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Equity Investments, at Fair Value | 6 Months Ended
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Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Equity Investments, at Fair Value | Equity Investments, at Fair Value The Company's equity investments consist of, or have consisted of, preferred equity ownership interests in entities that invest in multi-family properties where the risks and payment characteristics are equivalent to an equity investment (or multi-family preferred equity ownership interests), equity ownership interests in entities that invest in single-family properties and residential loans (or single-family equity ownership interests) and joint venture equity investments in multi-family properties. 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. T he 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 Company records its equity in earnings or losses from its multi-family preferred equity ownership interests under the hypothetical liquidation of book value method of accounting due to the structures and the preferences it receives on the distributions from these entities pursuant to the respective agreements. Under this method, the Company recognizes income or loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment. Pursuant to the fair value election, changes in fair value of the Company's multi-family preferred equity ownership interests are reported in current period earnings. 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 |
Income from single-family equity ownership interests and joint venture equity investments in multi-family properties is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations. 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.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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