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Investments in Equity Affiliates
 3 Months Ended
Mar. 31, 2025
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, 2025
Equity Affiliates March 31, 2025December 31, 2024
Arbor Residential Investor LLC$21,990 $23,868 $— 
Fifth Wall Ventures15,794 14,490 — 
AMAC Holdings III LLC15,370 15,413 35,067 
AWC Real Estate Opportunity Partners I LP14,877 13,562 108,450 
ARSR DPREF I LLC5,698 5,603 — 
Lightstone Value Plus REIT L.P.1,895 1,895 — 
The Park at Via Terrossa596 606 21,845 
Docsumo Pte. Ltd.450 450 — 
JT Prime425 425 — 
West Shore Café— — 1,688 
Lexford Portfolio— — — 
East River Portfolio— — — 
Total$77,095 $76,312 $167,050 
Arbor Residential Investor LLC. During the three months ended March 31, 2025 and 2024, we recorded a loss of $1.4 million and income of $1.6 million, respectively, to (loss) income from equity affiliates in our consolidated statements of income. Additionally, during the three months ended March 31, 2025, we received cash distributions of $0.5 million, which were classified as returns of capital. At both March 31, 2025 and December 31, 2024, 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, 2025 and December 31, 2024.

Fifth Wall Ventures. During the three months ended March 31, 2025 and 2024, we recorded income of $0.5 million and $0.3 million, respectively, and made contributions of $0.8 million and $0.5 million, respectively.
AMAC Holdings III LLC (“AMAC III”). During the three months ended March 31, 2025 and 2024, we recorded a loss of $0.9 million and $0.5 million, respectively, and during the three months ended March 31, 2025, we made contributions of $0.9 million.
AWC Real Estate Opportunity Partners I LP ("AWC"). In the first quarter of 2025, in accordance with the fund’s objectives, AWC brought in an additional capital partner who committed to a $3.0 million investment. The new partner further diluted our interest in the fund to a 46.0% limited partnership interest, from 49.0% at December 31, 2024. Certain investments made by AWC were in qualified properties that have outstanding bridge loans originated by us totaling $108.5 million and a $13.0 million Fannie Mae DUS loan we continue to service. During the three months ended March 31, 2025 and 2024, we made contributions of $2.4 million and $8.4 million, respectively. During the three months ended March 31, 2025, we received distributions of $1.0 million, which were classified as returns of capital, and recorded a loss of $0.1 million related to this investment. Interest income recorded from the bridge loans was $2.1 million and $4.1 million for the three months ended March 31, 2025 and 2024, respectively.
See Note 18 for details of certain investments described above.