Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Fair Value Measurements, Recurring and Nonrecurring

The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities available-for-sale	$	16,522	$	—	$	16,522	$	—
Interest rate cap and swap agreements (included in Other assets)	17,026		—		17,026		—
Real estate loans held by consolidated securitization vehicles	586,823		—		586,823		—
Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)	$	29,372	$	—	$	29,372	$	—
Senior obligations of consolidated securitization vehicles	571,711		—		571,711		—
Secured borrowing (1)	237,454		—		—		237,454

(1)The Company admitted an additional partner to the One Madison Avenue development project with the partner's indirect ownership in the joint venture totaling 25.0%. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes and is included in Other liabilities in our consolidated balance sheets.


	December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities available-for-sale	$	9,591	$	—	$	9,591	$	—
Interest rate cap and swap agreements (included in Other assets)	33,456		—		33,456		—

Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)	$	17,108	$	—	$	17,108	$	—

Schedule of Fair Value, by Balance Sheet Grouping

The following table provides the carrying value and fair value of these financial instruments as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024				December 31, 2023
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value

Debt and preferred equity investments	$	293,924	(2)		$	346,745	(2)

Fixed rate debt	$	3,287,898	$	3,252,374	$	3,237,386	$	3,184,338
Variable rate debt (3)	545,900		545,282		270,000		268,787
	$	3,833,798	$	3,797,656	$	3,507,386	$	3,453,125

(1)Amounts exclude net deferred financing costs.

(2)As of September 30, 2024, debt and preferred equity investments had an estimated fair value of approximately $0.3 billion. As of December 31, 2023, debt and preferred equity investments had an estimated fair value of approximately $0.3 billion.

(3)As of September 30, 2024, variable rate debt with a carrying value of $60.9 million and fair value of $60.1 million is included in the Company's alternative strategy portfolio.