Quarterly report pursuant to Section 13 or 15(d)

Investments (Tables)

v3.21.2
Investments (Tables)
6 Months Ended
Jun. 30, 2021
Schedule of Investments [Line Items]  
Summary of Company's Investment The Company’s investments are summarized below (in thousands):
 
     Carrying Value at  
Investments
   June 30,
2021
     December 31,
2020
 
Partnership interest in carried interest
(1)
   $ 246,620      $ 199,410  
Partnership interest in the funds
(2)
     29,629        12,975  
Investments in third party partnership
(3)
     5,081        2,697  
Other investments
(4)
     341        345  
    
 
 
    
 
 
 
Total
  
$
281,671
 
  
$
215,427
 
    
 
 
    
 
 
 
 
(1)
Represents an investment in carried interest in the funds. There is a disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles. Investment is valued using NAV of the respective vehicle.
 
(2)
Investments in the funds and limited partnership interest are valued using NAV of the respective vehicle.
 
(3)
Investments in limited partnership interest in third party private proptech venture capital firms. Valued using NAV of the respective vehicle.
 
(4)
Investments are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes.
Bridge Multifamily Fund III [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member]  
Schedule of Investments [Line Items]  
Summary of Financial Statement Information of Bridge Multifamily Fund Summarized financial information of our significant equity method investment in Bridge Multifamily Fund III, as of June 30, 2021, is as follows (in thousands):
 
  
Three Months Ended
 
 
  
June 30, 2021
 
  
June 30, 2020
 
Investment income
  
  
Net earnings from investments in real estate
   $ 6,851      $  686  
Interest and other income
     8        28  
Total investment income
     6,859        714  
Expenses
                 
    
 
 
    
 
 
 
Management fees
    
1,563
 
    
2,222
 
    
 
 
    
 
 
 
Partnership expense
    
284
      
463
 
Interest expense
    
6
      
18
 
Total expenses
     1,853        2,703  
Net investment income (loss)
     5,006        (1,989
Net realized gain (loss) on investments in real estate
     105,682        3,198  
Changes in unrealized gain on investments in real estate
     (45,923      29,397  
    
 
 
    
 
 
 
Unrealized gain on interest rate swap
     1,319        1,228  
Net gain on investments
     61,078        33,823  
    
 
 
    
 
 
 
Net increase in partners’ capital resulting from operations
  
$
 66,084
 
  
$
31,834
 
    
 
 
    
 
 
 
 
  
Six Months Ended
 
 
  
June 30, 2021
 
  
June 30, 2020
 
Investment income
  
     
  
     
Net earnings from investments in real estate
  
$
13,562
 
  
$
7,020
 
Interest and other income
  
 
12
 
  
 
115
 
 
  
 
 
 
  
 
 
 
Total investment income
  
 
13,574
 
  
 
7,135
 
Expenses
  
     
  
     
Management fees
  
 
3,300
 
  
 
4,515
 
Partnership expense
  
 
628
 
  
 
996
 
Interest expense
  
 
25
 
  
 
57
 
 
  
 
 
 
  
 
 
 
Total expenses
  
 
3,953
 
  
 
5,568
 
 
  
 
 
 
  
 
 
 
Net investment income
  
 
9,621
 
  
 
1,567
 
 
  
 
 
 
  
 
 
 
Net realized gain on investments in real estate
  
 
119,115
 
  
 
35,238
 
Changes in unrealized gain on investments in real estate
  
 
21,742
 
  
 
20,829
 
Unrealized gain (loss) on interest rate swap
  
 
2,929
 
  
 
(3,556
 
  
 
 
 
  
 
 
 
Net gain on investments
  
 
143,786
 
  
 
52,511
 
 
  
 
 
 
  
 
 
 
Net increase in partners’ capital resulting from operations
  
$
153,407
 
  
$
54,078