Equity Investments (Tables)

9 Months Ended

Sep. 30, 2026

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 Nine Months Ended
	September 30,		December 31,		September 30,				September 30,
	2026		2025		2026		2025		2026		2025
Equity investment
425 Park Avenue	$	140,901	$	139,592	$	912	$	907	$	2,740	$	2,679
32 Old Slip		70,864		67,865		990		993		2,999		3,747
Ground Lease Plus Fund⁽¹⁾		31,000		30,787		441		487		(517)		1,301
Leasehold Loan Fund⁽²⁾		53,383		42,606		1,174		2,267		6,191		6,831
Total	$	296,148	$	280,850	$	3,517	$	4,654	$	11,413	$	14,558

(1)

As of September 30, 2026, the Company has a basis difference of $11.3 million in the Ground Lease Plus Fund. During the three and nine months ended September 30, 2026, $0.5 million and $1.1 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments. During the three and nine months ended September 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 September 30, 2025, $1.0 million of the basis difference was amortized as an increase to earnings from equity method investments. During the nine months ended September 30, 2026 and 2025, $2.7 million and $2.4 million, respectively, of the basis difference was amortized as an increase to earnings from equity method investments.