FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 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		June 30, 2015
Assets:
Residential mortgage-backed securities (a)	$	-	$	491,584,595	$	-	$	491,584,595
Residential mortgage loans		-		48,978,699		-		48,978,699
Multi-Family mortgage loans held in securitization trusts		-		1,620,066,565		-		1,620,066,565
Residential mortgage loans held in securitization trusts		-		472,629,816		-		472,629,816
Mortgage servicing rights		-		-		2,457,374		2,457,374
FHLB stock		2,403,000		-		-		2,403,000
Total	$	2,403,000	$	2,633,259,675	$	2,457,374	$	2,638,120,049

Liabilities:
Interest rate swaps	$	-	$	(2,850,933)	$	-	$	(2,850,933)
Multi-family securitized debt obligations		-		(1,536,502,580)		-		(1,536,502,580)
Residential securitized debt obligations		-		(356,104,980)		-		(356,104,980)
Futures		-		(349,586)		-		(349,586)
Total	$	-	$	(1,895,808,079)	$	-	$	(1,895,808,079)

	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.

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s MSRs classified as Level 3 fair value assets at June 30, 2015:

As of June 30, 2015
Valuation Technique	Unobervable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate		5.2 - 13.8%		10.7%
Discounted cash flow	Discount rate		-		12.0%