| Other Assets, Net |
9. Other Assets, Net The following table summarizes other assets, net: | | | | | | | | | December 31, | | | 2025 | | 2024 | | | | (In thousands) | Prepaid expenses | | $ | 9,648 | | $ | 10,834 | Derivative financial instruments, at fair value | | | 13,094 | | | 25,682 | Deferred financing costs, net | | | 4,362 | | | 7,280 | Operating lease right-of-use assets | | | 41,491 | | | 44,034 | Investments in funds (1) | | | 30,555 | | | 27,665 | Other investments (2) | | | 13,828 | | | 11,343 | Other | | | 4,309 | | | 4,480 | Total other assets, net | | $ | 117,287 | | $ | 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 table summarizes unrealized and realized gains (losses), which were included in "Interest and other income, net" in our consolidated statements of operations: |
| | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | | | | (In thousands) | Unrealized gains | | $ | 1,504 | | $ | 4,848 | | $ | 1,254 | Realized gains (losses) | | | 425 | | | (1,328) | | | (758) |
| (2) | Primarily consists of equity investments in the Washington Housing Initiative ("WHI") Impact Pool and the LEO Impact Housing Fund. See Note 22 for additional information. |
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