BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Repurchase Agreements [Table Text Block]

The following table summarizes certain characteristics of the Company’s repurchase agreements at March 31, 2015 and December 31, 2014:

	March 31, 2015					December 31, 2013
			Weighted					Weighted
	Amount		average			Amount		average
	outstanding		interest rate			outstanding		interest rate
Agency	$	292,045,000		0.36	%	$	298,783,000		0.36	%
Non-Agency⁽¹⁾		223,674,000		1.60	%		200,347,000		1.25	%
Multi-Family⁽²⁾		131,768,000		1.81	%		45,484,000		1.85	%
Mortgage loans		97,360,853		2.62	%		50,263,852		2.86	%
Total	$	744,847,853		1.28	%	$	594,877,852		0.99	%

(1)

At March 31, 2015 and December 31, 2014, the Company had repurchase agreements of $0 and $85,497,000, respectively, that were linked to Non-Agency RMBS purchases and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

Schedule Of Remaining Maturities Under Repurchase Agreement [Table Text Block]

At March 31, 2015 and December 31, 2014, the repurchase agreements had the following remaining maturities:

	March 31, 2015		December 31, 2014
< 30 days	$	548,608,000	$	465,817,820
31 to 60 days		45,491,000		86,025,327
61 to 90 days		23,264,000		-
> 90 days		127,484,853		43,034,705
Total	$	744,847,853	$	594,877,852

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block]

The following tables summarize certain characteristics of the Company’s repurchase agreements at March 31, 2015 and December 31, 2014:

	March 31, 2015
	Amount		Percent of total			Weighted average		Market Value
Repurchase Agreement Counterparties	Outstanding		amount outstanding			days to maturity		of collateral held
North America	$	439,879,000		59.06	%		20	$	595,758,052
Asia ⁽¹⁾		121,833,000		16.36	%		14		131,918,900
Europe ⁽¹⁾		183,135,853		24.58	%		129		185,152,479
Total	$	744,847,853		100.00	%		45	$	912,829,432

(1) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

	December 31, 2014
	Amount		Percent of total			Weighted average		Company RMBS
Repurchase Agreement Counterparties	Outstanding⁽¹⁾		amount outstanding			days to maturity		held as collateral
North America	$	388,138,820		65.25	%		19	$	458,095,791
Europe ⁽²⁾		93,350,032		15.69	%		21		85,810,345
Asia ⁽²⁾		113,389,000		19.06	%		122		301,450,213
Total	$	594,877,852		100.00	%		36	$	845,356,349

(1) At December 31, 2014, the Company had repurchase agreements of $85,497,000 and $63,796,000 that were linked to Non-Agency RMBS and Multi-Family MBS purchases, respectively, and were accounted for as Linked Transactions, and as such, the linked repurchase agreements are not included in the above table. (See Note 3).

(2) Counterparties domiciled in Europe and Asia, or their U.S. subsidiaries.

- Definition

Tabular disclosure, as of the balance sheet date, of the amount at risk under repurchase agreements with any individual counterparty or group of related counterparties which exceeds 10 percent of stockholders' equity. Includes the name of each counterparty or group of related counterparties, the amount at risk with each, and the weighted average maturity of the repurchase agreements with each. The amount at risk under repurchase agreements is defined as the excess of carrying amount (or market value, if higher than the carrying amount or if there is no carrying amount) of the securities or other assets sold under agreement to repurchase, including accrued interest plus any cash or other assets on deposit to secure the repurchase obligation, over the amount of the repurchase liability (adjusted for accrued interest).

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