Investments in Unconsolidated Entities

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

The table below summarizes our investments in unconsolidated entities as of March 31, 2026 and December 31, 2025 (dollars in thousands):


	Participation / Ownership % (1)	Carrying value as of
		March 31, 2026		December 31, 2025
Equity method investments:
Equity interests in two natural gas power plants	10% - 12%	$	58,379	$	57,537
Equity interest in a retail center in Hawaii	25%	5,588		5,637
Investor entity which owns equity in an online real estate company	50%	5,155		5,142
Various	(2)	—		—
		69,122		68,316
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	0.54%	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
		$	85,558	$	84,752

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

(2)Includes common equity interests ranging from 20% to 70%, received in connection with loan modifications involving preferred equity interests, that currently have no carrying value.

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, 2026.

During the three months ended March 31, 2026, 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.