Other Assets, Net (Tables)

9 Months Ended

Sep. 30, 2025

Other Assets, Net

Schedule of other assets, net

	September 30, 2025		December 31, 2024
	(In thousands)
Prepaid expenses	$	20,477	$	10,834
Derivative financial instruments, at fair value		15,981		25,682
Deferred financing costs, net		5,091		7,280
Operating lease right-of-use assets		42,145		44,034
Investments in funds (1)		31,498		27,665
Other investments (2)		11,926		11,343
Other		4,264		4,480
Total other assets, net	$	131,382	$	131,318

(1) Consists of investments in real estate-focused technology companies, which are recorded at their fair value based on their reported net asset value. The following summarizes unrealized and realized gains (losses), which were included in "Interest and other income, net" in our statements of operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In thousands)
Unrealized gains	$	2,300	$	2,677	$	2,017	$	3,971
Realized losses		(69)		(143)		(69)		(765)

(2) Primarily consists of equity investments in the Washington Housing Initiative ("WHI") Impact Pool and the LEO Impact Housing Fund. See Note 18 for additional information.

Schedule of summarizes unrealized and realized gains (losses)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In thousands)
Unrealized gains	$	2,300	$	2,677	$	2,017	$	3,971
Realized losses		(69)		(143)		(69)		(765)