
	December 31, 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%	$	10,125	58%	$	9,322
Tides on 27th Investors, LLC	54%	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 Interests		24,711			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

(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 Name		2025		2024		2023
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, LLC		2,176		3,355		2,841
EHOF-NYMT Sunset Apartments Preferred, LLC		950		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


	For the Years Ended December 31,
Investment Name		2025		2024		2023
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, LLC		39		(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.

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, 2025		December 31, 2024
Balance Sheets:
Real estate, net	$	116,477	$	298,844
Residential loans	—		265,319
Other assets	2,178		40,969
Total assets	$	118,655	$	605,132

Mortgages payable on real estate, net	$	79,410	$	201,682
Other liabilities	2,319		264,979
Total liabilities	81,729		466,661
Members' equity	36,926		138,471
Total liabilities and members' equity	$	118,655	$	605,132


	For the Years Ended December 31,
	2025		2024		2023
Operating Statements: (1)
Rental income	$	20,597	$	31,220	$	21,299
Real estate sales	158,625		96,000		—
Cost of real estate sales	(136,396)		(85,497)		—
Interest income	10,694		11,204		10,393

Other income	41,582		52,764		34,870
Operating expenses	(49,432)		(49,330)		(33,883)
Income before debt service and depreciation and amortization	45,670		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.