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 condensed consolidated balance sheets as a result of a fair value election.

The following table presents the Company's equity investments as of September 30, 2026 and December 31, 2025, respectively (dollar amounts in thousands):


	September 30, 2026			December 31, 2025
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%	$	5,813	58%	$	10,125
Rapid City RMI JV LLC	50%	12,113		50%	11,494
Tides on 27th Investors, LLC	—	—		54%	3,092
Total		$	17,926		$	24,711

The Company records its equity in earnings or losses from its multi-family preferred equity ownership interests under the hypothetical liquidation of book value method of accounting due to the structures and the preferences it receives on the distributions from these entities pursuant to the respective agreements. Under this method, the Company recognizes income or loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment. Pursuant to the fair value election, changes in fair value of the Company's multi-family preferred equity ownership interests are reported in current period earnings.

The following table presents income from multi-family preferred equity ownership interests for the three and nine months ended September 30, 2026 and 2025, 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, 2026 includes $8.2 million and $7.2 million of net unrealized gains, respectively. 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.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Investment Name	2026		2025		2026		2025
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)	$	(3,666)	$	249	$	(3,945)	$	1,030
Tides on 27th Investors, LLC	20		(2,765)		(92)		(2,422)
Rapid City RMI JV LLC	450		412		1,331		1,225
Lucie at Tradition Holdings, LLC	—		462		—		2,176
EHOF-NYMT Sunset Apartments Preferred, LLC	—		—		—		950
Total (Loss) Income - Multi-Family Preferred Equity Ownership Interests	$	(3,196)	$	(1,642)	$	(2,706)	$	2,959

Income (loss) from single-family equity ownership interests and joint venture equity investments in multi-family properties that were accounted for under the equity method using the fair value option is presented in (loss) income from equity investments in the Company's accompanying condensed consolidated statements of operations. The following table presents income (loss) from these investments for the three and nine months ended September 30, 2025, respectively (dollar amounts in thousands):


Investment Name	For the Three Months Ended September 30, 2025		For the Nine Months Ended September 30, 2025
Single-Family Equity Ownership Interest
Constructive Loans, LLC (1) (2)	$	47	$	(1,554)
Total Income - Single-Family Equity Ownership Interests	$	47	$	(1,554)

Joint Venture Equity Investments in Multi-Family Properties (3)
GWR Cedars Partners, LLC	$	—	$	39
GWR Gateway Partners, LLC	—		(877)
Total Loss - Joint Venture Equity Investments in Multi-Family Properties	$	—	$	(838)

(1)On July 15, 2025, the Company acquired the outstanding membership interests in Constructive that were not previously owned by the Company (see Note 23). Prior to July 15, 2025, the Company purchased approximately $70.9 million and $299.6 million of residential loans from Constructive during the three and nine months ended September 30, 2025, 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 for the nine months ended September 30, 2025.

(2)Includes net unrealized loss of $4.4 million recognized prior to the Company's acquisition of the outstanding membership interests in Constructive on July 15, 2025 (see Note 23) and included in the accompanying condensed consolidated statements of operations for the nine months ended September 30, 2025.

(3)Includes net unrealized loss of $0.8 million for the nine months ended September 30, 2025. The Company's joint venture equity investments in multi-family properties were sold during the nine months ended September 30, 2025.