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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three operating and reportable segments, real estate, debt and preferred equity investments, and SUMMIT. The results of these segments are provided to and reviewed by the CEO, our chief operating decision maker (“CODM”), who uses this information to assess performance and inform key decisions regarding operations, resources and capital allocation.
In 2024, our CODM revised the approach for reviewing results of the operating and reportable segments to be more specific to the respective businesses of each. Previously, the same profit or loss measure was utilized across all segments. With the continued growth and diversification of the Company's revenue sources, we determined that this approach needed to evolve accordingly.
As a result, our CODM now evaluates real estate performance and allocates resources based on net operating income ("NOI"), which serves as the profit or loss measure for the real estate operating segment. For our debt and preferred equity investments and SUMMIT operating segment performance, our CODM evaluates and allocates resources based on net income. The CODM does not review asset information, by segment, as a measure to assess performance.
The reportable segment profit or loss measures for the nine months ended September 30, 2025 and 2024 are as follows (in thousands):
September 30, 2025
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$565,478 $86,424 $74,677 $726,579 
Expenses:
SUMMIT Operator expenses— 82,570 — 
SUMMIT Operator tax expense— 2,781 — 
Operating Expenses164,840 — — 
Real Estate Taxes112,594 — — 
Operating lease rent18,317 — — 
Net operating income from unconsolidated joint ventures$204,823 
Real Estate segment Net operating income$474,550 $474,550 
Equity in net income from unconsolidated joint ventures— 13,940 
Income from debt fund investments, net— 1,776 
Loan loss and other investment reserves, net of recoveries— 71,326 
Depreciation and amortization(2,737)— 
Interest expense, net of interest income— (19,312)
Interest expense on senior obligations of consolidated securitization vehicles— (45,827)
SUMMIT Net income (loss) and DPE Net income (loss)$(1,664)$96,580 $94,916 
Non-operating net loss from unconsolidated joint ventures(247,875)
Marketing, general and administrative expense(67,004)
Transaction related costs(13,601)
Depreciable real estate reserves(8,546)
Depreciable real estate reserves in unconsolidated joint venture(1,780)
Loss on sale of real estate, net(1,717)
Purchase price and other fair value adjustments(8,090)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate84,926 
Gain on sale of marketable securities10,232 
Depreciation and amortization(185,137)
Amortization of deferred financing costs(5,153)
Interest expense, net of interest income(118,922)
Net Income$6,799 
September 30, 2024
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$522,041 $94,643 $23,709 $640,393 
Expenses:
SUMMIT Operator expenses— 82,947 — 
SUMMIT Operator tax benefit— (1,219)— 
Operating Expenses139,448 — — 
Real Estate Taxes94,495 — — 
Operating lease rent19,136 — — 
Net operating income from unconsolidated joint ventures$314,663 
Real Estate segment Net operating income$583,625 $583,625 
Equity in net income from unconsolidated joint ventures— 6,465 
Depreciation and amortization(1,713)— 
Interest expense, net of interest income— (21,399)
Interest expense on senior obligations of consolidated securitization vehicles— (3,330)
SUMMIT Net income and DPE Net income$11,202 $5,445 $16,647 
Non-operating net loss from unconsolidated joint ventures(221,071)
Marketing, general and administrative expense(62,360)
Transaction related costs(263)
Gain on early extinguishment of debt17,777 
Depreciable real estate reserves(65,839)
Gain on sale of real estate, net4,730 
Purchase price and other fair value adjustments(36,321)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate19,006 
Depreciation and amortization(152,294)
Amortization of deferred financing costs(4,885)
Interest expense, net of interest income(87,668)
Net Income$11,084 
The reportable segment profit or loss measures for the three months ended September 30, 2025 and 2024 are as follows (in thousands):
September 30, 2025
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$196,740 $32,883 $15,194 $244,817 
Expenses:
SUMMIT Operator expenses— 35,959 — 
SUMMIT Operator tax expense— 1,279 — 
Operating Expenses57,673 — — 
Real Estate Taxes37,627 — — 
Operating lease rent6,106 — — 
Net operating income from unconsolidated joint ventures$113,920 
Real Estate segment Net operating income$209,254 $209,254 
Equity in net income from unconsolidated joint ventures— 3,963 
Income from debt fund investments, net— 1,176 
Depreciation and amortization(1,094)— 
Interest expense, net of interest income— (5,294)
Interest expense on senior obligations of consolidated securitization vehicles— (10,838)
SUMMIT Net income (loss) and DPE Net income (loss)$(5,449)$4,201 $(1,248)
Non-operating net loss from unconsolidated joint ventures(127,170)
Marketing, general and administrative expense(23,701)
Transaction related costs(13,129)
Loss on sale of real estate, net(1,068)
Purchase price and other fair value adjustments11,138 
Equity in net gain on sale of interest in unconsolidated joint venture/real estate86,872 
Depreciation and amortization(62,122)
Amortization of deferred financing costs(1,724)
Interest expense, net of interest income(41,941)
Net Income$35,161 
September 30, 2024
Real Estate SegmentSUMMIT SegmentDPE SegmentTotal
Total revenues$183,139 $36,437 $10,115 $229,691 
Expenses:
SUMMIT Operator expenses— 37,901 — 
SUMMIT Operator tax benefit— (1,779)— 
Operating Expenses49,507 — — 
Real Estate Taxes30,831 — — 
Operating lease rent6,363 — — 
Net operating income from unconsolidated joint ventures$53,001 
Real Estate segment Net operating income$149,439 $149,439 
Equity in net income from unconsolidated joint ventures— 4,745 
Depreciation and amortization(677)— 
Interest expense, net of interest income— (8,288)
Interest expense on senior obligations of consolidated securitization vehicles— (3,330)
SUMMIT and DPE Net income (loss)$(362)$3,242 $2,880 
Non-operating net loss from unconsolidated joint ventures(73,174)
Marketing, general and administrative expense(21,015)
Transaction related costs(171)
Gain on sale of real estate, net7,471 
Purchase price and other fair value adjustments12,906 
Equity in net gain on sale of interest in unconsolidated joint venture/real estate371 
Depreciation and amortization(52,499)
Amortization of deferred financing costs(1,669)
Interest expense, net of interest income(33,803)
Net Loss$(9,264)
For the real estate segment, the primary sources of revenue are tenant rents and escalations and reimbursement revenue. See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments. We allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. SUMMIT currently operates one location at One Vanderbilt Avenue in midtown Manhattan with the primary source of revenue generated from ticket sales.
There were no transactions between the above three segments other than the SUMMIT lease with our One Vanderbilt Avenue joint venture, which is part of the real estate segment. See Note 10, "Related Party Transactions."