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RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Tables)
 6 Months Ended
Jun. 30, 2017
Variable Interest Entity [Line Items]  
Condensed Consolidated Balance Sheets
The condensed consolidated balance sheets of the FREMF trusts at June 30, 2017 and December 31, 2016 are set out below:
Balance Sheets
 
June 30, 2017
 
December 31, 2016
Assets
 
 

 
 

Multi-family mortgage loans held in securitization trusts
 
$
1,175,419,031

 
$
1,222,905,433

Receivables
 
4,461,619

 
4,617,642

Total assets
 
$
1,179,880,650

 
$
1,227,523,075

 
 
 
 
 
Liabilities and Equity
 
 

 
 

Multi-family securitized debt obligations
 
$
1,154,997,075

 
$
1,204,583,678

Payables
 
4,439,006

 
4,597,357

Total liabilities
 
$
1,159,436,081

 
$
1,209,181,035

Equity
 
20,444,569

 
18,342,040

Total liabilities and equity
 
$
1,179,880,650

 
$
1,227,523,075
Condensed Consolidated Statements of Operations
The condensed consolidated statements of operations of the FREMF trusts for the three and six months ended June 30, 2017 and June 30, 2016 are as follows:
Statements of Operations
 
Three Months Ended
June 30, 2017
 
Three Months Ended
June 30, 2016
Interest income
 
$
13,569,574

 
$
14,692,902

Interest expense
 
12,862,356

 
13,814,743

Net interest income
 
$
707,218

 
$
878,159

General and administrative fees
 
(639,615
)
 
(679,217
)
Unrealized gain (loss) on multi-family loans held in securitization trusts
 
803,206

 
(8,071,468
)
Net income (loss)
 
$
870,809

 
$
(7,872,526
)

Statements of Operations
 
Six Months Ended June 30, 2017
 
Six Months Ended June 30, 2016
Interest income
 
$
27,518,328

 
$
30,130,706

Interest expense
 
26,100,080

 
27,927,452

Net interest income
 
$
1,418,248

 
$
2,203,254

General and administrative fees
 
(1,288,549
)
 
(1,382,700
)
Unrealized gain (loss) on multi-family loans held in securitization trusts
 
2,102,836

 
(6,535,151
)
Net income (loss)
 
$
2,232,535

 
$
(5,714,597
)
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 June 30, 2017 and December 31, 2016 are as follows:
 
 
June 30, 2017
 
December 31, 2016
Texas
 
56.3
%
 
56.0
%
Kentucky
 
24.5
%
 
24.4
%
North Carolina
 
19.2
%
 
19.6
%
The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of June 30, 2017 and December 31, 2016 are as follows:
 
June 30, 2017
 
 
December 31, 2016
New York
16.2
%
 
Texas
17.9
%
Texas
15.3
%
 
New York
15.7
%
Washington
8.6
%
 
Washington
8.4
%
Colorado
7.7
%
 
Colorado
7.5
%
Georgia
5.7
%
 
Georgia
5.5
%
Residential mortgage loans  
Variable Interest Entity [Line Items]  
Condensed Consolidated Balance Sheets
The condensed consolidated balance sheets of the residential mortgage loan securitization trusts at June 30, 2017 and December 31, 2016 are set out below:
Balance Sheets
 
June 30, 2017
 
December 31, 2016
Assets
 
 

 
 

Residential mortgage loans held in securitization trusts
 
$
128,679,142

 
$
141,126,720

Receivables
 
429,836

 
471,146

Total assets
 
$
129,108,978

 
$
141,597,866

 
 
 
 
 
Liabilities and Equity
 
 

 
 

Residential securitized debt obligations
 
$
123,007,454

 
$
134,846,348

Payables
 
345,126

 
376,697

Total liabilities
 
$
123,352,580

 
$
135,223,045

Equity
 
5,756,398

 
6,374,821

Total liabilities and equity
 
$
129,108,978

 
$
141,597,866
Condensed Consolidated Statements of Operations
The condensed consolidated statements of operations of the residential mortgage loan securitization trusts for the three and six months ended June 30, 2017 and June 30, 2016 are as follows:
Statements of Operations
 
Three Months Ended
June 30, 2017
 
Three Months Ended
June 30, 2016
Interest income
 
$
1,298,520

 
$
3,408,847

Interest expense
 
1,030,971

 
2,589,846

Net interest income
 
$
267,549

 
$
819,001

General and administrative fees
 
(11,380
)
 
(108,353
)
Unrealized gain (loss) on residential loans held in securitization trusts
 
(250,079
)
 
3,399,187

Net income (loss)
 
$
6,090

 
$
4,109,835



Statements of Operations
 
Six Months Ended June 30, 2017
 
Six Months Ended June 30, 2016
Interest income
 
$
2,653,958

 
$
7,561,253

Interest expense
 
2,105,323

 
5,768,288

Net interest income
 
$
548,635

 
$
1,792,965

General and administrative fees
 
(23,224
)
 
(240,771
)
Unrealized gain (loss) on residential loans held in securitization trusts
 
(618,422
)
 
845,110

Net income (loss)
 
$
(93,011
)
 
$
2,397,304
Geographic Concentrations
The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the residential mortgage loan securitization trusts as of June 30, 2017 and December 31, 2016 are as follows:
 
June 30, 2017
 
December 31, 2016
California
36.9
%
 
37.6
%
Washington
15.5
%
 
15.4
%
Massachusetts
8.2
%
 
8.4
%
Florida
6.1
%
 
5.7
%