Investment in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Summary of Investments in Unconsolidated Entities

The table below summarizes our investments in unconsolidated entities as of March 31, 2022 and December 31, 2021 (dollars in thousands):

	Participation / Ownership % (1)	Carrying value as of
		March 31, 2022		December 31, 2021
Equity method investments:
Equity interest in a natural gas power plant	10%	$	26,600	$	26,255
Investor entity which owns equity in an online real estate company	50%	5,249		5,206
Equity interest in and advances to a residential mortgage originator (2)	N/A	18,351		20,327
Various	25% - 50%	12,806		12,528
		63,006		64,316
Other equity investments:
Equity interest in a servicing and advisory business	2%	12,955		12,955
Investment funds which own equity in a loan servicer and other real estate assets	4% - 6%	4,194		4,194
Investor entities which own equity interests in two entertainment and retail centers (3)	15%	7,320		7,320
Various	1% - 3%	1,775		1,312
		26,244		25,781
		$	89,250	$	90,097

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(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, 2022 and December 31, 2021.

(3)In March 2021, we obtained equity interests in two investor entities that own interests in two entertainment and retail centers in satisfaction of $7.3 million principal amount of a commercial loan. The interests were obtained in order to facilitate repayment of a portion of that loan for which these interests represented underlying collateral. The interests are entitled to preferred treatment in the distribution waterfall and are intended to repay us the $7.3 million principal amount of the loan plus interest. See further discussion in Note 4.