DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of breakdown of the derivatives outstanding

The following is a breakdown of the derivatives outstanding as of December 31, 2014 and 2013:

December 31, 2014

			Fair Value				Remaining Maturity (years)
Contract Type	Notional		Asset(1)		Liability(1)
Caps
1MO LIBOR	$	71,250,000	$	4	$	—	0.66
Futures
5-year Swap	$	496,200,000	$	108,562	$	27,732	0.25
10-year Swap	842,800,000		103,765		8,258,356		0.25
Total futures	1,339,000,000		212,327		8,286,088
Swaps
3MO LIBOR	100,000,000		—		4,505,444		3.18
Credit Derivatives
CMBX	10,000,000		211,170		—		6.80
CDX	33,500,000		—		653,986		3.97
Total credit derivatives	43,500,000		211,170		653,986
Total derivatives	$	1,553,750,000	$	423,501	$	13,445,518

December 31, 2013

			Fair Value				Remaining Maturity (years)
Contract Type	Notional		Asset(1)		Liability(1)
Caps
1MO LIBOR	$	71,250,000	$	—	$	—	0.14
Futures
5-year Swap	$	45,000,000	$	402,719	$	—	0.25
10-year Swap	753,700,000		7,589,466		—		0.25
Total futures	798,700,000		7,992,185		—
Swaps
3MO LIBOR	121,000,000		—		6,420,495		4.51
Credit Derivatives
CMBX	10,000,000		252,170		—		8.38
CDX	33,500,000		—		610,538		4.97
Total credit derivatives	43,500,000		252,170		610,538
Total derivatives	$	1,034,450,000	$	8,244,355	$	7,031,033

(1)  Shown as derivative instruments, at fair value, in the accompanying combined consolidated balance sheets.

Schedule of net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives

The following table indicates the net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the combined consolidated statements of operations for the year endedDecember 31, 2014, 2013 and 2012:

	Year Ended December 31, 2014
	Unrealized Gain/(Loss)			Realized Gain/(Loss)			Net Result from Derivative Transactions
Contract Type
Caps	$	4		$	(7,125	)	$	(7,121	)
Futures	(16,064,974		)	(74,945,667		)	(91,010,641		)
Swaps	1,780,054			(5,160,585		)	(3,380,531		)
Credit Derivatives	(86,309		)	(313,153		)	(399,462		)
Total	$	(14,371,225	)	$	(80,426,530	)	$	(94,797,755	)

	Year Ended December 31, 2013
	Unrealized Gain/(Loss)			Realized Gain/(Loss)			Net Result from Derivative Transactions
Contract Type
Caps	$	(21	)	$	—		$	(21	)
Futures	4,419,955			19,998,551			24,418,506
Swaps	11,288,233			(4,834,218		)	6,454,015
Credit Derivatives	(1,679,906		)	(1,117,362		)	(2,797,268		)
Total	$	14,028,261		$	14,046,971		$	28,075,232

	Year Ended December 31, 2012
	Unrealized Gain/(Loss)			Realized Gain/(Loss)			Net Result from Derivative Transactions
Contract Type
Caps	$	(1,798	)	$	—		$	(1,798	)
Futures	5,980,796			(22,967,881		)	(16,987,085		)
Swaps	5,000,099			(18,616,592		)	(13,616,493		)
Credit Derivatives	1,347,963			(6,393,576		)	(5,045,613		)
Total	$	12,327,060		$	(47,978,049	)	$	(35,650,989	)