Investments in Unconsolidated Entities​ (Tables)

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Entities

The table below summarizes our investments in unconsolidated entities as of September 30, 2023 and December 31, 2022 (dollars in thousands):

	Participation / Ownership % (1)	Carrying value as of
		September 30, 2023		December 31, 2022
Equity method investments:
Equity interest in two natural gas power plants	10% - 12%	$	47,763	$	46,618
Investor entity which owns equity in an online real estate company	50%	5,495		5,457
Equity interest in a residential mortgage originator (2)	N/A	—		1,449
Various	20% - 50%	16,796		15,377
		70,054		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%	6,201		7,322
Various	1% - 3%	1,774		1,774
		21,870		22,991
		$	91,924	$	91,892

______________________________________________________________________________________________________________________

(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. During the nine months ended September 30, 2023, we received a $1.1 million distribution from an investor entity which was considered a return of capital and reduced the carrying value of that investment. See further discussion in Notes 4 and 24.