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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2014
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 December 31, 2014 and December 31, 2013:
 
 
 
Quoted
prices in
active
markets
for identical
assets
Level 1
 
Significant
other observable
inputs
Level 2
 
Unobservable
inputs
Level 3
 
Balance as of
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
 
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)
 
$
(2,104,365,061)
 
$
-
 
$
(2,104,899,012)
 
 
 
 
Quoted prices
in
active
markets
for identical
assets
Level 1
 
Significant
other
observable
inputs
Level 2
 
Unobservable
inputs
Level 3
 
Balance as of
December 31,
2013
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities (a)
 
$
-
 
$
444,984,955
 
$
-
 
$
444,984,955
 
Linked transactions (b)
 
 
-
 
 
33,352,562
 
 
-
 
 
33,352,562
 
TBAs
 
 
-
 
 
68,359
 
 
-
 
 
68,359
 
Interest rate swaps
 
 
-
 
 
237,989
 
 
-
 
 
237,989
 
Swaptions
 
 
-
 
 
1,770,795
 
 
-
 
 
1,770,795
 
Futures
 
 
154,265
 
 
-
 
 
-
 
 
154,265
 
Total
 
$
154,265
 
$
480,414,660
 
$
-
 
$
480,568,925
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
-
 
$
(1,231,667)
 
$
-
 
$
(1,231,667)
 
Total
 
$
-
 
$
(1,231,667)
 
$
-
 
$
(1,231,667)
 
 
(a)
For more detail about the fair value of the Company’s MBS and type of securities, see Note 3 and Note 4.
(b)
For more detail about the fair value of the Company’s Linked Transactions, see Note 3 and Note 8.