Investments in Unconsolidated Entities

6 Months Ended

Jun. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

Investments in Unconsolidated Entities

The Company's investments in unconsolidated entities accounted for under the equity method are comprised of preferred equity ownership interests in entities that invest in multi-family properties where the risks and payment characteristics are equivalent to an equity investment and consist of the following as of June 30, 2019 and December 31, 2018 (dollar amounts in thousands):

	June 30, 2019			December 31, 2018
Investment Name	Ownership Interest	Carrying Amount		Ownership Interest	Carrying Amount
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively)	45%	$	9,503	45%	$	8,948
Somerset Deerfield Investor, LLC	45%	16,796		45%	16,266
RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively)	43%	4,792		43%	4,714
Audubon Mezzanine Holdings, L.L.C. (Series A)	57%	10,795		57%	10,544
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)	46%	6,687		—	—
Walnut Creek Properties Holdings, L.L.C.	36%	8,093		—	—
Towers Property Holdings, LLC	37%	10,885		—	—
Mansions Property Holdings, LLC	34%	10,489		—	—
Total - Equity Method		$	78,040		$	40,472

The Company's investments in unconsolidated entities accounted for under the equity method using the fair value option consist of the following as of June 30, 2019 and December 31, 2018 (dollar amounts in thousands):

	June 30, 2019			December 31, 2018
Investment Name	Ownership Interest	Carrying Amount		Ownership Interest	Carrying Amount
Joint venture equity investments in multi-family properties
Evergreens JV Holdings, LLC	85%	$	12,500	85%	$	8,200
The Preserve at Port Royal Venture, LLC	77%	14,260		77%	13,840
Equity investments in entities that invest in residential properties and loans
Morrocroft Neighborhood Stabilization Fund II, LP	11%	11,348		11%	10,954
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I)	49%	50,000		—	—
Total - Fair Value Option		$	88,108		$	32,994

The following table presents income from investments in unconsolidated entities for the three and six months ended June 30, 2019 and 2018, respectively (dollar amounts in thousands):

        

	Three Months Ended June 30,				Six Months Ended June 30,
Investment Name	2019		2018		2019		2018
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively)	$	287	$	259	$	562	$	512
Somerset Deerfield Investor, LLC	492		—		970		—
RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively)	134		—		265		—
Audubon Mezzanine Holdings, L.L.C. (Series A)	304		—		601		—
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)	188		—		353		—
Walnut Creek Properties Holdings, L.L.C.	231		—		328		—
Towers Property Holdings, LLC	10		—		10		—
Mansions Property Holdings, LLC	10		—		10		—
Evergreens JV Holdings, LLC	1,289		171		4,513		365
The Preserve at Port Royal Venture, LLC	409		419		847		902
WR Savannah Holdings, LLC	—		1,269		—		1,629
Morrocroft Neighborhood Stabilization Fund II, LP	163		398		395		680