income
Mortgage banking activities, net	15,579,439	12,102,993	27,232,353	23,255,382
Loan servicing fee income, net of direct costs	2,055,651	1,667,635	4,109,447	3,304,734
Change in fair value of mortgage servicing rights	(6,195,117)	3,647,722	(14,249,423)	222,808
Other income	21,450	12,201	33,910	24,057
Total non-interest income	11,461,423	17,430,551	17,126,287	26,806,981
Other gains/(losses)
Change in unrealized gain or loss on mortgage loans held for investment and held for sale previously held for investment	(22,480,755)	1,246,996	(19,962,762)	47,241
Change in unrealized gain or loss on real estate securities	1,129,571	(1,965,302)	(663,530)	(2,143,073)
Change in unrealized gain or loss on Other Investment Securities	338,238	8,207	362,860	144,527
Change in unrealized gain or loss on real estate owned	996,173	(93,212)	929,407	8,568
Change in unrealized gain or loss on Treasury securities	3,392	0	9,333	0
Realized gain on mortgage loans held for investment and held for sale previously held for investment	22,319,368	472,740	22,855,712	616,851
Realized gain (loss) on real estate securities	0	75,659	(724,607)	75,659
Realized loss on Other Investment Securities	0	(39,360)	0	(39,360)
Realized gain/(loss) on real estate owned	106,585	(24,589)	108,814	(3,912)
Realized gain on Treasury securities	24,711	0	24,711	0
Gain/(loss) on derivative instruments related to investment portfolio	69,673	1,401,457	(606,595)	494,367
Total other gains/(losses)	2,506,956	1,082,596	2,333,343	(799,132)
Expenses
Advisory fee - related party	773,357	717,488	1,540,835	1,428,288
Salaries, commissions and benefits	9,505,846	8,090,407	17,471,938	15,489,665
Operating expenses	2,683,898	3,953,156	5,724,782	6,872,804
Other expenses	3,144,117	976,263	5,747,982	2,111,462
Total expenses	16,107,218	13,737,314	30,485,537	25,902,219
Net (loss)/income before income taxes	(1,065,423)	9,609,432	(6,044,852)	9,881,149
Income tax expense (benefit)	55,330	2,899,916	(1,547,905)	2,754,387
Net (loss)/income	(1,120,753)	6,709,516	(4,496,947)	7,126,762
Net (loss)/income allocated to non-controlling interests	(82,748)	655,705	(420,194)	699,171
Net (loss)/income attributable to ZAIS Financial Corp. common stockholders	$ (1,038,005)	$ 6,053,811	$ (4,076,753)	$ 6,427,591
Net (loss)/income per share applicable to ZAIS Financial Corp. common stockholders:
Basic	$ (0.13)	$ 0.76	$ (0.51)	$ 0.81
Diluted	$ (0.13)	$ 0.65	$ (0.51)	$ 0.79
Weighted average number of shares of common stock:
Basic	7,970,886	7,970,886	7,970,886	7,970,886
Diluted	8,897,800	10,677,360	8,897,800	10,677,360

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity - USD ($)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	(Accumulated Deficit)/Retained Earnings [Member]	ZAIS Financial Corp. Stockholders' Equity [Member]	Non-Controlling Interests [Member]
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	(741,532)	$ 0	$ 0	0	0	0	(741,532)
Dividends on common stock	(6,376,708)	0	0	0	(6,376,708)	(6,376,708)	0
Contributions	50,000	0	0	0	0	0	50,000
Net (loss) income	7,126,762	0	0	0	6,427,591	6,427,591	699,171
Balance at Jun. 30, 2015	193,442,334	$ 0	$ 798	164,207,617	9,080,830	173,289,245	20,153,089
Balance, shares at Jun. 30, 2015		0	7,970,886
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
Distributions on OP units	(741,532)	$ 0	$ 0	0	0	0	(741,532)
Dividends on common stock	(6,376,708)	0	0	0	(6,376,708)	(6,376,708)	0
Net (loss) income	(4,496,947)	0	0	0	(4,076,753)	(4,076,753)	(420,194)
Balance at Jun. 30, 2016	$ 166,162,868	$ 0	$ 798	$ 164,207,617	$ (15,437,639)	$ 148,770,776	$ 17,392,092
Balance, shares at Jun. 30, 2016		0	7,970,886

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net (loss)/ income	$ (4,496,947)	$ 7,126,762
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities:
Change in unrealized gain or loss	19,324,692	1,942,737
Change in unrealized gain or loss on derivative instruments	(1,014,595)	(1,432,940)
Amortization of Exchangeable Senior Notes discount	557,380	504,188
Depreciation and amortization expense	469,332	457,962
Proceeds from sale and principal payments on mortgage loans held for sale	1,042,529,074	981,116,104
Originations and purchases of mortgage loans held for sale	(1,002,159,835)	(955,619,927)
Gain on sale of mortgage loans held for sale	(38,295,933)	(32,524,259)
Capitalization of originated mortgage servicing rights	(10,536,114)	(9,090,394)
Changes in operating assets and liabilities:
Decrease/(increase) in other assets	3,838,218	(473,839)
Increase in accounts payable and other liabilities	142,110	2,869,402
Increase in contingent consideration	399,000	849,232
Net cash used in operating activities	(85,204)	(11,422,860)
Cash flows from investing activities
Origination of mortgage loans held for investment	(1,405,191)	(2,194,438)
Acquisition of mortgage loans held for investment	(22,922,925)	(685,481)
Proceeds from principal repayments on mortgage loans held for investment and held for sale previously held for investment.	24,560,926	16,483,220
Proceeds from sale of mortgage loans held for sale previously held for investment	357,153,092	0
Acquisitions of real estate securities	0	(1,989,345)
Proceeds from principal repayments on real estate securities	8,295,003	8,955,597
Proceeds from sales of real estate securities	16,094,298	10,486,280
Acquisitions of other investment securities	0	(12,420,044)
Proceeds from sales of other investment securities	0	2,241,387
Proceeds received for the final reconciliation of purchase price relating to the acquisition of GMFS	0	1,684,263
Restricted cash (used in)/provided by investment activities	(474,742)	4,861,949
Net cash provided by investing activities	381,300,461	27,423,388
Cash flows from financing activities
Net borrowings under warehouse lines of credit	1,729,080	6,675,380
Borrowings from Treasury securities repurchase agreements	108,839,000	0
Repayments of Treasury securities repurchase agreements	(39,585,000)	0
Net (repayments)/borrowings under loan repurchase facilities	(262,748,835)	(3,941,577)
Borrowings from securities repurchase agreements	402,192	1,297,081
Repayments of securities repurchase agreements	(14,989,512)	(18,118,646)
Dividends on common stock and distributions on OP units (net of change in dividends and distributions payable)	(7,118,240)	(7,118,240)
Contributions from non-controlling interests	0	50,000
Net cash provided by financing activities	(213,471,315)	(21,156,002)
Net increase in cash and cash equivalents	167,743,942	(5,155,474)
Cash and cash equivalents
Beginning of period	20,793,716	33,791,013
End of period	188,537,658	28,635,539
Noncash investing and financing activities
Accrued dividends and distributions payable	3,559,120	3,559,120
Conversion of mortgage loans held for investment to real estate owned	1,513,223	1,137,292
Real Estate Securities [Member]
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities:
Change in unrealized gain or loss	(1,054,718)	(2,323,969)
Change in unrealized gain or loss	663,530	2,143,073
Realized (gain)/loss	724,607	(75,659)
Other Investment Securities [Member]
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities:
Change in unrealized gain or loss	(80,358)	(43,674)
Change in unrealized gain or loss	(362,860)	(144,527)
Realized (gain)/loss	0	39,360
Mortgage Servicing Rights [Member]
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities:
Change in unrealized gain or loss	14,249,423	(222,808)
Real Estate Owned [Member]
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities:
Change in unrealized gain or loss	(929,407)	(8,568)
Realized (gain)/loss	(108,814)	3,912
Mortgage Loans [Member]
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities:
Change in unrealized gain or loss	(1,725,347)	(3,908,199)
Change in unrealized gain or loss	19,962,762	(47,241)
Realized (gain)/loss	$ (22,855,712)	$ (616,851)

Formation and Organization

Formation and Organization	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	ZAIS Financial Corp. (together with its subsidiaries, 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. The Company invests in residential mortgage loans. GMFS, LLC (“GMFS”), a mortgage banking platform the Company acquired in October 2014, originates, sells and services residential mortgage loans and the Company may acquire 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 and residential mortgage servicing rights (“MSRs”). 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. The Company is the sole general partner of, and conducts substantially all of its business through, ZAIS Financial Partners, L.P. (“Company Operating Partnership” or 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 242 employees at June 30, 2016. On April 6, 2016, the Company, the Operating Partnership, ZAIS Merger Sub, LLC (“Merger Sub”), a wholly owned subsidiary of the Company, Sutherland Asset Management Corporation ( “Sutherland”) and Sutherland Partners, L.P. (“Sutherland Operating Partnership”) entered into an agreement and plan of merger, as amended as of May 9, 2016 (the “Sutherland Merger Agreement”). Subject to the terms and conditions of the Sutherland Merger Agreement, (i) Sutherland will merge with and into Merger Sub (the “Sutherland Merger”), with Merger Sub surviving the Sutherland Merger and continuing as a wholly owned subsidiary of the Company and (ii) Sutherland Operating Partnership will merge with and into Company Operating Partnership (the “Partnership Merger” and together with the Sutherland Merger, the “Mergers”), with Company Operating Partnership surviving the Partnership Merger. The transaction will be accounted for as a reverse merger. On April 6, 2016, the Company, Company Operating Partnership, the Advisor, Sutherland and certain subsidiaries of the Company entered into a termination agreement (the “Termination Agreement”). Pursuant to the Termination Agreement, effective upon the closing of the Mergers, the existing advisory agreement between the Company, the Advisor, Company Operating Partnership and the Company’s subsidiaries would be terminated and the Company would pay the Advisor a termination fee in the amount of $ 8,000,000 Additionally, on April 6, 2016, the Company, the Operating Partnership, certain subsidiaries of the Company, Sutherland, and Waterfall Asset Management, LLC (“Waterfall”) entered into a management agreement, as amended as of May 9, 2016 (the “Sutherland Management Agreement”), and the Company and Waterfall entered into a related Side-Letter Agreement (the “Side Letter Agreement”). Pursuant to the Sutherland Management Agreement and the Side Letter Agreement, effective upon the closing of the Mergers, the Company will retain Waterfall to provide investment advisory services to the Company on the terms and conditions set forth in the Sutherland Management Agreement. In exchange for services provided, the Company will pay Waterfall a management fee and the Operating Partnership will issue Waterfall a newly authorized special limited partnership unit entitling Waterfall to an incentive fee under the terms of the Sutherland Management Agreement. The Sutherland Management Agreement has an initial term of three years, after which it will renew automatically for additional one year terms. In the event that the Merger Agreement is terminated prior to the consummation of the Mergers, the Sutherland Management Agreement and the Side Letter Agreement will automatically terminate and be of no further effect. The decision to enter the Sutherland Merger Agreement resulted from a strategic review of the Company. As a result of that review, in order to reduce market risk in its investment portfolio, prior to entering into the Sutherland Merger Agreement, the Company had begun the process of selling its seasoned, re-performing mortgage loans from its residential mortgage investments segment. The Sutherland Merger Agreement requires the Company to complete the sale of its seasoned, re-performing mortgage loans as a condition to closing of the Mergers. The sale of the mortgage loans, which also included real estate owned (“REO”), was completed on May 26, 2016. These mortgage loan sales resulted in a reduction of the Company’s investment income and, if the Mergers are not completed, may therefore result in a decision to reduce or curtail dividends in the future. Additionally, as part of the strategic review, the Company had made the decision to cease the purchase of newly originated residential mortgage loans as part of its mortgage conduit purchase program and is in the process of terminating contracts and surrendering governmental licenses relating to the Company’s mortgage conduit business. The Sutherland Merger Agreement requires the Company to complete this process of terminating contracts and surrendering governmental licenses. 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. On May 26, 2016, the Company entered into a contract providing for and completed the sale of its seasoned, re-performing mortgage loans, including REO. The sale of these loans has resulted in a reduction of the Company’s investment income and, if the Mergers are not completed, may therefore result in a decision to reduce or curtail dividends in the future.(see Note 5 – Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value – “Distressed and re-performing loans at the time of purchase”). The Company's charter authorizes the issuance of up to 500,000,000 0.0001 50,000,000 0.0001

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") as contained within the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for interim reporting. In the opinion of management, all adjustments considered necessary for a fair statement of the Company's financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for the interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP as contained in the ASC have been condensed or omitted from the unaudited interim consolidated financial statements according to the SEC rules and regulations. The information and disclosures contained in the unaudited interim consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. The Company operates in two business segments: residential mortgage investments and residential mortgage banking. The Company does not have any other “Other Comprehensive Income” items other than those reported in its condensed consolidated statement of operations. 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 Entities”), and a joint venture in which GMFS 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, held 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. 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 Company adopted ASU 2015-02 on January 1, 2016. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. 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 June 30, 2016 or December 31, 2015. 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. Mortgage loans which the Company has decided it no longer intends to hold for the foreseeable future are reclassified from mortgage loans held for investment to mortgage loans held for sale previously held for investment. These mortgage loans were reported at fair value when held for investment and held for sale. The Company decided during the three months ended March 31, 2016 that it no longer intended to hold its seasoned, re-performing mortgage loan portfolio for the foreseeable future and, as such, reclassified mortgage loans with a fair value of $ 368,956,195 The Company held Freddie Mac Structured Agency Credit Risk Notes (“FMRT Notes”) at June 30, 2016 and December 31, 2015, and during the three and six months ended June 30, 2016 and June 30, 2015. Additionally, the Company held Fannie Mae's Risk Transfer Notes (“FNRT Notes”) at June 30, 2016 and December 31, 2015, during the three and six months ended June 30, 2016, and during the three months ended June 30, 2015 (the FMRT Notes and the FNRT Notes are collectively referred to as the “Other Investment Securities”). The Other Investment Securities represent unsecured general obligations of Fannie Mae and Freddie Mac and are structured to be subject to the performance of a certain pool of residential mortgage loans. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its taxable year ended December 31, 2011. The Company was organized and has operated and intends to continue to operate in a manner that will enable it to qualify to be taxed as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gains and which does not necessarily equal net income as calculated in accordance with U.S. GAAP). As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders and does not engage in prohibited transactions. The majority of states also recognize the Company's REIT status. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service 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 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. 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 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

GMFS Transaction	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
GMFS Transaction [Text Block]	3. GMFS Transaction The following relates to the acquisition of GMFS in October 2014 pursuant to the terms of the agreement and plan of merger dated August 5, 2014 (the “GMFS Merger Agreement”): Contingent Consideration In addition to cash paid at closing, two contingent $ 1 2 20 50 Contingent consideration represents the estimated present value of the deferred premiums and 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. Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Beginning balance $ 11,483,100 $ 11,953,838 $ 11,285,100 $ 11,430,413 Change in fair value 201,000 325,807 399,000 849,232 Ending balance $ 11,684,100 $ 12,279,645 $ 11,684,100 $ 12,279,645 The increase in the estimated liability for the three and six months ended June 30, 2016 and June 30, 2015 resulted from the impact of the passage of time. The change in the contingent consideration liability is included in operating expenses in the consolidated statements of operations. The Company has delayed the first year installment payment of the contingent consideration pursuant to the indemnification provisions in the GMFS Merger Agreement (see Note 22 – Commitment and Contingencies). Goodwill Goodwill, with a carrying amount of $ 14,183,537 Six Months Ended June 30, 2016 June 30, 2015 Beginning balance $ 14,183,537 $ 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) Ending balance $ 14,183,537 $ 14,183,537 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. No impairment losses relating to goodwill were recorded for the three and six months ended June 30, 2016 or June 30, 2015. 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 Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ 197,085 $ 197,085 $ 394,170 $ 394,171 Such amounts are recorded as other expenses in the consolidated statements of operations. June 30, December 31, 2016 2015 Trade name $ 333,340 $ 233,338 Customer relationships 216,660 151,662 Licenses 555,560 388,892 Favorable lease 208,340 145,838 Total accumulated amortization $ 1,313,900 $ 919,730 July 1, 2016 – December 31, 2016 $ 394,170 2017 $ 732,776 2018 $ 455,004 2019 $ 455,004 2020 $ 455,004 2021 $ 455,004 No impairment losses relating to intangible assets were recorded for the three and six months ended June 30, 2016 or June 30, 2015.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4. Fair Value Fair Value Measurement The Company’s has elected the Fair Value Option for its mortgage loans held for investment, real estate securities, other investment securities and the related derivative instruments. The Company generally intends to hold these investments and related derivatives to generate interest income, however the Company has and may continue to sell certain of these investments as part of its overall investment strategy. The Company has also elected the Fair Value Option for its mortgage loans held for sale and MSRs in its residential mortgage banking segments. The Company mortgage banking operations include originating and selling residential mortgage loans, some of which will be sold servicing retained. The Company’s management believes that reporting these instruments at their fair value better represents the Company’s financial position than historical cost. The following tables present the Company’s financial instruments that were accounted for at fair value on a recurring basis at June 30, 2016 and December 31, 2015 by level within the fair value hierarchy: June 30, 2016 Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Total Assets Mortgage loans held for investment $ — $ — $ 43,572,755 $ 43,572,755 Mortgage loans held for sale 113,868,924 — 113,868,924 Real estate securities — — 84,616,561 84,616,561 Other Investment Securities — — 13,247,414 13,247,414 MSRs — — 44,495,707 44,495,707 Derivative assets — — 6,373,774 6,373,774 Total $ — $ 113,868,924 $ 192,306,211 $ 306,175,135 Liabilities Contingent consideration $ — $ — $ 11,684,100 $ 11,684,100 Derivative liabilities — 4,814,959 — 4,814,959 Total $ — $ 4,814,959 $ 11,684,100 $ 16,499,059 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 Real estate securities — — 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 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: Mortgage Loans Held for Investment and Held for Sale Previously Held for Investment, Real Estate Securities and Other Investment Securities Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 Mortgage Real Estate Other Mortgage Real Estate Other Balance, beginning of period $ 397,678,140 $ 109,339,281 $ 12,804,196 $ 415,959,838 $ 148,585,733 $ 2,040,532 Originations/acquisitions 24,328,116 — — 2,879,919 1,989,345 12,420,044 Proceeds from sales (357,153,092 ) (16,094,298 ) — — (10,486,280 ) (2,241,387 ) Amortization of premiums (57,157 ) — — (934 ) — — Net accretion of discounts 1,782,503 1,054,718 80,358 3,909,133 2,323,969 43,674 Proceeds from principal repayments (24,385,483 ) (8,295,003 ) — (16,135,377 ) (8,955,597 ) — Conversion of mortgage loans to real estate owned (1,513,223 ) — — (1,137,292 ) — — Total losses (realized/unrealized) included in earnings (21,305,032 ) (2,675,067 ) (14,756 ) (14,896,740 ) (2,950,921 ) (161,564 ) Total gains (realized/unrealized) included in earnings 24,197,983 1,286,930 377,616 15,560,832 883,507 266,731 Balance, end of period $ 43,572,755 $ 84,616,561 $ 13,247,414 $ 406,139,379 $ 131,389,756 $ 12,368,030 The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ 689,391 $ (1,293,723 ) $ 362,859 $ (5,994 ) $ (2,108,636 ) $ (83,166 ) Derivative Instruments Six Months Ended Six Months Ended Loan Purchase Interest Rate Loan Purchase Interest Rate Beginning balance $ (9,871 ) $ 2,376,187 $ 4,037 $ 2,481,063 Change in unrealized gain or loss 9,871 3,997,587 (66,834 ) (235,643 ) Ending balance $ — $ 6,373,774 $ (62,797 ) $ 2,245,420 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 $ — $ 3,997,587 $ (66,834 ) $ (235,643 ) MSRs See Note 8 – "Mortgage Servicing Rights, at Fair Value" for additional information about the Company's MSRs. Contingent Consideration There were no financial assets or liabilities that were accounted for at fair value on a nonrecurring basis at June 30, 2016 or December 31, 2015. During the three and six months ended June 30, 2016 and June 30, 2015, mortgage loans held for investment were transferred out of Level 3 when the properties were foreclosed and were classified as REO. There were no other transfers into or out of Level 1, Level 2 or Level 3 during the three or six months ended June 30, 2016 or June 30, 2015. Fair Value at Valuation Unobservable Min Max Weighted Mortgage loans Held for Investment $ 43,572,755 Discounted cash flow model Constant voluntary prepayment — % — % 12.1 % Constant default rate — % — % 0.2 % Non-Agency RMBS Alternative – A $ 24,831,414 Broker quotes/comparable trades Constant voluntary prepayment 1.7 % 17.7 % 12.1 % Constant default rate 0.1 % 15.5 % 2.8 % Loss severity 0.3 % 90.9 % 21.8 % Delinquency 1.8 % 22.2 % 8.2 % Pay option adjustable rate 25,641,024 Broker quotes/comparable trades Constant voluntary prepayment 2.3 % 8.0 % 4.3 % Constant default rate 1.0 % 9.3 % 3.4 % Loss severity 0.0 % 68.2 % 32.5 % Delinquency 4.6 % 19.4 % 12.2 % Prime 27,798,893 Broker quotes/comparable trades Constant voluntary prepayment 3.3 % 18.1 % 8.5 % Constant default rate 0.2 % 11.0 % 3.6 % Loss severity 0.0 % 95.1 % 25.9 % Delinquency 3.4 % 26.7 % 11.3 % Subprime 6,345,230 Broker quotes/comparable trades Constant voluntary prepayment 1.2 % 4.4 % 3.1 % Constant default rate 3.8 % 8.1 % 5.2 % Loss severity 10.6 % 85.0 % 48.9 % Delinquency 18.5 % 27.3 % 21.3 % Total Non-Agency RMBS $ 84,616,561 Other Investment Securities $ 13,247,414 Broker quotes/comparable trades Constant voluntary prepayment 4.0 % 25.6 % 7.5 % MSRs $ 44,495,707 Discounted cash flow model Constant voluntary prepayment 11.9 % 13.9 % 12.9 % Cost of servicing $ 77 $ 109 $ 89 Discount rate 9.0 % 10.0 % 9.4 % Contingent consideration $ 11,684,100 Option pricing model Discount rate 10.2 % 10.8 % 10.5 % Production volatility — — 20.0 % Profitability volatility — — 50.0 % Fair Value at December 31, 2015 Valuation Technique(s) Unobservable Input Min Max Weighted Average 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 % 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. The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Pull-through rate Range 58.7% - 100.0 % 62.4% – 100.0 % Weighted average 84.6 % 87.6 % MSR value expressed as: Servicing fee multiple Range (0.1%) – 6.1 % 0.8% - 5.9 % Weighted average 4.4 % 4.3 % Percentage of unpaid principal balance Range 0.0% - 1.7 % 0.3% - 1.7 % 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. The following table presents the difference between the fair value and the aggregate unpaid principal amount and/or notional balance of assets for which the fair value option was elected at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Fair Value Unpaid Principal and/or Notional Balance (2) Difference Fair Value Unpaid Principal and/or Notional Balance (2) Difference Financial instruments, at fair value Mortgage loans held for investment (1) $ 43,572,755 $ 42,259,291 $ 1,313,464 $ 397,678,140 $ 444,500,063 $ (46,821,923 ) Mortgage loans held for sale 113,868,924 106,414,694 7,454,230 115,942,230 111,393,424 4,548,806 Real estate securities (2) 84,616,561 134,410,566 (49,794,005) 109,339,281 168,925,162 (59,585,881 ) Other Investment Securities 13,247,414 13,391,774 (144,360) 12,804,196 13,398,851 (594,655 ) MSRs 44,495,707 4,761,443,168 N/A (3) 48,209,016 4,173,927,393 N/A (3) (1) At June 30, 2016, the balance is comprised of loans that were newly originated at the time of purchase. At December 31, 2015, the balance is comprised of loans that were (i) distressed and re-performing at the time of purchase and (ii) newly originated at the time of purchase. (2) Real estate securities includes an IO with a notional balance of $28.1 million and $35.0 million at June 30, 2016 and December 31, 2015, respectively. (3) Amounts not presented. Unpaid principal balance of MSRs is 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. The following table summarizes the estimated fair value and carrying value for all other financial instruments at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Fair Value Carrying Value Fair Value Carrying Value Other financial instruments Assets Cash and cash equivalents $ 188,537,658 $ 188,537,658 $ 20,793,716 $ 20,793,716 Restricted cash 4,846,467 4,846,467 4,371,725 4,371,725 Mortgage loans held for investment, at cost 1,711,199 1,711,199 1,886,642 1,886,642 Liabilities Warehouse lines of credit $ 102,497,508 $ 102,497,508 $ 100,768,428 $ 100,768,428 Treasury securities repurchase agreements 69,254,000 69,254,000 — — Loan repurchase facilities 34,040,495 34,040,495 296,789,330 296,789,330 Securities repurchase agreements 58,712,839 58,712,839 73,300,159 73,300,159 Exchangeable Senior Notes 57,722,525 57,066,426 56,775,500 56,509,046 Cash and cash equivalents include cash on hand and Treasury securities for which fair value equals carrying value. 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. The Company considers the estimated fair value of its cash and cash equivalents and restricted cash to be a Level 1 measurement. The fair value of the mortgage loans held for investment, at cost 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, Treasury securities repurchase agreements, loan repurchase facilities and securities repurchase agreements is based on an expected present value technique using observable market interest rates. 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. Due to the short term nature of the maturities of these instruments the fair value estimated their carrying value. The Company considers the estimated fair value to be a Level 2 measurement. The fair value of the Exchangeable Senior Notes (see Note 13 - 8.0% Exchangeable Senior Notes due 2016) is based on observable market prices. The Company considers the estimated fair value to be a Level 2 measurement.

Mortgage Loans Held for Investm

Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value	6 Months Ended
	Jun. 30, 2016
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 and Held for Sale Previously Held for Investment, at Fair Value Distressed and re-performing loans at the time of purchase The Company did not acquire any mortgage loans held for investment which showed evidence of credit deterioration at the time of purchase during the three and six months ended June 30, 2016 or June 30, 2015. During the three months ended March 31, 2016, the Company decided it no longer intended to hold its seasoned and re-performing mortgage loan portfolio which were held as loans held for investment, at fair value at December 31, 2015 for the foreseeable future and reclassified this portfolio to Mortgage loans held for sale previously held for investment, at fair value. On May 26, 2016, the Company entered into a contract providing for and completed the sale of its seasoned, re-performing mortgage loans, including REO, with an unpaid principal balance of $ 430.7 27.0 The Company used $ 267.2 Mortgage Loans Held for Sale, Previously Held for Investment REO Total Balance at March 31, 2016 – at fair value $ 368,956,195 $ 2,356,589 $ 371,312,784 Net accretion of discounts 2,410,828 — 2,410,828 Proceeds from principal repayments (11,217,832) (1,941,879) (13,159,711) Balance at time of sale – at fair value 360,149,191 414,710 360,563,901 Proceeds from sale: Sale of unpaid principal balance, net of closing costs (357,153,092) (1,517,468) (358,670,560) Accrued interest (2,410,828) — (2,410,828) Total – proceeds from sale (359,563,920) (1,517,468) (361,081,388) Proceeds less than (in excess of) carrying amount 585,271 (1,102,758) (517,487) Realized gain (loss) on sale, based on amortized cost 22,203,418 106,585 22,310,003 Reversal of previously recognized change in unrealized gain or loss (22,788,689) 996,173 (21,792,516) Net (loss) gain on sale for the three months ended June 30, 2016 (585,271) 1,102,758 517,487 Balance at June 30, 2016 – at fair value $ — $ — $ — The realized gain (loss) on sale and reversal of previously recognized change in unrealized gain or loss are included in (i) realized gain on mortgage loans held for investment and held for sale previously held for investment and realized gain on REO and (ii) change in unrealized gain or loss on mortgage loans held for investment and held for sale previously held for investment and change in unrealized gain or loss on REO, respectively, in the Company’s consolidated statements of operations. Additionally, the Company received $ 747,083 Proceeds from sale: Unpaid principal balance and accrued interest $ 361,081,388 Servicing advances 747,083 Total – proceeds from sale 361,828,471 Payoff Citi Loan Repurchase Facility (267,192,460) Net proceeds from sale $ 94,636,011 December 31, 2015 Mortgage Loans Held for Investment Difference Between Fair Value and Aggregate Unpaid Gross Unrealized (1) Unpaid Weighted Average Principal Premium Amortized Fair Principal Unleveraged Balance (Discount) Cost Gains Losses Value Balance Coupon Yield 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 $ 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 % (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 and held for sale previously held for investment in the consolidated statements of operations: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ (22,788,689) $ 1,315,423 $ (20,639,828) $ 228,888 (2) Loans that are delinquent for 60 days or more Six Months Ended June 30, 2016 June 30, 2015 Accretable yield, beginning of period $ 247,751,944 $ 267,509,905 Acquisitions — — Accretion (2,410,833) (12,994,521) Reclassifications from nonaccretable difference — 3,502,800 Reduction due to sale of loans (245,341,111) — Accretable yield, end of period $ — $ 258,018,184 Newly originated loans at the time of purchase Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Aggregate Unpaid Principal Balance $ 12,558,667 $ 1,403,081 $ 23,941,629 $ 2,879,919 Loan Repurchase Facilities Used $ 11,120,741 $ 1,179,015 $ 21,289,983 $ 2,481,602 June 30, 2016 Unpaid Gross Unrealized (1) Weighted Average Principal Amortized Unleveraged Balance Premium Cost Gains Losses Fair Value Coupon Yield Performing Fixed $ 33,861,144 $ 575,706 $ 34,436,850 $ 550,942 $ (4,341) $ 34,983,451 4.81 % 4.56 % ARM 8,398,147 119,390 8,517,537 71,767 — 8,589,304 4.45 4.86 Total Mortgage Loans Held for Investment $ 42,259,291 $ 695,096 $ 42,954,387 $ 622,709 $ (4,341) $ 43,572,755 4.74 % 4.54 % Unpaid Gross Unrealized (1) Weighted Average Principal Amortized Unleveraged Balance Premium Cost Gains Losses Fair Value Coupon Yield 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 % (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 and held for sale previously held for investment in the consolidated statements of operations: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ 307,934 $ (67,192) $ 677,066 $ (73,077) Concentrations June 30, December 31, 2016 2015 Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100% — % 44.1 % Percentage of fair value of mortgage loans secured by properties in the following states: Each representing 10% or more of fair value: California 48.8 % 26.2 % Florida — (1) 16.1 % Additional state representing more than 5% of fair value: Texas 9.0 % — (2) Louisiana 6.1 % — (2) Georgia 6.1 % 6.1 % Percentage of unpaid principal balance of mortgage loans carrying mortgage insurance — % 8.2 % (1) State did not represent more than 10% of the fair value as of the balance sheet date. (2) State did not represent more than 5% of the fair value as of the balance sheet date. June 30, December 31, 2016 2015 Interest rates 3.50% -6.75 % 1.75% - 12.20 % Contractual maturities 15 - 30 years 1 - 45 years REO June 30, December 31, 2016 2015 Net realizable value (included in other assets in the Company's consolidated balance sheets) $ — $ 1,784,670 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

Mortgage Loans Held for Sale, a

Mortgage Loans Held for Sale, at Fair Value	6 Months Ended
	Jun. 30, 2016
Receivables Held-for-sale [Abstract]
Receivables Held For Sale [Text Block]	6. Mortgage Loans Held for Sale, at Fair Value Six Months Ended June 30, 2016 June 30, 2015 Balance at beginning of period $ 115,942,230 $ 97,690,960 Originations and purchases 1,002,159,835 955,619,927 Proceeds from sales and principal payments (1,042,529,074) (981,116,104) Transfers from mortgage loans held for investment, at cost — 65,983 Gain on sale 38,295,933 32,524,259 Balance at end of period $ 113,868,924 $ 104,785,025 June 30, 2016 December 31, 2015 Unpaid Unpaid Principal Principal Balance Fair Value Balance Fair Value Conventional $ 62,723,282 $ 65,414,133 $ 54,962,904 $ 56,586,717 Governmental 18,069,935 20,819,961 30,531,301 32,131,354 United States Department of Agriculture loans 20,202,870 21,433,186 16,222,152 17,059,982 United States Department of Veteran Affairs loans 5,269,911 6,032,634 8,922,978 9,314,255 Reverse mortgage 148,696 169,010 754,089 849,922 Total $ 106,414,694 $ 113,868,924 $ 111,393,424 $ 115,942,230

Real Estate Securities and Othe

Real Estate Securities and Other Investment Securities, at Fair Value	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 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 $ 57,876,958 $ (32,385,450) $ 25,491,508 $ 610,307 $ (1,270,401) $ 24,831,414 1.89 % 5.50 % Pay option adjustable rate 34,082,497 (5,755,721) 28,326,776 — (2,685,752) 25,641,024 1.21 4.56 Prime 32,041,097 (4,058,028) 27,983,069 386,616 (570,792) 27,798,893 3.77 5.53 Subprime 10,410,014 (3,748,697) 6,661,317 20,263 (336,350) 6,345,230 0.61 6.89 Total non-Agency RMBS $ 134,410,566 $ (45,947,896) $ 88,462,670 $ 1,017,186 $ (4,863,295) $ 84,616,561 2.06 % 5.31 % Other Investment Securities (1) $ 13,391,774 $ 53,171 $ 13,444,945 $ 71,638 $ (269,169) $ 13,247,414 4.97 % 6.11 % 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 % (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. The Company recorded the changes in unrealized gain or loss in the consolidated statements of operations. The following tables present additional information regarding the Company's non-Agency RMBS and Other Investment Securities at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Other Investment Other Investment Non-Agency RMBS Securities Non-Agency RMBS Securities Notional balance of IO included in Alternative A $ 28,129,469 — $ 35,042,860 — Contractual maturities (range) 18.8 to 30.8 years 7.9 to11.8 years 18.1 to 31.3 years 8.4 to 12.3 years Weighted average maturity 24.5 years 9.6 years 24.4 years 10.1 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 June 30, 2016 and December 31, 2015 were issued by issuers based in the United States. The Company did not have any realized losses on real estate securities relating to other than temporary impairments for the three or six months ended June 30, 2016 or June 30, 2015.

Mortgage Servicing Rights, at F

Mortgage Servicing Rights, at Fair Value	6 Months Ended
	Jun. 30, 2016
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. Six Months Ended June 30, 2016 June 30, 2015 Balance at beginning of period $ 48,209,016 $ 33,378,978 Additions due to loans sold, servicing retained 10,536,114 9,090,394 Change in fair value of MSRs (1) Changes in values of market related inputs or assumptions used in a valuation model (2) (11,137,680) 1,691,115 Other changes (3) (3,111,743) (1,468,307) Total - change in fair value of MSRs (14,249,423) 222,808 Balance at end of period $ 44,495,707 $ 42,692,180 (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. June 30, 2016 December 31, 2015 Unpaid Principal Unpaid Principal Balance Fair Value Balance Fair Value Fannie Mae $ 2,021,066,686 $ 18,176,913 $ 1,880,177,827 $ 20,751,648 Ginnie Mae 1,636,597,837 16,559,158 1,488,159,758 18,231,527 Freddie Mac 1,103,778,645 9,759,636 805,589,808 9,225,841 Total $ 4,761,443,168 $ 44,495,707 $ 4,173,927,393 $ 48,209,016 June 30, December 31, 2016 2015 Discount rate: Range 6.6% - 12.2 % 6.6%-12.2 % Weighted average 9.3 % 9.4 % Effect on fair value of adverse change of: 5% $ (766,930) $ (958,786) 10% $ (1,508,479) $ (1,881,870) 20% $ (2,920,128) $ (3,628,281) Prepayment speed (1) Range 9.3% - 16.9 % 7.0%-12.0 % Weighted average 13.1 % 9.3 % Effect on fair value of adverse change of: 5% $ (1,071,934) $ (938,584) 10% $ (2,101,997) $ (1,756,195) 20% $ (4,047,062) $ (3,428,890) Per-loan annual cost of servicing: Range $ 63 - $118 $ 64-$119 Weighted average $ 90 $ 92 Effect on fair value of adverse change of: 5% $ (517,907) $ (547,228) 10% $ (1,035,815) $ (1,094,455) 20% $ (2,071,630) $ (2,188,910) (1) Prepayment speed is measured using Constant Prepayment Rates (“CPR”). Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 The amount of total losses included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ (4,528,095) $ 4,401,593 $ (11,137,680) $ 1,691,115 Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Loan servicing fee income $ 3,345,878 $ 2,498,730 $ 6,512,142 $ 4,883,132 Late fee income 219 — 305 35 Sub-servicing costs (1,290,446) (831,095) (2,403,000) (1,578,433) Loan servicing fee income, net of direct costs $ 2,055,651 $ 1,667,635 $ 4,109,447 $ 3,304,734

Warehouse Lines of Credit

Warehouse Lines of Credit	6 Months Ended
	Jun. 30, 2016
Warehouse Agreement Borrowings [Member]
Debt Disclosure [Text Block]	9. Warehouse Lines of Credit At June 30, 2016 and December 31, 2015, 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 June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and June 30, 2015. June 30, 2016 December 31, 2015 Availability $ 185,000,000 $ 185,000,000 Maturity dates July 2016 – November 2016 June 2016 – November 2016 These obligations are secured by mortgage loans held for sale, at fair value and also fully guaranteed by the Company. The Company expects to renew the warehouse lines of credit at similar terms in the ordinary course of business as the facilities mature.

Treasury Securities and Treasur

Treasury Securities and Treasury Securities Repurchase Agreements	6 Months Ended
	Jun. 30, 2016
Treasury Securities and Treasury Repurchase Agreements [Abstract]
Treasury Securities and Treasury Repurchase Agreements [Text Block]	10. Treasury Securities and Treasury Securities Repurchase Agreements The Company purchased Treasury securities during the six months ended June 30, 2016. Par $ 70,000,000 Carrying amount 69,961,208 Maturity September 22, 2016 Balance sheet line item Cash and cash equivalents The Treasury securities are non-interest bearing. The Company did not have any Treasury securities at December 31, 2015. In connection with the purchase of these securities, the Company has two repurchase agreements with one counterparty. Outstanding balance $ 69,254,000 Interest rate 0.63 % Maturity September 22, 2016 The Company did not have any Treasury securities repurchase agreements at December 31, 2015.

Loan Repurchase Facilities

Loan Repurchase Facilities	6 Months Ended
	Jun. 30, 2016
Line of Credit [Member]
Debt Disclosure [Text Block]	11. Loan Repurchase Facilities In connection with the sale of its seasoned, re-performing mortgage loans on May 26, 2016, the Company repaid the outstanding balance under and terminated the Citi Loan Repurchase Facility which was used to finance the purchase of such loans and terminated the agreement (see Note 5 – Mortgage Loans Held for Investment, at Fair Value and held for Sale Previously Held for Investment, at Fair Value). June 30, 2016 December 31, 2015 Credit Suisse Credit Suisse First First Boston Boston Mortgage Citibank, N.A Mortgage Lender Capital LLC Distressed and Capital LLC Newly Re- Newly Originated Performing Originated Collateral type funded by facility Loans Loans Loans Total facility size $ 36,000,000 $ 325,000,000 $ 100,000,000 Amount committed $ 25,000,000 $ 150,000,000 $ 25,000,000 Maturity date September 30, 2016 May 20, 2016 June 27, 2016 Outstanding balance $ 34,040,495 $ 279,467,573 $ 17,321,757 The lender for the Credit Suisse Loan Repurchase Facility has informed the Company that it will not be renewing the facility when it matures on September 30, 2016. The Company is in discussions with various other lenders to refinance the facility. Each of the Loan Repurchase Facilities is or was 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 these facilities for the Trust Certificates, which represent interests in residential mortgage loans, is or was 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 these facilities, the Company is or was required to repay the lenders a repurchase amount based on the purchase price plus accrued interest. The Company is or was also required to pay the lenders a commitment fee for these facilities, as well as certain other administrative costs and expenses in connection with the lenders' structuring, management and ongoing administration of these 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. At June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and June 30, 2015, the Company has met all margin call requirements related to any outstanding balances under its loan repurchase facilities. June 30, December 31, 2016 2015 Fair value of Trust Certificates pledged as collateral $ 39,368,159 $ 394,942,512 Cash pledged as collateral 117,658 375,579 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 at June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and June 30, 2015.

Securities Repurchase Agreement

Securities Repurchase Agreements	6 Months Ended
	Jun. 30, 2016
Disclosure of Repurchase Agreements [Abstract]
Securities Repurchase Agreements [Text Block]	12. 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 June 30, 2016 and December 31, 2015. 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. At June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and June 30, 2015, the Company has met all margin call requirements under its securities repurchase agreements. June 30, December 31, 2016 2015 Fair value of non-Agency RMBS pledged as collateral $ 76,681,507 $ 95,627,850 Fair value of Other Investment Securities pledged as collateral 2,093,853 1,989,174 Cash pledged as collateral 1,645,262 2,029,581

8.0% Exchangeable Senior Notes

8.0% Exchangeable Senior Notes due 2016	6 Months Ended
	Jun. 30, 2016
Notes Payable [Abstract]
8.0% Exchangeable Senior Notes due 2016 [Text Block]	13. 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 New York Stock Exchange (“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 June 30, December 31, 2016 2015 Fair value of conversion option derivative liability $ 96,367 $ 612,878 Unamortized discount 433,574 990,954

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments [Text Block]	14. Derivative Instruments The Company’s derivative instruments, by segment, are as follows: Residential Mortgage Investments Segment Interest Rate Swap 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. 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 have not been designated as hedging instruments. Loan Purchase Commitments (“LPCs”) The Company entered into LPCs as a means to help mitigate interest rate risk relating to its loan conduit program. The LPCs were pursuant to Master Loan Purchase Agreements with approved, third party residential loan originators to purchase residential loans, which met the guidelines established by the Company, at a future date. LPCs provided that loans acceptable to the Company were to be delivered if and when they close and were subject to "pair off" fees if the loans were not delivered by the seller. The Company did not have any LPCs outstanding at June 30, 2016. 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. 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 The following table presents certain information related to derivative instruments held at June 30, 2016 and December 31, 2015: Non-hedge derivatives June 30, 2016 December 31, 2015 Notional amount of interest rate swaps $ 17,200,000 $ 17,200,000 LPCs (Principal balance of underlying loans) — 18,494,332 IRLCs (Principal balance of underlying loans) 331,697,499 190,933,017 Notional amount of MBS forward sales contracts 299,000,000 179,417,280 The notional amount is not representative of the maximum exposure to the Company. June 30, December 31, Derivative instruments Designation Balance Sheet Location 2016 2015 Interest rate swaps Non-hedge Derivative liabilities, at fair value $ (1,950,661) $ (1,009,014) LPCs Non-hedge Derivative assets (liabilities), at fair value — (9,871) IRLCs Non-hedge Derivative assets, at fair value 6,373,774 2,376,187 MBS forward sales contracts Non-hedge Derivative liabilities, at fair value (2,767,931) (200,204) Conversion Option - Exchangeable Senior Notes Non-hedge Derivative liabilities, at fair value (96,367) (612,878) At June 30, 2016 and December 31, 2015, no credit valuation adjustment was made in determining the fair value of the interest rate swaps. The following table presents the gains and (losses) related to Company's derivative instruments for the three and six months ended June 30, 2016 and June 30, 2015: Three Months Ended Six Months Ended Income Statement Non-hedge derivatives Location June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Interest rate swaps Gain/(loss) on derivative instruments related to investment portfolio $ (358,461) $ 378,653 $ (1,132,977) $ (72,786) LPCs Gain/(loss) on derivative instruments related to investment portfolio (22,592) (90,656) 9,871 (66,834) IRLCs Mortgage banking activities, net 2,356,234 (2,172,157) 3,997,587 (235,643) MBS forward sales contracts Mortgage banking activities, net (1,221,565) 1,600,781 (2,567,727) 962,070 Exchangeable Senior Notes conversion option Gain/(loss) on derivative instruments related to investment portfolio 451,090 1,113,460 516,511 633,987 Interest Rate Swaps June 30, December 31, 2016 2015 Maturity 2023 2023 Notional Amount $ 17,200,000 $ 17,200,000 Weighted Average Pay Rate 2.72 % 2.72 % Weighted Average Receive Rate 0.62 % 0.33 % Weighted Average Years to Maturity 7.1 7.6 Cash Pledged as Collateral (1) $ 2,738,704 $ 1,966,565 (1) At June 30, 2016 and December 31, 2015 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 (see Note 24 – Offsetting Assets and Liabilities). 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	6 Months Ended
	Jun. 30, 2016
Mortgage Banking [Abstract]
Mortgage Banking Income Expense Disclosure [Text Block]	15. Mortgage Banking Activities Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Gain on sale of mortgage loans held for sale, net of direct costs (1) $ 15,550,036 $ 11,804,693 $ 27,083,945 $ 22,760,951 Loan expenses, including provision for loan indemnification (224,731) (201,484) (421,951) (394,350) Loan origination fee income 254,134 499,784 570,359 888,781 Total $ 15,579,439 $ 12,102,993 $ 27,232,353 $ 23,255,382 (1) Includes the change in fair value related to IRLCs and MBS forward sales contracts held during the period.

Loan Indemnification Reserve

Loan Indemnification Reserve	6 Months Ended
	Jun. 30, 2016
Guarantees [Abstract]
Loan Indemnification Reserve [Text Block]	16. 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. Six Months Ended June 30, 2016 June 30, 2015 Balance at the beginning of period $ 3,201,000 $ 2,662,162 Loan indemnification losses incurred — (154,142) Provision for loan indemnification losses 397,755 381,425 Balance at end of period $ 3,598,755 $ 2,889,445 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 June 30, 2016 and December 31, 2015, the reasonably possible loss above the recorded loan indemnification reserve was not considered material.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes [Text Block]	17. Income Taxes For the three and six months ended June 30, 2016 and the years ended December 31, 2011 through December 31, 2015, 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 TRS entities. The Company’s TRS entities file separate tax returns and are taxed as standalone C-Corporations for U.S. income tax purposes. The Company recorded an income tax expense (benefit) of $ 55,330 (1,547,905) 2,899,916 2,754,387 Reconciliation of Statutory Tax Rate to Effective Tax Rate Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 Tax expense/(benefit) at statutory rate (34.00) % 35.00 % (34.00) % 35.00 % State and local taxes, net of Federal Benefit 4.93 3.33 (2.50) 2.94 Impact of REIT election (1) 66.84 (12.71) 16.94 (15.37) Change in valuation allowance (2) (34.99) 4.10 (6.78) 4.86 Other non-deductible/non-taxable items (3) 2.42 0.46 0.73 0.45 Effective Tax Rate 5.19 % 30.18 % (25.61) % 27.88 % (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 three and six months ended June 30, 2016 and June 30, 2015, 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 I, LLC and ZFC Funding, Inc. (3) For the three and six months ended June 30, 2016 and June 30, 2015, the amount primarily relates to non-deductible meals and entertainment expenses. At June 30, 2016 and December 31, 2015, the Company had a net deferred tax liability of $ 2,016,573 3,564,478

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	18. Earnings Per Share Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 Numerator: Net income/(loss) attributable to ZAIS Financial Corp. common stockholders (Basic) $ (1,038,005) $ 6,053,811 $ (4,076,753) $ 6,427,591 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 (82,748) 655,705 (420,194) 699,171 Exchangeable Senior Notes: Interest expense — 822,294 — 1,640,986 Gain on conversion option derivative liability — (634,508) — (361,279) Total – Exchangeable Senior Notes — 187,786 — 1,279,707 Net income available to stockholders, after effect of dilutive securities $ (1,120,753) $ 6,897,302 $ (4,496,947) $ 8,406,469 Denominator: Weighted average number of shares of common stock 7,970,886 7,970,886 7,970,886 7,970,886 Effect of dilutive securities: Weighted average number of OP units 926,914 926,914 926,914 926,914 Weighted average number of shares convertible under Exchangeable Senior Notes — 1,779,560 — 1,779,560 Diluted weighted average shares outstanding 8,897,800 10,677,360 8,897,800 10,677,360 Net income per share applicable to ZAIS Financial Corp. common stockholders – Basic $ (0.13) $ 0.76 $ (0.51) $ 0.81 Net income per share applicable to ZAIS Financial Corp. common stockholders – Diluted $ (0.13) $ 0.65 $ (0.51) $ 0.79 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	6 Months Ended
	Jun. 30, 2016
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. Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Advisory fees $ 710,564 $ 710,563 $ 1,421,127 $ 1,413,318 Loan sourcing fees 62,793 6,925 119,708 14,970 Total – Advisory fees – related party $ 773,357 $ 717,488 $ 1,540,835 $ 1,428,288 Such amounts are included in "Advisory fee – related party" in the Company's consolidated statements of operations. Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ 126,041 $ 219,684 $ 409,729 $ 316,474 Such amounts are included in operating expenses in the Company's consolidated statements of operations. June 30, December 31, 2016 2015 $ 938,994 $ 867,415 Such amounts were included in accounts payable and other liabilities in the Company's consolidated balance sheets. Other received the following sub-lease income related to a portion of its office space (see Note 22 – Commitments and Contingencies) from a related party for the three and six months June 30, 2016 and June 30, 2015: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ 10,800 $ 17,360 $ 21,600 $ 9,104 Such amounts are included in other income in the Company's consolidated statements of operations.

Dividends and Distributions

Dividends and Distributions	6 Months Ended
	Jun. 30, 2016
Dividends [Abstract]
Dividends and Distributions [Text Block]	20. Dividends and Distributions During the six months ended June 30, 2016 and June 30, 2015 the Company declared the following dividends and distributions: Amount per Share Declaration Date Record Date Payment Date and OP Unit Six months ended June 30, 2016: March 17, 2016 March 31, 2016 April 15, 2016 $ 0.40 June 16, 2016 June 30, 2016 July 15, 2016 0.40 Six months ended June 30, 2015: March 19, 2015 March 31, 2015 April 15, 2015 $ 0.40 June 18, 2015 June 30, 2015 July 15, 2015 0.40

Non-Controlling Interests

Non-Controlling Interests	6 Months Ended
	Jun. 30, 2016
Noncontrolling Interest [Abstract]
Noncontrolling Interest Disclosure [Text Block]	21. Non-Controlling Interests On June 17, 2016, the Company, as the general partner of the Operating Partnership, received a redemption request (the “Redemption Request”) from one of the Partnership's outside limited partners (the “Outside Limited Partner”) in respect of a total of 866,016 893,256 On June 23, 2016, the Company, as general partner of the Operating Partnership, notified the Outside Limited Partner of its decision to issue shares of common stock to satisfy the Redemption Request on July 1, 2016

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
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 demand 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 December 31, 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 16 – Loan Indemnification Reserve), due to the limited information available at this stage of the matter, the Company is not able to determine the likelihood of the outcome or estimate an amount of loss or range of losses. 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 June 30, 2016, the balance in the escrow account was $ 4,007,243 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 June 30, 2016 and December 31, 2015. 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. June 30, 2016 December 31, 2015 $ 309,533,427 $ 216,072,457 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. Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ 251,112 $ 185,533 $ 495,928 $ 368,519 Such amounts are included in operating expenses in the Company's consolidated statements of operations. GMFS sub-leases a portion of its office space and furniture and fixtures contained therein to a related party (see Note 19 – Related Party Transactions). July 1, 2016 – December 31, 2016 $ 532,154 2017 $ 909,647 2018 $ 724,740 2019 $ 128,358 2020 $ — Thereafter $ —

Counterparty Risk and Concentra

Counterparty Risk and Concentration	6 Months Ended
	Jun. 30, 2016
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	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 Warehouse lines of credit $ 102,497,508 $ — $ 102,497,508 $ (102,497,508) $ — $ — Treasury securities repurchase agreements 69,254,000 — 69,254,000 (69,254,000) — Loan Repurchase Facilities 34,040,495 — 34,040,495 (33,922,837) (117,658) — Securities repurchase agreements 58,712,839 — 58,712,839 (57,067,577) (1,645,262) — MBS forward sales contracts 2,767,931 — 2,767,931 — (344,843) 2,423,088 Interest rate swap agreements 1,950,661 — 1,950,661 — (1,950,661) — Total $ 269,223,434 $ — $ 269,223,434 $ (262,741,922) $ (4,058,424) $ 2,423,088 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) — MB forward sales contract 200,204 200,204 — — 200,204 Interest rate swap agreements 1,009,014 — 1,009,014 — (1,009,014) — Total $ 472,067,135 $ — $ 472,067,135 $ (468,452,757) $ (3,414,174) $ 200,204 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 June 30, 2016 or December 31, 2015.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	25. Segment Information 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, an indirect subsidiary of the Company, the residential mortgage banking segment includes the operations of GMFS, which originates mortgage loans for subsequent sale as either servicing retained or released, and expenses incurred by ZFC Honeybee TRS, LLC. Each segment includes the operating and other expenses associated with the respective activities. Segment contribution represents the measure of profit that management uses to assess the performance of its business segments and make resource allocation and operating decisions. Certain expenses not directly assigned or allocated to one of the two primary segments are included in the Corporate/Other column. These unallocated expenses primarily include interest expense on the Company's Exchangeable Senior Notes and corporate operating expenses such as insurance, public company expenses, advisory fees, transaction costs and general and administrative expenses. All amounts are before amounts allocated to non-controlling interests. Residential Residential Mortgage Mortgage Three Months Ended June 30, 2016: Investments Banking Corporate/Other Total Interest income $ 4,271,081 $ 916,060 $ — $ 5,187,141 Interest expense 1,991,437 653,639 1,468,649 4,113,725 Net interest income (expense) 2,279,644 262,421 (1,468,649) 1,073,416 Non-interest income — 11,461,423 — 11,461,423 Change in unrealized gain or loss (20,013,381) — — (20,013,381) Realized gain 22,450,664 — — 22,450,664 (Loss)/gain on derivative instruments related to investment portfolio (381,417) — 451,090 69,673 Advisory fee – related party 295,396 88,891 389,070 773,357 Salaries, commissions and benefits — 9,505,846 — 9,505,846 Operating expenses 260,487 1,778,403 645,008 2,683,898 Other Expenses: Expenses 910,633 — 1,996,582 2,907,215 Depreciation and amortization — 236,902 — 236,902 Total other expenses 910,633 236,902 1,996,582 3,144,117 Net income (loss) before income taxes 2,868,994 113,802 (4,048,219) (1,065,423) Income tax expense — 55,330 — 55,330 Segment net income (loss) $ 2,868,994 $ 58,472 $ (4,048,219) $ (1,120,753) Residential Residential Mortgage Loans Mortgage Three Months Ended June 30, 2015: Investment Banking Corporate/Other Total Interest income $ 8,768,124 $ 793,224 $ — $ 9,561,348 Interest expense 2,765,823 518,932 1,442,994 4,727,749 Net interest income (expense) 6,002,301 274,292 (1,442,994) 4,833,599 Non-interest income — 17,430,551 — 17,430,551 Change in unrealized gain or loss (803,311) — — (803,311) Realized gain 484,450 — — 484,450 Gain on derivative instruments related to investment portfolio 1,401,457 — — 1,401,457 Advisory fee – related party 367,323 136,428 213,737 717,488 Salaries, commissions and benefits — 8,090,407 — 8,090,407 Operating expenses 170,563 2,175,927 1,606,666 3,953,156 Other Expenses: Expenses 730,397 15,328 — 745,725 Depreciation and amortization — 230,538 — 230,538 Total other expenses 730,397 245,866 — 976,263 Net income/(loss) before income taxes 5,816,614 7,056,215 (3,263,397) 9,609,432 Income tax expense — 2,899,916 — 2,899,916 Segment net income (loss) $ 5,816,614 $ 4,156,299 $ (3,263,397) $ 6,709,516 Residential Residential Mortgage Mortgage Six Months Ended June 30, 2016: Investments Banking Corporate/Other Total Interest income $ 12,202,034 $ 1,690,023 $ — $ 13,892,057 Interest expense 4,772,683 1,205,459 2,932,860 8,911,002 Net interest income (expense) 7,429,351 484,564 (2,932,860) 4,981,055 Non-interest income — 17,126,287 — 17,126,287 Change in unrealized gain or loss (19,324,692) — — (19,324,692) Realized gain 22,264,630 — — 22,264,630 (Loss)/gain on derivative instruments (1,123,106) — 516,511 (606,595) Advisory fee – related party 620,335 202,013 718,487 1,540,835 Salaries, commissions and benefits — 17,471,938 — 17,471,938 Operating expenses 618,819 3,494,196 1,611,767 5,724,782 Other Expenses: Expenses 1,290,794 — 3,987,856 5,278,650 Depreciation and amortization — 469,332 — 469,332 Total other expenses 1,290,794 469,332 3,987,856 5,747,982 Net income (loss) before income taxes 6,716,235 (4,026,628) (8,734,459) (6,044,852) Income tax benefit — (1,547,905) — (1,547,905) Segment net income (loss) $ 6,716,235 $ (2,478,723) $ (8,734,459) $ (4,496,947) Residential Residential Mortgage Mortgage Six Months Ended June 30, 2015: Investments Banking Corporate/Other Total Interest income $ 17,847,289 $ 1,401,456 $ — $ 19,248,745 Interest expense 5,521,268 1,072,291 2,879,667 9,473,226 Net interest income (expense) 12,326,021 329,165 (2,879,667) 9,775,519 Non-interest income — 26,806,981 — 26,806,981 Change in unrealized gain or loss (1,942,737) — — (1,942,737) Realized gain 649,238 — — 649,238 Gain on derivative instruments 494,367 — — 494,367 Advisory fee – related party 696,289 265,264 466,735 1,428,288 Salaries, commissions and benefits — 15,489,665 — 15,489,665 Operating expenses 217,958 4,166,215 2,488,631 6,872,804 Other Expenses: Expenses 1,588,849 64,651 — 1,653,500 Depreciation and amortization — 457,962 — 457,962 Total other expenses 1,588,849 522,613 — 2,111,462 Net income (loss) before income taxes 9,023,793 6,692,389 (5,835,033) 9,881,149 Income tax expense — 2,754,387 — 2,754,387 Segment net income (loss) $ 9,023,793 $ 3,938,002 $ (5,835,033) $ 7,126,762 The following table is a reconciliation of the net income of the residential mortgage banking segment to the operations of GMFS: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Net income/(loss) of the residential mortgage banking segment $ 58,472 $ 4,156,299 $ (2,478,723) $ 3,938,002 Add back (deduct) expenses incurred by ZFC: Honeybee TRS, LLC: Advisory fee – related party 88,891 136,428 202,013 265,264 Amortization of deferred premiums, production and profitability earn-outs included in salaries, commission and benefits 189,000 161,619 378,000 430,986 Operating expenses (including change in contingent consideration) 222,108 371,395 393,008 1,103,419 Other expenses 197,085 212,413 394,170 458,822 Income tax expense (benefit) 55,330 2,899,916 (1,547,905) 2,754,387 Net income/(loss) of GMFS $ 810,886 $ 7,938,070 $ (2,659,437) $ 8,950,880 Supplemental Disclosures Selected segment balance sheet information is as follows: Residential Residential Mortgage Mortgage Investments Banking Corporate/Other Total June 30, 2016 Cash and cash equivalents $ 84,215,770 $ 10,323,942 $ 93,997,946 $ 188,537,658 Mortgage loans held for investment, at fair value 43,572,755 — — 43,572,755 Mortgage loans held for investment, at cost — 1,711,199 — 1,711,199 Mortgage loans held for sale, at fair value — 113,868,924 — 113,868,924 Real estate securities, at fair value 84,616,561 — — 84,616,561 Other investment securities, at fair value 13,247,414 — — 13,247,414 Mortgage servicing rights, at fair value — 44,495,707 — 44,495,707 Goodwill — 14,183,537 — 14,183,537 Intangible assets — 4,486,100 — 4,486,100 Total assets 231,294,448 239,155,584 94,902,604 565,352,636 December 31, 2015 Cash and cash equivalents $ 15,082,286 $ 5,702,068 $ 9,362 $ 20,793,716 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, at fair value — 115,942,230 — 115,942,230 Real estate securities, at fair value 109,339,281 — — 109,339,281 Other investment securities, at fair value 12,804,196 — — 12,804,196 Mortgage servicing rights, at fair value — 48,209,016 — 48,209,016 Goodwill — 14,183,537 — 14,183,537 Intangible assets — 4,880,270 — 4,880,270 Total assets 542,396,756 232,450,793 291,372 775,138,921

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	26. Subsequent Events On July 1, 2016, the Company, as general partner of the Operating Partnership, entered into the Fifth Amendment to the Agreement of Limited Partnership of the Operating Partnership, pursuant to which the Company, as the general partner of the Partnership, acquired the 866,016 On July 31, 2016, one of the Company’s warehouse lines of credit, with a maximum capacity of $ 20.0 September 30, 2016 13,143,544 The Company had 8,836,902 0.0001

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") as contained within the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for interim reporting. In the opinion of management, all adjustments considered necessary for a fair statement of the Company's financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for the interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP as contained in the ASC have been condensed or omitted from the unaudited interim consolidated financial statements according to the SEC rules and regulations. The information and disclosures contained in the unaudited interim consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. The Company operates in two business segments: residential mortgage investments and residential mortgage banking. The Company does not have any other “Other Comprehensive Income” items other than those reported in its condensed consolidated statement of operations.
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 Entities”), and a joint venture in which GMFS 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, held 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 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 Company adopted ASU 2015-02 on January 1, 2016. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. 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 June 30, 2016 or December 31, 2015. 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.
Mortgage Loans Held for Sale Previously Held for Investment [Policy Text Block]	Mortgage Loans Held for Sale Previously Held for Investment Mortgage loans which the Company has decided it no longer intends to hold for the foreseeable future are reclassified from mortgage loans held for investment to mortgage loans held for sale previously held for investment. These mortgage loans were reported at fair value when held for investment and held for sale. The Company decided during the three months ended March 31, 2016 that it no longer intended to hold its seasoned, re-performing mortgage loan portfolio for the foreseeable future and, as such, reclassified mortgage loans with a fair value of $ 368,956,195
Other Investment Securities [Policy Text Block]	Other Investment Securities The Company held Freddie Mac Structured Agency Credit Risk Notes (“FMRT Notes”) at June 30, 2016 and December 31, 2015, and during the three and six months ended June 30, 2016 and June 30, 2015. Additionally, the Company held Fannie Mae's Risk Transfer Notes (“FNRT Notes”) at June 30, 2016 and December 31, 2015, during the three and six months ended June 30, 2016, and during the three months ended June 30, 2015 (the FMRT Notes and the FNRT Notes are collectively referred to as the “Other Investment Securities”). The Other Investment Securities represent unsecured general obligations of Fannie Mae and Freddie Mac and are structured to be subject to the performance of a certain pool of residential mortgage loans.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its taxable year ended December 31, 2011. The Company was organized and has operated and intends to continue to operate in a manner that will enable it to qualify to be taxed as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gains and which does not necessarily equal net income as calculated in accordance with U.S. GAAP). As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders and does not engage in prohibited transactions. The majority of states also recognize the Company's REIT status. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service 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 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.
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 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)	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]	For the three and six months ended June 30, 2016 and June 30, 2015, the Company recorded the following changes in the consideration liability: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Beginning balance $ 11,483,100 $ 11,953,838 $ 11,285,100 $ 11,430,413 Change in fair value 201,000 325,807 399,000 849,232 Ending balance $ 11,684,100 $ 12,279,645 $ 11,684,100 $ 12,279,645
Schedule of Goodwill [Table Text Block]	The changes in the carrying amount of the goodwill during the six months ended June 30, 2016 and June 30, 2015. Six Months Ended June 30, 2016 June 30, 2015 Beginning balance $ 14,183,537 $ 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) Ending balance $ 14,183,537 $ 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 for the three and six months ended June 30, 2016 and June 30, 2015 was as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ 197,085 $ 197,085 $ 394,170 $ 394,171
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	At June 30, 2016 and December 31, 2015, accumulated amortization is as follows: June 30, December 31, 2016 2015 Trade name $ 333,340 $ 233,338 Customer relationships 216,660 151,662 Licenses 555,560 388,892 Favorable lease 208,340 145,838 Total accumulated amortization $ 1,313,900 $ 919,730
Schedule of Future Amortization Expense [Table Text Block]	Amortization expense related to the intangible assets for the period July 1, 2016 to December 31, 2016 and for the five years subsequent to December 31, 2016 will be as follows: July 1, 2016 – December 31, 2016 $ 394,170 2017 $ 732,776 2018 $ 455,004 2019 $ 455,004 2020 $ 455,004 2021 $ 455,004

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 by level within the fair value hierarchy: June 30, 2016 Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Total Assets Mortgage loans held for investment $ — $ — $ 43,572,755 $ 43,572,755 Mortgage loans held for sale 113,868,924 — 113,868,924 Real estate securities — — 84,616,561 84,616,561 Other Investment Securities — — 13,247,414 13,247,414 MSRs — — 44,495,707 44,495,707 Derivative assets — — 6,373,774 6,373,774 Total $ — $ 113,868,924 $ 192,306,211 $ 306,175,135 Liabilities Contingent consideration $ — $ — $ 11,684,100 $ 11,684,100 Derivative liabilities — 4,814,959 — 4,814,959 Total $ — $ 4,814,959 $ 11,684,100 $ 16,499,059 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 Real estate securities — — 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
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	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: Mortgage Loans Held for Investment and Held for Sale Previously Held for Investment, Real Estate Securities and Other Investment Securities Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 Mortgage Real Estate Other Mortgage Real Estate Other Balance, beginning of period $ 397,678,140 $ 109,339,281 $ 12,804,196 $ 415,959,838 $ 148,585,733 $ 2,040,532 Originations/acquisitions 24,328,116 — — 2,879,919 1,989,345 12,420,044 Proceeds from sales (357,153,092 ) (16,094,298 ) — — (10,486,280 ) (2,241,387 ) Amortization of premiums (57,157 ) — — (934 ) — — Net accretion of discounts 1,782,503 1,054,718 80,358 3,909,133 2,323,969 43,674 Proceeds from principal repayments (24,385,483 ) (8,295,003 ) — (16,135,377 ) (8,955,597 ) — Conversion of mortgage loans to real estate owned (1,513,223 ) — — (1,137,292 ) — — Total losses (realized/unrealized) included in earnings (21,305,032 ) (2,675,067 ) (14,756 ) (14,896,740 ) (2,950,921 ) (161,564 ) Total gains (realized/unrealized) included in earnings 24,197,983 1,286,930 377,616 15,560,832 883,507 266,731 Balance, end of period $ 43,572,755 $ 84,616,561 $ 13,247,414 $ 406,139,379 $ 131,389,756 $ 12,368,030 The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ 689,391 $ (1,293,723 ) $ 362,859 $ (5,994 ) $ (2,108,636 ) $ (83,166 ) Derivative Instruments Six Months Ended Six Months Ended Loan Purchase Interest Rate Loan Purchase Interest Rate Beginning balance $ (9,871 ) $ 2,376,187 $ 4,037 $ 2,481,063 Change in unrealized gain or loss 9,871 3,997,587 (66,834 ) (235,643 ) Ending balance $ — $ 6,373,774 $ (62,797 ) $ 2,245,420 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 $ — $ 3,997,587 $ (66,834 ) $ (235,643 )
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	The following tables present quantitative information about the Company's assets which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value: Fair Value at Valuation Unobservable Min Max Weighted Mortgage loans Held for Investment $ 43,572,755 Discounted cash flow model Constant voluntary prepayment — % — % 12.1 % Constant default rate — % — % 0.2 % Non-Agency RMBS Alternative – A $ 24,831,414 Broker quotes/comparable trades Constant voluntary prepayment 1.7 % 17.7 % 12.1 % Constant default rate 0.1 % 15.5 % 2.8 % Loss severity 0.3 % 90.9 % 21.8 % Delinquency 1.8 % 22.2 % 8.2 % Pay option adjustable rate 25,641,024 Broker quotes/comparable trades Constant voluntary prepayment 2.3 % 8.0 % 4.3 % Constant default rate 1.0 % 9.3 % 3.4 % Loss severity 0.0 % 68.2 % 32.5 % Delinquency 4.6 % 19.4 % 12.2 % Prime 27,798,893 Broker quotes/comparable trades Constant voluntary prepayment 3.3 % 18.1 % 8.5 % Constant default rate 0.2 % 11.0 % 3.6 % Loss severity 0.0 % 95.1 % 25.9 % Delinquency 3.4 % 26.7 % 11.3 % Subprime 6,345,230 Broker quotes/comparable trades Constant voluntary prepayment 1.2 % 4.4 % 3.1 % Constant default rate 3.8 % 8.1 % 5.2 % Loss severity 10.6 % 85.0 % 48.9 % Delinquency 18.5 % 27.3 % 21.3 % Total Non-Agency RMBS $ 84,616,561 Other Investment Securities $ 13,247,414 Broker quotes/comparable trades Constant voluntary prepayment 4.0 % 25.6 % 7.5 % MSRs $ 44,495,707 Discounted cash flow model Constant voluntary prepayment 11.9 % 13.9 % 12.9 % Cost of servicing $ 77 $ 109 $ 89 Discount rate 9.0 % 10.0 % 9.4 % Contingent consideration $ 11,684,100 Option pricing model Discount rate 10.2 % 10.8 % 10.5 % Production volatility — — 20.0 % Profitability volatility — — 50.0 % Fair Value at December 31, 2015 Valuation Technique(s) Unobservable Input Min Max Weighted Average 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 % The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Pull-through rate Range 58.7% - 100.0 % 62.4% – 100.0 % Weighted average 84.6 % 87.6 % MSR value expressed as: Servicing fee multiple Range (0.1%) – 6.1 % 0.8% - 5.9 % Weighted average 4.4 % 4.3 % Percentage of unpaid principal balance Range 0.0% - 1.7 % 0.3% - 1.7 % Weighted average 1.1 % 1.1 %
Fair Value, Option, Quantitative Disclosures [Table Text Block]	The following table presents the difference between the fair value and the aggregate unpaid principal amount and/or notional balance of assets for which the fair value option was elected at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Fair Value Unpaid Principal and/or Notional Balance (2) Difference Fair Value Unpaid Principal and/or Notional Balance (2) Difference Financial instruments, at fair value Mortgage loans held for investment (1) $ 43,572,755 $ 42,259,291 $ 1,313,464 $ 397,678,140 $ 444,500,063 $ (46,821,923 ) Mortgage loans held for sale 113,868,924 106,414,694 7,454,230 115,942,230 111,393,424 4,548,806 Real estate securities (2) 84,616,561 134,410,566 (49,794,005) 109,339,281 168,925,162 (59,585,881 ) Other Investment Securities 13,247,414 13,391,774 (144,360) 12,804,196 13,398,851 (594,655 ) MSRs 44,495,707 4,761,443,168 N/A (3) 48,209,016 4,173,927,393 N/A (3) (1) At June 30, 2016, the balance is comprised of loans that were newly originated at the time of purchase. At December 31, 2015, the balance is comprised of loans that were (i) distressed and re-performing at the time of purchase and (ii) newly originated at the time of purchase. (2) Real estate securities includes an IO with a notional balance of $28.1 million and $35.0 million at June 30, 2016 and December 31, 2015, respectively. (3) Amounts not presented. Unpaid principal balance of MSRs is 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 June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Fair Value Carrying Value Fair Value Carrying Value Other financial instruments Assets Cash and cash equivalents $ 188,537,658 $ 188,537,658 $ 20,793,716 $ 20,793,716 Restricted cash 4,846,467 4,846,467 4,371,725 4,371,725 Mortgage loans held for investment, at cost 1,711,199 1,711,199 1,886,642 1,886,642 Liabilities Warehouse lines of credit $ 102,497,508 $ 102,497,508 $ 100,768,428 $ 100,768,428 Treasury securities repurchase agreements 69,254,000 69,254,000 — — Loan repurchase facilities 34,040,495 34,040,495 296,789,330 296,789,330 Securities repurchase agreements 58,712,839 58,712,839 73,300,159 73,300,159 Exchangeable Senior Notes 57,722,525 57,066,426 56,775,500 56,509,046

Mortgage Loans Held for Inves36

Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule Of Additional Information of Mortgage Loans Held For Sale Previously Held For Investment And Real Estate Owned Assets [Table Text Block]	The following table presents additional information about the sale of the Company’s mortgage loans held for sale previously held for investment and REO for the three months ended June 30, 2016: Mortgage Loans Held for Sale, Previously Held for Investment REO Total Balance at March 31, 2016 – at fair value $ 368,956,195 $ 2,356,589 $ 371,312,784 Net accretion of discounts 2,410,828 — 2,410,828 Proceeds from principal repayments (11,217,832) (1,941,879) (13,159,711) Balance at time of sale – at fair value 360,149,191 414,710 360,563,901 Proceeds from sale: Sale of unpaid principal balance, net of closing costs (357,153,092) (1,517,468) (358,670,560) Accrued interest (2,410,828) — (2,410,828) Total – proceeds from sale (359,563,920) (1,517,468) (361,081,388) Proceeds less than (in excess of) carrying amount 585,271 (1,102,758) (517,487) Realized gain (loss) on sale, based on amortized cost 22,203,418 106,585 22,310,003 Reversal of previously recognized change in unrealized gain or loss (22,788,689) 996,173 (21,792,516) Net (loss) gain on sale for the three months ended June 30, 2016 (585,271) 1,102,758 517,487 Balance at June 30, 2016 – at fair value $ — $ — $ —
Schedule of Net Proceeds From Sale Of Mortgage Loans Held For Sale And Real Estate Owned Assets [Table Text Block]	The net proceeds from the transaction are as follows: Proceeds from sale: Unpaid principal balance and accrued interest $ 361,081,388 Servicing advances 747,083 Total – proceeds from sale 361,828,471 Payoff Citi Loan Repurchase Facility (267,192,460) Net proceeds from sale $ 94,636,011
Schedule Of Information About Investments In Mortgage Loans [Table Text Block]	December 31, 2015 Mortgage Loans Held for Investment Difference Between Fair Value and Aggregate Unpaid Gross Unrealized (1) Unpaid Weighted Average Principal Premium Amortized Fair Principal Unleveraged Balance (Discount) Cost Gains Losses Value Balance Coupon Yield 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 $ 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 % (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 and held for sale previously held for investment in the consolidated statements of operations: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ (22,788,689) $ 1,315,423 $ (20,639,828) $ 228,888 (2) Loans that are delinquent for 60 days or more The following tables present certain information regarding the Company's mortgage loans held for investment, at fair value, at June 30, 2016 and December 31, 2015 which were newly originated at the time of purchase and sourced through the Company’s loan purchase program: June 30, 2016 Unpaid Gross Unrealized (1) Weighted Average Principal Amortized Unleveraged Balance Premium Cost Gains Losses Fair Value Coupon Yield Performing Fixed $ 33,861,144 $ 575,706 $ 34,436,850 $ 550,942 $ (4,341) $ 34,983,451 4.81 % 4.56 % ARM 8,398,147 119,390 8,517,537 71,767 — 8,589,304 4.45 4.86 Total Mortgage Loans Held for Investment $ 42,259,291 $ 695,096 $ 42,954,387 $ 622,709 $ (4,341) $ 43,572,755 4.74 % 4.54 % December 31, 2015 Unpaid Gross Unrealized (1) Weighted Average Principal Amortized Unleveraged Balance Premium Cost Gains Losses Fair Value Coupon Yield 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 % (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 and held for sale previously held for investment in the consolidated statements of operations: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ 307,934 $ (67,192) $ 677,066 $ (73,077)
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Movement [Table Text Block]	The following table presents the change in accretable yield for the Company's mortgages held for investment which had shown evidence of credit deterioration since origination at the time of purchase for the six months ended June 30, 2016 and June 30, 2015: Six Months Ended June 30, 2016 June 30, 2015 Accretable yield, beginning of period $ 247,751,944 $ 267,509,905 Acquisitions — — Accretion (2,410,833) (12,994,521) Reclassifications from nonaccretable difference — 3,502,800 Reduction due to sale of loans (245,341,111) — Accretable yield, end of period $ — $ 258,018,184
Schedule Of Mortgage Loan Acquisitions [Table Text Block]	During the three and six months ended June 30, 2016 and June 30, 2015, the Company's acquisition of mortgage loans held for investment which were newly originated at the time of purchase was as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Aggregate Unpaid Principal Balance $ 12,558,667 $ 1,403,081 $ 23,941,629 $ 2,879,919 Loan Repurchase Facilities Used $ 11,120,741 $ 1,179,015 $ 21,289,983 $ 2,481,602
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The Company's mortgage loans held for investment, at fair value consists of mortgage loans on residential real estate located throughout the United States. The following is a summary of certain concentrations of credit risk in the mortgage loan portfolio at June 30, 2016 and December 31, 2015: June 30, December 31, 2016 2015 Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100% — % 44.1 % Percentage of fair value of mortgage loans secured by properties in the following states: Each representing 10% or more of fair value: California 48.8 % 26.2 % Florida — (1) 16.1 % Additional state representing more than 5% of fair value: Texas 9.0 % — (2) Louisiana 6.1 % — (2) Georgia 6.1 % 6.1 % Percentage of unpaid principal balance of mortgage loans carrying mortgage insurance — % 8.2 % (1) State did not represent more than 10% of the fair value as of the balance sheet date. (2) State did not represent more than 5% of the fair value as of the balance sheet date.
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 June 30, 2016 and December 31, 2015 were as follows: June 30, December 31, 2016 2015 Interest rates 3.50% -6.75 % 1.75% - 12.20 % Contractual maturities 15 - 30 years 1 - 45 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 June 30, 2016 and December 31, 2015, are as follows: June 30, December 31, 2016 2015 Net realizable value (included in other assets in the Company's consolidated balance sheets) $ — $ 1,784,670 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

Mortgage Loans Held for Sale,37

Mortgage Loans Held for Sale, at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2016
Transfers and Servicing [Abstract]
Schedule of Servicing Assets at Fair Value [Table Text Block]	During the six months ended June 30, 2016 and June 30, 2015, the Company's mortgage loans held for sale activity was as follows: Six Months Ended June 30, 2016 June 30, 2015 Balance at beginning of period $ 115,942,230 $ 97,690,960 Originations and purchases 1,002,159,835 955,619,927 Proceeds from sales and principal payments (1,042,529,074) (981,116,104) Transfers from mortgage loans held for investment, at cost — 65,983 Gain on sale 38,295,933 32,524,259 Balance at end of period $ 113,868,924 $ 104,785,025
Schedule Of Mortgage Loans Held For Sale [Table Text Block]	Mortgage loans held for sale, at fair value at June 30, 2016 and December 31, 2015 is as follows: June 30, 2016 December 31, 2015 Unpaid Unpaid Principal Principal Balance Fair Value Balance Fair Value Conventional $ 62,723,282 $ 65,414,133 $ 54,962,904 $ 56,586,717 Governmental 18,069,935 20,819,961 30,531,301 32,131,354 United States Department of Agriculture loans 20,202,870 21,433,186 16,222,152 17,059,982 United States Department of Veteran Affairs loans 5,269,911 6,032,634 8,922,978 9,314,255 Reverse mortgage 148,696 169,010 754,089 849,922 Total $ 106,414,694 $ 113,868,924 $ 111,393,424 $ 115,942,230

Real Estate Securities and Ot38

Real Estate Securities and Other Investment Securities, at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015: June 30, 2016 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 $ 57,876,958 $ (32,385,450) $ 25,491,508 $ 610,307 $ (1,270,401) $ 24,831,414 1.89 % 5.50 % Pay option adjustable rate 34,082,497 (5,755,721) 28,326,776 — (2,685,752) 25,641,024 1.21 4.56 Prime 32,041,097 (4,058,028) 27,983,069 386,616 (570,792) 27,798,893 3.77 5.53 Subprime 10,410,014 (3,748,697) 6,661,317 20,263 (336,350) 6,345,230 0.61 6.89 Total non-Agency RMBS $ 134,410,566 $ (45,947,896) $ 88,462,670 $ 1,017,186 $ (4,863,295) $ 84,616,561 2.06 % 5.31 % Other Investment Securities (1) $ 13,391,774 $ 53,171 $ 13,444,945 $ 71,638 $ (269,169) $ 13,247,414 4.97 % 6.11 % 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 % (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. The Company recorded the changes in unrealized gain or loss in the consolidated statements of operations.
Investments Classified by Contractual Maturity Date [Table Text Block]	The following tables present additional information regarding the Company's non-Agency RMBS and Other Investment Securities at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Other Investment Other Investment Non-Agency RMBS Securities Non-Agency RMBS Securities Notional balance of IO included in Alternative A $ 28,129,469 — $ 35,042,860 — Contractual maturities (range) 18.8 to 30.8 years 7.9 to11.8 years 18.1 to 31.3 years 8.4 to 12.3 years Weighted average maturity 24.5 years 9.6 years 24.4 years 10.1 years

Mortgage Servicing Rights, at39

Mortgage Servicing Rights, at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2016
Transfers and Servicing [Abstract]
Schedule Of Activity Of Mortgage Servicing Rights [Table Text Block]	The MSRs activity for the six months ended June 30, 2016 and June 30, 2015 is as follows: Six Months Ended June 30, 2016 June 30, 2015 Balance at beginning of period $ 48,209,016 $ 33,378,978 Additions due to loans sold, servicing retained 10,536,114 9,090,394 Change in fair value of MSRs (1) Changes in values of market related inputs or assumptions used in a valuation model (2) (11,137,680) 1,691,115 Other changes (3) (3,111,743) (1,468,307) Total - change in fair value of MSRs (14,249,423) 222,808 Balance at end of period $ 44,495,707 $ 42,692,180 (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.
Schedule Of Mortgage Servicing Rights Portfolio [Table Text Block]	The Company's MSR portfolio at June 30, 2016 and December 31, 2015 is as follows: June 30, 2016 December 31, 2015 Unpaid Principal Unpaid Principal Balance Fair Value Balance Fair Value Fannie Mae $ 2,021,066,686 $ 18,176,913 $ 1,880,177,827 $ 20,751,648 Ginnie Mae 1,636,597,837 16,559,158 1,488,159,758 18,231,527 Freddie Mac 1,103,778,645 9,759,636 805,589,808 9,225,841 Total $ 4,761,443,168 $ 44,495,707 $ 4,173,927,393 $ 48,209,016
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 June 30, 2016 and December 31, 2015: June 30, December 31, 2016 2015 Discount rate: Range 6.6% - 12.2 % 6.6%-12.2 % Weighted average 9.3 % 9.4 % Effect on fair value of adverse change of: 5% $ (766,930) $ (958,786) 10% $ (1,508,479) $ (1,881,870) 20% $ (2,920,128) $ (3,628,281) Prepayment speed (1) Range 9.3% - 16.9 % 7.0%-12.0 % Weighted average 13.1 % 9.3 % Effect on fair value of adverse change of: 5% $ (1,071,934) $ (938,584) 10% $ (2,101,997) $ (1,756,195) 20% $ (4,047,062) $ (3,428,890) Per-loan annual cost of servicing: Range $ 63 - $118 $ 64-$119 Weighted average $ 90 $ 92 Effect on fair value of adverse change of: 5% $ (517,907) $ (547,228) 10% $ (1,035,815) $ (1,094,455) 20% $ (2,071,630) $ (2,188,910) (1) Prepayment speed is measured using Constant Prepayment Rates (“CPR”).
Schedule Of Gains Losses Included In Earnings [Table Text Block]	Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 The amount of total losses included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ (4,528,095) $ 4,401,593 $ (11,137,680) $ 1,691,115
Schedule Of Loan Servicing Fee Income Net Of Direct Costs [Table Text Block]	The Company contracts with licensed sub-servicers to perform all servicing functions for these loans. The following table presents the loan servicing fee income, net of direct costs, for the three and six months ended June 30, 2016 and June 30, 2015: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Loan servicing fee income $ 3,345,878 $ 2,498,730 $ 6,512,142 $ 4,883,132 Late fee income 219 — 305 35 Sub-servicing costs (1,290,446) (831,095) (2,403,000) (1,578,433) Loan servicing fee income, net of direct costs $ 2,055,651 $ 1,667,635 $ 4,109,447 $ 3,304,734

Warehouse Lines of Credit (Tabl

Warehouse Lines of Credit (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Availability $ 185,000,000 $ 185,000,000 Maturity dates July 2016 – November 2016 June 2016 – November 2016

Treasury Securities and Treas41

Treasury Securities and Treasury Securities Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2016
Treasury Securities and Treasury Repurchase Agreements [Abstract]
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]	The following table presents certain information regarding the Company’s non-interest bearing Treasury securities at June 30, 2016: Par $ 70,000,000 Carrying amount 69,961,208 Maturity September 22, 2016 Balance sheet line item Cash and cash equivalents
Schedule of Repurchase Agreements [Table Text Block]	The following table presents certain information regarding the Company’s Treasury securities repurchase agreements at June 30, 2016: Outstanding balance $ 69,254,000 Interest rate 0.63 % Maturity September 22, 2016

Loan Repurchase Facilities (Tab

Loan Repurchase Facilities (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Loan Repurchase Facilities [Table Text Block]	At June 30, 2016 and December 31, 2015, the Company had the following outstanding master repurchase agreements with Credit Suisse First Boston Mortgage Capital LLC (the "Credit Suisse Loan Repurchase Facility") and the Citi 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: June 30, 2016 December 31, 2015 Credit Suisse Credit Suisse First First Boston Boston Mortgage Citibank, N.A Mortgage Lender Capital LLC Distressed and Capital LLC Newly Re- Newly Originated Performing Originated Collateral type funded by facility Loans Loans Loans Total facility size $ 36,000,000 $ 325,000,000 $ 100,000,000 Amount committed $ 25,000,000 $ 150,000,000 $ 25,000,000 Maturity date September 30, 2016 May 20, 2016 June 27, 2016 Outstanding balance $ 34,040,495 $ 279,467,573 $ 17,321,757
Schedule Of Posting of Mortgage Loan Collateral For The Loan Repurchase Facilities [Table Text Block]	The following table presents information with respect to the Company's posting of collateral under its Loan Repurchase Facilities at June 30, 2016 and December 31, 2015: June 30, December 31, 2016 2015 Fair value of Trust Certificates pledged as collateral $ 39,368,159 $ 394,942,512 Cash pledged as collateral 117,658 375,579

Securities Repurchase Agreeme43

Securities Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Repurchase Agreements [Abstract]
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 June 30, 2016 and December 31, 2015: June 30, December 31, 2016 2015 Fair value of non-Agency RMBS pledged as collateral $ 76,681,507 $ 95,627,850 Fair value of Other Investment Securities pledged as collateral 2,093,853 1,989,174 Cash pledged as collateral 1,645,262 2,029,581

8.0% Exchangeable Senior Note44

8.0% Exchangeable Senior Notes due 2016 (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015: June 30, December 31, 2016 2015 Fair value of conversion option derivative liability $ 96,367 $ 612,878 Unamortized discount 433,574 990,954

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Notional Amounts of Derivative Instruments [Table Text Block]	The following table presents certain information related to derivative instruments held at June 30, 2016 and December 31, 2015: Non-hedge derivatives June 30, 2016 December 31, 2015 Notional amount of interest rate swaps $ 17,200,000 $ 17,200,000 LPCs (Principal balance of underlying loans) — 18,494,332 IRLCs (Principal balance of underlying loans) 331,697,499 190,933,017 Notional amount of MBS forward sales contracts 299,000,000 179,417,280
Schedule of Fair Value of Derivative Instruments [Table Text Block]	June 30, December 31, Derivative instruments Designation Balance Sheet Location 2016 2015 Interest rate swaps Non-hedge Derivative liabilities, at fair value $ (1,950,661) $ (1,009,014) LPCs Non-hedge Derivative assets (liabilities), at fair value — (9,871) IRLCs Non-hedge Derivative assets, at fair value 6,373,774 2,376,187 MBS forward sales contracts Non-hedge Derivative liabilities, at fair value (2,767,931) (200,204) Conversion Option - Exchangeable Senior Notes Non-hedge Derivative liabilities, at fair value (96,367) (612,878)
Schedule of Gains / (Losses) Related to Derivatives [Table Text Block]	Three Months Ended Six Months Ended Income Statement Non-hedge derivatives Location June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Interest rate swaps Gain/(loss) on derivative instruments related to investment portfolio $ (358,461) $ 378,653 $ (1,132,977) $ (72,786) LPCs Gain/(loss) on derivative instruments related to investment portfolio (22,592) (90,656) 9,871 (66,834) IRLCs Mortgage banking activities, net 2,356,234 (2,172,157) 3,997,587 (235,643) MBS forward sales contracts Mortgage banking activities, net (1,221,565) 1,600,781 (2,567,727) 962,070 Exchangeable Senior Notes conversion option Gain/(loss) on derivative instruments related to investment portfolio 451,090 1,113,460 516,511 633,987
Schedule of Interest Rate Derivatives [Table Text Block]	The following table presents information about the Company's interest rate swap agreements at June 30, 2016 and December 31, 2015: June 30, December 31, 2016 2015 Maturity 2023 2023 Notional Amount $ 17,200,000 $ 17,200,000 Weighted Average Pay Rate 2.72 % 2.72 % Weighted Average Receive Rate 0.62 % 0.33 % Weighted Average Years to Maturity 7.1 7.6 Cash Pledged as Collateral (1) $ 2,738,704 $ 1,966,565 (1) At June 30, 2016 and December 31, 2015 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)	6 Months Ended
	Jun. 30, 2016
Mortgage Banking [Abstract]
Schedule Of Mortgage Banking Income Expense [Table Text Block]	The following table presents the components of mortgage banking activities, net, recorded in the Company's consolidated statements of operations for the three and six months ended June 30, 2016 and June 30, 2015: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Gain on sale of mortgage loans held for sale, net of direct costs (1) $ 15,550,036 $ 11,804,693 $ 27,083,945 $ 22,760,951 Loan expenses, including provision for loan indemnification (224,731) (201,484) (421,951) (394,350) Loan origination fee income 254,134 499,784 570,359 888,781 Total $ 15,579,439 $ 12,102,993 $ 27,232,353 $ 23,255,382 (1) Includes the change in fair value related to IRLCs and MBS forward sales contracts held during the period.

Loan Indemnification Reserve (T

Loan Indemnification Reserve (Tables)	6 Months Ended
	Jun. 30, 2016
Guarantees [Abstract]
Schedule of Activity in Loan Indemnification Reserve [Table Text Block]	The activity for the loan indemnification reserve for the six months ended June 30, 2016 and June 30, 2015 is as follows: Six Months Ended June 30, 2016 June 30, 2015 Balance at the beginning of period $ 3,201,000 $ 2,662,162 Loan indemnification losses incurred — (154,142) Provision for loan indemnification losses 397,755 381,425 Balance at end of period $ 3,598,755 $ 2,889,445

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate [Table Text Block]	The following is a reconciliation of the statutory federal and state rates to the effective rates for the three and six months ended June 30, 2016 and June 30, 2015: Reconciliation of Statutory Tax Rate to Effective Tax Rate Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 Tax expense/(benefit) at statutory rate (34.00) % 35.00 % (34.00) % 35.00 % State and local taxes, net of Federal Benefit 4.93 3.33 (2.50) 2.94 Impact of REIT election (1) 66.84 (12.71) 16.94 (15.37) Change in valuation allowance (2) (34.99) 4.10 (6.78) 4.86 Other non-deductible/non-taxable items (3) 2.42 0.46 0.73 0.45 Effective Tax Rate 5.19 % 30.18 % (25.61) % 27.88 % (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 three and six months ended June 30, 2016 and June 30, 2015, 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 I, LLC and ZFC Funding, Inc. (3) For the three and six months ended June 30, 2016 and June 30, 2015, the amount primarily relates to non-deductible meals and entertainment expenses.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 Numerator: Net income/(loss) attributable to ZAIS Financial Corp. common stockholders (Basic) $ (1,038,005) $ 6,053,811 $ (4,076,753) $ 6,427,591 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 (82,748) 655,705 (420,194) 699,171 Exchangeable Senior Notes: Interest expense — 822,294 — 1,640,986 Gain on conversion option derivative liability — (634,508) — (361,279) Total – Exchangeable Senior Notes — 187,786 — 1,279,707 Net income available to stockholders, after effect of dilutive securities $ (1,120,753) $ 6,897,302 $ (4,496,947) $ 8,406,469 Denominator: Weighted average number of shares of common stock 7,970,886 7,970,886 7,970,886 7,970,886 Effect of dilutive securities: Weighted average number of OP units 926,914 926,914 926,914 926,914 Weighted average number of shares convertible under Exchangeable Senior Notes — 1,779,560 — 1,779,560 Diluted weighted average shares outstanding 8,897,800 10,677,360 8,897,800 10,677,360 Net income per share applicable to ZAIS Financial Corp. common stockholders – Basic $ (0.13) $ 0.76 $ (0.51) $ 0.81 Net income per share applicable to ZAIS Financial Corp. common stockholders – Diluted $ (0.13) $ 0.65 $ (0.51) $ 0.79

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transaction [Table Text Block]	The Company incurred the following fees pursuant to the Investment Advisory Agreement for the three and six months ended June 30, 2016 and June 30, 2015: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Advisory fees $ 710,564 $ 710,563 $ 1,421,127 $ 1,413,318 Loan sourcing fees 62,793 6,925 119,708 14,970 Total – Advisory fees – related party $ 773,357 $ 717,488 $ 1,540,835 $ 1,428,288
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) for the three and six months ended June 30, 2016 and June 30, 2015: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ 126,041 $ 219,684 $ 409,729 $ 316,474
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 June 30, 2016 and December 31, 2015 are as follows: June 30, December 31, 2016 2015 $ 938,994 $ 867,415
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 – Commitments and Contingencies) from a related party for the three and six months June 30, 2016 and June 30, 2015: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ 10,800 $ 17,360 $ 21,600 $ 9,104

Dividends and Distributions (Ta

Dividends and Distributions (Tables)	6 Months Ended
	Jun. 30, 2016
Dividends [Abstract]
Dividends Declared [Table Text Block]	During the six months ended June 30, 2016 and June 30, 2015 the Company declared the following dividends and distributions: Amount per Share Declaration Date Record Date Payment Date and OP Unit Six months ended June 30, 2016: March 17, 2016 March 31, 2016 April 15, 2016 $ 0.40 June 16, 2016 June 30, 2016 July 15, 2016 0.40 Six months ended June 30, 2015: March 19, 2015 March 31, 2015 April 15, 2015 $ 0.40 June 18, 2015 June 30, 2015 July 15, 2015 0.40

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Long-term Purchase Commitment [Table Text Block]	Total commitments to originate loans are as follows at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 $ 309,533,427 $ 216,072,457
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	GMFS incurred rent expense as follows for the three and six months ended June 30, 2016 and June 30, 2015: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ 251,112 $ 185,533 $ 495,928 $ 368,519
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	At June 30, 2016, the future minimum rental payments for the period July 1, 2016 to December 31, 2016 and the five years subsequent to December 31, 2016 and thereafter are as follows: July 1, 2016 – December 31, 2016 $ 532,154 2017 $ 909,647 2018 $ 724,740 2019 $ 128,358 2020 $ — Thereafter $ —

Offsetting Assets and Liabili53

Offsetting Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015: 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 June 30, 2016 Warehouse lines of credit $ 102,497,508 $ — $ 102,497,508 $ (102,497,508) $ — $ — Treasury securities repurchase agreements 69,254,000 — 69,254,000 (69,254,000) — Loan Repurchase Facilities 34,040,495 — 34,040,495 (33,922,837) (117,658) — Securities repurchase agreements 58,712,839 — 58,712,839 (57,067,577) (1,645,262) — MBS forward sales contracts 2,767,931 — 2,767,931 — (344,843) 2,423,088 Interest rate swap agreements 1,950,661 — 1,950,661 — (1,950,661) — Total $ 269,223,434 $ — $ 269,223,434 $ (262,741,922) $ (4,058,424) $ 2,423,088 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) — MB forward sales contract 200,204 200,204 — — 200,204 Interest rate swap agreements 1,009,014 — 1,009,014 — (1,009,014) — Total $ 472,067,135 $ — $ 472,067,135 $ (468,452,757) $ (3,414,174) $ 200,204

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The Company's segment profit and loss information is as follows: Residential Residential Mortgage Mortgage Three Months Ended June 30, 2016: Investments Banking Corporate/Other Total Interest income $ 4,271,081 $ 916,060 $ — $ 5,187,141 Interest expense 1,991,437 653,639 1,468,649 4,113,725 Net interest income (expense) 2,279,644 262,421 (1,468,649) 1,073,416 Non-interest income — 11,461,423 — 11,461,423 Change in unrealized gain or loss (20,013,381) — — (20,013,381) Realized gain 22,450,664 — — 22,450,664 (Loss)/gain on derivative instruments related to investment portfolio (381,417) — 451,090 69,673 Advisory fee – related party 295,396 88,891 389,070 773,357 Salaries, commissions and benefits — 9,505,846 — 9,505,846 Operating expenses 260,487 1,778,403 645,008 2,683,898 Other Expenses: Expenses 910,633 — 1,996,582 2,907,215 Depreciation and amortization — 236,902 — 236,902 Total other expenses 910,633 236,902 1,996,582 3,144,117 Net income (loss) before income taxes 2,868,994 113,802 (4,048,219) (1,065,423) Income tax expense — 55,330 — 55,330 Segment net income (loss) $ 2,868,994 $ 58,472 $ (4,048,219) $ (1,120,753) Residential Residential Mortgage Loans Mortgage Three Months Ended June 30, 2015: Investment Banking Corporate/Other Total Interest income $ 8,768,124 $ 793,224 $ — $ 9,561,348 Interest expense 2,765,823 518,932 1,442,994 4,727,749 Net interest income (expense) 6,002,301 274,292 (1,442,994) 4,833,599 Non-interest income — 17,430,551 — 17,430,551 Change in unrealized gain or loss (803,311) — — (803,311) Realized gain 484,450 — — 484,450 Gain on derivative instruments related to investment portfolio 1,401,457 — — 1,401,457 Advisory fee – related party 367,323 136,428 213,737 717,488 Salaries, commissions and benefits — 8,090,407 — 8,090,407 Operating expenses 170,563 2,175,927 1,606,666 3,953,156 Other Expenses: Expenses 730,397 15,328 — 745,725 Depreciation and amortization — 230,538 — 230,538 Total other expenses 730,397 245,866 — 976,263 Net income/(loss) before income taxes 5,816,614 7,056,215 (3,263,397) 9,609,432 Income tax expense — 2,899,916 — 2,899,916 Segment net income (loss) $ 5,816,614 $ 4,156,299 $ (3,263,397) $ 6,709,516 Residential Residential Mortgage Mortgage Six Months Ended June 30, 2016: Investments Banking Corporate/Other Total Interest income $ 12,202,034 $ 1,690,023 $ — $ 13,892,057 Interest expense 4,772,683 1,205,459 2,932,860 8,911,002 Net interest income (expense) 7,429,351 484,564 (2,932,860) 4,981,055 Non-interest income — 17,126,287 — 17,126,287 Change in unrealized gain or loss (19,324,692) — — (19,324,692) Realized gain 22,264,630 — — 22,264,630 (Loss)/gain on derivative instruments (1,123,106) — 516,511 (606,595) Advisory fee – related party 620,335 202,013 718,487 1,540,835 Salaries, commissions and benefits — 17,471,938 — 17,471,938 Operating expenses 618,819 3,494,196 1,611,767 5,724,782 Other Expenses: Expenses 1,290,794 — 3,987,856 5,278,650 Depreciation and amortization — 469,332 — 469,332 Total other expenses 1,290,794 469,332 3,987,856 5,747,982 Net income (loss) before income taxes 6,716,235 (4,026,628) (8,734,459) (6,044,852) Income tax benefit — (1,547,905) — (1,547,905) Segment net income (loss) $ 6,716,235 $ (2,478,723) $ (8,734,459) $ (4,496,947) Residential Residential Mortgage Mortgage Six Months Ended June 30, 2015: Investments Banking Corporate/Other Total Interest income $ 17,847,289 $ 1,401,456 $ — $ 19,248,745 Interest expense 5,521,268 1,072,291 2,879,667 9,473,226 Net interest income (expense) 12,326,021 329,165 (2,879,667) 9,775,519 Non-interest income — 26,806,981 — 26,806,981 Change in unrealized gain or loss (1,942,737) — — (1,942,737) Realized gain 649,238 — — 649,238 Gain on derivative instruments 494,367 — — 494,367 Advisory fee – related party 696,289 265,264 466,735 1,428,288 Salaries, commissions and benefits — 15,489,665 — 15,489,665 Operating expenses 217,958 4,166,215 2,488,631 6,872,804 Other Expenses: Expenses 1,588,849 64,651 — 1,653,500 Depreciation and amortization — 457,962 — 457,962 Total other expenses 1,588,849 522,613 — 2,111,462 Net income (loss) before income taxes 9,023,793 6,692,389 (5,835,033) 9,881,149 Income tax expense — 2,754,387 — 2,754,387 Segment net income (loss) $ 9,023,793 $ 3,938,002 $ (5,835,033) $ 7,126,762 The following table is a reconciliation of the net income of the residential mortgage banking segment to the operations of GMFS: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Net income/(loss) of the residential mortgage banking segment $ 58,472 $ 4,156,299 $ (2,478,723) $ 3,938,002 Add back (deduct) expenses incurred by ZFC: Honeybee TRS, LLC: Advisory fee – related party 88,891 136,428 202,013 265,264 Amortization of deferred premiums, production and profitability earn-outs included in salaries, commission and benefits 189,000 161,619 378,000 430,986 Operating expenses (including change in contingent consideration) 222,108 371,395 393,008 1,103,419 Other expenses 197,085 212,413 394,170 458,822 Income tax expense (benefit) 55,330 2,899,916 (1,547,905) 2,754,387 Net income/(loss) of GMFS $ 810,886 $ 7,938,070 $ (2,659,437) $ 8,950,880 Supplemental Disclosures Selected segment balance sheet information is as follows: Residential Residential Mortgage Mortgage Investments Banking Corporate/Other Total June 30, 2016 Cash and cash equivalents $ 84,215,770 $ 10,323,942 $ 93,997,946 $ 188,537,658 Mortgage loans held for investment, at fair value 43,572,755 — — 43,572,755 Mortgage loans held for investment, at cost — 1,711,199 — 1,711,199 Mortgage loans held for sale, at fair value — 113,868,924 — 113,868,924 Real estate securities, at fair value 84,616,561 — — 84,616,561 Other investment securities, at fair value 13,247,414 — — 13,247,414 Mortgage servicing rights, at fair value — 44,495,707 — 44,495,707 Goodwill — 14,183,537 — 14,183,537 Intangible assets — 4,486,100 — 4,486,100 Total assets 231,294,448 239,155,584 94,902,604 565,352,636 December 31, 2015 Cash and cash equivalents $ 15,082,286 $ 5,702,068 $ 9,362 $ 20,793,716 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, at fair value — 115,942,230 — 115,942,230 Real estate securities, at fair value 109,339,281 — — 109,339,281 Other investment securities, at fair value 12,804,196 — — 12,804,196 Mortgage servicing rights, at fair value — 48,209,016 — 48,209,016 Goodwill — 14,183,537 — 14,183,537 Intangible assets — 4,880,270 — 4,880,270 Total assets 542,396,756 232,450,793 291,372 775,138,921

Formation and Organization (Det

Formation and Organization (Details Textual) - USD ($)	Jun. 30, 2016	Apr. 06, 2016	Dec. 31, 2015
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
Liabilities Subject to Compromise, Early Contract Termination Fees		$ 8,000,000

Summary of Significant Accoun56

Summary of Significant Accounting Policies (Details Textual)	6 Months Ended
	Jun. 30, 2016USD ($)	Dec. 31, 2015
Number of Operating Segments	2
Transfer of Portfolio Loans and Leases to Held-for-sale	$ 368,956,195
ZAIS Financial Partners, LP [Member]
Noncontrolling Interest, Ownership Percentage by Parent	89.60%	89.60%

GMFS Transaction (Details)

GMFS Transaction (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Beginning balance	$ 11,483,100	$ 11,953,838	$ 11,285,100	$ 11,430,413
Change in fair value	201,000	325,807	399,000	849,232
Ending balance	$ 11,684,100	$ 12,279,645	$ 11,684,100	$ 12,279,645

GMFS Transaction (Details 1)

GMFS Transaction (Details 1) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Beginning balance	$ 14,183,537	$ 16,512,680
Reversal of a liability existing as of the date of acquisition	0	(385,610)
Finalization of purchase price based upon final reconciliation	0	(1,943,533)
Ending balance	$ 14,183,537	$ 14,183,537

GMFS Transaction (Details 2)

GMFS Transaction (Details 2) - GMFS, LLC [Member] $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Fair value of Liabilities:
Estimated Fair Value of Intangible Assets	$ 5.8
Trade Names [Member]
Fair value of Liabilities:
Estimated Fair Value of Intangible Assets	$ 2
Estimated Useful Life	10 years
Customer Relationships [Member]
Fair value of Liabilities:
Estimated Fair Value of Intangible Assets	$ 1.3
Estimated Useful Life	10 years
Licenses [Member]
Fair value of Liabilities:
Estimated Fair Value of Intangible Assets	$ 1
Estimated Useful Life	3 years
Favorable Lease [Member]
Fair value of Liabilities:
Estimated Fair Value of Intangible Assets	$ 1.5
Estimated Useful Life	12 years

GMFS Transaction (Details 3)

GMFS Transaction (Details 3) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Amortization expense	$ 197,085	$ 197,085	$ 394,170	$ 394,171

GMFS Transaction (Details 4)

GMFS Transaction (Details 4) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Accumulated Amortization	$ 1,313,900	$ 919,730
Trade Names [Member]
Accumulated Amortization	333,340	233,338
Customer Relationships [Member]
Accumulated Amortization	216,660	151,662
Licenses [Member]
Accumulated Amortization	555,560	388,892
Favorable Lease [Member]
Accumulated Amortization	$ 208,340	$ 145,838

GMFS Transaction (Details 5)

GMFS Transaction (Details 5)	Jun. 30, 2016USD ($)
Amortization expense related to the intangible assets
July 1, 2016 - December 31, 2016	$ 394,170
2,017	732,776
2,018	455,004
2,019	455,004
2,020	455,004
2,021	$ 455,004

GMFS Transaction (Details Textu

GMFS Transaction (Details Textual) - USD ($)	1 Months Ended
	Oct. 31, 2014	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill		$ 14,183,537	$ 14,183,537	$ 14,183,537	$ 16,512,680
GMFS, LLC [Member]
Business Acquisition [Line Items]
Business Combination Contingent Consideration Arrangements Percentage Which May Be Paid In Stock	50.00%
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 20,000,000
GMFS, LLC [Member] | Discrete Payment One [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Liabilities Incurred	1,000,000
GMFS, LLC [Member] | Deferred Premium Payments [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Liabilities Incurred	$ 2,000,000

Fair Value (Details)

Fair Value (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets
Mortgage loans held for sale	$ 113,868,924		$ 115,942,230	$ 104,785,025		$ 97,690,960
MSRs	44,495,707		48,209,016	42,692,180		33,378,978
Derivative assets	6,373,774		2,376,187
Liabilities
Contingent consideration	11,684,100	$ 11,483,100	11,285,100	$ 12,279,645	$ 11,953,838	$ 11,430,413
Derivative liabilities	4,814,959		1,831,967
Fair Value, Measurements, Recurring [Member]
Assets
Mortgage loans held for investment	43,572,755		397,678,140
Mortgage loans held for sale	113,868,924		115,942,230
Real estate securities	84,616,561		109,339,281
Other Investment Securities	13,247,414		12,804,196
MSRs	44,495,707		48,209,016
Derivative assets	6,373,774		2,376,187
Total	306,175,135		686,349,050
Liabilities
Contingent consideration	11,684,100		11,285,100
Derivative liabilities	4,814,959		1,831,967
Total	16,499,059		13,117,067
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
Real estate securities	0		0
Other Investment Securities	0		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 2 [Member]
Assets
Mortgage loans held for investment	0		0
Mortgage loans held for sale	113,868,924		115,942,230
Real estate securities	0		0
Other Investment Securities	0		0
MSRs	0		0
Derivative assets	0		0
Total	113,868,924		115,942,230
Liabilities
Contingent consideration	0		0
Derivative liabilities	4,814,959		1,822,096
Total	4,814,959		1,822,096
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Mortgage loans held for investment	43,572,755		397,678,140
Mortgage loans held for sale	0		0
Real estate securities	84,616,561		109,339,281
Other Investment Securities	13,247,414		12,804,196
MSRs	44,495,707		48,209,016
Derivative assets	6,373,774		2,376,187
Total	192,306,211		570,406,820
Liabilities
Contingent consideration	11,684,100		11,285,100
Derivative liabilities	0		9,871
Total	$ 11,684,100		$ 11,294,971

Fair Value (Details 1)

Fair Value (Details 1) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Real Estate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 109,339,281	$ 148,585,733
Originations/acquisitions	0	1,989,345
Proceeds from sales	(16,094,298)	(10,486,280)
Amortization of premiums	0	0
Net accretion of discounts	1,054,718	2,323,969
Proceeds from principal repayments	(8,295,003)	(8,955,597)
Conversion of mortgage loans to real estate owned	0	0
Total losses (realized/unrealized) included in earnings	(2,675,067)	(2,950,921)
Total gains (realized/unrealized) included in earnings	1,286,930	883,507
Balance, end of period	84,616,561	131,389,756
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	(1,293,723)	(2,108,636)
Loan Purchase Commitments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(9,871)	4,037
Change in unrealized gain or loss	9,871	(66,834)
Balance, end of period	0	(62,797)
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	0	(66,834)
Interest Rate Lock Commitments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	2,376,187	2,481,063
Change in unrealized gain or loss	3,997,587	(235,643)
Balance, end of period	6,373,774	2,245,420
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	3,997,587	(235,643)
Mortgage Loans Held for Investment [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	397,678,140	415,959,838
Originations/acquisitions	24,328,116	2,879,919
Proceeds from sales	(357,153,092)	0
Amortization of premiums	(57,157)	(934)
Net accretion of discounts	1,782,503	3,909,133
Proceeds from principal repayments	(24,385,483)	(16,135,377)
Conversion of mortgage loans to real estate owned	(1,513,223)	(1,137,292)
Total losses (realized/unrealized) included in earnings	(21,305,032)	(14,896,740)
Total gains (realized/unrealized) included in earnings	24,197,983	15,560,832
Balance, end of period	43,572,755	406,139,379
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	689,391	(5,994)
Other Investment Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	12,804,196	2,040,532
Originations/acquisitions	0	12,420,044
Proceeds from sales	0	(2,241,387)
Amortization of premiums	0	0
Net accretion of discounts	80,358	43,674
Proceeds from principal repayments	0	0
Conversion of mortgage loans to real estate owned	0	0
Total losses (realized/unrealized) included in earnings	(14,756)	(161,564)
Total gains (realized/unrealized) included in earnings	377,616	266,731
Balance, end of period	13,247,414	12,368,030
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	$ 362,859	$ (83,166)

Fair Value (Details 2)

Fair Value (Details 2) - Level 3 [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Mortgage Loans Held for Investment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 43,572,755	$ 397,678,140
Mortgage Loans Held for Investment [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment		1.90%
Constant default rate		1.40%
Loss severity		5.90%
Delinquency		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		5.00%
Constant default rate		5.00%
Loss severity		37.20%
Delinquency		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		3.20%
Constant default rate		3.10%
Loss severity		22.10%
Delinquency		10.90%
Alternative - A [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 24,831,414	$ 35,998,175
Alternative - A [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	1.70%	2.70%
Constant default rate	0.10%	0.20%
Loss severity	0.30%	0.00%
Delinquency	1.80%	1.40%
Alternative - A [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	17.70%	18.90%
Constant default rate	15.50%	7.80%
Loss severity	90.90%	85.00%
Delinquency	22.20%	22.20%
Alternative - A [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	12.10%	12.90%
Constant default rate	2.80%	2.80%
Loss severity	21.80%	21.00%
Delinquency	8.20%	8.90%
Pay Option Adjustable Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 25,641,024	$ 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	2.30%	2.20%
Constant default rate	1.00%	0.50%
Loss severity	0.00%	0.00%
Delinquency	4.60%	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	8.00%	13.50%
Constant default rate	9.30%	13.00%
Loss severity	68.20%	95.60%
Delinquency	19.40%	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	4.30%	7.50%
Constant default rate	3.40%	3.50%
Loss severity	32.50%	40.00%
Delinquency	12.20%	12.30%
Prime [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 27,798,893	$ 32,482,521
Prime [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	3.30%	3.60%
Constant default rate	0.20%	0.50%
Loss severity	0.00%	0.00%
Delinquency	3.40%	4.40%
Prime [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	18.10%	21.00%
Constant default rate	11.00%	9.40%
Loss severity	95.10%	85.10%
Delinquency	26.70%	25.50%
Prime [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	8.50%	8.00%
Constant default rate	3.60%	3.70%
Loss severity	25.90%	28.90%
Delinquency	11.30%	12.00%
Subprime [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 6,345,230	$ 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%	1.20%
Constant default rate	3.80%	3.00%
Loss severity	10.60%	11.10%
Delinquency	18.50%	18.30%
Subprime [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	4.40%	7.70%
Constant default rate	8.10%	8.00%
Loss severity	85.00%	128.50%
Delinquency	27.30%	28.00%
Subprime [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	3.10%	3.90%
Constant default rate	5.20%	6.20%
Loss severity	48.90%	54.00%
Delinquency	21.30%	22.20%
Non-Agency RMBS [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 84,616,561	$ 109,339,281
Other Investment Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 13,247,414	$ 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	4.00%	4.00%
Other Investment Securities [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	25.60%	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	7.50%	6.90%
Mortgage Servicing Rights [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 44,495,707	$ 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	11.90%	8.50%
Cost of servicing	$ 77	$ 77
Discount rate	9.00%	9.00%
Mortgage Servicing Rights [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant voluntary prepayment	13.90%	10.50%
Cost of servicing	$ 109	$ 110
Discount rate	10.00%	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	12.90%	9.30%
Cost of servicing	$ 89	$ 92
Discount rate	9.40%	9.40%
Contingent Consideration [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 11,684,100	$ 11,285,100
Contingent Consideration [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	10.20%	10.20%
Production volatility	0.00%	0.00%
Profitability volatility	0.00%	0.00%
Contingent Consideration [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	10.80%	10.80%
Production volatility	0.00%	0.00%
Profitability volatility	0.00%	0.00%
Contingent Consideration [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	10.50%	10.50%
Production volatility	20.00%	20.00%
Profitability volatility	50.00%	50.00%

Fair Value (Details 3)

Fair Value (Details 3) - Interest Rate Lock Commitments [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Pull-through rate	58.70%	62.40%
Servicing fee multiple	(0.10%)	0.80%
Percentage of unpaid principal balance	0.00%	0.30%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Pull-through rate	100.00%	100.00%
Servicing fee multiple	6.10%	5.90%
Percentage of unpaid principal balance	1.70%	1.70%
Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Pull-through rate	84.60%	87.60%
Servicing fee multiple	4.40%	4.30%
Percentage of unpaid principal balance	1.10%	1.10%

Fair Value (Details 4)

Fair Value (Details 4) - USD ($)		Jun. 30, 2016	May 26, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid Principal and/or Notional Balance			$ 430,700,000
Mortgage Loans Held for Investment [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	[1]	$ 43,572,755		$ 397,678,140
Unpaid Principal and/or Notional Balance	[1],[2]	42,259,291		444,500,063
Difference	[1]	1,313,464		(46,821,923)
Mortgage Loans Held for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value		113,868,924		115,942,230
Unpaid Principal and/or Notional Balance	[2]	106,414,694		111,393,424
Difference		7,454,230		4,548,806
Other Investment Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value		13,247,414		12,804,196
Unpaid Principal and/or Notional Balance	[2]	13,391,774		13,398,851
Difference		(144,360)		(594,655)
MSRs [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value		44,495,707		48,209,016
Unpaid Principal and/or Notional Balance	[2]	4,761,443,168		4,173,927,393
Difference	[3]	0		0
Real estate securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	[2]	84,616,561		109,339,281
Unpaid Principal and/or Notional Balance	[2]	134,410,566		168,925,162
Difference	[2]	$ (49,794,005)		$ (59,585,881)
[1]	At June 30, 2016, the balance is comprised of loans that were newly originated at the time of purchase. At December 31, 2015, the balance is comprised of loans that were (i) distressed and re-performing at the time of purchase and (ii) newly originated at the time of purchase.
[2]	Real estate securities includes an IO with a notional balance of $28.1 million and $35.0 million at June 30, 2016 and December 31, 2015, respectively.
[3]	Amounts not presented. Unpaid principal balance of MSRs is generally significantly greater than their fair value.

Fair Value (Details 5)

Fair Value (Details 5) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Assets
Restricted cash	$ 4,846,467	$ 4,371,725
Mortgage loans held for investment, at cost	1,711,199	1,886,642
Liabilities
Loan repurchase facilities	34,040,495	296,789,330
Estimate of Fair Value Measurement [Member]
Assets
Cash and cash equivalents	188,537,658	20,793,716
Restricted cash	4,846,467	4,371,725
Mortgage loans held for investment, at cost	1,711,199	1,886,642
Liabilities
Treasury securities repurchase agreements	69,254,000	0
Securities repurchase agreements	58,712,839	73,300,159
Exchangeable Senior Notes	57,722,525	56,775,500
Estimate of Fair Value Measurement [Member] | Secured Debt [Member]
Liabilities
Loan repurchase facilities	34,040,495	296,789,330
Estimate of Fair Value Measurement [Member] | Warehouse Agreement Borrowings [Member]
Liabilities
Loan repurchase facilities	102,497,508	100,768,428
Reported Value Measurement [Member]
Assets
Cash and cash equivalents	188,537,658	20,793,716
Restricted cash	4,846,467	4,371,725
Mortgage loans held for investment, at cost	1,711,199	1,886,642
Liabilities
Treasury securities repurchase agreements	69,254,000	0
Securities repurchase agreements	58,712,839	73,300,159
Exchangeable Senior Notes	57,066,426	56,509,046
Reported Value Measurement [Member] | Secured Debt [Member]
Liabilities
Loan repurchase facilities	34,040,495	296,789,330
Reported Value Measurement [Member] | Warehouse Agreement Borrowings [Member]
Liabilities
Loan repurchase facilities	$ 102,497,508	$ 100,768,428

Fair Value (Details Textual)

Fair Value (Details Textual) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Mortgage Loans On Held for Investment [Line Items]
Notional Balance Of IO	$ 28.1	$ 35

Mortgage Loans Held for Inves71

Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Mortgage Loans On Held for Investment [Line Items]
Balance at beginning of period				$ 115,942,230	$ 97,690,960
Balance at end of period		$ 113,868,924	$ 104,785,025	113,868,924	104,785,025
Proceeds from sale:
Realized gain (loss) on sale, based on amortized cost	[1]	15,550,036	11,804,693	27,083,945	22,760,951
Net (loss) gain on sale for the three months ended June 30, 2016		2,506,956	$ 1,082,596	2,333,343	$ (799,132)
Real Estate Owned [Member]
Mortgage Loans On Held for Investment [Line Items]
Balance at beginning of period		2,356,589
Net accretion of discounts		0
Proceeds from principal repayments		(1,941,879)
Balance at end of period		414,710		414,710
Proceeds from sale:
Sale of unpaid principal balance, net of closing costs		(1,517,468)
Accrued interest		0
Total - proceeds from sale		(1,517,468)
Proceeds less than (in excess of) carrying amount		(1,102,758)
Realized gain (loss) on sale, based on amortized cost		106,585
Reversal of previously recognized change in unrealized gain or loss		996,173
Net (loss) gain on sale for the three months ended June 30, 2016		1,102,758
Balance at June 30, 2016 - at fair value		0		0
Mortgage Loan Held For Sale Previously Held For Investment [Member]
Mortgage Loans On Held for Investment [Line Items]
Balance at beginning of period		368,956,195
Net accretion of discounts		2,410,828
Proceeds from principal repayments		(11,217,832)
Balance at end of period		360,149,191		360,149,191
Proceeds from sale:
Sale of unpaid principal balance, net of closing costs		(357,153,092)
Accrued interest		(2,410,828)
Total - proceeds from sale		(359,563,920)
Proceeds less than (in excess of) carrying amount		585,271
Realized gain (loss) on sale, based on amortized cost		22,203,418
Reversal of previously recognized change in unrealized gain or loss		(22,788,689)
Net (loss) gain on sale for the three months ended June 30, 2016		(585,271)
Balance at June 30, 2016 - at fair value		0		0
Mortgage Loan Held For Sale [Member]
Mortgage Loans On Held for Investment [Line Items]
Balance at beginning of period		371,312,784
Net accretion of discounts		2,410,828
Proceeds from principal repayments		(13,159,711)
Balance at end of period		360,563,901		360,563,901
Proceeds from sale:
Sale of unpaid principal balance, net of closing costs		(358,670,560)
Accrued interest		(2,410,828)
Total - proceeds from sale		(361,081,388)
Proceeds less than (in excess of) carrying amount		(517,487)
Realized gain (loss) on sale, based on amortized cost		22,310,003
Reversal of previously recognized change in unrealized gain or loss		(21,792,516)
Net (loss) gain on sale for the three months ended June 30, 2016		517,487
Balance at June 30, 2016 - at fair value		$ 0		$ 0
[1]	Includes the change in fair value related to IRLCs and MBS forward sales contracts held during the period.

Mortgage Loans Held for Inves72

Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value (Details 1) - USD ($)	1 Months Ended	3 Months Ended
	May 26, 2016	Jun. 30, 2016
Unpaid principal balance and accrued interest		$ 361,081,388
Servicing advances	$ 747,083	747,083
Total - proceeds from sale		361,828,471
Payoff Citi Loan Repurchase Facility	$ (267,200,000)	(267,192,460)
Net proceeds from sale		$ 94,636,011

Mortgage Loans Held for Inves73

Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value (Details 2) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015	May 26, 2016
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance				$ 430,700,000
Newly Originated Mortgage Loans [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 42,259,291	$ 20,742,516
Premium (Discount)		695,096	360,735
Amortized Cost		42,954,387	21,103,251
Gross Unrealized
Gains	[1]	622,709	58,069
Losses	[1]	(4,341)	(117,766)
Fair Value	[1]	$ 43,572,755	$ 21,043,554
Weighted Average Coupon		4.74%	4.95%
Weighted Average Yield		4.54%	4.79%
Newly Originated Mortgage Loans [Member] | Fixed [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 33,861,144	$ 17,674,257
Premium (Discount)		575,706	315,860
Amortized Cost		34,436,850	17,990,117
Gross Unrealized
Gains	[1]	550,942	58,069
Losses	[1]	(4,341)	(99,486)
Fair Value	[1]	$ 34,983,451	$ 17,948,700
Weighted Average Coupon		4.81%	5.05%
Weighted Average Yield		4.56%	4.89%
Newly Originated Mortgage Loans [Member] | ARM [Member
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance		$ 8,398,147	$ 3,068,259
Premium (Discount)		119,390	44,875
Amortized Cost		8,517,537	3,113,134
Gross Unrealized
Gains	[1]	71,767	0
Losses	[1]	0	(18,280)
Fair Value	[1]	$ 8,589,304	$ 3,094,854
Weighted Average Coupon		4.45%	4.37%
Weighted Average Yield		4.86%	4.25%
Distressed And Reperforming Loans [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance			$ 423,757,547
Premium (Discount)			(67,763,786)
Amortized Cost			355,993,761
Gross Unrealized
Gains	[1]		30,535,533
Losses	[1]		(9,894,707)
Fair Value	[1]		376,634,587
Difference Between Fair Value and Aggregate Unpaid Principal Balance			$ (47,122,960)
Weighted Average Coupon			4.34%
Weighted Average Yield			7.45%
Distressed And Reperforming Loans [Member] | Performing Loans [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance			$ 383,656,772
Premium (Discount)			(60,248,656)
Amortized Cost			323,408,116
Gross Unrealized
Gains	[1]		29,544,559
Losses	[1]		(5,648,747)
Fair Value	[1]		347,303,928
Difference Between Fair Value and Aggregate Unpaid Principal Balance			$ (36,352,844)
Weighted Average Coupon			4.30%
Weighted Average Yield			7.41%
Distressed And Reperforming Loans [Member] | Nonperforming Loans [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance	[2]		$ 40,100,775
Premium (Discount)	[2]		(7,515,130)
Amortized Cost	[2]		32,585,645
Gross Unrealized
Gains	[1],[2]		990,974
Losses	[1],[2]		(4,245,960)
Fair Value	[1],[2]		29,330,659
Difference Between Fair Value and Aggregate Unpaid Principal Balance	[2]		$ (10,770,116)
Weighted Average Coupon	[2]		4.65%
Weighted Average Yield	[2]		7.78%
Distressed And Reperforming Loans [Member] | Fixed [Member]
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance			$ 240,031,119
Premium (Discount)			(44,650,666)
Amortized Cost			195,380,453
Gross Unrealized
Gains	[1]		23,626,555
Losses	[1]		(2,521,921)
Fair Value	[1]		216,485,087
Difference Between Fair Value and Aggregate Unpaid Principal Balance			$ (23,546,032)
Weighted Average Coupon			4.70%
Weighted Average Yield			7.59%
Distressed And Reperforming Loans [Member] | ARM [Member
Mortgage Loans On Held for Investment [Line Items]
Unpaid Principal Balance			$ 143,625,653
Premium (Discount)			(15,597,990)
Amortized Cost			128,027,663
Gross Unrealized
Gains	[1]		5,918,004
Losses	[1]		(3,126,826)
Fair Value	[1]		130,818,841
Difference Between Fair Value and Aggregate Unpaid Principal Balance			$ (12,806,812)
Weighted Average Coupon			3.63%
Weighted Average Yield			7.15%
[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 and held for sale previously held for investment in the consolidated statements of operations:
[2]	Loans that are delinquent for 60 days or more are considered non-performing.

Mortgage Loans Held for Inves74

Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value (Parenthetical) (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Loans Delinquent Considered Nonperforming			60days or more
Distressed And Reperforming Loans [Member]
Unrealized Gain (Loss) on Investments, Total	$ (22,788,689)	$ 1,315,423	$ (20,639,828)	$ 228,888
Newly Originated Mortgage Loans [Member]
Unrealized Gain (Loss) on Investments, Total	$ 307,934	$ (67,192)	$ 677,066	$ (73,077)

Mortgage Loans Held for Inves75

Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value (Details 3) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Change in accretable yield:
Accretable yield, beginning of period	$ 247,751,944	$ 267,509,905
Acquisitions	0	0
Accretion	(2,410,833)	(12,994,521)
Reclassifications from nonaccretable difference	0	3,502,800
Reduction due to sale of loans	(245,341,111)	0
Accretable yield, end of period	$ 0	$ 258,018,184

Mortgage Loans Held for Inves76

Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value (Details 4) - Distressed And Reperforming Loans [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Acquisition of Mortgage Loans Held for Investment [Line Items]
Aggregate Unpaid Principal Balance	$ 12,558,667	$ 1,403,081	$ 23,941,629	$ 2,879,919
Loan Repurchase Facility [Member]
Acquisition of Mortgage Loans Held for Investment [Line Items]
Loan Repurchase Facilities Used	$ 11,120,741	$ 1,179,015	$ 21,289,983	$ 2,481,602

Mortgage Loans Held for Inves77

Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value (Details 5)	6 Months Ended		12 Months Ended
	Jun. 30, 2016		Dec. 31, 2015
Geographic Concentration Risk [Member] | Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100% [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	0.00%		44.10%
Geographic Concentration Risk [Member] | California [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	48.80%		26.20%
Geographic Concentration Risk [Member] | Florida [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	0.00%	[1]	16.10%
Geographic Concentration Risk [Member] | Georgia [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	6.10%		6.10%
Geographic Concentration Risk [Member] | Texas [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	9.00%		0.00%	[2]
Geographic Concentration Risk [Member] | Louisiana [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	6.10%		0.00%	[2]
Loans With unpaid principal balance of mortgage loans carrying mortgage insurance [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	0.00%		8.20%
[1]	State did not represent more than 10% of the fair value as of the balance sheet date.
[2]	State did not represent more than 5% of the fair value as of the balance sheet date.

Mortgage Loans Held for Inves78

Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value (Details 6)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Minimum [Member]
Mortgage Loans on Real Estate, Interest Rate	3.50%	1.75%
Mortgage Loans On Real Estate, Contractual Maturities	15 years	1 year
Maximum [Member]
Mortgage Loans on Real Estate, Interest Rate	6.75%	12.20%
Mortgage Loans On Real Estate, Contractual Maturities	30 years	45 years

Mortgage Loans Held for Inves79

Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value (Details 7) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Net realizable value (included in other assets in the Company's consolidated balance sheets)	$ 0	$ 1,784,670
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	$ 0	$ 5,597,611

Mortgage Loans Held for Inves80

Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	May 26, 2016	Jun. 30, 2016
Mortgage Loans on Real Estate [Line Items]
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement	$ 430,700,000
Payments for Origination of Mortgage Loans Held-for-sale	267,200,000	$ 267,192,460
Proceeds from Sale of Mortgage Servicing Rights (MSR)	747,083	$ 747,083
Non Interest bearing Mortgage loan [Member]
Mortgage Loans on Real Estate [Line Items]
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement	$ 27,000,000

Mortgage Loans Held for Sale,81

Mortgage Loans Held for Sale, at Fair Value (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Balance at beginning of period	$ 115,942,230	$ 97,690,960
Originations and repurchases	1,002,159,835	955,619,927
Proceeds from sales and principal payments	(1,042,529,074)	(981,116,104)
Transfers from mortgage loans held for investment, at cost	0	65,983
Gain on sale	38,295,933	32,524,259
Balance at end of period	$ 113,868,924	$ 104,785,025

Mortgage Loans Held for Sale,82

Mortgage Loans Held for Sale, at Fair Value (Details 1) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Mortgage Loans Held for Sale, Unpaid Principal Balance	$ 106,414,694	$ 111,393,424
Mortgage Loans Held for Sale, Fair Value	113,868,924	115,942,230	$ 104,785,025	$ 97,690,960
Conventional Mortgage Loan [Member]
Mortgage Loans Held for Sale, Unpaid Principal Balance	62,723,282	54,962,904
Mortgage Loans Held for Sale, Fair Value	65,414,133	56,586,717
Governmental Mortgages [Member]
Mortgage Loans Held for Sale, Unpaid Principal Balance	18,069,935	30,531,301
Mortgage Loans Held for Sale, Fair Value	20,819,961	32,131,354
United States Department of Agriculture Loans [Member]
Mortgage Loans Held for Sale, Unpaid Principal Balance	20,202,870	16,222,152
Mortgage Loans Held for Sale, Fair Value	21,433,186	17,059,982
United States Department of Veteran Affairs Loans [Member]
Mortgage Loans Held for Sale, Unpaid Principal Balance	5,269,911	8,922,978
Mortgage Loans Held for Sale, Fair Value	6,032,634	9,314,255
Reverse Mortgages [Member]
Mortgage Loans Held for Sale, Unpaid Principal Balance	148,696	754,089
Mortgage Loans Held for Sale, Fair Value	$ 169,010	$ 849,922

Real Estate Securities and Ot83

Real Estate Securities and Other Investment Securities, at Fair Value (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Alternative Mortgage Backed Securities Issued By Private Enterprises [Member]
Investment Holdings [Line Items]
Investment Owned, Principal or Notional Balance		$ 57,876,958	$ 76,328,172
Investment Owned, Premium (Discount)		(32,385,450)	(40,150,416)
Investment Owned, Amortized Cost		25,491,508	36,177,756
Unrealized Gain (Loss) on Investments [Abstract]
Investment Owned, Gross Unrealized Gains	[1]	610,307	846,318
Investment Owned, Gross Unrealized Losses	[1]	(1,270,401)	(1,025,899)
Investment Owned, at Fair Value		$ 24,831,414	$ 35,998,175
Investment Owned, Weighted Average Coupon		1.89%	2.01%
Investment Owned, Weighted Average Unleveraged Yield		5.50%	6.18%
Pay Option Adjustable Rate [Member]
Investment Holdings [Line Items]
Investment Owned, Principal or Notional Balance		$ 34,082,497	$ 42,562,819
Investment Owned, Premium (Discount)		(5,755,721)	(7,480,996)
Investment Owned, Amortized Cost		28,326,776	35,081,823
Unrealized Gain (Loss) on Investments [Abstract]
Investment Owned, Gross Unrealized Gains	[1]	0	6,863
Investment Owned, Gross Unrealized Losses	[1]	(2,685,752)	(2,879,148)
Investment Owned, at Fair Value		$ 25,641,024	$ 32,209,538
Investment Owned, Weighted Average Coupon		1.21%	1.10%
Investment Owned, Weighted Average Unleveraged Yield		4.56%	5.31%
Prime [Member]
Investment Holdings [Line Items]
Investment Owned, Principal or Notional Balance		$ 32,041,097	$ 37,366,079
Investment Owned, Premium (Discount)		(4,058,028)	(4,732,637)
Investment Owned, Amortized Cost		27,983,069	32,633,442
Unrealized Gain (Loss) on Investments [Abstract]
Investment Owned, Gross Unrealized Gains	[1]	386,616	563,311
Investment Owned, Gross Unrealized Losses	[1]	(570,792)	(714,232)
Investment Owned, at Fair Value		$ 27,798,893	$ 32,482,521
Investment Owned, Weighted Average Coupon		3.77%	3.62%
Investment Owned, Weighted Average Unleveraged Yield		5.53%	5.95%
Subprime [Member]
Investment Holdings [Line Items]
Investment Owned, Principal or Notional Balance		$ 10,410,014	$ 12,668,092
Investment Owned, Premium (Discount)		(3,748,697)	(4,039,253)
Investment Owned, Amortized Cost		6,661,317	8,628,839
Unrealized Gain (Loss) on Investments [Abstract]
Investment Owned, Gross Unrealized Gains	[1]	20,263	111,651
Investment Owned, Gross Unrealized Losses	[1]	(336,350)	(91,443)
Investment Owned, at Fair Value		$ 6,345,230	$ 8,649,047
Investment Owned, Weighted Average Coupon		0.61%	0.93%
Investment Owned, Weighted Average Unleveraged Yield		6.89%	6.63%
Total non-Agency RMBS [Member]
Investment Holdings [Line Items]
Investment Owned, Principal or Notional Balance		$ 134,410,566	$ 168,925,162
Investment Owned, Premium (Discount)		(45,947,896)	(56,403,302)
Investment Owned, Amortized Cost		88,462,670	112,521,860
Unrealized Gain (Loss) on Investments [Abstract]
Investment Owned, Gross Unrealized Gains	[1]	1,017,186	1,528,143
Investment Owned, Gross Unrealized Losses	[1]	(4,863,295)	(4,710,722)
Investment Owned, at Fair Value		$ 84,616,561	$ 109,339,281
Investment Owned, Weighted Average Coupon		2.06%	2.05%
Investment Owned, Weighted Average Unleveraged Yield		5.31%	5.87%
Other Investment Securities [Member]
Investment Holdings [Line Items]
Investment Owned, Principal or Notional Balance	[2]	$ 13,391,774	$ 13,398,851
Investment Owned, Premium (Discount)	[2]	53,171	(34,264)
Investment Owned, Amortized Cost	[2]	13,444,945	13,364,587
Unrealized Gain (Loss) on Investments [Abstract]
Investment Owned, Gross Unrealized Gains	[1],[2]	71,638	897
Investment Owned, Gross Unrealized Losses	[1],[2]	(269,169)	(561,288)
Investment Owned, at Fair Value	[2]	$ 13,247,414	$ 12,804,196
Investment Owned, Weighted Average Coupon	[2]	4.97%	4.94%
Investment Owned, Weighted Average Unleveraged Yield	[2]	6.11%	6.65%
[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 Ot84

Real Estate Securities and Other Investment Securities, at Fair Value (Details 1) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Investment Holdings [Line Items]
Notional balance of IO included in Alternative A	$ 28,100,000	$ 35,000,000
Other Debt Obligations [Member]
Investment Holdings [Line Items]
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	11 years 9 months 18 days	12 years 3 months 18 days
Other Debt Obligations [Member] | Minimum [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	7 years 10 months 24 days	8 years 4 months 24 days
Other Debt Obligations [Member] | Weighted Average [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	9 years 7 months 6 days	10 years 1 month 6 days
Residential Mortgage Backed Securities [Member]
Investment Holdings [Line Items]
Notional balance of IO included in Alternative A	$ 28,129,469	$ 35,042,860
Residential Mortgage Backed Securities [Member] | Maximum [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	30 years 9 months 18 days	31 years 3 months 18 days
Residential Mortgage Backed Securities [Member] | Minimum [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	18 years 9 months 18 days	18 years 1 month 6 days
Residential Mortgage Backed Securities [Member] | Weighted Average [Member]
Investment Holdings [Line Items]
Investment Contractual Maturities Of Securities	24 years 6 months	24 years 4 months 24 days

Mortgage Servicing Rights, at85

Mortgage Servicing Rights, at Fair Value (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Servicing Assets at Fair Value [Line Items]
Balance at beginning of period				$ 48,209,016	$ 33,378,978
Additions due to loans sold, servicing retained				10,536,114	9,090,394
Change in fair value of MSRs
Changes in values of market related inputs or assumptions used in a valuation model	[1],[2]			(11,137,680)	1,691,115
Other changes	[1],[3]			(3,111,743)	(1,468,307)
Total - change in fair value of MSRs		$ (6,195,117)	$ 3,647,722	(14,249,423)	222,808
Balance at end of period		$ 44,495,707	$ 42,692,180	$ 44,495,707	$ 42,692,180
[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, at86

Mortgage Servicing Rights, at Fair Value (Details 1) - USD ($)		Jun. 30, 2016	May 26, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance			$ 430,700,000
Fair Value		$ 44,495,707		$ 48,209,016	$ 42,692,180	$ 33,378,978
MSRs [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance	[1]	4,761,443,168		4,173,927,393
Fair Value		44,495,707		48,209,016
Fannie Mae [Member] | MSRs [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance		2,021,066,686		1,880,177,827
Fair Value		18,176,913		20,751,648
Ginnie Mae [Member] | MSRs [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance		1,636,597,837		1,488,159,758
Fair Value		16,559,158		18,231,527
Freddie Mac [Member] | MSRs [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance		1,103,778,645		805,589,808
Fair Value		$ 9,759,636		$ 9,225,841
[1]	Real estate securities includes an IO with a notional balance of $28.1 million and $35.0 million at June 30, 2016 and December 31, 2015, respectively.

Mortgage Servicing Rights, at87

Mortgage Servicing Rights, at Fair Value (Details 2) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		$ (44,495,707)	$ (48,209,016)	$ (42,692,180)	$ (33,378,978)
Mortgage Servicing Rights [Member] | Effect of Discount Rate At Five Percent [Member]
Servicing Assets at Fair Value [Line Items]
Servicing Asset at Fair Value, Amount		(766,930)	(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		(1,071,934)	(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		(517,907)	(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		(1,508,479)	(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		(2,920,128)	(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		(2,101,997)	(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		(4,047,062)	(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		(1,035,815)	(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		$ (2,071,630)	$ (2,188,910)
Minimum [Member] | Mortgage Servicing Rights [Member]
Servicing Assets at Fair Value [Line Items]
Fair Value Inputs, Discount Rate		6.60%	6.60%
Fair Value Inputs, Prepayment Rate	[1]	9.30%	7.00%
Per-loan annual to Cost of Servicing		$ 63	$ 64
Maximum [Member] | Mortgage Servicing Rights [Member]
Servicing Assets at Fair Value [Line Items]
Fair Value Inputs, Discount Rate		12.20%	12.20%
Fair Value Inputs, Prepayment Rate	[1]	16.90%	12.00%
Per-loan annual to Cost of Servicing		$ 118	$ 119
Weighted Average [Member] | Mortgage Servicing Rights [Member]
Servicing Assets at Fair Value [Line Items]
Fair Value Inputs, Discount Rate		9.30%	9.40%
Fair Value Inputs, Prepayment Rate	[1]	13.10%	9.30%
Per-loan annual to Cost of Servicing		$ 90	$ 92
[1]	Prepayment speed is measured using Constant Prepayment Rates (“CPR”).

Mortgage Servicing Rights, at88

Mortgage Servicing Rights, at Fair Value (Details 3) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Mortgage Servicing Rights [Member]
The amount of total losses for the three months ended included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$ (4,528,095)	$ 4,401,593	$ (11,137,680)	$ 1,691,115

Mortgage Servicing Rights, at89

Mortgage Servicing Rights, at Fair Value (Details 4) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Servicing Assets at Fair Value [Line Items]
Loan servicing fee income	$ 3,345,878	$ 2,498,730	$ 6,512,142	$ 4,883,132
Late fee income	219	0	305	35
Sub-servicing costs	(1,290,446)	(831,095)	(2,403,000)	(1,578,433)
Loan servicing fee income, net of direct costs	$ 2,055,651	$ 1,667,635	$ 4,109,447	$ 3,304,734

Warehouse Lines of Credit (Deta

Warehouse Lines of Credit (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Maturity dates	July 2016 – November 2016	June 2016 – November 2016
Warehouse Agreement Borrowings [Member]
Short-term Debt [Line Items]
Availability	$ 185,000,000	$ 185,000,000

Treasury Securities and Treas91

Treasury Securities and Treasury Securities Repurchase Agreements(Details ) - US Treasury Securities [Member]	6 Months Ended
	Jun. 30, 2016USD ($)
Par	$ 70,000,000
Carrying amount	$ 69,961,208
Maturity	Sep. 22, 2016
Balance sheet line item	Cash and cash equivalents

Treasury Securities and Treas92

Treasury Securities and Treasury Securities Repurchase Agreements(Details1) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Outstanding balance	$ 69,254,000	$ 0
US Treasury Securities [Member]
Outstanding balance	$ 69,254,000
Interest rate	0.63%
Maturity	Sep. 22, 2016

Loan Repurchase Facilities (Det

Loan Repurchase Facilities (Details) - Loan Repurchase Facility [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Citibank, N.A [Member]
Line of Credit Facility [Line Items]
Total facility size		$ 325,000,000
Amount committed		$ 150,000,000
Maturity date		May 20, 2016
Outstanding balance		$ 279,467,573
Credit Suisse [Member]
Line of Credit Facility [Line Items]
Total facility size	$ 36,000,000	100,000,000
Amount committed	$ 25,000,000	$ 25,000,000
Maturity date	Sep. 30, 2016	Jun. 27, 2016
Outstanding balance	$ 34,040,495	$ 17,321,757

Loan Repurchase Facilities (D94

Loan Repurchase Facilities (Details 1) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of Trust Certificates pledged as collateral	$ 39,368,159	$ 394,942,512
Cash pledged as collateral	$ 117,658	$ 375,579

Securities Repurchase Agreeme95

Securities Repurchase Agreements (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of Other Investment Securities pledged as collateral	$ 76,681,507	$ 95,627,850
Cash pledged as collateral	117,658	375,579
Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Cash pledged as collateral	1,645,262	2,029,581
Non-Agency RMBS [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of non-Agency RMBS pledged as collateral	76,681,507	95,627,850
Other Investment Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of Other Investment Securities pledged as collateral	$ 2,093,853	$ 1,989,174

8.0% Exchangeable Senior Note96

8.0% Exchangeable Senior Notes due 2016 (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Nov. 25, 2013
Debt Instrument [Line Items]
Fair value of conversion option derivative liability	$ 4,814,959	$ 1,831,967
Exchangeable Senior Notes Conversion Option [Member]
Debt Instrument [Line Items]
Fair value of conversion option derivative liability	96,367	612,878	$ 1,300,000
Unamortized discount	$ 433,574	$ 990,954

8.0% Exchangeable Senior Note97

8.0% Exchangeable Senior Notes due 2016 (Details Textual)	1 Months Ended		6 Months Ended
	Dec. 27, 2013	Nov. 25, 2013USD ($)$ / shares	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 19, 2013$ / shares
Debt Instrument [Line Items]
Derivative Liability			$ 4,814,959	$ 1,831,967
8.0% Exchangeable Senior Notes due 2016
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 1,000
Debt Instrument Repurchase Price, Percentage on Principal Amount		100.00%
Exchangeable Senior Notes Conversion Option [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 57,500,000
Proceeds from sale of debt		$ 55,300,000
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	$ 96,367	$ 612,878
Aggregate estimated offering expenses		$ 2,200,000
Exchangeable Senior Notes Conversion Option [Member] | Maximum [Member]
Debt Instrument [Line Items]
Conversion ratio		60.4229
Special Cash Dividend [Member]
Debt Instrument [Line Items]
Dividend declared, amount per share | $ / shares					$ 0.55

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Interest Rate Swaps [Member]
Derivative [Line Items]
Notional amount	$ 17,200,000	$ 17,200,000
Loan Purchase Commitments [Member]
Derivative [Line Items]
Notional amount	0	18,494,332
Interest Rate Lock Commitments [Member]
Derivative [Line Items]
Notional amount	331,697,499	190,933,017
MBS Forward Sales Contracts [Member]
Derivative [Line Items]
Notional amount	$ 299,000,000	$ 179,417,280

Derivative Instruments (Detai99

Derivative Instruments (Details 1) - Non-hedge [Member] - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	$ (1,950,661)	$ (1,009,014)
Loan Purchase Commitments [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	0	(9,871)
Interest Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	6,373,774	2,376,187
MBS forward sales contracts
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	(2,767,931)	(200,204)
Exchangeable Senior Notes Conversion Option [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	$ (96,367)	$ (612,878)

Derivative Instruments (Deta100

Derivative Instruments (Details 2) - Non-hedge derivatives [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest Rate Swap [Member] | Investment portfolio [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ (358,461)	$ 378,653	$ (1,132,977)	$ (72,786)
Loan Purchase Commitments [Member] | Investment portfolio [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	(22,592)	(90,656)	9,871	(66,834)
Interest Rate Lock Commitments [Member] | Mortgage banking activities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	2,356,234	(2,172,157)	3,997,587	(235,643)
MBS Forward Sales Contracts [Member] | Mortgage banking activities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	(1,221,565)	1,600,781	(2,567,727)	962,070
Exchangeable Senior Notes Conversion Option [Member] | Investment portfolio [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ 451,090	$ 1,113,460	$ 516,511	$ 633,987

Derivative Instruments (Deta101

Derivative Instruments (Details 3) - Swap [Member] - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Maturity		2,023	2,023
Notional Amount		$ 17,200,000	$ 17,200,000
Weighted Average Pay Rate		2.72%	2.72%
Weighted Average Receive Rate		0.62%	0.33%
Weighted Average Years to Maturity		7 years 1 month 6 days	7 years 7 months 6 days
Cash Pledged as Collateral	[1]	$ 2,738,704	$ 1,966,565
[1]	At June 30, 2016 and December 31, 2015 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 (De

Mortgage Banking Activities (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Gain on sale of mortgage loans held for sale, net of direct costs	[1]	$ 15,550,036	$ 11,804,693	$ 27,083,945	$ 22,760,951
Loan expenses, including provision for loan indemnification		(224,731)	(201,484)	(421,951)	(394,350)
Loan origination fee income		254,134	499,784	570,359	888,781
Total		$ 15,579,439	$ 12,102,993	$ 27,232,353	$ 23,255,382
[1]	Includes the change in fair value related to IRLCs and MBS forward sales contracts held during the period.

Loan Indemnification Reserve (D

Loan Indemnification Reserve (Details) - Indemnification Reserve [Member] - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Balance at the beginning of period	$ 3,201,000	$ 2,662,162
Loan indemnification losses incurred	0	(154,142)
Provision for loan indemnification losses	397,755	381,425
Balance at end of period	$ 3,598,755	$ 2,889,445

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended				6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016	Jun. 30, 2015
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax expense/(benefit) at statutory rate	(34.00%)		35.00%		(34.00%)	35.00%
State and local taxes, net of Federal Benefit	4.93%		3.33%		(2.50%)	2.94%
Impact of REIT election	66.84%	[1]	(12.71%)	[1]	16.94%	(15.37%)	[1]
Change in valuation allowance	(34.99%)	[2]	4.10%	[2]	(6.78%)	4.86%	[2]
Other non-deductible/non-taxable items	2.42%	[3]	0.46%	[3]	0.73%	0.45%	[3]
Effective Tax Rate	5.19%		30.18%		(25.61%)	27.88%
[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 three and six months ended June 30, 2016 and June 30, 2015, 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 I, LLC and ZFC Funding, Inc.
[3]	For the three and six months ended June 30, 2016 and June 30, 2015, the amount primarily relates to non-deductible meals and entertainment expenses.

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Tax Expense (Benefit)	$ 55,330	$ 2,899,916	$ (1,547,905)	$ 2,754,387
ZFC Honeybee TRS, LLC [Member]
Deferred Tax Liabilities, Net, Total	$ 2,016,573		$ 2,016,573		$ 3,564,478

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income/(loss) attributable to ZAIS Financial Corp. common stockholders (Basic)	$ (1,038,005)	$ 6,053,811	$ (4,076,753)	$ 6,427,591
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	(82,748)	655,705	(420,194)	699,171
Exchangeable Senior Notes:
Interest expense	0	822,294	0	1,640,986
Gain on conversion option derivative liability	0	(634,508)	0	(361,279)
Total - Exchangeable Senior Notes	0	187,786	0	1,279,707
Net income available to stockholders, after effect of dilutive securities	$ (1,120,753)	$ 6,897,302	$ (4,496,947)	$ 8,406,469
Denominator:
Weighted average number of shares of common stock	7,970,886	7,970,886	7,970,886	7,970,886
Effect of dilutive securities:
Weighted average number of OP units	926,914	926,914	926,914	926,914
Weighted average number of shares convertible under Exchangeable Senior Notes	0	1,779,560	0	1,779,560
Diluted weighted average shares outstanding	8,897,800	10,677,360	8,897,800	10,677,360
Net income per share applicable to ZAIS Financial Corp. common stockholders - Basic	$ (0.13)	$ 0.76	$ (0.51)	$ 0.81
Net income per share applicable to ZAIS Financial Corp. common stockholders - Diluted	$ (0.13)	$ 0.65	$ (0.51)	$ 0.79

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Weighted Average Number of Shares Outstanding, Diluted	8,897,800	10,677,360	8,897,800	10,677,360
New York Stock Exchange [Member]
Weighted Average Number of Shares Outstanding, Diluted			1,779,560

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Advisory fee - related party	$ 773,357	$ 717,488	$ 1,540,835	$ 1,428,288
ZAIS REIT Management, LLC | Advisory Fee [Member]
Related Party Transaction [Line Items]
Advisory fee - related party	710,564	710,563	1,421,127	1,413,318
ZAIS REIT Management, LLC | Loan Sourcing Fee [Member]
Related Party Transaction [Line Items]
Advisory fee - related party	$ 62,793	$ 6,925	$ 119,708	$ 14,970

Related Party Transactions (109

Related Party Transactions (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Expense Reimbursements			$ 938,994	$ 867,415
Operating Expense [Member]
Related Party Transaction [Line Items]
Expense Reimbursements	$ 126,041	$ 219,684	$ 409,729	$ 316,474

Related Party Transactions (110

Related Party Transactions (Details 2) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Expense Reimbursements	$ 938,994	$ 867,415

Related Party Transactions (111

Related Party Transactions (Details 3) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
GMFS, LLC [Member]
Related Party Transaction [Line Items]
Operating Leases, Income Statement, Sublease Revenue	$ 10,800	$ 17,360	$ 21,600	$ 9,104

Related Party Transactions (112

Related Party Transactions (Details Textual) - ZAIS REIT Management, LLC	6 Months Ended
	Jun. 30, 2016	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%

Dividends and Distributions (De

Dividends and Distributions (Details) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Dividend Declared On March 17,2016 [Member]
Dividends Payable [Line Items]
Record Date	Mar. 31, 2016
Payment Date	Apr. 15, 2016
Amount per Share and OP Unit	$ 0.40
Dividend Declared On June 16,2016 [Member]
Dividends Payable [Line Items]
Record Date	Jun. 30, 2016
Payment Date	Jul. 15, 2016
Amount per Share and OP Unit	$ 0.40
Dividend Declared On March 19,2015 [Member]
Dividends Payable [Line Items]
Record Date		Mar. 31, 2015
Payment Date		Apr. 15, 2015
Amount per Share and OP Unit		$ 0.40
Dividend Declared On June 18,2015 [Member]
Dividends Payable [Line Items]
Record Date		Jun. 30, 2015
Payment Date		Jul. 15, 2015
Amount per Share and OP Unit		$ 0.40

Non-Controlling Interests (Deta

Non-Controlling Interests (Details Textual)	1 Months Ended
	Jun. 17, 2016shares
Noncontrolling Interest [Line Items]
Partners' Capital Account, Units	893,256
Partners' Capital Account, Units, Treasury Units Purchased	866,016

Commitments and Contingencie115

Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Commitments and Contingencies [Line Items]
Total commitments to originate loans	$ 309,533,427	$ 216,072,457

Commitments and Contingencie116

Commitments and Contingencies (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Commitments and Contingencies [Line Items]
GMFS rent expense	$ 251,112	$ 185,533	$ 495,928	$ 368,519

Commitments and Contingencie117

Commitments and Contingencies (Details 2)	Jun. 30, 2016USD ($)
July 1, 2016 - December 31, 2016	$ 532,154
2,017	909,647
2,018	724,740
2,019	128,358
2,020	0
Thereafter	$ 0

Commitments and Contingencie118

Commitments and Contingencies (Details Textual)	Jun. 30, 2016USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Escrow Deposit	$ 4,007,243

Counterparty Risk and Concen119

Counterparty Risk and Concentration (Details Textual)	6 Months Ended
	Jun. 30, 2016
Concentration Risk, Credit Risk, Uninsured Deposits	The Company's deposits with financial institutions may exceed federally insurable limits of $250,000 per institution

Offsetting Assets and Liabil120

Offsetting Assets and Liabilities (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	$ 269,223,434	$ 472,067,135
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	269,223,434	472,067,135
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(262,741,922)	(468,452,757)
Cash Collateral Pledged	(4,058,424)	(3,414,174)
Net Amount	2,423,088	200,204
Warehouse Lines of Credit [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	102,497,508	100,768,428
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	102,497,508	100,768,428
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(102,497,508)	(100,768,428)
Cash Collateral Pledged	0	0
Net Amount	0	0
Treasury securities repurchase agreements [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	69,254,000
Gross Amounts Offset in the Consolidated Balance Sheets	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	69,254,000
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(69,254,000)
Cash Collateral Pledged	0
Net Amount
Loan Repurchase Facilities [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	34,040,495	296,789,330
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	34,040,495	296,789,330
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(33,922,837)	(296,413,751)
Cash Collateral Pledged	(117,658)	(375,579)
Net Amount	0	0
Securities repurchase agreements [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	58,712,839	73,300,159
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	58,712,839	73,300,159
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	(57,067,577)	(71,270,578)
Cash Collateral Pledged	(1,645,262)	(2,029,581)
Net Amount	0	0
MBS Forward Sales Contracts [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	2,767,931
Gross Amounts Offset in the Consolidated Balance Sheets	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	2,767,931
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	0
Cash Collateral Pledged	(344,843)
Net Amount	2,423,088
MB Forward Sales Contracts [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities		200,204
Gross Amounts Offset in the Consolidated Balance Sheets
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets		200,204
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments		0
Cash Collateral Pledged		0
Net Amount		200,204
Interest rate swap agreements [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	1,950,661	1,009,014
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabiliies Presented in the Consolidated Balance Sheets	1,950,661	1,009,014
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	0	0
Cash Collateral Pledged	(1,950,661)	(1,009,014)
Net Amount	$ 0	$ 0

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Interest income	$ 5,187,141	$ 9,561,348	$ 13,892,057	$ 19,248,745
Interest expense	4,113,725	4,727,749	8,911,002	9,473,226
Net interest income (expense)	1,073,416	4,833,599	4,981,055	9,775,519
Non-interest income	11,461,423	17,430,551	17,126,287	26,806,981
Change in unrealized gain or loss	(20,013,381)	(803,311)	(19,324,692)	(1,942,737)
Realized gain	22,450,664	484,450	22,264,630	649,238
(Loss)/gain on derivative instruments	69,673	1,401,457	(606,595)	494,367
Advisory fee - related party	773,357	717,488	1,540,835	1,428,288
Salaries, commissions and benefits	9,505,846	8,090,407	17,471,938	15,489,665
Operating expenses	2,683,898	3,953,156	5,724,782	6,872,804
Other Expenses:
Expenses	2,907,215	745,725	5,278,650	1,653,500
Depreciation and amortization	236,902	230,538	469,332	457,962
Total other expenses	3,144,117	976,263	5,747,982	2,111,462
Net income (loss) before income taxes	(1,065,423)	9,609,432	(6,044,852)	9,881,149
Income tax expense	55,330	2,899,916	(1,547,905)	2,754,387
Segment net income (loss)	(1,120,753)	6,709,516	(4,496,947)	7,126,762
Residential Mortgage Investment [Member]
Segment Reporting Information [Line Items]
Interest income	4,271,081	8,768,124	12,202,034	17,847,289
Interest expense	1,991,437	2,765,823	4,772,683	5,521,268
Net interest income (expense)	2,279,644	6,002,301	7,429,351	12,326,021
Non-interest income	0	0	0	0
Change in unrealized gain or loss	(20,013,381)	(803,311)	(19,324,692)	(1,942,737)
Realized gain	22,450,664	484,450	22,264,630	649,238
(Loss)/gain on derivative instruments	(381,417)	1,401,457	(1,123,106)	494,367
Advisory fee - related party	295,396	367,323	620,335	696,289
Salaries, commissions and benefits	0	0	0	0
Operating expenses	260,487	170,563	618,819	217,958
Other Expenses:
Expenses	910,633	730,397	1,290,794	1,588,849
Depreciation and amortization	0	0	0	0
Total other expenses	910,633	730,397	1,290,794	1,588,849
Net income (loss) before income taxes	2,868,994	5,816,614	6,716,235	9,023,793
Income tax expense	0	0	0	0
Segment net income (loss)	2,868,994	5,816,614	6,716,235	9,023,793
Residential Mortgage Banking [Member]
Segment Reporting Information [Line Items]
Interest income	916,060	793,224	1,690,023	1,401,456
Interest expense	653,639	518,932	1,205,459	1,072,291
Net interest income (expense)	262,421	274,292	484,564	329,165
Non-interest income	11,461,423	17,430,551	17,126,287	26,806,981
Change in unrealized gain or loss	0	0	0	0
Realized gain	0	0	0	0
(Loss)/gain on derivative instruments	0	0	0	0
Advisory fee - related party	88,891	136,428	202,013	265,264
Salaries, commissions and benefits	9,505,846	8,090,407	17,471,938	15,489,665
Operating expenses	1,778,403	2,175,927	3,494,196	4,166,215
Other Expenses:
Expenses	0	15,328	0	64,651
Depreciation and amortization	236,902	230,538	469,332	457,962
Total other expenses	236,902	245,866	469,332	522,613
Net income (loss) before income taxes	113,802	7,056,215	(4,026,628)	6,692,389
Income tax expense	55,330	2,899,916	(1,547,905)	2,754,387
Segment net income (loss)	58,472	4,156,299	(2,478,723)	3,938,002
Corporate/Other [Member]
Segment Reporting Information [Line Items]
Interest income	0	0	0	0
Interest expense	1,468,649	1,442,994	2,932,860	2,879,667
Net interest income (expense)	(1,468,649)	(1,442,994)	(2,932,860)	(2,879,667)
Non-interest income	0	0	0	0
Change in unrealized gain or loss	0	0	0	0
Realized gain	0	0	0	0
(Loss)/gain on derivative instruments	451,090	0	516,511	0
Advisory fee - related party	389,070	213,737	718,487	466,735
Salaries, commissions and benefits	0	0	0	0
Operating expenses	645,008	1,606,666	1,611,767	2,488,631
Other Expenses:
Expenses	1,996,582	0	3,987,856	0
Depreciation and amortization	0	0	0	0
Total other expenses	1,996,582	0	3,987,856	0
Net income (loss) before income taxes	(4,048,219)	(3,263,397)	(8,734,459)	(5,835,033)
Income tax expense	0	0	0	0
Segment net income (loss)	$ (4,048,219)	$ (3,263,397)	$ (8,734,459)	$ (5,835,033)

Segment Information (Details 1)

Segment Information (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Advisory fee - related party	$ 773,357	$ 717,488	$ 1,540,835	$ 1,428,288
Amortization of deferred premiums, production and profitability earn-outs included in salaries, commission and benefits	9,505,846	8,090,407	17,471,938	15,489,665
Operating expenses (including change in contingent consideration)	2,683,898	3,953,156	5,724,782	6,872,804
Income tax expense (benefit)	55,330	2,899,916	(1,547,905)	2,754,387
Net income/(loss) of GMFS	(1,120,753)	6,709,516	(4,496,947)	7,126,762
Residential Mortgage Banking Segment [Member]
Net income/(loss) of GMFS	58,472	4,156,299	(2,478,723)	3,938,002
Residential Mortgage Banking Segment [Member] | GMFS, LLC [Member]
Advisory fee - related party	88,891	136,428	202,013	265,264
Amortization of deferred premiums, production and profitability earn-outs included in salaries, commission and benefits	189,000	161,619	378,000	430,986
Operating expenses (including change in contingent consideration)	222,108	371,395	393,008	1,103,419
Other expenses	197,085	212,413	394,170	458,822
Income tax expense (benefit)	55,330	2,899,916	(1,547,905)	2,754,387
Net income/(loss) of GMFS	$ 810,886	$ 7,938,070	$ (2,659,437)	$ 8,950,880

Segment Information (Details 2)

Segment Information (Details 2) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 188,537,658	$ 20,793,716	$ 28,635,539	$ 33,791,013
Mortgage loans held for investment, at fair value	43,572,755	397,678,140
Mortgage loans held for investment, at cost	1,711,199	1,886,642
Mortgage loans held for sale, at fair value	113,868,924	115,942,230	104,785,025	97,690,960
Real estate securities, at fair value	84,616,561	109,339,281
Other investment securities, at fair value	13,247,414	12,804,196
Mortgage servicing rights, at fair value	44,495,707	48,209,016	42,692,180	33,378,978
Goodwill	14,183,537	14,183,537	$ 14,183,537	$ 16,512,680
Intangible assets	4,486,100	4,880,270
Total assets	565,352,636	775,138,921
Corporate/Other [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents	93,997,946	9,362
Mortgage loans held for investment, at fair value	0	0
Mortgage loans held for investment, at cost	0	0
Mortgage loans held for sale, at fair value	0	0
Real estate securities, at fair value	0	0
Other investment securities, at fair value	0	0
Mortgage servicing rights, at fair value	0	0
Goodwill	0	0
Intangible assets	0	0
Total assets	94,902,604	291,372
Residential Mortgage Investment [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents	84,215,770	15,082,286
Mortgage loans held for investment, at fair value	43,572,755	397,678,140
Mortgage loans held for investment, at cost	0	0
Mortgage loans held for sale, at fair value	0	0
Real estate securities, at fair value	84,616,561	109,339,281
Other investment securities, at fair value	13,247,414	12,804,196
Mortgage servicing rights, at fair value	0	0
Goodwill	0	0
Intangible assets	0	0
Total assets	231,294,448	542,396,756
Residential Mortgage Banking [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents	10,323,942	5,702,068
Mortgage loans held for investment, at fair value	0	0
Mortgage loans held for investment, at cost	1,711,199	1,886,642
Mortgage loans held for sale, at fair value	113,868,924	115,942,230
Real estate securities, at fair value	0	0
Other investment securities, at fair value	0	0
Mortgage servicing rights, at fair value	44,495,707	48,209,016
Goodwill	14,183,537	14,183,537
Intangible assets	4,486,100	4,880,270
Total assets	$ 239,155,584	$ 232,450,793

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($)	1 Months Ended
	Jul. 31, 2016	Jul. 01, 2016	Jun. 17, 2016	Aug. 09, 2016	Jun. 30, 2016	Dec. 31, 2015
Partners' Capital Account, Units, Treasury Units Purchased			866,016
Common Stock, Shares, Outstanding					7,970,886	7,970,886
Common Stock, Par or Stated Value Per Share					$ 0.0001	$ 0.0001
Warehouse Agreement Borrowings [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 185,000,000	$ 185,000,000
Long-term Line of Credit					$ 13,143,544
Subsequent Event [Member]
Partners' Capital Account, Units, Treasury Units Purchased		866,016
Common Stock, Shares, Outstanding				8,836,902
Common Stock, Par or Stated Value Per Share				$ 0.0001
Subsequent Event [Member] | Warehouse Agreement Borrowings [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000,000
Line of Credit Facility, Expiration Date	Sep. 30, 2016