Investment in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2019

Investment in Unconsolidated Entities

Summary of investments in unconsolidated entities

The table below summarizes our investments in unconsolidated entities as of June 30, 2019 and December 31, 2018 (dollars in thousands):

	Participation /	Carrying value as of
	Ownership % (1)	June 30, 2019		December 31, 2018
Equity method:
Retail Fund	33%	$	71,601	$	114,362
Investor entity which owns equity in an online real estate company	50%		9,387		9,372
Equity interests in commercial real estate	50%		2,366		6,294
Equity interest in and advances to a residential mortgage originator (2)	N/A		9,167		9,082
Various	25% - 50%		7,673		6,984
			100,194		146,094
Other:
Equity interest in a servicing and advisory business (3)	4%		—		6,207
Investment funds which own equity in a loan servicer and other real estate assets	4% - 6%		9,225		9,225
Various	0% - 3%		10,457		10,239
			19,682		25,671
		$	119,876	$	171,765

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

(2) Includes a $2.0 million subordinated loan the Company funded in June 2018.

(3) During the three months ended June 30, 2019, we received a capital distribution of $8.4 million and our equity interest was reduced to 4%.