Equity Investments, at Fair Values (Tables)

9 Months Ended

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.