Other Investments

The Company's other investments and its proportionate share of results from equity method investments were as follows ($ in thousands):



	Carrying Value as of				Equity in Earnings
	June 30, 2015		December 31, 2014		For the Three Months Ended June 30,						For the Six Months Ended June 30,
					2015			2014			2015			2014
iStar Net Lease I LLC ("Net Lease Venture")	$	70,409	$	125,361	$	1,666		$	164		$	3,299		$	(198	)
Other real estate equity investments	84,119		88,848		(337		)	1,561			(1,638		)	2,495
Other investments(1)	50,088		63,262		2,765			24,640			4,498			27,974
Madison Funds	44,589		45,971		(408		)	(1,989		)	(445		)	(2,391		)
Marina Palms, LLC ("Marina Palms")	40,295		30,677		5,099			(283		)	9,618			(610		)
Total other investments	289,500		354,119		$	8,785		$	24,093		$	15,332		$	27,270

Explanatory Note:

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(1)	For the three and six months ended June 30, 2014, the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales by one of its equity method investees.

Net Lease Venture—In February 2014, the Company partnered with a sovereign wealth fund to form a new unconsolidated entity in which the Company has a noncontrolling equity interest of approximately 51.9%. This entity is not a VIE and the Company does not have controlling interest due to the substantive participating rights of its partner. The partners plan to contribute up to an aggregate $500 million of equity to acquire and develop net lease assets over time. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a promote and management fee. Several of the Company's officers whose time is substantially devoted to the net lease venture own a total of 0.6% equity ownership in the venture via co-investment. These officers are also entitled to an amount equal to 50% of any promote payment received based on the 47.5% partner's interest. During the six months ended June 30, 2014, the Company sold a net lease asset for net proceeds of $93.7 million, which approximated carrying value, to the venture. As of June 30, 2015 and December 31, 2014, the venture's carrying value of total assets was $382.2 million and $348.1 million, respectively. In June 2015, the venture placed ten year non-recourse financing of $120.0 million on one of its net lease assets. Net proceeds from the financing were distributed to its members of which the Company received approximately $61.2 million.

Marina Palms—As of June 30, 2015, the Company owned a 47.5% equity interest and a $10.0 million preferred partnership interest in Marina Palms. As of June 30, 2015 and December 31, 2014, the venture's carrying value of total assets was $283.6 million and $265.7 million, respectively.

Other real estate equity investments—During the six months ended June 30, 2014, the Company contributed land to a newly formed unconsolidated entity in which the Company received an initial equity interest of 85.7%. This entity is a VIE and the Company does not have controlling interest due to shared control of the entity with its partner. As of June 30, 2015 and December 31, 2014, the venture's carrying value of total assets was $8.3 million and $9.4 million, respectively. Additionally, the Company committed to provide $45.7 million of mezzanine financing to the entity. As of June 30, 2015, the loan balance was $31.2 million and was included in "Loans receivable and other lending investments, net" on the Company's Consolidated Balance Sheets.

As of June 30, 2015, the Company's other real estate equity investments included equity interests in real estate ventures ranging from 16% to 76%, comprised of investments of $11.4 million in operating properties and $64.4 million in land assets. As of December 31, 2014, the Company's real estate equity investments included $13.2 million in operating properties and $66.1 million in land assets.

Madison Funds—As of June 30, 2015, the Company owned a 29.5% interest in Madison International Real Estate Fund II, LP ("MIRELF II"), a 32.9% interest in Madison International Real Estate Liquidity Fund III, LP ("MIRELF III"), a 32.9% interest in Madison International Real Estate Liquidity Fund III AIV, LP ("MIRELF III AIV") and a 29.5% interest in Madison GP1 Investors, LP (collectively, the "Madison Funds"). The Madison Funds invest in ownership positions of entities that own real estate assets. The Company determined that these entities are VIEs and that the Company is not the primary beneficiary.

Other investments—As of June 30, 2015, the Company also had smaller investments in real estate related funds and other strategic investments in several other entities that were accounted for under the equity method or cost method. During the six months ended June 30, 2015, the Company sold available-for-sale securities for proceeds of $7.3 million for realized gains of $2.5 million, which are included in "Other income" on the Company's Consolidated Statements of Operations. The amount reclassified out of accumulated other comprehensive income into earnings was determined based on the specific identification method.

Summarized investee financial information—The following tables present the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries as of June 30, 2015 ($ in thousands):



	Revenues		Expenses			Net Income Attributable to Parent Entities
For the Six Months Ended June 30, 2015
Marina Palms	$	71,852	$	(45,523	)	$	26,329

For the Six Months Ended June 30, 2014
Marina Palms	$	48	$	(1,304	)	$	(1,256	)