Real Estate Related Fund Investments

12 Months Ended

Dec. 31, 2022

Consolidated Real Estate Fund [Abstract]

4. Real Estate Related Fund Investments

We are the general partner and investment manager of Fund X which invests in mezzanine loans. Prior to December 12, 2022, we owned an 8.2% interest in Fund X and accounted for our investment under the equity method of accounting (see Note 5, Investments in Unconsolidated Real Estate Related Funds). On December 12, 2022, we made an additional $7,454,000 investment in Fund X which increased our ownership interest to 13.0%. Fund X is a VIE and we are deemed to be the primary beneficiary; accordingly, we began consolidating Fund X into our consolidated financial statements from December 12, 2022.

The following table set forth a summary of the assets and liabilities of Fund X as of December 12, 2022.


(Amounts in thousands)	As of December 12, 2022
Real estate related fund investments	$	104,726
Cash and other assets and liabilities, net		512
Total real estate related fund investments		105,238
Less: noncontrolling interests in consolidated real estate related fund		(91,535	)
Paramount Group, Inc.'s equity in real estate related fund investments	$	13,703

The following table sets forth the details of loss from real estate related fund investments for the period from December 12, 2022 to December 31, 2022.


	Period from
	December 12, 2022 to
(Amounts in thousands)	December 31, 2022
Net investment income	$	394
Loss recognized upon consolidation of real estate related fund investments that were previously unconsolidated		(2,627	)
Loss from real estate related fund investments		(2,233	)
Less: noncontrolling interests in consolidated real estate related fund		(420	)
Loss from real estate related fund investments attributable to Paramount Group, Inc.	$	(2,653	)