AVAILABLE-FOR-SALE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2014

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 December 31, 2014 and December 31, 2013:

	December 31, 2014		December 31, 2013
Mortgage-backed securities:
Agency
Federal Home Loan Mortgage Corporation	$	162,344,627	$	237,143,864
Federal National Mortgage Association		152,486,058		145,156,756
Non-Agency		53,485,053		62,684,335
Total mortgage-backed securities	$	368,315,738	$	444,984,955

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 December 31, 2014 and December 31, 2013:

	December 31, 2014
	Agency		Non-Agency		Total
Face Value	$	309,790,551	$	76,672,548	$	386,463,099
Unamortized premium		4,796,106		-		4,796,106
Unamortized discount
Designated credit reserve		-		(12,697,796)		(12,697,796)
Net, unamortized		(2,244,687)		(15,209,335)		(17,454,022)
Amortized Cost		312,341,970		48,765,417		361,107,387
Gross unrealized gain		3,670,643		4,732,247		8,402,890
Gross unrealized (loss)		(1,181,928)		(12,611)		(1,194,539)
Fair Value	$	314,830,685	$	53,485,053	$	368,315,738

	December 31, 2013
	Agency		Non-Agency		Total
Face Value	$	386,672,123	$	95,390,328	$	482,062,451
Unamortized premium		12,544,193		-		12,544,193
Unamortized discount
Designated credit reserve		-		(16,126,355)		(16,126,355)
Net, unamortized		(1,489,132)		(20,911,248)		(22,400,380)
Amortized Cost		397,727,184		58,352,725		456,079,909
Gross unrealized gain		-		4,331,610		4,331,610
Gross unrealized (loss)		(15,426,564)		-		(15,426,564)
Fair Value	$	382,300,620	$	62,684,335	$	444,984,955

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

The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities, inclusive of securities previously booked as linked, for the years ended December 31, 2014 and December 31, 2013, and for the period May 16, 2012 (commencement of operations) to December 31, 2012:

	Year Ended		Year Ended		Period May 16, 2012
	December 31,  2014		December 31,  2013		to  December 31, 2012
AFS securities sold, at cost	$	462,470,753	$	717,309,717	$	-
Proceeds from AFS securities sold		466,239,975		687,203,605
Net realized gain (loss) on sale of AFS securities	$	3,769,222	$	(30,106,112)	$	-

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 December 31, 2014 and December 31, 2013:

	December 31, 2014
	Agency		Non-Agency		Total
Adjustable rate	$	229,648,342	$	53,485,053	$	283,133,395
Fixed rate		85,182,343		-		85,182,343
Total	$	314,830,685	$	53,485,053	$	368,315,738

	December 31, 2013
	Agency		Non-Agency		Total
Adjustable rate	$	170,587,649	$	62,684,335	$	233,271,984
Fixed rate		211,712,971		-		211,712,971
Total	$	382,300,620	$	62,684,335	$	444,984,955

Investments Classified by Contractual Maturity Date [Table Text Block]

The following tables present the fair value of AFS investment securities by maturity date as of December 31, 2014 and December 31, 2013:

	December 31, 2014		December 31, 2013
Less than one year	$	-	$	-
Greater than one year and less than five years		35,855,146		-
Greater than or equal to five years		332,460,592		444,984,955
Total	$	368,315,738	$	444,984,955

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 years ended December 31, 2014 and December 31, 2013, and for the period May 16, 2012 (commencement of operations) to December 31, 2012 of the unamortized net discount and designated credit reserves on the Company’s MBS.

	December 31, 2014
	Designated		Unamortized
	credit reserve		net discount		Total
Beginning Balance as of January 1, 2014	$	(16,126,355)	$	(22,400,380)	$	(38,526,735)
Acquisitions		-		(2,361,186)		(2,361,186)
Dispositions		559,860		1,667,828		2,227,688
Accretion of net discount		-		4,760,729		4,760,729
Realized gain on paydowns		-		223,212		223,212
Realized credit losses		2,868,699		-		2,868,699
Release of credit reserves		-		655,775		655,775
Ending balance at December 31, 2014	$	(12,697,796)	$	(17,454,022)	$	(30,151,818)

	December 31, 2013
	Designated		Unamortized
	credit reserve		net discount		Total
Acquisitions	$	(19,145,414)	$	(24,606,107)	$	(43,751,521)
Accretion of net discount		-		2,836,240		2,836,240
Realized gain on paydowns		-		25,262		25,262
Realized credit losses		2,363,284		-		2,363,284
Release of credit reserves		655,775		(655,775)		-
Ending balance at December 31, 2013	$	(16,126,355)	$	(22,400,380)	$	(38,526,735)

	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 tables present components of interest income, inclusive of purchased accrued interest, on the Company’s AFS securities for the years ended December 31, 2014 and December 31, 2013, and the period May 16, 2012 (commencement of operations) to December 31, 2012.

	Year Ended December 31, 2014
			Net (premium
	Coupon		amortization)/		Interest
	interest		discount accretion		income
Agency	$	11,409,239	$	603,547	$	12,012,786
Non-Agency		261,050		4,077,481		4,338,531
Multi-Family		184,411		24,610		209,021
Total	$	11,854,700	$	4,705,638	$	16,560,338

	Year Ended December 31, 2013
				Net (premium
		Coupon		amortization)/		Interest
		interest		discount accretion		income
Agency		$	14,266,215	$	(716,788)	$	13,549,427
Non-Agency			170,750		2,691,552		2,862,302
Multi-Family			-		-		-
Total		$	14,436,966	$	1,974,764	$	16,411,730

	Period May 16, 2012 to December 31, 2012
				Net (premium
		Coupon		amortization)/		Interest
		interest		discount accretion		income
Agency		$	1,279,241	$	(115,831)	$	1,163,410
Non-Agency			54,549		463,478		518,027
Total		$	1,333,790	$	347,647	$	1,681,437