XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
THE FREMF TRUSTS (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2018 and December 31, 2017 are set out below:
Balance Sheets
 
June 30, 2018
 
December 31, 2017
Assets
 
 

 
 

Multi-family mortgage loans held in securitization trusts
 
$
23,842,162

 
$
1,130,874,274

Receivables
 
107,780

 
4,377,606

Total assets
 
$
23,949,942

 
$
1,135,251,880

Liabilities and Equity
 
 

 
 

Multi-family securitized debt obligations
 
$
19,481,546

 
$
1,109,204,743

Payables
 
80,397

 
4,352,039

Total liabilities
 
$
19,561,943

 
$
1,113,556,782

Equity
 
4,387,999

 
21,695,098

Total liabilities and equity
 
$
23,949,942

 
$
1,135,251,880

The carrying values of the Company's total assets and liabilities related to Hunt CRE 2017-FL1, Ltd. at June 30, 2018 included the following VIE assets and liabilities:










ASSETS
 
June 30, 2018
Cash, cash equivalents and restricted cash
 
$
7,915,511

Accrued interest receivable
 
1,641,310

Unsettled loan payoffs
 
20,405,000

Loans held for investment
 
320,907,160

Total Assets
 
$
350,868,981

 
 
 
LIABILITIES
 
 
Accrued interest payable
 
$
445,854

Collateralized loan obligations(1)
 
287,738,948

Total Liabilities
 
$
288,184,802

(1) The stated maturity of the collateral loan obligations per the terms of the underlying collateralized loan obligation agreement is August 15, 2034.
Condensed Consolidated Statements of Operations of the FREMF Trusts

The condensed consolidated statements of operations of the FREMF trusts for the three and six months ended June 30, 2018 and June 30, 2017 are as follows:




Statements of Operations
 
Three Months Ended
June 30, 2018
 
Three Months Ended
June 30, 2017
Interest income
 
$
6,976,930

 
$
13,569,574

Interest expense
 
6,640,257

 
12,862,356

Net interest income
 
$
336,673

 
$
707,218

General and administrative fees
 
(255,056
)
 
(639,615
)
Unrealized gain (loss) on multi-family loans held in securitization trusts
 
(5,463,148
)
 
803,206

Net income (loss)
 
$
(5,381,531
)
 
$
870,809

Statements of Operations
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Interest income
 
$
20,204,118

 
$
27,518,328

Interest expense
 
19,166,552

 
26,100,080

Net interest income
 
$
1,037,566

 
$
1,418,248

General and administrative fees
 
(878,310
)
 
(1,288,549
)
Unrealized gain (loss) on multi-family loans held in securitization trusts
 
(6,818,922
)
 
2,102,836

Net income (loss)
 
$
(6,659,666
)
 
$
2,232,535
Geographic Concentrations
The following tables present the geographic and property types of collateral underlying the Company's commercial mortgage loans as a percentage of the loans' carrying value:

Loans Held-for-Investment

 
 
June 30, 2018
 
 
 
June 30, 2018
Geography
 
 
 
Collateral Property Type
 
 
Texas
 
28.4
%
 
Multifamily
 
88.1
%
Arizona
 
15.2

 
Retail
 
6.8

Georgia
 
10.8

 
Mixed Use
 
3.7

Connecticut
 
8.6

 
Office
 
1.4

Florida
 
8.2

 
Total
 
100.0
%
California
 
7.6

 
 
 
 
Mississippi
 
6.3

 
 
 
 
Washington
 
4.7

 
 
 
 
North Carolina
 
4.6

 
 
 
 
Ohio
 
3.7

 
 
 
 
Louisiana
 
1.9

 
 
 
 
Total
 
100.0
%
 
 
 
 
The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of June 30, 2018 and December 31, 2017 are as follows:
 
June 30, 2018
 
 
December 31, 2017
Texas
71.3
%
 
New York
16.5
%
Connecticut
28.7
%
 
Texas
14.2
%
 
 
 
Washington
8.7
%
 
 
 
Colorado
7.8
%
 
 
 
Georgia
5.7
%