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USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (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
Hunt CRE 2017-FL1, Ltd.  
Variable Interest Entity [Line Items]  
Condensed Balance Sheet
The carrying values of the Company's total assets and liabilities related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2018 included the following VIE assets and liabilities:
ASSETS
 
December 31, 2018
Cash, cash equivalents and restricted cash
 
$
51,330,950

Accrued interest receivable
 
2,398,905

Investment related receivable
 
32,666,128

Loans held for investment
 
550,555,503

Total Assets
 
$
636,951,486

 
 
 
LIABILITIES
 
 
Accrued interest payable
 
$
867,794

Collateralized loan obligations(1)
 
503,978,918

Total Liabilities
 
$
504,846,712


(1) The stated maturity of the collateral loan obligations per the terms of the underlying collateralized loan obligation agreement is August 15, 2034 for Hunt CRE 2017-FL1, Ltd. and August 15, 2028 for Hunt CRE 2018-FL2, Ltd.
Schedule of Loan and Borrowing Characteristics
The following table presents certain loan and borrowing characteristics of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.:
As of December 31, 2018
Collateral (loan investments)
 
Debt (notes issued)
Unpaid Principal Balance
 
Carrying Value
 
Face Value
 
Carrying Value
$
550,555,503

 
$
550,555,503

 
$
510,181,000

 
$
503,978,918
Condensed Consolidated Statements of Operations
The statement of operations related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2018 include the following income and expense items:
Statement of Operations
 
December 31, 2018
Interest income
 
$
24,800,048

Interest expense
 
12,578,306

Net interest income
 
$
12,221,742

General and administrative fees
 
(355,723
)
Net income (loss)
 
$
11,866,019