Safehold 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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)		86,697,347
Entity Central Index Key	0001095651
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
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, 2022	Dec. 31, 2021
Real estate
Real estate, at cost	[1]	$ 111,719	$ 113,510
Less: accumulated depreciation	[1]	(22,575)	(21,360)
Real estate, net	[1]	89,144	92,150
Real estate available and held for sale	[1]	1,283	301
Total real estate	[1]	90,427	92,451
Real estate and other assets available and held for sale and classified as discontinued operations	[1],[2]	11,925	2,299,711
Net investment in leases ($0 of allowances as of December 31, 2021)		0	43,215	[1]
Land and development, net	[1]	248,246	286,810
Loans receivable and other lending investments, net ($2,890 and $4,769 of allowances as of September 30, 2022 and December 31, 2021, respectively)	[1]	176,623	332,844
Loan receivable held for sale	[1]		43,215
Other investments	[1]	1,605,268	1,297,281
Cash and cash equivalents	[1]	1,335,722	339,601
Accrued interest and operating lease income receivable, net	[1]	1,035	1,813
Deferred operating lease income receivable, net	[1]	2,842	3,159
Deferred expenses and other assets, net	[1]	50,044	100,434
Total assets	[1]	3,522,132	4,840,534
Liabilities:
Accounts payable, accrued expenses and other liabilities	[1]	140,876	236,732
Liabilities associated with real estate held for sale and classified as discontinued operations	[1],[2]	2,918	968,419
Liabilities associated with properties held for sale	[1]		3
Debt obligations, net	[1]	1,680,708	2,572,174
Total liabilities	[1]	1,824,502	3,777,328
Commitments and contingencies (refer to Note 11)	[1]
iStar Inc. shareholders' equity:
Preferred Stock Series D, G and I, liquidation preference $25.00 per share	[1]	12	12
Common Stock, $0.001 par value, 200,000 shares authorized, 86,695 and 68,870 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	[1]	87	69
Additional paid-in capital	[1]	3,457,961	3,100,015
Accumulated deficit	[1]	(1,772,843)	(2,227,213)
Accumulated other comprehensive loss	[1]	(4,898)	(21,587)
Total iStar Inc. shareholders' equity	[1]	1,680,319	851,296
Noncontrolling interests	[1]	17,311	211,910
Total equity	[1]	1,697,630	1,063,206
Total liabilities and equity	[1]	$ 3,522,132	$ 4,840,534
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”). Refer to Note 3 - Net Lease Sale and Discontinued Operations.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Net investment in leases, allowances		$ 0
Loans receivable and other lending investments, allowances	$ 2,890	$ 4,769
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)	86,695	68,870
Common Stock, shares outstanding (in shares)	86,695	68,870

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Total revenues	$ 47,757	$ 143,632	$ 127,773	$ 257,871
Costs and expenses:
Interest expense	22,664	28,695	76,056	86,145
Depreciation and amortization	1,290	1,742	3,985	5,715
General and administrative	14,210	17,121		68,954
General and administrative			10,406
Provision for (recovery of) loan losses	(157)	(1,610)	22,556	(7,411)
Provision for (recovery of) losses on net investment in leases	(380)	(315)	0	465
Impairment of assets	0	421	1,768	679
Other expense	4,171	894	6,624	1,358
Total costs and expenses	74,780	147,697	216,101	336,816
Income from sales of real estate	951	25,611	1,443	26,319
Income (loss) from operations before earnings from equity method investments and other items	(26,072)	21,546	(86,885)	(52,626)
Loss on early extinguishment of debt, net	(13,209)	0	(131,200)	0
Earnings from equity method investments	57,797	87,795	102,222	110,661
Net income (loss) from continuing operations before income taxes	18,516	109,341	(115,863)	58,035
Income tax (expense) benefit	(564)	39	(567)	117
Net income (loss) from continuing operations	17,952	109,380	(116,430)	58,152
Net income from discontinued operations		21,614	797,688	69,415
Net income	17,952	130,994	681,258	127,567
Net (income) loss from continuing operations attributable to noncontrolling interests	53	(10)	(46)	55
Net (income) from discontinued operations attributable to noncontrolling interests		(3,254)	(179,089)	(8,092)
Net income attributable to iStar Inc.	18,005	127,730	502,123	119,530
Preferred dividends	(5,874)	(5,874)	(17,622)	(17,622)
Net income allocable to common shareholders - Basic	$ 12,131	$ 121,856	$ 484,501	$ 101,908
Per common share data:
Net income (loss) allocable to common shareholders - Basic	$ 0.14	$ 1.71	$ 6.16	$ 1.40
Net income (loss) allocable to common shareholders - Diluted	0.14	1.51	6.16	1.30
Net income (loss) from continuing operations and allocable to common shareholders:
Basic (in dollars per share)	0.14	1.45	(1.70)	0.56
Diluted (in dollars per share)	$ 0.14	1.28	(1.70)	0.52
Net income from discontinued operations and allocable to common shareholders
Basic (in dollars per share)		0.26	7.86	0.84
Diluted (in dollars per share)		$ 0.23	$ 7.86	$ 0.78
Weighted average number of common shares:
Basic (in shares)	85,458	71,299	78,706	72,675
Diluted (in shares)	85,867	80,487	78,706	78,402
Operating lease income
Revenues:
Total revenues	$ 3,424	$ 3,732	$ 9,715	$ 13,456
Interest income
Revenues:
Total revenues	2,093	6,972	11,262	24,846
Interest income from sales-type leases
Revenues:
Total revenues	129	526	861	683
Other income
Revenues:
Total revenues	27,024	39,033	51,545	60,950
Land development revenue
Revenues:
Total revenues	15,087	93,369	54,390	157,936
Costs and expenses:
Cost of sales expense	16,778	87,380	55,369	147,507
Real estate expense
Costs and expenses:
Cost of sales expense	$ 16,204	$ 13,369	$ 39,337	$ 33,404

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income		$ 17,952	$ 130,994	$ 681,258	$ 127,567
Other comprehensive income (loss):
Reclassification of losses on cash flow hedges into earnings upon realization	[1]	562	2,683	1,763	7,507
Reclassification of losses on available-for-sale securities		386		386	0
Unrealized losses on available-for-sale securities			(539)	(4,623)	(913)
Unrealized gains on cash flow hedges		12,026	273	19,163	11,483
Other comprehensive income		12,974	2,417	16,689	18,077
Comprehensive income		30,926	133,411	697,947	145,644
Comprehensive (income) loss attributable to noncontrolling interests	[2]	53	(4,207)	(179,135)	(11,951)
Comprehensive income attributable to iStar Inc.		$ 30,979	$ 129,204	$ 518,812	$ 133,693
[1] Reclassified to “Net income from discontinued operations” in the Company’s consolidated statements of operations for the three and nine months ended September 30, 2021 is $2,050 and $6,183 respectively. Reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the three months ended September 30, 2022 and 2021 are $562 and $633 respectively. Reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the nine months ended September 30, 2022 and 2021 are $1,763 and $1,324 , respectively. For the three months ended September 30, 2021, $4.2 million of comprehensive income attributable to noncontrolling interests was from discontinued operations. For the nine months ended September 30, 2022 and 2021, $179.1 million and $12.0 million, respectively, of comprehensive income attributable to noncontrolling interests was from discontinued operations .

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income from discontinued operations		$ 21,614	$ 797,688	$ 69,415
Earnings from equity method investments	$ 57,797	87,795	102,222	110,661
Other expenses	4,171	894	6,624	1,358
Comprehensive income attributable to noncontrolling interests from discontinued operations		4,200	179,100	12,000
Reclassification out of Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge
Net income from discontinued operations		2,050		6,183
Earnings from equity method investments	$ 562	$ 633	$ 1,763	$ 1,324

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Preferred Stock		Common Stock	Additional Paid-In Capital Period 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, 2020		$ 12	[1]	$ 74	$ (25,869)	$ 3,240,535	$ 15,850	$ (2,316,972)	$ (52,680)	$ 193,414	$ (10,019)	$ 1,064,383
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)									18,330	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	[1]	70		3,127,401		(2,225,552)	(34,350)	198,644		1,066,225
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)									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	[1]	70		3,127,401		(2,225,552)	(34,350)	198,644		1,066,225
Beginning Balance at Dec. 31, 2021		12	[1]	69		3,100,015		(2,227,213)	(21,587)	211,910		1,063,206	[3]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared-preferred								(17,622)				(17,622)
Dividends declared-common								(30,131)				(30,131)
Issuance of stock/restricted stock unit amortization, net	[2]			1		10,148				3,504		13,653
Issuance of common stock in connection with 3.125% convertible notes	[4]			17		347,798						347,815
Net income (loss)								502,123		179,135		681,258
Change in accumulated other comprehensive income (loss)									16,689			16,689
Contributions from noncontrolling interests										7,893		7,893
Distributions to noncontrolling interests										(385,131)		(385,131)
Ending Balance at Sep. 30, 2022		12	[1]	87		3,457,961		(1,772,843)	(4,898)	17,311		1,697,630	[3]
Beginning Balance at Jun. 30, 2022		12		84		3,406,422		(1,774,069)	(17,872)	16,287		1,630,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared-preferred								(5,874)				(5,874)
Dividends declared-common								(10,905)				(10,905)
Issuance of stock/restricted stock unit amortization, net	[2]					1,262				1,077		2,339
Issuance of common stock in connection with 3.125% convertible notes	[4]			3		50,277						50,280
Net income (loss)								18,005		(53)		17,952
Change in accumulated other comprehensive income (loss)									12,974			12,974
Ending Balance at Sep. 30, 2022		$ 12	[1]	$ 87		$ 3,457,961		$ (1,772,843)	$ (4,898)	$ 17,311		$ 1,697,630	[3]
[1] Refer to Note 13 for details on the Company’s Preferred Stock. Net of payments for withholding taxes upon vesting of stock-based compensation. Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”). Refer to Note 10 for details on the Company’s 3.125% convertible notes.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Dividends declared
Dividends declared - common (in dollars per share)	$ 0.125	$ 0.125	$ 0.375	$ 0.36
Unsecured notes | 3.125% Senior Convertible Notes
Debt Instrument [Line Items]
Stated interest rate	3.125%	3.125%	3.125%	3.125%

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 681,258	$ 127,567
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Provision for (recovery of) loan losses	22,556	(7,613)
Provision for losses on net investment in leases		(1,735)
Impairment of assets	3,260	2,965
Depreciation and amortization	3,985	44,971
Non-cash interest income from sales-type leases	(1,748)	(22,243)
Stock-based compensation (income) expense	(30,724)	23,300
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	7,362	5,920
Amortization of discounts/premiums and deferred interest on loans, net	(6,615)	(11,730)
Deferred interest on loans received	4,738	24,394
Earnings from equity method investments	(229,351)	(114,675)
Distributions from operations of other investments	149,741	37,433
Deferred operating lease income	(2,169)	(7,874)
Income from sales of real estate	(685,180)	(28,433)
Land development revenue in excess of cost of sales	979	(10,429)
Loss on early extinguishment of debt, net	172,608
Other operating activities, net	(12,846)	(14,031)
Changes in assets and liabilities:
Originations and fundings of loans receivable held for sale		(42,000)
Changes in accrued interest and operating lease income receivable	2,552	5,259
Changes in deferred expenses and other assets, net	(15,308)	(9,186)
Changes in accounts payable, accrued expenses and other liabilities	(49,725)	(6,601)
Cash flows provided by (used in) operating activities	15,373	(4,741)
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(5,831)	(71,921)
Capital expenditures on real estate assets	(1,090)	(5,835)
Capital expenditures on land and development assets	(15,993)	(15,603)
Acquisition of real estate, net investments in leases and land assets	(36,730)	(42,000)
Repayments of and principal collections on loans receivable and other lending investments, net	90,615	226,065
Net proceeds from sales of loans receivable	145,583	122,609
Net proceeds from sales of real estate	1,982,254	125,666
Net proceeds from sales of net investment in leases	608,238	14,910
Net proceeds from sales of land and development assets	51,580	154,094
Net proceeds from sales of other investments		3,000
Distributions from other investments	161,275	34,926
Contributions to and acquisition of interest in other investments	(273,206)	(171,005)
Other investing activities, net	(62)	(1,184)
Cash flows provided by investing activities	2,706,633	373,722
Cash flows from financing activities:
Borrowings from debt obligations	50,000	25,000
Repayments and repurchases of debt obligations	(1,154,033)	(44,534)
Purchase of marketable securities in connection with the defeasance of mortgage notes payable	(252,571)
Preferred dividends paid	(17,622)	(17,622)
Common dividends paid	(30,224)	(26,149)
Repurchase of stock		(88,946)
Payments for debt prepayment or extinguishment costs	(16,676)
Payments for deferred financing costs		(75)
Payments for withholding taxes upon vesting of stock-based compensation	(10,567)	(2,210)
Contributions from noncontrolling interests	7,893	233
Distributions to noncontrolling interests	(351,005)	(10,317)
Cash flows used in financing activities	(1,774,805)	(164,620)
Effect of exchange rate changes on cash	(100)	(126)
Changes in cash, cash equivalents and restricted cash	947,101	204,235
Cash, cash equivalents and restricted cash at beginning of period	393,996	150,566
Cash, cash equivalents and restricted cash at end of period	$ 1,341,097	$ 354,801

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022		Sep. 30, 2021
Reconciliation of cash and cash equivalents and restricted cash presented on the consolidated statements of cash flows
Cash and cash equivalents	$ 1,335,722	[1]	$ 298,886
Restricted cash included in deferred expenses and other assets, net	5,375		55,915
Total cash and cash equivalents and restricted cash	1,341,097		354,801
Supplemental disclosure of non-cash investing and financing activity:
Fundings and (repayments) of loan receivables and loan participations, net			(42,501)
Accounts payable for capital expenditures on land and development and real estate assets	2,258		1,125
Contributions to other investments			2,000
Distributions to noncontrolling interests	34,467
Defeasance of mortgage notes payable	230,452
Marketable securities transferred in connection with the defeasance of mortgage notes payable	252,571
Settlement of senior unsecured notes (refer to Note 10)	218,945
Accrued repurchase of stock			$ 3,117
Assumption of mortgage by third party	$ 62,825
[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, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Note 1—Business and Organization Business Organization ​ Merger with Safehold Inc. Merger Agreement New SAFE ​ As discussed further below, shortly before the closing of the Merger, the Company intends to separate its remaining legacy non-ground lease assets and businesses into a separate public company (“ SpinCo Spin-Off ​ Conditions to the Merger The consummation of the Merger is subject to the satisfaction or waiver of certain closing conditions, including: (i) the approval of the Company’s stockholders, (ii) the approval of SAFE’s stockholders, (iii) completion of the Spin-Off, (iv) the approval of the shares of STAR Common Stock to be issued in the Merger for listing on the NYSE, (v) the effectiveness of a registration statement on Form S-4 registering the STAR Common Stock to be issued in the Merger, (vi) the absence of any temporary restraining order, injunction or other order of any court of competent jurisdiction or other legal restraint or prohibition preventing the consummation of the reverse stock split or the Merger, (vii) generation of certain cash proceeds, (viii) the receipt of certain tax opinions by the Company and SAFE that the Merger will qualify as a reorganization under the Internal Revenue Code and that the Company and SAFE each qualifies as a REIT for federal income tax purposes, (ix) the accuracy of certain representations and warranties of the Company and SAFE contained in the Merger Agreement and the compliance by the parties with the covenants contained in the Merger Agreement (subject to customary materiality qualifiers), and (x) other conditions specified in the Merger Agreement. ​ Conditions to the Spin-Off ​ Completion of the Spin-Off is subject to: (i) completion of the documents for the Spin-Off related financings; (ii) the satisfaction or waiver of relevant conditions to the consummation of the Merger; (iii) effectiveness of a registration statement on Securities and Exchange Commission (“SEC”) Form 10; (iv) the absence of an injunction or law preventing the consummation of the Spin-Off, the distribution and the transactions related thereto; and (v) other customary closing conditions. ​ Other Merger related transactions ​ The Company has entered into an agreement (the “ MSD Stock Purchase Agreement MSD Partners MSD Stock Purchase consummate the purchase and sale will also terminate. In addition to customary closing conditions, MSD Partners’ obligations to purchase SAFE’s common stock owned by the Company are subject to the condition that the closing of the MSD Caret Purchase (as defined below) will take place substantially concurrently with the closing of the MSD Stock Purchase. Upon closing of the transaction, MSD Partners will have a right to designate an observer to the board of directors of New SAFE, a preemptive right on future equity issuances (subject to certain exceptions) and registration rights. MSD Partners will be subject to a customary standstill and certain restrictions on sales of its New SAFE Common Stock. MSD Partners has also subscribed to purchase 100,000 Caret units from SAFE for an aggregate purchase price of $20.0 million (the “ MSD Caret Purchase ​ SpinCo will be capitalized in part with an 8.0%, four-year term loan from New SAFE having an initial principal amount of $100.0 million or such other amount as the parties may agree prior to the closing of the Merger, as well as up to $140.0 million of bank debt from Morgan Stanley Bank, N.A. which will be secured by $400 million in shares of SAFE common stock. New SAFE will enter into a management agreement with SpinCo, under which it will continue to operate and pursue the orderly monetization of SpinCo’s assets. SpinCo will pay to New SAFE an annual management fee of $25.0 million in year one, $15.0 million in year two, $10.0 million in year three and $5.0 million in year four and 2.0% of the gross book value of SpinCo's assets, excluding shares of SAFE common stock, for each annual term thereafter. New SAFE and SpinCo will also enter into a governance agreement that will place certain restrictions on the transfer and voting of the shares of New SAFE owned by SpinCo, and a registration rights agreement under which New SAFE will agree to register such shares for resale in accordance with applicable securities laws. ​ The Company and SAFE have entered into a voting agreement pursuant to which the Company has agreed vote its shares representing 41.9% of the outstanding SAFE Common Stock to approve the Merger and take certain other actions, including voting against any alternative acquisition proposal or other proposal which could reasonably be expected to materially delay, postpone or materially adversely affect the consummation of the transactions contemplated by the Merger Agreement. In accordance with the terms of the existing stockholders’ agreement between SAFE and the Company, the remainder of the SAFE Common Stock owned by the Company will be voted in the same manner and proportion as the votes cast by the remaining shareholders of SAFE. The voting agreement and the obligations thereunder terminate upon the termination of the Merger Agreement in accordance with its terms. ​ As noted above, the Merger and related transactions are subject to a number of conditions, several of which are outside the Company's control; therefore, there can be no assurance that the Merger and related transactions will occur within the time frame currently expected by the parties, or at all. The foregoing descriptions of the Merger and the Merger Agreement and the related transactions and agreements do not purport to be complete and are subject to, and qualified in their entirety by, the full text of such agreements. Please see the Company's filings with the Securities and Exchange Commission for additional information, including copies of such agreements. ​ The Company has covenanted to redeem all of its outstanding preferred stock at the liquidation preference per share plus accrued and unpaid dividends and to retire all of its remaining senior unsecured notes in connection with the Merger. The Company’s trust preferred securities will remain outstanding at New SAFE.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	9 Months Ended
	Sep. 30, 2022
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 (refer to Note 3 – Net Lease Sale and Discontinued Operations) to conform to the current period presentation. Principles of Consolidation Consolidated VIEs December 31, 2021. The following table presents the assets and liabilities of the Company’s consolidated VIEs as of September 30, 2022 and December 31, 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2022 December 31, 2021 ASSETS ​ ​ ​ Real estate ​ ​ ​ Real estate, at cost ​ $ 93,940 ​ $ 93,477 Less: accumulated depreciation ​ (17,277) ​ (14,987) Real estate, net ​ 76,663 ​ 78,490 Real estate and other assets available and held for sale and classified as discontinued operations ​ ​ — ​ ​ 886,845 Land and development, net ​ 145,545 ​ 176,833 Cash and cash equivalents ​ 33,768 ​ 23,908 Deferred operating lease income receivable, net ​ 6 ​ 3 Deferred expenses and other assets, net ​ 6,420 ​ 5,001 Total assets ​ $ 262,402 ​ $ 1,171,081 LIABILITIES ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 25,078 ​ $ 24,744 Liabilities associated with real estate held for sale and classified as discontinued operations ​ ​ 146 ​ ​ 493,739 Total liabilities ​ 25,224 ​ 518,483 ​ Unconsolidated VIEs

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3—Summary of Significant Accounting Policies Net Lease Sale and Discontinued Operations — ​ Net Lease Sale — ​ The portfolio sold consisted of office, entertainment and industrial properties located in the United States comprising approximately 18.3 million square feet. It included assets wholly-owned by the Company and assets owned by two joint ventures (see Net Lease Venture and Net Lease Venture II below) managed by the Company and in which it owned 51.9% interests to SAFE for $122.0 million and entered into three Ground Leases with SAFE. Two net lease properties were sold to different third parties in the first quarter of 2022 and the Company’s net lease assets associated with its Ground Lease businesses were not included in the sale. The Company received net cash proceeds of $33.9 million from the sale of the two net lease properties and recognized a gain of $23.9 million in “Net income from discontinued operations” in the Company’s consolidated statements of operations. ​ Net Lease Venture ​ Net Lease Venture II ​ Discontinued Operations — ​ The following table presents the Company’s consolidated assets and liabilities recorded in “Real estate and other assets available and held for sale and classified as discontinued operations” and “Liabilities associated with real estate held for sale and classified as discontinued operations,” respectively, on the Company’s consolidated balance sheets as of September 30, 2022 and December 31, 2021 ($ in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2022 2021 ​ ASSETS ​ ​ ​ ​ Real estate ​ ​ ​ ​ Real estate, at cost ​ $ — ​ $ 1,537,655 ​ Less: accumulated depreciation ​ — ​ (271,183) ​ Total real estate, net ​ — ​ 1,266,472 ​ Net investment in leases ​ — ​ 486,389 ​ Loans receivable held for sale ​ ​ — ​ ​ 48,675 ​ Other investments ​ 1,963 ​ 103,229 ​ Finance lease right of use assets ​ ​ — ​ ​ 150,099 ​ Accrued interest and operating lease income receivable, net ​ 491 ​ 2,997 ​ Deferred operating lease income receivable, net ​ — ​ 63,156 ​ Deferred expenses and other assets, net ​ 9,471 ​ 178,694 ​ Total real estate and other assets available and held for sale and classified as discontinued operations ​ $ 11,925 ​ $ 2,299,711 ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 2,918 ​ $ 92,865 ​ Finance lease liabilities ​ ​ — ​ ​ 161,258 ​ Debt obligations, net ​ — ​ 714,296 ​ Total liabilities associated with real estate held for sale and classified as discontinued operations ​ $ 2,918 ​ $ 968,419 ​ ​ The transaction described above involving the Company's net lease business qualified for discontinued operations and the following table summarizes net income from discontinued operations for the three and nine months ended September 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Revenues: ​ ​ ​ ​ ​ ​ Operating lease income ​ $ — ​ $ 40,660 ​ $ 35,596 ​ $ 123,925 ​ Interest income ​ — ​ 979 ​ 885 ​ 2,728 ​ Interest income from sales-type leases ​ — ​ 9,052 ​ 8,803 ​ 26,212 ​ Other income ​ — ​ 1,162 ​ 4,292 ​ 3,599 ​ Total revenues ​ — ​ 51,853 ​ 49,576 ​ 156,464 ​ Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense (1) ​ — ​ 10,776 ​ 7,484 ​ 32,306 ​ Real estate expense ​ — ​ 5,355 ​ 5,072 ​ 20,503 ​ Depreciation and amortization (1) ​ — ​ 13,114 ​ — ​ 39,256 ​ Provision for (recovery of) loan losses ​ ​ — ​ ​ 54 ​ ​ — ​ ​ (202) ​ Provision for (recovery of) losses on net investment in leases ​ — ​ 446 ​ — ​ (2,200) ​ Impairment of assets (2) ​ — ​ 758 ​ 1,492 ​ 2,286 ​ Other expense (3) ​ — ​ 1,117 ​ (5,669) ​ 1,117 ​ Total costs and expenses ​ — ​ 31,620 ​ 8,379 ​ 93,066 ​ Income from sales of real estate ​ — ​ — ​ 683,738 ​ 2,114 ​ Income from discontinued operations before earnings from equity method investments and other items ​ — ​ 20,233 ​ 724,935 ​ 65,512 ​ Earnings from equity method investments ​ — ​ 1,414 ​ 127,129 ​ 4,014 ​ Loss on early extinguishment of debt, net ​ — ​ — ​ (41,408) ​ — ​ Net income from discontinued operations before income taxes ​ — ​ 21,647 ​ 810,656 ​ 69,526 ​ Income tax expense ​ — ​ (33) ​ (12,968) ​ (111) ​ Net income from discontinued operations ​ — ​ 21,614 ​ 797,688 ​ 69,415 ​ Net (income) from discontinued operations attributable to noncontrolling interests ​ — ​ (3,254) ​ (179,089) ​ (8,092) ​ Net income from discontinued operations attributable to iStar Inc. ​ $ — ​ $ 18,360 ​ $ 618,599 ​ $ 61,323 ​ (1) For the nine months ended September 30, 2022, the Company recorded $1.3 million of “Interest expense” in its consolidated statements of operations from its Ground Leases with SAFE. For the three and nine months ended September 30, 2021, the Company recorded $2.1 million and $6.2 million, respectively, of “Interest expense” and $0.4 million and $1.1 million, respectively, of “Depreciation and amortization” in its consolidated statements of operations from its Ground Leases with SAFE. (2) During the nine months ended September 30, 2022 and 2021, the Company sold assets and recognized aggregate impairments of $1.5 million and $2.3 million, respectively. (3) Represents the reversal of other expenses recognized in connection with the settlement of interest rate hedges during the nine months ended September 30, 2022. ​ The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the nine months ended September 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ​ 2022 2021 Cash flows provided by operating activities ​ $ 116,738 ​ $ 70,936 Cash flows provided by (used in) investing activities ​ 2,660,531 ​ (12,145) ​ New Accounting Pronouncements —

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Real Estate	Note 4—Real Estate The Company’s real estate assets were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2022 December 31, 2021 Land, at cost ​ $ 6,830 ​ $ 6,831 Buildings and improvements, at cost ​ 104,889 ​ 106,679 Less: accumulated depreciation ​ (22,575) ​ (21,360) Real estate, net ​ 89,144 ​ 92,150 Real estate available and held for sale (1) ​ 1,283 ​ 301 Total real estate ​ $ 90,427 ​ $ 92,451 (1) As of September 30, 2022 and December 31, 2021, the Company had $1.3 million and $0.3 million, respectively, of residential homes/condominiums available for sale in its operating properties portfolio. Dispositions— Impairments— Tenant Reimbursements— and $ million for the three and nine months ended September 30, 2022, respectively, and and $ million for the three and nine months ended September 30, 2021, respectively Allowance for Doubtful Accounts— Future Minimum Operating Lease Payments ​ ​ ​ ​ ​ Operating Year ​ Properties 2022 (remaining three months) ​ $ 1,649 2023 ​ 6,459 2024 ​ 6,348 2025 ​ 5,698 2026 ​ 5,200 Thereafter ​ 4,413 ​

Net Investment in Leases

Net Investment in Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Net Investment in Leases	Note 5—Net Investment in Leases In June 2021, the Company acquired two parcels leasehold In January 2022, the Company entered into a commitment to acquire land for $36.0 million and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of an existing multifamily property. The Company funded $34.6 million of its commitment and then, pursuant to an agreement with SAFE (refer to Note 8) and upon certain construction related conditions being met, sold the Ground Lease to SAFE in July 2022 for $36.0 million and recognized a gain of $1.0 million in “Income from sales of real estate” in its consolidated statements of operations. The Company’s net investment in leases were comprised of the following as of September 30, 2022 and December 31, 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Total undiscounted cash flows ​ $ — ​ $ 524,712 Unguaranteed estimated residual value ​ — ​ 42,000 Present value discount ​ — ​ (523,497) Net investment in leases (1) ​ $ — ​ $ 43,215 (1) As of December 31, 2021, the Company’s net investment in lease was current in its payment status and performing in accordance with the terms of the lease. Allowance for Losses on Net Investment in Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, 2022 ​ September 30, 2021 ​ September 30, 2022 September 30, 2021 ​ Allowance for losses on net investment in leases at beginning of period (1) $ 380 ​ $ 9,005 $ — ​ $ 10,871 Provision for (recovery of) losses on net investment in leases (2) ​ ​ (380) ​ ​ 131 ​ ​ — ​ ​ (1,735) ​ Allowance for losses on net investment in leases at end of period (1) ​ $ — ​ $ 9,136 ​ $ — ​ $ 9,136 ​ (1) All 2021 amounts were for net investment in leases included in the Net Lease Sale (refer to Note 3 – Net Lease Sale and Discontinued Operations). (2) During the three and nine months ended September 30, 2022, the Company recorded a provision for (recovery of) losses on net investment in leases of ($0.4) million and $0.0 million, respectively, due primarily to asset sales . 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 (both of which are included in “Net income from discontinued operations”), 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.

Land and Development

Land and Development	9 Months Ended
	Sep. 30, 2022
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, ​ ​ 2022 2021 ​ Land and land development, at cost ​ $ 259,732 ​ $ 297,621 ​ Less: accumulated depreciation ​ (11,486) ​ (10,811) ​ Total land and development, net ​ $ 248,246 ​ $ 286,810 ​ ​ Dispositions— ​

Loans Receivable and Other Lend

Loans Receivable and Other Lending Investments, net	9 Months Ended
	Sep. 30, 2022
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, 2022 December 31, 2021 ​ Construction loans ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 133,468 ​ $ 184,643 ​ Corporate/Partnership loans ​ — ​ 618 ​ Subtotal - gross carrying value of construction loans (1) ​ 133,468 ​ 185,261 ​ Loans ​ ​ ​ Senior mortgages ​ — ​ 14,965 ​ Subordinate mortgages ​ 13,107 ​ 12,457 ​ Subtotal - gross carrying value of loans ​ 13,107 ​ 27,422 ​ Other lending investments ​ ​ ​ Held-to-maturity debt securities ​ 32,938 ​ 96,838 ​ Available-for-sale debt securities ​ — ​ 28,092 ​ Subtotal - other lending investments ​ 32,938 ​ 124,930 ​ Total gross carrying value of loans receivable and other lending investments ​ 179,513 ​ 337,613 ​ Allowance for loan losses ​ (2,890) ​ (4,769) ​ Total loans receivable and other lending investments, net ​ $ 176,623 ​ $ 332,844 ​ (1) As of September 30, 2022, 100% of gross carrying value of construction loans had completed construction. Allowance for Loan Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held to ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ Maturity Debt ​ Specific ​ ​ ​ Three Months Ended September 30, 2022 ​ Loans ​ Loans ​ Securities ​ Allowance ​ Total Allowance for loan losses at beginning of period ​ $ 861 ​ $ 450 ​ $ 1,014 ​ $ 708 ​ $ 3,033 Provision for (recovery of) loan losses (1) ​ (13) ​ (72) ​ (67) ​ 9 ​ (143) Allowance for loan losses at end of period ​ $ 848 ​ $ 378 ​ $ 947 ​ $ 717 ​ $ 2,890 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 1,640 ​ $ 1,619 ​ $ 2,393 ​ $ 590 ​ $ 6,242 Provision for (recovery of) loan losses (1) ​ (149) ​ (865) ​ 145 ​ 50 ​ (819) Allowance for loan losses at end of period ​ $ 1,491 ​ $ 754 ​ $ 2,538 ​ $ 640 ​ $ 5,423 (1) During the three months ended September 30, 2022 and 2021, the Company recorded a provision for (recovery of) loan losses of ($0.2) million and ( $1.6 ) million, respectively, in its consolidated statements of operations. The recovery in 2022 was due primarily to the repayment of loans during the three months ended September 30, 2022. The recovery in 2021 was d ue 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, $0.9 million related to a provision for loan losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities .” ​ Changes in the Company’s allowance for loan losses were as follows for the nine months ended September 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held to ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ Maturity Debt ​ Specific ​ ​ ​ Nine Months Ended September 30, 2022 ​ Loans ​ Loans ​ Securities ​ Allowance ​ Total Allowance for loan losses at beginning of period ​ $ 1,213 ​ $ 676 ​ $ 2,304 ​ $ 576 ​ $ 4,769 Provision for (recovery of) loan losses (1) ​ (365) ​ (298) ​ 23,643 ​ 141 ​ 23,121 Charge-offs ​ — ​ — ​ (25,000) ​ — ​ (25,000) Allowance for loan losses at end of period ​ $ 848 ​ $ 378 ​ $ 947 ​ $ 717 ​ $ 2,890 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 6,541 ​ $ 1,643 ​ $ 3,093 ​ $ 743 ​ $ 12,020 Recovery of loan losses (1) ​ (5,050) ​ (889) ​ (555) ​ (103) ​ (6,597) Allowance for loan losses at end of period ​ $ 1,491 ​ $ 754 ​ $ 2,538 ​ $ 640 ​ $ 5,423 (1) During the nine months ended September 30, 2022 and 2021, the Company recorded a provision for (recovery of) loan losses of $22.6 million and ($7.4) million, respectively, in its consolidated statements of operations. The provision in 2022 was due primarily to a $25.0 million charge-off on the Company’s held-to-maturity debt security, which is now recorded at its expected repayment proceeds. The recovery in 2021 was d ue 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, $0.9 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities .” The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows as of September 30, 2022 and December 31, 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually Collectively ​ ​ ​ ​ Evaluated for ​ Evaluated for ​ ​ ​ ​ ​ Impairment (1) ​ Impairment ​ Total As of September 30, 2022 ​ ​ ​ Construction loans (2) ​ $ 61,159 ​ $ 72,309 ​ $ 133,468 Loans (2) ​ — ​ 13,107 ​ 13,107 Held-to-maturity debt securities ​ — ​ 32,938 ​ 32,938 Less: Allowance for loan losses ​ (717) ​ (2,173) ​ (2,890) Total ​ $ 60,442 ​ $ 116,181 ​ $ 176,623 As of December 31, 2021 ​ ​ ​ Construction loans (2) ​ $ 59,640 ​ $ 125,621 ​ $ 185,261 Loans (2) ​ — ​ 27,422 ​ 27,422 Held-to-maturity debt securities ​ — ​ 96,838 ​ 96,838 Available-for-sale debt securities (3) ​ — ​ 28,092 ​ 28,092 Less: Allowance for loan losses ​ (576) ​ (4,193) ​ (4,769) Total ​ $ 59,064 ​ $ 273,780 ​ $ 332,844 (1) The carrying value of this loan includes an amortized exit fee of $0.8 million and $0.8 million as of September 30, 2022 and December 31, 2021, 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 includes unamortized discounts, premiums, deferred fees and costs totaling net premiums (discounts) of $0.3 million and ($0.2) million as of September 30, 2022 and December 31, 2021, respectively. (3) During the three and nine months ended September 30, 2022, the Company sold its available-for-sale securities and recognized a gain of $2.9 million, which is recorded in “Other income” in the Company’s consolidated statements of operations. Available-for-sale debt securities were evaluated for impairment under ASC 326-30 – Financial Instruments-Credit Losses . Credit Characteristics from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain, and there can be no assurance that actual performance will be similar to current expectation. The Company designates loans as non-performing at such time as: (1) interest payments become 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt. The Company’s amortized cost basis in performing senior mortgages, corporate/partnership loans and subordinate mortgages, presented by year of origination and by credit quality, as indicated by risk rating, as of September 30, 2022 were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of Origination ​ ​ 2022 2021 2020 2019 2018 Prior to 2018 Total Senior mortgages ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ 65,559 ​ — ​ 65,559 3.5 ​ — ​ — ​ — ​ — ​ 6,750 ​ — ​ 6,750 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal (1) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 72,309 ​ $ — ​ $ 72,309 Subordinate mortgages ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ 13,107 ​ 13,107 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 13,107 ​ $ 13,107 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 72,309 ​ $ 13,107 ​ $ 85,416 (1) As of September 30, 2022, excludes $61.2 million for one loan on non-accrual status. The Company’s amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ or Equal ​ Than ​ Total ​ ​ ​ ​ ​ Current ​ to 90 Days ​ 90 Days ​ Past Due ​ Total As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 72,309 ​ $ — ​ $ 61,159 ​ ​ 61,159 ​ $ 133,468 Subordinate mortgages ​ 13,107 ​ — ​ — ​ — ​ 13,107 Total ​ $ 85,416 ​ $ — ​ $ 61,159 ​ $ 61,159 ​ $ 146,575 As of December 31, 2021 ​ ​ ​ ​ ​ Senior mortgages ​ $ 139,968 ​ $ — ​ $ 59,640 ​ ​ 59,640 ​ $ 199,608 Corporate/Partnership loans ​ 618 ​ — ​ — ​ — ​ 618 Subordinate mortgages ​ 12,457 ​ — ​ — ​ — ​ 12,457 Total ​ $ 153,043 ​ $ — ​ $ 59,640 ​ $ 59,640 ​ $ 212,683 ​ Impaired Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 As of December 31, 2021 ​ ​ ​ Unpaid ​ ​ ​ ​ Unpaid ​ ​ ​ ​ Amortized ​ Principal ​ Related ​ Amortized ​ Principal ​ Related ​ ​ Cost ​ Balance ​ Allowance ​ Cost ​ Balance ​ Allowance With an allowance recorded: ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages (1) ​ $ 61,159 ​ $ 60,409 ​ $ (717) ​ $ 59,640 ​ $ 58,888 ​ $ (576) Total ​ $ 61,159 ​ $ 60,409 ​ $ (717) ​ $ 59,640 ​ $ 58,888 ​ $ (576) (1) The Company has one non-accrual loan as of September 30, 2022 and December 31, 2021 that is considered impaired and included in the table above. The Company did no t record any interest income on impaired loans for the three and nine months ended September 30, 2022 and 2021. 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 sheet at the time of acquisition. In January 2022, the Company sold its loan receivable held for sale to the Ground Lease Plus Fund (refer to Note 8). Other lending investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ Net ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Estimated ​ Carrying ​ ​ Face Value ​ Cost Basis ​ Gain (Loss) ​ Fair Value ​ Value As of September 30, 2022 ​ ​ ​ ​ ​ Held-to-Maturity Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities (1) ​ $ 32,938 ​ $ 32,938 ​ $ — ​ $ 32,938 ​ $ 32,938 Total ​ $ 32,938 ​ $ 32,938 ​ $ — ​ $ 32,938 ​ $ 32,938 As of December 31, 2021 ​ ​ ​ ​ ​ Available-for-Sale Securities ​ ​ ​ ​ ​ Municipal debt securities ​ $ 23,855 ​ $ 23,855 ​ $ 4,237 ​ $ 28,092 ​ $ 28,092 Held-to-Maturity Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities ​ 100,000 ​ 96,838 ​ — ​ 96,838 ​ 96,838 Total ​ $ 123,855 ​ $ 120,693 ​ $ 4,237 ​ $ 124,930 ​ $ 124,930 (1) During the nine months ended September 30, 2022, the Company received a $40.0 million repayment, reduced the maturity date by nine months to December 30, 2022 and recorded a $25.0 million provision in ‘Provision for (recovery of) loan losses” in its consolidated statements of operations on its debt security. ​ As of September 30, 2022, the contractual maturities of the Company’s securities were as follows ($ 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 ​ $ 32,938 ​ $ 32,938 ​ $ — ​ $ — After one year through 5 years ​ — ​ — ​ — ​ — After 5 years through 10 years ​ — ​ — ​ — ​ — After 10 years ​ — ​ — ​ — ​ — Total ​ $ 32,938 ​ $ 32,938 ​ $ — ​ $ — ​

Other Investments

Other Investments	9 Months Ended
	Sep. 30, 2022
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 ​ Equity Method Investments ​ ​ as of ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ December 31, ​ September 30, ​ September 30, ​ ​ 2022 2021 2022 2021 2022 2021 Real estate equity investments ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE (1) ​ $ 1,459,476 ​ $ 1,168,532 ​ $ 42,800 ​ $ 73,475 ​ $ 74,549 ​ $ 94,590 Ground Lease Plus Fund ​ 65,793 ​ 17,630 ​ 725 ​ — ​ 2,014 ​ — Other real estate equity investments (2) ​ 33,808 ​ 44,349 ​ 12,365 ​ 11,965 ​ 19,749 ​ 9,902 Subtotal ​ 1,559,077 ​ 1,230,511 ​ 55,890 ​ 85,440 ​ 96,312 ​ 104,492 Other strategic investments (3) ​ 46,191 ​ 66,770 ​ 1,907 ​ 2,355 ​ 5,910 ​ 6,169 Total ​ $ 1,605,268 ​ $ 1,297,281 ​ $ 57,797 ​ $ 87,795 ​ $ 102,222 ​ $ 110,661 (1) As of September 30, 2022, the Company owned 40.3 million shares of SAFE common stock which, based on the closing price of $26.46 on September 30, 2022, had a market value of $1.1 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, 2022 and 2021, equity in earnings includes dilution gains of $0.9 million and $60.7 million, respectively, resulting from SAFE equity offerings. (2) During the three and nine months ended September 30, 2022, one of the Company’s real estate equity investments closed on the sale of a multifamily property. The Company received a distribution of $15.9 million from the sale and recognized a gain of $11.5 million in “Earnings from equity method investments” in the Company’s consolidated statements of operations. (3) During the three and nine months ended September 30, 2021, 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 – Investments – Equity Securities, the Company remeasured its equity investment at fair value and recognized mark-to-market gains of $14.0 million and $19.1 million, respectively, in “Other income” in the Company’s consolidated statements of operations. The Company’s equity security was redeemed at its carrying value in the fourth quarter of 2021. ​ Safehold Inc. SAFE is a publicly-traded company formed by the Company primarily to acquire, own, manage, finance and capitalize ground leases. Ground leases generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon (“Ground Leases”). During the nine months ended September 30, 2022, the Company purchased 0.2 million shares of SAFE's common stock for $10.5 million, for an average cost of $66.83 per share, in open market purchases made in accordance with Rules 10b5-1 and 10b-18 under the Securities and Exchange Act of 1934, as amended. In March 2022, the Company acquired 3,240,000 shares of SAFE’s common stock in a private placement for $191.2 million. 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 shareholders, 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% ; and ● provides the Company certain preemptive rights. 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, 2022 and 2021, the Company recorded $5.3 million and $3.6 million, respectively, of management fees pursuant to its management agreement with SAFE. During the nine months ended September 30, 2022 and 2021, the Company recorded $15.0 million and $10.6 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. Historically, pursuant to the Company’s option under the management agreement, the Company has elected to not seek reimbursement for certain expenses. This historical election is not a waiver of reimbursement for similar expenses in future periods and the Company has started to elect to seek, and may further seek in the future, reimbursement of such additional expenses that it has not previously sought, including, without limitation, rent, overhead and certain personnel costs. During the three months ended September 30, 2022 and 2021, the Company recognized $3.1 million and $1.9 million, respectively, of expense reimbursements pursuant to its management agreement with SAFE. During the nine months ended September 30, 2022 and 2021, the Company recognized $9.4 million and $5.6 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 for the periods presented, all of which were approved by the Company’s and SAFE’s independent directors: In October 2017, the Company closed on a 99-year and in January 2021 In June 2020, Net Lease Venture II (see Note 3) acquired the leasehold interest in an office laboratory property in Honolulu, HI and simultaneously entered into a 99-year Ground Lease with SAFE. In November 2021, the Company acquired the property from Net Lease Venture II. The Company paid $0.6 million to its partner to acquire its equity interest in the property and assumed a $44.4 million mortgage on the property. The Company sold the property in the first quarter of 2022. Prior to the sale, SAFE paid $0.3 million to terminate a purchase option that allowed the Company to purchase the land at the expiration of the Ground Lease. 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. 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 the Loan Fund (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. In January 2022, the Company sold the Ground Leases to the Ground Lease Plus Fund (see below). 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 Ground Lease Plus Fund. In November 2021, the Company and SAFE entered into an agreement pursuant to 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 is $33.3 million, plus an amount necessary for the Company to achieve the greater of a 1.25x multiple and a 12% return on its investment. In addition, the Ground Lease provides for a leasehold improvement allowance up to a maximum of $51.8 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 Lease or fund the leasehold improvement allowance. There can be no assurance that the conditions to closing will be satisfied and that SAFE will acquire the land and Ground Lease from the Ground Lease Plus Fund (refer to Ground Lease Plus Fund below). ​ In December 2021, the Company’s partner in a venture recapitalized an existing multifamily property, which included a Ground Lease provided by SAFE. As part of the recapitalization, the Company’s partner acquired its 50% equity interest in the entity and the mezzanine loan held by the Company was repaid in full. During the three and nine months ended September 30, 2021, the Company recorded $0.6 million and $1.7 million, respectively, of interest income on the mezzanine loan. ​ In January 2022, the Company and SAFE entered into an agreement pursuant to which SAFE would acquire land and a related Ground Lease originated by the Company when certain construction related conditions are met. The Company sold the Ground Lease to SAFE in July 2022 for $36.0 million when the construction related conditions were met and recognized a gain of $1.0 million in “Income from sales of real estate” in its consolidated statements of operations. In February 2022, the Loan Fund (refer to Other Strategic Investments below) committed to provide a $130.0 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan is for the Ground Lease tenant’s recapitalization of a life science property. The Loan Fund received $9.0 million of consideration from SAFE in connection with this transaction. In April 2022, the Company exchanged its 50% equity interest with a carrying value of $4.4 million in a venture that owned a hotel property for land underlying the property with an in-place Ground Lease valued at $9.0 million and recorded a gain of $4.6 million in “Earnings from equity method investments” in the consolidated statements of operations. Subsequently, the Company sold the Ground Lease on the land to SAFE for $9.0 million and did not recognize any gain or loss on the sale. In June 2022, the Loan Fund (refer to Other Strategic Investments below) committed to provide a $105.0 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan is for the Ground Lease tenant’s recapitalization of a mixed-use property. The Loan Fund received $5.0 million of consideration from SAFE in connection with this transaction. Ground Lease Plus Fund In November 2021, the Company acquired land for $33.3 million and simultaneously structured and entered into a Ground Lease on which a multi-family project will be constructed. In December 2021, the Company sold the Ground Lease to the Ground Lease Plus Fund and recognized no gain or loss on the sale. The Company and SAFE entered into an agreement pursuant to which SAFE would acquire the land and related Ground Lease from the Ground Lease Plus Fund when certain construction related conditions are met by a specified time period (refer to “Safehold Inc.” above). In January 2022, the Company sold two Ground Leases to the Ground Lease Plus Fund (refer to Note 5) and recognized an aggregate $0.5 million of gains in “Income from sales of real estate” on the sale. The Company and SAFE entered into an agreement pursuant to which SAFE would acquire the land properties and related Ground Leases from the Ground Lease Plus Fund when certain construction related conditions are met by a specified time period (refer to “Safehold Inc.” above). Other real estate equity investments Other strategic investments In January 2021, the Company sold two loans for $83.4 million to a newly formed entity in which the Company owns a 53.0% noncontrolling equity interest (the “Loan Fund”). 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 the Loan Fund. The Company does not have a controlling interest in the Loan Fund 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. In February 2022, the Loan Fund committed to provide a $130.0 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 life science property. In June 2022, the Loan Fund committed to provide a $105.0 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 mixed-use property. Summarized investee financial information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues Expenses Net Income Attributable to SAFE (1) For the Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE ​ $ 196,943 ​ $ 136,517 ​ $ 113,628 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE ​ $ 135,001 ​ $ 88,585 ​ $ 51,844 ​ ​ (1) Net Income Attributable to SAFE also includes gain on sale of net investment in leases, earnings from equity method investments, loss on early extinguishment of debt and selling profit from sales-type leases.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	9 Months Ended
	Sep. 30, 2022
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): (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2022 December 31, 2021 ​ Other assets (2) ​ $ 20,048 ​ $ 16,040 ​ Operating lease right-of-use assets (3) ​ 17,104 ​ 20,437 ​ Restricted cash ​ 5,375 ​ 54,395 ​ Other receivables ​ 4,962 ​ 5,054 ​ Corporate furniture, fixtures and equipment, net (4) ​ 1,575 ​ 1,852 ​ Leasing costs, net (5) ​ 646 ​ 818 ​ Intangible assets, net (6) ​ ​ 334 ​ ​ 1,209 ​ Deferred financing fees, net ​ — ​ 629 ​ Deferred expenses and other assets, net ​ $ 50,044 ​ $ 100,434 ​ (1) Certain items have been reclassified to “Real estate and other assets available and held for sale and classified as discontinued operations” (refer to Note 3). (2) 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). (3) 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, 2022 and 2021, the Company recognized $1.2 million and $1.2 million, respectively, in "General and administrative" and $0.1 million and $0.2 million, respectively, in "Real estate expense" in its consolidated statements of operations relating to operating leases. During the nine months ended September 30, 2022 and 2021, the Company recognized $3.6 million and $3.7 million, respectively, in "General and administrative" and $0.5 million and $0.5 million, respectively, in "Real estate expense" in its consolidated statements of operations relating to operating leases. (4) Accumulated depreciation on corporate furniture, fixtures and equipment was $12.2 million and $14.8 million as of September 30, 2022 and December 31, 2021, respectively. (5) Accumulated amortization of leasing costs was $0.5 million and $1.1 million as of September 30, 2022 and December 31, 2021, respectively. (6) 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 $0.1 million and $10.2 million as of September 30, 2022 and December 31, 2021, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases for the three and nine months ended September 30, 2021 was $0.3 million and $ 0.9 million, respectively. This amount is included in “Depreciation and amortization” in the Company’s consolidated statements of operations. As of September 30, 2022, the weighted average remaining amortization period for the Company’s intangible assets was approximately 5.2 years. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2022 December 31, 2021 ​ Accrued expenses ​ $ 70,428 ​ $ 151,810 ​ Accrued interest payable ​ 24,575 ​ 31,293 ​ Other liabilities (1) ​ ​ 26,867 ​ ​ 30,362 ​ Operating lease liabilities (see table above) ​ 19,006 ​ 23,267 ​ Accounts payable, accrued expenses and other liabilities ​ $ 140,876 ​ $ 236,732 ​ (1) As of September 30, 2022 and December 31, 2021, other liabilities includes $21.0 million and $20.1 million, respectively, of deferred income. As of December 31, 2021, other liabilities includes $0.1 million of expected credit losses for unfunded loan commitments.

Debt Obligations, net

Debt Obligations, net	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt Obligations, net	Note 10—Debt Obligations, net The Company’s debt obligations were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ Stated ​ Scheduled ​ September 30, 2022 December 31, 2021 Interest Rates Maturity Date Secured credit facilities: ​ ​ ​ Revolving Credit Facility ​ $ — ​ $ — ​ LIBOR + 2.00 % (1) — Senior Term Loan ​ — ​ 491,875 ​ LIBOR + 2.75 % (2) — Total secured credit facilities ​ — ​ 491,875 ​ Unsecured notes: ​ ​ ​ 3.125% senior convertible notes (3) ​ — ​ 287,500 ​ 3.125 % — 4.75% senior notes (4) ​ 753,561 ​ 775,000 ​ 4.75 % October 2024 4.25% senior notes (5) ​ 501,997 ​ 550,000 ​ 4.25 % August 2025 5.50% senior notes (6) ​ 346,906 ​ 400,000 ​ 5.50 % February 2026 Total unsecured notes ​ 1,602,464 ​ 2,012,500 ​ Other debt obligations: ​ ​ ​ Trust preferred securities ​ 100,000 ​ 100,000 ​ LIBOR + 1.50 % October 2035 Total debt obligations ​ 1,702,464 ​ 2,604,375 ​ Debt discounts and deferred financing costs, net ​ (21,756) ​ (32,201) ​ Total debt obligations, net (7) ​ $ 1,680,708 ​ $ 2,572,174 ​ (1) The Revolving Credit Facility accrued 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% . The Company terminated the Revolving Credit Facility in August 2022. (2) The loan accrued 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) During the three months ended September 30, 2022 and 2021, the Company recognized $0.3 million and $2.2 million, respectively, of contractual interest on the 3.125% Convertible Notes. During the nine months ended September 30, 2022 and 2021, the Company recognized $3.5 million and $6.7 million, respectively, of contractual interest on the 3.125% Convertible Notes. (4) The Company can prepay these senior notes without penalty beginning July 1, 2024. (5) The Company can prepay these senior notes without penalty beginning May 1, 2025. (6) The Company can prepay these senior notes without penalty beginning August 15, 2024. (7) The Company capitalized interest relating to development activities of $ 0.4 million and $ 0.2 million during the three months ended September 30, 2022 and 2021, respectively, and $1.1 million and $0.6 million during the nine months ended September 30, 2022 and 2021, respectively. Future Scheduled Maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured Debt Secured Debt Total 2022 (remaining three months) ​ $ — ​ $ — ​ $ — 2023 ​ — ​ — ​ — 2024 ​ 753,561 ​ — ​ 753,561 2025 ​ 501,997 ​ — ​ 501,997 2026 ​ 346,906 ​ — ​ 346,906 Thereafter ​ 100,000 ​ — ​ 100,000 Total principal maturities ​ 1,702,464 ​ — ​ 1,702,464 Unamortized discounts and deferred financing costs, net ​ (21,756) ​ — ​ (21,756) Total debt obligations, net ​ $ 1,680,708 ​ $ — ​ $ 1,680,708 ​ Senior Term Loan Revolving Credit Facility Unsecured Notes 3.125% Senior Convertible Notes In July and August 2022, the Company completed a series of privately-negotiated exchange transactions with holders of approximately $80.9 million aggregate principal amount of the Company's 3.125% Convertible Notes in which the noteholders exchanged their convertible notes with the Company for an aggregate of approximately 3.3 million newly issued shares of the Company's common stock and aggregate cash payments of approximately $43.6 million inclusive of accrued interest. The convertible notes received by the Company were retired. The Company recognized a net increase in shareholders’ equity of $38.2 million inclusive of a $12.1 million loss on extinguishment of debt in connection with these transactions. In September 2022, the holders of approximately $11.7 million aggregate principal amount of the Company's 3.125% Convertible Notes executed their conversion rights under the notes and exchanged their convertible notes with the Company for an aggregate of approximately 92,011 newly issued shares of the Company's common stock and aggregate cash payments of approximately $11.7 million. The convertible notes received by the Company were retired. The Company also repaid $0.5 million principal amount of its 3.125% Convertible Notes for cash at maturity. 4.75% Senior Notes 5.50% Senior Notes 4.25% Senior Notes Debt Covenants

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11—Commitments and Contingencies Unfunded Commitments As of September 30, 2022, 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 ​ $ 717 ​ $ 270 ​ $ 147,405 ​ $ 148,392 Strategic Investments ​ — ​ 3,161 ​ 4,907 ​ 8,068 Total ​ $ 717 ​ $ 3,431 ​ $ 152,312 ​ $ 156,460 ​ ​ Other Commitments (1) ​ ​ ​ ​ 2022 (remaining three months) ​ $ 1,628 2023 ​ 6,295 2024 ​ 6,178 2025 ​ 6,166 2026 ​ 142 Thereafter ​ 162 Total undiscounted cash flows ​ 20,571 Present value discount (1) ​ (1,565) Lease liabilities ​ $ 19,006 (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 4.7% and the weighted average remaining lease term is 3.9 years. During the three months ended September 30, 2022 and 2021, the Company made payments of $1.6 million and $0.8 million, respectively, related to its operating leases and during the three months ended September 30, 2021 made payments of $1.3 million related to finance leases with SAFE. During the nine months ended September 30, 2022 and 2021, the Company made payments of $5.0 million and $2.1 million, respectively, related to its operating leases and $1.3 million and $4.1 million, respectively, related to finance leases with SAFE. ​ Legal Proceedings

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 12—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, 2022 and December 31, 2021 ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities ​ ​ Balance Sheet ​ Fair As of September 30, 2022 Location Value Derivatives Designated in Hedging Relationships ​ ​ ​ ​ ​ Interest rate swaps Liabilities associated with real estate held for sale and classified as discontinued operations ​ $ — Total ​ $ — ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ Derivatives Designated in Hedging Relationships ​ Interest rate swaps Liabilities associated with real estate held for sale and classified as discontinued operations ​ $ 8,395 Total ​ $ 8,395 (1) Over the next 12 months, the Company expects that $2.4 million related to its proportionate share of cash flow hedges held by SAFE will be reclassified from “Accumulated other comprehensive income (loss)” as a decrease to earnings from equity method investments. The table below presents the effect of the Company’s derivative financial instruments, including the Company’s share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ 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, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps Earnings from equity method investments ​ $ 12,026 ​ $ (562) For the Three Months Ended September 30, 2021 ​ ​ Interest rate swaps Net income from discontinued operations ​ $ 273 ​ $ (2,050) Interest rate swaps Earnings from equity method investments ​ — ​ (633) For the Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps Earnings from equity method investments ​ $ 19,163 ​ $ (1,763) For the Nine Months Ended September 30, 2021 ​ ​ Interest rate swaps Net income from discontinued operations ​ $ 2,845 ​ $ (6,183) Interest rate swaps Earnings from equity method investments ​ 8,638 ​ (1,324) ​

Equity

Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity	Note 13—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, 2022 and 2021. The character of the 2021 dividends was 100% capital gain distribution, of which 18.31% represented unrecaptured section 1250 gain. (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 in February 2022, the Company's Board of Directors authorized an increase to the stock repurchase program to $50.0 million. Accumulated Other Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2022 December 31, 2021 ​ Unrealized gains on available-for-sale securities ​ $ — $ 4,237 ​ Unrealized losses on cash flow hedges ​ (4,898) ​ (25,824) ​ Accumulated other comprehensive loss ​ $ (4,898) ​ $ (21,587) ​ ​

Stock-Based Compensation Plans

Stock-Based Compensation Plans and Employee Benefits	9 Months Ended
	Sep. 30, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Plans and Employee Benefits	Note 14—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, 2022. ​ ​ ​ ​ ​ ​ ​ iPIP Investment Pool ​ 2019-2020 2021-2022 Points at beginning of period 95.20 84.75 Granted ​ — ​ 7.95 Forfeited — (0.95) Points at end of period 95.20 91.75 ​ As of September 30, 2022, investments with an aggregate gross book value of $764 million, 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 $406 million, including 5.0 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, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ iPIP Investment Pool ​ 2013 ‑ 2014 2015 ‑ 2016 (1) 2017 ‑ 2018 Points at beginning of period 80.17 70.40 75.34 Granted ​ — ​ — ​ — Points at end of period 80.17 70.40 75.34 (1) As of September 30, 2022, all awards under the 2015-2016 Plan had been paid. During the nine months ended September 30, 2022, the Company recorded a $39.0 million reduction of expense related to the 2013-2018 iPIP plans, primarily due to a decrease in the price per share of SAFE common stock. During the nine months ended September 30, 2021, the Company recorded $15.0 million of expense related to the 2013-2018 iPIP plans. As of September 30, 2022, investments with an aggregate gross book value of $13 million were attributable to the 2013-2014 Plan and investments with an aggregate gross book value of $236 million, including 7.6 million shares of SAFE common stock acquired by the Company, were attributable to the 2017-2018 Plan. As of September 30, 2022 there were no investments attributable to the 2015-2016 Plan. During the nine months ended September 30, 2022, the Company made distributions to participants in the 2013-2014 investment pool. The iPIP participants received total distributions in the amount of $19.6 million as compensation, comprised of cash and 412,041 shares of the Company’s common stock with a fair value of $16.06 per share, which are fully-vested and issued under the 2009 LTIP. After deducting statutory minimum tax withholdings, a total of 215,657 shares of the Company’s common stock were issued. During the nine months ended September 30, 2022, the Company made distributions to participants in the 2015-2016 investment pool. The iPIP participants received total distributions in the amount of $19.2 million as compensation, comprised of cash and 402,731 shares of the Company’s common stock with a fair value of $16.06 per share, which are fully-vested and issued under the 2009 LTIP. After deducting statutory minimum tax withholdings, a total of 193,416 shares of the Company’s common stock were issued. 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. After deducting statutory minimum tax withholdings, a total of 57,920 shares of the Company’s common stock were issued. As of September 30, 2022 and December 31, 2021, the Company had accrued compensation costs relating to iPIP of $45.1 million and $116.6 million, respectively, which are included in “Accounts payable, accrued expenses and other liabilities” on the Company’s consolidated balance sheets. Long-Term Incentive Plan As of September 30, 2022, an aggregate of 2.3 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 ​ 754 Granted ​ 221 Vested ​ (316) Forfeited ​ (19) Nonvested at end of period 640 ​ As of September 30, 2022, there was $6.5 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 1.33 years. Directors’ Awards 401(k) Plan ​

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 15—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, ​ ​ 2022 2021 2022 2021 ​ Net income (loss) from continuing operations ​ $ 17,952 ​ $ 109,380 ​ $ (116,430) ​ $ 58,152 ​ Net (income) loss from continuing operations attributable to noncontrolling interests ​ 53 ​ (10) ​ (46) ​ 55 ​ Preferred dividends ​ (5,874) ​ (5,874) ​ (17,622) ​ (17,622) ​ Net income (loss) from continuing operations and allocable to common shareholders for basic and diluted earnings per common share ​ $ 12,131 ​ $ 103,496 ​ $ (134,098) ​ $ 40,585 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Earnings allocable to common shares: ​ ​ ​ ​ ​ ​ Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ Net income (loss) from continuing operations and allocable to common shareholders ​ $ 12,131 ​ $ 103,496 ​ $ (134,098) ​ $ 40,585 ​ Net income from discontinued operations ​ ​ — ​ ​ 21,614 ​ ​ 797,688 ​ ​ 69,415 ​ Net (income) from discontinued operations attributable to noncontrolling interests ​ ​ — ​ ​ (3,254) ​ ​ (179,089) ​ ​ (8,092) ​ Net income allocable to common shareholders ​ $ 12,131 ​ $ 121,856 ​ $ 484,501 ​ $ 101,908 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic and diluted earnings per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding for basic earnings per common share ​ ​ 85,458 ​ ​ 71,299 ​ ​ 78,706 ​ ​ 72,675 ​ Add: Effect of assumed shares issued under treasury stock method for restricted stock units ​ ​ 76 ​ ​ 221 ​ ​ — ​ ​ 206 ​ Add: Effect of convertible debt ​ ​ 333 ​ ​ 8,967 ​ ​ — ​ ​ 5,521 ​ Weighted average common shares outstanding for basic and diluted earnings per common share ​ 85,867 ​ 80,487 ​ 78,706 ​ 78,402 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share: (1) ​ ​ ​ ​ ​ Net income (loss) from continuing operations and allocable to common shareholders ​ $ 0.14 ​ $ 1.45 ​ $ (1.70) ​ $ 0.56 ​ Net income from discontinued operations and allocable to common shareholders ​ ​ — ​ ​ 0.26 ​ ​ 7.86 ​ ​ 0.84 ​ Net income allocable to common shareholders ​ $ 0.14 ​ $ 1.71 ​ $ 6.16 ​ $ 1.40 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share: (1) ​ ​ ​ ​ ​ Net income (loss) from continuing operations and allocable to common shareholders ​ $ 0.14 ​ $ 1.28 ​ $ (1.70) ​ $ 0.52 ​ Net income from discontinued operations and allocable to common shareholders ​ ​ — ​ ​ 0.23 ​ ​ 7.86 ​ ​ 0.78 ​ Net income allocable to common shareholders ​ $ 0.14 ​ $ 1.51 ​ $ 6.16 ​ $ 1.30 ​ (1) For the nine months ended September 30, 2022, the Company’s restricted stock awards were anti-dilutive due to the Company having a net loss from continuing operations and allocable to common shareholders for the period. For the nine months ended September 30, 2022, 3,649,934 shares of the 3.125% Convertible Notes were antidilutive due to the Company having a net loss from continuing operations and allocable to common shareholders for the period.

Fair Values

Fair Values	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Values	Note 16—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 Company did not have any assets or liabilities recorded at fair value as of September 30, 2022. The following fair value hierarchy table summarizes the Company’s assets and liabilities recorded at fair value on a recurring basis by the above categories as of December 31, 2021 ($ 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 December 31, 2021 ​ ​ ​ ​ Recurring basis: ​ ​ ​ ​ Derivative liabilities (1) ​ $ 8,395 $ — $ 8,395 $ — Available-for-sale securities (1) ​ ​ 28,092 ​ ​ — ​ ​ — ​ ​ 28,092 (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 (refer to Note 7) are based upon unadjusted third-party broker quotes and are classified as Level 3. ​ ​ 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, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Beginning balance ​ $ 28,092 ​ $ 25,274 Purchases ​ ​ — ​ ​ 3,375 Sales and Repayments ​ (26,752) ​ (201) Realized gain recorded in other income ​ ​ 2,897 ​ ​ — Unrealized losses recorded in other comprehensive income ​ (4,237) ​ (913) Ending balance ​ $ — ​ $ 27,535 ​ ​ Fair values of financial instruments— ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ As of December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment in leases (refer to Note 5) (1) ​ $ — ​ $ — ​ $ 43 ​ $ 43 Loans receivable and other lending investments, net (1) ​ ​ 177 ​ ​ 177 ​ ​ 333 ​ ​ 345 Loans receivable held for sale (1) ​ ​ — ​ ​ — ​ ​ 43 ​ ​ 43 Cash and cash equivalents (2) ​ 1,336 ​ 1,336 ​ 340 ​ 340 Restricted cash (2) ​ 5 ​ 5 ​ 54 ​ 54 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations, net (1)(3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ 1,582 ​ ​ 1,583 ​ ​ 2,473 ​ ​ 2,799 Level 3 ​ ​ 99 ​ ​ 99 ​ ​ 99 ​ ​ 104 Total debt obligations, net ​ ​ 1,681 ​ ​ 1,682 ​ ​ 2,572 ​ ​ 2,903 (1) The fair value of the Company’s net investment in leases, loans receivable and other lending investments, net, loans receivable held for sale and certain debt obligations 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, 2022 and December 31, 2021, t he fair value of the Company’s unsecured notes is classified as Level 1 in the fair value hierarchy. As of December 31, 2021, the fair value of the Company’s 3.125% Senior Convertible Notes was $527.5 million (refer to Note 10).

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	Note 17—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 (refer to Note 3 - Net Lease Sale and Discontinued Operations) includes the Company’s investments in SAFE and its Ground Lease adjacent businesses (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, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ — ​ $ — ​ $ 3,340 ​ $ 84 ​ $ — ​ $ 3,424 Interest income ​ — ​ 2,093 ​ — ​ — ​ — ​ 2,093 Interest income from sales-type leases ​ 129 ​ — ​ — ​ — ​ — ​ 129 Other income ​ 5,504 ​ 3,147 ​ 12,197 ​ 2,462 ​ 3,714 ​ 27,024 Land development revenue ​ — ​ — ​ — ​ 15,087 ​ — ​ 15,087 Earnings (losses) from equity method investments ​ 43,525 ​ 1,329 ​ 11,515 ​ 850 ​ 578 ​ 57,797 Income from sales of real estate ​ 951 ​ — ​ — ​ — ​ — ​ 951 Total revenue and other earnings ​ 50,109 ​ 6,569 ​ 27,052 ​ 18,483 ​ 4,292 ​ 106,505 Real estate expense ​ (726) ​ — ​ (11,012) ​ (4,466) ​ — ​ (16,204) Land development cost of sales ​ — ​ — ​ — ​ (16,778) ​ — ​ (16,778) Other expense ​ 489 ​ (78) ​ — ​ (218) ​ (4,364) ​ (4,171) Allocated interest expense ​ (13,049) ​ (1,713) ​ (1,122) ​ (1,915) ​ (4,865) ​ (22,664) Allocated general and administrative (2) ​ (5,302) ​ (1,190) ​ (751) ​ (2,333) ​ (5,008) ​ (14,584) Segment profit (loss) (3) ​ $ 31,521 ​ $ 3,588 ​ $ 14,167 ​ $ (7,227) ​ $ (9,945) ​ $ 32,104 Other significant items: ​ ​ ​ ​ ​ ​ Recovery of loan losses ​ $ — ​ $ (157) ​ $ — ​ $ — ​ $ — ​ $ (157) Recovery of losses on net investment in leases ​ (380) ​ — ​ — ​ — ​ — ​ (380) Depreciation and amortization ​ — ​ — ​ 923 ​ 227 ​ 140 ​ 1,290 Capitalized expenditures ​ — ​ — ​ 104 ​ 5,301 ​ — ​ 5,405 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ Operating lease income ​ $ — ​ $ — ​ $ 3,636 ​ $ 96 ​ $ — ​ $ 3,732 Interest income ​ 651 ​ 6,321 ​ — ​ — ​ — ​ 6,972 Interest income from sales-type leases ​ 526 ​ — ​ — ​ — ​ — ​ 526 Other income ​ 3,605 ​ 1,095 ​ 16,869 ​ 3,189 ​ 14,275 ​ 39,033 Land development revenue ​ — ​ — ​ — ​ 93,369 ​ — ​ 93,369 Earnings (losses) from equity method investments ​ 73,475 ​ 872 ​ 1,129 ​ 10,836 ​ 1,483 ​ 87,795 Income from sales of real estate ​ — ​ — ​ 25,611 ​ — ​ — ​ 25,611 Total revenue and other earnings ​ 78,257 ​ 8,288 ​ 47,245 ​ 107,490 ​ 15,758 ​ 257,038 Real estate expense ​ (91) ​ — ​ (9,184) ​ (4,094) ​ — ​ (13,369) Land development cost of sales ​ — ​ — ​ — ​ (87,380) ​ — ​ (87,380) Other expense ​ (210) ​ (270) ​ — ​ (64) ​ (350) ​ (894) Allocated interest expense ​ (15,691) ​ (3,331) ​ (1,641) ​ (3,679) ​ (4,353) ​ (28,695) Allocated general and administrative (2) ​ (5,487) ​ (958) ​ (473) ​ (2,173) ​ (5,029) ​ (14,120) Segment profit (loss) (3) ​ 56,778 ​ $ 3,729 ​ $ 35,947 ​ $ 10,100 ​ $ 6,026 ​ $ 112,580 Other significant non-cash items: ​ ​ ​ ​ ​ ​ Recovery of loan losses ​ $ — ​ $ (1,610) ​ $ — ​ $ — ​ $ — ​ $ (1,610) Recovery of losses on net investment in leases ​ ​ (315) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (315) Impairment of assets ​ — ​ — ​ 421 ​ — ​ — ​ 421 Depreciation and amortization ​ — ​ — ​ 1,385 ​ 228 ​ 129 ​ 1,742 Capitalized expenditures ​ — ​ — ​ 121 ​ 7,416 ​ — ​ 7,537 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ — ​ $ — ​ $ 9,396 ​ $ 319 ​ $ — ​ $ 9,715 Interest income ​ 75 ​ 11,187 ​ — ​ — ​ — ​ 11,262 Interest income from sales-type leases ​ 861 ​ — ​ — ​ — ​ — ​ 861 Other income ​ 15,185 ​ 3,185 ​ 22,452 ​ 5,097 ​ 5,626 ​ 51,545 Land development revenue ​ — ​ — ​ — ​ 54,390 ​ — ​ 54,390 Earnings from equity method investments ​ 76,563 ​ 3,112 ​ 15,233 ​ 4,516 ​ 2,798 ​ 102,222 Income from sales of real estate ​ 1,443 ​ — ​ — ​ — ​ — ​ 1,443 Total revenue and other earnings ​ 94,127 ​ 17,484 ​ 47,081 ​ 64,322 ​ 8,424 ​ 231,438 Real estate expense ​ (1,385) ​ — ​ (25,144) ​ (12,808) ​ — ​ (39,337) Land development cost of sales ​ — ​ — ​ — ​ (55,369) ​ — ​ (55,369) Other expense ​ (503) ​ (237) ​ — ​ (538) ​ (5,346) ​ (6,624) Allocated interest expense ​ (42,426) ​ (7,049) ​ (3,602) ​ (8,903) ​ (14,076) ​ (76,056) Allocated general and administrative (3) ​ (14,156) ​ (3,540) ​ (1,854) ​ (6,702) ​ (14,878) ​ (41,130) Segment profit (loss) (4) ​ $ 35,657 ​ $ 6,658 ​ $ 16,481 ​ $ (19,998) ​ $ (25,876) ​ $ 12,922 Other significant items: ​ ​ ​ ​ ​ ​ Provision for loan losses ​ $ — ​ $ 22,556 ​ $ — ​ $ — ​ $ — ​ $ 22,556 Impairment of assets ​ — ​ — ​ 1,750 ​ — ​ 18 ​ 1,768 Depreciation and amortization ​ — ​ — ​ 2,878 ​ 683 ​ 424 ​ 3,985 Capitalized expenditures ​ — ​ — ​ 644 ​ 15,824 ​ — ​ 16,468 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ — ​ $ — ​ $ 13,177 ​ $ 279 ​ $ — ​ $ 13,456 Interest income ​ 968 ​ 23,878 ​ — ​ — ​ — ​ 24,846 Interest income from sales-type leases ​ 683 ​ — ​ — ​ — ​ — ​ 683 Other income ​ 10,614 ​ 1,245 ​ 23,159 ​ 5,894 ​ 20,038 ​ 60,950 Land development revenue ​ — ​ — ​ — ​ 157,936 ​ — ​ 157,936 Earnings (losses) from equity method investments ​ 94,590 ​ 2,092 ​ (5,553) ​ 15,456 ​ 4,076 ​ 110,661 Income from sales of real estate ​ — ​ — ​ 26,319 ​ — ​ — ​ 26,319 Total revenue and other earnings ​ 106,855 ​ 27,215 ​ 57,102 ​ 179,565 ​ 24,114 ​ 394,851 Real estate expense ​ (562) ​ — ​ (19,238) ​ (13,604) ​ — ​ (33,404) Land development cost of sales ​ — ​ — ​ — ​ (147,507) ​ — ​ (147,507) Other expense ​ (210) ​ (422) ​ — ​ (64) ​ (662) ​ (1,358) Allocated interest expense ​ (44,582) ​ (11,737) ​ (5,714) ​ (11,481) ​ (12,631) ​ (86,145) Allocated general and administrative (3) ​ (17,544) ​ (3,659) ​ (1,797) ​ (6,968) ​ (15,686) ​ (45,654) Segment profit (loss) (4) ​ $ 43,957 ​ $ 11,397 ​ $ 30,353 ​ $ (59) ​ $ (4,865) ​ $ 80,783 Other significant items: ​ ​ ​ ​ ​ ​ Recovery of loan losses ​ $ — ​ $ (7,411) ​ $ — ​ $ — ​ $ — ​ $ (7,411) Provision for losses on net investment in leases ​ 465 ​ — ​ — ​ — ​ — ​ 465 Impairment of assets ​ — ​ — ​ 679 ​ — ​ — ​ 679 Depreciation and amortization ​ ​ — ​ ​ — ​ ​ 4,592 ​ ​ 674 ​ ​ 449 ​ ​ 5,715 Capitalized expenditures ​ — ​ — ​ 610 ​ 16,727 ​ — ​ 17,337 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ ​ ​ ​ ​ Real estate, net ​ $ — ​ $ — ​ $ 89,144 ​ $ — ​ $ — ​ $ 89,144 Real estate available and held for sale ​ — ​ — ​ 1,283 ​ — ​ — ​ 1,283 Total real estate ​ — ​ — ​ 90,427 ​ — ​ — ​ 90,427 Real estate and other assets available and held for sale and classified as discontinued operations (1) ​ ​ 11,925 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 11,925 Land and development, net ​ — ​ — ​ — ​ 248,246 ​ — ​ 248,246 Loans receivable and other lending investments, net ​ — ​ 176,623 ​ — ​ — ​ — ​ 176,623 Other investments ​ ​ 1,525,270 ​ ​ 24,349 ​ ​ 33,808 ​ ​ — ​ ​ 21,841 ​ ​ 1,605,268 Total portfolio assets ​ ​ 1,537,195 ​ ​ 200,972 ​ ​ 124,235 ​ ​ 248,246 ​ ​ 21,841 ​ 2,132,489 Cash and other assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,389,643 Total assets ​ ​ ​ ​ ​ ​ ​ ​ $ 3,522,132 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ Real estate, net ​ $ — ​ $ — ​ $ 92,150 ​ $ — ​ $ — ​ $ 92,150 Real estate available and held for sale ​ — ​ — ​ 301 ​ — ​ — ​ 301 Total real estate ​ — ​ — ​ 92,451 ​ — ​ — ​ 92,451 Real estate and other assets available and held for sale and classified as discontinued operations (1) ​ ​ 2,299,711 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,299,711 Net investment in leases ​ 43,215 ​ — ​ — ​ — ​ — ​ 43,215 Land and development, net ​ — ​ — ​ — ​ 286,810 ​ — ​ 286,810 Loans receivable and other lending investments, net ​ — ​ 332,844 ​ — ​ — ​ — ​ 332,844 Loan receivable held for sale ​ ​ 43,215 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 43,215 Other investments ​ 1,186,162 ​ ​ 48,862 ​ ​ 43,252 ​ ​ 1,096 ​ ​ 17,909 ​ 1,297,281 Total portfolio assets ​ $ 3,572,303 ​ $ 381,706 ​ $ 135,703 ​ $ 287,906 ​ $ 17,909 ​ 4,395,527 Cash and other assets ​ ​ ​ ​ ​ ​ ​ ​ 445,007 Total assets ​ ​ ​ ​ ​ ​ ​ ​ $ 4,840,534 (1) Refer to Note 3 – Net Lease Sale and Discontinued Operations. (2) 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. (3) General and administrative excludes stock-based compensation of ($ 0.4) million and $ 3.0 million for the three months ended September 30, 2022 and 2021, respectively, and ($30.7) million and $23.3 million for the nine months ended September 30, 2022 and 2021, respectively. (4) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Segment income ​ $ 32,104 ​ $ 112,580 ​ $ 12,922 ​ $ 80,783 ​ Less: (Provision for) recovery of loan losses ​ 157 ​ 1,610 ​ (22,556) ​ 7,411 ​ Less: (Provision for) recovery of losses on net investment in leases ​ 380 ​ 315 ​ — ​ (465) ​ Less: Impairment of assets ​ — ​ (421) ​ (1,768) ​ (679) ​ Less: Stock-based compensation income (expense) ​ 374 ​ (3,001) ​ 30,724 ​ (23,300) ​ Less: Depreciation and amortization ​ (1,290) ​ (1,742) ​ (3,985) ​ (5,715) ​ Less: Income tax (expense) benefit ​ (564) ​ 39 ​ (567) ​ 117 ​ Less: Loss on early extinguishment of debt, net ​ (13,209) ​ — ​ (131,200) ​ — ​ Less: Net income from discontinued operations ​ ​ — ​ ​ 21,614 ​ ​ 797,688 ​ ​ 69,415 ​ Net income ​ $ 17,952 ​ $ 130,994 ​ $ 681,258 ​ $ 127,567 ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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 (refer to Note 3 – Net Lease Sale and Discontinued Operations) to conform to the current period presentation.
Principles of Consolidation	Principles of Consolidation
Net lease sale and discontinued operations	Net Lease Sale and Discontinued Operations — ​ Net Lease Sale — ​ The portfolio sold consisted of office, entertainment and industrial properties located in the United States comprising approximately 18.3 million square feet. It included assets wholly-owned by the Company and assets owned by two joint ventures (see Net Lease Venture and Net Lease Venture II below) managed by the Company and in which it owned 51.9% interests to SAFE for $122.0 million and entered into three Ground Leases with SAFE. Two net lease properties were sold to different third parties in the first quarter of 2022 and the Company’s net lease assets associated with its Ground Lease businesses were not included in the sale. The Company received net cash proceeds of $33.9 million from the sale of the two net lease properties and recognized a gain of $23.9 million in “Net income from discontinued operations” in the Company’s consolidated statements of operations. ​ Net Lease Venture ​ Net Lease Venture II ​ Discontinued Operations — ​ The following table presents the Company’s consolidated assets and liabilities recorded in “Real estate and other assets available and held for sale and classified as discontinued operations” and “Liabilities associated with real estate held for sale and classified as discontinued operations,” respectively, on the Company’s consolidated balance sheets as of September 30, 2022 and December 31, 2021 ($ in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2022 2021 ​ ASSETS ​ ​ ​ ​ Real estate ​ ​ ​ ​ Real estate, at cost ​ $ — ​ $ 1,537,655 ​ Less: accumulated depreciation ​ — ​ (271,183) ​ Total real estate, net ​ — ​ 1,266,472 ​ Net investment in leases ​ — ​ 486,389 ​ Loans receivable held for sale ​ ​ — ​ ​ 48,675 ​ Other investments ​ 1,963 ​ 103,229 ​ Finance lease right of use assets ​ ​ — ​ ​ 150,099 ​ Accrued interest and operating lease income receivable, net ​ 491 ​ 2,997 ​ Deferred operating lease income receivable, net ​ — ​ 63,156 ​ Deferred expenses and other assets, net ​ 9,471 ​ 178,694 ​ Total real estate and other assets available and held for sale and classified as discontinued operations ​ $ 11,925 ​ $ 2,299,711 ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 2,918 ​ $ 92,865 ​ Finance lease liabilities ​ ​ — ​ ​ 161,258 ​ Debt obligations, net ​ — ​ 714,296 ​ Total liabilities associated with real estate held for sale and classified as discontinued operations ​ $ 2,918 ​ $ 968,419 ​ ​ The transaction described above involving the Company's net lease business qualified for discontinued operations and the following table summarizes net income from discontinued operations for the three and nine months ended September 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Revenues: ​ ​ ​ ​ ​ ​ Operating lease income ​ $ — ​ $ 40,660 ​ $ 35,596 ​ $ 123,925 ​ Interest income ​ — ​ 979 ​ 885 ​ 2,728 ​ Interest income from sales-type leases ​ — ​ 9,052 ​ 8,803 ​ 26,212 ​ Other income ​ — ​ 1,162 ​ 4,292 ​ 3,599 ​ Total revenues ​ — ​ 51,853 ​ 49,576 ​ 156,464 ​ Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense (1) ​ — ​ 10,776 ​ 7,484 ​ 32,306 ​ Real estate expense ​ — ​ 5,355 ​ 5,072 ​ 20,503 ​ Depreciation and amortization (1) ​ — ​ 13,114 ​ — ​ 39,256 ​ Provision for (recovery of) loan losses ​ ​ — ​ ​ 54 ​ ​ — ​ ​ (202) ​ Provision for (recovery of) losses on net investment in leases ​ — ​ 446 ​ — ​ (2,200) ​ Impairment of assets (2) ​ — ​ 758 ​ 1,492 ​ 2,286 ​ Other expense (3) ​ — ​ 1,117 ​ (5,669) ​ 1,117 ​ Total costs and expenses ​ — ​ 31,620 ​ 8,379 ​ 93,066 ​ Income from sales of real estate ​ — ​ — ​ 683,738 ​ 2,114 ​ Income from discontinued operations before earnings from equity method investments and other items ​ — ​ 20,233 ​ 724,935 ​ 65,512 ​ Earnings from equity method investments ​ — ​ 1,414 ​ 127,129 ​ 4,014 ​ Loss on early extinguishment of debt, net ​ — ​ — ​ (41,408) ​ — ​ Net income from discontinued operations before income taxes ​ — ​ 21,647 ​ 810,656 ​ 69,526 ​ Income tax expense ​ — ​ (33) ​ (12,968) ​ (111) ​ Net income from discontinued operations ​ — ​ 21,614 ​ 797,688 ​ 69,415 ​ Net (income) from discontinued operations attributable to noncontrolling interests ​ — ​ (3,254) ​ (179,089) ​ (8,092) ​ Net income from discontinued operations attributable to iStar Inc. ​ $ — ​ $ 18,360 ​ $ 618,599 ​ $ 61,323 ​ (1) For the nine months ended September 30, 2022, the Company recorded $1.3 million of “Interest expense” in its consolidated statements of operations from its Ground Leases with SAFE. For the three and nine months ended September 30, 2021, the Company recorded $2.1 million and $6.2 million, respectively, of “Interest expense” and $0.4 million and $1.1 million, respectively, of “Depreciation and amortization” in its consolidated statements of operations from its Ground Leases with SAFE. (2) During the nine months ended September 30, 2022 and 2021, the Company sold assets and recognized aggregate impairments of $1.5 million and $2.3 million, respectively. (3) Represents the reversal of other expenses recognized in connection with the settlement of interest rate hedges during the nine months ended September 30, 2022. ​ The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the nine months ended September 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ​ 2022 2021 Cash flows provided by operating activities ​ $ 116,738 ​ $ 70,936 Cash flows provided by (used in) investing activities ​ 2,660,531 ​ (12,145) ​ New Accounting Pronouncements —
New accounting pronouncements	​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ​ 2022 2021 Cash flows provided by operating activities ​ $ 116,738 ​ $ 70,936 Cash flows provided by (used in) investing activities ​ 2,660,531 ​ (12,145)

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of assets and liabilities of consolidated VIEs	​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2022 December 31, 2021 ASSETS ​ ​ ​ Real estate ​ ​ ​ Real estate, at cost ​ $ 93,940 ​ $ 93,477 Less: accumulated depreciation ​ (17,277) ​ (14,987) Real estate, net ​ 76,663 ​ 78,490 Real estate and other assets available and held for sale and classified as discontinued operations ​ ​ — ​ ​ 886,845 Land and development, net ​ 145,545 ​ 176,833 Cash and cash equivalents ​ 33,768 ​ 23,908 Deferred operating lease income receivable, net ​ 6 ​ 3 Deferred expenses and other assets, net ​ 6,420 ​ 5,001 Total assets ​ $ 262,402 ​ $ 1,171,081 LIABILITIES ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 25,078 ​ $ 24,744 Liabilities associated with real estate held for sale and classified as discontinued operations ​ ​ 146 ​ ​ 493,739 Total liabilities ​ 25,224 ​ 518,483

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedules of discontinued operations	The following table presents the Company’s consolidated assets and liabilities recorded in “Real estate and other assets available and held for sale and classified as discontinued operations” and “Liabilities associated with real estate held for sale and classified as discontinued operations,” respectively, on the Company’s consolidated balance sheets as of September 30, 2022 and December 31, 2021 ($ in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2022 2021 ​ ASSETS ​ ​ ​ ​ Real estate ​ ​ ​ ​ Real estate, at cost ​ $ — ​ $ 1,537,655 ​ Less: accumulated depreciation ​ — ​ (271,183) ​ Total real estate, net ​ — ​ 1,266,472 ​ Net investment in leases ​ — ​ 486,389 ​ Loans receivable held for sale ​ ​ — ​ ​ 48,675 ​ Other investments ​ 1,963 ​ 103,229 ​ Finance lease right of use assets ​ ​ — ​ ​ 150,099 ​ Accrued interest and operating lease income receivable, net ​ 491 ​ 2,997 ​ Deferred operating lease income receivable, net ​ — ​ 63,156 ​ Deferred expenses and other assets, net ​ 9,471 ​ 178,694 ​ Total real estate and other assets available and held for sale and classified as discontinued operations ​ $ 11,925 ​ $ 2,299,711 ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 2,918 ​ $ 92,865 ​ Finance lease liabilities ​ ​ — ​ ​ 161,258 ​ Debt obligations, net ​ — ​ 714,296 ​ Total liabilities associated with real estate held for sale and classified as discontinued operations ​ $ 2,918 ​ $ 968,419 ​ ​ The transaction described above involving the Company's net lease business qualified for discontinued operations and the following table summarizes net income from discontinued operations for the three and nine months ended September 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Revenues: ​ ​ ​ ​ ​ ​ Operating lease income ​ $ — ​ $ 40,660 ​ $ 35,596 ​ $ 123,925 ​ Interest income ​ — ​ 979 ​ 885 ​ 2,728 ​ Interest income from sales-type leases ​ — ​ 9,052 ​ 8,803 ​ 26,212 ​ Other income ​ — ​ 1,162 ​ 4,292 ​ 3,599 ​ Total revenues ​ — ​ 51,853 ​ 49,576 ​ 156,464 ​ Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense (1) ​ — ​ 10,776 ​ 7,484 ​ 32,306 ​ Real estate expense ​ — ​ 5,355 ​ 5,072 ​ 20,503 ​ Depreciation and amortization (1) ​ — ​ 13,114 ​ — ​ 39,256 ​ Provision for (recovery of) loan losses ​ ​ — ​ ​ 54 ​ ​ — ​ ​ (202) ​ Provision for (recovery of) losses on net investment in leases ​ — ​ 446 ​ — ​ (2,200) ​ Impairment of assets (2) ​ — ​ 758 ​ 1,492 ​ 2,286 ​ Other expense (3) ​ — ​ 1,117 ​ (5,669) ​ 1,117 ​ Total costs and expenses ​ — ​ 31,620 ​ 8,379 ​ 93,066 ​ Income from sales of real estate ​ — ​ — ​ 683,738 ​ 2,114 ​ Income from discontinued operations before earnings from equity method investments and other items ​ — ​ 20,233 ​ 724,935 ​ 65,512 ​ Earnings from equity method investments ​ — ​ 1,414 ​ 127,129 ​ 4,014 ​ Loss on early extinguishment of debt, net ​ — ​ — ​ (41,408) ​ — ​ Net income from discontinued operations before income taxes ​ — ​ 21,647 ​ 810,656 ​ 69,526 ​ Income tax expense ​ — ​ (33) ​ (12,968) ​ (111) ​ Net income from discontinued operations ​ — ​ 21,614 ​ 797,688 ​ 69,415 ​ Net (income) from discontinued operations attributable to noncontrolling interests ​ — ​ (3,254) ​ (179,089) ​ (8,092) ​ Net income from discontinued operations attributable to iStar Inc. ​ $ — ​ $ 18,360 ​ $ 618,599 ​ $ 61,323 ​ (1) For the nine months ended September 30, 2022, the Company recorded $1.3 million of “Interest expense” in its consolidated statements of operations from its Ground Leases with SAFE. For the three and nine months ended September 30, 2021, the Company recorded $2.1 million and $6.2 million, respectively, of “Interest expense” and $0.4 million and $1.1 million, respectively, of “Depreciation and amortization” in its consolidated statements of operations from its Ground Leases with SAFE. (2) During the nine months ended September 30, 2022 and 2021, the Company sold assets and recognized aggregate impairments of $1.5 million and $2.3 million, respectively. (3) Represents the reversal of other expenses recognized in connection with the settlement of interest rate hedges during the nine months ended September 30, 2022. ​ The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the nine months ended September 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ​ 2022 2021 Cash flows provided by operating activities ​ $ 116,738 ​ $ 70,936 Cash flows provided by (used in) investing activities ​ 2,660,531 ​ (12,145) ​

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Schedule of real estate assets	The Company’s real estate assets were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2022 December 31, 2021 Land, at cost ​ $ 6,830 ​ $ 6,831 Buildings and improvements, at cost ​ 104,889 ​ 106,679 Less: accumulated depreciation ​ (22,575) ​ (21,360) Real estate, net ​ 89,144 ​ 92,150 Real estate available and held for sale (1) ​ 1,283 ​ 301 Total real estate ​ $ 90,427 ​ $ 92,451 (1) As of September 30, 2022 and December 31, 2021, the Company had $1.3 million and $0.3 million, respectively, of residential homes/condominiums available for sale in its operating properties portfolio.
Schedule of future minimum lease payments to be collected under non-cancelable operating leases	​ ​ ​ ​ ​ Operating Year ​ Properties 2022 (remaining three months) ​ $ 1,649 2023 ​ 6,459 2024 ​ 6,348 2025 ​ 5,698 2026 ​ 5,200 Thereafter ​ 4,413

Net Investment in Leases (Table

Net Investment in Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of net investment in leases	The Company’s net investment in leases were comprised of the following as of September 30, 2022 and December 31, 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Total undiscounted cash flows ​ $ — ​ $ 524,712 Unguaranteed estimated residual value ​ — ​ 42,000 Present value discount ​ — ​ (523,497) Net investment in leases (1) ​ $ — ​ $ 43,215 (1) As of December 31, 2021, the Company’s net investment in lease was current in its payment status and performing in accordance with the terms of the lease.
Schedule of changes in allowance for losses on net investment in leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, 2022 ​ September 30, 2021 ​ September 30, 2022 September 30, 2021 ​ Allowance for losses on net investment in leases at beginning of period (1) $ 380 ​ $ 9,005 $ — ​ $ 10,871 Provision for (recovery of) losses on net investment in leases (2) ​ ​ (380) ​ ​ 131 ​ ​ — ​ ​ (1,735) ​ Allowance for losses on net investment in leases at end of period (1) ​ $ — ​ $ 9,136 ​ $ — ​ $ 9,136 ​ (1) All 2021 amounts were for net investment in leases included in the Net Lease Sale (refer to Note 3 – Net Lease Sale and Discontinued Operations). (2) During the three and nine months ended September 30, 2022, the Company recorded a provision for (recovery of) losses on net investment in leases of ($0.4) million and $0.0 million, respectively, due primarily to asset sales . 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 (both of which are included in “Net income from discontinued operations”), 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.

Land and Development (Tables)

Land and Development (Tables)	9 Months Ended
	Sep. 30, 2022
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, ​ ​ 2022 2021 ​ Land and land development, at cost ​ $ 259,732 ​ $ 297,621 ​ Less: accumulated depreciation ​ (11,486) ​ (10,811) ​ Total land and development, net ​ $ 248,246 ​ $ 286,810 ​

Loans Receivable and Other Le_2

Loans Receivable and Other Lending Investments, net (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 December 31, 2021 ​ Construction loans ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 133,468 ​ $ 184,643 ​ Corporate/Partnership loans ​ — ​ 618 ​ Subtotal - gross carrying value of construction loans (1) ​ 133,468 ​ 185,261 ​ Loans ​ ​ ​ Senior mortgages ​ — ​ 14,965 ​ Subordinate mortgages ​ 13,107 ​ 12,457 ​ Subtotal - gross carrying value of loans ​ 13,107 ​ 27,422 ​ Other lending investments ​ ​ ​ Held-to-maturity debt securities ​ 32,938 ​ 96,838 ​ Available-for-sale debt securities ​ — ​ 28,092 ​ Subtotal - other lending investments ​ 32,938 ​ 124,930 ​ Total gross carrying value of loans receivable and other lending investments ​ 179,513 ​ 337,613 ​ Allowance for loan losses ​ (2,890) ​ (4,769) ​ Total loans receivable and other lending investments, net ​ $ 176,623 ​ $ 332,844 ​ (1) As of September 30, 2022, 100% 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 ​ Specific ​ ​ ​ Three Months Ended September 30, 2022 ​ Loans ​ Loans ​ Securities ​ Allowance ​ Total Allowance for loan losses at beginning of period ​ $ 861 ​ $ 450 ​ $ 1,014 ​ $ 708 ​ $ 3,033 Provision for (recovery of) loan losses (1) ​ (13) ​ (72) ​ (67) ​ 9 ​ (143) Allowance for loan losses at end of period ​ $ 848 ​ $ 378 ​ $ 947 ​ $ 717 ​ $ 2,890 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 1,640 ​ $ 1,619 ​ $ 2,393 ​ $ 590 ​ $ 6,242 Provision for (recovery of) loan losses (1) ​ (149) ​ (865) ​ 145 ​ 50 ​ (819) Allowance for loan losses at end of period ​ $ 1,491 ​ $ 754 ​ $ 2,538 ​ $ 640 ​ $ 5,423 (1) During the three months ended September 30, 2022 and 2021, the Company recorded a provision for (recovery of) loan losses of ($0.2) million and ( $1.6 ) million, respectively, in its consolidated statements of operations. The recovery in 2022 was due primarily to the repayment of loans during the three months ended September 30, 2022. The recovery in 2021 was d ue 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, $0.9 million related to a provision for loan losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities .” ​ Changes in the Company’s allowance for loan losses were as follows for the nine months ended September 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held to ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ Maturity Debt ​ Specific ​ ​ ​ Nine Months Ended September 30, 2022 ​ Loans ​ Loans ​ Securities ​ Allowance ​ Total Allowance for loan losses at beginning of period ​ $ 1,213 ​ $ 676 ​ $ 2,304 ​ $ 576 ​ $ 4,769 Provision for (recovery of) loan losses (1) ​ (365) ​ (298) ​ 23,643 ​ 141 ​ 23,121 Charge-offs ​ — ​ — ​ (25,000) ​ — ​ (25,000) Allowance for loan losses at end of period ​ $ 848 ​ $ 378 ​ $ 947 ​ $ 717 ​ $ 2,890 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 6,541 ​ $ 1,643 ​ $ 3,093 ​ $ 743 ​ $ 12,020 Recovery of loan losses (1) ​ (5,050) ​ (889) ​ (555) ​ (103) ​ (6,597) Allowance for loan losses at end of period ​ $ 1,491 ​ $ 754 ​ $ 2,538 ​ $ 640 ​ $ 5,423 (1) During the nine months ended September 30, 2022 and 2021, the Company recorded a provision for (recovery of) loan losses of $22.6 million and ($7.4) million, respectively, in its consolidated statements of operations. The provision in 2022 was due primarily to a $25.0 million charge-off on the Company’s held-to-maturity debt security, which is now recorded at its expected repayment proceeds. The recovery in 2021 was d ue 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, $0.9 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities .”
Schedule of recorded investment in loans and associated allowance for loan losses	The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows as of September 30, 2022 and December 31, 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually Collectively ​ ​ ​ ​ Evaluated for ​ Evaluated for ​ ​ ​ ​ ​ Impairment (1) ​ Impairment ​ Total As of September 30, 2022 ​ ​ ​ Construction loans (2) ​ $ 61,159 ​ $ 72,309 ​ $ 133,468 Loans (2) ​ — ​ 13,107 ​ 13,107 Held-to-maturity debt securities ​ — ​ 32,938 ​ 32,938 Less: Allowance for loan losses ​ (717) ​ (2,173) ​ (2,890) Total ​ $ 60,442 ​ $ 116,181 ​ $ 176,623 As of December 31, 2021 ​ ​ ​ Construction loans (2) ​ $ 59,640 ​ $ 125,621 ​ $ 185,261 Loans (2) ​ — ​ 27,422 ​ 27,422 Held-to-maturity debt securities ​ — ​ 96,838 ​ 96,838 Available-for-sale debt securities (3) ​ — ​ 28,092 ​ 28,092 Less: Allowance for loan losses ​ (576) ​ (4,193) ​ (4,769) Total ​ $ 59,064 ​ $ 273,780 ​ $ 332,844 (1) The carrying value of this loan includes an amortized exit fee of $0.8 million and $0.8 million as of September 30, 2022 and December 31, 2021, 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 includes unamortized discounts, premiums, deferred fees and costs totaling net premiums (discounts) of $0.3 million and ($0.2) million as of September 30, 2022 and December 31, 2021, respectively. (3) During the three and nine months ended September 30, 2022, the Company sold its available-for-sale securities and recognized a gain of $2.9 million, which is recorded in “Other income” in the Company’s consolidated statements of operations. Available-for-sale debt securities were evaluated for impairment under ASC 326-30 – Financial Instruments-Credit Losses .
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating	The Company’s amortized cost basis in performing senior mortgages, corporate/partnership loans and subordinate mortgages, presented by year of origination and by credit quality, as indicated by risk rating, as of September 30, 2022 were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of Origination ​ ​ 2022 2021 2020 2019 2018 Prior to 2018 Total Senior mortgages ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ 65,559 ​ — ​ 65,559 3.5 ​ — ​ — ​ — ​ — ​ 6,750 ​ — ​ 6,750 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal (1) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 72,309 ​ $ — ​ $ 72,309 Subordinate mortgages ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ 13,107 ​ 13,107 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 13,107 ​ $ 13,107 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 72,309 ​ $ 13,107 ​ $ 85,416 (1) As of September 30, 2022, excludes $61.2 million for one loan on non-accrual status.
Schedule of recorded investment in loans, aged by payment status and presented by class	The Company’s amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ or Equal ​ Than ​ Total ​ ​ ​ ​ ​ Current ​ to 90 Days ​ 90 Days ​ Past Due ​ Total As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 72,309 ​ $ — ​ $ 61,159 ​ ​ 61,159 ​ $ 133,468 Subordinate mortgages ​ 13,107 ​ — ​ — ​ — ​ 13,107 Total ​ $ 85,416 ​ $ — ​ $ 61,159 ​ $ 61,159 ​ $ 146,575 As of December 31, 2021 ​ ​ ​ ​ ​ Senior mortgages ​ $ 139,968 ​ $ — ​ $ 59,640 ​ ​ 59,640 ​ $ 199,608 Corporate/Partnership loans ​ 618 ​ — ​ — ​ — ​ 618 Subordinate mortgages ​ 12,457 ​ — ​ — ​ — ​ 12,457 Total ​ $ 153,043 ​ $ — ​ $ 59,640 ​ $ 59,640 ​ $ 212,683
Schedule of recorded investment in impaired loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 As of December 31, 2021 ​ ​ ​ Unpaid ​ ​ ​ ​ Unpaid ​ ​ ​ ​ Amortized ​ Principal ​ Related ​ Amortized ​ Principal ​ Related ​ ​ Cost ​ Balance ​ Allowance ​ Cost ​ Balance ​ Allowance With an allowance recorded: ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages (1) ​ $ 61,159 ​ $ 60,409 ​ $ (717) ​ $ 59,640 ​ $ 58,888 ​ $ (576) Total ​ $ 61,159 ​ $ 60,409 ​ $ (717) ​ $ 59,640 ​ $ 58,888 ​ $ (576) (1) The Company has one non-accrual loan as of September 30, 2022 and December 31, 2021 that is considered impaired and included in the table above. The Company did no t record any interest income on impaired loans for the three and nine months ended September 30, 2022 and 2021.
Schedule of other lending investments - securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ Net ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Estimated ​ Carrying ​ ​ Face Value ​ Cost Basis ​ Gain (Loss) ​ Fair Value ​ Value As of September 30, 2022 ​ ​ ​ ​ ​ Held-to-Maturity Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities (1) ​ $ 32,938 ​ $ 32,938 ​ $ — ​ $ 32,938 ​ $ 32,938 Total ​ $ 32,938 ​ $ 32,938 ​ $ — ​ $ 32,938 ​ $ 32,938 As of December 31, 2021 ​ ​ ​ ​ ​ Available-for-Sale Securities ​ ​ ​ ​ ​ Municipal debt securities ​ $ 23,855 ​ $ 23,855 ​ $ 4,237 ​ $ 28,092 ​ $ 28,092 Held-to-Maturity Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities ​ 100,000 ​ 96,838 ​ — ​ 96,838 ​ 96,838 Total ​ $ 123,855 ​ $ 120,693 ​ $ 4,237 ​ $ 124,930 ​ $ 124,930
Schedule of contractual maturities of securities	​ As of September 30, 2022, 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 ​ $ 32,938 ​ $ 32,938 ​ $ — ​ $ — After one year through 5 years ​ — ​ — ​ — ​ — After 5 years through 10 years ​ — ​ — ​ — ​ — After 10 years ​ — ​ — ​ — ​ — Total ​ $ 32,938 ​ $ 32,938 ​ $ — ​ $ —

Other Investments (Tables)

Other Investments (Tables)	9 Months Ended
	Sep. 30, 2022
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 ​ Equity Method Investments ​ ​ as of ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ December 31, ​ September 30, ​ September 30, ​ ​ 2022 2021 2022 2021 2022 2021 Real estate equity investments ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE (1) ​ $ 1,459,476 ​ $ 1,168,532 ​ $ 42,800 ​ $ 73,475 ​ $ 74,549 ​ $ 94,590 Ground Lease Plus Fund ​ 65,793 ​ 17,630 ​ 725 ​ — ​ 2,014 ​ — Other real estate equity investments (2) ​ 33,808 ​ 44,349 ​ 12,365 ​ 11,965 ​ 19,749 ​ 9,902 Subtotal ​ 1,559,077 ​ 1,230,511 ​ 55,890 ​ 85,440 ​ 96,312 ​ 104,492 Other strategic investments (3) ​ 46,191 ​ 66,770 ​ 1,907 ​ 2,355 ​ 5,910 ​ 6,169 Total ​ $ 1,605,268 ​ $ 1,297,281 ​ $ 57,797 ​ $ 87,795 ​ $ 102,222 ​ $ 110,661 (1) As of September 30, 2022, the Company owned 40.3 million shares of SAFE common stock which, based on the closing price of $26.46 on September 30, 2022, had a market value of $1.1 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, 2022 and 2021, equity in earnings includes dilution gains of $0.9 million and $60.7 million, respectively, resulting from SAFE equity offerings. (2) During the three and nine months ended September 30, 2022, one of the Company’s real estate equity investments closed on the sale of a multifamily property. The Company received a distribution of $15.9 million from the sale and recognized a gain of $11.5 million in “Earnings from equity method investments” in the Company’s consolidated statements of operations. (3) During the three and nine months ended September 30, 2021, 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 – Investments – Equity Securities, the Company remeasured its equity investment at fair value and recognized mark-to-market gains of $14.0 million and $19.1 million, respectively, in “Other income” in the Company’s consolidated statements of operations. The Company’s equity security was redeemed at its carrying value in the fourth quarter of 2021.
Schedule of summarized financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues Expenses Net Income Attributable to SAFE (1) For the Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE ​ $ 196,943 ​ $ 136,517 ​ $ 113,628 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ SAFE ​ $ 135,001 ​ $ 88,585 ​ $ 51,844 ​ ​ (1) Net Income Attributable to SAFE also includes gain on sale of net investment in leases, earnings from equity method investments, loss on early extinguishment of debt and selling profit from sales-type leases.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
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): (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2022 December 31, 2021 ​ Other assets (2) ​ $ 20,048 ​ $ 16,040 ​ Operating lease right-of-use assets (3) ​ 17,104 ​ 20,437 ​ Restricted cash ​ 5,375 ​ 54,395 ​ Other receivables ​ 4,962 ​ 5,054 ​ Corporate furniture, fixtures and equipment, net (4) ​ 1,575 ​ 1,852 ​ Leasing costs, net (5) ​ 646 ​ 818 ​ Intangible assets, net (6) ​ ​ 334 ​ ​ 1,209 ​ Deferred financing fees, net ​ — ​ 629 ​ Deferred expenses and other assets, net ​ $ 50,044 ​ $ 100,434 ​ (1) Certain items have been reclassified to “Real estate and other assets available and held for sale and classified as discontinued operations” (refer to Note 3). (2) 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). (3) 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, 2022 and 2021, the Company recognized $1.2 million and $1.2 million, respectively, in "General and administrative" and $0.1 million and $0.2 million, respectively, in "Real estate expense" in its consolidated statements of operations relating to operating leases. During the nine months ended September 30, 2022 and 2021, the Company recognized $3.6 million and $3.7 million, respectively, in "General and administrative" and $0.5 million and $0.5 million, respectively, in "Real estate expense" in its consolidated statements of operations relating to operating leases. (4) Accumulated depreciation on corporate furniture, fixtures and equipment was $12.2 million and $14.8 million as of September 30, 2022 and December 31, 2021, respectively. (5) Accumulated amortization of leasing costs was $0.5 million and $1.1 million as of September 30, 2022 and December 31, 2021, respectively. (6) 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 $0.1 million and $10.2 million as of September 30, 2022 and December 31, 2021, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases for the three and nine months ended September 30, 2021 was $0.3 million and $ 0.9 million, respectively. This amount is included in “Depreciation and amortization” in the Company’s consolidated statements of operations. As of September 30, 2022, the weighted average remaining amortization period for the Company’s intangible assets was approximately 5.2 years.
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, 2022 December 31, 2021 ​ Accrued expenses ​ $ 70,428 ​ $ 151,810 ​ Accrued interest payable ​ 24,575 ​ 31,293 ​ Other liabilities (1) ​ ​ 26,867 ​ ​ 30,362 ​ Operating lease liabilities (see table above) ​ 19,006 ​ 23,267 ​ Accounts payable, accrued expenses and other liabilities ​ $ 140,876 ​ $ 236,732 ​ (1) As of September 30, 2022 and December 31, 2021, other liabilities includes $21.0 million and $20.1 million, respectively, of deferred income. As of December 31, 2021, other liabilities includes $0.1 million of expected credit losses for unfunded loan commitments.

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 December 31, 2021 Interest Rates Maturity Date Secured credit facilities: ​ ​ ​ Revolving Credit Facility ​ $ — ​ $ — ​ LIBOR + 2.00 % (1) — Senior Term Loan ​ — ​ 491,875 ​ LIBOR + 2.75 % (2) — Total secured credit facilities ​ — ​ 491,875 ​ Unsecured notes: ​ ​ ​ 3.125% senior convertible notes (3) ​ — ​ 287,500 ​ 3.125 % — 4.75% senior notes (4) ​ 753,561 ​ 775,000 ​ 4.75 % October 2024 4.25% senior notes (5) ​ 501,997 ​ 550,000 ​ 4.25 % August 2025 5.50% senior notes (6) ​ 346,906 ​ 400,000 ​ 5.50 % February 2026 Total unsecured notes ​ 1,602,464 ​ 2,012,500 ​ Other debt obligations: ​ ​ ​ Trust preferred securities ​ 100,000 ​ 100,000 ​ LIBOR + 1.50 % October 2035 Total debt obligations ​ 1,702,464 ​ 2,604,375 ​ Debt discounts and deferred financing costs, net ​ (21,756) ​ (32,201) ​ Total debt obligations, net (7) ​ $ 1,680,708 ​ $ 2,572,174 ​ (1) The Revolving Credit Facility accrued 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% . The Company terminated the Revolving Credit Facility in August 2022. (2) The loan accrued 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) During the three months ended September 30, 2022 and 2021, the Company recognized $0.3 million and $2.2 million, respectively, of contractual interest on the 3.125% Convertible Notes. During the nine months ended September 30, 2022 and 2021, the Company recognized $3.5 million and $6.7 million, respectively, of contractual interest on the 3.125% Convertible Notes. (4) The Company can prepay these senior notes without penalty beginning July 1, 2024. (5) The Company can prepay these senior notes without penalty beginning May 1, 2025. (6) The Company can prepay these senior notes without penalty beginning August 15, 2024. (7) The Company capitalized interest relating to development activities of $ 0.4 million and $ 0.2 million during the three months ended September 30, 2022 and 2021, respectively, and $1.1 million and $0.6 million during the nine months ended September 30, 2022 and 2021, respectively.
Schedule of future scheduled maturities of outstanding debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured Debt Secured Debt Total 2022 (remaining three months) ​ $ — ​ $ — ​ $ — 2023 ​ — ​ — ​ — 2024 ​ 753,561 ​ — ​ 753,561 2025 ​ 501,997 ​ — ​ 501,997 2026 ​ 346,906 ​ — ​ 346,906 Thereafter ​ 100,000 ​ — ​ 100,000 Total principal maturities ​ 1,702,464 ​ — ​ 1,702,464 Unamortized discounts and deferred financing costs, net ​ (21,756) ​ — ​ (21,756) Total debt obligations, net ​ $ 1,680,708 ​ $ — ​ $ 1,680,708

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments	As of September 30, 2022, 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 ​ $ 717 ​ $ 270 ​ $ 147,405 ​ $ 148,392 Strategic Investments ​ — ​ 3,161 ​ 4,907 ​ 8,068 Total ​ $ 717 ​ $ 3,431 ​ $ 152,312 ​ $ 156,460
Schedule of future minimum lease obligations operating leases	​ ​ ​ ​ 2022 (remaining three months) ​ $ 1,628 2023 ​ 6,295 2024 ​ 6,178 2025 ​ 6,166 2026 ​ 142 Thereafter ​ 162 Total undiscounted cash flows ​ 20,571 Present value discount (1) ​ (1,565) Lease liabilities ​ $ 19,006 (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 4.7% and the weighted average remaining lease term is 3.9 years. During the three months ended September 30, 2022 and 2021, the Company made payments of $1.6 million and $0.8 million, respectively, related to its operating leases and during the three months ended September 30, 2021 made payments of $1.3 million related to finance leases with SAFE. During the nine months ended September 30, 2022 and 2021, the Company made payments of $5.0 million and $2.1 million, respectively, related to its operating leases and $1.3 million and $4.1 million, respectively, related to finance leases with SAFE. ​

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 and December 31, 2021 ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ Derivative Liabilities ​ ​ Balance Sheet ​ Fair As of September 30, 2022 Location Value Derivatives Designated in Hedging Relationships ​ ​ ​ ​ ​ Interest rate swaps Liabilities associated with real estate held for sale and classified as discontinued operations ​ $ — Total ​ $ — ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ Derivatives Designated in Hedging Relationships ​ Interest rate swaps Liabilities associated with real estate held for sale and classified as discontinued operations ​ $ 8,395 Total ​ $ 8,395 (1) Over the next 12 months, the Company expects that $2.4 million related to its proportionate share of cash flow hedges held by SAFE will be reclassified from “Accumulated other comprehensive income (loss)” as a decrease to earnings from equity method investments.
Schedule of derivative financial instruments on consolidated statements of operations and comprehensive income	The table below presents the effect of the Company’s derivative financial instruments, including the Company’s share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ 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, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps Earnings from equity method investments ​ $ 12,026 ​ $ (562) For the Three Months Ended September 30, 2021 ​ ​ Interest rate swaps Net income from discontinued operations ​ $ 273 ​ $ (2,050) Interest rate swaps Earnings from equity method investments ​ — ​ (633) For the Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps Earnings from equity method investments ​ $ 19,163 ​ $ (1,763) For the Nine Months Ended September 30, 2021 ​ ​ Interest rate swaps Net income from discontinued operations ​ $ 2,845 ​ $ (6,183) Interest rate swaps Earnings from equity method investments ​ 8,638 ​ (1,324)

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 and 2021. The character of the 2021 dividends was 100% capital gain distribution, of which 18.31% represented unrecaptured section 1250 gain. (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, 2022 December 31, 2021 ​ Unrealized gains on available-for-sale securities ​ $ — $ 4,237 ​ Unrealized losses on cash flow hedges ​ (4,898) ​ (25,824) ​ Accumulated other comprehensive loss ​ $ (4,898) ​ $ (21,587) ​

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans and Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022. ​ ​ ​ ​ ​ ​ ​ iPIP Investment Pool ​ 2019-2020 2021-2022 Points at beginning of period 95.20 84.75 Granted ​ — ​ 7.95 Forfeited — (0.95) Points at end of period 95.20 91.75 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, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ iPIP Investment Pool ​ 2013 ‑ 2014 2015 ‑ 2016 (1) 2017 ‑ 2018 Points at beginning of period 80.17 70.40 75.34 Granted ​ — ​ — ​ — Points at end of period 80.17 70.40 75.34 (1) As of September 30, 2022, all awards under the 2015-2016 Plan had been paid.
Schedule of restricted stock units activity	​ ​ ​ Nonvested at beginning of period ​ 754 Granted ​ 221 Vested ​ (316) Forfeited ​ (19) Nonvested at end of period 640

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
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, ​ ​ 2022 2021 2022 2021 ​ Net income (loss) from continuing operations ​ $ 17,952 ​ $ 109,380 ​ $ (116,430) ​ $ 58,152 ​ Net (income) loss from continuing operations attributable to noncontrolling interests ​ 53 ​ (10) ​ (46) ​ 55 ​ Preferred dividends ​ (5,874) ​ (5,874) ​ (17,622) ​ (17,622) ​ Net income (loss) from continuing operations and allocable to common shareholders for basic and diluted earnings per common share ​ $ 12,131 ​ $ 103,496 ​ $ (134,098) ​ $ 40,585 ​ ​
Schedule of earnings per share allocable to common shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Earnings allocable to common shares: ​ ​ ​ ​ ​ ​ Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ Net income (loss) from continuing operations and allocable to common shareholders ​ $ 12,131 ​ $ 103,496 ​ $ (134,098) ​ $ 40,585 ​ Net income from discontinued operations ​ ​ — ​ ​ 21,614 ​ ​ 797,688 ​ ​ 69,415 ​ Net (income) from discontinued operations attributable to noncontrolling interests ​ ​ — ​ ​ (3,254) ​ ​ (179,089) ​ ​ (8,092) ​ Net income allocable to common shareholders ​ $ 12,131 ​ $ 121,856 ​ $ 484,501 ​ $ 101,908 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic and diluted earnings per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding for basic earnings per common share ​ ​ 85,458 ​ ​ 71,299 ​ ​ 78,706 ​ ​ 72,675 ​ Add: Effect of assumed shares issued under treasury stock method for restricted stock units ​ ​ 76 ​ ​ 221 ​ ​ — ​ ​ 206 ​ Add: Effect of convertible debt ​ ​ 333 ​ ​ 8,967 ​ ​ — ​ ​ 5,521 ​ Weighted average common shares outstanding for basic and diluted earnings per common share ​ 85,867 ​ 80,487 ​ 78,706 ​ 78,402 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share: (1) ​ ​ ​ ​ ​ Net income (loss) from continuing operations and allocable to common shareholders ​ $ 0.14 ​ $ 1.45 ​ $ (1.70) ​ $ 0.56 ​ Net income from discontinued operations and allocable to common shareholders ​ ​ — ​ ​ 0.26 ​ ​ 7.86 ​ ​ 0.84 ​ Net income allocable to common shareholders ​ $ 0.14 ​ $ 1.71 ​ $ 6.16 ​ $ 1.40 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share: (1) ​ ​ ​ ​ ​ Net income (loss) from continuing operations and allocable to common shareholders ​ $ 0.14 ​ $ 1.28 ​ $ (1.70) ​ $ 0.52 ​ Net income from discontinued operations and allocable to common shareholders ​ ​ — ​ ​ 0.23 ​ ​ 7.86 ​ ​ 0.78 ​ Net income allocable to common shareholders ​ $ 0.14 ​ $ 1.51 ​ $ 6.16 ​ $ 1.30 ​ (1) For the nine months ended September 30, 2022, the Company’s restricted stock awards were anti-dilutive due to the Company having a net loss from continuing operations and allocable to common shareholders for the period. For the nine months ended September 30, 2022, 3,649,934 shares of the 3.125% Convertible Notes were antidilutive due to the Company having a net loss from continuing operations and allocable to common shareholders for the period.

Fair Values (Tables)

Fair Values (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis	The Company did not have any assets or liabilities recorded at fair value as of September 30, 2022. The following fair value hierarchy table summarizes the Company’s assets and liabilities recorded at fair value on a recurring basis by the above categories as of December 31, 2021 ($ 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 December 31, 2021 ​ ​ ​ ​ Recurring basis: ​ ​ ​ ​ Derivative liabilities (1) ​ $ 8,395 $ — $ 8,395 $ — Available-for-sale securities (1) ​ ​ 28,092 ​ ​ — ​ ​ — ​ ​ 28,092 (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 (refer to Note 7) are based upon unadjusted third-party broker quotes and are classified as Level 3. ​ ​
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, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Beginning balance ​ $ 28,092 ​ $ 25,274 Purchases ​ ​ — ​ ​ 3,375 Sales and Repayments ​ (26,752) ​ (201) Realized gain recorded in other income ​ ​ 2,897 ​ ​ — Unrealized losses recorded in other comprehensive income ​ (4,237) ​ (913) Ending balance ​ $ — ​ $ 27,535
Schedule of carrying value and fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ As of December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment in leases (refer to Note 5) (1) ​ $ — ​ $ — ​ $ 43 ​ $ 43 Loans receivable and other lending investments, net (1) ​ ​ 177 ​ ​ 177 ​ ​ 333 ​ ​ 345 Loans receivable held for sale (1) ​ ​ — ​ ​ — ​ ​ 43 ​ ​ 43 Cash and cash equivalents (2) ​ 1,336 ​ 1,336 ​ 340 ​ 340 Restricted cash (2) ​ 5 ​ 5 ​ 54 ​ 54 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations, net (1)(3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ 1,582 ​ ​ 1,583 ​ ​ 2,473 ​ ​ 2,799 Level 3 ​ ​ 99 ​ ​ 99 ​ ​ 99 ​ ​ 104 Total debt obligations, net ​ ​ 1,681 ​ ​ 1,682 ​ ​ 2,572 ​ ​ 2,903 (1) The fair value of the Company’s net investment in leases, loans receivable and other lending investments, net, loans receivable held for sale and certain debt obligations 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, 2022 and December 31, 2021, t he fair value of the Company’s unsecured notes is classified as Level 1 in the fair value hierarchy. As of December 31, 2021, the fair value of the Company’s 3.125% Senior Convertible Notes was $527.5 million (refer to Note 10).

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ — ​ $ — ​ $ 3,340 ​ $ 84 ​ $ — ​ $ 3,424 Interest income ​ — ​ 2,093 ​ — ​ — ​ — ​ 2,093 Interest income from sales-type leases ​ 129 ​ — ​ — ​ — ​ — ​ 129 Other income ​ 5,504 ​ 3,147 ​ 12,197 ​ 2,462 ​ 3,714 ​ 27,024 Land development revenue ​ — ​ — ​ — ​ 15,087 ​ — ​ 15,087 Earnings (losses) from equity method investments ​ 43,525 ​ 1,329 ​ 11,515 ​ 850 ​ 578 ​ 57,797 Income from sales of real estate ​ 951 ​ — ​ — ​ — ​ — ​ 951 Total revenue and other earnings ​ 50,109 ​ 6,569 ​ 27,052 ​ 18,483 ​ 4,292 ​ 106,505 Real estate expense ​ (726) ​ — ​ (11,012) ​ (4,466) ​ — ​ (16,204) Land development cost of sales ​ — ​ — ​ — ​ (16,778) ​ — ​ (16,778) Other expense ​ 489 ​ (78) ​ — ​ (218) ​ (4,364) ​ (4,171) Allocated interest expense ​ (13,049) ​ (1,713) ​ (1,122) ​ (1,915) ​ (4,865) ​ (22,664) Allocated general and administrative (2) ​ (5,302) ​ (1,190) ​ (751) ​ (2,333) ​ (5,008) ​ (14,584) Segment profit (loss) (3) ​ $ 31,521 ​ $ 3,588 ​ $ 14,167 ​ $ (7,227) ​ $ (9,945) ​ $ 32,104 Other significant items: ​ ​ ​ ​ ​ ​ Recovery of loan losses ​ $ — ​ $ (157) ​ $ — ​ $ — ​ $ — ​ $ (157) Recovery of losses on net investment in leases ​ (380) ​ — ​ — ​ — ​ — ​ (380) Depreciation and amortization ​ — ​ — ​ 923 ​ 227 ​ 140 ​ 1,290 Capitalized expenditures ​ — ​ — ​ 104 ​ 5,301 ​ — ​ 5,405 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ Operating lease income ​ $ — ​ $ — ​ $ 3,636 ​ $ 96 ​ $ — ​ $ 3,732 Interest income ​ 651 ​ 6,321 ​ — ​ — ​ — ​ 6,972 Interest income from sales-type leases ​ 526 ​ — ​ — ​ — ​ — ​ 526 Other income ​ 3,605 ​ 1,095 ​ 16,869 ​ 3,189 ​ 14,275 ​ 39,033 Land development revenue ​ — ​ — ​ — ​ 93,369 ​ — ​ 93,369 Earnings (losses) from equity method investments ​ 73,475 ​ 872 ​ 1,129 ​ 10,836 ​ 1,483 ​ 87,795 Income from sales of real estate ​ — ​ — ​ 25,611 ​ — ​ — ​ 25,611 Total revenue and other earnings ​ 78,257 ​ 8,288 ​ 47,245 ​ 107,490 ​ 15,758 ​ 257,038 Real estate expense ​ (91) ​ — ​ (9,184) ​ (4,094) ​ — ​ (13,369) Land development cost of sales ​ — ​ — ​ — ​ (87,380) ​ — ​ (87,380) Other expense ​ (210) ​ (270) ​ — ​ (64) ​ (350) ​ (894) Allocated interest expense ​ (15,691) ​ (3,331) ​ (1,641) ​ (3,679) ​ (4,353) ​ (28,695) Allocated general and administrative (2) ​ (5,487) ​ (958) ​ (473) ​ (2,173) ​ (5,029) ​ (14,120) Segment profit (loss) (3) ​ 56,778 ​ $ 3,729 ​ $ 35,947 ​ $ 10,100 ​ $ 6,026 ​ $ 112,580 Other significant non-cash items: ​ ​ ​ ​ ​ ​ Recovery of loan losses ​ $ — ​ $ (1,610) ​ $ — ​ $ — ​ $ — ​ $ (1,610) Recovery of losses on net investment in leases ​ ​ (315) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (315) Impairment of assets ​ — ​ — ​ 421 ​ — ​ — ​ 421 Depreciation and amortization ​ — ​ — ​ 1,385 ​ 228 ​ 129 ​ 1,742 Capitalized expenditures ​ — ​ — ​ 121 ​ 7,416 ​ — ​ 7,537 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ — ​ $ — ​ $ 9,396 ​ $ 319 ​ $ — ​ $ 9,715 Interest income ​ 75 ​ 11,187 ​ — ​ — ​ — ​ 11,262 Interest income from sales-type leases ​ 861 ​ — ​ — ​ — ​ — ​ 861 Other income ​ 15,185 ​ 3,185 ​ 22,452 ​ 5,097 ​ 5,626 ​ 51,545 Land development revenue ​ — ​ — ​ — ​ 54,390 ​ — ​ 54,390 Earnings from equity method investments ​ 76,563 ​ 3,112 ​ 15,233 ​ 4,516 ​ 2,798 ​ 102,222 Income from sales of real estate ​ 1,443 ​ — ​ — ​ — ​ — ​ 1,443 Total revenue and other earnings ​ 94,127 ​ 17,484 ​ 47,081 ​ 64,322 ​ 8,424 ​ 231,438 Real estate expense ​ (1,385) ​ — ​ (25,144) ​ (12,808) ​ — ​ (39,337) Land development cost of sales ​ — ​ — ​ — ​ (55,369) ​ — ​ (55,369) Other expense ​ (503) ​ (237) ​ — ​ (538) ​ (5,346) ​ (6,624) Allocated interest expense ​ (42,426) ​ (7,049) ​ (3,602) ​ (8,903) ​ (14,076) ​ (76,056) Allocated general and administrative (3) ​ (14,156) ​ (3,540) ​ (1,854) ​ (6,702) ​ (14,878) ​ (41,130) Segment profit (loss) (4) ​ $ 35,657 ​ $ 6,658 ​ $ 16,481 ​ $ (19,998) ​ $ (25,876) ​ $ 12,922 Other significant items: ​ ​ ​ ​ ​ ​ Provision for loan losses ​ $ — ​ $ 22,556 ​ $ — ​ $ — ​ $ — ​ $ 22,556 Impairment of assets ​ — ​ — ​ 1,750 ​ — ​ 18 ​ 1,768 Depreciation and amortization ​ — ​ — ​ 2,878 ​ 683 ​ 424 ​ 3,985 Capitalized expenditures ​ — ​ — ​ 644 ​ 15,824 ​ — ​ 16,468 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease income ​ $ — ​ $ — ​ $ 13,177 ​ $ 279 ​ $ — ​ $ 13,456 Interest income ​ 968 ​ 23,878 ​ — ​ — ​ — ​ 24,846 Interest income from sales-type leases ​ 683 ​ — ​ — ​ — ​ — ​ 683 Other income ​ 10,614 ​ 1,245 ​ 23,159 ​ 5,894 ​ 20,038 ​ 60,950 Land development revenue ​ — ​ — ​ — ​ 157,936 ​ — ​ 157,936 Earnings (losses) from equity method investments ​ 94,590 ​ 2,092 ​ (5,553) ​ 15,456 ​ 4,076 ​ 110,661 Income from sales of real estate ​ — ​ — ​ 26,319 ​ — ​ — ​ 26,319 Total revenue and other earnings ​ 106,855 ​ 27,215 ​ 57,102 ​ 179,565 ​ 24,114 ​ 394,851 Real estate expense ​ (562) ​ — ​ (19,238) ​ (13,604) ​ — ​ (33,404) Land development cost of sales ​ — ​ — ​ — ​ (147,507) ​ — ​ (147,507) Other expense ​ (210) ​ (422) ​ — ​ (64) ​ (662) ​ (1,358) Allocated interest expense ​ (44,582) ​ (11,737) ​ (5,714) ​ (11,481) ​ (12,631) ​ (86,145) Allocated general and administrative (3) ​ (17,544) ​ (3,659) ​ (1,797) ​ (6,968) ​ (15,686) ​ (45,654) Segment profit (loss) (4) ​ $ 43,957 ​ $ 11,397 ​ $ 30,353 ​ $ (59) ​ $ (4,865) ​ $ 80,783 Other significant items: ​ ​ ​ ​ ​ ​ Recovery of loan losses ​ $ — ​ $ (7,411) ​ $ — ​ $ — ​ $ — ​ $ (7,411) Provision for losses on net investment in leases ​ 465 ​ — ​ — ​ — ​ — ​ 465 Impairment of assets ​ — ​ — ​ 679 ​ — ​ — ​ 679 Depreciation and amortization ​ ​ — ​ ​ — ​ ​ 4,592 ​ ​ 674 ​ ​ 449 ​ ​ 5,715 Capitalized expenditures ​ — ​ — ​ 610 ​ 16,727 ​ — ​ 17,337 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ ​ ​ ​ ​ Real estate, net ​ $ — ​ $ — ​ $ 89,144 ​ $ — ​ $ — ​ $ 89,144 Real estate available and held for sale ​ — ​ — ​ 1,283 ​ — ​ — ​ 1,283 Total real estate ​ — ​ — ​ 90,427 ​ — ​ — ​ 90,427 Real estate and other assets available and held for sale and classified as discontinued operations (1) ​ ​ 11,925 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 11,925 Land and development, net ​ — ​ — ​ — ​ 248,246 ​ — ​ 248,246 Loans receivable and other lending investments, net ​ — ​ 176,623 ​ — ​ — ​ — ​ 176,623 Other investments ​ ​ 1,525,270 ​ ​ 24,349 ​ ​ 33,808 ​ ​ — ​ ​ 21,841 ​ ​ 1,605,268 Total portfolio assets ​ ​ 1,537,195 ​ ​ 200,972 ​ ​ 124,235 ​ ​ 248,246 ​ ​ 21,841 ​ 2,132,489 Cash and other assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,389,643 Total assets ​ ​ ​ ​ ​ ​ ​ ​ $ 3,522,132 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ Real estate, net ​ $ — ​ $ — ​ $ 92,150 ​ $ — ​ $ — ​ $ 92,150 Real estate available and held for sale ​ — ​ — ​ 301 ​ — ​ — ​ 301 Total real estate ​ — ​ — ​ 92,451 ​ — ​ — ​ 92,451 Real estate and other assets available and held for sale and classified as discontinued operations (1) ​ ​ 2,299,711 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,299,711 Net investment in leases ​ 43,215 ​ — ​ — ​ — ​ — ​ 43,215 Land and development, net ​ — ​ — ​ — ​ 286,810 ​ — ​ 286,810 Loans receivable and other lending investments, net ​ — ​ 332,844 ​ — ​ — ​ — ​ 332,844 Loan receivable held for sale ​ ​ 43,215 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 43,215 Other investments ​ 1,186,162 ​ ​ 48,862 ​ ​ 43,252 ​ ​ 1,096 ​ ​ 17,909 ​ 1,297,281 Total portfolio assets ​ $ 3,572,303 ​ $ 381,706 ​ $ 135,703 ​ $ 287,906 ​ $ 17,909 ​ 4,395,527 Cash and other assets ​ ​ ​ ​ ​ ​ ​ ​ 445,007 Total assets ​ ​ ​ ​ ​ ​ ​ ​ $ 4,840,534 (1) Refer to Note 3 – Net Lease Sale and Discontinued Operations. (2) 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. (3) General and administrative excludes stock-based compensation of ($ 0.4) million and $ 3.0 million for the three months ended September 30, 2022 and 2021, respectively, and ($30.7) million and $23.3 million for the nine months ended September 30, 2022 and 2021, respectively. (4) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Segment income ​ $ 32,104 ​ $ 112,580 ​ $ 12,922 ​ $ 80,783 ​ Less: (Provision for) recovery of loan losses ​ 157 ​ 1,610 ​ (22,556) ​ 7,411 ​ Less: (Provision for) recovery of losses on net investment in leases ​ 380 ​ 315 ​ — ​ (465) ​ Less: Impairment of assets ​ — ​ (421) ​ (1,768) ​ (679) ​ Less: Stock-based compensation income (expense) ​ 374 ​ (3,001) ​ 30,724 ​ (23,300) ​ Less: Depreciation and amortization ​ (1,290) ​ (1,742) ​ (3,985) ​ (5,715) ​ Less: Income tax (expense) benefit ​ (564) ​ 39 ​ (567) ​ 117 ​ Less: Loss on early extinguishment of debt, net ​ (13,209) ​ — ​ (131,200) ​ — ​ Less: Net income from discontinued operations ​ ​ — ​ ​ 21,614 ​ ​ 797,688 ​ ​ 69,415 ​ Net income ​ $ 17,952 ​ $ 130,994 ​ $ 681,258 ​ $ 127,567 ​
Schedule of reconciliation of segment profit to income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Segment income ​ $ 32,104 ​ $ 112,580 ​ $ 12,922 ​ $ 80,783 ​ Less: (Provision for) recovery of loan losses ​ 157 ​ 1,610 ​ (22,556) ​ 7,411 ​ Less: (Provision for) recovery of losses on net investment in leases ​ 380 ​ 315 ​ — ​ (465) ​ Less: Impairment of assets ​ — ​ (421) ​ (1,768) ​ (679) ​ Less: Stock-based compensation income (expense) ​ 374 ​ (3,001) ​ 30,724 ​ (23,300) ​ Less: Depreciation and amortization ​ (1,290) ​ (1,742) ​ (3,985) ​ (5,715) ​ Less: Income tax (expense) benefit ​ (564) ​ 39 ​ (567) ​ 117 ​ Less: Loss on early extinguishment of debt, net ​ (13,209) ​ — ​ (131,200) ​ — ​ Less: Net income from discontinued operations ​ ​ — ​ ​ 21,614 ​ ​ 797,688 ​ ​ 69,415 ​ Net income ​ $ 17,952 ​ $ 130,994 ​ $ 681,258 ​ $ 127,567 ​

Business and Organization - Mer

Business and Organization - Merger Transactions (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2022
Safehold Inc.
Business Acquisition [Line Items]
Voting interest of shareholder agreement							41.90%
Safehold Inc. | Forecast
Business Acquisition [Line Items]
Annual management fees			$ 5	$ 10	$ 15	$ 25
Annual management Fee, Percent, Year Five and Thereafter		2%
MSD Partners, | Forecast
Business Acquisition [Line Items]
Number of shares to be sold under purchase commitment related to merger	5,405,406
Expected proceeds from sale of shares under purchase commitment related to merger	$ 200
MSD Partners, | Caret Units | Forecast
Business Acquisition [Line Items]
Number of shares to be sold under purchase commitment related to merger	100,000
Expected proceeds from sale of shares under purchase commitment related to merger	$ 20
SpinCo | Forecast
Business Acquisition [Line Items]
Stated interest rate	8%
Debt instrument term	4 years
Debt instrument, face amount	$ 100
Maximum borrowing capacity of proposed bank debt	140
Value of SAFE common stock to be pledged as security on bank debt	$ 400

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation (Details) - USD ($) $ in Thousands		Sep. 30, 2022		Dec. 31, 2021		Sep. 30, 2021
Real estate
Real estate, at cost	[1]	$ 111,719		$ 113,510
Less: accumulated depreciation	[1]	(22,575)		(21,360)
Real estate, net	[1]	89,144		92,150
Land and development, net	[1]	248,246		286,810
Cash and cash equivalents		1,335,722	[1]	339,601	[1]	$ 298,886
Accrued interest and operating lease income receivable, net	[1]	1,035		1,813
Deferred operating lease income receivable, net	[1]	2,842		3,159
Deferred expenses and other assets, net	[1]	50,044		100,434
Total assets	[1]	3,522,132		4,840,534
LIABILITIES
Accounts payable, accrued expenses and other liabilities	[1]	140,876		236,732
Liabilities associated with real estate held for sale and classified as discontinued operations	[1],[2]	2,918		968,419
Debt obligations, net	[1]	1,680,708		2,572,174
Total liabilities	[1]	1,824,502		3,777,328
Carrying value of investment	[1]	1,605,268		1,297,281
Consolidated VIEs
Real estate
Real estate, at cost		93,940		93,477
Less: accumulated depreciation		(17,277)		(14,987)
Real estate, net		76,663		78,490
Real estate and other assets available and held for sale and classified as discontinued operations.				886,845
Land and development, net		145,545		176,833
Cash and cash equivalents		33,768		23,908
Deferred operating lease income receivable, net		6		3
Deferred expenses and other assets, net		6,420		5,001
Total assets		262,402		1,171,081
LIABILITIES
Accounts payable, accrued expenses and other liabilities		25,078		24,744
Liabilities associated with real estate held for sale and classified as discontinued operations		146		493,739
Total liabilities		25,224		$ 518,483
Unconsolidated VIEs
LIABILITIES
Carrying value of investment		55,300
Variable interest entity unfunded commitment		$ 4,900
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”). Refer to Note 3 - Net Lease Sale and Discontinued Operations.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Net Lease Sale) (Details) $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
	Mar. 31, 2022 USD ($) property item lease	Jun. 30, 2021 lease	Mar. 31, 2022 USD ($) property	Sep. 30, 2022 property
Discontinued operations
Number of ground leases entered into | lease		2
Third Party Buyer - Net Lease Properties
Discontinued operations
Number of properties sold | property	3
Consideration for sale of properties	$ 122
Number of ground leases entered into | lease	3
Net Lease Venture
Discontinued operations
Equity interest in joint ventures	51.90%		51.90%
Net Lease Venture II
Discontinued operations
Equity interest in joint ventures	51.90%		51.90%
Discontinued Operations, Disposed of by Sale | Net Lease Sale
Discontinued operations
Aggregate sales price	$ 3,070		$ 3,070
Recognized gain on disposal	$ 663.7
Aggregate square footage of net lease assets	18.3		18.3
Number of joint ventures with properties included in Net Lease Sale | item	2
Mortgage indebtedness on lease assets	$ 702		$ 702
Amount of net cash consideration retained after settlement of obligations	1,200		1,200
Discontinued Operations, Disposed of by Sale | Two Net Lease Properties
Discontinued operations
Aggregate sales price	$ 33.9		33.9
Recognized gain on disposal			$ 23.9
Number of properties sold | property			2	2

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Net Lease Ventures) (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
		Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Discontinued operations
Noncontrolling interests	[1]		$ 17,311		$ 211,910
Net Lease Venture | External Partner
Discontinued operations
Ownership Percentage			47.50%
Net Lease Venture II | Net income from discontinued operations
Discontinued operations
Management fee revenue from related party		$ 400	$ 400	$ 1,200
Senior executives | Net Lease Venture
Discontinued operations
Ownership Percentage			0.60%
Percentage of incentive fees			50%
Discontinued Operations, Disposed of by Sale | Net Lease Sale | Net Lease Venture
Discontinued operations
Noncontrolling interests			$ 3,100
Discontinued Operations - Held for Sale | Net Lease Business Segment
Discontinued operations
Other investments			1,963		$ 103,229
Discontinued Operations - Held for Sale | Net Lease Sale | Net Lease Venture II
Discontinued operations
Other investments			$ 2,000
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Discontinued Operations - Balance Sheet) (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Assets
Total real estate and other assets available and held for sale and classified as discontinued operations	[1],[2]	$ 11,925	$ 2,299,711
Liabilities
Total liabilities associated with real estate held for sale and classified as discontinued operations	[1],[2]	2,918	968,419
Discontinued Operations - Held for Sale | Net Lease Business Segment
Assets
Real estate, at cost			1,537,655
Less: accumulated depreciation			(271,183)
Total real estate, net			1,266,472
Net investment in leases ($10,871 of allowances as of December 31, 2020)			486,389
Loan receivable held for sale			48,675
Other investments		1,963	103,229
Finance lease right of use assets			150,099
Accrued interest and operating lease income receivable, net		491	2,997
Deferred operating lease income receivable, net			63,156
Deferred expenses and other assets, net		9,471	178,694
Total real estate and other assets available and held for sale and classified as discontinued operations		11,925	2,299,711
Liabilities
Accounts payable, accrued expenses and other liabilities		2,918	92,865
Finance lease liabilities			161,258
Debt obligations, net			714,296
Total liabilities associated with real estate held for sale and classified as discontinued operations		$ 2,918	$ 968,419
[1] Refer to Note 3 - Net Lease Sale and Discontinued Operations. Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Discontinued Operations - Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income from discontinued operations
Impairment of assets		$ 1,500	$ 2,300
Net income from discontinued operations	$ 21,614	797,688	69,415
Net (income) from discontinued operations attributable to noncontrolling interests	(3,254)	(179,089)	(8,092)
Discontinued Operations, Disposed of by Sale | Net Lease Business Segment | SAFE
Net income from discontinued operations
Interest expense		1,300
Discontinued Operations - Held for Sale | Net Lease Business Segment
Net income from discontinued operations
Operating lease income	40,660	35,596	123,925
Interest income	979	885	2,728
Interest income from sales-type leases	9,052	8,803	26,212
Other income	1,162	4,292	3,599
Total revenues	51,853	49,576	156,464
Interest expense	10,776	7,484	32,306
Real estate expense	5,355	5,072	20,503
Depreciation and amortization	13,114		39,256
Recovery of loan losses	54		(202)
Recovery of losses on net investment in leases	446		(2,200)
Impairment of assets	758	1,492	2,286
Other expense	1,117	(5,669)	1,117
Total costs and expenses	31,620	8,379	93,066
Income from sales of real estate		683,738	2,114
Income from discontinued operations before earnings from equity method investments and other items	20,233	724,935	65,512
Earnings from equity method investments	1,414	127,129	4,014
Loss on early extinguishment of debt, net		(41,408)
Net income from discontinued operations before income taxes	21,647	810,656	69,526
Income tax expense	(33)	(12,968)	(111)
Net income from discontinued operations	21,614	797,688	69,415
Net (income) from discontinued operations attributable to noncontrolling interests	(3,254)	(179,089)	(8,092)
Net income from discontinued operations attributable to iStar Inc.	18,360	$ 618,599	61,323
Discontinued Operations - Held for Sale | Net Lease Business Segment | SAFE
Net income from discontinued operations
Interest expense	2,100		6,200
Depreciation and amortization	$ 400		$ 1,100

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Discontinued Operations - Cash Flows) (Details) - Net Lease Business Segment - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Discontinued Operations, Disposed of by Sale
Cash flows from discontinued operations
Cash flows provided by operating activities	$ 116,738
Cash flows provided by (used in) investing activities	$ 2,660,531
Discontinued Operations - Held for Sale
Cash flows from discontinued operations
Cash flows provided by operating activities		$ 70,936
Cash flows provided by (used in) investing activities		$ (12,145)

Real Estate (Schedule of Real E

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Less: accumulated depreciation	[1]	$ (22,575)	$ (21,360)
Real estate, net	[1]	89,144	92,150
Real estate available and held for sale	[1]	1,283	301
Total real estate	[1]	90,427	92,451
Operating Properties
Real Estate Properties [Line Items]
Land, at cost		6,830	6,831
Buildings and improvements, at cost		104,889	106,679
Less: accumulated depreciation		(22,575)	(21,360)
Real estate, net		89,144	92,150
Real estate available and held for sale		1,283	301
Total real estate		90,427	92,451
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale		$ 1,300	$ 300
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Real Estate (Impairments) (Deta

Real Estate (Impairments) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Operating Properties
Real Estate Properties [Line Items]
Impairment of real estate	$ 1.8

Real Estate (Tenant Reimburseme

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Real Estate [Abstract]
Tenant expense reimbursements	$ 0.9	$ 0.6	$ 2.4	$ 2

Real Estate (Allowance for Doub

Real Estate (Allowance for Doubtful Accounts) (Details) $ in Millions	Dec. 31, 2021 USD ($)
Real Estate Tenant Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 0.1

Real Estate (Future Minimum Ope

Real Estate (Future Minimum Operating Lease Payments) (Details) - Operating Properties $ in Thousands	Sep. 30, 2022 USD ($)
Real Estate Properties [Line Items]
2022 (remaining three months)	$ 1,649
2023	6,459
2024	6,348
2025	5,698
2026	5,200
Thereafter	$ 4,413

Net Investment in Leases (Narra

Net Investment in Leases (Narrative) (Details) $ in Thousands		1 Months Ended
		Jul. 31, 2022 USD ($)	Jun. 30, 2021 USD ($) lease	Sep. 30, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
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
Number of properties acquired from lessee | lease			2
Purchase price for properties acquired			$ 42,000
Number of ground leases entered into | lease			2
Loan receivable held for sale	[1]					$ 43,215
Net investment in leases				$ 0		$ 43,215	[1]
Ground Lease Plus Fund
Net investment in leases [Line Items]
Equity interest				53%
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			$ 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			$ 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
Land Parcel Three
Net investment in leases [Line Items]
Purchase price for properties acquired					$ 36,000
Funding for land purchase commitment		$ 34,600
Proceeds from sale of ground lease		36,000
Gain (loss) from sale of ground lease		$ 1,000
[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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021		Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Total undiscounted cash flows	$ 0			$ 524,712
Unguaranteed estimated residual value	0			42,000
Present value discount	0			(523,497)
Allowance for losses on net investment in leases		$ 9,136	$ 380	0		$ 9,005	$ 10,871
Net investment in leases	0			$ 43,215	[1]
Impairment of net lease assets	$ 1,500	$ 2,300
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
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	$ 380	$ 9,005	$ 0	$ 10,871
Provision for (recovery of) losses on net investment in leases	$ (380)	131	$ 0	(1,735)
Allowance for losses on net investment in leases at end of period		$ 9,136		$ 9,136

Land and Development (Schedule

Land and Development (Schedule of Land and Development Assets) (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Total land and development, net	[1]	$ 248,246	$ 286,810
Land
Real Estate Properties [Line Items]
Land and land development, at cost		259,732	297,621
Less: accumulated depreciation		(11,486)	(10,811)
Total land and development, net		$ 248,246	$ 286,810
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Land and Development (Dispositi

Land and Development (Dispositions) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Real Estate Properties [Line Items]
Revenues	$ 47,757	$ 143,632	$ 127,773	$ 257,871
Impairment of assets	0	421	1,768	679
Land development revenue
Real Estate Properties [Line Items]
Revenues	15,087	93,369	54,390	157,936
Cost of sales expense	$ 16,778	$ 87,380	$ 55,369	$ 147,507

Loans Receivable and Other Le_3

Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		$ 32,938		$ 124,930
Total gross carrying value of loans receivable and other lending investments		179,513		337,613
Allowance for loan losses		(2,890)		(4,769)
Total loans receivable and other lending investments, net	[1]	176,623		332,844
Held-to-maturity debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		32,938		96,838
Available-for-sale debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		0		28,092
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		146,575		212,683
Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		133,468		199,608
Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans				618
Commercial Portfolio Segment | Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		13,107		12,457
Construction Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		133,468		185,261
Allowance for loan losses		(848)	$ (861)	(1,213)	$ (1,491)	$ (1,640)	$ (6,541)
Construction Loans | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		133,468		185,261
Construction Loans | Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		133,468		184,643
Construction Loans | Commercial Portfolio Segment | Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		$ 0		618
Completed construction | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of construction loans		100%
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		$ 13,107		27,422
Allowance for loan losses		(378)	$ (450)	(676)	$ (754)	$ (1,619)	$ (1,643)
Loans | Commercial Portfolio Segment | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		0		14,965
Loans | Commercial Portfolio Segment | Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		$ 13,107		$ 12,457
[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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financing Receivables
Allowance for loan losses at beginning of period			$ 4,769
Provision for (recovery of) loan losses	$ (157)	$ (1,610)	22,556	$ (7,411)
Allowance for loan losses at end of period	2,890		2,890
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period	1,014	2,393	2,304	3,093
(Recovery of) provision for loan losses	(67)	145	23,643	(555)
Charge offs			(25,000)
Allowance for loan losses at end of period	947	2,538	947	2,538
Total
Allowance for loan losses at beginning of period	3,033	6,242	4,769	12,020
(Recovery of) Provision for loan losses	(143)	(819)	23,121	(6,597)
Charge offs			(25,000)
Allowance for loan losses at end of period	2,890	5,423	2,890	5,423
Provision for (recovery of) loan losses	(200)	(1,600)	22,600	(7,400)
Accounts Payable, Accrued Expenses and Other Liabilities
Total
Provision for ( recovery of) unfunded commitments		900		(900)
Construction Loans
Financing Receivables
Allowance for loan losses at beginning of period	861	1,640	1,213	6,541
Provision for (recovery of) loan losses	(13)	(149)	(365)	(5,050)
Allowance for loan losses at end of period	848	1,491	848	1,491
Loans
Financing Receivables
Allowance for loan losses at beginning of period	450	1,619	676	1,643
Provision for (recovery of) loan losses	(72)	(865)	(298)	(889)
Allowance for loan losses at end of period	378	754	378	754
Specific receivables
Financing Receivables
Allowance for loan losses at beginning of period	708	590	576	743
Provision for (recovery of) loan losses	9	50	141	(103)
Allowance for loan losses at end of period	$ 717	$ 640	$ 717	$ 640

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		3 Months Ended	9 Months Ended
		Sep. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Other Lending Investments
Total		$ 32,938	$ 32,938		$ 124,930
Less: Allowance for loan losses
Individually evaluated for impairment		(717)	(717)		(576)
Collectively evaluated for impairment		(2,173)	(2,173)		(4,193)
Total		(2,890)	(2,890)		(4,769)
Individually Evaluated for Impairment		60,442	60,442		59,064
Collectively Evaluated for Impairment		116,181	116,181		273,780
Total loans receivable and other lending investments, net	[1]	176,623	176,623		332,844
Net premiums (discounts)		800	800		800
Gain on sale of available-for-sale debt securities		2,900	2,900
Held-to-maturity debt securities
Other Lending Investments
Individually Evaluated for Impairment		0	0		0
Collectively Evaluated for Impairment		32,938	32,938		96,838
Total		32,938	32,938		96,838
Available-for-sale debt securities
Other Lending Investments
Individually Evaluated for Impairment					0
Collectively Evaluated for Impairment					28,092
Total		0	0		28,092
Construction Loans
Loans
Individually Evaluated for Impairment		61,159	61,159		59,640
Collectively Evaluated for Impairment		72,309	72,309		125,621
Total		133,468	133,468		185,261
Less: Allowance for loan losses
Total		(848)	(848)	$ (861)	(1,213)	$ (1,491)	$ (1,640)	$ (6,541)
Loans
Loans
Individually Evaluated for Impairment		0	0		0
Collectively Evaluated for Impairment		13,107	13,107		27,422
Total		13,107	13,107		27,422
Less: Allowance for loan losses
Total		(378)	(378)	$ (450)	(676)	$ (754)	$ (1,619)	$ (1,643)
Net premiums (discounts)		$ 300	$ 300		$ (200)
[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, 2022 USD ($) loan	Dec. 31, 2021 USD ($) 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	$ 146,575	$ 212,683
Commercial Portfolio Segment | Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	133,468	199,608
Loan on non-accrual status	61,200
Commercial Portfolio Segment | Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total		618
Commercial Portfolio Segment | Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	13,107	$ 12,457
Commercial Portfolio Segment | Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2022	0
2021	0
2020	0
2019	0
2018	72,309
Prior to 2018	13,107
Total	85,416
Commercial Portfolio Segment | Performing Financial Instruments | Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2022	0
2021	0
2020	0
2019	0
2018	72,309
Prior to 2018	0
Total	72,309
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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	0
Total	0
Commercial Portfolio Segment | Performing Financial Instruments | Senior mortgages | Risk Rating 2.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	65,559
Prior to 2018	0
Total	65,559
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
2022	0
2021	0
2020	0
2019	0
2018	6,750
Prior to 2018	0
Total	6,750
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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	13,107
Total	13,107
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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	13,107
Total	13,107
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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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
2022	0
2021	0
2020	0
2019	0
2018	0
Prior to 2018	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, 2022	Dec. 31, 2021
Recorded investment in loans, aged by payment status and presented by class
Total	$ 146,575	$ 212,683
Past Due
Recorded investment in loans, aged by payment status and presented by class
Total	61,159	59,640
Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	61,159	59,640
Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Current
Recorded investment in loans, aged by payment status and presented by class
Total	85,416	153,043
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Total	133,468	199,608
Senior mortgages | Past Due
Recorded investment in loans, aged by payment status and presented by class
Total	61,159	59,640
Senior mortgages | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	61,159	59,640
Senior mortgages | Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Senior mortgages | Current
Recorded investment in loans, aged by payment status and presented by class
Total	72,309	139,968
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Total		618
Corporate/Partnership loans | Past Due
Recorded investment in loans, aged by payment status and presented by class
Total		0
Corporate/Partnership loans | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total		0
Corporate/Partnership loans | Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total		0
Corporate/Partnership loans | Current
Recorded investment in loans, aged by payment status and presented by class
Total		618
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Total	13,107	12,457
Subordinate mortgages | Past Due
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Subordinate mortgages | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Subordinate mortgages | Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Subordinate mortgages | Current
Recorded investment in loans, aged by payment status and presented by class
Total	$ 13,107	$ 12,457

Loans Receivable and Other Le_8

Loans Receivable and Other Lending Investments, Net (Impaired Loans) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) loan
Financing Receivable, Impaired [Line Items]
(Recovery of) provision for loan losses	$ (157,000)	$ (1,610,000)	$ 22,556,000	$ (7,411,000)
Impaired Loans
Number of non accrual loans | loan	1		1		1
Interest income on Impaired loans	$ 0	$ 0	$ 0	$ 0
Commercial Portfolio Segment
Impaired Loans
Amortized Cost	61,159,000		61,159,000		$ 59,640,000
Unpaid Principal Balance	60,409,000		60,409,000		58,888,000
Related Allowance	(717,000)		(717,000)		(576,000)
Commercial Portfolio Segment | Senior mortgages
Impaired Loans
Amortized Cost	61,159,000		61,159,000		59,640,000
Unpaid Principal Balance	60,409,000		60,409,000		58,888,000
Related Allowance	$ (717,000)		$ (717,000)		$ (576,000)

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, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jun. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Income from sales of real estate				$ 951	$ 25,611		$ 1,443	$ 26,319
Purchase price for properties acquired										$ 42,000
Loan receivable held for sale	[1]								$ 43,215
Safehold Inc.
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
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Loans Receivable and Other L_10

Loans Receivable and Other Lending Investments, net (Other Lending Investments) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Available-for-Sale Securities
Amortized Cost Basis	$ 0
Estimated Fair Value	0
Held-to-Maturity Securities
Amortized Cost Basis	32,938
Estimated Fair Value	32,938
Total Other Lending Investments
Face Value	32,938	$ 123,855
Amortized Cost Basis	32,938	120,693
Net Unrealized Gain (Loss)		4,237
Estimated Fair Value	32,938	124,930
Net Carrying Value	32,938	124,930
Charge-off of held-to-maturity security	25,000
Municipal debt securities
Available-for-Sale Securities
Face Value		23,855
Amortized Cost Basis		23,855
Net Unrealized Gain (Loss)		4,237
Estimated Fair Value		28,092
Net Carrying Value		28,092
Debt securities
Held-to-Maturity Securities
Face Value	32,938	100,000
Amortized Cost Basis	32,938	96,838
Estimated Fair Value	32,938	96,838
Net Carrying Value	32,938	$ 96,838
Total Other Lending Investments
Repayment on held-to-maturity security	40,000
Charge-off of held-to-maturity security	$ 25,000

Loans Receivable and Other L_11

Loans Receivable and Other Lending Investments, net (Maturities of Company Securities) (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Amortized Cost Basis
Within one year	$ 32,938
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	0
Amortized Cost Basis	32,938
Estimated Fair Value
Within one year	32,938
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	0
Total	32,938
Amortized Cost Basis
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	0
Amortized Cost Basis	0
Estimated Fair Value
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	0
Total	$ 0

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 1,605,268		$ 1,605,268		$ 1,297,281
Other investments	[1]	1,605,268		1,605,268		1,297,281
Earnings (losses) from equity method investments		57,797	$ 87,795	102,222	$ 110,661
Distribution from real estate equity investee property sale				161,275	34,926
Interest expense		$ 22,664	28,695	$ 76,056	86,145
Mark-to-market gain			14,000		19,100
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Number of shares owned (in shares)		40.3		40.3
Closing price (in dollars per share)		$ 26.46		$ 26.46
Market value		$ 1,100,000		$ 1,100,000
Dilution gain			60,200	900	60,700
Other strategic investments
Schedule of Equity Method Investments [Line Items]
Other investments		46,191		46,191		66,770
Earnings (losses) from equity method investments		1,907	2,355	5,910	6,169
Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value		1,559,077		1,559,077		1,230,511
Earnings (losses) from equity method investments		55,890	85,440	96,312	104,492
Real estate equity investments | Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Carrying value		1,459,476		1,459,476		1,168,532
Earnings (losses) from equity method investments		42,800	73,475	74,549	94,590
Real estate equity investments | Ground Lease Plus Fund
Schedule of Equity Method Investments [Line Items]
Carrying value		65,793		65,793		17,630
Earnings (losses) from equity method investments		725		2,014
Real estate equity investments | Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value		33,808		33,808		$ 44,349
Earnings (losses) from equity method investments		12,365	$ 11,965	19,749	$ 9,902
Real estate equity investments | Multi-family property sold
Schedule of Equity Method Investments [Line Items]
Earnings (losses) from equity method investments				11,500
Distribution from real estate equity investee property sale		$ 15,900		$ 15,900
[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	1 Months Ended																3 Months Ended		6 Months Ended	9 Months Ended
	Jul. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) shares	Feb. 28, 2022 USD ($)	Nov. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) agreement ft²	Feb. 28, 2021 USD ($)	Jan. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020	May 31, 2019	Jan. 31, 2019 USD ($) $ / shares shares	Oct. 31, 2017 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jan. 02, 2019
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					$ 273,206,000	$ 171,005,000
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
Income from sales of real estate																	$ 951,000	$ 25,611,000		$ 1,443,000	26,319,000
Equity method investments																	1,605,268,000			1,605,268,000		$ 1,297,281,000
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																	3,100,000	1,900,000		9,400,000	5,600,000
Proceeds from sale of ground lease	$ 36,000,000
Gain (loss) from sale of ground lease	$ 1,000,000
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						$ 33,300,000			$ 42,000,000										$ 42,000,000
Multiple required that may trigger receipt of additional consideration						1.25			1.25										1.25
Percentage of required return on investment that may trigger receipt of additional consideration						12%			9%
Management Fees | SAFE
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party																	5,300,000	3,600,000		$ 15,000,000	10,600,000
Maximum | SAFE
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases						$ 51,800,000			$ 83,000,000										$ 83,000,000
Fee percent of SAFE Equity up to $1.5 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity																				1%
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
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
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
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
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
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
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
Loan Fund | SAFE
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee		$ 105,000,000			$ 130,000,000
Consideration received for loan commitment		$ 5,000,000			$ 9,000,000
Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments																	$ 1,559,077,000			$ 1,559,077,000		1,230,511,000
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Equity interest																	64.80%			64.80%
Cash investment in equity method investments																				$ 10,500,000
Shares acquired (in shares) | shares																				200,000
Average cost per share | $ / shares																	$ 66.83			$ 66.83
Amount of loan funded																							$ 16,100,000
Income from sales of real estate							$ 0
Consideration received							22,100,000
Safehold Inc. | Private Placement
Schedule of Equity Method Investments [Line Items]
Cash investment in equity method investments				$ 191,200,000
Shares acquired (in shares) | shares				3,240,000
Safehold Inc. | Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Voting power cap threshold																								41.90%
Equity method investments																	$ 1,459,476,000			$ 1,459,476,000		$ 1,168,532,000
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
Proceeds from sale of ground lease												$ 34,000,000
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
Other Real Estate Equity Investment January 2021
Schedule of Equity Method Investments [Line Items]
Equity interest											53%
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]
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]
Percentage ownership sold			50%
Commitment to provide loan to lessee										$ 50,000,000
Equity method investments			$ 4,400,000
Value of land acquired in exchange			9,000,000
Gain on disposal of equity method investment exchanged for land			4,600,000
Consideration received										$ 1,900,000
Recognized gain or loss								$ 0
Hotel Property | SAFE
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of ground lease			9,000,000
Gain (loss) from sale of ground lease			$ 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) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2021	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Payments to acquire property	$ 33.3
Net Lease Venture II | Office laboratory property | Liabilities associated with real estate held for sale and classified as discontinued operations
Schedule of Equity Method Investments [Line Items]
Mortgage liability assumed	44.4
Safehold Inc. | Net Lease Venture II | Office laboratory property
Schedule of Equity Method Investments [Line Items]
Payment to terminate a real estate purchase option		$ 0.3
Net Lease Venture II
Schedule of Equity Method Investments [Line Items]
Equity interest		51.90%
Net Lease Venture II | Office laboratory property
Schedule of Equity Method Investments [Line Items]
Payments to acquire property	$ 0.6

Other Investments (Other Real E

Other Investments (Other Real Estate Equity Investments) (Details)	1 Months Ended						3 Months Ended		9 Months Ended
	Jun. 30, 2022 USD ($)	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)	Jan. 31, 2021 USD ($) loan	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments				$ 1,297,281,000			$ 1,605,268,000		$ 1,605,268,000
Net proceeds from sales of loans receivable									145,583,000	$ 122,609,000
Income from sales of real estate							$ 951,000	$ 25,611,000	$ 1,443,000	26,319,000
Payments to acquire property					$ 33,300,000
Ground Lease Plus Fund
Schedule of Equity Method Investments [Line Items]
Number of ground leases sold | lease			2
Income from sales of real estate			$ 500,000	0
Other real estate equity investments | Minimum
Schedule of Equity Method Investments [Line Items]
Equity interest							48%		48%
Other real estate equity investments | Maximum
Schedule of Equity Method Investments [Line Items]
Equity interest							95%		95%
Other real estate equity investments | Operating Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments				43,300,000			$ 33,800,000		$ 33,800,000
Other real estate equity investments | Land
Schedule of Equity Method Investments [Line Items]
Equity method investments				$ 1,100,000
Other Real Estate Equity Investment Aug 2018
Schedule of Equity Method Investments [Line Items]
Equity Interest sold				50%
Interest income								600,000		1,700,000
Other Real Estate Equity Investment January 2021
Schedule of Equity Method Investments [Line Items]
Equity interest						53%
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]
Commitment to provide loan to lessee								$ 75,000,000		$ 75,000,000
Loan Fund [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest							53%		53%
Loan Fund [Member] | SAFE
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee	$ 105,000,000	$ 130,000,000
Consideration received for loan commitment	$ 5,000,000	$ 9,000,000

Other Investments (Summarized I

Other Investments (Summarized Investee Financial Information) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total assets	[1]	$ 3,522,132		$ 3,522,132		$ 4,840,534
Total liabilities	[1]	1,824,502		1,824,502		3,777,328
Noncontrolling interests	[1]	17,311		17,311		211,910
Total equity attributable to parent entities	[1]	1,680,319		1,680,319		$ 851,296
Revenues		47,757	$ 143,632	127,773	$ 257,871
Expenses		74,780	147,697	216,101	336,816
Net Income Attributable to Parent		$ 18,005	$ 127,730	502,123	119,530
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Revenues				196,943	135,001
Expenses				136,517	88,585
Net Income Attributable to Parent				$ 113,628	$ 51,844
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Real Estate Properties [Line Items]
Other assets		$ 20,048		$ 20,048		$ 16,040
Operating lease right-of-use assets		17,104		17,104		20,437
Restricted cash		5,375		5,375		54,395
Other receivables		4,962		4,962		5,054
Corporate furniture, fixtures and equipment, net		1,575		1,575		1,852
Leasing costs, net		646		646		818
Intangible assets, net		334		334		1,209
Deferred financing fees, net						629
Deferred expenses and other assets, net	[1]	50,044		50,044		100,434
Intangible assets, accumulated amortization		100		$ 100		10,200
Weighted average amortization period				5 years 2 months 12 days
Accumulated amortization on leasing costs		500		$ 500		1,100
Accumulated depreciation on corporate furniture, fixtures and equipment		12,200		12,200		$ 14,800
In-Place Leases
Real Estate Properties [Line Items]
Amortization of intangible assets			$ 300		$ 900
General and Administrative
Real Estate Properties [Line Items]
Operating lease, expense		1,200	1,200	3,600	3,700
Real Estate Expense
Real Estate Properties [Line Items]
Operating lease, expense		$ 100	$ 200	$ 500	$ 500
[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		Sep. 30, 2022	Dec. 31, 2021
Other Assets and Other Liabilities [Abstract]
Accrued expenses		$ 70,428	$ 151,810
Accrued interest payable		24,575	31,293
Other liabilities		26,867	30,362
Operating lease liabilities (see table above)		19,006	23,267
Accounts payable, accrued expenses and other liabilities	[1]	140,876	236,732
Deferred income		$ 21,000	20,100
Expected credit losses for unfunded commitments			$ 100
[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 ($) $ in Thousands		1 Months Ended	3 Months Ended			9 Months Ended			12 Months Ended
		Jun. 30, 2018	Sep. 30, 2022		Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021	Dec. 31, 2021		Aug. 31, 2022	Jun. 30, 2022	Apr. 30, 2022	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt obligations			$ 1,702,464			$ 1,702,464			$ 2,604,375
Debt discounts and deferred financing costs, net			(21,756)			(21,756)			(32,201)
Total debt obligations, net	[1]		1,680,708			1,680,708			2,572,174
Stockholders' equity			1,697,630	[1]	$ 1,066,225	1,697,630	[1]	$ 1,066,225	1,063,206	[1]		$ 1,630,864		$ 1,008,706	$ 1,064,383
Interest costs capitalized			400		$ 200	1,100		$ 600
Period of Adoption, Adjustment
Debt Instrument [Line Items]
Stockholders' equity															$ (10,019)
Secured Debt
Debt Instrument [Line Items]
Total debt obligations			0			0			491,875
Debt discounts and deferred financing costs, net			0			0
Total debt obligations, net			0			0
Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations			0			$ 0			0
Secured Debt | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate						1%
Secured Debt | Revolving Credit Facility | LIBOR | Minimum | Interest Rate Category One
Debt Instrument [Line Items]
Basis point spread on variable interest rate						1%
Secured Debt | Revolving Credit Facility | LIBOR | Minimum | Interest Rate Category Two
Debt Instrument [Line Items]
Basis point spread on variable interest rate						2%
Secured Debt | Revolving Credit Facility | LIBOR | Maximum | Interest Rate Category One
Debt Instrument [Line Items]
Basis point spread on variable interest rate						1.50%
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 | Interest Rate Category One
Debt Instrument [Line Items]
Basis point spread on variable interest rate						1%
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			0			$ 0			$ 491,875
Secured Debt | Senior Term Loan | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate		2.75%							1%
Secured Debt | Senior Term Loan | LIBOR | Interest Rate Category Two
Debt Instrument [Line Items]
Basis point spread on variable interest rate									2.75%
Secured Debt | Senior Term Loan | LIBOR | Maximum | Interest Rate Category One
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%
Unsecured notes
Debt Instrument [Line Items]
Total debt obligations			1,602,464			1,602,464			$ 2,012,500
Unsecured notes | 3.125% Senior Convertible Notes
Debt Instrument [Line Items]
Total debt obligations			$ 0			$ 0			$ 287,500
Stated interest rate			3.125%		3.125%	3.125%		3.125%	3.125%		3.125%		3.125%
Contractual interest			$ 300		$ 2,200	$ 3,500		$ 6,700
Unsecured notes | 4.75% Senior Notes
Debt Instrument [Line Items]
Total debt obligations			$ 753,561			$ 753,561			$ 775,000
Stated interest rate			4.75%			4.75%			4.75%				4.75%
Unsecured notes | 4.25% Senior Notes
Debt Instrument [Line Items]
Total debt obligations			$ 501,997			$ 501,997			$ 550,000
Stated interest rate			4.25%			4.25%			4.25%
Unsecured notes | 5.50% Senior Notes
Debt Instrument [Line Items]
Total debt obligations			$ 346,906			$ 346,906			$ 400,000
Stated interest rate			5.50%			5.50%			5.50%			5.50%
Other Debt Obligations | Trust Preferred Securities
Debt Instrument [Line Items]
Total debt obligations			$ 100,000			$ 100,000			$ 100,000
Other Debt Obligations | Trust Preferred Securities | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate						1.50%			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, 2022	Dec. 31, 2021
Maturities of Long-term Debt [Abstract]
2022 (remaining three months)		$ 0
2023		0
2024		753,561
2025		501,997
2026		346,906
Thereafter		100,000
Total principal maturities		1,702,464	$ 2,604,375
Debt discounts and deferred financing costs, net		(21,756)	(32,201)
Total debt obligations, net	[1]	1,680,708	2,572,174
Unsecured Debt
Maturities of Long-term Debt [Abstract]
2022 (remaining three months)		0
2023		0
2024		753,561
2025		501,997
2026		346,906
Thereafter		100,000
Total principal maturities		1,702,464
Debt discounts and deferred financing costs, net		(21,756)
Total debt obligations, net		1,680,708
Secured Debt
Maturities of Long-term Debt [Abstract]
2022 (remaining three months)		0
2023		0
2024		0
2025		0
2026		0
Thereafter		0
Total principal maturities		0	$ 491,875
Debt discounts and deferred financing costs, net		0
Total debt obligations, net		$ 0
[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	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2018	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance		$ 1,702,464,000		$ 1,702,464,000		$ 2,604,375,000
Loss (gain) on early extinguishment of debt		13,209,000	$ 0	131,200,000	$ 0
Senior Term Loan
Line of Credit Facility [Line Items]
Loss (gain) on early extinguishment of debt				1,400,000
Secured Debt
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance		0		0		491,875,000
Secured Debt | Senior Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 650,000,000
Long-term debt, outstanding balance		0		0		$ 491,875,000
Secured Debt | Senior Term Loan | LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate	2.75%					1%
Secured Debt | Senior Term Loan | LIBOR | Interest Rate Category One | Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate						1.75%
Secured Debt | Senior Term Loan | LIBOR | Interest Rate Category Two
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate						2.75%
Secured Debt | Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance		0		0		$ 0
Maximum borrowing capacity		$ 350,000,000		$ 350,000,000
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				1%
Secured Debt | Revolving Credit Facility | LIBOR | Interest Rate Category One | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate				1%
Secured Debt | Revolving Credit Facility | LIBOR | Interest Rate Category One | Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate				1.50%
Secured Debt | Revolving Credit Facility | LIBOR | Interest Rate Category Two | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate				2%
Secured Debt | Revolving Credit Facility | LIBOR | Interest Rate Category Two | Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate				2.50%
Secured Debt | Revolving Credit Facility | Base Rate | Interest Rate Category One | Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate				1%
Secured Debt | Revolving Credit Facility | Base Rate | Interest Rate Category One | 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	1 Months Ended			2 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Apr. 30, 2022	Sep. 30, 2022	Aug. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Loss (gain) on early extinguishment of debt						$ 13,209	$ 0	$ 131,200	$ 0
Unsecured notes | Minimum
Debt Instrument [Line Items]
Percentage of principal amount of consenting notes paid as consent fees to note holders								0.75%
Unsecured notes | Maximum
Debt Instrument [Line Items]
Percentage of principal amount of consenting notes paid as consent fees to note holders								1%
Unsecured notes | 3.125% Senior Convertible Notes
Debt Instrument [Line Items]
Aggregate principal of debt converted and retired	$ 11,700		$ 194,000		$ 80,900
Stated interest rate	3.125%		3.125%	3.125%	3.125%	3.125%	3.125%	3.125%	3.125%	3.125%
Common shares issued in in conversion of convertible notes	92,011		13,750,000		3,300,000
Payments to debt holders in conjunction with the conversion and retirement of debt	$ 11,700		$ 14,000		$ 43,600
Principal amount of notes repurchased	$ 500			$ 500		$ 500		$ 500
Net increase in shareholders equity on conversion of convertible notes			180,600		38,200
Loss (gain) on early extinguishment of debt			$ 118,100		12,100
Unsecured notes | 4.75% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.75%		4.75%	4.75%		4.75%		4.75%		4.75%
Principal amount of notes repurchased			$ 7,100		14,400
Payments for repurchase of notes			7,200		14,500
Loss (gain) on early extinguishment of debt			$ 200		$ 300
Unsecured notes | 4.25% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.25%			4.25%		4.25%		4.25%		4.25%
Principal amount of notes repurchased	$ 48,000			$ 48,000		$ 48,000		$ 48,000
Payments for repurchase of notes	$ 48,100			48,100		$ 48,100		$ 48,100
Loss (gain) on early extinguishment of debt				$ 700
Unsecured notes | 5.50% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.50%	5.50%		5.50%		5.50%		5.50%		5.50%
Principal amount of notes repurchased		$ 53,100
Payments for repurchase of notes		50,600
Loss (gain) on early extinguishment of debt		$ (1,700)

Debt Obligations, net (Debt Cov

Debt Obligations, net (Debt Covenants) (Details)	Sep. 30, 2022
Unsecured Debt
Debt Instrument [Line Items]
Unencumbered assets to unsecured indebtedness ratio (at least)	1.3

Commitments and Contingencies_2

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Other Commitments [Line Items]
Percentage of capital committed that may be drawn down	100%
Performance-Based Commitments	$ 148,392
Strategic Investments	8,068
Total	156,460
Loans
Other Commitments [Line Items]
Performance-Based Commitments	717
Strategic Investments	0
Total	717
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments	270
Strategic Investments	3,161
Total	3,431
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments	147,405
Strategic Investments	4,907
Total	$ 152,312

Commitments and Contingencies_3

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Operating
2022 (remaining three months)	$ 1,628		$ 1,628
2023	6,295		6,295
2024	6,178		6,178
2025	6,166		6,166
2026	142		142
Thereafter	162		162
Total undiscounted cash flows	20,571		20,571
Present value discount	(1,565)		(1,565)
Lease liabilities	$ 19,006		$ 19,006		$ 23,267
Operating leases, weighted average incremental borrowing rate, discount rate (percent)	4.70%		4.70%
Operating leases, weighted average lease term (in years)	3 years 10 months 24 days		3 years 10 months 24 days
Operating lease payments made	$ 1,600	$ 800	$ 5,000	$ 2,100
Finance lease payments made		$ 1,300	$ 1,300	$ 4,100

Derivatives - Classification on

Derivatives - Classification on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Expected amount related to cash flow hedge that will be reclassified over next twelve months	$ 2,400
Derivatives Designated in Hedging Relationships
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	$ 8,395
Derivatives Designated in Hedging Relationships | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 0	$ 8,395

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		$ 12,026	$ 273	$ 19,163	$ 11,483
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	[1]	(562)	(2,683)	(1,763)	(7,507)
Derivatives Designated in Hedging Relationships | Interest rate swaps | Net income from discontinued operations
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income			273		2,845
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings			(2,050)		(6,183)
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		12,026	0	19,163	8,638
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		$ (562)	$ (633)	$ (1,763)	$ (1,324)
[1] Reclassified to “Net income from discontinued operations” in the Company’s consolidated statements of operations for the three and nine months ended September 30, 2021 is $2,050 and $6,183 respectively. Reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the three months ended September 30, 2022 and 2021 are $562 and $633 respectively. Reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the nine months ended September 30, 2022 and 2021 are $1,763 and $1,324 , respectively.

Equity (Preferred Stock) (Detai

Equity (Preferred Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 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		$ 282,490		$ 282,490
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	$ 5,874	$ 17,622	$ 17,622
Capital gains distribution					100%
Unrecaptured Section 1250 gain percentage					18.31%
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
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%		8%
Annual Dividend Per Share (in dollars per share)			$ 2		$ 2
Carrying Value	$ 89,041		$ 89,041		$ 89,041
Preferred stock dividends declared and paid			$ 6,000	6,000
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%
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		$ 72,664		$ 72,664
Preferred stock dividends declared and paid			$ 4,600	4,600
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		$ 120,785		$ 120,785
Preferred stock dividends declared and paid			$ 7,000	$ 7,000

Equity (Dividends) (Details)

Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Dividends
Operating loss carryforwards					$ 614,600
Operating loss carryforwards, no expiration					$ 154,000
Common stock dividends declared	$ 10,905	$ 8,954	$ 30,131	$ 26,338
Common stock dividends declared per share (in dollars per share)			$ 0.375	$ 0.36
Capital gains distribution					100%
Unrecaptured Section 1250 gain percentage					18.31%
Common Stock
Dividends
Capital gains distribution					100%
Unrecaptured Section 1250 gain percentage					18.31%

Equity (Stock Repurchase Progra

Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Feb. 28, 2022
Stock repurchase program
Shares repurchased and retired during period (in shares)	4.2
Common stock value repurchased including acquisition costs	$ 91,900,000
Average cost per share of repurchased shares (in dollars per share)	$ 21.70
Maximum
Stock repurchase program
Stock repurchase program, authorized amount		$ 50,000,000
Stock repurchase program remaining authorized amount		$ 50,000,000
Increase in authorized shares for repurchase			$ 50,000,000

Equity (Accumulated Other Compr

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Sep. 30, 2022		Jun. 30, 2022	Dec. 31, 2021		Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 1,697,630	[1]	$ 1,630,864	$ 1,063,206	[1]	$ 1,066,225	$ 1,008,706	$ 1,064,383
Unrealized (losses) gains on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity				4,237
Unrealized losses on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(4,898)			(25,824)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ (4,898)		$ (17,872)	$ (21,587)		$ (34,350)	$ (35,824)	$ (52,680)
[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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	May 31, 2021	Apr. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ (374)	$ 3,001	$ (30,724)	$ 23,300
Long-term Incentive Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance (in shares)	2,300,000		2,300,000
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, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) item plan $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage			15%
Equity-based compensation	$ (374)	$ 3,001	$ (30,724)	$ 23,300
Performance Incentive Plan
Accrued expenses	70,428		$ 70,428		$ 151,810
iPIP Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			6 years
Vesting rights percentage			40%
Number of iPIP plans | plan			5
Investment period of iPIP plans			2 years
Performance Incentive Plan
Accrued expenses	$ 45,100		$ 45,100		$ 116,600
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%
Equity-based compensation			$ 3,500	2,600
Settlement or distribution on units and awards, cash (as a percent)			50%
Settlement or distribution on units and awards, common stock (as a percent)			50%
2019-2020 Performance Incentive Plans
Performance Incentive Plan
Points at beginning of period (in shares)			95.20
Granted (in shares)			0
Forfeited (in shares)			0
Points at end of period (in shares)	95.20		95.20
Aggregate gross book value of investments	$ 764,000		$ 764,000
2021-2022 Performance Incentive Plans
Performance Incentive Plan
Points at beginning of period (in shares)			84.75
Granted (in shares)			7.95
Forfeited (in shares)			(0.95)
Points at end of period (in shares)	91.75		91.75
Aggregate gross book value of investments	$ 406,000		$ 406,000
2013-2018 Performance Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			$ (39,000)	15,000
Settlement or distribution on units and awards, cash (as a percent)			50%
Settlement or distribution on units and awards, common stock (as a percent)			50%
2013-2014 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)			80.17
Granted (in shares)			0
Points at end of period (in shares)	80.17		80.17
Aggregate gross book value of investments	$ 13,000		$ 13,000
iPIP distributions to plan participants			$ 19,600
iPIP distributions, equity component (in shares) | shares			412,041
iPIP distributions, equity component, fair value (in dollars per share) | $ / shares			$ 16.06
iPIP distributions, shares issued net of tax withholdings (in shares) | shares			215,657
2015-2016 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)			70.40
Granted (in shares)			0
Points at end of period (in shares)	70.40		70.40
Aggregate gross book value of investments	$ 0		$ 0
iPIP distributions to plan participants			$ 19,200	$ 3,200
iPIP distributions, equity component (in shares) | shares			402,731	97,881
iPIP distributions, equity component, fair value (in dollars per share) | $ / shares			$ 16.06	$ 17.65
iPIP distributions, shares issued net of tax withholdings (in shares) | shares			193,416	57,920
2017-2018 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)			75.34
Granted (in shares)			0
Points at end of period (in shares)	75.34		75.34
Aggregate gross book value of investments	$ 236,000		$ 236,000
Safehold Inc.
Performance Incentive Plan
Number of shares owned (in shares) | shares	40,300,000		40,300,000
Safehold Inc. | Common Stock | 2019-2020 Performance Incentive Plans
Performance Incentive Plan
Number of shares owned (in shares) | shares	26,700,000		26,700,000
Safehold Inc. | Common Stock | 2021-2022 Performance Incentive Plans
Performance Incentive Plan
Number of shares owned (in shares) | shares	5,000,000		5,000,000
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, 2022 USD ($) shares
Number of Shares
Non-vested at beginning of period (in shares)	754
Granted (in shares)	221
Vested (in shares)	(316)
Forfeited (in shares)	(19)
Non-vested at end of period (in shares)	640
Unrecognized compensation cost | $	$ 6.5
Weighted-average period to recognize the unrecognized compensation cost	1 year 3 months 29 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, 2022 USD ($) $ / shares shares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	38,953
Grant date fair value (in dollars per share) | $ / shares	$ 16.33
Common Stock Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,193
Grant date fair value (in dollars per share) | $ / shares	$ 15.79
Non-vested, outstanding (in shares)	132,896
Non-vested, aggregate intrinsic value | $	$ 1.2

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Gross contributions made by the Company	$ 0.1	$ 0.1	$ 1	$ 0.8

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 17,952	$ 109,380	$ (116,430)	$ 58,152
Net (income) loss from continuing operations attributable to noncontrolling interests	53	(10)	(46)	55
Preferred dividends	(5,874)	(5,874)	(17,622)	(17,622)
Net loss from continuing operations and allocable to common shareholders for basic earnings per common share	12,131	103,496	(134,098)	40,585
Net loss from continuing operations and allocable to common shareholders - Diluted	$ 12,131	$ 103,496	$ (134,098)	$ 40,585

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Aug. 31, 2022	Apr. 30, 2022	Dec. 31, 2021
Numerator for basic and diluted earnings per share:
Net loss from continuing operations and allocable to common shareholders - Basic	$ 12,131	$ 103,496	$ (134,098)	$ 40,585
Net loss from continuing operations and allocable to common shareholders - Diluted	12,131	103,496	(134,098)	40,585
Net income from discontinued operations		21,614	797,688	69,415
Net (income) from discontinued operations attributable to noncontrolling interests		(3,254)	(179,089)	(8,092)
Net income allocable to common shareholders - Basic	12,131	121,856	484,501	101,908
Net income (loss) allocable to common shareholders - Diluted	$ 12,131	$ 121,856	$ 484,501	$ 101,908
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	85,458,000	71,299,000	78,706,000	72,675,000
Add: Effect of assumed shares issued under treasury stock method for restricted stock units	76,000	221,000		206,000
Add: Effect of convertible debt	333,000	8,967,000		5,521,000
Weighted average common shares outstanding for diluted earnings per common share	85,867,000	80,487,000	78,706,000	78,402,000
Basic earnings per common share:
Net income (loss) from continuing operations and allocable to common shareholders - Basic	$ 0.14	$ 1.45	$ (1.70)	$ 0.56
Net income from discontinued operations - Basic		0.26	7.86	0.84
Net income (loss) allocable to common shareholders - Basic	0.14	1.71	6.16	1.40
Diluted earnings per common share:
Net income (loss) from continuing operations and allocable to common shareholders - Diluted	0.14	1.28	(1.70)	0.52
Net income from discontinued operations - Diluted		0.23	7.86	0.78
Net income (loss) allocable to common shareholders - Diluted	$ 0.14	$ 1.51	$ 6.16	$ 1.30
3.125% Senior Convertible Notes | Unsecured notes
Diluted earnings per common share:
Antidilutive (in shares)			3,649,934
Stated interest rate	3.125%	3.125%	3.125%	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
		Sep. 30, 2022	Dec. 31, 2021
Assets and liabilities recorded at fair value
Held-to-maturity securities		$ 32,938
Loan receivable held for sale	[1]		$ 43,215
Other investments	[1]	1,605,268	1,297,281
Charge-off of held-to-maturity security		$ 25,000
Recurring Basis
Assets and liabilities recorded at fair value
Derivative liabilities			8,395
Available-for-sale securities			28,092
Recurring Basis | Fair Value, Inputs, Level 2
Assets and liabilities recorded at fair value
Derivative liabilities			8,395
Recurring Basis | Fair Value, Inputs, Level 3
Assets and liabilities recorded at fair value
Available-for-sale securities			$ 28,092
[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, 2022	Sep. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 28,092	$ 25,274
Purchases	0	3,375
Sales and Repayments	(26,752)	(201)
Realized gain recorded in other income	2,897
Unrealized gains (losses) recorded in other comprehensive income	(4,237)	(913)
Ending balance	$ 0	$ 27,535

Fair Values - (Carrying Value a

Fair Values - (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Aug. 31, 2022	Apr. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Carrying Value
Book and estimated fair values of financial instruments
Net investment in leases	$ 0			$ 43
Loans receivable and other lending investments	177			333
Loans receivable held for sale	0			43
Cash and cash equivalents	1,336			340
Restricted cash	5			54
Debt obligations, net	1,681			2,572
Carrying Value | Fair Value, Inputs, Level 1
Book and estimated fair values of financial instruments
Debt obligations, net	1,582			2,473
Carrying Value | Fair Value, Inputs, Level 3
Book and estimated fair values of financial instruments
Debt obligations, net	99			99
Fair Value
Book and estimated fair values of financial instruments
Net investment in leases	0			43
Loans receivable and other lending investments	177			345
Loans receivable held for sale	0			43
Cash and cash equivalents	1,336			340
Restricted cash	5			54
Debt obligations, net	1,682			2,903
Fair Value | Fair Value, Inputs, Level 1
Book and estimated fair values of financial instruments
Debt obligations, net	1,583			2,799
Fair Value | Fair Value, Inputs, Level 3
Book and estimated fair values of financial instruments
Debt obligations, net	$ 99			104
3.125% Senior Convertible Notes | Unsecured notes
Book and estimated fair values of financial instruments
Debt obligations, net				$ 527,500
Stated interest rate	3.125%	3.125%	3.125%	3.125%	3.125%

Segment Reporting (Schedule of

Segment Reporting (Schedule of Segments) (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Profit (Loss)
Number of reportable segments | segment				4
Revenues		$ 47,757	$ 143,632	$ 127,773	$ 257,871
Earnings from equity method investments		57,797	87,795	102,222	110,661
Income from sales of real estate		951	25,611	1,443	26,319
Total revenue and other earnings		106,505	257,038	231,438	394,851
Other expense		(4,171)	(894)	(6,624)	(1,358)
Allocated interest expense		(22,664)	(28,695)	(76,056)	(86,145)
Allocated general and administrative		(14,584)	(14,120)	(41,130)	(45,654)
Segment profit (loss)		32,104	112,580	12,922	80,783
Other significant items:
Provision for (recovery of) loan losses		(157)	(1,610)	22,556	(7,411)
Provision for (recovery of) losses on net investment in leases		(380)	(315)	0	465
Impairment of assets		0	421	1,768	679
Depreciation and amortization		1,290	1,742	3,985	5,715
Capitalized expenditures		5,405	7,537	16,468	17,337
Segment assets
Real estate, net	[1]	89,144		89,144		$ 92,150
Real estate available and held for sale	[1]	1,283		1,283		301
Total real estate	[1]	90,427		90,427		92,451
Real estate and other assets available and held for sale and classified as discontinued operations	[1],[2]	11,925		11,925		2,299,711
Net investment in leases		0		0		43,215	[1]
Land and development, net	[1]	248,246		248,246		286,810
Loans receivable and other lending investments, net		176,623		176,623		332,844
Loan receivable held for sale	[1]					43,215
Other investments	[1]	1,605,268		1,605,268		1,297,281
Total portfolio assets		2,132,489		2,132,489		4,395,527
Cash and other assets		1,389,643		1,389,643		445,007
Total assets	[1]	3,522,132		3,522,132		4,840,534
Stock-based compensation expense		(374)	3,001	(30,724)	23,300
Operating lease income
Segment Profit (Loss)
Revenues		3,424	3,732	9,715	13,456
Interest income
Segment Profit (Loss)
Revenues		2,093	6,972	11,262	24,846
Interest income from sales-type leases
Segment Profit (Loss)
Revenues		129	526	861	683
Other income
Segment Profit (Loss)
Revenues		27,024	39,033	51,545	60,950
Land development revenue
Segment Profit (Loss)
Revenues		15,087	93,369	54,390	157,936
Cost of sales expense		(16,778)	(87,380)	(55,369)	(147,507)
Real estate expense
Segment Profit (Loss)
Cost of sales expense		(16,204)	(13,369)	(39,337)	(33,404)
Operating Segments | Net Lease
Segment Profit (Loss)
Earnings from equity method investments		43,525	73,475	76,563	94,590
Income from sales of real estate		951		1,443
Total revenue and other earnings		50,109	78,257	94,127	106,855
Other expense		489	(210)	(503)	(210)
Allocated interest expense		(13,049)	(15,691)	(42,426)	(44,582)
Allocated general and administrative		(5,302)	(5,487)	(14,156)	(17,544)
Segment profit (loss)		31,521	56,778	35,657	43,957
Other significant items:
Provision for (recovery of) losses on net investment in leases		(380)	(315)		465
Segment assets
Real estate and other assets available and held for sale and classified as discontinued operations		11,925		11,925		2,299,711
Net investment in leases						43,215
Loan receivable held for sale						43,215
Other investments		1,525,270		1,525,270		1,186,162
Total portfolio assets		1,537,195		1,537,195		3,572,303
Operating Segments | Net Lease | Interest income
Segment Profit (Loss)
Revenues			651	75	968
Operating Segments | Net Lease | Interest income from sales-type leases
Segment Profit (Loss)
Revenues		129	526	861	683
Operating Segments | Net Lease | Other income
Segment Profit (Loss)
Revenues		5,504	3,605	15,185	10,614
Operating Segments | Net Lease | Real estate expense
Segment Profit (Loss)
Cost of sales expense		(726)	(91)	(1,385)	(562)
Operating Segments | Real Estate Finance
Segment Profit (Loss)
Earnings from equity method investments		1,329	872	3,112	2,092
Total revenue and other earnings		6,569	8,288	17,484	27,215
Other expense		(78)	(270)	(237)	(422)
Allocated interest expense		(1,713)	(3,331)	(7,049)	(11,737)
Allocated general and administrative		(1,190)	(958)	(3,540)	(3,659)
Segment profit (loss)		3,588	3,729	6,658	11,397
Other significant items:
Provision for (recovery of) loan losses		(157)	(1,610)	22,556	(7,411)
Segment assets
Loans receivable and other lending investments, net		176,623		176,623		332,844
Other investments		24,349		24,349		48,862
Total portfolio assets		200,972		200,972		381,706
Operating Segments | Real Estate Finance | Interest income
Segment Profit (Loss)
Revenues		2,093	6,321	11,187	23,878
Operating Segments | Real Estate Finance | Other income
Segment Profit (Loss)
Revenues		3,147	1,095	3,185	1,245
Operating Segments | Operating Properties
Segment Profit (Loss)
Earnings from equity method investments		11,515	1,129	15,233	(5,553)
Income from sales of real estate			25,611		26,319
Total revenue and other earnings		27,052	47,245	47,081	57,102
Allocated interest expense		(1,122)	(1,641)	(3,602)	(5,714)
Allocated general and administrative		(751)	(473)	(1,854)	(1,797)
Segment profit (loss)		14,167	35,947	16,481	30,353
Other significant items:
Impairment of assets			421	1,750	679
Depreciation and amortization		923	1,385	2,878	4,592
Capitalized expenditures		104	121	644	610
Segment assets
Real estate, net		89,144		89,144		92,150
Real estate available and held for sale		1,283		1,283		301
Total real estate		90,427		90,427		92,451
Other investments		33,808		33,808		43,252
Total portfolio assets		124,235		124,235		135,703
Operating Segments | Operating Properties | Operating lease income
Segment Profit (Loss)
Revenues		3,340	3,636	9,396	13,177
Operating Segments | Operating Properties | Other income
Segment Profit (Loss)
Revenues		12,197	16,869	22,452	23,159
Operating Segments | Operating Properties | Real estate expense
Segment Profit (Loss)
Cost of sales expense		(11,012)	(9,184)	(25,144)	(19,238)
Operating Segments | Land and Development
Segment Profit (Loss)
Earnings from equity method investments		850	10,836	4,516	15,456
Total revenue and other earnings		18,483	107,490	64,322	179,565
Other expense		(218)	(64)	(538)	(64)
Allocated interest expense		(1,915)	(3,679)	(8,903)	(11,481)
Allocated general and administrative		(2,333)	(2,173)	(6,702)	(6,968)
Segment profit (loss)		(7,227)	10,100	(19,998)	(59)
Other significant items:
Depreciation and amortization		227	228	683	674
Capitalized expenditures		5,301	7,416	15,824	16,727
Segment assets
Land and development, net		248,246		248,246		286,810
Other investments						1,096
Total portfolio assets		248,246		248,246		287,906
Operating Segments | Land and Development | Operating lease income
Segment Profit (Loss)
Revenues		84	96	319	279
Operating Segments | Land and Development | Other income
Segment Profit (Loss)
Revenues		2,462	3,189	5,097	5,894
Operating Segments | Land and Development | Land development revenue
Segment Profit (Loss)
Revenues		15,087	93,369	54,390	157,936
Cost of sales expense		(16,778)	(87,380)	(55,369)	(147,507)
Operating Segments | Land and Development | Real estate expense
Segment Profit (Loss)
Cost of sales expense		(4,466)	(4,094)	(12,808)	(13,604)
Corporate/Other
Segment Profit (Loss)
Earnings from equity method investments		578	1,483	2,798	4,076
Total revenue and other earnings		4,292	15,758	8,424	24,114
Other expense		(4,364)	(350)	(5,346)	(662)
Allocated interest expense		(4,865)	(4,353)	(14,076)	(12,631)
Allocated general and administrative		(5,008)	(5,029)	(14,878)	(15,686)
Segment profit (loss)		(9,945)	6,026	(25,876)	(4,865)
Other significant items:
Impairment of assets				18
Depreciation and amortization		140	129	424	449
Segment assets
Other investments		21,841		21,841		17,909
Total portfolio assets		21,841		21,841		$ 17,909
Corporate/Other | Other income
Segment Profit (Loss)
Revenues		$ 3,714	$ 14,275	$ 5,626	$ 20,038
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”). Refer to Note 3 - Net Lease Sale and Discontinued Operations.

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting [Abstract]
Segment profit	$ 32,104	$ 112,580	$ 12,922	$ 80,783
Less: Recovery of (provision for) loan losses	157	1,610	(22,556)	7,411
Less: Recovery of (provision for) losses on net investment in leases	380	315	0	(465)
Less: Impairment of assets	0	(421)	(1,768)	(679)
Less: Stock-based compensation expense	374	(3,001)	30,724	(23,300)
Less: Depreciation and amortization	(1,290)	(1,742)	(3,985)	(5,715)
Less: Income tax expense	(564)	39	(567)	117
Less: Loss on early extinguishment of debt, net	(13,209)	0	(131,200)	0
Less: Net income from discontinued operations		21,614	797,688	69,415
Net income	$ 17,952	$ 130,994	$ 681,258	$ 127,567