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 | 2016 | |
| Document Fiscal Period Focus | Q2 | |
| Entity Registrant Name | ZAIS Financial Corp. | |
| Entity Central Index Key | 0001527590 | |
| 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 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 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 |
Formation and Organization |
6 Months Ended | |
|---|---|---|
Jun. 30, 2016 | ||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Nature of Operations [Text Block] | 1. Formation and Organization 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. In the event that the Sutherland Merger Agreement is terminated prior to the consummation of the Mergers, the Termination Agreement will automatically terminate and be of no further effect. 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 shares of common stock with a par value of $0.0001 per share, and 50,000,000 shares of preferred stock, with a par value of $0.0001 per share. The Company's board of directors is authorized to amend its charter, without the approval of stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series of capital stock or to classify and reclassify any unissued shares of its capital stock into other classes or series of stock that the Company has the authority to issue. |
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 Basis of Presentation 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. 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. 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% of the operating partnership units ("OP Units") in the Operating Partnership at June 30, 2016 and December 31, 2015. The Operating Partnership in turn holds directly or indirectly all of the equity interests in its subsidiaries. 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. 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 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 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 from held for investment to held for sale previously held for investment. These loans were sold on May 26, 2016. 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 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. 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 |
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| 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 million deferred premium payments payable in cash over two years, plus potential additional consideration based on future loan production and profits will be payable over a four-year period if certain conditions are met (the “Production and Profitability Earn-Out”). The $2 million of deferred premium payments is contingent on GMFS remaining profitable and retaining certain key employees. The Production and Profitability Earn-Out are dependent on GMFS achieving certain profitability and loan production goals and is capped at $20 million. Up to 50% of the Production and Profitability Earn-Out may be paid in common stock of the Company, at the Company's option. 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. For the three and six months ended June 30, 2016 and June 30, 2015, the Company recorded the following changes in the consideration liability:
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 at June 30, 2016 and December 31, 2015, represents the excess of the purchase price over the fair value of the net assets acquired and has been allocated to the Company’s residential mortgage banking segment. The changes in the carrying amount of the goodwill during the six months ended June 30, 2016 and June 30, 2015.
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 The following table presents information about the intangible assets acquired by the Company:
Amortization expense related to the intangible assets for the three and six months ended June 30, 2016 and June 30, 2015 was as follows:
Such amounts are recorded as other expenses in the consolidated statements of operations. At June 30, 2016 and December 31, 2015, accumulated amortization is as follows:
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:
No impairment losses relating to intangible assets were recorded for the three and six months ended June 30, 2016 or June 30, 2015. |
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Fair Value |
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| 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
December 31, 2015
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
Derivative Instruments
MSRs See Note 8 – "Mortgage Servicing Rights, at Fair Value" for additional information about the Company's MSRs. Contingent Consideration See Note 3 – "GMFS Transaction" for additional information about the Company's 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. 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:
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:
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:
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:
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. |
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Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value |
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| 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 million, including $27.0 million of non-interest bearing unpaid principal balance which had a carrying value of zero in the Company’s consolidated balance sheets at March 31, 2016 and December 31, 2015. The sale price was determined as a sum of (i) a percentage of the unpaid principal balance of the loans sold, (ii) accrued interest and (iii) outstanding, recoverable servicing advances. The Company used $267.2 million out of the proceeds from the sale to repay the outstanding balance under its master repurchase agreement dated May 30, 2013 with Citibank N.A. (the "Citi Loan Repurchase Facility"), which was used to finance the purchase of such loans (see Note 11 – Loan Repurchase Facilities). 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:
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 relating to outstanding, recoverable servicing advances which were included in other assets in the consolidated balance sheets. The net proceeds from the transaction are as follows:
The following tables present certain information regarding the Company's mortgage loans at December 31, 2015 which showed evidence of credit deterioration at the time of purchase: December 31, 2015 Mortgage Loans Held for Investment
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:
Newly originated loans at the time of purchase 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:
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
December 31, 2015
Concentrations The Company's mortgage loans held for investment, at fair value consists of mortgage loans on residential real estate located throughout the United States. The following is a summary of certain concentrations of credit risk in the mortgage loan portfolio at June 30, 2016 and December 31, 2015:
(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. 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:
REO Additional information about the Company’s REO assets at June 30, 2016 and December 31, 2015, are as follows:
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Mortgage Loans Held for Sale, at Fair Value |
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| Receivables Held-for-sale [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables Held For Sale [Text Block] | 6. Mortgage Loans Held for Sale, at Fair Value During the six months ended June 30, 2016 and June 30, 2015, the Company's mortgage loans held for sale activity was as follows:
Mortgage loans held for sale, at fair value at June 30, 2016 and December 31, 2015 is as follows:
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Real Estate Securities and Other Investment Securities, at Fair Value |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 7. Real Estate Securities and Other Investment Securities, at Fair Value The Company's non-Agency RMBS portfolio is not issued or guaranteed by Fannie Mae, Freddie Mac or any other U.S. Government agency or a federally chartered corporation and is therefore subject to additional credit risks. 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
December 31, 2015
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:
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. |
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Mortgage Servicing Rights, at Fair Value |
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| 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. The MSRs activity for the six months ended June 30, 2016 and June 30, 2015 is as follows:
The Company's MSR portfolio at June 30, 2016 and December 31, 2015 is as follows:
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:
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:
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Warehouse Lines of Credit |
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| 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. 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:
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. |
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Treasury Securities and Treasury Securities Repurchase Agreements |
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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. The following table presents certain information regarding the Company’s non-interest bearing Treasury securities at June 30, 2016:
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. The following table presents certain information regarding the Company’s Treasury securities repurchase agreements at June 30, 2016:
The Company did not have any Treasury securities repurchase agreements at December 31, 2015. |
Loan Repurchase Facilities |
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| 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). 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:
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. 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:
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. |
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Securities Repurchase Agreements |
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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. 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:
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8.0% Exchangeable Senior Notes due 2016 |
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| 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% and an aggregate principal amount of $57.5 million (the "Exchangeable Senior Notes"). The Exchangeable Senior Notes were issued pursuant to an Indenture, dated November 25, 2013, between the Company, as guarantor, the Operating Partnership and U.S. Bank National Association, as trustee. The sale of the Exchangeable Senior Notes generated net proceeds of approximately $55.3 million. Aggregate estimated offering expenses in connection with the transaction, including the initial purchasers' discount of approximately $1.7 million, were approximately $2.2 million. 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% or more of the common stock outstanding immediately prior to the issuance of the Exchangeable Senior Notes (or 1,779,560 or more shares). 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 million, which represents a discount to the debt to be amortized through interest expense using the effective interest method through the Maturity Date. During each reporting period, the conversion option derivative liability is marked to fair value through earnings. The exchange rate was initially 52.5417 shares of common stock per $1,000 principal amount of Exchangeable Senior Notes (equivalent to an initial exchange price of approximately $19.03 per share of common stock). The exchange rate will be subject to adjustment for certain events, including for regular quarterly dividends in excess of $0.50 per share, but will not be adjusted for any accrued and unpaid interest. In addition, if certain corporate events occur prior to the Maturity Date, the exchange rate will be increased but will in no event exceed 60.4229 shares of common stock per $1,000 principal amount of Exchangeable Senior Notes. The exchange rate was adjusted on December 27, 2013 to 54.3103 shares of common stock per $1,000 principal amount of Exchangeable Senior Notes pursuant to the Company's special dividend of $0.55 per share of common stock and OP Unit declared on December 19, 2013. 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% of the principal amount of the Exchangeable Senior Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. If the Mergers do not close, the Company intends to settle the obligation with its cash balances. 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%. The following table presents information with respect to the Exchangeable Senior Notes at June 30, 2016 and December 31, 2015:
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Derivative Instruments |
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| 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:
The notional amount is not representative of the maximum exposure to the Company. The following table presents the fair value of the Company's derivative instruments and their balance sheet location at June 30, 2016 and December 31, 2015:
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:
Interest Rate Swaps The following table presents information about the Company's interest rate swap agreements at June 30, 2016 and December 31, 2015:
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. |
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Mortgage Banking Activities |
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| Mortgage Banking [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Banking Income Expense Disclosure [Text Block] | 15. Mortgage Banking Activities The following table presents the components of mortgage banking activities, net, recorded in the Company's consolidated statements of operations for the three and six months ended June 30, 2016 and June 30, 2015:
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Loan Indemnification Reserve |
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| 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. The activity for the loan indemnification reserve for the six months ended June 30, 2016 and June 30, 2015 is as follows:
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. |
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Income Taxes |
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| 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 and $(1,547,905) for the three and six months ended June 30, 2016, respectively and income tax expense of $2,899,916 and $2,754,387 for the three and six months ended June 30, 2015, respectively, solely related to U.S. federal, state and local income taxes on activity in its ZFC Honeybee TRS, LLC subsidiary. 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
At June 30, 2016 and December 31, 2015, the Company had a net deferred tax liability of $2,016,573 and $3,564,478, respectively related to unrealized gains and other temporary differences related to activity in ZFC Honeybee TRS, LLC subsidiary. The decrease in the deferred tax liability during the six months ended June 30, 2016 is primarily due to a decrease in the fair value of the MSRs and an increase in the net operating losses of ZFC Honeybee TRS, LLC. in the Company’s residential mortgage banking segment. |
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Earnings Per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Text Block] | 18. Earnings Per Share The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share:
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 pursuant to NYSE restrictions. |
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Related Party Transactions |
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| 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% per annum of the Company's stockholders' equity, as defined in the amended and restated investment advisory agreement between the Company and the Advisor, as amended from time to time (the "Investment Advisory Agreement"). Prior to the Company's IPO, the advisory fee paid to the Advisor was calculated based on the Company's net asset value, as set forth in the Investment Advisory Agreement. The Advisor may be paid or reimbursed for the documented cost of its performing certain services for the Company, which may include legal, accounting, due diligence tasks and other services, that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements are in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm's-length basis. In addition, the Company may be required to pay its portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Advisor and its affiliates required for the Company's operations. To date, the Advisor has not sought reimbursement for the services and expenses described in the two preceding sentences. In the future, however, the Advisor may seek reimbursement for all such services, costs and expenses, as a result of which the total expense ratio of the Company may increase. The Company is also required to pay directly, or reimburse the Advisor for, products and services, including hardware and software, research and market data provided by third parties, other than those operating expenses required to be borne by the Advisor under the Investment Advisory Agreement (the "Expense Reimbursements"). 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% of the principal balance of newly originated residential mortgage loans sourced by the Advisor or its affiliates through its loan conduit program and acquired by the Company's subsidiaries. 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. 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:
Such amounts are included in "Advisory fee – related party" in the Company's consolidated statements of operations. 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:
Such amounts are included in operating expenses in the Company's consolidated statements of operations. 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:
Such amounts were included in accounts payable and other liabilities in the Company's consolidated balance sheets. Other 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:
Such amounts are included in other income in the Company's consolidated statements of operations. |
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Dividends and Distributions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Non-Controlling Interests |
6 Months Ended | |
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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 OP units of the 893,256 units held by the partner. 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 (see Note 25 – Subsequent Events). |
Commitments and Contingencies |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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). The Company has delayed the first year installment payment of the contingent consideration (see Note 3 – GMFS Transaction). 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. Total commitments to originate loans are as follows at June 30, 2016 and December 31, 2015:
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. GMFS incurred rent expense as follows for the three and six months ended June 30, 2016 and June 30, 2015:
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). 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:
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Counterparty Risk and Concentration |
6 Months Ended | |
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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 haircut) such that the borrowings will be over-collateralized. As a result, the Company is exposed to the counterparty if, during the term of the repurchase agreement financing, a lender should default on its obligation and the Company is not able to recover its pledged assets. The amount of this exposure is the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged by the Company to the lender including accrued interest receivable on such collateral. The Company's deposits with financial institutions may exceed federally insurable limits of $250,000 per institution. The Company mitigates this risk by depositing funds with major financial institutions. At June 30, 2016 and December 31, 2015, a portion of the Company's operating cash was held with two custodians and three other financial institutions. The Company also maintains separate cash accounts with each of its warehouse lenders at June 30, 2016 and December 31, 2015. There is no guarantee that these custodians or other financial institutions will not become insolvent. While there are certain regulations that seek to protect customer property in the event of a failure, insolvency or liquidation of a custodian, there is no certainty that the Company would not incur losses due to its assets being unavailable for a period of time in the event of a failure of a custodian that has custody of the Company's assets. Although management monitors the credit worthiness of its custodians, such losses could be significant and could materially impair the ability of the Company to achieve its investment objective. 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 Liabilities |
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| Offsetting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offsetting Assets And Liabilities Disclosure [Text Block] | 24. Offsetting Assets and Liabilities 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:
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. |
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Segment Information |
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| 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. The Company's segment profit and loss information is as follows:
The following table is a reconciliation of the net income of the residential mortgage banking segment to the operations of GMFS:
Supplemental Disclosures Selected segment balance sheet information is as follows:
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Subsequent Events |
6 Months Ended | |
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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 operating partnership units from the Outside Limited Partner (see Note 21 – Non-Controlling Interests) and issued an equal number of shares of common stock (the “Exchange Stock”) to the Outside Limited Partner pursuant to the terms of the Agreement of Limited Partnership of the Operating Partnership. The Exchange Stock was issued to an accredited investor in transactions not involving a public offering in reliance on the exemption from registration provided by Section 4(2) of the Securities Act of 1933, as amended. The resale of the Exchange Stock has been registered by the Company under the Securities Act, pursuant to the Company’s Registration Statement on Form S-3/A (File No. 333-194551), filed on May 23, 2014 and declared effective by the SEC on the same date. On July 31, 2016, one of the Company’s warehouse lines of credit, with a maximum capacity of $20.0 million matured. The lender extended the maturity date to September 30, 2016. The line of credit had an outstanding balance of $13,143,544 at June 30, 2016. The Company had 8,836,902 shares of common stock, par value $0.0001 per share, outstanding as of August 9, 2016. |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended | |
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Jun. 30, 2016 | ||
| Accounting Policies [Abstract] | ||
| Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 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. |
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| 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. |
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| 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% of the operating partnership units ("OP Units") in the Operating Partnership at June 30, 2016 and December 31, 2015. The Operating Partnership in turn holds directly or indirectly all of the equity interests in its subsidiaries. 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. |
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| 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. |
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| 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. |
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| 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 from held for investment to held for sale previously held for investment. These loans were sold on May 26, 2016. |
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| 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. |
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| 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. |
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| 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) |
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| 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:
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| 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.
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| Schedule of Intangible Assets Acquired [Table Text Block] | The following table presents information about the intangible assets acquired by the Company:
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| 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:
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| Finite-lived Intangible Assets Amortization Expense [Table Text Block] | At June 30, 2016 and December 31, 2015, accumulated amortization is as follows:
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| 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:
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Fair Value (Tables) |
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| 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
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| 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
Derivative Instruments
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| 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:
The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs at June 30, 2016 and December 31, 2015:
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| 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:
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| 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:
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Mortgage Loans Held for Investment, at Fair Value and Held for Sale Previously Held for Investment, at Fair Value (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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| 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:
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| Schedule Of Information About Investments In Mortgage Loans [Table Text Block] | The following tables present certain information regarding the Company's mortgage loans at December 31, 2015 which showed evidence of credit deterioration at the time of purchase: December 31, 2015 Mortgage Loans Held for Investment
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
December 31, 2015
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| 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:
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| 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:
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| 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:
(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. |
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| 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:
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| 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:
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Mortgage Loans Held for Sale, at Fair Value (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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| 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:
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Real Estate Securities and Other Investment Securities, at Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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
December 31, 2015
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| 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:
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Mortgage Servicing Rights, at Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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| 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:
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| 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:
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| Schedule Of Gains Losses Included In Earnings [Table Text Block] |
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| 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:
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Warehouse Lines of Credit (Tables) |
6 Months Ended | |||||||||||||||||||||||||
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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:
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Treasury Securities and Treasury Securities Repurchase Agreements (Tables) |
6 Months Ended | |||||||||||||||||||||
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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:
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| 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:
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Loan Repurchase Facilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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| 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:
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Securities Repurchase Agreements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||
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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:
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8.0% Exchangeable Senior Notes due 2016 (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||
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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:
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Derivative Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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| Schedule of Fair Value of Derivative Instruments [Table Text Block] | The following table presents the fair value of the Company's derivative instruments and their balance sheet location at June 30, 2016 and December 31, 2015:
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| Schedule of Gains / (Losses) Related to Derivatives [Table Text Block] | 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:
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| 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:
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Mortgage Banking Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Loan Indemnification Reserve (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Related Party Transactions (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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| 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:
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| 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:
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| 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:
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Dividends and Distributions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Commitments and Contingencies (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||
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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:
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| 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:
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| 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:
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Offsetting Assets and Liabilities (Tables) |
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| 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:
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Segment Information (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company's segment profit and loss information is as follows:
The following table is a reconciliation of the net income of the residential mortgage banking segment to the operations of GMFS:
Supplemental Disclosures Selected segment balance sheet information is as follows:
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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 Accounting Policies (Details Textual) |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2016
USD ($)
|
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) - 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) - 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, LLC [Member] $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2016
USD ($)
| |
| 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 | $ 2.0 |
| 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 | $ 1.0 |
| 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) - 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) - 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) |
Jun. 30, 2016
USD ($)
|
|---|---|
| Amortization expense related to the intangible assets | |
| July 1, 2016 - December 31, 2016 | $ 394,170 |
| 2017 | 732,776 |
| 2018 | 455,004 |
| 2019 | 455,004 |
| 2020 | 455,004 |
| 2021 | $ 455,004 |
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 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) - 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) | |||||||
| ||||||||||
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 | $ 35.0 |
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 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% | |||||||
| ||||||||
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 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 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 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% | ||||||
| ||||||||
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 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 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, 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, 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 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% | ||||
| |||||||
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, 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 | |||||||
| |||||||||||
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 | |||||
| |||||||
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 | |||||
| |||||||
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, 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 (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 Treasury Securities Repurchase Agreements(Details ) - US Treasury Securities [Member] |
6 Months Ended |
|---|---|
|
Jun. 30, 2016
USD ($)
| |
| Par | $ 70,000,000 |
| Carrying amount | $ 69,961,208 |
| Maturity | Sep. 22, 2016 |
| Balance sheet line item | Cash and cash equivalents |
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 (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 (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 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 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 Notes due 2016 (Details Textual) |
1 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Dec. 27, 2013 |
Nov. 25, 2013
USD ($)
$ / shares
|
Jun. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
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) - 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 (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 (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 (Details 3) - Swap [Member] - USD ($) |
6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
| Derivative [Line Items] | ||||
| 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 years 1 month 6 days | 7 years 7 months 6 days | ||
| Cash Pledged as Collateral | [1] | $ 2,738,704 | $ 1,966,565 | |
| ||||
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 | ||
| ||||||
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) |
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% | |||||||||
| |||||||||||||
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) - 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 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 (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 (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 (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 (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 (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 (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 (Details Textual) |
1 Months Ended |
|---|---|
|
Jun. 17, 2016
shares
| |
| Noncontrolling Interest [Line Items] | |
| Partners' Capital Account, Units | 893,256 |
| Partners' Capital Account, Units, Treasury Units Purchased | 866,016 |
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 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 Contingencies (Details 2) |
Jun. 30, 2016
USD ($)
|
|---|---|
| July 1, 2016 - December 31, 2016 | $ 532,154 |
| 2017 | 909,647 |
| 2018 | 724,740 |
| 2019 | 128,358 |
| 2020 | 0 |
| Thereafter | $ 0 |
Commitments and Contingencies (Details Textual) |
Jun. 30, 2016
USD ($)
|
|---|---|
| Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
| Escrow Deposit | $ 4,007,243 |
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 $250,000 per institution |
Offsetting Assets and Liabilities (Details) - USD ($) |
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) - 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) - 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) - 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 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 | |||||