CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets:
Cash and cash equivalents	$ 50,417,745	$ 60,389,552
Restricted cash (includes $216,405,894 and $54,051,439 from consolidated VIEs, respectively)	218,100,529	54,962,316
Loans and investments, net (includes $968,600,472 and $1,196,434,032 from consolidated VIEs, respectively)	1,459,475,650	1,523,699,653
Available-for-sale securities, at fair value	2,499,709	37,315,652
Investments in equity affiliates	4,869,066	4,680,306
Real estate owned, net (includes $732,144 and $80,787,215 from consolidated VIEs, respectively)	84,925,641	111,718,177
Real estate held-for-sale, net	14,381,733	11,477,676
Due from related party (includes $0 and $91,988 from consolidated VIEs, respectively)	36,515	98,058
Prepaid management fee - related party		19,047,949
Other assets (includes $14,949,956 and $19,861,310 from consolidated VIEs, respectively)	45,716,002	54,083,143
Total assets	1,880,422,590	1,877,472,482
Liabilities and Equity:
Credit facilities and repurchase agreements	180,386,200	159,125,023
Collateralized debt obligations (includes $331,395,126 and $639,622,981 from consolidated VIEs, respectively)	331,395,126	639,622,981
Collateralized loan obligations (includes $458,250,000 and $264,500,000 from consolidated VIEs, respectively)	458,250,000	264,500,000
Senior unsecured notes	97,860,025
Junior subordinated notes to subsidiary trust issuing preferred securities	159,833,260	159,291,427
Notes payable	1,300,000	2,500,000
Mortgage note payable - real estate owned	21,865,136	42,745,650
Mortgage note payable - real estate held-for-sale	9,119,221	11,005,354
Due to related party	2,653,333	2,794,087
Due to borrowers	32,972,606	20,326,030
Deferred revenue		77,123,133
Other liabilities (includes $7,385,474 and $13,944,737 from consolidated VIEs, respectively)	49,332,212	60,842,515
Total liabilities	1,344,967,119	1,439,876,200
Equity:
Preferred stock; 8.25% Series A; 7.75% Series B; 8.50% Series C	89,295,905	67,654,655
Common stock, $0.01 par value: 500,000,000 shares authorized; 53,128,075 shares issued, 50,477,308 shares outstanding at December 31, 2014 and 51,787,075 shares issued, 49,136,308 shares outstanding at December 31, 2013	531,280	517,870
Additional paid-in capital	629,880,774	623,993,245
Treasury stock, at cost - 2,650,767 shares at December 31, 2014 and 2013	(17,100,916)	(17,100,916)
Accumulated deficit	(152,483,322)	(212,231,319)
Accumulated other comprehensive loss	(14,668,250)	(25,237,253)
Total equity	535,455,471	437,596,282
Total liabilities and equity	$ 1,880,422,590	$ 1,877,472,482