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Investments in Unconsolidated Subsidiaries (Tables) | 6 Months Ended
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Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Investments in Unconsolidated Subsidiaries | The following table represents the composition of investment in unconsolidated subsidiaries under equity method of accounting and fair value option (dollars in thousands):
Investment type |  |  | June 30, 2023 |  | December 31, 2022
Real estate investments (in projects and funds) |  |  | $ | 648,537 |  |  | $ | 622,826 |
Investment in Altus: |  |  |  |  |
Class A common stock (1) |  |  | 132,602 |  |  | 160,093 |
Alignment shares (2) |  |  | 42,294 |  |  | 59,530 |
Subtotal |  |  | 174,896 |  | 219,624
Other (3) |  |  | 483,336 |  |  | 475,256
Total investment in unconsolidated subsidiaries |  |  | $ | 1,306,769 |  |  | $ | 1,317,705 |
_______________ (1)CBRE held 24,556,012 and 24,554,201 shares of Altus Class A common stock as of June 30, 2023 and December 31, 2022, respectively. (2)The alignment shares, also known as Class B common shares, will automatically convert into Altus Class A common shares based on the achievement of certain total return thresholds on Altus Class A common shares as of the relevant measurement date over the seven fiscal y ears following the merger. As of March 31, 2023 (the second measurement date), 201,250 alignment shares automatically converted into 2,011 shares of Class A common stock, of which CBRE was entitled to 1,811 shares. (3)Consists of our investments in Industrious and other non-public entities. Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenue | $ | 559,330 |  |  | $ | 646,576 |  |  | $ | 4,657,503 |  |  | $ | 1,227,692 |
Operating (loss) income | (58,732) |  |  | 191,693 |  |  | 3,568,771 |  |  | 465,386 |
Net (loss) income (1) | (1,114,489) |  |  | 1,499,234 |  |  | 571,846 |  |  | 2,952,081 |
_______________ (1)Included in net income are realized and unrealized earnings and losses in investments in unconsolidated investment funds and realized earnings and losses from sales of real estate projects in investments in unconsolidated subsidiaries. These realized and unrealized earnings and losses are not included in revenue and operating income.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
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