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RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Tables)
 12 Months Ended
Dec. 31, 2019
Variable Interest Entity [Line Items]  
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) 
Residential mortgage loans  
Variable Interest Entity [Line Items]  
Condensed Consolidated Statements of Operations
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 OperationsDecember 31, 2018
Interest income$2,102,352  
Interest expense1,685,971  
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