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Equity Investments, at Fair Value | 3 Months Ended
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Mar. 31, 2024
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 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 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 condensed consolidated balance sheets as a result of a fair value election. The following table presents the Company's equity investments as of March 31, 2024 and December 31, 2023, respectively (dollar amounts in thousands):
|  | March 31, 2024 |  | December 31, 2023
Investment Name |  | Ownership Interest |  | Fair Value |  | Ownership Interest |  | Fair Value
Multi-Family Preferred Equity Ownership Interests |  |  |  |  |  |  |  |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | 57% |  | $ | 20,129 |  |  | 57% |  | $ | 19,703 |
Lucie at Tradition Holdings, LLC |  | 70% |  | 19,955 |  |  | 70% |  | 19,442 |
Syracuse Apartments and Townhomes, LLC |  | 58% |  | 22,055 |  |  | 58% |  | 21,642 |
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% |  | 10,046 |  |  | 58% |  | 9,882 |
Tides on 27th Investors, LLC |  | 54% |  | 18,577 |  |  | 54% |  | 17,937 |
Rapid City RMI JV LLC |  | 50% |  | 10,046 |  |  | 50% |  | 9,804 |
Palms at Cape Coral, LLC |  | — |  | — |  |  | 34% |  | 5,832 |
Total - Multi-Family Preferred Equity Ownership Interests |  |  |  | 100,808 |  |  |  |  | 104,242 |
Joint Venture Equity Investments in Multi-Family Properties |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  | 70% |  | 277 |  |  | 70% |  | 1,897 |
GWR Gateway Partners, LLC |  | 70% |  | 1,393 |  |  | 70% |  | 3,823 |
Total - Joint Venture Equity Investments in Multi-Family Properties |  |  |  | 1,670 |  |  |  |  | 5,720 |
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Constructive Loans, LLC (1) |  | 50% |  | 35,465 |  |  | 50% |  | 37,154 |
Total - Single-Family Equity Ownership Interests |  |  |  | 35,465 |  |  |  |  | 37,154 |
Total |  |  |  | $ | 137,943 |  |  |  |  | $ | 147,116 |
(1)The Company purchased $40.8 million and $16.0 million of residential loans from this entity during the three months ended March 31, 2024 and 2023, respectively. The Company records its equity in earnings or losses from its multi-family preferred equity ownership interests under the hypothetical liquidation of book value method of accounting due to the structures and the preferences it receives on the distributions from these entities pursuant to the respective agreements. Under this method, the Company recognizes income or loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment. Pursuant to the fair value election, changes in fair value of the Company's multi-family preferred equity ownership interests are reported in current period earnings. The following table presents income from multi-family preferred equity ownership interests for the three months ended March 31, 2024 and 2023, respectively (dollar amounts in thousands). Income from these investments is presented in (loss) 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, 2024 and 2023 includes $0.1 million and $0.6 million of net unrealized gains, respectively.
|  | Three Months Ended March 31, |  |  |
Investment Name |  | 2024 |  | 2023 |  |  |  |  |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | $ | 679 |  |  | $ | 625 |  |  |  |  |  |
Lucie at Tradition Holdings, LLC |  | 757 |  |  | 684 |  |  |  |  |  |
Syracuse Apartments and Townhomes, LLC |  | 705 |  |  | 654 |  |  |  |  |  |
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) |  | 321 |  |  | 301 |  |  |  |  |  |
Tides on 27th Investors, LLC |  | 641 |  |  | 797 |  |  |  |  |  |
Rapid City RMI JV LLC |  | 431 |  |  | — |  |  |  |  |  |
Palms at Cape Coral, LLC |  | 69 |  |  | 177 |  |  |  |  |  |
FF/RMI 20 Midtown, LLC |  | — |  |  | 799 |  |  |  |  |  |
America Walks at Port St. Lucie, LLC |  | — |  |  | 1,126 |  |  |  |  |  |
1122 Chicago DE, LLC |  | — |  |  | 251 |  |  |  |  |  |
Bighaus, LLC |  | — |  |  | 537 |  |  |  |  |  |
Total Income - Multi-Family Preferred Equity Ownership Interests |  | $ | 3,603 |  |  | $ | 5,951 |  |  |  |  |  |
For the three months ended March 31, 2024 the Company recognized $0.1 million in premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments, which are included in other (loss) income on the accompanying condensed consolidated statements of operations. For the three months ended March 31, 2023 the Company recognized no premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments. 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 (loss) income from equity investments in the Company's accompanying condensed consolidated statements of operations. The following table presents (loss) income from these investments for the three months ended March 31, 2024 and 2023, respectively (dollar amounts in thousands):
|  | Three Months Ended March 31, |  |
Investment Name |  | 2024 |  | 2023 |  |  |  |
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Constructive Loans, LLC (1) |  | $ | (1,689) |  |  | $ | (2,500) |  |  |  |  |
Total Loss - Single-Family Equity Ownership Interests |  | $ | (1,689) |  |  | $ | (2,500) |  |  |  |  |
Joint Venture Equity Investments in Multi-Family Properties (2) |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  | $ | (1,620) |  |  | $ | 413 |  |  |  |  |
GWR Gateway Partners, LLC |  | (2,430) |  |  | 647 |  |  |  |  |
Total (Loss) Income - Joint Venture Equity Investments in Multi-Family Properties |  | $ | (4,050) |  |  | $ | 1,060 |  |  |  |  |
(1)Includes net unrealized losses of $2.2 million and $3.2 million for the three months ended March 31, 2024 and 2023, respectively. (2)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 $4.1 million for the three months ended March 31, 2024 and net unrealized gains of $1.1 million for the three months ended March 31, 2023.

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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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