XML 26 R15.htm IDEA: XBRL DOCUMENT

Investments in Equity Affiliates

6 Months Ended

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.