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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurements, Recurring and Nonrecurring | The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy as of September 30, 2024 and December 31, 2023 (in thousands):
| September 30, 2024
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Marketable securities available-for-sale | $ | 16,522 |  |  | $ | — |  |  | $ | 16,522 |  |  | $ | — |
Interest rate cap and swap agreements (included in Other assets) | 17,026 |  |  | — |  |  | 17,026 |  |  | — |
Real estate loans held by consolidated securitization vehicles | 586,823 |  |  | — |  |  | 586,823 |  |  | — |
Liabilities: |  |  |  |  |  |  |
Interest rate cap and swap agreements (included in Other liabilities) | $ | 29,372 |  |  | $ | — |  |  | $ | 29,372 |  |  | $ | — |
Senior obligations of consolidated securitization vehicles | 571,711 |  |  | — |  |  | 571,711 |  |  | — |
Secured borrowing (1) | 237,454 |  |  | — |  |  | — |  |  | 237,454 |
(1)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, 2023
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Marketable securities available-for-sale | $ | 9,591 |  |  | $ | — |  |  | $ | 9,591 |  |  | $ | — |
Interest rate cap and swap agreements (included in Other assets) | 33,456 |  |  | — |  |  | 33,456 |  |  | — |
Liabilities: |  |  |  |  |  |  |
Interest rate cap and swap agreements (included in Other liabilities) | $ | 17,108 |  |  | $ | — |  |  | $ | 17,108 |  |  | $ | — |
Schedule of Fair Value, by Balance Sheet Grouping | The following table provides the carrying value and fair value of these financial instruments as of September 30, 2024 and December 31, 2023 (in thousands):
| September 30, 2024 |  | December 31, 2023
| Carrying Value (1) |  | Fair Value |  | Carrying Value (1) |  | Fair Value
Debt and preferred equity investments | $ | 293,924 |  |  | (2) |  | $ | 346,745 |  |  | (2)
Fixed rate debt | $ | 3,287,898 |  |  | $ | 3,252,374 |  |  | $ | 3,237,386 |  |  | $ | 3,184,338 |
Variable rate debt (3) | 545,900 |  |  | 545,282 |  |  | 270,000 |  |  | 268,787 |
| $ | 3,833,798 |  |  | $ | 3,797,656 |  |  | $ | 3,507,386 |  |  | $ | 3,453,125 |
(1)Amounts exclude net deferred financing costs. (2)As of September 30, 2024, debt and preferred equity investments had an estimated fair value of approximately $0.3 billion. As of December 31, 2023, debt and preferred equity investments had an estimated fair value of approximately $0.3 billion. (3)As of September 30, 2024, variable rate debt with a carrying value of $60.9 million and fair value of $60.1 million is included in the Company's alternative strategy portfolio.

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