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Other Investments (Tables) | 6 Months Ended
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Jun. 30, 2022
Investments, All Other Investments [Abstract] |
Schedule of other investments and proportionate share of earnings from equity method investments | The Company’s other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Earnings (Losses) from | ​ | Earnings (Losses) from
​ | ​ | Carrying Value | ​ | Equity Method Investments | ​ | Equity Method Investments
​ | ​ | as of | ​ | For the Three Months Ended | ​ | For the Six Months Ended
​ | ​ | June 30, | ​ | December 31, | ​ | June 30, | ​ | June 30,
​ | ​ | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Real estate equity investments | ​ | ​ |  |  | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |
Safehold Inc. ("SAFE")(1) | ​ | $ | 1,405,985 | ​ | $ | 1,168,532 | ​ | $ | 14,720 | ​ | $ | 9,703 | ​ | $ | 31,749 | ​ | $ | 21,115
Ground Lease Plus Fund | ​ |  | 65,068 | ​ |  | 17,630 | ​ |  | 520 | ​ |  | — | ​ |  | 1,289 | ​ |  | —
Other real estate equity investments | ​ |  | 38,458 | ​ |  | 44,349 | ​ |  | 3,773 | ​ |  | (1,461) | ​ |  | 7,384 | ​ |  | (2,063)
Subtotal | ​ |  | 1,509,511 | ​ |  | 1,230,511 | ​ |  | 19,013 | ​ |  | 8,242 | ​ |  | 40,422 | ​ |  | 19,052
Other strategic investments(2) | ​ |  | 47,281 | ​ |  | 66,770 | ​ |  | 380 | ​ |  | 2,856 | ​ |  | 4,003 | ​ |  | 3,814
Total | ​ | $ | 1,556,792 | ​ | $ | 1,297,281 | ​ | $ | 19,393 | ​ | $ | 11,098 | ​ | $ | 44,425 | ​ | $ | 22,866
(1) | As of June 30, 2022, the Company owned 40.1 million shares of SAFE common stock which, based on the closing price of $35.37 on June 30, 2022, had a market value of $1.4 billion. Pursuant to ASC 323-10-40-1, an equity method investor shall account for a share issuance by an investee as if the investor had sold a proportionate share of its investment. Any gain or loss to the investor resulting from an investee’s share issuance shall be recognized in earnings. For the six months ended June 30, 2022 and 2021, equity in earnings includes dilution gains of $0.9 million and $0.5 million, respectively, resulting from SAFE equity offerings.
(2) | During the six months ended June 30, 2021, the Company identified observable price changes in an equity security held by the Company as evidenced by orderly private issuances of similar securities by the same issuer. In accordance with ASC 321 – Investments – Equity Securities, the Company remeasured its equity investment at fair value and recognized a mark-to-market gain of $5.1 million in “Other income” in the Company’s consolidated statements of operations. The Company’s equity security was redeemed at its carrying value in the fourth quarter of 2021.
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Schedule of summarized financial information | The following table presents the investee level summarized financial information for the Company’s equity method investment that was significant as of June 30, 2022 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Revenues |  | Expenses |  | Net Income Attributable to Parent
For the Six Months Ended June 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SAFE | ​ | $ | 125,247 | ​ | $ | 82,157 | ​ | $ | 47,551
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Six Months Ended June 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SAFE | ​ | $ | 87,720 | ​ | $ | 57,536 | ​ | $ | 31,640

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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