Investments |
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| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in Real Estate Ventures | INVESTMENTS Summarized investment balances as of June 30, 2026 and December 31, 2025 are presented in the following table.
Our Investment Management co-investments are primarily direct investments in property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement, while our Proptech Investments are generally investments in early-to-mid-stage proptech companies as well as proptech funds. We have maximum potential unfunded commitments to direct investments or investment vehicles of $305.5 million and $5.8 million as of June 30, 2026 for our Investment Management business and Proptech Investments, respectively. Impairment There were no significant other-than-temporary impairment charges on Investments for the six months ended June 30, 2026. During the six months ended June 30, 2025, we recognized an investment-level impairment charge of $2.2 million on one investment accounted for under the measurement alternative. This activity was included within Equity earnings on our Consolidated Statements of Comprehensive Income. There were no other significant impairments in 2025. Fair Value We report a majority of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity earnings/losses. The table below shows the movement in our investments reported at fair value. The table below does not include our $17.4 million investment in certain mid-stage non-public companies as they are non-marketable equity investments accounted for under the measurement alternative, defined as cost minus impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
See Note 7, Fair Value Measurements, for additional discussion of our investments reported at fair value.
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