New Valley LLC (Tables)

9 Months Ended

Sep. 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)	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.

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

	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

Distributions:

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

	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

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

	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)

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