Investments (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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| Schedule of Investments [Line Items] |
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| Summary of Company's Investment |
The Company’s investments are summarized below:
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Carrying Value at |
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(in thousands) |
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September 30, |
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December 31, |
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Investments |
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|
2021 |
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|
2020 |
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Accrued performance allocations |
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(1) |
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$ |
301,910 |
|
|
$ |
199,410 |
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Partnership interest in Company sponsored funds |
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(2) |
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|
27,871 |
|
|
|
12,975 |
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Investments in third-party partnership |
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(3) |
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6,393 |
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|
|
2,697 |
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Other investments |
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(4) |
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|
4,221 |
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|
345 |
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$ |
340,395 |
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|
$ |
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, included in “other investments” on the consolidated balance sheet, are valued using NAV of the respective vehicle.
(3)Investments in limited partnership interest in third-party private proptech venture capital firms, included in “other investments” on the consolidated balance sheet. Valued using NAV of the respective vehicle.
(4)Other investments, included in “other investments” on the balance sheet, are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes.
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| Bridge Multifamily Fund III [Member] |
|
| Schedule of Investments [Line Items] |
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| Summary of Financial Statement Information of Bridge Multifamily Fund |
The following table presents financial information of our significant equity investment in Bridge Multifamily Fund III:
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(in thousands) |
|
Three Months Ended |
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Investment income |
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September 30, 2021 |
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|
September 30, 2020 |
|
Net earnings from investments in real estate |
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$ |
5,154 |
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|
$ |
543 |
|
Interest and other income |
|
|
15 |
|
|
|
— |
|
Total investment income |
|
|
5,169 |
|
|
|
543 |
|
Expenses |
|
|
|
|
|
|
Management fees |
|
|
1,496 |
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|
|
60 |
|
Partnership expense |
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|
570 |
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|
|
42 |
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Total expenses |
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|
2,066 |
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|
|
102 |
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Net investment income |
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|
3,103 |
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|
|
441 |
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Net realized gain on investments in real estate |
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|
90,752 |
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|
|
50 |
|
Changes in unrealized gain on investments in real estate |
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|
41,445 |
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|
|
873 |
|
Unrealized gain on interest rate swap |
|
|
1,023 |
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|
|
— |
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Net gain on investments |
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|
133,220 |
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|
|
923 |
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Net increase in partnersʼ capital resulting from operations |
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$ |
136,323 |
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|
$ |
1,364 |
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|
(in thousands) |
|
Nine Months Ended |
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Investment income |
|
September 30, 2021 |
|
|
September 30, 2020 |
|
Net earnings from investments in real estate |
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$ |
18,716 |
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|
$ |
722 |
|
Interest and other income |
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|
26 |
|
|
|
12 |
|
Total investment income |
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|
18,742 |
|
|
|
734 |
|
Expenses |
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|
|
|
|
|
Management fees |
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|
4,796 |
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|
|
187 |
|
Partnership expense |
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|
1,198 |
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|
|
326 |
|
Interest expense |
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|
25 |
|
|
|
1 |
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Total expenses |
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|
6,019 |
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|
|
514 |
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Net investment income |
|
|
12,723 |
|
|
|
220 |
|
|
|
|
|
|
|
|
Net realized gain on investments in real estate |
|
|
209,867 |
|
|
|
4,192 |
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Changes in unrealized gain on investments in real estate |
|
|
63,187 |
|
|
|
(1,489 |
) |
Unrealized gain on interest rate swap |
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|
3,952 |
|
|
|
— |
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Net gain on investments |
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|
277,006 |
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|
|
2,703 |
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Net increase in partnersʼ capital resulting from operations |
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$ |
289,729 |
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|
$ |
2,923 |
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|
| Bridge Multifamily Fund IV [Member] |
|
| Schedule of Investments [Line Items] |
|
| Summary of Financial Statement Information of Bridge Multifamily Fund |
The following table presents financial information of our significant equity investment in Bridge Multifamily Fund IV:
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|
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|
|
|
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(in thousands) |
|
Three Months Ended |
|
Investment income |
|
September 30, 2021 |
|
|
September 30, 2020 |
|
Net earnings from investments in real estate |
|
$ |
18,189 |
|
|
$ |
15,169 |
|
Interest and other income |
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|
136 |
|
|
|
1 |
|
Total investment income |
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|
18,325 |
|
|
|
15,170 |
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Expenses |
|
|
|
|
|
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Management fees |
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|
3,822 |
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|
|
4,767 |
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Partnership expense |
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|
1,617 |
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|
|
494 |
|
Interest expense |
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|
57 |
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|
|
110 |
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Total expenses |
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|
5,496 |
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|
5,371 |
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Net investment income |
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|
12,829 |
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|
|
9,799 |
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|
|
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|
|
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Changes in unrealized gain on investments in real estate |
|
|
366,490 |
|
|
|
45,681 |
|
Net gain on investments |
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|
366,490 |
|
|
|
45,681 |
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Net increase in partnersʼ capital resulting from operations |
|
$ |
379,319 |
|
|
$ |
55,480 |
|
|
|
|
|
|
|
|
(in thousands) |
|
Nine Months Ended |
|
Investment income |
|
September 30, 2021 |
|
|
September 30, 2020 |
|
Net earnings from investments in real estate |
|
$ |
51,268 |
|
|
$ |
27,185 |
|
Interest and other income |
|
|
241 |
|
|
|
2 |
|
Total investment income |
|
|
51,509 |
|
|
|
27,187 |
|
Expenses |
|
|
|
|
|
|
Management fees |
|
|
12,576 |
|
|
|
14,414 |
|
Partnership expense |
|
|
2,585 |
|
|
|
1,474 |
|
Interest expense |
|
|
912 |
|
|
|
920 |
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Total expenses |
|
|
16,073 |
|
|
|
16,808 |
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Net investment income |
|
|
35,436 |
|
|
|
10,379 |
|
|
|
|
|
|
|
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Changes in unrealized gain on investments in real estate |
|
|
693,496 |
|
|
|
120,013 |
|
Net gain on investments |
|
|
693,496 |
|
|
|
120,013 |
|
Net increase in partnersʼ capital resulting from operations |
|
$ |
728,932 |
|
|
$ |
130,392 |
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