THE FREMF TRUSTS (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2017 and December 31, 2016 are set out below:

Balance Sheets	September 30, 2017		December 31, 2016
Assets
Multi-family mortgage loans held in securitization trusts	$	1,149,888,917	$	1,222,905,433
Receivables	4,389,002		4,617,642
Total assets	$	1,154,277,919	$	1,227,523,075
Liabilities and Equity
Multi-family securitized debt obligations	$	1,128,773,402	$	1,204,583,678
Payables	4,365,218		4,597,357
Total liabilities	$	1,133,138,620	$	1,209,181,035
Equity	21,139,299		18,342,040
Total liabilities and equity	$	1,154,277,919	$	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 and nine months ended September 30, 2017 and September 30, 2016 are as follows:

Statements of Operations	Three Months Ended September 30, 2017			Three Months Ended September 30, 2016
Interest income	$	13,473,913		$	14,466,946
Interest expense	12,766,808			13,740,005
Net interest income	$	707,105		$	726,941
General and administrative fees	(634,222		)	(670,157		)
Unrealized gain (loss) on multi-family loans held in securitization trusts	694,730			930,312
Net income (loss)	$	767,613		$	987,096

Statements of Operations	Nine Months Ended September 30, 2017			Nine Months Ended September 30, 2016
Interest income	$	40,992,241		$	44,597,652
Interest expense	38,866,888			41,667,457
Net interest income	$	2,125,353		$	2,930,195
General and administrative fees	(1,922,771		)	(2,052,857		)
Unrealized gain (loss) on multi-family loans held in securitization trusts	2,797,566			(5,604,839		)
Net income (loss)	$	3,000,148		$	(4,727,501	)

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 September 30, 2017 and December 31, 2016 are as follows:

	September 30, 2017		December 31, 2016
Texas	100.0	%	56.0	%
Kentucky	—	%	24.4	%
North Carolina	—	%	19.6	%

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of September 30, 2017 and December 31, 2016 are as follows:

	September 30, 2017			December 31, 2016
New York	16.5	%	Texas	17.9	%
Texas	14.2	%	New York	15.7	%
Washington	8.7	%	Washington	8.4	%
Colorado	7.8	%	Colorado	7.5	%
Georgia	5.7	%	Georgia	5.5	%