Equity Investments, at Fair Values (Tables)

3 Months Ended

Mar. 31, 2024

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, 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 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

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.