FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

The following tables summarize the valuation of the Company’s assets and liabilities at fair value within the fair value hierarchy levels as of March 31, 2015 and December 31, 2014:

	Quoted prices in		Significant
	active markets		other observable		Unobservable
	for identical assets		inputs		inputs		Balance as of
	Level 1		Level 2		Level 3		March 31, 2015
Assets:
Mortgage-backed securities (a)	$	-	$	601,126,052	$	-	$	601,126,052
Residential mortgage loans		-		111,656,191		-		111,656,191
Multi-Family mortgage loans held in securitization trusts		-		1,671,260,380		-		1,671,260,380
Residential mortgage loans held in securitization trusts		-		556,180,947		-		556,180,947
FHLB stock		45,000		-		-		45,000
Swaptions		-		-		-		-
Total	$	45,000	$	2,940,223,570	$	-	$	2,940,268,570
Liabilities:
Interest rate swaps	$	-	$	(3,627,781)	$	-	$	(3,627,781)
Multi-family securitized debt obligations		-		(1,589,502,264)		-		(1,589,502,264)
Residential securitized debt obligations		-		(434,401,168)		-		(434,401,168)
Futures		(474,766)		-		-		(474,766)
Total	$	(474,766)	$	(2,027,531,213)	$	-	$	(2,028,005,979)

	Quoted prices in		Significant
	active markets		other observable		Unobservable
	for identical assets		inputs		inputs		Balance as of
	Level 1		Level 2		Level 3		December 31, 2014
Assets:
Residential mortgage-backed securities (a)	$	-	$	368,315,738	$	-	$	368,315,738
Residential mortgage loans		-		54,678,382		-		54,678,382
Multi-Family mortgage loans held in securitization trusts		-		1,750,294,430		-		1,750,294,430
Residential mortgage loans held in securitization trusts		-		631,446,984		-		631,446,984
Mortgage servicing rights				-		-		-
Linked transactions (b)		-		60,818,111		-		60,818,111
Swaptions		-		21,550		-		21,550
Total	$	-	$	2,865,575,195	$	-	$	2,865,575,195
Liabilities:
Interest rate swaps	$	-	$	(1,755,107)	$	-	$	(1,755,107)
Multi-family securitized debt obligations		-		(1,670,573,456)		-		(1,670,573,456)
Residential securitized debt obligations		-		(432,035,976)		-		(432,035,976)
Futures		(533,951)		-		-		(533,951)
Total	$	(533,951)	$	(2,104,364,539)	$	-	$	(2,104,898,490)

(a) For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4.