Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Schedule of Identified Intangible Assets and Intangible Liabilities

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of June 30, 2025 and December 31, 2024 (in thousands):

	June 30, 2025		December 31, 2024
Identified intangible assets (included in other assets):
Gross amount	$	405,682	$	378,277
Accumulated amortization	(215,029)		(197,211)
Net	$	190,653	$	181,066
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	249,564	$	243,703
Accumulated amortization	(206,892)		(204,092)
Net	$	42,672	$	39,611

Schedule of Marketable Securities

As of June 30, 2025 and December 31, 2024, we held the following marketable securities (in thousands):

	June 30, 2025		December 31, 2024
Commercial mortgage-backed securities - available-for-sale	$	17,151	$	17,323
Commercial mortgage-backed securities - held-to-maturity	$	—	$	5,489
Total investment in marketable securities	$	17,151	$	22,812

Schedule of Real Estate CMBS Securitization Trusts

As of June 30, 2025 and December 31, 2024, we consolidated the following CMBS securitization trusts (in thousands):

	June 30, 2025				December 31, 2024				Maturity
Type	Fair Value		Principal Value		Fair Value (2)		Principal Value
Real estate loans held by consolidated securitization vehicles (1)	$	1,431,362	$	1,549,044	$	709,095	$	894,000	2023 - 2025	(3)
Senior obligations of consolidated securitization vehicles	1,431,362		1,549,044		590,131		688,346		2023 - 2025	(3)
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles	$	—	$	—	$	118,964	$	205,654

(1)Excludes real estate loans held by the Fund.

(2)Includes $134.8 million and $34.2 million of assets and liabilities, respectively, for a loan that is accounted for on an amortized cost basis.

(3)The Company is in discussions with the respective borrowers on the resolution of the past maturities.

Schedule of Properties Contributed of Annualized Cash Rent

For the three months ended June 30, 2025, the following properties contributed more than 5.0% of our annualized cash rent from office properties, including our share of annualized cash rent from joint venture office properties:

Property	Three months ended June 30, 2025
One Vanderbilt Avenue	13.7%
11 Madison Avenue	7.3%
420 Lexington Ave	6.9%
245 Park Avenue	6.4%
1515 Broadway	6.3%
1185 Avenue of the Americas	5.9%