Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information, by Segment

The following table details our segment financial results for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Total segment revenues	$	275,774	$	268,621	$	244,239
Segment expenses
Fund level expenses (1)	27,754		20,597		19,779
Management fees	80,727		45,383		22,224
Performance participation allocation	97,760		38,321		12,467
Interest expense (2)	95,226		108,127		124,684
Other segment (income) expenses, net (3)	(517,674)		(120,712)		85,859
Income tax expense	774		3,820		230
Consolidated segment net income (loss)	$	491,207	$	173,085	$	(21,004)

__________________

(1) Fund level expenses are equal to total general and administrative expenses adjusted to exclude the CECL allowance.

(2) Interest expense excludes non-cash items such as amortization expense related to our deferred financing fees.

(3) Other segment (income) expense, net includes rental property operating expenses, CECL allowance, impairment charges, depreciation and amortization, income from unconsolidated real estate affiliates, net gain or loss on dispositions, interest income and other (income) expense, net.