XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.25.2

Equity Investments, at Fair Value | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
|  | June 30, 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% |  | $ | 23,048 |  |  | 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% |  | 9,787 |  |  | 58% |  | 9,322 |
Tides on 27th Investors, LLC |  | 54% |  | 10,418 |  |  | 54% |  | 10,245 |
Rapid City RMI JV LLC |  | 50% |  | 11,071 |  |  | 50% |  | 10,637 |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | — |  | — |  |  | 57% |  | 21,411 |
Total - Multi-Family Preferred Equity Ownership Interests |  |  |  | 54,324 |  |  |  |  | 73,436 |
Joint Venture Equity Investments in Multi-Family Properties |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC (1) |  | — |  | — |  |  | 70% |  | 141 |
GWR Gateway Partners, LLC (1) |  | — |  | — |  |  | 70% |  | 1,197 |
Total - Joint Venture Equity Investments in Multi-Family Properties |  |  |  | — |  |  |  |  | 1,338 |
Single-Family Equity Ownership Interests |  |  |  |  |  |  |  |
Constructive Loans, LLC (2) (3) |  | 50% |  | 37,116 |  |  | 50% |  | 38,718 |
Total - Single-Family Equity Ownership Interests |  |  |  | 37,116 |  |  |  |  | 38,718 |
Total |  |  |  | $ | 91,440 |  |  |  |  | $ | 113,492 |
(1)The Company's joint venture equity investments in multi-family properties were transferred to assets of disposal group held for sale during three months ended June 30, 2025 (see Note 9). (2)The Company purchased approximately $78.0 million and $228.7 million of residential loans from this entity during the three and six months ended June 30, 2025, respectively, and approximately $66.6 million and $107.4 million of residential loans from this entity during the three and six months ended June 30, 2024, respectively. The Company sold approximately $18.1 million of residential loans to this entity during the three and six months ended June 30, 2025, recognizing a realized gain of approximately $0.2 million. (3)On July 15, 2025, the Company purchased the remaining 50% ownership interest in Constructive Loans, LLC (see Note 25). 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 and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands). Income from these investments is presented in (loss) income from equity investments in the Company's accompanying condensed consolidated statements of operations. Income from these investments during the three and six months ended June 30, 2025 includes $0.1 million and $0.8 million of net unrealized gains, respectively. Income from these investments during the three and six months ended June 30, 2024 includes $0.8 million and $0.7 million of net unrealized losses, respectively.
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |
Investment Name |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Lucie at Tradition Holdings, LLC |  | $ | 864 |  |  | $ | 777 |  |  | $ | 1,714 |  |  | $ | 1,534 |  |
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) |  | 395 |  |  | (66) |  |  | 780 |  |  | 255 |  |
Tides on 27th Investors, LLC |  | 31 |  |  | 34 |  |  | 343 |  |  | 675 |  |
Rapid City RMI JV LLC |  | 414 |  |  | 380 |  |  | 813 |  |  | 812 |  |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | — |  |  | 694 |  |  | 950 |  |  | 1,373 |  |
Syracuse Apartments and Townhomes, LLC |  | — |  |  | 925 |  |  | — |  |  | 1,630 |  |
Palms at Cape Coral, LLC |  | — |  |  | — |  |  | — |  |  | 69 |  |
Total Income - Multi-Family Preferred Equity Ownership Interests |  | $ | 1,704 |  |  | $ | 2,744 |  |  | $ | 4,600 |  |  | $ | 6,348 |  |
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 (loss) income from equity investments in the Company's accompanying condensed consolidated statements of operations. The following table presents (loss) income from these investments for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
Investment Name |  | 2025 |  | 2024 |  | 2025 |  | 2024
Single-Family Equity Ownership Interests (1) |  |  |  |  |  |  |  |
Constructive Loans, LLC (2) |  | $ | (2,521) |  |  | $ | 3,379 |  |  | $ | (1,601) |  |  | $ | 1,690 |
Total (Loss) Income - Single-Family Equity Ownership Interests |  | $ | (2,521) |  |  | $ | 3,379 |  |  | $ | (1,601) |  |  | $ | 1,690 |
Joint Venture Equity Investments in Multi-Family Properties (3) |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  | $ | 180 |  |  | $ | (9) |  |  | $ | 39 |  |  | $ | (1,629) |
GWR Gateway Partners, LLC |  | (791) |  |  | (6) |  |  | (877) |  |  | (2,436) |
Total Loss - Joint Venture Equity Investments in Multi-Family Properties |  | $ | (611) |  |  | $ | (15) |  |  | $ | (838) |  |  | $ | (4,065) |
(1)Includes net unrealized losses of $2.9 million and $4.4 million for the three and six months ended June 30, 2025, respectively. Includes net unrealized gains of $0.4 million and net unrealized losses of $1.8 million for the three and six months ended June 30, 2024, respectively. (2)On July 15, 2025, the Company purchased the remaining 50% ownership interest in Constructive Loans, LLC (see Note 25). (3)Includes net unrealized losses of $0.6 million and $0.8 million for the three and six months ended June 30, 2025, respectively, and includes net unrealized losses of $14.6 thousand and $4.1 million for the three and six months ended June 30, 2024, respectively.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration