v3.26.1
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Identified Intangible Assets and Intangible Liabilities
The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
Identified intangible assets (included in other assets):
Gross amount$376,033 $365,454 
Accumulated amortization(216,800)(224,360)
Total, net$159,233 $141,094 
Identified intangible liabilities (included in deferred revenue):
Gross amount$238,746 $242,136 
Accumulated amortization(206,887)(207,798)
Total, net$31,859 $34,338 
Schedule of Marketable Securities
As of June 30, 2026 and December 31, 2025, we held the following commercial mortgage-backed securities ("CMBS") (in thousands):
June 30, 2026December 31, 2025
Commercial mortgage-backed securities - available-for-sale$21,273 $23,666 
Commercial mortgage-backed securities - held-to-maturity$— $— 
Total investment in marketable securities$21,273 $23,666 
Schedule of Real Estate CMBS Securitization Trusts
As of June 30, 2026 and December 31, 2025, we consolidated the following CMBS securitization trusts (in thousands):
June 30, 2026December 31, 2025
Maturity (2)
TypeFair ValuePrincipal ValueFair Value Principal Value
Real estate loans held by consolidated securitization vehicles (1)
$1,031,212 $1,119,044 $1,023,877 $1,119,044 2023 - 2027
Senior obligations of consolidated securitization vehicles1,031,212 1,119,044 1,023,877 1,119,044 2023 - 2027
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles$— $— $— $— 
(1)Excludes real estate loans held by the Fund.
(2)The Company is in discussions with the respective borrowers on the resolution of the past maturities.
Schedule of Properties Contributed of Annualized Cash Rent
For the three months ended June 30, 2026, the following properties contributed more than 5.0% of our annualized cash rent from office properties, including our share of annualized cash rent from joint venture office properties:
PropertyThree months ended June 30, 2026
One Vanderbilt Avenue11.9%
11 Madison Avenue8.0%
245 Park Avenue7.2%
420 Lexington Avenue6.7%
1515 Broadway6.2%
280 Park Avenue 5.1%