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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Selected Results of Operations and Selected Asset Information | The reportable segment profit or loss measures for the six months ended June 30, 2025 and 2024 are as follows (in thousands):
|  | June 30, 2025
|  | Real Estate Segment |  | SUMMIT Segment |  | DPE Segment |  | Total
Total revenues |  | $ | 368,738 |  |  | $ | 53,541 |  |  | $ | 59,483 |  |  | $ | 481,762 |
Expenses: |  |  |  |  |  |  |  |
SUMMIT Operator expenses |  | — |  |  | 46,611 |  |  | — |  |  |
SUMMIT Operator tax expense |  | — |  |  | 1,502 |  |  | — |  |  |
Operating Expenses |  | 107,167 |  |  | — |  |  | — |  |  |
Real Estate Taxes |  | 74,967 |  |  | — |  |  | — |  |  |
Operating lease rent |  | 12,211 |  |  | — |  |  | — |  |  |
Net operating income from unconsolidated joint ventures |  | $ | 90,903 |  |  |  |  |  |  |
Real Estate segment Net operating income |  | $ | 265,296 |  |  |  |  |  |  | $ | 265,296 |
Equity in net income from unconsolidated joint ventures |  |  |  | — |  |  | 9,977 |  |  |
Income from debt fund investments, net |  |  |  | — |  |  | 600 |  |  |
Loan loss and other investment reserves, net of recoveries |  |  |  | — |  |  | 71,326 |  |  |
Depreciation and amortization |  |  |  | (1,643) |  |  | — |  |  |
Interest expense, net of interest income |  |  |  | — |  |  | (14,018) |  |  |
Interest expense on senior obligations of consolidated securitization vehicles |  |  |  | — |  |  | (34,989) |  |  |
SUMMIT Net income and DPE Net income |  |  |  | $ | 3,785 |  |  | $ | 92,379 |  |  | $ | 96,164 |
Non-operating net loss from unconsolidated joint ventures |  |  |  |  |  |  |  | (120,705) |
Marketing, general and administrative expense |  |  |  |  |  |  |  | (43,303) |
Transaction related costs |  |  |  |  |  |  |  | (472) |
Depreciable real estate reserves |  |  |  |  |  |  |  | (8,546) |
Depreciable real estate reserves in unconsolidated joint venture |  |  |  |  |  |  |  | (1,780) |
Loss on sale of real estate, net |  |  |  |  |  |  |  | (649) |
Purchase price and other fair value adjustments |  |  |  |  |  |  |  | (19,228) |
Equity in net loss on sale of interest in unconsolidated joint venture/real estate |  |  |  |  |  |  |  | (1,946) |
Gain on sale of marketable securities |  |  |  |  |  |  |  | 10,232 |
Depreciation and amortization |  |  |  |  |  |  |  | (123,015) |
Amortization of deferred financing costs |  |  |  |  |  |  |  | (3,429) |
Interest expense, net of interest income |  |  |  |  |  |  |  | (76,981) |
Net Loss |  |  |  |  |  |  |  | $ | (28,362) |
|  | June 30, 2024
|  | Real Estate Segment |  | SUMMIT Segment |  | DPE Segment |  | Total
Total revenues |  | $ | 338,902 |  |  | $ | 58,206 |  |  | $ | 13,594 |  |  | $ | 410,702 |
Expenses: |  |  |  |  |  |  |  |
SUMMIT Operator expenses |  | — |  |  | 45,046 |  |  | — |  |  |
SUMMIT Operator tax benefit |  | — |  |  | 560 |  |  | — |  |  |
Operating Expenses |  | 89,941 |  |  | — |  |  | — |  |  |
Real Estate Taxes |  | 63,664 |  |  | — |  |  | — |  |  |
Operating lease rent |  | 12,773 |  |  | — |  |  | — |  |  |
Net operating income from unconsolidated joint ventures |  | $ | 261,662 |  |  |  |  |  |  |
Real Estate segment Net operating income |  | $ | 434,186 |  |  |  |  |  |  | $ | 434,186 |
Equity in net income from unconsolidated joint ventures |  |  |  | — |  |  | 1,720 |  |  |
Depreciation and amortization |  |  |  | (1,036) |  |  | — |  |  |
Interest expense, net of interest income |  |  |  | — |  |  | (13,111) |  |  |
Interest expense on senior obligations of consolidated securitization vehicles |  |  |  | — |  |  | — |  |  |
SUMMIT Net income and DPE Net income |  |  |  | $ | 11,564 |  |  | $ | 2,203 |  |  | $ | 13,767 |
Non-operating net loss from unconsolidated joint ventures |  |  |  |  |  |  |  | (147,897) |
Marketing, general and administrative expense |  |  |  |  |  |  |  | (41,345) |
Transaction related costs |  |  |  |  |  |  |  | (92) |
Gain on early extinguishment of debt |  |  |  |  |  |  |  | 17,777 |
Depreciable real estate reserves |  |  |  |  |  |  |  | (65,839) |
Loss on sale of real estate, net |  |  |  |  |  |  |  | (2,741) |
Purchase price and other fair value adjustments |  |  |  |  |  |  |  | (49,227) |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate |  |  |  |  |  |  |  | 18,635 |
Depreciation and amortization |  |  |  |  |  |  |  | (99,795) |
Amortization of deferred financing costs |  |  |  |  |  |  |  | (3,216) |
Interest expense, net of interest income |  |  |  |  |  |  |  | (53,865) |
Net Income |  |  |  |  |  |  |  | $ | 20,348 |
The reportable segment profit or loss measures for the three months ended June 30, 2025 and 2024 are as follows (in thousands):
|  | June 30, 2025
|  | Real Estate Segment |  | SUMMIT Segment |  | DPE Segment |  | Total
Total revenues |  | $ | 183,521 |  |  | $ | 31,007 |  |  | $ | 27,388 |  |  | $ | 241,916 |
Expenses: |  |  |  |  |  |  |  |
SUMMIT Operator expenses |  | — |  |  | 24,847 |  |  | — |  |  |
SUMMIT Operator tax expense |  | — |  |  | 1,547 |  |  | — |  |  |
Operating Expenses |  | 51,105 |  |  | — |  |  | — |  |  |
Real Estate Taxes |  | 37,750 |  |  | — |  |  | — |  |  |
Operating lease rent |  | 6,105 |  |  | — |  |  | — |  |  |
Net operating income from unconsolidated joint ventures |  | $ | 40,719 |  |  |  |  |  |  |
Real Estate segment Net operating income |  | $ | 129,280 |  |  |  |  |  |  | $ | 129,280 |
Equity in net income from unconsolidated joint ventures |  |  |  | — |  |  | 5,059 |  |  |
Income from debt fund investments, net |  |  |  | — |  |  | 600 |  |  |
Loan loss and other investment reserves, net of recoveries |  |  |  | — |  |  | 46,287 |  |  |
Depreciation and amortization |  |  |  | (883) |  |  | — |  |  |
Interest expense, net of interest income |  |  |  | — |  |  | (6,973) |  |  |
Interest expense on senior obligations of consolidated securitization vehicles |  |  |  | — |  |  | (21,017) |  |  |
SUMMIT Net income and DPE Net income |  |  |  | $ | 3,730 |  |  | $ | 51,344 |  |  | $ | 55,074 |
Non-operating net loss from unconsolidated joint ventures |  |  |  |  |  |  |  | (68,553) |
Marketing, general and administrative expense |  |  |  |  |  |  |  | (21,579) |
Transaction related costs |  |  |  |  |  |  |  | (177) |
Loss on sale of real estate, net |  |  |  |  |  |  |  | (167) |
Purchase price and other fair value adjustments |  |  |  |  |  |  |  | (9,617) |
Equity in net loss on sale of interest in unconsolidated joint venture/real estate |  |  |  |  |  |  |  | (1,946) |
Gain on sale of marketable securities |  |  |  |  |  |  |  | 10,232 |
Depreciation and amortization |  |  |  |  |  |  |  | (59,277) |
Amortization of deferred financing costs |  |  |  |  |  |  |  | (1,742) |
Interest expense, net of interest income |  |  |  |  |  |  |  | (38,345) |
Net Loss |  |  |  |  |  |  |  | $ | (6,817) |
|  | June 30, 2024
|  | Real Estate Segment |  | SUMMIT Segment |  | DPE Segment |  | Total
Total revenues |  | $ | 184,027 |  |  | $ | 32,602 |  |  | $ | 6,191 |  |  | $ | 222,820 |
Expenses: |  |  |  |  |  |  |  |
SUMMIT Operator expenses |  | — |  |  | 23,188 |  |  | — |  |  |
SUMMIT Operator tax expense |  | — |  |  | 1,855 |  |  | — |  |  |
Operating Expenses |  | 46,333 |  |  | — |  |  | — |  |  |
Real Estate Taxes |  | 32,058 |  |  | — |  |  | — |  |  |
Operating lease rent |  | 6,368 |  |  | — |  |  | — |  |  |
Net operating income from unconsolidated joint ventures |  | $ | 77,193 |  |  |  |  |  |  |
Real Estate segment Net operating income |  | $ | 176,461 |  |  |  |  |  |  | $ | 176,461 |
Equity in net income from unconsolidated joint ventures |  |  |  | — |  |  | 1,720 |  |  |
Depreciation and amortization |  |  |  | (448) |  |  | — |  |  |
Interest expense, net of interest income |  |  |  | — |  |  | (6,917) |  |  |
SUMMIT and DPE Net income |  |  |  | $ | 7,111 |  |  | $ | 994 |  |  | $ | 8,105 |
Non-operating net loss from unconsolidated joint ventures |  |  |  |  |  |  |  | (74,588) |
Marketing, general and administrative expense |  |  |  |  |  |  |  | (20,032) |
Transaction related costs |  |  |  |  |  |  |  | (76) |
Gain on early extinguishment of debt |  |  |  |  |  |  |  | 17,777 |
Depreciable real estate reserves |  |  |  |  |  |  |  | (13,721) |
Loss on sale of real estate, net |  |  |  |  |  |  |  | (2,741) |
Purchase price and other fair value adjustments |  |  |  |  |  |  |  | 1,265 |
Equity in net loss on sale of interest in unconsolidated joint venture/real estate |  |  |  |  |  |  |  | (8,129) |
Depreciation and amortization |  |  |  |  |  |  |  | (51,799) |
Amortization of deferred financing costs |  |  |  |  |  |  |  | (1,677) |
Interest expense, net of interest income |  |  |  |  |  |  |  | (28,886) |
Net Income |  |  |  |  |  |  |  | $ | 1,959 |
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."

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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