FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2016 and December 31, 2015:

	December 31, 2016
	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, 2016
Assets:
Residential mortgage-backed securities (a)	$	-	$	870,929,601		$	-	$	870,929,601
Residential mortgage loans		-		2,849,536			-		2,849,536
Multi-Family mortgage loans held in securitization trusts		-		1,222,905,433			-		1,222,905,433
Residential mortgage loans held in securitization trusts		-		141,126,720			-		141,126,720
Mortgage servicing rights		-		-			3,440,809		3,440,809
Futures		8,053,813		-			-		8,053,813
Total	$	8,053,813	$	2,237,811,290		$	3,440,809	$	2,249,305,912
Liabilities:
Multi-family securitized debt obligations	$	-	$	(1,204,583,678	)	$	-	$	(1,204,583,678	)
Residential securitized debt obligations		-		(134,846,348	)		-		(134,846,348	)
Total	$	-	$	(1,339,430,026	)	$	-	$	(1,339,430,026	)

	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:
Multi-family securitized debt obligations	$	-	$	(1,364,077,012	)	$	-	$	(1,364,077,012	)
Residential securitized debt obligations		-		(380,638,423	)		-		(380,638,423	)
Total	$	-	$	(1,744,715,435	)	$	-	$	(1,744,715,435	)

(a) For more detail about the fair value of the Company’s MBS, 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 December 31, 2016 and December 31, 2015:

As of December 31, 2016
Valuation Technique	Unobservable Input	Range			Weighted Average
Discounted cash flow	Constant prepayment rate		8.0 - 26.5	%		13.7	%
	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	%