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Investments in Equity Affiliates
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024
Equity Affiliates March 31, 2024December 31, 2023
Arbor Residential Investor LLC$34,459 $32,743 $— 
AWC Real Estate Opportunity Partners I LP20,064 11,671 — 
Fifth Wall Ventures14,184 13,365 — 
AMAC Holdings III LLC13,047 13,591 — 
ARSR DPREF I LLC5,100 5,163 — 
Lightstone Value Plus REIT L.P.1,895 1,895 — 
The Park at Via Terrossa620 — — 
Docsumo Pte. Ltd.450 450 — 
JT Prime425 425 — 
West Shore Café— — 1,688 
Lexford Portfolio— — — 
East River Portfolio— — — 
Total$90,244 $79,303 $1,688 

Arbor Residential Investor LLC. During the three months ended March 31, 2024 and 2023, we recorded income of $1.6 million and a loss of $0.9 million, respectively, to income from equity affiliates in our consolidated statements of income. At both March 31, 2024 and December 31, 2023, our indirect interest in this business was 12.3%. The allocation of income is based on the underlying agreements, which may be different than our indirect interest, and was 9.2% at both March 31, 2024 and December 31, 2023.
AWC Real Estate Opportunity Partners I LP. During the three months ended March 31, 2024, we made contributions of $8.4 million.
Fifth Wall Ventures. During the three months ended March 31, 2024, we made contributions of $0.5 million and recorded income of $0.3 million. During the three months ended March 31, 2023, we made contributions of $0.4 million and operating results were de minimus.
AMAC Holdings III LLC (“AMAC III”). During the three months ended March 31, 2024, we recorded a loss of $0.5 million. During the three months ended March 31, 2023, we received distributions of $0.6 million, which were classified as returns of capital, and recorded a loss of $0.4 million.
The Park at Via Terrossa. During the three months ended March 31, 2024, we contributed $0.6 million for a 4.96% interest in a multifamily property.
Lexford Portfolio. During the three months ended March 31, 2023, we received distributions of $4.7 million, which were classified as returns on capital and recognized as income from equity affiliates.
Equity Participation Interest. During the three months ended March 31, 2023, we received $11.0 million from an equity participation interest on a property that was sold and which we had a loan that previously paid-off, which was recognized as income from equity affiliates.
See Note 17 for details of certain investments described above.