XML 43 R33.htm IDEA: XBRL DOCUMENT

Equity Investments (Tables)

6 Months Ended

Jun. 30, 2025

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 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,
	2025		2024		2025		2024		2025		2024
Equity investment
425 Park Avenue	$	138,629	$	137,348	$	887	$	856	$	1,772	$	1,735
32 Old Slip		65,858		57,574		1,323		1,417		2,754		2,842
Ground Lease Plus Fund⁽¹⁾		30,340		30,103		330		453		814		1,342
Leasehold Loan Fund⁽²⁾		26,280		25,009		2,372		3,743		4,564		7,462
Total	$	261,107	$	250,034	$	4,912	$	6,469	$	9,904	$	13,381

(1)

As of June 30, 2025, the Company has a basis difference of $19.6 million in the Ground Lease Plus Fund that will be amortized over a weighted average remaining term of 105.1 years using the effective interest method. During the three months ended June 30, 2025 and 2024, $0.1 million and $0.1 million, respectively, of the basis difference was amortized as a decrease to earnings from equity method investments. During the six months ended June 30, 2025 and 2024, ($0.2) million and $0.1 million, respectively, of the basis difference was amortized as a (decrease) increase to earnings from equity method investments.

(2)

As of June 30, 2025, the Company has a basis difference of $5.1 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 1.8 years using the effective interest method. During the three months ended June 30, 2025 and 2024, $0.7 million and $2.2 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments. During the six months ended June 30, 2025 and 2024, $1.4 million and $3.2 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments.