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v3.23.1

Equity Investments, at Fair Values (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Investments in Unconsolidated Entities | The following table presents the Company's equity investments as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands):
|  | March 31, 2023 |  | December 31, 2022
Investment Name |  | Ownership Interest |  | Fair Value |  | Ownership Interest |  | Fair Value
Multi-Family Preferred Equity Ownership Interests |  |  |  |  |  |  |  |
1122 Chicago DE, LLC |  | 53% |  | $ | 8,426 |  |  | 53% |  | $ | 8,276 |
Bighaus, LLC |  | 42% |  | 16,739 |  |  | 42% |  | 16,482 |
FF/RMI 20 Midtown, LLC |  | 51% |  | 27,525 |  |  | 51% |  | 27,079 |
Palms at Cape Coral, LLC |  | 34% |  | 5,530 |  |  | 34% |  | 5,429 |
America Walks at Port St. Lucie, LLC |  | 62% |  | 25,177 |  |  | 62% |  | 29,873 |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | 57% |  | 18,510 |  |  | 57% |  | 18,139 |
Lucie at Tradition Holdings, LLC |  | 70% |  | 18,016 |  |  | 70% |  | 17,576 |
Syracuse Apartments and Townhomes, LLC |  | 58% |  | 20,478 |  |  | 58% |  | 20,115 |
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% |  | 9,422 |  |  | 58% |  | 9,277 |
Tides on 27th Investors, LLC |  | 54% |  | 16,325 |  |  | — |  | — |
Total - Multi-Family Preferred Equity Ownership Interests |  |  |  | 166,148 |  |  |  |  | 152,246 |
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Constructive Loans, LLC (1) |  | 50% |  | 25,000 |  |  | — |  | 27,500 |
Total - Single-Family Equity Ownership Interests |  |  |  | 25,000 |  |  |  |  | 27,500 |
Total |  |  |  | $ | 191,148 |  |  |  |  | $ | 179,746 |
(1)The Company exercised its option to purchase 50% of the issued and outstanding interests of an entity that originates residential loans during the three months ended March 31, 2023. The Company purchased $16.0 million and $170.2 million of residential loans from the entity during the three months ended March 31, 2023 and 2022, respectively. The following table presents income from multi-family preferred equity ownership interests for the three months ended March 31, 2023 and 2022, 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, 2023 and 2022 includes $0.6 million and $0.1 million of net unrealized gains, respectively.
|  | Three Months Ended March 31, |  |  |
Investment Name |  | 2023 |  | 2022 |  |  |  |  |
1122 Chicago DE, LLC |  | $ | 251 |  |  | $ | 237 |  |  |  |  |  |
Bighaus, LLC |  | 537 |  |  | 465 |  |  |  |  |  |
FF/RMI 20 Midtown, LLC |  | 799 |  |  | 798 |  |  |  |  |  |
Palms at Cape Coral, LLC |  | 177 |  |  | 155 |  |  |  |  |  |
America Walks at Port St. Lucie, LLC |  | 1,126 |  |  | 902 |  |  |  |  |  |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | 625 |  |  | 549 |  |  |  |  |  |
Lucie at Tradition Holdings, LLC |  | 684 |  |  | 601 |  |  |  |  |  |
Syracuse Apartments and Townhomes, LLC |  | 654 |  |  | 516 |  |  |  |  |  |
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) |  | 301 |  |  | — |  |  |  |  |  |
Tides on 27th Investors, LLC |  | 797 |  |  | — |  |  |  |  |  |
DCP Gold Creek, LLC |  | — |  |  | 853 |  |  |  |  |  |
Rigsbee Ave Holdings, LLC |  | — |  |  | (174) |  |  |  |  |  |
Walnut Creek Properties Holdings, L.L.C. |  | — |  |  | (153) |  |  |  |  |  |
Lurin-RMI, LLC |  | — |  |  | 280 |  |  |  |  |  |
Somerset Deerfield Investor, LLC |  | — |  |  | 587 |  |  |  |  |  |
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 |  |  |  |  |  |
Total Income - Multi-Family Preferred Equity Ownership Interests |  | $ | 5,951 |  |  | $ | 5,775 |  |  |  |  |  |
The following table presents income (loss) from these investments for the three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands):
|  | Three Months Ended March 31, |  |
Investment Name |  | 2023 |  | 2022 |  |  |  |
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Constructive Loans, LLC (1) |  | $ | (2,500) |  |  | $ | — |  |  |  |  |
Morrocroft Neighborhood Stabilization Fund II, LP (2) |  | — |  |  | 28 |  |  |  |  |
Total (Loss) Income - Single-Family Equity Ownership Interests |  | $ | (2,500) |  |  | $ | 28 |  |  |  |  |
Joint Venture Equity Investments in Multi-Family Properties (3) |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  | $ | 413 |  |  | $ | 100 |  |  |  |  |
GWR Gateway Partners, LLC |  | 647 |  |  | 150 |  |  |  |  |
Total Income - Joint Venture Equity Investments in Multi-Family Properties |  | $ | 1,060 |  |  | $ | 250 |  |  |  |  |
(1)Includes a net unrealized loss of $3.2 million for the three months ended March 31, 2023. The Company did not recognize any unrealized gains or losses for the three months ended March 31, 2022. (2)The Company's equity investment was redeemed during the year ended December 31, 2022. (3)The Company's joint venture equity investments in multi-family properties were transferred to assets of disposal group held for sale during the year ended December 31, 2022 (see Note 9). Includes net unrealized gains of $1.1 million and $0.3 million for the three months ended March 31, 2023 and 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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