Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule Of Selected Results Of Operations And Selected Asset Information

The reportable segment profit or loss measures for the twelve months ended December 31, 2025, December 31, 2024, and December 31, 2023 are as follows (in thousands):

	December 31, 2025
	Real Estate Segment		SUMMIT Segment		DPE Segment		Total
Total revenues	$	788,591	$	122,344	$	92,111	$	1,003,046
Expenses:
SUMMIT Operator expenses	—		116,364		—
SUMMIT Operator tax expense	—		3,259		—
Operating Expenses	226,099		—		—
Real Estate Taxes	155,023		—		—
Operating lease rent	24,423		—		—
Net Operating Income from unconsolidated joint ventures	$	268,885
Real Estate segment net operating income	$	651,931					$	651,931
Equity in net income from unconsolidated joint ventures			—		6,825
Loss from debt fund investments, net					(1,446)
Loan loss and other investment reserves, net of recoveries					71,326
Depreciation and amortization			(3,688)		—
Interest expense, net of interest income			—		(21,507)
Interest expense on senior obligations of consolidated securitization vehicles			—		(60,693)
SUMMIT Net income (loss) and DPE Net income (loss)			$	(967)	$	86,616	$	85,649
Non-operating net loss from unconsolidated joint ventures							(317,261)
Marketing, general and administrative expense							(89,310)
Transaction related costs							(13,942)
Depreciable real estate reserves							(32,092)
Depreciable real estate reserves in unconsolidated joint venture							(14,592)
Loss on sale of real estate, net							(2,143)
Purchase price and other fair value adjustments							(36,233)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate							86,068
Gain on sale of marketable securities							10,232
Depreciation and amortization							(252,025)
Amortization of deferred financing costs							(7,054)
Interest expense, net of interest income							(166,149)
Net Loss							$	(96,921)

	December 31, 2024
	Real Estate Segment		SUMMIT Segment		DPE Segment		Total
Total revenues	$	709,725	$	133,214	$	43,333	$	886,272
Expenses:
SUMMIT Operator expenses	—		111,739		—
SUMMIT Operator tax expense	—		730		—
Operating Expenses	189,598		—		—
Real Estate Taxes	128,187		—		—
Operating lease rent	24,423		—		—
Net operating income from unconsolidated joint ventures	$	363,113
Real Estate segment Net operating income	$	730,630					$	730,630
Equity in net income from unconsolidated joint ventures			—		11,513
Depreciation and amortization			(2,436)		—
Interest expense, net of interest income			—		(28,142)
Interest expense on senior obligations of consolidated securitization vehicles			—		(14,634)
SUMMIT Net income and DPE Net income			$	18,309	$	12,070	$	30,379
Non-operating net loss from unconsolidated joint ventures							(291,131)
Marketing, general and administrative expense							(85,187)
Transaction related costs							(401)
Gain on early extinguishment of debt							43,762
Depreciable real estate reserves							(104,071)
Depreciable real estate reserves in unconsolidated joint venture							(263,190)
Gain on sale of real estate, net							3,025
Purchase price and other fair value adjustments							88,966
Equity in net gain on sale of interest in unconsolidated joint venture/real estate							208,144
Depreciation and amortization							(205,007)
Amortization of deferred financing costs							(6,619)
Interest expense, net of interest income							(119,078)
Net Income							$	30,222

	December 31, 2023
	Real Estate Segment		SUMMIT Segment		DPE Segment		Total
Total revenues	$	760,745	$	118,260	$	34,705	$	913,710
Expenses:
SUMMIT Operator expenses	—		101,211		—
SUMMIT Operator tax expense	—		9,201		—
Operating Expenses	196,696		—		—
Real Estate Taxes	143,757		—		—
Operating lease rent	27,292		—		—
Net operating income from unconsolidated joint ventures	205,694
Real Estate segment Net operating income	$	598,694					$	598,694
Loan loss and other investment reserves, net of recoveries			—		(6,890)
Depreciation and amortization			(1,747)		—
Interest expense, net of interest income			—		(34,149)
SUMMIT Net (loss) income and DPE Net (loss) income			$	6,101	$	(6,334)	$	(233)
Non-operating net loss from unconsolidated joint ventures							(282,203)
Marketing, general and administrative expense							(111,389)
Transaction related costs							(1,099)
Loss on early extinguishment of debt							(870)
Depreciable real estate reserves							(382,374)
Loss on sale of real estate, net							(32,370)
Purchase price and other fair value adjustments							(17,260)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate							(13,368)
Depreciation and amortization							(246,063)
Amortization of deferred financing costs							(7,837)
Interest expense, net of interest income							(102,965)
Net Loss							$	(599,337)