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Segment Information - Reportable Segment Profit or Loss (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Segment information        
Number of operating segments | segment     3  
Number of reportable segments | segment     3  
Total revenues $ 241,916 $ 222,820 $ 481,762 $ 410,702
Expenses        
SUMMIT Operator expenses 24,847 23,188 46,611 45,046
Operating Expenses 51,105 46,333 107,167 89,941
Real estate taxes 37,750 32,058 74,967 63,664
Operating lease rent 6,105 6,368 12,211 12,773
Real Estate segment Net operating income 129,280 176,461 265,296 434,186
Equity in net (loss) income from unconsolidated joint ventures (22,775) 4,325 (21,605) 115,485
Income from debt fund investments, net 600 0 600 0
Loan loss reserves and other investment reserves, net of recoveries (46,287) 0 (71,326) 0
Depreciation and amortization (60,160) (52,247) (124,658) (100,831)
Interest expense, net of interest income (45,318) (35,803) (90,999) (66,976)
Interest expense on senior obligations of consolidated securitization vehicles (21,017) 0 (34,989) 0
Non-operating net loss from unconsolidated joint ventures (68,553) (74,588) (120,705) (147,897)
Marketing, general and administrative expense (21,579) (20,032) (43,303) (41,345)
Transaction related costs (177) (76) (472) (92)
Gain on early extinguishment of debt 0 17,777 0 17,777
Depreciable real estate reserves 0 (13,721) (8,546) (65,839)
Depreciable real estate reserves in unconsolidated joint venture     (1,780)  
Loss on sale of real estate, net (167) (2,741) (649) (2,741)
Purchase price and other fair value adjustments (9,617) 1,265 (19,228) (49,227)
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate (1,946) (8,129) (1,946) 18,635
Depreciation and amortization (59,277) (51,799) (123,015) (99,795)
Amortization of deferred financing costs (1,742) (1,677) (3,429) (3,216)
Interest expense, net of interest income (38,345) (28,886) (76,981) (53,865)
Net (loss) income (6,817) 1,959 (28,362) 20,348
Operating Segments        
Expenses        
Net (loss) income 55,074 8,105 96,164 13,767
Operating Segments | Real Estate Segment        
Segment information        
Total revenues 183,521 184,027 368,738 338,902
Expenses        
SUMMIT Operator expenses 0 0 0 0
SUMMIT Operator tax expense 0 0 0 0
Operating Expenses 51,105 46,333 107,167 89,941
Real estate taxes 37,750 32,058 74,967 63,664
Operating lease rent 6,105 6,368 12,211 12,773
Net operating income from unconsolidated joint ventures 40,719 77,193 90,903 261,662
Real Estate segment Net operating income 129,280 176,461 265,296 434,186
Operating Segments | SUMMIT Segment        
Segment information        
Total revenues 31,007 32,602 53,541 58,206
Expenses        
SUMMIT Operator expenses 24,847 23,188 46,611 45,046
SUMMIT Operator tax expense 1,547 1,855 1,502 560
Operating Expenses 0 0 0 0
Real estate taxes 0 0 0 0
Operating lease rent 0 0 0 0
Equity in net (loss) income from unconsolidated joint ventures 0 0 0 0
Income from debt fund investments, net 0   0  
Loan loss reserves and other investment reserves, net of recoveries 0   0  
Depreciation and amortization (883) (448) (1,643) (1,036)
Interest expense, net of interest income 0 0 0 0
Interest expense on senior obligations of consolidated securitization vehicles 0   0 0
Net (loss) income 3,730 7,111 3,785 11,564
Operating Segments | DPE Segment        
Segment information        
Total revenues 27,388 6,191 59,483 13,594
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 (loss) income from unconsolidated joint ventures 5,059 1,720 9,977 1,720
Income from debt fund investments, net 600     600
Loan loss reserves and other investment reserves, net of recoveries 46,287     71,326
Depreciation and amortization 0 0 0 0
Interest expense, net of interest income (6,973) (6,917) (14,018) (13,111)
Interest expense on senior obligations of consolidated securitization vehicles (21,017)   (34,989) 0
Net (loss) income $ 51,344 $ 994 $ 92,379 $ 2,203