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Investments in Unconsolidated Entities​
3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023 (dollars in thousands):
Participation /
Ownership % (1)
Carrying value as of
March 31, 2024December 31, 2023
Equity method investments:
Equity interests in two natural gas power plants
10% - 12%
$52,557 $52,230 
Investor entity which owns equity in an online real estate company50%5,579 5,575 
Various
20% - 50%
17,053 16,854 
75,189 74,659 
Other equity investments:
Equity interest in a servicing and advisory business2%12,955 12,955 
Equity interest in a data center business in Ireland (2)
0.72%
7,334 1,313 
Investment funds which own equity in a loan servicer and other real estate assets
4% - 6%
842 842 
Various
3% - 15%
607 607 
21,738 15,717 
$96,927 $90,376 
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(1)None of these investments are publicly traded and therefore quoted market prices are not available.
(2)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, 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, 2024.
During the three months ended March 31, 2024, we did not become aware of (i) any observable price changes in our other equity investments accounted for under the fair value practicability election, except as discussed above, or (ii) any indicators of impairment.