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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, 2021December 31, 2020
Investment NameOwnership InterestFair ValueOwnership InterestFair 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, LLC45%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, LLC37%12,529 37%12,119 
Mansions Property Holdings, LLC34%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, LLC44%6,546 44%6,357 
1122 Chicago DE, LLC53%7,465 53%7,222 
Rigsbee Ave Holdings, LLC56%11,150 56%10,222 
Bighaus, LLC42%14,984 42%14,525 
FF/RMI 20 Midtown, LLC51%24,649 51%23,936 
Lurin-RMI, LLC38%7,446 38%7,216 
Total - Multi-Family Preferred Equity Ownership Interests189,746 182,765 
Single-Family Equity Ownership Interests
Morrocroft Neighborhood Stabilization Fund II, LP11%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 Interests14,951 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 Name2021202020212020
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, LLC675 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, LLC361 284 740 122 
Mansions Property Holdings, LLC348 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, LLC896 425 1,215 279 
Bighaus, LLC443 — 879 — 
FF/RMI 20 Midtown, LLC758 — 1,504 — 
Lurin-RMI, LLC235 — 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 Name2021202020212020
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.