4.	Investments in Unconsolidated Real Estate Funds

We are the general partner and investment manager of Paramount Group Real Estate Fund VII, LP (“Fund VII”) and its parallel fund, Paramount Group Real Estate Fund VII-H, LP (“Fund VII-H”). As of March 31, 2018, Fund VII and Fund VII-H hold 100% of Zero Bond Street. We also manage Paramount Group Real Estate Fund VIII, LP (“Fund VIII”), our Alternative Investment Fund, which invests in mortgage and mezzanine loans and preferred equity investments.

The following tables summarize our investments in these unconsolidated real estate funds as of the dates thereof and the income or loss recognized for the periods set forth below.

	As of
(Amounts in thousands)	March 31, 2018		December 31, 2017
Our Share of Investments:
Property funds	$	2,443	$	2,429
Alternative investment fund		4,833		4,824
Investments in unconsolidated real estate funds	$	7,276	$	7,253


(Amounts in thousands)	For the Three Months Ended March 31,
Our Share of Net (Loss) Income:	2018			2017
Net investment income	$	66		$	53
Net realized gain		-			179
Net unrealized (loss) gain		(132	)		96
Carried interest		-			(40	)
(Loss) income from unconsolidated real estate funds ⁽¹⁾	$	(66	)	$	288

⁽¹⁾

Excludes asset management and other fee income from real estate funds, which is included as a component of “fee and other income” on our consolidated statements of income.

The following tables provide summarized financial information for Fund VII as of the dates thereof and for the periods set forth below.

	As of
(Amounts in thousands)	March 31, 2018		December 31, 2017
Real estate investments	$	31,352	$	32,943
Cash and cash equivalents		1,935		138
Total assets	$	33,287	$	33,081

Other liabilities	$	1,076	$	1,058
Total liabilities		1,076		1,058
Equity		32,211		32,023
Total liabilities and equity	$	33,287	$	33,081

	For the Three Months Ended March 31,
(Amounts in thousands)	2018			2017
Investment income	$	-		$	185
Investment expenses		44			476
Net investment loss		(44	)		(291	)
Net unrealized (losses) gains		(1,879	)		134
Loss from real estate fund investments	$	(1,923	)	$	(157	)