FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Carrying Amounts and Fair Values of Financial Instruments

The table below summarizes the carrying amounts and fair values of our financial instruments either recorded or disclosed on a recurring basis (dollars in thousands):


	As of June 30, 2026				As of December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents (1)	$	198,956	$	198,956	$	741,067	$	741,067
Escrow deposits and restricted cash (1)	24,861		24,861		45,070		45,070

Secured loans receivable and investments, net (3)(4)	436,401		442,645		143,913		146,364
Non-mortgage loans receivable, net (3)(4)(5)	20,730		19,757		20,827		20,432


Derivative instruments (3)(4)(5)	22,539		22,539		12,390		12,390
Liabilities:
Senior notes payable and other debt, gross (3)(4)	$	12,768,110	$	12,605,231	$	13,103,627	$	13,429,007
Derivative instruments (3)(6)	3,636		3,636		5,267		5,267
Temporary Equity:
Redeemable OP Units (2)	$	294,280	$	294,280	$	260,672	$	260,672

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(1)The carrying amount approximates fair value due to the short maturity of these instruments.

(2)Level 1 within fair value hierarchy.

(3)Level 2 within fair value hierarchy.

(4)Level 3 within fair value hierarchy.

(5)Included in Other assets on our Consolidated Balance Sheets.

(6)Included in Accounts payable and other liabilities on our Consolidated Balance Sheets.

The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange.