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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring and Nonrecurring
The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy as of June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024
TotalLevel 1Level 2Level 3
Assets:
Marketable securities available-for-sale$16,593 $— $16,593 $— 
Interest rate cap and swap agreements (included in Other assets)55,531 — 55,531 — 
Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)$11,224 $— $11,224 $— 
December 31, 2023
TotalLevel 1Level 2Level 3
Assets:
Marketable securities available-for-sale$9,591 $— $9,591 $— 
Interest rate cap and swap agreements (included in Other assets)33,456 — 33,456 — 
Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)$17,108 $— $17,108 $— 
Schedule of Fair Value, by Balance Sheet Grouping
The following table provides the carrying value and fair value of these financial instruments as of June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024December 31, 2023
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
Debt and preferred equity investments$290,487 
(2)
$346,745 
(2)
Fixed rate debt$3,039,399 $2,977,065 $3,237,386 $3,184,338 
Variable rate debt (3)
600,493 599,156 270,000 268,787 
$3,639,892 $3,576,221 $3,507,386 $3,453,125 
(1)Amounts exclude net deferred financing costs.
(2)As of June 30, 2024, debt and preferred equity investments had an estimated fair value of approximately $0.3 billion. As of December 31, 2023, debt and preferred equity investments had an estimated fair value of approximately $0.3 billion.
(3)As of June 30, 2024, variable rate debt with a carrying value of $60.5 million and fair value of $59.0 million is included in the Company's alternative strategy portfolio.