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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating activities:    
Net income $ 29,285,969 $ 20,820,213
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,886,319 3,970,036
Stock-based compensation 2,427,268 1,395,834
Gain on acceleration of deferred income (11,009,162)  
Loss on termination of swaps 4,289,450  
Gain on sale of real estate (3,984,364)  
Gain on sale of securities   (518,640)
Provision for loan losses (net of recoveries) 2,076,224 (735,843)
Impairment loss on real estate owned   250,000
Amortization and accretion of interest, fees and intangible assets, net 1,684,017 174,903
Change in fair value of non-qualifying swaps and linked transactions   (42,774)
Gain on sale of equity interests   (7,851,266)
Income from equity affiliates (4,629,938) (80,541)
Changes in operating assets and liabilities:    
Other assets (1,922,592) (1,631,606)
Distributions of operations from equity affiliates 80,542 80,541
Other liabilities 907,146 (359,716)
Change in restricted cash 554,382 (599,081)
Due to/from related party (3,124,737) (1,387,472)
Net cash provided by operating activities 19,520,524 13,484,588
Investing activities:    
Loans and investments funded, originated and purchased, net (557,256,118) (456,177,017)
Payoffs and paydowns of loans and investments 551,201,085 474,807,344
Due to borrowers and reserves   (36,239)
Deferred fees 2,482,316 3,527,198
Principal collection on securities, net 2,100,000 663,684
Investment in real estate, net (1,393,615) (2,208,067)
Contributions to equity affiliates (14,949,918)  
Proceeds from sale of real estate, net 18,482,352  
Proceeds from sale of available-for-sale securities   33,904,172
Distributions from equity affiliates   7,943,465
Net cash provided by investing activities 666,102 62,424,540
Financing activities:    
Proceeds from repurchase agreements, loan participations, credit facilities and notes payable 479,205,709 162,062,708
Paydowns and payoffs of repurchase agreements, loan participations and credit facilities (335,854,714) (298,985,189)
Proceeds from mortgage note payable - real estate owned 27,155,000  
Paydowns and payoffs of mortgage notes payable - real estate owned (30,984,357) (212,367)
Proceeds from collateralized loan obligations 219,000,000 281,250,000
Proceeds from senior unsecured notes   58,637,625
Payoffs and paydowns of collateralized debt obligations (240,971,174) (205,956,327)
Payoffs and paydowns of collateralized loan obligations (177,000,000)  
Change in restricted cash 141,293,748 (101,234,072)
Payments on financial instruments underlying linked transactions   (59,613,649)
Receipts on financial instruments underlying linked transactions   66,027,912
Payments on swaps and margin calls to counterparties (290,000) (1,022,106)
Receipts on swaps and returns of margin calls from counterparties 2,200,000 5,433,010
Proceeds from issuance of common stock   6,800,000
Expenses paid on issuance of common stock   (221,143)
Proceeds from issuance of preferred stock   22,500,000
Expenses paid on issuance of preferred stock   (779,131)
Distributions paid on common stock (14,206,565) (12,905,440)
Distributions paid on preferred stock (3,776,860) (3,320,020)
Payment of deferred financing costs (6,304,548) (6,939,600)
Net cash provided by (used in) financing activities 59,459,287 (88,484,940)
Net increase (decrease) in cash and cash equivalents 79,645,913 (12,575,812)
Cash and cash equivalents at beginning of period 50,417,745 60,389,552
Cash and cash equivalents at end of period 130,063,658 47,813,740
Supplemental cash flow information:    
Cash used to pay interest 22,715,060 20,351,898
Cash used for taxes 345,259 70,256
Supplemental schedule of non-cash investing and financing activities:    
Investment transferred from real estate owned, net to real estate held-for-sale, net 11,241,531  
Accrued and unpaid expenses on preferred stock offerings   79,619
Accrued and unpaid expenses on common stock offerings   64,857
Investment transferred from real estate held-for-sale, net to real estate owned, net   11,444,812
Mortgage note payable - real estate held-for-sale, net transferred to real estate owned, net   11,005,354
8.25% Series A preferred stock    
Supplemental schedule of non-cash investing and financing activities:    
Distributions accrued on preferred stock 266,664 266,664
7.75% Series B 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 159,375 159,375
Private REIT preferred stock    
Financing activities:    
Distributions paid on preferred stock $ (6,952) $ (7,151)