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Other Investments | 6 Months Ended
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Jun. 30, 2016
Investments, All Other Investments [Abstract] |
Other Investments | Other Investments The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands):
|  |  | Equity in Earnings (Losses)
| Carrying Value as of |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| June 30, 2016 |  | December 31, 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015
Other real estate equity investments(1) | $ | 74,381 |  |  | $ | 81,452 |  |  | $ | 28,600 |  |  | $ | (337 | ) |  | $ | 26,898 |  |  | $ | (1,638 | )
iStar Net Lease I LLC ("Net Lease Venture") | 67,895 |  |  | 69,096 |  |  | 944 |  |  | 1,666 |  |  | 1,890 |  |  | 3,299 |
Other investments(2) | 58,922 |  |  | 73,525 |  |  | 4,723 |  |  | 2,357 |  |  | 5,525 |  |  | 4,053 |
Marina Palms, LLC ("Marina Palms") | 27,558 |  |  | 30,099 |  |  | 5,180 |  |  | 5,099 |  |  | 13,401 |  |  | 9,618 |
Total other investments | $ | 228,756 |  |  | 254,172 |  |  | $ | 39,447 |  |  | $ | 8,785 |  |  | $ | 47,714 |  |  | $ | 15,332 |
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(1) | In June 2016, a majority-owned consolidated subsidiary of the Company sold its interest in a real estate equity method investment for net proceeds of $39.8 million and recognized a gain of $31.5 million, of which $10.1 million of the gain was attributable to the noncontrolling interest.
(2) | In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the three and six months ended June 30, 2016, the Company recognized $0.5 million and $3.7 million, respectively, of carried interest income. During the three and six months ended June 30, 2015, the Company recognized $0.7 million and $2.2 million, respectively, of carried interest income.
Other real estate equity investments—As of June 30, 2016, the Company's other real estate equity investments included equity interests in real estate ventures ranging from 19% to 85%, comprised of investments of $13.1 million in operating properties and $59.2 million in land assets. As of December 31, 2015, the Company's other real estate equity investments included $11.1 million in operating properties and $64.0 million in land assets. In addition, during 2014 the Company contributed land to a newly formed unconsolidated entity in which the Company received an 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, 2016 and December 31, 2015, the Company had a recorded equity interest of $2.1 million and $6.3 million, respectively. Additionally, the Company committed to provide $45.7 million of mezzanine financing to the entity. As of June 30, 2016, the loan balance was $35.6 million and is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. During the three and six months ended June 30, 2016, the Company recorded $1.2 million and $2.4 million of interest income, respectively, and $1.0 million and $1.6 million for the three and six months ended June 30, 2015, respectively, relating to this loan. 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 an 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 senior executives 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 senior executives are also entitled to an amount equal to 50% of any promote payment received based on the 47.5% partner's interest. As of June 30, 2016 and December 31, 2015, the venture's carrying value of total assets was $414.2 million and $400.2 million, respectively. During the three and six months ended June 30, 2016, the Company recorded $0.4 million and $0.8 million of management fees, respectively, and $0.4 million and $0.8 million for the three and six months ended June 30, 2015, respectively, from the Net Lease Venture which are included in "Other income" in the Company's consolidated statements of operations. 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. Other investments—As of June 30, 2016, 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. As of June 30, 2016 and December 31, 2015, the carrying value of the Company's cost method investments was $1.4 million and $1.5 million, respectively. During the six months ended June 30, 2015, the Company sold available-for-sale securities for proceeds of $7.3 million for gains of $2.5 million, which are included in "Other income" in 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. Marina Palms—As of June 30, 2016, the Company owned a 47.5% equity interest in Marina Palms, a residential condominium development. This entity is not a VIE and the Company does not have controlling interest due to shared control of the entity with its partner. As of June 30, 2016 and December 31, 2015, the venture's carrying value of total assets was $207.6 million and $278.5 million, respectively. Summarized investee financial information—The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the six months ended June 30, 2016 and 2015 ($ in thousands):
| Revenues |  | Expenses |  | Net Income Attributable to Parent Entities
For the Six Months Ended June 30, 2016 |  |  |  |  |
Marina Palms | $ | 87,494 |  |  | $ | (47,764 | ) |  | $ | 39,730 |
For the Six Months Ended June 30, 2015 |  |  |  |  |
Marina Palms | $ | 71,852 |  |  | $ | (45,523 | ) |  | $ | 26,329 |

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