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THE FREMF TRUSTS (Tables)
 12 Months Ended
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Balance Sheet
The consolidated balance sheets of the FREMF trusts at December 31, 2018 and December 31, 2017 are set out below:
 
Balance Sheets
December 31, 2018
 
December 31, 2017
Assets
 

 
 

Multi-family mortgage loans held in securitization trusts
$
—

 
$
1,130,874,274

Receivables
24,357,335

 
4,377,606

Total assets
$
24,357,335

 
$
1,135,251,880

Liabilities and Equity
 

 
 

Multi-family securitized debt obligations
$
19,231,331

 
$
1,109,204,743

Payables
363,855

 
4,352,039

 
$
19,595,186

 
$
1,113,556,782

Equity
4,762,149

 
21,695,098

Total liabilities and equity
$
24,357,335

 
$
1,135,251,880
Condensed Consolidated Statements of Operations
The consolidated statements of operations of the FREMF trusts for the years ended December 31, 2018 and December 31, 2017 are set out below:
Statements of Operations
December 31, 2018
 
December 31, 2017
Interest income
$
20,891,992

 
$
54,271,017

Interest expense
19,652,710

 
51,440,694

Net interest income
$
1,239,282

 
$
2,830,323

General and administrative fees
(887,388
)
 
(2,551,296
)
Unrealized gain (loss) on multi-family loans held in securitization trusts
(6,398,347
)
 
3,353,365

Net income (loss)
$
(6,046,453
)
 
$
3,632,392
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
 
 
December 31, 2018
 
 
 
December 31, 2018
Geography
 
 
 
Collateral Property Type
 
 
Southwest
 
30.2
%
 
Multi-Family
 
87.2
%
South
 
22.6

 
Office
 
7.6
%
Midwest
 
20.2

 
Mixed-Use
 
3.0

West
 
10.8

 
Retail
 
1.2

Mid-Atlantic
 
10.3

 
Self-Storage
 
1.0

Various
 
5.9

 
 
 
 
Total
 
100.0
%
 
Total
 
100.0
%
The following table presents the geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of December 31, 2017. As of December 31, 2018, all of the loans paid-in full:
December 31, 2017
New York
 
16.5
%
Texas
 
14.2
%
Washington
 
8.7
%
Colorado
 
7.8
%
Georgia
 
5.7
%