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USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES
 12 Months Ended
Dec. 31, 2019
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.  
Variable Interest Entity [Line Items]  
USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES
As further discussed in Notes 2, 5 and 6, the Company evaluated its investments in Multi-Family MBS and Non-Agency RMBS and determined that they were VIEs. The Company determined that it was the primary beneficiary of the FREMF 2012-KF01 Trust as of December 31, 2018 and through January 25, 2019, the repayment date of the underlying security. Accordingly, the Company consolidated the assets, liabilities, income and expenses of this trust in its financial statements through January 25, 2019 and December 31, 2018. However, the assets of the trust were restricted, and could only have been used to fulfill the obligations of the trust. Additionally, the obligations of the trust did not have any recourse to the Company as the consolidator of the trust. The Company had elected the fair value option in respect of the assets and liabilities of the trust. As noted in Notes 5 and 6, the Company sold the underlying securities of the FREMF 2011-K13 and CSMC 2014-OAK1 trusts effective May 18, 2018 and June 18, 2018, respectively, and the FREMF 2012-KF01 Trust was paid-in full effective January 25, 2019, and henceforth no longer consolidates these three trusts.

On April 30, 2018, the Company acquired Hunt CMT Equity LLC, which was comprised of commercial mortgage loans financed through collateralized loan obligations ("Hunt CRE 2017-FL1, Ltd."), a licensed commercial mortgage lender and eight loan participations. The Company determined Hunt CRE 2017-FL1, Ltd. was a VIE and that the Company was the primary beneficiary of the issuing entity, and accordingly consolidated its assets and liabilities into the Company's financial statements in accordance with GAAP. On August 20, 2018, the Company closed a collateralized loan obligation ("Hunt CRE 2018-FL2, Ltd."). The Company determined Hunt CRE 2018-FL2, Ltd. was a VIE and the Company was the primary beneficiary of the issuing entity, and accordingly consolidated its assets and liabilities into the Company's financial statements in accordance with GAAP. However, the assets of each of the trusts are restricted, and can only be used to fulfill the obligations of the respective trusts. Additionally, the obligations of each of the trusts do not have any recourse to the Company as the consolidator of the trusts.

The carrying values of the Company's total assets and liabilities related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2019 and December 31, 2018 included the following VIE assets and liabilities:

ASSETSDecember 31, 2019December 31, 2018
Cash, cash equivalents and restricted cash$5,069,715  $51,330,950  
Accrued interest receivable2,313,818  2,398,905  
Investment related receivable—  32,666,128  
Loans held for investment629,157,956  550,555,503  
Total Assets$636,541,489  $636,951,486  
LIABILITIES
Accrued interest payable$732,173  $867,794  
Collateralized loan obligations(1)
505,930,065  503,978,918  
Total Liabilities$506,662,238  $504,846,712  
Equity129,879,251  132,104,774  
Total liabilities and equity$636,541,489  $636,951,486  

(1)  The stated maturity of the collateral loan obligations per the terms of the underlying collateralized loan obligation agreement is August 15, 2034 for Hunt CRE 2017-FL1, Ltd. and August 15, 2028 for Hunt CRE 2018-FL2, Ltd.

The following tables present certain loan and borrowing characteristics of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.as of December 31, 2019 and December 31, 2018:

As of December 31, 2019
Collateralized Loan ObligationsCountPrincipal ValueCarrying ValueWtd. Avg. Coupon
Collateral (loan investments)51629,157,956  629,157,956  
L + 3.60%
Debt (notes issued)(1)
2510,181,000  505,930,065  
L + 1.40%

 
As of December 31, 2018
Collateralized Loan ObligationsCountPrincipal ValueCarrying ValueWtd. Avg. Coupon
Collateral (loan investments)44550,555,503  550,555,503  
L + 4.05%
Debt (notes issued)(1)
2510,181,000  503,978,918  
L + 1.40%

(1)  The carrying value for Hunt CRE 2017-FL1, Ltd. is net of discount of $1,344,923 and $2,440,674 for December 31, 2019 and December 31, 2018, respectively and the carrying value for Hunt CRE 2018-FL2, Ltd. is net of debt issuance costs of $2,906,012 and $3,761,410 for December 31, 2019 and December 31, 2018, respectively.

The statement of operations related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2019 and December 31, 2018 include the following income and expense items:

Statements of OperationsDecember 31, 2019December 31, 2018
Interest income$38,530,632  $24,800,048  
Interest expense20,882,076  12,578,306  
Net interest income$17,648,556  $12,221,742  
General and administrative fees(708,207) (355,723) 
Net income (loss)$16,940,349  $11,866,019