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Investments in Equity Affiliates | 3 Months Ended
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Mar. 31, 2026
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 March 31, 2026
Equity Affiliates |  | March 31, 2026 |  | December 31, 2025 |
AWC Real Estate Opportunity Partners I LP |  | $ | 16,782 |  |  | $ | 17,134 |  |  | $ | 108,450 |
Fifth Wall Ventures |  | 16,765 |  |  | 17,260 |  |  | — |
AMAC Holdings III LLC |  | 12,259 |  |  | 12,714 |  |  | 33,410 |
ARSR DPREF I LLC |  | 5,843 |  |  | 5,745 |  |  | — |
Lightstone Value Plus REIT L.P. |  | 1,895 |  |  | 1,895 |  |  | — |
Clarus Berkley |  | 1,500 |  |  | 1,500 |  |  | 67,900 |
The Park at Via Terrossa |  | 563 |  |  | 578 |  |  | 21,845 |
Docsumo Pte. Ltd. |  | 450 |  |  | 450 |  |  | — |
JT Prime |  | 425 |  |  | 425 |  |  | — |
The Cypress at Wesley Park |  | 265 |  |  | 265 |  |  | 14,964 |
Lexford Portfolio |  | — |  |  | — |  |  | — |
East River Portfolio |  | — |  |  | — |  |  | — |
Total |  | $ | 56,747 |  |  | $ | 57,966 |  |  | $ | 246,569 |
AWC Real Estate Opportunity Partners I LP ("AWC"). During the three months ended March 31, 2026 and 2025, we recorded a loss of $0.4 million and $0.1 million, respectively, related to this investment. Also, during the three months ended March 31, 2025, we made contributions of $2.4 million and received distributions of $1.0 million, which were classified as returns of capital. Certain investments made by AWC are in qualified properties that have outstanding bridge loans originated by us and a Fannie Mae DUS loan we continue to service. Interest income recorded from the bridge loans was $1.8 million and $2.1 million for the three months ended March 31, 2026 and 2025, respectively. Fifth Wall Ventures ("Fifth Wall"). During the three months ended March 31, 2026 and 2025, we recorded a loss of $0.8 million and income of $0.5 million, respectively, and made contributions of $0.3 million and $0.8 million, respectively. AMAC Holdings III LLC (“AMAC III”). During the three months ended March 31, 2026 and 2025, we recorded a loss of $0.5 million and $0.9 million, respectively, and during the three months ended March 31, 2025, we made contributions of $0.9 million. Lexford Portfolio. During the three months ended March 31, 2026, we received distributions from this investment of $5.8 million. Arbor Residential Investor LLC. During the three months ended March 31, 2025, we recorded a loss of $1.4 million, and received a distribution of $0.5 million, which was classified as a return of capital. We completed the sale of our interest in this investment in July 2025. See Note 18 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/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: 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 3: 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 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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