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Equity Investments in Ground Leases (Tables)

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

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


					Earnings (losses) from				Earnings (losses) 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,
	2024		2023		2024		2023		2024		2023
Equity investment
425 Park Avenue	$	136,447	$	135,288	$	856	$	872	$	1,735	$	1,708
32 Old Slip		55,003		52,425		1,417		1,420		2,842		2,846
Ground Lease Plus Fund⁽¹⁾		29,901		73,428		453		1,688		1,342		1,688
Leasehold Loan Fund⁽²⁾		21,951		49,179		3,743		2,827		7,462		2,827
Total	$	243,302	$	310,320	$	6,469	$	6,807	$	13,381	$	9,069

(1)

As of June 30, 2024, the Company has a basis difference of $19.3 million in the Ground Lease Plus Fund that will be amortized over a weighted average remaining term of 106.1 years using the effective interest method. During the three and six months ended June 30, 2024, ($0.1) million and $0.1 million, respectively, of the basis difference was amortized as an increase (decrease) to earnings from equity method investments. During both 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, 2024, the Company has a basis difference of $8.1 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 2.7 years using the effective interest method. During the three and six months ended June 30, 2024, $2.2 million and $3.2 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments. During both 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.