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Equity Investments (Tables)

9 Months Ended

Sep. 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 Nine Months Ended
	September 30,		December 31,		September 30,				September 30,
	2025		2024		2025		2024		2025		2024
Equity investment
425 Park Avenue	$	139,197	$	137,348	$	907	$	654	$	2,679	$	2,389
32 Old Slip		66,864		57,574		993		1,401		3,747		4,243
Ground Lease Plus Fund⁽¹⁾		30,826		30,103		487		497		1,301		1,839
Leasehold Loan Fund⁽²⁾		36,003		25,009		2,267		2,187		6,831		9,649
Total	$	272,890	$	250,034	$	4,654	$	4,739	$	14,558	$	18,120

(1)

As of September 30, 2025, the Company has a basis difference of $19.7 million in the Ground Lease Plus Fund that will be amortized over a weighted average remaining term of 104.8 years using the effective interest method. During the three months ended September 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 nine months ended September 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 September 30, 2025, the Company has a basis difference of $4.1 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 0.7 years using the effective interest method. During the three months ended September 30, 2025 and 2024, $1.0 million and $0.8 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments. During the nine months ended September 30, 2025 and 2024, $2.4 million and $4.0 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments.