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Investments in Equity Affiliates | 6 Months Ended
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Jun. 30, 2015
Investments in Equity Affiliates |
Investments in Equity Affiliates | Note 5 — Investments in Equity Affiliates The following is a summary of our investments in equity affiliates:
|  | Investment in Equity Affiliates at |  | UPB of Loans to Equity Affiliates at |
Equity Affiliates |  | June 30, 2015 |  | December 31, 2014 |  | June 30, 2015 |
Arbor Residential Investor LLC |  | $ | 19,457,171 |  | $ | — |  | $ | — |
West Shore Café |  | 1,915,565 |  | 1,872,661 |  | 1,687,500 |
Lightstone Value Plus REIT L.P. |  | 1,894,727 |  | 1,894,727 |  | — |
Issuers of Junior Subordinated Notes |  | 578,000 |  | 578,000 |  | — |
JT Prime |  | 425,000 |  | 425,000 |  | — |
East River Portfolio |  | 97,816 |  | 98,578 |  | 4,994,166 |
Lexford Portfolio |  | 100 |  | 100 |  | 33,400,000 |
Ritz-Carlton Club |  | — |  | — |  | — |
Total |  | $ | 24,368,379 |  | $ | 4,869,066 |  | $ | 40,081,666 |
We account for all investments in equity affiliates under the equity method. Arbor Residential Investor LLC (“ARI”) — In the first quarter of 2015, we invested $9.6 million for 50% of our Manager’s indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. Our Manager retained a promote of 25% over a 10% return on this investment. As a result of this transaction, we had an initial indirect interest of 22.5% in the mortgage banking business, which is subject to dilution upon attaining certain profit hurdles of the business. As a result of the business’s profitability to date, we currently own a 20% indirect interest. During the three and six months ended June 30, 2015, we recorded $1.5 million and $4.6 million, respectively, to income from equity affiliates in our consolidated statements of income related to this investment. In the first quarter of 2015, we invested $1.7 million through ARI for 100% of our Manager’s investment in non-qualified residential mortgages purchased from the mortgage banking business’s origination platform, resulting in a non-controlling ownership interest of 50% in this investment. We also funded $1.9 million and $1.7 million of additional mortgage purchases during the first and second quarters of 2015, respectively, for a total investment of $5.3 million as of June 30, 2015. During the three and six months ended June 30, 2015, we recorded a loss of less than $0.1 million for both periods to income from equity affiliates in our consolidated statements of income related to this investment. 930 Flushing & 80 Evergreen — In May 2014, our interest in these properties was sold, and we received $7.9 million in cash. As a result, we recorded a gain on sale of equity interest in our consolidated statements of income of $7.9 million and reduced our investment by its carrying value of $0.1 million. In July 2014, our outstanding loans totaling $22.9 million to this joint venture were repaid in full.

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