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THE FREMF TRUSTS (Tables)
 12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Balance Sheet
The consolidated balance sheet of the FREMF trusts at December 31, 2018 are set out below:
 
Balance SheetDecember 31, 2018
Assets 
Receivables24,357,335  
Total assets$24,357,335  
Liabilities and Equity 
Multi-family securitized debt obligations$19,231,331  
Payables363,855  
Total liabilities$19,595,186  
Equity4,762,149  
Total liabilities and equity$24,357,335  
Condensed Consolidated Statements of Operations
The consolidated statements of operations of the FREMF trusts for the years ended December 31, 2019 and December 31, 2018 are as follows:

Statements of OperationsDecember 31, 2019December 31, 2018
Interest income$78,361  $20,891,992  
Interest expense—  19,652,710  
Net interest income$78,361  $1,239,282  
General and administrative fees—  (887,388) 
Unrealized gain (loss) on multi-family loans held in securitization trusts694,339  (6,398,348) 
Net income (loss)$772,700  $(6,046,454)