RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS

12 Months Ended

Dec. 31, 2019

Residential mortgage loans

Variable Interest Entity [Line Items]

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS

The Company previously elected the fair value option on the assets and liabilities of the CSMC 2014-OAK1 Trust, which requires that changes in valuations of the trust be reflected in the Company’s statements of operations. The Company’s net investment in the trust was limited to the Non-Agency RMBS comprised of subordinated and first loss securities, IO securities and excess servicing rights acquired by the Company in 2014. The Company sold all underlying Non-Agency RMBS of the trust effective June 18, 2018. As of December 31, 2019 and December 31, 2018, the Company no longer held any investments in residential mortgage loan securitization trusts.

The consolidated statement of operations of the residential mortgage loan securitization trusts for the year ended December 31, 2018 is set out below:

Statement of Operations	December 31, 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 mortgage loans held in securitization trusts	5,650,199
Net income (loss)	$	6,045,694