MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS

12 Months Ended

Dec. 31, 2014

Multi-Family Mortgage Loans Held in Securitization Trusts [Member]

Variable Interest Entity [Line Items]

Variable Interest Entity Disclosure [Text Block]

NOTE 6 – MULTI-FAMILY MORTGAGE LOAN SECURITIZATION TRUSTS

The Company has elected the fair value option on the assets and liabilities of the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, which requires that changes in valuations of the trusts be reflected in the Company’s statements of operations. The Company’s net investment in the trusts is limited to the Multi-Family MBS comprised of first loss PO securities and IO securities acquired by the Company in 2014 with an aggregate net carrying value of $79,933,551 at December 31, 2014.

The combined balance sheet of the multi-family mortgage loan securitization trusts at December 31, 2014:

Balance Sheet	December 31, 2014
Assets
Multi-family mortgage loans held in securitization trusts	$	1,750,294,430
Receivables		6,012,642
Total assets	$	1,756,307,072
Liabilities and Equity
Multi-family securitized debt obligations	$	1,670,573,456
Payables		5,800,065
	$	1,676,373,521
Equity		79,933,551
Total liabilities and equity	$	1,756,307,072

The multi-family mortgage loans held in securitization trusts had an unpaid principal balance of $1,637,721,473 at December 31, 2014. The multi-family securitized debt obligations had an unpaid principal balance of $1,637,721,473 at December 31, 2014

The combined statement of operations of the  multi-family mortgage loan securitization trusts at December 31, 2014 are as follows:

	For the period  from
	date of consolidation to
Statement of Operation	December 31,  2014*
Interest income	$	21,158,102
Interest expense		(19,400,851)
Net interest income	$	1,757,251
General and administrative fees		(1,086,165)
Unrealized gain (loss) on multi-family mortgage loan held in securitization trusts		1,473,484
Net Income	$	2,144,570

* The Company consolidated the first trust in September, 2014 and the second trust in October, 2014.

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the trusts as of December 31, 2014:

	December 31, 2014
Texas	20.7	%
California	12.7	%
New York	11.1	%
Washington	6.1	%
Colorado	6.0	%
Georgia	5.0	%