Investments in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 (dollars in thousands):


	Participation / Ownership % (1)	Carrying value as of
		March 31, 2024		December 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 company	50%	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 business	2%	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

______________________________________________________________________________________________________________________

(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.