Equity Investments, at Fair Values (Tables)

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Entities

The following table presents the Company's equity investments as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):


	June 30, 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%	$	20,586	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%	6,047		43%	5,725
1122 Chicago DE, LLC	53%	7,998		53%	7,723
Bighaus, LLC	42%	15,987		42%	15,471
FF/RMI 20 Midtown, LLC	51%	26,403		51%	25,499
Lurin-RMI, LLC	38%	10,985		38%	9,548
Palms at Cape Coral, LLC	34%	5,338		34%	5,175
America Walks at Port St. Lucie, LLC	62%	30,367		62%	30,383
EHOF-NYMT Sunset Apartments Preferred, LLC	57%	17,814		57%	17,213
Lucie at Tradition Holdings, LLC	70%	17,271		70%	16,597
Syracuse Apartments and Townhomes, LLC	58%	19,987		—	—
DCP Gold Creek, LLC	—	—		44%	6,686
Rigsbee Ave Holdings, LLC	—	—		56%	11,331
Walnut Creek Properties Holdings, L.L.C.	—	—		36%	9,482
Total - Multi-Family Preferred Equity Ownership Interests		178,783			180,798

Joint Venture Equity Investments in Multi-Family Properties
GWR Cedars Partners, LLC	70%	3,982		70%	3,770
GWR Gateway Partners, LLC	70%	7,008		70%	6,670
Total - Joint Venture Equity Investments in Multi-Family Properties		10,990			10,440

Single-Family Equity Ownership Interests
Morrocroft Neighborhood Stabilization Fund II, LP (1)	11%	2,878		11%	19,143
Constructive Loans, LLC (2)	—	31,000		—	29,250
Total - Single-Family Equity Ownership Interests		33,878			48,393
Total		$	223,651		$	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 six months ended June 30, 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. The Company purchased $82.1 million and $252.3 million of residential loans from the entity during the three and six months ended June 30, 2022, respectively.

The following table presents income from multi-family preferred equity ownership interests for the three and six months ended June 30, 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 and six months ended June 30, 2022 includes $0.3 million and $0.4 million of net unrealized gains, respectively. 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.


	Three Months Ended June 30,				Six Months Ended June 30,
Investment Name	2022		2021		2022		2021
Somerset Deerfield Investor, LLC	$	596	$	675	$	1,183	$	1,141
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)	163		174		322		298
DCP Gold Creek, LLC	(599)		197		254		400
1122 Chicago DE, LLC	241		225		478		446
Bighaus, LLC	472		443		937		879
FF/RMI 20 Midtown, LLC	812		758		1,610		1,504
Lurin-RMI, LLC	1,520		235		1,800		470
Palms at Cape Coral, LLC	158		—		313		—
America Walks at Port St. Lucie, LLC	902		—		1,804		—
EHOF-NYMT Sunset Apartments Preferred, LLC	559		—		1,108		—
Lucie at Tradition Holdings, LLC	614		—		1,215		—
Syracuse Apartments and Townhomes, LLC	591		—		1,107		—
Rigsbee Ave Holdings, LLC	—		896		(174)		1,215
Walnut Creek Properties Holdings, L.L.C.	—		263		(153)		541
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively)	—		357		—		704
Audubon Mezzanine Holdings, L.L.C. (Series A)	—		357		—		721
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)	—		240		—		419
Towers Property Holdings, LLC	—		361		—		740
Mansions Property Holdings, LLC	—		348		—		713
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)	—		131		—		266
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)	—		302		—		616
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		—		762
Total Income - Multi-Family Preferred Equity Ownership Interests	$	6,029	$	6,336	$	11,804	$	11,835

The following table presents income from these investments for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
Investment Name	2022		2021		2022		2021
Single-Family Equity Ownership Interests
Morrocroft Neighborhood Stabilization Fund II, LP (1)	$	22	$	998	$	50	$	2,186
Constructive Loans, LLC (2)	1,750		—		1,750		—
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (3)	—		3,273		—		(15)
Total Income - Single-Family Equity Ownership Interests	$	1,772	$	4,271	$	1,800	$	2,171

Joint Venture Equity Investments in Multi-Family Properties (4)
GWR Cedars Partners, LLC	$	111	$	—	$	211	$	—
GWR Gateway Partners, LLC	188		—		338		—

Total Income - Joint Venture Equity Investments in Multi-Family Properties	$	299	$	—	$	549	$	—

(1)The Company's equity investment was partially redeemed during the six months ended June 30, 2022.

(2)Includes net unrealized gain of $1.8 million for the three and six months ended June 30, 2022.

(3)The Company's equity investment was redeemed during the year ended December 31, 2021.

(4)Includes net unrealized gain of $0.3 million and $0.5 million for the three and six months ended June 30, 2022, respectively.