Real estate related fund investments on our consolidated balance sheets represent the investments of Paramount Group Real Estate Fund X, LP (“Fund X”), which invests in mezzanine loans. We are the general partner and investment manager of Fund X, which, prior to December 12, 2022, was accounted for under the equity method of accounting (see Note 4, Investments in Unconsolidated Real Estate Related Funds). Subsequent to December 12, 2022, we increased our ownership interest in Fund X to 13.0% and began consolidating Fund X into our consolidated financial statements.

The following table sets forth the details of income or loss from real estate related fund investments for the three and nine months ended September 30, 2023.



	For the Three Months Ended			For the Nine Months Ended
(Amounts in thousands)	September 30, 2023			September 30, 2023
Net investment income	$	2,032		$	9,741
Net realized losses		-			(1,224	)
Net unrealized gains (losses)		28			(45,551	)	(1)
Income (loss) from real estate related fund investments		2,060			(37,034	)
Less: noncontrolling interests in consolidated real estate related funds		(1,517	)		33,056
Income (loss) from real estate related fund investments attributable to Paramount Group, Inc.	$	543		$	(3,978	)

(1)

Primarily represents an unrealized loss on a mezzanine loan investment based on a negotiated transaction price.

We are also the general partner of RDF in which we own a 7.4% interest. RDF owns a 35.0% interest in One Steuart Lane, a for-sale residential condominium project, in San Francisco, California. We consolidate the financial results of RDF into our consolidated financial statements and reflect the 92.6% interest that we do not own as noncontrolling interests in consolidated real estate related funds. RDF accounts for its 35.0% interest in One Steuart Lane under the equity method of accounting. Accordingly, our economic interest in One Steuart Lane (based on our 7.4% ownership interest in RDF) is 2.6%. See Note 5, Investments in Unconsolidated Joint Ventures.