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Investments in Equity Affiliates | 6 Months Ended
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Jun. 30, 2020
Investments in Equity Affiliates |
Investments in Equity Affiliates | Note 8 — Investments in Equity Affiliates ​ We account for all investments in equity affiliates under the equity method. A summary of our investments in equity affiliates is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | UPB of Loans to
​ | ​ | Investments in Equity Affiliates at | ​ | Equity Affiliates at
Equity Affiliates |  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020
Arbor Residential Investor LLC | ​ | $ | 50,355 | ​ | $ | 26,520 | ​ | $ | —
AMAC Holdings III LLC | ​ | ​ | 9,857 | ​ | ​ | 10,520 | ​ | ​ | —
North Vermont Avenue | ​ | ​ | 2,459 | ​ | ​ | 2,440 | ​ | ​ | —
Lightstone Value Plus REIT L.P | ​ | ​ | 1,895 | ​ | ​ | 1,895 | ​ | ​ | —
JT Prime | ​ |  | 425 | ​ |  | 425 | ​ |  | —
West Shore Café | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,688
Lexford Portfolio | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
East River Portfolio | ​ |  | — | ​ |  | — | ​ |  | —
Total | ​ | $ | 64,991 | ​ | $ | 41,800 | ​ | $ | 1,688
​ Arbor Residential Investor LLC (“ARI”). During the three and six months ended June 30, 2020, we recorded income of $20.9 million and $23.8 million, respectively, and during the three and six months ended June 30, 2019, we recorded income of $2.7 million and $3.5 million, respectively, to income from equity affiliates in our consolidated statements of operations. ​ Summarized statements of income for our investment in ARI are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30,
​ |  | 2020 |  | 2019
Statements of Operations: |  | ​ |  |  | ​ |
Total revenues | ​ | $ | 548,046 |  | $ | 192,144
Total expenses | ​ |  | 383,556 |  | ​ | 174,696
Net income | ​ | $ | 164,490 |  | $ | 17,448
​ Lexford Portfolio. During the first quarter of 2020, we received distributions of $1.1 million and during the three and six months ended June 30, 2019, we received distributions of $0.6 million and $1.9 million, respectively, from this equity investment, which was recognized as income. As a result of COVID-19, Lexford has temporarily suspended paying distributions to its equity holders. ​ See Note 18 for details of certain investments described above.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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