THE FREMF TRUSTS (Tables)

3 Months Ended

Mar. 31, 2019

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 December 31, 2018 are set out below:

Balance Sheets	December 31, 2018
Assets
Multi-family mortgage loans held in securitization trusts	$	—
Receivables	24,357,335
Total assets	$	24,357,335
Liabilities and Equity
Multi-family securitized debt obligations	$	19,231,331
Payables	363,855
Total liabilities	$	19,595,186
Equity	4,762,149
Total liabilities and equity	$	24,357,335

Condensed Consolidated Statements of Operations of the FREMF Trusts

The condensed consolidated statements of operations of the FREMF trusts for the three months ended March 31, 2019 and March 31, 2018 are as follows:

Statements of Operations	Three Months Ended March 31, 2019		Three Months Ended March 31, 2018
Interest income	$	78,361	$	13,227,188
Interest expense	—		12,526,295
Net interest income	$	78,361	$	700,893
General and administrative fees	—		(623,254		)
Unrealized gain (loss) on multi-family loans held in securitization trusts	694,339		(1,355,774		)
Net income (loss)	$	772,700	$	(1,278,135	)