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v3.22.2.2

Equity Investments, at Fair Values (Tables) | 9 Months Ended
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Sep. 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 September 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
|  | September 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% |  | $ | 20,529 |  |  | 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% |  | 6,210 |  |  | 43% |  | 5,725 |
1122 Chicago DE, LLC |  | 53% |  | 8,109 |  |  | 53% |  | 7,723 |
Bighaus, LLC |  | 42% |  | 16,166 |  |  | 42% |  | 15,471 |
FF/RMI 20 Midtown, LLC |  | 51% |  | 26,338 |  |  | 51% |  | 25,499 |
Palms at Cape Coral, LLC |  | 34% |  | 5,330 |  |  | 34% |  | 5,175 |
America Walks at Port St. Lucie, LLC |  | 62% |  | 29,823 |  |  | 62% |  | 30,383 |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | 57% |  | 17,780 |  |  | 57% |  | 17,213 |
Lucie at Tradition Holdings, LLC |  | 70% |  | 17,153 |  |  | 70% |  | 16,597 |
Syracuse Apartments and Townhomes, LLC |  | 58% |  | 19,763 |  |  | — |  | — |
Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) |  | 58% |  | 9,138 |  |  | — |  | — |
DCP Gold Creek, LLC |  | — |  | — |  |  | 44% |  | 6,686 |
Rigsbee Ave Holdings, LLC |  | — |  | — |  |  | 56% |  | 11,331 |
Walnut Creek Properties Holdings, L.L.C. |  | — |  | — |  |  | 36% |  | 9,482 |
Lurin-RMI, LLC |  | — |  | — |  |  | 38% |  | 9,548 |
Total - Multi-Family Preferred Equity Ownership Interests |  |  |  | 176,339 |  |  |  |  | 180,798 |
Joint Venture Equity Investments in Multi-Family Properties |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC (1) |  | — |  | — |  |  | 70% |  | 3,770 |
GWR Gateway Partners, LLC (1) |  | — |  | — |  |  | 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 (2) |  | 11% |  | 1,975 |  |  | 11% |  | 19,143 |
Constructive Loans, LLC (3) |  | — |  | 27,500 |  |  | — |  | 29,250 |
Total - Single-Family Equity Ownership Interests |  |  |  | 29,475 |  |  |  |  | 48,393 |
Total |  |  |  | $ | 205,814 |  |  |  |  | $ | 239,631 |
(1)The Company's joint venture equity investments in multi-family properties were transferred to assets of disposal group held for sale during the nine months ended September 30, 2022 (see Note 9). (2)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 nine months ended September 30, 2022. (3)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 $5.5 million and $257.8 million of residential loans from the entity during the three and nine months ended September 30, 2022, respectively.The following table presents income from multi-family preferred equity ownership interests for the three and nine months ended September 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 nine months ended September 30, 2022 includes $4.2 million and $3.8 million of net unrealized losses, respectively. 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.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
Investment Name |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
Somerset Deerfield Investor, LLC |  | $ | 548 |  |  | $ | 569 |  |  | $ | 1,731 |  |  | $ | 1,711 |  |
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 |  |  | 152 |  |  | 485 |  |  | 450 |  |
1122 Chicago DE, LLC |  | 212 |  |  | 229 |  |  | 690 |  |  | 675 |  |
Bighaus, LLC |  | 388 |  |  | 450 |  |  | 1,325 |  |  | 1,328 |  |
FF/RMI 20 Midtown, LLC |  | 287 |  |  | 771 |  |  | 1,897 |  |  | 2,275 |  |
Lurin-RMI, LLC |  | (1,242) |  |  | 216 |  |  | 558 |  |  | 687 |  |
Palms at Cape Coral, LLC |  | 68 |  |  | 189 |  |  | 381 |  |  | 189 |  |
America Walks at Port St. Lucie, LLC |  | 376 |  |  | 775 |  |  | 2,180 |  |  | 775 |  |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | 219 |  |  | — |  |  | 1,327 |  |  | — |  |
Lucie at Tradition Holdings, LLC |  | 126 |  |  | — |  |  | 1,342 |  |  | — |  |
Syracuse Apartments and Townhomes, LLC |  | 67 |  |  | — |  |  | 1,174 |  |  | — |  |
Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) |  | 243 |  |  | — |  |  | 243 |  |  | — |  |
DCP Gold Creek, LLC |  | — |  |  | 189 |  |  | 254 |  |  | 589 |  |
Rigsbee Ave Holdings, LLC |  | — |  |  | 120 |  |  | (174) |  |  | 1,335 |  |
Walnut Creek Properties Holdings, L.L.C. |  | — |  |  | 257 |  |  | (153) |  |  | 797 |  |
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) |  | — |  |  | 331 |  |  | — |  |  | 1,035 |  |
Audubon Mezzanine Holdings, L.L.C. (Series A) |  | — |  |  | 251 |  |  | — |  |  | 972 |  |
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) |  | — |  |  | 151 |  |  | — |  |  | 571 |  |
Towers Property Holdings, LLC |  | — |  |  | 348 |  |  | — |  |  | 1,087 |  |
Mansions Property Holdings, LLC |  | — |  |  | 335 |  |  | — |  |  | 1,048 |  |
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) |  | — |  |  | 89 |  |  | — |  |  | 355 |  |
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) |  | — |  |  | 204 |  |  | — |  |  | 819 |  |
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 |  |  | — |  |  | 1,014 |  |
Total Income - Multi-Family Preferred Equity Ownership Interests |  | $ | 1,455 |  |  | $ | 5,878 |  |  | $ | 13,260 |  |  | $ | 17,712 |  |
The following table presents income from these investments for the three and nine months ended September 30, 2022 and 2021, respectively (dollar amounts in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Investment Name |  | 2022 |  | 2021 |  | 2022 |  | 2021
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Morrocroft Neighborhood Stabilization Fund II, LP (1) |  | $ | — |  |  | $ | 2,137 |  |  | $ | 50 |  |  | $ | 4,324 |
Constructive Loans, LLC (2) |  | (3,500) |  |  | — |  |  | (1,750) |  |  | — |
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (3) |  | — |  |  | — |  |  | — |  |  | (15) |
Total Income - Single-Family Equity Ownership Interests |  | $ | (3,500) |  |  | $ | 2,137 |  |  | $ | (1,700) |  |  | $ | 4,309 |
Joint Venture Equity Investments in Multi-Family Properties (4) |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  | $ | (1,141) |  |  | $ | — |  |  | $ | (930) |  |  | $ | — |
GWR Gateway Partners, LLC |  | 88 |  |  | — |  |  | 426 |  |  | — |
Total Income - Joint Venture Equity Investments in Multi-Family Properties |  | $ | (1,053) |  |  | $ | — |  |  | $ | (504) |  |  | $ | — |
(1)The Company's equity investment was partially redeemed during the nine months ended September 30, 2022. (2)Includes net unrealized loss of $3.5 million and $1.8 million for the three and nine months ended September 30, 2022, respectively. (3)The Company's equity investment was redeemed during the year ended December 31, 2021. (4)Includes net unrealized loss of $1.1 million and $0.5 million for the three and nine months ended September 30, 2022, respectively.

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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 https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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