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Other Investments | 3 Months Ended
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Mar. 31, 2017
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 March 31,
| March 31, 2017 |  | December 31, 2016 |  | 2017 |  | 2016
Real estate equity investments |  |  |  |  |  |  |
iStar Net Lease I LLC ("Net Lease Venture") | $ | 92,024 |  |  | $ | 92,669 |  |  | $ | 981 |  |  | $ | 946 |
Marina Palms, LLC ("Marina Palms") | 19,439 |  |  | 35,185 |  |  | 3,117 |  |  | 8,221 |
Other real estate equity investments | 53,230 |  |  | 53,202 |  |  | 1,357 |  |  | (1,702 | )
Subtotal | 164,693 |  |  | 181,056 |  |  | 5,455 |  |  | 7,465 |
Other strategic investments(1) | 32,866 |  |  | 33,350 |  |  | 247 |  |  | 802 |
Total | $ | 197,559 |  |  | $ | 214,406 |  |  | $ | 5,702 |  |  | $ | 8,267 |
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(1) | 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 months ended March 31, 2016, the Company recognized $3.2 million of carried interest income.
Net Lease Venture—In February 2014, the Company partnered with a sovereign wealth fund to form an unconsolidated entity in which the Company has an equity interest of approximately 51.9%. 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 March 31, 2017 and December 31, 2016, the venture's carrying value of total assets was $516.5 million and $511.3 million, respectively. During the three months ended March 31, 2017 and 2016, the Company recorded $0.5 million and $0.4 million of management fees, respectively, from the Net Lease Venture which are included in "Other income" in the Company's consolidated statements of operations. This entity is not a VIE and the Company does not have controlling interest due to the substantive participating rights of its partner. Marina Palms—As of March 31, 2017, the Company owned a 47.5% equity interest in Marina Palms, a 468 unit, two tower residential condominium development in North Miami Beach, Florida. The 234 unit north tower has one unit remaining for sale as of March 31, 2017. The 234 unit south tower is 84% sold or pre-sold (based on unit count) as of March 31, 2017. 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 March 31, 2017 and December 31, 2016, the venture's carrying value of total assets was $98.3 million and $201.8 million, respectively. Other real estate equity investments—As of March 31, 2017, the Company's other real estate equity investments included equity interests in real estate ventures ranging from 20% to 85%, comprised of investments of $3.2 million in operating properties and $50.0 million in land assets. As of December 31, 2016, the Company's other real estate equity investments included $3.6 million in operating properties and $49.6 million in land assets. In December 2016, the Company sold a land and development asset to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest. This entity is a VIE and the Company does not have a controlling interest due to shared control of the entity with its partner. The Company and its partner both made $7.0 million contributions to the venture and the Company provided financing to the entity in the form of a $27.0 million senior loan commitment, which had a carrying value of $23.1 million and $22.7 million as of March 31, 2017 and December 31, 2016, respectively, and is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. During the three months ended March 31, 2017, the Company recorded $0.4 million of interest income on the senior loan. Other strategic investments—As of March 31, 2017, 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 March 31, 2017 and December 31, 2016, the carrying value of the Company's cost method investments was $0.9 million and $1.4 million, respectively. Summarized investee financial information—The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the three months ended March 31, 2017 and 2016 ($ in thousands):
| Revenues |  | Expenses |  | Net Income Attributable to Parent Entities
For the Three Months Ended March 31, 2017 |  |  |  |  |
Marina Palms | $ | 23,669 |  |  | $ | (14,911 | ) |  | $ | 8,758 |
Net Lease Venture | 9,621 |  |  | (7,588 | ) |  | 1,890 |
For the Three Months Ended March 31, 2016 |  |  |  |  |
Marina Palms | $ | 50,628 |  |  | $ | (25,511 | ) |  | $ | 25,117 |
Net Lease Venture | 7,830 |  |  | (5,863 | ) |  | 1,823 |

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