Investment in Unconsolidated Entities

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

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

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(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.