FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2016

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 September 30, 2016 and December 31, 2015:

	September 30, 2016
	Quoted prices in			Significant
	active markets			other observable			Unobservable
	for identical assets			inputs			inputs		Balance as of
	Level 1			Level 2			Level 3		September 30, 2016
Assets:
Residential mortgage-backed securities (a)	$	-		$	817,394,805		$	-	$	817,394,805
Residential mortgage loans		-			9,274,002			-		9,274,002
Multi-Family mortgage loans held in securitization trusts		-			1,267,101,902			-		1,267,101,902
Residential mortgage loans held in securitization trusts		-			153,356,678			-		153,356,678
Mortgage servicing rights		-			-			3,025,433		3,025,433
FHLB stock		11,300			-			-		11,300
Total	$	11,300		$	2,247,127,387		$	3,025,433	$	2,250,164,120
Liabilities:
Multi-family securitized debt obligations	$	-		$	(1,249,163,769	)	$	-	$	(1,249,163,769	)
Residential securitized debt obligations		-			(147,407,885	)		-		(147,407,885	)
Futures		(4,613,988	)		-			-		(4,613,988	)
Total	$	(4,613,988	)	$	(1,396,571,654	)	$	-	$	(1,401,185,642	)

	December 31, 2015
	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, 2015
Assets:
Residential mortgage-backed securities (a)	$	-	$	571,466,581		$	-	$	571,466,581
Residential mortgage loans		-		10,900,402			-		10,900,402
Multi-Family mortgage loans held in securitization trusts		-		1,449,774,383			-		1,449,774,383
Residential mortgage loans held in securitization trusts		-		411,881,097			-		411,881,097
Mortgage servicing rights		-		-			4,268,673		4,268,673
FHLB Stock		2,403,000		-			-		2,403,000
Futures		2,558,350		-			-		2,558,350
Total	$	4,961,350	$	2,444,022,463		$	4,268,673	$	2,453,252,486
Liabilities:
Interest rate swaps	$	-	$	-		$	-	$	-
Multi-family securitized debt obligations		-		(1,364,077,012	)		-		(1,364,077,012	)
Residential securitized debt obligations		-		(380,638,423	)		-		(380,638,423	)
Futures		-		-			-		-
Total	$	-	$	(1,744,715,435	)	$	-	$	(1,744,715,435	)

(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 Measurement Inputs and Valuation Techniques [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 September 30, 2016 and December 31, 2015:

As of September 30, 2016
Valuation Technique	Unobservable Input	Range			Weighted Average
Discounted cash flow	Constant prepayment rate		8.4 - 30.9	%		18.6	%
	Discount rate		12.0	%		12.0	%

As of December 31, 2015
Valuation Technique	Unobservable Input	Range			Weighted Average
Discounted cash flow	Constant prepayment rate		6.5 - 28.6	%		13.3	%
	Discount rate		12.0	%		12.0	%