We are the general partner and investment manager of Paramount Group Real Estate Fund VIII, LP (“Fund VIII”), which invests in real estate and related investments. As of March 31, 2025, our ownership interest in Fund VIII was approximately 1.3%. We account for our investment in Fund VIII under the equity method of accounting.

As of March 31, 2025 and December 31, 2024, our share of the investments in the unconsolidated real estate related funds was $4,678,000 and $4,649,000, respectively, which is reflected as “investments in unconsolidated real estate related funds” on our consolidated balance sheets. We recognized income of $74,000 and $105,000 during the three months ended March 31, 2025 and 2024, respectively, for our share of earnings, which is reflected as “income from unconsolidated real estate related funds” in our consolidated statements of income.