We are the general partner and investment manager of Paramount Group Real Estate Fund VII, L.P. (“Fund VII”) and its parallel fund, Paramount Group Real Estate Fund VII-H, L.P (“Fund VII-H”), our Property Funds. As of December 31, 2018, Fund VII and Fund VII-H’s sole asset, which they collectively owned 100% of, was 0 Bond Street, a 64,532 square foot creative office building in the NoHo submarket of Manhattan. As of December 31, 2018, our combined ownership interest in Fund VII and Fund VII-H was approximately 7.2%. On January 25, 2019, Fund VII and Fund VII-H sold 0 Bond Street for $130,500,000.

We are also the general partner and investment manager of Paramount Group Real Estate Fund VIII, L.P. (“Fund VIII”), our Alternative Investment Fund, which invests in mortgage and mezzanine loans and preferred equity investments. Fund VIII completed its final closing in April 2016 with $775,200,000 in capital commitments, of which $614,450,000 has been called and substantially invested as of December 31, 2018 and an additional $74,391,000 is reserved for funding future draws on existing mezzanine loans and preferred equity investments. These investments have various stated interest rates ranging from 5.50% to 9.61% and maturities ranging from October 2019 to December 2027. Fund VIII’s investment period is scheduled to end in April 2019, unless extended by us until April 2020. As of December 31, 2018, our ownership interest in Fund VIII was approximately 1.3%.

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 December 31,
(Amounts in thousands)	2018		2017
Our Share of Investments:
Property Funds	$	2,340	$	2,429
Alternative Investment Fund		8,012		4,824
Investments in unconsolidated real estate funds	$	10,352	$	7,253


	For the Year Ended December 31,
(Amounts in thousands)	2018			2017			2016
Our Share of Net Loss:
Net investment income (loss)	$	291		$	236		$	(324	)
Net realized loss		-			(126	)		-
Net unrealized loss		(560	)		(663	)		(1,706	)
Carried interest		-			(5,590	)		1,532
Loss from unconsolidated real estate funds	$	(269	)	$	(6,143	)	$	(498	)

In December 2018, we completed an initial closing of Paramount Group Real Estate Fund X, L.P. (“Fund X”), with $167,000,000 in capital commitments, including $10,000,000 from us. As of December 31, 2018, none of the capital has been called.

The following tables provide the summarized financial information of our unconsolidated real estate funds, excluding Fund X, as of the dates and for the periods set forth below.


(Amounts in thousands)	As of December 31,
Balance Sheets:	2018		2017
Real estate investments	$	645,013	$	405,931
Cash and cash equivalents		10,791		5,076
Other assets		10		74
Total assets	$	655,814	$	411,081

Other liabilities	$	1,483	$	1,308
Total liabilities		1,483		1,308
Equity		654,331		409,773
Total liabilities and equity	$	655,814	$	411,081

(Amounts in thousands)	For the Year Ended December 31,
Income Statements:	2018			2017			2016
Investment income	$	33,814		$	29,013		$	20,484
Investment expenses		10,587			7,086			7,466
Net investment income		23,227			21,927			13,018
Net realized losses		-			(72,134	)		-
Previously recorded unrealized losses		-			35,682			-
Net unrealized (losses) gains		(4,656	)		(6,266	)		14,275
Income (loss) from real estate fund investments	$	18,571		$	(20,791	)	$	27,293