XML 54 R36.htm IDEA: XBRL DOCUMENT v3.19.1
RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Tables)
 12 Months Ended
Dec. 31, 2018
Variable Interest Entity [Line Items]  
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
%
Residential mortgage loans  
Variable Interest Entity [Line Items]  
Condensed Balance Sheet
The consolidated balance sheet of the residential mortgage loan securitization trust at December 31, 2017 is set out below:
Balance Sheets
December 31, 2017
Assets
 

Residential mortgage loans held in securitization trusts
$
119,756,455

Receivables
396,000

Total assets
$
120,152,455

Liabilities and Equity
 

Residential securitized debt obligations
$
114,418,318

Payables
320,417

 
$
114,738,735

Equity
5,413,720

Total liabilities and equity
$
120,152,455
Condensed Consolidated Statements of Operations
The consolidated statements of operations of the residential mortgage loan securitization 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
$
2,102,352

 
$
5,103,853

Interest expense
1,685,971

 
4,059,894

Net interest income
$
416,381

 
$
1,043,959

General and administrative fees
(20,886
)
 
(44,976
)
Unrealized gain (loss) on residential mortgage loans held in securitization trusts
5,650,199

 
(961,100
)
Net income (loss)
$
6,045,694

 
$
37,883
Geographic Concentrations
5% of the total loan balances related to the residential mortgage loan securitization trusts as at December 31, 2017:
 
 
December 31, 2017
California
 
37.0
%
Washington
 
15.3
%
Massachusetts
 
8.1
%
Florida
 
6.4
%