Investments in Unconsolidated Entities​

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024 (dollars in thousands):

	Participation / Ownership % (1)	Carrying value as of
		March 31, 2025		December 31, 2024
Equity method investments:
Equity interests in two natural gas power plants	10% - 12%	$	53,023	$	53,645
Equity interest in a retail center in Hawaii	25%	5,675		6,184
Investor entity which owns equity in an online real estate company	50%	5,230		5,178
Various	(2)	18,098		17,927
		82,026		82,934
Other equity investments:
Equity interest in a servicing and advisory business	2%	7,462		7,462
Equity interest in a data center business in Ireland (3)	0.72%	7,672		7,672
Investment funds which own equity in a loan servicer and other real estate assets	4% - 6%	695		695
Various	3% - 15%	607		607
		16,436		16,436
		$	98,462	$	99,370

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

(2)Includes: (i) a 25% equity interest obtained as part of a loan originated in 2013, which has since been repaid; and (ii) common equity interests ranging from 20% to 70%, received in connection with loan modifications involving preferred equity interests.

(3)This equity interest was acquired in connection with the origination of a loan in 2021. The loan was repaid during the three months ended March 31, 2024. In connection with the repayment, an observable price change occurred when a 50% voting interest in this entity was acquired by related parties, including an investment fund and certain other entities affiliated with our Manager. As a result of the acquisition and resulting observable price change, during the three months ended March 31, 2024, we recorded a $6.0 million increase in the carrying value of our investment to reflect its fair value implied by the acquisition.

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, 2025.

During the three months ended March 31, 2025, 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.