
	Range of Ownership (1)	September 30, 2022		December 31, 2021
Condominium and Mixed Use Development:
New York City Standard Metropolitan Statistical Area (“SMSA”)	4.2% - 22.8%	$	18,594	$	22,654
All other U.S. areas	12.5% - 89.1%	69,759		57,485
		88,353		80,139
Apartment Buildings:

All other U.S. areas	50.0%	9,976		11,900
		9,976		11,900
Hotels:
New York City SMSA	0.4% - 12.3%	916		1,635
International	49.0%	1,826		1,522
		2,742		3,157
Commercial:
New York City SMSA	49.0%	7,908		—
All other U.S. areas	1.6%	7,494		7,290
		15,402		7,290

Other:	15.0% - 49.0%	367		2,576
Investments in real estate ventures		$	116,840	$	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.


	Nine Months Ended
	September 30,
	2022		2021
Condominium and Mixed Use Development:
New York City SMSA	$	498	$	396
All other U.S. areas	10,870		12,336
	11,368		12,732





Hotels:
New York City SMSA	206		1,579

	206		1,579
Commercial:
New York City SMSA	8,070		—

	8,070		—


Total contributions	$	19,644	$	14,311

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


	Nine Months Ended
	September 30,
	2022		2021
Condominium and Mixed Use Development:
New York City SMSA	$	1,032	$	4,440
All other U.S. areas	—		13,594
	1,032		18,034
Apartment Buildings:

All other U.S. areas	550		18,566
	550		18,566




Commercial:

All other U.S. areas	736		503
	736		503

Other	4,459		—
Total distributions	$	6,777	$	37,103

Of the distributions received by New Valley from its investment in real estate ventures, $2,986 and $25,255 were from distributions of earnings for the nine months ended September 30, 2022 and 2021, respectively, and $3,791 and $11,848 were a return of capital for the nine months ended September 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Condominium and Mixed Use Development:
New York City SMSA	$	(1,652)	$	(841)	$	(3,823)	$	(3,313)
All other U.S. areas	(490)		(6,128)		(1,451)		1,146
	(2,142)		(6,969)		(5,274)		(2,167)
Apartment Buildings:

All other U.S. areas	(450)		999		(1,374)		18,566
	(450)		999		(1,374)		18,566
Hotels:
New York City SMSA	(182)		(246)		(924)		(1,094)
International	609		310		304		(219)
	427		64		(620)		(1,313)
Commercial:
New York City SMSA	(4)		—		(162)		(2,591)
All other U.S. areas	266		200		940		473
	262		200		778		(2,118)

Other:	—		12		2,250		(463)
Equity in (losses) earnings from real estate ventures	$	(1,903)	$	(5,694)	$	(4,240)	$	12,505

In June 2022, New Valley invested $410 for an approximate 75% interest in Nash Square Upstream JV LLC. The joint venture plans to develop a mixed use development. The venture is a variable interest entity (“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 $422 at September 30, 2022.

New Valley invested $4,000 during the nine months ended September 30, 2022 for an approximate 25% 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 $4,000 at September 30, 2022.

In August 2022, New Valley invested $4,000 for an approximate 35% interest in BH NV NMB Venture 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 NMB Venture LLC was $4,000 at September 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 VIE.

The carrying amount of the consolidated assets of the VIE was $0 at both September 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 September 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:


	September 30, 2022
Condominium and Mixed Use Development:
New York City SMSA	$	18,594
All other U.S. areas	69,759
	88,353
Apartment Buildings:

All other U.S. areas	9,976
	9,976
Hotels:
New York City SMSA	916
International	1,826
	2,742
Commercial:
New York City SMSA	7,908
All other U.S. areas	7,494
	15,402

Other	367
Total maximum exposure to loss	$	116,840

New Valley capitalized $1,101 and $3,152 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and nine months ended September 30, 2022, respectively. New Valley capitalized $614 and $1,636 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and nine months ended September 30, 2021, respectively.