v3.26.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):

September 30, 2026December 31, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Investments in real estate debt, at fair value(1)
$— $3,819,725 $560,639 $4,380,364 $— $3,282,457 $754,693 $4,037,150 
Real estate loans held by consolidated securitization vehicles, at fair value— 3,289,893 — 3,289,893 — 6,975,460 — 6,975,460 
Investments in unconsolidated entities— — 3,724,022 3,724,022 — — 3,843,300 3,843,300 
Interest rate and foreign currency hedging derivatives(2)
— 1,147,760 — 1,147,760 — 960,328 — 960,328 
Total$— $8,257,378 $4,284,661 $12,542,039 $— $11,218,245 $4,597,993 $15,816,238 
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value$— $2,808,028 $— $2,808,028 $— $6,284,112 $— $6,284,112 
Interest rate and foreign currency hedging derivatives(3)
— 14,082 — 14,082 — 24,274 — 24,274 
Total$— $2,822,110 $— $2,822,110 $— $6,308,386 $— $6,308,386 
(1)Excludes $80.0 million and $96.6 million of investments measured at fair value using net asset value as a practical expedient that are not classified in the fair value hierarchy, as of September 30, 2026 and December 31, 2025, respectively.
(2)Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets.
(3)Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
Schedule of Assets Measured at Fair Value on a Recurring Basis
The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):
Investments in
Real Estate Debt, at Fair Value		Investments in
Unconsolidated Entities		Total
Balance as of December 31, 2025$754,693 $3,843,300 $4,597,993 
Purchases and contributions20,000 412 20,412 
Sales and repayments(217,657)— (217,657)
Distributions received— (174,736)(174,736)
Included in net income (loss)
Income from unconsolidated entities measured at fair value
— 55,046 55,046 
Realized gain303 — 303 
Unrealized gain
3,300 — 3,300 
Balance as of September 30, 2026$560,639 $3,724,022 $4,284,661 
Schedule of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy
The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):
September 30, 2026
Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateImpact to Valuation from an Increase in Input
Assets
Investments in real estate debt
$540,639 
Yield method
Market yield
8.9%Decrease
Investments in real estate debt
$20,000 
Cost(1)
N/A
N/A
N/A
Investments in unconsolidated entities$3,724,022 Discounted cash flow
Weighted average cost of capital
8.6%Decrease
Exit capitalization rate
5.5%Decrease

December 31, 2025
Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateImpact to Valuation from an Increase in Input
Assets
Investments in real estate debt$754,693 
Yield method
Market yield
9.0%Decrease
Investments in unconsolidated entities$3,843,300 
Discounted cash flow
Weighted average cost of capital
9.0%Decrease
Exit capitalization rate
5.5%Decrease
(1) During September 2026, the Company made an investment in a credit contract, which is reflected at its initial investment value as of September 30, 2026. The Company did not utilize any quantitative inputs and assumptions in valuing this investment as the Company believes that the transaction price provides the most observable indication of fair value given the timing of the investment and lack of significant changes in market conditions.
Schedule of Incentive Compensation Awards The following table details the incentive compensation awards issued to certain employees of April Housing and ACC ($ in thousands):
December 31, 2025For the Nine Months Ended September 30, 2026September 30, 2026
Plan YearUnrecognized Compensation CostValue of Awards Issued
Forfeiture of Unvested Awards
Amortization of Compensation Cost
Unrecognized Compensation CostRemaining Amortization Period
2023$1,369 $— $— $(1,035)$334 0.3 year
20244,727 — (175)(2,136)2,416 1.1 years
20259,347 — (516)(3,208)5,623 1.8 years
2026— 18,014 (63)(4,480)13,471 2.6 years
Total$15,443 $18,014 $(754)$(10,859)$21,844 
The following table details the incentive compensation awards ($ in thousands):
December 31, 2025For the Nine Months Ended September 30, 2026September 30, 2026
Plan YearUnrecognized Compensation Cost Value of Awards IssuedForfeiture of Unvested AwardsAmortization of Compensation CostUnrecognized Compensation Cost
Remaining Amortization Period
2023$4,833 $— $(1,521)$(1,549)$1,763 0.3 year
202419,155 — (2,447)(6,970)9,738 1.1 years
202553,940 — (2,890)(18,542)32,508 1.9 years
2026— 74,925 — (18,725)56,200 2.6 years
Total$77,928 $74,925 $(6,858)$(45,786)$100,209