XML 44 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
THE FREMF TRUSTS (Tables)
3 Months Ended
Mar. 31, 2018
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, 2018 and December 31, 2017 are set out below:
Balance Sheets
 
March 31, 2018
 
December 31, 2017
Assets
 
 

 
 

Multi-family mortgage loans held in securitization trusts
 
$
1,106,592,612

 
$
1,130,874,274

Receivables
 
4,499,779

 
4,377,606

Total assets
 
$
1,111,092,391

 
$
1,135,251,880

Liabilities and Equity
 
 

 
 

Multi-family securitized debt obligations
 
$
1,086,279,589

 
$
1,109,204,743

Payables
 
4,473,478

 
4,352,039

Total liabilities
 
$
1,090,753,067

 
$
1,113,556,782

Equity
 
20,339,324

 
21,695,098

Total liabilities and equity
 
$
1,111,092,391

 
$
1,135,251,880

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, 2018 and March 31, 2017 are as follows:
Statements of Operations
 
Three Months Ended
March 31, 2018
 
Three Months Ended
March 31, 2017
Interest income
 
$
13,227,188

 
$
13,948,754

Interest expense
 
12,526,295

 
13,237,724

Net interest income
 
$
700,893

 
$
711,030

General and administrative fees
 
(623,254
)
 
(648,934
)
Unrealized gain (loss) on multi-family loans held in securitization trusts
 
(1,355,774
)
 
1,299,630

Net income (loss)
 
$
(1,278,135
)
 
$
1,361,726


Geographic Concentrations
The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of March 31, 2018 and December 31, 2017 are as follows:
 
March 31, 2018
 
 
December 31, 2017
New York
16.6
%
 
New York
16.5
%
Texas
14.2
%
 
Texas
14.2
%
Washington
8.7
%
 
Washington
8.7
%
Colorado
7.8
%
 
Colorado
7.8
%
Georgia
5.7
%
 
Georgia
5.7
%