Equity Investments, at Fair Values (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023, respectively (dollar amounts in thousands):


	September 30, 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%	$	20,943	57%	$	19,703
Lucie at Tradition Holdings, LLC	70%	21,042		70%	19,442
Syracuse Apartments and Townhomes, LLC	58%	23,123		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%	9,103		58%	9,882
Tides on 27th Investors, LLC	54%	14,500		54%	17,937
Rapid City RMI JV LLC	50%	10,432		50%	9,804
Palms at Cape Coral, LLC	—	—		34%	5,832
Total - Multi-Family Preferred Equity Ownership Interests		99,143			104,242

Joint Venture Equity Investments in Multi-Family Properties
GWR Cedars Partners, LLC	70%	156		70%	1,897
GWR Gateway Partners, LLC	70%	1,079		70%	3,823
Total - Joint Venture Equity Investments in Multi-Family Properties		1,235			5,720

Single-Family Equity Ownership Interests
Constructive Loans, LLC (1)	50%	46,455		50%	37,154
Total - Single-Family Equity Ownership Interests		46,455			37,154
Total		$	146,833		$	147,116

(1)The Company purchased $30.2 million and $137.6 million of residential loans from this entity during the three and nine months ended September 30, 2024, respectively, and $15.3 million and $55.2 million of residential loans from this entity during the three and nine months ended September 30, 2023, respectively.

The following table presents income from multi-family preferred equity ownership interests for the three and nine months ended September 30, 2024 and 2023, respectively (dollar amounts in thousands). Income (loss) from these investments is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations. Income (loss) from these investments during the three and nine months ended September 30, 2024 includes $4.5 million and $5.2 million of net unrealized losses, respectively. 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
Investment Name	2024		2023		2024		2023
EHOF-NYMT Sunset Apartments Preferred, LLC	$	627	$	651	$	1,999	$	1,914
Lucie at Tradition Holdings, LLC	798		719		2,332		2,103
Syracuse Apartments and Townhomes, LLC	724		679		2,354		2,000
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)	438		311		693		918
Tides on 27th Investors, LLC	(4,111)		599		(3,436)		1,896
Rapid City RMI JV LLC	388		236		1,199		236
Palms at Cape Coral, LLC	—		183		69		540
FF/RMI 20 Midtown, LLC	—		955		—		2,690
America Walks at Port St. Lucie, LLC	—		345		—		2,243
1122 Chicago DE, LLC	—		—		—		419
Bighaus, LLC	—		—		—		701
Total (Loss) Income - Multi-Family Preferred Equity Ownership Interests	$	(1,136)	$	4,678	$	5,210	$	15,660

The following table presents income (loss) from these investments for the three and nine months ended September 30, 2024 and 2023, respectively (dollar amounts in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Investment Name	2024		2023		2024		2023
Single-Family Equity Ownership Interests
Constructive Loans, LLC (1)	$	7,611	$	—	$	9,301	$	(2,500)
Total Income (Loss) - Single-Family Equity Ownership Interests	$	7,611	$	—	$	9,301	$	(2,500)

Joint Venture Equity Investments in Multi-Family Properties (2)
GWR Cedars Partners, LLC	$	(112)	$	(1,020)	$	(1,741)	$	(1,220)
GWR Gateway Partners, LLC	(309)		(1,602)		(2,744)		(2,717)
Total Loss - Joint Venture Equity Investments in Multi-Family Properties	$	(421)	$	(2,622)	$	(4,485)	$	(3,937)

(1)Includes net unrealized gains of $3.9 million and $2.0 million for the three and nine months ended September 30, 2024, respectively. Includes net unrealized losses of $1.3 million and $5.6 million for the three and nine months ended September 30, 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 $0.4 million and $4.5 million for the three and nine months ended September 30, 2024, respectively, and net unrealized losses of $2.6 million and $3.9 million for the three and nine months ended September 30, 2023, respectively.