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v3.22.1

Equity Investments, at Fair Values (Tables) | 3 Months Ended
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Mar. 31, 2022
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. 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 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 |  |  |  |  |  |
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 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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