FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Valuation of Assets and Liabilities at Fair Value

The following tables summarize the valuation of the Company’s assets and liabilities carried at fair value within the fair value hierarchy levels as of June 30, 2019 and December 31, 2018:

	June 30, 2019
	Quoted prices in active markets for identical assets Level 1		Significant other observable inputs Level 2		Unobservable inputs Level 3		Balance as of June 30, 2019
Assets:
Mortgage servicing rights	—		—		3,158,669		3,158,669
Total	$	—	$	—	$	3,158,669	$	3,158,669

	December 31, 2018
	Quoted prices in active markets for identical assets Level 1		Significant other observable inputs Level 2			Unobservable inputs Level 3		Balance as of December 31, 2018
Assets:
Mortgage servicing rights	—		—			3,997,786		3,997,786
Total	$	—	$	—		$	3,997,786	$	3,997,786
Liabilities:
Multi-family securitized debt obligations	$	—	$	(19,231,331	)	$	—	$	(19,231,331	)
Total	$	—	$	(19,231,331	)	$	—	$	(19,231,331	)

Quantitative Information About the Significant Unobservable Inputs Used in the Fair Value Measurement of MSRs Classified as Level 3

The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s MSRs classified as Level 3 fair value assets at June 30, 2019 and December 31, 2018:

As of June 30, 2019
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	7.2 - 26.2%		13.1	%
	Discount rate	12.0	%	12.0	%

As of December 31, 2018
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	7.0 - 20.4%		10.1	%
	Discount rate	12.0	%	12.0	%

Fair value schedule of financial instruments

The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2:

	June 30, 2019
	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	$	7,164,246	$	7,146,246	$	7,146,246
Restricted cash	42,877,535		42,877,535		42,877,535
Commercial mortgage loans held-for-investment	599,770,362		599,770,362		599,770,362
Total	$	649,812,143	$	649,794,143	$	649,794,143
Liabilities:
Collateralized loan obligations	$	504,946,473	$	510,181,000	$	509,822,129
Secured Term Loan	39,229,194		40,250,000		41,500,576
Total	$	544,175,667	$	550,431,000	$	551,322,705

	December 31, 2018
	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	$	7,882,862	$	7,882,862	$	7,882,862
Restricted cash	51,330,950		51,330,950		51,330,950
Cash held in securitization trusts, at fair value	24,357,335		24,357,335		24,357,335
Commercial mortgage loans held-for-investment	555,172,891		555,172,891		555,172,891
Total	$	638,744,038	$	638,744,038	$	638,744,038
Liabilities:
Collateralized loan obligations	$	503,978,918	$	510,181,000	$	509,000,439
Total	$	503,978,918	$	510,181,000	$	509,000,439