|9 Months Ended|
Sep. 30, 2022
|Investments, Debt and Equity Securities [Abstract]|
The Company has interests in 152 partnership or joint venture entities. The limited liability companies and limited partnerships in which the Company is the general partner are generally engaged directly or indirectly in the acquisition, development, operation and ownership of real estate. The accounting principles of these entities are substantially the same as those of the Company. Additionally, the Company has direct investments in several funds, including certain Bridge sponsored funds. The Company’s investments are summarized below (in thousands):
(1)Represents various investment accounts in carried interest in the Contributed Bridge GP 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)Partnership interests in Company-sponsored funds are valued using NAV of the respective vehicle.
(3)Investments in limited partnership interest in third-party private property technology (“PropTech”) venture capital firms are valued using NAV of the respective vehicle.
(4)Other investments are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes.
The Company recognized income related to its accrued performance allocations and other investments of $6.3 million and $86.6 million for the three months ended September 30, 2022 and 2021, respectively, and $188.8 million and $192.8 million for the nine months ended September 30, 2022 and 2021, respectively, of which $5.9 million and $84.0 million for three months ended September 30, 2022 and 2021, respectively, and $184.4 million and $183.2 million for nine months ended September 30, 2022 and 2021, respectively, related to accrued performance allocations recognized under the equity method.
Of the total accrued performance allocations balance as of September 30, 2022 and December 31, 2021, $62.8 million and $41.0 million, respectively, were payable to affiliates and are included in accrued performance allocations compensation in the condensed consolidated balance sheets as of the periods then ended.
Fair value of the accrued performance allocations is reported on a three-month lag from the fund financial statements due to timing of the information provided by the funds and third-party entities unless information is available on a more-timely basis.The Company evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by the SEC. As of September 30, 2022 and December 31, 2021, no individual equity method investment held by the Company met the significance criteria. As a result, the Company is not required to provide separate financial statements for any of its equity method investments.
The entire disclosure for investment.
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef