New Valley LLC (Tables)

6 Months Ended

Jun. 30, 2023

Real Estate [Abstract]

Schedule of Investments in Real Estate Ventures

The components of “Investments in real estate ventures” were as follows:

	Range of Ownership (1)	June 30, 2023		December 31, 2022
Condominium and Mixed Use Development	4.1% - 77.8%	$	96,816	$	93,350
Apartment Buildings	15.0% - 50.0%	8,417		9,910
Hotels	0.4% - 49.0%	415		2,510
Commercial	1.6% - 49.0%	15,769		15,347
Investments in real estate ventures		$	121,417	$	121,117

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(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.

The components of New Valley’s contributions to its investments in real estate ventures were as follows:

	Six Months Ended
	June 30,
	2023		2022
Condominium and Mixed Use Development	$	5,166	$	2,180
Apartment Buildings	115		—
Hotels	—		206
Commercial	—		8,070
Total contributions	$	5,281	$	10,456

Distributions:

The components of distributions received by New Valley from its investments in real estate ventures were as follows:

	Six Months Ended
	June 30,
	2023		2022
Condominium and Mixed Use Development	$	7,883	$	1,032
Apartment Buildings	—		400
Commercial	179		476
Other	—		4,459
Total distributions	$	8,062	$	6,367

New Valley recognized equity in earnings (losses) from real estate ventures as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Condominium and Mixed Use Development	$	3,516	$	(1,434)	$	4,163	$	(3,132)
Apartment Buildings	(410)		(615)		(1,609)		(924)
Hotels	(171)		(290)		(2,094)		(1,047)
Commercial	19		144		601		516
Other	—		1,735		—		2,250
Equity in earnings (losses) from real estate ventures	$	2,954	$	(460)	$	1,061	$	(2,337)

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, 2023
Condominium and Mixed Use Development	$	96,816
Apartment Buildings	8,417
Hotels	415
Commercial	15,769
Total maximum exposure to loss	$	121,417