Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

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 December 31, 2024 and 2023 (in thousands):


	December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities available-for-sale	$	17,323	$	—	$	17,323	$	—
Interest rate cap and swap agreements (included in Other assets)	$	31,860	$	—	$	31,860	$	—
Real estate loans held by consolidated securitization vehicles	$	584,134			$	584,134
Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)	$	6,469	$	—	$	6,469	$	—
Senior obligations of consolidated securitization vehicles	$	567,487			$	567,487
Secured borrowing (1)	$	251,096					$	251,096

(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	$	—

Fair value, by balance sheet grouping

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


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

Debt and preferred equity investments	$	303,726	(2)		$	346,745	(2)

Fixed rate debt	$	3,257,474	$	3,225,767	$	3,237,386	$	3,184,338
Variable rate debt (3)	363,550		355,364		270,000		268,787
Total debt	$	3,621,024	$	3,581,131	$	3,507,386	$	3,453,125

(1)Amounts exclude net deferred financing costs.

(2)As of December 31, 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.