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Investment in Unconsolidated Entities | 12 Months Ended
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Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Entities | Investments in Unconsolidated Entities The table below summarizes our investments in unconsolidated entities as of December 31, 2025 and 2024 (dollars in thousands):
| Participation / Ownership % (1) |  | Carrying value as of
|  | December 31, 2025 |  | December 31, 2024
Equity method investments: |  |  |  |  |
Equity interests in two natural gas power plants | 10% - 12% |  | $ | 57,537 |  |  | $ | 53,645 |
Equity interest in a retail center in Hawaii (2) | 25% |  | 5,637 |  |  | 6,184 |
Investor entity which owns equity in an online real estate company | 50% |  | 5,142 |  |  | 5,178 |
Various (3) | (4) |  | — |  |  | 17,927 |
|  |  | 68,316 |  |  | 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 (5) | 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 |
|  |  | $ | 84,752 |  |  | $ | 99,370 |
______________________________________________________________________________________________________________________ (1)None of these investments are publicly traded and therefore quoted market prices are not available. (2)During the year ended December 31, 2024, a newly-formed partnership in which we hold a 25% interest acquired an operating property from a CMBS trust that we consolidate as a VIE for a purchase price of $48.4 million. As of December 31, 2025, our investment in the partnership was $5.6 million, including $0.5 million of non-controlling interests. (3)During the year ended December 31, 2025, we sold an equity interest originally obtained in connection with a $47.0 million loan that was originated in 2013 and fully repaid in 2022. In connection with the sale, we received gross proceeds of $70.0 million and recognized a gain of $51.4 million within gain on sale of investments and other assets in our consolidated statement of operations for the year ended December 31, 2025. (4)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. (5)This equity interest was acquired in connection with the origination of a loan in 2021. The loan was repaid during the year ended December 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 during the year ended December 31, 2024 to reflect its fair value implied by the acquisition. During the year ended December 31, 2025, our ownership interest was diluted from 0.72% to 0.54% due to equity contributions made to the entity by affiliates of our Manager. 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 December 31, 2025. During the year ended December 31, 2025, 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.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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