Safehold 10-Q 2 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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)		69,475,927
Entity Central Index Key	0001095651
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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		Sep. 30, 2021	Dec. 31, 2020
Real estate
Real estate, at cost	[1]	$ 1,657,866	$ 1,752,053
Less: accumulated depreciation	[1]	(300,942)	(267,772)
Real estate, net	[1]	1,356,924	1,484,281
Real estate available and held for sale	[1]	1,983	5,212
Total real estate	[1]	1,358,907	1,489,493
Net investment in leases ($9,136 and $10,871 of allowances as of September 30, 2021 and December 31, 2020, respectively)	[1]	477,360	429,101
Land and development, net	[1]	302,845	430,663
Loans receivable and other lending investments, net ($6,370 and $13,170 of allowances as of September 30, 2021 and December 31, 2020, respectively)	[1]	405,509	732,330
Loan receivable held for sale		42,683
Other investments	[1]	1,419,766	1,176,560
Cash and cash equivalents	[1]	298,886	98,633
Finance lease right-of-use asset		142,615	143,727
Accrued interest and operating lease income receivable, net	[1]	5,046	10,061
Deferred operating lease income receivable, net	[1]	66,002	58,128
Deferred expenses and other assets, net	[1]	282,546	293,112
Total assets	[1]	4,802,165	4,861,808
Liabilities:
Accounts payable, accrued expenses and other liabilities	[1]	300,461	317,402
Finance lease liabilities		152,629	150,520
Liabilities associated with properties held for sale	[1]	252	27
Loan participations payable, net	[1]		42,501
Debt obligations, net	[1]	3,282,598	3,286,975
Total liabilities	[1]	3,735,940	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, 70,031 and 73,967 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	[1]	70	74
Additional paid-in capital	[1]	3,127,401	3,240,535
Accumulated deficit	[1]	(2,225,552)	(2,316,972)
Accumulated other comprehensive loss (refer to Note 14)	[1]	(34,350)	(52,680)
Total iStar Inc. shareholders' equity	[1]	867,581	870,969
Noncontrolling interests	[1]	198,644	193,414
Total equity	[1]	1,066,225	1,064,383
Total liabilities and equity	[1]	$ 4,802,165	$ 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	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for losses on net investment in leases at end of period	$ 9,136	$ 10,871
Loans receivable and other lending investments, allowances	$ 6,370	$ 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)	70,031	73,967
Common Stock, shares outstanding (in shares)	70,031	73,967

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Total revenues	$ 195,485	$ 115,054	$ 414,335	$ 384,930
Costs and expenses:
Interest expense	39,471	42,407	118,451	127,748
Depreciation and amortization	14,856	14,621	44,971	43,407
General and administrative	17,121	19,868	68,954	73,138
(Recovery of) provision for loan losses	(1,556)	(1,976)	(7,613)	4,093
(Recovery of) provision for losses on net investment in leases	131	175	(1,735)	2,001
Impairment of assets	1,179	0	2,965	6,491
Other expense	2,011	73	2,475	351
Total costs and expenses	179,317	113,461	429,882	425,641
Income from sales of real estate	25,611	6,055	28,433	6,118
Loss from operations before earnings from equity method investments and other items	41,779	7,648	12,886	(34,593)
Loss on early extinguishment of debt, net	0	(7,924)	0	(12,038)
Earnings (losses) from equity method investments	89,209	6,805	114,675	26,003
Net income (loss) before income taxes	130,988	6,529	127,561	(20,628)
Income tax benefit (expense)	6	(78)	6	(165)
Net income (loss)	130,994	6,451	127,567	(20,793)
Net (income) attributable to noncontrolling interests	(3,264)	(2,646)	(8,037)	(8,435)
Net income (loss) attributable to iStar Inc.	127,730	3,805	119,530	(29,228)
Preferred dividends	(5,874)	(5,874)	(17,622)	(17,622)
Net income (loss) allocable to common shareholders - Basic	$ 121,856	$ (2,069)	$ 101,908	$ (46,850)
Net loss allocable to common shareholders:
Basic (in dollars per share)	$ 1.71	$ (0.03)	$ 1.40	$ (0.61)
Diluted (in dollars per share)	$ 1.51	$ (0.03)	$ 1.30	$ (0.61)
Weighted average number of common shares:
Weighted average common shares outstanding for basic earnings per common share	71,299	75,033	72,675	76,232
Diluted (in shares)	80,487	75,033	78,402	76,232
Operating lease income
Revenues:
Total revenues	$ 44,392	$ 46,370	$ 137,381	$ 140,529
Interest income
Revenues:
Total revenues	7,951	14,270	27,574	46,925
Interest income from sales-type leases
Revenues:
Total revenues	9,578	8,360	26,895	25,010
Other income
Revenues:
Total revenues	40,195	25,552	64,549	56,212
Land development revenue
Revenues:
Total revenues	93,369	20,502	157,936	116,254
Costs and expenses:
Cost of sales expense	87,380	21,358	147,507	114,704
Real estate expense
Costs and expenses:
Cost of sales expense	$ 18,724	$ 16,935	$ 53,907	$ 53,708

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 130,994	$ 6,451	$ 127,567	$ (20,793)
Other comprehensive income (loss):
Reclassification of losses on cash flow hedges into earnings upon realization	[1]	2,683	2,371	7,507	5,792
Unrealized (losses) gains on available-for-sale securities		(539)	19	(913)	1,195
Unrealized gains (losses) on cash flow hedges		273	197	11,483	(30,930)
Other comprehensive income (loss)		2,417	2,587	18,077	(23,943)
Comprehensive income (loss)		133,411	9,038	145,644	(44,736)
Comprehensive (income) loss attributable to noncontrolling interests		(4,207)	(3,299)	(11,951)	(2,894)
Comprehensive income (loss) attributable to iStar Inc.		$ 129,204	$ 5,739	$ 133,693	$ (47,630)
[1]	Amounts reclassified to “Interest expense” in the Company’s consolidated statements of operations for the three months ended September 30, 2021 and 2020 are $2,050 and $2,038 , respectively, and amounts reclassified to “Interest expense” in the Company’s consolidated statements of operations for the nine months ended September 30, 2021 and 2020 are $6,183 and $4,926 , respectively. Amounts reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the three months ended September 30, 2021 and 2020 are $633 and $333 , respectively, and amounts reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the nine months ended September 30, 2021 and 2020 are $1,324 and $866 , respectively.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest expense	$ 39,471	$ 42,407	$ 118,451	$ 127,748
Earnings (losses) from equity method investments	89,209	6,805	114,675	26,003
Other expenses	2,011	73	2,475	351
Reclassification out of Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge
Interest expense	2,050	2,038	6,183	4,926
Earnings (losses) from equity method investments	$ 633	$ 333	$ 1,324	$ 866

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						(17,622)				(17,622)
Dividends declared-common						(24,598)				(24,598)
Issuance of stock/restricted stock unit amortization, net(2)		1		3,985				2,469		6,455
Net income (loss)						(29,228)		8,435		(20,793)
Change in accumulated other comprehensive income (loss)							(18,404)	(5,539)		(23,943)
Repurchase of stock		(5)		(41,409)						(41,414)
Contributions from noncontrolling interests								760		760
Distributions to noncontrolling interests								(10,975)		(10,975)
Ending Balance at Sep. 30, 2020	12	74		3,247,453		(2,289,668)	(57,111)	192,688		1,093,448
Beginning Balance at Jun. 30, 2020	12	76		3,260,173		(2,279,284)	(59,045)	191,853		1,113,785
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared-preferred						(5,874)				(5,874)
Dividends declared-common						(8,315)				(8,315)
Issuance of stock/restricted stock unit amortization, net(2)				903				894		1,797
Net income (loss)						3,805		2,646		6,451
Change in accumulated other comprehensive income (loss)							1,934	653		2,587
Repurchase of stock		(2)		(13,623)						(13,625)
Contributions from noncontrolling interests								444		444
Distributions to noncontrolling interests								(3,802)		(3,802)
Ending Balance at Sep. 30, 2020	12	74		3,247,453		(2,289,668)	(57,111)	192,688		1,093,448
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						(17,622)				(17,622)
Dividends declared-common						(26,338)				(26,338)
Issuance of stock/restricted stock unit amortization, net(2)				4,929				2,645		7,574
Net income (loss)						119,530		8,037		127,567
Change in accumulated other comprehensive income (loss)										18,077
Change in accumulated other comprehensive income (loss)							18,330	3,913		22,243
Repurchase of stock		(4)		(91,859)						(91,863)
Contributions from noncontrolling interests								1,026		1,026
Distributions to noncontrolling interests				(335)				(10,317)		(10,652)
Change to noncontrolling interest								(74)		(74)
Ending Balance at Sep. 30, 2021	12	70		3,127,401		(2,225,552)	(34,350)	198,644		1,066,225	[1]
Beginning Balance at Jun. 30, 2021	12	72		3,185,748		(2,338,454)	(35,824)	197,152		1,008,706
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared-preferred						(5,874)				(5,874)
Dividends declared-common						(8,954)				(8,954)
Issuance of stock/restricted stock unit amortization, net(2)				1,158				1,107		2,265
Net income (loss)						127,730		3,264		130,994
Change in accumulated other comprehensive income (loss)										2,417
Change in accumulated other comprehensive income (loss)							1,474	943		2,417
Repurchase of stock		(2)		(59,505)						(59,507)
Contributions from noncontrolling interests								169		169
Distributions to noncontrolling interests								(3,917)		(3,917)
Change to noncontrolling interest								(74)		(74)
Ending Balance at Sep. 30, 2021	$ 12	$ 70		$ 3,127,401		$ (2,225,552)	$ (34,350)	$ 198,644		$ 1,066,225	[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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared - common (in dollars per share)	$ 0.125	$ 0.11	$ 0.36	$ 0.32

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021		Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 127,567		$ (20,793)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
(Recovery of) provision for loan losses	(7,613)		4,093
(Recovery of) provision for losses on net investment in leases	(1,735)		2,001
Impairment of assets	2,965		6,491
Depreciation and amortization	44,971		43,407
Non-cash interest income from sales-type leases	(22,243)		(15,681)
Stock-based compensation expense	23,300		26,675
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	5,920		10,055
Amortization of discounts/premiums and deferred interest on loans, net	(11,730)		(24,360)
Deferred interest on loans received	24,394		15,275
Earnings from equity method investments	(114,675)		(26,003)
Distributions from operations of other investments	37,433		17,146
Deferred operating lease income	(7,874)		(11,276)
Income from sales of real estate	(28,433)		(6,118)
Land development revenue in excess of cost of sales	(10,429)		(1,550)
Loss on early extinguishment of debt, net	0		12,038
Other operating activities, net	(14,031)		(21,207)
Changes in assets and liabilities:
Originations and fundings of loans receivable, net	(42,000)		0
Changes in accrued interest and operating lease income receivable	5,259		352
Changes in deferred expenses and other assets, net	(9,186)		(6,079)
Changes in accounts payable, accrued expenses and other liabilities	(6,601)		(10,644)
Cash flows used in operating activities	(4,741)		(6,178)
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(71,921)		(80,635)
Capital expenditures on real estate assets	(5,835)		(11,661)
Capital expenditures on land and development assets	(15,603)		(33,488)
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	226,065		151,612
Net proceeds from sales of loans receivable	122,609		0
Net proceeds from sales of real estate	140,576		42,684
Net proceeds from sales of land and development assets	154,094		113,670
Net proceeds from sales of other investments	3,000		0
Distributions from other investments	34,926		12,139
Contributions to and acquisition of interest in other investments	(171,005)		(194,775)
Other investing activities, net	(1,184)		(5,214)
Cash flows provided by (used in) investing activities	373,722		(5,668)
Cash flows from financing activities:
Borrowings from debt obligations	25,000		737,913
Repayments and repurchases of debt obligations	(44,534)		(824,740)
Preferred dividends paid	(17,622)		(17,622)
Common dividends paid	(26,149)		(24,397)
Repurchase of stock	(88,946)		(47,272)
Payments for debt prepayment or extinguishment costs	0		(8,567)
Payments for deferred financing costs	(75)		(7,475)
Payments for withholding taxes upon vesting of stock-based compensation	(2,210)		(2,001)
Contributions from noncontrolling interests	233		760
Distributions to noncontrolling interests	(10,317)		(10,975)
Cash flows (used in) provided by financing activities	(164,620)		(204,376)
Effect of exchange rate changes on cash	(126)		(10)
Changes in cash, cash equivalents and restricted cash	204,235		(216,232)
Cash, cash equivalents and restricted cash at beginning of period	150,566		352,206
Cash, cash equivalents and restricted cash at end of period	354,801		135,974
Reconciliation of cash and cash equivalents and restricted cash presented on the consolidated statements of cash flows
Cash and cash equivalents	298,886	[1]	88,187
Restricted cash included in deferred expenses and other assets, net	55,915		47,787
Cash, cash equivalents and restricted cash at end of period	354,801		135,974
Supplemental disclosure of non-cash investing and financing activity:
Fundings and (repayments) of loan receivables and loan participations, net	(42,501)		6,160
Accounts payable for capital expenditures on real estate assets	1,125
Contributions to other investments	2,000
Accrued repurchase of stock	$ 3,117		$ 499
[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Business and Organization

Business and Organization	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 December 31, 2020. The following table presents the assets and liabilities of the Company’s consolidated VIEs as of September 30, 2021 and December 31, 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2021 December 31, 2020 ASSETS ​ ​ ​ Real estate ​ ​ ​ Real estate, at cost ​ $ 901,254 ​ $ 899,110 Less: accumulated depreciation ​ (80,409) ​ (61,917) Real estate, net ​ 820,845 ​ 837,193 Land and development, net ​ 190,929 ​ 240,137 Other investments ​ 26 ​ 35 Cash and cash equivalents ​ 25,114 ​ 22,571 Accrued interest and operating lease income receivable, net ​ 1,282 ​ 1,472 Deferred operating lease income receivable, net ​ 36,665 ​ 29,428 Deferred expenses and other assets, net ​ 119,127 ​ 122,591 Total assets ​ $ 1,193,988 ​ $ 1,253,427 LIABILITIES ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 74,307 ​ $ 115,581 Debt obligations, net ​ 478,567 ​ 488,719 Total liabilities ​ 552,874 ​ 604,300 ​ Unconsolidated VIEs

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 2020 Annual Report. New Accounting Pronouncements —

Real Estate

Real Estate	9 Months Ended
	Sep. 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 September 30, 2021 ​ ​ ​ Land, at cost ​ $ 188,418 ​ $ 6,830 ​ $ 195,248 Buildings and improvements, at cost ​ 1,355,984 ​ 106,634 ​ 1,462,618 Less: accumulated depreciation ​ (280,521) ​ (20,421) ​ (300,942) Real estate, net (1) ​ 1,263,881 ​ 93,043 ​ 1,356,924 Real estate available and held for sale (2) ​ — ​ 1,983 ​ 1,983 Total real estate ​ $ 1,263,881 ​ $ 95,026 ​ $ 1,358,907 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 September 30, 2021 and December 31, 2020, real estate, net included $741.6 million and $755.5 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below). (2) As of September 30, 2021 and December 31, 2020, the Company had $2.0 million and $5.2 million, respectively, of residential condominiums available for sale in its operating properties portfolio. Net Lease Venture Dispositions— recorded in “Income from sales of real estate” in the Company’s consolidated statements of operations. During the nine months ended September 30, 2020, the Company sold a net lease asset for net proceeds of $7.5 million and recognized an impairment of $1.7 million in connection with the sale. Impairments— Tenant Reimbursements— and nine and $ million and $ million for the three and nine months ended September 30, 2020, respectively Allowance for Doubtful Accounts— Future Minimum Operating Lease Payments ​ ​ ​ ​ ​ ​ ​ ​ Net Operating Year ​ Lease ​ Properties 2021 (remaining three months) ​ $ 32,800 ​ $ 1,455 2022 ​ 133,616 ​ 6,226 2023 ​ 125,330 ​ 5,966 2024 ​ 119,714 ​ 5,913 2025 ​ 123,248 ​ 5,318 Thereafter ​ 1,385,609 ​ 7,825 ​

Net Investment in Leases

Net Investment in Leases	9 Months Ended
	Sep. 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 $44.1 million in “Loans receivable and other lending investments, net” on its consolidated balance sheet (refer to Note 7). For the three and nine months ended September 30, 2021 Dispositions— The Company’s net investment in leases were comprised of the following as of September 30, 2021 and December 31, 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 Total undiscounted cash flows ​ $ 1,538,758 ​ $ 1,020,921 Unguaranteed estimated residual value ​ 367,804 ​ 345,284 Present value discount ​ (1,420,066) ​ (926,233) Allowance for losses on net investment in leases ​ (9,136) ​ (10,871) Net investment in leases (1) ​ $ 477,360 ​ $ 429,101 (1) As of September 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 September 30, 2021, the weighted average risk rating on the Company’s net investment in leases was 2.0 . Future Minimum Lease Payments under Sales-type Leases ​ ​ ​ ​ ​ Amount 2021 (remaining three months) ​ $ 7,372 2022 ​ 30,590 2023 ​ 43,272 2024 ​ 43,029 2025 ​ 31,955 Thereafter ​ 1,382,540 Total undiscounted cash flows ​ $ 1,538,758 ​ ​ Allowance for Losses on Net Investment in Leases and nine ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, 2021 ​ September 30, 2020 ​ September 30, 2021 September 30, 2020 ​ Allowance for losses on net investment in leases at beginning of period $ 9,005 ​ $ 10,937 $ 10,871 ​ $ — Initial allowance recorded upon adoption of new accounting standard (1) ​ — ​ — ​ — ​ 9,111 ​ Provision for (recovery of) losses on net investment in leases (2) ​ 131 ​ 176 ​ (1,735) ​ 2,002 ​ Allowance for losses on net investment in leases at end of period ​ $ 9,136 ​ $ 11,113 ​ $ 9,136 ​ $ 11,113 ​ (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 nine months ended September 30, 2021, the Company recorded a provision for (recovery of) losses on net investment in leases of $0.1 million and ($1.7) million, respectively. The provision for losses for the three months ended September 30, 2021 resulted from market changes since June 30, 2021 and the recovery of losses for the nine months ended September 30, 2021 was due primarily to asset sales and an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. During the three and nine months ended September 30, 2020, the Company recorded a provision for losses on net investment in leases of $0.2 million and $2.0 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	9 Months Ended
	Sep. 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 ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 2020 ​ Land and land development, at cost ​ $ 313,428 ​ $ 441,201 ​ Less: accumulated depreciation ​ (10,583) ​ (10,538) ​ Total land and development, net ​ $ 302,845 ​ $ 430,663 ​ ​ Dispositions— ​ Impairments—

Loans Receivable and Other Lend

Loans Receivable and Other Lending Investments, net	9 Months Ended
	Sep. 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 ​ ​ September 30, 2021 December 31, 2020 ​ Construction loans ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 191,697 ​ $ 449,733 ​ Corporate/Partnership loans ​ 3,516 ​ 65,100 ​ Subtotal - gross carrying value of construction loans (1) ​ 195,213 ​ 514,833 ​ Loans ​ ​ ​ Senior mortgages ​ 15,181 ​ 35,922 ​ Corporate/Partnership loans ​ 17,941 ​ 20,567 ​ Subordinate mortgages ​ 12,248 ​ 11,640 ​ Subtotal - gross carrying value of loans ​ 45,370 ​ 68,129 ​ Other lending investments ​ ​ ​ Financing receivables (refer to Note 5) ​ 48,503 ​ 46,549 ​ Held-to-maturity debt securities ​ 95,258 ​ 90,715 ​ Available-for-sale debt securities ​ 27,535 ​ 25,274 ​ Subtotal - other lending investments ​ 171,296 ​ 162,538 ​ Total gross carrying value of loans receivable and other lending investments ​ 411,879 ​ 745,500 ​ Allowance for loan losses ​ (6,370) ​ (13,170) ​ Total loans receivable and other lending investments, net ​ $ 405,509 ​ $ 732,330 ​ (1) As of September 30, 2021, 98% 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 September 30, 2021 ​ Loans ​ Loans ​ Securities ​ Receivables ​ Allowance ​ Total Allowance for loan losses at beginning of period ​ $ 1,640 ​ $ 1,619 ​ $ 2,393 ​ $ 893 ​ $ 590 ​ $ 7,135 (Recovery of) provision for loan losses (1) ​ (149) ​ (865) ​ 145 ​ 54 ​ 50 ​ (765) Allowance for loan losses at end of period ​ $ 1,491 ​ $ 754 ​ $ 2,538 ​ $ 947 ​ $ 640 ​ $ 6,370 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 11,736 ​ $ 905 ​ $ 111 ​ $ 1,159 ​ $ 21,701 ​ $ 35,612 (Recovery of) provision for loan losses (1) ​ (2,598) ​ (427) ​ (56) ​ 17 ​ 899 ​ (2,165) Allowance for loan losses at end of period ​ $ 9,138 ​ $ 478 ​ $ 55 ​ $ 1,176 ​ $ 22,600 ​ $ 33,447 (1) During the three months ended September 30, 2021 and 2020, the Company recorded a provision for (recovery of) loan losses of ($1.6) million and ( $2.0 ) million, respectively, in its consolidated statements of operations. The recovery in 2021 was due primarily to the repayment of loans during the three months ended September 30, 2021 and an improving macroeconomic forecast on commercial real estate markets since June 30, 2021. Of this amount, $0.9 million related to a recovery of loan losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities." The recovery in 2020 resulted from the reversal of CECL allowances on loans that repaid in full in the third quarter 2020 and a more favorable economic outlook on commercial real estate markets in the third quarter 2020 as compared to the second quarter 2020 . Of this amount, $0.7 million related to a recovery of loan losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities" and $0.9 million related to a provision on a non-performing loan that was recorded as a reduction to "Accrued interest and operating lease income receivable, net." Changes in the Company’s allowance for loan losses were as follows for the nine months ended September 30, 2021 and 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held to ​ ​ ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ Maturity Debt ​ Financing ​ Specific ​ ​ ​ Nine Months Ended September 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) ​ (5,050) ​ (889) ​ (555) ​ (203) ​ (103) ​ (6,800) Allowance for loan losses at end of period ​ $ 1,491 ​ $ 754 ​ $ 2,538 ​ $ 947 ​ $ 640 ​ $ 6,370 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 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) ​ 2,823 ​ 115 ​ 35 ​ 212 ​ 899 ​ 4,084 Allowance for loan losses at end of period ​ $ 9,138 ​ $ 478 ​ $ 55 ​ $ 1,176 ​ $ 22,600 ​ $ 33,447 (1) During the nine months ended September 30, 2021 and 2020, the Company recorded a provision for (recovery of) loan losses of ($7.6) million and $4.1 million, respectively, in its consolidated statements of operations. The recovery in 2021 was due primarily to the repayment of loans during the nine months ended September 30, 2021 and an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. Of this amount, $0.9 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities .” The provision for loan losses in 2020 resulted from the macroeconomic impact of COVID-19 on commercial real estate markets, of which $0.9 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities" and $0.9 million related to a provision on a non-performing loan that was recorded as a reduction to "Accrued interest and operating lease income receivable, net." (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 $2.5 million related to expected credit losses for unfunded loan commitments and was recorded in “Accounts payable, accrued expenses and other liabilities.” ​ The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows as of September 30, 2021 and December 31, 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually Collectively ​ ​ ​ ​ Evaluated for ​ Evaluated for ​ ​ ​ ​ ​ Impairment (1) ​ Impairment ​ Total As of September 30, 2021 ​ ​ ​ Construction loans (2) ​ $ 58,819 ​ $ 136,394 ​ $ 195,213 Loans (2) ​ — ​ 45,370 ​ 45,370 Financing receivables ​ — ​ 48,503 ​ 48,503 Held-to-maturity debt securities ​ — ​ 95,258 ​ 95,258 Available-for-sale debt securities (3) ​ — ​ 27,535 ​ 27,535 Less: Allowance for loan losses ​ (640) ​ (5,730) ​ (6,370) Total ​ $ 58,179 ​ $ 347,330 ​ $ 405,509 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 September 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 $0.2 million and $2.3 million as of September 30, 2021 and December 31, 2020, respectively. (3) Available-for-sale debt securities are evaluated for impairment under ASC 326-30. Credit Characteristics The Company’s amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, as of September 30, 2021 were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of Origination ​ ​ 2021 2020 2019 2018 2017 Prior to 2017 Total Senior mortgages ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ 11,900 ​ — ​ — ​ 11,900 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ 109,137 ​ — ​ 3,281 ​ 112,418 3.5 ​ — ​ — ​ — ​ 23,741 ​ — ​ — ​ 23,741 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal (1) ​ $ — ​ $ — ​ $ — ​ $ 144,778 ​ $ — ​ $ 3,281 ​ $ 148,059 Corporate/partnership loans ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ 3,516 ​ — ​ — ​ 3,516 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ 17,941 ​ — ​ — ​ 17,941 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ — ​ $ 21,457 ​ $ — ​ $ — ​ $ 21,457 Subordinate mortgages ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ 12,248 ​ 12,248 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 12,248 ​ $ 12,248 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing receivables ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ 48,503 ​ — ​ — ​ — ​ 48,503 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ 48,503 ​ $ — ​ $ — ​ $ — ​ $ 48,503 Total ​ $ — ​ $ — ​ $ 48,503 ​ $ 166,235 ​ $ — ​ $ 15,529 ​ $ 230,267 (1) As of September 30, 2021, excludes $58.8 million for one loan on non-accrual status. The Company’s amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ or Equal ​ Than ​ Total ​ ​ ​ ​ ​ Current ​ to 90 Days ​ 90 Days ​ Past Due ​ Total As of September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 148,059 ​ $ — ​ $ 58,819 ​ ​ 58,819 ​ $ 206,878 Corporate/Partnership loans ​ 21,457 ​ — ​ — ​ — ​ 21,457 Subordinate mortgages ​ 12,248 ​ — ​ — ​ — ​ 12,248 Total ​ $ 181,764 ​ $ — ​ $ 58,819 ​ $ 58,819 ​ $ 240,583 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 September 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) ​ $ 58,819 ​ $ 58,069 ​ $ (640) ​ $ 53,305 ​ $ 52,552 ​ $ (743) Total ​ $ 58,819 ​ $ 58,069 ​ $ (640) ​ $ 53,305 ​ $ 52,552 ​ $ (743) (1) The Company has one non-accrual loan as of September 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 nine months ended September 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, was accounted for as a financing transaction and $42.0 million was 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 September 30, 2021 ​ ​ ​ ​ ​ Available-for-Sale Securities ​ ​ ​ ​ ​ Municipal debt securities ​ $ 23,855 ​ $ 23,855 ​ $ 3,680 ​ $ 27,535 ​ $ 27,535 Held-to-Maturity Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities ​ 100,000 ​ 95,258 ​ — ​ 95,258 ​ 95,258 Total ​ $ 123,855 ​ $ 119,113 ​ $ 3,680 ​ $ 122,793 ​ $ 122,793 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 September 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 ​ 95,258 ​ 95,258 ​ — ​ — After 5 years through 10 years ​ — ​ — ​ — ​ — After 10 years ​ — ​ — ​ 23,855 ​ 27,535 Total ​ $ 95,258 ​ $ 95,258 ​ $ 23,855 ​ $ 27,535 ​

Other Investments

Other Investments	9 Months Ended
	Sep. 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 Nine Months Ended ​ ​ September 30, ​ December 31, ​ September 30, ​ September 30, ​ ​ 2021 2020 2021 2020 2021 2020 Real estate equity investments ​ ​ ​ ​ ​ ​ ​ ​ ​ Safehold Inc. ("SAFE") (2) ​ $ 1,113,333 ​ $ 937,712 ​ $ 73,475 ​ $ 9,331 ​ $ 94,590 ​ $ 36,905 iStar Net Lease II LLC ("Net Lease Venture II") ​ 100,471 ​ 78,998 ​ 1,414 ​ 811 ​ 4,014 ​ 1,568 Other real estate equity investments ​ 44,196 ​ 89,939 ​ 11,965 ​ (3,542) ​ 9,902 ​ (10,517) Subtotal ​ 1,258,000 ​ 1,106,649 ​ 86,854 ​ 6,600 ​ 108,506 ​ 27,956 Other strategic investments (3) ​ 161,766 ​ 69,911 ​ 2,355 ​ 205 ​ 6,169 ​ (1,953) Total ​ $ 1,419,766 ​ $ 1,176,560 ​ $ 89,209 ​ $ 6,805 ​ $ 114,675 ​ $ 26,003 (1) For the three months ended September 30, 2021 and 2020, earnings (losses) from equity method investments is net of the Company’s pro rata share of $5.1 million and $4.6 million, respectively, of depreciation expense and $18.5 million and $14.6 million, respectively, of interest expense. For the nine months ended September 30, 2021 and 2020, earnings (losses) from equity method investments is net of the Company’s pro rata share of $16.2 million and $13.4 million, respectively, of depreciation expense and $51.7 million and $44.0 million, respectively, of interest expense. (2) As of September 30, 2021, the Company owned 36.0 million shares of SAFE common stock which, based on the closing price of $71.89 on September 30, 2021, had a market value of $2.6 billion. Pursuant to ASC 323-10-40-1, an equity method investor shall account for a share issuance by an investee as if the investor had sold a proportionate share of its investment. Any gain or loss to the investor resulting from an investee’s share issuance shall be recognized in earnings. For the three months ended September 30, 2021, equity in earnings includes a dilution gain of $60.2 million resulting from a SAFE equity offering. For the nine months ended September 30, 2021 and 2020, equity in earnings includes dilution gains of $60.7 million and $7.9 million, respectively, resulting from SAFE equity offerings. (3) During the three and nine months ended September 30, 2021 and the three and nine months ended September 30, 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 of $14.0 million and $19.1 million for the three and nine months ended September 30, 2021, respectively, and aggregate mark-to-market gains of $14.0 million and $23.9 million for the three and nine months ended September30, 2020, 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 until January 2022; ● subjects the Company to certain standstill provisions; and ● provides the Company certain preemptive rights. In September 2021, the Company acquired 657,894 shares of SAFE’s common stock in a private placement for $50.0 million. 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 September 30, 2021 and 2020, the Company recorded $3.6 million and $3.2 million, respectively, of management fees pursuant to its management agreement with SAFE. During the nine months ended September 30, 2021 and 2020, the Company recorded $10.6 million and $9.3 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 September 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 nine months ended September 30, 2021 and 2020, the Company recognized $5.6 million and $3.8 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 and $ million, respectively, of interest income on the loan. and recognized a gain of $6.1 million in "Income from sales of real estate" in connection with the sale 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 nine months ended September 30, 2020, the Company recorded $0.3 million and $0.8 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. The Company sold the loan in July 2021 and recorded no gain or loss on the sale. During the three and nine months ended September 30, 2021, the Company recorded $0.4 million and $2.9 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 would acquire the ground lessor entity from the Company. The Company sold the ground lessor entity to SAFE in September 2021 and recognized no gain or loss on the sale (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. The Company received $2.7 million of consideration from SAFE in connection with this transaction. In September 2021, the construction loan commitment and the $2.7 million of consideration was transferred to an entity in which the Company has a 53.0% noncontrolling equity interest (refer to “Other strategic investments” below). 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 September 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 September 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 September 30, 2021 and 2020, the Company recorded $0.6 million and $0.6 million, respectively, of interest income on the mezzanine loan. During the nine months ended September 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. In September 2021, the Company transferred a $75.0 million construction loan commitment to this entity. 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 Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE ​ $ 135,001 ​ $ 88,585 ​ $ 51,844 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE ​ $ 115,518 ​ $ 73,821 ​ $ 44,024 ​

Other Assets and Other Liabilit

Other Assets and Other Liabilities	9 Months Ended
	Sep. 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 ​ ​ September 30, 2021 December 31, 2020 ​ Intangible assets, net (1) ​ $ 146,588 ​ $ 156,041 ​ Restricted cash ​ 55,915 ​ 51,933 ​ Operating lease right-of-use assets (2) ​ 43,799 ​ 48,891 ​ Other assets (3) ​ 17,572 ​ 19,453 ​ Other receivables ​ 11,052 ​ 10,881 ​ Leasing costs, net (4) ​ 4,936 ​ 2,340 ​ Corporate furniture, fixtures and equipment, net (5) ​ 1,843 ​ 2,024 ​ Deferred financing fees, net ​ 841 ​ 1,549 ​ Deferred expenses and other assets, net ​ $ 282,546 ​ $ 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 $50.8 million and $44.4 million as of September 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 $0.5 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively, and $1.1 million and $1.0 million for the nine months ended September 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 $ 2.8 million and $ 2.6 million for the three months ended September 30, 2021 and 2020, respectively, and $ 8.6 million and $ 7.9 million for the nine months ended September 30, 2021 and 2020, respectively. These amounts are included in “Depreciation and amortization” in the Company’s consolidated statements of operations. As of September 30, 2021, the weighted average remaining amortization period for the Company’s intangible assets was approximately 16.2 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 September 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 statements of operations relating to operating leases. During the nine months ended September 30, 2021 and 2020, the Company recognized $3.7 million and $3.4 million, respectively, in "General and administrative" and $2.7 million and $2.6 million, respectively, in "Real estate expense" in its consolidated statements 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 $2.1 million and $2.6 million as of September 30, 2021 and December 31, 2020, respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $14.7 million and $14.3 million as of September 30, 2021 and December 31, 2020, respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2021 December 31, 2020 ​ Other liabilities (1) ​ $ 65,318 ​ ​ 91,513 ​ Accrued expenses ​ 112,223 ​ 94,724 ​ Intangible liabilities, net (2) ​ 46,870 ​ 48,738 ​ Operating lease liabilities (see table above) ​ 47,111 ​ 50,072 ​ Accrued interest payable ​ 28,939 ​ 32,355 ​ Accounts payable, accrued expenses and other liabilities ​ $ 300,461 ​ $ 317,402 ​ (1) As of September 30, 2021 and December 31, 2020, other liabilities includes $20.7 million and $36.9 million, respectively, of deferred income. As of September 30, 2021 and December 31, 2020, other liabilities includes $11.7 million and $19.0 million, respectively, of derivative liabilities. As of September 30, 2021 and December 31, 2020, other liabilities includes $0.1 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 $9.0 million and $7.5 million as of September 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 September 30, 2021 and 2020, respectively, and $ 1.9 million and $ 1.9 million for the nine months ended September 30, 2021 and 2020, respectively.

Loan Participations Payable, ne

Loan Participations Payable, net	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 ​ September 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 ​ 701,541 ​ 721,075 ​ 1.63% - 7.19 % (3) ​ Total secured credit facilities and mortgages (4) ​ 1,193,416 ​ 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 ​ 3,305,916 ​ 3,325,450 ​ Debt discounts and deferred financing costs, net (9) ​ (23,318) ​ (38,475) ​ Total debt obligations, net (10) ​ $ 3,282,598 ​ $ 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 September 30, 2021, the weighted average interest rate of these loans is 4.4% , inclusive of the effect of interest rate swaps. (4) As of September 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 September 30, 2021 was 71.5797 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $13.97 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 September 30, 2021 and 2020, the Company recognized $2.2 million and $2.2 million, respectively, of contractual interest and during the three months ended September 30, 2020, the Company recognized $1.3 million of discount amortization on the 3.125% Convertible Notes. During the nine months ended September 30, 2021 and 2020, the Company recognized $6.7 million and $6.7 million, respectively, of contractual interest and during the nine months ended September 30, 2020, the Company recognized $3.9 million of discount amortization on the 3.125% Convertible Notes. The effective interest rate for the three and nine months ended September 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 $ 0.5 million during the three months ended September 30, 2021 and 2020, respectively, and $ 0.7 million and $ 1.6 million during the nine months ended September 30, 2021 and 2020, respectively. ​ Future Scheduled Maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured Debt Secured Debt Total 2021 (remaining three months) ​ $ — ​ $ 95,495 ​ $ 95,495 2022 ​ 287,500 ​ 95,324 ​ 382,824 2023 ​ — ​ 491,875 ​ 491,875 2024 ​ 775,000 ​ — ​ 775,000 2025 ​ 550,000 ​ 269,780 ​ 819,780 Thereafter ​ 500,000 ​ 240,942 ​ 740,942 Total principal maturities ​ 2,112,500 ​ 1,193,416 ​ 3,305,916 Unamortized discounts and deferred financing costs, net ​ (18,426) ​ (4,892) ​ (23,318) Total debt obligations, net ​ $ 2,094,074 ​ $ 1,188,524 ​ $ 3,282,598 ​ Senior Term Loan Revolving Credit Facility Unsecured Notes During the nine months ended September 30, 2020, repayments of unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $12.0 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	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12—Commitments and Contingencies Unfunded Commitments As of September 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 ​ $ 7,860 ​ $ 29,716 ​ $ 71,319 ​ $ 108,895 Strategic Investments ​ — ​ 1,900 ​ 7,592 ​ 9,492 Total ​ $ 7,860 ​ $ 31,616 ​ $ 78,911 ​ $ 118,387 ​ ​ Other Commitments ​ ​ ​ ​ ​ ​ ​ ​ Operating (1)(2) Finance (1) 2021 (remaining three months) ​ $ 1,728 ​ $ 1,384 2022 ​ 6,635 ​ 5,604 2023 ​ 6,272 ​ 5,716 2024 ​ 6,188 ​ 5,830 2025 ​ 6,176 ​ 5,946 Thereafter ​ 334 ​ 1,567,826 Total undiscounted cash flows ​ 27,333 ​ 1,592,306 Present value discount (1) ​ (2,717) ​ (1,439,677) Other adjustments (2) ​ 22,495 ​ — Lease liabilities ​ $ 47,111 ​ $ 152,629 (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 5.0% and the weighted average remaining lease term is 7.6 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 4.9 years and the weighted average discount rate was 4.7% . 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 96.2 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 September 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 statements of operations relating to finance leases. During the nine months ended September 30, 2021 and 2020, the Company recognized $ 6.2 million and $ 6.1 million, respectively, in "Interest expense" and $ 1.1 million and $ 1.1 million, respectively, in "Depreciation and amortization" in its consolidated statements of operations relating to finance leases. During the three months ended September 30, 2021 and 2020, the Company made payments of $0.8 million and $1.0 million, respectively, related to its operating leases and $1.3 million and $1.4 million, respectively, related to its finance leases with SAFE . During the nine months ended September 30, 2021 and 2020, the Company made payments of $2.1 million and $3.2 million, respectively, related to its operating leases and $4.1 million and $4.0 million, respectively, related to its finance leases with SAFE . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company’s tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company’s tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ 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 5.0% . 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	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020 ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities ​ ​ Balance Sheet ​ Fair As of September 30, 2021 Location Value Derivatives Designated in Hedging Relationships ​ ​ ​ ​ ​ Interest rate swaps Accounts payable, accrued expenses and other liabilities ​ $ 11,723 Total ​ $ 11,723 ​ ​ ​ ​ ​ ​ 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 $9.1 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as an increase to interest expense. The table below presents the effect of the Company’s derivative financial instruments, including the Company’s share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps Interest expense ​ $ 278 ​ $ (2,050) Interest rate swaps Earnings from equity method investments ​ (5) ​ (633) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, 2020 ​ ​ Interest rate swaps Interest expense ​ $ (401) ​ $ (2,038) Interest rate swaps Earnings from equity method investments ​ 598 ​ (333) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps Interest expense ​ $ 2,834 ​ $ (6,183) Interest rate swaps Earnings from equity method investments ​ 8,649 ​ (1,324) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2020 ​ ​ Interest rate swaps Interest Expense ​ $ (15,371) ​ $ (4,926) Interest rate swaps Earnings from equity method investments ​ (15,559) ​ (866) ​

Equity

Equity	9 Months Ended
	Sep. 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 $6.0 million, $4.6 million and $7.0 million on its Series D, G and I Cumulative Redeemable Preferred Stock during both the nine months ended September 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 ​ ​ September 30, 2021 December 31, 2020 ​ Unrealized gains on available-for-sale securities ​ $ 3,681 $ 4,594 ​ Unrealized losses on cash flow hedges ​ (38,031) ​ (53,075) ​ Unrealized losses on cumulative translation adjustment ​ — ​ (4,199) ​ Accumulated other comprehensive loss ​ $ (34,350) ​ $ (52,680) ​ ​

Stock-Based Compensation Plans

Stock-Based Compensation Plans and Employee Benefits	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2021, investments with an aggregate gross book value of $1.2 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 $163 million, including 1.0 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 nine months ended September 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 nine months ended September 30, 2021 and 2020, the Company recorded $15.0 million and $20.2 million, respectively, of expense related to the 2013-2018 iPIP plans. As of September 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 $396 million were attributable to the 2015-2016 Plan and investments with an aggregate gross book value of $480 million, including 7.6 million shares of SAFE common stock acquired by the Company, were attributable to the 2017-2018 Plan. During the nine months ended September 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 nine months ended September 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 September 30, 2021 and December 31, 2020, the Company had accrued compensation costs relating to iPIP of $80.9 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 September 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 ​ 372 Vested ​ (112) Forfeited ​ (32) Nonvested at end of period 759 ​ As of September 30, 2021, there was $6.8 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 1.35 years. Directors’ Awards 401(k) Plan

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 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 September 30, ​ For the Nine Months Ended September 30, ​ ​ 2021 2020 2021 2020 ​ Net income (loss) ​ $ 130,994 ​ $ 6,451 ​ $ 127,567 ​ $ (20,793) ​ Net income attributable to noncontrolling interests ​ (3,264) ​ (2,646) ​ (8,037) ​ (8,435) ​ Preferred dividends ​ (5,874) ​ (5,874) ​ (17,622) ​ (17,622) ​ Net income (loss) allocable to common shareholders for basic and diluted earnings per common share ​ $ 121,856 ​ $ (2,069) ​ $ 101,908 ​ $ (46,850) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2021 2020 2021 2020 ​ Earnings allocable to common shares: ​ ​ ​ ​ ​ ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ Net income (loss) attributable to iStar Inc. and allocable to common shareholders ​ $ 121,856 ​ $ (2,069) ​ $ 101,908 ​ $ (46,850) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator for diluted earnings per share: ​ ​ ​ ​ ​ Net income (loss) allocable to common shareholders ​ $ 121,856 ​ $ (2,069) ​ $ 101,908 ​ $ (46,850) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic and diluted earnings per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding for basic earnings per common share ​ ​ 71,299 ​ ​ 75,033 ​ ​ 72,675 ​ ​ 76,232 ​ Add: Effect of assumed shares issued under treasury stock method for restricted stock units ​ ​ 221 ​ ​ — ​ ​ 206 ​ ​ — ​ Add: Effect of convertible debt ​ ​ 8,967 ​ ​ — ​ ​ 5,521 ​ ​ — ​ Weighted average common shares outstanding for basic and diluted earnings per common share ​ 80,487 ​ 75,033 ​ 78,402 ​ 76,232 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted earnings per common share: (1) ​ ​ ​ ​ ​ Net income (loss) allocable to common shareholders ​ $ 1.71 ​ $ (0.03) ​ $ 1.40 ​ $ (0.61) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share: (1) ​ ​ ​ ​ ​ Net income (loss) allocable to common shareholders ​ $ 1.51 ​ $ (0.03) ​ $ 1.30 ​ $ (0.61) ​ (1) For the three and nine months ended September 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	9 Months Ended
	Sep. 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Recurring basis: ​ ​ ​ ​ Derivative liabilities (1) $ 11,723 $ — $ 11,723 $ — Available-for-sale securities (1) ​ 27,535 ​ — ​ — ​ 27,535 Non-recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired real estate available and held for sale (2) ​ ​ 1,682 ​ ​ — ​ ​ — ​ ​ 1,682 Other investments (3) ​ ​ 98,461 ​ ​ — ​ ​ 98,461 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (4) ​ 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) The Company recorded a $0.4 million impairment on an operating property held for sale with an estimated fair value of $1.7 million. The estimated fair value is based on an executed sales contract with a third party. (3) During the nine months ended September 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. (4) The Company recorded a $1.3 million impairment on a land and development asset with an estimated fair value of $6.1 million. The estimated fair value is based on future cash flows expected to be received. The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company’s consolidated balance sheets for the nine months ended September 30, 2021 and 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Beginning balance ​ $ 25,274 ​ $ 23,896 Purchases ​ ​ 3,375 ​ ​ — Repayments ​ (201) ​ (460) Unrealized gains (losses) recorded in other comprehensive income ​ (913) ​ 1,195 Ending balance ​ $ 27,535 ​ $ 24,631 ​ ​ Fair values of financial instruments— ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ As of December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Net investment in leases (1) ​ $ 477 ​ $ 497 ​ $ 429 ​ $ 431 Loans receivable and other lending investments, net (1) ​ 406 ​ 436 ​ 732 ​ 772 Cash and cash equivalents (2) ​ 299 ​ 299 ​ 99 ​ 99 Restricted cash (2) ​ 56 ​ 56 ​ 52 ​ 52 Loan participations payable, net (1) ​ — ​ — ​ 43 ​ 43 Debt obligations, net (1)(3) ​ ​ 3,283 ​ ​ 3,643 ​ ​ 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 September 30, 2021 and December 31, 2020, the fair value of the Company’s 3.125% Senior Convertible Notes was $527.2 million and $338.8 million, respectively.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 40,659 ​ $ — ​ $ 3,637 ​ $ 96 ​ $ — ​ $ 44,392 Interest income ​ 1,630 ​ 6,321 ​ — ​ — ​ — ​ 7,951 Interest income from sales-type leases ​ 9,578 ​ — ​ — ​ — ​ — ​ 9,578 Other income ​ 4,767 ​ 1,095 ​ 16,869 ​ 3,189 ​ 14,275 ​ 40,195 Land development revenue ​ — ​ — ​ — ​ 93,369 ​ — ​ 93,369 Earnings (losses) from equity method investments ​ 74,889 ​ 872 ​ 1,129 ​ 10,836 ​ 1,483 ​ 89,209 Income from sales of real estate ​ — ​ — ​ 25,611 ​ — ​ — ​ 25,611 Total revenue and other earnings ​ 131,523 ​ 8,288 ​ 47,246 ​ 107,490 ​ 15,758 ​ 310,305 Real estate expense ​ (5,446) ​ — ​ (9,184) ​ (4,094) ​ — ​ (18,724) Land development cost of sales ​ — ​ — ​ — ​ (87,380) ​ — ​ (87,380) Other expense ​ (1,327) ​ (270) ​ — ​ (64) ​ (350) ​ (2,011) Allocated interest expense ​ (26,467) ​ (3,331) ​ (1,641) ​ (3,679) ​ (4,353) ​ (39,471) Allocated general and administrative (2) ​ (5,487) ​ (958) ​ (473) ​ (2,173) ​ (5,029) ​ (14,120) Segment profit (loss) (3) ​ $ 92,796 ​ $ 3,729 ​ $ 35,948 ​ $ 10,100 ​ $ 6,026 ​ $ 148,599 Other significant items: ​ ​ ​ ​ ​ ​ Provision for (recovery of) loan losses ​ $ 54 ​ $ (1,610) ​ $ — ​ $ — ​ $ — ​ $ (1,556) Provision for losses on net investment in leases ​ 131 ​ — ​ — ​ — ​ — ​ 131 Impairment of assets ​ 757 ​ — ​ 422 ​ — ​ — ​ 1,179 Depreciation and amortization ​ 13,114 ​ — ​ 1,385 ​ 228 ​ 129 ​ 14,856 Capitalized expenditures ​ 969 ​ — ​ 121 ​ 7,416 ​ — ​ 8,506 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 41,144 ​ $ — ​ $ 5,137 ​ $ 89 ​ $ — ​ $ 46,370 Interest income ​ 911 ​ 13,359 ​ — ​ — ​ — ​ 14,270 Interest income from sales-type leases ​ 8,360 ​ — ​ — ​ — ​ — ​ 8,360 Other income ​ 4,554 ​ 104 ​ 2,956 ​ 3,831 ​ 14,107 ​ 25,552 Land development revenue ​ — ​ — ​ — ​ 20,502 ​ — ​ 20,502 Earnings (losses) from equity method investments ​ 10,141 ​ — ​ (4,134) ​ 592 ​ 206 ​ 6,805 Income from sales of real estate ​ 6,055 ​ — ​ — ​ — ​ — ​ 6,055 Total revenue and other earnings ​ 71,165 ​ 13,463 ​ 3,959 ​ 25,014 ​ 14,313 ​ 127,914 Real estate expense ​ (7,136) ​ — ​ (4,428) ​ (5,371) ​ — ​ (16,935) Land development cost of sales ​ — ​ — ​ — ​ (21,358) ​ — ​ (21,358) Other expense ​ — ​ (37) ​ — ​ — ​ (36) ​ (73) Allocated interest expense ​ (26,049) ​ (5,831) ​ (2,289) ​ (4,606) ​ (3,632) ​ (42,407) Allocated general and administrative (2) ​ (5,161) ​ (1,451) ​ (582) ​ (2,320) ​ (4,693) ​ (14,207) Segment profit (loss) (3) ​ 32,819 ​ $ 6,144 ​ $ (3,340) ​ $ (8,641) ​ $ 5,952 ​ $ 32,934 Other significant non-cash items: ​ ​ ​ ​ ​ ​ Provision for (recovery of) loan losses ​ $ 19 ​ $ (1,995) ​ $ — ​ $ — ​ $ — ​ $ (1,976) Provision for losses on net investment in leases ​ ​ 175 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 175 Depreciation and amortization ​ 12,781 ​ — ​ 1,287 ​ 243 ​ 310 ​ 14,621 Capitalized expenditures ​ 1,896 ​ — ​ 84 ​ 5,170 ​ — ​ 7,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Real Estate Operating Land and Corporate/ Company ​ ​ Lease ​ Finance ​ Properties ​ Development ​ Other (1) ​ Total Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 123,926 ​ $ — ​ $ 13,176 ​ $ 279 ​ $ — ​ $ 137,381 Interest income ​ 3,696 ​ 23,878 ​ — ​ — ​ — ​ 27,574 Interest income from sales-type leases ​ 26,895 ​ — ​ — ​ — ​ — ​ 26,895 Other income ​ 14,213 ​ 1,245 ​ 23,159 ​ 5,894 ​ 20,038 ​ 64,549 Land development revenue ​ — ​ — ​ — ​ 157,936 ​ — ​ 157,936 Earnings (losses) from equity method investments ​ 98,604 ​ 2,092 ​ (5,553) ​ 15,456 ​ 4,076 ​ 114,675 Income from sales of real estate ​ 2,114 ​ — ​ 26,319 ​ — ​ — ​ 28,433 Total revenue and other earnings ​ 269,448 ​ 27,215 ​ 57,101 ​ 179,565 ​ 24,114 ​ 557,443 Real estate expense ​ (21,065) ​ — ​ (19,238) ​ (13,604) ​ — ​ (53,907) Land development cost of sales ​ — ​ — ​ — ​ (147,507) ​ — ​ (147,507) Other expense ​ (1,327) ​ (422) ​ — ​ (64) ​ (662) ​ (2,475) Allocated interest expense ​ (76,888) ​ (11,737) ​ (5,714) ​ (11,481) ​ (12,631) ​ (118,451) Allocated general and administrative (2) ​ (17,544) ​ (3,659) ​ (1,797) ​ (6,968) ​ (15,686) ​ (45,654) Segment profit (loss) (3) ​ $ 152,624 ​ $ 11,397 ​ $ 30,352 ​ $ (59) ​ $ (4,865) ​ $ 189,449 Other significant items: ​ ​ ​ ​ ​ ​ Recovery of loan losses ​ $ (202) ​ $ (7,411) ​ $ — ​ $ — ​ $ — ​ $ (7,613) Recovery of losses on net investment in leases ​ (1,735) ​ — ​ — ​ — ​ — ​ (1,735) Impairment of assets ​ 2,286 ​ — ​ 679 ​ — ​ — ​ 2,965 Depreciation and amortization ​ 39,255 ​ — ​ 4,593 ​ 674 ​ 449 ​ 44,971 Capitalized expenditures ​ 2,300 ​ — ​ 610 ​ 16,727 ​ — ​ 19,637 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 124,109 ​ $ — ​ $ 16,153 ​ $ 267 ​ $ — ​ $ 140,529 Interest income ​ 2,594 ​ 44,331 ​ — ​ — ​ — ​ 46,925 Interest income from sales-type leases ​ 25,010 ​ — ​ — ​ — ​ — ​ 25,010 Other income ​ 13,468 ​ 4,249 ​ 6,605 ​ 5,558 ​ 26,332 ​ 56,212 Land development revenue ​ — ​ — ​ — ​ 116,254 ​ — ​ 116,254 Earnings (losses) from equity method investments ​ 38,472 ​ — ​ (11,741) ​ 1,225 ​ (1,953) ​ 26,003 Income from sales of real estate ​ 6,056 ​ — ​ 62 ​ — ​ — ​ 6,118 Total revenue and other earnings ​ 209,709 ​ 48,580 ​ 11,079 ​ 123,304 ​ 24,379 ​ 417,051 Real estate expense ​ (19,497) ​ — ​ (16,600) ​ (17,611) ​ — ​ (53,708) Land development cost of sales ​ — ​ — ​ — ​ (114,704) ​ — ​ (114,704) Other expense ​ — ​ (80) ​ — ​ — ​ (271) ​ (351) Allocated interest expense ​ (74,915) ​ (17,989) ​ (6,731) ​ (13,598) ​ (14,515) ​ (127,748) Allocated general and administrative (2) ​ (17,327) ​ (5,123) ​ (1,966) ​ (7,524) ​ (14,523) ​ (46,463) Segment profit (loss) (3) ​ $ 97,970 ​ $ 25,388 ​ $ (14,218) ​ $ (30,133) ​ $ (4,930) ​ $ 74,077 Other significant items: ​ ​ ​ ​ ​ ​ Provision for loan losses ​ $ 212 ​ $ 3,881 ​ $ — ​ $ — ​ $ — ​ $ 4,093 Provision for losses on net investment in leases ​ 2,001 ​ — ​ — ​ — ​ — ​ 2,001 Impairment of assets ​ 2,036 ​ — ​ 2,983 ​ 1,472 ​ — ​ 6,491 Depreciation and amortization ​ ​ 37,924 ​ ​ — ​ ​ 3,843 ​ ​ 729 ​ ​ 911 ​ ​ 43,407 Capitalized expenditures ​ 8,913 ​ — ​ 1,421 ​ 25,222 ​ — ​ 35,556 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 1,263,881 ​ $ — ​ $ 93,043 ​ $ — ​ $ — ​ $ 1,356,924 Real estate available and held for sale ​ — ​ — ​ 1,983 ​ — ​ — ​ 1,983 Total real estate ​ 1,263,881 ​ — ​ 95,026 ​ — ​ — ​ 1,358,907 Net investment in leases ​ 477,360 ​ — ​ — ​ — ​ — ​ 477,360 Land and development, net ​ — ​ — ​ — ​ 302,845 ​ — ​ 302,845 Loans receivable and other lending investments, net ​ 47,555 ​ 357,954 ​ — ​ — ​ — ​ 405,509 Loan receivable held for sale ​ 42,683 ​ — ​ — ​ — ​ — ​ 42,683 Other investments ​ ​ 1,213,804 ​ ​ 47,936 ​ ​ 43,659 ​ ​ 537 ​ ​ 113,830 ​ ​ 1,419,766 Total portfolio assets ​ ​ 3,045,283 ​ ​ 405,890 ​ ​ 138,685 ​ ​ 303,382 ​ ​ 113,830 ​ 4,007,070 Cash and other assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 795,095 Total assets ​ ​ ​ ​ ​ ​ ​ ​ $ 4,802,165 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $ 3.0 million and $23.3 million for the three and nine months ended September 30, 2021, respectively, and $ 5.7 million and $ 26.7 million for the three and nine months ended September 30, 2020, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2021 2020 2021 2020 ​ Segment profit ​ $ 148,599 ​ $ 32,934 ​ $ 189,449 ​ $ 74,077 ​ Less: Recovery of (provision for) loan losses ​ 1,556 ​ 1,976 ​ 7,613 ​ (4,093) ​ Less: (Provision for) recovery of losses on net investment in leases ​ (131) ​ (175) ​ 1,735 ​ (2,001) ​ Less: Impairment of assets ​ (1,179) ​ — ​ (2,965) ​ (6,491) ​ Less: Stock-based compensation expense ​ (3,001) ​ (5,661) ​ (23,300) ​ (26,675) ​ Less: Depreciation and amortization ​ (14,856) ​ (14,621) ​ (44,971) ​ (43,407) ​ Less: Income tax benefit (expense) ​ 6 ​ (78) ​ 6 ​ (165) ​ Less: Loss on early extinguishment of debt, net ​ — ​ (7,924) ​ — ​ (12,038) ​ Net income (loss) ​ $ 130,994 ​ $ 6,451 ​ $ 127,567 ​ $ (20,793) ​ ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events
Subsequent Events	​ ​ Note 19—Subsequent Events Subsequent to the end of the quarter, the Company obtained the consents of holders of its outstanding 4.75% senior notes due 2024, 4.25% senior notes due 2025 and 5.50% senior notes due 2026 to certain amendments to the indentures governing the notes intended to align the indentures with the potential sale of the Company's net lease assets. The Company paid holders consent fees ranging from 0.75% to 1.00% of the principal amount of consenting notes, depending on the relevant series. The Company previously announced on July 6, 2021 that it intended to explore market interest for possible sales of its net lease assets. That process remains ongoing. There can be no assurance as to whether the Company will sell some, all or none of its net lease assets, or as to the timing and terms of any sales. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of assets and liabilities of consolidated VIEs	​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2021 December 31, 2020 ASSETS ​ ​ ​ Real estate ​ ​ ​ Real estate, at cost ​ $ 901,254 ​ $ 899,110 Less: accumulated depreciation ​ (80,409) ​ (61,917) Real estate, net ​ 820,845 ​ 837,193 Land and development, net ​ 190,929 ​ 240,137 Other investments ​ 26 ​ 35 Cash and cash equivalents ​ 25,114 ​ 22,571 Accrued interest and operating lease income receivable, net ​ 1,282 ​ 1,472 Deferred operating lease income receivable, net ​ 36,665 ​ 29,428 Deferred expenses and other assets, net ​ 119,127 ​ 122,591 Total assets ​ $ 1,193,988 ​ $ 1,253,427 LIABILITIES ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 74,307 ​ $ 115,581 Debt obligations, net ​ 478,567 ​ 488,719 Total liabilities ​ 552,874 ​ 604,300

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 ​ ​ ​ Land, at cost ​ $ 188,418 ​ $ 6,830 ​ $ 195,248 Buildings and improvements, at cost ​ 1,355,984 ​ 106,634 ​ 1,462,618 Less: accumulated depreciation ​ (280,521) ​ (20,421) ​ (300,942) Real estate, net (1) ​ 1,263,881 ​ 93,043 ​ 1,356,924 Real estate available and held for sale (2) ​ — ​ 1,983 ​ 1,983 Total real estate ​ $ 1,263,881 ​ $ 95,026 ​ $ 1,358,907 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 September 30, 2021 and December 31, 2020, real estate, net included $741.6 million and $755.5 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below). (2) As of September 30, 2021 and December 31, 2020, the Company had $2.0 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 three months) ​ $ 32,800 ​ $ 1,455 2022 ​ 133,616 ​ 6,226 2023 ​ 125,330 ​ 5,966 2024 ​ 119,714 ​ 5,913 2025 ​ 123,248 ​ 5,318 Thereafter ​ 1,385,609 ​ 7,825

Net Investment in Leases (Table

Net Investment in Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of net investment in leases	The Company’s net investment in leases were comprised of the following as of September 30, 2021 and December 31, 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 Total undiscounted cash flows ​ $ 1,538,758 ​ $ 1,020,921 Unguaranteed estimated residual value ​ 367,804 ​ 345,284 Present value discount ​ (1,420,066) ​ (926,233) Allowance for losses on net investment in leases ​ (9,136) ​ (10,871) Net investment in leases (1) ​ $ 477,360 ​ $ 429,101
Schedule of future minimum lease payments to be collected under sales-type leases	​ ​ ​ ​ ​ Amount 2021 (remaining three months) ​ $ 7,372 2022 ​ 30,590 2023 ​ 43,272 2024 ​ 43,029 2025 ​ 31,955 Thereafter ​ 1,382,540 Total undiscounted cash flows ​ $ 1,538,758
Schedule of changes in allowance for losses on net investment in leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, 2021 ​ September 30, 2020 ​ September 30, 2021 September 30, 2020 ​ Allowance for losses on net investment in leases at beginning of period $ 9,005 ​ $ 10,937 $ 10,871 ​ $ — Initial allowance recorded upon adoption of new accounting standard (1) ​ — ​ — ​ — ​ 9,111 ​ Provision for (recovery of) losses on net investment in leases (2) ​ 131 ​ 176 ​ (1,735) ​ 2,002 ​ Allowance for losses on net investment in leases at end of period ​ $ 9,136 ​ $ 11,113 ​ $ 9,136 ​ $ 11,113 ​ (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 nine months ended September 30, 2021, the Company recorded a provision for (recovery of) losses on net investment in leases of $0.1 million and ($1.7) million, respectively. The provision for losses for the three months ended September 30, 2021 resulted from market changes since June 30, 2021 and the recovery of losses for the nine months ended September 30, 2021 was due primarily to asset sales and an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. During the three and nine months ended September 30, 2020, the Company recorded a provision for losses on net investment in leases of $0.2 million and $2.0 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)	9 Months Ended
	Sep. 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 ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 2020 ​ Land and land development, at cost ​ $ 313,428 ​ $ 441,201 ​ Less: accumulated depreciation ​ (10,583) ​ (10,538) ​ Total land and development, net ​ $ 302,845 ​ $ 430,663 ​

Loans Receivable and Other Le_2

Loans Receivable and Other Lending Investments, net (Tables)	9 Months Ended
	Sep. 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 ​ ​ September 30, 2021 December 31, 2020 ​ Construction loans ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 191,697 ​ $ 449,733 ​ Corporate/Partnership loans ​ 3,516 ​ 65,100 ​ Subtotal - gross carrying value of construction loans (1) ​ 195,213 ​ 514,833 ​ Loans ​ ​ ​ Senior mortgages ​ 15,181 ​ 35,922 ​ Corporate/Partnership loans ​ 17,941 ​ 20,567 ​ Subordinate mortgages ​ 12,248 ​ 11,640 ​ Subtotal - gross carrying value of loans ​ 45,370 ​ 68,129 ​ Other lending investments ​ ​ ​ Financing receivables (refer to Note 5) ​ 48,503 ​ 46,549 ​ Held-to-maturity debt securities ​ 95,258 ​ 90,715 ​ Available-for-sale debt securities ​ 27,535 ​ 25,274 ​ Subtotal - other lending investments ​ 171,296 ​ 162,538 ​ Total gross carrying value of loans receivable and other lending investments ​ 411,879 ​ 745,500 ​ Allowance for loan losses ​ (6,370) ​ (13,170) ​ Total loans receivable and other lending investments, net ​ $ 405,509 ​ $ 732,330 ​ (1) As of September 30, 2021, 98% 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 September 30, 2021 ​ Loans ​ Loans ​ Securities ​ Receivables ​ Allowance ​ Total Allowance for loan losses at beginning of period ​ $ 1,640 ​ $ 1,619 ​ $ 2,393 ​ $ 893 ​ $ 590 ​ $ 7,135 (Recovery of) provision for loan losses (1) ​ (149) ​ (865) ​ 145 ​ 54 ​ 50 ​ (765) Allowance for loan losses at end of period ​ $ 1,491 ​ $ 754 ​ $ 2,538 ​ $ 947 ​ $ 640 ​ $ 6,370 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 11,736 ​ $ 905 ​ $ 111 ​ $ 1,159 ​ $ 21,701 ​ $ 35,612 (Recovery of) provision for loan losses (1) ​ (2,598) ​ (427) ​ (56) ​ 17 ​ 899 ​ (2,165) Allowance for loan losses at end of period ​ $ 9,138 ​ $ 478 ​ $ 55 ​ $ 1,176 ​ $ 22,600 ​ $ 33,447 (1) During the three months ended September 30, 2021 and 2020, the Company recorded a provision for (recovery of) loan losses of ($1.6) million and ( $2.0 ) million, respectively, in its consolidated statements of operations. The recovery in 2021 was due primarily to the repayment of loans during the three months ended September 30, 2021 and an improving macroeconomic forecast on commercial real estate markets since June 30, 2021. Of this amount, $0.9 million related to a recovery of loan losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities." The recovery in 2020 resulted from the reversal of CECL allowances on loans that repaid in full in the third quarter 2020 and a more favorable economic outlook on commercial real estate markets in the third quarter 2020 as compared to the second quarter 2020 . Of this amount, $0.7 million related to a recovery of loan losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities" and $0.9 million related to a provision on a non-performing loan that was recorded as a reduction to "Accrued interest and operating lease income receivable, net." Changes in the Company’s allowance for loan losses were as follows for the nine months ended September 30, 2021 and 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held to ​ ​ ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ Maturity Debt ​ Financing ​ Specific ​ ​ ​ Nine Months Ended September 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) ​ (5,050) ​ (889) ​ (555) ​ (203) ​ (103) ​ (6,800) Allowance for loan losses at end of period ​ $ 1,491 ​ $ 754 ​ $ 2,538 ​ $ 947 ​ $ 640 ​ $ 6,370 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 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) ​ 2,823 ​ 115 ​ 35 ​ 212 ​ 899 ​ 4,084 Allowance for loan losses at end of period ​ $ 9,138 ​ $ 478 ​ $ 55 ​ $ 1,176 ​ $ 22,600 ​ $ 33,447 (1) During the nine months ended September 30, 2021 and 2020, the Company recorded a provision for (recovery of) loan losses of ($7.6) million and $4.1 million, respectively, in its consolidated statements of operations. The recovery in 2021 was due primarily to the repayment of loans during the nine months ended September 30, 2021 and an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. Of this amount, $0.9 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities .” The provision for loan losses in 2020 resulted from the macroeconomic impact of COVID-19 on commercial real estate markets, of which $0.9 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities" and $0.9 million related to a provision on a non-performing loan that was recorded as a reduction to "Accrued interest and operating lease income receivable, net." (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 $2.5 million related to expected credit losses for unfunded loan commitments and was recorded in “Accounts payable, accrued expenses and other liabilities.”
Schedule of recorded investment in loans and associated allowance for loan losses	The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows as of September 30, 2021 and December 31, 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually Collectively ​ ​ ​ ​ Evaluated for ​ Evaluated for ​ ​ ​ ​ ​ Impairment (1) ​ Impairment ​ Total As of September 30, 2021 ​ ​ ​ Construction loans (2) ​ $ 58,819 ​ $ 136,394 ​ $ 195,213 Loans (2) ​ — ​ 45,370 ​ 45,370 Financing receivables ​ — ​ 48,503 ​ 48,503 Held-to-maturity debt securities ​ — ​ 95,258 ​ 95,258 Available-for-sale debt securities (3) ​ — ​ 27,535 ​ 27,535 Less: Allowance for loan losses ​ (640) ​ (5,730) ​ (6,370) Total ​ $ 58,179 ​ $ 347,330 ​ $ 405,509 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 September 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 $0.2 million and $2.3 million as of September 30, 2021 and December 31, 2020, respectively. (3) Available-for-sale debt securities are evaluated for impairment under ASC 326-30.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating	The Company’s amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, as of September 30, 2021 were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of Origination ​ ​ 2021 2020 2019 2018 2017 Prior to 2017 Total Senior mortgages ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ 11,900 ​ — ​ — ​ 11,900 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ 109,137 ​ — ​ 3,281 ​ 112,418 3.5 ​ — ​ — ​ — ​ 23,741 ​ — ​ — ​ 23,741 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal (1) ​ $ — ​ $ — ​ $ — ​ $ 144,778 ​ $ — ​ $ 3,281 ​ $ 148,059 Corporate/partnership loans ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ 3,516 ​ — ​ — ​ 3,516 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ 17,941 ​ — ​ — ​ 17,941 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ — ​ $ 21,457 ​ $ — ​ $ — ​ $ 21,457 Subordinate mortgages ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ 12,248 ​ 12,248 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 12,248 ​ $ 12,248 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing receivables ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ 48,503 ​ — ​ — ​ — ​ 48,503 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ 48,503 ​ $ — ​ $ — ​ $ — ​ $ 48,503 Total ​ $ — ​ $ — ​ $ 48,503 ​ $ 166,235 ​ $ — ​ $ 15,529 ​ $ 230,267 (1) As of September 30, 2021, excludes $58.8 million for one loan on non-accrual status.
Schedule of recorded investment in loans, aged by payment status and presented by class	The Company’s amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ or Equal ​ Than ​ Total ​ ​ ​ ​ ​ Current ​ to 90 Days ​ 90 Days ​ Past Due ​ Total As of September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 148,059 ​ $ — ​ $ 58,819 ​ ​ 58,819 ​ $ 206,878 Corporate/Partnership loans ​ 21,457 ​ — ​ — ​ — ​ 21,457 Subordinate mortgages ​ 12,248 ​ — ​ — ​ — ​ 12,248 Total ​ $ 181,764 ​ $ — ​ $ 58,819 ​ $ 58,819 ​ $ 240,583 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 September 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) ​ $ 58,819 ​ $ 58,069 ​ $ (640) ​ $ 53,305 ​ $ 52,552 ​ $ (743) Total ​ $ 58,819 ​ $ 58,069 ​ $ (640) ​ $ 53,305 ​ $ 52,552 ​ $ (743) (1) The Company has one non-accrual loan as of September 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 nine months ended September 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 September 30, 2021 ​ ​ ​ ​ ​ Available-for-Sale Securities ​ ​ ​ ​ ​ Municipal debt securities ​ $ 23,855 ​ $ 23,855 ​ $ 3,680 ​ $ 27,535 ​ $ 27,535 Held-to-Maturity Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities ​ 100,000 ​ 95,258 ​ — ​ 95,258 ​ 95,258 Total ​ $ 123,855 ​ $ 119,113 ​ $ 3,680 ​ $ 122,793 ​ $ 122,793 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 September 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 ​ 95,258 ​ 95,258 ​ — ​ — After 5 years through 10 years ​ — ​ — ​ — ​ — After 10 years ​ — ​ — ​ 23,855 ​ 27,535 Total ​ $ 95,258 ​ $ 95,258 ​ $ 23,855 ​ $ 27,535

Other Investments (Tables)

Other Investments (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended ​ ​ September 30, ​ December 31, ​ September 30, ​ September 30, ​ ​ 2021 2020 2021 2020 2021 2020 Real estate equity investments ​ ​ ​ ​ ​ ​ ​ ​ ​ Safehold Inc. ("SAFE") (2) ​ $ 1,113,333 ​ $ 937,712 ​ $ 73,475 ​ $ 9,331 ​ $ 94,590 ​ $ 36,905 iStar Net Lease II LLC ("Net Lease Venture II") ​ 100,471 ​ 78,998 ​ 1,414 ​ 811 ​ 4,014 ​ 1,568 Other real estate equity investments ​ 44,196 ​ 89,939 ​ 11,965 ​ (3,542) ​ 9,902 ​ (10,517) Subtotal ​ 1,258,000 ​ 1,106,649 ​ 86,854 ​ 6,600 ​ 108,506 ​ 27,956 Other strategic investments (3) ​ 161,766 ​ 69,911 ​ 2,355 ​ 205 ​ 6,169 ​ (1,953) Total ​ $ 1,419,766 ​ $ 1,176,560 ​ $ 89,209 ​ $ 6,805 ​ $ 114,675 ​ $ 26,003 (1) For the three months ended September 30, 2021 and 2020, earnings (losses) from equity method investments is net of the Company’s pro rata share of $5.1 million and $4.6 million, respectively, of depreciation expense and $18.5 million and $14.6 million, respectively, of interest expense. For the nine months ended September 30, 2021 and 2020, earnings (losses) from equity method investments is net of the Company’s pro rata share of $16.2 million and $13.4 million, respectively, of depreciation expense and $51.7 million and $44.0 million, respectively, of interest expense. (2) As of September 30, 2021, the Company owned 36.0 million shares of SAFE common stock which, based on the closing price of $71.89 on September 30, 2021, had a market value of $2.6 billion. Pursuant to ASC 323-10-40-1, an equity method investor shall account for a share issuance by an investee as if the investor had sold a proportionate share of its investment. Any gain or loss to the investor resulting from an investee’s share issuance shall be recognized in earnings. For the three months ended September 30, 2021, equity in earnings includes a dilution gain of $60.2 million resulting from a SAFE equity offering. For the nine months ended September 30, 2021 and 2020, equity in earnings includes dilution gains of $60.7 million and $7.9 million, respectively, resulting from SAFE equity offerings. (3) During the three and nine months ended September 30, 2021 and the three and nine months ended September 30, 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 of $14.0 million and $19.1 million for the three and nine months ended September 30, 2021, respectively, and aggregate mark-to-market gains of $14.0 million and $23.9 million for the three and nine months ended September30, 2020, respectively, in “Other income” in the Company’s consolidated statements of operations.
Schedule of summarized financial information	The following table presents the investee level summarized financial information for the Company’s equity method investment that was significant as of September 30, 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues Expenses Net Income Attributable to Parent For the Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE ​ $ 135,001 ​ $ 88,585 ​ $ 51,844 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE ​ $ 115,518 ​ $ 73,821 ​ $ 44,024

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 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 ​ ​ September 30, 2021 December 31, 2020 ​ Intangible assets, net (1) ​ $ 146,588 ​ $ 156,041 ​ Restricted cash ​ 55,915 ​ 51,933 ​ Operating lease right-of-use assets (2) ​ 43,799 ​ 48,891 ​ Other assets (3) ​ 17,572 ​ 19,453 ​ Other receivables ​ 11,052 ​ 10,881 ​ Leasing costs, net (4) ​ 4,936 ​ 2,340 ​ Corporate furniture, fixtures and equipment, net (5) ​ 1,843 ​ 2,024 ​ Deferred financing fees, net ​ 841 ​ 1,549 ​ Deferred expenses and other assets, net ​ $ 282,546 ​ $ 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 $50.8 million and $44.4 million as of September 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 $0.5 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively, and $1.1 million and $1.0 million for the nine months ended September 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 $ 2.8 million and $ 2.6 million for the three months ended September 30, 2021 and 2020, respectively, and $ 8.6 million and $ 7.9 million for the nine months ended September 30, 2021 and 2020, respectively. These amounts are included in “Depreciation and amortization” in the Company’s consolidated statements of operations. As of September 30, 2021, the weighted average remaining amortization period for the Company’s intangible assets was approximately 16.2 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 September 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 statements of operations relating to operating leases. During the nine months ended September 30, 2021 and 2020, the Company recognized $3.7 million and $3.4 million, respectively, in "General and administrative" and $2.7 million and $2.6 million, respectively, in "Real estate expense" in its consolidated statements 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 $2.1 million and $2.6 million as of September 30, 2021 and December 31, 2020, respectively. (5) Accumulated depreciation on corporate furniture, fixtures and equipment was $14.7 million and $14.3 million as of September 30, 2021 and December 31, 2020, respectively.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2021 December 31, 2020 ​ Other liabilities (1) ​ $ 65,318 ​ ​ 91,513 ​ Accrued expenses ​ 112,223 ​ 94,724 ​ Intangible liabilities, net (2) ​ 46,870 ​ 48,738 ​ Operating lease liabilities (see table above) ​ 47,111 ​ 50,072 ​ Accrued interest payable ​ 28,939 ​ 32,355 ​ Accounts payable, accrued expenses and other liabilities ​ $ 300,461 ​ $ 317,402 ​ (1) As of September 30, 2021 and December 31, 2020, other liabilities includes $20.7 million and $36.9 million, respectively, of deferred income. As of September 30, 2021 and December 31, 2020, other liabilities includes $11.7 million and $19.0 million, respectively, of derivative liabilities. As of September 30, 2021 and December 31, 2020, other liabilities includes $0.1 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 $9.0 million and $7.5 million as of September 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 September 30, 2021 and 2020, respectively, and $ 1.9 million and $ 1.9 million for the nine months ended September 30, 2021 and 2020, respectively.

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	9 Months Ended
	Sep. 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 ​ September 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 ​ 701,541 ​ 721,075 ​ 1.63% - 7.19 % (3) ​ Total secured credit facilities and mortgages (4) ​ 1,193,416 ​ 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 ​ 3,305,916 ​ 3,325,450 ​ Debt discounts and deferred financing costs, net (9) ​ (23,318) ​ (38,475) ​ Total debt obligations, net (10) ​ $ 3,282,598 ​ $ 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 September 30, 2021, the weighted average interest rate of these loans is 4.4% , inclusive of the effect of interest rate swaps. (4) As of September 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 September 30, 2021 was 71.5797 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $13.97 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 September 30, 2021 and 2020, the Company recognized $2.2 million and $2.2 million, respectively, of contractual interest and during the three months ended September 30, 2020, the Company recognized $1.3 million of discount amortization on the 3.125% Convertible Notes. During the nine months ended September 30, 2021 and 2020, the Company recognized $6.7 million and $6.7 million, respectively, of contractual interest and during the nine months ended September 30, 2020, the Company recognized $3.9 million of discount amortization on the 3.125% Convertible Notes. The effective interest rate for the three and nine months ended September 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 $ 0.5 million during the three months ended September 30, 2021 and 2020, respectively, and $ 0.7 million and $ 1.6 million during the nine months ended September 30, 2021 and 2020, respectively.
Schedule of future scheduled maturities of outstanding debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured Debt Secured Debt Total 2021 (remaining three months) ​ $ — ​ $ 95,495 ​ $ 95,495 2022 ​ 287,500 ​ 95,324 ​ 382,824 2023 ​ — ​ 491,875 ​ 491,875 2024 ​ 775,000 ​ — ​ 775,000 2025 ​ 550,000 ​ 269,780 ​ 819,780 Thereafter ​ 500,000 ​ 240,942 ​ 740,942 Total principal maturities ​ 2,112,500 ​ 1,193,416 ​ 3,305,916 Unamortized discounts and deferred financing costs, net ​ (18,426) ​ (4,892) ​ (23,318) Total debt obligations, net ​ $ 2,094,074 ​ $ 1,188,524 ​ $ 3,282,598

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments	As of September 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 ​ $ 7,860 ​ $ 29,716 ​ $ 71,319 ​ $ 108,895 Strategic Investments ​ — ​ 1,900 ​ 7,592 ​ 9,492 Total ​ $ 7,860 ​ $ 31,616 ​ $ 78,911 ​ $ 118,387
Schedule of future minimum lease obligations operating leases	​ ​ ​ ​ ​ ​ ​ ​ Operating (1)(2) Finance (1) 2021 (remaining three months) ​ $ 1,728 ​ $ 1,384 2022 ​ 6,635 ​ 5,604 2023 ​ 6,272 ​ 5,716 2024 ​ 6,188 ​ 5,830 2025 ​ 6,176 ​ 5,946 Thereafter ​ 334 ​ 1,567,826 Total undiscounted cash flows ​ 27,333 ​ 1,592,306 Present value discount (1) ​ (2,717) ​ (1,439,677) Other adjustments (2) ​ 22,495 ​ — Lease liabilities ​ $ 47,111 ​ $ 152,629 (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 5.0% and the weighted average remaining lease term is 7.6 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 4.9 years and the weighted average discount rate was 4.7% . 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 96.2 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 September 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 statements of operations relating to finance leases. During the nine months ended September 30, 2021 and 2020, the Company recognized $ 6.2 million and $ 6.1 million, respectively, in "Interest expense" and $ 1.1 million and $ 1.1 million, respectively, in "Depreciation and amortization" in its consolidated statements of operations relating to finance leases. During the three months ended September 30, 2021 and 2020, the Company made payments of $0.8 million and $1.0 million, respectively, related to its operating leases and $1.3 million and $1.4 million, respectively, related to its finance leases with SAFE . During the nine months ended September 30, 2021 and 2020, the Company made payments of $2.1 million and $3.2 million, respectively, related to its operating leases and $4.1 million and $4.0 million, respectively, related to its finance leases with SAFE . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company’s tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company’s tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ 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 5.0% . 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 three months) ​ $ 1,728 ​ $ 1,384 2022 ​ 6,635 ​ 5,604 2023 ​ 6,272 ​ 5,716 2024 ​ 6,188 ​ 5,830 2025 ​ 6,176 ​ 5,946 Thereafter ​ 334 ​ 1,567,826 Total undiscounted cash flows ​ 27,333 ​ 1,592,306 Present value discount (1) ​ (2,717) ​ (1,439,677) Other adjustments (2) ​ 22,495 ​ — Lease liabilities ​ $ 47,111 ​ $ 152,629 (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 5.0% and the weighted average remaining lease term is 7.6 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 4.9 years and the weighted average discount rate was 4.7% . 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 96.2 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 September 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 statements of operations relating to finance leases. During the nine months ended September 30, 2021 and 2020, the Company recognized $ 6.2 million and $ 6.1 million, respectively, in "Interest expense" and $ 1.1 million and $ 1.1 million, respectively, in "Depreciation and amortization" in its consolidated statements of operations relating to finance leases. During the three months ended September 30, 2021 and 2020, the Company made payments of $0.8 million and $1.0 million, respectively, related to its operating leases and $1.3 million and $1.4 million, respectively, related to its finance leases with SAFE . During the nine months ended September 30, 2021 and 2020, the Company made payments of $2.1 million and $3.2 million, respectively, related to its operating leases and $4.1 million and $4.0 million, respectively, related to its finance leases with SAFE . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company’s tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company’s tenants on its behalf. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ 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 5.0% . 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)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020 ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities ​ ​ Balance Sheet ​ Fair As of September 30, 2021 Location Value Derivatives Designated in Hedging Relationships ​ ​ ​ ​ ​ Interest rate swaps Accounts payable, accrued expenses and other liabilities ​ $ 11,723 Total ​ $ 11,723 ​ ​ ​ ​ ​ ​ 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 $9.1 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as an increase to interest expense.
Schedule of derivative financial instruments on consolidated statements of operations and comprehensive income	The table below presents the effect of the Company’s derivative financial instruments, including the Company’s share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps Interest expense ​ $ 278 ​ $ (2,050) Interest rate swaps Earnings from equity method investments ​ (5) ​ (633) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, 2020 ​ ​ Interest rate swaps Interest expense ​ $ (401) ​ $ (2,038) Interest rate swaps Earnings from equity method investments ​ 598 ​ (333) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps Interest expense ​ $ 2,834 ​ $ (6,183) Interest rate swaps Earnings from equity method investments ​ 8,649 ​ (1,324) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2020 ​ ​ Interest rate swaps Interest Expense ​ $ (15,371) ​ $ (4,926) Interest rate swaps Earnings from equity method investments ​ (15,559) ​ (866)

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 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 $6.0 million, $4.6 million and $7.0 million on its Series D, G and I Cumulative Redeemable Preferred Stock during both the nine months ended September 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 ​ ​ September 30, 2021 December 31, 2020 ​ Unrealized gains on available-for-sale securities ​ $ 3,681 $ 4,594 ​ Unrealized losses on cash flow hedges ​ (38,031) ​ (53,075) ​ Unrealized losses on cumulative translation adjustment ​ — ​ (4,199) ​ Accumulated other comprehensive loss ​ $ (34,350) ​ $ (52,680) ​

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans and Employee Benefits (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 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 ​ 372 Vested ​ (112) Forfeited ​ (32) Nonvested at end of period 759

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 September 30, ​ For the Nine Months Ended September 30, ​ ​ 2021 2020 2021 2020 ​ Net income (loss) ​ $ 130,994 ​ $ 6,451 ​ $ 127,567 ​ $ (20,793) ​ Net income attributable to noncontrolling interests ​ (3,264) ​ (2,646) ​ (8,037) ​ (8,435) ​ Preferred dividends ​ (5,874) ​ (5,874) ​ (17,622) ​ (17,622) ​ Net income (loss) allocable to common shareholders for basic and diluted earnings per common share ​ $ 121,856 ​ $ (2,069) ​ $ 101,908 ​ $ (46,850) ​
Schedule of earnings per share allocable to common shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2021 2020 2021 2020 ​ Earnings allocable to common shares: ​ ​ ​ ​ ​ ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ Net income (loss) attributable to iStar Inc. and allocable to common shareholders ​ $ 121,856 ​ $ (2,069) ​ $ 101,908 ​ $ (46,850) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator for diluted earnings per share: ​ ​ ​ ​ ​ Net income (loss) allocable to common shareholders ​ $ 121,856 ​ $ (2,069) ​ $ 101,908 ​ $ (46,850) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic and diluted earnings per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding for basic earnings per common share ​ ​ 71,299 ​ ​ 75,033 ​ ​ 72,675 ​ ​ 76,232 ​ Add: Effect of assumed shares issued under treasury stock method for restricted stock units ​ ​ 221 ​ ​ — ​ ​ 206 ​ ​ — ​ Add: Effect of convertible debt ​ ​ 8,967 ​ ​ — ​ ​ 5,521 ​ ​ — ​ Weighted average common shares outstanding for basic and diluted earnings per common share ​ 80,487 ​ 75,033 ​ 78,402 ​ 76,232 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted earnings per common share: (1) ​ ​ ​ ​ ​ Net income (loss) allocable to common shareholders ​ $ 1.71 ​ $ (0.03) ​ $ 1.40 ​ $ (0.61) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share: (1) ​ ​ ​ ​ ​ Net income (loss) allocable to common shareholders ​ $ 1.51 ​ $ (0.03) ​ $ 1.30 ​ $ (0.61) ​ (1) For the three and nine months ended September 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)	9 Months Ended
	Sep. 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Recurring basis: ​ ​ ​ ​ Derivative liabilities (1) $ 11,723 $ — $ 11,723 $ — Available-for-sale securities (1) ​ 27,535 ​ — ​ — ​ 27,535 Non-recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired real estate available and held for sale (2) ​ ​ 1,682 ​ ​ — ​ ​ — ​ ​ 1,682 Other investments (3) ​ ​ 98,461 ​ ​ — ​ ​ 98,461 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (4) ​ 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) The Company recorded a $0.4 million impairment on an operating property held for sale with an estimated fair value of $1.7 million. The estimated fair value is based on an executed sales contract with a third party. (3) During the nine months ended September 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. (4) The Company recorded a $1.3 million impairment on a land and development asset with an estimated fair value of $6.1 million. The estimated fair value is based on future cash flows expected to be received.
Summary of changes in Level 3 available-for-sale securities reported at fair value	The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company’s consolidated balance sheets for the nine months ended September 30, 2021 and 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Beginning balance ​ $ 25,274 ​ $ 23,896 Purchases ​ ​ 3,375 ​ ​ — Repayments ​ (201) ​ (460) Unrealized gains (losses) recorded in other comprehensive income ​ (913) ​ 1,195 Ending balance ​ $ 27,535 ​ $ 24,631
Schedule of carrying value and fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ As of December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Net investment in leases (1) ​ $ 477 ​ $ 497 ​ $ 429 ​ $ 431 Loans receivable and other lending investments, net (1) ​ 406 ​ 436 ​ 732 ​ 772 Cash and cash equivalents (2) ​ 299 ​ 299 ​ 99 ​ 99 Restricted cash (2) ​ 56 ​ 56 ​ 52 ​ 52 Loan participations payable, net (1) ​ — ​ — ​ 43 ​ 43 Debt obligations, net (1)(3) ​ ​ 3,283 ​ ​ 3,643 ​ ​ 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 September 30, 2021 and December 31, 2020, the fair value of the Company’s 3.125% Senior Convertible Notes was $527.2 million and $338.8 million, respectively.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 40,659 ​ $ — ​ $ 3,637 ​ $ 96 ​ $ — ​ $ 44,392 Interest income ​ 1,630 ​ 6,321 ​ — ​ — ​ — ​ 7,951 Interest income from sales-type leases ​ 9,578 ​ — ​ — ​ — ​ — ​ 9,578 Other income ​ 4,767 ​ 1,095 ​ 16,869 ​ 3,189 ​ 14,275 ​ 40,195 Land development revenue ​ — ​ — ​ — ​ 93,369 ​ — ​ 93,369 Earnings (losses) from equity method investments ​ 74,889 ​ 872 ​ 1,129 ​ 10,836 ​ 1,483 ​ 89,209 Income from sales of real estate ​ — ​ — ​ 25,611 ​ — ​ — ​ 25,611 Total revenue and other earnings ​ 131,523 ​ 8,288 ​ 47,246 ​ 107,490 ​ 15,758 ​ 310,305 Real estate expense ​ (5,446) ​ — ​ (9,184) ​ (4,094) ​ — ​ (18,724) Land development cost of sales ​ — ​ — ​ — ​ (87,380) ​ — ​ (87,380) Other expense ​ (1,327) ​ (270) ​ — ​ (64) ​ (350) ​ (2,011) Allocated interest expense ​ (26,467) ​ (3,331) ​ (1,641) ​ (3,679) ​ (4,353) ​ (39,471) Allocated general and administrative (2) ​ (5,487) ​ (958) ​ (473) ​ (2,173) ​ (5,029) ​ (14,120) Segment profit (loss) (3) ​ $ 92,796 ​ $ 3,729 ​ $ 35,948 ​ $ 10,100 ​ $ 6,026 ​ $ 148,599 Other significant items: ​ ​ ​ ​ ​ ​ Provision for (recovery of) loan losses ​ $ 54 ​ $ (1,610) ​ $ — ​ $ — ​ $ — ​ $ (1,556) Provision for losses on net investment in leases ​ 131 ​ — ​ — ​ — ​ — ​ 131 Impairment of assets ​ 757 ​ — ​ 422 ​ — ​ — ​ 1,179 Depreciation and amortization ​ 13,114 ​ — ​ 1,385 ​ 228 ​ 129 ​ 14,856 Capitalized expenditures ​ 969 ​ — ​ 121 ​ 7,416 ​ — ​ 8,506 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 41,144 ​ $ — ​ $ 5,137 ​ $ 89 ​ $ — ​ $ 46,370 Interest income ​ 911 ​ 13,359 ​ — ​ — ​ — ​ 14,270 Interest income from sales-type leases ​ 8,360 ​ — ​ — ​ — ​ — ​ 8,360 Other income ​ 4,554 ​ 104 ​ 2,956 ​ 3,831 ​ 14,107 ​ 25,552 Land development revenue ​ — ​ — ​ — ​ 20,502 ​ — ​ 20,502 Earnings (losses) from equity method investments ​ 10,141 ​ — ​ (4,134) ​ 592 ​ 206 ​ 6,805 Income from sales of real estate ​ 6,055 ​ — ​ — ​ — ​ — ​ 6,055 Total revenue and other earnings ​ 71,165 ​ 13,463 ​ 3,959 ​ 25,014 ​ 14,313 ​ 127,914 Real estate expense ​ (7,136) ​ — ​ (4,428) ​ (5,371) ​ — ​ (16,935) Land development cost of sales ​ — ​ — ​ — ​ (21,358) ​ — ​ (21,358) Other expense ​ — ​ (37) ​ — ​ — ​ (36) ​ (73) Allocated interest expense ​ (26,049) ​ (5,831) ​ (2,289) ​ (4,606) ​ (3,632) ​ (42,407) Allocated general and administrative (2) ​ (5,161) ​ (1,451) ​ (582) ​ (2,320) ​ (4,693) ​ (14,207) Segment profit (loss) (3) ​ 32,819 ​ $ 6,144 ​ $ (3,340) ​ $ (8,641) ​ $ 5,952 ​ $ 32,934 Other significant non-cash items: ​ ​ ​ ​ ​ ​ Provision for (recovery of) loan losses ​ $ 19 ​ $ (1,995) ​ $ — ​ $ — ​ $ — ​ $ (1,976) Provision for losses on net investment in leases ​ ​ 175 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 175 Depreciation and amortization ​ 12,781 ​ — ​ 1,287 ​ 243 ​ 310 ​ 14,621 Capitalized expenditures ​ 1,896 ​ — ​ 84 ​ 5,170 ​ — ​ 7,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Real Estate Operating Land and Corporate/ Company ​ ​ Lease ​ Finance ​ Properties ​ Development ​ Other (1) ​ Total Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 123,926 ​ $ — ​ $ 13,176 ​ $ 279 ​ $ — ​ $ 137,381 Interest income ​ 3,696 ​ 23,878 ​ — ​ — ​ — ​ 27,574 Interest income from sales-type leases ​ 26,895 ​ — ​ — ​ — ​ — ​ 26,895 Other income ​ 14,213 ​ 1,245 ​ 23,159 ​ 5,894 ​ 20,038 ​ 64,549 Land development revenue ​ — ​ — ​ — ​ 157,936 ​ — ​ 157,936 Earnings (losses) from equity method investments ​ 98,604 ​ 2,092 ​ (5,553) ​ 15,456 ​ 4,076 ​ 114,675 Income from sales of real estate ​ 2,114 ​ — ​ 26,319 ​ — ​ — ​ 28,433 Total revenue and other earnings ​ 269,448 ​ 27,215 ​ 57,101 ​ 179,565 ​ 24,114 ​ 557,443 Real estate expense ​ (21,065) ​ — ​ (19,238) ​ (13,604) ​ — ​ (53,907) Land development cost of sales ​ — ​ — ​ — ​ (147,507) ​ — ​ (147,507) Other expense ​ (1,327) ​ (422) ​ — ​ (64) ​ (662) ​ (2,475) Allocated interest expense ​ (76,888) ​ (11,737) ​ (5,714) ​ (11,481) ​ (12,631) ​ (118,451) Allocated general and administrative (2) ​ (17,544) ​ (3,659) ​ (1,797) ​ (6,968) ​ (15,686) ​ (45,654) Segment profit (loss) (3) ​ $ 152,624 ​ $ 11,397 ​ $ 30,352 ​ $ (59) ​ $ (4,865) ​ $ 189,449 Other significant items: ​ ​ ​ ​ ​ ​ Recovery of loan losses ​ $ (202) ​ $ (7,411) ​ $ — ​ $ — ​ $ — ​ $ (7,613) Recovery of losses on net investment in leases ​ (1,735) ​ — ​ — ​ — ​ — ​ (1,735) Impairment of assets ​ 2,286 ​ — ​ 679 ​ — ​ — ​ 2,965 Depreciation and amortization ​ 39,255 ​ — ​ 4,593 ​ 674 ​ 449 ​ 44,971 Capitalized expenditures ​ 2,300 ​ — ​ 610 ​ 16,727 ​ — ​ 19,637 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ 124,109 ​ $ — ​ $ 16,153 ​ $ 267 ​ $ — ​ $ 140,529 Interest income ​ 2,594 ​ 44,331 ​ — ​ — ​ — ​ 46,925 Interest income from sales-type leases ​ 25,010 ​ — ​ — ​ — ​ — ​ 25,010 Other income ​ 13,468 ​ 4,249 ​ 6,605 ​ 5,558 ​ 26,332 ​ 56,212 Land development revenue ​ — ​ — ​ — ​ 116,254 ​ — ​ 116,254 Earnings (losses) from equity method investments ​ 38,472 ​ — ​ (11,741) ​ 1,225 ​ (1,953) ​ 26,003 Income from sales of real estate ​ 6,056 ​ — ​ 62 ​ — ​ — ​ 6,118 Total revenue and other earnings ​ 209,709 ​ 48,580 ​ 11,079 ​ 123,304 ​ 24,379 ​ 417,051 Real estate expense ​ (19,497) ​ — ​ (16,600) ​ (17,611) ​ — ​ (53,708) Land development cost of sales ​ — ​ — ​ — ​ (114,704) ​ — ​ (114,704) Other expense ​ — ​ (80) ​ — ​ — ​ (271) ​ (351) Allocated interest expense ​ (74,915) ​ (17,989) ​ (6,731) ​ (13,598) ​ (14,515) ​ (127,748) Allocated general and administrative (2) ​ (17,327) ​ (5,123) ​ (1,966) ​ (7,524) ​ (14,523) ​ (46,463) Segment profit (loss) (3) ​ $ 97,970 ​ $ 25,388 ​ $ (14,218) ​ $ (30,133) ​ $ (4,930) ​ $ 74,077 Other significant items: ​ ​ ​ ​ ​ ​ Provision for loan losses ​ $ 212 ​ $ 3,881 ​ $ — ​ $ — ​ $ — ​ $ 4,093 Provision for losses on net investment in leases ​ 2,001 ​ — ​ — ​ — ​ — ​ 2,001 Impairment of assets ​ 2,036 ​ — ​ 2,983 ​ 1,472 ​ — ​ 6,491 Depreciation and amortization ​ ​ 37,924 ​ ​ — ​ ​ 3,843 ​ ​ 729 ​ ​ 911 ​ ​ 43,407 Capitalized expenditures ​ 8,913 ​ — ​ 1,421 ​ 25,222 ​ — ​ 35,556 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ ​ ​ ​ ​ ​ Real estate, net ​ $ 1,263,881 ​ $ — ​ $ 93,043 ​ $ — ​ $ — ​ $ 1,356,924 Real estate available and held for sale ​ — ​ — ​ 1,983 ​ — ​ — ​ 1,983 Total real estate ​ 1,263,881 ​ — ​ 95,026 ​ — ​ — ​ 1,358,907 Net investment in leases ​ 477,360 ​ — ​ — ​ — ​ — ​ 477,360 Land and development, net ​ — ​ — ​ — ​ 302,845 ​ — ​ 302,845 Loans receivable and other lending investments, net ​ 47,555 ​ 357,954 ​ — ​ — ​ — ​ 405,509 Loan receivable held for sale ​ 42,683 ​ — ​ — ​ — ​ — ​ 42,683 Other investments ​ ​ 1,213,804 ​ ​ 47,936 ​ ​ 43,659 ​ ​ 537 ​ ​ 113,830 ​ ​ 1,419,766 Total portfolio assets ​ ​ 3,045,283 ​ ​ 405,890 ​ ​ 138,685 ​ ​ 303,382 ​ ​ 113,830 ​ 4,007,070 Cash and other assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 795,095 Total assets ​ ​ ​ ​ ​ ​ ​ ​ $ 4,802,165 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $ 3.0 million and $23.3 million for the three and nine months ended September 30, 2021, respectively, and $ 5.7 million and $ 26.7 million for the three and nine months ended September 30, 2020, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2021 2020 2021 2020 ​ Segment profit ​ $ 148,599 ​ $ 32,934 ​ $ 189,449 ​ $ 74,077 ​ Less: Recovery of (provision for) loan losses ​ 1,556 ​ 1,976 ​ 7,613 ​ (4,093) ​ Less: (Provision for) recovery of losses on net investment in leases ​ (131) ​ (175) ​ 1,735 ​ (2,001) ​ Less: Impairment of assets ​ (1,179) ​ — ​ (2,965) ​ (6,491) ​ Less: Stock-based compensation expense ​ (3,001) ​ (5,661) ​ (23,300) ​ (26,675) ​ Less: Depreciation and amortization ​ (14,856) ​ (14,621) ​ (44,971) ​ (43,407) ​ Less: Income tax benefit (expense) ​ 6 ​ (78) ​ 6 ​ (165) ​ Less: Loss on early extinguishment of debt, net ​ — ​ (7,924) ​ — ​ (12,038) ​ Net income (loss) ​ $ 130,994 ​ $ 6,451 ​ $ 127,567 ​ $ (20,793) ​
Schedule of reconciliation of segment profit to income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2021 2020 2021 2020 ​ Segment profit ​ $ 148,599 ​ $ 32,934 ​ $ 189,449 ​ $ 74,077 ​ Less: Recovery of (provision for) loan losses ​ 1,556 ​ 1,976 ​ 7,613 ​ (4,093) ​ Less: (Provision for) recovery of losses on net investment in leases ​ (131) ​ (175) ​ 1,735 ​ (2,001) ​ Less: Impairment of assets ​ (1,179) ​ — ​ (2,965) ​ (6,491) ​ Less: Stock-based compensation expense ​ (3,001) ​ (5,661) ​ (23,300) ​ (26,675) ​ Less: Depreciation and amortization ​ (14,856) ​ (14,621) ​ (44,971) ​ (43,407) ​ Less: Income tax benefit (expense) ​ 6 ​ (78) ​ 6 ​ (165) ​ Less: Loss on early extinguishment of debt, net ​ — ​ (7,924) ​ — ​ (12,038) ​ Net income (loss) ​ $ 130,994 ​ $ 6,451 ​ $ 127,567 ​ $ (20,793) ​

Business and Organization (Deta

Business and Organization (Details) $ in Billions	Sep. 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		Sep. 30, 2021		Dec. 31, 2020		Sep. 30, 2020
Real estate
Real estate, at cost	[1]	$ 1,657,866		$ 1,752,053
Less: accumulated depreciation	[1]	(300,942)		(267,772)
Real estate, net	[1]	1,356,924		1,484,281
Land and development, net	[1]	302,845		430,663
Other investments	[1]	1,419,766		1,176,560
Cash and cash equivalents		298,886	[1]	98,633	[1]	$ 88,187
Accrued interest and operating lease income receivable, net	[1]	5,046		10,061
Deferred operating lease income receivable, net	[1]	66,002		58,128
Deferred expenses and other assets, net	[1]	282,546		293,112
Total assets	[1]	4,802,165		4,861,808
LIABILITIES
Accounts payable, accrued expenses and other liabilities	[1]	300,461		317,402
Debt obligations, net	[1]	3,282,598		3,286,975
Total liabilities	[1]	3,735,940		3,797,425
Consolidated VIEs
Real estate
Real estate, at cost		901,254		899,110
Less: accumulated depreciation		(80,409)		(61,917)
Real estate, net		820,845		837,193
Land and development, net		190,929		240,137
Other investments		26		35
Cash and cash equivalents		25,114		22,571
Accrued interest and operating lease income receivable, net		1,282		1,472
Deferred operating lease income receivable, net		36,665		29,428
Deferred expenses and other assets, net		119,127		122,591
Total assets		1,193,988		1,253,427
LIABILITIES
Accounts payable, accrued expenses and other liabilities		74,307		115,581
Debt obligations, net		478,567		488,719
Total liabilities		552,874		$ 604,300
Unconsolidated VIEs
LIABILITIES
Carrying value of the investments		149,400
Variable interest entity unfunded commitment		$ 7,600
[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		Sep. 30, 2021	Jan. 01, 2021	Dec. 31, 2020	Sep. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt obligations, net	[1]	$ 3,282,598		$ 3,286,975
Retained earnings	[1]	(2,225,552)		(2,316,972)
Additional paid-in capital	[1]	$ (3,127,401)		(3,240,535)
3.125% Senior Convertible Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated interest rate		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 rate		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 rate			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		Sep. 30, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Less: accumulated depreciation	[1]	$ (300,942)	$ (267,772)
Real estate, net	[1]	1,356,924	1,484,281
Real estate available and held for sale	[1]	1,983	5,212
Total real estate	[1]	1,358,907	1,489,493
Net Lease
Real Estate Properties [Line Items]
Land, at cost		188,418	188,418
Buildings and improvements, at cost		1,355,984	1,353,683
Less: accumulated depreciation		(280,521)	(250,198)
Real estate, net		1,263,881	1,291,903
Real estate available and held for sale		0	0
Total real estate		1,263,881	1,291,903
Net Lease | iStar Net Lease I LLC
Real Estate Properties [Line Items]
Real estate, net		741,600	755,500
Operating Properties
Real Estate Properties [Line Items]
Land, at cost		6,830	103,530
Buildings and improvements, at cost		106,634	106,422
Less: accumulated depreciation		(20,421)	(17,574)
Real estate, net		93,043	192,378
Real estate available and held for sale		1,983	5,212
Total real estate		95,026	197,590
Real Estate Properties
Real Estate Properties [Line Items]
Land, at cost		195,248	291,948
Buildings and improvements, at cost		1,462,618	1,460,105
Less: accumulated depreciation		(300,942)	(267,772)
Real estate, net		1,356,924	1,484,281
Real estate available and held for sale		1,983	5,212
Total real estate		1,358,907	1,489,493
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale		$ 2,000	$ 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)	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Real Estate [Line Items]
Net proceeds from sales of real estate			$ 140,576	$ 42,684
Impairment of assets	$ 1,179	$ 0	2,965	6,491
Net Lease
Real Estate [Line Items]
Net proceeds from sales of real estate				7,500
Impairment of assets				$ 1,700
Operating Properties
Real Estate [Line Items]
Real estate asset held for sale					$ 96,800
Proceeds from sale of real estate held for sale			125,000
Gain on sale of real estate held for sale			$ 25,600

Real Estate (Impairments) (Deta

Real Estate (Impairments) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Real Estate Properties [Line Items]
Impairment of real estate - Held for sale		$ 0.4	$ 3
Impairment of real estate				$ 1.3
Net Lease
Real Estate Properties [Line Items]
Impairment of real estate			$ 1.7
Operating Properties
Real Estate Properties [Line Items]
Impairment of real estate - Held for sale	$ 0.4	$ 0.4

Real Estate (Tenant Reimburseme

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Real Estate [Abstract]
Tenant expense reimbursements	$ 5.3	$ 5.8	$ 17.4	$ 17.1

Real Estate (Allowance for Doub

Real Estate (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Real Estate Tenant Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 0.4	$ 1.7

Real Estate (Future Minimum Ope

Real Estate (Future Minimum Operating Lease Payments) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Net Lease
Real Estate Properties [Line Items]
2021 (remaining three months)	$ 32,800
2022	133,616
2023	125,330
2024	119,714
2025	123,248
Thereafter	1,385,609
Operating Properties
Real Estate Properties [Line Items]
2021 (remaining three months)	1,455
2022	6,226
2023	5,966
2024	5,913
2025	5,318
Thereafter	$ 7,825

Net Investment in Leases (Narra

Net Investment in Leases (Narrative) (Details) $ in Thousands	1 Months Ended		3 Months Ended				9 Months Ended
	Jun. 30, 2021USD ($)lease	May 31, 2019USD ($)property	Sep. 30, 2021USD ($)		Sep. 30, 2020USD ($)lease	Jun. 30, 2020USD ($)	Sep. 30, 2021USD ($)		Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	[1]
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
Number of ground leases entered into | lease	2
Loan receivable held for sale			$ 42,683				$ 42,683
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		$ 424,100	477,360	[1]			477,360	[1]		$ 429,101
Cash interest income from sales-type leases			7,000		$ 1,500		7,300		$ 10,700
Noncash interest income from sales-type leases			$ 2,500		$ 6,900		19,600		$ 14,300
Net Lease
Net investment in leases [Line Items]
Net proceeds from net investment in leases							8,700
Impairment loss							$ 2,300
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	$ 42,000
Land Parcel One
Net investment in leases [Line Items]
Purchase price for properties acquired from lessee	$ 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
Land Parcel Two
Net investment in leases [Line Items]
Purchase price for properties acquired from lessee	$ 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
Land Parcel Two | Loans Receivable Held-for-sale
Net investment in leases [Line Items]
Loan receivable held for sale	$ 42,000
[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	Sep. 30, 2021		Jun. 30, 2021	Dec. 31, 2020		Sep. 30, 2020	Jun. 30, 2020	May 31, 2019
Leases [Abstract]
Total undiscounted cash flows	$ 1,538,758			$ 1,020,921
Unguaranteed estimated residual value	367,804			345,284
Present value discount	(1,420,066)			(926,233)
Allowance for losses on net investment in leases	(9,136)		$ (9,005)	(10,871)		$ (11,113)	$ (10,937)
Net investment in leases	$ 477,360	[1]		$ 429,101	[1]			$ 424,100
Risk rating	2.00%
[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	Sep. 30, 2021USD ($)
Amount
2021 (remaining three months)	$ 7,372
2022	30,590
2023	43,272
2024	43,029
2025	31,955
Thereafter	1,382,540
Total undiscounted cash flows	$ 1,538,758

Net Investment in Leases - Allo

Net Investment in Leases - Allowance for Losses on Net Investment in Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 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	$ 9,005	$ 10,937	$ 10,871
(Recovery of) provision for losses on net investment in leases	131	176	(1,735)	$ 2,002
Allowance for losses on net investment in leases at end of period	$ 9,136	$ 11,113	$ 9,136	11,113
Period of Adoption, Adjustment | ASU 2016-13
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				$ 9,111

Land and Development (Schedule

Land and Development (Schedule of Land and Development Assets) (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Total land and development, net	[1]	$ 302,845	$ 430,663
Land and Land Development
Real Estate Properties [Line Items]
Land and land development, at cost		313,428	441,201
Less: accumulated depreciation		(10,583)	(10,538)
Total land and development, net		$ 302,845	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Real Estate Properties [Line Items]
Revenues	$ 195,485	$ 115,054	$ 414,335	$ 384,930
Impairment of assets	1,179	0	2,965	6,491
Land development revenue
Real Estate Properties [Line Items]
Revenues	93,369	20,502	157,936	116,254
Cost of sales expense	$ 87,380	$ 21,358	$ 147,507	114,704
Land and Land Development
Real Estate Properties [Line Items]
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		Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		$ 171,296		$ 162,538
Total gross carrying value of loans receivable and other lending investments		411,879		745,500
Allowance for loan losses		(6,370)		(13,170)
Total loans receivable and other lending investments, net	[1]	405,509		732,330
Financing receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		48,503		46,549
Held-to-maturity debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		95,258		90,715
Available-for-sale debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		27,535		25,274
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		240,583		582,962
Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		206,878		485,655
Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		21,457		85,667
Commercial Portfolio Segment | Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		12,248		11,640
Construction Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		195,213		514,833
Allowance for loan losses		(1,491)	$ (1,640)	(6,541)	$ (9,138)	$ (11,736)	$ (6,668)
Construction Loans | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		195,213		514,833
Construction Loans | Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		191,697		449,733
Construction Loans | Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		$ 3,516		65,100
Completed construction | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of construction loans		98.00%
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		$ 45,370		68,129
Allowance for loan losses		(754)	$ (1,619)	(1,643)	$ (478)	$ (905)	$ (265)
Loans | Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		15,181		35,922
Loans | Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		17,941		20,567
Loans | Commercial Portfolio Segment | Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		$ 12,248		$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	$ (1,556)	$ (1,976)	(7,613)	$ 4,093
Allowance for loan losses at end of period	6,370		6,370
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period	2,393	111	3,093
(Recovery of) Provision for loan losses	145	(56)	(555)	35
Allowance for loan losses at end of period	2,538	55	2,538	55
Total
Allowance for loan losses at beginning of period	7,135	35,612	13,170	28,634
(Recovery of) Provision for loan losses	(765)	(2,165)	(6,800)	4,084
Allowance for loan losses at end of period	6,370	33,447	6,370	33,447
Increase to reserves for loan losses	100		100		$ 1,000
Provision for (recovery of) loan losses	(1,600)	(2,000)	(7,600)	4,100
Accrued Interest And Operating Lease Income Receivable, Net
Total
Provision for (recovery of) loan losses		900		900
Accounts Payable, Accrued Expenses and Other Liabilities
Total
Provision for ( recovery of) unfunded commitments	(900)	(700)	(900)	(900)
Period of Adoption, Adjustment | ASU 2016-13
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period				20
Total
Allowance for loan losses at beginning of period				729
Increase to reserves for loan losses						$ 3,300
Period of Adoption, Adjustment | ASU 2016-13 | Accounts Payable, Accrued Expenses and Other Liabilities
Total
Increase to reserves for loan losses						$ 2,500
Construction Loans
Financing Receivables
Allowance for loan losses at beginning of period	1,640	11,736	6,541	6,668
(Recovery of) provision for loan losses	(149)	(2,598)	(5,050)	2,823
Allowance for loan losses at end of period	1,491	9,138	1,491	9,138
Construction Loans | Period of Adoption, Adjustment | ASU 2016-13
Financing Receivables
Allowance for loan losses at beginning of period				(353)
Loans
Financing Receivables
Allowance for loan losses at beginning of period	1,619	905	1,643	265
(Recovery of) provision for loan losses	(865)	(427)	(889)	115
Allowance for loan losses at end of period	754	478	754	478
Loans | Period of Adoption, Adjustment | ASU 2016-13
Financing Receivables
Allowance for loan losses at beginning of period				98
Financing receivables
Financing Receivables
Allowance for loan losses at beginning of period	893	1,159	1,150
(Recovery of) provision for loan losses	54	17	(203)	212
Allowance for loan losses at end of period	947	1,176	947	1,176
Financing receivables | Period of Adoption, Adjustment | ASU 2016-13
Financing Receivables
Allowance for loan losses at beginning of period				964
Specific receivables
Financing Receivables
Allowance for loan losses at beginning of period	590	21,701	743	21,701
(Recovery of) provision for loan losses	50	899	(103)	899
Allowance for loan losses at end of period	$ 640	$ 22,600	$ 640	$ 22,600

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		Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Other Lending Investments
Total		$ 171,296		$ 162,538
Less: Allowance for loan losses
Individually evaluated for impairment		(640)		(743)
Collectively evaluated for impairment		(5,730)		(12,427)
Total		(6,370)		(13,170)
Individually Evaluated for Impairment		58,179		52,562
Collectively Evaluated for Impairment		347,330		679,768
Total loans receivable and other lending investments, net	[1]	405,509		732,330
Net discounts		800		800
Held-to-maturity debt securities
Other Lending Investments
Individually Evaluated for Impairment		0		0
Collectively Evaluated for Impairment		95,258		90,715
Total		95,258		90,715
Available-for-sale debt securities
Other Lending Investments
Individually Evaluated for Impairment		0		0
Collectively Evaluated for Impairment		27,535		25,274
Total		27,535		25,274
Construction Loans
Loans
Individually Evaluated for Impairment		58,819		53,305
Collectively Evaluated for Impairment		136,394		461,528
Total		195,213		514,833
Less: Allowance for loan losses
Total		(1,491)	$ (1,640)	(6,541)	$ (9,138)	$ (11,736)	$ (6,668)
Loans
Loans
Individually Evaluated for Impairment		0		0
Collectively Evaluated for Impairment		45,370		68,129
Total		45,370		68,129
Less: Allowance for loan losses
Total		(754)	(1,619)	(1,643)	(478)	(905)	$ (265)
Net discounts		200		2,300
Financing receivables
Loans
Individually Evaluated for Impairment		0		0
Collectively Evaluated for Impairment		48,503		46,549
Total		48,503		46,549
Less: Allowance for loan losses
Total		$ (947)	$ (893)	$ (1,150)	$ (1,176)	$ (1,159)
[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	Sep. 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	$ 240,583	$ 582,962
Commercial Portfolio Segment | Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	206,878	485,655
Loan on non-accrual status	58,800
Commercial Portfolio Segment | Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	21,457	85,667
Commercial Portfolio Segment | Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	12,248	$ 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	0
2020	0
2019	48,503
2018	166,235
2017	0
Prior to 2017	15,529
Total	230,267
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	0
2020	0
2019	0
2018	144,778
2017	0
Prior to 2017	3,281
Total	148,059
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	11,900
2017	0
Prior to 2017	0
Total	11,900
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	0
2020	0
2019	0
2018	109,137
2017	0
Prior to 2017	3,281
Total	112,418
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	23,741
2017	0
Prior to 2017	0
Total	23,741
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	0
2020	0
2019	0
2018	21,457
2017	0
Prior to 2017	0
Total	21,457
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	3,516
2017	0
Prior to 2017	0
Total	3,516
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	0
2017	0
Prior to 2017	0
Total	0
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	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 3.5
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	17,941
2017	0
Prior to 2017	0
Total	17,941
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	12,248
Total	12,248
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	12,248
Total	12,248
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
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	48,503
2018	0
2017	0
Prior to 2017	0
Total	48,503
Commercial Portfolio Segment | Performing Financial Instruments | Financing receivables | 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 | 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 | 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	48,503
2018	0
2017	0
Prior to 2017	0
Total	48,503
Commercial Portfolio Segment | Performing Financial Instruments | Financing receivables | 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 | 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 | 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 | 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 | 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 | 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	Sep. 30, 2021	Dec. 31, 2020
Recorded investment in loans, aged by payment status and presented by class
Current	$ 181,764	$ 497,515
Total Past Due	58,819	85,447
Total	240,583	582,962
Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	85,447
Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	58,819	0
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	148,059	443,154
Total Past Due	58,819	42,501
Total	206,878	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	0	42,501
Senior mortgages | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	58,819	0
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	21,457	42,721
Total Past Due	0	42,946
Total	21,457	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	12,248	11,640
Total Past Due	0	0
Total	12,248	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		9 Months Ended
	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)loan
Financing Receivable, Impaired [Line Items]
(Recovery of) provision for loan losses	$ (1,556,000)	$ (1,976,000)	$ (7,613,000)	$ 4,093,000
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	$ 58,819,000		58,819,000		$ 53,305,000
Unpaid Principal Balance	58,069,000		58,069,000		52,552,000
Related Allowance	(640,000)		(640,000)		(743,000)
Commercial Portfolio Segment | Senior mortgages
Impaired Loans
Amortized Cost	58,819,000		58,819,000		53,305,000
Unpaid Principal Balance	58,069,000		58,069,000		52,552,000
Related Allowance	$ (640,000)		$ (640,000)		$ (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		3 Months Ended		7 Months Ended	9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	May 31, 2019
Debt Securities, Available-for-sale [Line Items]
Income from sales of real estate			$ 25,611	$ 6,055		$ 28,433	$ 6,118
Purchase price for properties acquired								$ 42,000	$ 44,100
Loan receivable held for sale	$ 42,683		$ 42,683		$ 42,683	$ 42,683
SAFE
Debt Securities, Available-for-sale [Line Items]
Amount of loan funded		$ 16,100
Deferred purchase price		11,900
Leasehold improvement allowance		$ 52,000
Payment of deferred purchase price					$ 6,000
Consideration received	22,100
Income from sales of real estate	$ 0
Loans Receivable Held-for-sale
Debt Securities, Available-for-sale [Line Items]
Loan receivable held for sale								$ 42,000

Loans Receivable and Other L_10

Loans Receivable and Other Lending Investments, net (Other Lending Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Available-for-Sale Securities
Amortized Cost Basis	$ 23,855
Estimated Fair Value	27,535
Held-to-Maturity Securities
Amortized Cost Basis	95,258
Estimated Fair Value	95,258
Total Other Lending Investments
Face Value	123,855	$ 120,680
Amortized Cost Basis	119,113	111,395
Net Unrealized Gain	3,680	4,594
Estimated Fair Value	122,793	115,989
Net Carrying Value	122,793	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	3,680	4,594
Estimated Fair Value	27,535	25,274
Net Carrying Value	27,535	25,274
Debt securities
Held-to-Maturity Securities
Face Value	100,000	100,000
Amortized Cost Basis	95,258	90,715
Estimated Fair Value	95,258	90,715
Net Carrying Value	$ 95,258	$ 90,715

Loans Receivable and Other L_11

Loans Receivable and Other Lending Investments, net (Maturities of Company Securities) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Amortized Cost Basis
Within one year	$ 0
After one year through 5 years	95,258
After 5 years through 10 years	0
After 10 years	0
Amortized Cost Basis	95,258
Estimated Fair Value
Within one year	0
After one year through 5 years	95,258
After 5 years through 10 years	0
After 10 years	0
Total	95,258
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	27,535
Total	$ 27,535

Other Investments (Schedule of

Other Investments (Schedule of Other Investments) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Other investments	[1]	$ 1,419,766		$ 1,419,766		$ 1,176,560
Earnings (losses) from equity method investments		89,209	$ 6,805	114,675	$ 26,003
Interest expense		39,471	42,407	118,451	127,748
Mark-to-market gain		$ 14,000	14,000	$ 19,100	23,900
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Number of shares owned (in shares)		36		36
Closing price (in dollars per share)		$ 71.89		$ 71.89
Market value		$ 2,600,000		$ 2,600,000
Dilution gain		60,200		60,700	7,900
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Other investments		1,419,766		1,419,766		1,176,560
Earnings (losses) from equity method investments		89,209	6,805	114,675	26,003
Depreciation expense		5,100	4,600	16,200	13,400
Interest expense		18,500	14,600	51,700	44,000
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Other strategic investments
Schedule of Equity Method Investments [Line Items]
Other investments		161,766		161,766		69,911
Earnings (losses) from equity method investments		2,355	205	6,169	(1,953)
Real estate equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Carrying value		1,258,000		1,258,000		1,106,649
Earnings (losses) from equity method investments		86,854	6,600	108,506	27,956
Real estate equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Carrying value		1,113,333		1,113,333		937,712
Earnings (losses) from equity method investments		73,475	9,331	94,590	36,905
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		100,471		100,471		78,998
Earnings (losses) from equity method investments		1,414	811	4,014	1,568
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		44,196		44,196		$ 89,939
Earnings (losses) from equity method investments		$ 11,965	$ (3,542)	$ 9,902	$ (10,517)
[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, ft² in Millions	Jan. 02, 2019director	Sep. 30, 2021USD ($)$ / sharesshares	Jul. 31, 2021USD ($)	Jun. 30, 2021USD ($)ft²agreement	Feb. 28, 2021USD ($)	Jan. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020	Mar. 31, 2020USD ($)shares	May 31, 2019	Jan. 31, 2019USD ($)$ / sharesshares	Oct. 31, 2017USD ($)	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Mar. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Number of limited partnership units purchased (in shares) | shares											12,500,000
Investor units, purchase price per unit (in dollars per share) | $ / shares											$ 20
Cash investment in equity method investments											$ 250,000,000					$ 171,005,000	$ 194,775,000
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
Income from sales of real estate													$ 25,611,000	$ 6,055,000		$ 28,433,000	6,118,000
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		5,600,000	3,800,000
Proceeds from sale of purchase option agreement				$ 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
Multiple required that may trigger receipt of additional consideration				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													3,600,000	3,200,000		$ 10,600,000	9,300,000
Maximum | SAFE
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases				$ 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
Purchase option, square feet of future office space development | ft²				1.1
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Equity interest		63.60%											63.60%			63.60%
Cash investment in equity method investments																$ 27,900,000
Shares acquired (in shares) | shares																400,000
Average cost per share | $ / shares		$ 71.68											$ 71.68			$ 71.68
Safehold Inc. | Private Placement
Schedule of Equity Method Investments [Line Items]
Cash investment in equity method investments		$ 50,000,000							$ 80,000,000
Shares acquired (in shares) | shares		657,894							1,700,000
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
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														900,000			2,500,000
Proceeds from sale of ground lease							$ 34,000,000
Income from sales of real estate							$ 6,100,000
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			$ 800,000
Other Real Estate Equity Investment January 2021
Schedule of Equity Method Investments [Line Items]
Equity interest						53.00%
Equity method investments						$ 63,300,000
Recognized gain or loss						$ 0
Other Real Estate Equity Investment September 2021
Schedule of Equity Method Investments [Line Items]
Equity interest		53.00%											53.00%			53.00%
Cash investment in equity method investments		$ 2,700,000
Commitment to provide loan to lessee		75,000,000											$ 75,000,000			$ 75,000,000
Multi-Family Project
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee																		$ 75,000,000
Income from sales of real estate													0
Consideration received		$ 2,700,000
Hotel Property
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee					$ 50,000,000
Interest income													$ 400,000			$ 2,900,000
Consideration received					$ 1,900,000
Recognized gain or loss			$ 0
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
Land Parcel Two | Maximum
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases				$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	$ 1.2	$ 1.1

Other Investments (Other Real E

Other Investments (Other Real Estate Equity Investments) (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2021USD ($)loan	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Net proceeds from sales of loans receivable				$ 122,609,000	$ 0
Other real estate equity investments | Minimum
Schedule of Equity Method Investments [Line Items]
Equity interest		48.00%		48.00%
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		$ 43,700,000		$ 43,700,000		$ 58,700,000
Other real estate equity investments | Land and Land Development
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 500,000		$ 500,000		$ 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	$ 1,700,000	$ 1,800,000
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 Real Estate Equity Investment September 2021
Schedule of Equity Method Investments [Line Items]
Equity interest		53.00%		53.00%
Commitment to provide loan to lessee		$ 75,000,000		$ 75,000,000

Other Investments (Summarized I

Other Investments (Summarized Investee Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Revenues	$ 195,485	$ 115,054	$ 414,335	$ 384,930
Expenses	179,317	113,461	429,882	425,641
Net Income Attributable to Parent	$ 127,730	$ 3,805	119,530	(29,228)
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Revenues			135,001	115,518
Expenses			88,585	73,821
Net Income Attributable to Parent			$ 51,844	$ 44,024

Other Assets and Other Liabil_3

Other Assets and Other Liabilities (Deferred Expenses and Other Assets) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Real Estate Properties [Line Items]
Intangible assets, net		$ 146,588		$ 146,588		$ 156,041
Restricted cash		55,915		55,915		51,933
Operating lease right-of-use assets		43,799		43,799		48,891
Other receivables		11,052		11,052		10,881
Other assets		17,572		17,572		19,453
Leasing costs, net		4,936		4,936		2,340
Corporate furniture, fixtures and equipment, net		1,843		1,843		2,024
Deferred financing fees, net		841		841		1,549
Deferred expenses and other assets, net	[1]	282,546		282,546		293,112
Intangible assets, accumulated amortization		50,800		50,800		44,400
Amortization of above market lease		500	$ 300	$ 1,100	$ 1,000
Weighted average amortization period				16 years 2 months 12 days
Accumulated amortization on leasing costs		2,100		$ 2,100		2,600
Accumulated depreciation on corporate furniture, fixtures and equipment		14,700		14,700		$ 14,300
In-Place Leases
Real Estate Properties [Line Items]
Amortization of intangible assets		2,800	2,600	8,600	7,900
General and Administrative
Real Estate Properties [Line Items]
Operating lease, expense		1,200	1,200	3,700	3,400
Real Estate Expense
Real Estate Properties [Line Items]
Operating lease, expense		$ 900	$ 900	$ 2,700	$ 2,600
[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		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Other Assets and Other Liabilities [Abstract]
Other liabilities		$ 65,318		$ 65,318		$ 91,513
Accrued expenses		112,223		112,223		94,724
Operating lease liabilities (see table above)		47,111		47,111		50,072
Accrued interest payable		28,939		28,939		32,355
Intangible liabilities, net		46,870		46,870		48,738
Accounts payable, accrued expenses and other liabilities	[1]	300,461		300,461		317,402
Deferred income		20,700		20,700		36,900
Derivative liabilities		11,700		11,700		19,000
Increase to reserves for loan losses		100		100		1,000
Below market lease, accumulated amortization		9,000		9,000		$ 7,500
Amortization of below market lease		$ 600	$ 600	$ 1,900	$ 1,900
[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		Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)item
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable and other lending investments, net	[1]	$ 405,509	$ 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			9 Months Ended
		Sep. 30, 2019	Jun. 30, 2018	Sep. 30, 2021		Sep. 30, 2020	Sep. 30, 2021		Sep. 30, 2020	Jun. 30, 2021	Jan. 01, 2021	Dec. 31, 2020		Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt obligations				$ 3,305,916			$ 3,305,916
Debt discounts and deferred financing costs, net				(23,318)			(23,318)					$ (38,475)
Total debt obligations, net	[1]			3,282,598			3,282,598					3,286,975
Stockholders' equity				1,066,225	[1]	$ 1,093,448	1,066,225	[1]	$ 1,093,448	$ 1,008,706		1,064,383	[1]	$ 1,113,785	$ 1,237,960
Interest costs capitalized				$ 200		$ 500	$ 700		$ 1,600
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 rate				3.125%		3.125%	3.125%		3.125%
4.75% Senior Notes
Debt Instrument [Line Items]
Stated interest rate				4.75%			4.75%
4.25% Senior Notes
Debt Instrument [Line Items]
Stated interest rate				4.25%			4.25%
5.50% Senior Notes
Debt Instrument [Line Items]
Stated interest rate				5.50%			5.50%
Secured Debt
Debt Instrument [Line Items]
Total debt obligations				$ 1,193,416			$ 1,193,416					1,212,950
Debt discounts and deferred financing costs, net				(4,892)			(4,892)
Total debt obligations, net				1,188,524			1,188,524
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				$ 701,541			$ 701,541					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							1.63%
Secured Debt | Mortgages Collateralized by Net Lease Assets | Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate							7.19%
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 rate				3.125%		3.125%	3.125%		3.125%		3.125%	3.125%
Convertible debt, conversion ratio (in shares per par value)							0.0715797
Convertible debt, conversion price (in dollars per share)				$ 13.97			$ 13.97
Unamortized discount												$ 10,200
Contractual interest				$ 2,200		$ 2,200	$ 6,700		$ 6,700
Amortization of debt discount						$ 1,300			$ 3,900
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 rate											3.125%
Unsecured notes | 4.75% Senior Notes
Debt Instrument [Line Items]
Total debt obligations				$ 775,000			$ 775,000					775,000
Stated interest rate				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 rate				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 rate				5.50%			5.50%
Other Debt Obligations
Debt Instrument [Line Items]
Total debt obligations				$ 3,305,916			$ 3,305,916					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		Sep. 30, 2021	Dec. 31, 2020
Maturities of Long-term Debt [Abstract]
2021 (remaining six months)		$ 95,495
2022		382,824
2023		491,875
2024		775,000
2025		819,780
Thereafter		740,942
Total principal maturities		3,305,916
Debt discounts and deferred financing costs, net		(23,318)	$ (38,475)
Total debt obligations, net	[1]	3,282,598	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		(18,426)
Total debt obligations, net		2,094,074
Secured Debt
Maturities of Long-term Debt [Abstract]
2021 (remaining six months)		95,495
2022		95,324
2023		491,875
2024		0
2025		269,780
Thereafter		240,942
Total principal maturities		1,193,416	$ 1,212,950
Debt discounts and deferred financing costs, net		(4,892)
Total debt obligations, net		$ 1,188,524
[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		9 Months Ended
	Sep. 30, 2019	Jun. 30, 2018	Sep. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance			$ 3,305,916,000
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			$ 1,193,416,000	$ 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			$ 340,200,000
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ 0	$ 7,924	$ 0	$ 12,038
Unsecured notes
Debt Instrument [Line Items]
Loss on early extinguishment of debt				$ 12,000

Debt Obligations, net (Debt Cov

Debt Obligations, net (Debt Covenants) (Details)	Sep. 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	9 Months Ended
	Sep. 30, 2021USD ($)
Other Commitments [Line Items]
Percentage of capital committed that may be drawn down	100.00%
Performance-Based Commitments	$ 108,895
Strategic Investments	9,492
Total	118,387
Loans
Other Commitments [Line Items]
Performance-Based Commitments	7,860
Strategic Investments	0
Total	7,860
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments	29,716
Strategic Investments	1,900
Total	31,616
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments	71,319
Strategic Investments	7,592
Total	$ 78,911

Commitments and Contingencies_3

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Operating
2021 (remaining three months)	$ 1,728		$ 1,728		$ 3,797
2022	6,635		6,635		6,756
2023	6,272		6,272		6,393
2024	6,188		6,188		6,309
2025	6,176		6,176		6,297
Thereafter	334		334		496
Total undiscounted cash flows	27,333		27,333		30,048
Present value discount	(2,717)		(2,717)		(3,771)
Other adjustments	22,495		22,495		23,795
Lease liabilities	47,111		47,111		50,072
Finance
2021 (remaining six months)	1,384		1,384		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	1,592,306		1,592,306		1,596,416
Present value discount	(1,439,677)		(1,439,677)		(1,445,896)
Other adjustments	0		0		0
Lease liabilities	$ 152,629		$ 152,629		$ 150,520
Operating leases, weighted average incremental borrowing rate, discount rate (percent)	5.00%		5.00%
Operating leases, weighted average lease term (in years)	7 years 7 months 6 days		7 years 7 months 6 days
Operating lease payments made	$ 800	$ 1,000	$ 2,100	$ 3,200
Operating leases, excluding tenant paid leases, weighted average lease term			4 years 10 months 24 days		5 years 7 months 6 days
Operating leases, weighted average incremental borrowing rate, discount rate	4.70%		4.70%		5.00%
Finance lease payments made	$ 1,300	1,400	$ 4,100	4,000
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 2 months 12 days		96 years 2 months 12 days
Finance leases, weighted average lease term					97 years
Interest Expense
Finance
Finance lease, interest expense	$ 2,100	2,000	$ 6,200	6,100
Depreciation and Amortization
Finance
Finance lease, amortization	$ 400	$ 400	$ 1,100	$ 1,100

Derivatives - Classification on

Derivatives - Classification on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 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	$ 9,100
Derivatives Designated in Hedging Relationships
Derivatives, Fair Value [Line Items]
Derivative Liabilities	11,723	$ 18,926
Derivatives Designated in Hedging Relationships | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 11,723	$ 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		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		$ 273	$ 197	$ 11,483	$ (30,930)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	[1]	(2,683)	(2,371)	(7,507)	(5,792)
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		278	(401)	2,834	(15,371)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		(2,050)	(2,038)	(6,183)	(4,926)
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		(5)	598	8,649	(15,559)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		$ (633)	$ (333)	$ (1,324)	$ (866)
[1]	Amounts reclassified to “Interest expense” in the Company’s consolidated statements of operations for the three months ended September 30, 2021 and 2020 are $2,050 and $2,038 , respectively, and amounts reclassified to “Interest expense” in the Company’s consolidated statements of operations for the nine months ended September 30, 2021 and 2020 are $6,183 and $4,926 , respectively. Amounts reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the three months ended September 30, 2021 and 2020 are $633 and $333 , respectively, and amounts reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the nine months ended September 30, 2021 and 2020 are $1,324 and $866 , respectively.

Equity (Preferred Stock) (Detai

Equity (Preferred Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2021
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	$ 17,622,000	$ 17,622,000
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			$ 4,600,000	$ 4,600,000
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			$ 7,000,000	7,000,000
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	$ 89,041,000
Preferred stock dividends declared and paid			$ 6,000,000	$ 6,000,000

Equity (Dividends) (Details)

Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Dividends [Abstract]
Operating loss carryforwards					$ 529,600
Common stock dividends declared	$ 8,954	$ 8,315	$ 26,338	$ 24,598
Common stock dividends declared per share (in dollars per share)			$ 0.36	$ 0.32
Capital gains distribution				100.00%

Equity (Stock Repurchase Progra

Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Stock repurchase program
Shares repurchased and retired during period (in shares)	4.2	3.7
Common stock value repurchased including acquisition costs	$ 91,900,000	$ 41,400,000
Average cost per share of repurchased shares (in dollars per share)	$ 21.70	$ 11.32
Maximum
Stock repurchase program
Stock repurchase program, authorized amount	$ 50,000,000
Stock repurchase program remaining authorized amount	$ 30,900,000

Equity (Accumulated Other Compr

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Sep. 30, 2021		Jun. 30, 2021	Dec. 31, 2020		Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 1,066,225	[1]	$ 1,008,706	$ 1,064,383	[1]	$ 1,093,448	$ 1,113,785	$ 1,237,960
Unrealized gains on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	3,681			4,594
Unrealized losses on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(38,031)			(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	$ (34,350)		$ (35,824)	$ (52,680)		$ (57,111)	$ (59,045)	$ (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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	May 31, 2021	Apr. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,001	$ 5,661	$ 23,300	$ 26,675
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		9 Months Ended
	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)itemplan$ / sharesshares	Sep. 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	$ 3,001	$ 5,661	$ 23,300	$ 26,675
Performance Incentive Plan
Accrued expenses	112,223		$ 112,223		$ 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	80,900		$ 80,900		$ 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			$ 2,600	2,500
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	$ 163,000		$ 163,000
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	$ 1,200,000		$ 1,200,000
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			$ 15,000	20,200
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	$ 396,000		$ 396,000
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	$ 480,000		$ 480,000
Safehold Inc.
Performance Incentive Plan
Number of shares owned (in shares) | shares	36,000,000		36,000,000
Safehold Inc. | Common Stock | 2020-2021 Performance Incentive Plans
Performance Incentive Plan
Number of shares owned (in shares) | shares	1,000,000		1,000,000
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	9 Months Ended
	Sep. 30, 2021USD ($)shares
Number of Shares
Non-vested at beginning of period (in shares)	531
Granted (in shares)	372
Vested (in shares)	(112)
Forfeited (in shares)	(32)
Non-vested at end of period (in shares)	759
Unrecognized compensation cost | $	$ 6.8
Weighted-average period to recognize the unrecognized compensation cost	1 year 4 months 6 days

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 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)	1,592
Grant date fair value (in dollars per share) | $ / shares	$ 20.41
Non-vested, outstanding (in shares)	129,452
Non-vested, aggregate intrinsic value | $	$ 3.2

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Gross contributions made by the Company	$ 0.1	$ 0.2	$ 0.8	$ 1

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 130,994	$ 6,451	$ 127,567	$ (20,793)
Net income attributable to noncontrolling interests	(3,264)	(2,646)	(8,037)	(8,435)
Preferred dividends	(5,874)	(5,874)	(17,622)	(17,622)
Net income (loss) allocable to common shareholders - Basic	121,856	(2,069)	101,908	(46,850)
Net loss allocable to common shareholders - Diluted	$ 121,856	$ (2,069)	$ 101,908	$ (46,850)

Earnings Per Share (Earnings Al

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator for basic earnings per share:
Net income (loss) allocable to common shareholders	$ 121,856	$ (2,069)	$ 101,908	$ (46,850)
Numerator for diluted earnings per share:
Net income (loss) allocable to common shareholders - Diluted	$ 121,856	$ (2,069)	$ 101,908	$ (46,850)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	71,299,000	75,033,000	72,675,000	76,232,000
Add: Effect of assumed shares issued under treasury stock method for restricted stock units	221,000		206,000
Add: Effect of convertible debt	8,967,000		5,521,000
Weighted average common shares outstanding for diluted earnings per common share	80,487,000	75,033,000	78,402,000	76,232,000
Basic and diluted earnings per common share:
Net income (loss) allocable to common shareholders - Basic (in dollars per share)	$ 1.71	$ (0.03)	$ 1.40	$ (0.61)
Diluted earnings per common share:
Net income (loss) allocable to common shareholders - Diluted (in dollars per share)	$ 1.51	$ (0.03)	$ 1.30	$ (0.61)
3.125% Senior Convertible Notes
Diluted earnings per common share:
Antidilutive (in shares)		0		0
Stated interest rate	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		9 Months Ended		12 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Assets and liabilities recorded at fair value
Derivative liabilities		$ 11,700		$ 19,000
Loan receivable held for sale		42,683
Other investments	[1]	1,419,766		1,176,560
Impairment of real estate - Held for sale		400	$ 3,000
Impairment of real estate				1,300
Recurring Basis
Assets and liabilities recorded at fair value
Derivative liabilities		11,723		18,926
Available-for-sale securities		27,535		25,274
Recurring Basis | Fair Value, Inputs, Level 2
Assets and liabilities recorded at fair value
Derivative liabilities		11,723		18,926
Recurring Basis | Fair Value, Inputs, Level 3
Assets and liabilities recorded at fair value
Available-for-sale securities		27,535		25,274
Non-recurring Basis
Assets and liabilities recorded at fair value
impaired real estate available and held for sale		1,682
Other investments		98,461
Impaired land and development				6,078
Non-recurring Basis | Fair Value, Inputs, Level 2
Assets and liabilities recorded at fair value
Other investments		98,461
Non-recurring Basis | Fair Value, Inputs, Level 3
Assets and liabilities recorded at fair value
impaired real estate available and held for sale		$ 1,682
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	9 Months Ended
	Sep. 30, 2021	Sep. 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	(913)	1,195
Ending balance	$ 27,535	$ 24,631

Fair Values - (Carrying Value a

Fair Values - (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jan. 01, 2021	Dec. 31, 2020	Sep. 30, 2020
Carrying Value
Book and estimated fair values of financial instruments
Net investment in leases	$ 477		$ 429
Loans receivable and other lending investments	406		732
Cash and cash equivalents	299		99
Restricted cash	56		52
Loan participations payable, net	0		43
Debt obligations, net	3,283		3,287
Fair Value
Book and estimated fair values of financial instruments
Net investment in leases	497		431
Loans receivable and other lending investments	436		772
Cash and cash equivalents	299		99
Restricted cash	56		52
Loan participations payable, net	0		43
Debt obligations, net	$ 3,643		3,414
3.125% Senior Convertible Notes
Book and estimated fair values of financial instruments
Stated interest rate	3.125%			3.125%
3.125% Senior Convertible Notes | Unsecured notes
Book and estimated fair values of financial instruments
Debt obligations, net	$ 527,200		$ 338,800
Stated interest rate	3.125%	3.125%	3.125%	3.125%

Segment Reporting (Schedule of

Segment Reporting (Schedule of Segments) (Details) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2021USD ($)		Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment		Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)		May 31, 2019USD ($)
Segment Profit (Loss)
Number of reportable segments | segment					4
Revenues		$ 195,485		$ 115,054	$ 414,335		$ 384,930
Earnings (losses) from equity method investments		89,209		6,805	114,675		26,003
Income from sales of real estate		25,611		6,055	28,433		6,118
Total revenue and other earnings		310,305		127,914	557,443		417,051
Other expense		(2,011)		(73)	(2,475)		(351)
Allocated interest expense		(39,471)		(42,407)	(118,451)		(127,748)
Allocated general and administrative		(14,120)		(14,207)	(45,654)		(46,463)
Segment profit (loss)		148,599		32,934	189,449		74,077
Other significant items:
(Recovery of) provision for loan losses		(1,556)		(1,976)	(7,613)		4,093
(Recovery of) provision for losses on net investment in leases		131		175	(1,735)		2,001
Impairment of assets		1,179		0	2,965		6,491
Depreciation and amortization		14,856		14,621	44,971		43,407
Capitalized expenditures		8,506		7,150	19,637		35,556
Segment assets
Real estate, net	[1]	1,356,924			1,356,924			$ 1,484,281
Real estate available and held for sale	[1]	1,983			1,983			5,212
Total real estate	[1]	1,358,907			1,358,907			1,489,493
Net investment in leases		477,360	[1]		477,360	[1]		429,101	[1]	$ 424,100
Land and development, net	[1]	302,845			302,845			430,663
Loans receivable and other lending investments, net		405,509			405,509			732,330
Loan receivable held for sale		42,683			42,683
Other investments	[1]	1,419,766			1,419,766			1,176,560
Total portfolio assets		4,007,070			4,007,070			4,258,147
Cash and other assets		795,095			795,095			603,661
Total assets	[1]	4,802,165			4,802,165			4,861,808
Stock-based compensation expense		3,001		5,661	23,300		26,675
Operating lease income
Segment Profit (Loss)
Revenues		44,392		46,370	137,381		140,529
Interest income
Segment Profit (Loss)
Revenues		7,951		14,270	27,574		46,925
Interest income from sales-type leases
Segment Profit (Loss)
Revenues		9,578		8,360	26,895		25,010
Other income
Segment Profit (Loss)
Revenues		40,195		25,552	64,549		56,212
Land development revenue
Segment Profit (Loss)
Revenues		93,369		20,502	157,936		116,254
Cost of sales expense		(87,380)		(21,358)	(147,507)		(114,704)
Real estate expense
Segment Profit (Loss)
Cost of sales expense		(18,724)		(16,935)	(53,907)		(53,708)
Operating Segments | Net Lease
Segment Profit (Loss)
Earnings (losses) from equity method investments		74,889		10,141	98,604		38,472
Income from sales of real estate				6,055	2,114		6,056
Total revenue and other earnings		131,523		71,165	269,448		209,709
Other expense		(1,327)			(1,327)
Allocated interest expense		(26,467)		(26,049)	(76,888)		(74,915)
Allocated general and administrative		(5,487)		(5,161)	(17,544)		(17,327)
Segment profit (loss)		92,796		32,819	152,624		97,970
Other significant items:
(Recovery of) provision for loan losses		54		19	(202)		212
(Recovery of) provision for losses on net investment in leases		131		175	(1,735)		2,001
Impairment of assets		757			2,286		2,036
Depreciation and amortization		13,114		12,781	39,255		37,924
Capitalized expenditures		969		1,896	2,300		8,913
Segment assets
Real estate, net		1,263,881			1,263,881			1,291,903
Total real estate		1,263,881			1,263,881			1,291,903
Net investment in leases		477,360			477,360			429,101
Loans receivable and other lending investments, net		47,555			47,555			45,398
Loan receivable held for sale		42,683			42,683
Other investments		1,213,804			1,213,804			1,016,710
Total portfolio assets		3,045,283			3,045,283			2,783,112
Operating Segments | Net Lease | Operating lease income
Segment Profit (Loss)
Revenues		40,659		41,144	123,926		124,109
Operating Segments | Net Lease | Interest income
Segment Profit (Loss)
Revenues		1,630		911	3,696		2,594
Operating Segments | Net Lease | Interest income from sales-type leases
Segment Profit (Loss)
Revenues		9,578		8,360	26,895		25,010
Operating Segments | Net Lease | Other income
Segment Profit (Loss)
Revenues		4,767		4,554	14,213		13,468
Operating Segments | Net Lease | Real estate expense
Segment Profit (Loss)
Cost of sales expense		(5,446)		(7,136)	(21,065)		(19,497)
Operating Segments | Real Estate Finance
Segment Profit (Loss)
Earnings (losses) from equity method investments		872			2,092
Total revenue and other earnings		8,288		13,463	27,215		48,580
Other expense		(270)		(37)	(422)		(80)
Allocated interest expense		(3,331)		(5,831)	(11,737)		(17,989)
Allocated general and administrative		(958)		(1,451)	(3,659)		(5,123)
Segment profit (loss)		3,729		6,144	11,397		25,388
Other significant items:
(Recovery of) provision for loan losses		(1,610)		(1,995)	(7,411)		3,881
Segment assets
Loans receivable and other lending investments, net		357,954			357,954			686,932
Other investments		47,936			47,936
Total portfolio assets		405,890			405,890			686,932
Operating Segments | Real Estate Finance | Interest income
Segment Profit (Loss)
Revenues		6,321		13,359	23,878		44,331
Operating Segments | Real Estate Finance | Other income
Segment Profit (Loss)
Revenues		1,095		104	1,245		4,249
Operating Segments | Operating Properties
Segment Profit (Loss)
Earnings (losses) from equity method investments		1,129		(4,134)	(5,553)		(11,741)
Income from sales of real estate		25,611			26,319		62
Total revenue and other earnings		47,246		3,959	57,101		11,079
Allocated interest expense		(1,641)		(2,289)	(5,714)		(6,731)
Allocated general and administrative		(473)		(582)	(1,797)		(1,966)
Segment profit (loss)		35,948		(3,340)	30,352		(14,218)
Other significant items:
Impairment of assets		422			679		2,983
Depreciation and amortization		1,385		1,287	4,593		3,843
Capitalized expenditures		121		84	610		1,421
Segment assets
Real estate, net		93,043			93,043			192,378
Real estate available and held for sale		1,983			1,983			5,212
Total real estate		95,026			95,026			197,590
Other investments		43,659			43,659			58,739
Total portfolio assets		138,685			138,685			256,329
Operating Segments | Operating Properties | Operating lease income
Segment Profit (Loss)
Revenues		3,637		5,137	13,176		16,153
Operating Segments | Operating Properties | Other income
Segment Profit (Loss)
Revenues		16,869		2,956	23,159		6,605
Operating Segments | Operating Properties | Real estate expense
Segment Profit (Loss)
Cost of sales expense		(9,184)		(4,428)	(19,238)		(16,600)
Operating Segments | Land and Development
Segment Profit (Loss)
Earnings (losses) from equity method investments		10,836		592	15,456		1,225
Total revenue and other earnings		107,490		25,014	179,565		123,304
Other expense		(64)			(64)
Allocated interest expense		(3,679)		(4,606)	(11,481)		(13,598)
Allocated general and administrative		(2,173)		(2,320)	(6,968)		(7,524)
Segment profit (loss)		10,100		(8,641)	(59)		(30,133)
Other significant items:
Impairment of assets							1,472
Depreciation and amortization		228		243	674		729
Capitalized expenditures		7,416		5,170	16,727		25,222
Segment assets
Land and development, net		302,845			302,845			430,663
Other investments		537			537			31,200
Total portfolio assets		303,382			303,382			461,863
Operating Segments | Land and Development | Operating lease income
Segment Profit (Loss)
Revenues		96		89	279		267
Operating Segments | Land and Development | Other income
Segment Profit (Loss)
Revenues		3,189		3,831	5,894		5,558
Operating Segments | Land and Development | Land development revenue
Segment Profit (Loss)
Revenues		93,369		20,502	157,936		116,254
Cost of sales expense		(87,380)		(21,358)	(147,507)		(114,704)
Operating Segments | Land and Development | Real estate expense
Segment Profit (Loss)
Cost of sales expense		(4,094)		(5,371)	(13,604)		(17,611)
Corporate/Other
Segment Profit (Loss)
Earnings (losses) from equity method investments		1,483		206	4,076		(1,953)
Total revenue and other earnings		15,758		14,313	24,114		24,379
Other expense		(350)		(36)	(662)		(271)
Allocated interest expense		(4,353)		(3,632)	(12,631)		(14,515)
Allocated general and administrative		(5,029)		(4,693)	(15,686)		(14,523)
Segment profit (loss)		6,026		5,952	(4,865)		(4,930)
Other significant items:
Depreciation and amortization		129		310	449		911
Segment assets
Other investments		113,830			113,830			69,911
Total portfolio assets		113,830			113,830			$ 69,911
Corporate/Other | Other income
Segment Profit (Loss)
Revenues		$ 14,275		$ 14,107	$ 20,038		$ 26,332
[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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting [Abstract]
Segment profit	$ 148,599	$ 32,934	$ 189,449	$ 74,077
Less: Recovery of (provision for) loan losses	1,556	1,976	7,613	(4,093)
Less: Recovery of (provision for) losses on net investment in leases	(131)	(175)	1,735	(2,001)
Less: Impairment of assets	(1,179)	0	(2,965)	(6,491)
Less: Stock-based compensation expense	(3,001)	(5,661)	(23,300)	(26,675)
Less: Depreciation and amortization	(14,856)	(14,621)	(44,971)	(43,407)
Less: Income tax expense	6	(78)	6	(165)
Less: Loss on early extinguishment of debt, net	0	(7,924)	0	(12,038)
Net income (loss)	$ 130,994	$ 6,451	$ 127,567	$ (20,793)

Subsequent Events (Detail)

Subsequent Events (Detail)	1 Months Ended
	Nov. 02, 2021	Sep. 30, 2021
4.75% Senior Notes
Subsequent events
Stated interest rate		4.75%
4.25% Senior Notes
Subsequent events
Stated interest rate		4.25%
5.50% Senior Notes
Subsequent events
Stated interest rate		5.50%
Subsequent Event | Minimum
Subsequent events
Percentage of principal amount of consenting notes paid as consent fees to note holders	0.75%
Subsequent Event | Maximum
Subsequent events
Percentage of principal amount of consenting notes paid as consent fees to note holders	1.00%