Equity Investments (Tables)

6 Months Ended

Jun. 30, 2026

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⁽¹⁾				Equity Method Investments⁽¹⁾
	as of				For The Three Months Ended				For the Six Months Ended
	June 30,		December 31,		June 30,				June 30,
	2026		2025		2026		2025		2026		2025
Equity investment
425 Park Avenue	$	140,467	$	139,592	$	918	$	887	$	1,827	$	1,772
32 Old Slip		69,874		67,865		996		1,323		2,009		2,754
Ground Lease Plus Fund⁽¹⁾		30,559		30,787		(630)		330		(958)		814
Leasehold Loan Fund⁽²⁾		50,866		42,606		2,577		2,372		5,018		4,564
Total	$	291,766	$	280,850	$	3,861	$	4,912	$	7,896	$	9,904

(1)

As of June 30, 2026, the Company has a basis difference of $11.8 million in the Ground Lease Plus Fund. During both the three and six months ended June 30, 2026, $0.6 million of the basis difference was amortized as an increase to earnings from equity method investments. During the three and six months ended June 30, 2025, $0.1 million and $0.2 million, respectively, of the basis difference was amortized as a decrease to earnings from equity method investments.

(2)

The Company had a basis difference in the Leasehold Loan Fund that was amortized using the effective interest method. During the three months ended June 30, 2026 and 2025, $1.4 million and $0.7 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments. During the six months ended June 30, 2026 and 2025, $2.7 million and $1.4 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments.