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Equity Investments, at Fair Values (Tables) | 6 Months Ended
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Jun. 30, 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 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 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 |  |
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.

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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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