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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
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 June 30, 2025 and December 31, 2024 (in thousands):
| June 30, 2025
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Marketable securities available-for-sale | $ | 17,151 |  |  | $ | — |  |  | $ | 17,151 |  |  | $ | — |
Interest rate cap and swap agreements (included in Other assets) | $ | 11,848 |  |  | $ | — |  |  | $ | 11,848 |  |  | $ | — |
Real estate loans held by consolidated securitization vehicles | $ | 1,431,362 |  |  | $ | — |  |  | $ | 1,003,729 |  |  | $ | 427,633 |
Debt fund investments(1) | $ | 41,356 |  |  | $ | — |  |  | $ | 36,852 |  |  | $ | 4,504 |
Liabilities: |  |  |  |  |  |  |
Interest rate cap and swap agreements (included in Other liabilities) | $ | 17,742 |  |  | $ | — |  |  | $ | 17,742 |  |  | $ | — |
Senior obligations of consolidated securitization vehicles | $ | 1,431,362 |  |  | $ | — |  |  | $ | 1,003,729 |  |  | $ | 427,633 |
Secured borrowing (included in Other liabilities) (2) | $ | 248,992 |  |  | $ | — |  |  | $ | — |  |  | $ | 248,992 |
(1)During the six months ended June 30, 2025 the Fund purchased $4.5 million of investments classified as Level 3 and did not recognize any unrealized gains or losses on those investments. (2)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, 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 (included in Other liabilities) | $ | 251,096 |  |  | $ | — |  |  | $ | — |  |  | $ | 251,096 |
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 June 30, 2025 and December 31, 2024 (in thousands):
| June 30, 2025 |  | December 31, 2024
| Carrying Value (1) |  | Fair Value |  | Carrying Value (1) |  | Fair Value
Assets: |  |  |  |  |  |  |
Debt and preferred equity investments | $ | 315,684 |  |  | (2) |  | $ | 303,726 |  |  | (2)
Liabilities: |  |  |  |  |  |  |
Fixed rate debt | $ | 3,367,249 |  |  | $ | 3,373,258 |  |  | $ | 3,257,474 |  |  | $ | 3,225,767 |
Variable rate debt | 386,153 |  |  | 383,627 |  |  | 363,550 |  |  | 355,364 |
Total Debt | $ | 3,753,402 |  |  | $ | 3,756,885 |  |  | $ | 3,621,024 |  |  | $ | 3,581,131 |
(1)Amounts exclude net deferred financing costs. (2)As of June 30, 2025, debt and preferred equity investments had an estimated fair value range of approximately $0.2 billion to $0.3 billion. As of December 31, 2024, debt and preferred equity investments had an estimated fair value range of approximately $0.2 billion to $0.3 billion.

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