THE FREMF TRUSTS (Tables)

6 Months Ended

Jun. 30, 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
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 and six months ended June 30, 2019 and June 30, 2018 are as follows:

Statements of Operations	Three Months Ended June 30, 2019		Three Months Ended June 30, 2018
Interest income	$	—	$	6,976,930
Interest expense	—		6,640,257
Net interest income	$	—	$	336,673
General and administrative fees	—		(255,056		)
Unrealized gain (loss) on multi-family loans held in securitization trusts	—		(5,463,148		)
Net income (loss)	$	—	$	(5,381,531	)

Statements of Operations	Six Months Ended June 30, 2019		Six Months Ended June 30, 2018
Interest income	$	78,361	$	20,204,118
Interest expense	—		19,166,552
Net interest income	$	78,361	$	1,037,566
General and administrative fees	—		(878,310		)
Unrealized gain (loss) on multi-family loans held in securitization trusts	694,339		(6,818,922		)
Net income (loss)	$	772,700	$	(6,659,666	)