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Segment Information | 6 Months Ended
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Jun. 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 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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