DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instrument Detail [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following tables present the gross fair value and notional amounts of the Company’s derivative financial instruments as of December 31, 2016 and December 31, 2015.

	December 31, 2016
	Derivative Assets						Derivative Liabilities
	Contracts		Fair value		Notional		Contracts		Fair value		Notional
Eurodollar Futures		10,501		8,053,813		10,501,000,000		-		-		-
Total		10,501	$	8,053,813		10,501,000,000		-	$	-		-

	December 31, 2015
	Derivative Assets						Derivative Liabilities
	Contracts		Fair value		Notional		Contracts		Fair value		Notional
Deliverable Swap Futures		70		27,343		7,000,000		-		-		-
Eurodollar Futures		5,908		2,425,538		5,908,000,000		-		-		-
Treasury Note Futures		300		105,469		30,000,000		-		-		-
Total		6,278	$	2,558,350		5,945,000,000		-	$	-		-

Schedule of Derivative Instruments [Table Text Block]

The below tables provide a reconciliation of these assets and liabilities that are subject to Master Agreements or similar agreements and can be potentially offset on the Company’s consolidated balance sheets as of December 31, 2016 and December 31, 2015:

As of December 31, 2016 the Company did not have any assets subject to Master Agreements or similar agreements.

	December  31, 2016
							Gross amounts not offset
							in the Balance Sheet (1)
					Net amounts
	Gross amounts		Gross amounts		of assets				Cash collateral
	of recognized		offset in the		presented in the		Financial		(Received)/		Net
Description	assets		Balance Sheet		Balance Sheet		instruments		Pledged		amount
Futures	$	8,053,813	$	-	$	8,053,813	$	-	$	-	$	8,053,813
Total	$	8,053,813	$	-	$	8,053,813	$	-	$	-	$	8,053,813

	December  31, 2015
							Gross amounts not offset
							in the Balance Sheet (1)
					Net amounts
	Gross amounts		Gross amounts		of assets				Cash collateral
	of recognized		offset in the		presented in the		Financial		(Received)/		Net
Description	assets		Balance Sheet		Balance Sheet		instruments		Pledged		amount
Futures	$	2,558,350	$	-	$	2,558,350	$	-	$	-	$	2,558,350
Total	$	2,558,350	$	-	$	2,558,350	$	-	$	-	$	2,558,350

	December 31, 2016
									Gross amounts not offset
									in the Balance Sheet (1)
						Net amounts
	Gross amounts			Gross amounts		of liabilities					Cash collateral
	of recognized			offset in the		presented in the			Financial		(Received)/		Net
Description	liabilities			Balance Sheet		Balance Sheet			instruments		Pledged		amount
Repurchase agreements	$	(804,811,000	)	$	-	$	(804,811,000	)	$	-	$	-	$	(804,811,000	)
Total	$	(804,811,000	)	$	-	$	(804,811,000	)	$	-	$	-	$	(804,811,000	)

	December 31, 2015
									Gross amounts not offset
									in the Balance Sheet (1)
						Net amounts
	Gross amounts			Gross amounts		of liabilities					Cash collateral
	of recognized			offset in the		presented in the			Financial		(Received)/		Net
Description	liabilities			Balance Sheet		Balance Sheet			instruments		Pledged		amount
Repurchase agreements	$	(518,735,457	)	$	-	$	(518,735,457	)	$	-	$	-	$	(518,735,457	)
FHLB advances		(49,697,000	)		-		(49,697,000	)		-		-		(49,697,000	)
Total	$	(568,432,457	)	$	-	$	(568,432,457	)	$	-	$	-	$	(568,432,457	)

(1) Amounts presented are limited in total to the net amount of assets or liabilities presented in the consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to Master Agreements or similar agreements, or counterparties may have pledged excess cash collateral to the Company that exceed the corresponding financial assets. These excess amounts are excluded from the tables above.

Schedule Of Derivative Non-Agency Rmbs and Repurchase Financings Underlying [Table Text Block]

The following table presents certain information concerning the Non-Agency RMBS, Multi-Family MBS and repurchase financings underlying the Company’s Linked Transactions as of December 31, 2014:

	December 31, 2014
	Non-Agency			Multi-Family			Total
Face Value	$	186,532,050		$	102,968,560		$	289,500,610
Unamortized premium		-			-			-
Unamortized discount
Designated credit reserve and OTTI		(36,627,428	)		-			(36,627,428	)
Net, unamortized		(28,768,448	)		(18,323,619	)		(47,092,067	)
Amortized Cost		121,136,174			84,644,941			205,781,115
Gross unrealized gain		5,676,815			1,770,361			7,447,176
Gross unrealized (loss)		(2,384,676	)		(604,957	)		(2,989,633	)
Fair Value	$	124,428,313			85,810,345		$	210,238,658

Schedule Of Unamortized Net Discount And Designated Credit Reserves On Non Agency Rmbs Underlying Linked Transactions [Table Text Block]

The following table presents the change for the year ended December 31, 2014 of the unamortized net discount and designated credit reserves on Non-Agency RMBS and Multi-Family MBS underlying Linked Transactions:

	December 31, 2014
	Designated			Unamortized
	credit reserve			net discount			Total
Beginning Balance as of January 1, 2014	$	(29,857,597	)	$	(30,770,386	)	$	(60,627,983	)
Acquisitions		(19,384,939	)		(47,651,628	)		(67,036,567	)
Dispositions		9,468,964			15,465,093			24,934,057
Accretion of net discount		-			12,122,919			12,122,919
Realized credit losses		3,146,144			-			3,146,144
Release of credit reserves		-			3,741,935			3,741,935
Ending balance at December 31, 2014	$	(36,627,428	)	$	(47,092,067	)	$	(83,719,495	)

Schedule Of Linked Repurchase Agreement Counterparties With Whom Repurchase Agreements Exceed 10 Percent Of Stockholders Equity [Table Text Block]

	Amount		Percent of total			Weighted average		Market Value
Repurchase Agreement Counterparties	Outstanding		amount outstanding			days to maturity		of collateral held
North America	$	86,985,000		58.26	%		33	$	124,620,917
Europe (1)		46,381,000		31.07	%		15		62,487,229
Asia (1)		15,927,000		10.67	%		9		23,130,512
Total	$	149,293,000		100.00	%		25	$	210,238,658

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

Schedule Of Unrealized Gain and Net Interest Income From Derivatives [Table Text Block]

The following table presents certain information about the components of the unrealized gain (loss) and net interest income from Linked Transactions included in the Company’s consolidated statement of operations for the year ended December 31, 2014:

	Year Ended
	December 31, 2014
Interest income attributable to AFS underlying Linked Transactions	$	15,427,632
Interest expense attributable to linked repurchase agreement borrowings underlying Linked Transactions		(2,893,375	)
Change in fair value of Linked Transactions included in earnings		(1,928,409	)
Unrealized gain (loss) and net interest income from Linked Transactions	$	10,605,848

Schedule of Price Risk Derivatives [Table Text Block]

The following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the years ended December 31, 2016, December 31, 2015, and December 31, 2014:

	Year Ended December 31, 2016
	Amount of realized			Amount of unrealized
Primary underlying risk	gain (loss)			appreciation (depreciation)		Total
Interest rate:
Futures		(3,089,001	)		5,495,463		2,406,462
Total	$	(3,089,001	)	$	5,495,463	$	2,406,462

	Year Ended December 31, 2015
	Amount of realized			Amount of unrealized
Primary underlying risk	gain (loss)			appreciation (depreciation)		Total
Interest rate:
Interest rate swaps (1)	$	(7,047,875	)	$	1,755,108	$	(5,292,767	)
Swaptions		(84,000	)		62,450		(21,550	)
Futures		(4,892,855	)		3,092,300		(1,800,555	)
Total	$	(12,024,730	)	$	4,909,858	$	(7,114,872	)

	Year Ended December 31, 2014
	Amount of realized			Amount of unrealized
Primary underlying risk	gain (loss)			appreciation (depreciation)			Total
Interest rate:
Interest rate swaps (1)	$	(9,705,847	)	$	(761,429	)	$	(10,467,276	)
Swaptions		(336,000	)		(1,413,244	)		(1,749,244	)
Futures		(8,621,211	)		(688,217	)		(9,309,428	)
TBAs		448,598			(68,359	)		380,239
Total	$	(18,214,460	)	$	(2,931,249	)	$	(21,145,709	)

(1) In the year ended December 31, 2015,net swap interest expense totaled $2,216,417 comprised of $2,719,563 in interest expense paid (included in realized gain (loss)) and $503,146 in accrued interest income (included in unrealized gain (loss)). In the year ended December 31, 2014, net swap interest expense totaled $3,495,232 comprised of $3,329,219 in interest expense paid (included in realized gain (loss)) and $166,013 in accrued interest income (included in unrealized gain (loss)).