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Investments in Equity Affiliates
 3 Months Ended
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 atUPB of Loans to Equity Affiliates at March 31, 2026
Equity Affiliates March 31, 2026December 31, 2025
AWC Real Estate Opportunity Partners I LP$16,782 $17,134 $108,450 
Fifth Wall Ventures16,765 17,260 — 
AMAC Holdings III LLC12,259 12,714 33,410 
ARSR DPREF I LLC5,843 5,745 — 
Lightstone Value Plus REIT L.P.1,895 1,895 — 
Clarus Berkley1,500 1,500 67,900 
The Park at Via Terrossa563 578 21,845 
Docsumo Pte. Ltd.450 450 — 
JT Prime425 425 — 
The Cypress at Wesley Park265 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.