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Equity Investments - (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2020 and 2019, respectively (dollar amounts in thousands):
|  | December 31, 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% |  | $ | 11,441 |  |  | 45% |  | $ | 10,108 |
Somerset Deerfield Investor, LLC |  | 45% |  | 18,792 |  |  | 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% |  | 5,140 |  |  | 43% |  | 4,878 |
Audubon Mezzanine Holdings, L.L.C. (Series A) |  | 57% |  | 11,456 |  |  | 57% |  | 10,998 |
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) |  | 46% |  | 7,234 |  |  | 46% |  | 6,847 |
Walnut Creek Properties Holdings, L.L.C. |  | 36% |  | 8,803 |  |  | 36% |  | 8,288 |
Towers Property Holdings, LLC |  | 37% |  | 12,119 |  |  | 37% |  | 11,278 |
Mansions Property Holdings, LLC |  | 34% |  | 11,679 |  |  | 34% |  | 10,867 |
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) |  | 43% |  | 4,320 |  |  | 43% |  | 4,062 |
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) |  | 37% |  | 9,966 |  |  | 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% |  | 12,337 |  |  | 53% |  | 11,944 |
DCP Gold Creek, LLC |  | 44% |  | 6,357 |  |  | — |  | — |
1122 Chicago DE, LLC |  | 53% |  | 7,222 |  |  | — |  | — |
Rigsbee Ave Holdings, LLC |  | 56% |  | 10,222 |  |  | — |  | — |
Bighaus, LLC |  | 42% |  | 14,525 |  |  | — |  | — |
FF/RMI 20 Midtown, LLC |  | 51% |  | 23,936 |  |  | — |  | — |
Lurin-RMI, LLC |  | 38% |  | 7,216 |  |  | — |  | — |
Total - Preferred Equity Ownership Interests |  |  |  | $ | 182,765 |  |  |  |  | $ | 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 year ended December 31, 2020 and income from preferred equity ownership interests accounted for under the equity method for the years ended December 31, 2019 and December 31, 2018, respectively (dollar amounts in thousands). Income from these investments, which includes $0.3 million of net unrealized gains during the year ended December 31, 2020 is presented in income from equity investments in the Company's accompanying consolidated statements of operations.
|  |  |  | For the Years Ended December 31,
Investment Name |  |  |  |  |  | 2020 |  | 2019 |  | 2018
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) |  |  |  |  |  | $ | 1,260 |  |  | $ | 1,167 |  |  | $ | 1,050 |
Somerset Deerfield Investor, LLC |  |  |  |  |  | 2,168 |  |  | 1,992 |  |  | 251 |
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) |  |  |  |  |  | 551 |  |  | 539 |  |  | 76 |
Audubon Mezzanine Holdings, L.L.C. (Series A) |  |  |  |  |  | 1,213 |  |  | 1,224 |  |  | 59 |
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) |  |  |  |  |  | 782 |  |  | 741 |  |  | — |
Walnut Creek Properties Holdings, L.L.C. |  |  |  |  |  | 928 |  |  | 803 |  |  | — |
Towers Property Holdings, LLC |  |  |  |  |  | 1,243 |  |  | 638 |  |  | — |
Mansions Property Holdings, LLC |  |  |  |  |  | 1,198 |  |  | 615 |  |  | — |
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) |  |  |  |  |  | 454 |  |  | 188 |  |  | — |
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) |  |  |  |  |  | 1,044 |  |  | 367 |  |  | — |
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) |  |  |  |  |  | 1,293 |  |  | 267 |  |  | — |
DCP Gold Creek, LLC |  |  |  |  |  | 701 |  |  | — |  |  | — |
1122 Chicago DE, LLC |  |  |  |  |  | 835 |  |  | — |  |  | — |
Rigsbee Ave Holdings, LLC |  |  |  |  |  | 1,148 |  |  | — |  |  | — |
Bighaus, LLC |  |  |  |  |  | 1,002 |  |  | — |  |  | — |
FF/RMI 20 Midtown, LLC |  |  |  |  |  | 686 |  |  | — |  |  | — |
Lurin-RMI, LLC |  |  |  |  |  | 81 |  |  | — |  |  | — |
Total - Preferred Equity Ownership Interests |  |  |  |  |  | $ | 16,587 |  |  | $ | 8,541 |  |  | $ | 1,436 |
Summary combined financial information for the Company’s equity investments as of December 31, 2020 and 2019, respectively, and for the years ended December 31, 2020, 2019, and 2018, respectively, is shown below (dollar amounts in thousands):
|  | December 31, 2020 |  | December 31, 2019
Balance Sheets: |  |  |  |
Real estate, net |  | $ | 917,392 |  |  | $ | 829,935 |
Residential loans, at fair value |  | 268,693 |  |  | 266,739 |
Other assets |  | 190,429 |  |  | 126,491 |
Total assets |  | $ | 1,376,514 |  |  | $ | 1,223,165 |
Notes payable, net |  | $ | 649,241 |  |  | $ | 610,636 |
Collateralized debt obligations |  | 233,765 |  |  | 233,765 |
Other liabilities |  | 23,734 |  |  | 23,387 |
Total liabilities |  | 906,740 |  |  | 867,788 |
Members' equity |  | 469,774 |  |  | 355,377 |
Total liabilities and members' equity |  | $ | 1,376,514 |  |  | $ | 1,223,165 |
|  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Operating Statements: (1) |  |  |  |  |  |
Rental revenues |  | $ | 80,339 |  |  | $ | 63,265 |  |  | $ | 37,921 |
Real estate sales |  | 54,100 |  |  | 42,350 |  |  | 49,750 |
Cost of real estate sales |  | (32,779) |  |  | (25,534) |  |  | (37,452) |
Interest income |  | 14,438 |  |  | 9,214 |  |  | — |
Realized and unrealized gains, net |  | 27,107 |  |  | 10,452 |  |  | — |
Other income |  | 7,566 |  |  | 4,697 |  |  | 1,719 |
Operating expenses |  | (54,691) |  |  | (42,383) |  |  | (20,599) |
Income before debt service, acquisition costs, and depreciation and amortization |  | 96,080 |  |  | 62,061 |  |  | 31,339 |
Interest expense |  | (36,601) |  |  | (28,340) |  |  | (16,456) |
Acquisition costs |  | — |  |  | — |  |  | (183) |
Depreciation and amortization |  | (38,112) |  |  | (45,548) |  |  | (15,176) |
Net income (loss) |  | $ | 21,367 |  |  | $ | (11,827) |  |  | $ | (476) |
(1)The Company records income (loss) from equity investments under either the equity method of accounting or the fair value option. Accordingly, the combined net (loss) income shown above is not indicative of the income recognized by the Company from equity investments.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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