v3.26.1
Segment Information (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
segment
Jun. 30, 2025
USD ($)
Segment information        
Number of operating segments | segment     3  
Number of reportable segments | segment     3  
Total revenues $ 264,001 $ 241,916 $ 517,081 $ 481,762
Expenses        
SUMMIT Operator expenses 25,520 24,847 50,462 46,611
Operating Expenses 60,250 51,105 121,707 107,167
Real Estate Taxes 42,435 37,750 84,347 74,967
Operating lease rent 6,898 6,105 13,842 12,211
Real Estate segment Net operating income 159,934 129,280 305,204 265,296
Equity in net income (loss) from unconsolidated joint ventures 14,948 (22,775) (5,832) (21,605)
Income from debt fund investments, net 5,990 600 8,468 600
Loan loss and other investment reserves, net of recoveries 0 46,287 0 71,326
Depreciation and amortization (67,279) (60,160) (137,030) (124,658)
Interest expense, net of interest income (54,011) (45,318) (104,920) (90,999)
Interest expense on senior obligations of consolidated securitization vehicles (14,743) (21,017) (29,392) (34,989)
Non-operating net loss from unconsolidated joint ventures (48,558) (68,553) (118,114) (120,705)
Marketing, general and administrative expense (22,781) (21,579) (45,567) (43,303)
Transaction related costs (17) (177) (301) (472)
Depreciable real estate reserves 0 0 (35,160) (8,546)
Depreciable real estate reserves in unconsolidated joint venture       (1,780)
Gains (loss) on sale of real estate, net (4,179) (167) 12,457 (649)
Purchase price and other fair value adjustments 5,662 (9,617) 9,845 (19,228)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate 0 (1,946) (814) (1,946)
Gain on sale of marketable securities 0 10,232 0 10,232
Depreciation and amortization (66,304) (59,277) (135,092) (123,015)
Amortization of deferred financing costs (2,156) (1,742) (4,958) (3,429)
Interest expense, net of interest income (52,620) (38,345) (102,009) (76,981)
Net income (loss) (10,891) (6,817) (88,289) (28,362)
Operating Segments        
Expenses        
Net income (loss) 20,128 55,074 26,220 96,164
Operating Segments | Real Estate Segment        
Segment information        
Total revenues 215,092 183,521 427,035 368,738
Expenses        
SUMMIT Operator expenses 0 0 0 0
SUMMIT Operator tax expense 0 0 0 0
Operating Expenses 60,250 51,105 121,707 107,167
Real Estate Taxes 42,435 37,750 84,347 74,967
Operating lease rent 6,898 6,105 13,842 12,211
Net operating income from unconsolidated joint ventures 54,425 40,719 98,065 90,903
Real Estate segment Net operating income 159,934 129,280 305,204 265,296
Operating Segments | SUMMIT Segment        
Segment information        
Total revenues 31,509 31,007 55,651 53,541
Expenses        
SUMMIT Operator expenses 25,520 24,847 50,462 46,611
SUMMIT Operator tax expense 1,223 1,547 1,808 1,502
Operating Expenses 0 0 0 0
Real Estate Taxes 0 0 0 0
Operating lease rent 0 0 0 0
Equity in net income (loss) from unconsolidated joint ventures 0 0 0 0
Income from debt fund investments, net 0 0 0 0
Loan loss and other investment reserves, net of recoveries   0   0
Depreciation and amortization (975) (883) (1,938) (1,643)
Interest expense, net of interest income 0 0 0 0
Interest expense on senior obligations of consolidated securitization vehicles 0 0 0 0
Net income (loss) 3,791 3,730 1,443 3,785
Operating Segments | DPE Segment        
Segment information        
Total revenues 17,400 27,388 34,395 59,483
Expenses        
SUMMIT Operator expenses 0 0 0 0
SUMMIT Operator tax expense 0 0 0 0
Operating Expenses 0 0 0 0
Real Estate Taxes 0 0 0 0
Operating lease rent 0 0 0 0
Equity in net income (loss) from unconsolidated joint ventures 9,081 5,059 14,217 9,977
Income from debt fund investments, net 5,990 600 8,468 600
Loan loss and other investment reserves, net of recoveries   46,287   71,326
Depreciation and amortization 0 0 0 0
Interest expense, net of interest income (1,391) (6,973) (2,911) (14,018)
Interest expense on senior obligations of consolidated securitization vehicles (14,743) (21,017) (29,392) (34,989)
Net income (loss) $ 16,337 $ 51,344 $ 24,777 $ 92,379