New Valley LLC (Tables)

12 Months Ended

Dec. 31, 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)	December 31, 2023		December 31, 2022
Condominium and Mixed-Use Development	4.1% - 77.8%	$	108,334	$	93,350
Apartment Buildings	1.5% - 50.0%	7,791		9,471
Hotels	0.4% - 49.0%	138		2,510
Commercial	1.6% - 49.0%	15,234		15,347
Other	—%	—		439
Investments in real estate ventures		$	131,497	$	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 because 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:

	December 31, 2023		December 31, 2022
Condominium and Mixed-Use Development	$	17,285	$	17,221
Apartment Buildings	148		—
Hotels	—		206
Commercial	—		8,070
Other	—		72
Total contributions	$	17,433	$	25,569

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

	December 31, 2023		December 31, 2022
Condominium and Mixed-Use Development	$	7,797	$	2,348
Apartment Buildings	—		550
Hotels	5,164		—
Commercial	473		1,018
Other	—		4,459
Total distributions	$	13,434	$	8,375

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

	Year Ended December 31,
	2023		2022		2021
Condominium and Mixed-Use Development	$	1,316	$	(6,469)	$	(4,148)
Apartment Buildings	(2,268)		(1,879)		18,566
Hotels	2,792		(853)		(1,927)
Commercial	362		1,005		(1,811)
Other	—		2,250		(430)
Total equity in earnings (losses) from real estate ventures	$	2,202	$	(5,946)	$	10,250

The maximum exposure to loss was as follows:

	December 31, 2023
Condominium and Mixed-Use Development	$	108,334
Apartment Buildings	7,791
Hotels	138
Commercial	15,234
Total maximum exposure to loss	$	131,497

Schedule of Equity Method Investments

Equity-method investments consisted of the following:

	December 31, 2023		December 31, 2022
Mutual and hedge funds	$	17,358	$	16,040

Equity in earnings (losses) from investments were:

	Year Ended December 31,
	2023		2022		2021
Mutual fund and hedge funds	$	1,262	$	(4,995)	$	2,675

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the mutual fund and hedge funds.

	Year Ended December 31,
	2023		2022		2021
Investment income	$	4,713	$	3,209	$	1,574
Expenses	10,585		13,272		12,873
Net investment loss	(5,872)		(10,063)		(11,299)
Total net realized gain (loss) and net change in unrealized depreciation from investments	4,824		(84,466)		48,342
Net (decrease) increase in partners’ capital resulting from operations	$	(1,048)	$	(94,529)	$	37,043

	December 31, 2023		December 31, 2022
Investment securities	$	290,916	$	299,389
Cash and cash equivalents	695		2,860
Other assets	38,471		87,507
Total assets	$	330,082	$	389,756
Other liabilities	$	159,858	$	159,246
Total liabilities	159,858		159,246
Partners’ capital	170,224		230,510
Total liabilities and partners’ capital	$	330,082	$	389,756

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the following: Other Condominium and Mixed-Use Development, Apartment Buildings, Hotels, Commercial and Other.

	Year Ended December 31,
Income Statements	2023		2022		2021
Other Condominium and Mixed-Use Development:
Revenue	$	94,606	$	117,836	$	301,703
Cost of sales	451		63,618		317,894
Other expenses	129,509		143,619		117,985
Loss from continuing operations	$	(35,354)	$	(89,401)	$	(134,176)
Apartment Buildings:
Revenue	$	22,403	$	2,934	$	35,213
Other expenses	60,479		4,563		46,360
Loss from continuing operations	$	(38,076)	$	(1,629)	$	(11,147)
Hotels:
Revenue	$	175,921	$	166,169	$	42,549
Cost of sales	5,121		5,049		3,671
Other expenses	403,510		293,761		201,211
Loss from continuing operations	$	(232,710)	$	(132,641)	$	(162,333)
Commercial:
Revenue	$	7,052	$	10,226	$	1,662
Equity in earnings	1,241		37,690		24,383
Other expenses	6,028		12,274		1,412
Income from continuing operations	$	2,265	$	35,642	$	24,633
Other:
Revenue	$	—	$	6,761	$	180,092
Other expenses	—		21,548		303,352
Loss from continuing operations	$	—	$	(14,787)	$	(123,260)

Balance Sheets	December 31, 2023		December 31, 2022
Other Condominium and Mixed-Use Development:
Investment in real estate	$	1,890,797	$	1,529,516
Total assets	2,049,105		1,667,802
Total debt	1,535,543		1,193,638
Total liabilities	1,898,725		1,480,725
Non-controlling interest	91,146		73,391
Apartment Buildings:
Investment in real estate	$	478,669	$	64,350
Total assets	542,165		68,664
Total debt	378,978		48,449
Total liabilities	396,668		49,722
Non-controlling interest	93,871		—
Hotels:
Investment in real estate	$	759,515	$	1,580,798
Total assets	792,831		1,651,072
Total debt	248,419		1,113,419
Total liabilities	664,582		1,281,161
Non-controlling interest	141,060		374,608
Commercial:
Investment in real estate	$	55,094	$	51,468
Total assets	73,658		71,364
Total debt	59,994		56,394
Total liabilities	60,980		57,424
Non-controlling interest	—		—
Other:
Investment in real estate	$	—	$	430,961
Total assets	—		486,655
Total debt	—		321,587
Total liabilities	—		331,928
Non-controlling interest	—		112,141