| Summary of Company's Investment |
The Company’s investments are summarized below (in thousands):
|
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| |
|
Carrying Value at |
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| |
|
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 |
|
| |
|
|
341 |
|
|
|
345 |
|
| |
|
|
|
|
|
|
|
|
Total |
|
$ |
281,671 |
|
|
$ |
215,427 |
|
| |
|
|
|
|
|
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|
|
(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. |
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| 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):
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|
Three Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
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| |
|
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|
|
|
|
|
|
| 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 |
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
| |
|
|
|
|
|
|
|
|
Net earnings from investments in real estate |
|
$ |
13,562 |
|
|
$ |
7,020 |
|
Interest and other income |
|
|
12 |
|
|
|
115 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
13,574 |
|
|
|
7,135 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
3,300 |
|
|
|
4,515 |
|
| |
|
|
628 |
|
|
|
996 |
|
| |
|
|
25 |
|
|
|
57 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
3,953 |
|
|
|
5,568 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
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 |
) |
| |
|
|
|
|
|
|
|
|
| |
|
|
143,786 |
|
|
|
52,511 |
|
| |
|
|
|
|
|
|
|
|
Net increase in partners’ capital resulting from operations |
|
$ |
153,407 |
|
|
$ |
54,078 |
|
| |
|
|
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|
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|