Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3) (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description | | Level 1: Quoted Prices in Active Markets for Identical Assets | | Level 2: Significant Other Observable Inputs | | Level 3: Significant Unobservable Inputs | | | | Total at March 31, 2026 | | Real estate properties | | $ | — | | | $ | — | | | $ | 16,023.0 | | | | | $ | 16,023.0 | | | Real estate joint ventures | | — | | | — | | | 5,136.9 | | | | | 5,136.9 | | | | | | | | | | | | | | Real estate operating business | | — | | | — | | | 1,082.0 | | | | | 1,082.0 | | | Marketable securities: | | | | | | | | | | | | | | | | | | | | | | | U.S. government agency notes | | — | | | 490.7 | | | — | | | | | 490.7 | | | U.S treasury securities | | — | | | 695.5 | | | — | | | | | 695.5 | | | Reverse repurchase agreement | | — | | | 367.5 | | | — | | | | | 367.5 | | | | | | | | | | | | | | | | | | | | | | | | Loans receivable(1) | | — | | | — | | | 564.3 | | | | | 564.3 | | | | | | | | | | | | | | Loans payable | | — | | | — | | | (809.8) | | | | | (809.8) | | | Line of credit | | — | | | — | | | (160.0) | | | | | (160.0) | | | Other unsecured debt | | — | | | (1,553.9) | | | — | | | | | (1,553.9) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description | | Level 1: Quoted Prices in Active Markets for Identical Assets | | Level 2: Significant Other Observable Inputs | | Level 3: Significant Unobservable Inputs | | | | Total at December 31, 2025 | | Real estate properties | | $ | — | | | $ | — | | | $ | 15,975.4 | | | | | $ | 15,975.4 | | | Real estate joint ventures | | — | | | — | | | 5,098.8 | | | | | 5,098.8 | | | | | | | | | | | | | | Real estate operating business | | — | | | — | | | 1,072.6 | | | | | 1,072.6 | | | Marketable securities: | | | | | | | | | | | | U.S. government agency notes | | — | | | 621.1 | | | — | | | | | 621.1 | | | | | | | | | | | | | | U.S. treasury securities | | — | | | 899.4 | | | — | | | | | 899.4 | | | Reverse repurchase agreement | | — | | | 208.2 | | | — | | | | | 208.2 | | | | | | | | | | | | | Loans receivable(1) | | — | | | — | | | 690.4 | | | | | 690.4 | | | | | | | | | | | | | | Loans payable | | — | | | — | | | (830.3) | | | | | (830.3) | | | Line of credit | | — | | | — | | | (160.0) | | | | | (160.0) | | | Other unsecured debt | | — | | | (1,568.7) | | | — | | | | | (1,568.7) | |
(1) Includes loans receivable with related parties.
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| Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis, Unobservable Inputs |
The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2026 and 2025 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Real Estate
Properties | | Real Estate
Joint Ventures | | Real Estate Operating Business | | Loans
Receivable(2) | | Total
Level 3
Investments | | Loans
Payable | | Line of Credit | | For the three months ended March 31, 2026 | | | | | | | | | | | | | | | | Beginning balance January 1, 2026 | | $ | 15,975.4 | | | $ | 5,098.8 | | | $ | 1,072.6 | | | $ | 690.4 | | | $ | 22,837.2 | | | $ | (830.3) | | | $ | (160.0) | | | Total realized and unrealized gains (losses) included in changes in net assets | | (63.4) | | | (1.1) | | | 9.4 | | | (0.6) | | | (55.7) | | | 9.9 | | | — | | Purchases(1) | | 299.2 | | | 58.4 | | | — | | | 3.3 | | | 360.9 | | | — | | | — | | | Sales | | (188.2) | | | — | | | — | | | — | | | (188.2) | | | — | | | — | | Settlements(3) | | — | | | (19.2) | | | — | | | (128.8) | | | (148.0) | | | 10.6 | | | — | | | Ending balance March 31, 2026 | | $ | 16,023.0 | | | $ | 5,136.9 | | | $ | 1,082.0 | | | $ | 564.3 | | | $ | 22,806.2 | | | $ | (809.8) | | | $ | (160.0) | |
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Properties | | Real Estate
Joint Ventures | | Real Estate Operating Business | | Loans
Receivable(2) | | Total
Level 3
Investments | | Loans
Payable | | | | | | For the three months ended March 31, 2025 | | | | | | | | | | | | | | | | | | Beginning balance January 1, 2025 | | $ | 15,607.0 | | | $ | 5,381.4 | | | $ | 931.8 | | | $ | 877.8 | | | $ | 22,798.0 | | | $ | (1,585.5) | | | | | | | Total realized and unrealized gains (losses) included in changes in net assets | | (76.2) | | | 90.6 | | | (0.2) | | | 0.8 | | | 15.0 | | | 4.3 | | | | | | Purchases(1) | | 186.3 | | | 43.6 | | | 127.2 | | | 2.1 | | | 359.2 | | | — | | | | | | | Sales | | (170.8) | | | — | | | — | | | — | | | (170.8) | | | — | | | | | | Settlements(3) | | — | | | (281.1) | | | — | | | (28.1) | | | (309.2) | | | 225.4 | | | | | | | Ending balance March 31, 2025 | | $ | 15,546.3 | | | $ | 5,234.5 | | | $ | 1,058.8 | | | $ | 852.6 | | | $ | 22,692.2 | | | $ | (1,355.8) | | | | | |
(1)Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable, and assumption of loans payable. (2)Includes loans receivable with related parties. (3)Includes operating income for real estate joint ventures net of distributions, payments of loans receivable, and payments of loans payable.
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| Schedule of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis, Unobservable Inputs |
The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2026 and 2025 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Real Estate
Properties | | Real Estate
Joint Ventures | | Real Estate Operating Business | | Loans
Receivable(2) | | Total
Level 3
Investments | | Loans
Payable | | Line of Credit | | For the three months ended March 31, 2026 | | | | | | | | | | | | | | | | Beginning balance January 1, 2026 | | $ | 15,975.4 | | | $ | 5,098.8 | | | $ | 1,072.6 | | | $ | 690.4 | | | $ | 22,837.2 | | | $ | (830.3) | | | $ | (160.0) | | | Total realized and unrealized gains (losses) included in changes in net assets | | (63.4) | | | (1.1) | | | 9.4 | | | (0.6) | | | (55.7) | | | 9.9 | | | — | | Purchases(1) | | 299.2 | | | 58.4 | | | — | | | 3.3 | | | 360.9 | | | — | | | — | | | Sales | | (188.2) | | | — | | | — | | | — | | | (188.2) | | | — | | | — | | Settlements(3) | | — | | | (19.2) | | | — | | | (128.8) | | | (148.0) | | | 10.6 | | | — | | | Ending balance March 31, 2026 | | $ | 16,023.0 | | | $ | 5,136.9 | | | $ | 1,082.0 | | | $ | 564.3 | | | $ | 22,806.2 | | | $ | (809.8) | | | $ | (160.0) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Real Estate
Properties | | Real Estate
Joint Ventures | | Real Estate Operating Business | | Loans
Receivable(2) | | Total
Level 3
Investments | | Loans
Payable | | | | | | For the three months ended March 31, 2025 | | | | | | | | | | | | | | | | | | Beginning balance January 1, 2025 | | $ | 15,607.0 | | | $ | 5,381.4 | | | $ | 931.8 | | | $ | 877.8 | | | $ | 22,798.0 | | | $ | (1,585.5) | | | | | | | Total realized and unrealized gains (losses) included in changes in net assets | | (76.2) | | | 90.6 | | | (0.2) | | | 0.8 | | | 15.0 | | | 4.3 | | | | | | Purchases(1) | | 186.3 | | | 43.6 | | | 127.2 | | | 2.1 | | | 359.2 | | | — | | | | | | | Sales | | (170.8) | | | — | | | — | | | — | | | (170.8) | | | — | | | | | | Settlements(3) | | — | | | (281.1) | | | — | | | (28.1) | | | (309.2) | | | 225.4 | | | | | | | Ending balance March 31, 2025 | | $ | 15,546.3 | | | $ | 5,234.5 | | | $ | 1,058.8 | | | $ | 852.6 | | | $ | 22,692.2 | | | $ | (1,355.8) | | | | | |
(1)Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable, and assumption of loans payable. (2)Includes loans receivable with related parties. (3)Includes operating income for real estate joint ventures net of distributions, payments of loans receivable, and payments of loans payable.
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| Schedule of Unobservable Inputs Related to Level 3 Fair Value Measurements |
The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 2026. | | | | | | | | | | | | | | | | Type | Asset Class | Valuation
Technique(s) | Unobservable Inputs(1) | Range (Weighted Average) | | Real Estate Properties and Joint Ventures | Office | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 6.8% - 12.8% (8.5%) 5.5% - 9.5% (6.9%) | | | Income Approach—Direct Capitalization | Overall Capitalization Rate | 5.0% - 12.3% (6.9%) | | Industrial | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 6.5% - 8.5% (7.2%) 5.3% - 6.8% (5.7%) | | | Income Approach—Direct Capitalization | Overall Capitalization Rate | 3.8% - 6.3% (5.2%) | | Residential | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 6.5% - 10.0% (7.0%) 5.3% - 8.5% (5.5%) | | | Income Approach—Direct Capitalization | Overall Capitalization Rate | 4.8% - 7.8% (5.0%) | | Retail | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 6.3% - 12.0% (7.4%) 5.3% - 9.5% (6.3%) | | | Income Approach—Direct Capitalization | Overall Capitalization Rate | 5.0% - 9.0% (6.0%) | | Hotel | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 10.0% 8.0% | | | Income Approach—Direct Capitalization | Overall Capitalization Rate | 7.0% | | Land | Sales Comparison Approach | Price per projected unit | $55.00 - $142.86 ($101.70)(2) | Real Estate Operating Business(3) | | Income Approach—Discounted Cash Flow | Discount Rate Terminal Growth Rate Terminal EBITDA Multiple | 13.0% 11.4% 20.0x | | | Market Approach | EBITDA Multiple | 32.0x | | | | | | | Loans Receivable, including those with related parties | Office | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 55.2% - 124.6% (72.9%) 5.7% - 157.9% (22.9%) | | | | | | | Residential | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 58.2% - 61.7% (60.6%) 6.5% - 8.3% (7.0%) | | | | | | | Loans Payable | Office | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 41.5% - 79.2% (66.3%) 5.7% - 6.8% (6.6%) | | | Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 41.5% - 79.2% (66.3%) 1.1 - 1.8 (1.5) | | Industrial | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 30.3% - 40.2% (34.9%) 5.2% - 6.1% (5.7%) | | | Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 30.3% - 40.2% (34.9%) 1.1 - 1.1 (1.1) | | Residential | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 44.5% - 72.9% (54.7%) 4.9% - 6.0% (5.3%) | | | Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 44.5% - 72.9% (54.7%) 1.2 - 1.5 (1.3) | | Retail | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 48.0% - 77.0% (53.9%) 5.4% - 7.9% (6.1%) | | | Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 48.0% - 77.0% (53.9%) 1.2- 1.7 (1.3) |
The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2025. | | | | | | | | | | | | | | | | Type | Asset Class | Valuation
Technique(s) | Unobservable Inputs(1) | Range (Weighted Average) | | Real Estate Properties and Joint Ventures | Office | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 6.8% - 11.0% (8.5%) 5.5% - 10.3% (6.9%) | | | Income Approach—Direct Capitalization | Overall Capitalization Rate | 5.0% - 12.5% (6.9%) | | Industrial | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 6.5% - 8.1% (7.2%) 5.2% - 6.8% (5.6%) | | | Income Approach—Direct Capitalization | Overall Capitalization Rate | 3.8% - 6.3% (5.2%) | | Residential | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 6.5% - 9.3% (7.0%) 5.0% - 7.8% (5.5%) | | | Income Approach—Direct Capitalization | Overall Capitalization Rate | 4.8% - 7.0% (5.0%) | | Retail | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 6.5% - 12.0% (7.4%) 5.5% - 9.5% (6.3%) | | | Income Approach—Direct Capitalization | Overall Capitalization Rate | 5.0% - 9.0% (6.0%) | | Hotel | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 10.0% 8.0% | | | Income Approach—Direct Capitalization | Overall Capitalization Rate | 7.8% | | Land | Sales Comparison Approach | Price per projected unit | $55.00 - $140.00 ($101.00)(2) | Real Estate Operating Business(3) | | Income Approach—Discounted Cash Flow | Discount Rate | 13.0 | % | | | | Terminal Growth Rate | 11.4 | % | | | Market Approach | EBITDA Multiple | 30.3x | | | | Terminal EBITDA Multiple | 20.0x | Loans Receivable,
including those with
related parties | Office | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 55.0% - 73.3% (63.6%) 6.2% - 9.3% (6.7%) | | Industrial | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 51.6% - 68.8% (55.9%) 5.3% - 8.3% (6.0%) | | Residential | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 58.3% - 61.7% (60.6%) 7.0% - 8.3% (7.4%) | | | | | | | Loans Payable | Office | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 42.4% - 80.0% (71.4%) 5.8% - 6.7% (6.5%) | | | Net Present Value | Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple | 42.4% - 80.0% (71.4%) 1.1 - 1.9 (1.7) | | Industrial | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 30.3% - 40.6% (35.1%) 5.4% - 5.9% (5.6%) | | | Net Present Value | Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple | 30.3% - 40.6% (35.1%)
1.1 - 1.1 (1.1) | | Residential | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 44.8% - 72.8% (56.3%) 4.7% - 6.0% (5.2%) | | | Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 44.8% - 72.8% (56.3%) 1.2 - 1.5 (1.3) |
| | | | | | | | | | | | | | | | Type | Asset Class | Valuation
Technique(s) | Unobservable Inputs(1) | Range (Weighted Average) | | Retail | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 48.7% - 75.4% (53.9%) 5.5% - 7.3% (6.3%) | | | Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 48.7% - 75.4% (53.9%) 1.2 - 1.6 (1.3) |
(1) Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments. (2) Calculated per Floor Area Ratio and applied to the planned building area that can be constructed on site. (3) The fair value measurement was additionally based upon information developed by the third-party valuation provider (including recent transactions), corroborated by the Independent Fiduciary for reasonableness. The valuation of the real estate operating business is then determined based on a weighting of the income approach - discounted cash flow, market approach, and transactions. Transactions for these measurements were utilized in the December 31, 2025 10-K report and not in the current report as of March 31, 2026.
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| Schedule of Fair Value of Net Unrealized Gains (Losses) Included in Changes in Net Assets Attributable to Investments and Loans Payable Using Significant Unobservable Inputs |
The amount of total net unrealized (losses) gains included in changes in net assets relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Real Estate
Properties | | Real Estate
Joint
Ventures | | Real Estate Operating Business | | Loans Receivable(1) | | Total
Level 3
Investments | |
Loans
Payable | | For the Three Months ended March 31, 2026 | $ | (2.7) | | | $ | 18.1 | | | $ | 9.4 | | | $ | (1.0) | | | $ | 23.8 | | | $ | 0.3 | | | | | | | | | | | | | | | For the Three Months ended March 31, 2025 | $ | (67.3) | | | $ | 93.0 | | | $ | (0.2) | | | $ | 0.8 | | | $ | 26.3 | | | $ | 4.3 | | | | | | | | | | | | | |
(1) Amount shown is reflective of loans receivable and loans receivable with related parties.
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