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Equity Investments, at Fair Value | 3 Months Ended
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Mar. 31, 2022
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 invest in or originate 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 March 31, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
|  | March 31, 2022 |  | December 31, 2021
Investment Name |  | Ownership Interest |  | Fair Value |  | Ownership Interest |  | Fair Value
Multi-Family Preferred Equity Ownership Interests |  |  |  |  |  |  |  |
Somerset Deerfield Investor, LLC |  | 45% |  | $ | 20,271 |  |  | 45% |  | $ | 19,965 |
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% |  | 5,884 |  |  | 43% |  | 5,725 |
DCP Gold Creek, LLC |  | 44% |  | 7,419 |  |  | 44% |  | 6,686 |
1122 Chicago DE, LLC |  | 53% |  | 7,859 |  |  | 53% |  | 7,723 |
Bighaus, LLC |  | 42% |  | 15,725 |  |  | 42% |  | 15,471 |
FF/RMI 20 Midtown, LLC |  | 51% |  | 25,944 |  |  | 51% |  | 25,499 |
Lurin-RMI, LLC |  | 38% |  | 9,646 |  |  | 38% |  | 9,548 |
Palms at Cape Coral, LLC |  | 34% |  | 5,255 |  |  | 34% |  | 5,175 |
America Walks at Port St. Lucie, LLC |  | 62% |  | 30,385 |  |  | 62% |  | 30,383 |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | 57% |  | 17,509 |  |  | 57% |  | 17,213 |
Lucie at Tradition Holdings, LLC |  | 70% |  | 16,900 |  |  | 70% |  | 16,597 |
Syracuse Apartments and Townhomes, LLC |  | 58% |  | 19,707 |  |  | — |  | — |
Rigsbee Ave Holdings, LLC |  | — |  | — |  |  | 56% |  | 11,331 |
Walnut Creek Properties Holdings, L.L.C. |  | — |  | — |  |  | 36% |  | 9,482 |
Total - Multi-Family Preferred Equity Ownership Interests |  |  |  | 182,504 |  |  |  |  | 180,798 |
Joint Venture Equity Investments in Multi-Family Properties |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  | 70% |  | 3,870 |  |  | 70% |  | 3,770 |
GWR Gateway Partners, LLC |  | 70% |  | 6,820 |  |  | 70% |  | 6,670 |
Total - Joint Venture Equity Investments in Multi-Family Properties |  |  |  | 10,690 |  |  |  |  | 10,440 |
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Morrocroft Neighborhood Stabilization Fund II, LP (1) |  | 11% |  | 2,856 |  |  | 11% |  | 19,143 |
Constructive Loans, LLC (2) |  | — |  | 29,250 |  |  | — |  | 29,250 |
Total - Single-Family Equity Ownership Interests |  |  |  | 32,106 |  |  |  |  | 48,393 |
Total |  |  |  | $ | 225,300 |  |  |  |  | $ | 239,631 |
(1)The Company's equity investment was partially redeemed, subject to holdbacks, as a result of a sale transaction initiated by the general partner during the three months ended March 31, 2022. (2)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 in the fourth quarter of 2021, the Company purchased $264.2 million of residential loans from the entity, including $170.2 million during the three months ended March 31, 2022. 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 months ended March 31, 2022 and 2021, 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 months ended March 31, 2022 and 2021 includes $0.1 million of net unrealized gains.
|  | Three Months Ended March 31, |  |  |
Investment Name |  | 2022 |  | 2021 |  |  |  |  |
Somerset Deerfield Investor, LLC |  | $ | 587 |  |  | $ | 466 |  |  |  |  |  |
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) |  | 159 |  |  | 124 |  |  |  |  |  |
Walnut Creek Properties Holdings, L.L.C. |  | (153) |  |  | 277 |  |  |  |  |  |
DCP Gold Creek, LLC |  | 853 |  |  | 202 |  |  |  |  |  |
1122 Chicago DE, LLC |  | 237 |  |  | 221 |  |  |  |  |  |
Rigsbee Ave Holdings, LLC |  | (174) |  |  | 320 |  |  |  |  |  |
Bighaus, LLC |  | 465 |  |  | 436 |  |  |  |  |  |
FF/RMI 20 Midtown, LLC |  | 798 |  |  | 746 |  |  |  |  |  |
Lurin-RMI, LLC |  | 280 |  |  | 236 |  |  |  |  |  |
Palms at Cape Coral, LLC |  | 155 |  |  | — |  |  |  |  |  |
America Walks at Port St. Lucie, LLC |  | 902 |  |  | — |  |  |  |  |  |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | 549 |  |  | — |  |  |  |  |  |
Lucie at Tradition Holdings, LLC |  | 601 |  |  | — |  |  |  |  |  |
Syracuse Apartments and Townhomes, LLC |  | 516 |  |  | — |  |  |  |  |  |
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) |  | — |  |  | 347 |  |  |  |  |  |
Audubon Mezzanine Holdings, L.L.C. (Series A) |  | — |  |  | 364 |  |  |  |  |  |
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) |  | — |  |  | 179 |  |  |  |  |  |
Towers Property Holdings, LLC |  | — |  |  | 379 |  |  |  |  |  |
Mansions Property Holdings, LLC |  | — |  |  | 365 |  |  |  |  |  |
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) |  | — |  |  | 135 |  |  |  |  |  |
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) |  | — |  |  | 314 |  |  |  |  |  |
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) |  | — |  |  | 388 |  |  |  |  |  |
Total Income - Multi-Family Preferred Equity Ownership Interests |  | $ | 5,775 |  |  | $ | 5,499 |  |  |  |  |  |
For the three months ended March 31, 2022, the Company recognized $0.7 million in premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments, which are included in other income on the accompanying condensed consolidated statements of operations. For the three months ended March 31, 2021, the Company recognized no premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments. Income from single-family equity ownership interests and joint venture equity investments in multi-family properties that are accounted for under the equity method using the fair value option 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 months ended March 31, 2022 and 2021, respectively (dollar amounts in thousands):
|  | Three Months Ended March 31, |  |
Investment Name |  | 2022 |  | 2021 |  |  |  |
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Morrocroft Neighborhood Stabilization Fund II, LP (1) |  | $ | 28 |  |  | $ | 1,188 |  |  |  |  |
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (2) |  | — |  |  | (3,288) |  |  |  |  |
Total Income (Loss) - Single-Family Equity Ownership Interests |  | $ | 28 |  |  | $ | (2,100) |  |  |  |  |
Joint Venture Equity Investments in Multi-Family Properties (3) |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  | $ | 100 |  |  | $ | — |  |  |  |  |
GWR Gateway Partners, LLC |  | 150 |  |  | — |  |  |  |  |
Total Income - Joint Venture Equity Investments in Multi-Family Properties |  | $ | 250 |  |  | $ | — |  |  |  |  |
(1)The Company's equity investment was partially redeemed during the three months ended March 31, 2022. (2)The Company's equity investment was redeemed during the year ended December 31, 2021. (3)Includes net unrealized gain of $0.3 million for the three months ended March 31, 2022.

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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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