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NEW VALLEY LLC (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024December 31, 2023
Condominium and Mixed-Use Development
4.1% - 77.8%
$93,976 $108,334 
Apartment Buildings
1.5% - 50.0%
6,285 7,791 
Hotels
0.4% - 49.0%
5 138 
Commercial
1.6% - 49.0%
16,583 15,234 
Investments in real estate ventures$116,849 $131,497 
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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:
Six Months Ended
June 30,
20242023
Condominium and Mixed-Use Development$3,649 $5,166 
Apartment Buildings249 115 
Hotels57 — 
Commercial1,265 — 
Total contributions$5,220 $5,281 
The components of distributions received by New Valley from its investments in real estate ventures were as follows:
Six Months Ended
June 30,
20242023
Condominium and Mixed-Use Development$10,029 $7,883 
Commercial329 179 
Total distributions$10,358 $8,062 
New Valley recognized equity in (losses) earnings from real estate ventures as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Condominium and Mixed-Use Development$(441)$3,516 $(10,401)$4,163 
Apartment Buildings(541)(410)(1,756)(1,609)
Hotels(26)(171)(189)(2,094)
Commercial(205)19 412 601 
Equity in (losses) earnings from real estate ventures$(1,213)$2,954 $(11,934)$1,061 
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, 2024
Condominium and Mixed-Use Development$93,976 
Apartment Buildings6,285 
Hotels5 
Commercial16,583 
Total maximum exposure to loss$116,849