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USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2019
Variable Interest Entity [Line Items]  
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  
Schedule of Loan and Borrowing Characteristics
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.
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) 
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.  
Variable Interest Entity [Line Items]  
Condensed Balance Sheet
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.
Condensed Consolidated Statements of Operations
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