v3.25.4
Equity Investments, at Fair Value
 12 Months Ended
Dec. 31, 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 consolidated balance sheets as a result of a fair value election.

The following table presents the Company's equity investments as of December 31, 2025 and 2024, respectively (dollar amounts in thousands):

December 31, 2025December 31, 2024
Investment NameOwnership InterestFair ValueOwnership InterestFair 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%$10,125 58%$9,322 
Tides on 27th Investors, LLC54%3,092 54%10,245 
Rapid City RMI JV LLC
50%11,494 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 Interests24,711 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 Interest
Constructive Loans, LLC (2)
—— 50%38,718 
Total - Single-Family Equity Ownership Interest
— 38,718 
Total$24,711 $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 year ended December 31, 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 $299.6 million of residential loans from this entity during the year ended December 31, 2025, and $307.8 million and $80.8 million of residential loans from this entity during the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2025, 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. Prior to July 15, 2025, the Company also received distributions of MSRs from Constructive (see Note 11).
The following table presents (loss) income from multi-family preferred equity ownership interests for the years ended December 31, 2025, 2024, and 2023, respectively (dollar amounts in thousands). (Loss) income from these investments is presented in (loss) income from equity investments in the Company's accompanying consolidated statements of operations. (Loss) income from these investments during the years ended December 31, 2025, 2024 and 2023 includes $6.5 million of net unrealized losses, $4.9 million of net unrealized losses and $1.2 million of net unrealized gains, respectively.
For the Years Ended December 31,
Investment Name202520242023
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)$1,433 $1,070 $1,234 
Tides on 27th Investors, LLC(6,984)(3,320)2,513 
Rapid City RMI JV LLC
1,649 1,594 541 
Lucie at Tradition Holdings, LLC2,176 3,355 2,841 
EHOF-NYMT Sunset Apartments Preferred, LLC950 2,722 2,579 
Syracuse Apartments and Townhomes, LLC— 2,422 2,691 
Palms at Cape Coral, LLC— 69 751 
FF/RMI 20 Midtown, LLC— — 3,948 
America Walks at Port St. Lucie, LLC— — 2,244 
1122 Chicago DE, LLC— — 419 
Bighaus, LLC— — 701 
Total (Loss) Income - Multi-Family Preferred Equity Ownership Interests
$(776)$7,912 $20,462 

(Loss) income from single-family equity ownership interest 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 consolidated statements of operations. The following table presents (loss) income from these investments for the years ended December 31, 2025, 2024 and 2023, respectively (dollar amounts in thousands):    

For the Years Ended December 31,
Investment Name202520242023
Single-Family Equity Ownership Interest
Constructive Loans, LLC (1)
$(1,554)$12,481 $614 
Total (Loss) Income - Single Family Equity Ownership Interest
$(1,554)$12,481 $614 
Joint Venture Equity Investments in Multi-Family Properties (2)
GWR Cedars Partners, LLC39 (1,756)(823)
GWR Gateway Partners, LLC(877)(2,626)(2,468)
Total Loss - Joint Venture Equity Investments in Multi-Family Properties
$(838)$(4,382)$(3,291)

(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 consolidated statements of operations for the year ended December 31, 2025. Includes net unrealized gains of $3.1 million and net unrealized losses of $5.2 million for the years ended December 31, 2024 and 2023, respectively.
(2)Includes net realized losses of $0.8 million for the year ended December 31, 2025, and includes net unrealized losses of $4.4 million and $3.3 million for the years ended December 31, 2024 and 2023, respectively.
Summary combined financial information for the Company’s equity investments as of December 31, 2025 and 2024, respectively, and for the years ended December 31, 2025, 2024 and 2023, respectively, is shown below and includes summary financial information for the Company's joint venture equity investments in multi-family properties that were sold during the year ended December 31, 2025 (dollar amounts in thousands):

December 31, 2025December 31, 2024
Balance Sheets:
Real estate, net$116,477 $298,844 
Residential loans— 265,319 
Other assets2,178 40,969 
Total assets$118,655 $605,132 
Mortgages payable on real estate, net
$79,410 $201,682 
Other liabilities2,319 264,979 
Total liabilities81,729 466,661 
Members' equity36,926 138,471 
Total liabilities and members' equity$118,655 $605,132 

For the Years Ended December 31,
202520242023
Operating Statements: (1)
Rental income
$20,597 $31,220 $21,299 
Real estate sales158,625 96,000 — 
Cost of real estate sales(136,396)(85,497)— 
Interest income10,694 11,204 10,393 
Other income41,582 52,764 34,870 
Operating expenses(49,432)(49,330)(33,883)
Income before debt service and depreciation and amortization45,670 56,361 32,679 
Interest expense(19,218)(33,235)(23,315)
Depreciation and amortization(8,590)(15,328)(14,904)
Net income (loss)
$17,862 $7,798 $(5,540)

(1)The Company records income (loss) from equity investments under either the hypothetical liquidation of book value method of accounting or the equity method using the fair value option. Accordingly, the combined net income (loss) shown above is not indicative of the income (loss) recognized by the Company from equity investments.