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Equity Investments, at Fair Value | 12 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Equity Investments, at Fair Value | 6. Equity Investments, at Fair Value The Company's equity investments consist of, or have consisted of, preferred equity ownership interests in entities that invest in multi-family properties where the risks and payment characteristics are equivalent to an equity investment (or multi-family preferred equity ownership interests), equity ownership interests in entities that invest in single-family properties and invest in or originate residential loans (or single-family equity ownership interests) and joint venture equity investments in multi-family properties. The Company's equity investments are accounted for under the equity method and are presented at fair value on its consolidated balance sheets as a result of a fair value election. T he following table presents the Company's equity investments as of December 31, 2023 and 2022, respectively (dollar amounts in thousands):
|  | December 31, 2023 |  | December 31, 2022
Investment Name |  | Ownership Interest |  | Fair Value |  | Ownership Interest |  | Fair Value
Multi-Family Preferred Equity Ownership Interests |  |  |  |  |  |  |  |
Palms at Cape Coral, LLC |  | 34% |  | $ | 5,832 |  |  | 34% |  | $ | 5,429 |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | 57% |  | 19,703 |  |  | 57% |  | 18,139 |
Lucie at Tradition Holdings, LLC |  | 70% |  | 19,442 |  |  | 70% |  | 17,576 |
Syracuse Apartments and Townhomes, LLC |  | 58% |  | 21,642 |  |  | 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% |  | 9,882 |  |  | 58% |  | 9,277 |
Tides on 27th Investors, LLC |  | 54% |  | 17,937 |  |  | — |  | — |
Rapid City RMI JV LLC |  | 50% |  | 9,804 |  |  | — |  | — |
America Walks at Port St. Lucie, LLC |  | — |  | — |  |  | 62% |  | 29,873 |
1122 Chicago DE, LLC |  | — |  | — |  |  | 53% |  | 8,276 |
FF/RMI 20 Midtown, LLC |  | — |  | — |  |  | 51% |  | 27,079 |
Bighaus, LLC |  | — |  | — |  |  | 42% |  | 16,482 |
Total - Multi-Family Preferred Equity Ownership Interests |  |  |  | 104,242 |  |  |  |  | 152,246 |
Joint Venture Equity Investments in Multi-Family Properties |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC (1) |  | 70% |  | 1,897 |  |  | — |  | — |
GWR Gateway Partners, LLC (1) |  | 70% |  | 3,823 |  |  | — |  | — |
Total - Joint Venture Equity Investments in Multi-Family Properties |  |  |  | 5,720 |  |  |  |  | — |
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Constructive Loans, LLC (2) |  | 50% |  | 37,154 |  |  | — |  | 27,500 |
Total - Single-Family Equity Ownership Interests |  |  |  | 37,154 |  |  |  |  | 27,500 |
Total |  |  |  | $ | 147,116 |  |  |  |  | $ | 179,746 |
(1)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. During the year ended December 31, 2023, the Company determined that these joint venture equity investments no longer met the criteria to be classified as held for sale and returned its equity investments in the joint venture entities to equity investments, at fair value (see Note 9). (2)The Company exercised its option to purchase 50% of the issued and outstanding interests of this entity during the year ended December 31, 2023. The Company purchased $80.8 million and $260.6 million of residential loans from the entity during the years ended December 31, 2023 and 2022, respectively. The following table presents income from multi-family preferred equity ownership interests for the years ended December 31, 2023, 2022, and 2021, respectively (dollar amounts in thousands). Income from these investments is presented in income from equity investments in the Company's accompanying consolidated statements of operations. Income from these investments during the years ended December 31, 2023, 2022 and 2021 includes $1.2 million of net unrealized gains, $3.6 million of net unrealized losses and $0.4 million of net unrealized gains, respectively.
|  |  |  | For the Years Ended December 31,
Investment Name |  |  |  |  |  | 2023 |  | 2022 |  | 2021
1122 Chicago DE, LLC |  |  |  |  |  | $ | 419 |  |  | $ | 959 |  |  | $ | 908 |
Bighaus, LLC |  |  |  |  |  | 701 |  |  | 1,852 |  |  | 1,786 |
FF/RMI 20 Midtown, LLC |  |  |  |  |  | 3,948 |  |  | 2,904 |  |  | 3,059 |
Palms at Cape Coral, LLC |  |  |  |  |  | 751 |  |  | 554 |  |  | 342 |
America Walks at Port St. Lucie, LLC |  |  |  |  |  | 2,244 |  |  | 3,140 |  |  | 1,678 |
EHOF-NYMT Sunset Apartments Preferred, LLC |  |  |  |  |  | 2,579 |  |  | 1,939 |  |  | 661 |
Lucie at Tradition Holdings, LLC |  |  |  |  |  | 2,841 |  |  | 2,008 |  |  | 484 |
Syracuse Apartments and Townhomes, LLC |  |  |  |  |  | 2,691 |  |  | 1,816 |  |  | — |
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) |  |  |  |  |  | 1,234 |  |  | 540 |  |  | — |
Tides on 27th Investors, LLC |  |  |  |  |  | 2,513 |  |  | — |  |  | — |
Rapid City RMI JV LLC |  |  |  |  |  | 541 |  |  | — |  |  | — |
Somerset Deerfield Investor, LLC |  |  |  |  |  | — |  |  | 1,944 |  |  | 2,295 |
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) |  |  |  |  |  | — |  |  | 529 |  |  | 585 |
Walnut Creek Properties Holdings, L.L.C. |  |  |  |  |  | — |  |  | (153) |  |  | 1,240 |
DCP Gold Creek, LLC |  |  |  |  |  | — |  |  | 254 |  |  | 780 |
Rigsbee Ave Holdings, LLC |  |  |  |  |  | — |  |  | (174) |  |  | 1,683 |
Lurin-RMI, LLC |  |  |  |  |  | — |  |  | 558 |  |  | 931 |
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) |  |  |  |  |  | — |  |  | — |  |  | 1,304 |
Audubon Mezzanine Holdings, L.L.C. (Series A) |  |  |  |  |  | — |  |  | — |  |  | 1,251 |
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) |  |  |  |  |  | — |  |  | — |  |  | 735 |
Towers Property Holdings, LLC |  |  |  |  |  | — |  |  | — |  |  | 1,192 |
Mansions Property Holdings, LLC |  |  |  |  |  | — |  |  | — |  |  | 1,148 |
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) |  |  |  |  |  | — |  |  | — |  |  | 412 |
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) |  |  |  |  |  | — |  |  | — |  |  | 966 |
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) |  |  |  |  |  | — |  |  | — |  |  | 1,193 |
Total Income - Multi-Family Preferred Equity Ownership Interests |  |  |  |  |  | $ | 20,462 |  |  | $ | 18,670 |  |  | $ | 24,633 |
For the years ended December 31, 2023, 2022 and 2021, the Company recognized $0.2 million, $2.9 million and $2.8 million in premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments, respectively, which are included in other income on the accompanying consolidated statements of operations. Income from single-family equity ownership interests and joint venture equity investments in multi-family properties that are accounted for under the equity method using the fair value option is presented in income from equity investments in the Company's accompanying consolidated statements of operations. The following table presents income (loss) from these investments for the years ended December 31, 2023, 2022 and 2021, respectively (dollar amounts in thousands):
|  |  |  | For the Years Ended December 31,
Investment Name |  |  |  |  |  | 2023 |  | 2022 |  | 2021
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |  |  |
Constructive Loans, LLC (1) |  |  |  |  |  | $ | 614 |  |  | $ | (1,750) |  |  | $ | 2,750 |
Morrocroft Neighborhood Stabilization Fund II, LP (2) |  |  |  |  |  | — |  |  | (416) |  |  | 6,378 |
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (3) |  |  |  |  |  | — |  |  | — |  |  | (15) |
Total Income (Loss) - Single Family Equity Ownership Interests |  |  |  |  |  | $ | 614 |  |  | $ | (2,166) |  |  | $ | 9,113 |
Joint Venture Equity Investments in Multi-Family Properties (4) |  |  |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  |  |  |  |  | $ | (823) |  |  | $ | (1,050) |  |  | $ | 60 |
GWR Gateway Partners, LLC |  |  |  |  |  | (2,468) |  |  | (380) |  |  | 90 |
Total (Loss) Income - Joint Venture Equity Investments in Multi-Family Properties |  |  |  |  |  | $ | (3,291) |  |  | $ | (1,430) |  |  | $ | 150 |
(1)Includes net unrealized losses of $5.2 million and $1.8 million and a net unrealized gain of $2.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. (2)The Company's equity investment was redeemed during the year ended December 31, 2022. (3)The Company's equity investment was redeemed during the year ended December 31, 2021. (4)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. During the year ended December 31, 2023, the Company determined that these joint venture equity investments no longer met the criteria to be classified as held for sale and returned its equity investments in the joint venture entities to equity investments, at fair value (see Note 9). Includes net unrealized losses of $3.3 million and $1.4 million for the years ended December 31, 2023, and 2022, respectively, and net unrealized gains of $0.2 million for the year ended December 31, 2021. Summary combined financial information for the Company’s equity investments as of December 31, 2023 and 2022, respectively, and for the years ended December 31, 2023, 2022, and 2021, respectively, is shown below and includes summary financial information for the Company's joint venture equity investments in multi-family properties that are included in assets of disposal group held for sale as of December 31, 2023 and 2022, respectively (dollar amounts in thousands):
|  | December 31, 2023 |  | December 31, 2022
Balance Sheets: |  |  |  |
Real estate, net |  | $ | 409,078 |  |  | $ | 553,356 |
Residential loans |  | 162,060 |  |  | 71,077 |
Other assets |  | 90,314 |  |  | 38,616 |
Total assets |  | $ | 661,452 |  |  | $ | 663,049 |
Mortgages payable on real estate, net |  | $ | 295,451 |  |  | $ | 301,118 |
Other liabilities |  | 172,118 |  |  | 120,850 |
Total liabilities |  | 467,569 |  |  | 421,968 |
Members' equity |  | 193,883 |  |  | 241,081 |
Total liabilities and members' equity |  | $ | 661,452 |  |  | $ | 663,049 |
|  | For the Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Operating Statements: (1) |  |  |  |  |  |
Rental income |  | $ | 21,299 |  |  | $ | 23,237 |  |  | $ | 87,147 |
Real estate sales |  | — |  |  | 399,783 |  |  | 205,000 |
Cost of real estate sales |  | — |  |  | (277,740) |  |  | (140,800) |
Interest income |  | 10,393 |  |  | 5,787 |  |  | 5,285 |
Realized and unrealized losses, net |  | — |  |  | — |  |  | (7,693) |
Other income |  | 34,870 |  |  | 21,769 |  |  | 13,636 |
Operating expenses |  | (33,883) |  |  | (38,921) |  |  | (55,031) |
Income before debt service and depreciation and amortization |  | 32,679 |  |  | 133,915 |  |  | 107,544 |
Interest expense |  | (23,315) |  |  | (11,892) |  |  | (29,617) |
Depreciation and amortization |  | (14,904) |  |  | (14,779) |  |  | (37,172) |
Net (loss) income |  | $ | (5,540) |  |  | $ | 107,244 |  |  | $ | 40,755 |
(1)The Company records income (loss) from equity investments under either the hypothetical liquidation of book value method of accounting or the equity method using the fair value option. Accordingly, the combined net income (loss) shown above is not indicative of the income (loss) recognized by the Company from equity investments.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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