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Real Estate Securities (Tables)
 12 Months Ended
Dec. 31, 2013
Real Estate Securities [Abstract]  
Schedule Of Real Estate Securities [Table Text Block]
The following table details the real estate securities portfolio as of December 31, 2013:
 
 
 
 
 
 
Premium /
 
 
 
 
Gross Unrealized (1)
 
 
 
 
Weighted Average
 
 
 
Current Face
 
(Discount)
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
 
Coupon
 
 
Yield
 
Agency RMBS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15 Year Fixed Rate
 
$
435,843,408
 
$
12,909,886
 
$
448,753,294
 
$
1,509,418
 
$
(2,662,880)
 
$
447,599,832
 
3.13
%
 
2.50
%
20 Year Fixed Rate
 
 
142,296,219
 
 
7,316,644
 
 
149,612,863
 
 
610,806
 
 
(3,166,423)
 
 
147,057,246
 
3.73
%
 
2.89
%
30 Year Fixed Rate
 
 
1,191,781,474
 
 
68,531,950
 
 
1,260,313,424
 
 
60,020
 
 
(30,868,697)
 
 
1,229,504,747
 
4.03
%
 
3.28
%
ARM
 
 
466,047,819
 
 
(1,583,428)
 
 
464,464,391
 
 
187,111
 
 
(2,864,107)
 
 
461,787,395
 
2.43
%
 
2.78
%
Interest Only
 
 
736,263,003
 
 
(601,525,564)
 
 
134,737,439
 
 
5,083,736
 
 
(2,767,627)
 
 
137,053,548
 
4.92
%
 
6.49
%
Credit Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Agency RMBS
 
 
962,852,550
 
 
(132,283,547)
 
 
830,569,003
 
 
20,615,586
 
 
(6,967,021)
 
 
844,217,568
 
4.19
%
 
5.79
%
ABS
 
 
71,326,847
 
 
(315,657)
 
 
71,011,190
 
 
333,594
 
 
-
 
 
71,344,784
 
3.82
%
 
4.07
%
CMBS
 
 
88,828,774
 
 
(2,269,882)
 
 
86,558,892
 
 
1,270,629
 
 
(902,786)
 
 
86,926,735
 
5.16
%
 
6.53
%
Interest Only
 
 
52,357,700
 
 
(45,794,824)
 
 
6,562,876
 
 
-
 
 
(238,141)
 
 
6,324,735
 
1.85
%
 
5.71
%
Total
 
$
4,147,597,794
 
$
(695,014,422)
 
$
3,452,583,372
 
$
29,670,900
 
$
(50,437,682)
 
$
3,431,816,590
 
3.94
%
 
3.94
%
 
(1) We have chosen to make a fair value election pursuant to ASC 825 for our real estate securities portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains/(losses).
 
The following table details the real estate securities portfolio as of December 31, 2012:
 
 
 
 
 
 
Premium /
 
 
 
 
Gross Unrealized (1)
 
 
 
 
Weighted Average
 
 
 
Current Face
 
(Discount)
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
 
Coupon (2)
 
 
Yield
 
Agency RMBS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15 Year Fixed Rate
 
$
1,177,320,487
 
$
46,922,089
 
$
1,224,242,576
 
$
24,223,576
 
$
(255,956)
 
$
1,248,210,196
 
2.97
%
 
2.08
%
20 Year Fixed Rate
 
 
137,858,353
 
 
6,696,803
 
 
144,555,156
 
 
3,569,538
 
 
-
 
 
148,124,694
 
3.68
%
 
2.78
%
30 Year Fixed Rate
 
 
1,998,807,425
 
 
116,173,790
 
 
2,114,981,215
 
 
32,180,328
 
 
(3,423,448)
 
 
2,143,738,095
 
3.63
%
 
2.75
%
ARM
 
 
36,228,319
 
 
1,584,714
 
 
37,813,033
 
 
362,721
 
 
-
 
 
38,175,754
 
2.96
%
 
2.34
%
Interest Only
 
 
972,543,812
 
 
(763,342,056)
 
 
209,201,756
 
 
5,162,683
 
 
(6,746,027)
 
 
207,618,412
 
6.00
%
 
7.00
%
Credit Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Agency RMBS
 
 
634,277,808
 
 
(87,414,086)
 
 
546,863,722
 
 
6,704,413
 
 
(1,396,738)
 
 
552,171,397
 
4.65
%
 
5.44
%
ABS
 
 
33,620,881
 
 
(36,289)
 
 
33,584,592
 
 
352,505
 
 
-
 
 
33,937,097
 
5.34
%
 
5.44
%
CMBS
 
 
96,536,946
 
 
(2,094,604)
 
 
94,442,342
 
 
2,956,780
 
 
(82,588)
 
 
97,316,534
 
5.51
%
 
6.36
%
Interest Only
 
 
640,867,674
 
 
(572,685,926)
 
 
68,181,748
 
 
1,338,054
 
 
(1,783,201)
 
 
67,736,601
 
2.13
%
 
5.50
%
Total
 
$
5,728,061,705
 
$
(1,254,195,565)
 
$
4,473,866,140
 
$
76,850,598
 
$
(13,687,958)
 
$
4,537,028,780
 
3.92
%
 
3.22
%
 
(1) We have chosen to make a fair value election pursuant to ASC 825 for our real estate securities portfolio. Unrealized gains and losses are recognized in current period earnings in the unrealized gain/(loss) on real estate securities and loans, net line item. The gross unrealized stated above represents inception to date unrealized gains/(losses).
(2) Equity residual investments with a zero coupon rate are excluded from this calculation.
Available-For-Sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]
The following table presents the gross unrealized losses, and estimated fair value of the Company’s real estate securities by length of time that such securities have been in a continuous unrealized loss position at December 31, 2013 and December 31, 2012.
 
 
 
Less than 12 months
 
Greater than 12 months
 
As of
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
December 31, 2013
 
$
2,330,415,740
 
$
(43,557,831)
 
$
112,253,956
 
$
(6,879,851)
 
December 31, 2012
 
 
777,773,600
 
 
(11,267,980)
 
 
4,872,469
 
 
(2,419,978)
 
Weighted Average Life Of Real Estate Securities [Table Text Block]
The following table details weighted average life by Agency RMBS, Agency Interest-Only (“IO”) and Other Securities as of December 31, 2013:
 
 
 
Agency RMBS
 
 
Agency IO
 
 
Other Securities (1)
 
Weighted Average Life (2)
 
Fair Value
 
Amortized Cost
 
Weighted
Average
Coupon
 
 
Fair Value
 
Amortized
Cost
 
Weighted
Average
Coupon
 
 
Fair Value
 
Amortized Cost
 
Weighted
Average
Coupon
 
Less than or equal to 1 year
 
$
-
 
$
-
 
-
 
 
$
5,406,120
 
$
4,739,053
 
3.00
%
 
$
5,227,857
 
$
5,355,113
 
0.67
%
Greater than one year and less than or equal to five years
 
 
292,921,980
 
 
292,010,291
 
3.12
%
 
 
109,110,653
 
 
107,278,916
 
5.11
%
 
 
367,316,237
 
 
359,557,150
 
4.29
%
Greater than five years and less than or equal to ten years
 
 
1,514,649,739
 
 
1,534,246,672
 
3.50
%
 
 
22,536,775
 
 
22,719,470
 
4.48
%
 
 
513,581,646
 
 
504,612,828
 
3.74
%
Greater than ten years
 
 
478,377,501
 
 
496,887,009
 
3.73
%
 
 
-
 
 
-
 
-
 
 
 
122,688,082
 
 
125,176,870
 
5.56
%
Total
 
$
2,285,949,220
 
$
2,323,143,972
 
3.50
%
 
$
137,053,548
 
$
134,737,439
 
4.92
%
 
$
1,008,813,822
 
$
994,701,961
 
4.14
%
 
(1) For purposes of this table, Other Securities represents the following Credit Investments held as of December 31, 2013, Non-Agency RMBS, ABS, CMBS and Interest Only.
(2) Actual maturities of mortgage-backed securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.
 
The following table details weighted average life by Agency RMBS, Agency IO and Other Securities as of December 31, 2012:
 
 
 
Agency RMBS
 
 
Agency IO
 
 
Other Securities (1)
 
Weighted Average Life (2)
 
Fair Value
 
Amortized Cost
 
Weighted
Average
Coupon
 
 
Fair Value
 
Amortized
Cost
 
Weighted
Average
Coupon
 
 
Fair Value
 
Amortized Cost
 
Weighted
Average
Coupon (3)
 
Less than or equal to 1 year
 
$
-
 
$
-
 
-
 
 
$
-
 
$
-
 
-
 
 
$
3,748,025
 
$
3,759,750
 
0.75
%
Greater than one year and less than or equal to five years
 
 
868,542,200
 
 
846,760,882
 
2.97
%
 
 
166,406,425
 
 
165,968,688
 
6.03
%
 
 
374,224,663
 
 
368,468,808
 
2.94
%
Greater than five years and less than or equal to ten years
 
 
2,458,784,128
 
 
2,424,996,350
 
3.58
%
 
 
41,211,988
 
 
43,233,067
 
5.91
%
 
 
354,247,135
 
 
351,908,850
 
5.16
%
Greater than ten years
 
 
250,922,410
 
 
249,834,748
 
3.13
%
 
 
-
 
 
-
 
-
 
 
 
18,941,806
 
 
18,934,995
 
1.12
%
Total
 
$
3,578,248,738
 
$
3,521,591,980
 
3.40
%
 
$
207,618,413
 
$
209,201,755
 
6.00
%
 
$
751,161,629
 
$
743,072,403
 
3.54
%
 
(1) For purposes of this table, Other Securities represents the following Credit Investments held as of December 31, 2012, Non-Agency RMBS, ABS, CMBS and Interest Only.
(2) Actual maturities of mortgage-backed securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.
(3) Equity residual investments with a zero coupon rate are excluded from this calculation.