
	Three Months Ended March 31, 2026
	Net Lease		Hotels		Total
Revenues:
Hotel operating revenues	$	—	$	264,575	$	264,575
Rental income	99,876		—		99,876
Total revenues	99,876		264,575		364,451

Less (plus):
Room expenses	—		67,112		67,112
Food and beverage expenses	—		40,305		40,305
Management fees	2,771		9,129		11,900
Real estate taxes and insurance	2,105		23,680		25,785
Other operating expenses (1)	2,564		102,418		104,982
Depreciation and amortization	32,937		42,906		75,843
Interest expense	15,792		—		15,792
Other segment items (2)	8,988		20,196		29,184
Segment profit (loss)	34,719		(41,171)		(6,452)

Reconciliation of segment profit or loss:
General and administrative					(8,796)
Transaction related costs					(6)
Interest income					884
Interest expense					(80,755)
Loss on early extinguishment of debt, net					(51,871)
Income tax expense					(1,181)
Equity in losses of an investee					(3,001)
Net loss					$	(151,178)

(1) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs, including property level expense reimbursements for our net lease investments segment as discussed in Note 10, incurred in connection with the operation of our properties.

(2) Other segment items for each reportable segment include transaction related costs, gains and losses on asset impairment and sale of real estate and interest income, as applicable.


	Three Months Ended March 31, 2025
	Net Lease		Hotels		Total
Revenues:
Hotel operating revenues	$	—	$	334,963	$	334,963
Rental income	100,216		—		100,216
Total revenues	100,216		334,963		435,179

Less (plus):
Room expenses	—		93,909		93,909
Food and beverage expenses	—		40,319		40,319
Management fees	2,087		12,485		14,572
Real estate taxes and insurance	788		29,613		30,401
Other operating expenses (1)	2,753		129,514		132,267
Depreciation and amortization	35,357		53,743		89,100
Interest expense	12,126		—		12,126
Other segment items (2)	(490)		36,698		36,208
Segment profit (loss)	47,595		(61,318)		(13,723)

Reconciliation of segment profit or loss:
General and administrative					(9,556)
Transaction related costs					(29)
Interest income					1,054
Interest expense					(89,391)

Income tax expense					(843)
Equity in losses of an investee					(3,947)
Net loss					$	(116,435)

(2) Other segment items for each reportable segment include transaction related costs, gains and losses on asset impairment and sale of real estate and interest income, as applicable.


	As of March 31, 2026		As of December 31, 2025
Assets:
Net Lease	$	2,865,157	$	2,902,699
Hotels	3,066,762		3,107,967
Corporate	149,706		480,914
Total assets	$	6,081,625	$	6,491,580


	Three Months Ended March 31,
	2026		2025
Capital expenditures:
Net Lease	$	580	$	748
Hotels	20,350		45,121
Total capital expenditures	$	20,930	$	45,869