v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three operating and reportable segments, real estate, debt and preferred equity ("DPE") investments, including the Fund, and SUMMIT. The results of these segments are provided to and reviewed by the CEO, our chief operating decision maker (“CODM”), who uses this information to assess performance and inform key decisions regarding operations, resources and capital allocation.
Our CODM evaluates real estate performance and allocates resources based on net operating income, which serves as the profit or loss measure for the real estate operating segment. For our debt and preferred equity investments and SUMMIT operating segment performance, our CODM evaluates and allocates resources based on net income. The CODM does not review asset information, by segment, as a measure to assess performance.
The reportable segment profit or loss measures for the six months ended June 30, 2026 and 2025 are as follows (in thousands):
June 30, 2026
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$427,035 $55,651 $34,395 $517,081 
Expenses:
SUMMIT Operator expenses— 50,462 — 
SUMMIT Operator tax expense— 1,808 — 
Operating Expenses121,707 — — 
Real Estate Taxes84,347 — — 
Operating lease rent13,842 — — 
Net operating income from unconsolidated joint ventures98,065 
Real Estate segment Net operating income$305,204 $305,204 
Equity in net income from unconsolidated joint ventures— 14,217 
Income from debt fund investments, net— 8,468 
Depreciation and amortization(1,938)— 
Interest expense, net of interest income— (2,911)
Interest expense on senior obligations of consolidated securitization vehicles— (29,392)
SUMMIT Net income and DPE Net income$1,443 $24,777 $26,220 
Non-operating net loss from unconsolidated joint ventures(118,114)
Marketing, general and administrative expense(45,567)
Transaction related costs(301)
Depreciable real estate reserves(35,160)
Gain on sale of real estate, net12,457 
Purchase price and other fair value adjustments9,845 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(814)
Depreciation and amortization(135,092)
Amortization of deferred financing costs(4,958)
Interest expense, net of interest income(102,009)
Net Loss$(88,289)
June 30, 2025
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$368,738 $53,541 $59,483 $481,762 
Expenses:
SUMMIT Operator expenses— 46,611 — 
SUMMIT Operator tax benefit— 1,502 — 
Operating Expenses107,167 — — 
Real Estate Taxes74,967 — — 
Operating lease rent12,211 — — 
Net operating income from unconsolidated joint ventures90,903 
Real Estate segment Net operating income$265,296 $265,296 
Equity in net income from unconsolidated joint ventures— 9,977 
Income from debt fund investments, net— 600 
Loan loss and other investment reserves, net of recoveries— 71,326 
Depreciation and amortization(1,643)— 
Interest expense, net of interest income— (14,018)
Interest expense on senior obligations of consolidated securitization vehicles— (34,989)
SUMMIT Net income and DPE Net income$3,785 $92,379 $96,164 
Non-operating net loss from unconsolidated joint ventures(120,705)
Marketing, general and administrative expense(43,303)
Transaction related costs(472)
Depreciable real estate reserves(8,546)
Depreciable real estate reserves in unconsolidated joint venture(1,780)
Loss on sale of real estate, net(649)
Purchase price and other fair value adjustments(19,228)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(1,946)
Gain on sale of marketable securities10,232 
Depreciation and amortization(123,015)
Amortization of deferred financing costs(3,429)
Interest expense, net of interest income(76,981)
Net Loss$(28,362)
The reportable segment profit or loss measures for the three months ended June 30, 2026 and 2025 are as follows (in thousands):
June 30, 2026
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$215,092 $31,509 $17,400 $264,001 
Expenses:
SUMMIT Operator expenses— 25,520 — 
SUMMIT Operator tax expense— 1,223 — 
Operating Expenses60,250 — — 
Real Estate Taxes42,435 — — 
Operating lease rent6,898 — — 
Net operating income from unconsolidated joint ventures$54,425 
Real Estate segment Net operating income$159,934 $159,934 
Equity in net income from unconsolidated joint ventures— 9,081 
Income from debt fund investments, net— 5,990 
Depreciation and amortization(975)— 
Interest expense, net of interest income— (1,391)
Interest expense on senior obligations of consolidated securitization vehicles— (14,743)
SUMMIT Net income and DPE Net income$3,791 $16,337 $20,128 
Non-operating net loss from unconsolidated joint ventures(48,558)
Marketing, general and administrative expense(22,781)
Transaction related costs(17)
Loss on sale of real estate, net(4,179)
Purchase price and other fair value adjustments5,662 
Equity in net gain on sale of interest in unconsolidated joint venture/real estate— 
Depreciation and amortization(66,304)
Amortization of deferred financing costs(2,156)
Interest expense, net of interest income(52,620)
Net Loss$(10,891)
June 30, 2025
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$183,521 $31,007 $27,388 $241,916 
Expenses:
SUMMIT Operator expenses— 24,847 — 
SUMMIT Operator tax benefit— 1,547 — 
Operating Expenses51,105 — — 
Real Estate Taxes37,750 — — 
Operating lease rent6,105 — — 
Net operating income from unconsolidated joint ventures$40,719 
Real Estate segment Net operating income$129,280 $129,280 
Equity in net income from unconsolidated joint ventures— 5,059 
Income from debt fund investments, net— 600 
Loan loss and other investment reserves, net of recoveries— 46,287 
Depreciation and amortization(883)— 
Interest expense, net of interest income— (6,973)
Interest expense on senior obligations of consolidated securitization vehicles— (21,017)
SUMMIT and DPE Net income$3,730 $51,344 $55,074 
Non-operating net loss from unconsolidated joint ventures(68,553)
Marketing, general and administrative expense(21,579)
Transaction related costs(177)
Loss on sale of real estate, net(167)
Purchase price and other fair value adjustments(9,617)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(1,946)
Gain on sale of marketable securities10,232 
Depreciation and amortization(59,277)
Amortization of deferred financing costs(1,742)
Interest expense, net of interest income(38,345)
Net Loss$(6,817)
For the real estate segment, the primary sources of revenue are tenant rents and escalations and reimbursement revenue. See Note 7, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments. We allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. SUMMIT currently operates one location at One Vanderbilt Avenue in midtown Manhattan with the primary source of revenue generated from ticket sales.
There were no transactions between the above three segments other than the SUMMIT lease with our One Vanderbilt Avenue joint venture, which is part of the real estate segment. See Note 10, "Related Party Transactions."