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Equity Investments, at Fair Value
 3 Months Ended
Mar. 31, 2025
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, or have consisted 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), an equity ownership interest in an entity that originates residential loans (or single-family equity ownership interest) 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, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

March 31, 2025December 31, 2024
Investment NameOwnership InterestFair ValueOwnership InterestFair Value
Multi-Family Preferred Equity Ownership Interests
Lucie at Tradition Holdings, LLC70%$22,428 70%$21,821 
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%9,549 58%9,322 
Tides on 27th Investors, LLC54%10,428 54%10,245 
Rapid City RMI JV LLC
50%10,846 50%10,637 
EHOF-NYMT Sunset Apartments Preferred, LLC—— 57%21,411 
Total - Multi-Family Preferred Equity Ownership Interests53,251 73,436 
Joint Venture Equity Investments in Multi-Family Properties
GWR Cedars Partners, LLC
70%— 70%141 
GWR Gateway Partners, LLC
70%1,111 70%1,197 
Total - Joint Venture Equity Investments in Multi-Family Properties
1,111 1,338 
Single-Family Equity Ownership Interests
Constructive Loans, LLC (1)
50%39,637 50%38,718 
Total - Single-Family Equity Ownership Interests39,637 38,718 
Total$93,999 $113,492 

(1)The Company purchased $150.7 million and $40.8 million of residential loans from this entity during the three months ended March 31, 2025 and 2024, 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, 2025 and 2024, respectively (dollar amounts in thousands). Income from these investments is presented in income (loss) from equity investments in the Company's accompanying condensed consolidated statements of operations. Income from these investments during the three months ended March 31, 2025 and 2024 includes $0.7 million and $0.1 million of net unrealized gains, respectively.
For the Three Months Ended March 31,
Investment Name20252024
Lucie at Tradition Holdings, LLC$850 $757 
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)386 321 
Tides on 27th Investors, LLC312 641 
Rapid City RMI JV LLC
399 431 
EHOF-NYMT Sunset Apartments Preferred, LLC950 679 
Syracuse Apartments and Townhomes, LLC— 705 
Palms at Cape Coral, LLC— 69 
Total Income - Multi-Family Preferred Equity Ownership Interests
$2,897 $3,603 

Income (loss) 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 income (loss) from equity investments in the Company's accompanying condensed consolidated statements of operations. The following table presents income (loss) from these investments for the three months ended March 31, 2025 and 2024, respectively (dollar amounts in thousands):    

For the Three Months Ended March 31,
Investment Name20252024
Single-Family Equity Ownership Interests (1)
Constructive Loans, LLC
$919 $(1,689)
Total Income (Loss) - Single-Family Equity Ownership Interests
$919 $(1,689)
Joint Venture Equity Investments in Multi-Family Properties (2)
GWR Cedars Partners, LLC$(141)$(1,620)
GWR Gateway Partners, LLC(86)(2,430)
Total Loss - Joint Venture Equity Investments in Multi-Family Properties
$(227)$(4,050)

(1)Includes net unrealized losses of $1.6 million and $2.2 million for the three months ended March 31, 2025 and 2024, respectively.
(2)Includes net unrealized losses of $0.2 million and $4.1 million for the three months ended March 31, 2025 and 2024, respectively.