The Company has various equity investments in entities where it has the ability to exert significant influence over such entity, but does not control such entity. In these cases the criteria for consolidation have not been met and the Company is required to account for such investments under ASC 323-10; the Company has elected the FVO for its investments in unconsolidated entities. As of March 31, 2020 and December 31, 2019, the Company's investments in unconsolidated entities had an aggregate fair value of $65.4 million and $71.9 million, respectively, which is included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value. For the three-month periods ended March 31, 2020 and 2019, the Company recognized $(6.5) million and $1.8 million, respectively, in Earnings (losses) from investments in unconsolidated entities, on its Condensed Consolidated Statement of Operations. Certain of the entities that the Company accounts for under ASC 323-10 are deemed to be VIEs, and the maximum amount at risk is generally limited to the Company's investment in the VIE. As of March 31, 2020 and December 31, 2019, the fair value of the Company's investments in unconsolidated entities that have been deemed to be VIEs was $25.0 million and $28.5 million.



		Percentage Ownership of Unconsolidated Entity
Investment in Unconsolidated Entity	Form of Investment	March 31, 2020	December 31, 2019
Longbridge Financial, LLC⁽¹⁾	Preferred shares	49.7%	49.7%
LendSure Mortgage Corp.⁽¹⁾	Common shares	49.9%	49.9%
Jepson Holdings Limited⁽¹⁾	Membership Interest	30.1%	30.1%
Elizon AFG 2018-1 LLC⁽¹⁾⁽²⁾	Membership Interest	10.9%	13.4%
Elizon DB 2015-1 LLC⁽¹⁾⁽²⁾	Membership Interest	7.6%	3.5%
Other	Various	7.1%–51.0%	7.7%–51.0%

The Company has evaluated this entity and determined that it meets the definition of a VIE. The Company evaluated its interest in the VIE and determined that the Company does not have the power to direct the activities of the VIE and does not have control of the underlying assets, where applicable. As a result, the Company determined that it is not the primary beneficiary of this VIE and therefore has not consolidated the VIE.