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Equity Investments in Ground Leases (Tables)
 3 Months Ended
Mar. 31, 2024
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):

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Earnings from

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Carrying Value

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Equity Method Investments(1)

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as of

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For the Three Months Ended

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March 31, 

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December 31, 

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March 31, 

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2024

    

2023

    

2024

    

2023

Equity investment

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425 Park Avenue

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$

135,854

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$

135,288

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$

879

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$

835

32 Old Slip

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53,718

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52,425

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1,425

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1,427

Ground Lease Plus Fund(1)

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29,589

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73,428

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889

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—

Leasehold Loan Fund(2)

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56,134

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49,179

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3,719

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—

Total

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$

275,295

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$

310,320

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$

6,912

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$

2,262

(1)As of March 31, 2024, the Company has a basis difference of $19.2 million in the Ground Lease Plus Fund that will be amortized over a weighted average remaining term of 106.3 years using the effective interest method. During the three months ended March 31, 2024, $0.2 million of the basis difference was amortized as an increase to earnings from equity method investments.
(2)As of March 31, 2024, the Company has a basis difference of $10.2 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 2.8 years using the effective interest method. During the three months ended March 31, 2024, $1.0 million of the basis difference was amortized as an increase to earnings from equity method investments.

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