BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of Repurchase Agreements [Table Text Block]

The following table summarizes certain characteristics of the Company’s repurchase agreements at March 31, 2016 and December 31, 2015:

 

	March 31, 2016							December 31, 2015
			Weighted							Weighted
	Amount		average			Market value		Amount		average			Market value
	outstanding		interest rate			of collateral held		outstanding		interest rate			of collateral held
Agency	$	307,072,000		0.67	%		324,846,334	$	358,239,000		0.66	%		374,952,510
Non-Agency		57,845,000		2.09	%		84,406,691		114,512,000		2.24	%		121,475,112
Multi-Family		95,356,000		2.31	%		173,844,914		86,177,000		1.83	%		190,056,347
Mortgage loans		9,353,356		2.79	%		10,866,503		9,504,457		2.87	%		10,900,403
Total	$	469,626,356		1.22	%		593,964,442	$	568,432,457		1.19	%		697,384,372

Schedule Of Remaining Maturities Under Repurchase Agreement [Table Text Block]

At March 31, 2016 and December 31, 2015, the repurchase agreements had the following remaining maturities:

	March 31, 2016		December 31, 2015
< 30 days	$	389,695,000	$	449,063,000
31 to 60 days		59,601,000		76,044,000
61 to 90 days		10,977,000		37,873,540
> 90 days		9,353,356		5,451,917
Total	$	469,626,356	$	568,432,457

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 March 31, 2016 and December 31, 2015:

	March 31, 2016
	Amount		Percent of total			Weighted average		Market Value
Repurchase Agreement Counterparties	Outstanding		amount outstanding			days to maturity		of collateral held
Merrill Lynch	$	58,772,000		12.51	%		33	$	112,001,570
Wells Fargo Securities		29,575,000		6.30	%		10		52,487,778
Other North America		244,249,000		52.01	%		15		261,289,732
Asia (1)		84,887,000		18.08	%		17		96,092,316
Europe (1)		52,143,356		11.10	%		44		72,093,046
Total	$	469,626,356		100.00	%		21	$	593,964,442

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

	December 31, 2015
	Amount		Percent of total			Weighted average		Market Value
Repurchase Agreement Counterparties	Outstanding(1)		amount outstanding			days to maturity		of collateral held
Merrill Lynch	$	99,770,000		17.55	%		30	$	154,005,234
Wells Fargo Securities		32,192,000		5.66	%		10		53,711,547
Other North America		291,806,000		51.34	%		25		315,040,818
Europe (1)		56,099,457		9.87	%		46		76,656,547
Asia (1)		88,565,000		15.58	%		16		97,970,226
Total	$	568,432,457		100.00	%		26	$	697,384,372

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