AVAILABLE-FOR-SALE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

AFS Investment Securities, by Collateral Type

The following table presents the Company’s AFS investment securities by collateral type at fair value as of December 31, 2017. As of December 31, 2018, the Company no longer held any AFS securities:

	December 31, 2017
Mortgage-backed securities:
Agency
Federal Home Loan Mortgage Corporation	$	530,640,091
Federal National Mortgage Association	754,443,557
Multi-Family	5,742,000
Total mortgage-backed securities	$	1,290,825,648

Amoritized Cost and Fair Value of the AFS Investment Securities, by Collateral Type

The following table presents the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of December 31, 2017. As of December 31, 2018, the Company no longer held any AFS securities:

	December 31, 2017
	Agency			Non-Agency		Multi-Family			Total
Face Value	$	1,274,329,317		$	—	$	7,500,000		$	1,281,829,317
Unamortized premium	23,818,687			—		—			23,818,687
Unamortized discount	(491,020		)	—		(1,713,542		)	(2,204,562		)
Amortized Cost	1,297,656,984			—		5,786,458			1,303,443,442
Gross unrealized gain	751,458			—		—			751,458
Gross unrealized (loss)	(13,324,794		)	—		(44,458		)	(13,369,252		)
Fair Value	$	1,285,083,648		$	—	$	5,742,000		$	1,290,825,648

AFS Securities Not Deemed to be Other Than Temporarily Impaired

The following table presents the components comprising the carrying value of AFS securities not deemed to be other than temporarily impaired by length of time the securities had an unrealized loss position as of December 31, 2017. At December 31, 2017, the Company held 59 AFS securities, of which 49 were in an unrealized loss position for less than twelve consecutive months and five were in an unrealized loss position for more than twelve months.

	Less than 12 months					Greater than 12 months					Total
	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
December 31, 2017	$	1,084,010,586	$	(11,135,736	)	$	95,024,791	$	(2,233,516	)	$	1,179,035,377	$	(13,369,252	)

Summary of Net Realized Gain (Loss) From the Sale of AFS Securities

The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities for the years ended December 2018 and December 2017:

	December 31, 2018			December 31, 2017
AFS securities sold, at cost	$	1,260,655,162		$	509,084,520
Proceeds from AFS securities sold	1,227,314,578			495,030,356
Net realized gain (loss) on sale of AFS securities	$	(33,340,584	)	$	(14,054,164	)

Fair Value of AFS Investment Securities, by Rate Type

The following table presents the fair value of AFS investment securities by rate type as of December 31, 2017. As of December 31, 2018, the Company no longer held any AFS securities:

	December 31, 2017
	Agency		Non-Agency		Multi-Family		Total
Adjustable rate	$	1,284,237,670	$	—	$	—	$	1,284,237,670
Fixed rate	845,978		—		5,742,000		6,587,978
Total	$	1,285,083,648	$	—	$	5,742,000	$	1,290,825,648

Fair Value of AFS Investment Securities, by Maturity Date

The following table presents the fair value of AFS investment securities by maturity date as of December 31, 2017. As of December 31, 2018, the Company no longer held any AFS securities:

	December 31, 2017
Greater than one year and less than five years	$	1,187,909,353
Greater than or equal to five years	102,916,295
Total	$	1,290,825,648

Changes of the Unamoritized Net Discount and Designated Credit Reserves on the MBS

The following tables present the changes for the year ended December 31, 2018 and the year ended December 31, 2017 of the unamortized net discount and designated credit reserves on the Company’s AFS securities.

	December 31, 2018
	Designated credit reserve		Unamortized net discount			Total
Beginning Balance as of January 1, 2018	$	—	$	(2,204,562	)	$	(2,204,562	)
Dispositions	—		2,042,842			2,042,842
Accretion of net discount	—		161,720			161,720
Ending Balance at December 31, 2018	$	—	$	—		$	—

	December 31, 2017
	Designated credit reserve			Unamortized net discount			Total
Beginning Balance as of January 1, 2017	$	(1,929,833	)	$	(27,841,262	)	$	(29,771,095	)
Dispositions	1,929,833			22,685,756			24,615,589
Accretion of net discount	—			2,950,944			2,950,944
Ending Balance at December 31, 2017	$	—		$	(2,204,562	)	$	(2,204,562	)

Components of Interest Income on AFS Securities

The following tables present components of interest income on the Company’s AFS securities for the years ended December 31, 2018 and December 31, 2017:

	Year Ended December 31, 2018
	Coupon interest		Net (premium amortization)/ discount accretion			Interest income
Agency	$	12,152,397	$	(1,435,534	)	$	10,716,863
Non-Agency	—		—			—
Multi-Family	—		32,103			32,103
Total	$	12,152,397	$	(1,403,431	)	$	10,748,966

	Year Ended December 31, 2017
	Coupon interest		Net (premium amortization)/ discount accretion			Interest income
Agency	$	28,003,938	$	(654,970	)	$	27,348,968
Non-Agency	42,254		9,946			52,200
Multi-Family	—		2,120,725			2,120,725
Total	$	28,046,192	$	1,475,701		$	29,521,893