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Equity Investments, at Fair Value - (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Investments in Unconsolidated Entities | T he following table presents the Company's equity investments as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):
|  | December 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% |  | $ | 21,411 |  |  | 57% |  | $ | 19,703 |
Lucie at Tradition Holdings, LLC |  | 70% |  | 21,821 |  |  | 70% |  | 19,442 |
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% |  | 9,322 |  |  | 58% |  | 9,882 |
Tides on 27th Investors, LLC |  | 54% |  | 10,245 |  |  | 54% |  | 17,937 |
Rapid City RMI JV LLC |  | 50% |  | 10,637 |  |  | 50% |  | 9,804 |
Syracuse Apartments and Townhomes, LLC |  | — |  | — |  |  | 58% |  | 21,642 |
Palms at Cape Coral, LLC |  | — |  | — |  |  | 34% |  | 5,832 |
Total - Multi-Family Preferred Equity Ownership Interests |  |  |  | 73,436 |  |  |  |  | 104,242 |
Joint Venture Equity Investments in Multi-Family Properties |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  | 70% |  | 141 |  |  | 70% |  | 1,897 |
GWR Gateway Partners, LLC |  | 70% |  | 1,197 |  |  | 70% |  | 3,823 |
Total - Joint Venture Equity Investments in Multi-Family Properties |  |  |  | 1,338 |  |  |  |  | 5,720 |
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Constructive Loans, LLC (1) |  | 50% |  | 38,718 |  |  | 50% |  | 37,154 |
Total - Single-Family Equity Ownership Interests |  |  |  | 38,718 |  |  |  |  | 37,154 |
Total |  |  |  | $ | 113,492 |  |  |  |  | $ | 147,116 |
(1)The Company purchased $307.8 million, $80.8 million and $260.6 million of residential loans from this entity during the years ended December 31, 2024, 2023 and 2022, respectively. The following table presents income from multi-family preferred equity ownership interests for the years ended December 31, 2024, 2023, and 2022, respectively (dollar amounts in thousands). Income (loss) from these investments is presented in income from equity investments in the Company's accompanying consolidated statements of operations. Income (loss) from these investments during the years ended December 31, 2024, 2023 and 2022 includes $4.9 million of net unrealized losses, $1.2 million of net unrealized gains and $3.6 million of net unrealized losses, respectively.
|  |  |  | For the Years Ended December 31,
Investment Name |  |  |  |  |  | 2024 |  | 2023 |  | 2022
EHOF-NYMT Sunset Apartments Preferred, LLC |  |  |  |  |  | $ | 2,722 |  |  | $ | 2,579 |  |  | $ | 1,939 |
Lucie at Tradition Holdings, LLC |  |  |  |  |  | 3,355 |  |  | 2,841 |  |  | 2,008 |
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) |  |  |  |  |  | 1,070 |  |  | 1,234 |  |  | 540 |
Tides on 27th Investors, LLC |  |  |  |  |  | (3,320) |  |  | 2,513 |  |  | — |
Rapid City RMI JV LLC |  |  |  |  |  | 1,594 |  |  | 541 |  |  | — |
Syracuse Apartments and Townhomes, LLC |  |  |  |  |  | 2,422 |  |  | 2,691 |  |  | 1,816 |
Palms at Cape Coral, LLC |  |  |  |  |  | 69 |  |  | 751 |  |  | 554 |
FF/RMI 20 Midtown, LLC |  |  |  |  |  | — |  |  | 3,948 |  |  | 2,904 |
America Walks at Port St. Lucie, LLC |  |  |  |  |  | — |  |  | 2,244 |  |  | 3,140 |
1122 Chicago DE, LLC |  |  |  |  |  | — |  |  | 419 |  |  | 959 |
Bighaus, LLC |  |  |  |  |  | — |  |  | 701 |  |  | 1,852 |
Somerset Deerfield Investor, LLC |  |  |  |  |  | — |  |  | — |  |  | 1,944 |
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 |
Walnut Creek Properties Holdings, L.L.C. |  |  |  |  |  | — |  |  | — |  |  | (153) |
DCP Gold Creek, LLC |  |  |  |  |  | — |  |  | — |  |  | 254 |
Rigsbee Ave Holdings, LLC |  |  |  |  |  | — |  |  | — |  |  | (174) |
Lurin-RMI, LLC |  |  |  |  |  | — |  |  | — |  |  | 558 |
Total Income - Multi-Family Preferred Equity Ownership Interests |  |  |  |  |  | $ | 7,912 |  |  | $ | 20,462 |  |  | $ | 18,670 |
The following table presents income (loss) from these investments for the years ended December 31, 2024, 2023 and 2022, respectively (dollar amounts in thousands):
|  |  |  | For the Years Ended December 31,
Investment Name |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |  |  |
Constructive Loans, LLC (1) |  |  |  |  |  | $ | 12,481 |  |  | $ | 614 |  |  | $ | (1,750) |
Morrocroft Neighborhood Stabilization Fund II, LP (2) |  |  |  |  |  | — |  |  | — |  |  | (416) |
Total Income (Loss) - Single Family Equity Ownership Interests |  |  |  |  |  | $ | 12,481 |  |  | $ | 614 |  |  | $ | (2,166) |
Joint Venture Equity Investments in Multi-Family Properties (3) |  |  |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  |  |  |  |  | $ | (1,756) |  |  | $ | (823) |  |  | $ | (1,050) |
GWR Gateway Partners, LLC |  |  |  |  |  | (2,626) |  |  | (2,468) |  |  | (380) |
Total Loss - Joint Venture Equity Investments in Multi-Family Properties |  |  |  |  |  | $ | (4,382) |  |  | $ | (3,291) |  |  | $ | (1,430) |
(1)Includes net unrealized gains of $3.1 million and net unrealized losses of $5.2 million and $1.8 million for the years ended December 31, 2024, 2023 and 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. 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 $4.4 million, $3.3 million and $1.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. Summary combined financial information for the Company’s equity investments as of December 31, 2024 and 2023, respectively, and for the years ended December 31, 2024, 2023, and 2022, 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, 2024, 2023 and 2022, respectively (dollar amounts in thousands):
|  | December 31, 2024 |  | December 31, 2023
Balance Sheets: |  |  |  |
Real estate, net |  | $ | 298,844 |  |  | $ | 409,078 |
Residential loans |  | 265,319 |  |  | 162,060 |
Other assets |  | 40,969 |  |  | 90,314 |
Total assets |  | $ | 605,132 |  |  | $ | 661,452 |
Mortgages payable on real estate, net |  | $ | 201,682 |  |  | $ | 295,451 |
Other liabilities |  | 264,979 |  |  | 172,118 |
Total liabilities |  | 466,661 |  |  | 467,569 |
Members' equity |  | 138,471 |  |  | 193,883 |
Total liabilities and members' equity |  | $ | 605,132 |  |  | $ | 661,452 |
|  | For the Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Operating Statements: (1) |  |  |  |  |  |
Rental income |  | $ | 31,220 |  |  | $ | 21,299 |  |  | $ | 23,237 |
Real estate sales |  | 96,000 |  |  | — |  |  | 399,783 |
Cost of real estate sales |  | (85,497) |  |  | — |  |  | (277,740) |
Interest income |  | 11,204 |  |  | 10,393 |  |  | 5,787 |
Other income |  | 52,764 |  |  | 34,870 |  |  | 21,769 |
Operating expenses |  | (49,330) |  |  | (33,883) |  |  | (38,921) |
Income before debt service and depreciation and amortization |  | 56,361 |  |  | 32,679 |  |  | 133,915 |
Interest expense |  | (33,235) |  |  | (23,315) |  |  | (11,892) |
Depreciation and amortization |  | (15,328) |  |  | (14,904) |  |  | (14,779) |
Net income (loss) |  | $ | 7,798 |  |  | $ | (5,540) |  |  | $ | 107,244 |
(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 Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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