Equity Investments, at Fair Values (Tables)

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Entities

The Company's equity investments are accounted for under the equity method and are presented at fair value on its condensed consolidated balance sheets as a result of a fair value election.

The following table presents the Company's equity investments as of March 31, 2022 and December 31, 2021, respectively (dollar amounts in thousands):

	March 31, 2022			December 31, 2021
Investment Name	Ownership Interest	Fair Value		Ownership Interest	Fair Value
Multi-Family Preferred Equity Ownership Interests
Somerset Deerfield Investor, LLC	45%	$	20,271	45%	$	19,965
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%	5,884		43%	5,725
DCP Gold Creek, LLC	44%	7,419		44%	6,686
1122 Chicago DE, LLC	53%	7,859		53%	7,723
Bighaus, LLC	42%	15,725		42%	15,471
FF/RMI 20 Midtown, LLC	51%	25,944		51%	25,499
Lurin-RMI, LLC	38%	9,646		38%	9,548
Palms at Cape Coral, LLC	34%	5,255		34%	5,175
America Walks at Port St. Lucie, LLC	62%	30,385		62%	30,383
EHOF-NYMT Sunset Apartments Preferred, LLC	57%	17,509		57%	17,213
Lucie at Tradition Holdings, LLC	70%	16,900		70%	16,597
Syracuse Apartments and Townhomes, LLC	58%	19,707		—	—
Rigsbee Ave Holdings, LLC	—	—		56%	11,331
Walnut Creek Properties Holdings, L.L.C.	—	—		36%	9,482
Total - Multi-Family Preferred Equity Ownership Interests		182,504			180,798
Joint Venture Equity Investments in Multi-Family Properties
GWR Cedars Partners, LLC	70%	3,870		70%	3,770
GWR Gateway Partners, LLC	70%	6,820		70%	6,670
Total - Joint Venture Equity Investments in Multi-Family Properties		10,690			10,440
Single-Family Equity Ownership Interests
Morrocroft Neighborhood Stabilization Fund II, LP (1)	11%	2,856		11%	19,143
Constructive Loans, LLC (2)	—	29,250		—	29,250
Total - Single-Family Equity Ownership Interests		32,106			48,393
Total		$	225,300		$	239,631

(1)The Company's equity investment was partially redeemed, subject to holdbacks, as a result of a sale transaction initiated by the general partner during the three months ended March 31, 2022.

(2)The Company has the option to purchase 50% of the issued and outstanding interests of an entity that originates residential loans. The Company accounts for this investment using the equity method and has elected the fair value option. After acquiring this investment in the fourth quarter of 2021, the Company purchased $264.2 million of residential loans from the entity, including $170.2 million during the three months ended March 31, 2022.

The following table presents income from multi-family preferred equity ownership interests for the three months ended March 31, 2022 and 2021, respectively (dollar amounts in thousands). Income from these investments is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations. Income from these investments during the three months ended March 31, 2022 and 2021 includes $0.1 million of net unrealized gains.

	Three Months Ended March 31,
Investment Name	2022		2021
Somerset Deerfield Investor, LLC	$	587	$	466
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)	159		124
Walnut Creek Properties Holdings, L.L.C.	(153)		277
DCP Gold Creek, LLC	853		202
1122 Chicago DE, LLC	237		221
Rigsbee Ave Holdings, LLC	(174)		320
Bighaus, LLC	465		436
FF/RMI 20 Midtown, LLC	798		746
Lurin-RMI, LLC	280		236
Palms at Cape Coral, LLC	155		—
America Walks at Port St. Lucie, LLC	902		—
EHOF-NYMT Sunset Apartments Preferred, LLC	549		—
Lucie at Tradition Holdings, LLC	601		—
Syracuse Apartments and Townhomes, LLC	516		—
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively)	—		347
Audubon Mezzanine Holdings, L.L.C. (Series A)	—		364
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)	—		179
Towers Property Holdings, LLC	—		379
Mansions Property Holdings, LLC	—		365
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)	—		135
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)	—		314
Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively)	—		388
Total Income - Multi-Family Preferred Equity Ownership Interests	$	5,775	$	5,499

The following table presents income (loss) from these investments for the three months ended March 31, 2022 and 2021, respectively (dollar amounts in thousands):    

	Three Months Ended March 31,
Investment Name	2022		2021
Single-Family Equity Ownership Interests
Morrocroft Neighborhood Stabilization Fund II, LP (1)	$	28	$	1,188
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (2)	—		(3,288)
Total Income (Loss) - Single-Family Equity Ownership Interests	$	28	$	(2,100)
Joint Venture Equity Investments in Multi-Family Properties (3)
GWR Cedars Partners, LLC	$	100	$	—
GWR Gateway Partners, LLC	150		—
Total Income - Joint Venture Equity Investments in Multi-Family Properties	$	250	$	—

(1)The Company's equity investment was partially redeemed during the three months ended March 31, 2022.

(2)The Company's equity investment was redeemed during the year ended December 31, 2021.

(3)Includes net unrealized gain of $0.3 million for the three months ended March 31, 2022.