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Equity Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, All Other Investments [Abstract]

Schedule of Equity Investments

The Company’s equity investments and its proportionate share of earnings (losses) from equity investments were as follows ($ in thousands):


								Earnings from						Earnings from
		Carrying Value						Equity Method Investments						Equity Method Investments⁽¹⁾
		as of						For the Three Months Ended						For the Six Months Ended
		June 30,			December 31,			June 30,						June 30,
		2023			2022			2023			2022			2023			2022
Equity investment
425 Park Avenue		$	134,154		$	133,118		$	872		$	827		$	1,708		$	1,677
32 Old Slip			49,850			47,270			1,420			1,425			2,846			2,851
Ground Lease Plus Fund⁽¹⁾			54,123			—			1,688			—			1,688			—
Loan Plus Fund⁽²⁾			29,079			—			2,827			—			2,827			—
Total		$	267,206		$	180,388		$	6,807		$	2,252		$	9,069		$	4,528

(1)

As of June 30, 2023, the Company has a basis difference of $21.0 million in the Ground Lease Plus Fund that will be amortized over a weighted average remaining term of 96.7 years using the effective interest method. During the three and six months ended June 30, 2023, $0.8 million of the basis difference was amortized as an increase to earnings from equity method investments.

(2)

As of June 30, 2023, the Company has a basis difference of $13.8 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 3.5 years using the effective interest method. During the three and six months ended June 30, 2023, $1.0 million of the basis difference was amortized as an increase to earnings from equity method investments.