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Investments in Equity Affiliates

3 Months Ended

Mar. 31, 2023

Investments in Equity Affiliates

Investments in Equity Affiliates

Note 8 — Investments in Equity Affiliates

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We account for all investments in equity affiliates under the equity method. A summary of these investments is as follows (in thousands):

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	UPB of Loans to
​	​	Investments in Equity Affiliates at					​	Equity Affiliates at
Equity Affiliates		March 31, 2023			December 31, 2022			March 31, 2023
Arbor Residential Investor LLC	​	$	46,141	​	$	46,951	​	$	—
AMAC Holdings III LLC	​	​	14,791	​	​	15,825	​	​	—
Fifth Wall Ventures	​	​	13,939	​	​	13,584	​	​	—
Lightstone Value Plus REIT L.P.	​	​	1,895	​	​	1,895	​	​	—
Docsumo Pte. Ltd.	​	​	450	​	​	450	​	​	—
JT Prime	​		425	​		425	​		—
North Vermont Avenue	​	​	—	​	​	—	​	​	—
West Shore Café	​	​	—	​	​	—	​	​	1,688
Lexford Portfolio	​	​	—	​	​	—	​	​	—
East River Portfolio	​		—	​		—	​		—
Total	​	$	77,641	​	$	79,130	​	$	1,688

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Arbor Residential Investor LLC (“ARI”). During the three months ended March 31, 2023 and 2022, we recorded a loss of $0.9 million and income of $5.0 million, respectively, to income from equity affiliates in our consolidated statements of income. We also received cash distributions of $7.5 million during the three months ended March 31, 2022, which were classified as returns of capital. The allocation of income is based on the underlying agreements, which may be different than our indirect interest, and was 9.2% at March 31, 2023. At March 31, 2023, our indirect interest was 12.3%.

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AMAC Holdings III LLC (“AMAC III”). During the first quarter of 2023, we received distributions of $0.6 million, which were classified as returns of capital and recorded a loss of $0.4 million. During the first quarter of 2022, we funded an additional $4.9 million and recorded a loss of $0.5 million.

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Fifth Wall Ventures (“Fifth Wall”). We funded an additional $0.4 million and $4.8 million during the first quarters of 2023 and 2022, respectively.

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Docsumo Pte. Ltd. (“Docsumo”). In the first quarter of 2022, we invested $0.5 million for a noncontrolling interest in Docsumo, a startup company that converts unstructured documents, such as bank statements and pay stubs, to accurate structured data and checks documents for fraud, such as photoshopped layers and font changes, using artificial intelligence.

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Lexford Portfolio. During the three months ended March 31, 2023, we received distributions of $4.7 million, which were recognized as income from equity affiliates.

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Equity Participation Interest. During the first quarters of 2023 and 2022, we received $11.0 million and $2.6 million, respectively, from equity participation interests on properties that were sold and which we had a preferred equity loan that previously paid-off.

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See Note 17 for details of certain investments described above.

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- References

No definition available.

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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 https://asc.fasb.org/topic&trid=2196965

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