Equity Investments, at Fair Values (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024, respectively (dollar amounts in thousands):


	March 31, 2025			December 31, 2024
Investment Name	Ownership Interest	Fair Value		Ownership Interest	Fair Value
Multi-Family Preferred Equity Ownership Interests
Lucie at Tradition Holdings, LLC	70%	$	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, LLC	54%	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 Interests		53,251			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 Interests		39,637			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 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 Name		2025		2024
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, LLC		312		641
Rapid City RMI JV LLC		399		431
EHOF-NYMT Sunset Apartments Preferred, LLC		950		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

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 Name		2025		2024
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.