Equity Investments, at Fair Value - (Tables)

12 Months Ended

Dec. 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 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.