Investment in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2020

Investment in Unconsolidated Entities

Summary of investments in unconsolidated entities

The table below summarizes our investments in unconsolidated entities as of March 31, 2020 and December 31, 2019 (dollars in thousands):

	Participation /	Carrying value as of
	Ownership % (1)	March 31, 2020		December 31, 2019
Equity method:
Retail Fund	33%	$	—	$	—
Equity interest in a natural gas power plant	10%		25,862		25,862
Investor entity which owns equity in an online real estate company	50%		9,504		9,473
Equity interests in commercial real estate	50%		1,787		1,907
Equity interest in and advances to a residential mortgage originator (2)	N/A		11,807		12,002
Various	25% - 50%		8,529		8,339
			57,489		57,583
Other:
Equity interest in a servicing and advisory business (3)	4%		—		—
Investment funds which own equity in a loan servicer and other real estate assets	4% - 6%		9,225		9,225
Various	0% - 2%		20,620		17,521
			29,845		26,746
		$	87,334	$	84,329

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

(2) Includes a $4.5 million subordinated loan as of both March 31, 2020 and December 31, 2019.

(3) During the year ended December 31, 2019, we received a capital distribution of $8.4 million and our equity interest was reduced to 4% and the carrying value was reduced to zero.