Real Estate Fund Investments (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate Fund Investments [Abstract]

Schedule of Income (Loss) from the Fund and the Crowne Plaza Joint Venture

Below is a summary of income from the Fund and the Crowne Plaza Joint Venture.

(Amounts in thousands)	For the Year Ended December 31,
	2023		2022		2021
Previously recorded unrealized loss on exited investments	$	247,575	$	59,396	$	—
Net realized (loss) income on exited investments	(245,714)		(54,255)		1,364
Net unrealized (loss) income on held investments	—		(7,730)		3,257
Net investment (loss) income	(271)		6,130		6,445
Income from real estate fund investments	1,590		3,541		11,066
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	12,789		(1,870)		(7,309)
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries	$	14,379	$	1,671	$	3,757

Schedule of Changes in Fair Value of Fund and the Crowne Plaza Joint Venture

The table below summarizes the changes in the fair value of the Fund and the Crowne Plaza Joint Venture.

(Amounts in thousands)	For the Year Ended December 31,
	2023		2022
Beginning balance	$	—	$	7,730
Previously recorded unrealized loss on exited investments	247,575		59,396
Net realized loss on exited investments	(245,714)		(54,255)
Net unrealized loss on held investments	—		(7,730)
Dispositions	(1,861)		(5,141)
Ending balance	$	—	$	—

The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.

(Amounts in thousands)	For the Year Ended December 31,
	2023			2022
Beginning balance	$	54,397		$	50,182
Credit losses	(26,155)		(1)	—
Interest accrual	5,153			4,748
Paydowns	(411)			(533)
Ending balance	$	32,984		$	54,397

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(1)Includes a $21,114 impairment loss on advances made for our interest in a joint venture, resulting from a decline in the value of the underlying building. The loss was included in “income (loss) from partially owned entities” on our consolidated statements of income for the year ended December 31, 2023.