Investments in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Entities

The following table presents income from preferred equity ownership interests accounted for under the equity method using the fair value option for the three and six months ended June 30, 2020 and income from preferred equity ownership interests accounted for under the equity method for the three and six months ended June 30, 2019 (dollar amounts in thousands). Income from these investments, which includes $0.2 million of net unrealized gains and $4.1 million of net unrealized losses during the three and six months ended June 30, 2020, respectively, is presented in other income in the Company's accompanying condensed consolidated statements of operations.



	Three Months Ended June 30,				Six Months Ended June 30,
Investment Name	2020		2019		2020		2019
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively)	$	358	$	287	$	603	$	562
Somerset Deerfield Investor, LLC	627		492		787		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)	158		134		92		265
Audubon Mezzanine Holdings, L.L.C. (Series A)	284		304		175		601
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)	225		188		124		353
Walnut Creek Properties Holdings, L.L.C.	216		231		122		328
Towers Property Holdings, LLC	284		10		122		10
Mansions Property Holdings, LLC	273		10		118		10
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)	107		—		53		—
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)	245		—		114		—
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)	304		—		135		—
DCP Gold Creek, LLC	222		—		102		—
1122 Chicago DE, LLC	296		—		236		—
Rigsbee Ave Holdings, LLC	425		—		279		—

The Company's equity ownership interests in entities that invest in multi-family properties and residential properties and loans that are included in investments in unconsolidated entities and are accounted for under the equity method using the fair value option as of both June 30, 2020 and December 31, 2019, respectively, consist of the following (dollar amounts in thousands):



	June 30, 2020			December 31, 2019
Investment Name	Ownership Interest	Fair Value		Ownership Interest	Fair Value
Joint venture equity investments in multi-family properties
The Preserve at Port Royal Venture, LLC	77%	17,000		77%	18,310
Equity investments in entities that invest in residential properties and loans
Morrocroft Neighborhood Stabilization Fund II, LP	11%	12,362		11%	11,796
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I)	49%	55,827		49%	53,776
Total - Equity Ownership Interests		$	85,189		$	83,882

The following table presents income from these investments for the three and six months ended June 30, 2020 and 2019, respectively (dollar amounts in thousands):



	Three Months Ended June 30,					Six Months Ended June 30,
Investment Name	2020			2019		2020			2019
Joint venture equity investments in multi-family properties
Evergreens JV Holdings, LLC ⁽¹⁾	$	—		$	1,289	$	—		$	4,513
The Preserve at Port Royal Venture, LLC	(1,310		)	409		(1,071		)	847
Equity investments in entities that invest in residential properties and loans
Morrocroft Neighborhood Stabilization Fund II, LP	347			163		565			395
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I)	1,051			—		2,051			—

⁽¹⁾

The Company's equity investment was redeemed during the year ended December 31, 2019.The Company's preferred equity ownership interests accounted for under the equity method consist of the following as of June 30, 2020 and December 31, 2019, respectively (dollar amounts in thousands):



	June 30, 2020			December 31, 2019
Investment Name	Ownership Interest	Fair Value		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%	$	10,849	45%	$	10,108
Somerset Deerfield Investor, LLC	45%	17,811		45%	17,417
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%	4,869		43%	4,878
Audubon Mezzanine Holdings, L.L.C. (Series A)	57%	10,839		57%	10,998
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)	46%	6,804		46%	6,847
Walnut Creek Properties Holdings, L.L.C.	36%	8,277		36%	8,288
Towers Property Holdings, LLC	37%	11,320		37%	11,278
Mansions Property Holdings, LLC	34%	10,908		34%	10,867
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)	43%	4,060		43%	4,062
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)	37%	9,360		37%	9,396
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)	53%	11,599		53%	11,944
DCP Gold Creek, LLC	44%	5,937		—	—
1122 Chicago DE, LLC	53%	6,826		—	—
Rigsbee Ave Holdings, LLC	56%	9,641		—	—
Total - Preferred Equity Ownership Interests		$	129,100		$	106,083