XML 42 R32.htm IDEA: XBRL DOCUMENT
v3.21.2

Equity Investments, at Fair Values (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
|  | June 30, 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% |  | $ | 12,145 |  |  | 45% |  | $ | 11,441 |
Somerset Deerfield Investor, LLC |  | 45% |  | 19,373 |  |  | 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% |  | 5,438 |  |  | 43% |  | 5,140 |
Audubon Mezzanine Holdings, L.L.C. (Series A) |  | 57% |  | 12,078 |  |  | 57% |  | 11,456 |
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) |  | 46% |  | 7,426 |  |  | 46% |  | 7,234 |
Walnut Creek Properties Holdings, L.L.C. |  | 36% |  | 9,063 |  |  | 36% |  | 8,803 |
Towers Property Holdings, LLC |  | 37% |  | 12,529 |  |  | 37% |  | 12,119 |
Mansions Property Holdings, LLC |  | 34% |  | 12,073 |  |  | 34% |  | 11,679 |
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) |  | 43% |  | 4,446 |  |  | 43% |  | 4,320 |
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) |  | 37% |  | 10,256 |  |  | 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% |  | 12,679 |  |  | 53% |  | 12,337 |
DCP Gold Creek, LLC |  | 44% |  | 6,546 |  |  | 44% |  | 6,357 |
1122 Chicago DE, LLC |  | 53% |  | 7,465 |  |  | 53% |  | 7,222 |
Rigsbee Ave Holdings, LLC |  | 56% |  | 11,150 |  |  | 56% |  | 10,222 |
Bighaus, LLC |  | 42% |  | 14,984 |  |  | 42% |  | 14,525 |
FF/RMI 20 Midtown, LLC |  | 51% |  | 24,649 |  |  | 51% |  | 23,936 |
Lurin-RMI, LLC |  | 38% |  | 7,446 |  |  | 38% |  | 7,216 |
Total - Multi-Family Preferred Equity Ownership Interests |  |  |  | 189,746 |  |  |  |  | 182,765 |
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Morrocroft Neighborhood Stabilization Fund II, LP |  | 11% |  | 14,951 |  |  | 11% |  | 13,040 |
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) |  | — |  | — |  |  | 49% |  | 63,290 |
Total - Single-Family Equity Ownership Interests |  |  |  | 14,951 |  |  |  |  | 76,330 |
Total |  |  |  | $ | 204,697 |  |  |  |  | $ | 259,095 |
The following table presents income from multi-family preferred equity ownership interests for the three and six months ended June 30, 2021 and 2020, 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, 2021 includes $0.8 million and $0.9 million of net unrealized gains, respectively. Income from these investments during the three and six months ended June 30, 2020 includes $0.2 million of net unrealized gains and $4.1 million of net unrealized losses, respectively.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Investment Name |  | 2021 |  | 2020 |  | 2021 |  | 2020
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) |  | $ | 357 |  |  | $ | 358 |  |  | $ | 704 |  |  | $ | 603 |
Somerset Deerfield Investor, LLC |  | 675 |  |  | 627 |  |  | 1,141 |  |  | 787 |
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) |  | 174 |  |  | 158 |  |  | 298 |  |  | 92 |
Audubon Mezzanine Holdings, L.L.C. (Series A) |  | 357 |  |  | 284 |  |  | 721 |  |  | 175 |
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) |  | 240 |  |  | 225 |  |  | 419 |  |  | 124 |
Walnut Creek Properties Holdings, L.L.C. |  | 263 |  |  | 216 |  |  | 541 |  |  | 122 |
Towers Property Holdings, LLC |  | 361 |  |  | 284 |  |  | 740 |  |  | 122 |
Mansions Property Holdings, LLC |  | 348 |  |  | 273 |  |  | 713 |  |  | 118 |
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) |  | 131 |  |  | 107 |  |  | 266 |  |  | 53 |
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) |  | 302 |  |  | 245 |  |  | 616 |  |  | 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) |  | 374 |  |  | 304 |  |  | 762 |  |  | 135 |
DCP Gold Creek, LLC |  | 197 |  |  | 222 |  |  | 400 |  |  | 102 |
1122 Chicago DE, LLC |  | 225 |  |  | 296 |  |  | 446 |  |  | 236 |
Rigsbee Ave Holdings, LLC |  | 896 |  |  | 425 |  |  | 1,215 |  |  | 279 |
Bighaus, LLC |  | 443 |  |  | — |  |  | 879 |  |  | — |
FF/RMI 20 Midtown, LLC |  | 758 |  |  | — |  |  | 1,504 |  |  | — |
Lurin-RMI, LLC |  | 235 |  |  | — |  |  | 470 |  |  | — |
Total Income - Multi-Family Preferred Equity Ownership Interests |  | $ | 6,336 |  |  | $ | 4,024 |  |  | $ | 11,835 |  |  | $ | 3,062 |
The following table presents income (loss) from these investments for the three and six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Investment Name |  | 2021 |  | 2020 |  | 2021 |  | 2020
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Morrocroft Neighborhood Stabilization Fund II, LP |  | $ | 998 |  |  | $ | 347 |  |  | $ | 2,186 |  |  | $ | 565 |
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (1) |  | 3,273 |  |  | 1,051 |  |  | (15) |  |  | 2,051 |
Total Income - Single-Family Equity Ownership Interests |  | $ | 4,271 |  |  | $ | 1,398 |  |  | $ | 2,171 |  |  | $ | 2,616 |
Joint Venture Equity Investments in Multi-Family Properties (2) |  |  |  |  |  |  |  |
The Preserve at Port Royal Venture, LLC (3) |  | $ | — |  |  | $ | (1,310) |  |  | $ | — |  |  | $ | (1,071) |
Total Loss - Joint Venture Equity Investments in Multi-Family Properties |  | $ | — |  |  | $ | (1,310) |  |  | $ | — |  |  | $ | (1,071) |
(1)The Company's equity investment was redeemed during the six months ended June 30, 2021. (2)Includes net unrealized loss of $1.3 million and $1.1 million for the three and six months ended June 30, 2020, respectively. (3)The Company's equity investment was redeemed during the year ended December 31, 2020.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration