RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Tables)

6 Months Ended

Jun. 30, 2019

Variable Interest Entity [Line Items]

Condensed Consolidated Statements of Operations

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	)

Residential mortgage loans

Variable Interest Entity [Line Items]

Condensed Consolidated Statements of Operations

The condensed consolidated statements of operations of the residential mortgage loan securitization trusts for the three and six months ended June 30, 2018 are as follows:

Statements of Operations	Three Months Ended June 30, 2018
Interest income	$	954,711
Interest expense	765,914
Net interest income	$	188,797
General and administrative fees	(13,958		)
Unrealized gain (loss) on residential loans held in securitization trusts	5,905,602
Net income (loss)	$	6,080,441

Statements of Operations	Six Months Ended June 30, 2018
Interest income	$	2,102,352
Interest expense	1,685,971
Net interest income	$	416,381
General and administrative fees	(20,886		)
Unrealized gain (loss) on residential loans held in securitization trusts	5,650,199
Net income (loss)	$	6,045,694