BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2015

Schedule of Repurchase Agreements [Table Text Block]

The following table summarizes certain characteristics of the Company’s repurchase agreements at June 30, 2015 and December 31, 2014:

	June 30, 2015					December 31, 2014
			Weighted					Weighted
	Amount		average			Amount		average
	outstanding		interest rate			outstanding		interest rate
Agency	$	168,366,000		0.37	%	$	298,783,000		0.36	%
Non-Agency⁽¹⁾		200,524,000		1.94	%		200,347,000		1.25	%
Multi-Family⁽²⁾		129,488,000		1.55	%		45,484,000		1.85	%
Mortgage loans		42,663,099		2.65	%		50,263,852		2.86	%
Total	$	541,041,099		1.36	%	$	594,877,852		0.99	%

(1)

At December 31, 2014, the Company had repurchase agreements of $85,497,000 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 June 30, 2015 and December 31, 2014, the repurchase agreements had the following remaining maturities:

	June 30, 2015		December 31, 2014
< 30 days	$	481,135,919	$	465,817,820
31 to 60 days		15,886,000		86,025,327
61 to 90 days		14,843,000		-
> 90 days		29,176,180		43,034,705
Total	$	541,041,099	$	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 June 30, 2015 and December 31, 2014:

	June 30, 2015
	Amount		Percent of total			Weighted average		Market Value
Repurchase Agreement Counterparties	Outstanding		amount outstanding			days to maturity		of collateral held
North America	$	321,243,000		59.37	%		14	$	419,513,822
Europe ⁽¹⁾		116,222,099		21.48	%		77		145,849,613
Asia ⁽¹⁾		103,576,000		19.14	%		11		117,236,750
Total	$	541,041,099		100.00	%		27	$	682,600,185

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

	December 31, 2014
	Amount		Percent of total			Weighted average		Market Value
Repurchase Agreement Counterparties	Outstanding⁽¹⁾		amount outstanding			days to maturity		of collateral held
North America	$	388,138,820		65.25	%		19	$	463,615,686
Europe ⁽²⁾		93,350,032		15.69	%		21		113,286,452
Asia ⁽²⁾		113,389,000		19.06	%		122		118,519,817
Total	$	594,877,852		100.00	%		36	$	695,421,955

(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.