Safehold 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 01, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-15371
Entity Registrant Name	iStar Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-6881527
Entity Address, Address Line One	1114 Avenue of the Americas, 39th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	930-9400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Stock, Shares, Outstanding (in shares)		71,690,805
Entity Central Index Key	0001095651
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	STAR
Security Exchange Name	NYSE
8.00% Series D Cumulative Redeemable Preferred Stock, $0.001 par value
Entity Information [Line Items]
Title of 12(b) Security	8.00% Series D Cumulative Redeemable Preferred Stock,$0.001 par value
Trading Symbol	STAR-PD
Security Exchange Name	NYSE
7.65% Series G Cumulative Redeemable Preferred Stock, $0.001 par value
Entity Information [Line Items]
Title of 12(b) Security	7.65% Series G Cumulative Redeemable Preferred Stock, $0.001 par value
Trading Symbol	STAR-PG
Security Exchange Name	NYSE
7.50% Series I Cumulative Redeemable Preferred Stock, $0.001 par value
Entity Information [Line Items]
Title of 12(b) Security	7.50% Series I Cumulative Redeemable Preferred Stock, $0.001 par value
Trading Symbol	STAR-PI
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Real estate
Real estate, at cost	[1]	$ 1,657,173	$ 1,752,053
Less: accumulated depreciation	[1]	(290,167)	(267,772)
Real estate, net	[1]	1,367,006	1,484,281
Real estate available and held for sale	[1]	99,201	5,212
Total real estate	[1]	1,466,207	1,489,493
Net investment in leases ($9,005 and $10,871 of allowances as of June 30, 2021 and December 31, 2020, respectively)	[1]	477,798	429,101
Land and development, net	[1]	381,719	430,663
Loans receivable and other lending investments, net ($7,135 and $13,170 of allowances as of June 30, 2021 and December 31, 2020, respectively)	[1]	454,960	732,330
Loan receivable held for sale		62,525	0
Other investments	[1]	1,275,954	1,176,560
Cash and cash equivalents	[1]	154,941	98,633
Finance lease right-of-use asset		142,985	143,727
Accrued interest and operating lease income receivable, net	[1]	7,328	10,061
Deferred operating lease income receivable, net	[1]	63,339	58,128
Deferred expenses and other assets, net	[1]	279,894	293,112
Total assets	[1]	4,767,650	4,861,808
Liabilities:
Accounts payable, accrued expenses and other liabilities	[1]	315,337	317,402
Finance lease liabilities		151,925	150,520
Liabilities associated with properties held for sale	[1]	2,201	27
Loan participations payable, net	[1]	0	42,501
Debt obligations, net	[1]	3,289,481	3,286,975
Total liabilities	[1]	3,758,944	3,797,425
Commitments and contingencies (refer to Note 12)	[1]
iStar Inc. shareholders' equity:
Preferred Stock Series D, G and I, liquidation preference $25.00 per share (refer to Note 14)	[1]	12	12
Common Stock, $0.001 par value, 200,000 shares authorized, 72,419 and 73,967 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	[1]	72	74
Additional paid-in capital	[1]	3,185,748	3,240,535
Accumulated deficit	[1]	(2,338,454)	(2,316,972)
Accumulated other comprehensive loss (refer to Note 14)	[1]	(35,824)	(52,680)
Total iStar Inc. shareholders' equity	[1]	811,554	870,969
Noncontrolling interests	[1]	197,152	193,414
Total equity	[1]	1,008,706	1,064,383
Total liabilities and equity	[1]	$ 4,767,650	$ 4,861,808
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for losses on net investment in leases at end of period	$ 9,005	$ 10,871
Loans receivable and other lending investments, allowances	$ 7,135	$ 13,170
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	200,000	200,000
Common Stock, shares issued (in shares)	72,419	73,967
Common Stock, shares outstanding (in shares)	72,419	73,967

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenues	$ 105,588	$ 96,415	$ 218,848	$ 269,875
Costs and expenses:
Interest expense	39,417	41,950	78,980	85,341
Depreciation and amortization	14,660	14,300	30,115	28,786
General and administrative	30,394	18,998	51,833	53,270
(Recovery of) provision for loan losses	(2,263)	2,067	(6,057)	6,070
(Recovery of) provision for losses on net investment in leases	(265)	534	(1,866)	1,826
Impairment of assets	0	4,783	1,785	6,491
Other expense	211	203	464	277
Total costs and expenses	131,246	113,398	250,563	312,181
Income from sales of real estate	2,210	62	2,822	62
Loss from operations before earnings from equity method investments and other items	(23,448)	(16,921)	(28,893)	(42,244)
Loss on early extinguishment of debt, net	0	0	0	(4,115)
Earnings (losses) from equity method investments	12,697	2,586	25,466	19,198
Net income (loss) before income taxes	(10,751)	(14,335)	(3,427)	(27,161)
Income tax benefit (expense)	(665)	(28)	0	(88)
Net income (loss)	(11,416)	(14,363)	(3,427)	(27,249)
Net (income) attributable to noncontrolling interests	(2,253)	(3,098)	(4,773)	(5,789)
Net income (loss) attributable to iStar Inc.	(13,669)	(17,461)	(8,200)	(33,038)
Preferred dividends	(5,874)	(5,874)	(11,748)	(11,748)
Net loss allocable to common shareholders - Basic	$ (19,543)	$ (23,335)	$ (19,948)	$ (44,786)
Net loss allocable to common shareholders:
Basic (in dollars per share)	$ (0.27)	$ (0.31)	$ (0.27)	$ (0.58)
Diluted (in dollars per share)	$ (0.27)	$ (0.31)	$ (0.27)	$ (0.58)
Weighted average number of common shares:
Basic (in shares)	72,872	76,232	73,374	76,838
Diluted (in shares)	72,872	76,232	73,374	76,838
Operating lease income
Revenues:
Total revenues	$ 45,544	$ 46,812	$ 92,988	$ 94,158
Interest income
Revenues:
Total revenues	8,973	15,439	19,623	32,655
Interest income from sales-type leases
Revenues:
Total revenues	8,689	8,295	17,316	16,650
Other income
Revenues:
Total revenues	10,064	10,292	24,354	30,660
Land development revenue
Revenues:
Total revenues	32,318	15,577	64,567	95,752
Costs and expenses:
Cost of sales expense	30,803	16,287	60,126	93,346
Impairment of assets				1,500
Real estate expense
Costs and expenses:
Cost of sales expense	$ 18,289	$ 14,276	$ 35,183	$ 36,774

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss		$ (11,416)	$ (14,363)	$ (3,427)	$ (27,249)
Other comprehensive income (loss):
Reclassification of losses on cash flow hedges into earnings upon realization	[1]	2,486	2,106	4,824	3,420
Unrealized gains (losses) on cash flow hedges		(764)	(3,351)	11,211	(31,127)
Unrealized (losses) gains on available-for-sale securities		657	972	(374)	1,175
Other comprehensive income (loss)		2,379	(273)	15,661	(26,532)
Comprehensive income (loss)		(9,037)	(14,636)	12,234	(53,781)
Comprehensive (income) loss attributable to noncontrolling interests		(2,765)	(2,348)	(7,744)	405
Comprehensive income (loss) attributable to iStar Inc.		$ (11,802)	$ (16,984)	$ 4,490	$ (53,376)
[1]	Amounts reclassified to “Interest expense” in the Company’s consolidated statements of operations for the three months ended June 30, 2021 and 2020 are $2,029 and $1,799 , respectively, and amounts reclassified to “Interest expense” in the Company’s consolidated statements of operations for the six months ended June 30, 2021 and 2020 are $4,133 and $2,887 , respectively. Amounts reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the three months ended June 30, 2021 and 2020 are $457 and $307 , respectively, and amounts reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the six months ended June 30, 2021 and 2020 are $691 and $533 , respectively.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest expense	$ 39,417	$ 41,950	$ 78,980	$ 85,341
Earnings (losses) from equity method investments	12,697	2,586	25,466	19,198
Other expenses	211	203	464	277
Reclassification out of Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge
Interest expense	2,029	1,799	4,133	2,887
Earnings (losses) from equity method investments	$ 457	$ 307	$ 691	$ 533

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In CapitalPeriod of Adoption, Adjustment	Additional Paid-In Capital	Retained Earnings (Deficit)Period of Adoption, Adjustment	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Period of Adoption, Adjustment	Total
Beginning Balance at Dec. 31, 2019	$ 12	$ 78		$ 3,284,877	$ (12,382)	$ (2,205,838)	$ (38,707)	$ 197,538	$ (12,382)	$ 1,237,960
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared-preferred						(11,748)				(11,748)
Dividends declared-common						(16,278)				(16,278)
Issuance of stock/restricted stock unit amortization, net(2)		1		3,082				1,575		4,658
Net income (loss)						(33,038)		5,789		(27,249)
Change in accumulated other comprehensive income (loss)							(20,338)	(6,194)		(26,532)
Repurchase of stock		(3)		(27,786)						(27,789)
Contributions from noncontrolling interests								317		317
Distributions to noncontrolling interests								(7,172)		(7,172)
Ending Balance at Jun. 30, 2020	12	76		3,260,173		(2,279,284)	(59,045)	191,853		1,113,785
Beginning Balance at Mar. 31, 2020	12	77		3,275,055		(2,247,504)	(59,522)	191,951		1,160,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared-preferred						(5,874)				(5,874)
Dividends declared-common						(8,445)				(8,445)
Issuance of stock/restricted stock unit amortization, net(2)		1		860				848		1,709
Net income (loss)						(17,461)		3,098		(14,363)
Change in accumulated other comprehensive income (loss)							477	(750)		(273)
Repurchase of stock		(2)		(15,742)						(15,744)
Contributions from noncontrolling interests								153		153
Distributions to noncontrolling interests								(3,447)		(3,447)
Ending Balance at Jun. 30, 2020	12	76		3,260,173		(2,279,284)	(59,045)	191,853		1,113,785
Beginning Balance at Dec. 31, 2020	12	74	$ (25,869)	3,240,535	$ 15,850	(2,316,972)	(52,680)	193,414	$ (10,019)	1,064,383	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared-preferred						(11,748)				(11,748)
Dividends declared-common						(17,384)				(17,384)
Issuance of stock/restricted stock unit amortization, net(2)				3,771				1,538		5,309
Net income (loss)						(8,200)		4,773		(3,427)
Change in accumulated other comprehensive income (loss)										15,661
Change in accumulated other comprehensive income (loss)							16,856	2,970		19,826
Repurchase of stock		(2)		(32,354)						(32,356)
Contributions from noncontrolling interests								857		857
Distributions to noncontrolling interests				(335)				(6,400)		(6,735)
Ending Balance at Jun. 30, 2021	12	72		3,185,748		(2,338,454)	(35,824)	197,152		1,008,706	[1]
Beginning Balance at Mar. 31, 2021	12	73		3,204,862		(2,309,763)	(41,858)	197,681		1,051,007
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared-preferred						(5,874)				(5,874)
Dividends declared-common						(9,148)				(9,148)
Issuance of stock/restricted stock unit amortization, net(2)				1,199				168		1,367
Net income (loss)						(13,669)		2,253		(11,416)
Change in accumulated other comprehensive income (loss)										2,379
Change in accumulated other comprehensive income (loss)							6,034	512		6,546
Repurchase of stock		(1)		(19,978)						(19,979)
Contributions from noncontrolling interests								794		794
Distributions to noncontrolling interests				(335)				(4,256)		(4,591)
Ending Balance at Jun. 30, 2021	$ 12	$ 72		$ 3,185,748		$ (2,338,454)	$ (35,824)	$ 197,152		$ 1,008,706	[1]
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared - common (in dollars per share)	$ 0.125	$ 0.11	$ 0.235	$ 0.21

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (3,427)	$ (27,249)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
(Recovery of) provision for loan losses	(6,057)	6,070
(Recovery of) provision for losses on net investment in leases	(1,866)	1,826
Impairment of assets	1,785	6,491
Depreciation and amortization	30,115	28,786
Non-cash interest income from sales-type leases	(18,808)	(8,153)
Stock-based compensation expense	20,299	21,014
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	3,957	6,664
Amortization of discounts/premiums and deferred interest on loans, net	(7,459)	(16,977)
Deferred interest on loans received	23,703	8,633
Earnings from equity method investments	(25,466)	(19,198)
Distributions from operations of other investments	18,193	11,000
Deferred operating lease income	(5,211)	(7,499)
Income from sales of real estate	(2,822)	(62)
Land development revenue in excess of cost of sales	(4,441)	(2,406)
Loss on early extinguishment of debt, net	0	4,115
Other operating activities, net	(2,148)	(9,008)
Changes in assets and liabilities:
Originations and fundings of loans receivable, net	(62,525)	0
Changes in accrued interest and operating lease income receivable	3,572	(929)
Changes in deferred expenses and other assets, net	(1,637)	(1,692)
Changes in accounts payable, accrued expenses and other liabilities	(4,719)	(11,218)
Cash flows used in operating activities	(44,962)	(9,792)
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(65,208)	(57,828)
Capital expenditures on real estate assets	(4,287)	(6,482)
Capital expenditures on land and development assets	(8,382)	(25,028)
Acquisition of real estate, net investments in leases and land assets	(42,000)	0
Repayments of and principal collections on loans receivable and other lending investments, net	209,779	87,552
Net proceeds from sales of loans receivable	79,560	0
Net proceeds from sales of real estate	3,259	9,090
Net proceeds from net investment in leases	12,825	0
Net proceeds from sales of land and development assets	61,945	94,076
Distributions from other investments	22,996	11,606
Contributions to and acquisition of interest in other investments	(91,419)	(141,091)
Other investing activities, net	4,910	(332)
Cash flows provided by (used in) investing activities	183,978	(28,437)
Cash flows from financing activities:
Borrowings from debt obligations	25,000	310,572
Repayments and repurchases of debt obligations	(35,900)	(421,363)
Preferred dividends paid	(11,748)	(11,748)
Common dividends paid	(17,304)	(16,148)
Repurchase of stock	(32,556)	(33,647)
Payments for debt prepayment or extinguishment costs	0	(3,316)
Payments for deferred financing costs	(75)	(2,501)
Payments for withholding taxes upon vesting of stock-based compensation	(2,181)	(1,984)
Contributions from noncontrolling interests	64	317
Distributions to noncontrolling interests	(6,401)	(7,172)
Cash flows (used in) provided by financing activities	(81,101)	(186,990)
Effect of exchange rate changes on cash	(111)	(24)
Changes in cash, cash equivalents and restricted cash	57,804	(225,243)
Cash, cash equivalents and restricted cash at beginning of period	150,566	352,206
Cash, cash equivalents and restricted cash at end of period	208,370	126,963
Supplemental disclosure of non-cash investing and financing activity:
Fundings and (repayments) of loan receivables and loan participations, net	(42,501)	4,384
Accounts payable for capital expenditures on real estate assets	$ 930	1,873
Accrued repurchase of stock		$ 500

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Note 1—Business and Organization Business Organization

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Note 2—Basis of Presentation and Principles of Consolidation Basis of Presentation The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company’s consolidated financial statements and the related notes to conform to the current period presentation. Principles of Consolidation Consolidated VIEs 2020. The following table presents the assets and liabilities of the Company’s consolidated VIEs as of June 30, 2021 and December 31, 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2021 December 31, 2020 ASSETS ​ ​ ​ Real estate ​ ​ ​ Real estate, at cost ​ $ 900,365 ​ $ 899,110 Less: accumulated depreciation ​ (74,334) ​ (61,917) Real estate, net ​ 826,031 ​ 837,193 Land and development, net ​ 199,876 ​ 240,137 Other investments ​ 29 ​ 35 Cash and cash equivalents ​ 24,999 ​ 22,571 Accrued interest and operating lease income receivable, net ​ 1,295 ​ 1,472 Deferred operating lease income receivable, net ​ 34,119 ​ 29,428 Deferred expenses and other assets, net ​ 117,977 ​ 122,591 Total assets ​ $ 1,204,326 ​ $ 1,253,427 LIABILITIES ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 76,684 ​ $ 115,581 Debt obligations, net ​ 480,708 ​ 488,719 Total liabilities ​ 557,392 ​ 604,300 ​ Unconsolidated VIEs

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3—Summary of Significant Accounting Policies The following paragraph describes the impact on the Company’s consolidated financial statements from the adoption of Accounting Standards Updates (“ASUs”) on January 1, 2021. The Company adopted ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) on January 1, 2021 using the modified retrospective approach method. Under the modified retrospective approach, the Company recorded a cumulative effect adjustment on January 1, 2021 by increasing “Debt obligations, net” by $10.0 million, increasing retained earnings by $15.9 million and decreasing “Additional paid-in capital” by $25.9 million with respect to its 3.125% senior convertible notes (refer to Note 11). Periods presented that are prior to the adoption date of January 1, 2021 will not be adjusted. In addition, upon the adoption of ASU 2020-06, the Company is required to use a modified if-converted method when calculating earnings per share. The Company will settle conversions of the 3.125% senior convertible notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The if-converted method is modified so that interest expense is not added back to the numerator, and the denominator only includes the net number of incremental shares that would be issued upon conversion. For the remainder of the Company’s significant accounting policies, refer to the Company’s Annual Report. New Accounting Pronouncements —

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Real Estate	Note 4—Real Estate The Company’s real estate assets were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Operating ​ ​ ​ ​ Lease (1) ​ Properties ​ Total As of June 30, 2021 ​ ​ ​ Land, at cost ​ $ 188,418 ​ $ 6,830 ​ $ 195,248 Buildings and improvements, at cost ​ 1,355,014 ​ 106,911 ​ 1,461,925 Less: accumulated depreciation ​ (270,401) ​ (19,766) ​ (290,167) Real estate, net (1) ​ 1,273,031 ​ 93,975 ​ 1,367,006 Real estate available and held for sale (2) ​ — ​ 99,201 ​ 99,201 Total real estate ​ $ 1,273,031 ​ $ 193,176 ​ $ 1,466,207 As of December 31, 2020 ​ ​ ​ Land, at cost ​ $ 188,418 ​ $ 103,530 ​ $ 291,948 Buildings and improvements, at cost ​ 1,353,683 ​ 106,422 ​ 1,460,105 Less: accumulated depreciation ​ (250,198) ​ (17,574) ​ (267,772) Real estate, net (1) ​ 1,291,903 ​ 192,378 ​ 1,484,281 Real estate available and held for sale (2) ​ — ​ 5,212 ​ 5,212 Total real estate ​ $ 1,291,903 ​ $ 197,590 ​ $ 1,489,493 (1) As of June 30, 2021 and December 31, 2020, real estate, net included $746.1 million and $755.5 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below). (2) As of June 30, 2021 and December 31, 2020, the Company had $2.4 million and $5.2 million, respectively, of residential condominiums available for sale in its operating properties portfolio. Net Lease Venture Dispositions— Real Estate Available and Held for Sale— Impairments— Tenant Reimbursements— and six and $ million and $ million for the three and six months ended June 30, 2020, respectively Allowance for Doubtful Accounts— Future Minimum Operating Lease Payments ​ ​ ​ ​ ​ ​ ​ ​ Net Operating Year ​ Lease ​ Properties 2021 (remaining six months) ​ $ 67,653 ​ $ 3,163 2022 ​ 131,176 ​ 6,643 2023 ​ 122,817 ​ 6,383 2024 ​ 117,126 ​ 6,345 2025 ​ 120,582 ​ 5,682 Thereafter ​ 1,333,855 ​ 8,247 ​

Net Investment in Leases

Net Investment in Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Net Investment in Leases	Note 5—Net Investment in Leases In June 2021, the Company acquired two parcels leasehold In May 2019, the Company entered into a transaction with an operator of bowling entertainment venues, consisting of the purchase of nine bowling centers for $56.7 million, of which seven were acquired from the lessee for $44.1 million, and a commitment to invest up to $55.0 million in additional bowling centers over the next several years. The new centers were added to the Company’s existing master leases with the tenant. In connection with this transaction, the maturities of the master leases were extended by 15 years to 2047. In the second quarter 2020, the Company entered into a transaction with the lessee whereby it would apply $10 million of the net proceeds it received from certain sales of the lessee’s facilities to the lessee’s upcoming rent obligations to the Company. In exchange, the Company’s obligation under the lease to acquire an equal amount of new facilities for them or to reduce their rent in the future was terminated. In the third quarter 2020, the Company granted the lessee a nine-month rent deferral on its two wholly-owned master leases in exchange for eliminating the Company’s commitment to invest up to $55.0 million in additional bowling centers over the next several years. All deferred amounts are required to be repaid with interest beginning in January 2023. As a result of the May 2019 modifications to the leases, the Company classified the leases as sales-type leases and recorded $424.1 million in “Net investment in leases” on its consolidated balance sheet. As a result of the modifications in the second and third quarter 2020, the Company reassessed this classification as required by ASC 842, and concluded that the leases should continue to be classified as sales-type leases. In May 2019, the Company determined that the seven bowling centers acquired did not qualify as a sale leaseback transaction and recorded $44.1 million in “Loans receivable and other lending investments, net” on its consolidated balance sheet (refer to Note 7). For the three and six months ended June 30, 2021 Dispositions— The Company’s net investment in leases were comprised of the following as of June 30, 2021 and December 31, 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Total undiscounted cash flows ​ $ 1,545,634 ​ $ 1,020,921 Unguaranteed estimated residual value ​ 378,016 ​ 345,284 Present value discount ​ (1,436,847) ​ (926,233) Allowance for losses on net investment in leases ​ (9,005) ​ (10,871) Net investment in leases (1) ​ $ 477,798 ​ $ 429,101 (1) As of June 30, 2021 and December 31, 2020, all of the Company’s net investment in leases were current in their payment status and performing in accordance with the terms of the respective leases. As of June 30, 2021, the weighted average risk rating on the Company’s net investment in leases was 1.9 . Future Minimum Lease Payments under Sales-type Leases ​ ​ ​ ​ ​ Amount 2021 (remaining six months) ​ $ 14,249 2022 ​ 30,590 2023 ​ 43,272 2024 ​ 43,029 2025 ​ 31,955 Thereafter ​ 1,382,539 Total undiscounted cash flows ​ $ 1,545,634 ​ ​ Allowance for Losses on Net Investment in Leases and six ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 ​ Allowance for losses on net investment in leases at beginning of period $ 9,270 ​ $ 10,403 $ 10,871 ​ $ — Initial allowance recorded upon adoption of new accounting standard (1) ​ — ​ — ​ — ​ 9,111 ​ (Recovery of) provision for losses on net investment in leases (2) ​ (265) ​ 534 ​ (1,866) ​ 1,826 ​ Allowance for losses on net investment in leases at end of period ​ $ 9,005 ​ $ 10,937 ​ $ 9,005 ​ $ 10,937 ​ (1) The Company recorded an initial allowance for losses on net investment in leases of $9.1 million upon the adoption of ASU 2016-13 on January 1, 2020. (2) During the three and six months ended June 30, 2021, the Company recorded a recovery of losses on net investment in leases of $0.3 million and $1.9 million, respectively, due primarily to an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. During the three and six months ended June 30, 2020, the Company recorded an allowance for losses on net investment in leases of $0.5 million and $1.8 million, respectively, due primarily to the macroeconomic impact of COVID-19 on commercial real estate markets and the adoption of ASU 2016-13 .

Land and Development

Land and Development	6 Months Ended
	Jun. 30, 2021
Land And Development [Abstract]
Land and Development	Note 6—Land and Development The Company’s land and development assets were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 2020 ​ Land and land development, at cost ​ $ 392,703 ​ $ 441,201 ​ Less: accumulated depreciation ​ (10,984) ​ (10,538) ​ Total land and development, net ​ $ 381,719 ​ $ 430,663 ​ ​ Dispositions— ​ Impairments—

Loans Receivable and Other Lend

Loans Receivable and Other Lending Investments, net	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Loans Receivable and Other Lending Investments, net	​ ​ Note 7—Loans Receivable and Other Lending Investments, net The following is a summary of the Company’s loans receivable and other lending investments by class ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2021 December 31, 2020 ​ Construction loans ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 190,830 ​ $ 449,733 ​ Corporate/Partnership loans ​ 20,049 ​ 65,100 ​ Subtotal - gross carrying value of construction loans (1) ​ 210,879 ​ 514,833 ​ Loans ​ ​ ​ Senior mortgages ​ 50,463 ​ 35,922 ​ Corporate/Partnership loans ​ 18,674 ​ 20,567 ​ Subordinate mortgages ​ 12,042 ​ 11,640 ​ Subtotal - gross carrying value of loans ​ 81,179 ​ 68,129 ​ Other lending investments ​ ​ ​ Financing receivables (refer to Note 5) ​ 48,286 ​ 46,549 ​ Held-to-maturity debt securities ​ 93,677 ​ 90,715 ​ Available-for-sale debt securities ​ 28,074 ​ 25,274 ​ Subtotal - other lending investments ​ 170,037 ​ 162,538 ​ Total gross carrying value of loans receivable and other lending investments ​ 462,095 ​ 745,500 ​ Allowance for loan losses ​ (7,135) ​ (13,170) ​ Total loans receivable and other lending investments, net ​ $ 454,960 ​ $ 732,330 ​ (1) As of June 30, 2021, 91% of gross carrying value of construction loans had completed construction. Allowance for Loan Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held to ​ ​ ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ Maturity Debt ​ Financing ​ Specific ​ ​ ​ Three Months Ended June 30, 2021 ​ Loans ​ Loans ​ Securities ​ Receivables ​ Allowance ​ Total Allowance for loan losses at beginning of period ​ $ 2,893 ​ $ 1,815 ​ $ 2,685 ​ $ 998 ​ $ 667 ​ $ 9,058 Recovery of loan losses (1) ​ (1,253) ​ (196) ​ (292) ​ (105) ​ (77) ​ (1,923) Allowance for loan losses at end of period ​ $ 1,640 ​ $ 1,619 ​ $ 2,393 ​ $ 893 ​ $ 590 ​ $ 7,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 9,724 ​ $ 686 ​ $ 53 ​ $ 1,100 ​ $ 21,701 ​ $ 33,264 Provision for loan losses (1) ​ 2,012 ​ 219 ​ 58 ​ 59 ​ — ​ 2,348 Allowance for loan losses at end of period ​ $ 11,736 ​ $ 905 ​ $ 111 ​ $ 1,159 ​ $ 21,701 ​ $ 35,612 (1) During the three months ended June 30, 2021 and 2020, the Company recorded a provision for (recovery of) loan losses of ($2.3) million and $2.1 million, respectively, in its consolidated statement of operations. The recovery in 2021 was due primarily to the repayment of loans during the three months ended June 30, 2021 and an improving macroeconomic forecast on commercial real estate markets since March 31, 2021. Of this amount, $0.4 million related to a provision for loan losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities." The provision in 2020 was due to the macroeconomic impact of COVID-19 on commercial real estate markets, which was partially offset by a $0.3 million reduction in provision for loan losses for unfunded loan commitments that were funded during the three months ended June 30, 2020, and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities." Changes in the Company’s allowance for loan losses were as follows for the six months ended June 30, 2021 and 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held to ​ ​ ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ Maturity Debt ​ Financing ​ Specific ​ ​ ​ Six Months Ended June 30, 2021 ​ Loans ​ Loans ​ Securities ​ Receivables ​ Allowance ​ Total Allowance for loan losses at beginning of period ​ $ 6,541 ​ $ 1,643 ​ $ 3,093 ​ $ 1,150 ​ $ 743 ​ $ 13,170 Recovery of loan losses (1) ​ (4,901) ​ (24) ​ (700) ​ (257) ​ (153) ​ (6,035) Allowance for loan losses at end of period ​ $ 1,640 ​ $ 1,619 ​ $ 2,393 ​ $ 893 ​ $ 590 ​ $ 7,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 6,668 ​ $ 265 ​ $ — ​ $ — ​ $ 21,701 ​ $ 28,634 Adoption of new accounting standard (2) ​ (353) ​ 98 ​ 20 ​ 964 ​ — ​ 729 Provision for loan losses (1) ​ 5,421 ​ 542 ​ 91 ​ 195 ​ — ​ 6,249 Allowance for loan losses at end of period ​ $ 11,736 ​ $ 905 ​ $ 111 ​ $ 1,159 ​ $ 21,701 ​ $ 35,612 (1) During the six months ended June 30, 2021 and 2020, the Company recorded a provision for (recovery of) loan losses of ($6.1) million and $6.1 million, respectively, in its consolidated statements of operations. The recovery in 2021 was due primarily to the repayment of loans during the six months ended June 30, 2021 and an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. The provision for loan losses in 2020 resulted from the macroeconomic impact of COVID-19 on commercial real estate markets and was partially offset by a $0.2 million reduction in provision for loan losses for unfunded loan commitments that were funded during the six months ended June 30, 2020 and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities." (2) On January 1, 2020, the Company recorded an increase to its allowance for loan losses of $3.3 million upon the adoption of ASU 2016-13, of which $2.5 million related to expected credit losses for unfunded loan commitments and was recorded in “Accounts payable, accrued expenses and other liabilities.” ​ ​ The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows as of June 30, 2021 and December 31, 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually Collectively ​ ​ ​ ​ Evaluated for ​ Evaluated for ​ ​ ​ ​ ​ Impairment (1) ​ Impairment ​ Total As of June 30, 2021 ​ ​ ​ Construction loans (2) ​ $ 56,610 ​ $ 154,269 ​ $ 210,879 Loans (2) ​ — ​ 81,179 ​ 81,179 Financing receivables ​ — ​ 48,286 ​ 48,286 Held-to-maturity debt securities ​ — ​ 93,677 ​ 93,677 Available-for-sale debt securities (3) ​ — ​ 28,074 ​ 28,074 Less: Allowance for loan losses ​ (590) ​ (6,545) ​ (7,135) Total ​ $ 56,020 ​ $ 398,940 ​ $ 454,960 As of December 31, 2020 ​ ​ ​ Construction loans (2) ​ $ 53,305 ​ $ 461,528 ​ $ 514,833 Loans (2) ​ — ​ 68,129 ​ 68,129 Financing receivables ​ — ​ 46,549 ​ 46,549 Held-to-maturity debt securities ​ — ​ 90,715 ​ 90,715 Available-for-sale debt securities (3) ​ — ​ 25,274 ​ 25,274 Less: Allowance for loan losses ​ (743) ​ (12,427) ​ (13,170) Total ​ $ 52,562 ​ $ 679,768 ​ $ 732,330 (1) The carrying value of this loan includes an unamortized discount of $0.8 million and $0.8 million as of June 30, 2021 and December 31, 2020, respectively. The Company’s loans individually evaluated for impairment represent loans on non-accrual status and the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $1.7 million and $2.3 million as of June 30, 2021 and December 31, 2020, respectively. (3) Available-for-sale debt securities are evaluated for impairment under ASC 326-30. Credit Characteristics The Company’s amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, as of June 30, 2021 were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of Origination ​ ​ 2021 2020 2019 2018 2017 Prior to 2017 Total Senior mortgages ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ 34,394 ​ — ​ — ​ 118,045 ​ — ​ 3,500 ​ 155,939 3.5 ​ — ​ — ​ — ​ 28,744 ​ — ​ — ​ 28,744 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal (1) ​ $ 34,394 ​ $ — ​ $ — ​ $ 146,789 ​ $ — ​ $ 3,500 ​ $ 184,683 Corporate/partnership loans ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ 13,115 ​ — ​ — ​ 13,115 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ 6,934 ​ — ​ — ​ — ​ — ​ — ​ 6,934 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ 18,674 ​ — ​ — ​ 18,674 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ 6,934 ​ $ — ​ $ — ​ $ 31,789 ​ $ — ​ $ — ​ $ 38,723 Subordinate mortgages ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ 12,042 ​ 12,042 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 12,042 ​ $ 12,042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing receivables ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ 48,286 ​ — ​ — ​ — ​ 48,286 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ 48,286 ​ $ — ​ $ — ​ $ — ​ $ 48,286 Total ​ $ 41,328 ​ $ — ​ $ 48,286 ​ $ 178,578 ​ $ — ​ $ 15,542 ​ $ 283,734 (1) As of June 30, 2021, excludes $56.6 million for one loan on non-accrual status. The Company’s amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ and Equal ​ Than ​ Total ​ ​ ​ ​ ​ Current ​ to 90 Days ​ 90 Days ​ Past Due ​ Total As of June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 184,683 ​ $ 56,610 ​ $ — ​ ​ 56,610 ​ $ 241,293 Corporate/Partnership loans ​ 38,723 ​ — ​ — ​ — ​ 38,723 Subordinate mortgages ​ 12,042 ​ — ​ — ​ — ​ 12,042 Total ​ $ 235,448 ​ $ 56,610 ​ $ — ​ $ 56,610 ​ $ 292,058 As of December 31, 2020 ​ ​ ​ ​ ​ Senior mortgages ​ $ 443,154 ​ $ 42,501 ​ $ — ​ $ 42,501 ​ $ 485,655 Corporate/Partnership loans ​ 42,721 ​ 42,946 ​ — ​ 42,946 ​ 85,667 Subordinate mortgages ​ 11,640 ​ — ​ — ​ — ​ 11,640 Total ​ $ 497,515 ​ $ 85,447 ​ $ — ​ $ 85,447 ​ $ 582,962 ​ Impaired Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 As of December 31, 2020 ​ ​ ​ Unpaid ​ ​ ​ ​ Unpaid ​ ​ ​ ​ Amortized ​ Principal ​ Related ​ Amortized ​ Principal ​ Related ​ ​ Cost ​ Balance ​ Allowance ​ Cost ​ Balance ​ Allowance With an allowance recorded: ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages (1) ​ $ 56,610 ​ $ 55,859 ​ $ (590) ​ $ 53,305 ​ $ 52,552 ​ $ (743) Total ​ $ 56,610 ​ $ 55,859 ​ $ (590) ​ $ 53,305 ​ $ 52,552 ​ $ (743) (1) The Company has one non-accrual loan as of June 30, 2021 and December 31, 2020 that is considered impaired and included in the table above. The Company did no t record any interest income on impaired loans for the six months ended June 30, 2021 and 2020. Loans receivable held for sale In June 2021, the Company acquired a parcel of land for $42.0 million and simultaneously entered into a Ground Lease (refer to Note 5). The Company also concurrently entered into an agreement pursuant to which SAFE would acquire the Ground Lease from the Company. The Ground Lease was entered into with the seller of the land and did not qualify for sale leaseback accounting, and as such, is accounted for as a financing transaction and $42.2 million is recorded in “Loans receivable held for sale” on the Company’s consolidated balance sheets. Other lending investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ Net ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Estimated ​ Carrying ​ ​ Face Value ​ Cost Basis ​ Gain ​ Fair Value ​ Value As of June 30, 2021 ​ ​ ​ ​ ​ Available-for-Sale Securities ​ ​ ​ ​ ​ Municipal debt securities ​ $ 23,855 ​ $ 23,855 ​ $ 4,219 ​ $ 28,074 ​ $ 28,074 Held-to-Maturity Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities ​ 100,000 ​ 93,677 ​ — ​ 93,677 ​ 93,677 Total ​ $ 123,855 ​ $ 117,532 ​ $ 4,219 ​ $ 121,751 ​ $ 121,751 As of December 31, 2020 ​ ​ ​ ​ ​ Available-for-Sale Securities ​ ​ ​ ​ ​ Municipal debt securities ​ $ 20,680 ​ $ 20,680 ​ $ 4,594 ​ $ 25,274 ​ $ 25,274 Held-to-Maturity Securities ​ ​ ​ ​ ​ ​ ​ ​ Debt securities ​ 100,000 ​ 90,715 ​ — ​ 90,715 ​ 90,715 Total ​ $ 120,680 ​ $ 111,395 ​ $ 4,594 ​ $ 115,989 ​ $ 115,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021, the contractual maturities of the Company’s securities were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-Maturity Debt Securities Available-for-Sale Debt Securities ​ ​ Amortized ​ Estimated ​ Amortized ​ Estimated ​ ​ Cost Basis Fair Value Cost Basis Fair Value Maturities ​ ​ ​ ​ Within one year ​ $ — ​ $ — ​ $ — ​ $ — After one year through 5 years ​ 93,677 ​ 93,677 ​ — ​ — After 5 years through 10 years ​ — ​ — ​ — ​ — After 10 years ​ — ​ — ​ 23,855 ​ 28,074 Total ​ $ 93,677 ​ $ 93,677 ​ $ 23,855 ​ $ 28,074 ​

Other Investments

Other Investments	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Other Investments	Note 8—Other Investments The Company’s other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (Losses) from ​ Earnings (Losses) from ​ ​ Carrying Value ​ Equity Method Investments (1) ​ Equity Method Investments (1) ​ ​ as of ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ December 31, ​ June 30, ​ June 30, ​ ​ 2021 2020 2021 2020 2021 2020 Real estate equity investments ​ ​ ​ ​ ​ ​ ​ ​ ​ Safehold Inc. ("SAFE") (2) ​ $ 988,687 ​ $ 937,712 ​ $ 9,703 ​ $ 8,236 ​ $ 21,115 ​ $ 27,574 iStar Net Lease II LLC ("Net Lease Venture II") ​ 84,735 ​ 78,998 ​ 1,599 ​ 564 ​ 2,600 ​ 757 Other real estate equity investments ​ 68,920 ​ 89,939 ​ (1,461) ​ (4,893) ​ (2,063) ​ (6,975) Subtotal ​ 1,142,342 ​ 1,106,649 ​ 9,841 ​ 3,907 ​ 21,652 ​ 21,356 Other strategic investments (3) ​ 133,612 ​ 69,911 ​ 2,856 ​ (1,321) ​ 3,814 ​ (2,158) Total ​ $ 1,275,954 ​ $ 1,176,560 ​ $ 12,697 ​ $ 2,586 ​ $ 25,466 ​ $ 19,198 (1) For the three months ended June 30, 2021 and 2020, earnings (losses) from equity method investments is net of the Company’s pro rata share of $5.5 million and $4.8 million, respectively, of depreciation expense and $17.7 million and $15.7 million, respectively, of interest expense. For the six months ended June 30, 2021 and 2020, earnings (losses) from equity method investments is net of the Company’s pro rata share of $11.1 million and $8.8 million, respectively, of depreciation expense and $33.2 million and $29.4 million, respectively, of interest expense. (2) As of June 30, 2021, the Company owned 35.2 million shares of SAFE common stock which, based on the closing price of $78.50 on June 30, 2021, had a market value of $2.8 billion. For the six months ended June 30, 2021 and 2020, equity in earnings includes dilution gains of $0.5 million and $7.9 million, respectively, resulting from SAFE equity offerings. (3) During the six months ended June 30, 2021 and 2020, the Company identified observable price changes in an equity security held by the Company as evidenced by orderly private issuances of similar securities by the same issuer. In accordance with ASC 321, the Company remeasured its equity investment at fair value and recognized aggregate mark-to-market gains for the six months ended June 30, 2021 and 2020 of $5.1 million and $9.9 million, respectively, in “Other income” in the Company’s consolidated statements of operations. Safehold Inc. In January 2019, the Company purchased 12.5 million newly designated limited partnership units (the “Investor Units”) in SAFE’s operating partnership (“SAFE OP”), at a purchase price of $20.00 per unit, for a total purchase price of $250.0 million. In May 2019, after the approval of SAFE’s stockholders, the Investor Units were exchanged for shares of SAFE’s common stock on a one-for-one basis. Following the exchange, the Investor Units were retired. In connection with the Company’s purchase of the Investor Units, it entered into a Stockholder’s Agreement with SAFE on January 2, 2019. The Stockholder’s Agreement: ● limits the Company’s discretionary voting power to 41.9% of the outstanding voting power of SAFE’s common stock until its aggregate ownership of SAFE common stock is less than 41.9% ; ● requires the Company to cast all of its voting power in favor of three director nominees to SAFE’s board who are independent of each of the Company and SAFE for three years ; ● subjects the Company to certain standstill provisions; and ● provides the Company certain preemptive rights. In March 2020, the Company acquired 1.7 million shares of SAFE’s common stock in a private placement for $80.0 million. A wholly-owned subsidiary of the Company is the external manager of SAFE and is entitled to a management fee. In addition, the Company is also the external manager of a venture in which SAFE is a member. Following are the key terms of the management agreement with SAFE: ● The Company receives a fee equal to 1.0% of total SAFE equity (as defined in the management agreement) up to $1.5 billion; 1.25% of total SAFE equity (for incremental equity of $1.5 billion - $3.0 billion); 1.375% of total SAFE equity (for incremental equity of $3.0 billion - $5.0 billion); and 1.5% of total SAFE equity (for incremental equity over $5.0 billion); ● Fee to be paid in cash or in shares of SAFE common stock, at the discretion of SAFE’s independent directors; ● The stock is locked up for two years , subject to certain restrictions; ● There is no additional performance or incentive fee; ● The management agreement is non-terminable by SAFE through June 30, 2023, except for cause; and ● Automatic annual renewals thereafter, subject to non-renewal upon certain findings by SAFE’s independent directors and payment of termination fee equal to three times the prior year’s management fee. During the three months ended June 30, 2021 and 2020, the Company recorded $3.5 million and $3.2 million, respectively, of management fees pursuant to its management agreement with SAFE. During the six months ended June 30, 2021 and 2020, the Company recorded $7.0 million and $6.0 million, respectively, of management fees pursuant to its management agreement with SAFE. The Company is also entitled to receive certain expense reimbursements, including for the allocable costs of its personnel that perform certain legal, accounting, due diligence tasks and other services that third-party professionals or outside consultants otherwise would perform. The Company has elected not to charge in full certain of the expense reimbursements while SAFE is growing its portfolio. During the three months ended June 30, 2021 and 2020, the Company recognized $1.9 million and $1.3 million, respectively, of expense reimbursements pursuant to its management agreement with SAFE. During the six months ended June 30, 2021 and 2020, the Company recognized $3.8 million and $2.5 million, respectively, of expense reimbursements pursuant to its management agreement with SAFE. The Company has an exclusivity agreement with SAFE pursuant to which it agreed, subject to certain exceptions, that it will not acquire, originate, invest in, or provide financing for a third party’s acquisition of, a Ground Lease unless it has first offered that opportunity to SAFE and a majority of its independent directors has declined the opportunity. Following is a list of investments that the Company has transacted with SAFE, all of which were approved by the Company’s and SAFE’s independent directors, for the periods presented: In October 2017, the Company closed on a 99-year During the six months ended June 30, 2021 and 2020, the Company recorded $ million and $ million, respectively, of interest income on the loan. In January 2019, the Company committed to provide a $13.3 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan was for the conversion of an office building into a multi-family property. The loan was repaid during the fourth quarter 2020. During the three and six months ended June 30, 2020, the Company recorded $0.3 million and $0.5 million, respectively, of interest income on the loan. In June 2020, Net Lease Venture II (see below) acquired the leasehold interest in an office laboratory property in Honolulu, HI and simultaneously entered into a 99-year Ground Lease with SAFE. In February 2021, the Company provided a $50.0 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan was for the Ground Lease tenant’s recapitalization of a hotel property. The Company received $1.9 million of consideration from SAFE in connection with this transaction. As of June 30, 2021, $42.7 million of the loan was funded and during the three and six months ended June 30, 2021, the Company recorded $1.5 million and $2.4 million, respectively, of interest income on the loan. In March 2021, the Company acquired land and simultaneously structured and entered into with the seller a Ground Lease on which a multi-family project will be constructed. At closing, the Company entered into an agreement with SAFE pursuant to which, subject to certain conditions being met, SAFE will acquire the ground lessor from the Company (refer to Note 7 - Loans receivable held for sale). The Company also committed to provide a $75.0 million construction loan to the Ground Lease tenant. In June 2021, the Company sold to SAFE its rights under a purchase option agreement for $1.2 million. The Company had previously acquired such purchase option agreement from a third-party property owner for $1.0 million and incurred $0.2 million of expenses. Under the option agreement, upon certain conditions being met by an outside developer who may become the Ground Lease tenant, SAFE has the right to acquire for $215.0 million a property and hold a Ground Lease under approximately 1.1 million square feet of office space that may be developed on the property. No gain or loss was recognized by the Company as a result of the sale. In June 2021, the Company and SAFE entered into two agreements pursuant to each of which SAFE would acquire land and a related Ground Lease originated by the Company when certain construction related conditions are met by a specified time period. The purchase price to be paid for each is $42.0 million, plus an amount necessary for the Company to achieve the greater of a 1.25x multiple and a 9% return on its investment. In addition, each Ground Lease provides for a leasehold improvement allowance up to a maximum of $83.0 million, which obligation would be assumed by SAFE upon acquisition. If certain construction conditions are not met within a specified time period, SAFE will have no obligation to acquire the Ground Leases or fund the leasehold improvement allowances. There can be no assurance that the conditions to closing will be satisfied and that SAFE will acquire the properties and Ground Leases from the Company. Net Lease Venture II Other real estate equity investments In August 2018, the Company provided a mezzanine loan with a principal balance of $33.0 million as of June 30, 2021 and December 31, 2020 to an unconsolidated entity in which the Company owns a 50% equity interest. The loan matures in August 2022. As of June 30, 2021, and December 31, 2020, the loan is included in “Loans receivable and other lending investments, net” on the Company’s consolidated balance sheet. During the three months ended June 30, 2021 and 2020, the Company recorded $0.6 million and $0.6 million, respectively, of interest income on the mezzanine loan. During the six months ended June 30, 2021 and 2020, the Company recorded $ million and $ million, respectively, of interest income on the mezzanine loan. Other strategic investments In January 2021, the Company sold two loans for $83.4 million to a newly formed entity in which the Company has a 53.0% noncontrolling equity interest. The Company did not recognize any gain or loss on the sales. The Company does not have a controlling interest in this entity due to the substantive participating rights of its partner. The Company accounts for this investment as an equity method investment and receives a fixed annual fee in exchange for managing the entity. Summarized investee financial information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues Expenses Net Income Attributable to Parent For the Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE ​ $ 87,720 ​ $ 57,536 ​ $ 31,640 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE ​ $ 77,518 ​ $ 49,200 ​ $ 29,861 ​

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 2021
Other Assets and Other Liabilities [Abstract]
Other Assets and Other Liabilities	Note 9—Other Assets and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2021 December 31, 2020 ​ Intangible assets, net (1) ​ $ 149,620 ​ $ 156,041 ​ Restricted cash ​ 53,429 ​ 51,933 ​ Operating lease right-of-use assets (2) ​ 45,894 ​ 48,891 ​ Other assets (3) ​ 20,720 ​ 19,453 ​ Other receivables ​ 4,696 ​ 10,881 ​ Leasing costs, net (4) ​ 2,631 ​ 2,340 ​ Corporate furniture, fixtures and equipment, net (5) ​ 1,852 ​ 2,024 ​ Deferred financing fees, net ​ 1,052 ​ 1,549 ​ Deferred expenses and other assets, net ​ $ 279,894 ​ $ 293,112 ​ (1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $50.6 million and $44.4 million as of June 30, 2021 and December 31, 2020, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company’s consolidated statements of operations by $0.3 million and $0.3 million for the three months ended June 30, 2021 and 2020, respectively, and $0.7 million and $0.7 million for the six months ended June 30, 2021 and 2020, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $ 2.6 million and $ 2.6 million for the three months ended June 30, 2021 and 2020, respectively, and $ 5.8 million and $ 5.3 million for the six months ended June 30, 2021 and 2020, respectively. These amounts are included in “Depreciation and amortization” in the Company’s consolidated statements of operations. As of June 30, 2021, the weighted average remaining amortization period for the Company’s intangible assets was approximately 16.4 years. (2) Right-of-use lease assets relate primarily to the Company’s leases of office space. Right-of use lease assets initially equal the lease liability. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in “General and administrative” and “Real estate expense” in the Company’s consolidated statements of operations. During the three months ended June 30, 2021 and 2020, the Company recognized $1.2 million and $1.2 million, respectively, in "General and administrative" and $0.9 million and $0.9 million, respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. During the six months ended June 30, 2021 and 2020, the Company recognized $2.5 million and $2.2 million, respectively, in "General and administrative" and $1.8 million and $1.7 million, respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. (3) Other assets primarily includes prepaid expenses, deposits for certain real estate assets and management fees and expense reimbursements due from SAFE (refer to Note 8). (4) Accumulated amortization of leasing costs was $2.2 million and $2.6 million as of June 30, 2021 and December 31, 2020, respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $14.6 million and $14.3 million as of June 30, 2021 and December 31, 2020, respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2021 December 31, 2020 ​ Other liabilities (1) ​ $ 81,056 ​ ​ 91,513 ​ Accrued expenses ​ 104,716 ​ 94,724 ​ Intangible liabilities, net (2) ​ 47,492 ​ 48,738 ​ Operating lease liabilities (see table above) ​ 48,645 ​ 50,072 ​ Accrued interest payable ​ 33,428 ​ 32,355 ​ Accounts payable, accrued expenses and other liabilities ​ $ 315,337 ​ $ 317,402 ​ (1) As of June 30, 2021 and December 31, 2020, other liabilities includes $33.0 million and $36.9 million, respectively, of deferred income. As of June 30, 2021 and December 31, 2020, other liabilities includes $13.5 million and $19.0 million, respectively, of derivative liabilities. As of June 30, 2021 and December 31, 2020, other liabilities includes $1.0 million and $1.0 million, respectively, of expected credit losses for unfunded loan commitments. (2) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $8.8 million and $7.5 million as of June 30, 2021 and December 31, 2020, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.6 million and $0.6 million for the three months ended June 30, 2021 and 2020, respectively, and $ 1.2 million and $ 1.2 million for the six months ended June 30, 2021 and 2020, respectively.

Loan Participations Payable, ne

Loan Participations Payable, net	6 Months Ended
	Jun. 30, 2021
Transfers and Servicing [Abstract]
Loan Participations Payable, net	Note 10—Loan Participations Payable, net The Company had one loan participation payable with a carrying value of $42.5 million and an interest rate of 6.0% as of December 31, 2020. The loan was repaid in the first quarter 2021. Loan participations represent transfers of financial assets that did not meet the sales criteria established under ASC Topic 860 and are accounted for as loan participations payable, net as of December 31, 2020. As of December 31, 2020, the corresponding loan receivable balance was $42.5 million and is included in “Loans receivable and other lending investments, net” on the Company’s consolidated balance sheets. The principal and interest due on loan participations payable are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations.

Debt Obligations, net

Debt Obligations, net	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt Obligations, net	​ ​ Note 11—Debt Obligations, net The Company’s debt obligations were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ Stated ​ Scheduled ​ June 30, 2021 December 31, 2020 Interest Rates Maturity Date Secured credit facilities and mortgages: ​ ​ ​ Revolving Credit Facility ​ $ — ​ $ — ​ LIBOR + 2.00 % (1) September 2022 Senior Term Loan ​ 491,875 ​ 491,875 ​ LIBOR + 2.75 % (2) June 2023 Mortgages collateralized by net lease assets ​ 710,175 ​ 721,075 ​ 1.65% - 7.26 % (3) ​ Total secured credit facilities and mortgages (4) ​ 1,202,050 ​ 1,212,950 ​ Unsecured notes: ​ ​ ​ 3.125% senior convertible notes (5) ​ 287,500 ​ 287,500 ​ 3.125 % September 2022 4.75% senior notes (6) ​ 775,000 ​ 775,000 ​ 4.75 % October 2024 4.25% senior notes (7) ​ 550,000 ​ 550,000 ​ 4.25 % August 2025 5.50% senior notes (8) ​ 400,000 ​ 400,000 ​ 5.50 % February 2026 Total unsecured notes ​ 2,012,500 ​ 2,012,500 ​ Other debt obligations: ​ ​ ​ Trust preferred securities ​ 100,000 ​ 100,000 ​ LIBOR + 1.50 % October 2035 Total debt obligations ​ 3,314,550 ​ 3,325,450 ​ Debt discounts and deferred financing costs, net (9) ​ (25,069) ​ (38,475) ​ Total debt obligations, net (10) ​ $ 3,289,481 ​ $ 3,286,975 ​ (1) The Revolving Credit Facility bears interest at the Company’s election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.00% to 1.50% ; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50% . At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023. (2) The loan bears interest at the Company’s election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin of 1.75% ; or (ii) LIBOR subject to a margin of 2.75% . (3) As of June 30, 2021, the weighted average interest rate of these loans is 4.4% , inclusive of the effect of interest rate swaps. (4) As of June 30, 2021, $2.0 billion net carrying value of assets served as collateral for the Company’s secured debt obligations. (5) The Company’s 3.125% senior convertible fixed rate notes due September 2022 (“ 3.125% Convertible Notes”) are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding September 15, 2022. The conversion rate as of June 30, 2021 was 71.2325 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.04 per share. The conversion rate is subject to adjustment from time to time for specified events. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As of December 31, 2020, the carrying value of the 3.125% Convertible Notes was $275.1 million, net of fees, and the unamortized discount of the 3.125% Convertible Notes was $10.2 million, net of fees. Upon the adoption of ASU 2020-06 on January 1, 2021, the Company reclassed the unamortized discount to shareholders equity (refer to Note 3). During the three months ended June 30, 2021 and 2020, the Company recognized $2.2 million and $2.2 million, respectively, of contractual interest and during the three months ended June 30, 2020, the Company recognized $1.3 million of discount amortization on the 3.125% Convertible Notes. During the six months ended June 30, 2021 and 2020, the Company recognized $4.5 million and $4.5 million, respectively, of contractual interest and during the six months ended June 30, 2020, the Company recognized $2.6 million of discount amortization on the 3.125% Convertible Notes. The effective interest rate for the three and six months ended June 30, 2020 was 5.2% . (6) The Company can prepay these senior notes without penalty beginning July 1, 2024. (7) The Company can prepay these senior notes without penalty beginning May 1, 2025. (8) The Company can prepay these senior notes without penalty beginning August 15, 2024. (9) On January 1, 2021, the Company adopted ASU 2020-06 and reclassed $10.0 million of debt discount and unamortized fees from the 3.125% Convertible Notes to shareholders’ equity on the Company’s consolidated balance sheet (refer to Note 3). (10) The Company capitalized interest relating to development activities of $ 0.2 million and $ 0.6 million during the three months ended June 30, 2021 and 2020, respectively, and $ 0.5 million and $ 1.1 million during the six months ended June 30, 2021 and 2020, respectively. ​ Future Scheduled Maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured Debt Secured Debt Total 2021 (remaining six months) ​ $ — ​ $ 101,011 ​ $ 101,011 2022 ​ 287,500 ​ 95,867 ​ 383,367 2023 ​ — ​ 491,875 ​ 491,875 2024 ​ 775,000 ​ — ​ 775,000 2025 ​ 550,000 ​ 270,890 ​ 820,890 Thereafter ​ 500,000 ​ 242,407 ​ 742,407 Total principal maturities ​ 2,112,500 ​ 1,202,050 ​ 3,314,550 Unamortized discounts and deferred financing costs, net ​ (19,782) ​ (5,287) ​ (25,069) Total debt obligations, net ​ $ 2,092,718 ​ $ 1,196,763 ​ $ 3,289,481 ​ Senior Term Loan Revolving Credit Facility Unsecured Notes During the six months ended June 30, 2020, repayments of unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $4.1 million. This amount is included in “Loss on early extinguishment of debt, net” in the Company’s consolidated statements of operations. Debt Covenants The Company’s Senior Term Loan and the Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the Senior Term Loan requires the Company to maintain collateral coverage of at least 1.25x outstanding borrowings on the facility. The Revolving Credit Facility is secured by a borrowing base of assets and requires the Company to maintain both borrowing base asset value of at least 1.5x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5x. The Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the borrowing base asset value remains at least 1.5x outstanding borrowings on the facility. To satisfy this covenant, the Company has the option to pay down outstanding borrowings or substitute assets in the borrowing base. Under both the Senior Term Loan and the Revolving Credit Facility the Company is permitted to pay dividends provided that no material default (as defined in the relevant agreement) has occurred and is continuing or would result therefrom and the Company remains in compliance with its financial covenants after giving effect to the dividend. The Company’s Senior Term Loan and the Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company’s indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company’s unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company’s indebtedness to them if the Company’s other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12—Commitments and Contingencies Unfunded Commitments As of June 30, 2021, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lending ​ Real ​ Other ​ ​ ​ ​ Investments Estate Investments Total Performance-Based Commitments ​ $ 94,398 ​ $ 71,702 ​ $ 33,790 ​ $ 199,890 Strategic Investments ​ — ​ — ​ 14,934 ​ 14,934 Total ​ $ 94,398 ​ $ 71,702 ​ $ 48,724 ​ $ 214,824 ​ ​ Other Commitments ​ ​ ​ ​ ​ ​ ​ ​ Operating (1)(2) Finance (1) 2021 (remaining six months) ​ $ 2,588 ​ $ 2,763 2022 ​ 6,756 ​ 5,604 2023 ​ 6,393 ​ 5,716 2024 ​ 6,309 ​ 5,830 2025 ​ 6,297 ​ 5,946 Thereafter ​ 496 ​ 1,567,826 Total undiscounted cash flows ​ 28,839 ​ 1,593,685 Present value discount (1) ​ (3,128) ​ (1,441,760) Other adjustments (2) ​ 22,934 ​ — Lease liabilities ​ $ 48,645 ​ $ 151,925 (1) The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company’s incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company’s weighted average incremental secured borrowing rate for similar collateral estimated to be 5.1% and the weighted average remaining lease term is 7.8 years. The weighted average remaining lease term for the Company’s operating leases, excluding operating leases for which the Company’s tenants pay rent on its behalf, was 5.1 years and the weighted average discount rate was 5.0% . For finance leases, which relate primarily to the Company’s Ground Leases with SAFE, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.5% and the weighted average remaining lease term is 96.5 years. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease and are recorded in “Depreciation and amortization” in the Company’s consolidated statements of operations. During the three months ended June 30, 2021 and 2020, the Company recognized $ 2.1 million and $ 2.0 million, respectively, in "Interest expense" and $ 0.4 million and $ 0.4 million, respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. During the six months ended June 30, 2021 and 2020, the Company recognized $ 4.1 million and $ 4.1 million, respectively, in "Interest expense" and $ 0.7 million and $ 0.7 million, respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. During the three months ended June 30, 2021 and 2020, the Company made payments of $0.4 million and $1.1 million, respectively, related to its operating leases and $1.4 million and $1.3 million, respectively, related to its finance leases with SAFE . During the six months ended June 30, 2021 and 2020, the Company made payments of $1.2 million and $2.1 million, respectively, related to its operating leases and $2.7 million and $2.7 million, respectively, related to its finance leases with SAFE . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company’s tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company’s tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Operating (1)(2) Finance (1) 2021 ​ $ 3,797 ​ $ 5,494 2022 ​ 6,756 ​ 5,604 2023 ​ 6,393 ​ 5,716 2024 ​ 6,309 ​ 5,830 2025 ​ 6,297 ​ 5,946 Thereafter ​ 496 ​ 1,567,826 Total undiscounted cash flows ​ 30,048 ​ 1,596,416 Present value discount (1) ​ (3,771) ​ (1,445,896) Other adjustments (2) ​ 23,795 ​ — Lease liabilities ​ $ 50,072 ​ $ 150,520 (1) The weighted average remaining lease term for the Company’s operating leases, excluding operating leases for which the Company’s tenants pay rent on its behalf, was 5.6 years and the weighted average discount rate was 5.5% . The weighted average remaining lease term for the Company’s finance leases was 97 years and the weighted average discount rate was 5.5% . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company’s tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company’s tenants on its behalf. Legal Proceedings

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 13—Derivatives The Company’s use of derivative financial instruments has historically been limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company’s operating and financial structure and to manage its exposure to interest rates and foreign exchange rates. The Company may have derivatives that are not designated as hedges because they do not meet the strict hedge accounting requirements. Although not designated as hedges, such derivatives are entered into to manage the Company’s exposure to interest rate movements and other identified risks. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities ​ ​ Balance Sheet ​ Fair As of June 30, 2021 Location Value Derivatives Designated in Hedging Relationships ​ ​ ​ ​ ​ Interest rate swaps Accounts payable, accrued expenses and other liabilities ​ $ 13,481 Total ​ $ 13,481 ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ Derivatives Designated in Hedging Relationships ​ Interest rate swaps Accounts payable, accrued expenses and other liabilities ​ $ 18,926 Total ​ $ 18,926 (1) Over the next 12 months, the Company expects that $9.8 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as an increase to interest expense. The table below presents the effect of the Company’s derivative financial instruments, including the Company’s share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain Amount of Gain ​ ​ Location of Gain ​ (Loss) Recognized in ​ (Loss) Reclassified ​ ​ (Loss) ​ Accumulated Other ​ from Accumulated Derivatives Designated in ​ When Recognized in ​ Comprehensive ​ Other Comprehensive Hedging Relationships Income Income Income into Earnings For the Three Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps Interest expense ​ $ (763) ​ $ (2,029) Interest rate swaps Earnings from equity method investments ​ (1) ​ (457) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, 2020 ​ ​ Interest rate swaps Interest expense ​ $ (2,365) ​ $ (1,799) Interest rate swaps Earnings from equity method investments ​ (986) ​ (307) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps Interest expense ​ $ 2,556 ​ $ (4,133) Interest rate swaps Earnings from equity method investments ​ 8,655 ​ (691) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2020 ​ ​ Interest rate swaps Interest Expense ​ $ (14,970) ​ $ (2,887) Interest rate swaps Earnings from equity method investments ​ (16,157) ​ (533) ​

Equity

Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Equity	Note 14—Equity Preferred Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative Preferential Cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends (1)(2) ​ ​ ​ ​ ​ ​ Shares Issued ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual ​ Carrying ​ ​ ​ Outstanding ​ Par ​ Liquidation ​ Rate per ​ Dividend ​ Value ​ Series (in thousands) Value Preference (3) Annum per share (in thousands) ​ D 4,000 ​ $ 0.001 ​ $ 25.00 8.00 % $ 2.00 ​ $ 89,041 ​ G 3,200 ​ 0.001 ​ 25.00 7.65 % 1.91 ​ 72,664 ​ I 5,000 ​ 0.001 ​ 25.00 7.50 % 1.88 ​ 120,785 ​ Total 12,200 ​ ​ ​ ​ ​ ​ ​ ​ $ 282,490 ​ (1) Holders of shares of the Series D, G and I preferred stock are entitled to receive dividends, when and as declared by the Company’s Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company’s Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $4.0 million, $3.1 million and $4.7 million on its Series D, G and I Cumulative Redeemable Preferred Stock during both the six months ended June 30, 2021 and 2020. The character of the 2020 dividends was 100% return of capital. There are no dividend arrearages on any of the preferred shares currently outstanding. (3) The Company may, at its option, redeem the Series G and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. Dividends Stock Repurchase Program Accumulated Other Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2021 December 31, 2020 ​ Unrealized gains on available-for-sale securities ​ $ 4,220 $ 4,594 ​ Unrealized losses on cash flow hedges ​ (40,043) ​ (53,075) ​ Unrealized losses on cumulative translation adjustment ​ — ​ (4,199) ​ Accumulated other comprehensive loss ​ $ (35,824) ​ $ (52,680) ​ ​

Stock-Based Compensation Plans

Stock-Based Compensation Plans and Employee Benefits	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Plans and Employee Benefits	Note 15—Stock-Based Compensation Plans and Employee Benefits Stock-Based Compensation Performance Incentive Plans 2019-2022 iPIP Plans The following is a summary of the status of the Company’s equity-classified iPIP plans and changes during the six months ended June 30, 2021. ​ ​ ​ ​ ​ ​ ​ iPIP Investment Pool ​ 2019-2020 2021-2022 Points at beginning of period 97.40 — Granted ​ — ​ 94.75 Forfeited (2.20) (10.00) Points at end of period 95.20 84.75 ​ As of June 30, 2021, investments with an aggregate gross book value of $1.1 billion, including 26.7 million shares of SAFE common stock acquired by the Company, were attributable to the 2019-2020 Plan and investments with an aggregate gross book value of $109 million, including 0.3 million shares of SAFE common stock acquired by the Company, were attributable to the 2021-2022 Plan. 2013-2018 iPIP Plans The following is a summary of the status of the Company’s liability-classified iPIP plans and changes during the six months ended June 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ iPIP Investment Pool ​ 2013 ‑ 2014 2015 ‑ 2016 2017 ‑ 2018 Points at beginning of period 80.17 70.40 73.34 Granted ​ — ​ — ​ 2.00 Points at end of period 80.17 70.40 75.34 ​ During the six months ended June 30, 2021 and 2020, the Company recorded $15.1 million and $16.8 million, respectively, of expense related to the 2013-2018 iPIP plans. As of June 30, 2021, investments with an aggregate gross book value of $387 million were attributable to the 2013-2014 Plan, investments with an aggregate gross book value of $434 million were attributable to the 2015-2016 Plan and investments with an aggregate gross book value of $496 million, including 7.6 million shares of SAFE common stock acquired by the Company, were attributable to the 2017-2018 Plan. During the six months ended June 30, 2021, the Company made distributions to participants in the 2015-2016 investment pool. The iPIP participants received total distributions in the amount of $3.2 million as compensation, comprised of cash and 97,881 shares of the Company’s common stock with a fair value of $17.65 per share, which are fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 57,920 shares of the Company’s common stock were issued. During the six months ended June 30, 2020, the Company made distributions to participants in the 2015-2016 investment pool. The iPIP participants received total distributions in the amount of $1.5 million as compensation, comprised of cash and 54,245 shares of the Company’s common stock with a fair value of $14.51 per share, which are fully-vested and issued under the 2009 LTIP. After deducting statutory minimum tax withholdings, a total of 32,825 shares of the Company’s common stock were issued. As of June 30, 2021 and December 31, 2020, the Company had accrued compensation costs relating to iPIP of $81.0 million and $69.1 million, respectively, which are included in “Accounts payable, accrued expenses and other liabilities” on the Company’s consolidated balance sheets. Long-Term Incentive Plan Company’s shareholders approved an increase in the number of shares available for issuance under the 2009 LTIP from a maximum of 8.9 million to 9.9 million and extended the expiration date of the 2009 LTIP from May 2029 to May 2031. As of June 30, 2021, an aggregate of 3.1 million shares remain available for issuance pursuant to future awards under the Company’s 2009 LTIP. Restricted Stock Unit Activity ​ ​ ​ Nonvested at beginning of period ​ 531 Granted ​ 331 Vested ​ (112) Forfeited ​ (32) Nonvested at end of period 718 ​ As of June 30, 2021, there was $6.7 million of total unrecognized compensation cost related to all unvested restricted stock units that are expected to be recognized over a weighted average remaining vesting/service period of 1.85 years. Directors’ Awards 401(k) Plan

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note 16—Earnings Per Share The following table presents a reconciliation of income from operations used in the basic and diluted earnings per share (“EPS”) calculations ($ in thousands, except for per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 ​ Net loss ​ $ (11,416) ​ $ (14,363) ​ $ (3,427) ​ $ (27,249) ​ Net income attributable to noncontrolling interests ​ (2,253) ​ (3,098) ​ (4,773) ​ (5,789) ​ Preferred dividends ​ (5,874) ​ (5,874) ​ (11,748) ​ (11,748) ​ Net loss allocable to common shareholders for basic and diluted earnings per common share ​ $ (19,543) ​ $ (23,335) ​ $ (19,948) ​ $ (44,786) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 ​ Earnings allocable to common shares: ​ ​ ​ ​ ​ ​ Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ Net loss attributable to iStar Inc. and allocable to common shareholders ​ $ (19,543) ​ $ (23,335) ​ $ (19,948) ​ $ (44,786) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic and diluted earnings per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding for basic and diluted earnings per common share ​ 72,872 ​ 76,232 ​ 73,374 ​ 76,838 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted earnings per common share: (1) ​ ​ ​ ​ ​ Net loss allocable to common shareholders ​ $ (0.27) ​ $ (0.31) ​ $ (0.27) ​ $ (0.58) ​ (1) For the three and six months ended June 30, 2021, the effect of the Company’s restricted stock awards were anti-dilutive. For the three and six months ended June 30, 2021, 4,700,805 shares and 3,797,296 shares, respectively, of the 3.125% Convertible Notes (refer to Note 11) were anti-dilutive based upon the conversion price for such period. For the three and six months ended June 30, 2020, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes, and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.

Fair Values

Fair Values	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Values	Note 17—Fair Values Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Certain of the Company’s assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis. The following fair value hierarchy table summarizes the Company’s assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Using ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ market ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ prices in ​ other ​ Significant ​ ​ ​ ​ ​ active ​ observable ​ unobservable ​ ​ ​ ​ ​ markets ​ inputs ​ inputs ​ Total (Level 1) (Level 2) (Level 3) As of June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Recurring basis: ​ ​ ​ ​ Derivative liabilities (1) $ 13,481 $ — $ 13,481 $ — Available-for-sale securities (1) ​ 28,074 ​ — ​ — ​ 28,074 Non-recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other investments (2) ​ ​ 75,402 ​ ​ — ​ ​ 75,402 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ ​ Recurring basis: ​ ​ ​ ​ Derivative liabilities (1) ​ ​ 18,926 ​ ​ — ​ ​ 18,926 ​ ​ — Available-for-sale securities (1) ​ ​ 25,274 ​ ​ — ​ ​ — ​ ​ 25,274 Non-recurring basis: ​ ​ ​ ​ Impaired land and development (3) ​ 6,078 ​ — ​ — ​ 6,078 (1) The fair value of the Company’s derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company’s available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) During the six months ended June 30, 2021, the Company identified an observable price change in an equity security held by the Company as evidenced by an orderly private issuance of similar securities by the same issuer and, as such, classified such observable price change as Level 2. (3) The Company recorded a $1.3 million impairment on a land and development asset with an estimated fair value of $6.1 million. The estimated fair value is based on future cash flows expected to be received. The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company’s consolidated balance sheets for the six months ended June 30, 2021 and 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Beginning balance ​ $ 25,274 ​ $ 23,896 Purchases ​ ​ 3,375 ​ ​ — Repayments ​ (201) ​ (460) Unrealized gains (losses) recorded in other comprehensive income ​ (374) ​ 1,175 Ending balance ​ $ 28,074 ​ $ 24,611 ​ ​ Fair values of financial instruments— ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ As of December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Net investment in leases (1) ​ $ 478 ​ $ 491 ​ $ 429 ​ $ 431 Loans receivable and other lending investments, net (1) ​ 455 ​ 488 ​ 732 ​ 772 Cash and cash equivalents (2) ​ 155 ​ 155 ​ 99 ​ 99 Restricted cash (2) ​ 53 ​ 53 ​ 52 ​ 52 Loan participations payable, net (1) ​ — ​ — ​ 43 ​ 43 Debt obligations, net (1)(3) ​ ​ 3,289 ​ ​ 3,543 ​ ​ 3,287 ​ ​ 3,414 (1) The fair value of the Company’s net investment in leases, loans receivable and other lending investments, net, loan participations payable, net and debt obligations, net are classified as Level 3 within the fair value hierarchy. (2) The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values. Restricted cash is recorded in “Deferred expenses and other assets, net” on the Company’s balance sheet. The fair value of the Company’s cash and cash equivalents and restricted cash are classified as Level 1 within the fair value hierarchy. (3) As of June 30, 2021 and December 31, 2020, the fair value of the Company’s 3.125% Senior Convertible Notes was $435.9 million and $338.8 million, respectively.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	Note 18—Segment Reporting The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Net Lease, Real Estate Finance, Operating Properties and Land and Development. The Net Lease segment includes the Company’s activities and operations related to the ownership of properties generally leased to single corporate tenants and its investments in SAFE and Net Lease Venture II (refer to Note 8). The Real Estate Finance segment includes all of the Company’s activities related to senior and mezzanine real estate loans and real estate related securities. The Operating Properties segment includes the Company’s activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company’s activities related to its developable land portfolio. The Company evaluates performance-based on the following financial measures for each segment. The Company’s segment information is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Real Estate Operating Land and Corporate/ Company ​ ​ Lease ​ Finance ​ Properties ​ Development ​ Other (1) ​ Total Three Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 40,752 ​ $ — ​ $ 4,703 ​ $ 89 ​ $ — ​ $ 45,544 Interest income ​ 1,188 ​ 7,785 ​ — ​ — ​ — ​ 8,973 Interest income from sales-type leases ​ 8,689 ​ — ​ — ​ — ​ — ​ 8,689 Other income ​ 4,690 ​ 52 ​ 3,953 ​ 1,315 ​ 54 ​ 10,064 Land development revenue ​ — ​ — ​ — ​ 32,318 ​ — ​ 32,318 Earnings (losses) from equity method investments ​ 11,302 ​ 755 ​ (2,935) ​ 1,474 ​ 2,101 ​ 12,697 Income from sales of real estate ​ 2,114 ​ — ​ 96 ​ — ​ — ​ 2,210 Total revenue and other earnings ​ 68,735 ​ 8,592 ​ 5,817 ​ 35,196 ​ 2,155 ​ 120,495 Real estate expense ​ (6,984) ​ — ​ (6,256) ​ (5,049) ​ — ​ (18,289) Land development cost of sales ​ — ​ — ​ — ​ (30,803) ​ — ​ (30,803) Other expense ​ — ​ (87) ​ — ​ — ​ (124) ​ (211) Allocated interest expense ​ (25,342) ​ (3,828) ​ (2,030) ​ (3,864) ​ (4,353) ​ (39,417) Allocated general and administrative (2) ​ (6,120) ​ (1,242) ​ (664) ​ (2,367) ​ (5,210) ​ (15,603) Segment profit (loss) (3) ​ $ 30,289 ​ $ 3,435 ​ $ (3,133) ​ $ (6,887) ​ $ (7,532) ​ $ 16,172 Other significant items: ​ ​ ​ ​ ​ ​ Recovery of loan losses ​ $ (105) ​ $ (2,158) ​ $ — ​ $ — ​ $ — ​ $ (2,263) Recovery of losses on net investment in leases ​ (265) ​ — ​ — ​ — ​ — ​ (265) Depreciation and amortization ​ 13,088 ​ — ​ 1,221 ​ 228 ​ 123 ​ 14,660 Capitalized expenditures ​ 63 ​ — ​ 432 ​ 4,571 ​ — ​ 5,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 41,500 ​ $ — ​ $ 5,242 ​ $ 70 ​ $ — ​ $ 46,812 Interest income ​ 860 ​ 14,579 ​ — ​ — ​ — ​ 15,439 Interest income from sales-type leases ​ 8,295 ​ — ​ — ​ — ​ — ​ 8,295 Other income ​ 4,621 ​ 3,839 ​ 492 ​ 1,103 ​ 237 ​ 10,292 Land development revenue ​ — ​ — ​ — ​ 15,577 ​ — ​ 15,577 Earnings (losses) from equity method investments ​ 8,800 ​ — ​ (4,941) ​ 48 ​ (1,321) ​ 2,586 Income from sales of real estate ​ — ​ — ​ 62 ​ — ​ — ​ 62 Total revenue and other earnings ​ 64,076 ​ 18,418 ​ 855 ​ 16,798 ​ (1,084) ​ 99,063 Real estate expense ​ (6,134) ​ — ​ (4,509) ​ (3,633) ​ — ​ (14,276) Land development cost of sales ​ — ​ — ​ — ​ (16,287) ​ — ​ (16,287) Other expense ​ — ​ (21) ​ — ​ — ​ (182) ​ (203) Allocated interest expense ​ (24,388) ​ (5,959) ​ (2,183) ​ (4,422) ​ (4,998) ​ (41,950) Allocated general and administrative (2) ​ (5,177) ​ (1,575) ​ (595) ​ (2,385) ​ (4,522) ​ (14,254) Segment profit (loss) (3) ​ 28,377 ​ $ 10,863 ​ $ (6,432) ​ $ (9,929) ​ $ (10,786) ​ $ 12,093 Other significant non-cash items: ​ ​ ​ ​ ​ ​ Provision for loan losses ​ $ 57 ​ $ 2,010 ​ $ — ​ $ — ​ $ — ​ $ 2,067 Provision for losses on net investment in leases ​ ​ 534 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 534 Impairment of assets ​ 328 ​ — ​ 2,983 ​ 1,472 ​ — ​ 4,783 Depreciation and amortization ​ 12,487 ​ — ​ 1,271 ​ 243 ​ 299 ​ 14,300 Capitalized expenditures ​ 5,171 ​ — ​ 421 ​ 8,026 ​ — ​ 13,618 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Real Estate Operating Land and Corporate/ Company ​ ​ Lease ​ Finance ​ Properties ​ Development ​ Other (1) ​ Total Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 83,265 ​ $ — ​ $ 9,540 ​ $ 183 ​ $ — ​ $ 92,988 Interest income ​ 2,066 ​ 17,557 ​ — ​ — ​ — ​ 19,623 Interest income from sales-type leases ​ 17,316 ​ — ​ — ​ — ​ — ​ 17,316 Other income ​ 9,444 ​ 151 ​ 6,291 ​ 2,704 ​ 5,764 ​ 24,354 Land development revenue ​ — ​ — ​ — ​ 64,567 ​ — ​ 64,567 Earnings (losses) from equity method investments ​ 23,715 ​ 1,220 ​ (6,682) ​ 4,619 ​ 2,594 ​ 25,466 Income from sales of real estate ​ 2,114 ​ — ​ 708 ​ — ​ — ​ 2,822 Total revenue and other earnings ​ 137,920 ​ 18,928 ​ 9,857 ​ 72,073 ​ 8,358 ​ 247,136 Real estate expense ​ (15,616) ​ — ​ (10,055) ​ (9,512) ​ — ​ (35,183) Land development cost of sales ​ — ​ — ​ — ​ (60,126) ​ — ​ (60,126) Other expense ​ — ​ (153) ​ — ​ — ​ (311) ​ (464) Allocated interest expense ​ (50,421) ​ (8,406) ​ (4,073) ​ (7,802) ​ (8,278) ​ (78,980) Allocated general and administrative (2) ​ (12,057) ​ (2,701) ​ (1,324) ​ (4,795) ​ (10,657) ​ (31,534) Segment profit (loss) (3) ​ $ 59,826 ​ $ 7,668 ​ $ (5,595) ​ $ (10,162) ​ $ (10,888) ​ $ 40,849 Other significant items: ​ ​ ​ ​ ​ ​ Recovery of loan losses ​ $ (257) ​ $ (5,800) ​ $ — ​ $ — ​ $ — ​ $ (6,057) Recovery of losses on net investment in leases ​ (1,866) ​ — ​ — ​ — ​ — ​ (1,866) Impairment of assets ​ 1,528 ​ — ​ 257 ​ — ​ — ​ 1,785 Depreciation and amortization ​ 26,141 ​ — ​ 3,208 ​ 446 ​ 320 ​ 30,115 Capitalized expenditures ​ 1,331 ​ — ​ 489 ​ 9,311 ​ — ​ 11,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 82,965 ​ $ — ​ $ 11,015 ​ $ 178 ​ $ — ​ $ 94,158 Interest income ​ 1,683 ​ 30,972 ​ — ​ — ​ — ​ 32,655 Interest income from sales-type leases ​ 16,650 ​ — ​ — ​ — ​ — ​ 16,650 Other income ​ 8,913 ​ 4,145 ​ 3,650 ​ 1,727 ​ 12,225 ​ 30,660 Land development revenue ​ — ​ — ​ — ​ 95,752 ​ — ​ 95,752 Earnings (losses) from equity method investments ​ 28,332 ​ — ​ (7,608) ​ 632 ​ (2,158) ​ 19,198 Income from sales of real estate ​ — ​ — ​ 62 ​ — ​ — ​ 62 Total revenue and other earnings ​ 138,543 ​ 35,117 ​ 7,119 ​ 98,289 ​ 10,067 ​ 289,135 Real estate expense ​ (12,361) ​ — ​ (12,173) ​ (12,240) ​ — ​ (36,774) Land development cost of sales ​ — ​ — ​ — ​ (93,346) ​ — ​ (93,346) Other expense ​ — ​ (41) ​ — ​ — ​ (236) ​ (277) Allocated interest expense ​ (48,866) ​ (12,158) ​ (4,442) ​ (8,992) ​ (10,883) ​ (85,341) Allocated general and administrative (2) ​ (12,166) ​ (3,672) ​ (1,384) ​ (5,204) ​ (9,830) ​ (32,256) Segment profit (loss) (3) ​ $ 65,150 ​ $ 19,246 ​ $ (10,880) ​ $ (21,493) ​ $ (10,882) ​ $ 41,141 Other significant items: ​ ​ ​ ​ ​ ​ Provision for loan losses ​ $ — ​ $ 6,070 ​ $ — ​ $ — ​ $ — ​ $ 6,070 Provision for losses on net investment in leases ​ 1,826 ​ — ​ — ​ — ​ — ​ 1,826 Impairment of assets ​ 2,036 ​ — ​ 2,983 ​ 1,472 ​ — ​ 6,491 Depreciation and amortization ​ ​ 25,143 ​ ​ — ​ ​ 2,556 ​ ​ 486 ​ ​ 601 ​ ​ 28,786 Capitalized expenditures ​ 7,017 ​ — ​ 1,338 ​ 20,052 ​ — ​ 28,407 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 1,273,031 ​ $ — ​ $ 93,975 ​ $ — ​ $ — ​ $ 1,367,006 Real estate available and held for sale ​ — ​ — ​ 99,201 ​ — ​ — ​ 99,201 Total real estate ​ 1,273,031 ​ — ​ 193,176 ​ — ​ — ​ 1,466,207 Net investment in leases ​ 477,798 ​ — ​ — ​ — ​ — ​ 477,798 Land and development, net ​ — ​ — ​ — ​ 381,719 ​ — ​ 381,719 Loans receivable and other lending investments, net ​ 47,392 ​ 407,568 ​ — ​ — ​ — ​ 454,960 Loan receivable held for sale ​ 62,525 ​ — ​ — ​ — ​ — ​ 62,525 Other investments ​ ​ 1,073,422 ​ ​ 46,945 ​ ​ 55,344 ​ ​ 13,576 ​ ​ 86,667 ​ ​ 1,275,954 Total portfolio assets ​ ​ 2,934,168 ​ ​ 454,513 ​ ​ 248,520 ​ ​ 395,295 ​ ​ 86,667 ​ 4,119,163 Cash and other assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 648,487 Total assets ​ ​ ​ ​ ​ ​ ​ ​ $ 4,767,650 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 1,291,903 ​ $ — ​ $ 192,378 ​ $ — ​ $ — ​ $ 1,484,281 Real estate available and held for sale ​ — ​ — ​ 5,212 ​ — ​ — ​ 5,212 Total real estate ​ 1,291,903 ​ — ​ 197,590 ​ — ​ — ​ 1,489,493 Net investment in leases ​ 429,101 ​ — ​ — ​ — ​ — ​ 429,101 Land and development, net ​ — ​ — ​ — ​ 430,663 ​ — ​ 430,663 Loans receivable and other lending investments, net ​ 45,398 ​ 686,932 ​ — ​ — ​ — ​ 732,330 Other investments ​ 1,016,710 ​ — ​ 58,739 ​ 31,200 ​ 69,911 ​ 1,176,560 Total portfolio assets ​ $ 2,783,112 ​ $ 686,932 ​ $ 256,329 ​ $ 461,863 ​ $ 69,911 ​ 4,258,147 Cash and other assets ​ ​ ​ ​ ​ ​ ​ ​ 603,661 Total assets ​ ​ ​ ​ ​ ​ ​ ​ $ 4,861,808 (1) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company’s joint venture investments and strategic investments that are not included in the other reportable segments above. (2) General and administrative excludes stock-based compensation expense of $ 14.8 million and $20.3 million for the three and six months ended June 30, 2021, respectively, and $ 4.7 million and $ 21.0 million for the three and six months ended June 30, 2020, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 ​ Segment profit ​ $ 16,172 ​ $ 12,093 ​ $ 40,849 ​ $ 41,141 ​ Less: Recovery of (provision for) loan losses ​ 2,263 ​ (2,067) ​ 6,057 ​ (6,070) ​ Less: Recovery of (provision for) losses on net investment in leases ​ 265 ​ (534) ​ 1,866 ​ (1,826) ​ Less: Impairment of assets ​ — ​ (4,783) ​ (1,785) ​ (6,491) ​ Less: Stock-based compensation expense ​ (14,791) ​ (4,744) ​ (20,299) ​ (21,014) ​ Less: Depreciation and amortization ​ (14,660) ​ (14,300) ​ (30,115) ​ (28,786) ​ Less: Income tax expense ​ (665) ​ (28) ​ — ​ (88) ​ Less: Loss on early extinguishment of debt, net ​ — ​ — ​ — ​ (4,115) ​ Net loss ​ $ (11,416) ​ $ (14,363) ​ $ (3,427) ​ $ (27,249) ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company’s consolidated financial statements and the related notes to conform to the current period presentation.
Principles of Consolidation	Principles of Consolidation
Adoption of Accounting Standards Updates and New Accounting Pronouncements	The following paragraph describes the impact on the Company’s consolidated financial statements from the adoption of Accounting Standards Updates (“ASUs”) on January 1, 2021. The Company adopted ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) on January 1, 2021 using the modified retrospective approach method. Under the modified retrospective approach, the Company recorded a cumulative effect adjustment on January 1, 2021 by increasing “Debt obligations, net” by $10.0 million, increasing retained earnings by $15.9 million and decreasing “Additional paid-in capital” by $25.9 million with respect to its 3.125% senior convertible notes (refer to Note 11). Periods presented that are prior to the adoption date of January 1, 2021 will not be adjusted. In addition, upon the adoption of ASU 2020-06, the Company is required to use a modified if-converted method when calculating earnings per share. The Company will settle conversions of the 3.125% senior convertible notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The if-converted method is modified so that interest expense is not added back to the numerator, and the denominator only includes the net number of incremental shares that would be issued upon conversion. New Accounting Pronouncements —

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of assets and liabilities of consolidated VIEs	​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2021 December 31, 2020 ASSETS ​ ​ ​ Real estate ​ ​ ​ Real estate, at cost ​ $ 900,365 ​ $ 899,110 Less: accumulated depreciation ​ (74,334) ​ (61,917) Real estate, net ​ 826,031 ​ 837,193 Land and development, net ​ 199,876 ​ 240,137 Other investments ​ 29 ​ 35 Cash and cash equivalents ​ 24,999 ​ 22,571 Accrued interest and operating lease income receivable, net ​ 1,295 ​ 1,472 Deferred operating lease income receivable, net ​ 34,119 ​ 29,428 Deferred expenses and other assets, net ​ 117,977 ​ 122,591 Total assets ​ $ 1,204,326 ​ $ 1,253,427 LIABILITIES ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 76,684 ​ $ 115,581 Debt obligations, net ​ 480,708 ​ 488,719 Total liabilities ​ 557,392 ​ 604,300

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Schedule of real estate assets	The Company’s real estate assets were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Operating ​ ​ ​ ​ Lease (1) ​ Properties ​ Total As of June 30, 2021 ​ ​ ​ Land, at cost ​ $ 188,418 ​ $ 6,830 ​ $ 195,248 Buildings and improvements, at cost ​ 1,355,014 ​ 106,911 ​ 1,461,925 Less: accumulated depreciation ​ (270,401) ​ (19,766) ​ (290,167) Real estate, net (1) ​ 1,273,031 ​ 93,975 ​ 1,367,006 Real estate available and held for sale (2) ​ — ​ 99,201 ​ 99,201 Total real estate ​ $ 1,273,031 ​ $ 193,176 ​ $ 1,466,207 As of December 31, 2020 ​ ​ ​ Land, at cost ​ $ 188,418 ​ $ 103,530 ​ $ 291,948 Buildings and improvements, at cost ​ 1,353,683 ​ 106,422 ​ 1,460,105 Less: accumulated depreciation ​ (250,198) ​ (17,574) ​ (267,772) Real estate, net (1) ​ 1,291,903 ​ 192,378 ​ 1,484,281 Real estate available and held for sale (2) ​ — ​ 5,212 ​ 5,212 Total real estate ​ $ 1,291,903 ​ $ 197,590 ​ $ 1,489,493 (1) As of June 30, 2021 and December 31, 2020, real estate, net included $746.1 million and $755.5 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below). (2) As of June 30, 2021 and December 31, 2020, the Company had $2.4 million and $5.2 million, respectively, of residential condominiums available for sale in its operating properties portfolio.
Schedule of future minimum lease payments to be collected under non-cancelable operating leases	​ ​ ​ ​ ​ ​ ​ ​ Net Operating Year ​ Lease ​ Properties 2021 (remaining six months) ​ $ 67,653 ​ $ 3,163 2022 ​ 131,176 ​ 6,643 2023 ​ 122,817 ​ 6,383 2024 ​ 117,126 ​ 6,345 2025 ​ 120,582 ​ 5,682 Thereafter ​ 1,333,855 ​ 8,247

Net Investment in Leases (Table

Net Investment in Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of net investment in leases	The Company’s net investment in leases were comprised of the following as of June 30, 2021 and December 31, 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Total undiscounted cash flows ​ $ 1,545,634 ​ $ 1,020,921 Unguaranteed estimated residual value ​ 378,016 ​ 345,284 Present value discount ​ (1,436,847) ​ (926,233) Allowance for losses on net investment in leases ​ (9,005) ​ (10,871) Net investment in leases (1) ​ $ 477,798 ​ $ 429,101
Schedule of future minimum lease payments to be collected under sales-type leases	​ ​ ​ ​ ​ Amount 2021 (remaining six months) ​ $ 14,249 2022 ​ 30,590 2023 ​ 43,272 2024 ​ 43,029 2025 ​ 31,955 Thereafter ​ 1,382,539 Total undiscounted cash flows ​ $ 1,545,634
Schedule of changes in allowance for losses on net investment in leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 ​ Allowance for losses on net investment in leases at beginning of period $ 9,270 ​ $ 10,403 $ 10,871 ​ $ — Initial allowance recorded upon adoption of new accounting standard (1) ​ — ​ — ​ — ​ 9,111 ​ (Recovery of) provision for losses on net investment in leases (2) ​ (265) ​ 534 ​ (1,866) ​ 1,826 ​ Allowance for losses on net investment in leases at end of period ​ $ 9,005 ​ $ 10,937 ​ $ 9,005 ​ $ 10,937 ​ (1) The Company recorded an initial allowance for losses on net investment in leases of $9.1 million upon the adoption of ASU 2016-13 on January 1, 2020. (2) During the three and six months ended June 30, 2021, the Company recorded a recovery of losses on net investment in leases of $0.3 million and $1.9 million, respectively, due primarily to an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. During the three and six months ended June 30, 2020, the Company recorded an allowance for losses on net investment in leases of $0.5 million and $1.8 million, respectively, due primarily to the macroeconomic impact of COVID-19 on commercial real estate markets and the adoption of ASU 2016-13 .

Land and Development (Tables)

Land and Development (Tables)	6 Months Ended
	Jun. 30, 2021
Land And Development [Abstract]
Schedule of land and development assets	The Company’s land and development assets were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 2020 ​ Land and land development, at cost ​ $ 392,703 ​ $ 441,201 ​ Less: accumulated depreciation ​ (10,984) ​ (10,538) ​ Total land and development, net ​ $ 381,719 ​ $ 430,663 ​

Loans Receivable and Other Le_2

Loans Receivable and Other Lending Investments, net (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Schedule of the company's loans and other lending investments by class	The following is a summary of the Company’s loans receivable and other lending investments by class ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2021 December 31, 2020 ​ Construction loans ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 190,830 ​ $ 449,733 ​ Corporate/Partnership loans ​ 20,049 ​ 65,100 ​ Subtotal - gross carrying value of construction loans (1) ​ 210,879 ​ 514,833 ​ Loans ​ ​ ​ Senior mortgages ​ 50,463 ​ 35,922 ​ Corporate/Partnership loans ​ 18,674 ​ 20,567 ​ Subordinate mortgages ​ 12,042 ​ 11,640 ​ Subtotal - gross carrying value of loans ​ 81,179 ​ 68,129 ​ Other lending investments ​ ​ ​ Financing receivables (refer to Note 5) ​ 48,286 ​ 46,549 ​ Held-to-maturity debt securities ​ 93,677 ​ 90,715 ​ Available-for-sale debt securities ​ 28,074 ​ 25,274 ​ Subtotal - other lending investments ​ 170,037 ​ 162,538 ​ Total gross carrying value of loans receivable and other lending investments ​ 462,095 ​ 745,500 ​ Allowance for loan losses ​ (7,135) ​ (13,170) ​ Total loans receivable and other lending investments, net ​ $ 454,960 ​ $ 732,330 ​ (1) As of June 30, 2021, 91% of gross carrying value of construction loans had completed construction.
Schedule of changes in the company's allowance for loan losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held to ​ ​ ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ Maturity Debt ​ Financing ​ Specific ​ ​ ​ Three Months Ended June 30, 2021 ​ Loans ​ Loans ​ Securities ​ Receivables ​ Allowance ​ Total Allowance for loan losses at beginning of period ​ $ 2,893 ​ $ 1,815 ​ $ 2,685 ​ $ 998 ​ $ 667 ​ $ 9,058 Recovery of loan losses (1) ​ (1,253) ​ (196) ​ (292) ​ (105) ​ (77) ​ (1,923) Allowance for loan losses at end of period ​ $ 1,640 ​ $ 1,619 ​ $ 2,393 ​ $ 893 ​ $ 590 ​ $ 7,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 9,724 ​ $ 686 ​ $ 53 ​ $ 1,100 ​ $ 21,701 ​ $ 33,264 Provision for loan losses (1) ​ 2,012 ​ 219 ​ 58 ​ 59 ​ — ​ 2,348 Allowance for loan losses at end of period ​ $ 11,736 ​ $ 905 ​ $ 111 ​ $ 1,159 ​ $ 21,701 ​ $ 35,612 (1) During the three months ended June 30, 2021 and 2020, the Company recorded a provision for (recovery of) loan losses of ($2.3) million and $2.1 million, respectively, in its consolidated statement of operations. The recovery in 2021 was due primarily to the repayment of loans during the three months ended June 30, 2021 and an improving macroeconomic forecast on commercial real estate markets since March 31, 2021. Of this amount, $0.4 million related to a provision for loan losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities." The provision in 2020 was due to the macroeconomic impact of COVID-19 on commercial real estate markets, which was partially offset by a $0.3 million reduction in provision for loan losses for unfunded loan commitments that were funded during the three months ended June 30, 2020, and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities." Changes in the Company’s allowance for loan losses were as follows for the six months ended June 30, 2021 and 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held to ​ ​ ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ Maturity Debt ​ Financing ​ Specific ​ ​ ​ Six Months Ended June 30, 2021 ​ Loans ​ Loans ​ Securities ​ Receivables ​ Allowance ​ Total Allowance for loan losses at beginning of period ​ $ 6,541 ​ $ 1,643 ​ $ 3,093 ​ $ 1,150 ​ $ 743 ​ $ 13,170 Recovery of loan losses (1) ​ (4,901) ​ (24) ​ (700) ​ (257) ​ (153) ​ (6,035) Allowance for loan losses at end of period ​ $ 1,640 ​ $ 1,619 ​ $ 2,393 ​ $ 893 ​ $ 590 ​ $ 7,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 6,668 ​ $ 265 ​ $ — ​ $ — ​ $ 21,701 ​ $ 28,634 Adoption of new accounting standard (2) ​ (353) ​ 98 ​ 20 ​ 964 ​ — ​ 729 Provision for loan losses (1) ​ 5,421 ​ 542 ​ 91 ​ 195 ​ — ​ 6,249 Allowance for loan losses at end of period ​ $ 11,736 ​ $ 905 ​ $ 111 ​ $ 1,159 ​ $ 21,701 ​ $ 35,612 (1) During the six months ended June 30, 2021 and 2020, the Company recorded a provision for (recovery of) loan losses of ($6.1) million and $6.1 million, respectively, in its consolidated statements of operations. The recovery in 2021 was due primarily to the repayment of loans during the six months ended June 30, 2021 and an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. The provision for loan losses in 2020 resulted from the macroeconomic impact of COVID-19 on commercial real estate markets and was partially offset by a $0.2 million reduction in provision for loan losses for unfunded loan commitments that were funded during the six months ended June 30, 2020 and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities." (2) On January 1, 2020, the Company recorded an increase to its allowance for loan losses of $3.3 million upon the adoption of ASU 2016-13, of which $2.5 million related to expected credit losses for unfunded loan commitments and was recorded in “Accounts payable, accrued expenses and other liabilities.”
Schedule of recorded investment in loans and associated allowance for loan losses	The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows as of June 30, 2021 and December 31, 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually Collectively ​ ​ ​ ​ Evaluated for ​ Evaluated for ​ ​ ​ ​ ​ Impairment (1) ​ Impairment ​ Total As of June 30, 2021 ​ ​ ​ Construction loans (2) ​ $ 56,610 ​ $ 154,269 ​ $ 210,879 Loans (2) ​ — ​ 81,179 ​ 81,179 Financing receivables ​ — ​ 48,286 ​ 48,286 Held-to-maturity debt securities ​ — ​ 93,677 ​ 93,677 Available-for-sale debt securities (3) ​ — ​ 28,074 ​ 28,074 Less: Allowance for loan losses ​ (590) ​ (6,545) ​ (7,135) Total ​ $ 56,020 ​ $ 398,940 ​ $ 454,960 As of December 31, 2020 ​ ​ ​ Construction loans (2) ​ $ 53,305 ​ $ 461,528 ​ $ 514,833 Loans (2) ​ — ​ 68,129 ​ 68,129 Financing receivables ​ — ​ 46,549 ​ 46,549 Held-to-maturity debt securities ​ — ​ 90,715 ​ 90,715 Available-for-sale debt securities (3) ​ — ​ 25,274 ​ 25,274 Less: Allowance for loan losses ​ (743) ​ (12,427) ​ (13,170) Total ​ $ 52,562 ​ $ 679,768 ​ $ 732,330 (1) The carrying value of this loan includes an unamortized discount of $0.8 million and $0.8 million as of June 30, 2021 and December 31, 2020, respectively. The Company’s loans individually evaluated for impairment represent loans on non-accrual status and the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $1.7 million and $2.3 million as of June 30, 2021 and December 31, 2020, respectively. (3) Available-for-sale debt securities are evaluated for impairment under ASC 326-30.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating	The Company’s amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, as of June 30, 2021 were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of Origination ​ ​ 2021 2020 2019 2018 2017 Prior to 2017 Total Senior mortgages ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ 34,394 ​ — ​ — ​ 118,045 ​ — ​ 3,500 ​ 155,939 3.5 ​ — ​ — ​ — ​ 28,744 ​ — ​ — ​ 28,744 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal (1) ​ $ 34,394 ​ $ — ​ $ — ​ $ 146,789 ​ $ — ​ $ 3,500 ​ $ 184,683 Corporate/partnership loans ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ 13,115 ​ — ​ — ​ 13,115 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ 6,934 ​ — ​ — ​ — ​ — ​ — ​ 6,934 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ 18,674 ​ — ​ — ​ 18,674 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ 6,934 ​ $ — ​ $ — ​ $ 31,789 ​ $ — ​ $ — ​ $ 38,723 Subordinate mortgages ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ 12,042 ​ 12,042 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 12,042 ​ $ 12,042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing receivables ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ 48,286 ​ — ​ — ​ — ​ 48,286 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ 48,286 ​ $ — ​ $ — ​ $ — ​ $ 48,286 Total ​ $ 41,328 ​ $ — ​ $ 48,286 ​ $ 178,578 ​ $ — ​ $ 15,542 ​ $ 283,734 (1) As of June 30, 2021, excludes $56.6 million for one loan on non-accrual status.
Schedule of recorded investment in loans, aged by payment status and presented by class	The Company’s amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ and Equal ​ Than ​ Total ​ ​ ​ ​ ​ Current ​ to 90 Days ​ 90 Days ​ Past Due ​ Total As of June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 184,683 ​ $ 56,610 ​ $ — ​ ​ 56,610 ​ $ 241,293 Corporate/Partnership loans ​ 38,723 ​ — ​ — ​ — ​ 38,723 Subordinate mortgages ​ 12,042 ​ — ​ — ​ — ​ 12,042 Total ​ $ 235,448 ​ $ 56,610 ​ $ — ​ $ 56,610 ​ $ 292,058 As of December 31, 2020 ​ ​ ​ ​ ​ Senior mortgages ​ $ 443,154 ​ $ 42,501 ​ $ — ​ $ 42,501 ​ $ 485,655 Corporate/Partnership loans ​ 42,721 ​ 42,946 ​ — ​ 42,946 ​ 85,667 Subordinate mortgages ​ 11,640 ​ — ​ — ​ — ​ 11,640 Total ​ $ 497,515 ​ $ 85,447 ​ $ — ​ $ 85,447 ​ $ 582,962
Schedule of recorded investment in impaired loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 As of December 31, 2020 ​ ​ ​ Unpaid ​ ​ ​ ​ Unpaid ​ ​ ​ ​ Amortized ​ Principal ​ Related ​ Amortized ​ Principal ​ Related ​ ​ Cost ​ Balance ​ Allowance ​ Cost ​ Balance ​ Allowance With an allowance recorded: ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages (1) ​ $ 56,610 ​ $ 55,859 ​ $ (590) ​ $ 53,305 ​ $ 52,552 ​ $ (743) Total ​ $ 56,610 ​ $ 55,859 ​ $ (590) ​ $ 53,305 ​ $ 52,552 ​ $ (743) (1) The Company has one non-accrual loan as of June 30, 2021 and December 31, 2020 that is considered impaired and included in the table above. The Company did no t record any interest income on impaired loans for the six months ended June 30, 2021 and 2020.
Schedule of contractual maturities of securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ Net ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Estimated ​ Carrying ​ ​ Face Value ​ Cost Basis ​ Gain ​ Fair Value ​ Value As of June 30, 2021 ​ ​ ​ ​ ​ Available-for-Sale Securities ​ ​ ​ ​ ​ Municipal debt securities ​ $ 23,855 ​ $ 23,855 ​ $ 4,219 ​ $ 28,074 ​ $ 28,074 Held-to-Maturity Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities ​ 100,000 ​ 93,677 ​ — ​ 93,677 ​ 93,677 Total ​ $ 123,855 ​ $ 117,532 ​ $ 4,219 ​ $ 121,751 ​ $ 121,751 As of December 31, 2020 ​ ​ ​ ​ ​ Available-for-Sale Securities ​ ​ ​ ​ ​ Municipal debt securities ​ $ 20,680 ​ $ 20,680 ​ $ 4,594 ​ $ 25,274 ​ $ 25,274 Held-to-Maturity Securities ​ ​ ​ ​ ​ ​ ​ ​ Debt securities ​ 100,000 ​ 90,715 ​ — ​ 90,715 ​ 90,715 Total ​ $ 120,680 ​ $ 111,395 ​ $ 4,594 ​ $ 115,989 ​ $ 115,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021, the contractual maturities of the Company’s securities were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-to-Maturity Debt Securities Available-for-Sale Debt Securities ​ ​ Amortized ​ Estimated ​ Amortized ​ Estimated ​ ​ Cost Basis Fair Value Cost Basis Fair Value Maturities ​ ​ ​ ​ Within one year ​ $ — ​ $ — ​ $ — ​ $ — After one year through 5 years ​ 93,677 ​ 93,677 ​ — ​ — After 5 years through 10 years ​ — ​ — ​ — ​ — After 10 years ​ — ​ — ​ 23,855 ​ 28,074 Total ​ $ 93,677 ​ $ 93,677 ​ $ 23,855 ​ $ 28,074

Other Investments (Tables)

Other Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Schedule of other investments and proportionate share of earnings from equity method investments	The Company’s other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (Losses) from ​ Earnings (Losses) from ​ ​ Carrying Value ​ Equity Method Investments (1) ​ Equity Method Investments (1) ​ ​ as of ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ December 31, ​ June 30, ​ June 30, ​ ​ 2021 2020 2021 2020 2021 2020 Real estate equity investments ​ ​ ​ ​ ​ ​ ​ ​ ​ Safehold Inc. ("SAFE") (2) ​ $ 988,687 ​ $ 937,712 ​ $ 9,703 ​ $ 8,236 ​ $ 21,115 ​ $ 27,574 iStar Net Lease II LLC ("Net Lease Venture II") ​ 84,735 ​ 78,998 ​ 1,599 ​ 564 ​ 2,600 ​ 757 Other real estate equity investments ​ 68,920 ​ 89,939 ​ (1,461) ​ (4,893) ​ (2,063) ​ (6,975) Subtotal ​ 1,142,342 ​ 1,106,649 ​ 9,841 ​ 3,907 ​ 21,652 ​ 21,356 Other strategic investments (3) ​ 133,612 ​ 69,911 ​ 2,856 ​ (1,321) ​ 3,814 ​ (2,158) Total ​ $ 1,275,954 ​ $ 1,176,560 ​ $ 12,697 ​ $ 2,586 ​ $ 25,466 ​ $ 19,198 (1) For the three months ended June 30, 2021 and 2020, earnings (losses) from equity method investments is net of the Company’s pro rata share of $5.5 million and $4.8 million, respectively, of depreciation expense and $17.7 million and $15.7 million, respectively, of interest expense. For the six months ended June 30, 2021 and 2020, earnings (losses) from equity method investments is net of the Company’s pro rata share of $11.1 million and $8.8 million, respectively, of depreciation expense and $33.2 million and $29.4 million, respectively, of interest expense. (2) As of June 30, 2021, the Company owned 35.2 million shares of SAFE common stock which, based on the closing price of $78.50 on June 30, 2021, had a market value of $2.8 billion. For the six months ended June 30, 2021 and 2020, equity in earnings includes dilution gains of $0.5 million and $7.9 million, respectively, resulting from SAFE equity offerings. (3) During the six months ended June 30, 2021 and 2020, the Company identified observable price changes in an equity security held by the Company as evidenced by orderly private issuances of similar securities by the same issuer. In accordance with ASC 321, the Company remeasured its equity investment at fair value and recognized aggregate mark-to-market gains for the six months ended June 30, 2021 and 2020 of $5.1 million and $9.9 million, respectively, in “Other income” in the Company’s consolidated statements of operations.
Schedule of summarized financial information	The following table presents the investee level summarized financial information for the Company’s equity method investment that was significant as of June 30, 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues Expenses Net Income Attributable to Parent For the Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE ​ $ 87,720 ​ $ 57,536 ​ $ 31,640 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE ​ $ 77,518 ​ $ 49,200 ​ $ 29,861

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Other Assets and Other Liabilities [Abstract]
Schedule of deferred expenses and other assets, net	Deferred expenses and other assets, net, consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2021 December 31, 2020 ​ Intangible assets, net (1) ​ $ 149,620 ​ $ 156,041 ​ Restricted cash ​ 53,429 ​ 51,933 ​ Operating lease right-of-use assets (2) ​ 45,894 ​ 48,891 ​ Other assets (3) ​ 20,720 ​ 19,453 ​ Other receivables ​ 4,696 ​ 10,881 ​ Leasing costs, net (4) ​ 2,631 ​ 2,340 ​ Corporate furniture, fixtures and equipment, net (5) ​ 1,852 ​ 2,024 ​ Deferred financing fees, net ​ 1,052 ​ 1,549 ​ Deferred expenses and other assets, net ​ $ 279,894 ​ $ 293,112 ​ (1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $50.6 million and $44.4 million as of June 30, 2021 and December 31, 2020, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company’s consolidated statements of operations by $0.3 million and $0.3 million for the three months ended June 30, 2021 and 2020, respectively, and $0.7 million and $0.7 million for the six months ended June 30, 2021 and 2020, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $ 2.6 million and $ 2.6 million for the three months ended June 30, 2021 and 2020, respectively, and $ 5.8 million and $ 5.3 million for the six months ended June 30, 2021 and 2020, respectively. These amounts are included in “Depreciation and amortization” in the Company’s consolidated statements of operations. As of June 30, 2021, the weighted average remaining amortization period for the Company’s intangible assets was approximately 16.4 years. (2) Right-of-use lease assets relate primarily to the Company’s leases of office space. Right-of use lease assets initially equal the lease liability. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in “General and administrative” and “Real estate expense” in the Company’s consolidated statements of operations. During the three months ended June 30, 2021 and 2020, the Company recognized $1.2 million and $1.2 million, respectively, in "General and administrative" and $0.9 million and $0.9 million, respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. During the six months ended June 30, 2021 and 2020, the Company recognized $2.5 million and $2.2 million, respectively, in "General and administrative" and $1.8 million and $1.7 million, respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. (3) Other assets primarily includes prepaid expenses, deposits for certain real estate assets and management fees and expense reimbursements due from SAFE (refer to Note 8). (4) Accumulated amortization of leasing costs was $2.2 million and $2.6 million as of June 30, 2021 and December 31, 2020, respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $14.6 million and $14.3 million as of June 30, 2021 and December 31, 2020, respectively.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2021 December 31, 2020 ​ Other liabilities (1) ​ $ 81,056 ​ ​ 91,513 ​ Accrued expenses ​ 104,716 ​ 94,724 ​ Intangible liabilities, net (2) ​ 47,492 ​ 48,738 ​ Operating lease liabilities (see table above) ​ 48,645 ​ 50,072 ​ Accrued interest payable ​ 33,428 ​ 32,355 ​ Accounts payable, accrued expenses and other liabilities ​ $ 315,337 ​ $ 317,402 ​ (1) As of June 30, 2021 and December 31, 2020, other liabilities includes $33.0 million and $36.9 million, respectively, of deferred income. As of June 30, 2021 and December 31, 2020, other liabilities includes $13.5 million and $19.0 million, respectively, of derivative liabilities. As of June 30, 2021 and December 31, 2020, other liabilities includes $1.0 million and $1.0 million, respectively, of expected credit losses for unfunded loan commitments. (2) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $8.8 million and $7.5 million as of June 30, 2021 and December 31, 2020, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.6 million and $0.6 million for the three months ended June 30, 2021 and 2020, respectively, and $ 1.2 million and $ 1.2 million for the six months ended June 30, 2021 and 2020, respectively.

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of debt obligations	The Company’s debt obligations were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ Stated ​ Scheduled ​ June 30, 2021 December 31, 2020 Interest Rates Maturity Date Secured credit facilities and mortgages: ​ ​ ​ Revolving Credit Facility ​ $ — ​ $ — ​ LIBOR + 2.00 % (1) September 2022 Senior Term Loan ​ 491,875 ​ 491,875 ​ LIBOR + 2.75 % (2) June 2023 Mortgages collateralized by net lease assets ​ 710,175 ​ 721,075 ​ 1.65% - 7.26 % (3) ​ Total secured credit facilities and mortgages (4) ​ 1,202,050 ​ 1,212,950 ​ Unsecured notes: ​ ​ ​ 3.125% senior convertible notes (5) ​ 287,500 ​ 287,500 ​ 3.125 % September 2022 4.75% senior notes (6) ​ 775,000 ​ 775,000 ​ 4.75 % October 2024 4.25% senior notes (7) ​ 550,000 ​ 550,000 ​ 4.25 % August 2025 5.50% senior notes (8) ​ 400,000 ​ 400,000 ​ 5.50 % February 2026 Total unsecured notes ​ 2,012,500 ​ 2,012,500 ​ Other debt obligations: ​ ​ ​ Trust preferred securities ​ 100,000 ​ 100,000 ​ LIBOR + 1.50 % October 2035 Total debt obligations ​ 3,314,550 ​ 3,325,450 ​ Debt discounts and deferred financing costs, net (9) ​ (25,069) ​ (38,475) ​ Total debt obligations, net (10) ​ $ 3,289,481 ​ $ 3,286,975 ​ (1) The Revolving Credit Facility bears interest at the Company’s election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.00% to 1.50% ; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50% . At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023. (2) The loan bears interest at the Company’s election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin of 1.75% ; or (ii) LIBOR subject to a margin of 2.75% . (3) As of June 30, 2021, the weighted average interest rate of these loans is 4.4% , inclusive of the effect of interest rate swaps. (4) As of June 30, 2021, $2.0 billion net carrying value of assets served as collateral for the Company’s secured debt obligations. (5) The Company’s 3.125% senior convertible fixed rate notes due September 2022 (“ 3.125% Convertible Notes”) are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding September 15, 2022. The conversion rate as of June 30, 2021 was 71.2325 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.04 per share. The conversion rate is subject to adjustment from time to time for specified events. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As of December 31, 2020, the carrying value of the 3.125% Convertible Notes was $275.1 million, net of fees, and the unamortized discount of the 3.125% Convertible Notes was $10.2 million, net of fees. Upon the adoption of ASU 2020-06 on January 1, 2021, the Company reclassed the unamortized discount to shareholders equity (refer to Note 3). During the three months ended June 30, 2021 and 2020, the Company recognized $2.2 million and $2.2 million, respectively, of contractual interest and during the three months ended June 30, 2020, the Company recognized $1.3 million of discount amortization on the 3.125% Convertible Notes. During the six months ended June 30, 2021 and 2020, the Company recognized $4.5 million and $4.5 million, respectively, of contractual interest and during the six months ended June 30, 2020, the Company recognized $2.6 million of discount amortization on the 3.125% Convertible Notes. The effective interest rate for the three and six months ended June 30, 2020 was 5.2% . (6) The Company can prepay these senior notes without penalty beginning July 1, 2024. (7) The Company can prepay these senior notes without penalty beginning May 1, 2025. (8) The Company can prepay these senior notes without penalty beginning August 15, 2024. (9) On January 1, 2021, the Company adopted ASU 2020-06 and reclassed $10.0 million of debt discount and unamortized fees from the 3.125% Convertible Notes to shareholders’ equity on the Company’s consolidated balance sheet (refer to Note 3). (10) The Company capitalized interest relating to development activities of $ 0.2 million and $ 0.6 million during the three months ended June 30, 2021 and 2020, respectively, and $ 0.5 million and $ 1.1 million during the six months ended June 30, 2021 and 2020, respectively.
Schedule of future scheduled maturities of outstanding debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured Debt Secured Debt Total 2021 (remaining six months) ​ $ — ​ $ 101,011 ​ $ 101,011 2022 ​ 287,500 ​ 95,867 ​ 383,367 2023 ​ — ​ 491,875 ​ 491,875 2024 ​ 775,000 ​ — ​ 775,000 2025 ​ 550,000 ​ 270,890 ​ 820,890 Thereafter ​ 500,000 ​ 242,407 ​ 742,407 Total principal maturities ​ 2,112,500 ​ 1,202,050 ​ 3,314,550 Unamortized discounts and deferred financing costs, net ​ (19,782) ​ (5,287) ​ (25,069) Total debt obligations, net ​ $ 2,092,718 ​ $ 1,196,763 ​ $ 3,289,481

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments	As of June 30, 2021, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lending ​ Real ​ Other ​ ​ ​ ​ Investments Estate Investments Total Performance-Based Commitments ​ $ 94,398 ​ $ 71,702 ​ $ 33,790 ​ $ 199,890 Strategic Investments ​ — ​ — ​ 14,934 ​ 14,934 Total ​ $ 94,398 ​ $ 71,702 ​ $ 48,724 ​ $ 214,824
Schedule of future minimum lease obligations operating leases	​ ​ ​ ​ ​ ​ ​ ​ Operating (1)(2) Finance (1) 2021 (remaining six months) ​ $ 2,588 ​ $ 2,763 2022 ​ 6,756 ​ 5,604 2023 ​ 6,393 ​ 5,716 2024 ​ 6,309 ​ 5,830 2025 ​ 6,297 ​ 5,946 Thereafter ​ 496 ​ 1,567,826 Total undiscounted cash flows ​ 28,839 ​ 1,593,685 Present value discount (1) ​ (3,128) ​ (1,441,760) Other adjustments (2) ​ 22,934 ​ — Lease liabilities ​ $ 48,645 ​ $ 151,925 (1) The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company’s incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company’s weighted average incremental secured borrowing rate for similar collateral estimated to be 5.1% and the weighted average remaining lease term is 7.8 years. The weighted average remaining lease term for the Company’s operating leases, excluding operating leases for which the Company’s tenants pay rent on its behalf, was 5.1 years and the weighted average discount rate was 5.0% . For finance leases, which relate primarily to the Company’s Ground Leases with SAFE, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.5% and the weighted average remaining lease term is 96.5 years. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease and are recorded in “Depreciation and amortization” in the Company’s consolidated statements of operations. During the three months ended June 30, 2021 and 2020, the Company recognized $ 2.1 million and $ 2.0 million, respectively, in "Interest expense" and $ 0.4 million and $ 0.4 million, respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. During the six months ended June 30, 2021 and 2020, the Company recognized $ 4.1 million and $ 4.1 million, respectively, in "Interest expense" and $ 0.7 million and $ 0.7 million, respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. During the three months ended June 30, 2021 and 2020, the Company made payments of $0.4 million and $1.1 million, respectively, related to its operating leases and $1.4 million and $1.3 million, respectively, related to its finance leases with SAFE . During the six months ended June 30, 2021 and 2020, the Company made payments of $1.2 million and $2.1 million, respectively, related to its operating leases and $2.7 million and $2.7 million, respectively, related to its finance leases with SAFE . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company’s tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company’s tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Operating (1)(2) Finance (1) 2021 ​ $ 3,797 ​ $ 5,494 2022 ​ 6,756 ​ 5,604 2023 ​ 6,393 ​ 5,716 2024 ​ 6,309 ​ 5,830 2025 ​ 6,297 ​ 5,946 Thereafter ​ 496 ​ 1,567,826 Total undiscounted cash flows ​ 30,048 ​ 1,596,416 Present value discount (1) ​ (3,771) ​ (1,445,896) Other adjustments (2) ​ 23,795 ​ — Lease liabilities ​ $ 50,072 ​ $ 150,520 (1) The weighted average remaining lease term for the Company’s operating leases, excluding operating leases for which the Company’s tenants pay rent on its behalf, was 5.6 years and the weighted average discount rate was 5.5% . The weighted average remaining lease term for the Company’s finance leases was 97 years and the weighted average discount rate was 5.5% . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company’s tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company’s tenants on its behalf.
Schedule of future minimum lease obligations finance leases	​ ​ ​ ​ ​ ​ ​ ​ Operating (1)(2) Finance (1) 2021 (remaining six months) ​ $ 2,588 ​ $ 2,763 2022 ​ 6,756 ​ 5,604 2023 ​ 6,393 ​ 5,716 2024 ​ 6,309 ​ 5,830 2025 ​ 6,297 ​ 5,946 Thereafter ​ 496 ​ 1,567,826 Total undiscounted cash flows ​ 28,839 ​ 1,593,685 Present value discount (1) ​ (3,128) ​ (1,441,760) Other adjustments (2) ​ 22,934 ​ — Lease liabilities ​ $ 48,645 ​ $ 151,925 (1) The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company’s incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company’s weighted average incremental secured borrowing rate for similar collateral estimated to be 5.1% and the weighted average remaining lease term is 7.8 years. The weighted average remaining lease term for the Company’s operating leases, excluding operating leases for which the Company’s tenants pay rent on its behalf, was 5.1 years and the weighted average discount rate was 5.0% . For finance leases, which relate primarily to the Company’s Ground Leases with SAFE, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.5% and the weighted average remaining lease term is 96.5 years. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease and are recorded in “Depreciation and amortization” in the Company’s consolidated statements of operations. During the three months ended June 30, 2021 and 2020, the Company recognized $ 2.1 million and $ 2.0 million, respectively, in "Interest expense" and $ 0.4 million and $ 0.4 million, respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. During the six months ended June 30, 2021 and 2020, the Company recognized $ 4.1 million and $ 4.1 million, respectively, in "Interest expense" and $ 0.7 million and $ 0.7 million, respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. During the three months ended June 30, 2021 and 2020, the Company made payments of $0.4 million and $1.1 million, respectively, related to its operating leases and $1.4 million and $1.3 million, respectively, related to its finance leases with SAFE . During the six months ended June 30, 2021 and 2020, the Company made payments of $1.2 million and $2.1 million, respectively, related to its operating leases and $2.7 million and $2.7 million, respectively, related to its finance leases with SAFE . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company’s tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company’s tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Operating (1)(2) Finance (1) 2021 ​ $ 3,797 ​ $ 5,494 2022 ​ 6,756 ​ 5,604 2023 ​ 6,393 ​ 5,716 2024 ​ 6,309 ​ 5,830 2025 ​ 6,297 ​ 5,946 Thereafter ​ 496 ​ 1,567,826 Total undiscounted cash flows ​ 30,048 ​ 1,596,416 Present value discount (1) ​ (3,771) ​ (1,445,896) Other adjustments (2) ​ 23,795 ​ — Lease liabilities ​ $ 50,072 ​ $ 150,520 (1) The weighted average remaining lease term for the Company’s operating leases, excluding operating leases for which the Company’s tenants pay rent on its behalf, was 5.6 years and the weighted average discount rate was 5.5% . The weighted average remaining lease term for the Company’s finance leases was 97 years and the weighted average discount rate was 5.5% . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company’s tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company’s tenants on its behalf.

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative financial instruments on consolidated balance sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities ​ ​ Balance Sheet ​ Fair As of June 30, 2021 Location Value Derivatives Designated in Hedging Relationships ​ ​ ​ ​ ​ Interest rate swaps Accounts payable, accrued expenses and other liabilities ​ $ 13,481 Total ​ $ 13,481 ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ Derivatives Designated in Hedging Relationships ​ Interest rate swaps Accounts payable, accrued expenses and other liabilities ​ $ 18,926 Total ​ $ 18,926 (1) Over the next 12 months, the Company expects that $9.8 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as an increase to interest expense.
Schedule of derivative financial instruments on consolidated statements of operations and comprehensive income	The table below presents the effect of the Company’s derivative financial instruments, including the Company’s share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain Amount of Gain ​ ​ Location of Gain ​ (Loss) Recognized in ​ (Loss) Reclassified ​ ​ (Loss) ​ Accumulated Other ​ from Accumulated Derivatives Designated in ​ When Recognized in ​ Comprehensive ​ Other Comprehensive Hedging Relationships Income Income Income into Earnings For the Three Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps Interest expense ​ $ (763) ​ $ (2,029) Interest rate swaps Earnings from equity method investments ​ (1) ​ (457) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, 2020 ​ ​ Interest rate swaps Interest expense ​ $ (2,365) ​ $ (1,799) Interest rate swaps Earnings from equity method investments ​ (986) ​ (307) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps Interest expense ​ $ 2,556 ​ $ (4,133) Interest rate swaps Earnings from equity method investments ​ 8,655 ​ (691) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2020 ​ ​ Interest rate swaps Interest Expense ​ $ (14,970) ​ $ (2,887) Interest rate swaps Earnings from equity method investments ​ (16,157) ​ (533)

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of cumulative redeemable preferred stock outstanding by series	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative Preferential Cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends (1)(2) ​ ​ ​ ​ ​ ​ Shares Issued ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual ​ Carrying ​ ​ ​ Outstanding ​ Par ​ Liquidation ​ Rate per ​ Dividend ​ Value ​ Series (in thousands) Value Preference (3) Annum per share (in thousands) ​ D 4,000 ​ $ 0.001 ​ $ 25.00 8.00 % $ 2.00 ​ $ 89,041 ​ G 3,200 ​ 0.001 ​ 25.00 7.65 % 1.91 ​ 72,664 ​ I 5,000 ​ 0.001 ​ 25.00 7.50 % 1.88 ​ 120,785 ​ Total 12,200 ​ ​ ​ ​ ​ ​ ​ ​ $ 282,490 ​ (1) Holders of shares of the Series D, G and I preferred stock are entitled to receive dividends, when and as declared by the Company’s Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company’s Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $4.0 million, $3.1 million and $4.7 million on its Series D, G and I Cumulative Redeemable Preferred Stock during both the six months ended June 30, 2021 and 2020. The character of the 2020 dividends was 100% return of capital. There are no dividend arrearages on any of the preferred shares currently outstanding. (3) The Company may, at its option, redeem the Series G and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity	“Accumulated other comprehensive income (loss)” reflected in the Company’s shareholders’ equity is comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2021 December 31, 2020 ​ Unrealized gains on available-for-sale securities ​ $ 4,220 $ 4,594 ​ Unrealized losses on cash flow hedges ​ (40,043) ​ (53,075) ​ Unrealized losses on cumulative translation adjustment ​ — ​ (4,199) ​ Accumulated other comprehensive loss ​ $ (35,824) ​ $ (52,680) ​

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans and Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of performance incentive plans	The following is a summary of the status of the Company’s equity-classified iPIP plans and changes during the six months ended June 30, 2021. ​ ​ ​ ​ ​ ​ ​ iPIP Investment Pool ​ 2019-2020 2021-2022 Points at beginning of period 97.40 — Granted ​ — ​ 94.75 Forfeited (2.20) (10.00) Points at end of period 95.20 84.75 The following is a summary of the status of the Company’s liability-classified iPIP plans and changes during the six months ended June 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ iPIP Investment Pool ​ 2013 ‑ 2014 2015 ‑ 2016 2017 ‑ 2018 Points at beginning of period 80.17 70.40 73.34 Granted ​ — ​ — ​ 2.00 Points at end of period 80.17 70.40 75.34
Schedule of restricted stock units activity	​ ​ ​ Nonvested at beginning of period ​ 531 Granted ​ 331 Vested ​ (112) Forfeited ​ (32) Nonvested at end of period 718

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations	The following table presents a reconciliation of income from operations used in the basic and diluted earnings per share (“EPS”) calculations ($ in thousands, except for per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 ​ Net loss ​ $ (11,416) ​ $ (14,363) ​ $ (3,427) ​ $ (27,249) ​ Net income attributable to noncontrolling interests ​ (2,253) ​ (3,098) ​ (4,773) ​ (5,789) ​ Preferred dividends ​ (5,874) ​ (5,874) ​ (11,748) ​ (11,748) ​ Net loss allocable to common shareholders for basic and diluted earnings per common share ​ $ (19,543) ​ $ (23,335) ​ $ (19,948) ​ $ (44,786) ​
Schedule of earnings per share allocable to common shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 ​ Earnings allocable to common shares: ​ ​ ​ ​ ​ ​ Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ Net loss attributable to iStar Inc. and allocable to common shareholders ​ $ (19,543) ​ $ (23,335) ​ $ (19,948) ​ $ (44,786) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic and diluted earnings per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding for basic and diluted earnings per common share ​ 72,872 ​ 76,232 ​ 73,374 ​ 76,838 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted earnings per common share: (1) ​ ​ ​ ​ ​ Net loss allocable to common shareholders ​ $ (0.27) ​ $ (0.31) ​ $ (0.27) ​ $ (0.58) ​ (1) For the three and six months ended June 30, 2021, the effect of the Company’s restricted stock awards were anti-dilutive. For the three and six months ended June 30, 2021, 4,700,805 shares and 3,797,296 shares, respectively, of the 3.125% Convertible Notes (refer to Note 11) were anti-dilutive based upon the conversion price for such period. For the three and six months ended June 30, 2020, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes, and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.

Fair Values (Tables)

Fair Values (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis	The following fair value hierarchy table summarizes the Company’s assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Using ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ market ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ prices in ​ other ​ Significant ​ ​ ​ ​ ​ active ​ observable ​ unobservable ​ ​ ​ ​ ​ markets ​ inputs ​ inputs ​ Total (Level 1) (Level 2) (Level 3) As of June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Recurring basis: ​ ​ ​ ​ Derivative liabilities (1) $ 13,481 $ — $ 13,481 $ — Available-for-sale securities (1) ​ 28,074 ​ — ​ — ​ 28,074 Non-recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other investments (2) ​ ​ 75,402 ​ ​ — ​ ​ 75,402 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ ​ Recurring basis: ​ ​ ​ ​ Derivative liabilities (1) ​ ​ 18,926 ​ ​ — ​ ​ 18,926 ​ ​ — Available-for-sale securities (1) ​ ​ 25,274 ​ ​ — ​ ​ — ​ ​ 25,274 Non-recurring basis: ​ ​ ​ ​ Impaired land and development (3) ​ 6,078 ​ — ​ — ​ 6,078 (1) The fair value of the Company’s derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company’s available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) During the six months ended June 30, 2021, the Company identified an observable price change in an equity security held by the Company as evidenced by an orderly private issuance of similar securities by the same issuer and, as such, classified such observable price change as Level 2. (3) The Company recorded a $1.3 million impairment on a land and development asset with an estimated fair value of $6.1 million. The estimated fair value is based on future cash flows expected to be received.
Summary of changes in Level 3 available-for-sale securities reported at fair value	The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company’s consolidated balance sheets for the six months ended June 30, 2021 and 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Beginning balance ​ $ 25,274 ​ $ 23,896 Purchases ​ ​ 3,375 ​ ​ — Repayments ​ (201) ​ (460) Unrealized gains (losses) recorded in other comprehensive income ​ (374) ​ 1,175 Ending balance ​ $ 28,074 ​ $ 24,611
Schedule of carrying value and fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ As of December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Net investment in leases (1) ​ $ 478 ​ $ 491 ​ $ 429 ​ $ 431 Loans receivable and other lending investments, net (1) ​ 455 ​ 488 ​ 732 ​ 772 Cash and cash equivalents (2) ​ 155 ​ 155 ​ 99 ​ 99 Restricted cash (2) ​ 53 ​ 53 ​ 52 ​ 52 Loan participations payable, net (1) ​ — ​ — ​ 43 ​ 43 Debt obligations, net (1)(3) ​ ​ 3,289 ​ ​ 3,543 ​ ​ 3,287 ​ ​ 3,414 (1) The fair value of the Company’s net investment in leases, loans receivable and other lending investments, net, loan participations payable, net and debt obligations, net are classified as Level 3 within the fair value hierarchy. (2) The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values. Restricted cash is recorded in “Deferred expenses and other assets, net” on the Company’s balance sheet. The fair value of the Company’s cash and cash equivalents and restricted cash are classified as Level 1 within the fair value hierarchy. (3) As of June 30, 2021 and December 31, 2020, the fair value of the Company’s 3.125% Senior Convertible Notes was $435.9 million and $338.8 million, respectively.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of financial measures for each segment based on which performance is evaluated	The Company evaluates performance-based on the following financial measures for each segment. The Company’s segment information is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Real Estate Operating Land and Corporate/ Company ​ ​ Lease ​ Finance ​ Properties ​ Development ​ Other (1) ​ Total Three Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 40,752 ​ $ — ​ $ 4,703 ​ $ 89 ​ $ — ​ $ 45,544 Interest income ​ 1,188 ​ 7,785 ​ — ​ — ​ — ​ 8,973 Interest income from sales-type leases ​ 8,689 ​ — ​ — ​ — ​ — ​ 8,689 Other income ​ 4,690 ​ 52 ​ 3,953 ​ 1,315 ​ 54 ​ 10,064 Land development revenue ​ — ​ — ​ — ​ 32,318 ​ — ​ 32,318 Earnings (losses) from equity method investments ​ 11,302 ​ 755 ​ (2,935) ​ 1,474 ​ 2,101 ​ 12,697 Income from sales of real estate ​ 2,114 ​ — ​ 96 ​ — ​ — ​ 2,210 Total revenue and other earnings ​ 68,735 ​ 8,592 ​ 5,817 ​ 35,196 ​ 2,155 ​ 120,495 Real estate expense ​ (6,984) ​ — ​ (6,256) ​ (5,049) ​ — ​ (18,289) Land development cost of sales ​ — ​ — ​ — ​ (30,803) ​ — ​ (30,803) Other expense ​ — ​ (87) ​ — ​ — ​ (124) ​ (211) Allocated interest expense ​ (25,342) ​ (3,828) ​ (2,030) ​ (3,864) ​ (4,353) ​ (39,417) Allocated general and administrative (2) ​ (6,120) ​ (1,242) ​ (664) ​ (2,367) ​ (5,210) ​ (15,603) Segment profit (loss) (3) ​ $ 30,289 ​ $ 3,435 ​ $ (3,133) ​ $ (6,887) ​ $ (7,532) ​ $ 16,172 Other significant items: ​ ​ ​ ​ ​ ​ Recovery of loan losses ​ $ (105) ​ $ (2,158) ​ $ — ​ $ — ​ $ — ​ $ (2,263) Recovery of losses on net investment in leases ​ (265) ​ — ​ — ​ — ​ — ​ (265) Depreciation and amortization ​ 13,088 ​ — ​ 1,221 ​ 228 ​ 123 ​ 14,660 Capitalized expenditures ​ 63 ​ — ​ 432 ​ 4,571 ​ — ​ 5,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 41,500 ​ $ — ​ $ 5,242 ​ $ 70 ​ $ — ​ $ 46,812 Interest income ​ 860 ​ 14,579 ​ — ​ — ​ — ​ 15,439 Interest income from sales-type leases ​ 8,295 ​ — ​ — ​ — ​ — ​ 8,295 Other income ​ 4,621 ​ 3,839 ​ 492 ​ 1,103 ​ 237 ​ 10,292 Land development revenue ​ — ​ — ​ — ​ 15,577 ​ — ​ 15,577 Earnings (losses) from equity method investments ​ 8,800 ​ — ​ (4,941) ​ 48 ​ (1,321) ​ 2,586 Income from sales of real estate ​ — ​ — ​ 62 ​ — ​ — ​ 62 Total revenue and other earnings ​ 64,076 ​ 18,418 ​ 855 ​ 16,798 ​ (1,084) ​ 99,063 Real estate expense ​ (6,134) ​ — ​ (4,509) ​ (3,633) ​ — ​ (14,276) Land development cost of sales ​ — ​ — ​ — ​ (16,287) ​ — ​ (16,287) Other expense ​ — ​ (21) ​ — ​ — ​ (182) ​ (203) Allocated interest expense ​ (24,388) ​ (5,959) ​ (2,183) ​ (4,422) ​ (4,998) ​ (41,950) Allocated general and administrative (2) ​ (5,177) ​ (1,575) ​ (595) ​ (2,385) ​ (4,522) ​ (14,254) Segment profit (loss) (3) ​ 28,377 ​ $ 10,863 ​ $ (6,432) ​ $ (9,929) ​ $ (10,786) ​ $ 12,093 Other significant non-cash items: ​ ​ ​ ​ ​ ​ Provision for loan losses ​ $ 57 ​ $ 2,010 ​ $ — ​ $ — ​ $ — ​ $ 2,067 Provision for losses on net investment in leases ​ ​ 534 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 534 Impairment of assets ​ 328 ​ — ​ 2,983 ​ 1,472 ​ — ​ 4,783 Depreciation and amortization ​ 12,487 ​ — ​ 1,271 ​ 243 ​ 299 ​ 14,300 Capitalized expenditures ​ 5,171 ​ — ​ 421 ​ 8,026 ​ — ​ 13,618 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Real Estate Operating Land and Corporate/ Company ​ ​ Lease ​ Finance ​ Properties ​ Development ​ Other (1) ​ Total Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 83,265 ​ $ — ​ $ 9,540 ​ $ 183 ​ $ — ​ $ 92,988 Interest income ​ 2,066 ​ 17,557 ​ — ​ — ​ — ​ 19,623 Interest income from sales-type leases ​ 17,316 ​ — ​ — ​ — ​ — ​ 17,316 Other income ​ 9,444 ​ 151 ​ 6,291 ​ 2,704 ​ 5,764 ​ 24,354 Land development revenue ​ — ​ — ​ — ​ 64,567 ​ — ​ 64,567 Earnings (losses) from equity method investments ​ 23,715 ​ 1,220 ​ (6,682) ​ 4,619 ​ 2,594 ​ 25,466 Income from sales of real estate ​ 2,114 ​ — ​ 708 ​ — ​ — ​ 2,822 Total revenue and other earnings ​ 137,920 ​ 18,928 ​ 9,857 ​ 72,073 ​ 8,358 ​ 247,136 Real estate expense ​ (15,616) ​ — ​ (10,055) ​ (9,512) ​ — ​ (35,183) Land development cost of sales ​ — ​ — ​ — ​ (60,126) ​ — ​ (60,126) Other expense ​ — ​ (153) ​ — ​ — ​ (311) ​ (464) Allocated interest expense ​ (50,421) ​ (8,406) ​ (4,073) ​ (7,802) ​ (8,278) ​ (78,980) Allocated general and administrative (2) ​ (12,057) ​ (2,701) ​ (1,324) ​ (4,795) ​ (10,657) ​ (31,534) Segment profit (loss) (3) ​ $ 59,826 ​ $ 7,668 ​ $ (5,595) ​ $ (10,162) ​ $ (10,888) ​ $ 40,849 Other significant items: ​ ​ ​ ​ ​ ​ Recovery of loan losses ​ $ (257) ​ $ (5,800) ​ $ — ​ $ — ​ $ — ​ $ (6,057) Recovery of losses on net investment in leases ​ (1,866) ​ — ​ — ​ — ​ — ​ (1,866) Impairment of assets ​ 1,528 ​ — ​ 257 ​ — ​ — ​ 1,785 Depreciation and amortization ​ 26,141 ​ — ​ 3,208 ​ 446 ​ 320 ​ 30,115 Capitalized expenditures ​ 1,331 ​ — ​ 489 ​ 9,311 ​ — ​ 11,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 82,965 ​ $ — ​ $ 11,015 ​ $ 178 ​ $ — ​ $ 94,158 Interest income ​ 1,683 ​ 30,972 ​ — ​ — ​ — ​ 32,655 Interest income from sales-type leases ​ 16,650 ​ — ​ — ​ — ​ — ​ 16,650 Other income ​ 8,913 ​ 4,145 ​ 3,650 ​ 1,727 ​ 12,225 ​ 30,660 Land development revenue ​ — ​ — ​ — ​ 95,752 ​ — ​ 95,752 Earnings (losses) from equity method investments ​ 28,332 ​ — ​ (7,608) ​ 632 ​ (2,158) ​ 19,198 Income from sales of real estate ​ — ​ — ​ 62 ​ — ​ — ​ 62 Total revenue and other earnings ​ 138,543 ​ 35,117 ​ 7,119 ​ 98,289 ​ 10,067 ​ 289,135 Real estate expense ​ (12,361) ​ — ​ (12,173) ​ (12,240) ​ — ​ (36,774) Land development cost of sales ​ — ​ — ​ — ​ (93,346) ​ — ​ (93,346) Other expense ​ — ​ (41) ​ — ​ — ​ (236) ​ (277) Allocated interest expense ​ (48,866) ​ (12,158) ​ (4,442) ​ (8,992) ​ (10,883) ​ (85,341) Allocated general and administrative (2) ​ (12,166) ​ (3,672) ​ (1,384) ​ (5,204) ​ (9,830) ​ (32,256) Segment profit (loss) (3) ​ $ 65,150 ​ $ 19,246 ​ $ (10,880) ​ $ (21,493) ​ $ (10,882) ​ $ 41,141 Other significant items: ​ ​ ​ ​ ​ ​ Provision for loan losses ​ $ — ​ $ 6,070 ​ $ — ​ $ — ​ $ — ​ $ 6,070 Provision for losses on net investment in leases ​ 1,826 ​ — ​ — ​ — ​ — ​ 1,826 Impairment of assets ​ 2,036 ​ — ​ 2,983 ​ 1,472 ​ — ​ 6,491 Depreciation and amortization ​ ​ 25,143 ​ ​ — ​ ​ 2,556 ​ ​ 486 ​ ​ 601 ​ ​ 28,786 Capitalized expenditures ​ 7,017 ​ — ​ 1,338 ​ 20,052 ​ — ​ 28,407 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 1,273,031 ​ $ — ​ $ 93,975 ​ $ — ​ $ — ​ $ 1,367,006 Real estate available and held for sale ​ — ​ — ​ 99,201 ​ — ​ — ​ 99,201 Total real estate ​ 1,273,031 ​ — ​ 193,176 ​ — ​ — ​ 1,466,207 Net investment in leases ​ 477,798 ​ — ​ — ​ — ​ — ​ 477,798 Land and development, net ​ — ​ — ​ — ​ 381,719 ​ — ​ 381,719 Loans receivable and other lending investments, net ​ 47,392 ​ 407,568 ​ — ​ — ​ — ​ 454,960 Loan receivable held for sale ​ 62,525 ​ — ​ — ​ — ​ — ​ 62,525 Other investments ​ ​ 1,073,422 ​ ​ 46,945 ​ ​ 55,344 ​ ​ 13,576 ​ ​ 86,667 ​ ​ 1,275,954 Total portfolio assets ​ ​ 2,934,168 ​ ​ 454,513 ​ ​ 248,520 ​ ​ 395,295 ​ ​ 86,667 ​ 4,119,163 Cash and other assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 648,487 Total assets ​ ​ ​ ​ ​ ​ ​ ​ $ 4,767,650 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 1,291,903 ​ $ — ​ $ 192,378 ​ $ — ​ $ — ​ $ 1,484,281 Real estate available and held for sale ​ — ​ — ​ 5,212 ​ — ​ — ​ 5,212 Total real estate ​ 1,291,903 ​ — ​ 197,590 ​ — ​ — ​ 1,489,493 Net investment in leases ​ 429,101 ​ — ​ — ​ — ​ — ​ 429,101 Land and development, net ​ — ​ — ​ — ​ 430,663 ​ — ​ 430,663 Loans receivable and other lending investments, net ​ 45,398 ​ 686,932 ​ — ​ — ​ — ​ 732,330 Other investments ​ 1,016,710 ​ — ​ 58,739 ​ 31,200 ​ 69,911 ​ 1,176,560 Total portfolio assets ​ $ 2,783,112 ​ $ 686,932 ​ $ 256,329 ​ $ 461,863 ​ $ 69,911 ​ 4,258,147 Cash and other assets ​ ​ ​ ​ ​ ​ ​ ​ 603,661 Total assets ​ ​ ​ ​ ​ ​ ​ ​ $ 4,861,808 (1) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company’s joint venture investments and strategic investments that are not included in the other reportable segments above. (2) General and administrative excludes stock-based compensation expense of $ 14.8 million and $20.3 million for the three and six months ended June 30, 2021, respectively, and $ 4.7 million and $ 21.0 million for the three and six months ended June 30, 2020, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 ​ Segment profit ​ $ 16,172 ​ $ 12,093 ​ $ 40,849 ​ $ 41,141 ​ Less: Recovery of (provision for) loan losses ​ 2,263 ​ (2,067) ​ 6,057 ​ (6,070) ​ Less: Recovery of (provision for) losses on net investment in leases ​ 265 ​ (534) ​ 1,866 ​ (1,826) ​ Less: Impairment of assets ​ — ​ (4,783) ​ (1,785) ​ (6,491) ​ Less: Stock-based compensation expense ​ (14,791) ​ (4,744) ​ (20,299) ​ (21,014) ​ Less: Depreciation and amortization ​ (14,660) ​ (14,300) ​ (30,115) ​ (28,786) ​ Less: Income tax expense ​ (665) ​ (28) ​ — ​ (88) ​ Less: Loss on early extinguishment of debt, net ​ — ​ — ​ — ​ (4,115) ​ Net loss ​ $ (11,416) ​ $ (14,363) ​ $ (3,427) ​ $ (27,249) ​
Schedule of reconciliation of segment profit to income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 ​ Segment profit ​ $ 16,172 ​ $ 12,093 ​ $ 40,849 ​ $ 41,141 ​ Less: Recovery of (provision for) loan losses ​ 2,263 ​ (2,067) ​ 6,057 ​ (6,070) ​ Less: Recovery of (provision for) losses on net investment in leases ​ 265 ​ (534) ​ 1,866 ​ (1,826) ​ Less: Impairment of assets ​ — ​ (4,783) ​ (1,785) ​ (6,491) ​ Less: Stock-based compensation expense ​ (14,791) ​ (4,744) ​ (20,299) ​ (21,014) ​ Less: Depreciation and amortization ​ (14,660) ​ (14,300) ​ (30,115) ​ (28,786) ​ Less: Income tax expense ​ (665) ​ (28) ​ — ​ (88) ​ Less: Loss on early extinguishment of debt, net ​ — ​ — ​ — ​ (4,115) ​ Net loss ​ $ (11,416) ​ $ (14,363) ​ $ (3,427) ​ $ (27,249) ​

Business and Organization (Deta

Business and Organization (Details) $ in Billions	Jun. 30, 2021USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment across a range of real estate sectors over the past two decades	$ 40

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Real estate
Real estate, at cost	[1]	$ 1,657,173	$ 1,752,053
Less: accumulated depreciation	[1]	(290,167)	(267,772)
Real estate, net	[1]	1,367,006	1,484,281
Land and development, net	[1]	381,719	430,663
Other investments	[1]	1,275,954	1,176,560
Cash and cash equivalents	[1]	154,941	98,633
Accrued interest and operating lease income receivable, net	[1]	7,328	10,061
Deferred operating lease income receivable, net	[1]	63,339	58,128
Deferred expenses and other assets, net	[1]	279,894	293,112
Total assets	[1]	4,767,650	4,861,808
LIABILITIES
Accounts payable, accrued expenses and other liabilities	[1]	315,337	317,402
Debt obligations, net	[1]	3,289,481	3,286,975
Total liabilities	[1]	3,758,944	3,797,425
Consolidated VIEs
Real estate
Real estate, at cost		900,365	899,110
Less: accumulated depreciation		(74,334)	(61,917)
Real estate, net		826,031	837,193
Land and development, net		199,876	240,137
Other investments		29	35
Cash and cash equivalents		24,999	22,571
Accrued interest and operating lease income receivable, net		1,295	1,472
Deferred operating lease income receivable, net		34,119	29,428
Deferred expenses and other assets, net		117,977	122,591
Total assets		1,204,326	1,253,427
LIABILITIES
Accounts payable, accrued expenses and other liabilities		76,684	115,581
Debt obligations, net		480,708	488,719
Total liabilities		557,392	$ 604,300
Unconsolidated VIEs
LIABILITIES
Carrying value of the investments		130,100
Variable interest entity unfunded commitment		$ 14,900
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Jan. 01, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt obligations, net	[1]	$ 3,289,481		$ 3,286,975
Retained earnings	[1]	(2,338,454)		(2,316,972)
Additional paid-in capital	[1]	$ (3,185,748)		(3,240,535)
3.125% Senior Convertible Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated interest rates		3.125%			3.125%
3.125% Senior Convertible Notes | Unsecured notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt obligations, net				$ 275,100
Stated interest rates		3.125%	3.125%	3.125%	3.125%	3.125%
Accounting Standards Update 2020-06 | Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt obligations, net			$ 10,000
Retained earnings			15,900
Additional paid-in capital			$ 25,900
Accounting Standards Update 2020-06 | Period of Adoption, Adjustment | 3.125% Senior Convertible Notes | Unsecured notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated interest rates			3.125%
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Real Estate (Schedule of Real E

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Less: accumulated depreciation	[1]	$ (290,167)	$ (267,772)
Real estate, net	[1]	1,367,006	1,484,281
Real estate available and held for sale	[1]	99,201	5,212
Total real estate	[1]	1,466,207	1,489,493
Net Lease
Real Estate Properties [Line Items]
Land, at cost		188,418	188,418
Buildings and improvements, at cost		1,355,014	1,353,683
Less: accumulated depreciation		(270,401)	(250,198)
Real estate, net		1,273,031	1,291,903
Real estate available and held for sale		0	0
Total real estate		1,273,031	1,291,903
Net Lease | iStar Net Lease I LLC
Real Estate Properties [Line Items]
Real estate, net		746,100	755,500
Operating Properties
Real Estate Properties [Line Items]
Land, at cost		6,830	103,530
Buildings and improvements, at cost		106,911	106,422
Less: accumulated depreciation		(19,766)	(17,574)
Real estate, net		93,975	192,378
Real estate available and held for sale		99,201	5,212
Total real estate		193,176	197,590
Real Estate Properties
Real Estate Properties [Line Items]
Land, at cost		195,248	291,948
Buildings and improvements, at cost		1,461,925	1,460,105
Less: accumulated depreciation		(290,167)	(267,772)
Real estate, net		1,367,006	1,484,281
Real estate available and held for sale		99,201	5,212
Total real estate		1,466,207	1,489,493
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale		$ 2,400	$ 5,200
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Real Estate (Net Lease Venture)

Real Estate (Net Lease Venture) (Details)	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Asset acquisition, partner ownership percentage	47.50%
iStar Net Lease I LLC | Net Lease
Schedule of Equity Method Investments [Line Items]
Asset acquisition, ownership percentage	51.90%
Asset acquisition, related party ownership percentage	0.60%
Asset acquisition, related party promote fee percentage	50.00%

Real Estate (Dispositions) (Det

Real Estate (Dispositions) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Real Estate [Line Items]
Net proceeds from sales of real estate			$ 3,259	$ 9,090
Impairment of assets	$ 0	$ 4,783	$ 1,785	6,491
Net Lease
Real Estate [Line Items]
Net proceeds from sales of real estate				7,500
Impairment of assets				$ 1,700

Real Estate (Real Estate Availa

Real Estate (Real Estate Available and Held for Sale) (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2021	Jun. 30, 2021
Real Estate [Abstract]
Real estate asset transferred to held for sale		$ 96.8
Proceeds from sale of real estate held for sale	$ 125
Gain on sale of real estate held for sale	$ 25

Real Estate (Impairments) (Deta

Real Estate (Impairments) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Real Estate Properties [Line Items]
Impairment of real estate	$ 3
Net Lease
Real Estate Properties [Line Items]
Impairment of real estate	$ 1.7

Real Estate (Tenant Reimburseme

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Real Estate [Abstract]
Tenant expense reimbursements	$ 5.1	$ 5.4	$ 12.1	$ 11.4

Real Estate (Allowance for Doub

Real Estate (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Real Estate Tenant Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 0.7	$ 1.7

Real Estate (Future Minimum Ope

Real Estate (Future Minimum Operating Lease Payments) (Details) $ in Thousands	Jun. 30, 2021USD ($)
Net Lease
Real Estate Properties [Line Items]
2021 (remaining six months)	$ 67,653
2022	131,176
2023	122,817
2024	117,126
2025	120,582
Thereafter	1,333,855
Operating Properties
Real Estate Properties [Line Items]
2021 (remaining six months)	3,163
2022	6,643
2023	6,383
2024	6,345
2025	5,682
Thereafter	$ 8,247

Net Investment in Leases (Narra

Net Investment in Leases (Narrative) (Details) $ in Thousands	1 Months Ended			3 Months Ended				6 Months Ended
	Jun. 30, 2021USD ($)lease		May 31, 2019USD ($)property	Jun. 30, 2021USD ($)		Sep. 30, 2020lease	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)		Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Net investment in leases [Line Items]
Obligation to acquire the Ground Leases or fund the leasehold improvement allowances if certain construction conditions are not met within a specified time period	$ 0
Payments to acquire real estate assets			$ 56,700
Number of properties acquired from lessee	2		7
Purchase price for properties acquired from lessee	$ 42,000		$ 44,100	$ 42,000				$ 42,000
Number of ground leases entered into | lease	2
Loan receivable held for sale	$ 62,525			62,525				62,525			$ 0
Extension of existing master net leases			15 years
Net proceeds from sale of lessee's facilities							$ 10,000
Term of rent deferral granted for lessee						9 months
Number of master leases | lease						2
Net investment in leases	477,798	[1]	$ 424,100	477,798	[1]			477,798	[1]		$ 429,101	[1]
Cash interest income from sales-type leases				200			2,300	300		$ 9,200
Noncash interest income from sales-type leases				8,500			$ 6,000	17,000		7,500
Net proceeds from net investment in leases								12,825		$ 0
Net Lease
Net investment in leases [Line Items]
Net proceeds from net investment in leases								6,600
Impairment loss								1,500
Bowling Entertainment Venue Operator
Net investment in leases [Line Items]
Number of bowling centers acquired | property			9
Bowling Entertainment Venue Operator | Bowling Center Commitment
Net investment in leases [Line Items]
Commitment to invest additional bowling centers			$ 55,000
Loans Receivable Held-for-sale
Net investment in leases [Line Items]
Loan receivable held for sale	42,200			42,200				42,200
Land Parcel One
Net investment in leases [Line Items]
Purchase price for properties acquired from lessee	$ 42,000			42,000				42,000
Number of ground leases classified as sales-type lease | lease	1
Land Parcel One | Maximum
Net investment in leases [Line Items]
Leasehold improvement allowance, Ground Leases	$ 83,000			83,000				83,000
Land Parcel Two
Net investment in leases [Line Items]
Purchase price for properties acquired from lessee	$ 42,000			42,000				42,000
Number of ground leases accounted for as a financing transaction | lease	1
Land Parcel Two | Maximum
Net investment in leases [Line Items]
Leasehold improvement allowance, Ground Leases	$ 83,000			83,000				83,000
Land Parcel Two | Loans Receivable Held-for-sale
Net investment in leases [Line Items]
Loan receivable held for sale	$ 42,200			$ 42,200				$ 42,200
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Net Investment in Leases - Net

Net Investment in Leases - Net Investment in Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2021		Mar. 31, 2021	Dec. 31, 2020		Jun. 30, 2020	Mar. 31, 2020	May 31, 2019
Leases [Abstract]
Total undiscounted cash flows	$ 1,545,634			$ 1,020,921
Unguaranteed estimated residual value	378,016			345,284
Present value discount	(1,436,847)			(926,233)
Allowance for losses on net investment in leases	(9,005)		$ (9,270)	(10,871)		$ (10,937)	$ (10,403)
Net investment in leases	$ 477,798	[1]		$ 429,101	[1]			$ 424,100
Risk rating	1.90%
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Net Investment in Leases (Futur

Net Investment in Leases (Future Minimum Lease Payments to be Collected Under Sales-Type Leases) (Details) $ in Thousands	Jun. 30, 2021USD ($)
Amount
2021 (remaining six months)	$ 14,249
2022	30,590
2023	43,272
2024	43,029
2025	31,955
Thereafter	1,382,539
Total undiscounted cash flows	$ 1,545,634

Net Investment in Leases - Allo

Net Investment in Leases - Allowance for Losses on Net Investment in Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jan. 01, 2020
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Allowance for losses on net investment in leases at beginning of period	$ 9,270	$ 10,403	$ 10,871
Initial allowance recorded upon adoption of new accounting standard	9,005	10,937	9,005	$ 10,937
(Recovery of) provision for losses on net investment in leases	(265)	534	(1,866)	1,826
Allowance for losses on net investment in leases at end of period	$ 9,005	10,937	$ 9,005	10,937
ASU 2016-13
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Initial allowance recorded upon adoption of new accounting standard					$ 9,100
Period of Adoption, Adjustment
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Initial allowance recorded upon adoption of new accounting standard		9,111		9,111
Allowance for losses on net investment in leases at end of period		$ 9,111		$ 9,111

Land and Development (Schedule

Land and Development (Schedule of Land and Development Assets) (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Total land and development, net	[1]	$ 381,719	$ 430,663
Land
Real Estate Properties [Line Items]
Land and land development, at cost		392,703	441,201
Less: accumulated depreciation		(10,984)	(10,538)
Total land and development, net		$ 381,719	$ 430,663
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Land and Development (Narrative

Land and Development (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Real Estate Properties [Line Items]
Revenues	$ 105,588	$ 96,415	$ 218,848	$ 269,875
Impairment of assets	0	4,783	1,785	6,491
Land development revenue
Real Estate Properties [Line Items]
Revenues	32,318	15,577	64,567	95,752
Cost of sales expense	$ 30,803	$ 16,287	$ 60,126	93,346
Impairment of assets				$ 1,500

Loans Receivable and Other Le_3

Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		$ 170,037		$ 162,538
Total gross carrying value of loans receivable and other lending investments		462,095		745,500
Allowance for loan losses		(7,135)		(13,170)
Total loans receivable and other lending investments, net	[1]	454,960		732,330
Financing receivables (refer to Note 5)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		48,286		46,549
Held-to-maturity debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		93,677		90,715
Available-for-sale debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		28,074		25,274
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		292,058		582,962
Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		241,293		485,655
Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		38,723		85,667
Commercial Portfolio Segment | Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		12,042		11,640
Construction Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		210,879		514,833
Allowance for loan losses		(1,640)	$ (2,893)	(6,541)	$ (11,736)	$ (9,724)	$ (6,668)
Construction Loans | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		210,879		514,833
Construction Loans | Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		190,830		449,733
Construction Loans | Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		$ 20,049		65,100
Completed construction | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of construction loans		91.00%
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		$ 81,179		68,129
Allowance for loan losses		(1,619)	$ (1,815)	(1,643)	$ (905)	$ (686)	$ (265)
Loans | Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		50,463		35,922
Loans | Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		18,674		20,567
Loans | Commercial Portfolio Segment | Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		$ 12,042		$ 11,640
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Loans Receivable and Other Le_4

Loans Receivable and Other Lending Investments, net (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jan. 01, 2020
Financing Receivables
Allowance for loan losses at beginning of period			$ 13,170
(Recovery of) provision for loan losses	$ (2,263)	$ 2,067	(6,057)	$ 6,070
Allowance for loan losses at end of period	7,135		7,135
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period	2,685	53	3,093
(Recovery of) Provision for loan losses	(292)	58	(700)	91
Allowance for loan losses at end of period	2,393	111	2,393	111
Total
Allowance for loan losses at beginning of period	9,058	33,264	13,170	28,634
(Recovery of) Provision for loan losses	(1,923)	2,348	(6,035)	6,249
Allowance for loan losses at end of period	7,135	35,612	7,135	35,612
Increase to reserves for loan losses	1,000		1,000		$ 1,000
Provision for (recovery of) loan losses	(2,300)	2,100	(6,100)	6,100
Accounts Payable, Accrued Expenses and Other Liabilities
Total
Increase to reserves for loan losses						$ 2,500
Recoveries for unfunded commitments	400	300		200
ASU 2016-13
Total
Increase to reserves for loan losses						$ 3,300
Period of Adoption, Adjustment
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period				20
Total
Allowance for loan losses at beginning of period				729
Construction Loans
Financing Receivables
Allowance for loan losses at beginning of period	2,893	9,724	6,541	6,668
(Recovery of) provision for loan losses	(1,253)	2,012	(4,901)	5,421
Allowance for loan losses at end of period	1,640	11,736	1,640	11,736
Construction Loans | Period of Adoption, Adjustment
Financing Receivables
Allowance for loan losses at beginning of period				(353)
Loans
Financing Receivables
Allowance for loan losses at beginning of period	1,815	686	1,643	265
(Recovery of) provision for loan losses	(196)	219	(24)	542
Allowance for loan losses at end of period	1,619	905	1,619	905
Loans | Period of Adoption, Adjustment
Financing Receivables
Allowance for loan losses at beginning of period				98
Financing receivables (refer to Note 5)
Financing Receivables
Allowance for loan losses at beginning of period	998	1,100	1,150
(Recovery of) provision for loan losses	(105)	59	(257)	195
Allowance for loan losses at end of period	893	1,159	893	1,159
Financing receivables (refer to Note 5) | Period of Adoption, Adjustment
Financing Receivables
Allowance for loan losses at beginning of period				964
Specific receivables
Financing Receivables
Allowance for loan losses at beginning of period	667	21,701	743	21,701
(Recovery of) provision for loan losses	(77)		(153)
Allowance for loan losses at end of period	$ 590	$ 21,701	$ 590	$ 21,701

Loans Receivable and Other Le_5

Loans Receivable and Other Lending Investments, net (Investment in Loans and Associated Allowance for Loan Loss) (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Other Lending Investments
Total		$ 170,037		$ 162,538
Less: Allowance for loan losses
Individually evaluated for impairment		(590)		(743)
Collectively evaluated for impairment		(6,545)		(12,427)
Total		(7,135)		(13,170)
Individually Evaluated for Impairment		56,020		52,562
Collectively Evaluated for Impairment		398,940		679,768
Total loans receivable and other lending investments, net	[1]	454,960		732,330
Net discounts		800		800
Held-to-maturity debt securities
Other Lending Investments
Individually Evaluated for Impairment		0		0
Collectively Evaluated for Impairment		93,677		90,715
Total		93,677		90,715
Available-for-sale debt securities
Other Lending Investments
Individually Evaluated for Impairment		0		0
Collectively Evaluated for Impairment		28,074		25,274
Total		28,074		25,274
Construction Loans
Loans
Individually Evaluated for Impairment		56,610		53,305
Collectively Evaluated for Impairment		154,269		461,528
Total		210,879		514,833
Less: Allowance for loan losses
Total		(1,640)	$ (2,893)	(6,541)	$ (11,736)	$ (9,724)	$ (6,668)
Loans
Loans
Individually Evaluated for Impairment		0		0
Collectively Evaluated for Impairment		81,179		68,129
Total		81,179		68,129
Less: Allowance for loan losses
Total		(1,619)	(1,815)	(1,643)	(905)	(686)	$ (265)
Net discounts		1,700		2,300
Financing receivables (refer to Note 5)
Loans
Individually Evaluated for Impairment		0		0
Collectively Evaluated for Impairment		48,286		46,549
Total		48,286		46,549
Less: Allowance for loan losses
Total		$ (893)	$ (998)	$ (1,150)	$ (1,159)	$ (1,100)
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Loans Receivable and Other Le_6

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Number of non accrual loans | loan	1	1
Commercial Portfolio Segment
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	$ 292,058	$ 582,962
Commercial Portfolio Segment | Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	241,293	485,655
Loan on non-accrual status	56,600
Commercial Portfolio Segment | Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	38,723	85,667
Commercial Portfolio Segment | Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	12,042	$ 11,640
Commercial Portfolio Segment | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	41,328
2020	0
2019	48,286
2018	178,578
2017	0
Prior to 2017	15,542
Total	283,734
Commercial Portfolio Segment | Performing Financial Instruments | Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	34,394
2020	0
2019	0
2018	146,789
2017	0
Prior to 2017	3,500
Total	184,683
Commercial Portfolio Segment | Performing Financial Instruments | Senior mortgages | Risk Rating 1.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Senior mortgages | Risk Rating 1.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Senior mortgages | Risk Rating 2.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Senior mortgages | Risk Rating 2.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Senior mortgages | Risk Rating 3.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	34,394
2020	0
2019	0
2018	118,045
2017	0
Prior to 2017	3,500
Total	155,939
Commercial Portfolio Segment | Performing Financial Instruments | Senior mortgages | Risk Rating 3.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	28,744
2017	0
Prior to 2017	0
Total	28,744
Commercial Portfolio Segment | Performing Financial Instruments | Senior mortgages | Risk Rating 4.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Senior mortgages | Risk Rating 4.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Senior mortgages | Risk Rating 5.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	6,934
2020	0
2019	0
2018	31,789
2017	0
Prior to 2017	0
Total	38,723
Commercial Portfolio Segment | Performing Financial Instruments | Corporate/Partnership loans | Risk Rating 1.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Corporate/Partnership loans | Risk Rating 1.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Corporate/Partnership loans | Risk Rating 2.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	13,115
2017	0
Prior to 2017	0
Total	13,115
Commercial Portfolio Segment | Performing Financial Instruments | Corporate/Partnership loans | Risk Rating 2.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Corporate/Partnership loans | Risk Rating 3.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	6,934
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	6,934
Commercial Portfolio Segment | Performing Financial Instruments | Corporate/Partnership loans | Risk Rating 3.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Corporate/Partnership loans | Risk Rating 4.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	18,674
2017	0
Prior to 2017	0
Total	18,674
Commercial Portfolio Segment | Performing Financial Instruments | Corporate/Partnership loans | Risk Rating 4.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Corporate/Partnership loans | Risk Rating 5.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	12,042
Total	12,042
Commercial Portfolio Segment | Performing Financial Instruments | Subordinate mortgages | Risk Rating 1.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Subordinate mortgages | Risk Rating 1.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Subordinate mortgages | Risk Rating 2.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Subordinate mortgages | Risk Rating 2.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Subordinate mortgages | Risk Rating 3.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	12,042
Total	12,042
Commercial Portfolio Segment | Performing Financial Instruments | Subordinate mortgages | Risk Rating 3.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Subordinate mortgages | Risk Rating 4.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Subordinate mortgages | Risk Rating 4.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Subordinate mortgages | Risk Rating 5.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Financing receivables (refer to Note 5)
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	48,286
2018	0
2017	0
Prior to 2017	0
Total	48,286
Commercial Portfolio Segment | Performing Financial Instruments | Financing receivables (refer to Note 5) | Risk Rating 1.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Financing receivables (refer to Note 5) | Risk Rating 1.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Financing receivables (refer to Note 5) | Risk Rating 2.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	48,286
2018	0
2017	0
Prior to 2017	0
Total	48,286
Commercial Portfolio Segment | Performing Financial Instruments | Financing receivables (refer to Note 5) | Risk Rating 2.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Financing receivables (refer to Note 5) | Risk Rating 3.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Financing receivables (refer to Note 5) | Risk Rating 3.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Financing receivables (refer to Note 5) | Risk Rating 4.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Financing receivables (refer to Note 5) | Risk Rating 4.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Financing receivables (refer to Note 5) | Risk Rating 5.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	$ 0

Loans Receivable and Other Le_7

Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) - Commercial Portfolio Segment - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Recorded investment in loans, aged by payment status and presented by class
Current	$ 235,448	$ 497,515
Total Past Due	56,610	85,447
Total	292,058	582,962
Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	56,610	85,447
Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	0
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	184,683	443,154
Total Past Due	56,610	42,501
Total	241,293	485,655
Senior mortgages | Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	56,610	42,501
Senior mortgages | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	0
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	38,723	42,721
Total Past Due	0	42,946
Total	38,723	85,667
Corporate/Partnership loans | Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	42,946
Corporate/Partnership loans | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	0
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	12,042	11,640
Total Past Due	0	0
Total	12,042	11,640
Subordinate mortgages | Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	0
Subordinate mortgages | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	$ 0	$ 0

Loans Receivable and Other Le_8

Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)loan	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)loan	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)loan
Financing Receivable, Impaired [Line Items]
(Recovery of) provision for loan losses	$ (2,263,000)	$ 2,067,000	$ (6,057,000)	$ 6,070,000
Impaired Loans
Number of non accrual loans | loan	1		1		1
Interest income on Impaired loans			$ 0	$ 0
Commercial Portfolio Segment
Impaired Loans
Amortized Cost	$ 56,610,000		56,610,000		$ 53,305,000
Unpaid Principal Balance	55,859,000		55,859,000		52,552,000
Related Allowance	(590,000)		(590,000)		(743,000)
Commercial Portfolio Segment | Senior mortgages
Impaired Loans
Amortized Cost	56,610,000		56,610,000		53,305,000
Unpaid Principal Balance	55,859,000		55,859,000		52,552,000
Related Allowance	$ (590,000)		$ (590,000)		$ (743,000)

Loans Receivable and Other Le_9

Loans Receivable and Other Lending Investments, net (Loan Receivable Held for Sale) (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	May 31, 2019
Debt Securities, Available-for-sale [Line Items]
Purchase price for properties acquired	$ 42,000		$ 44,100
Loan receivable held for sale	62,525	$ 0
SAFE
Debt Securities, Available-for-sale [Line Items]
Amount of loan funded	16,100
Deferred purchase price	11,900
Leasehold improvement allowance	52,000
Consideration received	2,700
Loans Receivable Held-for-sale
Debt Securities, Available-for-sale [Line Items]
Loan receivable held for sale	$ 42,200

Loans Receivable and Other L_10

Loans Receivable and Other Lending Investments, net (Other Lending Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Available-for-Sale Securities
Amortized Cost Basis	$ 23,855
Estimated Fair Value	28,074
Held-to-Maturity Securities
Amortized Cost Basis	93,677
Estimated Fair Value	93,677
Total Other Lending Investments
Face Value	123,855	$ 120,680
Amortized Cost Basis	117,532	111,395
Net Unrealized Gain	4,219	4,594
Estimated Fair Value	121,751	115,989
Net Carrying Value	121,751	115,989
Municipal debt securities
Available-for-Sale Securities
Face Value	23,855	20,680
Amortized Cost Basis	23,855	20,680
Net Unrealized Gain	4,219	4,594
Estimated Fair Value	28,074	25,274
Net Carrying Value	28,074	25,274
Debt securities
Held-to-Maturity Securities
Face Value	100,000	100,000
Amortized Cost Basis	93,677	90,715
Estimated Fair Value	93,677	90,715
Net Carrying Value	$ 93,677	$ 90,715

Loans Receivable and Other L_11

Loans Receivable and Other Lending Investments, net (Maturities of Company Securities) (Details) $ in Thousands	Jun. 30, 2021USD ($)
Amortized Cost Basis
Within one year	$ 0
After one year through 5 years	93,677
After 5 years through 10 years	0
After 10 years	0
Amortized Cost Basis	93,677
Estimated Fair Value
Within one year	0
After one year through 5 years	93,677
After 5 years through 10 years	0
After 10 years	0
Total	93,677
Amortized Cost Basis
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	23,855
Amortized Cost Basis	23,855
Estimated Fair Value
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	28,074
Total	$ 28,074

Other Investments (Schedule of

Other Investments (Schedule of Other Investments) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Other investments	[1]	$ 1,275,954		$ 1,275,954		$ 1,176,560
Earnings (losses) from equity method investments		12,697	$ 2,586	25,466	$ 19,198
Interest expense		$ 39,417	41,950	78,980	85,341
Mark-to-market gain				$ 5,100	9,900
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Number of shares owned (in shares)		35.2		35.2
Closing price (in dollars per share)		$ 78.50		$ 78.50
Market value		$ 2,800,000		$ 2,800,000
Dilution gain				500	7,900
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Other investments		1,275,954		1,275,954		1,176,560
Earnings (losses) from equity method investments		12,697	2,586	25,466	19,198
Depreciation expense		5,500	4,800	11,100	8,800
Interest expense		17,700	15,700	33,200	29,400
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Other strategic investments
Schedule of Equity Method Investments [Line Items]
Other investments		133,612		133,612		69,911
Earnings (losses) from equity method investments		2,856	(1,321)	3,814	(2,158)
Real estate equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Carrying value		1,142,342		1,142,342		1,106,649
Earnings (losses) from equity method investments		9,841	3,907	21,652	21,356
Real estate equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Carrying value		988,687		988,687		937,712
Earnings (losses) from equity method investments		9,703	8,236	21,115	27,574
Real estate equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | iStar Net Lease II LLC (Net Lease Venture II)
Schedule of Equity Method Investments [Line Items]
Carrying value		84,735		84,735		78,998
Earnings (losses) from equity method investments		1,599	564	2,600	757
Real estate equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value		68,920		68,920		$ 89,939
Earnings (losses) from equity method investments		$ (1,461)	$ (4,893)	$ (2,063)	$ (6,975)
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Other Investments (Safehold Inc

Other Investments (Safehold Inc). (Details) $ / shares in Units, shares in Millions, ft² in Millions	Jan. 02, 2019director	Jun. 30, 2021USD ($)ft²agreement	Feb. 28, 2021USD ($)	Jun. 30, 2020	Mar. 31, 2020USD ($)shares	May 31, 2019	Jan. 31, 2019USD ($)$ / sharesshares	Oct. 31, 2017USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jan. 31, 2021USD ($)	Sep. 30, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Number of limited partnership units purchased (in shares) | shares							12.5
Investor units, purchase price per unit (in dollars per share) | $ / shares							$ 20
Additional cash investment in equity method investment							$ 250,000,000				$ 91,419,000	$ 141,091,000
Conversion of stock						1
Restriction period on common stock received as payment											2 years
Management agreement, termination fee as multiple of prior year management fee		3							3		3
Payment to acquire purchase option agreement											$ 1,000,000
Expenses incurred in acquisition of purchase option agreement											200,000
SAFE
Schedule of Equity Method Investments [Line Items]
Expense reimbursements from related party									$ 1,900,000	$ 1,300,000	3,800,000	2,500,000
Proceeds from sale of purchase option agreement		$ 1,200,000							1,200,000		1,200,000
Gain recognized on sale of purchase option agreement		$ 0
Number of agreements | agreement		2
Sale price per agreement for sale of land and related Ground Lease, subject to certain conditions being met		$ 42,000,000							$ 42,000,000		$ 42,000,000
Multiple required that may trigger receipt of additional consideration		1.25							1.25		1.25
Percentage of required return on investment that may trigger receipt of additional consideration		9.00%
Management Fees | SAFE
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party									$ 3,500,000	3,200,000	$ 7,000,000	6,000,000
Maximum | SAFE
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases		$ 83,000,000							83,000,000		$ 83,000,000
Fee percent of SAFE Equity up to $1.5 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity											1.00%
Fee percent of SAFE Equity up to $1.5 billion | Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount		1,500,000,000							1,500,000,000		$ 1,500,000,000
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity											1.25%
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount		3,000,000,000							3,000,000,000		$ 3,000,000,000
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Minimum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount		1,500,000,000							1,500,000,000		$ 1,500,000,000
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity											1.375%
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount		5,000,000,000							5,000,000,000		$ 5,000,000,000
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Minimum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount		3,000,000,000							3,000,000,000		$ 3,000,000,000
Fee percent of SAFE Equity over $5.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity											1.50%
Fee percent of SAFE Equity over $5.0 billion | Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount		5,000,000,000							5,000,000,000		$ 5,000,000,000
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Purchase option, purchase price to acquire property		$ 215,000,000							$ 215,000,000		$ 215,000,000
Purchase option, square feet of future office space development | ft²		1.1
Safehold Inc. | Private Placement
Schedule of Equity Method Investments [Line Items]
Shares acquired (in shares) | shares					1.7
Value of common stock issued in private placement					$ 80,000,000
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Equity interest		66.00%							66.00%		66.00%
Safehold Inc. | Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Voting power cap threshold	41.90%
Number of director nominees | director	3
Independent period	3 years
Multifamily Development San Jose
Schedule of Equity Method Investments [Line Items]
Lessor, operating lease, term of contract (in years)								99 years
Leasehold improvement allowance, Ground Leases								$ 7,200,000
Interest income										800,000	$ 300,000	1,500,000
Multifamily Development San Jose | Leasehold First Mortgage
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee								80,500,000
Carrying value of loans								$ 80,500,000
Ground Lease, Washington DC building conversion
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee							$ 13,300,000
Interest income										$ 300,000		$ 500,000
Other Real Estate Equity Investment January 2021
Schedule of Equity Method Investments [Line Items]
Equity interest													53.00%
Proceeds from sale of ground lease														$ 34,000,000
Equity method investments													$ 63,300,000
Multi-Family Project
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee					$ 75,000,000
Hotel Property
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee			$ 50,000,000
Interest income									$ 1,500,000		2,400,000
Amount of loan funded		$ 42,700,000							42,700,000		42,700,000
Consideration received			$ 1,900,000
Ground Lease, Honolulu, Hawaii [Member] | iStar Net Lease II LLC (Net Lease Venture II)
Schedule of Equity Method Investments [Line Items]
Lessor, operating lease, term of contract (in years)				99 years
Land Parcel One | Maximum
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases		83,000,000							83,000,000		83,000,000
Land Parcel Two | Maximum
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases		$ 83,000,000							$ 83,000,000		$ 83,000,000

Other Investments (Net Lease Ve

Other Investments (Net Lease Venture II) (Details) - iStar Net Lease II LLC (Net Lease Venture II) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Equity interest	51.90%		51.90%
Other income
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party	$ 0.4	$ 0.4	$ 0.8	$ 0.8

Other Investments (Other Real E

Other Investments (Other Real Estate Equity Investments) (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2021USD ($)loan	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Net proceeds from sales of loans receivable				$ 79,560,000	$ 0
Other real estate equity investments | Minimum
Schedule of Equity Method Investments [Line Items]
Equity interest		33.00%		33.00%
Other real estate equity investments | Maximum
Schedule of Equity Method Investments [Line Items]
Equity interest		95.00%		95.00%
Other real estate equity investments | Operating Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 55,300,000		$ 55,300,000		$ 58,700,000
Other real estate equity investments | Land
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 13,600,000		$ 13,600,000		$ 31,200,000
Other Real Estate Equity Investment Aug 2018
Schedule of Equity Method Investments [Line Items]
Equity interest		50.00%		50.00%
Loans receivable, carrying value		$ 33,000,000		$ 33,000,000
Interest income		$ 600,000	$ 600,000	$ 1,100,000	$ 1,200,000
Other Real Estate Equity Investment January 2021
Schedule of Equity Method Investments [Line Items]
Equity interest	53.00%
Equity method investments	$ 63,300,000
Number of loans sold | loan	2
Net proceeds from sales of loans receivable	$ 83,400,000
Recognized gain or loss	$ 0

Other Investments (Summarized I

Other Investments (Summarized Investee Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Revenues	$ 105,588	$ 96,415	$ 218,848	$ 269,875
Expenses	131,246	113,398	250,563	312,181
Net Income Attributable to Parent	$ (13,669)	$ (17,461)	(8,200)	(33,038)
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Revenues			87,720	77,518
Expenses			57,536	49,200
Net Income Attributable to Parent			$ 31,640	$ 29,861

Other Assets and Other Liabil_3

Other Assets and Other Liabilities (Deferred Expenses and Other Assets) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Real Estate Properties [Line Items]
Intangible assets, net		$ 149,620		$ 149,620		$ 156,041
Restricted cash		53,429		53,429		51,933
Operating lease right-of-use assets		45,894		45,894		48,891
Other receivables		4,696		4,696		10,881
Other assets		20,720		20,720		19,453
Leasing costs, net		2,631		2,631		2,340
Corporate furniture, fixtures and equipment, net		1,852		1,852		2,024
Deferred financing fees, net		1,052		1,052		1,549
Deferred expenses and other assets, net	[1]	279,894		279,894		293,112
Intangible assets, accumulated amortization		50,600		50,600		44,400
Amortization of above market lease		300	$ 300	$ 700	$ 700
Weighted average amortization period				16 years 4 months 24 days
Accumulated amortization on leasing costs		2,200		$ 2,200		2,600
Accumulated depreciation on corporate furniture, fixtures and equipment		14,600		14,600		$ 14,300
In-Place Leases
Real Estate Properties [Line Items]
Amortization of intangible assets		2,600	2,600	5,800	5,300
General and Administrative
Real Estate Properties [Line Items]
Operating lease, expense		1,200	1,200	2,500	2,200
Real Estate Expense
Real Estate Properties [Line Items]
Operating lease, expense		$ 900	$ 900	$ 1,800	$ 1,700
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Other Assets and Other Liabil_4

Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Other Assets and Other Liabilities [Abstract]
Other liabilities		$ 81,056		$ 81,056		$ 91,513
Accrued expenses		104,716		104,716		94,724
Operating lease liabilities (see table above)		48,645		48,645		50,072
Accrued interest payable		33,428		33,428		32,355
Intangible liabilities, net		47,492		47,492		48,738
Accounts payable, accrued expenses and other liabilities	[1]	315,337		315,337		317,402
Deferred income		33,000		33,000		36,900
Derivative liabilities		13,500		13,500		19,000
Increase to reserves for loan losses		1,000		1,000		1,000
Below market lease, accumulated amortization		8,800		8,800		$ 7,500
Amortization of below market lease		$ 600	$ 600	$ 1,200	$ 1,200
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Loan Participations Payable, _2

Loan Participations Payable, net (Details) $ in Thousands		Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)item
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable and other lending investments, net	[1]	$ 454,960	$ 732,330
Loan Participations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable and other lending investments, net			$ 42,500
Loan Participations Payable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of debt instruments | item			1
Loans receivable and other lending investments, net			$ 42,500
Weighted average interest rate			6.00%
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Debt Obligations, net (Schedule

Debt Obligations, net (Schedule of Debt) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended			6 Months Ended
		Sep. 30, 2019	Jun. 30, 2018	Jun. 30, 2021		Jun. 30, 2020	Jun. 30, 2021		Jun. 30, 2020	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020		Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt obligations				$ 3,314,550			$ 3,314,550
Debt discounts and deferred financing costs, net				(25,069)			(25,069)					$ (38,475)
Total debt obligations, net	[1]			3,289,481			3,289,481					3,286,975
Stockholders' equity				1,008,706	[1]	$ 1,113,785	1,008,706	[1]	$ 1,113,785	$ 1,051,007		1,064,383	[1]	$ 1,160,069	$ 1,237,960
Interest costs capitalized				$ 200		$ 600	$ 500		$ 1,100
Period of Adoption, Adjustment
Debt Instrument [Line Items]
Stockholders' equity												(10,019)			$ (12,382)
Period of Adoption, Adjustment | Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Debt discounts and deferred financing costs, net											$ 10,000
Total debt obligations, net											$ 10,000
Senior Term Loan | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate							1.00%
3.125% Senior Convertible Notes
Debt Instrument [Line Items]
Stated interest rates				3.125%		3.125%	3.125%		3.125%
Secured Debt
Debt Instrument [Line Items]
Total debt obligations				$ 1,202,050			$ 1,202,050					1,212,950
Debt discounts and deferred financing costs, net				(5,287)			(5,287)
Total debt obligations, net				1,196,763			1,196,763
Assets served as collateral				2,000,000			2,000,000
Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations				0			$ 0					0
Debt instrument term		1 year
Secured Debt | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate							2.00%
Secured Debt | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate		2.00%					1.00%
Secured Debt | Revolving Credit Facility | LIBOR | Minimum | Interest Rate Category Two
Debt Instrument [Line Items]
Basis point spread on variable interest rate							2.00%
Secured Debt | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate		2.50%
Secured Debt | Revolving Credit Facility | LIBOR | Maximum | Interest Rate Category Two
Debt Instrument [Line Items]
Basis point spread on variable interest rate							2.50%
Secured Debt | Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis point spread on variable interest rate							0.50%
Secured Debt | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate		1.00%
Secured Debt | Revolving Credit Facility | Base Rate | Minimum | Interest Rate Category One
Debt Instrument [Line Items]
Basis point spread on variable interest rate							1.00%
Secured Debt | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate		1.50%
Secured Debt | Revolving Credit Facility | Base Rate | Maximum | Interest Rate Category One
Debt Instrument [Line Items]
Basis point spread on variable interest rate							1.50%
Secured Debt | Senior Term Loan
Debt Instrument [Line Items]
Total debt obligations				491,875			$ 491,875					491,875
Secured Debt | Senior Term Loan | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate			2.75%				2.75%
Secured Debt | Senior Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate							1.75%
Secured Debt | Senior Term Loan | Federal Funds Rate
Debt Instrument [Line Items]
Basis point spread on variable interest rate							0.50%
Secured Debt | Mortgages Collateralized by Net Lease Assets
Debt Instrument [Line Items]
Total debt obligations				$ 710,175			$ 710,175					721,075
Weighted average interest rate				4.40%			4.40%
Secured Debt | Mortgages Collateralized by Net Lease Assets | Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate							1.65%
Secured Debt | Mortgages Collateralized by Net Lease Assets | Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate							7.26%
Unsecured notes
Debt Instrument [Line Items]
Total debt obligations				$ 2,012,500			$ 2,012,500					2,012,500
Unsecured notes | 3.125% Senior Convertible Notes
Debt Instrument [Line Items]
Total debt obligations				$ 287,500			$ 287,500					287,500
Total debt obligations, net												$ 275,100
Stated interest rates				3.125%		3.125%	3.125%		3.125%		3.125%	3.125%		3.125%
Convertible debt, conversion ratio (in shares per par value)							0.0712325
Convertible debt, conversion price (in dollars per share)				$ 14.04			$ 14.04
Unamortized discount												$ 10,200
Contractual interest				$ 2,200		$ 2,200	$ 4,500		$ 4,500
Amortization of debt discount						$ 1,300			$ 2,600
Effective interest rate						5.20%			5.20%
Unsecured notes | 3.125% Senior Convertible Notes | Period of Adoption, Adjustment | Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Stated interest rates											3.125%
Unsecured notes | 4.75% Senior Notes
Debt Instrument [Line Items]
Total debt obligations				$ 775,000			$ 775,000					775,000
Stated interest rates				4.75%			4.75%
Unsecured notes | 4.25% Senior Notes
Debt Instrument [Line Items]
Total debt obligations				$ 550,000			$ 550,000					550,000
Stated interest rates				4.25%			4.25%
Unsecured notes | 5.50% Senior Notes
Debt Instrument [Line Items]
Total debt obligations				$ 400,000			$ 400,000					400,000
Stated interest rates				5.50%			5.50%
Other Debt Obligations
Debt Instrument [Line Items]
Total debt obligations				$ 3,314,550			$ 3,314,550					3,325,450
Other Debt Obligations | Trust Preferred Securities
Debt Instrument [Line Items]
Total debt obligations				$ 100,000			$ 100,000					$ 100,000
Basis point spread on variable interest rate							1.50%
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Debt Obligations, net (Future S

Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Maturities of Long-term Debt [Abstract]
2021 (remaining six months)		$ 101,011
2022		383,367
2023		491,875
2024		775,000
2025		820,890
Thereafter		742,407
Total principal maturities		3,314,550
Debt discounts and deferred financing costs, net		(25,069)	$ (38,475)
Total debt obligations, net	[1]	3,289,481	3,286,975
Unsecured Debt
Maturities of Long-term Debt [Abstract]
2021 (remaining six months)		0
2022		287,500
2023		0
2024		775,000
2025		550,000
Thereafter		500,000
Total principal maturities		2,112,500
Debt discounts and deferred financing costs, net		(19,782)
Total debt obligations, net		2,092,718
Secured Debt
Maturities of Long-term Debt [Abstract]
2021 (remaining six months)		101,011
2022		95,867
2023		491,875
2024		0
2025		270,890
Thereafter		242,407
Total principal maturities		1,202,050	$ 1,212,950
Debt discounts and deferred financing costs, net		(5,287)
Total debt obligations, net		$ 1,196,763
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Debt Obligations, net (Secured

Debt Obligations, net (Secured Term Loan and Credit Facility Narrative) (Details) - USD ($)	1 Months Ended		6 Months Ended
	Sep. 30, 2019	Jun. 30, 2018	Jun. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance			$ 3,314,550,000
Senior Term Loan | LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate			1.00%
Secured Debt
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance			$ 1,202,050,000	$ 1,212,950,000
Secured Debt | Senior Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 650,000,000
Long-term debt, outstanding balance			$ 491,875,000	491,875,000
Secured Debt | Senior Term Loan | LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate		2.75%	2.75%
Secured Debt | Senior Term Loan | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate			1.75%
Secured Debt | Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance			$ 0	$ 0
Maximum borrowing capacity	$ 350,000,000
Debt instrument term	1 year
Current borrowing capacity			$ 341,700,000
Secured Debt | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.25%
Secured Debt | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.45%
Secured Debt | Revolving Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate			2.00%
Secured Debt | Revolving Credit Facility | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate	2.00%		1.00%
Secured Debt | Revolving Credit Facility | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate	2.50%
Secured Debt | Revolving Credit Facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate	1.00%
Secured Debt | Revolving Credit Facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate	1.50%

Debt Obligations, net (Unsecure

Debt Obligations, net (Unsecured Notes Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ 0	$ 0	$ 0	$ 4,115
Unsecured notes
Debt Instrument [Line Items]
Loss on early extinguishment of debt				$ 4,100

Debt Obligations, net (Debt Cov

Debt Obligations, net (Debt Covenants) (Details)	Jun. 30, 2021
Unsecured Debt
Debt Instrument [Line Items]
Unencumbered assets to unsecured indebtedness ratio (at least)	1.2
Secured Debt | Senior Term Loan
Debt Instrument [Line Items]
Collateral coverage ratio (at least)	1.25
Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing base asset value ratio	1.5
Cash flow to fixed charges ratio	1.5

Commitments and Contingencies_2

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Other Commitments [Line Items]
Percentage of capital committed that may be drawn down	100.00%
Performance-Based Commitments	$ 199,890
Strategic Investments	14,934
Total	214,824
Loans
Other Commitments [Line Items]
Performance-Based Commitments	94,398
Strategic Investments	0
Total	94,398
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments	71,702
Strategic Investments	0
Total	71,702
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments	33,790
Strategic Investments	14,934
Total	$ 48,724

Commitments and Contingencies_3

Commitments and Contingencies (Other Commitments - CALC2) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Operating
2021 (remaining six months)	$ 2,588		$ 2,588		$ 3,797
2022	6,756		6,756		6,756
2023	6,393		6,393		6,393
2024	6,309		6,309		6,309
2025	6,297		6,297		6,297
Thereafter	496		496		496
Total undiscounted cash flows	28,839		28,839		30,048
Present value discount	(3,128)		(3,128)		(3,771)
Other adjustments	22,934		22,934		23,795
Lease liabilities	48,645		48,645		50,072
Finance
2021 (remaining six months)	2,763		2,763		5,494
2022	5,604		5,604		5,604
2023	5,716		5,716		5,716
2024	5,830		5,830		5,830
2025	5,946		5,946		5,946
Thereafter	1,567,826		1,567,826		1,567,826
Total undiscounted cash flows	1,593,685		1,593,685		1,596,416
Present value discount	(1,441,760)		(1,441,760)		(1,445,896)
Other adjustments	0		0		0
Lease liabilities	$ 151,925		$ 151,925		$ 150,520
Operating leases, weighted average incremental borrowing rate, discount rate (percent)	5.10%		5.10%
Operating leases, weighted average lease term (in years)	7 years 9 months 18 days		7 years 9 months 18 days
Operating lease payments made	$ 400	$ 1,100	$ 1,200	$ 2,100
Operating leases, excluding tenant paid leases, weighted average lease term			5 years 1 month 6 days		5 years 7 months 6 days
Operating leases, weighted average incremental borrowing rate, discount rate	5.00%		5.00%		5.50%
Finance lease payments made	$ 1,400	1,300	$ 2,700	2,700
Finance leases, weighted average rate implicit in the lease, discount rate (percent)	5.50%		5.50%		5.50%
Finance leases, weighted average lease term (in years)	96 years 6 months		96 years 6 months
Finance leases, weighted average lease term					97 years
Interest Expense
Finance
Finance lease, interest expense	$ 2,100	2,000	$ 4,100	4,100
Depreciation and Amortization
Finance
Finance lease, amortization	$ 400	$ 400	$ 700	$ 700

Derivatives - Classification on

Derivatives - Classification on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Expected amount related to cash flow hedge that will be reclassified over next twelve months	$ 9,800
Derivatives Designated in Hedging Relationships
Derivatives, Fair Value [Line Items]
Derivative Liabilities	13,481	$ 18,926
Derivatives Designated in Hedging Relationships | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 13,481	$ 18,926

Derivatives (Effect in the Cons

Derivatives (Effect in the Consolidated Statements of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		$ (764)	$ (3,351)	$ 11,211	$ (31,127)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	[1]	(2,486)	(2,106)	(4,824)	(3,420)
Derivatives Designated in Hedging Relationships | Interest rate swaps | Interest Expense
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		(763)	(2,365)	2,556	(14,970)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		(2,029)	(1,799)	(4,133)	(2,887)
Derivatives Designated in Hedging Relationships | Interest rate swaps | Earnings from equity method investments
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		(1)	(986)	8,655	(16,157)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		$ (457)	$ (307)	$ (691)	$ (533)
[1]	Amounts reclassified to “Interest expense” in the Company’s consolidated statements of operations for the three months ended June 30, 2021 and 2020 are $2,029 and $1,799 , respectively, and amounts reclassified to “Interest expense” in the Company’s consolidated statements of operations for the six months ended June 30, 2021 and 2020 are $4,133 and $2,887 , respectively. Amounts reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the three months ended June 30, 2021 and 2020 are $457 and $307 , respectively, and amounts reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the six months ended June 30, 2021 and 2020 are $691 and $533 , respectively.

Equity (Preferred Stock) (Detai

Equity (Preferred Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Preferred Stock
Shares Issued and Outstanding (in shares)	12,200		12,200		12,200
Preferred stock, liquidation preference (in dollars per share)	$ 25		$ 25		$ 25
Carrying Value	$ 282,490,000		$ 282,490,000		$ 282,490,000
Number of days in year used in the computation of preferred stock dividends for any partial dividend period			360 days
Number of months used in the computation of preferred stock dividends for any partial dividend period			12 months
Number of days in month, dividends computation of dividends payable for any partial dividend period			30 days
Preferred stock dividends declared and paid	$ 5,874,000	$ 5,874,000	$ 11,748,000	$ 11,748,000
Capital gains distribution				100.00%
Amount of preferred dividends in arrears			$ 0
Maximum
Preferred Stock
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date			30 days
Minimum
Preferred Stock
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date			10 days
Series G And I Preferred Stock
Preferred Stock
Preferred stock, liquidation preference (in dollars per share)	$ 25		$ 25
Redemption price as a percentage of liquidation preference			100.00%
7.65% Series G Cumulative Redeemable Preferred Stock, $0.001 par value
Preferred Stock
Shares Issued and Outstanding (in shares)	3,200		3,200		3,200
Par Value (in dollars per share)	$ 0.001		$ 0.001		$ 0.001
Preferred stock, liquidation preference (in dollars per share)	$ 25		$ 25		$ 25
Rate per Annum			7.65%		7.65%
Annual Dividend Per Share (in dollars per share)			$ 1.91		$ 1.91
Carrying Value	$ 72,664,000		$ 72,664,000		$ 72,664,000
Preferred stock dividends declared and paid			$ 3,100,000	$ 3,100,000
7.50% Series I Cumulative Redeemable Preferred Stock, $0.001 par value
Preferred Stock
Shares Issued and Outstanding (in shares)	5,000		5,000		5,000
Par Value (in dollars per share)	$ 0.001		$ 0.001		$ 0.001
Preferred stock, liquidation preference (in dollars per share)	$ 25		$ 25		$ 25
Rate per Annum			7.50%		7.50%
Annual Dividend Per Share (in dollars per share)			$ 1.88		$ 1.88
Carrying Value	$ 120,785,000		$ 120,785,000		$ 120,785,000
Preferred stock dividends declared and paid			$ 4,700,000	4,700,000
8.00% Series D Cumulative Redeemable Preferred Stock, $0.001 par value
Preferred Stock
Shares Issued and Outstanding (in shares)	4,000		4,000		4,000
Par Value (in dollars per share)	$ 0.001		$ 0.001		$ 0.001
Preferred stock, liquidation preference (in dollars per share)	$ 25		$ 25		$ 25
Rate per Annum			8.00%		8.00%
Annual Dividend Per Share (in dollars per share)			$ 2		$ 2
Carrying Value	$ 89,041,000		$ 89,041,000		$ 89,041,000
Preferred stock dividends declared and paid			$ 4,000,000	$ 4,000,000

Equity (Dividends) (Details)

Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Dividends [Abstract]
Operating loss carryforwards					$ 529,600
Common stock dividends declared	$ 9,148	$ 8,445	$ 17,384	$ 16,278
Common stock dividends declared per share (in dollars per share)			$ 0.235	$ 0.21
Capital gains distribution				100.00%

Equity (Stock Repurchase Progra

Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Aug. 04, 2021	Jul. 31, 2021
Stock repurchase program
Shares repurchased and retired during period (in shares)	1.8	2.5
Common stock value repurchased including acquisition costs	$ 32,400,000	$ 27,800,000
Average cost per share of repurchased shares (in dollars per share)	$ 17.57	$ 10.98
Stock repurchase program, authorized amount			$ 50,000,000
Maximum
Stock repurchase program
Stock repurchase program, authorized amount	$ 50,000,000
Stock repurchase program remaining authorized amount				$ 33,000,000

Equity (Accumulated Other Compr

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Jun. 30, 2021		Mar. 31, 2021	Dec. 31, 2020		Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 1,008,706	[1]	$ 1,051,007	$ 1,064,383	[1]	$ 1,113,785	$ 1,160,069	$ 1,237,960
Unrealized gains on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	4,220			4,594
Unrealized losses on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(40,043)			(53,075)
Unrealized losses on cumulative translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity				(4,199)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ (35,824)		$ (41,858)	$ (52,680)		$ (59,045)	$ (59,522)	$ (38,707)
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans and Employee Benefits (Stock-Based Compensation and Long-Term Incentive Plan) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	May 31, 2021	Apr. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 14,791	$ 4,744	$ 20,299	$ 21,014
Long-term Incentive Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance (in shares)	3,100,000		3,100,000
Long-term Incentive Plan 2009 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)					9,900,000	8,900,000

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans and Employee Benefits (Performance Incentive Plans) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)planitem$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage			15.00%
Equity-based compensation	$ 14,791	$ 4,744	$ 20,299	$ 21,014
Performance Incentive Plan
Accrued expenses	104,716		$ 104,716		$ 94,724
iPIP Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			6 years
Vesting rights percentage			40.00%
Number of iPIP plans | plan			5
Investment period of iPIP plans			2 years
Performance Incentive Plan
Accrued expenses	81,000		$ 81,000		$ 69,100
2019-2022 Performance Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ownership classes of consolidated subsidiary | item			2
Ownership percentage of class A units (as a percent)			100.00%
Equity-based compensation			$ 1,500	1,600
Settlement or distribution on units and awards, cash (as a percent)			50.00%
Settlement or distribution on units and awards, common stock (as a percent)			50.00%
2020-2021 Performance Incentive Plans
Performance Incentive Plan
Aggregate gross book value of investments	$ 109,000		$ 109,000
2019-2020 Performance Incentive Plans
Performance Incentive Plan
Points at beginning of period (in shares)	95.20		95.20
Granted (in shares)			0
Forfeited (in shares)			(2.20)
Points at end of period (in shares)			97.40
Aggregate gross book value of investments	$ 1,100,000		$ 1,100,000
2021-2022 Performance Incentive Plans
Performance Incentive Plan
Points at beginning of period (in shares)	84.75		84.75
Granted (in shares)			94.75
Forfeited (in shares)			(10)
Points at end of period (in shares)			0
2013-2018 Performance Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			$ 15,100	16,800
Settlement or distribution on units and awards, cash (as a percent)			50.00%
Settlement or distribution on units and awards, common stock (as a percent)			50.00%
2013-2014 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	80.17		80.17
Granted (in shares)			0
Points at end of period (in shares)			80.17
Aggregate gross book value of investments	$ 387,000		$ 387,000
2015-2016 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	70.40		70.40
Granted (in shares)			0
Points at end of period (in shares)			70.40
Aggregate gross book value of investments	$ 434,000		$ 434,000
iPIP distributions to plan participants			$ 3,200	$ 1,500
iPIP distributions, equity component (in shares) | shares			97,881	54,245
iPIP distributions, equity component, fair value (in dollars per share) | $ / shares			$ 17.65	$ 14.51
iPIP distributions, shares issued net of tax withholdings (in shares) | shares			57,920	32,825
2017-2018 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	75.34		75.34
Granted (in shares)			2
Points at end of period (in shares)			73.34
Aggregate gross book value of investments	$ 496,000		$ 496,000
Safehold Inc.
Performance Incentive Plan
Number of shares owned (in shares) | shares	35,200,000		35,200,000
Safehold Inc. | Common Stock | 2020-2021 Performance Incentive Plans
Performance Incentive Plan
Number of shares owned (in shares) | shares	300,000		300,000
Safehold Inc. | Common Stock | 2019-2020 Performance Incentive Plans
Performance Incentive Plan
Number of shares owned (in shares) | shares	26,700,000		26,700,000
Safehold Inc. | Common Stock | 2017-2018 Performance Incentive Plan
Performance Incentive Plan
Number of shares owned (in shares) | shares	7,600,000		7,600,000

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans and Employee Benefits (Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)shares
Number of Shares
Non-vested at beginning of period (in shares)	531
Granted (in shares)	331
Vested (in shares)	(112)
Forfeited (in shares)	(32)
Non-vested at end of period (in shares)	718
Unrecognized compensation cost | $	$ 6.7
Weighted-average period to recognize the unrecognized compensation cost	1 year 10 months 6 days

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	38,186
Grant date fair value (in dollars per share) | $ / shares	$ 17.51
Common Stock Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,159
Grant date fair value (in dollars per share) | $ / shares	$ 18.24
Non-vested, outstanding (in shares)	129,019
Non-vested, aggregate intrinsic value | $	$ 2.7

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Gross contributions made by the Company	$ 0.1	$ 0.1	$ 0.7	$ 0.7

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (11,416)	$ (14,363)	$ (3,427)	$ (27,249)
Net income attributable to noncontrolling interests	(2,253)	(3,098)	(4,773)	(5,789)
Preferred dividends	(5,874)	(5,874)	(11,748)	(11,748)
Net loss allocable to common shareholders - Basic	(19,543)	(23,335)	(19,948)	(44,786)
Net loss allocable to common shareholders - Diluted	$ (19,543)	$ (23,335)	$ (19,948)	$ (44,786)

Earnings Per Share (Earnings Al

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator for basic and diluted earnings per share:
Net loss attributable to iStar Inc. and allocable to common shareholders - Basic	$ (19,543)	$ (23,335)	$ (19,948)	$ (44,786)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders - Diluted	$ (19,543)	$ (23,335)	$ (19,948)	$ (44,786)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	72,872,000	76,232,000	73,374,000	76,838,000
Basic and diluted earnings per common share:
Net loss allocable to common shareholders - Basic and diluted	$ (0.27)	$ (0.31)	$ (0.27)	$ (0.58)
3.125% Senior Convertible Notes
Basic and diluted earnings per common share:
Antidilutive (in shares)	4,700,805	0	3,797,296	0
Stated interest rates	3.125%	3.125%	3.125%	3.125%

Fair Values (Schedule of Fair V

Fair Values (Schedule of Fair Value Measurement) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Jun. 30, 2021
Assets and liabilities recorded at fair value
Derivative liabilities		$ 19,000	$ 13,500
Loan receivable held for sale		0	62,525
Other investments	[1]	1,176,560	1,275,954
Fair Value
Assets and liabilities recorded at fair value
Aggregate impairments		1,300
Recurring Basis | Fair Value, Inputs, Level 1
Assets and liabilities recorded at fair value
Derivative liabilities		0	0
Available-for-sale securities		0	0
Recurring Basis | Fair Value, Inputs, Level 2
Assets and liabilities recorded at fair value
Derivative liabilities		18,926	13,481
Available-for-sale securities		0	0
Recurring Basis | Fair Value, Inputs, Level 3
Assets and liabilities recorded at fair value
Derivative liabilities		0	0
Available-for-sale securities		25,274	28,074
Recurring Basis | Fair Value
Assets and liabilities recorded at fair value
Derivative liabilities		18,926	13,481
Available-for-sale securities		25,274	28,074
Non-recurring Basis | Fair Value, Inputs, Level 1
Assets and liabilities recorded at fair value
Other investments			0
Impaired land and development		0
Non-recurring Basis | Fair Value, Inputs, Level 2
Assets and liabilities recorded at fair value
Other investments			75,402
Impaired land and development		0
Non-recurring Basis | Fair Value, Inputs, Level 3
Assets and liabilities recorded at fair value
Other investments			0
Impaired land and development		6,078
Non-recurring Basis | Fair Value
Assets and liabilities recorded at fair value
Other investments			$ 75,402
Impaired land and development		$ 6,078
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Fair Values (Summary of Changes

Fair Values (Summary of Changes in Level 3 Assets) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 25,274	$ 23,896
Purchases	3,375
Repayments	(201)	(460)
Unrealized gains (losses) recorded in other comprehensive income	(374)	1,175
Ending balance	$ 28,074	$ 24,611

Fair Values - (Carrying Value a

Fair Values - (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jan. 01, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020
Carrying Value
Book and estimated fair values of financial instruments
Net investment in leases	$ 478		$ 429
Loans receivable and other lending investments	455		732
Cash and cash equivalents	155		99
Restricted cash	53		52
Loan participations payable, net	0		43
Debt obligations, net	3,289		3,287
Fair Value
Book and estimated fair values of financial instruments
Net investment in leases	491		431
Loans receivable and other lending investments	488		772
Cash and cash equivalents	155		99
Restricted cash	53		52
Loan participations payable, net	0		43
Debt obligations, net	$ 3,543		3,414
3.125% Senior Convertible Notes
Book and estimated fair values of financial instruments
Stated interest rates	3.125%			3.125%
3.125% Senior Convertible Notes | Unsecured notes
Book and estimated fair values of financial instruments
Debt obligations, net	$ 435,900		$ 338,800
Stated interest rates	3.125%	3.125%	3.125%	3.125%	3.125%

Segment Reporting (Schedule of

Segment Reporting (Schedule of Segments) (Details) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2021USD ($)		Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment		Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)		May 31, 2019USD ($)
Segment Profit (Loss)
Number of reportable segments | segment					4
Revenues		$ 105,588		$ 96,415	$ 218,848		$ 269,875
Earnings (losses) from equity method investments		12,697		2,586	25,466		19,198
Income from sales of real estate		2,210		62	2,822		62
Total revenue and other earnings		120,495		99,063	247,136		289,135
Other expense		(211)		(203)	(464)		(277)
Allocated interest expense		(39,417)		(41,950)	(78,980)		(85,341)
Allocated general and administrative		(15,603)		(14,254)	(31,534)		(32,256)
Segment profit (loss)		16,172		12,093	40,849		41,141
Other significant items:
(Recovery of) provision for loan losses		(2,263)		2,067	(6,057)		6,070
(Recovery of) provision for losses on net investment in leases		(265)		534	(1,866)		1,826
Impairment of assets		0		4,783	1,785		6,491
Depreciation and amortization		14,660		14,300	30,115		28,786
Capitalized expenditures		5,066		13,618	11,131		28,407
Segment assets
Real estate, net	[1]	1,367,006			1,367,006			$ 1,484,281
Real estate available and held for sale	[1]	99,201			99,201			5,212
Total real estate	[1]	1,466,207			1,466,207			1,489,493
Net investment in leases		477,798	[1]		477,798	[1]		429,101	[1]	$ 424,100
Land and development, net	[1]	381,719			381,719			430,663
Loans receivable and other lending investments, net		454,960			454,960			732,330
Loan receivable held for sale		62,525			62,525			0
Other investments	[1]	1,275,954			1,275,954			1,176,560
Total portfolio assets		4,119,163			4,119,163			4,258,147
Cash and other assets		648,487			648,487			603,661
Total assets	[1]	4,767,650			4,767,650			4,861,808
Stock-based compensation expense		14,791		4,744	20,299		21,014
Operating lease income
Segment Profit (Loss)
Revenues		45,544		46,812	92,988		94,158
Interest income
Segment Profit (Loss)
Revenues		8,973		15,439	19,623		32,655
Interest income from sales-type leases
Segment Profit (Loss)
Revenues		8,689		8,295	17,316		16,650
Other income
Segment Profit (Loss)
Revenues		10,064		10,292	24,354		30,660
Land development revenue
Segment Profit (Loss)
Revenues		32,318		15,577	64,567		95,752
Cost of sales expense		(30,803)		(16,287)	(60,126)		(93,346)
Other significant items:
Impairment of assets							1,500
Real estate expense
Segment Profit (Loss)
Cost of sales expense		(18,289)		(14,276)	(35,183)		(36,774)
Operating Segments | Net Lease
Segment Profit (Loss)
Earnings (losses) from equity method investments		11,302		8,800	23,715		28,332
Income from sales of real estate		2,114			2,114
Total revenue and other earnings		68,735		64,076	137,920		138,543
Allocated interest expense		(25,342)		(24,388)	(50,421)		(48,866)
Allocated general and administrative		(6,120)		(5,177)	(12,057)		(12,166)
Segment profit (loss)		30,289		28,377	59,826		65,150
Other significant items:
(Recovery of) provision for loan losses		(105)		57	(257)
(Recovery of) provision for losses on net investment in leases		(265)		534	(1,866)		1,826
Impairment of assets				328	1,528		2,036
Depreciation and amortization		13,088		12,487	26,141		25,143
Capitalized expenditures		63		5,171	1,331		7,017
Segment assets
Real estate, net		1,273,031			1,273,031			1,291,903
Total real estate		1,273,031			1,273,031			1,291,903
Net investment in leases		477,798			477,798			429,101
Loans receivable and other lending investments, net		47,392			47,392			45,398
Loan receivable held for sale		62,525			62,525
Other investments		1,073,422			1,073,422			1,016,710
Total portfolio assets		2,934,168			2,934,168			2,783,112
Operating Segments | Net Lease | Operating lease income
Segment Profit (Loss)
Revenues		40,752		41,500	83,265		82,965
Operating Segments | Net Lease | Interest income
Segment Profit (Loss)
Revenues		1,188		860	2,066		1,683
Operating Segments | Net Lease | Interest income from sales-type leases
Segment Profit (Loss)
Revenues		8,689		8,295	17,316		16,650
Operating Segments | Net Lease | Other income
Segment Profit (Loss)
Revenues		4,690		4,621	9,444		8,913
Operating Segments | Net Lease | Real estate expense
Segment Profit (Loss)
Cost of sales expense		(6,984)		(6,134)	(15,616)		(12,361)
Operating Segments | Real Estate Finance
Segment Profit (Loss)
Earnings (losses) from equity method investments		755			1,220
Total revenue and other earnings		8,592		18,418	18,928		35,117
Other expense		(87)		(21)	(153)		(41)
Allocated interest expense		(3,828)		(5,959)	(8,406)		(12,158)
Allocated general and administrative		(1,242)		(1,575)	(2,701)		(3,672)
Segment profit (loss)		3,435		10,863	7,668		19,246
Other significant items:
(Recovery of) provision for loan losses		(2,158)		2,010	(5,800)		6,070
Segment assets
Loans receivable and other lending investments, net		407,568			407,568			686,932
Other investments		46,945			46,945
Total portfolio assets		454,513			454,513			686,932
Operating Segments | Real Estate Finance | Interest income
Segment Profit (Loss)
Revenues		7,785		14,579	17,557		30,972
Operating Segments | Real Estate Finance | Other income
Segment Profit (Loss)
Revenues		52		3,839	151		4,145
Operating Segments | Operating Properties
Segment Profit (Loss)
Earnings (losses) from equity method investments		(2,935)		(4,941)	(6,682)		(7,608)
Income from sales of real estate		96		62	708		62
Total revenue and other earnings		5,817		855	9,857		7,119
Allocated interest expense		(2,030)		(2,183)	(4,073)		(4,442)
Allocated general and administrative		(664)		(595)	(1,324)		(1,384)
Segment profit (loss)		(3,133)		(6,432)	(5,595)		(10,880)
Other significant items:
Impairment of assets				2,983	257		2,983
Depreciation and amortization		1,221		1,271	3,208		2,556
Capitalized expenditures		432		421	489		1,338
Segment assets
Real estate, net		93,975			93,975			192,378
Real estate available and held for sale		99,201			99,201			5,212
Total real estate		193,176			193,176			197,590
Other investments		55,344			55,344			58,739
Total portfolio assets		248,520			248,520			256,329
Operating Segments | Operating Properties | Operating lease income
Segment Profit (Loss)
Revenues		4,703		5,242	9,540		11,015
Operating Segments | Operating Properties | Other income
Segment Profit (Loss)
Revenues		3,953		492	6,291		3,650
Operating Segments | Operating Properties | Real estate expense
Segment Profit (Loss)
Cost of sales expense		(6,256)		(4,509)	(10,055)		(12,173)
Operating Segments | Land and Development
Segment Profit (Loss)
Earnings (losses) from equity method investments		1,474		48	4,619		632
Total revenue and other earnings		35,196		16,798	72,073		98,289
Allocated interest expense		(3,864)		(4,422)	(7,802)		(8,992)
Allocated general and administrative		(2,367)		(2,385)	(4,795)		(5,204)
Segment profit (loss)		(6,887)		(9,929)	(10,162)		(21,493)
Other significant items:
Impairment of assets				1,472			1,472
Depreciation and amortization		228		243	446		486
Capitalized expenditures		4,571		8,026	9,311		20,052
Segment assets
Land and development, net		381,719			381,719			430,663
Other investments		13,576			13,576			31,200
Total portfolio assets		395,295			395,295			461,863
Operating Segments | Land and Development | Operating lease income
Segment Profit (Loss)
Revenues		89		70	183		178
Operating Segments | Land and Development | Other income
Segment Profit (Loss)
Revenues		1,315		1,103	2,704		1,727
Operating Segments | Land and Development | Land development revenue
Segment Profit (Loss)
Revenues		32,318		15,577	64,567		95,752
Cost of sales expense		(30,803)		(16,287)	(60,126)		(93,346)
Operating Segments | Land and Development | Real estate expense
Segment Profit (Loss)
Cost of sales expense		(5,049)		(3,633)	(9,512)		(12,240)
Corporate/Other
Segment Profit (Loss)
Earnings (losses) from equity method investments		2,101		(1,321)	2,594		(2,158)
Total revenue and other earnings		2,155		(1,084)	8,358		10,067
Other expense		(124)		(182)	(311)		(236)
Allocated interest expense		(4,353)		(4,998)	(8,278)		(10,883)
Allocated general and administrative		(5,210)		(4,522)	(10,657)		(9,830)
Segment profit (loss)		(7,532)		(10,786)	(10,888)		(10,882)
Other significant items:
Depreciation and amortization		123		299	320		601
Segment assets
Other investments		86,667			86,667			69,911
Total portfolio assets		86,667			86,667			$ 69,911
Corporate/Other | Other income
Segment Profit (Loss)
Revenues		$ 54		$ 237	$ 5,764		$ 12,225
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Segment Reporting (Reconciliati

Segment Reporting (Reconciliation of Segment Profit to Net Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting [Abstract]
Segment profit	$ 16,172	$ 12,093	$ 40,849	$ 41,141
Less: Recovery of (provision for) loan losses	2,263	(2,067)	6,057	(6,070)
Less: Recovery of (provision for) losses on net investment in leases	265	(534)	1,866	(1,826)
Less: Impairment of assets	0	(4,783)	(1,785)	(6,491)
Less: Stock-based compensation expense	(14,791)	(4,744)	(20,299)	(21,014)
Less: Depreciation and amortization	(14,660)	(14,300)	(30,115)	(28,786)
Less: Income tax expense	(665)	(28)	0	(88)
Less: Loss on early extinguishment of debt, net	0	0	0	(4,115)
Net income (loss)	$ (11,416)	$ (14,363)	$ (3,427)	$ (27,249)