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Equity Investments (Tables)

3 Months Ended

Mar. 31, 2025

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 (losses) from
		Carrying Value						Equity Method Investments
		as of						For The Three Months Ended
		March 31,			December 31,			March 31,
		2025			2024			2025			2024
Equity investment
425 Park Avenue		$	137,958		$	137,348		$	886		$	879
32 Old Slip			58,879			57,574			1,430			1,425
Ground Lease Plus Fund⁽¹⁾			30,258			30,103			484			889
Leasehold Loan Fund⁽²⁾			18,863			25,009			2,192			3,719
Total		$	245,958		$	250,034		$	4,992		$	6,912

(1)

As of March 31, 2025, the Company has a basis difference of $19.5 million in the Ground Lease Plus Fund that will be amortized over a weighted average remaining term of 105.3 years using the effective interest method. During the three months ended March 31, 2025 and 2024, ($0.1) million and $0.2 million, respectively, of the basis difference was amortized as a (decrease) increase to earnings from equity method investments.

(2)

As of March 31, 2025, the Company has a basis difference of $5.8 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 2.0 years using the effective interest method. During the three months ended March 31, 2025 and 2024, $0.7 million and $1.0 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments.