Ground

Hotel

Three Months Ended September 30, 2026

 

Leases

 

Operations

 

Total

Revenues:

Interest income from sales-type leases

$

78,767

$

—

$

78,767

Operating lease income

15,841

—

15,841

Hotel revenues

—

18,000

Interest income

3,401

—

3,401

Other income

2,670

—

2,670

Total revenues

100,679

18,000

118,679

Costs and expenses and other items:

Interest expense - cash

(47,763)

—

Interest expense - non-cash

(8,142)

—

Hotel expenses

—

(14,736)

Depreciation and amortization

(1,262)

(614)

General and administrative - public company costs⁽¹⁾

(10,276)

—

General and administrative - stock-based compensation⁽¹⁾

(3,994)

—

(Provision for) recovery of credit losses

(1,737)

—

Earnings (losses) from equity method investments

3,517

—

Other segment items⁽²⁾

(593)

(247)

Segment profit (loss)

$

30,429

$

2,403

$

32,832

Nine Months Ended September 30, 2026

Revenues:

Interest income from sales-type leases

$

230,703

$

—

$

230,703

Operating lease income

51,803

—

51,803

Hotel revenues

—

43,801

Interest income

9,801

—

9,801

Other income

8,071

—

8,071

Total revenues

300,378

43,801

344,179

Costs and expenses and other items:

Interest expense - cash

(142,102)

—

Interest expense - non-cash

(22,506)

—

Hotel expenses

—

(40,863)

Depreciation and amortization

(3,734)

(1,839)

General and administrative - public company costs⁽¹⁾

(32,754)

—

General and administrative - stock-based compensation⁽¹⁾

(11,162)

—

(Provision for) recovery of credit losses

(2,505)

—

Earnings (losses) from equity method investments

11,413

—

Other segment items⁽²⁾

(2,855)

(741)

Segment profit (loss)

$

94,173

$

358

$

94,531