v3.26.3
Investments in Unconsolidated Entities - Schedule of Summarized Balance Sheets and Operating Data for Investments in Unconsolidated Entities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Balance Sheet          
Total assets [1] $ 1,441,994   $ 1,441,994   $ 1,200,916
Total liabilities [2] (543,850)   (543,850)   (439,946)
Total equity 23,236   23,236   67,071
Operating Data          
Revenue 25,874 $ 17,278 76,172 $ 49,509  
Net income (loss) 336 (1,020) 666 (7,145)  
Total          
Operating Data          
Revenue 53,682 42,840 156,815 116,447  
Net income (loss) 8,037 (4,914) 6,563 (17,656)  
Vida JV LLC          
Balance Sheet          
Total assets 369,409   369,409   364,661
Total liabilities (232,721)   (232,721)   (225,438)
Total equity (136,688)   (136,688)   (139,223)
Operating Data          
Revenue 9,817 9,592 29,062 28,412  
Net income (loss) 379 (2,683) 770 (5,627)  
San Simeon Preferred Equity          
Balance Sheet          
Total assets 133,213   133,213   134,192
Total liabilities (80,023)   (80,023)   (78,500)
Total equity (53,190)   (53,190)   (55,692)
Operating Data          
Revenue 2,916 2,803 8,667 8,208  
Net income (loss) 596 642 1,561 1,999  
Retail GP Fund          
Balance Sheet          
Total assets 1,117,787   1,117,787   1,111,223
Total liabilities (737,193)   (737,193)   (718,971)
Total equity (380,594)   (380,594)   (392,252)
Operating Data          
Revenue 34,746 26,376 103,748 69,846  
Net income (loss) 8,286 (3,100) 4,113 (12,612)  
Other          
Balance Sheet          
Total assets 8,748   8,748   7,154
Total liabilities (10,540)   (10,540)   (8,443)
Total equity 1,792   1,792   $ 1,289
Operating Data          
Revenue 6,203 4,069 15,338 9,981  
Net income (loss) $ (1,224) $ 227 $ 119 $ (1,416)  
[1] Includes restricted assets of consolidated variable interest entities at September 30, 2026 and December 31, 2025 of $659.8 million and $489.7 million, respectively. See Note 16 — “Variable Interest Entities.”
[2] Includes non-recourse liabilities of consolidated variable interest entities at September 30, 2026 and December 31, 2025 of $157.7 million and $145.7 million, respectively. See Note 16 — “Variable Interest Entities.”