Lument Finance Trust (LFT) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 07, 2019
Cover page.
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	HUNT COMPANIES FINANCE TRUST, INC.
Entity Central Index Key	0001547546
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		23,687,664
Local Phone Number	521-6323
City Area Code	212
Entity Address, Address Line One	230 Park Avenue
Entity Address, Postal Zip Code	10169
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Address Line Two	19th Floor
Entity Tax Identification Number	45-4966519
Entity Incorporation, State or Country Code	MD
Entity File Number	001-35845
Document Transition Report	false
Document Quarterly Report	true
Entity Interactive Data Current	Yes
Security Exchange Name	NYSE
Trading Symbol	HCFT
Title of 12(b) Security	Common Stock, par value $0.01 per share

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)		Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 10,300,620	$ 7,882,862
Restricted cash		81,037,212	51,330,950
Commercial mortgage loans held-for-investment, at amortized cost		559,521,552	555,172,891
Receivables held in securitization trusts, at fair value	[1]	0	24,357,335
Mortgage servicing rights, at fair value		2,713,809	3,997,786
Deferred offering costs		59,367	126,516
Accrued interest receivable		2,240,813	2,430,790
Investment related receivable		0	33,042,234
Other assets		1,477,843	1,010,671
Total assets		657,351,216	679,352,035
LIABILITIES:
Collateralized loan obligations, net		505,438,271	503,978,918
Secured Term Loan, net		39,275,571	0
Multi-family securitized debt obligations	[1]	0	19,231,331
Accrued interest payable		815,393	1,231,649
Dividends payable		1,780,367	1,465,610
Fees and expenses payable to Manager		735,561	1,175,000
Other accounts payable and accrued expenses		84,600	2,066,189
Total liabilities		548,129,763	529,148,697
Commitments and contingencies
EQUITY:
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative redeemable, $25 liquidation preference, 0 issued and outstanding at September 30, 2019 and 1,610,000 issued and outstanding at December 31, 2018, respectively		0	37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,687,664 shares issued and outstanding, at September 30, 2019 and December 31, 2018, respectively		236,877	236,832
Additional paid-in capital		228,153,442	231,305,743
Cumulative distributions to stockholders		(120,456,361)	(114,757,019)
Accumulated earnings (deficit)		1,187,995	(3,838,690)
Total stockholders' equity		109,121,953	150,103,838
Noncontrolling interests		99,500	99,500
Total equity		109,221,453	150,203,338
Total liabilities and equity		$ 657,351,216	679,352,035
Variable interest entities, assets			24,357,335
Variable interest entities, liabilities			$ 19,595,186
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company was the primary beneficiary of these VIEs. As of December 31, 2018, assets of consolidated VIEs totaled $24,357,335, and the liabilities of consolidated VIEs totaled $19,595,186 respectively. See Note 5 for further discussion.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, dividend rate, percentage	8.75%	8.75%
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, shares issued (in shares)	0	1,610,000
Preferred stock, shares outstanding (in shares)	0	1,610,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	23,687,664	23,687,664
Common stock, shares outstanding (in shares)	23,687,664	23,687,664

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest income:
Available-for-sale securities	$ 0	$ 0	$ 0	$ 10,748,966
Commercial mortgage loans held-for-investment	9,825,455	9,365,400	30,018,760	15,259,400
Multi-family loans held in securitization trusts	0	336,824	78,361	20,540,942
Residential loans held in securitization trusts	0	0	0	2,102,352
Cash and cash equivalents	6,551	17,024	6,551	134,002
Interest expense:
Repurchase agreements - available-for-sale securities	0	0	0	(7,637,242)
Collateralized loan obligations	(5,244,001)	(4,366,632)	(16,147,178)	(7,255,799)
Secured term loan	(792,121)	0	(1,907,348)	0
Multi-family securitized debt obligations	0	(237,980)	0	(19,404,532)
Residential securitized debt obligations	0	0	0	(1,685,971)
Net interest income	3,795,884	5,114,636	12,049,146	12,802,118
Other income:
Realized gain (loss) on investments, net	0	(13,617)	(709,439)	(33,358,905)
Realized gain (loss) on derivative contracts, net	0	0	0	25,984,870
Change in unrealized gain (loss) on derivative contracts, net	0	0	0	(5,349,613)
Change in unrealized gain (loss) on mortgage servicing rights	(444,860)	103,512	(1,283,977)	1,245,264
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	0	957,549	694,339	(5,861,373)
Change in unrealized gain (loss) on residential loans held in securitization trusts	0	0	0	5,650,199
Servicing income, net	243,265	285,745	676,944	702,127
Other income	0	27,942	0	88,434
Total other income (loss)	(201,595)	1,361,131	(622,133)	(10,898,997)
Expenses:
Management fee	557,833	586,926	1,677,456	1,767,252
General and administrative expenses	904,413	796,600	3,266,757	3,148,945
Operating expenses reimbursable to manager	175,174	548,132	1,232,211	1,865,057
Other operating expenses	19,212	136,400	204,228	742,059
Compensation expense	46,585	54,683	146,672	201,845
Total expenses	1,703,217	2,122,741	6,527,324	7,725,158
Net income (loss) before provision for income taxes	1,891,072	4,353,026	4,899,689	(5,822,037)
(Provision for) income taxes	266,676	0	126,996	0
Net income (loss)	2,157,748	4,353,026	5,026,685	(5,822,037)
Dividends to preferred stockholders	(3,792)	(880,509)	(488,056)	(2,631,744)
Deemed dividend on preferred stock related to redemption	0	0	(3,093,028)	0
Net income (loss) attributable to common stockholders	2,153,956	3,472,517	1,445,601	(8,453,781)
Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)	$ 2,153,956	$ 3,472,517	$ 1,445,601	$ (8,453,781)
Weighted average number of shares of common stock outstanding (in shares)	23,687,664	23,687,273	23,687,664	23,588,688
Basic and diluted income (loss) per share (in dollars per share)	$ 0.09	$ 0.15	$ 0.06	$ (0.36)
Dividends declared per share of common stock (in dollars per share)	$ 0.08	$ 0.06	$ 0.22	$ 0.22

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,157,748	$ 4,353,026	$ 5,026,685	$ (5,822,037)
Other comprehensive income (loss):
Reclassification adjustment for net gain (loss) included in net income (loss)	0	0	0	12,617,794
Total other comprehensive income (loss)	0	0	0	12,617,794
Less: Dividends to preferred stockholders	(3,792)	(880,509)	(488,056)	(2,631,744)
Less: Deemed dividend on preferred stock related to redemption	0	0	(3,093,028)	0
Comprehensive income (loss) attributable to common stockholders	$ 2,153,956	$ 3,472,517	$ 1,445,601	$ 4,164,013

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Equity - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions to Stockholders	Accumulated Earnings (Deficit)	Noncontrolling interests
Balance (in shares) at Dec. 31, 2017		1,610,000	22,143,758
Balance at Dec. 31, 2017	$ 145,791,277	$ 37,156,972	$ 221,393	$ 224,048,169	$ (12,617,794)	$ (104,650,235)	$ 1,632,772
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (in shares)			1,539,406
Issuance of common stock, net	7,342,967		$ 15,394	7,327,573
Cost of issuing common stock	(32,383)			(32,383)
Restricted stock compensation expense	4,804			4,804
Net income (loss)	11,315,000						11,315,000
Common dividends declared	(2,314,686)					(2,314,686)
Preferred dividends declared	(880,509)					(880,509)
Increase (decrease) in net unrealized gain (loss) on available-for-sale securities, net	(12,154,936)				(12,154,936)
Reclassification adjustment for net gain (loss) included in net income (loss)	1,289,589				1,289,589
Balance (in shares) at Mar. 31, 2018		1,610,000	23,683,164
Balance at Mar. 31, 2018	150,361,123	$ 37,156,972	$ 236,787	231,348,163	(23,483,141)	(107,845,430)	12,947,772
Balance (in shares) at Dec. 31, 2017		1,610,000	22,143,758
Balance at Dec. 31, 2017	145,791,277	$ 37,156,972	$ 221,393	224,048,169	(12,617,794)	(104,650,235)	1,632,772
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,822,037)
Common dividends declared	(5,156,936)
Preferred dividends declared	(2,631,744)
Reclassification adjustment for net gain (loss) included in net income (loss)	12,617,794
Balance (in shares) at Sep. 30, 2018		1,610,000	23,687,664
Balance at Sep. 30, 2018	152,062,266	$ 37,156,972	$ 236,787	231,296,687	0	(112,438,915)	(4,189,265)
Balance (in shares) at Mar. 31, 2018		1,610,000	23,683,164
Balance at Mar. 31, 2018	150,361,123	$ 37,156,972	$ 236,787	231,348,163	(23,483,141)	(107,845,430)	12,947,772
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cost of issuing common stock	(32,383)			(32,383)
Restricted stock compensation expense	4,858			4,858
Net income (loss)	(21,490,063)						(21,490,063)
Common dividends declared	(1,420,990)					(1,420,990)
Preferred dividends declared	(870,726)					(870,726)
Increase (decrease) in net unrealized gain (loss) on available-for-sale securities, net	12,154,936				12,154,936
Reclassification adjustment for net gain (loss) included in net income (loss)	11,328,205				11,328,205
Balance (in shares) at Jun. 30, 2018		1,610,000	23,683,164
Balance at Jun. 30, 2018	150,034,960	$ 37,156,972	$ 236,787	231,320,638	0	(110,137,146)	(8,542,291)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (in shares)			4,500
Issuance of common stock, net	0
Cost of issuing common stock	(32,384)			(32,384)
Restricted stock compensation expense	8,433			8,433
Net income (loss)	4,353,026						4,353,026
Common dividends declared	(1,421,260)					(1,421,260)
Preferred dividends declared	(880,509)					(880,509)
Reclassification adjustment for net gain (loss) included in net income (loss)	0
Balance (in shares) at Sep. 30, 2018		1,610,000	23,687,664
Balance at Sep. 30, 2018	152,062,266	$ 37,156,972	$ 236,787	231,296,687	0	(112,438,915)	(4,189,265)
Balance (in shares) at Dec. 31, 2018		1,610,000	23,687,664
Balance at Dec. 31, 2018	150,203,338	$ 37,156,972	$ 236,832	231,305,743	(114,757,019)	(3,838,690)	99,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cost of issuing common stock	(22,383)			(22,383)
Redemption of preferred stock, net (in shares)		(1,610,000)
Redemption of preferred stock, net	(40,250,000)	$ (37,156,972)		(3,093,028)
Restricted stock compensation expense	3,773			3,773
Net income (loss)	1,474,767					1,474,767
Common dividends declared	(1,658,136)				(1,658,136)
Preferred dividends declared	(480,472)				(480,472)
Balance (in shares) at Mar. 31, 2019		0	23,687,664
Balance at Mar. 31, 2019	109,270,887	$ 0	$ 236,832	228,194,105	(116,895,627)	(2,363,923)	99,500
Balance (in shares) at Dec. 31, 2018		1,610,000	23,687,664
Balance at Dec. 31, 2018	150,203,338	$ 37,156,972	$ 236,832	231,305,743	(114,757,019)	(3,838,690)	99,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,026,685
Common dividends declared	(5,211,286)
Preferred dividends declared	(488,056)
Reclassification adjustment for net gain (loss) included in net income (loss)	0
Balance (in shares) at Sep. 30, 2019		0	23,687,664
Balance at Sep. 30, 2019	109,221,453	$ 0	$ 236,877	228,153,442	(120,456,361)	1,187,995	99,500
Balance (in shares) at Mar. 31, 2019		0	23,687,664
Balance at Mar. 31, 2019	109,270,887	$ 0	$ 236,832	228,194,105	(116,895,627)	(2,363,923)	99,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cost of issuing common stock	(22,382)			(22,382)
Restricted stock compensation expense	3,814			3,814
Net income (loss)	1,394,170					1,394,170
Common dividends declared	(1,776,575)				(1,776,575)
Preferred dividends declared	(3,792)				(3,792)
Balance (in shares) at Jun. 30, 2019		0	23,687,664
Balance at Jun. 30, 2019	108,866,122	$ 0	$ 236,832	228,175,537	(118,675,994)	(969,753)	99,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (in shares)			4,500
Issuance of common stock, net	15,300		$ 45	15,255
Cost of issuing common stock	(22,385)			(22,385)
Restricted stock compensation expense (in shares)			(4,500)
Restricted stock compensation expense	(14,965)			(14,965)
Net income (loss)	2,157,748					2,157,748
Common dividends declared	(1,776,575)				(1,776,575)
Preferred dividends declared	(3,792)				(3,792)
Reclassification adjustment for net gain (loss) included in net income (loss)	0
Balance (in shares) at Sep. 30, 2019		0	23,687,664
Balance at Sep. 30, 2019	$ 109,221,453	$ 0	$ 236,877	$ 228,153,442	$ (120,456,361)	$ 1,187,995	$ 99,500

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 5,026,685	$ (5,822,037)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization/accretion of available-for-sale securities premiums and discounts, net	0	1,403,431
Accretion of collateralized loan obligations discounts, net	819,562	462,318
Amortization of deferred offering costs	(67,150)	0
Amortization of deferred financing costs	755,735	98,429
Realized (gain) loss on investments, net	709,439	33,358,905
Realized (gain) loss on derivative contracts, net	0	(25,984,870)
Unrealized (gain) loss on derivative contracts	0	5,349,613
Unrealized (gain) loss on mortgage servicing rights	1,283,977	(1,245,264)
Unrealized (gain) loss on multi-family loans held in securitization trusts	(694,339)	5,861,373
Unrealized (gain) loss on residential loans held in securitization trusts	0	(5,650,199)
Restricted stock compensation expense	(7,378)	18,095
Net change in:
Accrued interest receivable	189,977	1,645,778
Deferred offering costs	67,149	57,149
Other assets	(467,172)	49,804
Accrued interest payable	(52,401)	(771,386)
Deferred income	0	174,685
Fees and expenses payable to Manager	(439,439)	2,249,338
Other accounts payable and accrued expenses	(1,981,590)	(176,907)
Net cash provided by operating activities	5,143,055	11,078,255
Cash flows from investing activities:
Purchase of commercial mortgage loans held-for-investment	(179,075,497)	(323,416,036)
Proceeds from sales of available-for-sale securities	0	1,227,314,578
Net proceeds from derivative contracts	0	25,984,870
Principal payments from available-for-sale securities	0	62,932,244
Principal payments from retained beneficial interests	4,747,049	0
Principal payments from commercial mortgage loans held-for-investment	174,726,836	124,493,511
Investment related receivable	33,042,234	(8,780,121)
Purchase of Hunt CMT Equity LLC (net of $9,829,774 in restricted cash)	0	(58,220,292)
Due from broker	0	(1,123,463)
Net cash provided by investing activities	33,440,622	1,049,185,291
Cash flows from financing activities:
Proceeds from issuance of common stock	15,300	7,245,817
Redemption of preferred stock	(40,250,000)	0
Dividends paid on common stock	(4,855,971)	(3,735,676)
Dividends paid on preferred stock	(528,614)	(2,641,527)
Proceeds from repurchase agreements - available-for-sale securities	0	6,017,838,000
Proceeds from collateralized loan obligations	0	219,449,000
Proceeds from secured term loan	40,250,000	0
Payment of deferred financing costs	(1,090,372)	(4,075,446)
Principal repayments of repurchase agreements - available-for-sale securities	0	(7,252,360,000)
Net cash (used in) financing activities	(6,459,657)	(1,018,279,832)
Net increase in cash, cash equivalents and restricted cash	32,124,020	41,983,714
Cash, cash equivalents and restricted cash, beginning of period	59,213,812	45,622,602
Cash, cash equivalents and restricted cash, end of period	91,337,832	87,606,316
Supplemental disclosure of cash flow information
Cash paid for interest	16,531,631	14,332,294
Cash paid for income taxes	1,956,337	0
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	1,780,367	1,450,609
Net change in unrealized gain (loss) on available-for-sale securities	0	12,617,794
Consolidation of multi-family loans held in securitization trusts	0	24,908,204
Consolidation of multi-family securitized debt obligations	0	19,566,273
Commercial mortgage loans acquired, Hunt CMT Equity LLC acquisition	0	345,664,012
Restricted cash acquired, Hunt CMT Equity LLC acquisition	0	9,829,774
Other assets acquired, Hunt CMT Equity LLC acquisition	0	109,100
Collateralized loan obligations assumed, Hunt CMT Equity LLC acquisition	$ 0	$ (287,552,820)

ORGANIZATION AND BUSINESS OPERA

ORGANIZATION AND BUSINESS OPERATIONS	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS OPERATIONS	Hunt Companies Finance Trust, Inc. (together with its consolidated subsidiaries, the "Company"), is a Maryland corporation that focuses primarily on investing in, financing and managing transitional multi-family and other commercial real estate loans, which are floating rate first mortgage whole loans secured by multifamily and other commercial real estate properties that are not guaranteed by a U.S. government-sponsored entity. The Company is externally managed by Hunt Investment Management, LLC (the "Manager"), an affiliate of Hunt Companies, Inc. ("Hunt"). The Company's common stock is listed on the NYSE under the symbol "HCFT." The Company was incorporated on March 28, 2012 and commenced operations on May 16, 2012. The Company began trading as a publicly traded company on March 22, 2013. The Company has elected to be taxed as a real estate investment trust ("REIT") and to comply with Sections 856 through 859 of the Internal Revenue Code of 1986, as amended (the "Code"). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. On February 14, 2019, the Company drew on its secured term loan ("Secured Term Loan") in the aggregate principal amount of $40.25 million and used the net proceeds of $39.3 million and working capital of $1.1 million to redeem all 1,610,000 shares of its outstanding 8.75% Series A Cumulative Redeemable Preferred Stock at its $25 per share liquidation preference plus accrued and unpaid dividends. On March 18, 2019, the Company entered into a support agreement with its Manager, pursuant to which, its Manager agreed to reduce the reimbursement cap by 25% per annum (subject to such reduction not exceeding $568,000 per annum) until such time as the aggregate support provided thereunder equaled approximately $1.96 million.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation The unaudited condensed consolidated financial statements and related notes have been prepared in accordance with GAAP for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the financial statements prepared under GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the Securities and Exchange Commission (“SEC”) on March 18, 2019. Principles of Consolidation The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and all subsidiaries which it controls (i) through voting or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not the primary beneficiary are accounted under the equity method or other appropriate GAAP. VIEs An entity is considered a VIE when any of the following applies: (1) the equity investors (if any) lack one or more essential characteristics of a controlling financial interest; (2) the equity investment at risk is not sufficient to finance that entity's activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE's performance; and (2) the obligation to absorb losses and right to receive returns from the VIE that would be significant to the VIE. The Company evaluates quarterly its junior retained notes and preferred shares of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. for potential consolidation. At September 30, 2019, the Company determined it was the primary beneficiary of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. based on its obligation to absorb losses derived from ownership of its preferred shares. Accordingly, the Company consolidated the assets, liabilities, income and expenses of the underlying issuing entities. The Company's maximum exposure to loss from collateralized loan obligations was $124,046,671 at September 30, 2019 and December 31, 2018. During the second quarter of 2018, the Company sold first-loss securities of the FREMF 2011-K13 Trust and the first-loss and subordinated tranches issued by the CSMC 2014-OAK1 Trust, and as a result, having determined it is no longer the primary beneficiary of these trusts, no longer consolidates the assets, liabilities, income and expenses of those trusts. In the first quarter of 2019, the first-loss tranche of the Re-REMIC related to the FREMF 2012-KF01 Trust was redeemed, and as a result, having determined the Company is no longer the primary beneficiary of that trust, no longer consolidates the assets, liabilities, income and expense of the trust. The Company's maximum exposure to loss from consolidated trusts was $0 and $4,762,149, respectively, at September 30, 2019 and December 31, 2018. Use of Estimates The financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g. valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash held in bank accounts on an overnight basis and other short term deposit accounts with banks having original maturities of 90 days or less. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts. Restricted cash includes cash held within Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. for purposes of reinvestment in qualifying commercial mortgage loans. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows. September 30, 2019 December 31, 2018 Cash and cash equivalents $ 10,300,620 $ 7,882,862 Restricted cash CRE 2017-FL1, Ltd. 32,668,889 24,085,890 Restricted cash CRE 2018-FL2, Ltd. $ 48,368,323 $ 27,245,060 Total cash, cash equivalents and restricted cash $ 91,337,832 $ 59,213,812 Deferred Offering Costs Direct costs incurred to issue shares classified as equity, such as legal and accounting fees, are deducted from the related proceeds and the net amount recorded as stockholders’ equity. Accordingly, payments made by the Company in respect of such costs related to the issuance of shares are recorded as an asset in the accompanying consolidated balance sheets in the line item “Deferred offering costs”, for subsequent deduction from the related proceeds upon closing of the offering. To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in “Other accounts payable and accrued expenses” on the accompanying consolidated balance sheets. Fair Value Measurements The "Fair Value Measurements and Disclosures" Topic 820 of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurement under GAAP. Specifically, the guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at measurement date. ASC 820 specifies a hierarchy of valuation techniques based on the inputs used in measuring fair value. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable market data from independent sources, while unobservable inputs reflect the Company's market assumptions. The three levels are defined as follows: • Level 1 Inputs – Quoted prices for identical instruments in active markets. • Level 2 Inputs – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs – Instruments with primarily unobservable value drivers. Pursuant to ASC 820 we disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate fair value for those certain instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instrument, for which it is practicable to estimate that value: • Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. • Restricted cash: The carrying amount of restricted cash approximates fair value. • Commercial mortgage loans: The Company may record fair value adjustments on a non-recurring basis when it has determined it necessary to record a specific impairment reserve or charge-off against a loan and the Company measures such specific reserve or charge-off using the fair value of the loan's collateral. To determine the fair value of loan collateral, the Company employs different approaches including income capitalization approach or appraised values depending upon the nature of such collateral and other relevant market factors. • Mortgage servicing rights: The Company determines the fair value of MSRs from a third-party pricing service on a recurring basis. The third-party pricing service uses common market pricing methods that include using discounted cash flow models to calculate the present value estimated net servicing income and observed market pricing for MSR purchase and sale transactions. The model considers contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. • Collateralized loan obligations: The Company determines the fair value of collateralized loan obligations by utilizing a third-party pricing service. In determining the value of a particular investment, pricing service providers may use market spreads, inventory levels, trade and bid list history, as well as market insight from clients, trading desks and global research platform. • Secured term loan: The Company determines the fair value of its secured term loan based on a discounted cash flow methodology. Commercial Mortgage Loans Held-for-Investment Commercial mortgage loans held-for-investment represent floating-rate transitional loans and other commercial mortgage loans purchased by the Company. These loans include loans sold into securitizations that the Company consolidates. Commercial mortgage loans held-for-investment are intended to be held-to-maturity and, accordingly, are carried at their unpaid principal balances, adjusted for net unamortized loan fees and costs (in respect of originated loans), premiums and discounts (in respect of purchased loans) and impairment, if any. Interest income is recognized as revenue using the effective interest method and is recorded on the accrual basis according to the terms of the underlying loan agreement. Any fees, costs, premiums and discounts associated with these loan investments are deferred and amortized over the term of the loan using the effective interest method, or on a straight line basis when it approximates the effective interest method. Income accrual is generally suspended and loans are placed on non-accrual status on the earlier of the date at which payment has become 90 days past due or when full and timely collection of interest and principal is considered not probable. The Company may return a loan to accrual status when repayment of principal and interest is reasonably assured under the terms of the underlying loan agreement. As of September 30, 2019, the Company did not hold any loans placed on non-accrual status. Quarterly, the Company assesses the risk factors of each loan classified as held-for-investment and assigns a risk rating based on a variety of factors, including, without limitation, debt-service coverage ratios ("DSCR"), loan-to-value ratio ("LTV"), property type, geographic and local market dynamics, physical condition, leasing and tenant profile, adherence to business plan and exit plan, maturity default risk and project sponsorship. Our loans are rated on a 5-point scale, from least risk to greatest risk, respectively, which ratings are described as follows: 1. Very Low Risk: exceeds expectations, outperforming underwriting 2. Low Risk: meeting expectations 3. Moderate Risk: a loss unlikely due to value and other indicators 4. High Risk: potential risk of default, a loss may occur in the event of default 5. Default Risk: imminent risk of default, a loss is likely in the event of default The Company evaluates each loan rated High Risk or above as to whether it is impairmed on a quarterly basis. Impairment occurs when the Company determines that the facts and circumstances of the loan deem it probable that the Company will not be able to collect all amounts due in accordance with the contractual terms of the loan. If a loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan through a charge to the provision for loan losses. Impairment of these loans, which are collateral dependent, is measured by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, actions of other lenders, and other factors deemed necessary by the Manager. Actual losses, if any, could ultimately differ from estimated losses. In addition, the Company evaluates the entire portfolio to determine whether the portfolio has any impairment that requires a valuation allowance on the remainder of the loan portfolio. As of September 30, 2019, the Company has not recognized any impairments on its loans held-for-investment and therefore has not recorded any allowance for loan losses. Mortgage Servicing Rights and Excess Servicing Rights, at Fair Value Mortgage servicing rights (“MSRs”) are associated with residential mortgage loans that the Company historically purchased and subsequently sold or securitized. MSRs are held and managed at Five Oaks Acquisition Corp. ("FOAC"), the Company’s taxable REIT subsidiary ("TRS"). As the owner of MSRs, the Company is entitled to receive a portion of the interest payments from the associated residential mortgage loan, and is obligated to service, directly or through a subservicer, the associated loan. MSRs are reported at fair value as a result of a fair value option election. Residential mortgage loans for which the Company owns the MSRs are directly serviced by one or more sub-servicers retained by the Company, since the Company does not directly service any residential mortgage loans. MSR income is recognized at the contractually agreed rate, net of the costs of sub-servicers retained by the Company. If a sub-servicer with which the Company contracts were to default, an evaluation of MSR assets for impairment would be undertaken at that time. To the extent that the Company determines it is the primary beneficiary of a residential mortgage loan securitization trust into which it has sold loans, any associated MSRs are eliminated on the consolidation of the trust. The trust is contractually obligated to pay a portion of the interest payments from the associated residential mortgage loans for the direct servicing of the loans, and after deduction of sub-servicing fees payable to contracted sub-servicers, the net amount, excess servicing rights, represents a liability of the trust. Collateralized Loan Obligations Collateralized loan obligations represent third-party liabilities of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. (the "CLOs"). The CLOs are VIEs that the Company has determined it is the primary beneficiary and accordingly are consolidated in the Company's financial statements, excluding liabilities of the CLOs acquired by the Company that are eliminated on consolidation. The third-party obligations of the CLOs do not have any recourse to the Company as the consolidator of the CLOs. Collateralized loan obligations are carried at their outstanding unpaid principal balances, net of any unamortized discounts or deferred financing costs. Any premiums and discounts or deferred financing costs associated with these liabilities are amortized to interest expense using the effective interest method over the expected average life of the related obligations, or on a straight line basis when it approximates the effective interest method. Secured Term Loan The Company and certain of its subsidiaries are party to a $40.25 million Delayed Draw Facility with the lenders referred to therein and Cortland Capital Service LLC, as administrative agent and collateral agent for the lenders (the "Secured Term Loan"). The Secured Term Loan is carried at its unpaid principal balance, net of deferred financing costs. Deferred financing costs of $1,090,372 associated with this liability are amortized to interest expense using the effective interest method over the term of the Secured Term Loan, or on a straight line basis when it approximates the effective interest method. Multi-Family and Residential Mortgage Loans Held in Securitization Trusts Multi-family and residential mortgage loans held in consolidated securitization trusts were comprised of multi-family mortgage loans held in the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, and residential mortgage loans held in the CSMC 2014-OAK1. Based on a number of factors, the Company determined it was the primary beneficiary of the VIE underlying the trusts, met the criteria for consolidation and, accordingly, consolidated the trusts, including its assets, liabilities, income and expenses in its consolidated financial statements. The Company elected the fair value option on each of the assets and liabilities held within the trusts. The Company sold the subordinated securities of the FREMF 2011-K13 Trust on May 18, 2018 and the CSMC 2014-OAK1 Trust on June 18, 2018, and having determined that it was no longer the primary beneficiary of either trust as of those dates, the Company no longer consolidated either trust as of those dates. Additionally, in the first quarter of 2019, the first-loss tranche of the re-REMIC related to the FREMF 2012-KF01 Trust paid-in full, and as a result, having determined the Company is no longer the primary beneficiary of the trust, no longer consolidates the assets, liabilities, income and expense of the trust. Interest income on multi-family and residential mortgage loans held in securitization trusts was recognized at the loan coupon rate. Interest income recognition was suspended when mortgage loans were placed on non-accrual status. The accrual of interest on loans was discontinued when, in management’s opinion, the interest was considered non-collectible, and in all cases when payment became greater than 90 days past due. Loans returned to accrual status when principal and interest became current and were anticipated to be fully collectible. As of September 30, 2019, the Company no longer held any multi-family securitization trusts and as of September 30, 2019 and December 31, 2018, respectively, the Company no longer held any residential securitization trusts. Multi-Family and Residential Securitized Debt Obligations Multi-family and residential securitized debt obligations represented third-party liabilities of the FREMF 2011-K13 Trust, FREMF 2012-KF01 Trust and CSMC 2014-OAK1 Trust, and excluded the liabilities of the trusts acquired by the Company that were eliminated on consolidation. The third-party obligations of the trust did not have any recourse to the Company as the consolidator of each trust. As of September 30, 2019 the Company no longer had any multi-family securitized debt obligations outstanding and as of September 30, 2019 and December 31, 2018, respectively, the Company no longer had any residential securitized debt obligations outstanding. Common Stock At September 30, 2019 and December 31, 2018, the Company was authorized to issue up to 450,000,000 shares of common stock, par value $0.01 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s Board of Directors. The Company had 23,687,664 shares of common stock issued and outstanding at September 30, 2019 and December 31, 2018. Stock Repurchase Program On December 15, 2015, the Company’s Board of Directors authorized a stock repurchase program (“Repurchase Program”), to repurchase up to $10 million of the Company’s outstanding common stock. Subject to applicable securities laws, repurchase of common stock under the Repurchase Program may be made at times and in amounts as the Company deems appropriate, using available cash resources. Shares of common stock repurchased by the Company under the Repurchase Program, if any, will be canceled and, until reissued by the Company, will be deemed to be authorized but unissued shares of common stock. The Repurchase Program may be suspended or discontinued by the Company at any time and without prior notice. Preferred Stock On February 14, 2019, the Company redeemed all 1,610,000 shares of its outstanding 8.75% Series A Cumulative Redeemable Preferred Stock at its $25 per share liquidation preference plus accrued and unpaid dividends. At December 31, 2018, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.01 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s Board. The Company had 1,610,000 shares of preferred stock issued and outstanding at December 31, 2018. Income Taxes The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes, commencing with the Company’s short taxable period ended December 31, 2012. A REIT is generally taxable as a U.S. C-Corporation; however, so long as the Company qualifies as a REIT it is entitled to a special deduction for dividends paid to shareholders not otherwise available to corporations. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent its distributions to stockholders equals, or exceeds, its REIT taxable income for the year. In addition, the Company must continue to meet certain REIT qualification requirements with respect to distributions, as well as certain asset, income and share ownership tests, in accordance with Sections 856 through 860 of the Code, as summarized below. In addition, the TRS is maintained to perform certain services and earn income for the Company that the Company is not permitted as a REIT. To maintain its qualification as a REIT, the Company must meet certain requirements (including but not limited to the following: (i) distribute at least 90% of its REIT taxable income to its stockholders; (ii) invest at least 75% of its assets in REIT qualifying assets, with additional restrictions with respect to asset concentration risk; and (iii) earn at least 95% of its gross income from qualifying sources of income, including at least 75% from qualifying real estate and real estate related sources. Regardless of the REIT election, the Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax as a U.S. C-Corporation, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company has historically met the requisite ownership, asset and income tests, with the exception of a failure to meet the 75% gross income test for the 2018 calendar year. The failure to meet the 75% gross income test was a result of gains generated from the termination of hedges associated with the disposition of the Agency RMBS portfolio during 2018. The Company accrued a tax liability of $1.96 million as of December 31, 2018 as a result of its failure to meet the 75% gross income test, which was previously paid on April 12, 2019, in connection with filing its 2018 tax extensions. Certain activities of the Company are conducted through a TRS and therefore are taxed as a standalone U.S. C-Corporation. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The TRS is not subject to a distribution requirement with respect to its REIT owner. The TRS may retain earnings annually, resulting in an increase in the consolidated book equity of the Company and without a corresponding distribution requirement by the REIT. If the TRS generates net income, and declares dividends to the Company, such dividends will be included in its taxable income and necessitate a distribution to its stockholders in accordance with the REIT distribution requirements. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes. The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company's accounting policy with respect to interest and penalties is to classify these amounts as other interest expense. Earnings per Share The Company calculates basic and diluted earnings per share by dividing net income attributable to common stockholders for the period by the weighted-average shares of the Company’s common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as warrants, stock options, and unvested restricted stock, but use the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. See Note 17 for details of the computation of basic and diluted earnings per share. Stock-Based Compensation The Company is required to recognize compensation costs relating to stock-based payment transactions in the consolidated financial statements. The Company accounts for share-based compensation issued to its Manager and non-management directors using the fair-value based methodology prescribed by ASC 505, Equity (“ASC 505”), or ASC 718, Share-Based Payment (“ASC 718”), as appropriate. Compensation cost related to restricted common stock issued to the Manager is initially measured at estimated fair value at the grant date, and is remeasured on subsequent dates to the extent the awards are unvested. Additionally, compensation cost related to restricted common stock issued to the non-management directors is measured at its estimated fair value at the grant date and amortized and expensed over the vesting period. See Note 13 for details of stock-based awards issuable under the Manager Equity Plan. Comprehensive Income (Loss) Attributable to Common Stockholders Comprehensive income (loss) is comprised of net income (loss), as presented in the consolidated statement of comprehensive income (loss), adjusted for changes in unrealized gain or loss on AFS securities (excluding Non-Agency RMBS IOs), reclassification adjustments for net gain (loss) and other-than-temporary impairments included in net income (loss) and dividends paid to preferred stockholders. Recently Issued and/or Adopted Accounting Standards Credit Losses In April 2019, the FASB issued ASU 2019-04, which amends existing guidance originally issued by (i) ASU 2016-13, (ii) ASU 2017-12, and (iii) ASU 2016-01. The amendments in ASU 2019-04 that relate to ASU 2016-13 clarify specific issues related to the implementation of the current expected credit loss model, which are effective for fiscal years beginning after December 15, 2019 and are to be adopted through a cumulative-effect adjustment to retained earnings as of January 1, 2020. The amendments in ASU 2019-04 that relate to ASU 2017-12 primarily update guidance related to fair value hedges and do not have an impact on our consolidated financial statements. The amendments in ASU 2019-04 that relate to ASU 2016-01 primarily update guidance related to equity securities and do not have an impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 which is a comprehensive amendment of credit losses on financial instruments. Currently GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The standard’s core principle is that an entity replaces the “incurred loss” impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to support credit loss estimates. For public business entities that are SEC filers, the amendment in this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In its July 2019 meeting, the FASB decided to adopt a two-bucket approach to stagger effective dates for major standards. The first bucket is for SEC filers, excluding smaller reporting companies and a second bucket including all other entities. For expected credit loss implementation the FASB decided that the standard will be effective for public business entities that are SEC filers, excluding smaller reporting companies as currently defined by the SEC, for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the FASB decided the standard will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company continues to assess the impact of this guidance.

COMMERCIAL MORTGAGE LOANS HELD-

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT	The following tables summarize certain characteristics of the Company's investments in commercial mortgage loans as of September 30, 2019 and December 31, 2018: Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Life (Years) (2) September 30, 2019 Loans held-for-investment Senior secured loans (3) $ 559,521,552 $ 559,521,552 45 100.0 % 5.8 % 3.8 559,521,552 559,521,552 45 100.0 % 5.8 % 3.8 Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Life (Years) (2) December 31, 2018 Loans held-for-investment Senior secured loans (3) $ 555,172,891 $ 555,172,891 44 100.0 % 6.4 % 4.1 555,172,891 555,172,891 44 100.0 % 6.4 % 4.1 (1) Average weighted by unpaid principal balance of loan. Weighted average coupon assumes applicable one-month LIBOR rate as of September 30, 2019 and December 31, 2018. (2) The weighted average life of each loan is based on the expected repayment of principal assuming all extension options are exercised by the borrower. (3) As of September 30, 2019, $553,190,459 of the outstanding senior secured loans were held in VIEs and $6,331,093 of the outstanding senior secured are held outside VIEs. As of December 31, 2018, $550,555,503 of the outstanding senior secured loans were held in VIEs and $4,617,388 of the outstanding senior secured loans were held outside VIEs. Activity: For the nine months ended September 30, 2019, the loan portfolio activity was as follows: Commercial Mortgage Loans Held-for-Investment Balance at December 31, 2018 $ 555,172,891 Purchases 179,075,497 Proceeds from principal repayments (174,726,836) Balance at September 30, 2019 $ 559,521,552 Loan Risk Ratings: As further described in Note 2, the Company evaluates the commercial mortgage loan portfolio on a quarterly basis and assigns a risk rating based on a variety of factors. The following tables present the principal balance and net book value of the loan portfolio based on the Company's internal risk ratings as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Risk Rating Number of Loans Unpaid Principal Balance Net Carrying Value Number of Loans Unpaid Principal Balance Net Carrying Value 1 — $ — — — — — 2 7 76,223,011 76,223,011 5 51,589,000 51,589,000 3 34 433,012,131 433,012,131 34 455,323,082 455,323,082 4 4 50,286,410 50,286,410 5 48,260,809 48,260,809 5 — — — — — — 45 $ 559,521,552 559,521,552 44 555,172,891 555,172,891 As of September 30, 2019, the average risk rating of the commercial mortgage loan portfolio was 2.9 (Moderate Risk), weighted by investment carrying value, with 91.0% of commercial loans held-for-investment rated 3 (Moderate Risk) or better by the Company's Manager. As of December 31, 2018 , the average risk rating of the commercial mortgage loan portfolio was 2.9 (Moderate Risk), weighted by investment carrying value, with 91.3% of commercial loans held-for-invested rated 3 (Moderate Risk) or better by the Company's Manager. Concentration of Credit Risk: The following tables present the geographic and property types of collateral underlying the Company's commercial mortgage loans as a percentage of the loans' carrying value as of September 30, 2019 and December 31, 2018: Loans Held-for-Investment September 30, 2019 December 31, 2018 Geography Southwest 39.3 % 30.2 % South 22.8 22.6 Midwest 18.4 20.2 Mid-Atlantic 9.4 10.3 Various 6.0 5.9 West 4.1 10.8 Total 100.0 % 100.0 % September 30, 2019 December 31, 2018 Collateral Property Type Multi-Family 92.0 % 87.2 % Office 4.1 7.6 Retail 3.1 1.2 Mixed-Use 0.8 3.0 Self-Storage — 1.0 Total 100.0 % 100.0 % We did not have any impaired loans, nonaccrual loans, or loans in maturity default as of September 30, 2019 or December 31, 2018.

AVAILABLE-FOR-SALE SECURITIES

AVAILABLE-FOR-SALE SECURITIES	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
AVAILABLE-FOR-SALE SECURITIES	As of September 30, 2019 and December 31, 2018, the Company no longer held AFS securities. The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities for the three and nine months ended September 30, 2018: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 AFS securities sold, at cost $ — $ 1,260,655,162 Proceeds from AFS securities sold $ — $ 1,227,314,578 Net realized gain (loss) on sale of AFS securities $ — $ (33,340,584) Gains and losses from the sale of AFS securities are recorded within "realized gain (loss) on sale of investments, net" in the Company's condensed consolidated statements of operations. The following table presents components of interest income on the Company’s AFS securities for the three and nine months ended September 30, 2018: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Coupon Net (premium Interest Coupon Net (premium Interest Agency $ — $ — $ — $ 12,152,397 $ (1,435,534) $ 10,716,863 Multi-Family — — — — 32,103 32,103 Total $ — $ — $ — $ 12,152,397 $ (1,403,431) $ 10,748,966

THE FREMF TRUSTS

THE FREMF TRUSTS	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE FREMF TRUSTS	The Company previously elected the fair value option on the assets and liabilities of the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, which required that changes in valuations of the trusts be reflected in the Company’s statements of operations. The Company’s net investment in the trusts was limited to the Multi-Family MBS comprised of first loss PO securities and IO securities acquired by the Company in 2014 with an aggregate net carrying value of $0 at September 30, 2019 and $4,762,149 at December 31, 2018. The Company sold the underlying Multi-Family MBS of the FREMF 2011-K13 trust effective May 18, 2018 and on January 25, 2019, the FREMF 2012-KF01 trust was paid-in full. As of September 30, 2019 the Company no longer held any FREMF Trusts. The condensed consolidated balance sheets of the FREMF trusts at December 31, 2018 are set out below: Balance Sheets December 31, 2018 Assets Receivables $ 24,357,335 Total assets $ 24,357,335 Liabilities and Equity Multi-family securitized debt obligations $ 19,231,331 Payables 363,855 Total liabilities $ 19,595,186 Equity 4,762,149 Total liabilities and equity $ 24,357,335 As of December 31, 2018, all of the loans within the FREMF 2012-KF01 trust had been paid-in full. Accordingly, the assets of the trust consisted of the non-distributed cash proceeds of the loan redemptions. The condensed consolidated statements of operations of the FREMF trusts for the three and nine months ended September 30, 2019 and September 30, 2018 are as follows: Statements of Operations Three Months Ended Three Months Ended Interest income $ — $ 336,824 Interest expense — 237,980 Net interest income $ — $ 98,844 General and administrative fees — (56,186) Unrealized gain (loss) on multi-family loans held in securitization trusts — 957,549 Net income (loss) $ — $ 1,000,207 Statements of Operations Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Interest income $ 78,361 $ 20,540,942 Interest expense — 19,404,532 Net interest income $ 78,361 $ 1,136,410 General and administrative fees — (934,496) Unrealized gain (loss) on multi-family loans held in securitization trusts 694,339 (5,861,373) Net income (loss) $ 772,700 $ (5,659,459) During the nine months ended September 30, 2019, the consolidated trust incurred realized losses of 709,439 and during the three and nine months ended September 30, 2018, the consolidated trust incurred realized losses of $13,617 and $18,325.

RESIDENTIAL MORTGAGE LOAN SECUR

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS	9 Months Ended
	Sep. 30, 2019
Variable Interest Entity [Line Items]
RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS	The Company previously elected the fair value option on the assets and liabilities of the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, which required that changes in valuations of the trusts be reflected in the Company’s statements of operations. The Company’s net investment in the trusts was limited to the Multi-Family MBS comprised of first loss PO securities and IO securities acquired by the Company in 2014 with an aggregate net carrying value of $0 at September 30, 2019 and $4,762,149 at December 31, 2018. The Company sold the underlying Multi-Family MBS of the FREMF 2011-K13 trust effective May 18, 2018 and on January 25, 2019, the FREMF 2012-KF01 trust was paid-in full. As of September 30, 2019 the Company no longer held any FREMF Trusts. The condensed consolidated balance sheets of the FREMF trusts at December 31, 2018 are set out below: Balance Sheets December 31, 2018 Assets Receivables $ 24,357,335 Total assets $ 24,357,335 Liabilities and Equity Multi-family securitized debt obligations $ 19,231,331 Payables 363,855 Total liabilities $ 19,595,186 Equity 4,762,149 Total liabilities and equity $ 24,357,335 As of December 31, 2018, all of the loans within the FREMF 2012-KF01 trust had been paid-in full. Accordingly, the assets of the trust consisted of the non-distributed cash proceeds of the loan redemptions. The condensed consolidated statements of operations of the FREMF trusts for the three and nine months ended September 30, 2019 and September 30, 2018 are as follows: Statements of Operations Three Months Ended Three Months Ended Interest income $ — $ 336,824 Interest expense — 237,980 Net interest income $ — $ 98,844 General and administrative fees — (56,186) Unrealized gain (loss) on multi-family loans held in securitization trusts — 957,549 Net income (loss) $ — $ 1,000,207 Statements of Operations Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Interest income $ 78,361 $ 20,540,942 Interest expense — 19,404,532 Net interest income $ 78,361 $ 1,136,410 General and administrative fees — (934,496) Unrealized gain (loss) on multi-family loans held in securitization trusts 694,339 (5,861,373) Net income (loss) $ 772,700 $ (5,659,459) During the nine months ended September 30, 2019, the consolidated trust incurred realized losses of 709,439 and during the three and nine months ended September 30, 2018, the consolidated trust incurred realized losses of $13,617 and $18,325.
Residential mortgage loans
Variable Interest Entity [Line Items]
RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS	The Company previously elected the fair value option on the assets and liabilities of the CSMC 2014-OAK1 Trust, which requires 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 Non-Agency RMBS comprised of subordinated and first loss securities, IO securities and excess servicing rights acquired by the Company in 2014. The Company sold all underlying Non-Agency RMBS of the trust effective June 18, 2018. As of September 30, 2019, the Company no longer held any residential mortgage loan securitization trusts. The condensed consolidated statements of operations of the residential mortgage loan securitization trusts for the three and nine months ended September 30, 2018 are as follows: Statements of Operations Three Months Ended Nine Months Ended September 30, 2018 Interest income $ — $ 2,102,352 Interest expense — 1,685,971 Net interest income $ — $ 416,381 General and administrative fees — (20,886) Unrealized gain (loss) on residential loans held in securitization trusts — 5,650,199 Net income (loss) $ — $ 6,045,694

USE OF SPECIAL PURPOSE ENTITIES

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 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 has evaluated its investments in Multi-Family MBS and Non-Agency RMBS and has determined that they are 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 are restricted, and can only be used to fulfill the obligations of the trust. Additionally, the obligations of the trust do not have any recourse to the Company as the consolidator of the trust. The Company has elected the fair value option in respect of the assets and liabilities of the trusts. 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-KF01was 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 collateral 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 September 30, 2019 and December 31, 2018 included the following VIE assets and liabilities: ASSETS September 30, 2019 December 31, 2018 Cash, cash equivalents and restricted cash $ 81,037,212 $ 51,330,950 Accrued interest receivable 2,214,540 2,398,905 Investment related receivable — 32,666,128 Loans held for investment 553,190,459 550,555,503 Total Assets $ 636,442,211 $ 636,951,486 LIABILITIES Accrued interest payable $ 750,546 $ 867,794 Collateralized loan obligations (1) 505,438,271 503,978,918 Total Liabilities $ 506,188,817 $ 504,846,712 Equity 130,253,394 132,104,774 Total liabilities and equity $ 636,442,211 $ 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 September 30, 2019 and December 31, 2018: As of September 30, 2019 Collateralized Loan Obligations Count Principal Value Carrying Value (1) Wtd. Avg. Yield Collateral (loan investments) 45 $ 553,190,459 $ 553,190,459 L + 3.79% Debt (notes issued) 2 510,181,000 505,438,271 L + 1.40% As of December 31, 2018 Collateralized Loan Obligations Count Principal Value Carrying Value (1) Wtd. Avg. Yield Collateral (loan investments) 44 $ 550,555,503 $ 550,555,503 L + 4.05% Debt (notes issued) 2 510,181,000 503,978,918 L + 1.40% (1) The carrying value for Hunt CRE 2017-FL1, Ltd. is net of discount of $1,621,111 and $2,440,674 for September 30, 2019 and December 31, 2018, respectively and the carrying value for Hunt CRE 2018-FL2, Ltd. is net of debt issuance costs of $3,121,618 and $3,761,410 for September 30, 2019 and December 31, 2018, respectively.

RESTRICTED CASH

RESTRICTED CASH	9 Months Ended
	Sep. 30, 2019
Cash and Cash Equivalents [Abstract]
RESTRICTED CASH	Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. are actively managed with initial reinvestment periods of 30 and 36 months, respectively. As loans payoff or mature, as applicable, during this reinvestment period, cash received is restricted and intended to be reinvested within Hunt CRE 2017-FL1, Ltd. or Hunt CRE 2018-FL2, Ltd. in accordance with the terms and conditions of their respective governing agreements.

SECURED TERM LOAN

SECURED TERM LOAN	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
SECURED TERM LOAN	Secured Term Loan On February 14, 2019, the Company drew on the Secured Term Loan in the aggregate principal amount of $40.25 million generating net proceeds of $39.2 million. The outstanding balance of the Secured Term Loan in the table below is presented gross of deferred financing costs ($974,429 at September 30, 2019). As of September 30, 2019, the outstanding balance and total commitment under the Credit Agreement consisted of the following: September 30, 2019 Outstanding Balance Total Commitment Secured Term Loan $ 40,250,000 $ 40,250,000 Total $ 40,250,000 $ 40,250,000 On January 15, 2019, the Company, together with its FOAC and Hunt CMT Equity subsidiaries (together with the Company, the "Credit Parties"), entered into the Secured Term Loan with the lenders party thereto and Cortland Capital Market Services, LLC, as administrative agent (in such capacity, the "Agent"), providing for a term facility ("Credit Agreement") to be drawn in an aggregate principal amount of $40.25 million with a maturity of 6 years. The borrowings under the Secured Term Loan are joint and several obligations of the Credit Parties. In addition, the Credit Parties’ obligations under the Secured Term Loan are secured by substantially all the assets of the Credit Parties through pledge and security documentation. Amounts advanced under the Secured Term Loan are subject to compliance with a borrowing base comprised of assets of the Credit Parties and certain of their subsidiaries, and includes senior and subordinated commercial real estate mortgage loans, preferred equity in commercial real estate assets (directly or indirectly), commercial real estate construction mortgage loans and certain types of equity interests (the “Eligible Assets”). Borrowings under the Secured Term Loan bear interest at a fixed rate of 7.25% for the five year period following the initial draw-down, which is subject to step up by 0.25% for the first four months after the fifth anniversary of the borrowing of the Senior Secured Term Loan, then by 0.375% for the following four months, then by 0.50% for the last four months until the maturity. The Credit Agreement contains affirmative and negative covenants binding on the Company and its subsidiaries that are customary for credit facilities of this type, including, but not limited to: minimum asset coverage ratio; minimum unencumbered assets ratio; maximum total net leverage ratio; minimum tangible net worth; and an interest charge coverage ratio. As of September 30, 2019 and December 31, 2018 we were in compliance with these covenants. The Credit Agreement contains events of default that are customary for facilities of this type, including, but not limited to, nonpayment of principal, interest, fees and other amounts when due, violation of covenants, cross default with material indebtedness, and change of control.

DERIVATIVE INSTRUMENTS HEDGING

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2019
Derivative Instrument Detail [Abstract]
DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES	The Company previously entered into a variety of derivative instruments in connection with its risk management activities. The Company's primary objective for executing these derivatives was to mitigate the Company's economic exposure to future events that are outside its control. The Company's derivative financial instruments were utilized principally to manage market risk and cash flow volatility associated with interest rate risk (including associated prepayment risk) related to certain assets and liabilities. As part of its risk management activities, the Company entered into various forward contracts, including short securities, Agency to-be-announced securities, or TBAs, options, futures, swaps, swaptions and caps and may do so again in the future. In executing on the Company's former risk management strategy, the Company previously entered into interest rate swaps, swaption agreements, TBAs and futures contracts. Amounts receivable and payable under interest rate swap agreements are accounted for as unrealized gain (loss) on derivative contracts, net in the consolidated statement of operations. Premiums on swaptions are amortized on a straight line basis between trade date and expiration date and are recognized in the consolidated statement of operations as a realized loss on derivative contracts. Income Statement Presentation The following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the condensed consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the three and nine months ended September 30, 2018. The Company did not hold any derivative instruments as of September 30, 2019: Three Months Ended September 30, 2018 Primary underlying risk Amount of Amount of Total Interest rate: Futures $ — $ — $ — Total $ — $ — $ — Nine Months Ended September 30, 2018 Primary underlying risk Amount of Amount of Total Interest rate: Futures $ 25,984,870 $ (5,349,613) $ 20,635,257 Total $ 25,984,870 $ (5,349,613) $ 20,635,257

MSRs

MSRs	9 Months Ended
	Sep. 30, 2019
Mortgage Servicing Rights MSR Disclosure [Abstract]
MSRs	During the nine months ended September 30, 2019, the Company retained the servicing rights associated with an aggregate principal balance of $359,718,840 of residential mortgage loans that the Company had previously transferred to residential mortgage loan securitization trusts. The Company’s MSRs are held and managed at the Company’s TRS, and the Company employs one or more licensed sub-servicers to perform the related servicing activities. To the extent that the Company determines it is the primary beneficiary of a residential mortgage loan securitization trust into which it has sold loans, any associated MSRs are eliminated on the consolidation of the trust. The trust is contractually obligated to pay a portion of the interest payments from the associated residential mortgage loans for the direct servicing of the loans, and after deduction of sub-servicing fees payable to contracted sub-servicers, the net amount, excess servicing rights, represents a liability of the trust. Upon consolidation of the trust, the fair value of the excess servicing rights is equal to the related MSRs held at the Company’s TRS. In addition, the Company previously consolidated the assets and liabilities of the CSMC 2014-OAK1 Trust, but following the sale of subordinated and first loss securities during the second quarter of 2018, the Company has determined that it is no longer the primary beneficiary of the trust, and accordingly no longer consolidates its assets and liabilities. Consequently, MSRs associated with this trust are recorded on the Company's condensed consolidated balance sheet at September 30, 2019. The following table presents the Company’s MSR activity for the nine months ended September 30, 2019 and the nine months ended September 30, 2018: September 30, 2019 September 30, 2018 Balance at beginning of period $ 3,997,786 $ 2,963,861 MSRs relating to sales to securitizations — — MSRs related to deconsolidation of securitization trust — 1,025,129 Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model (817,137) 513,807 Other changes to fair value (1) (466,840) (293,673) Balance at end of period $ 2,713,809 $ 4,209,124 Loans associated with MSRs (2) $ 359,718,840 $ 415,564,795 MSR values as percent of loans (3) 0.75 % 1.01 % (1) Amounts represent changes due to realization of expected cash flows. (2) Amounts represent the unpaid principal balance of loans associated with MSRs outstanding at September 30, 2019 and September 30, 2018, respectively. (3) Amounts represent the carrying value of MSRs at September 30, 2019 and September 30, 2018, respectively divided by the outstanding balance of the loans associated with these MSRs The following table presents the servicing income recorded on the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2019 and September 30, 2018: Three Months Ended Three Months Ended Servicing income, net $ 243,265 $ 285,745 Total servicing income $ 243,265 $ 285,745 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Servicing income, net $ 676,944 $ 702,127 Total servicing income $ 676,944 $ 702,127

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE	The following tables summarize the valuation of the Company’s assets and liabilities carried at fair value within the fair value hierarchy levels as of September 30, 2019 and December 31, 2018: September 30, 2019 Quoted prices in Significant Unobservable Balance as of Assets: Mortgage servicing rights — — 2,713,809 2,713,809 Total $ — $ — $ 2,713,809 $ 2,713,809 December 31, 2018 Quoted prices in Significant Unobservable Balance as of Assets: Mortgage servicing rights — — 3,997,786 3,997,786 Total $ — $ — $ 3,997,786 $ 3,997,786 Liabilities: Multi-family securitized debt obligations $ — $ (19,231,331) $ — $ (19,231,331) Total $ — $ (19,231,331) $ — $ (19,231,331) As of September 30, 2019 and December 31, 2018, the Company had $2,713,809 and $3,997,786, respectively, in Level 3 assets. The Company’s Level 3 assets are comprised of MSRs. Accordingly, for more detail about Level 3 assets, also see Notes 2 and 11. The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s MSRs classified as Level 3 fair value assets at September 30, 2019 and December 31, 2018: As of September 30, 2019 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 8.0 - 27.7% 15.1 % Discount rate 12.0 % 12.0 % As of December 31, 2018 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 7.0 - 20.4% 10.1 % Discount rate 12.0 % 12.0 % As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the condensed consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2: September 30, 2019 Carrying Value Face Amount Fair Value Assets: Cash and cash equivalents $ 10,300,620 $ 10,300,620 $ 10,300,620 Restricted cash 81,037,212 81,037,212 81,037,212 Commercial mortgage loans held-for-investment 559,521,552 559,521,552 559,521,552 Total $ 650,859,384 $ 650,859,384 $ 650,859,384 Liabilities: Collateralized loan obligations $ 505,438,271 $ 510,181,000 $ 510,210,986 Secured Term Loan 39,275,571 40,250,000 41,794,352 Total $ 544,713,842 $ 550,431,000 $ 552,005,338 December 31, 2018 Carrying Value Face Amount Fair Value Assets: Cash and cash equivalents $ 7,882,862 $ 7,882,862 $ 7,882,862 Restricted cash 51,330,950 51,330,950 51,330,950 Cash held in securitization trusts, at fair value 24,357,335 24,357,335 24,357,335 Commercial mortgage loans held-for-investment 555,172,891 555,172,891 555,172,891 Total $ 638,744,038 $ 638,744,038 $ 638,744,038 Liabilities: Collateralized loan obligations $ 503,978,918 $ 510,181,000 $ 509,000,439 Total $ 503,978,918 $ 510,181,000 $ 509,000,439 Estimates of cash and cash equivalents and restricted cash are measured using quoted market prices, or Level 1 inputs. Estimates of the fair value of collateralized loan obligations are measured using observable, quoted market prices, in active markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	Management Fee The Company is externally managed and advised by the Manager. Pursuant to the terms of the prior management agreement in effect through January 18, 2018, the Company paid the prior manager a management fee equal to 1.5% per annum, calculated and payable monthly in arrears. For purposes of calculating the management fee, the Company’s stockholders’ equity included the sum of the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus the Company’s retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less any amount that the Company paid for repurchases of the Company’s common stock since inception, and excluding any unrealized gains, losses or other items that did not affect realized net income (regardless of whether such items were included in other comprehensive income or loss, or in net income). This amount was adjusted to exclude one-time events pursuant to changes in GAAP and certain non-cash items after discussions between the manager and the Company’s independent directors and approval by a majority of the Company’s independent directors. To the extent asset impairment reduced the Company’s retained earnings at the end of any completed calendar quarter, it would reduce the management fee for such quarter. The Company’s stockholders’ equity for the purposes of calculating the management fee could be greater than the amount of stockholders’ equity shown on the financial statements. On January 18, 2018, the management agreement in effect for the year ended December 31, 2017 was terminated, and a new management agreement with the Manager became effective. Pursuant to the terms of the new management contract, the Company is required to pay the Manager an annual base management fee of 1.50% of Stockholders' Equity (as defined in the management agreement), payable quarterly (0.375% per quarter) in arrears. The definition of stockholders' equity in the new management agreement is materially unchanged from the definition in the prior management agreement. Additionally, starting in the first full calendar quarter following January 18, 2019, the Company is also required to pay the Manager a quarterly incentive fee equal to 20% of the excess of Core Earnings (as defined in the management agreement) over the product of (i) the Stockholders' Equity as of the end of such fiscal quarter, and (ii) 8% per annum. On June 7, 2017, the prior manager agreed to waive a portion equal to 0.75% of its 1.50% management fee on the net proceeds of the June 16, 2017 common stock offering, for the next twelve monthly payments, beginning with the payment due for the month of June 2017. Due to the termination of the previous management agreement with Oak Circle, the fee waiver terminated on January 18, 2018. The net amount of management fee waived from January 1, 2018 to January 18, 2018 was $6,959. For the three months ended September 30, 2019, the Company incurred management fees of $557,833 (September 30, 2018: $586,926), recorded as "Management Fee" in the condensed consolidated statement of operations, of which $561,000 (September 30, 2018: $592,500) was accrued but had not been paid, included in "fees and expenses payable to Manager" in the condensed consolidated balance sheets. For the nine months ended September 30, 2019, the Company incurred management fees of $1,677,456 (September 30, 2018: $1,767,252, net of $6,959 in management fees waived), recorded as "Management Fee" in the condensed consolidated statement of operations, of which $561,000 (September 30, 2018: $592,500) was accrued but had not been paid, included in "fees and expenses payable to Manager" in the condensed consolidated balance sheets. Expense Reimbursement Pursuant to the management agreement, the Company is required to reimburse the Manager for operating expenses related to the Company incurred by the Manager, including accounting, auditing and tax services, technology and office facilities, operations, compliance, legal and filing fees, and miscellaneous general and administrative costs, including the cost of non-investment management personnel of the Manager who spend all or a portion of their time managing the Company’s affairs. The Manager has agreed to certain limitations on manager expense reimbursement from the Company. On March 18, 2019, the Company entered into a support agreement with the Manager, pursuant to which, the Manager agreed to reduce the reimbursement cap by 25% per annum (subject to such reduction not exceeding $568,000 per annum) until such time as the aggregate support provided thereunder equaled approximately $1.96 million. As of September 30, 2019, $89,379 in expense reimbursement has exceeded the reimbursement cap. For the three months ended September 30, 2019, the Company incurred reimbursable expenses of $175,174 (September 30, 2018: $548,132), recorded as "operating expenses reimbursable to Manager" in the condensed consolidated statement of operations, of which $174,561 (September 30, 2018: $592,500) was accrued but had not yet been paid, included in "fees and expenses payable to Manager" in the condensed consolidated balance sheets. Per the management agreement, any exit fees waived by the Company as a result of permanent financing by the Manager or any of its affiliates, shall be reduced by an amount equal to 50% of the amount of any such waived exit fee. For the three months ended September 30, 2019, the Company waived $345,988 of reimbursable expenses. For the nine months ended September 30, 2019, the Company incurred reimbursable expenses of $1,232,211 (September 30, 2018: $1,865,057), recorded as "operating expenses reimbursable to Manager" in the condensed consolidated statement of operations, of which $174,561 (September 30, 2018: $592,500) was accrued but had not yet been paid, included in "fees and expenses payable to Manager" in the condensed consolidated balance sheets. Per the management agreement, any exit fees waived by the Company as a result of permanent financing by the Manager or any of its affiliates, shall be reduced by an amount equal to 50% of the amount of any such waived exit fee. For the nine months ended September 30, 2019, the Company waived $345,988 of reimbursable expenses. Manager Equity Plan The Company has in place a Manager Equity Plan under which the Company may compensate the Manager and the Company’s independent directors or consultants, or officers whom it may employ in the future. In turn, the Manager, in its sole discretion, grants such awards to its directors, officers, employees or consultants. The Company is able to issue under the Manager Equity Plan up to 3.0% of the total number of issued and outstanding shares of common stock (on a fully diluted basis) at the time of each award. Stock based compensation arrangements may include incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock awards and other awards based on the Company’s common stock. The following table summarizes the activity related to restricted common stock for the nine months ended September 30, 2019 and September 30, 2018: Nine Months Ended September 30, 2019 2018 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding Unvested Shares at Beginning of Period 4,500 $ 3.40 4,500 $ 4.33 Granted — — 4,500 3.40 Vested (4,500) 3.40 — — Outstanding Unvested Shares at End of Period — $ — 9,000 $ 3.87 For the nine months ended September 30, 2019, the Company recognized compensation expense related to restricted common stock of $7,922 (2018: $18,095). The Company did not have unrecognized compensation expense as of September 30, 2019 (2018: $12,740) for unvested shares of restricted common stock. MAXEX LLC The Company’s lead independent director is also an independent director of an entity, MAXEX LLC (“ MAXEX ”), with which the Company had a commercial business relationship. The objective of MAXEX, together with its subsidiaries, is to create a whole loan mortgage trading platform which encompasses a centralized counterparty with a standardized purchase and sale contract and an independent dispute resolution process. As of September 30, 2018, the Company received $148,221 in fees, net of $34,573 in marketing fees paid to MAXEX, relating to its provision to MAXEX of seller eligibility review and backstop services. The Company did not receive any fees from MAXEX for the nine months ended September 30, 2019. Pursuant to an Assumption Agreement dated December 31, 2018, among MAXEX Clearing LLC and FOAC, MAXEX Clearing LLC assumed all of FOAC's obligations under its backstop guarantees and agreed to indemnify and hold FOAC harmless against any losses, liabilities, costs, expenses and obligations under the backstop guarantee. FOAC paid MAXEX Clearing LLC, as the replacement backstop provider, a fee of $426,770. See Note 14 for additional disclosure relating to the backstop services. Hunt Finance Company, LLC During the first quarter of 2019, Hunt CRE 2017-FL1, Ltd. purchased three loans with an aggregate unpaid principal balance of $40,820,000 at par and Hunt CRE 2018-FL2 purchased one loan with an unpaid principal balance of $18,000,000 at par and funded nine loan advances with an unpaid principal balance of $3,975,905 from Hunt Finance Company ("HFC"), LLC, an affiliate of our Manager. During the second quarter of 2019, Hunt CRE 2017-FL1, Ltd. purchased seven loans with an aggregate principal balance of $41,318,000 at par and Hunt CRE 2018-FL2 funded five loan advances with an unpaid principal balance of $3,276,635 from HFC. During the third quarter of 2019, Hunt CRE 2017-FL1, Ltd. purchased five loans with an aggregate principal balance of $47,667,352 at par and Hunt CRE 2018-FL2, Ltd. purchased one loan with an unpaid principal balance of $9,135,000 at par from HFC. Additionally, Hunt CRE 2017-FL1, Seller sold six loan advances with an unpaid principal balance of $6,816,250 at par to HFC. Hunt Servicing Company, LLC

GUARANTEES

GUARANTEES	9 Months Ended
	Sep. 30, 2019
Guarantees [Abstract]
GUARANTEES	The Company, through FOAC, is party to customary and standard loan repurchase obligations in respect of residential mortgage loans that it has sold into securitizations or to third parties, to the extent it is determined that there has been a breach of standard seller representations and warranties in respect of such loans. To date, the Company has not been required to repurchase any loan due to a claim of breached seller representations and warranties. In July 2016, the Company announced that it would no longer aggregate and securitize residential mortgage loans; however, the Company sought to capitalize on its infrastructure and knowledge to become the provider of seller eligibility review and backstop services to MAXEX. See Note 13 for a further description of MAXEX. MAXEX's wholly owned clearinghouse subsidiary, MAXEX Clearing LLC, formerly known as Central Clearing and Settlement LLC ("MAXEX Clearing LLC"), functions as the central counterparty with which buyers and sellers transact, and acts as the buyer's counterparty for each transaction. Pursuant to a Master Agreement dated June 15, 2016, as amended on August 29, 2016, January 30, 2017 and June 27, 2018, among MAXEX, MAXEX Clearing LLC and FOAC (the "Master Agreement"), FOAC provided seller eligibility review services under which it reviewed, approved and monitored sellers that sold loans via MAXEX Clearing LLC. Once approved, and having signed the standardized loan sale contract, the seller sold loan(s) to MAXEX Clearing LLC, and MAXEX Clearing LLC simultaneously sold loan(s) to the buyer on substantially the same terms including representations and warranties. The Master Agreement was terminated on November 28, 2018 (the "MAXEX Termination Date"). To the extent that a seller approved by FOAC prior to the MAXEX Termination Date failed to honor its obligations to repurchase a loan based on an arbitration finding that it breached its representations and warranties, FOAC was obligated to backstop the seller's repurchase obligation. The term of the backstop guarantee is the earlier of the contractual maturity of the underlying mortgage, or its earlier repayment in full; however, the incidence of claims for breaches of representations and warranties over time is considered unlikely to occur more than five years from the sale of a mortgage. FOAC's obligations to provide further seller eligibility review and backstop guarantee services terminated on the MAXEX Termination Date. Pursuant to an Assumption Agreement dated December 31, 2018, among MAXEX Clearing LLC and FOAC, MAXEX Clearing LLC assumed all of FOAC's obligations under its backstop guarantees and agreed to indemnify and hold FOAC harmless against any losses, liabilities, costs, expenses and obligations under the backstop guarantee. FOAC paid MAXEX Clearing LLC, as the replacement backstop provider, a fee of $426,770 (the "Alternate Backstop Fee"). MAXEX Clearing LLC represented to FOAC in the Assumption Agreement that it (i) is rated at least "A" (or equivalent) by at least one nationally recognized statistical rating agency or (ii) has (a) adjusted tangible net worth of at least $20,000,000 and (b) minimum available liquidity equal to the greater of (x) $5,000,000 and (y) 0.1% multiplied by the scheduled unpaid principal balance of each outstanding loan covered by the backstop guarantees. MAXEX's chief financial officer is required to certify ongoing compliance by MAXEX Clearing LLC with the aforementioned criteria on a quarterly basis and if MAXEX Clearing LLC fails to satisfy such criteria, MAXEX Clearing LLC is required to deposit into an escrow account for FOAC's benefit an amount equal to the greater of (A) the unamortized Alternate Backstop Fee for each outstanding loan covered by the backstop guarantee and (B) the product of 0.01% multiplied by the scheduled unpaid principal balance of each outstanding loan covered by the backstop guarantees. The maximum potential amount of future payments that the Company could be required to make under the outstanding backstop guarantees, which represents the outstanding balance of all underlying mortgage loans sold by approved sellers to MAXEX Clearing LLC, was estimated to be $1,405,182,222 as of September 30, 2019 and $1,405,182,222 as of December 31, 2018, although the Company believes this amount is not indicative of the Company's actual potential losses. Amounts payable in excess of the outstanding principal balance of the related mortgage, for example any premium paid by the loan buyer or costs associated with collecting mortgage payments, are not currently estimable. Amounts that may become payable under the backstop guarantee are normally recoverable from the related seller, as well as from any payments received on (or from sale of property securing) the mortgage loan repurchased and, as noted above, MAXEX Clearing LLC has assumed all of FOAC's obligations in respect of its backstop guarantees. Pursuant to the Master Agreement, FOAC is required to maintain minimum available liquidity equal to the greater of (i) $5.0 million or (ii) 0.10% of the aggregate unpaid principal balance of loans backstopped by FOAC, either directly or through a credit support agreement acceptable to MAXEX. As of September 30, 2019, the Company was not aware of any circumstances expected to lead to the triggering of a backstop guarantee obligation. In addition, the Company enters into certain contracts that contain a variety of indemnification obligations, principally with the Manager, brokers and counterparties to repurchase agreements. The maximum potential future payment amount the Company could be required to pay under these indemnification obligations is unlimited. The Company has not incurred any costs to defend lawsuits or settle claims related to the indemnification obligations. As a result, the estimated fair value of these agreements is minimal. Accordingly, the Company recorded no liabilities for these agreements as of September 30, 2019.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Unfunded Commitments As of September 30, 2019 and December 31, 2018, the Company had $46.5 million and $26.6 million of unfunded commitments related to loans held in Hunt CRE 2017-FL1, Ltd. These commitments are not reflected on the Company's condensed consolidated balance sheets. As of September 30, 2019 and December 31, 2018, HFC, an affiliate of the Manager, had $46.3 million and $55.4 million, respectively, of unfunded commitments related to loans held in Hunt CRE 2018-FL2, Ltd. These commitments are not reflected on the Company's condensed consolidated balance sheets.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
EQUITY	Ownership and Warrants Pursuant to the terms of the May 2012 private offering, the Company agreed to issue to XL Investments Ltd warrants to purchase the Company’s common stock. The warrants were subsequently issued, effective as of September 29, 2012, and following adjustment in December 2016, entitled XL Investments Ltd, to purchase an aggregate of 3,753,492 shares of the Company’s common stock at a per share exercise price equal to $13.11. XL Global, Inc., an indirect subsidiary of AXA SA, held a minority stake in the previous manager. Pursuant to an agreement dated January 18, 2018, XL Investments agreed to terminate all of its previously held warrants to purchase 3,753,492 shares of common stock held by it. Common Stock The Company has 450,000,000 authorized shares of common stock, par value $0.01 per share, with 23,687,664 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively. On January 18, 2018, the Company issued 1,539,406 shares of common stock to an affiliate of the Manager in a private placement at a purchase price of $4.77 per share resulting in aggregate net proceeds of $7.3 million. Stock Repurchase Program On December 15, 2015, the Company’s board of directors authorized a stock repurchase program (or the “Repurchase Program”), to repurchase up to $10 million of the Company’s outstanding common stock. Shares of the Company’s common stock may be purchased in the open market, including through block purchases, or through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b 18(b)(1) of the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion and the program may be suspended, terminated or modified at any time for any reason. Among other factors, the Company intends to only consider repurchasing shares of the Company’s common stock when the purchase price is less than the Company’s estimate of the Company’s current net asset value per common share. Shares of common stock repurchased by the Company under the Repurchase Program, if any, will be canceled and, until reissued by the Company, will be deemed to be authorized but unissued shares of the Company’s common stock. As of September 30, 2019, the Company had repurchased 126,856 shares of common stock at a weighted average share price of $5.09. No share repurchases were made during the three months and nine months ended September 30, 2019. As of September 30, 2019, $9.4 million of common stock remained authorized for future share repurchase under the Repurchase Program. Preferred Stock The Company had 50,000,000 authorized shares of preferred stock, par value $0.01 per share, with 1,610,000 shares of 8.75% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), par value of $0.01 per share and liquidation preference of $25.00 per share, issued and outstanding as of December 31, 2018. The Series A Preferred Stock was entitled to receive a dividend rate of 8.75% per year on the $25 liquidation preference and was senior to the common stock with respect to distributions upon liquidation, dissolution or winding up. The Company declared quarterly and paid monthly dividends on the shares of the Series A Preferred Stock, in arrears, on the 27th day of each month to holders of record at the close of business on the 15th day of each month. No dividends may be paid on the Company's common stock unless full cumulative dividends have been paid on the preferred stock. The Company paid full cumulative dividends on its preferred stock on a monthly basis since it was first issued in December 2013. On February 14, 2019, the Company redeemed all 1,610,000 shares of its outstanding 8.75% Series A Cumulative Redeemable Preferred Stock at its $25 per share liquidation preference plus accrued and unpaid dividends. Distributions to stockholders For the 2019 taxable year to date, the Company has declared dividends to common stockholders totaling $5,211,286, or $0.22 per share. The following table presents cash dividends declared by the Company on its common stock during the nine months ended September 30, 2019: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share March 18, 2019 March 29, 2019 April 15, 2019 $ 1,658,136 $ 0.07000 June 10, 2019 June 28, 2019 July 15, 2019 $ 1,776,575 $ 0.07500 September 17, 2019 September 30, 2019 October 15, 2019 $ 1,776,575 $ 0.07500 The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the nine months ended September 30, 2019: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share December 7, 2018 January 15, 2019 January 28, 2019 $ 332,626 $ 0.20660 December 7, 2018 February 14, 2019 February 14, 2019 $ 188,488 $ 0.11710 Non-controlling interests On November 29, 2018, Hunt Commercial Mortgage Trust (“HCMT”), an indirect wholly-owned subsidiary of the Company that has elected to be taxed as a REIT issued 125 shares of Series A Preferred Shares (“HCMT Preferred Shares”). Net proceeds to HCMT were $99,500 representing $125,000 in equity raised, less $25,500 in expenses and is reflected as “Non-controlling interests” in the Company’s consolidated balance sheets. Dividends on the HCMT Preferred Shares are cumulative annually, in an amount equal to 12% of the initial purchase price plus any accrued unpaid dividends. The HCMT Preferred Shares are redeemable at any time by HCMT. The redemption price through December 31, 2020 is 1.1x the initial purchase price plus all accrued and unpaid dividends, and the initial purchase price plus all accrued and unpaid dividends thereafter. The holders of the HCMT Preferred Shares have limited voting rights, which do not entitle the holders to participate or otherwise direct the management of HCMT or the Company. The HCMT Preferred Shares are not convertible into or exchangeable for any other property or securities of HCMT or the Company. Dividends on the HCMT Preferred Shares, which amounted to $1,333 for the year ended December 31, 2018 are reflected in “Dividends to preferred stockholders” in the Company’s consolidated statements of operations. As of September 30, 2019, HCMT had $11,292 in accrued dividends on the preferred shares which are reflected in ""Dividends to preferred stockholders" in the Company's condensed consolidated statements of operations of which $3,792 were accrued and unpaid dividends on the preferred shares which are reflected in "Dividends payable" in the Company's condensed consolidated balance sheet.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	In accordance with ASC 260, outstanding instruments that contain rights to non-forfeitable dividends are considered participating securities. The Company is required to apply the two-class method or the treasury stock method of computing basic and diluted earnings per share when there are participating securities outstanding. The Company has determined that outstanding unvested restricted shares issued under the Manager Equity Plan are participating securities, and they are therefore included in the computation of basic and diluted earnings per share. The following tables provide additional disclosure regarding the computation for the three and nine months ended September 30, 2019 and September 30, 2018: Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Net income (loss) $ 2,157,748 $ 4,353,026 Less dividends: Common stock $ 1,776,575 $ 1,421,260 Preferred stock 3,792 880,509 Deemed dividend on preferred stock related to redemption — — 1,780,367 2,301,769 Undistributed earnings (deficit) $ 377,381 $ 2,051,257 Unvested Share-Based Common Stock Unvested Share-Based Common Stock Distributed earnings $ 0.08 $ 0.08 $ 0.06 $ 0.06 Undistributed earnings (deficit) 0.01 0.01 0.09 0.09 Total $ 0.09 $ 0.09 $ 0.15 $ 0.15 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Net income (loss) $ 5,026,685 $ (5,822,037) Less dividends: Common stock $ 5,211,286 $ 5,156,936 Preferred stock 488,056 2,631,744 Deemed dividend on preferred stock related to redemption 3,093,028 — 8,792,370 7,788,680 Undistributed earnings (deficit) $ (3,765,685) $ (13,610,717) Unvested Share-Based Common Stock Unvested Share-Based Common Stock Distributed earnings $ 0.22 $ 0.22 $ 0.22 $ 0.22 Undistributed earnings (deficit) — (0.16) — (0.58) Total $ 0.22 $ 0.06 $ 0.22 $ (0.36) Pursuant to an agreement dated January 18, 2018, XL investments agreed to terminate all of its previously held warrants to purchase 3,753,492 shares of common stock held by it, and therefore no adjustment was needed for the calculation of diluted earnings per share for the three months and nine months ended September 30, 2019. No adjustment was required for the calculation of diluted earnings per share for the three months and nine months ended September 30, 2018, for the warrants described in Note 16 because the warrants’ exercise price was greater than the average market price of the common shares for the period, and thereby anti-dilutive. For the three months ended September 30, 2019, the weighted average number of shares of common stock outstanding to calculate the basic and diluted earnings per share was 23,687,664 and for the three months ended September 30, 2018, the weighted average number of shares of common stock outstanding to calculate the basic and diluted earnings per share was 23,687,273. For the nine months ended September 30, 2019, the weighted average number of shares of common stock outstanding to calculate the basic and diluted earnings per share was 23,687,664 and for the nine months ended September 30, 2018, the weighted average number of shares of common stock outstanding to calculate basic and diluted earnings per share was 23,588,688.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
SEGMENT REPORTING	The Company invests in a portfolio comprised of commercial mortgage loans and other mortgage-related investments, and operates as a single reporting segment.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	The Company has elected to be treated as a REIT under federal income tax laws. As a REIT, the Company is generally not subject to federal income taxation at the corporate level to the extent that it distributes 100% of its taxable earnings to shareholders annually and does not engage in prohibited transactions. Certain activities of the Company that produce prohibited income are conducted through a TRS, FOAC, to protect REIT election and FOAC is therefore subject to tax as a U.S. C-Corporation. To maintain our REIT election, the Company must continue to meet certain ownership, asset and income requirements set forth in the Code. As further discussed below, the Company may be subject to non-income taxes on excess amounts of assets or income that cause a failure of any of the REIT testing requirements. REIT Testing and Tax on 75% Income Test Failure During tax years 2017 and 2018 the Company passed all the requisite ownership, asset and income tests, with the exception of the 2018 test under Section 856(c)(3) of the Code, also known as the 75% Income Test. The 75% Income Test required that at least 75% of the gross income earned by the Company be generated by qualifying real estate income, including interest income on mortgages and realized gain on the sale of real estate assets. In our case, the gains generated by the asset protection hedging strategy resulting from the complete dissolution of the MBS asset portfolio during 2018 were determined to be non-qualified income for the purpose of the 75% Income Test and resulted in a failure of the 75% Income Test for the year-ended December 31, 2018. As a result, the Company also owed an income tax on the amount of the gross income that exceeded the 75% Income Test threshold. The calculation of the tax under Section 857(b)(5) of the Code resulted in an accrued tax liability of $1.96 million for 2018, which is reflected as part of the "(Provision for) benefit from income taxes" in the Company's condensed consolidated statements of operations and "Other accounts payable and accrued expenses" in the Company's condensed consolidated balance sheets. The Company believes it more likely than not that our REIT election will not be impacted in the current or future periods. On April 12, 2019, in connection with filing its 2018 tax extensions, the Company paid the $1.96 million tax liability associated with the failure of the 75% gross income test.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	We have reviewed subsequent events occurring through the date that these condensed consolidated financial statements were issued, and determined that no subsequent events occurred that would require accrual or additional disclosure.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements and related notes have been prepared in accordance with GAAP for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the financial statements prepared under GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the Securities and Exchange Commission (“SEC”) on March 18, 2019.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and all subsidiaries which it controls (i) through voting or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not the primary beneficiary are accounted under the equity method or other appropriate GAAP.
VIEs	VIEs An entity is considered a VIE when any of the following applies: (1) the equity investors (if any) lack one or more essential characteristics of a controlling financial interest; (2) the equity investment at risk is not sufficient to finance that entity's activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE's performance; and (2) the obligation to absorb losses and right to receive returns from the VIE that would be significant to the VIE. The Company evaluates quarterly its junior retained notes and preferred shares of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. for potential consolidation. At September 30, 2019, the Company determined it was the primary beneficiary of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. based on its obligation to absorb losses derived from ownership of its preferred shares. Accordingly, the Company consolidated the assets, liabilities, income and expenses of the underlying issuing entities. The Company's maximum exposure to loss from collateralized loan obligations was $124,046,671 at September 30, 2019 and December 31, 2018.
Use of Estimates	Use of Estimates The financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash held in bank accounts on an overnight basis and other short term deposit accounts with banks having original maturities of 90 days or less. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts.
Deferred Offering Costs	Deferred Offering Costs Direct costs incurred to issue shares classified as equity, such as legal and accounting fees, are deducted from the related proceeds and the net amount recorded as stockholders’ equity. Accordingly, payments made by the Company in respect of such costs related to the issuance of shares are recorded as an asset in the accompanying consolidated balance sheets in the line item “Deferred offering costs”, for subsequent deduction from the related proceeds upon closing of the offering. To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in “Other accounts payable and accrued expenses” on the accompanying consolidated balance sheets.
Fair Value Measurements	Fair Value Measurements The "Fair Value Measurements and Disclosures" Topic 820 of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurement under GAAP. Specifically, the guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at measurement date. ASC 820 specifies a hierarchy of valuation techniques based on the inputs used in measuring fair value. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable market data from independent sources, while unobservable inputs reflect the Company's market assumptions. The three levels are defined as follows: • Level 1 Inputs – Quoted prices for identical instruments in active markets. • Level 2 Inputs – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs – Instruments with primarily unobservable value drivers. Pursuant to ASC 820 we disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate fair value for those certain instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instrument, for which it is practicable to estimate that value: • Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. • Restricted cash: The carrying amount of restricted cash approximates fair value. • Commercial mortgage loans: The Company may record fair value adjustments on a non-recurring basis when it has determined it necessary to record a specific impairment reserve or charge-off against a loan and the Company measures such specific reserve or charge-off using the fair value of the loan's collateral. To determine the fair value of loan collateral, the Company employs different approaches including income capitalization approach or appraised values depending upon the nature of such collateral and other relevant market factors. • Mortgage servicing rights: The Company determines the fair value of MSRs from a third-party pricing service on a recurring basis. The third-party pricing service uses common market pricing methods that include using discounted cash flow models to calculate the present value estimated net servicing income and observed market pricing for MSR purchase and sale transactions. The model considers contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. • Collateralized loan obligations: The Company determines the fair value of collateralized loan obligations by utilizing a third-party pricing service. In determining the value of a particular investment, pricing service providers may use market spreads, inventory levels, trade and bid list history, as well as market insight from clients, trading desks and global research platform. • Secured term loan: The Company determines the fair value of its secured term loan based on a discounted cash flow methodology.
Commercial Mortgage Loans Held-For-Investment	Commercial Mortgage Loans Held-for-Investment Commercial mortgage loans held-for-investment represent floating-rate transitional loans and other commercial mortgage loans purchased by the Company. These loans include loans sold into securitizations that the Company consolidates. Commercial mortgage loans held-for-investment are intended to be held-to-maturity and, accordingly, are carried at their unpaid principal balances, adjusted for net unamortized loan fees and costs (in respect of originated loans), premiums and discounts (in respect of purchased loans) and impairment, if any. Interest income is recognized as revenue using the effective interest method and is recorded on the accrual basis according to the terms of the underlying loan agreement. Any fees, costs, premiums and discounts associated with these loan investments are deferred and amortized over the term of the loan using the effective interest method, or on a straight line basis when it approximates the effective interest method. Income accrual is generally suspended and loans are placed on non-accrual status on the earlier of the date at which payment has become 90 days past due or when full and timely collection of interest and principal is considered not probable. The Company may return a loan to accrual status when repayment of principal and interest is reasonably assured under the terms of the underlying loan agreement. As of September 30, 2019, the Company did not hold any loans placed on non-accrual status. Quarterly, the Company assesses the risk factors of each loan classified as held-for-investment and assigns a risk rating based on a variety of factors, including, without limitation, debt-service coverage ratios ("DSCR"), loan-to-value ratio ("LTV"), property type, geographic and local market dynamics, physical condition, leasing and tenant profile, adherence to business plan and exit plan, maturity default risk and project sponsorship. Our loans are rated on a 5-point scale, from least risk to greatest risk, respectively, which ratings are described as follows: 1. Very Low Risk: exceeds expectations, outperforming underwriting 2. Low Risk: meeting expectations 3. Moderate Risk: a loss unlikely due to value and other indicators 4. High Risk: potential risk of default, a loss may occur in the event of default 5. Default Risk: imminent risk of default, a loss is likely in the event of default The Company evaluates each loan rated High Risk or above as to whether it is impairmed on a quarterly basis. Impairment occurs when the Company determines that the facts and circumstances of the loan deem it probable that the Company will not be able to collect all amounts due in accordance with the contractual terms of the loan. If a loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan through a charge to the provision for loan losses. Impairment of these loans, which are collateral dependent, is measured by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, actions of other lenders, and other factors deemed necessary by the Manager. Actual losses, if any, could ultimately differ from estimated losses.
Mortgage Servicing Rights and Excess Servicing Rights, at Fair Value	Mortgage Servicing Rights and Excess Servicing Rights, at Fair Value Mortgage servicing rights (“MSRs”) are associated with residential mortgage loans that the Company historically purchased and subsequently sold or securitized. MSRs are held and managed at Five Oaks Acquisition Corp. ("FOAC"), the Company’s taxable REIT subsidiary ("TRS"). As the owner of MSRs, the Company is entitled to receive a portion of the interest payments from the associated residential mortgage loan, and is obligated to service, directly or through a subservicer, the associated loan. MSRs are reported at fair value as a result of a fair value option election. Residential mortgage loans for which the Company owns the MSRs are directly serviced by one or more sub-servicers retained by the Company, since the Company does not directly service any residential mortgage loans. MSR income is recognized at the contractually agreed rate, net of the costs of sub-servicers retained by the Company. If a sub-servicer with which the Company contracts were to default, an evaluation of MSR assets for impairment would be undertaken at that time.
Collateralized Loan Obligations	Collateralized Loan Obligations Collateralized loan obligations represent third-party liabilities of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. (the "CLOs"). The CLOs are VIEs that the Company has determined it is the primary beneficiary and accordingly are consolidated in the Company's financial statements, excluding liabilities of the CLOs acquired by the Company that are eliminated on consolidation. The third-party obligations of the CLOs do not have any recourse to the Company as the consolidator of the CLOs. Collateralized loan obligations are carried at their outstanding unpaid principal balances, net of any unamortized discounts or deferred financing costs. Any premiums and discounts or deferred financing costs associated with these liabilities are amortized to interest expense using the effective interest method over the expected average life of the related obligations, or on a straight line basis when it approximates the effective interest method.
Multi-Family and Residential Mortgage Loans Held in Securitization Trusts	Multi-Family and Residential Mortgage Loans Held in Securitization Trusts Multi-family and residential mortgage loans held in consolidated securitization trusts were comprised of multi-family mortgage loans held in the FREMF 2011-K13 Trust and the FREMF 2012-KF01 Trust, and residential mortgage loans held in the CSMC 2014-OAK1. Based on a number of factors, the Company determined it was the primary beneficiary of the VIE underlying the trusts, met the criteria for consolidation and, accordingly, consolidated the trusts, including its assets, liabilities, income and expenses in its consolidated financial statements. The Company elected the fair value option on each of the assets and liabilities held within the trusts. The Company sold the subordinated securities of the FREMF 2011-K13 Trust on May 18, 2018 and the CSMC 2014-OAK1 Trust on June 18, 2018, and having determined that it was no longer the primary beneficiary of either trust as of those dates, the Company no longer consolidated either trust as of those dates. Additionally, in the first quarter of 2019, the first-loss tranche of the re-REMIC related to the FREMF 2012-KF01 Trust paid-in full, and as a result, having determined the Company is no longer the primary beneficiary of the trust, no longer consolidates the assets, liabilities, income and expense of the trust. Interest income on multi-family and residential mortgage loans held in securitization trusts was recognized at the loan coupon rate. Interest income recognition was suspended when mortgage loans were placed on non-accrual status. The accrual of interest on loans was discontinued when, in management’s opinion, the interest was considered non-collectible, and in all cases when payment became greater than 90 days past due. Loans returned to accrual status when principal and interest became current and were anticipated to be fully collectible.
Multi-Family and Residential Securitized Debt Obligations	Multi-Family and Residential Securitized Debt Obligations Multi-family and residential securitized debt obligations represented third-party liabilities of the FREMF 2011-K13 Trust, FREMF 2012-KF01 Trust and CSMC 2014-OAK1 Trust, and excluded the liabilities of the trusts acquired by the Company that were eliminated on consolidation. The third-party obligations of the trust did not have any recourse to the Company as the consolidator of each trust.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes, commencing with the Company’s short taxable period ended December 31, 2012. A REIT is generally taxable as a U.S. C-Corporation; however, so long as the Company qualifies as a REIT it is entitled to a special deduction for dividends paid to shareholders not otherwise available to corporations. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent its distributions to stockholders equals, or exceeds, its REIT taxable income for the year. In addition, the Company must continue to meet certain REIT qualification requirements with respect to distributions, as well as certain asset, income and share ownership tests, in accordance with Sections 856 through 860 of the Code, as summarized below. In addition, the TRS is maintained to perform certain services and earn income for the Company that the Company is not permitted as a REIT. To maintain its qualification as a REIT, the Company must meet certain requirements (including but not limited to the following: (i) distribute at least 90% of its REIT taxable income to its stockholders; (ii) invest at least 75% of its assets in REIT qualifying assets, with additional restrictions with respect to asset concentration risk; and (iii) earn at least 95% of its gross income from qualifying sources of income, including at least 75% from qualifying real estate and real estate related sources. Regardless of the REIT election, the Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax as a U.S. C-Corporation, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company has historically met the requisite ownership, asset and income tests, with the exception of a failure to meet the 75% gross income test for the 2018 calendar year. The failure to meet the 75% gross income test was a result of gains generated from the termination of hedges associated with the disposition of the Agency RMBS portfolio during 2018. The Company accrued a tax liability of $1.96 million as of December 31, 2018 as a result of its failure to meet the 75% gross income test, which was previously paid on April 12, 2019, in connection with filing its 2018 tax extensions. Certain activities of the Company are conducted through a TRS and therefore are taxed as a standalone U.S. C-Corporation. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The TRS is not subject to a distribution requirement with respect to its REIT owner. The TRS may retain earnings annually, resulting in an increase in the consolidated book equity of the Company and without a corresponding distribution requirement by the REIT. If the TRS generates net income, and declares dividends to the Company, such dividends will be included in its taxable income and necessitate a distribution to its stockholders in accordance with the REIT distribution requirements.
Earnings per Share	Earnings per ShareThe Company calculates basic and diluted earnings per share by dividing net income attributable to common stockholders for the period by the weighted-average shares of the Company’s common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as warrants, stock options, and unvested restricted stock, but use the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding.
Stock-Based Compensation	Stock-Based Compensation The Company is required to recognize compensation costs relating to stock-based payment transactions in the consolidated financial statements. The Company accounts for share-based compensation issued to its Manager and non-management directors using the fair-value based methodology prescribed by ASC 505, Equity (“ASC 505”), or ASC 718, Share-Based Payment
Comprehensive Income (Loss) Attributable to Common Stockholders	Comprehensive Income (Loss) Attributable to Common Stockholders Comprehensive income (loss) is comprised of net income (loss), as presented in the consolidated statement of comprehensive income (loss), adjusted for changes in unrealized gain or loss on AFS securities (excluding Non-Agency RMBS IOs), reclassification adjustments for net gain (loss) and other-than-temporary impairments included in net income (loss) and dividends paid to preferred stockholders.
Recently Issued and/or Adopted Accounting Standards	Recently Issued and/or Adopted Accounting Standards Credit Losses In April 2019, the FASB issued ASU 2019-04, which amends existing guidance originally issued by (i) ASU 2016-13, (ii) ASU 2017-12, and (iii) ASU 2016-01. The amendments in ASU 2019-04 that relate to ASU 2016-13 clarify specific issues related to the implementation of the current expected credit loss model, which are effective for fiscal years beginning after December 15, 2019 and are to be adopted through a cumulative-effect adjustment to retained earnings as of January 1, 2020. The amendments in ASU 2019-04 that relate to ASU 2017-12 primarily update guidance related to fair value hedges and do not have an impact on our consolidated financial statements. The amendments in ASU 2019-04 that relate to ASU 2016-01 primarily update guidance related to equity securities and do not have an impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 which is a comprehensive amendment of credit losses on financial instruments. Currently GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The standard’s core principle is that an entity replaces the “incurred loss” impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to support credit loss estimates. For public business entities that are SEC filers, the amendment in this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In its July 2019 meeting, the FASB decided to adopt a two-bucket approach to stagger effective dates for major standards. The first bucket is for SEC filers, excluding smaller reporting companies and a second bucket including all other entities. For expected credit loss implementation the FASB decided that the standard will be effective for public business entities that are SEC filers, excluding smaller reporting companies as currently defined by the SEC, for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the FASB decided the standard will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company continues to assess the impact of this guidance.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows. September 30, 2019 December 31, 2018 Cash and cash equivalents $ 10,300,620 $ 7,882,862 Restricted cash CRE 2017-FL1, Ltd. 32,668,889 24,085,890 Restricted cash CRE 2018-FL2, Ltd. $ 48,368,323 $ 27,245,060 Total cash, cash equivalents and restricted cash $ 91,337,832 $ 59,213,812
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows. September 30, 2019 December 31, 2018 Cash and cash equivalents $ 10,300,620 $ 7,882,862 Restricted cash CRE 2017-FL1, Ltd. 32,668,889 24,085,890 Restricted cash CRE 2018-FL2, Ltd. $ 48,368,323 $ 27,245,060 Total cash, cash equivalents and restricted cash $ 91,337,832 $ 59,213,812

COMMERCIAL MORTGAGE LOANS HEL_2

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT (Tables)	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Summary of Commercial Mortgage Loans	The following tables summarize certain characteristics of the Company's investments in commercial mortgage loans as of September 30, 2019 and December 31, 2018: Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Life (Years) (2) September 30, 2019 Loans held-for-investment Senior secured loans (3) $ 559,521,552 $ 559,521,552 45 100.0 % 5.8 % 3.8 559,521,552 559,521,552 45 100.0 % 5.8 % 3.8 Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Life (Years) (2) December 31, 2018 Loans held-for-investment Senior secured loans (3) $ 555,172,891 $ 555,172,891 44 100.0 % 6.4 % 4.1 555,172,891 555,172,891 44 100.0 % 6.4 % 4.1 (1) Average weighted by unpaid principal balance of loan. Weighted average coupon assumes applicable one-month LIBOR rate as of September 30, 2019 and December 31, 2018. (2) The weighted average life of each loan is based on the expected repayment of principal assuming all extension options are exercised by the borrower. (3) As of September 30, 2019, $553,190,459 of the outstanding senior secured loans were held in VIEs and $6,331,093 of the outstanding senior secured are held outside VIEs. As of December 31, 2018, $550,555,503 of the outstanding senior secured loans were held in VIEs and $4,617,388 of the outstanding senior secured loans were held outside VIEs. Activity: For the nine months ended September 30, 2019, the loan portfolio activity was as follows: Commercial Mortgage Loans Held-for-Investment Balance at December 31, 2018 $ 555,172,891 Purchases 179,075,497 Proceeds from principal repayments (174,726,836) Balance at September 30, 2019 $ 559,521,552
Summary of Loan Risk Ratings	The following tables present the principal balance and net book value of the loan portfolio based on the Company's internal risk ratings as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Risk Rating Number of Loans Unpaid Principal Balance Net Carrying Value Number of Loans Unpaid Principal Balance Net Carrying Value 1 — $ — — — — — 2 7 76,223,011 76,223,011 5 51,589,000 51,589,000 3 34 433,012,131 433,012,131 34 455,323,082 455,323,082 4 4 50,286,410 50,286,410 5 48,260,809 48,260,809 5 — — — — — — 45 $ 559,521,552 559,521,552 44 555,172,891 555,172,891
Geographic Concentrations	The following tables present the geographic and property types of collateral underlying the Company's commercial mortgage loans as a percentage of the loans' carrying value as of September 30, 2019 and December 31, 2018: Loans Held-for-Investment September 30, 2019 December 31, 2018 Geography Southwest 39.3 % 30.2 % South 22.8 22.6 Midwest 18.4 20.2 Mid-Atlantic 9.4 10.3 Various 6.0 5.9 West 4.1 10.8 Total 100.0 % 100.0 % September 30, 2019 December 31, 2018 Collateral Property Type Multi-Family 92.0 % 87.2 % Office 4.1 7.6 Retail 3.1 1.2 Mixed-Use 0.8 3.0 Self-Storage — 1.0 Total 100.0 % 100.0 %

AVAILABLE-FOR-SALE SECURITIES (

AVAILABLE-FOR-SALE SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Summary of Net Realized Gain (Loss) From the Sale of AFS Securities	The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities for the three and nine months ended September 30, 2018: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 AFS securities sold, at cost $ — $ 1,260,655,162 Proceeds from AFS securities sold $ — $ 1,227,314,578 Net realized gain (loss) on sale of AFS securities $ — $ (33,340,584)
Components of Interest Income on AFS Securities	The following table presents components of interest income on the Company’s AFS securities for the three and nine months ended September 30, 2018: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Coupon Net (premium Interest Coupon Net (premium Interest Agency $ — $ — $ — $ 12,152,397 $ (1,435,534) $ 10,716,863 Multi-Family — — — — 32,103 32,103 Total $ — $ — $ — $ 12,152,397 $ (1,403,431) $ 10,748,966

THE FREMF TRUSTS (Tables)

THE FREMF TRUSTS (Tables)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Balance Sheets of the FREMF trusts	The condensed consolidated balance sheets of the FREMF trusts at December 31, 2018 are set out below: Balance Sheets December 31, 2018 Assets Receivables $ 24,357,335 Total assets $ 24,357,335 Liabilities and Equity Multi-family securitized debt obligations $ 19,231,331 Payables 363,855 Total liabilities $ 19,595,186 Equity 4,762,149 Total liabilities and equity $ 24,357,335
Condensed Consolidated Statements of Operations of the FREMF Trusts	The condensed consolidated statements of operations of the FREMF trusts for the three and nine months ended September 30, 2019 and September 30, 2018 are as follows: Statements of Operations Three Months Ended Three Months Ended Interest income $ — $ 336,824 Interest expense — 237,980 Net interest income $ — $ 98,844 General and administrative fees — (56,186) Unrealized gain (loss) on multi-family loans held in securitization trusts — 957,549 Net income (loss) $ — $ 1,000,207 Statements of Operations Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Interest income $ 78,361 $ 20,540,942 Interest expense — 19,404,532 Net interest income $ 78,361 $ 1,136,410 General and administrative fees — (934,496) Unrealized gain (loss) on multi-family loans held in securitization trusts 694,339 (5,861,373) Net income (loss) $ 772,700 $ (5,659,459)

RESIDENTIAL MORTGAGE LOAN SEC_2

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS (Tables)	9 Months Ended
	Sep. 30, 2019
Variable Interest Entity [Line Items]
Condensed Consolidated Statements of Operations	The condensed consolidated statements of operations of the FREMF trusts for the three and nine months ended September 30, 2019 and September 30, 2018 are as follows: Statements of Operations Three Months Ended Three Months Ended Interest income $ — $ 336,824 Interest expense — 237,980 Net interest income $ — $ 98,844 General and administrative fees — (56,186) Unrealized gain (loss) on multi-family loans held in securitization trusts — 957,549 Net income (loss) $ — $ 1,000,207 Statements of Operations Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Interest income $ 78,361 $ 20,540,942 Interest expense — 19,404,532 Net interest income $ 78,361 $ 1,136,410 General and administrative fees — (934,496) Unrealized gain (loss) on multi-family loans held in securitization trusts 694,339 (5,861,373) Net income (loss) $ 772,700 $ (5,659,459)
Residential mortgage loans
Variable Interest Entity [Line Items]
Condensed Consolidated Statements of Operations	The condensed consolidated statements of operations of the residential mortgage loan securitization trusts for the three and nine months ended September 30, 2018 are as follows: Statements of Operations Three Months Ended Nine Months Ended September 30, 2018 Interest income $ — $ 2,102,352 Interest expense — 1,685,971 Net interest income $ — $ 416,381 General and administrative fees — (20,886) Unrealized gain (loss) on residential loans held in securitization trusts — 5,650,199 Net income (loss) $ — $ 6,045,694

USE OF SPECIAL PURPOSE ENTITI_2

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2019
Variable Interest Entity [Line Items]
Condensed Consolidated Balance Sheets	The condensed consolidated balance sheets of the FREMF trusts at December 31, 2018 are set out below: Balance Sheets December 31, 2018 Assets Receivables $ 24,357,335 Total assets $ 24,357,335 Liabilities and Equity Multi-family securitized debt obligations $ 19,231,331 Payables 363,855 Total liabilities $ 19,595,186 Equity 4,762,149 Total liabilities and equity $ 24,357,335
Summary of Loan and Borrowing Characteristics	The following tables summarize certain characteristics of the Company's investments in commercial mortgage loans as of September 30, 2019 and December 31, 2018: Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Life (Years) (2) September 30, 2019 Loans held-for-investment Senior secured loans (3) $ 559,521,552 $ 559,521,552 45 100.0 % 5.8 % 3.8 559,521,552 559,521,552 45 100.0 % 5.8 % 3.8 Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Life (Years) (2) December 31, 2018 Loans held-for-investment Senior secured loans (3) $ 555,172,891 $ 555,172,891 44 100.0 % 6.4 % 4.1 555,172,891 555,172,891 44 100.0 % 6.4 % 4.1 (1) Average weighted by unpaid principal balance of loan. Weighted average coupon assumes applicable one-month LIBOR rate as of September 30, 2019 and December 31, 2018. (2) The weighted average life of each loan is based on the expected repayment of principal assuming all extension options are exercised by the borrower. (3) As of September 30, 2019, $553,190,459 of the outstanding senior secured loans were held in VIEs and $6,331,093 of the outstanding senior secured are held outside VIEs. As of December 31, 2018, $550,555,503 of the outstanding senior secured loans were held in VIEs and $4,617,388 of the outstanding senior secured loans were held outside VIEs. Activity: For the nine months ended September 30, 2019, the loan portfolio activity was as follows: Commercial Mortgage Loans Held-for-Investment Balance at December 31, 2018 $ 555,172,891 Purchases 179,075,497 Proceeds from principal repayments (174,726,836) Balance at September 30, 2019 $ 559,521,552 Loan Risk Ratings: As further described in Note 2, the Company evaluates the commercial mortgage loan portfolio on a quarterly basis and assigns a risk rating based on a variety of factors. The following tables present the principal balance and net book value of the loan portfolio based on the Company's internal risk ratings as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Risk Rating Number of Loans Unpaid Principal Balance Net Carrying Value Number of Loans Unpaid Principal Balance Net Carrying Value 1 — $ — — — — — 2 7 76,223,011 76,223,011 5 51,589,000 51,589,000 3 34 433,012,131 433,012,131 34 455,323,082 455,323,082 4 4 50,286,410 50,286,410 5 48,260,809 48,260,809 5 — — — — — — 45 $ 559,521,552 559,521,552 44 555,172,891 555,172,891 As of September 30, 2019, the average risk rating of the commercial mortgage loan portfolio was 2.9 (Moderate Risk), weighted by investment carrying value, with 91.0% of commercial loans held-for-investment rated 3 (Moderate Risk) or better by the Company's Manager. As of December 31, 2018 , the average risk rating of the commercial mortgage loan portfolio was 2.9 (Moderate Risk), weighted by investment carrying value, with 91.3% of commercial loans held-for-invested rated 3 (Moderate Risk) or better by the Company's Manager. Concentration of Credit Risk: The following tables present the geographic and property types of collateral underlying the Company's commercial mortgage loans as a percentage of the loans' carrying value as of September 30, 2019 and December 31, 2018: Loans Held-for-Investment September 30, 2019 December 31, 2018 Geography Southwest 39.3 % 30.2 % South 22.8 22.6 Midwest 18.4 20.2 Mid-Atlantic 9.4 10.3 Various 6.0 5.9 West 4.1 10.8 Total 100.0 % 100.0 % September 30, 2019 December 31, 2018 Collateral Property Type Multi-Family 92.0 % 87.2 % Office 4.1 7.6 Retail 3.1 1.2 Mixed-Use 0.8 3.0 Self-Storage — 1.0 Total 100.0 % 100.0 % We did not have any impaired loans, nonaccrual loans, or loans in maturity default as of September 30, 2019 or December 31, 2018.
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Condensed Consolidated Balance Sheets	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 September 30, 2019 and December 31, 2018 included the following VIE assets and liabilities: ASSETS September 30, 2019 December 31, 2018 Cash, cash equivalents and restricted cash $ 81,037,212 $ 51,330,950 Accrued interest receivable 2,214,540 2,398,905 Investment related receivable — 32,666,128 Loans held for investment 553,190,459 550,555,503 Total Assets $ 636,442,211 $ 636,951,486 LIABILITIES Accrued interest payable $ 750,546 $ 867,794 Collateralized loan obligations (1) 505,438,271 503,978,918 Total Liabilities $ 506,188,817 $ 504,846,712 Equity 130,253,394 132,104,774 Total liabilities and equity $ 636,442,211 $ 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.
Summary 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 September 30, 2019 and December 31, 2018: As of September 30, 2019 Collateralized Loan Obligations Count Principal Value Carrying Value (1) Wtd. Avg. Yield Collateral (loan investments) 45 $ 553,190,459 $ 553,190,459 L + 3.79% Debt (notes issued) 2 510,181,000 505,438,271 L + 1.40% As of December 31, 2018 Collateralized Loan Obligations Count Principal Value Carrying Value (1) Wtd. Avg. Yield Collateral (loan investments) 44 $ 550,555,503 $ 550,555,503 L + 4.05% Debt (notes issued) 2 510,181,000 503,978,918 L + 1.40% (1) The carrying value for Hunt CRE 2017-FL1, Ltd. is net of discount of $1,621,111 and $2,440,674 for September 30, 2019 and December 31, 2018, respectively and the carrying value for Hunt CRE 2018-FL2, Ltd. is net of debt issuance costs of $3,121,618 and $3,761,410 for September 30, 2019 and December 31, 2018, respectively.

SECURED TERM LOAN (Tables)

SECURED TERM LOAN (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Summary of Credit Agreement	As of September 30, 2019, the outstanding balance and total commitment under the Credit Agreement consisted of the following: September 30, 2019 Outstanding Balance Total Commitment Secured Term Loan $ 40,250,000 $ 40,250,000 Total $ 40,250,000 $ 40,250,000

DERIVATIVE INSTRUMENTS HEDGIN_2

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instrument Detail [Abstract]
Hedged Risks and Gains and Losses on Derivative Instruments	The following table summarizes the underlying hedged risks and the amount of gains and losses on derivative instruments reported net in the condensed consolidated statement of operations as realized gain (loss) on derivative contracts, net and unrealized gain (loss) on derivative contracts, net for the three and nine months ended September 30, 2018. The Company did not hold any derivative instruments as of September 30, 2019: Three Months Ended September 30, 2018 Primary underlying risk Amount of Amount of Total Interest rate: Futures $ — $ — $ — Total $ — $ — $ — Nine Months Ended September 30, 2018 Primary underlying risk Amount of Amount of Total Interest rate: Futures $ 25,984,870 $ (5,349,613) $ 20,635,257 Total $ 25,984,870 $ (5,349,613) $ 20,635,257

MSRs (Tables)

MSRs (Tables)	9 Months Ended
	Sep. 30, 2019
Mortgage Servicing Rights MSR Disclosure [Abstract]
MSR Activity	The following table presents the Company’s MSR activity for the nine months ended September 30, 2019 and the nine months ended September 30, 2018: September 30, 2019 September 30, 2018 Balance at beginning of period $ 3,997,786 $ 2,963,861 MSRs relating to sales to securitizations — — MSRs related to deconsolidation of securitization trust — 1,025,129 Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model (817,137) 513,807 Other changes to fair value (1) (466,840) (293,673) Balance at end of period $ 2,713,809 $ 4,209,124 Loans associated with MSRs (2) $ 359,718,840 $ 415,564,795 MSR values as percent of loans (3) 0.75 % 1.01 % (1) Amounts represent changes due to realization of expected cash flows. (2) Amounts represent the unpaid principal balance of loans associated with MSRs outstanding at September 30, 2019 and September 30, 2018, respectively. (3) Amounts represent the carrying value of MSRs at September 30, 2019 and September 30, 2018, respectively divided by the outstanding balance of the loans associated with these MSRs
Components of Servicing Income	The following table presents the servicing income recorded on the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2019 and September 30, 2018: Three Months Ended Three Months Ended Servicing income, net $ 243,265 $ 285,745 Total servicing income $ 243,265 $ 285,745 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Servicing income, net $ 676,944 $ 702,127 Total servicing income $ 676,944 $ 702,127

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Valuation of Assets and Liabilities at Fair Value	The following tables summarize the valuation of the Company’s assets and liabilities carried at fair value within the fair value hierarchy levels as of September 30, 2019 and December 31, 2018: September 30, 2019 Quoted prices in Significant Unobservable Balance as of Assets: Mortgage servicing rights — — 2,713,809 2,713,809 Total $ — $ — $ 2,713,809 $ 2,713,809 December 31, 2018 Quoted prices in Significant Unobservable Balance as of Assets: Mortgage servicing rights — — 3,997,786 3,997,786 Total $ — $ — $ 3,997,786 $ 3,997,786 Liabilities: Multi-family securitized debt obligations $ — $ (19,231,331) $ — $ (19,231,331) Total $ — $ (19,231,331) $ — $ (19,231,331)
Quantitative Information About the Significant Unobservable Inputs Used in the Fair Value Measurement of MSRs Classified as Level 3	The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s MSRs classified as Level 3 fair value assets at September 30, 2019 and December 31, 2018: As of September 30, 2019 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 8.0 - 27.7% 15.1 % Discount rate 12.0 % 12.0 % As of December 31, 2018 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 7.0 - 20.4% 10.1 % Discount rate 12.0 % 12.0 %
Fair value schedule of financial instruments	The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2: September 30, 2019 Carrying Value Face Amount Fair Value Assets: Cash and cash equivalents $ 10,300,620 $ 10,300,620 $ 10,300,620 Restricted cash 81,037,212 81,037,212 81,037,212 Commercial mortgage loans held-for-investment 559,521,552 559,521,552 559,521,552 Total $ 650,859,384 $ 650,859,384 $ 650,859,384 Liabilities: Collateralized loan obligations $ 505,438,271 $ 510,181,000 $ 510,210,986 Secured Term Loan 39,275,571 40,250,000 41,794,352 Total $ 544,713,842 $ 550,431,000 $ 552,005,338 December 31, 2018 Carrying Value Face Amount Fair Value Assets: Cash and cash equivalents $ 7,882,862 $ 7,882,862 $ 7,882,862 Restricted cash 51,330,950 51,330,950 51,330,950 Cash held in securitization trusts, at fair value 24,357,335 24,357,335 24,357,335 Commercial mortgage loans held-for-investment 555,172,891 555,172,891 555,172,891 Total $ 638,744,038 $ 638,744,038 $ 638,744,038 Liabilities: Collateralized loan obligations $ 503,978,918 $ 510,181,000 $ 509,000,439 Total $ 503,978,918 $ 510,181,000 $ 509,000,439

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Restricted Common Stock Activity	The following table summarizes the activity related to restricted common stock for the nine months ended September 30, 2019 and September 30, 2018: Nine Months Ended September 30, 2019 2018 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding Unvested Shares at Beginning of Period 4,500 $ 3.40 4,500 $ 4.33 Granted — — 4,500 3.40 Vested (4,500) 3.40 — — Outstanding Unvested Shares at End of Period — $ — 9,000 $ 3.87

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Cash Dividends Declared	The following table presents cash dividends declared by the Company on its common stock during the nine months ended September 30, 2019: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share March 18, 2019 March 29, 2019 April 15, 2019 $ 1,658,136 $ 0.07000 June 10, 2019 June 28, 2019 July 15, 2019 $ 1,776,575 $ 0.07500 September 17, 2019 September 30, 2019 October 15, 2019 $ 1,776,575 $ 0.07500 The following table presents cash dividends declared by the Company on its Series A Preferred Stock for the nine months ended September 30, 2019: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share December 7, 2018 January 15, 2019 January 28, 2019 $ 332,626 $ 0.20660 December 7, 2018 February 14, 2019 February 14, 2019 $ 188,488 $ 0.11710

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following tables provide additional disclosure regarding the computation for the three and nine months ended September 30, 2019 and September 30, 2018: Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Net income (loss) $ 2,157,748 $ 4,353,026 Less dividends: Common stock $ 1,776,575 $ 1,421,260 Preferred stock 3,792 880,509 Deemed dividend on preferred stock related to redemption — — 1,780,367 2,301,769 Undistributed earnings (deficit) $ 377,381 $ 2,051,257 Unvested Share-Based Common Stock Unvested Share-Based Common Stock Distributed earnings $ 0.08 $ 0.08 $ 0.06 $ 0.06 Undistributed earnings (deficit) 0.01 0.01 0.09 0.09 Total $ 0.09 $ 0.09 $ 0.15 $ 0.15 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Net income (loss) $ 5,026,685 $ (5,822,037) Less dividends: Common stock $ 5,211,286 $ 5,156,936 Preferred stock 488,056 2,631,744 Deemed dividend on preferred stock related to redemption 3,093,028 — 8,792,370 7,788,680 Undistributed earnings (deficit) $ (3,765,685) $ (13,610,717) Unvested Share-Based Common Stock Unvested Share-Based Common Stock Distributed earnings $ 0.22 $ 0.22 $ 0.22 $ 0.22 Undistributed earnings (deficit) — (0.16) — (0.58) Total $ 0.22 $ 0.06 $ 0.22 $ (0.36)

ORGANIZATION AND BUSINESS OPE_2

ORGANIZATION AND BUSINESS OPERATIONS - Narrative (Details) - USD ($)	Mar. 18, 2019	Feb. 14, 2019	Sep. 30, 2019	Dec. 31, 2018	Jan. 15, 2019
Variable Interest Entity [Line Items]
Principal amount			$ 40,250,000
Preferred stock, shares outstanding (in shares)			0	1,610,000
Preferred stock, dividend rate, percentage			8.75%	8.75%
Preferred stock, liquidation preference (in dollars per share)			$ 25	$ 25
Delayed Draw Facility | Credit Agreement
Variable Interest Entity [Line Items]
Principal amount		$ 40,250,000	$ 40,250,000		$ 40,250,000
Proceeds from debt		39,300,000
Redeemable Preferred Stock
Variable Interest Entity [Line Items]
Working capital		$ 1,100,000
Preferred stock, shares outstanding (in shares)		1,610,000
Preferred stock, dividend rate, percentage		8.75%
Preferred stock, liquidation preference (in dollars per share)		$ 25
Hunt Investment Management, LLC | Support Agreement
Variable Interest Entity [Line Items]
Maximum reduction of expense reimbursement per annum (percent)	25.00%
Maximum expense reimbursement reduction per annum	$ 568,000
Aggregate reduction of expense reimbursement	$ 1,960,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)	Feb. 14, 2019	Sep. 30, 2019	Dec. 31, 2018	Jan. 15, 2019	Dec. 15, 2015
Debt and Equity Securities, FV-NI [Line Items]
Maximum exposure to loss from consolidated trusts		$ 0	$ 4,762,149
Non-accrual status		0
Recognized impairment		0
Allowance for loan losses		0
Principal amount		40,250,000
Deferred financing costs amortized		$ 1,090,372
Common stock, shares authorized (in shares)		450,000,000	450,000,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares issued (in shares)		23,687,664	23,687,664
Common stock, shares outstanding (in shares)		23,687,664	23,687,664
Stock repurchase program, authorized amount					$ 10,000,000
Preferred stock, shares outstanding (in shares)		0	1,610,000
Preferred stock, dividend rate, percentage		8.75%	8.75%
Preferred stock, liquidation preference (in dollars per share)		$ 25	$ 25
Preferred stock, shares authorized (in shares)		50,000,000	50,000,000
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)		0	1,610,000
Tax liability			$ 1,960,000
Redeemable Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Preferred stock, shares outstanding (in shares)	1,610,000
Preferred stock, dividend rate, percentage	8.75%
Preferred stock, liquidation preference (in dollars per share)	$ 25
Credit Agreement | Delayed Draw Facility
Debt and Equity Securities, FV-NI [Line Items]
Principal amount	$ 40,250,000	$ 40,250,000		$ 40,250,000
Collateralized Loan Obligations
Debt and Equity Securities, FV-NI [Line Items]
Maximum exposure to loss from consolidated trusts		$ 124,046,671	$ 124,046,671

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 10,300,620	$ 7,882,862
Restricted cash	81,037,212	51,330,950
Total cash, cash equivalents and restricted cash	91,337,832	59,213,812	$ 87,606,316	$ 45,622,602
Hunt CRE 2017-FL1, Ltd.
Cash and Cash Equivalents [Line Items]
Restricted cash	32,668,889	24,085,890
Hunt CRE 2018-FL2, Ltd
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 48,368,323	$ 27,245,060

COMMERCIAL MORTGAGE LOANS HEL_3

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT - Summary of Commercial Mortgage Loans (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)mortgage_loan	Dec. 31, 2018USD ($)mortgage_loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans held-for-investment, at amortized cost	$ 559,521,552	$ 555,172,891
Commercial real estate portfolio segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	559,521,552	555,172,891
Carrying Value	$ 559,521,552	$ 555,172,891
Loan Count | mortgage_loan	45	44
Weighted average, floating rate loan, percentage	100.00%	100.00%
Weighted average coupon rate, percentage	5.80%	6.40%
Weighted average, life (in years)	3 years 9 months 18 days	4 years 1 month 6 days
Commercial mortgage loans held-for-investment, at amortized cost	$ 559,521,552	$ 555,172,891
Outstanding senior secured loans from loan participations	6,331,093	4,617,388
Commercial real estate portfolio segment | Hunt CMT
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans held-for-investment, at amortized cost	$ 553,190,459	$ 550,555,503

COMMERCIAL MORTGAGE LOANS HEL_4

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT - Loan Portfolio Activity (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Loans Receivable Held-For-Investment, Net, Reconciliation To Cash Flow [Roll Forward]
Balance at December 31, 2018	$ 555,172,891
Purchases	179,075,497	$ 323,416,036
Proceeds from principal repayments	(174,726,836)	$ (124,493,511)
Balance at September 30, 2019	559,521,552
Commercial real estate portfolio segment
Loans Receivable Held-For-Investment, Net, Reconciliation To Cash Flow [Roll Forward]
Balance at December 31, 2018	555,172,891
Purchases	179,075,497
Proceeds from principal repayments	(174,726,836)
Balance at September 30, 2019	$ 559,521,552

COMMERCIAL MORTGAGE LOANS HEL_5

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT - Summary of Commercial Loan Risk Ratings (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)mortgage_loan	Dec. 31, 2018USD ($)mortgage_loan
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans held-for-investment, at amortized cost	$ 559,521,552	$ 555,172,891
Commercial real estate portfolio segment
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | mortgage_loan	45	44
Unpaid Principal Balance	$ 559,521,552	$ 555,172,891
Commercial mortgage loans held-for-investment, at amortized cost	$ 559,521,552	$ 555,172,891
Commercial real estate portfolio segment | Risk rating, 1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | mortgage_loan	0	0
Unpaid Principal Balance	$ 0	$ 0
Commercial mortgage loans held-for-investment, at amortized cost	$ 0	$ 0
Commercial real estate portfolio segment | Risk rating, 2
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | mortgage_loan	7	5
Unpaid Principal Balance	$ 76,223,011	$ 51,589,000
Commercial mortgage loans held-for-investment, at amortized cost	$ 76,223,011	$ 51,589,000
Commercial real estate portfolio segment | Risk rating, 3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | mortgage_loan	34	34
Unpaid Principal Balance	$ 433,012,131	$ 455,323,082
Commercial mortgage loans held-for-investment, at amortized cost	$ 433,012,131	$ 455,323,082
Average risk rating, percentage	91.00%	91.30%
Commercial real estate portfolio segment | Risk rating, 4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | mortgage_loan	4	5
Unpaid Principal Balance	$ 50,286,410	$ 48,260,809
Commercial mortgage loans held-for-investment, at amortized cost	$ 50,286,410	$ 48,260,809
Commercial real estate portfolio segment | Risk rating, 5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | mortgage_loan	0	0
Unpaid Principal Balance	$ 0	$ 0
Commercial mortgage loans held-for-investment, at amortized cost	$ 0	$ 0

COMMERCIAL MORTGAGE LOANS HEL_6

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT - Summary of Concentration of Credit Risk (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Collateral Property Type
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	100.00%	100.00%
Commercial loans held-for-investment | Commercial real estate portfolio segment | Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	100.00%	100.00%
Commercial loans held-for-investment | Commercial real estate portfolio segment | Multi-Family | Collateral Property Type
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	92.00%	87.20%
Commercial loans held-for-investment | Commercial real estate portfolio segment | Office | Collateral Property Type
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	4.10%	7.60%
Commercial loans held-for-investment | Commercial real estate portfolio segment | Retail | Collateral Property Type
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	3.10%	1.20%
Commercial loans held-for-investment | Commercial real estate portfolio segment | Mixed-Use | Collateral Property Type
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	0.80%	3.00%
Commercial loans held-for-investment | Commercial real estate portfolio segment | Self-Storage | Collateral Property Type
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	0.00%	1.00%
Commercial loans held-for-investment | Commercial real estate portfolio segment | Southwest | Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	39.30%	30.20%
Commercial loans held-for-investment | Commercial real estate portfolio segment | South | Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	22.80%	22.60%
Commercial loans held-for-investment | Commercial real estate portfolio segment | Midwest | Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	18.40%	20.20%
Commercial loans held-for-investment | Commercial real estate portfolio segment | Mid-Atlantic | Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	9.40%	10.30%
Commercial loans held-for-investment | Commercial real estate portfolio segment | Various | Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	6.00%	5.90%
Commercial loans held-for-investment | Commercial real estate portfolio segment | West | Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	4.10%	10.80%

AVAILABLE-FOR-SALE SECURITIES -

AVAILABLE-FOR-SALE SECURITIES - Realized Gain (Loss) from Sale of AFS Securities (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Available for sale securities			$ 0	$ 0
AFS Securities
Debt Securities, Available-for-sale [Line Items]
AFS securities sold, at cost	$ 0	$ 1,260,655,162
Proceeds from AFS securities sold	0	1,227,314,578
Net realized gain (loss) on sale of AFS securities	$ 0	$ (33,340,584)

AVAILABLE-FOR-SALE SECURITIES_2

AVAILABLE-FOR-SALE SECURITIES - Components of Interest Income on AFS Securities (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Securities, Available-for-sale [Line Items]
Coupon interest	$ 0		$ 12,152,397
Net (premium amortization)/ discount accretion	0	$ 0	(1,403,431)
Interest income	0		10,748,966
Agency
Debt Securities, Available-for-sale [Line Items]
Coupon interest	0		12,152,397
Net (premium amortization)/ discount accretion	0		(1,435,534)
Interest income	0		10,716,863
Multi-Family
Debt Securities, Available-for-sale [Line Items]
Coupon interest	0		0
Net (premium amortization)/ discount accretion	0		32,103
Interest income	$ 0		$ 32,103

THE FREMF TRUSTS - Narrative (D

THE FREMF TRUSTS - Narrative (Details) - FREMF Trusts - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Variable Interest Entity [Line Items]
Investment in Multi-Family MBS, carrying value		$ 0		$ 4,762,149
Realized losses	$ 13,617	$ 709,439	$ 18,325

THE FREMF TRUSTS - Condensed Co

THE FREMF TRUSTS - Condensed Consolidated Balance Sheets (Details) - USD ($)		Sep. 30, 2019	Dec. 31, 2018
Assets
Total assets		$ 657,351,216	$ 679,352,035
Liabilities and Equity
Multi-family securitized debt obligations	[1]	0	19,231,331
Total liabilities		548,129,763	529,148,697
Equity		109,121,953	150,103,838
Total liabilities and equity		$ 657,351,216	679,352,035
FREMF Trusts
Assets
Receivables			24,357,335
Total assets			24,357,335
Liabilities and Equity
Multi-family securitized debt obligations			19,231,331
Payables			363,855
Total liabilities			19,595,186
Equity			4,762,149
Total liabilities and equity			$ 24,357,335
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company was the primary beneficiary of these VIEs. As of December 31, 2018, assets of consolidated VIEs totaled $24,357,335, and the liabilities of consolidated VIEs totaled $19,595,186 respectively. See Note 5 for further discussion.

THE FREMF TRUSTS - Condensed _2

THE FREMF TRUSTS - Condensed Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Variable Interest Entity [Line Items]
Net interest income	$ 3,795,884			$ 5,114,636			$ 12,049,146	$ 12,802,118
General and administrative fees	(904,413)			(796,600)			(3,266,757)	(3,148,945)
Unrealized gain (loss) on multi-family loans held in securitization trusts							694,339	(5,861,373)
Net income (loss)	2,157,748	$ 1,394,170	$ 1,474,767	4,353,026	$ (21,490,063)	$ 11,315,000	5,026,685	(5,822,037)
FREMF Trusts
Variable Interest Entity [Line Items]
Interest income	0			336,824			78,361	20,540,942
Interest expense	0			237,980			0	19,404,532
Net interest income	0			98,844			78,361	1,136,410
General and administrative fees	0			(56,186)			0	(934,496)
Unrealized gain (loss) on multi-family loans held in securitization trusts	0			957,549			694,339	(5,861,373)
Net income (loss)	$ 0			$ 1,000,207			$ 772,700	$ (5,659,459)

RESIDENTIAL MORTGAGE LOAN SEC_3

RESIDENTIAL MORTGAGE LOAN SECURITIZATION TRUSTS - Condensed Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Variable Interest Entity [Line Items]
Net interest income	$ 3,795,884			$ 5,114,636			$ 12,049,146	$ 12,802,118
General and administrative fees	(904,413)			(796,600)			(3,266,757)	(3,148,945)
Unrealized gain (loss) on residential loans held in securitization trusts	0			0			0	5,650,199
Net income (loss)	$ 2,157,748	$ 1,394,170	$ 1,474,767	4,353,026	$ (21,490,063)	$ 11,315,000	$ 5,026,685	(5,822,037)
Residential mortgage loans
Variable Interest Entity [Line Items]
Interest income				0				2,102,352
Interest expense				0				1,685,971
Net interest income				0				416,381
General and administrative fees				0				(20,886)
Unrealized gain (loss) on residential loans held in securitization trusts				0				5,650,199
Net income (loss)				$ 0				$ 6,045,694

USE OF SPECIAL PURPOSE ENTITI_3

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES - Narrative (Details)	Jun. 18, 2018mortgage_loan_trust	Apr. 30, 2018Loan_Participation
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of trusts | mortgage_loan_trust	3
Number of loan participations | Loan_Participation		8

USE OF SPECIAL PURPOSE ENTITI_4

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES - Condensed Consolidated Balance Sheets (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Cash, cash equivalents and restricted cash	$ 91,337,832	$ 59,213,812	$ 87,606,316	$ 45,622,602
Accrued interest receivable	2,240,813	2,430,790
Investment related receivable	0	33,042,234
Loans held for investment	559,521,552	555,172,891
Total assets	657,351,216	679,352,035
Accrued interest payable	815,393	1,231,649
Collateralized loan obligations	505,438,271	503,978,918
Total liabilities	548,129,763	529,148,697
Equity	109,121,953	150,103,838
Total liabilities and equity	657,351,216	679,352,035
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Cash, cash equivalents and restricted cash	81,037,212	51,330,950
Accrued interest receivable	2,214,540	2,398,905
Investment related receivable	0	32,666,128
Loans held for investment	553,190,459	550,555,503
Total assets	636,442,211	636,951,486
Accrued interest payable	750,546	867,794
Collateralized loan obligations	505,438,271	503,978,918
Total liabilities	506,188,817	504,846,712
Equity	130,253,394	132,104,774
Total liabilities and equity	$ 636,442,211	$ 636,951,486

USE OF SPECIAL PURPOSE ENTITI_5

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES - Summary of Loan and Borrowing Characteristics (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)mortgage_loancontractinsturment	Dec. 31, 2018USD ($)contractinsturmentmortgage_loan
Variable Interest Entity [Line Items]
Collateralized loan obligations	$ 505,438,271	$ 503,978,918
Commercial real estate portfolio segment
Variable Interest Entity [Line Items]
Number of Loans | mortgage_loan	45	44
Carrying Value	$ 559,521,552	$ 555,172,891
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Number of notes issued | insturment	2	2
Collateralized loan obligations	$ 505,438,271	$ 503,978,918
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Weighted Average Yield (as a percentage)	3.79%	4.05%
Interest fixed rate	1.40%	1.40%
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. | Commercial real estate portfolio segment
Variable Interest Entity [Line Items]
Number of Loans | contract	45	44
Face Amount
Variable Interest Entity [Line Items]
Collateralized loan obligations	$ 510,181,000	$ 510,181,000
Face Amount | Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Carrying Value	553,190,459	550,555,503
Collateralized loan obligations	510,181,000	510,181,000
Carrying Value
Variable Interest Entity [Line Items]
Collateralized loan obligations	505,438,271	503,978,918
Carrying Value | Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Carrying Value	553,190,459	550,555,503
Collateralized loan obligations	505,438,271	503,978,918
Carrying Value | Hunt CRE 2017-FL1, Ltd.
Variable Interest Entity [Line Items]
Collateralized loan obligations	1,621,111	2,440,674
Carrying Value | Hunt CRE 2018-FL2, Ltd
Variable Interest Entity [Line Items]
Collateralized loan obligations	$ 3,121,618	$ 3,761,410

SECURED TERM LOAN - Summary of

SECURED TERM LOAN - Summary of Credit Agreement (Details)	Sep. 30, 2019USD ($)
Debt Disclosure [Abstract]
Outstanding Balance	$ 40,250,000
Total Commitment	$ 40,250,000

SECURED TERM LOAN - Narrative (

SECURED TERM LOAN - Narrative (Details) - USD ($)	Jan. 15, 2019	Sep. 30, 2019	Feb. 14, 2019
Debt Instrument [Line Items]
Principal amount		$ 40,250,000
Collateralized loan obligation, discount			$ 39,200,000
Collateralized loan obligation, deferred financing costs		974,429
Delayed Draw Facility | Credit Agreement
Debt Instrument [Line Items]
Principal amount	$ 40,250,000	$ 40,250,000	$ 40,250,000
Maturity term	6 years
Five year period following initial draw | Delayed Draw Facility | Credit Agreement
Debt Instrument [Line Items]
Weighted Average Yield (as a percentage)	7.25%
First four months after fifth anniversary | Delayed Draw Facility | Credit Agreement
Debt Instrument [Line Items]
Weighted Average Yield (as a percentage)	0.25%
Second four months after fifth anniversary | Delayed Draw Facility | Credit Agreement
Debt Instrument [Line Items]
Weighted Average Yield (as a percentage)	0.375%
Last four months until maturity | Delayed Draw Facility | Credit Agreement
Debt Instrument [Line Items]
Weighted Average Yield (as a percentage)	0.50%

DERIVATIVE INSTRUMENTS HEDGIN_3

DERIVATIVE INSTRUMENTS HEDGING AND NON-HEDGING ACTIVITIES - Gains and Losses on Derivative Contracts (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Interest rate:
Amount of realized gain (loss)	$ 0	$ 25,984,870
Amount of unrealized appreciation (depreciation)	0	(5,349,613)
Total	0	20,635,257
Futures
Interest rate:
Amount of realized gain (loss)	0	25,984,870
Amount of unrealized appreciation (depreciation)	0	(5,349,613)
Total	$ 0	$ 20,635,257

MSRs - MSR Activity (Details)

MSRs - MSR Activity (Details) - Mortgage Servicing Rights - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Movement in Mortgage Service Rights
Balance at beginning of period	$ 3,997,786	$ 2,963,861
MSRs relating to sales to securitizations	0	0
MSRs related to deconsolidation of securitization trust	0	1,025,129
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model	(817,137)	513,807
Other changes to fair value	(466,840)	(293,673)
Balance at end of period	2,713,809	4,209,124
Loans associated with MSRs	$ 359,718,840	$ 415,564,795
MSR values as percent of loans	0.75%	1.01%

MSRs - Components of Servicing

MSRs - Components of Servicing Income (Details) - Mortgages - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule Of Components Of Servicing Income [Line Items]
Servicing income, net	$ 243,265	$ 285,745	$ 676,944	$ 702,127
Total servicing income	$ 243,265	$ 285,745	$ 676,944	$ 702,127

FAIR VALUE - Assets and Liabili

FAIR VALUE - Assets and Liabilities at Fair Value (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Assets:
Total assets	$ 2,713,809	$ 3,997,786
Liabilities:
Total liabilities		(19,231,331)
Quoted prices in active markets for identical assets Level 1
Assets:
Total assets	0	0
Liabilities:
Total liabilities		0
Significant other observable inputs Level 2
Assets:
Total assets	0	0
Liabilities:
Total liabilities		(19,231,331)
Unobservable inputs Level 3
Assets:
Total assets	2,713,809	3,997,786
Liabilities:
Total liabilities		0
Mortgage servicing rights
Assets:
Total assets	2,713,809	3,997,786
Mortgage servicing rights | Quoted prices in active markets for identical assets Level 1
Assets:
Total assets	0	0
Mortgage servicing rights | Significant other observable inputs Level 2
Assets:
Total assets	0	0
Mortgage servicing rights | Unobservable inputs Level 3
Assets:
Total assets	$ 2,713,809	3,997,786
Multi-family securitized debt obligations
Liabilities:
Total liabilities		(19,231,331)
Multi-family securitized debt obligations | Quoted prices in active markets for identical assets Level 1
Liabilities:
Total liabilities		0
Multi-family securitized debt obligations | Significant other observable inputs Level 2
Liabilities:
Total liabilities		(19,231,331)
Multi-family securitized debt obligations | Unobservable inputs Level 3
Liabilities:
Total liabilities		$ 0

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 2,713,809	$ 3,997,786
Unobservable inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,713,809	3,997,786
Mortgage Servicing Rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,713,809	3,997,786
Mortgage Servicing Rights | Unobservable inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 2,713,809	$ 3,997,786

FAIR VALUE - Unobservable Input

FAIR VALUE - Unobservable Inputs Information (Details) - Mortgage servicing rights - Discounted cash flow - Unobservable inputs Level 3	Sep. 30, 2019	Dec. 31, 2018
Constant prepayment rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.080	0.070
Constant prepayment rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.277	0.204
Constant prepayment rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.151	0.101
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.120	0.120
Discount rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.120	0.120

FAIR VALUE - Fair Value Informa

FAIR VALUE - Fair Value Information on Financial Instruments (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 10,300,620	$ 7,882,862
Restricted cash	81,037,212	51,330,950
Total assets	657,351,216	679,352,035
Collateralized loan obligations	505,438,271	503,978,918
Secured Term Loan	39,275,571	0
Total liabilities	548,129,763	529,148,697
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	10,300,620	7,882,862
Restricted cash	81,037,212	51,330,950
Cash held in securitization trusts, at fair value		24,357,335
Commercial mortgage loans held-for-investment	559,521,552	555,172,891
Total assets	650,859,384	638,744,038
Collateralized loan obligations	505,438,271	503,978,918
Secured Term Loan	39,275,571
Total liabilities	544,713,842	503,978,918
Face Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	10,300,620	7,882,862
Restricted cash	81,037,212	51,330,950
Cash held in securitization trusts, at fair value		24,357,335
Commercial mortgage loans held-for-investment	559,521,552	555,172,891
Total assets	650,859,384	638,744,038
Collateralized loan obligations	510,181,000	510,181,000
Secured Term Loan	40,250,000
Total liabilities	550,431,000	510,181,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	10,300,620	7,882,862
Restricted cash	81,037,212	51,330,950
Cash held in securitization trusts, at fair value		24,357,335
Commercial mortgage loans held-for-investment	559,521,552	555,172,891
Total assets	650,859,384	638,744,038
Collateralized loan obligations	510,210,986	509,000,439
Secured Term Loan	41,794,352
Total liabilities	$ 552,005,338	$ 509,000,439

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details)	Mar. 18, 2019USD ($)	Jan. 18, 2018	Jun. 07, 2017	Jan. 18, 2018USD ($)	Jun. 30, 2017	Sep. 30, 2019USD ($)mortgage_loancontract	Jun. 30, 2019USD ($)contract	Mar. 31, 2019USD ($)contractmortgage_loan	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Management fee percentage					1.50%			1.50%
Management fee percentage, waived portion			0.75%
Management fee waived				$ 6,959							$ 6,959
Management fee expense						$ 557,833			$ 586,926	$ 1,677,456	1,767,252
Management fee payable						561,000			592,500	561,000	592,500
Reimbursable expenses						175,174			548,132	1,232,211	1,865,057
Reimbursable expenses payable						174,561			592,500	174,561	592,500
Amount waived of reimbursable expenses						$ 345,988				$ 345,988
Percentage reduced of amount of waived exit fee						50.00%				50.00%
Backstop Guarantee | Oak Circle Capital Partners, LLC | Loan Review Services
Related Party Transaction [Line Items]
Alternative backstop fee												$ 426,770
MAXEX LLC
Related Party Transaction [Line Items]
Proceeds from fees										$ 0	148,221
Marketing fees paid											34,573
Manager Equity Plan
Related Party Transaction [Line Items]
Maximum shares issued, percentage of issued and outstanding shares of common stock										3.00%
Manager Equity Plan | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Compensation expense										$ 7,922	18,095
Unrecognized compensation expense						$ 0			$ 12,740	0	$ 12,740
Hunt Investment Management, LLC
Related Party Transaction [Line Items]
Annual management fee percentage		1.50%
Quarterly management fee percentage		0.375%
Quarterly incentive fee percentage		20.00%
Hurdle rate percentage		8.00%
Hunt Finance Company, LLC | Hunt CRE 2017-FL1, Ltd.
Related Party Transaction [Line Items]
Number of loans purchased						5	7	3
Unpaid principal balance of purchased loans						$ 47,667,352	$ 41,318,000	$ 40,820,000
Number of loans funded | contract							5
Unpaid principal balance of funded loans						$ 3,276,635
Number of loans sold | mortgage_loan						6
Unpaid principal balance of sold loans						$ 6,816,250
Hunt Finance Company, LLC | Hunt CRE 2018-FL2, Ltd
Related Party Transaction [Line Items]
Number of loans purchased | contract						1		1
Unpaid principal balance of purchased loans						$ 9,135,000		$ 18,000,000
Number of loans funded | mortgage_loan								9
Unpaid principal balance of funded loans								$ 3,975,905
Support Agreement | Hunt Investment Management, LLC
Related Party Transaction [Line Items]
Maximum reduction of expense reimbursement per annum (percent)	25.00%
Maximum expense reimbursement reduction per annum	$ 568,000
Aggregate reduction of expense reimbursement	$ 1,960,000
Expense reimbursement exceeding cap						$ 89,379				$ 89,379

RELATED PARTY TRANSACTIONS - Un

RELATED PARTY TRANSACTIONS - Unvested Share Activity (Details) - Employee Stock Option - $ / shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Shares
Outstanding Unvested Shares at Beginning of Period (in shares)	4,500	4,500
Granted (in shares)	0	4,500
Vested (in shares)	(4,500)	0
Outstanding Unvested Shares at End of Period (in shares)	0	9,000
Weighted Average Grant Date Fair Market Value
Outstanding Unvested Shares at Beginning of Period (in dollars per share)	$ 3.40	$ 4.33
Granted (in dollars per share)	0	3.40
Vested (in dollars per share)	3.40	0
Outstanding Unvested Shares at End of Period (in dollars per share)	$ 0	$ 3.87

GUARANTEES (Details)

GUARANTEES (Details) - USD ($)	Jun. 15, 2016	Dec. 31, 2018	Sep. 30, 2019
Backstop Guarantee
Guarantor Obligations [Line Items]
Representation and warranty breach, threshold period for likely occurance	5 years
Minimum adjusted tangible new worth		$ 20,000,000
Minimum available liquidity	$ 5,000,000	$ 5,000,000
Minimum available liquidity, percentage of aggregate unpaid principal balance	0.10%	0.10%
Maximum amount of estimated future payments under the backstop guarantees		$ 1,405,182,222	$ 1,405,182,222
Indemnification Agreement
Guarantor Obligations [Line Items]
Maximum amount of estimated future payments under the backstop guarantees			$ 0
Loan Review Services | Backstop Guarantee
Guarantor Obligations [Line Items]
Minimum available liquidity, percentage of aggregate unpaid principal balance		0.01%
Oak Circle Capital Partners, LLC | Loan Review Services | Backstop Guarantee
Guarantor Obligations [Line Items]
Alternative backstop fee		$ 426,770

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Hunt CRE 2017-FL1, Ltd.
Loss Contingencies [Line Items]
Unfunded commitment related to loans held-for-investment	$ 46.5	$ 26.6
Hunt CRE 2018-FL2, Ltd
Loss Contingencies [Line Items]
Unfunded commitment related to loans held-for-investment	$ 46.3	$ 55.4

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($)	Feb. 14, 2019	Nov. 29, 2018	Jan. 18, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 27, 2016	Dec. 15, 2015
Stockholders' Equity Note [Line Items]
Common stock, shares authorized (in shares)				450,000,000			450,000,000		450,000,000
Common stock, par value (in dollars per share)				$ 0.01			$ 0.01		$ 0.01
Common stock, shares outstanding (in shares)				23,687,664			23,687,664		23,687,664
Common stock, shares issued (in shares)				23,687,664			23,687,664		23,687,664
Stock repurchase program, authorized amount											$ 10,000,000
Preferred stock, shares authorized (in shares)				50,000,000			50,000,000		50,000,000
Preferred stock, par value (in dollars per share)				$ 0.01			$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)				0			0		1,610,000
Preferred stock, dividend rate, percentage							8.75%		8.75%
Preferred stock, liquidation preference (in dollars per share)				$ 25			$ 25		$ 25
Preferred stock, shares outstanding (in shares)				0			0		1,610,000
Dividends payable				$ 1,780,367	$ 1,450,609		$ 1,780,367	$ 1,450,609	$ 1,465,610
Noncontrolling interests				99,500			99,500		99,500
Dividends on the HCMT Preferred Shares				3,792	880,509		488,056	2,631,744
Dividend Amount				$ 1,780,367	$ 1,450,609		$ 1,780,367	$ 1,450,609	$ 1,465,610
Stock Repurchase Program
Stockholders' Equity Note [Line Items]
Number of shares repurchased (in shares)				126,856			126,856
Weighted average share price of common stock repurchased (in dollars per share)							$ 5.09
Common stock repurchase activity (in shares)				0			0
Stock repurchase program, remaining authorized amount				$ 9,400,000			$ 9,400,000
Preferred Stock
Stockholders' Equity Note [Line Items]
Preferred stock, par value (in dollars per share)									$ 0.01
Preferred stock, dividend rate, percentage							8.75%
Preferred stock, liquidation preference (in dollars per share)				$ 25			$ 25
Redeemable Preferred Stock
Stockholders' Equity Note [Line Items]
Preferred stock, dividend rate, percentage	8.75%
Preferred stock, liquidation preference (in dollars per share)	$ 25
Preferred stock, shares outstanding (in shares)	1,610,000
Common Stock
Stockholders' Equity Note [Line Items]
Issuance of common stock, net (in shares)			1,539,406	4,500	4,500	1,539,406
Dividends payable				$ 5,211,286			$ 5,211,286
Dividends payable, amount per share (in dollars per share)				$ 0.22			$ 0.22
Dividend Amount				$ 5,211,286			$ 5,211,286
Noncontrolling interests | Preferred Stock
Stockholders' Equity Note [Line Items]
Dividends payable				3,792			3,792
Number of shares issued (in shares)		125
Noncontrolling interests		$ 99,500
Equity raised		125,000
Non-controlling interests expenses		$ 25,500
Dividend rate percentage		12.00%
Dividends on the HCMT Preferred Shares							11,292		$ 1,333
Dividend Amount				$ 3,792			$ 3,792
XL Investments
Stockholders' Equity Note [Line Items]
Common stock shares into which warrants may be converted (in shares)			3,753,492							3,753,492
Common stock, shares issued (in dollars per share)			$ 13.11
Hunt | Private Placement
Stockholders' Equity Note [Line Items]
Common stock, shares issued (in dollars per share)			$ 4.77
Aggregate capital raise			$ 7,300,000

EQUITY - Dividends Declared (De

EQUITY - Dividends Declared (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Dividends [Line Items]
Dividend Amount	$ 1,780,367	$ 1,465,610	$ 1,450,609
Common Stock
Dividends [Line Items]
Dividend Amount	$ 5,211,286
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.22
Distribution One | Preferred Stock
Dividends [Line Items]
Dividend Amount	$ 332,626
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.20660
Distribution One | Common Stock
Dividends [Line Items]
Dividend Amount	$ 1,658,136
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.07000
Distribution Two | Preferred Stock
Dividends [Line Items]
Dividend Amount	$ 188,488
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.11710
Distribution Two | Common Stock
Dividends [Line Items]
Dividend Amount	$ 1,776,575
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.07500
Distribution Three | Common Stock
Dividends [Line Items]
Dividend Amount	$ 1,776,575
Cash Dividend Per Weighted Average Share (in dollars per share)	$ 0.07500

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 18, 2018	Dec. 27, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 2,157,748	$ 1,394,170	$ 1,474,767	$ 4,353,026	$ (21,490,063)	$ 11,315,000	$ 5,026,685	$ (5,822,037)
Less dividends:
Common stock	1,776,575	1,776,575	1,658,136	1,421,260	1,420,990	2,314,686	5,211,286	5,156,936
Preferred stock	3,792	$ 3,792	$ 480,472	880,509	$ 870,726	$ 880,509	488,056	2,631,744
Deemed dividend on preferred stock related to redemption	0			0			3,093,028	0
Dividends	1,780,367			2,301,769			8,792,370	7,788,680
Undistributed earnings (deficit)	$ 377,381			$ 2,051,257			$ (3,765,685)	$ (13,610,717)
Adjustment to calculation of diluted earnings per share for warrants (in shares)	0			0			0	0
Weighted average number of shares of common stock outstanding (in shares)	23,687,664			23,687,273			23,687,664	23,588,688
Common Stock
Less dividends:
Distributed earnings (in dollars per share)	$ 0.08			$ 0.06			$ 0.22	$ 0.22
Undistributed earnings (deficit) (in dollars per share)	0.01			0.09			(0.16)	(0.58)
Total (in dollars per share)	0.09			0.15			0.06	(0.36)
Unvested Share-Based Payment Awards
Less dividends:
Distributed earnings (in dollars per share)	0.08			0.06			0.22	0.22
Undistributed earnings (deficit) (in dollars per share)	0.01			0.09			0	0
Total (in dollars per share)	$ 0.09			$ 0.15			$ 0.22	$ 0.22
XL Investments
Less dividends:
Common stock shares into which warrants may be converted (in shares)									3,753,492	3,753,492

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Apr. 12, 2019	Dec. 31, 2018
Income Tax Disclosure [Line Items]
Accrued tax liability from REIT Testing		$ 1,960
Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Income taxes, interest paid	$ 1,960