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Investments in Equity Affiliates
 9 Months Ended
Sep. 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 atUPB of Loans to Equity Affiliates at September 30, 2023
Equity Affiliates September 30, 2023December 31, 2022
Arbor Residential Investor LLC$33,447 $46,951 $— 
Fifth Wall Ventures13,422 13,584 — 
AMAC Holdings III LLC13,156 15,825 — 
Lightstone Value Plus REIT L.P.1,895 1,895 — 
Docsumo Pte. Ltd.450 450 — 
JT Prime425 425 — 
North Vermont Avenue— — — 
West Shore Café— — 1,688 
Lexford Portfolio— — — 
East River Portfolio— — — 
Total$62,795 $79,130 $1,688 
Arbor Residential Investor LLC (“ARI”). During the three and nine months ended September 30, 2023, we recorded a loss of $1.3 million and income of $1.3 million, respectively, and during the three and nine months ended September 30, 2022, we recorded income of $0.3 million and $6.4 million, respectively, to income from equity affiliates in our consolidated statements of income. During the three and nine months ended September 30, 2023, we received cash distributions of $7.5 million and $15.0 million, respectively, and during the three and nine months ended September 30, 2022, we received cash distributions of $7.3 million and $22.3 million, respectively, which were classified as returns on capital. The allocation of income is based on the underlying agreements, which may be different than our indirect interest, and at September 30, 2023 was 9.2%. At September 30, 2023, our indirect interest was 12.3%.
Fifth Wall Ventures (“Fifth Wall”). During the nine months ended September 30, 2023 and 2022, we funded an additional $0.8 million and $8.7 million, respectively, and during the three and nine months ended September 30, 2023, we recorded a loss associated with this investment of $0.8 million and $1.0 million, respectively. In addition, during the three and nine months ended September 30, 2022, we received distributions from this investment of $0.7 million and $1.6 million, respectively, which were classified as a return of capital.
AMAC Holdings III LLC (“AMAC III”). During the nine months ended September 30, 2023, we received distributions of $1.1 million, which were classified as returns of capital, and, during the three and nine months ended September 30, 2023, recorded losses associated
with this investment of $0.7 million and $1.6 million, respectively. During 2022, we funded an additional $4.9 million, and during the three and nine months ended September 30, 2022, recorded losses associated with this investment of $0.7 million and $1.8 million, respectively. In addition, during the three and nine months ended September 30, 2022, we received distributions of $0.2 million and $0.4 million, respectively, which were classified as returns of capital.
Lexford Portfolio. During the nine months ended September 30, 2023, we received distributions of $7.2 million and, during the three and nine months ended September 30, 2022, we received distributions of $5.0 million and $11.0 million, respectively, which were classified as returns on capital and recognized as income from equity affiliates.
Equity Participation Interest. During the three and nine months ended September 30, 2023, we received $3.5 million and $14.5 million, respectively, and, during the three months ended September 30, 2022, we received $2.6 million from equity participation interests on properties that were sold and which we had loans that previously paid-off. These were classified as returns of capital and recognized as income from equity affiliates.
See Note 17 for details of certain investments described above.