Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value Measurements, Recurring

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 March 31, 2026 and December 31, 2025 (in thousands)


	March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities available-for-sale	$	25,330	$	—	$	25,330	$	—
Derivative instruments (included in Other assets)	$	9,386	$	—	$	9,386	$	—
Real estate loans held by consolidated securitization vehicles	$	1,027,164	$	—	$	903,859	$	123,305
Debt fund investments(1)	$	293,243	$	—	$	—	$	293,243
Liabilities:
Derivative instruments (included in Other liabilities)	$	8,799	$	—	$	8,799	$	—
Senior obligations of consolidated securitization vehicles	$	1,027,164	$	—	$	903,859	$	123,305
Secured borrowing (included in Other liabilities) (2)	$	167,423	$	—	$	—	$	167,423

(1)During the three months ended March 31, 2026 the Fund invested $139.3 million in investments classified as Level 3 and recognized $0.5 million of unrealized gains on those investments included within "Income 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 in our consolidated balance sheets.


	December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities available-for-sale	$	23,666	$	—	$	23,666	$	—
Derivative instruments (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:
Derivative instruments (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 "Income 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.

Schedule of Assets and Liabilities not Measured at Fair Value

The following table provides the carrying value and fair value of these financial instruments as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026				December 31, 2025
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
Assets:
Debt and preferred equity investments	$	118,083	(2)		$	168,358	(2)
Liabilities:
Fixed rate debt	$	4,108,672	$	4,073,706	$	3,675,222	$	3,679,095
Variable rate debt	665,611		665,563		369,277		369,440
Total Debt	$	4,774,283	$	4,739,269	$	4,044,499	$	4,048,535

(1)Amounts exclude net deferred financing costs.

(2)As of March 31, 2026, debt and preferred equity investments had an estimated fair value of approximately $0.1 billion. As of December 31, 2025, debt and preferred equity investments had an estimated fair value of approximately $0.2 billion.