Equity Investments, at Fair Values (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands):


	September 30, 2023			December 31, 2022
Investment Name	Ownership Interest	Fair Value		Ownership Interest	Fair Value
Multi-Family Preferred Equity Ownership Interests
FF/RMI 20 Midtown, LLC	51%	$	28,711	51%	$	27,079
Palms at Cape Coral, LLC	34%	5,721		34%	5,429
EHOF-NYMT Sunset Apartments Preferred, LLC	57%	19,292		57%	18,139
Lucie at Tradition Holdings, LLC	70%	18,948		70%	17,576
Syracuse Apartments and Townhomes, LLC	58%	21,241		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%	9,724		58%	9,277
Tides on 27th Investors, LLC	54%	17,320		—	—
Rapid City RMI JV LLC	50%	9,626		—	—
America Walks at Port St. Lucie, LLC	—	—		62%	29,873
1122 Chicago DE, LLC	—	—		53%	8,276
Bighaus, LLC	—	—		42%	16,482
Total - Multi-Family Preferred Equity Ownership Interests		130,583			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		$	155,583		$	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 nine months ended September 30, 2023. The Company purchased $15.3 million and $55.2 million of residential loans from the entity during the three and nine months ended September 30, 2023, respectively, and $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, 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 and nine months ended September 30, 2023 includes $0.2 million and $0.8 million of net unrealized gains, respectively. 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
Investment Name	2023		2022		2023		2022
FF/RMI 20 Midtown, LLC	$	955	$	287	$	2,690	$	1,897
Palms at Cape Coral, LLC	183		68		540		381
America Walks at Port St. Lucie, LLC	345		376		2,243		2,180
EHOF-NYMT Sunset Apartments Preferred, LLC	651		219		1,914		1,327
Lucie at Tradition Holdings, LLC	719		126		2,103		1,342
Syracuse Apartments and Townhomes, LLC	679		67		2,000		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)	311		243		918		243
Tides on 27th Investors, LLC	599		—		1,896		—
Rapid City RMI JV LLC	236		—		236		—
1122 Chicago DE, LLC	—		212		419		690
Bighaus, LLC	—		388		701		1,325
Lurin-RMI, LLC	—		(1,242)		—		558
Somerset Deerfield Investor, LLC	—		548		—		1,731
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		—		485
DCP Gold Creek, LLC	—		—		—		254
Rigsbee Ave Holdings, LLC	—		—		—		(174)
Walnut Creek Properties Holdings, L.L.C.	—		—		—		(153)
Total Income - Multi-Family Preferred Equity Ownership Interests	$	4,678	$	1,455	$	15,660	$	13,260

The following table presents income (loss) from these investments for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Investment Name	2023		2022		2023		2022
Single-Family Equity Ownership Interests
Constructive Loans, LLC (1)	$	—	$	(3,500)	$	(2,500)	$	(1,750)
Morrocroft Neighborhood Stabilization Fund II, LP (2)	—		—		—		50
Total Loss - Single-Family Equity Ownership Interests	$	—	$	(3,500)	$	(2,500)	$	(1,700)

Joint Venture Equity Investments in Multi-Family Properties (3)
GWR Cedars Partners, LLC	$	(1,020)	$	(1,141)	$	(1,220)	$	(930)
GWR Gateway Partners, LLC	(1,602)		88		(2,717)		426
Total Loss - Joint Venture Equity Investments in Multi-Family Properties	$	(2,622)	$	(1,053)	$	(3,937)	$	(504)

(1)Includes net unrealized losses of $1.3 million and $5.6 million for the three and nine months ended September 30, 2023, respectively. Includes net unrealized losses of $3.5 million and $1.8 million for the three and nine months ended September 30, 2022, respectively.

(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 losses of $2.6 million and $3.9 million for the three and nine months ended September 30, 2023, respectively, and net unrealized losses of $1.1 million and $0.5 million for the three and nine months ended September 30, 2022, respectively.