THE FREMF TRUSTS (Tables)

9 Months Ended

Sep. 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 September 30, 2018 and December 31, 2017 are set out below:

Balance Sheets	September 30, 2018		December 31, 2017
Assets
Multi-family mortgage loans held in securitization trusts	$	24,787,988	$	1,130,874,274
Receivables	110,216		4,377,606
Total assets	$	24,898,204	$	1,135,251,880
Liabilities and Equity
Multi-family securitized debt obligations	$	19,462,838	$	1,109,204,743
Payables	103,435		4,352,039
Total liabilities	$	19,566,273	$	1,113,556,782
Equity	5,331,931		21,695,098
Total liabilities and equity	$	24,898,204	$	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 and nine months ended September 30, 2018 and September 30, 2017 are as follows:

Statements of Operations	Three Months Ended September 30, 2018			Three Months Ended September 30, 2017
Interest income	$	336,824		$	13,473,913
Interest expense	237,980			12,766,808
Net interest income	$	98,844		$	707,105
General and administrative fees	(56,186		)	(634,222		)
Unrealized gain (loss) on multi-family loans held in securitization trusts	957,549			694,730
Net income (loss)	$	1,000,207		$	767,613

Statements of Operations	Nine Months Ended September 30, 2018			Nine Months Ended September 30, 2017
Interest income	$	20,540,942		$	40,992,241
Interest expense	19,404,532			38,866,888
Net interest income	$	1,136,410		$	2,125,353
General and administrative fees	(934,496		)	(1,922,771		)
Unrealized gain (loss) on multi-family loans held in securitization trusts	(5,861,373		)	2,797,566
Net income (loss)	$	(5,659,459	)	$	3,000,148

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

	September 30, 2018			September 30, 2018
Geography			Collateral Property Type
Southwest	41.3	%	Multi-Family	80.4	%
South	20.9		Office	6.8
Midwest	20.0		Retail	5.6
Mid-Atlantic	9.9		Student Housing	3.2
West	7.9		Mixed-Use	3.0
Total	100.0	%	Self-Storage	1.0
			Total	100.0	%

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of September 30, 2018 and December 31, 2017 are as follows:

	September 30, 2018			December 31, 2017
Texas	71.4	%	New York	16.5	%
Connecticut	28.6	%	Texas	14.2	%
			Washington	8.7	%
			Colorado	7.8	%
			Georgia	5.7	%