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Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):
June 30, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Investments in real estate debt(1)
$— $3,865,305 $921,258 $4,786,563 $— $3,973,217 $1,047,742 $5,020,959 
Real estate loans held by consolidated securitization vehicles, at fair value— 11,512,832 — 11,512,832 — 13,616,526 — 13,616,526 
Investments in unconsolidated entities— — 4,011,447 4,011,447 — — 3,861,077 3,861,077 
Interest rate and foreign currency hedging derivatives(2)
— 1,259,325 — 1,259,325 — 2,002,173 — 2,002,173 
Total$— $16,637,462 $4,932,705 $21,570,167 $— $19,591,916 $4,908,819 $24,500,735 
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value$— $10,346,961 $— $10,346,961 $— $12,233,141 $— $12,233,141 
Interest rate and foreign currency hedging derivatives(3)
— 22,270 — 22,270 — 11,243 — 11,243 
Total$— $10,369,231 $— $10,369,231 $— $12,244,384 $— $12,244,384 
(1)Excludes $280.9 million and $259.0 million of investments measured at fair value using net asset value as a practical expedient that are not classified in the fair value hierarchy, as of June 30, 2025 and December 31, 2024, respectively.
(2)Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets.
(3)Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
Schedule of Assets Measured at Fair Value on a Recurring Basis
The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):
Investments in
Real Estate Debt
Investments in
Unconsolidated Entities		Total
Balance as of December 31, 2024$1,047,742 $3,861,077 $4,908,819 
Purchases and contributions3,443 8,204 11,647 
Sales and repayments(139,238)— (139,238)
Distributions received— (80,547)(80,547)
Included in net income (loss)
Income from unconsolidated entities measured at fair value
— 222,713 222,713 
Realized gain
2 — 2 
Unrealized gain
9,309 — 9,309 
Balance as of June 30, 2025$921,258 $4,011,447 $4,932,705 
Schedule of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy
The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):
June 30, 2025
 Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateImpact to Valuation from an Increase in Input
Assets
Investments in real estate loans$921,258 
Yield method
Market yield
9.3%Decrease
Investments in unconsolidated entities$4,011,447 Discounted cash flow
Weighted average cost of capital
8.8%Decrease
Exit capitalization rate
5.4%Decrease

 December 31, 2024
 Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateImpact to Valuation from an Increase in Input
Assets
Investments in real estate loans$1,047,742 
Yield method
Market yield
9.5%Decrease
Investments in unconsolidated entities$3,861,077 
Discounted cash flow
Weighted average cost of capital
8.2%Decrease
Exit capitalization rate
5.3%Decrease
Schedule of Incentive Compensation Awards The following table details the incentive compensation awards issued to certain employees of HPA, April Housing and ACC ($ in thousands):
 December 31, 2024For the Six Months Ended June 30, 2025June 30, 2025
Plan YearUnrecognized Compensation CostValue of Awards Issued
Forfeiture of Unvested Awards
Amortization of Compensation Cost
Unrecognized Compensation CostRemaining Amortization Period
2022$3,107 $— $(1,250)$(1,578)$279 0.5 years
20236,070 — (79)(3,285)2,706 1.3 years
202411,692 — (3,072)(1,121)7,499 2.0 years
2025— 16,736 (447)(2,692)13,597 2.8 years
Total$20,869 $16,736 $(4,848)$(8,676)$24,081 
The following table details the incentive compensation awards ($ in thousands):
 
December 31, 2024
For the Six Months Ended June 30, 2025June 30, 2025
Plan YearUnrecognized Compensation Cost Value of Awards IssuedForfeiture of Unvested AwardsAmortization of Compensation CostUnrecognized Compensation CostRemaining Amortization Period
2022$7,786 $— $— $(3,893)$3,893 0.5 years
202314,673 — — (4,585)10,088 1.3 years
202440,265 — — (10,060)30,205 2.0 years
2025— 76,371 — (12,728)63,643 2.8 years
 $62,724 $76,371 $— $(31,266)$107,829