v3.26.1
Segment Reporting (Details) - Income statement segment information (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jan. 01, 2026
property
segment
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
property
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
segment
Segment Reporting Information [Line Items]            
Number of reportable segments | segment           1
Number of operating segments | segment 2         1
Number of hotel properties | property 2          
Revenues:            
Interest income from sales-type leases   $ 76,902 $ 70,642 $ 151,936 $ 140,306  
Operating lease income   15,806 16,706 35,962 38,088  
Hotel revenues   15,937   25,801    
Interest income [1]   3,291 2,712 6,400 5,045  
Other income [2]   2,710 3,782 5,401 8,080  
Total revenues   114,646 93,842 225,500 191,519  
Costs and expenses and other items:            
Hotel expenses   (13,932)   (26,127)    
Depreciation and amortization   (1,849) (2,127) (3,697) (4,323)  
(Provision for) recovery of credit losses   (270) (2,350) (768) (4,646)  
Earnings (losses) from equity method investments   $ 3,861 4,912 $ 7,896 9,904  
Other segment expenses, description   Includes real estate expense and other expenses.   Includes real estate expense and other expenses.    
Segment profit (loss)   $ 32,117 $ 28,831 $ 61,699 $ 59,124  
Assets [3]   7,520,024   7,520,024   $ 7,249,275
Ground Leases            
Revenues:            
Interest income from sales-type leases   76,902   151,936    
Operating lease income   15,806   35,962    
Interest income   3,291   6,400    
Other income   2,710   5,401    
Total revenues   98,709   199,699    
Costs and expenses and other items:            
Interest expense - cash   (47,948)   (94,339)    
Interest expense - non-cash   (7,240)   (14,364)    
Depreciation and amortization   (1,236)   (2,472)    
General and administrative - public company costs   (10,954)   (22,478)    
General and administrative - stock-based compensation   (3,389)   (7,168)    
(Provision for) recovery of credit losses   (270)   (768)    
Earnings (losses) from equity method investments   3,861   7,896    
Other segment items   (561)   (2,262)    
Segment profit (loss)   30,972   $ 63,744    
Hotel Operations            
Segment Reporting Information [Line Items]            
Number of hotel properties | property       2    
Revenues:            
Hotel revenues   15,937   $ 25,801    
Total revenues   15,937   25,801    
Costs and expenses and other items:            
Hotel expenses   (13,932)   (26,127)    
Depreciation and amortization   (613)   (1,225)    
Other segment items   (247)   (494)    
Segment profit (loss)   1,145   (2,045)    
Assets   $ 92,800   $ 92,800    
[1] For the three months ended June 30, 2026 and 2025, includes $2.3 million and $2.4 million, respectively, of interest income from related parties. For the six months ended June 30, 2026 and 2025, includes $4.7 million and $4.7 million, respectively, of interest income from related parties.
[2] For the three months ended June 30, 2026 and 2025, includes $1.9 million and $2.7 million, respectively, of management fees from related parties. For the six months ended June 30, 2026 and 2025, includes $4.0 million and $6.3 million, respectively, of management fees from related parties.
[3] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).