v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 59,620 $ 57,379
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Depreciation and amortization 3,697 4,323
Stock-based compensation expense 7,168 6,568
Deferred operating lease income (15,007) (15,208)
Non-cash interest income from sales-type leases (53,702) (49,506)
Non-cash interest expense 7,390 6,882
Amortization of real estate-related intangibles, net 928 1,155
Write-off of investment in preferred equity   1,945
Provision for (recovery of) credit losses 768 4,646
(Earnings) losses from equity method investments (7,896) (9,904)
Distributions from operations of equity method investments 3,109 4,795
Amortization of premium, discount and deferred financing costs on debt obligations, net 4,464 4,097
Proceeds received from derivative transactions 17,247 13,127
Other operating activities 1,315 (1,414)
Changes in assets and liabilities:    
Changes in deferred expenses and other assets, net (4,709) 2,251
Changes in accounts payable, accrued expenses and other liabilities 1,643 5,766
Cash flows provided by (used in) operating activities 26,035 36,902
Cash flows from investing activities:    
Origination/acquisition of net investment in sales-type leases and Ground Lease receivables (184,857) (81,293)
Origination and fundings of loans receivable, net (18,923) (42,090)
Contributions to equity method investments (6,129) (15,387)
Distributions from equity method investments   9,528
Net proceeds received from sale of real estate available and held for sale 1,402 1,809
Proceeds received from derivative transactions 1,678 3,351
Other investing activities (1,767) 121
Cash flows provided by (used in) investing activities (208,596) (123,961)
Cash flows from financing activities:    
Proceeds from debt obligations 1,622,000 543,000
Repayments of debt obligations (1,556,000) (420,000)
Payments for deferred financing costs (2,469) (441)
Dividends paid to common shareholders (25,789) (25,538)
Repurchase of common stock (16,050)  
Payment of offering costs in connection with joint venture (refer to Note 4) (9,962)  
Payments for withholding taxes upon vesting for stock-based compensation (3,465) (3,975)
Redemption of noncontrolling interests (604) (125)
Contributions from noncontrolling interests 170,520  
Distributions to noncontrolling interests (32) (43)
Other financing activities (220)  
Cash flows provided by (used in) financing activities 177,929 92,878
Changes in cash, cash equivalents and restricted cash (4,632) 5,819
Cash, cash equivalents and restricted cash at beginning of period 30,736 17,118
Cash, cash equivalents and restricted cash at end of period $ 26,104 $ 22,937