v3.26.1
JOINT VENTURES AND PARTNERSHIPS - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Combined summary of balance sheets relating to unconsolidated joint ventures                
Total real estate, net $ 8,877,058   $ 8,877,058     $ 9,113,339    
Investments, at fair value 728,837   728,837     886,492    
Cash and cash equivalents 1,193 $ 1,532 1,193 $ 1,532   1,222   $ 1,326
Other assets 266,010   266,010     231,308    
Total assets 10,265,348   10,265,348     10,605,674    
Accounts payable and accrued liabilities 128,549   128,549     142,102    
Total liabilities 6,426,049   6,426,049     6,456,911    
Total equity 2,939,019 3,325,151 2,939,019 3,325,151 $ 3,286,015 3,288,797 $ 3,331,379 $ 3,443,540
Financial information relating to unconsolidated joint ventures operations                
Total revenues 425,399 425,399 851,248 847,347        
Property operating expenses 76,331 75,613 157,063 151,603        
Real estate depreciation and amortization 160,120 163,191 321,388 324,585        
Gain/(loss) on sale of real estate owned 35,704   193,120 47,939        
Operating income/(loss) 115,857 77,389 345,662 199,584        
Interest expense (47,640) (48,665) (96,216) (96,366)        
Other income/(loss) 2,596 8,134 5,030 10,055        
Net income/(loss) 73,655 40,229 276,559 122,300        
Unconsolidated Joint Ventures and Partnerships                
Combined summary of balance sheets relating to unconsolidated joint ventures                
Total real estate, net 2,924,017   2,924,017     3,580,595    
Investments, at fair value 591,354   591,354     489,468    
Cash and cash equivalents 54,710   54,710     78,177    
Other assets 49,286   49,286     134,818    
Total assets 3,619,367   3,619,367     4,283,058    
Third party debt, net 1,753,194   1,753,194     2,496,081    
Accounts payable and accrued liabilities 59,886   59,886     180,461    
Total liabilities 1,813,080   1,813,080     2,676,542    
Total equity 1,806,287   1,806,287     $ 1,606,516    
Financial information relating to unconsolidated joint ventures operations                
Total revenues 93,923 93,206 196,975 183,327        
Property operating expenses 47,029 42,260 94,413 84,680        
Real estate depreciation and amortization 36,465 40,099 79,738 81,072        
Operating income/(loss) 10,429 10,847 22,824 17,575        
Interest expense (28,451) (36,017) (62,097) (78,296)        
Net unrealized/realized gain/(loss) on held investments (1,735) 1,018 96,794 16,630        
Other income/(loss) 147 344 331 3,386        
Net income/(loss) $ (19,610) $ (23,808) $ 57,852 $ (40,705)