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Equity Investments, at Fair Values (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
|  | September 30, 2025 |  | December 31, 2024
Investment Name |  | Ownership Interest |  | Fair Value |  | Ownership Interest |  | Fair Value
Multi-Family Preferred Equity Ownership Interests |  |  |  |  |  |  |  |
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% |  | $ | 9,879 |  |  | 58% |  | $ | 9,322 |
Tides on 27th Investors, LLC |  | 54% |  | 7,653 |  |  | 54% |  | 10,245 |
Rapid City RMI JV LLC |  | 50% |  | 11,293 |  |  | 50% |  | 10,637 |
Lucie at Tradition Holdings, LLC |  | — |  | — |  |  | 70% |  | 21,821 |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | — |  | — |  |  | 57% |  | 21,411 |
Total - Multi-Family Preferred Equity Ownership Interests |  |  |  | 28,825 |  |  |  |  | 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) |  | — |  | — |  |  | 50% |  | 38,718 |
Total - Single-Family Equity Ownership Interests |  |  |  | — |  |  |  |  | 38,718 |
Total |  |  |  | $ | 28,825 |  |  |  |  | $ | 113,492 |
(1)The Company's joint venture equity investments in multi-family properties were transferred to assets of disposal group held for sale and subsequently sold during the nine months ended September 30, 2025 (see Note 9). (2)On July 15, 2025, the Company acquired the outstanding membership interests in Constructive that were not previously owned by the Company (see Note 24). Prior to July 15, 2025, the Company purchased approximately $70.9 million and $299.6 million of residential loans from this entity during the three and nine months ended September 30, 2025, respectively, and approximately $30.2 million and $137.6 million of residential loans from this entity during the three and nine months ended September 30, 2024, respectively. The Company sold approximately $18.7 million of residential loans to this entity prior to July 15, 2025, recognizing a realized gain of approximately $0.2 million during the nine months ended September 30, 2025. The following table presents income from multi-family preferred equity ownership interests for the three and nine months ended September 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 nine months ended September 30, 2025 includes $2.9 million and $2.0 million of net unrealized losses, respectively. Income from these investments during the three and nine months ended September 30, 2024 includes $4.5 million and $5.2 million of net unrealized losses, respectively.
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
Investment Name |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
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) |  | $ | 249 |  |  | $ | 438 |  |  | $ | 1,030 |  |  | $ | 693 |  |
Tides on 27th Investors, LLC |  | (2,765) |  |  | (4,111) |  |  | (2,422) |  |  | (3,436) |  |
Rapid City RMI JV LLC |  | 412 |  |  | 388 |  |  | 1,225 |  |  | 1,199 |  |
Lucie at Tradition Holdings, LLC |  | 462 |  |  | 798 |  |  | 2,176 |  |  | 2,332 |  |
EHOF-NYMT Sunset Apartments Preferred, LLC |  | — |  |  | 627 |  |  | 950 |  |  | 1,999 |  |
Syracuse Apartments and Townhomes, LLC |  | — |  |  | 724 |  |  | — |  |  | 2,354 |  |
Palms at Cape Coral, LLC |  | — |  |  | — |  |  | — |  |  | 69 |  |
Total (Loss) Income - Multi-Family Preferred Equity Ownership Interests |  | $ | (1,642) |  |  | $ | (1,136) |  |  | $ | 2,959 |  |  | $ | 5,210 |  |
The following table presents income (loss) from these investments for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
Investment Name |  | 2025 |  | 2024 |  | 2025 |  | 2024
Single-Family Equity Ownership Interests (1) |  |  |  |  |  |  |  |
Constructive Loans, LLC |  | $ | 47 |  |  | $ | 7,611 |  |  | $ | (1,554) |  |  | $ | 9,301 |
Total Income (Loss) - Single-Family Equity Ownership Interests |  | $ | 47 |  |  | $ | 7,611 |  |  | $ | (1,554) |  |  | $ | 9,301 |
Joint Venture Equity Investments in Multi-Family Properties (2) |  |  |  |  |  |  |  |
GWR Cedars Partners, LLC |  | $ | — |  |  | $ | (112) |  |  | $ | 39 |  |  | $ | (1,741) |
GWR Gateway Partners, LLC |  | — |  |  | (309) |  |  | (877) |  |  | (2,744) |
Total Loss - Joint Venture Equity Investments in Multi-Family Properties |  | $ | — |  |  | $ | (421) |  |  | $ | (838) |  |  | $ | (4,485) |
(1)Includes net unrealized losses of $4.4 million recognized prior to the Company's acquisition of the outstanding membership interests in Constructive on July 15, 2025 (see Note 24) and included in the accompanying condensed consolidated statements of operations for the nine months ended September 30, 2025. Includes net unrealized gains of $3.9 million and $2.0 million for the three and nine months ended September 30, 2024, respectively. (2)Includes net realized losses of $0.8 million for the nine months ended September 30, 2025, and includes net unrealized losses of $0.4 million and $4.5 million for the three and nine months ended September 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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