Company: SLG-PI
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047886
Chunk: 76

Company: SL GREEN REALTY CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 1
Chunk 76
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accrual in January 2025 and went into default in August 2025. It remains on non-accrual as of September 30, 2025. No investment income has been recognized subsequent to it being put on non-accrual.(5)Included in the Company's alternative strategy portfolio.(6)This loan went into default and was put on non-accrual in January 2023 and remains on non-accrual as of September 30, 2025. No investment income has been recognized subsequent to it being put on non-accrual. In December 2024, the maturity date of the loan was extended to December 2025. The Company is in discussions with the borrower with respect to the loan.

6. Investments in Unconsolidated Joint Ventures

We have investments in several real estate joint ventures with various third-party partners. As of September 30, 2025, the book value of these investments was $2.6 billion, net of investments with negative book values totaling $191.2 million for which we have an implicit commitment to fund future capital needs.As of September 30, 2025, 800 Third Avenue is a VIE in which we are not the primary beneficiary. As of December 31, 2024, 800 Third Avenue and our preferred equity investment in 625 Madison Avenue were VIEs in which we are not the primary beneficiary. Our net equity investment in these VIEs was $45.0 million and $263.8 million as of September 30, 2025 and December 31, 2024, respectively. Our maximum loss is limited to the amount of our equity investment in these VIEs. See the "Principles of Consolidation" section of Note 2, "Significant Accounting Policies." All other investments below are voting interest entities. As we have the ability to exercise significant influence over, but do not control, the joint ventures listed below, we account for them under the equity method of accounting.

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Table of ContentsSL Green Realty Corp. and SL Green Operating Partnership, L.P.Notes to Consolidated Financial Statements (cont.)September 30, 2025(unaudited)

The table below provides general information on each of our joint ventures as of September 30, 2025:PropertyPartnerEconomicInterest (1)Unaudited Approximate Square Feet800 Third AvenuePrivate Investors60.52%526,000 919 Third