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Investments in Equity Affiliates | 6 Months Ended
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Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Equity Affiliates | Investments in Equity Affiliates We account for all investments in equity affiliates under the equity method. A summary of these investments is as follows (in thousands):
|  | Investments in Equity Affiliates at |  | UPB of Loans to Equity Affiliates at June 30, 2023
Equity Affiliates |  | June 30, 2023 |  | December 31, 2022 |
Arbor Residential Investor LLC |  | $ | 42,157 |  |  | $ | 46,951 |  |  | $ | — |
Fifth Wall Ventures |  | 14,028 |  |  | 13,584 |  |  | — |
AMAC Holdings III LLC |  | 13,851 |  |  | 15,825 |  |  | — |
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 |  | $ | 72,806 |  |  | $ | 79,130 |  |  | $ | 1,688 |
Arbor Residential Investor LLC (“ARI”). During the three and six months ended June 30, 2023, we recorded income of $3.5 million and $2.6 million, respectively, and during the three and six months ended June 30, 2022, we recorded income of $1.1 million and $6.1 million, respectively, to income from equity affiliates in our consolidated statements of income. During both the three and six months ended June 30, 2023, we received cash distributions of $7.5 million, and during the three and six months ended June 30, 2022, we received cash distributions of $7.5 million and $15.0 million, respectively, 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 at June 30, 2023 was 9.2%. At June 30, 2023, our indirect interest was 12.3%. Fifth Wall Ventures (“Fifth Wall”). During the six months ended June 30, 2023 and 2022, w e funded an additi onal $0.6 million and $6.9 million, respectively, and during both the three and six months ended June 30, 2023, we recorded a loss associated with this investment of $0.2 million. In addition, during the three months ended June 30, 2022, we received a distribution from this investment of $0.9 million, which was classified as a return of capital. AMAC Holdings III LLC (“AMAC III”). During the three and six months ended June 30, 2023, we receiv ed distributions of $0.5 million and $1.1 million, respec tively, which were classified as returns of capital, and record ed losses a ssociated with this investment o f $0.5 million and $0.9 million, respectively. During 2022, we funded an additional $4.9 million and during the three and six months ended June 30, 2022, recorded losses associated with this investment of $0.6 million and $1.1 million, respectively. In addition, during both the three and six months ended June 30, 2022, we received a distribution of $0.3 million. Lexford Portfolio. During the three and six months ended June 30, 2023, we received distributions of $2.5 million and $7.2 million, respectively, and during the three and six months ended June 30, 2022, we received distributions of $6.0 million, which were recognized as income from equity affiliates. 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. See Note 17 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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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