Investments in Unconsolidated Entities​

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities​

Investments in Unconsolidated Entities

The table below summarizes our investments in unconsolidated entities as of March 31, 2023 and December 31, 2022 (dollars in thousands):

	Participation / Ownership % (1)	Carrying value as of
		March 31, 2023		December 31, 2022
Equity method investments:
Equity interest in two natural gas power plants	10% - 12%	$	48,359	$	46,618
Investor entity which owns equity in an online real estate company	50%	5,486		5,457
Equity interest in a residential mortgage originator (2)	N/A	—		1,449
Various	25% - 50%	16,233		15,377
		70,078		68,901
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%	940		940
Investor entities which own equity interests in two entertainment and retail centers (3)	15%	7,322		7,322
Various	1% - 3%	1,774		1,774
		22,991		22,991
		$	93,069	$	91,892

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

(2)In January 2023, we sold our ownership interest to an unaffiliated third party.

(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.

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 March 31, 2023.

During the three months ended March 31, 2023, we did not become aware of (i) any observable price changes in our other equity investments accounted for under the fair value practicability election or (ii) any indicators of impairment.