THE FREMF TRUSTS

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

THE FREMF TRUSTS

THE FREMF TRUSTS

As of September 30, 2020 the Company no longer held any FREMF Trusts.

The Company previously elected the fair value option on the assets and liabilities of the FREMF 2012-KF01 Trust, which required 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 Multi-Family MBS comprised of first loss PO securities and IO securities acquired by the Company in 2014. On January 25, 2019, the FREMF 2012-KF01 trust was paid-in full.

The condensed consolidated statement of operations of the FREMF trusts for the three and nine months ended September 30, 2019 are as follows:

Statements of Operations	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Interest income	$	—	$	78,361
Net interest income	$	—	$	78,361
Realized (loss) on multi-family loans held in securitization trusts	—		(709,439)
Unrealized gain on multi-family loans held in securitization trusts	—		694,339
Net income (loss)	$	—	$	63,261