Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company has three operating and reportable segments, real estate, debt and preferred equity ("DPE") investments, including the Fund, 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.

Our CODM evaluates real estate performance and allocates resources based on net operating income, 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 three months ended March 31, 2026 and 2025 are as follows (in thousands):

	March 31, 2026
	Real Estate Segment		SUMMIT Segment		DPE Segment		Total
Total revenues	$	211,943	$	24,142	$	16,995	$	253,080
Expenses:
SUMMIT Operator expenses	—		24,942		—
SUMMIT Operator tax expense	—		585		—
Operating Expenses	61,457		—		—
Real Estate Taxes	41,912		—		—
Operating lease rent	6,944		—		—
Net operating income from unconsolidated joint ventures	43,640
Real Estate segment Net operating income	$	145,270					$	145,270
Equity in net income from unconsolidated joint ventures			—		5,136
Income from debt fund investments, net			—		2,478
Depreciation and amortization			(964)		—
Interest expense, net of interest income			—		(1,520)
Interest expense on senior obligations of consolidated securitization vehicles			—		(14,649)
SUMMIT Net income (loss) and DPE Net income (loss)			$	(2,349)	$	8,440	$	6,091
Non-operating net loss from unconsolidated joint ventures							(69,556)
Marketing, general and administrative expense							(22,786)
Transaction related costs							(284)
Depreciable real estate reserves							(35,160)
Gain on sale of real estate, net							16,636
Purchase price and other fair value adjustments							4,183
Equity in net loss on sale of interest in unconsolidated joint venture/real estate							(814)
Depreciation and amortization							(68,787)
Amortization of deferred financing costs							(2,802)
Interest expense, net of interest income							(49,389)
Net Loss							$	(77,398)

	March 31, 2025
	Real Estate Segment		SUMMIT Segment		DPE Segment		Total
Total revenues	$	185,217	$	22,534	$	32,095	$	239,846
Expenses:
SUMMIT Operator expenses	—		21,764		—
SUMMIT Operator tax benefit	—		(45)		—
Operating Expenses	56,062		—		—
Real Estate Taxes	37,217		—		—
Operating lease rent	6,106		—		—
Net operating income from unconsolidated joint ventures	50,184
Real Estate segment Net operating income	$	136,016					$	136,016
Equity in net income from unconsolidated joint ventures			—		4,918
Loan loss and other investment reserves, net of recoveries			—		25,039
Depreciation and amortization			(760)		—
Interest expense, net of interest income			—		(7,045)
Interest expense on senior obligations of consolidated securitization vehicles			—		(13,972)
SUMMIT Net income and DPE Net income			$	55	$	41,035	$	41,090
Non-operating net loss from unconsolidated joint ventures							(52,152)
Marketing, general and administrative expense							(21,724)
Transaction related costs							(295)
Depreciable real estate reserves							(8,546)
Depreciable real estate reserves in unconsolidated joint venture							(1,780)
Loss on sale of real estate, net							(482)
Purchase price and other fair value adjustments							(9,611)
Depreciation and amortization							(63,738)
Amortization of deferred financing costs							(1,687)
Interest expense, net of interest income							(38,636)
Net Loss							$	(21,545)

For the real estate segment, the primary sources of revenue are tenant rents and escalations and reimbursement revenue. See Note 7, "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."