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Segment Information (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
segment
Sep. 30, 2024
USD ($)
Segment information        
Number of operating segments | segment     3  
Total revenues $ 244,817 $ 229,691 $ 726,579 $ 640,393
Number of reportable segments | segment     3  
Expenses        
SUMMIT Operator expenses 35,959 37,901 $ 82,570 82,947
Operating Expenses 57,673 49,507 164,840 139,448
Real estate taxes 37,627 30,831 112,594 94,495
Operating lease rent 6,106 6,363 18,317 19,136
Real Estate segment Net operating income 209,254 149,439 474,550 583,625
Equity in net (loss) income from unconsolidated joint ventures (9,287) (15,428) (30,892) 100,057
Income from debt fund investments, net 1,176 0 1,776 0
Loan loss reserves and other investment reserves, net of recoveries 0 0 (71,326) 0
Depreciation and amortization (63,216) (53,176) (187,874) (154,007)
Interest expense, net of interest income (47,235) (42,091) (138,234) (109,067)
Interest expense on senior obligations of consolidated securitization vehicles (10,838) (3,330) (45,827) (3,330)
Non-operating net loss from unconsolidated joint ventures (127,170) (73,174) (247,875) (221,071)
Marketing, general and administrative expense (23,701) (21,015) (67,004) (62,360)
Transaction related costs (13,129) (171) (13,601) (263)
Gain on early extinguishment of debt 0 0 0 17,777
Depreciable real estate reserves 0 0 (8,546) (65,839)
Depreciable real estate reserves in unconsolidated joint venture     (1,780)  
Gains (loss) on sale of real estate, net (1,068) 7,471 (1,717) 4,730
Purchase price and other fair value adjustments 11,138 12,906 (8,090) (36,321)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 86,872 371 84,926 19,006
Gain on sale of investments in marketable securities 0 0 10,232 0
Depreciation and amortization (62,122) (52,499) (185,137) (152,294)
Amortization of deferred financing costs (1,724) (1,669) (5,153) (4,885)
Interest expense, net of interest income (41,941) (33,803) (118,922) (87,668)
Net income (loss) 35,161 (9,264) 6,799 11,084
Operating Segments        
Expenses        
Net income (loss) (1,248) 2,880 94,916 16,647
Operating Segments | Real Estate Segment        
Segment information        
Total revenues 196,740 183,139 565,478 522,041
Expenses        
SUMMIT Operator expenses 0 0 0 0
SUMMIT Operator tax expense 0 0 0 0
Operating Expenses 57,673 49,507 164,840 139,448
Real estate taxes 37,627 30,831 112,594 94,495
Operating lease rent 6,106 6,363 18,317 19,136
Net operating income from unconsolidated joint ventures 113,920 53,001 204,823 314,663
Real Estate segment Net operating income 209,254 149,439 474,550 583,625
Operating Segments | SUMMIT Segment        
Segment information        
Total revenues 32,883 36,437 86,424 94,643
Expenses        
SUMMIT Operator expenses 35,959 37,901 82,570 82,947
SUMMIT Operator tax expense 1,279 (1,779) 2,781 (1,219)
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  
Depreciation and amortization (1,094) (677) (2,737) (1,713)
Interest expense, net of interest income 0 0 0 0
Interest expense on senior obligations of consolidated securitization vehicles 0 0 0 0
Net income (loss) (5,449) (362) (1,664) 11,202
Operating Segments | DPE Segment        
Segment information        
Total revenues 15,194 10,115 74,677 23,709
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 3,963 4,745 13,940 6,465
Income from debt fund investments, net 1,176   1,776  
Loan loss reserves and other investment reserves, net of recoveries     71,326  
Depreciation and amortization 0 0 0 0
Interest expense, net of interest income (5,294) (8,288) (19,312) (21,399)
Interest expense on senior obligations of consolidated securitization vehicles (10,838) (3,330) (45,827) (3,330)
Net income (loss) $ 4,201 $ 3,242 $ 96,580 $ 5,445