Investments in Unconsolidated Entities​ (Tables)

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of 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.