Investments in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Entities

The Company's preferred equity ownership interests accounted for under the equity method consist of the following as of September 30, 2020 and December 31, 2019, respectively (dollar amounts in thousands):


	September 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%	$	11,101	45%	$	10,108
Somerset Deerfield Investor, LLC	45%	18,083		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%	4,900		43%	4,878
Audubon Mezzanine Holdings, L.L.C. (Series A)	57%	10,994		57%	10,998
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)	46%	6,871		46%	6,847
Walnut Creek Properties Holdings, L.L.C.	36%	8,417		36%	8,288
Towers Property Holdings, LLC	37%	11,544		37%	11,278
Mansions Property Holdings, LLC	34%	11,124		34%	10,867
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)	43%	4,127		43%	4,062
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)	37%	9,514		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%	11,781		53%	11,944
DCP Gold Creek, LLC	44%	6,050		—	—
1122 Chicago DE, LLC	53%	6,951		—	—
Rigsbee Ave Holdings, LLC	56%	9,823		—	—
Bighaus, LLC	42%	13,970		—	—
Total - Preferred Equity Ownership Interests		$	145,250		$	106,083

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 nine months ended September 30, 2020 and income from preferred equity ownership interests accounted for under the equity method for the three and nine months ended September 30, 2019 (dollar amounts in thousands). Income from these investments, which includes $6.7 thousand of net unrealized gains and $4.1 million of net unrealized losses during the three and nine months ended September 30, 2020, respectively, is presented in other income in the Company's accompanying condensed consolidated statements of operations.


	Three Months Ended September 30,				Nine Months Ended September 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)	$	295	$	299	$	898	$	860
Somerset Deerfield Investor, LLC	472		506		1,259		1,477
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)	125		136		217		401
Audubon Mezzanine Holdings, L.L.C. (Series A)	365		310		541		911
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)	181		192		305		546
Walnut Creek Properties Holdings, L.L.C.	280		236		402		564
Towers Property Holdings, LLC	380		311		502		322
Mansions Property Holdings, LLC	366		300		484		310
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)	137		70		190		70
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)	317		96		430		96
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)	392		—		527		—
DCP Gold Creek, LLC	203		—		305		—
1122 Chicago DE, LLC	226		—		462		—
Rigsbee Ave Holdings, LLC	326		—		604		—
Bighaus, LLC	237		—		237		—

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 September 30, 2020 and December 31, 2019, respectively, consist of the following (dollar amounts in thousands):


	September 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%	$	18,310
Equity investments in entities that invest in residential properties and loans
Morrocroft Neighborhood Stabilization Fund II, LP	11%	12,602		11%	11,796
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I)	49%	60,854		49%	53,776
Total - Equity Ownership Interests		$	73,456		$	83,882

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Investment Name	2020		2019		2020		2019
Joint venture equity investments in multi-family properties
Evergreens JV Holdings, LLC (1)	$	—	$	536	$	—	$	5,049
The Preserve at Port Royal Venture, LLC (2)	122		449		(949)		1,295

Equity investments in entities that invest in residential properties and loans
Morrocroft Neighborhood Stabilization Fund II, LP	515		215		1,080		610
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I)	5,027		215		7,078		215

(1)The Company's equity investment was redeemed during the year ended December 31, 2019.

(2)The Company's equity investment was redeemed during the three months ended September 30, 2020.