Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Derivative Instruments [Abstract]

Schedule of Information about Interest Rate Swaps

The following table summarizes information related to derivative instruments:

	March 31,		December 31,
Non-hedge derivatives	2013		2012
Notional amount of interest rate swaps	$	169,425,000	$	32,600,000
Notional amount of TBAs		104,000,000		-
Total notional amount	$	273,425,000	$	32,600,000

Schedule of Fair Value of Derivative Instruments

The following table presents the fair value of the Company's derivative instruments and their balance sheet location:

		Balance Sheet	March 31,			December 31,
Derivative instruments	Designation	Location	2013			2012
Interest rate swaps	Non-hedge	Derivative liabilities, at fair value	$	(1,086,340	)	$	(1,144,744	)
Purchase of TBAs	Non-hedge	Derivative assets, at fair value	$	436,876		$	-

Schedule of Gains / (Losses) Related to Derivatives

The following table summarizes losses and gains related to derivatives:

	Income
	Statement	Three Months Ended
Non-hedge derivatives	Location	March 31, 2013			March 31, 2012
Interest rate swaps	(Loss) / gain on
	derivative instruments	$	(55,302	)	$	141,815
Purchase of TBAs	Gain on
	derivative instruments		336,446			-

Schedule of Information Related to Derivative Instruments

The following table presents information about the Company's interest rate swaps as of March 31, 2013:

							Weighted
			Weighted		Weighted		Average
	Notional		Average		Average		Years to
Maturity	Amount		Pay Rate		Receive Rate		Maturity
2016	$	12,102,000	1.21	%	0.28	%	3.5
2017		11,050,000	1.28		0.28		4.0
2018		5,000,000	0.88		0.28		4.8
2021		9,448,000	2.16		0.28		8.5
2023		131,825,000	2.01		0.28		9.9
Total/Weighted average	$	169,425,000	1.88	%	0.28	%	8.8

The following table presents information about the Company's interest rate swaps as of December 31, 2012:

							Weighted
			Weighted		Weighted		Average
	Notional		Average		Average		Years to
Maturity	Amount		Pay Rate		Receive Rate		Maturity
2016	$	12,102,000	1.21	%	0.31	%	3.7
2017		11,050,000	1.28		0.31		4.3
2021		9,448,000	2.16		0.31		8.7
Total/Weighted average	$	32,600,000	1.51	%	0.31	%	5.3