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Equity Investments, at Fair Value
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Investments, at Fair Value
6. Equity Investments, at Fair Value

The Company's equity investments consist 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 (or multi-family preferred equity ownership interests), equity ownership interests in entities that originate residential loans (or single-family equity ownership interests) and joint venture equity investments in multi-family properties. 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 June 30, 2024 and December 31, 2023, respectively (dollar amounts in thousands):

June 30, 2024December 31, 2023
Investment NameOwnership InterestFair ValueOwnership InterestFair Value
Multi-Family Preferred Equity Ownership Interests
EHOF-NYMT Sunset Apartments Preferred, LLC57%$20,570 57%$19,703 
Lucie at Tradition Holdings, LLC70%20,488 70%19,442 
Syracuse Apartments and Townhomes, LLC58%22,690 58%21,642 
Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively)58%9,822 58%9,882 
Tides on 27th Investors, LLC54%18,611 54%17,937 
Rapid City RMI JV LLC
50%10,235 50%9,804 
Palms at Cape Coral, LLC—— 34%5,832 
Total - Multi-Family Preferred Equity Ownership Interests102,416 104,242 
Joint Venture Equity Investments in Multi-Family Properties
GWR Cedars Partners, LLC
70%268 70%1,897 
GWR Gateway Partners, LLC
70%1,387 70%3,823 
Total - Joint Venture Equity Investments in Multi-Family Properties
1,655 5,720 
Single-Family Equity Ownership Interests
Constructive Loans, LLC (1)
50%38,844 50%37,154 
Total - Single-Family Equity Ownership Interests38,844 37,154 
Total$142,915 $147,116 

(1)The Company purchased $66.6 million and $107.4 million of residential loans from this entity during the three and six months ended June 30, 2024, respectively, and $24.0 million and $40.0 million of residential loans from this entity during the three and six months ended June 30, 2023, respectively.

The Company records its equity in earnings or losses from its multi-family preferred equity ownership interests under the hypothetical liquidation of book value method of accounting due to the structures and the preferences it receives on the distributions from these entities pursuant to the respective agreements. Under this method, the Company recognizes income or loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment. Pursuant to the fair value election, changes in fair value of the Company's multi-family preferred equity ownership interests are reported in current period earnings.
The following table presents income from multi-family preferred equity ownership interests for the three and six months ended June 30, 2024 and 2023, 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 and six months ended June 30, 2024 includes $0.8 million and $0.7 million of net unrealized losses, respectively. Income from these investments during the three and six months ended June 30, 2023 includes $5.3 thousand and $0.6 million of net unrealized gains, respectively.

Three Months Ended June 30,Six Months Ended June 30,
Investment Name2024202320242023
EHOF-NYMT Sunset Apartments Preferred, LLC$694 $638 $1,373 $1,263 
Lucie at Tradition Holdings, LLC777 701 1,534 1,385 
Syracuse Apartments and Townhomes, LLC925 666 1,630 1,321 
Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively)(66)306 255 607 
Tides on 27th Investors, LLC34 501 675 1,298 
Rapid City RMI JV LLC
380 — 812 — 
Palms at Cape Coral, LLC— 180 69 357 
FF/RMI 20 Midtown, LLC— 935 — 1,734 
America Walks at Port St. Lucie, LLC— 773 — 1,899 
1122 Chicago DE, LLC
— 168 — 419 
Bighaus, LLC— 164 — 701 
Total Income - Multi-Family Preferred Equity Ownership Interests$2,744 $5,032 $6,348 $10,984 

For the three months ended June 30, 2024, the Company recognized no premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments. For the six months ended June 30, 2024, the Company recognized $0.1 million in premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments, which are included in other income (loss) on the accompanying condensed consolidated statements of operations. For the three and six months ended June 30, 2023, the Company recognized no premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments.
Income from single-family equity ownership interests and joint venture equity investments in multi-family properties that are accounted for under the equity method using the fair value option is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations. The following table presents income (loss) from these investments for the three and six months ended June 30, 2024 and 2023, respectively (dollar amounts in thousands):    

Three Months Ended June 30,Six Months Ended June 30,
Investment Name2024202320242023
Single-Family Equity Ownership Interests
Constructive Loans, LLC (1)
$3,379 $— $1,690 $(2,500)
Total Income (Loss) - Single-Family Equity Ownership Interests
$3,379 $— $1,690 $(2,500)
Joint Venture Equity Investments in Multi-Family Properties (2)
GWR Cedars Partners, LLC$(9)$(613)$(1,629)$(200)
GWR Gateway Partners, LLC(6)(1,763)(2,436)(1,116)
Total Loss - Joint Venture Equity Investments in Multi-Family Properties
$(15)$(2,376)$(4,065)$(1,316)

(1)Includes net unrealized gains of $0.4 million and net unrealized losses of $1.8 million for the three and six months ended June 30, 2024, respectively. Includes net unrealized losses of $1.0 million and $4.3 million for the three and six months ended June 30, 2023, respectively.
(2)During the year ended December 31, 2023, the Company determined that these joint venture equity investments no longer met the criteria to be classified as held for sale and returned its equity investments in the joint venture entities to equity investments, at fair value (see Note 9). Includes net unrealized losses of $14.6 thousand and $4.1 million for the three and six months ended June 30, 2024, respectively, and net unrealized losses of $2.4 million and $1.3 million for the three and six months ended June 30, 2023, respectively.