Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurements, Recurring And Nonrecurring

The following tables set forth the assets and liabilities that we measure at fair value on a recurring basis by their levels in the fair value hierarchy as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities available-for-sale	$	23,666	$	—	$	23,666	$	—
Interest rate cap and swap agreements (included in Other assets)	$	8,000	$	—	$	8,000	$	—
Real estate loans held by consolidated securitization vehicles	$	1,023,877	$	—	$	895,998	$	127,879
Debt fund investments(1)	$	152,958	$	—	$	—	$	152,958
Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)	$	17,360	$	—	$	17,360	$	—
Senior obligations of consolidated securitization vehicles	$	1,023,877	$	—	$	895,998	$	127,879
Secured borrowing (included in Other liabilities) (2)	$	244,941	$	—	$	—	$	244,941

(1)During the year ended December 31, 2025 the Fund purchased $146.9 million of investments classified as Level 3 and recognized $6.0 million of unrealized gains on those investments included within "Loss from debt fund investments, net" in the consolidated statements of operations.

(2)In 2021, 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" on our consolidated balance sheets.


	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 (included in Other liabilities)	$	251,096	$	—	$	—	$	251,096

Fair Value, By Balance Sheet Grouping

The following table provides the carrying value and fair value of these financial instruments as of December 31, 2025 and December 31, 2024 (in thousands):


	December 31, 2025				December 31, 2024
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value

Debt and preferred equity investments	$	168,358	(2)		$	303,726	(2)

Fixed rate debt	$	3,675,222	$	3,679,095	$	3,257,474	$	3,225,767
Variable rate debt	369,277		369,440		363,550		355,364
Total debt	$	4,044,499	$	4,048,535	$	3,621,024	$	3,581,131

(1)Amounts exclude net deferred financing costs.

(2)As of December 31, 2025, debt and preferred equity investments had an estimated fair value of approximately $0.2 billion. As of December 31, 2024, debt and preferred equity investments had an estimated fair value of approximately $0.3 billion.