v3.26.3
Segment Reporting (Details) - Income statement segment information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 01, 2026
property
segment
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
property
Sep. 30, 2025
USD ($)
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   $ 78,767 $ 72,429 $ 230,703 $ 212,735  
Operating lease income   15,841 16,993 51,803 55,081  
Hotel revenues   18,000   43,801    
Interest income [1]   3,401 3,085 9,801 8,130  
Other income [2]   2,670 3,655 8,071 11,735  
Total revenues   118,679 96,162 344,179 287,681  
Costs and expenses and other items:            
Hotel expenses   (14,736)   (40,863)    
Depreciation and amortization   (1,876) (2,113) (5,573) (6,436)  
(Provision for) recovery of credit losses   (1,737) (1,025) (2,505) (5,671)  
Earnings (losses) from equity method investments   $ 3,517 4,654 $ 11,413 14,558  
Other segment expenses, description   Includes real estate expense and other expenses.   Includes real estate expense and other expenses.    
Segment profit (loss)   $ 32,832 $ 29,533 $ 94,531 $ 88,657  
Assets [3]   7,695,407   7,695,407   $ 7,249,275
Ground Leases            
Revenues:            
Interest income from sales-type leases   78,767   230,703    
Operating lease income   15,841   51,803    
Interest income   3,401   9,801    
Other income   2,670   8,071    
Total revenues   100,679   300,378    
Costs and expenses and other items:            
Interest expense - cash   (47,763)   (142,102)    
Interest expense - non-cash   (8,142)   (22,506)    
Depreciation and amortization   (1,262)   (3,734)    
General and administrative - public company costs   (10,276)   (32,754)    
General and administrative - stock-based compensation   (3,994)   (11,162)    
(Provision for) recovery of credit losses   (1,737)   (2,505)    
Earnings (losses) from equity method investments   3,517   11,413    
Other segment items   (593)   (2,855)    
Segment profit (loss)   30,429   $ 94,173    
Hotel Operations            
Segment Reporting Information [Line Items]            
Number of hotel properties | property       2    
Revenues:            
Hotel revenues   18,000   $ 43,801    
Total revenues   18,000   43,801    
Costs and expenses and other items:            
Hotel expenses   (14,736)   (40,863)    
Depreciation and amortization   (614)   (1,839)    
Other segment items   (247)   (741)    
Segment profit (loss)   2,403   358    
Assets   $ 95,000   $ 95,000    
[1] For the three months ended September 30, 2026 and 2025, includes $2.4 million and $2.4 million, respectively, of interest income from related parties. For the nine months ended September 30, 2026 and 2025, includes $7.0 million and $7.1 million, respectively, of interest income from related parties.
[2] For the three months ended September 30, 2026 and 2025, includes $1.9 million and $2.7 million, respectively, of management fees from related parties. For the nine months ended September 30, 2026 and 2025, includes $5.8 million and $9.0 million, respectively, of management fees from related parties.
[3] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).