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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
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 December 31, 2024 and 2023 (in thousands):
| 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 (1) | $ | 251,096 |  |  |  |  |  |  | $ | 251,096 |
(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 |  |  | $ | — |
Fair value, by balance sheet grouping | The following table provides the carrying value and fair value of these financial instruments as of December 31, 2024 and December 31, 2023 (in thousands):
| December 31, 2024 |  | December 31, 2023
| Carrying Value (1) |  | Fair Value |  | Carrying Value (1) |  | Fair Value
Debt and preferred equity investments | $ | 303,726 |  |  | (2) |  | $ | 346,745 |  |  | (2)
Fixed rate debt | $ | 3,257,474 |  |  | $ | 3,225,767 |  |  | $ | 3,237,386 |  |  | $ | 3,184,338 |
Variable rate debt (3) | 363,550 |  |  | 355,364 |  |  | 270,000 |  |  | 268,787 |
Total debt | $ | 3,621,024 |  |  | $ | 3,581,131 |  |  | $ | 3,507,386 |  |  | $ | 3,453,125 |
(1)Amounts exclude net deferred financing costs. (2)As of December 31, 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.

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