Equity Investments, at Fair Values (Tables)

9 Months Ended

Sep. 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):


	September 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%	$	12,476	45%	$	11,441
Somerset Deerfield Investor, LLC	45%	19,661		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%	5,590		43%	5,140
Audubon Mezzanine Holdings, L.L.C. (Series A)	57%	12,118		57%	11,456
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)	46%	7,464		46%	7,234
Walnut Creek Properties Holdings, L.L.C.	36%	9,180		36%	8,803
Towers Property Holdings, LLC	37%	12,712		37%	12,119
Mansions Property Holdings, LLC	34%	12,249		34%	11,679
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)	43%	4,465		43%	4,320
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)	37%	10,297		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%	12,721		53%	12,337
DCP Gold Creek, LLC	44%	6,615		44%	6,357
1122 Chicago DE, LLC	53%	7,593		53%	7,222
Rigsbee Ave Holdings, LLC	56%	11,126		56%	10,222
Bighaus, LLC	42%	15,224		42%	14,525
FF/RMI 20 Midtown, LLC	51%	25,067		51%	23,936
Lurin-RMI, LLC	38%	7,521		38%	7,216
Palms at Cape Coral, LLC	34%	5,096		—	—
America Walks at Port St. Lucie, LLC	62%	30,460		—	—
Total - Multi-Family Preferred Equity Ownership Interests		227,635			182,765

Joint Venture Equity Investments in Multi-Family Properties
GWR Cedars Partners, LLC	70%	3,710		—	—
GWR Gateway Partners, LLC	70%	6,580		—	—
Total - Joint Venture Equity Investments in Multi-Family Properties		10,290			—

Single-Family Equity Ownership Interests
Morrocroft Neighborhood Stabilization Fund II, LP	11%	17,089		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		17,089			76,330
Total		$	255,014		$	259,095

The following table presents income from multi-family preferred equity ownership interests for the three and nine months ended September 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 nine months ended September 30, 2021 includes $0.3 million of net unrealized losses and $0.6 million of net unrealized gains, respectively. Income from these investments during the three and nine months ended September 30, 2020 includes $6.7 thousand of net unrealized gains and $4.1 million of net unrealized losses, respectively.


	Three Months Ended September 30,				Nine Months Ended September 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)	$	331	$	295	$	1,035	$	898
Somerset Deerfield Investor, LLC	569		472		1,711		1,259
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)	152		125		450		217
Audubon Mezzanine Holdings, L.L.C. (Series A)	251		365		972		541
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)	151		181		571		305
Walnut Creek Properties Holdings, L.L.C.	257		280		797		402
Towers Property Holdings, LLC	348		380		1,087		502
Mansions Property Holdings, LLC	335		366		1,048		484
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)	89		137		355		190
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)	204		317		819		430
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)	252		392		1,014		527
DCP Gold Creek, LLC	189		203		589		305
1122 Chicago DE, LLC	229		226		675		462
Rigsbee Ave Holdings, LLC	120		326		1,335		604
Bighaus, LLC	450		237		1,328		237
FF/RMI 20 Midtown, LLC	771		—		2,275		—
Lurin-RMI, LLC	216		—		687		—
Palms at Cape Coral, LLC	189		—		189		—
America Walks at Port St. Lucie, LLC	775		—		775		—
Total Income - Multi-Family Preferred Equity Ownership Interests	$	5,878	$	4,302	$	17,712	$	7,363

The following table presents income (loss) from these investments for the three and nine months ended September 30, 2021 and 2020, respectively (dollar amounts in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Investment Name	2021		2020		2021		2020
Single-Family Equity Ownership Interests
Morrocroft Neighborhood Stabilization Fund II, LP	$	2,137	$	515	$	4,324	$	1,080
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (1)	—		5,027		(15)		7,078
Total Income - Single-Family Equity Ownership Interests	$	2,137	$	5,542	$	4,309	$	8,158

Joint Venture Equity Investments in Multi-Family Properties (2)
The Preserve at Port Royal Venture, LLC (3)	$	—	$	122	$	—	$	(949)

Total Income (Loss) - Joint Venture Equity Investments in Multi-Family Properties	$	—	$	122	$	—	$	(949)

(1)The Company's equity investment was redeemed during the nine months ended September 30, 2021.

(2)Includes net unrealized loss of $8.6 million and $9.7 million for the three and nine months ended September 30, 2020, respectively and a realized gain of $8.8 million for the three and nine months ended September 30, 2020.

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