
	Range of Ownership (1)	June 30, 2022		December 31, 2021
Condominium and Mixed Use Development:
New York City Standard Metropolitan Statistical Area (“SMSA”)	4.2% - 37.0%	$	20,147	$	22,654
All other U.S. areas	12.5% - 89.1%	60,059		57,485
		80,206		80,139
Apartment Buildings:

All other U.S. areas	50.0%	10,576		11,900
		10,576		11,900
Hotels:
New York City SMSA	0.4% - 12.3%	1,098		1,635
International	49.0%	1,217		1,522
		2,315		3,157
Commercial:
New York City SMSA	49.0%	7,912		—
All other U.S. areas	1.6%	7,488		7,290
		15,400		7,290

Other:	15.0% - 49.0%	367		2,576
Investments in real estate ventures		$	108,864	$	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.


	Six Months Ended
	June 30,
	2022		2021
Condominium and Mixed Use Development:
New York City SMSA	$	498	$	396
All other U.S. areas	1,682		6,661
	2,180		7,057





Hotels:
New York City SMSA	206		1,246

	206		1,246
Commercial:
New York City SMSA	8,070		—

	8,070		—

Other:	—		1,599
Total contributions	$	10,456	$	9,902

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 six months ended June 30, 2022 and 2021. New Valley’s direct investment percentage for these ventures did not significantly change.


	Six Months Ended
	June 30,
	2022		2021
Condominium and Mixed Use Development:
New York City SMSA	$	1,032	$	3,338
All other U.S. areas	—		13,594
	1,032		16,932
Apartment Buildings:

All other U.S. areas	400		17,567
	400		17,567




Commercial:

All other U.S. areas	476		219
	476		219

Other	4,459		—
Total distributions	$	6,367	$	34,718

Of the distributions received by New Valley from its investment in real estate ventures, $2,726 and $23,555 were from distributions of earnings for the six months ended June 30, 2022 and 2021, respectively, and $3,641 and $11,163 were a return of capital for the six months ended June 30, 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				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Condominium and Mixed Use Development:
New York City SMSA	$	(955)	$	(967)	$	(2,171)	$	(2,472)
All other U.S. areas	(479)		7,315		(961)		7,274
	(1,434)		6,348		(3,132)		4,802
Apartment Buildings:

All other U.S. areas	(615)		12,959		(924)		17,567
	(615)		12,959		(924)		17,567
Hotels:
New York City SMSA	(248)		(386)		(742)		(848)
International	(42)		(23)		(305)		(529)
	(290)		(409)		(1,047)		(1,377)
Commercial:
New York City SMSA	(158)		(2,713)		(158)		(2,591)
All other U.S. areas	302		180		674		273
	144		(2,533)		516		(2,318)

Other:	1,735		245		2,250		(475)
Equity in (losses) earnings from real estate ventures	$	(460)	$	16,610	$	(2,337)	$	18,199

In June 2022, New Valley invested $410 for an approximate 75.0% interest in Nash Square Upstream JV LLC. The joint venture plans to develop a mixed use development. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in Nash Square Upstream JV LLC was $410 at June 30, 2022.

In June 2022, New Valley invested $1,000 for an approximate 25.0% interest in BH NV Aventura LLC. The joint venture plans to develop a mixed use development. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in BH NV Aventura LLC was $1,000 at June 30, 2022.

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 June 30, 2022 and December 31, 2021. Those assets are owned by the VIE, not the Company. The consolidated VIE had no recourse liabilities as of June 30, 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:


	June 30, 2022
Condominium and Mixed Use Development:
New York City SMSA	$	20,147
All other U.S. areas	60,059
	80,206
Apartment Buildings:

All other U.S. areas	10,576
	10,576
Hotels:
New York City SMSA	1,098
International	1,217
	2,315
Commercial:
New York City SMSA	7,912
All other U.S. areas	7,488
	15,400

Other	367
Total maximum exposure to loss	$	108,864

New Valley capitalized $1,028 and $2,051 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and six months ended June 30, 2022, respectively. New Valley capitalized $592 and $1,022 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and six months ended June 30, 2021, respectively.

New Valley recorded operating income of $77 and $90 for the three months ended June 30, 2022 and 2021, respectively, from Escena. New Valley recorded operating income of $1,316 and $280 for the six months ended June 30, 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 recognized the revenue in accordance with the scope of ASC Topic 606 since New Valley has no continuing investment or involvement. The sale was presented as revenue and the cost of the investment as cost of sales on the condensed consolidated statements of operations.