Equity Investments, at Fair Values (Tables)

6 Months Ended

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.