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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Operating activities:    
Net income $ 86,110,764 $ 16,521,261
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,776,719 5,328,396
Stock-based compensation 1,688,631 1,432,207
Gain on sale of securities (518,640) (1,100,000)
Loss on sale of real estate, net 199,749  
Gain on extinguishment of debt   (4,930,772)
Provision for loan losses (net of recoveries) 590,695 4,072,108
Impairment loss on real estate owned 250,000  
Amortization and accretion of interest, fees and intangible assets, net (960,987) (1,739,367)
Change in fair value of non-qualifying swaps and linked transactions (41,867) 1,711,624
Gain on sale of equity interest (84,974,399)  
Incentive management fee - equity interest - related party 19,047,949  
(Income) loss from equity affiliates (29,371) 245,412
Changes in operating assets and liabilities:    
Other assets (1,711,433) (175,420)
Distributions of operations from equity affiliates 121,475 73,340
Other liabilities 1,143,709 1,208,113
Change in restricted cash (594,552) (363,824)
Due to/from related party (1,277,682) 235,654
Net cash provided by operating activities 24,820,760 22,518,732
Investing activities:    
Loans and investments funded, originated and purchased, net (685,671,067) (431,070,064)
Payoffs and paydowns of loans and investments 694,560,068 199,325,600
Proceeds from sale of loans   4,424,097
Due to borrowers and reserves (36,239) (585,143)
Deferred fees, net 4,692,501 3,371,287
Purchase of securities, net   (29,024,327)
Principal collection on securities, net 663,684 30,335,656
Investment in real estate, net (3,674,350) (5,667,915)
Proceeds from sale of real estate, net 2,945,590  
Proceeds from sale of available-for-sale securities 33,904,172 2,100,000
Contributions to equity affiliates (526,499)  
Distributions from equity affiliates 7,943,465  
Redemption of investment in preferred shares, net   2,418,528
Net cash provided by / (used in) investing activities 54,801,325 (224,372,281)
Financing activities:    
Proceeds from repurchase agreements, loan participations, credit facilities and notes payable 251,210,535 159,700,441
Paydowns and payoffs of repurchase agreements, loan participations and credit facilities (340,229,448) (131,329,722)
Paydown of mortgage notes payable (4,937,098)  
Proceeds from collateralized loan obligations 281,250,000 177,000,000
Proceeds from senior unsecured notes 97,860,025  
Payoffs and paydowns of collateralized debt obligations (267,332,444) (70,530,260)
Change in restricted cash (88,292,049) (70,103,452)
Payments on financial instruments underlying linked transactions (59,613,649) (114,519,321)
Receipts on financial instruments underlying linked transactions 66,027,912 109,838,852
Payments on swaps and margin calls to counterparties (1,272,106) (71,091,199)
Receipts on swaps and margin calls from counterparties 7,243,010 73,438,045
Distributions paid to noncontrolling interest   (158,844)
Proceeds from issuance of common stock 6,800,000 134,176,328
Expenses paid on issuance of common stock (221,143) (4,664,741)
Proceeds from issuance of preferred stock 22,500,000 70,287,500
Expenses paid on issuance of preferred stock (779,131) (2,632,845)
Distributions paid on common stock (19,467,490) (14,938,797)
Distributions paid on preferred stock (5,208,450) (2,626,176)
Cancellation of warrants (2,602,500)  
Payment of deferred financing costs (10,062,642) (4,511,743)
Net cash (used in) / provided by financing activities (67,137,474) 237,323,221
Net increase in cash and cash equivalents 12,484,611 35,469,672
Cash and cash equivalents at beginning of period 60,389,552 29,188,889
Cash and cash equivalents at end of period 72,874,163 64,658,561
Supplemental cash flow information:    
Cash used to pay interest 31,067,603 35,543,871
Cash used for taxes 76,281 209,903
Supplemental schedule of non-cash investing and financing activities:    
Accrued and unpaid expenses on preferred stock offerings 79,619  
Accrued and unpaid expenses on common stock offerings 64,857 150,836
Investment transferred from real estate owned, net to real estate held-for-sale, net 14,952,919 11,540,649
Mortgage note payable - real estate owned transferred to real estate held-for-sale 12,785,851 11,005,354
Accrued and unpaid expenses on collateralized loan obligation offering   500,000
Redemption of preferred limited partnership interest and satisfaction of note payable   33,438,472
8.25% Series A cumulative redeemable preferred stock
    
Supplemental schedule of non-cash investing and financing activities:    
Distributions accrued on preferred stock 266,664 266,664
7.75% Series B cumulative redeemable preferred stock
    
Supplemental schedule of non-cash investing and financing activities:    
Distributions accrued on preferred stock 203,438 203,438
8.50% Series C preferred stock
    
Supplemental schedule of non-cash investing and financing activities:    
Distributions accrued on preferred stock 159,375  
Private REIT preferred stock
    
Financing activities:    
Distributions paid on preferred stock $ (10,806) $ (10,845)