AVAILABLE-FOR-SALE SECURITIES (Tables)

6 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities [Table Text Block]

The following table presents the Company’s AFS investment securities by collateral type at fair value as of June 30, 2013 and December 31, 2012:

	June 30, 2013		December 31, 2012
Mortgage-backed securities:
Agency
Federal Home Loan Mortgage Corporation	$	260,188,673	$	49,765,271
Federal National Mortgage Association		297,457,718		20,208,333
Non-Agency		32,656,349		11,054,394
Total mortgage-backed securities	$	590,302,740	$	81,027,998

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

The following tables present the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of June 30, 2013 and December 31, 2012:

	June 30, 2013
	Agency		Non-Agency		Total
Face Value	$	548,679,744	$	55,039,916	$	603,719,660
Unamortized premium		32,908,152		-		32,908,152
Unamortized discount
Designated credit reserve		-		(11,055,275)		(11,055,275)
Net, unamortized		-		(11,268,439)		(11,268,439)
Amortized Cost		581,587,896		32,716,202		614,304,098
Gross unrealized loss		(23,941,505)		(59,853)		(24,001,358)
Fair Value	$	557,646,391	$	32,656,349	$	590,302,740

	December 31, 2012
	Agency		Non-Agency		Total
Face Value	$	65,310,197	$	18,507,380	$	83,817,577
Unamortized premium		3,193,345		-		3,193,345
Unamortized discount
Designated credit reserve		-		(4,882,582)		(4,882,582)
Net, unamortized		-		(3,534,339)		(3,534,339)
Amortized Cost		68,503,542		10,090,459		78,594,001
Gross unrealized gain		1,470,062		963,935		2,433,997
Fair Value	$	69,973,604	$	11,054,394	$	81,027,998

Schedule of Realized Gain (Loss) [Table Text Block]

The following tables present a summary of the Company’s net realized gain (loss) from the sale of Agency and non-Agency RMBS for the three and six months ended June 30, 2013 and the period May 16, 2012 (commencement of operations) to June 30, 2012:

	Three Months Ended		Six Months Ended
	June 30, 2013		June 30, 2013
Agency and non-Agency RMBS sold, at cost	$	368,783,917	$	368,783,917
Proceeds from Agency and non-Agency RMBS sold		355,338,884		355,338,884
Net realized gain (loss) on sale of Agency and non-Agency RMBS	$	(13,445,033)	$	(13,445,033)

	Period May 16, 2012
	to June 30, 2012
Agency and non-Agency RMBS sold, at cost	$	-
Proceeds from Agency and non-Agency RMBS sold		-
Net realized gain (loss) on sale of Agency and non-Agency RMBS	$	-

Schedule Of Available For Sale Securities By Rate Type [Table Text Block]

The following tables present the fair value of AFS investment securities by rate type as of June 30, 2013 and December 31, 2012:

	June 30, 2013
	Agency		Non-Agency		Total
Adjustable rate	$	-	$	32,656,349	$	32,656,349
Fixed rate		557,646,391		-		557,646,391
Total	$	557,646,391	$	32,656,349	$	590,302,740

	December 31, 2012
	Agency		Non-Agency		Total
Adjustable rate	$	-	$	11,054,394	$	11,054,394
Fixed rate		69,973,604		-		69,973,604
Total	$	69,973,604	$	11,054,394	$	81,027,998

Schedule Of Investments In Debt and Marketable Equity Securities and Certain Trading Assets Disclosure [Table Text Block]

The following tables present the changes for the six months ended June 30, 2013 and the period May 16, 2012 (commencement of operations) to December 31, 2012 of the unamortized net discount and designated credit reserves on non-Agency AFS securities.

	June 30, 2013
	Designated		Unamortized
	credit reserve		net discount		Total
Acquisitions	$	(11,810,437)	$	(12,009,982)	$	(23,820,419)
Accretion of net discount		-		741,543		741,543
Realized credit losses		755,162		-		755,162
Ending balance at June 30, 2013	$	(11,055,275)	$	(11,268,439)	$	(22,323,714)

	December 31, 2012
	Designated		Unamortized
	credit reserve		net discount		Total
Acquisitions	$	(5,363,444)	$	(3,997,817)	$	(9,361,261)
Accretion of net discount		-		463,478		463,478
Realized credit losses		480,862		-		480,862
Ending balance at December 31, 2012	$	(4,882,582)	$	(3,534,339)	$	(8,416,921)

Investment Income [Table Text Block]

The following table presents components of interest income on the Company’s Agency RMBS and non-Agency RMBS for the three and six months ended June 30, 2013 and the period May 16, 2012 (commencement of operations) to June 30, 2012:

	Three Months Ended June 30, 2013						Six Months Ended June 30, 2013
			Net (premium						Net (premium
	Coupon		amortization)/		Interest		Coupon		amortization)/		Interest
	interest		discount accretion		income		interest		discount accretion		income
Agency	$	7,406,364	$	(622,957)	$	6,783,407	$	10,406,208	$	(654,813)	$	9,751,395
Non-Agency		58,226		514,317		572,543		93,040		741,543		834,583
Total	$	7,464,590	$	(108,640)	$	7,355,950	$	10,499,248	$	86,730	$	10,585,978

	Period May 16, 2012 to June 30, 2012
			Net (premium
	Coupon		amortization)/		Interest
	interest		discount accretion		income
Agency	$	174,606	$	(16,715)	$	157,891
Non-Agency		-		-		-
Total	$	174,606	$	(16,715)	$	157,891