Investment in Unconsolidated Entities

6 Months Ended

Jun. 30, 2016

Investment in Unconsolidated Entities

7. Investment in Unconsolidated Entities

The table below summarizes our investments in unconsolidated entities as of June 30, 2016 and December 31, 2015 (dollars in thousands):


	Participation /	Carrying value as of
	Ownership % (1)	June 30, 2016		December 31, 2015
Equity method:
Retail Fund	33%	$	122,130	$	122,454
Investor entity which owns equity in an online real estate auction company	50%		23,074		23,972
Equity interests in commercial real estate (2)	16% - 50%		31,912		28,230
Various	25% - 50%		6,440		6,376
			183,556		181,032
Cost method:
Investment funds which own equity in a loan servicer and other real estate assets	4% - 6%		9,225		9,225
Various	0% - 3%		7,760		8,944
			16,985		18,169
		$	200,541	$	199,201

(1)

None of these investments are publicly traded and therefore quoted market prices are not available.

(2)

During the three months ended June 30, 2016, a partnership in which we hold a 50% interest acquired a real estate asset from a CMBS trust for $19.0 million. As of June 30, 2016, our investment in the partnership was $3.7 million.

There were no differences between the carrying value of our equity method investments and the underlying equity in the net assets of the investees as of June 30, 2016.