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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 57,379 $ 60,584
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 4,323 4,977
Stock-based compensation expense 6,568 6,658
Deferred operating lease income (15,208) (15,411)
Non-cash interest income from sales-type leases (49,506) (44,420)
Non-cash interest expense 6,882 7,258
Amortization of real estate-related intangibles, net 1,155 1,155
Write-off of investment in preferred equity 1,945  
Provision for credit losses 4,646 1,335
Earnings from equity method investments (9,904) (13,381)
Distributions from operations of equity method investments 4,795 9,578
Amortization of premium, discount and deferred financing costs on debt obligations, net 4,097 3,617
Other operating activities (1,414) (3,785)
Changes in assets and liabilities:    
Changes in deferred expenses and other assets, net 15,378 2,120
Changes in accounts payable, accrued expenses and other liabilities 5,766 1,410
Cash flows provided by (used in) operating activities 36,902 21,695
Cash flows from investing activities:    
Origination/acquisition of net investment in sales-type leases and Ground Lease receivables (81,293) (180,649)
Origination of loans receivable, net (42,090)  
Contributions to equity method investments (15,387) (9,621)
Distributions from equity method investments 9,528 52,425
Net proceeds received from sale of real estate available and held for sale 1,809 3,332
Return of deposits on Ground Lease investments   536
Funding of cash collateral for debt obligations   (19,112)
Proceeds received from derivative transactions 3,351 5,895
Proceeds received from the settlement of derivative transactions   9,687
Other investing activities 121 684
Cash flows provided by (used in) investing activities (123,961) (136,823)
Cash flows from financing activities:    
Proceeds from debt obligations 543,000 491,871
Repayments of debt obligations (420,000) (356,000)
Payments for deferred financing costs (441) (19,747)
Dividends paid to common shareholders (25,538) (25,310)
Payment of offering costs   (51)
Payments for withholding taxes upon vesting for stock-based compensation (3,975) (5,059)
Redemption of noncontrolling interests (125) (18,435)
Distributions to noncontrolling interests (43) (419)
Contributions from noncontrolling interests   23,560
Cash flows provided by (used in) financing activities 92,878 90,410
Changes in cash, cash equivalents and restricted cash 5,819 (24,718)
Cash, cash equivalents and restricted cash at beginning of period 17,118 46,740
Cash, cash equivalents and restricted cash at end of period $ 22,937 $ 22,022