
	Range of Ownership (1)	September 30, 2023		December 31, 2022
Condominium and Mixed-Use Development	4.1% - 77.8%	$	98,275	$	93,350
Apartment Buildings	15.0% - 50.0%	8,184		9,910
Hotels	0.4% - 49.0%	138		2,510
Commercial	1.6% - 49.0%	15,575		15,347

Investments in real estate ventures		$	122,172	$	121,117

(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,
	2023		2022
Condominium and Mixed-Use Development	$	6,484	$	11,368
Apartment Buildings	148		—
Hotels	—		206
Commercial	—		8,070

Total contributions	$	6,632	$	19,644

For ventures where New Valley previously held an investment and made an additional contribution, New Valley contributed its proportionate share of additional capital along with contributions by the other investment partners during the

nine months ended September 30, 2023 and 2022. New Valley’s direct investment percentage in its existing ventures did not significantly change.


	Nine Months Ended
	September 30,
	2023		2022
Condominium and Mixed-Use Development	$	7,798	$	1,032
Apartment Buildings	—		550
Hotels	5,164		—
Commercial	402		736
Other	—		4,459
Total distributions	$	13,364	$	6,777

Of the distributions received by New Valley from its investment in real estate ventures, $4,091 and $2,986 were from distributions of earnings for the nine months ended September 30, 2023 and 2022, respectively, and $9,273 and $3,791 were a return of capital for the nine months ended September 30, 2023 and 2022, 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,
	2023		2022		2023		2022
Condominium and Mixed-Use Development	$	(912)	$	(2,142)	$	3,250	$	(5,274)
Apartment Buildings	(265)		(450)		(1,874)		(1,374)
Hotels	4,886		427		2,792		(620)
Commercial	30		262		632		778
Other	—		—		—		2,250
Equity in earnings (losses) from real estate ventures	$	3,739	$	(1,903)	$	4,800	$	(4,240)

The Company recorded impairment expense of $0 and $1,202 for the three and nine months ended September 30, 2023, respectively. The expense related to one hotel venture. As a result of the Company recording impairment charges on certain of its investments in real estate ventures, the impaired real estate venture was recorded at fair value as of the period when the impairment charge was recorded. The impaired real estate venture was measured at fair value on a nonrecurring basis as a result of recording an other-than-temporary impairment charge.

In January 2023, New Valley invested $700 for an approximate 27% interest in 353 6th LLC. The joint venture plans to develop a condominium complex. 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 353 6th LLC was $721 as of September 30, 2023.

The Company has determined that the entities in the real restate ventures 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, 2023
Condominium and Mixed-Use Development	$	98,275
Apartment Buildings	8,184
Hotels	138
Commercial	15,575

Total maximum exposure to loss	$	122,172

New Valley capitalized $966 and $3,094 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, 2023, respectively. 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.

Escena. New Valley recorded operating income of $0 and $1,316 for the three and nine months ended September 30, 2022 from Escena. Escena is a master planned community, golf course, and club house in Palm Springs, California. In April 2022, New Valley sold Escena.