Investments in Unconsolidated Ventures (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

The Company’s investments in unconsolidated ventures represent noncontrolling equity interests in various entities, as follows (dollars in thousands):

	September 30, 2020		December 31, 2019
Equity method investments	$	417,464	$	585,022
Investments under fair value option	7,093		10,283
Investments in Unconsolidated Ventures	$	424,557	$	595,305

Summary of Equity Method Investments

The Company’s investments accounted for under the equity method are summarized below (dollars in thousands):

		Carrying Value
Investments	Description	September 30, 2020		December 31, 2019
ADC investments(1)(2)(3)	Interests in three acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures	$	57,452	$	59,576
Other investment ventures(1)(4)	Interests in eight investments, each with less than $189.7 million carrying value at September 30, 2020	360,012		525,446

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(1)The Company’s ownership interest in ADC investments and other investment ventures varies and represents capital contributed to date and may not be reflective of the Company’s economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements.

(2)The Company owns varying levels of stated equity interests in certain ADC investments, as well as profit participation interests in real estate ventures without a stated ownership interest in other ADC investments.

(3)Includes two investments with a carrying value of $57.4 million that were contributed to a preferred financing arrangement. See Note 13, “Noncontrolling Interests,” for further information.

(4)Includes five investments with a carrying value of $245.9 million that were contributed to a preferred financing arrangement. See Note 13, “Noncontrolling Interests,” for further information.