THE FREMF TRUSTS (Tables)

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidated Balance Sheets of the FREMF trusts

The condensed consolidated balance sheets of the FREMF trusts at March 31, 2017 and December 31, 2016 are set out below:

Balance Sheets	March 31, 2017		December 31, 2016
Assets
Multi-family mortgage loans held in securitization trusts	$	1,215,157,038	$	1,222,905,433
Receivables	4,746,463		4,617,642
Total assets	$	1,219,903,501	$	1,227,523,075
Liabilities and Equity
Multi-family securitized debt obligations	$	1,195,536,818	$	1,204,583,678
Payables	4,725,012		4,597,357
Total liabilities	$	1,200,261,830	$	1,209,181,035
Equity	19,641,671		18,342,040
Total liabilities and equity	$	1,219,903,501	$	1,227,523,075

Condensed Consolidated Statements of Operations of the FREMF Trusts

The condensed consolidated statements of operations of the FREMF trusts for the three months ended March 31, 2017 and March 31, 2016 are as follows:

Statements of Operations	Three Months Ended March 31, 2017			Three Months Ended March 31, 2016
Interest income	$	13,948,754		$	15,437,804
Interest expense	13,237,724			14,112,709
Net interest income	$	711,030		$	1,325,095
General and administrative fees	(648,934		)	(703,483		)
Unrealized gain (loss) on multi-family loans held in securitization trusts	1,299,630			1,536,317
Net income (loss)	$	1,361,726		$	2,157,929

Geographic Concentrations

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the mortgage loans held-for-sale as of March 31, 2017 and December 31, 2016 are as follows:

	March 31, 2017		December 31, 2016
Texas	56.2	%	56.0	%
Kentucky	24.4	%	24.4	%
North Carolina	19.4	%	19.6	%

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of March 31, 2017 and December 31, 2016 are as follows:

	March 31, 2017		December 31, 2016
Texas	17.9	%	17.9	%
New York	15.7	%	15.7	%
Washington	8.4	%	8.4	%
Colorado	7.5	%	7.5	%
Georgia	5.5	%	5.5	%