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RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Tables)
 9 Months Ended
Sep. 30, 2017
Variable Interest Entity [Line Items]  
Condensed Consolidated Balance Sheets
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
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
%
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 September 30, 2017 and December 31, 2016 are set out below:
Balance Sheets
 
September 30, 2017
 
December 31, 2016
Assets
 
 

 
 

Residential mortgage loans held in securitization trusts
 
$
125,403,499

 
$
141,126,720

Receivables
 
412,456

 
471,146

Total assets
 
$
125,815,955

 
$
141,597,866

 
 
 
 
 
Liabilities and Equity
 
 

 
 

Residential securitized debt obligations
 
$
119,882,464

 
$
134,846,348

Payables
 
332,344

 
376,697

Total liabilities
 
$
120,214,808

 
$
135,223,045

Equity
 
5,601,147

 
6,374,821

Total liabilities and equity
 
$
125,815,955

 
$
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 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
 
$
1,249,966

 
$
1,582,090

Interest expense
 
995,293

 
1,210,186

Net interest income
 
$
254,673

 
$
371,904

General and administrative fees
 
(11,003
)
 
(13,653
)
Unrealized gain (loss) on residential loans held in securitization trusts
 
(155,252
)
 
(764,599
)
Net income (loss)
 
$
88,418

 
$
(406,348
)


Statements of Operations
 
Nine Months Ended September 30, 2017
 
Nine Months Ended September 30, 2016
Interest income
 
$
3,903,924

 
$
9,143,343

Interest expense
 
3,100,616

 
6,978,474

Net interest income
 
$
803,308

 
$
2,164,869

General and administrative fees
 
(34,227
)
 
(254,424
)
Unrealized gain (loss) on residential loans held in securitization trusts
 
(773,674
)
 
80,511

Net income (loss)
 
$
(4,593
)
 
$
1,990,956
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 September 30, 2017 and December 31, 2016 are as follows:
 
September 30, 2017
 
December 31, 2016
California
36.6
%
 
37.6
%
Washington
16.0
%
 
15.4
%
Massachusetts
7.9
%
 
8.4
%
Florida
6.2
%
 
5.7
%