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Equity Investments, at Fair Value - (Tables) | 12 Months Ended
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Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Investments in Unconsolidated Entities | T he following table presents the Company's equity investments as of December 31, 2021 and 2020, respectively (dollar amounts in thousands):
|  | December 31, 2021 |  | December 31, 2020
Investment Name |  | Ownership Interest |  | Fair Value |  | Ownership Interest |  | Fair Value
Multi-Family Preferred Equity Ownership Interests |  |  |  |  |  |  |  |
Somerset Deerfield Investor, LLC |  | 45% |  | $ | 19,965 |  |  | 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% |  | 5,725 |  |  | 43% |  | 5,140 |
Walnut Creek Properties Holdings, L.L.C. |  | 36% |  | 9,482 |  |  | 36% |  | 8,803 |
DCP Gold Creek, LLC |  | 44% |  | 6,686 |  |  | 44% |  | 6,357 |
1122 Chicago DE, LLC |  | 53% |  | 7,723 |  |  | 53% |  | 7,222 |
Rigsbee Ave Holdings, LLC |  | 56% |  | 11,331 |  |  | 56% |  | 10,222 |
Bighaus, LLC |  | 42% |  | 15,471 |  |  | 42% |  | 14,525 |
FF/RMI 20 Midtown, LLC |  | 51% |  | 25,499 |  |  | 51% |  | 23,936 |
Lurin-RMI, LLC |  | 38% |  | 9,548 |  |  | 38% |  | 7,216 |
Palms at Cape Coral, LLC |  | 34% |  | 5,175 |  |  | — |  | — |
America Walks at Port St. Lucie, LLC |  | 62% |  | 30,383 |  |  | — |  | — |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | 57% |  | 17,213 |  |  | — |  | — |
Lucie at Tradition Holdings, LLC |  | 70% |  | 16,597 |  |  | — |  | — |
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) |  | — |  | — |  |  | 45% |  | 11,441 |
Audubon Mezzanine Holdings, L.L.C. (Series A) |  | — |  | — |  |  | 57% |  | 11,456 |
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) |  | — |  | — |  |  | 46% |  | 7,234 |
Towers Property Holdings, LLC |  | — |  | — |  |  | 37% |  | 12,119 |
Mansions Property Holdings, LLC |  | — |  | — |  |  | 34% |  | 11,679 |
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) |  | — |  | — |  |  | 43% |  | 4,320 |
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) |  | — |  | — |  |  | 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% |  | 12,337 |
Total - Multi-Family Preferred Equity Ownership Interests |  |  |  | 180,798 |  |  |  |  | 182,765 |
Joint Venture Equity Investments in Multi-Family Properties |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  | 70% |  | 3,770 |  |  | — |  | — |
GWR Gateway Partners, LLC |  | 70% |  | 6,670 |  |  | — |  | — |
Total - Joint Venture Equity Investments in Multi-Family Properties |  |  |  | 10,440 |  |  |  |  | — |
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Morrocroft Neighborhood Stabilization Fund II, LP |  | 11% |  | 19,143 |  |  | 11% |  | 13,040 |
Constructive Loans, LLC (1) |  | — |  | 29,250 |  |  | — |  | — |
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) |  | — |  | — |  |  | 49% |  | 63,290 |
Total - Single-Family Equity Ownership Interests |  |  |  | 48,393 |  |  |  |  | 76,330 |
Total |  |  |  | $ | 239,631 |  |  |  |  | $ | 259,095 |
(1)As of December 31, 2021, the Company has the option to purchase 50% of the issued and outstanding interests of an entity that originates residential loans. The Company accounts for this investment using the equity method and has elected the fair value option. After acquiring this investment, the Company purchased $94.0 million of residential loans from the entity for the year ended December 31, 2021. The following table presents income from multi-family preferred equity ownership interests for the years ended December 31, 2021, 2020, and 2019, respectively (dollar amounts in thousands). Income from these investments is presented in income from equity investments in the Company's accompanying consolidated statements of operations. Income from these investments during the years ended December 31, 2021 and 2020 includes $0.4 million and $0.3 million of net unrealized gains, respectively.
|  |  |  | For the Years Ended December 31,
Investment Name |  |  |  |  |  | 2021 |  | 2020 |  | 2019
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) |  |  |  |  |  | $ | 1,304 |  |  | $ | 1,260 |  |  | $ | 1,167 |
Somerset Deerfield Investor, LLC |  |  |  |  |  | 2,295 |  |  | 2,168 |  |  | 1,992 |
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) |  |  |  |  |  | 585 |  |  | 551 |  |  | 539 |
Audubon Mezzanine Holdings, L.L.C. (Series A) |  |  |  |  |  | 1,251 |  |  | 1,213 |  |  | 1,224 |
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) |  |  |  |  |  | 735 |  |  | 782 |  |  | 741 |
Walnut Creek Properties Holdings, L.L.C. |  |  |  |  |  | 1,240 |  |  | 928 |  |  | 803 |
Towers Property Holdings, LLC |  |  |  |  |  | 1,192 |  |  | 1,243 |  |  | 638 |
Mansions Property Holdings, LLC |  |  |  |  |  | 1,148 |  |  | 1,198 |  |  | 615 |
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) |  |  |  |  |  | 412 |  |  | 454 |  |  | 188 |
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) |  |  |  |  |  | 966 |  |  | 1,044 |  |  | 367 |
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) |  |  |  |  |  | 1,193 |  |  | 1,293 |  |  | 267 |
DCP Gold Creek, LLC |  |  |  |  |  | 780 |  |  | 701 |  |  | — |
1122 Chicago DE, LLC |  |  |  |  |  | 908 |  |  | 835 |  |  | — |
Rigsbee Ave Holdings, LLC |  |  |  |  |  | 1,683 |  |  | 1,148 |  |  | — |
Bighaus, LLC |  |  |  |  |  | 1,786 |  |  | 1,002 |  |  | — |
FF/RMI 20 Midtown, LLC |  |  |  |  |  | 3,059 |  |  | 686 |  |  | — |
Lurin-RMI, LLC |  |  |  |  |  | 931 |  |  | 81 |  |  | — |
Palms at Cape Coral, LLC |  |  |  |  |  | 342 |  |  | — |  |  | — |
America Walks at Port St. Lucie, LLC |  |  |  |  |  | 1,678 |  |  | — |  |  | — |
EHOF-NYMT Sunset Apartments Preferred, LLC |  |  |  |  |  | 661 |  |  | — |  |  | — |
Lucie at Tradition Holdings, LLC |  |  |  |  |  | 484 |  |  | — |  |  | — |
Total Income - Multi-Family Preferred Equity Ownership Interests |  |  |  |  |  | $ | 24,633 |  |  | $ | 16,587 |  |  | $ | 8,541 |
The following table presents income (loss) from these investments for the years ended December 31, 2021, 2020 and 2019, respectively (dollar amounts in thousands):
|  |  |  | For the Years Ended December 31,
Investment Name |  |  |  |  |  | 2021 |  | 2020 |  | 2019
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |  |  |
Morrocroft Neighborhood Stabilization Fund II, LP |  |  |  |  |  | $ | 6,378 |  |  | $ | 1,519 |  |  | $ | 843 |
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (1) |  |  |  |  |  | (15) |  |  | 9,513 |  |  | 3,776 |
Constructive Loans, LLC (2) |  |  |  |  |  | 2,750 |  |  | — |  |  | — |
Total Income - Single Family Equity Ownership Interests |  |  |  |  |  | $ | 9,113 |  |  | $ | 11,032 |  |  | $ | 4,619 |
Joint Venture Equity Investments in Multi-Family Properties (3) |  |  |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  |  |  |  |  | $ | 60 |  |  | $ | — |  |  | $ | — |
GWR Gateway Partners, LLC |  |  |  |  |  | 90 |  |  | — |  |  | — |
The Preserve at Port Royal Venture, LLC (4) |  |  |  |  |  | — |  |  | (949) |  |  | 5,374 |
Evergreens JV Holdings, LLC (5) |  |  |  |  |  | — |  |  | — |  |  | 5,107 |
Total Income (Loss) - Joint Venture Equity Investments in Multi-Family Properties |  |  |  |  |  | $ | 150 |  |  | $ | (949) |  |  | $ | 10,481 |
(1)The Company's equity investment was redeemed during the year ended December 31, 2021. (2)Includes net unrealized gain of $2.8 million for the year ended December 31, 2021. (3)Includes net unrealized gain of $0.2 million and no realized gains for the year ended December 31, 2021, net unrealized losses of $9.7 million and a realized gain of $8.8 million for the year ended December 31, 2020 and net unrealized gains of $0.3 million and a realized gain of $10.2 million for the year ended December 31, 2019. (4)The Company's equity investment was redeemed during the year ended December 31, 2020. (5)The Company's equity investment was redeemed during the year ended December 31, 2019. Summary combined financial information for the Company’s equity investments as of December 31, 2021 and 2020, respectively, and for the years ended December 31, 2021, 2020, and 2019, respectively, is shown below (dollar amounts in thousands):
|  | December 31, 2021 |  | December 31, 2020
Balance Sheets: |  |  |  |
Real estate, net |  | $ | 727,963 |  |  | $ | 917,392 |
Residential loans |  | 38,423 |  |  | 268,693 |
Other assets |  | 95,016 |  |  | 190,429 |
Total assets |  | $ | 861,402 |  |  | $ | 1,376,514 |
Notes payable, net |  | $ | 469,120 |  |  | $ | 649,241 |
Collateralized debt obligations |  | — |  |  | 233,765 |
Other liabilities |  | 80,672 |  |  | 23,734 |
Total liabilities |  | 549,792 |  |  | 906,740 |
Members' equity |  | 311,610 |  |  | 469,774 |
Total liabilities and members' equity |  | $ | 861,402 |  |  | $ | 1,376,514 |
|  | For the Years Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Operating Statements: (1) |  |  |  |  |  |
Rental revenues |  | $ | 87,147 |  |  | $ | 80,339 |  |  | $ | 63,265 |
Real estate sales |  | 205,000 |  |  | 54,100 |  |  | 42,350 |
Cost of real estate sales |  | (140,800) |  |  | (32,779) |  |  | (25,534) |
Interest income |  | 3,875 |  |  | 14,438 |  |  | 9,214 |
Realized and unrealized (losses) gains, net |  | (7,693) |  |  | 27,107 |  |  | 10,452 |
Other income |  | 15,046 |  |  | 7,566 |  |  | 4,697 |
Operating expenses |  | (55,799) |  |  | (54,691) |  |  | (42,383) |
Income before debt service, acquisition costs, and depreciation and amortization |  | 106,776 |  |  | 96,080 |  |  | 62,061 |
Interest expense |  | (28,849) |  |  | (36,601) |  |  | (28,340) |
Depreciation and amortization |  | (37,172) |  |  | (38,112) |  |  | (45,548) |
Net income (loss) |  | $ | 40,755 |  |  | $ | 21,367 |  |  | $ | (11,827) |
(1)The Company records income (loss) from equity investments under either the hypothetical liquidation of book value method of accounting or the equity method using the fair value option. Accordingly, the combined net income (loss) shown above is not indicative of the income (loss) recognized by the Company from equity investments.

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- 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
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