
	Range of Ownership (1)	March 31, 2022		December 31, 2021
Condominium and Mixed Use Development:
New York City Standard Metropolitan Statistical Area (“SMSA”)	4.2% - 37.0%	$	21,266	$	22,654
All other U.S. areas	19.6% - 89.1%	60,359		57,485
		81,625		80,139
Apartment Buildings:

All other U.S. areas	50.0%	11,391		11,900
		11,391		11,900
Hotels:
New York City SMSA	0.4% - 12.3%	1,347		1,635
International	49.0%	1,259		1,522
		2,606		3,157
Commercial:
New York City SMSA	49.0%	8,070		—
All other U.S. areas	1.6%	7,444		7,290
		15,514		7,290

Other:	15.0% - 49.0%	367		2,576
Investments in real estate ventures		$	111,503	$	105,062

(1) The Range of Ownership reflects New Valley’s estimated current ownership percentage. New Valley’s actual ownership percentage as well as the percentage of earnings and cash distributions may ultimately differ as a result of a number of factors including potential dilution, financing or admission of additional partners.


	Three Months Ended
	March 31,
	2022		2021
Condominium and Mixed Use Development:
New York City SMSA	$	369	$	180
All other U.S. areas	—		6,661
	369		6,841





Hotels:
New York City SMSA	49		1,246

	49		1,246
Commercial:
New York City SMSA	8,070		—

	8,070		—


Total contributions	$	8,488	$	8,087

For ventures where New Valley previously held an investment, New Valley contributed its proportionate share of additional capital along with contributions by the other investment partners during the three months ended March 31, 2022 and March 31, 2021. New Valley’s direct investment percentage for these ventures did not significantly change.


	Three Months Ended
	March 31,
	2022		2021
Condominium and Mixed Use Development:
New York City SMSA	$	900	$	—
All other U.S. areas	—		2,833
	900		2,833
Apartment Buildings:

All other U.S. areas	200		4,608
	200		4,608




Commercial:

All other U.S. areas	218		136
	218		136

Other	2,725		—
Total distributions	$	4,043	$	7,577

Of the distributions received by New Valley from its investment in real estate ventures, $733 were from distributions of earnings for the three months ended March 31, 2022, and $3,310 and $7,577 were a return of capital for the three months ended March 31, 2022 and 2021, respectively. Distributions from earnings are included in cash from operations in the condensed consolidated statements of cash flows, while distributions from return of capital are included in cash flows from investing activities in the condensed consolidated statements of cash flows.


	Three Months Ended
	March 31,
		2022		2021
Condominium and Mixed Use Development:
New York City SMSA		$	(1,216)	$	(1,505)
All other U.S. areas		(482)		(41)
		(1,698)		(1,546)
Apartment Buildings:

All other U.S. areas		(309)		4,608
		(309)		4,608
Hotels:
New York City SMSA		(494)		(462)
International		(263)		(506)
		(757)		(968)
Commercial:
New York City SMSA		—		122
All other U.S. areas		372		93
		372		215

Other:		515		(720)
Equity in (losses) earnings from real estate ventures		$	(1,877)	$	1,589

The Company has determined that New Valley is the primary beneficiary of one real estate venture because it controls the activities that most significantly impact the economic performance of the real estate venture. Consequently, New Valley consolidates this variable interest entity (“VIE”).

The carrying amount of the consolidated assets of the VIE was $0 at both March 31, 2022 and December 31, 2021. Those assets are owned by the VIE, not the Company. The consolidated VIE had no recourse liabilities as of March 31, 2022 and December 31, 2021. A VIE’s assets can only be used to settle the obligations of that VIE. The VIE is not a guarantor of the Company’s senior notes and other debts payable.

For the remaining investments in real estate ventures, New Valley determined that the entities were VIEs but New Valley was not the primary beneficiary. Therefore, New Valley’s investment in such real estate ventures has been accounted for under the equity method of accounting.

New Valley’s maximum exposure to loss from its investments in real estate ventures consisted of the net carrying value of the venture adjusted for any future capital commitments and/or guarantee arrangements. The maximum exposure to loss was as follows:


	March 31, 2022
Condominium and Mixed Use Development:
New York City SMSA	$	21,266
All other U.S. areas	60,359
	81,625
Apartment Buildings:

All other U.S. areas	11,391
	11,391
Hotels:
New York City SMSA	1,347
International	1,259
	2,606
Commercial:
New York City SMSA	8,070
All other U.S. areas	7,444
	15,514

Other	367
Total maximum exposure to loss	$	111,503

New Valley capitalized $3,716 and $430 of interest costs into the carrying value of its ventures whose projects were currently under development for three months ended March 31, 2022 and 2021, respectively.

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the following: Other (Witkoff GP Partners).


	Three Months Ended
	March 31,
	2022		2021
Income Statement
Revenue	$	—	$	21
Other expenses	2,829		300,829
Loss from continuing operations	$	(2,829)	$	(300,808)


	March 31, 2022		December 31, 2021
Land and land improvements	$	8,520	$	8,520
Building and building improvements	1,926		1,926
Other	1,636		1,643
	12,082		12,089
Less accumulated depreciation	(3,043)		(2,991)
	$	9,039	$	9,098

New Valley recorded operating income of $1,239 and $370 for the three months ended March 31, 2022 and 2021, respectively, from Escena. Escena is a master planned community, golf course, and club house in Palm Springs, California. In April 2022, New Valley sold Escena and received approximately $15,300 in net cash proceeds. The Company will account for the transaction in its condensed consolidated statement of operations for the three months ended June 30, 2022.