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Equity Investments, at Fair Values (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020, respectively (dollar amounts in thousands):


	March 31, 2021			December 31, 2020
Investment Name	Ownership Interest	Fair Value		Ownership Interest	Fair Value
Multi-Family Preferred Equity Ownership Interests
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively)	45%	$	11,788	45%	$	11,441
Somerset Deerfield Investor, LLC	45%	18,978		45%	18,792
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%	5,264		43%	5,140
Audubon Mezzanine Holdings, L.L.C. (Series A)	57%	11,771		57%	11,456
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)	46%	7,300		46%	7,234
Walnut Creek Properties Holdings, L.L.C.	36%	8,940		36%	8,803
Towers Property Holdings, LLC	37%	12,333		37%	12,119
Mansions Property Holdings, LLC	34%	11,885		34%	11,679
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)	43%	4,385		43%	4,320
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)	37%	10,117		37%	9,966
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%	12,515		53%	12,337
DCP Gold Creek, LLC	44%	6,469		44%	6,357
1122 Chicago DE, LLC	53%	7,342		53%	7,222
Rigsbee Ave Holdings, LLC	56%	10,398		56%	10,222
Bighaus, LLC	42%	14,751		42%	14,525
FF/RMI 20 Midtown, LLC	51%	24,243		51%	23,936
Lurin-RMI, LLC	38%	7,356		38%	7,216
Total - Multi-Family Preferred Equity Ownership Interests		185,835			182,765

Single-Family Equity Ownership Interests
Morrocroft Neighborhood Stabilization Fund II, LP	11%	14,228		11%	13,040
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I)	49%	60,002		49%	63,290
Total - Single-Family Equity Ownership Interests		74,230			76,330

Total		$	260,065		$	259,095

The following table presents income from multi-family preferred equity ownership interests for the three months ended March 31, 2021 and 2020, respectively (dollar amounts in thousands). Income from these investments, which includes $0.1 million of net unrealized gains and $4.3 million of net unrealized losses during the three months ended March 31, 2021 and 2020, respectively, is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations.


	Three Months Ended March 31,
Investment Name	2021		2020
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively)	$	347	$	245
Somerset Deerfield Investor, LLC	466		159
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)	124		(66)
Audubon Mezzanine Holdings, L.L.C. (Series A)	364		(109)
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)	179		(101)
Walnut Creek Properties Holdings, L.L.C.	277		(94)
Towers Property Holdings, LLC	379		(161)
Mansions Property Holdings, LLC	365		(155)
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)	135		(54)
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)	314		(131)
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		(169)
DCP Gold Creek, LLC	202		(120)
1122 Chicago DE, LLC	221		(60)
Rigsbee Ave Holdings, LLC	320		(147)
Bighaus, LLC	436		—
FF/RMI 20 Midtown, LLC	746		—
Lurin-RMI, LLC	236		—
Total Income (Loss) - Multi-Family Preferred Equity Ownership Interests	$	5,499	$	(963)

The following table presents income (loss) from these investments for the three months ended March 31, 2021 and 2020, respectively (dollar amounts in thousands):


	Three Months Ended March 31,
Investment Name	2021		2020
Single-Family Equity Ownership Interests
Morrocroft Neighborhood Stabilization Fund II, LP	$	1,188	$	218
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I)	(3,288)		1,000
Total (Loss) Income - Single-Family Equity Ownership Interests	$	(2,100)	$	1,218

Joint Venture Equity Investments in Multi-Family Properties (1)
The Preserve at Port Royal Venture, LLC (2)	$	—	$	239

Total Income - Joint Venture Equity Investments in Multi-Family Properties	$	—	$	239

(1)Includes net unrealized gain of $0.2 million for the three months ended March 31, 2020.

(2)The Company's equity investment was redeemed during the year ended December 31, 2020.