Safehold 10-Q 28 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-15371
Entity Registrant Name	Safehold Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-6881527
Entity Address, Address Line One	1114 Avenue of the Americas
Entity Address, Address Line Two	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
Title of 12(b) Security	Common Stock
Trading Symbol	SAFE
Security Exchange Name	NYSE
Common Stock, Shares, Outstanding		63,941,269
Entity Central Index Key	0001095651
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
ASSETS
Net investment in sales-type leases ($325 and $0 of allowances as of March 31, 2023 and December 31, 2022, respectively)	[1]	$ 3,139,831	$ 3,106,599
Ground Lease receivables, net ($195 and $0 of allowances as of March 31, 2023 and December 31, 2022, respectively)	[1]	1,431,478	1,374,716
Real estate, at cost	[1]	740,971	740,971
Less: accumulated depreciation	[1]	(35,878)	(34,371)
Real estate, net	[1]	705,093	706,600
Real estate-related intangible assets, net	[1]	216,120	217,795
Real estate available and held for sale		1,508
Total real estate, net, real estate-related intangible assets, net and real estate available and held for sale	[1]	922,721	924,395
Loans receivable, net - related party ($2,300 of allowances as of March 31, 2023)	[1]	112,150
Equity investments	[1]	243,490	180,388
Goodwill	[1]	155,797
Cash and cash equivalents	[1]	20,335	20,066
Restricted cash	[1]	27,954	28,324
Deferred operating lease income receivable	[1]	156,697	148,870
Deferred expenses and other assets, net	[1],[2]	80,109	67,564
Total assets	[1]	6,290,562	5,850,922
Liabilities:
Accounts payable, accrued expenses and other liabilities	[1],[3]	126,204	100,357
Real estate-related intangible liabilities, net	[1]	64,382	64,591
Debt obligations, net	[1]	3,901,838	3,521,359
Total liabilities	[1]	4,092,424	3,686,307
Commitments and contingencies (refer to Note 9)	[1]
Redeemable noncontrolling interests (refer to Note 3)	[1]	19,011	19,011
Safehold Inc. shareholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized, 63,930 and 62,397 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	[1]	639	624
Additional paid-in capital	[1]	2,031,026	1,986,417
Retained earnings	[1]	144,164	151,226
Accumulated other comprehensive income (loss)	[1]	(24,200)	3,281
Total Safehold Inc. shareholders' equity	[1]	2,151,629	2,141,548
Noncontrolling interests	[1]	27,498	4,056
Total equity	[1]	2,179,127	2,145,604
Total liabilities, redeemable noncontrolling interests and equity	[1]	$ 6,290,562	$ 5,850,922
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”). As of March 31, 2023, includes $2.9 million due from related parties. As of March 31, 2023 and December 31, 2022, includes $0.8 million and $8.5 million, respectively, due to related parties.

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Net investment in sales-type leases, allowances	$ 325	$ 0
Ground Lease receivables, allowances	195	$ 0
Loans receivable, net - related party, allowances	$ 2,300
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000	400,000
Common stock, shares issued (in shares)	63,941	62,397
Common stock, shares outstanding (in shares)	63,941	62,397
Deferred expenses and other assets, net, due from related parties	$ 2,900
Accounts payable, accrued expenses and other liabilities, due to related parties	$ 800	$ 8,500

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Revenues:
Interest income from sales-type leases	[1]	$ 57,062	$ 43,031
Operating lease income		20,901	16,966
Other income		366	366
Total revenues		78,329	60,363
Costs and expenses:
Interest expense		40,873	25,321
Real estate expense		1,206	707
Depreciation and amortization		2,398	2,402
General and administrative	[2]	15,067	9,194
Provision for credit losses		2,242
Other expense		14,089	108
Total costs and expenses		75,875	37,732
Income from operations before other items		2,454	22,631
Earnings from equity method investments		2,262	2,276
Net income		4,716	24,907
Net (income) attributable to noncontrolling interests		(34)	(34)
Net income attributable to Safehold Inc. common shareholders		$ 4,682	$ 24,873
Net income
Basic (dollars per share)		$ 0.07	$ 0.42
Diluted (dollars per shares)		$ 0.07	$ 0.42
Weighted average number of common shares:
Basic (in shares)		63,672	59,284
Diluted (in shares)		63,672	59,285
Ground Leases with iStar
Revenues:
Interest income from sales-type leases			$ 2,100
Expenses with Related Party, Equity Based Compensation
Costs and expenses:
General and administrative		$ 8,300	$ 7,900
[1] For the three months ended March 31, 2022, the Company recorded $2.1 million of “Interest income from sales-type leases” in its consolidated statements of operations from Ground Leases with iStar Inc. (“iStar”). For the three months ended March 31, 2023 and 2022, includes $8.3 million and $7.9 million, respectively, of general and administrative expenses incurred to related parties that includes management fees, expense reimbursements to the Former Manager (refer to Note 1) and equity-based compensation.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 4,716	$ 24,907
Other comprehensive income (loss):
Reclassification of losses on derivatives into earnings	943	1,033
Unrealized gain (loss) on derivatives	(28,424)	4,256
Other comprehensive income (loss)	(27,481)	5,289
Comprehensive income (loss)	(22,765)	30,196
Comprehensive (income) loss attributable to noncontrolling interests	(34)	(34)
Comprehensive income (loss) attributable to Safehold Inc.	$ (22,799)	$ 30,162

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Common Stock	Additional Paid-In Capital	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Cumulative Effect, Period of Adoption, Adjustment	Total
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions from noncontrolling interests, net									$ 18,829
Additional paid in capital attributable to redeemable noncontrolling interests									171
Balance at the end of the period at Mar. 31, 2022									19,000
Balance at the beginning of the period at Dec. 31, 2021		$ 566	$ 1,663,324		$ 59,368	$ (40,980)	$ 2,924		1,685,202
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					24,873		34		24,907
Issuance of common stock, net / amortization		53	307,290				280		307,623
Dividends declared					(10,530)				(10,530)
Change in accumulated other comprehensive income (loss)						5,289			5,289
Contributions from noncontrolling interests							18		18
Distributions to noncontrolling interests							(11)		(11)
Additional paid in capital attributable to redeemable noncontrolling interests			(171)						(171)
Balance at the end of the period at Mar. 31, 2022		619	1,970,443		73,711	(35,691)	3,245		2,012,327
Balance at the beginning of the period at Dec. 31, 2022	[1]								19,011
Balance at the end of the period at Mar. 31, 2023	[1]								19,011
Balance at the beginning of the period at Dec. 31, 2022		624	1,986,417	$ (640)	151,226	3,281	4,056	$ (640)	2,145,604	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					4,682		34		4,716
Issuance of common stock, net / amortization		3	10,476				9		10,488
Dividends declared					(11,104)				(11,104)
Change in accumulated other comprehensive income (loss)						(27,481)			(27,481)
Contributions from noncontrolling interests			(1,443)				23,914		22,471
Distributions to noncontrolling interests							(515)		(515)
Merger consideration (refer to Note 1)		12	35,576						35,588
Balance at the end of the period at Mar. 31, 2023		$ 639	$ 2,031,026		$ 144,164	$ (24,200)	$ 27,498		$ 2,179,127	[1]
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity - Parenthetical - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share (usd per share)	$ 0.177	$ 0.17

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 4,716	$ 24,907
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	2,398	2,402
Stock-based compensation expense	4,680	282
Deferred operating lease income	(7,827)	(7,914)
Non-cash interest income from sales-type leases	(20,380)	(15,848)
Non-cash interest expense	3,026	3,058
Amortization of real estate-related intangibles, net	576	577
Provision for credit losses	2,242
Earnings from equity method investments	(2,262)	(2,276)
Distributions from operations of equity method investments	547	531
Amortization of premium, discount and deferred financing costs on debt obligations, net	1,796	1,320
Non-cash management fees	5,199	4,457
Other operating activities	1,573	1,280
Changes in assets and liabilities:
Changes in deferred expenses and other assets, net	(3,586)	256
Changes in accounts payable, accrued expenses and other liabilities	489	11,567
Cash flows (used in) provided by operating activities	(6,813)	24,599
Cash flows from investing activities:
Origination/acquisition of net investment in sales-type leases and Ground Lease receivables	(69,904)	(532,268)
Origination of loans receivable, net	(114,450)
Payment for merger consideration	(88,685)
Cash and cash equivalents acquired upon merger	3,213
Contributions to equity method investments	(140)
Funding reserves received from Ground Lease tenant net of disbursements	(218)	98,064
Other investing activities	251	(981)
Cash flows used in investing activities	(269,933)	(435,185)
Cash flows from financing activities:
Proceeds from issuance of common stock		309,160
Proceeds from debt obligations	280,000	940,000
Repayments of debt obligations	0	(720,000)
Payments for deferred financing costs	(4,610)	(4,455)
Dividends paid to common shareholders	(22,144)	(9,672)
Payment of offering costs		(4,731)
Payments for withholding taxes upon vesting of stock-based compensation		(970)
Distributions to noncontrolling interests	(515)	(11)
Contributions from noncontrolling interests	23,914	18
Contributions from redeemable noncontrolling interests		19,000
Cash flows provided by financing activities	276,645	528,339
Changes in cash, cash equivalents and restricted cash	(101)	117,753
Cash, cash equivalents and restricted cash at beginning of period	48,390	38,516
Cash, cash equivalents and restricted cash at end of period	$ 48,289	$ 156,269

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
Reconciliation of cash and cash equivalents and restricted cash presented on the consolidated statements of cash flows
Cash and cash equivalents	$ 20,335	[1]	$ 30,561
Restricted cash	27,954	[1]	125,708
Total cash and cash equivalents and restricted cash	48,289		156,269
Supplemental disclosure of non-cash investing and financing activity:
Debt obligations assumed (refer to Note 3)	99,995
Issuance of common stock for acquisition of assets (refer to Note 3)	35,588
Dividends declared to common shareholders	2		10,530
Accrued finance costs			99
Accrued offering costs	$ 1,443		$ 545
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Note 1—Business and Organization Business The Company operates its business through one reportable segment by acquiring, managing and capitalizing ground leases. The Company also manages entities focused on ground leases (refer to Note 6) and serves as external manager to Star Holdings, a Maryland statutory trust that holds the legacy non-ground lease assets previously held by iStar (“Star Holdings”). Ground leases are long-term contracts between the landlord (the Company) and a tenant or leaseholder. 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”). Under a Ground Lease, the tenant is generally responsible for all property operating expenses, such as maintenance, real estate taxes and insurance and is also responsible for development costs and capital expenditures. Ground Leases are typically long-term (base terms ranging from 30 The Company intends to target investments in long-term Ground Leases in which: (i) the initial cost of its Ground Lease represents 30% to 45% of the combined value of the land and buildings and improvements thereon as if there was no Ground Lease on the land (“Combined Property Value”); (ii) the ratio of property net operating income to the Ground Lease payment due the Company (“Ground Rent Coverage”) is between 2.0x to 4.5x, and for this purpose the Company uses estimates of the stabilized property net operating income if it does not receive current tenant information and for properties under construction or in transition, in each case based on leasing activity at the property and available market information, including leasing activity at comparable properties in the relevant market; and (iii) the Ground Lease contains contractual rent escalation clauses or percentage rent that participates in gross revenues generated by the commercial real estate on the land. A Ground Lease lessor (the Company) typically has the right to regain possession of its land and take ownership of the buildings and improvements thereon upon tenant default and the termination of the Ground Lease on account of such default. The Company believes that the Ground Lease structure provides an opportunity for potential value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company. Prior to the Merger, Old SAFE was managed by SFTY Manager, LLC (the “Former Manager”), a wholly-owned subsidiary of iStar, pursuant to a management agreement. Old SAFE had no employees, as the Former Manager provided all services to it. Old SAFE relied on the extensive investment origination and sourcing platform of its Former Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants. Subsequent to the Merger, the Company is internally managed. Organization As part of a restructuring in connection with the Merger (the “Caret Restructuring”), Safehold Operating Partnership LP converted into a Delaware limited liability company and renamed itself “Safehold GL Holdings LLC” (“Portfolio Holdings”), with the Company as its managing member. The Company conducts all of its business and owns all of its properties through Portfolio Holdings. In addition, holders of Caret units in Old SAFE’s subsidiary, Caret Ventures LLC (“Caret Ventures”), contributed their interests in Caret Ventures to Portfolio Holdings in return for Caret units issued by Portfolio Holdings. Following the restructuring, 100% of the equity interests in Caret Ventures is held by Portfolio Holdings. The Company, management of the Company, employees and former employees of the Company, affiliates of MSD Partners (as defined below) and other outside investors own the issued and outstanding equity of Portfolio Holdings. ​ Merger Transaction The Company considered the following relevant facts for this determination: ● At the time of the Merger closing, Old SAFE shareholders, excluding the Old SAFE shares held directly by iStar, members of iStar management and Star Holdings, control majority of the voting interests in the Company and the combined company operates under the name “Safehold Inc.;” ​ ● the composition of the combined company’s board of directors, which includes three directors from Old SAFE and two directors from iStar, and two management members of both Old SAFE and iStar; ​ ● Old SAFE was the larger entity by size when comparing the key metrics of total assets, total revenue and net income (loss) from continuing operations and allocable to common shareholders; and ​ ● substantially all of the assets and liabilities of the Company consist of the historical assets and liabilities of Old SAFE, and the go-forward business plan of the Company is to conduct the Ground Lease business being conducted by Old SAFE prior to the Merger. ​ As a result, the historical financial statements of Old SAFE become the historical financial statements of the Company. Immediately before the closing of the Merger, iStar separated its remaining legacy non-ground lease assets and businesses, approximately $50.0 million of cash, exclusive of working capital reserves and restricted cash, and approximately 13.5 million shares of Old SAFE common stock into Star Holdings by distributing to iStar’s stockholders, on a pro rata basis, the issued and outstanding equity interests of Star Holdings (the “ Spin-Off ​ Other Merger related transactions ​ On August 10, 2022, iStar entered into an agreement (the “MSD Stock Purchase Agreement”) with MSD Partners, L.P. (“MSD Partners”) pursuant to which MSD Partners agreed to purchase 5,405,406 shares of Old SAFE’s common stock then owned by iStar (the “MSD Stock Purchase”) for an aggregate purchase price of approximately $200 million, or $37.00 per share, payable in cash. The MSD Stock Purchase closed on March 31, 2023, shortly before the closing of the Merger. MSD Partners has the right to designate an observer to the board of directors of the Company, a top-up 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 shares of the Company’s common stock. On August 10, 2022, MSD Partners also agreed to purchase 100,000 Caret units (refer to Note 11) from the Company for an aggregate purchase price of $20.0 million (the “MSD Caret Purchase”). MSD Partners received a credit against their purchase price for Caret units equal to the amount they would have received had they held Caret units at the time of a December 2022 distribution to other Caret unit holders, which was equal to $0.6 million. The closing of the MSD Caret Purchase took place in conjunction with the closing of the Merger on March 31, 2023. ​ Star Holdings was capitalized in part with an 8.0%, four-year term loan from the Company having an initial principal amount of $115.0 million, as well as SOFR plus 3.00% bank debt of $140.0 million from Morgan Stanley Bank, N.A. which is secured by approximately 13.5 million shares of the Company (refer to Note 4). In connection with the Spin-Off, Safehold Management Services Inc. (“SpinCo Manager”), a Delaware corporation and a subsidiary of the Company, entered into a management agreement with Star Holdings effective as of March 31, 2023, pursuant to which SpinCo Manager will continue to operate and pursue the orderly monetization of Star Holding’s assets. Star Holdings will pay SpinCo Manager 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 Star Holdings’ assets, excluding shares of the Company’s common stock, for each annual term thereafter. The Company and Star Holdings also entered into a governance agreement that places certain restrictions on the transfer and voting of the shares of the Company owned by Star Holdings, and a registration rights agreement under which the Company agreed to register such shares for resale in accordance with applicable securities laws. ​ Note 2—Basis of Presentation and Principles of Consolidation Basis of Presentation The preparation of these consolidated 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. Principles of Consolidation Consolidated VIEs financial support to VIEs that it was not previously contractually required to provide and did not have any unfunded commitments related to consolidated VIEs as of March 31, 2023.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Note 1—Business and Organization Business The Company operates its business through one reportable segment by acquiring, managing and capitalizing ground leases. The Company also manages entities focused on ground leases (refer to Note 6) and serves as external manager to Star Holdings, a Maryland statutory trust that holds the legacy non-ground lease assets previously held by iStar (“Star Holdings”). Ground leases are long-term contracts between the landlord (the Company) and a tenant or leaseholder. 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”). Under a Ground Lease, the tenant is generally responsible for all property operating expenses, such as maintenance, real estate taxes and insurance and is also responsible for development costs and capital expenditures. Ground Leases are typically long-term (base terms ranging from 30 The Company intends to target investments in long-term Ground Leases in which: (i) the initial cost of its Ground Lease represents 30% to 45% of the combined value of the land and buildings and improvements thereon as if there was no Ground Lease on the land (“Combined Property Value”); (ii) the ratio of property net operating income to the Ground Lease payment due the Company (“Ground Rent Coverage”) is between 2.0x to 4.5x, and for this purpose the Company uses estimates of the stabilized property net operating income if it does not receive current tenant information and for properties under construction or in transition, in each case based on leasing activity at the property and available market information, including leasing activity at comparable properties in the relevant market; and (iii) the Ground Lease contains contractual rent escalation clauses or percentage rent that participates in gross revenues generated by the commercial real estate on the land. A Ground Lease lessor (the Company) typically has the right to regain possession of its land and take ownership of the buildings and improvements thereon upon tenant default and the termination of the Ground Lease on account of such default. The Company believes that the Ground Lease structure provides an opportunity for potential value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company. Prior to the Merger, Old SAFE was managed by SFTY Manager, LLC (the “Former Manager”), a wholly-owned subsidiary of iStar, pursuant to a management agreement. Old SAFE had no employees, as the Former Manager provided all services to it. Old SAFE relied on the extensive investment origination and sourcing platform of its Former Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants. Subsequent to the Merger, the Company is internally managed. Organization As part of a restructuring in connection with the Merger (the “Caret Restructuring”), Safehold Operating Partnership LP converted into a Delaware limited liability company and renamed itself “Safehold GL Holdings LLC” (“Portfolio Holdings”), with the Company as its managing member. The Company conducts all of its business and owns all of its properties through Portfolio Holdings. In addition, holders of Caret units in Old SAFE’s subsidiary, Caret Ventures LLC (“Caret Ventures”), contributed their interests in Caret Ventures to Portfolio Holdings in return for Caret units issued by Portfolio Holdings. Following the restructuring, 100% of the equity interests in Caret Ventures is held by Portfolio Holdings. The Company, management of the Company, employees and former employees of the Company, affiliates of MSD Partners (as defined below) and other outside investors own the issued and outstanding equity of Portfolio Holdings. ​ Merger Transaction The Company considered the following relevant facts for this determination: ● At the time of the Merger closing, Old SAFE shareholders, excluding the Old SAFE shares held directly by iStar, members of iStar management and Star Holdings, control majority of the voting interests in the Company and the combined company operates under the name “Safehold Inc.;” ​ ● the composition of the combined company’s board of directors, which includes three directors from Old SAFE and two directors from iStar, and two management members of both Old SAFE and iStar; ​ ● Old SAFE was the larger entity by size when comparing the key metrics of total assets, total revenue and net income (loss) from continuing operations and allocable to common shareholders; and ​ ● substantially all of the assets and liabilities of the Company consist of the historical assets and liabilities of Old SAFE, and the go-forward business plan of the Company is to conduct the Ground Lease business being conducted by Old SAFE prior to the Merger. ​ As a result, the historical financial statements of Old SAFE become the historical financial statements of the Company. Immediately before the closing of the Merger, iStar separated its remaining legacy non-ground lease assets and businesses, approximately $50.0 million of cash, exclusive of working capital reserves and restricted cash, and approximately 13.5 million shares of Old SAFE common stock into Star Holdings by distributing to iStar’s stockholders, on a pro rata basis, the issued and outstanding equity interests of Star Holdings (the “ Spin-Off ​ Other Merger related transactions ​ On August 10, 2022, iStar entered into an agreement (the “MSD Stock Purchase Agreement”) with MSD Partners, L.P. (“MSD Partners”) pursuant to which MSD Partners agreed to purchase 5,405,406 shares of Old SAFE’s common stock then owned by iStar (the “MSD Stock Purchase”) for an aggregate purchase price of approximately $200 million, or $37.00 per share, payable in cash. The MSD Stock Purchase closed on March 31, 2023, shortly before the closing of the Merger. MSD Partners has the right to designate an observer to the board of directors of the Company, a top-up 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 shares of the Company’s common stock. On August 10, 2022, MSD Partners also agreed to purchase 100,000 Caret units (refer to Note 11) from the Company for an aggregate purchase price of $20.0 million (the “MSD Caret Purchase”). MSD Partners received a credit against their purchase price for Caret units equal to the amount they would have received had they held Caret units at the time of a December 2022 distribution to other Caret unit holders, which was equal to $0.6 million. The closing of the MSD Caret Purchase took place in conjunction with the closing of the Merger on March 31, 2023. ​ Star Holdings was capitalized in part with an 8.0%, four-year term loan from the Company having an initial principal amount of $115.0 million, as well as SOFR plus 3.00% bank debt of $140.0 million from Morgan Stanley Bank, N.A. which is secured by approximately 13.5 million shares of the Company (refer to Note 4). In connection with the Spin-Off, Safehold Management Services Inc. (“SpinCo Manager”), a Delaware corporation and a subsidiary of the Company, entered into a management agreement with Star Holdings effective as of March 31, 2023, pursuant to which SpinCo Manager will continue to operate and pursue the orderly monetization of Star Holding’s assets. Star Holdings will pay SpinCo Manager 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 Star Holdings’ assets, excluding shares of the Company’s common stock, for each annual term thereafter. The Company and Star Holdings also entered into a governance agreement that places certain restrictions on the transfer and voting of the shares of the Company owned by Star Holdings, and a registration rights agreement under which the Company agreed to register such shares for resale in accordance with applicable securities laws. ​ Note 2—Basis of Presentation and Principles of Consolidation Basis of Presentation The preparation of these consolidated 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. Principles of Consolidation Consolidated VIEs financial support to VIEs that it was not previously contractually required to provide and did not have any unfunded commitments related to consolidated VIEs as of March 31, 2023.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3—Summary of Significant Accounting Policies Significant Accounting Policies ​ Allowance for credit losses on net investment in sales-type leases and Ground Lease receivables quantitative analysis to estimate expected loss rates for its portfolio of net investment in sales-type leases and Ground Lease receivables. The Company analyzes historical unemployment rates and historical data provided by Trepp (“Trepp”) for single asset borrower loans including loan to value ratios, loss rates, timing of losses, vintage, property type and other statistics. The Company utilizes historical loss rates, timing of losses and unemployment rates and updates its analysis for c more inherent risk of deals under construction. ​ Interest receivable is not included in the Company’s allowance for credit losses on net investment in sales-type leases and Ground Lease receivables as the Company performs timely write-offs, if any, of aged interest receivables. The Company has also made a policy election to write off aged interest receivables through interest income from sales-type leases as opposed to through the provision for credit losses. ​ Real estate available and held for sale— The Company classifies its real estate assets as held for sale in the period in which all of the following conditions are met: (i) the Company commits to a plan and has the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) the Company has initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (vi) the Company does not anticipate changes to its plan to sell the asset. If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company’s consolidated balance sheets. The Company measures and records a property that is reclassified as held and used at the lower of: (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used; or (ii) the estimated fair value at the date of the subsequent decision not to sell. Fair Values The following table presents the carrying value and fair value for the Company’s financial instruments ($ in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ As of December 31, 2022 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment in sales-type leases (1) ​ $ 3,140 ​ $ 3,402 ​ $ 3,107 ​ $ 3,236 Ground Lease receivables (1) ​ 1,431 ​ 1,631 ​ 1,375 ​ 1,501 Loans receivable, net - related party (1) ​ ​ 112 ​ ​ 112 ​ ​ — ​ ​ — Cash and cash equivalents (2) ​ 20 ​ 20 ​ 20 ​ 20 Restricted cash (2) ​ 28 ​ 28 ​ 28 ​ 28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations, net (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ 739 ​ ​ 584 ​ ​ 738 ​ ​ 573 Level 3 ​ ​ 3,163 ​ ​ 2,764 ​ ​ 2,783 ​ ​ 2,358 Total debt obligations, net ​ ​ 3,902 ​ 3,348 ​ 3,521 ​ 2,931 (1) The fair value of the Company’s net investment in sales-type leases, Ground Lease receivables and loans receivable, net – related party are classified as Level 3 within the fair value hierarchy . The fair value of the Company’s debt obligations traded in secondary markets are classified as Level 1 within the fair value hierarchy and the fair value of the Company’s debt obligations not traded in secondary markets 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 and are classified as Level 1 within the fair value hierarchy . Redeemable Noncontrolling Interests period at a valuation not less than the purchase price for the Caret units purchased in February 2022, reduced by an amount equal to the amount of subsequent cash distributions made to the investors on account of such Caret units, then the investors in the February 2022 transaction have the right to cause their Caret units purchased in February 2022 to be redeemed by Portfolio Holdings at their original purchase price as so reduced. The Company classifies these redeemable Caret units in accordance with Accounting Standards Codification (“ASC”) 480: Distinguishing Liabilities from Equity. ASC 480-10-S99-3A requires that equity securities redeemable at the option of the holder be classified outside of permanent stockholders’ equity. The Company classifies redeemable Caret units as “Redeemable noncontrolling interests” in its consolidated balance sheets and consolidated statements of changes in equity. The redeemable noncontrolling interest’s carrying amount is equal to the higher of (i) the initial carrying amount, increased or decreased for the redeemable noncontrolling interest’s share of net income or loss and dividends; or (ii) the redemption value. In the case of the Company’s redeemable Caret units, the carrying amount equals both the initial carrying amount and the redemption value. Stock-based compensation Loans receivable, net – related party The Company performs a quarterly analysis of its loan receivable that incorporates management’s current judgments about credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment collateral, collateral type, project economics and geographical location as well as national and regional economic factors. The Company estimates its Expected Loss on its loans receivable based on relevant information including current market conditions and reasonable and supportable forecasts that affect the collectability of its investments. The estimate of the Company’s Expected Loss requires significant judgment. The Company calculated its Expected Loss through the use of third-party market data that provided current and future economic conditions that may impact the performance of the commercial real estate assets securing its investments. The Company will consider a loan to be non-performing and place it on non-accrual status at such time as: (1) interest payments become 90 days delinquent; (2) it has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. Non-accrual loans will be returned to accrual status when they have become contractually current and management believes all amounts contractually owed will be received. ​ The Company made the accounting policy election to record accrued interest on its loan asset separate from its loans receivable and to exclude accrued interest from its amortized cost basis disclosures. Any accrued interest receivable is recorded in “Deferred expenses and other assets, net” on the Company’s consolidated balance sheets. As of March 31, 2023, the Company did not have any accrued interest on its consolidated balance sheets. The Company will place loans on non-accrual status once interest on the loan becomes 90 days delinquent and will reverse any accrued interest as a reduction to interest income or recognizes a credit loss expense at such time. As such, the Company elected the practical expedient to not record an allowance against accrued interest receivable. During the three months ended March 31, 2023, the Company did not reverse any accrued interest on its loan asset. Equity Investments Interest Income on Loans Receivable, net – related party Acquisitions ​ The Company’s acquisition of iStar was accounted for as a business combination. For business combinations, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree at their fair values on the Company’s consolidated balance sheets. I ​ Fair values are based on available information including discounted cash flow analysis or similar fair value models. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates and other market data. The fair value of the Company’s interests in equity investments acquired is calculated using the fair value of the investments held by the venture, which are valued using methods as described above, and considers the Company’s economics in the venture. Intangible assets may include the value of right of use lease assets, above-market leases and in-place leases. Right of use lease assets and lease liabilities are Company's incremental borrowing rate, as of the date of the acquisition. Right of use assets are included in “Deferred expenses and other assets, net” and lease liabilities are recorded in “Accounts payable, accrued expenses and other liabilities” on the Company’s consolidated balance sheets. Above-market lease intangibles and in-place lease intangibles are each recorded at their fair values and included in “Deferred expenses and other assets, net” on the Company’s consolidated balance sheets. Intangible liabilities may also include below-market leases, which are recorded at their fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company’s consolidated balance sheets. ​ The table below shows the Company’s purchase consideration for the acquisition of iStar ($ in thousands): ​ ​ ​ ​ Total Company shares as purchase price (1) ​ ​ 1,195,034 Stock price of the Company’s common stock (2) ​ $ 29.78 Fair value of the Company's stock transferred ​ ​ 35,588 Cash consideration paid by the Company to iStar ​ ​ 88,685 Purchase consideration ​ $ 124,273 (1) The total post-Merger shares of the Company to be held by iStar shareholders includes 12.7 million shares that were issued as consideration for the investment in Old SAFE previously held by iStar as of December 31, 2022 that were retired in connection with the Merger. Accordingly, these shares are excluded from the purchase consideration as they are reflected as a treasury stock repurchase and retirement by Old SAFE. (2) Based on the closing price of Old SAFE’s common stock as of March 30, 2023, representing the final closing price prior to the effective time of the Merger. ​ The Merger was accounted for as a business combination pursuant to ASC 805 and all Merger related costs were expensed as incurred. The Company recorded $18.7 million of merger expenses during the three months ended March 31, 2023, of which $13.9 million was recorded in “Other expense” and $4.8 million was recorded in “General and administrative” in the Company’s consolidated statements of operations. The Company also recorded $0.6 of related non-recurring charges in “Other expense,” and a provision for credit losses of $2.3 million on the Secured Term Loan Facility (refer to Note 4) which was originated at the time of the Merger in conjunction with the Spin-Off. Excluding $2.7 million of related non-recurring charges and the $2.3 million provision for credit losses on the Secured Term Loan Facility, through March 31, 2023, the Company has incurred $26.4 million of merger expenses. The following table sets forth the provisional allocation of the purchase consideration to the fair values of identifiable tangible and intangible assets acquired and liabilities assumed, recognized as a result of the acquisition described in Note 1 above ($ in thousands): ​ ​ ​ ​ Cash and cash equivalents ​ $ 3,213 Real estate ​ ​ 1,508 Equity investments (1) ​ ​ 61,247 Deferred expenses and other assets (2) ​ ​ 25,442 Total assets acquired ​ ​ 91,410 ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities (3) ​ ​ (22,939) Debt obligations (4) ​ ​ (99,995) Total liabilities assumed ​ ​ (122,934) ​ ​ ​ ​ Net identifiable liabilities assumed ​ ​ (31,524) ​ ​ ​ ​ Purchase consideration ​ $ 124,273 Add: net identifiable liabilities assumed ​ ​ 31,524 Goodwill (5) ​ ​ 155,797 (1) Equity investments were valued using discount rates between 7.2% and 13.9% and are classified as Level 3 within the fair value hierarchy. (2) Deferred expenses and other assets includes $11.0 million attributable to operating lease right of use assets , $4.7 million attributable to prepaid expenses resulting from the settlement of iStar’s compensation plans, $2.1 million attributable to in-place prepaid contracts, $1.3 million attributable to office furniture and equipment and $6.3 million attributable to other receivables. (3) Accounts payable, accrued expenses and other liabilities primarily includes a $14.2 million operating lease liability . In addition, under the Merger Agreement, iStar was required to fund its share of merger-related costs and to provide sufficient cash to fund any unresolved corporate obligations and accrued liabilities or costs yet-to-be incurred prior to the Merger. Accounts payable, accrued expenses and other liabilities includes approximately $8.7 million of obligations assumed from iStar, which are offset with corresponding amounts in cash and cash equivalents and amounts receivable in deferred expenses and other assets, net sufficient to settle such obligations. (4) Debt obligations were valued using a discount rate of 6.7% and are classified as Level 3 within the fair value hierarchy. (5) Goodwill is calculated as the excess of purchase consideration over the fair value of the net identifiable assets acquired and primarily relates to the acquisition of iStar’s workforce and future synergies expected to be realized after the completion of the merger. ​ The following table summarizes the Company's pro forma revenues and net income (loss) for the three months ended March 31, 2023 and 2022 as if the Merger described in Note 1 was completed on January 1, 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ ​ 2023 2022 Pro forma revenues ​ $ 97,256 ​ $ 69,593 Pro forma net income (loss) ​ ​ 34,288 ​ ​ (73,578) (1) The pro forma revenues and net income (loss) are presented for informational purposes only and may not be indicative of what the actual results of operations of the Company would have been assuming the transaction occurred on January 1, 2022, nor do they purport to represent the Company’s results of operations for future periods. For the three months March 31, 2022, pro forma net loss includes $46.7 million of merger expenses (including $20.3 million of merger expenses borne by iStar) and a $42.1 million loss on extinguishment of debt, both of which are non-recurring in nature. Due to the Merger closing on March 31, 2023, the revenue and net income of the acquiree for the three months ended March 31, 2023 had an immaterial impact on the Company’s total revenues and net income for the three months ended March 31, 2023. ​ Goodwill Goodwill is calculated as the excess of purchase consideration over the fair value of the net identifiable assets acquired and primarily relates to the acquisition of iStar’s workforce and future synergies expected to be realized from the Merger. ​ New accounting pronouncements ​ The Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), as amended, on January 1, 2023 using the modified retrospective approach method. Under the modified retrospective approach, the Company recorded a cumulative effect adjustment to retained earnings by recording an initial allowance for credit losses on net investment in sales-type leases and Ground Lease receivables. Periods presented that are prior to the adoption date of January 1, 2023 will not be adjusted. ASU 2016-13 replaced the incurred loss impairment methodology with a methodology that reflects a current expected credit loss ("Expected Loss"). ASU 2016-13 impacted all of the Company’s investments held at amortized cost, which included its net investment in sales-type leases and Ground Lease receivables. ​ The Company also adopted ASU 2022-02, Financial Instruments—Credit Losses: Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”). ASU 2022-02 eliminated troubled debt restructuring recognition and measurement guidance and requires disclosure of gross write-offs by vintage for public business entities. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements.

Net Investment in Sales-type Le

Net Investment in Sales-type Leases, Ground Lease Receivables and Loans Receivable, net - Related Party	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Net Investment in Sales-type Leases, Ground Lease Receivables and Loans Receivable, net - Related Party	Note 4—Net Investment in Sales-type Leases, Ground Lease Receivables and Loans Receivable, net – Related Party The Company classifies certain of its Ground Leases as sales-type leases and records the leases within “Net investment in sales-type leases” on the Company’s consolidated balance sheets and records interest income in “Interest income from sales-type leases” in the Company’s consolidated statements of operations. In addition, the Company may enter into transactions whereby it acquires land and enters into Ground Leases directly with the seller. These Ground Leases qualify as sales-type leases and, as such, do not qualify for sale leaseback accounting and are accounted for as financing receivables in accordance with ASC 310 - Receivables and are included in “Ground Lease receivables” on the Company’s consolidated balance sheets. The Company records interest income from Ground Lease receivables in “Interest income from sales-type leases” in the Company’s consolidated statements of operations. In July 2022, the Company, pursuant to an agreement with iStar and upon certain construction related conditions being met, acquired an existing Ground Lease from iStar for $36.4 million inclusive of closing costs and was recorded in “Net investment in sales-type leases” and “Real estate-related intangible assets, net” on the Company’s consolidated balance sheet. ​ In September 2022, the Company sold a Ground Lease to a third-party for $136.0 million and recognized a gain of $55.8 million in the Company’s consolidated statements of operations. $9.5 million of the gain was attributable to noncontrolling interests, of which $0.7 million was attributable to redeemable noncontrolling interests. ​ The Company’s net investment in sales-type leases were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Total undiscounted cash flows ​ $ 29,565,276 ​ $ 29,586,227 Unguaranteed estimated residual value ​ 2,900,513 ​ 2,900,218 Present value discount ​ (29,325,633) ​ (29,379,846) Allowance for credit losses ​ ​ (325) ​ ​ — Net investment in sales-type leases ​ $ 3,139,831 ​ $ 3,106,599 ​ The following table presents a rollforward of the Company’s net investment in sales-type leases and Ground Lease receivables for the three months ended March 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment in ​ Ground Lease ​ ​ ​ ​ Sales-type Leases Receivables Total Three Months Ended March 31, 2023 ​ ​ ​ Beginning balance ​ $ 3,106,599 ​ $ 1,374,716 ​ $ 4,481,315 Impact from adoption of new accounting standard (refer to Note 3) ​ (351) ​ (199) ​ (550) Origination/acquisition/fundings (1) ​ 19,331 ​ 50,803 ​ 70,134 Accretion ​ 14,226 ​ 6,154 ​ 20,380 Recovery of credit losses ​ ​ 26 ​ ​ 4 ​ ​ 30 Ending balance (2) ​ $ 3,139,831 ​ $ 1,431,478 ​ $ 4,571,309 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment in ​ Ground Lease ​ ​ ​ ​ Sales-type Leases Receivables Total Three Months Ended March 31, 2022 ​ ​ ​ Beginning balance ​ $ 2,412,716 ​ $ 796,252 ​ $ 3,208,968 Origination/acquisition/fundings (1) ​ 315,503 ​ 216,765 ​ 532,268 Accretion ​ 11,705 ​ 4,143 ​ 15,848 Ending balance ​ $ 2,739,924 ​ $ 1,017,160 ​ $ 3,757,084 (1) The net investment in sales-type leases is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed estimated residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. For newly originated or acquired Ground Leases, the Company’s estimate of residual value equals the fair value of the land at lease commencement. (2) As of March 31, 2023 and December 31, 2022, all of the Company’s net investment in sales-type leases and Ground Lease receivables were current in their payment status. As of March 31, 2023, the Company’s weighted average accrual rate for its net investment in sales-type leases and Ground Lease receivables was 5.1% and 5.4% , respectively. As of March 31, 2023, the weighted average remaining life of the Company’s 33 Ground Lease receivables was 98.7 years. Allowance for Credit Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment in sales-type leases ​ ​ Stabilized ​ Development ​ Unfunded ​ ​ Three Months Ended March 31, 2023 ​ Properties ​ Properties ​ Commitments ​ Total Allowance for credit losses at beginning of period ​ $ — ​ $ — ​ $ — ​ $ — Impact from adoption of new accounting standard (refer to Note 3) (1) ​ ​ 280 ​ ​ 71 ​ ​ 6 ​ ​ 357 Recovery of credit losses (2) ​ ​ (25) ​ (1) ​ (5) ​ (31) Allowance for credit losses at end of period (3) ​ $ 255 ​ $ 70 ​ $ 1 ​ $ 326 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground Lease receivables ​ ​ Stabilized ​ Development ​ Unfunded ​ ​ Three Months Ended March 31, 2023 ​ Properties ​ Properties ​ Commitments ​ Total Allowance for credit losses at beginning of period ​ $ — ​ $ — ​ $ — ​ $ — Impact from adoption of new accounting standard (refer to Note 3) (1) ​ ​ 102 ​ ​ 97 ​ ​ 84 ​ ​ 283 (Recovery of) provision for credit losses (2) ​ ​ (9) ​ 5 ​ (21) ​ (25) Allowance for credit losses at end of period (3) ​ $ 93 ​ $ 102 ​ $ 63 ​ $ 258 (1) On January 1, 2023, the Company recorded an allowance for credit losses on net investment in sales-type leases of $0.4 million and an allowance for credit losses on Ground Lease receivables of $0.2 million upon the adoption of ASU 2016-13, of which an aggregate of $0.1 million related to expected credit losses for unfunded commitments and was recorded in "Accounts payable, accrued expenses and other liabilities." (2) During the three months ended March 31, 2023, the Company recorded a recovery of credit losses on net investment in sales-type leases and Ground Lease receivables of $31 thousand and $25 thousand, respectively. The recovery of credit losses was due primarily to an improving macroeconomic forecast since December 31, 2022. (3) Allowance for credit losses on unfunded commitments is recorded in “Accounts payable and accrued expenses” on the Company’s consolidated balance sheets. The Company’s amortized cost basis in Ground Lease receivables, presented by year of origination and by stabilized or development status, was as follows as of March 31, 2023 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of Origination ​ ​ 2023 2022 2021 2020 2019 Prior to 2019 Total Ground Lease receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stabilized properties ​ $ — ​ $ 521,172 ​ $ 237,690 ​ $ 178,276 ​ $ 443,558 ​ $ — ​ $ 1,380,696 Development properties ​ — ​ 24,769 ​ 26,208 ​ — ​ — ​ — ​ 50,977 Total ​ $ — ​ $ 545,941 ​ $ 263,898 ​ $ 178,276 ​ $ 443,558 ​ $ — ​ $ 1,431,673 ​ Future Minimum Lease Payments under Sales-type Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Bumps ​ ​ ​ ​ Fixed Bumps ​ ​ ​ ​ with ​ ​ ​ ​ ​ with Inflation ​ Fixed ​ Percentage ​ ​ ​ ​ Adjustments Bumps Rent Total 2023 (remaining nine months) ​ $ 73,390 ​ $ 1,673 ​ $ 436 ​ $ 75,499 2024 ​ 100,972 ​ 2,256 ​ 586 ​ 103,814 2025 ​ 102,926 ​ 2,283 ​ 586 ​ 105,795 2026 ​ 104,873 ​ 2,311 ​ 586 ​ 107,770 2027 ​ ​ 106,767 ​ ​ 2,339 ​ ​ 586 ​ ​ 109,692 Thereafter ​ 28,379,582 ​ 583,455 ​ 99,669 ​ 29,062,706 Total undiscounted cash flows ​ $ 28,868,510 ​ $ 594,317 ​ $ 102,449 ​ $ 29,565,276 ​ During the three months ended March 31, 2023 and 2022, the Company recognized interest income from sales-type leases in its consolidated statements of operations as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment ​ Ground ​ ​ ​ ​ ​ in Sales-type ​ Lease ​ ​ ​ Three Months Ended March 31, 2023 Leases Receivables Total Cash ​ $ 24,882 ​ $ 11,804 ​ $ 36,686 Non-cash ​ 14,222 ​ 6,154 ​ 20,376 Total interest income from sales-type leases ​ $ 39,104 ​ $ 17,958 ​ $ 57,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment Ground ​ ​ ​ ​ in Sales-type ​ Lease ​ ​ ​ Three Months Ended March 31, 2022 ​ Leases ​ Receivables ​ Total Cash ​ $ 19,825 ​ $ 7,358 ​ $ 27,183 Non-cash ​ 11,705 ​ 4,143 ​ 15,848 Total interest income from sales-type leases ​ $ 31,530 ​ $ 11,501 ​ $ 43,031 ​ ​ ​ ​ ​ ​ ​ Loans receivable, net – related party The Star Holdings Term Loan Facility is a secured credit facility. Borrowings under the Star Holdings Term Loan Facility bear interest at a fixed rate of 8.00% per annum, which may increase to 10.00% per annum if either (i) any loans remain outstanding under the Incremental Term Loan Facility or (ii) Star Holdings elects for interest due for any two fiscal quarters to be paid in kind. The interest rate will increase to 12.00% per annum if both (i) and (ii) in the previous sentence occur. The Star Holdings Term Loan Facility has a maturity date of March 31, 2027. The Star Holdings Term Loan Facility is secured by a first-priority perfected security pledge of all the equity interests in Star Holding’s primary real estate subsidiary. Starting the quarter that is six months after closing, within five business days after Star Holdings has delivered its unaudited quarterly financial statements, Star Holdings will apply any unrestricted cash on its balance sheet in excess of the aggregate of (i) an operating reserve; and (ii) $50 million, to prepay its Star Holdings Term Loan Facility or alternatively, with the consent of Company, Star Holdings may apply such cash to prepay its margin loan facility in lieu of any prepayment of the Star Holdings Term Loan Facility. The operating reserve will be calculated quarterly and is equal to the aggregate of projected operating expenses (including payments to the Star Holdings local property consultants but excluding management fees and public company costs), projected land carry costs, projected capital expenditure and projected interest expense on the margin loan facility and Star Holdings Term Loan Facility for the next twelve months; less the projected operating revenues for the next twelve months consistent with the operating budget approved by the Company. ​ The Term Loan Facility contains certain customary covenants, including affirmative covenants on reporting, maintenance of property, continued ownership of interests in the Company as well as negative covenants relating to investments, indebtedness and liens, fundamental changes, asset dispositions, repayments, distributions and affiliate transactions. Furthermore, the Term Loan Facility contains customary events of default, including payment defaults, failure to perform covenants, cross-default and cross acceleration to other indebtedness, including the margin loan facility, impairment of security interests and change of control. ​ During the three months ended March 31, 2023, the Company recorded a provision for credit losses of $2.3 million on the Secured Term Loan Facility which was originated at the time of the Merger in conjunction with the Spin-Off.

Real Estate, Real Estate-Relate

Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale	Note 5—Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale The Company’s real estate assets consist of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ March 31, 2023 December 31, 2022 Land and land improvements, at cost ​ $ 547,739 ​ $ 547,739 Buildings and improvements, at cost ​ 193,232 ​ 193,232 Less: accumulated depreciation ​ (35,878) ​ (34,371) Total real estate, net ​ $ 705,093 ​ $ 706,600 Real estate-related intangible assets, net ​ 216,120 ​ 217,795 Real estate available and held for sale (1) ​ ​ 1,508 ​ ​ — Total real estate, net, real estate-related intangible assets, net and real estate available and held for sale ​ $ 922,721 ​ $ 924,395 (1) As of March 31, 2023, the Company had $1.5 million of residential homes acquired from iStar that were classified as available for sale. ​ Real estate-related intangible assets, net consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ Gross ​ Accumulated ​ Carrying ​ ​ Intangible ​ Amortization ​ Value Above-market lease assets, net (1) ​ $ 186,002 ​ $ (16,038) ​ $ 169,964 In-place lease assets, net (2) ​ 65,345 ​ (19,900) ​ 45,445 Other intangible assets, net ​ 750 ​ (39) ​ 711 Total ​ $ 252,097 ​ $ (35,977) ​ $ 216,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Gross ​ Accumulated ​ Carrying ​ Intangible Amortization Value Above-market lease assets, net (1) ​ $ 186,002 ​ $ (15,254) ​ $ 170,748 In-place lease assets, net (2) ​ 65,345 ​ (19,011) ​ 46,334 Other intangible assets, net ​ 750 ​ (37) ​ 713 Total ​ $ 252,097 ​ $ (34,302) ​ $ 217,795 (2) Above-market lease assets are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease is less than the present value of the contractual in-place rental cash flows. Above-market lease assets are amortized over the non-cancelable term of the leases. (3) In-place lease assets are recognized during asset acquisitions and are estimated based on the value associated with the costs avoided in originating leases comparable to the acquired in-place leases as well as the value associated with lost rental revenue during the assumed lease-up period. In-place lease assets are amortized over the non-cancelable term of the leases . The amortization of real estate-related intangible assets had the following impact on the Company’s consolidated statements of operations for the three months ended March 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Statement ​ For the Three Months Ended March 31, ​ Intangible asset Location 2023 2022 ​ Above-market lease assets (decrease to income) Operating lease income ​ $ 784 ​ $ 784 ​ In-place lease assets (decrease to income) Depreciation and amortization ​ 889 ​ 892 ​ Other intangible assets (decrease to income) Operating lease income ​ 2 ​ 2 ​ ​ The estimated amortization of real estate-related intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands): (1) ​ ​ ​ ​ Year Amount 2023 (remaining nine months) ​ $ 5,007 2024 ​ ​ 6,634 2025 ​ 6,634 2026 ​ 3,725 2027 ​ 3,725 (1) As of March 31, 2023, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 80.1 years. Real estate-related intangible liabilities, net consist of the following items ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ Gross ​ Accumulated ​ Carrying ​ ​ Intangible ​ Amortization ​ Value Below-market lease liabilities (1) ​ $ 68,618 ​ $ (4,236) ​ $ 64,382 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Gross ​ Accumulated ​ Carrying ​ ​ Intangible ​ Amortization ​ Value Below-market lease liabilities (1) ​ $ 68,618 ​ $ (4,027) ​ $ 64,591 (1) Below-market lease liabilities are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease exceeds the present value of the contractual in-place rental cash flows. Below-market lease liabilities are amortized over the non-cancelable term of the leases. The amortization of real estate-related intangible liabilities had the following impact on the Company’s consolidated statements of operations for the three months ended March 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Statement For the Three Months Ended March 31, ​ Intangible liability Location 2023 2022 ​ Below-market lease liabilities (increase to income) Operating lease income ​ $ 209 ​ $ 209 ​ ​ ​ Future Minimum Operating Lease Payments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Bumps ​ ​ ​ ​ Fixed ​ ​ ​ ​ ​ ​ ​ with ​ ​ ​ ​ ​ ​ ​ Bumps with ​ ​ ​ ​ ​ Inflation- ​ Inflation ​ Fixed ​ Percentage ​ Percentage ​ ​ ​ Year Linked Adjustments Bumps Rent Rent Total 2023 (remaining nine months) ​ $ 4,358 ​ $ 13,043 ​ $ 1,662 ​ $ 8,264 ​ $ 285 ​ $ 27,612 2024 ​ 5,811 ​ 17,677 ​ 2,247 ​ 11,018 ​ 421 ​ 37,174 2025 ​ 5,811 ​ 18,004 ​ 2,313 ​ 11,018 ​ 421 ​ 37,567 2026 ​ 5,811 ​ 18,370 ​ 2,357 ​ ​ 986 ​ ​ 421 ​ 27,945 2027 ​ ​ 5,811 ​ ​ 18,755 ​ ​ 2,388 ​ ​ 986 ​ ​ 421 ​ ​ 28,361 Thereafter ​ 435,056 ​ 4,308,109 ​ 433,110 ​ 15,826 ​ 304 ​ 5,192,405 (1) During the three months ended March 31, 2023 and 2022, the Company recognized $3.7 million and $0.8 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations.

Equity Investments

Equity Investments	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Equity Investments	Note 6—Equity Investments The Company’s equity investments and its proportionate share of earnings (losses) from equity investments were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings from ​ ​ Carrying Value ​ Equity Method Investments ​ ​ as of ​ For the Three Months Ended ​ ​ March 31, ​ December 31, ​ March 31, ​ ​ 2023 2022 2023 2022 Equity investment ​ ​ ​ ​ ​ ​ ​ 425 Park Avenue ​ $ 133,679 ​ $ 133,118 ​ $ 835 ​ $ 851 32 Old Slip ​ 48,564 ​ 47,270 ​ 1,427 ​ 1,425 Ground Lease Plus Fund (1) ​ ​ 46,471 ​ ​ — ​ ​ — ​ ​ — Leasehold Loan Fund (2) ​ ​ 14,776 ​ ​ — ​ ​ — ​ ​ — Total ​ $ 243,490 ​ $ 180,388 ​ $ 2,262 ​ $ 2,276 (1) As of March 31, 2023, the Company has a basis difference of $19.7 million in the Ground Lease Plus Fund that will be amortized over a weighted average remaining term of 102.6 years using the effective interest method. (2) As of March 31, 2023, the Company has a basis difference of $15.0 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 3.7 years using the effective interest method. ​ 425 Park Avenue ​ 32 Old Slip ​ Ground Lease Plus Fund participating rights of its partner and accounts for this investment as an equity method investment. The Company receives a fee from its partner in exchange for managing the entity and is also entitled to a promote payment on investments in the Ground Lease Plus Fund. The Ground Lease Plus Fund has first look rights through December 2023 on qualifying pre-development projects that the Company has elected to not originate. In November 2021, iStar 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, iStar sold the Ground Lease to the Ground Lease Plus Fund and recognized no gain or loss on the sale. At the time of iStar’s acquisition in November 2021, the Company and iStar entered into an agreement pursuant to which the Company 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. In June 2021, the Company entered into two agreements pursuant to each of which it agreed to acquire land and a related Ground Lease originated by iStar when certain construction related conditions are met by a specified time period. In January 2022, iStar sold the two Ground Leases to the Ground Lease Plus Fund, which remain subject to the June 2021 agreement with the Company, and recognized an aggregate $0.5 million of gains on the sale. Leasehold Loan Fund In February 2022, the Leasehold Loan Fund committed to provide a $130.0 million loan to the ground lessee of a Ground Lease originated by the Company. The loan was for the Ground Lease tenant’s recapitalization of a life science property. In June 2022, the Leasehold Loan Fund committed to provide a $105.0 million loan to the ground lessee of a Ground Lease originated by the Company. The loan was for the Ground Lease tenant’s recapitalization of a mixed-use property.

Deferred Expenses and Other Ass

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities	Note 7—Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ March 31, 2023 December 31, 2022 Operating lease right-of-use asset (1) ​ $ 37,032 ​ $ 26,312 Interest rate hedge assets ​ 15,306 ​ 29,346 Deferred finance costs, net (2) ​ 7,705 ​ 4,461 Other assets ​ 13,979 ​ 2,664 Purchase deposits ​ 4,333 ​ 4,333 Leasing costs, net ​ 446 ​ 448 Corporate furniture, fixtures and equipment, net ​ ​ 1,308 ​ ​ — Deferred expenses and other assets, net ​ $ 80,109 ​ $ 67,564 (1) Operating lease right-of-use asset relates primarily to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company’s Ground Lease tenant at the property pays this expense directly under the terms of a master lease. Operating lease right-of-use asset is amortized on a straight-line basis over the term of the lease and is recorded in “Real estate expense” in the Company’s consolidated statements of operations. During both the three months ended March 31, 2023 and 2022, the Company recognized $0.1 million in “Real estate expense” and $0.1 million in “Other income” from its operating lease right-of-use asset. The related operating lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the Company’s incremental secured borrowing rate for a similar asset estimated to be 5.5% . The Company also has operating leases for office space that it assumed from iStar in connection with the Merger (refer to Note 9). (2) Accumulated amortization of deferred finance costs was $7.0 million and $5.7 million as of March 31, 2023 and December 31, 2022, respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ March 31, 2023 December 31, 2022 Interest payable ​ $ 57,715 ​ $ 55,459 Other liabilities (1) ​ 15,656 ​ 17,639 Dividends declared and payable ​ 27 ​ 11,067 Operating lease liability (2) ​ 19,636 ​ 5,471 Management fee payable ​ — ​ 5,301 Accrued expenses (3) ​ 18,786 ​ 5,420 Interest rate hedge liabilities ​ ​ 14,384 ​ ​ — Accounts payable, accrued expenses and other liabilities ​ $ 126,204 ​ $ 100,357 (1) As of December 31, 2022, other liabilities include $3.1 million due to the Former Manager for allocated payroll costs and costs it paid on the Company’s behalf. (2) Refer to Note 9. (3) As of March 31, 2023, accrued expenses includes merger costs and transfer taxes resulting from the Merger and also includes accrued legal, audit and property expenses. As of December 31, 2022, accrued expenses primarily includes accrued legal, audit and property expenses.

Debt Obligations, net

Debt Obligations, net	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt Obligations, net	Note 8—Debt Obligations, net The Company’s outstanding debt obligations consist of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of Interest Scheduled ​ March 31, 2023 December 31, 2022 Rate (1) Maturity Date (2) Secured credit financing: ​ ​ Mortgages ​ $ 1,498,113 ​ $ 1,498,113 3.99 % April 2027 to November 2069 Total secured credit financing (3) ​ 1,498,113 ​ 1,498,113 Unsecured financing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2.80% senior notes ​ ​ 400,000 ​ ​ 400,000 ​ 2.80 % June 2031 2.85% senior notes ​ ​ 350,000 ​ ​ 350,000 ​ 2.85 % January 2032 3.98% senior notes ​ ​ 475,000 ​ ​ 475,000 ​ 3.98 % February 2052 5.15% senior notes ​ ​ 151,988 ​ ​ 151,988 ​ 5.15 % May 2052 2021 Unsecured Revolver ​ ​ 970,000 ​ ​ 690,000 ​ Adjusted SOFR % March 2026 2023 Unsecured Revolver ​ ​ — ​ ​ — ​ Adjusted SOFR % July 2025 Trust preferred securities ​ ​ 100,000 ​ ​ — ​ LIBOR plus 1.50 % October 2035 Total unsecured financing ​ ​ 2,446,988 ​ ​ 2,066,988 ​ ​ ​ ​ Total debt obligations ​ 3,945,101 ​ 3,565,101 Debt premium, discount and deferred financing costs, net ​ (43,263) ​ (43,742) Total debt obligations, net ​ $ 3,901,838 ​ $ 3,521,359 (1) For mortgages, represents the weighted average stated interest rate over the term of the debt from funding through maturity based on the contractual payments owed excluding the effect of debt premium, discount and deferred financing costs. As of March 31, 2023, the weighted average cash interest rate for the Company’s consolidated mortgage debt, based on interest rates in effect at that date, was 3.27% . The difference between the weighted average interest rate and the weighted average cash interest rate is recorded to interest payable within “Accounts payable, accrued expenses, and other liabilities” on the Company’s consolidated balance sheets. As of March 31, 2023, the Company’s combined weighted average stated interest rate and combined weighted average cash interest rate of the Company’s consolidated mortgage debt, the mortgage debt of the Company’s unconsolidated ventures (applying the Company’s percentage interest in the ventures - refer to Note 6), unsecured senior notes and trust preferred securities were 3.82% and 3.29% , respectively. (2) Represents the extended maturity date for all debt obligations. (3) As of March 31, 2023, $2.0 billion of real estate, at cost, net investment in sales-type leases and Ground Lease receivables served as collateral for the Company’s debt obligations. Mortgages Unsecured Notes redemption price will be equal to 100% of the principal amount of the 2.80% Notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date. ​ In November 2021, Portfolio Holdings, then known as Safehold Operating Partnership LP, (as issuer) and the Company (as guarantor), issued $350.0 million aggregate principal amount of 2.85% senior notes due January 2032 (the “2.85% Notes”). The 2.85% Notes were issued at 99.123% of par. The Company may redeem the 2.85% Notes in whole at any time or in part from time to time prior to October 15, 2031, at the Company’s option and sole discretion, at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2.85% Notes being redeemed; and (ii) a make-whole premium calculated in accordance with the indenture, plus, in each case, accrued and unpaid interest thereon to, but not including, the applicable redemption date. If the 2.85% Notes are redeemed on or after October 15, 2031, the redemption price will be equal to 100% of the principal amount of the 2.85% Notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date. ​ In January 2022, Portfolio Holdings, then known as Safehold Operating Partnership LP, (as issuer) and the Company (as guarantor), issued $475.0 million aggregate principal amount of privately-placed 3.98% senior notes due February 2052 (the “3.98% Notes”). Safehold Operating Partnership LP elected to draw these funds in March 2022. ​ In May 2022, Portfolio Holdings, then known as Safehold Operating Partnership LP, (as issuer) and the Company (as guarantor), issued $150.0 million aggregate principal amount of privately-placed 5.15% senior notes due May 2052 (the “5.15% Notes”). The structure of the 5.15% Notes features a stairstep coupon rate in which the Company will pay cash interest at a rate of 2.50% in years 1 through 10, 3.75% in years 11 through 20, and 5.15% in years 21 through 30. The difference between the 5.15% stated rate and the cash interest rate will accrue in each semi-annual payment period and be paid in kind by adding such accrued interest to the outstanding principal balance, to be repaid at maturity in May 2052. The Company may, at its option, prepay at any time all, or from time to time any part of, the 5.15% Notes, in an amount not less than 5% of the aggregate principal amount of the 5.15% Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the applicable make-whole amount calculated in accordance with the indenture; provided, that, so long as no default or event of default shall then exist, at any time on or after February 13, 2052, the Company may, at its option, prepay all or any part of the 5.15% Notes at 100% of the principal amount so prepaid, together with, in each case, accrued interest to the prepayment date, without any make-whole amount. ​ 2021 Unsecured Revolver In December 2021, the Company obtained additional lender commitments increasing the maximum availability 12-month he Company amended the 2021 Unsecured Revolver primarily to transition from LIBOR to Adjusted SOFR, as defined in the applicable agreement. 2023 Unsecured Revolver In January 2023, Portfolio Holdings, then known as Safehold Operating Partnership LP (as borrower) and the Company (as guarantor) closed on a new $500 million unsecured revolving credit facility (the “2023 Unsecured Revolver”). The 2023 Unsecured Revolver has a current borrowing rate of Adjusted SOFR, as defined in the applicable agreement, plus 100 basis points, with a maturity of July 31, 2025. Trust Preferred Securities Debt Covenants Future Scheduled Maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured (1) ​ Unsecured ​ Total 2023 (remaining nine months) $ — $ — $ — 2024 ​ ​ — ​ ​ — ​ — 2025 ​ — ​ — ​ — 2026 ​ — ​ 970,000 ​ 970,000 2027 ​ 237,000 ​ — ​ 237,000 Thereafter ​ 1,261,113 ​ 1,476,988 ​ 2,738,101 Total principal maturities ​ 1,498,113 ​ 2,446,988 ​ 3,945,101 Debt premium, discount and deferred financing costs, net ​ (26,918) ​ (16,345) ​ (43,263) Total debt obligations, net ​ $ 1,471,195 ​ $ 2,430,643 ​ $ 3,901,838 (1) As of March 31, 2023, the Company’s weighted average maturity for its secured mortgages was 28.3 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9—Commitments and Contingencies Lease Commitments (1) ​ ​ ​ ​ 2023 (remaining nine months) ​ $ 4,319 2024 ​ 5,692 2025 ​ 5,680 2026 ​ — 2027 ​ — Thereafter ​ — Total undiscounted cash flows ​ 15,691 Present value discount (1) ​ (1,491) Other adjustments (2) ​ 5,436 Lease liabilities ​ $ 19,636 (1) The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company’s incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company’s weighted average incremental secured borrowing rate for similar collateral estimated to be 5.8% and the weighted average remaining lease term is 3.4 years. The Company assumed its operating leases from iStar in connection with the Merger and therefore did not directly make any payments under its operating leases for the three months ended March 31, 2023 and 2022. (2) Other adjustments relates to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company’s Ground Lease tenant at the property pays this expense directly under the terms of a master lease. ​ Unfunded Commitments The Company also has unfunded forward commitments related to agreements that it entered into for the acquisition of new Ground Leases or additions to existing Ground Leases if certain conditions are met (refer to Note 13). These commitments may also include leasehold improvement allowances that will be funded to the Ground Lease tenants when certain conditions are met. As of March 31, 2023, the Company had an aggregate $319.6 million of such commitments. There can be no assurance that the conditions to closing for these transactions will be satisfied and that the Company will acquire the Ground Leases or fund the leasehold improvement allowances Other Commitments Through the Leasehold Loan Fund, the Company will generally fund construction and development loans and build-outs of space in real estate assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. We refer to these arrangements as performance-based commitments. As of March 31, 2023, the Company had $139.8 million of such commitments. Legal Proceedings Following the announcement of the Merger, two purported stockholders of the Company filed complaints against the Company and each member of the Board of Directors alleging, as the case may be, that the Registration Statement filed on December 16, 2022 and the Schedule 14A Definitive Proxy statement filed on January 31, 2023 omitted material information with respect to the Merger and that, as a result, all defendants violated the federal securities laws. In addition, two purported stockholders of the Company sent demand letters and one purported stockholder sent a draft complaint alleging similar deficiencies in the Registration Statement and Proxy Statement as those alleged in the lawsuits.

Risk Management and Derivatives

Risk Management and Derivatives	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Risk Management and Derivatives	Note 10—Risk Management and Derivatives In the normal course of its ongoing business operations, the Company encounters credit risk. Credit risk is the risk of default on the Company’s leases that result from a tenant’s inability or unwillingness to make contractually required payments. Risk concentrations Although the Company’s Ground Leases are geographically diverse and the tenants operate in a variety of industries and property types, to the extent the Company has a significant concentration of interest income from sales-type leases or operating lease income from any tenant, the inability of that tenant to make its payment could have a material adverse effect on the Company. The Company did not have a significant concentration of operating lease income from any tenant for the periods presented. Derivative instruments and hedging activity The Company recognizes derivatives, if any, as either assets or liabilities on the Company’s consolidated balance sheets at fair value. Interest rate hedge assets are recorded in “Deferred expenses and other assets, net” and interest rate hedge liabilities are recorded in “Accounts payable, accrued expenses and other liabilities” on the Company’s consolidated balance sheets. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For the Company’s derivatives designated and qualifying as cash flow hedges, changes in the fair value of the derivatives are reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. For the Company’s derivatives not designated as hedges, the changes in the fair value of the derivatives are reported in “Interest expense” in the Company’s consolidated statements of operations. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements. The table below presents the Company’s derivatives as well as their classification on the consolidated balance sheets as of March 31, 2023 and December 31, 2022 ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ ​ Fair ​ Fair ​ Balance Sheet Derivative Type Value (2) ​ Value (2) Location Assets ​ ​ Interest rate swaps ​ $ 15,306 ​ $ 29,346 Deferred expenses and other assets, net ​ ​ $ 15,306 ​ $ 29,346 ​ ​ Liabilities ​ ​ Interest rate swaps ​ $ 14,384 ​ $ — Accounts payable, accrued expenses and other liabilities Total ​ $ 14,384 ​ $ — ​ ​ (1) Over the next 12 months, the Company expects that $3.8 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as an increase to interest expense. (2) The fair value of the Company’s derivatives is estimated using valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2 within the fair value hierarchy. ​ Credit Risk-Related Contingent Features The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the three months ended March 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain ​ ​ ​ ​ Amount of Gain ​ (Loss) Reclassified ​ ​ ​ ​ (Loss) Recognized ​ from Accumulated ​ ​ ​ ​ in Accumulated ​ Other ​ ​ Location of Gain (Loss) ​ Other ​ Comprehensive ​ ​ When Recognized in ​ Comprehensive ​ Income into Derivatives Designated in Hedging Relationships ​ Income Income Earnings For the Three Months Ended March 31, 2023 ​ ​ Interest rate swaps Interest expense ​ $ (28,424) ​ $ (943) For the Three Months Ended March 31, 2022 ​ ​ ​ Interest rate swaps Interest expense ​ $ 4,256 ​ $ (1,033) ​

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity	Note 11—Equity Common Stock Equity Plans Incentive Plan provided for grants of stock options, shares of restricted common stock, phantom shares, dividend equivalent rights and other equity-based awards, including long-term incentive plan units. Grants under the 2017 Equity Incentive Plan were recognized as compensation costs ratably over the applicable vesting period and recorded in “General and administrative” in the Company’s consolidated statements of operations. Prior to the effective time of the Merger, Old SAFE awarded all shares of Old SAFE common stock remaining available for issuance under the 2017 Equity Incentive Plan to members of its Former Manager’s management team and employees who performed services for Old SAFE. As of March 31, 2023, there were no shares available for issuance for future awards under Old SAFE’s 2017 Equity Incentive Plan. iStar’s amended and restated 2009 Long-Term Incentive Program (the “LTIP”) was approved by stockholders in 2021 and remained in effect after the closing of the Merger. The LTIP is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. All awards under the LTIP are made at the discretion of the Company’s Board of Directors. As of March 31, 2023, an aggregate of 267,094 shares of the Company’s common stock remain available for awards under the LTIP. During the third quarter of 2018, Old SAFE adopted, and in the second quarter of 2019, its stockholders approved, the Caret Performance Incentive Plan (the “Original Caret Performance Incentive Plan”). Under the Original Caret Performance Incentive Plan, 1,500,000 Caret units were reserved for grants of performance-based awards to Original Caret Performance Incentive Plan participants, including certain of executives of iStar, and Old SAFE’s directors and service providers. Grants under the Original Caret Performance Incentive Plan were subject to vesting based on time-based service conditions and hurdles relating to Old SAFE’s common stock price, all of which were satisfied as of December 31, 2022, except with respect to approximately 1,000 Caret units that are scheduled to vest on December 31, 2023. In connection with the Merger, certain of Old SAFE’s former executive officers, have entered into re-vesting agreements pursuant to which the executives have agreed to subject 25% of their previously vested Caret units to additional vesting conditions which will be satisfied on the second anniversary of the Merger, subject to the applicable executive’s continued employment through such date. In the event of a termination of the executive’s employment by the Company without “cause”, or due to the executive’s death, disability or retirement, the unvested Caret units shall continue to vest as and when the vesting conditions described above are satisfied. In connection with the consummation of the Merger and the Caret Restructuring, Old SAFE, Caret Ventures and CARET Management Holdings LLC assigned each Award Agreement (as defined in the Original Caret Performance Incentive Plan) relating to outstanding Caret unit awards to Portfolio Holdings pursuant to the Omnibus Assignment, Assumption and Amendment Agreement, dated as of March 31, 2023 (the “Caret Assignment Agreement”). Following the effectiveness of the Caret Assignment Agreement, Old SAFE amended and restated the Original Caret Performance Incentive Plan (the “Amended Caret Performance Incentive Plan”). Prior to the Merger, the Old SAFE compensation committee, and following the Merger, the Company’s compensation committee, approved the award of 76,801 new Caret units to executive officers and other employees, other than the Company’s Chief Executive Officer and the Company’s President and Chief Investment Officer, including 15,000 Caret units to the Company’s Chief Financial Officer. The new Caret unit awards were granted immediately following the Merger and the effectiveness of the Amended Caret Performance Incentive Plan, and cliff vest on the fourth anniversary of their grant date if the Company’s common stock has traded at an average per share price of $60.00 or more for at least 30 consecutive trading days during that four-year period. Subsequent to the closing of the Merger, and after giving effect to the Caret Restructuring and the post-Merger Caret unit awards, Amended Caret Performance Incentive Plan participants held 1,499,757 Caret units, representing 15.41% of the then-outstanding Caret units and 12.50% of the then-authorized Caret units. The Company did not incur expense from Caret units during the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company recognized $0.3 million in expense from Caret units, which is recorded in “General and administrative” in the Company’s consolidated statements of operations and “Noncontrolling interests” on the Company’s consolidated balance sheets. Noncontrolling Interests Redeemable Noncontrolling Interests” Accumulated Other Comprehensive Income (Loss) Dividends

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 12—Earnings Per Share Earnings per share (“EPS”) is calculated by dividing net income attributable to common shareholders by the weighted average number of shares outstanding for the period. The following tables present a reconciliation of net income used in the basic and diluted EPS calculations ($ and shares in thousands, except for per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Net income ​ $ 4,716 ​ $ 24,907 Net (income) attributable to noncontrolling interests ​ (34) ​ (34) Net income attributable to Safehold Inc. common shareholders for basic and diluted earnings per common share ​ $ 4,682 ​ $ 24,873 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2023 2022 Earnings attributable to common shares: ​ ​ Numerator for basic and diluted earnings per share: ​ ​ Net income attributable to Safehold Inc. common shareholders - basic ​ $ 4,682 ​ $ 24,873 ​ Net income attributable to Safehold Inc. common shareholders - diluted ​ $ 4,682 ​ $ 24,873 ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic and diluted earnings per share: (1) ​ ​ ​ Weighted average common shares outstanding for basic earnings per common share ​ 63,672 ​ 59,284 ​ Add: Effect of assumed shares under treasury stock method for restricted stock units ​ — ​ 1 ​ Weighted average common shares outstanding for diluted earnings per common share ​ 63,672 ​ 59,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted earnings per common share: (1) ​ ​ ​ Net income attributable to Safehold Inc. common shareholders - basic ​ $ 0.07 ​ $ 0.42 ​ Net income attributable to Safehold Inc. common shareholders - diluted ​ $ 0.07 ​ $ 0.42 ​ ​ (1) For the three months ended March 31, 2023, the effect of 4,650 shares related to restricted stock awards were antidilutive. For the three months ended March 31, 2022, weighted average shares outstanding and earnings per share have been recast in accordance with ASC 805 to reflect the exchange ratio used in the reverse acquisition. ​

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 13—Related Party Transactions Prior to the Merger, the Company was externally managed by an affiliate of iStar. iStar was an active real estate investor for over 20 years and had an extensive network for sourcing investments, which included relationships with brokers, corporate tenants and developers that it has established over its long operating history. Management Agreement A summary of the terms of the management agreement with iStar prior to the Merger is below: ​ ​ ​ Manager SFTY Manager, LLC, a wholly-owned subsidiary of iStar Inc. Management Fee ​ Annual fee of 1.00% of total equity (up to $1.5 billion) Annual fee of 1.25% of total equity (for incremental equity of $1.5 billion to $3.0 billion) Annual fee of 1.375% of total equity (for incremental equity of $3.0 billion to $5.0 billion) and Annual fee of 1.5% of total equity (for incremental equity over $5.0 billion) Management Fee Consideration ​ At the discretion of the Company’s independent directors, payment will be made in cash or in shares of the Company’s common stock (valued at the greater of: (i) the volume weighted average market price during a specified pricing period; or (ii) the initial public offering price of $20.00 per share) Lock-up ​ Restriction from selling common stock received for management fees for two years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement) Incentive Fee ​ None Term ​ Non-terminable through June 30, 2023, except for cause. Automatic annual renewals thereafter, subject to non-renewal upon certain findings by the Company’s independent directors and payment of termination fee. Termination Fee ​ 3x prior year’s management fee ​ During the three months ended March 31, 2023 and 2022, the Company recorded $5.2 million and $4.5 million, respectively, in management fees to the Former Manager. These management fees are recorded in “General and administrative” in the Company’s consolidated statements of operations. Expense Reimbursements The Company paid, or reimbursed iStar for, certain of the Company’s operating expenses as well as the costs of personnel performing certain legal, accounting, finance, due diligence tasks and other services, in each case except those specifically required to be borne or elected not to be charged by the iStar under the management agreement. During the three months ended March 31, 2023 and 2022, the Company was allocated $3.1 million and $3.1 million, respectively, in expenses from iStar. These expenses are recorded in “General and administrative” in the Company’s consolidated statements of operations. Acquisitions and Commitments iStar has participated in certain of the Company’s investment transactions, as the Company’s tenant or either as a seller of land or by providing financing to the Company’s Ground Lease tenants. The following is a list of transactions in which the Company and iStar or other persons deemed to be related parties have participated for the periods presented. These transactions were approved by the Company’s independent directors in accordance with the Company’s policy with respect to related party transactions. In July 2022, the Company, pursuant to an agreement with iStar and upon certain construction related conditions being met, acquired an existing Ground Lease from iStar for $36.4 million inclusive of closing costs (refer to Note 4). ​ In June 2022, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of a mixed-use property. The Company also committed to provide an additional $35.0 million to the Ground Lease tenant if certain construction and leasing milestones are met. The Leasehold Loan Fund, in which an affiliate of an existing shareholder (which is affiliated with one of the Company’s independent directors) owns a noncontrolling equity interest, committed to provide a $105.0 million loan to the Company’s Ground Lease tenant for the recapitalization of the leasehold. The Company paid the Leasehold Loan Fund $5.0 million of additional consideration in connection with this investment. In April 2022, the Company acquired an existing Ground Lease from iStar for $9.0 million. In March 2022, the Company acquired land for a purchase price of $28.5 million and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of a hotel property. One of the Company’s independent directors has an indirect ownership interest in the entity that is the Ground Lease tenant and controls the company that indirectly manages that entity. In March 2022, the Company paid iStar $0.3 million to terminate a purchase option that allowed iStar to purchase the land at the expiration of its Ground Lease with the Company. iStar sold the leasehold to a third party in March 2022. In March 2022, the Company acquired three land properties from iStar for a total purchase price of $122.0 million and simultaneously structured and entered into three Ground Lease’s directly with the Ground Lease tenant. In February 2022, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of a life science development property. The Leasehold Loan Fund, in which an affiliate of an existing shareholder (which is affiliated with one of the Company’s independent directors) owns a noncontrolling equity interest, committed to provide a $130.0 million loan to the Company’s Ground Lease tenant for the recapitalization of the leasehold. The Company paid the Leasehold Loan Fund $9.0 million of additional consideration in connection with this investment. In November 2021, the Company entered into an agreement pursuant to which it agreed to acquire land and a related Ground Lease originated by iStar 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 iStar to achieve the greater of a 1.25x multiple or a 12% return on its investment. In addition, the Ground Lease documents contain future funding obligations to the Ground Lease tenant of approximately $51.8 million of leasehold improvement allowance upon achievement of certain milestones. In December 2021, iStar contributed the Ground Lease to the Ground Lease Plus Fund. The Company has a noncontrolling interest in the Ground Lease Plus Fund and an affiliate of an existing shareholder (which is affiliated with one of the Company’s independent directors) has a noncontrolling interest in the Ground Lease Plus Fund. The terms of the Company’s commitment under the agreement did not change upon iStar’s contribution of the Ground Lease to the Ground Lease Plus Fund. There can be no assurance that the conditions to closing will be satisfied and that the Company will acquire the Ground Lease from the Ground Lease Plus Fund. In June 2021, the Company acquired from iStar a purchase option agreement for $1.2 million, which amount was equal to the deposit previously made by iStar under such option agreement plus assumption of iStar’s out of pocket costs and expenses in connection with entering into such option agreement. Under the option agreement, the Company has the right to acquire for $215.0 million a property that is under a separate option for the benefit of a third party, whereby such third party has the right to enter into a Ground Lease and develop approximately 1.1 million square feet of office space. In June 2021, the Company entered into two agreements pursuant to each of which it agreed to acquire land and a related Ground Lease originated by iStar 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 iStar 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 the Company upon acquisition. In January 2022, iStar sold the Ground Leases to the Ground Lease Plus Fund in which the Company owns a noncontrolling interest and an existing shareholder (which is affiliated with one of the Company’s independent directors) owns a noncontrolling interest. There can be no assurance that the conditions to closing will be satisfied and that the Company will acquire the properties and Ground Leases from the Ground Lease Plus Fund. Caret units In February 2022, Old SAFE sold an aggregate of 108,571 Caret units, 1.08% of the authorized Caret units, to a group of investors (refer to Note 3). In addition, an affiliate of an existing shareholder (which is affiliated with one of the Company’s independent directors) made a commitment to purchase 28,571 Caret units, or 0.29% of the authorized Caret units, for a purchase price of $5.0 million. As part of the sale, Old SAFE agreed to use commercially reasonable efforts to provide public market liquidity for such Caret units by seeking to provide a listing of the Caret units (or securities into which they may be exchanged) on a public exchange within two years of the sale. In the event public market liquidity of the Caret units is not achieved within such two year period at a valuation not less than the purchase price for the Caret units purchased in February 2022, reduced by an amount equal to the amount of subsequent cash distributions made to investors on account of such Caret units, then the investors in the February 2022 transaction have the right to cause their Caret units purchased in February 2022 to be redeemed by Portfolio Holdings at such purchase price as so reduced. ​ On March 31, 2023, shortly before the closing of the Merger, iStar sold and affiliates of MSD Partners bought 5,405,406 shares of Old SAFE’s common stock then owned by iStar. On March 31, 2023, in conjunction with the closing of the Merger, affiliates of MSD Partners also purchased 100,000 Caret units (refer to Note 11) from the Company for an aggregate purchase price of $20.0 million. Additionally, on March 31, 2023, existing third-party Caret unit holders purchased an aggregate of 22,500 Caret units from the Company for an aggregate $4.5 million. ​ Star Holdings ​ On March 31, 2023, immediately prior to the closing of the Merger, the Company (then known as iStar Inc.) completed the Spin-Off, resulting in the spin-off of its remaining legacy assets and certain other assets pursuant to a separation and distribution agreement (the “Separation and Distribution Agreement”), dated as of March 31, 2023, by and between the Company and Star Holdings. The Separation and Distribution Agreement sets forth, among other things, Star Holdings’ agreements with the Company regarding the principal transactions necessary to separate Star Holdings from the Company. It also sets forth other agreements that govern certain aspects of Star Holdings’ relationship with the Company after the Spin-Off relating to the transfer of assets and assumption of liabilities, cash assets, release of claims, insurance, non-solicitation, segregation of accounts and other matters. The Separation and Distribution Agreement also includes a mutual release by Star Holdings, on the one hand, and the Company, on the other hand, of the other party from certain specified liabilities, as well as mutual indemnification covenants pursuant to which Star Holdings and the Company have agreed to indemnify each other from certain specified liabilities. ​ SpinCo Manager has entered into a management agreement with Star Holdings, pursuant to which it will operate and pursue the orderly monetization of Star Holding’s assets. Pursuant to the management agreement, Star Holdings pays to SpinCo Manager 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 Star Holding's assets, excluding shares of the Company’s common stock, for each annual term thereafter. The management agreement has an initial one-year term and will be automatically renewed for successive one-year terms each anniversary date thereafter unless previously terminated. The management agreement may be terminated by Star Holdings without cause by not less than one hundred eighty days’ written notice to SpinCo Manager upon the affirmative vote of at least two-thirds ​ In the event of a termination without cause by Star Holdings prior to the fourth anniversary of the Spin-Off, Star Holdings will pay SpinCo Manager a termination fee of $50.0 million minus the aggregate amount of management fees actually paid to SpinCo Manager prior to the termination date. However, if Star Holdings has completed the liquidation of its assets on or before the termination date, the termination fee will consist of any portion of the annual management fee that remained unpaid for the remainder of the then current annual term plus, if the termination date occurs on or before the third anniversary of the Spin-Off, the amount of the management fee that would have been payable for the next succeeding annual term, or if the termination date occurs after the third anniversary of the Spin-Off, zero. In the event of a termination by the Company based on a reduction in the amount of Star Holdings’ consolidated assets below designated thresholds, Star Holdings will pay SpinCo Manager a termination fee of $30.0 million if the termination occurs in the first year, $15.0 million if the termination occurs in the second year and $5.0 million if the termination occurs in the third year, in each case, plus the balance of any unpaid portion of the annual management fee for the applicable year. ​ The Company and Star Holdings also entered into a governance agreement that places certain restrictions on the transfer and voting of the shares of the Company owned by Star Holdings, and a registration rights agreement under which the Company agreed to register such shares for resale in accordance with applicable securities laws. As of March 31, 2023, Star Holdings owned approximately 21.2% of the Company’s common stock outstanding through a wholly-owned subsidiary. ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 14—Subsequent Events ​ On April 4, 2023, the Company filed with the U.S. Securities and Exchange Commission (the “SEC”) an automatic shelf registration statement on Form S-3ASR. On April 5, 2023, the Company and Portfolio Holdings entered into an ATM Equity Offering SM ​ On April 5, 2023, the Company, Portfolio Holdings and Star Investment Holdings SPV LLC (“Star Investment Holdings”), a subsidiary of Star Holdings, entered into an ATM Equity Offering SM other things, market conditions, the trading price of the Company’s common stock, capital needs and determinations by Star Investment Holdings of the appropriate sources of its funding. On April 5, 2023, the Company announced that it entered into a joint venture arrangement with a sovereign wealth fund, which is also an existing shareholder, focused on new acquisitions for certain Ground Lease investments. The Company committed approximately $275 million for a 55% controlling interest in the joint venture and the sovereign wealth fund committed approximately $225 million for a 45% noncontrolling interest in the joint venture and the Company expects to consolidate this venture in its financial statements. Each party’s commitment is discretionary. The Company will receive a management fee, measured on an asset-by-asset basis, equal to 25 basis points on invested equity for such asset for the first five years following its acquisition, and 15 basis points on invested equity thereafter. The Company will also receive a promote of 15% over a 9% internal rate of return, subject to a 1.275x multiple on invested capital. The investment period will be the earlier of 18 months and the full deployment of commitments.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Use of Estimates	The preparation of these consolidated 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.
Principles of Combination and Consolidation	Principles of Consolidation
Allowance for credit losses on net investment in sales-type leases and Ground Lease receivables	Allowance for credit losses on net investment in sales-type leases and Ground Lease receivables quantitative analysis to estimate expected loss rates for its portfolio of net investment in sales-type leases and Ground Lease receivables. The Company analyzes historical unemployment rates and historical data provided by Trepp (“Trepp”) for single asset borrower loans including loan to value ratios, loss rates, timing of losses, vintage, property type and other statistics. The Company utilizes historical loss rates, timing of losses and unemployment rates and updates its analysis for c more inherent risk of deals under construction. ​ Interest receivable is not included in the Company’s allowance for credit losses on net investment in sales-type leases and Ground Lease receivables as the Company performs timely write-offs, if any, of aged interest receivables. The Company has also made a policy election to write off aged interest receivables through interest income from sales-type leases as opposed to through the provision for credit losses.
Real estate available and held for sale	Real estate available and held for sale— The Company classifies its real estate assets as held for sale in the period in which all of the following conditions are met: (i) the Company commits to a plan and has the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) the Company has initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (vi) the Company does not anticipate changes to its plan to sell the asset. If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company’s consolidated balance sheets. The Company measures and records a property that is reclassified as held and used at the lower of: (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used; or (ii) the estimated fair value at the date of the subsequent decision not to sell.
Fair values	Fair Values The following table presents the carrying value and fair value for the Company’s financial instruments ($ in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ As of December 31, 2022 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment in sales-type leases (1) ​ $ 3,140 ​ $ 3,402 ​ $ 3,107 ​ $ 3,236 Ground Lease receivables (1) ​ 1,431 ​ 1,631 ​ 1,375 ​ 1,501 Loans receivable, net - related party (1) ​ ​ 112 ​ ​ 112 ​ ​ — ​ ​ — Cash and cash equivalents (2) ​ 20 ​ 20 ​ 20 ​ 20 Restricted cash (2) ​ 28 ​ 28 ​ 28 ​ 28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations, net (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ 739 ​ ​ 584 ​ ​ 738 ​ ​ 573 Level 3 ​ ​ 3,163 ​ ​ 2,764 ​ ​ 2,783 ​ ​ 2,358 Total debt obligations, net ​ ​ 3,902 ​ 3,348 ​ 3,521 ​ 2,931 (1) The fair value of the Company’s net investment in sales-type leases, Ground Lease receivables and loans receivable, net – related party are classified as Level 3 within the fair value hierarchy . The fair value of the Company’s debt obligations traded in secondary markets are classified as Level 1 within the fair value hierarchy and the fair value of the Company’s debt obligations not traded in secondary markets 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 and are classified as Level 1 within the fair value hierarchy .
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests period at a valuation not less than the purchase price for the Caret units purchased in February 2022, reduced by an amount equal to the amount of subsequent cash distributions made to the investors on account of such Caret units, then the investors in the February 2022 transaction have the right to cause their Caret units purchased in February 2022 to be redeemed by Portfolio Holdings at their original purchase price as so reduced. The Company classifies these redeemable Caret units in accordance with Accounting Standards Codification (“ASC”) 480: Distinguishing Liabilities from Equity. ASC 480-10-S99-3A requires that equity securities redeemable at the option of the holder be classified outside of permanent stockholders’ equity. The Company classifies redeemable Caret units as “Redeemable noncontrolling interests” in its consolidated balance sheets and consolidated statements of changes in equity. The redeemable noncontrolling interest’s carrying amount is equal to the higher of (i) the initial carrying amount, increased or decreased for the redeemable noncontrolling interest’s share of net income or loss and dividends; or (ii) the redemption value. In the case of the Company’s redeemable Caret units, the carrying amount equals both the initial carrying amount and the redemption value.
Stock-based compensation	Stock-based compensation
Loans receivable, net - related party	Loans receivable, net – related party The Company performs a quarterly analysis of its loan receivable that incorporates management’s current judgments about credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment collateral, collateral type, project economics and geographical location as well as national and regional economic factors. The Company estimates its Expected Loss on its loans receivable based on relevant information including current market conditions and reasonable and supportable forecasts that affect the collectability of its investments. The estimate of the Company’s Expected Loss requires significant judgment. The Company calculated its Expected Loss through the use of third-party market data that provided current and future economic conditions that may impact the performance of the commercial real estate assets securing its investments. The Company will consider a loan to be non-performing and place it on non-accrual status at such time as: (1) interest payments become 90 days delinquent; (2) it has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. Non-accrual loans will be returned to accrual status when they have become contractually current and management believes all amounts contractually owed will be received. ​ The Company made the accounting policy election to record accrued interest on its loan asset separate from its loans receivable and to exclude accrued interest from its amortized cost basis disclosures. Any accrued interest receivable is recorded in “Deferred expenses and other assets, net” on the Company’s consolidated balance sheets. As of March 31, 2023, the Company did not have any accrued interest on its consolidated balance sheets. The Company will place loans on non-accrual status once interest on the loan becomes 90 days delinquent and will reverse any accrued interest as a reduction to interest income or recognizes a credit loss expense at such time. As such, the Company elected the practical expedient to not record an allowance against accrued interest receivable. During the three months ended March 31, 2023, the Company did not reverse any accrued interest on its loan asset.
Equity Investments	Equity Investments
Interest Income on Loans Receivable, net - related party	Interest Income on Loans Receivable, net – related party
Acquisitions	Acquisitions ​ The Company’s acquisition of iStar was accounted for as a business combination. For business combinations, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree at their fair values on the Company’s consolidated balance sheets. I ​ Fair values are based on available information including discounted cash flow analysis or similar fair value models. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates and other market data. The fair value of the Company’s interests in equity investments acquired is calculated using the fair value of the investments held by the venture, which are valued using methods as described above, and considers the Company’s economics in the venture. Intangible assets may include the value of right of use lease assets, above-market leases and in-place leases. Right of use lease assets and lease liabilities are Company's incremental borrowing rate, as of the date of the acquisition. Right of use assets are included in “Deferred expenses and other assets, net” and lease liabilities are recorded in “Accounts payable, accrued expenses and other liabilities” on the Company’s consolidated balance sheets. Above-market lease intangibles and in-place lease intangibles are each recorded at their fair values and included in “Deferred expenses and other assets, net” on the Company’s consolidated balance sheets. Intangible liabilities may also include below-market leases, which are recorded at their fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company’s consolidated balance sheets. ​ The table below shows the Company’s purchase consideration for the acquisition of iStar ($ in thousands): ​ ​ ​ ​ Total Company shares as purchase price (1) ​ ​ 1,195,034 Stock price of the Company’s common stock (2) ​ $ 29.78 Fair value of the Company's stock transferred ​ ​ 35,588 Cash consideration paid by the Company to iStar ​ ​ 88,685 Purchase consideration ​ $ 124,273 (1) The total post-Merger shares of the Company to be held by iStar shareholders includes 12.7 million shares that were issued as consideration for the investment in Old SAFE previously held by iStar as of December 31, 2022 that were retired in connection with the Merger. Accordingly, these shares are excluded from the purchase consideration as they are reflected as a treasury stock repurchase and retirement by Old SAFE. (2) Based on the closing price of Old SAFE’s common stock as of March 30, 2023, representing the final closing price prior to the effective time of the Merger. ​ The Merger was accounted for as a business combination pursuant to ASC 805 and all Merger related costs were expensed as incurred. The Company recorded $18.7 million of merger expenses during the three months ended March 31, 2023, of which $13.9 million was recorded in “Other expense” and $4.8 million was recorded in “General and administrative” in the Company’s consolidated statements of operations. The Company also recorded $0.6 of related non-recurring charges in “Other expense,” and a provision for credit losses of $2.3 million on the Secured Term Loan Facility (refer to Note 4) which was originated at the time of the Merger in conjunction with the Spin-Off. Excluding $2.7 million of related non-recurring charges and the $2.3 million provision for credit losses on the Secured Term Loan Facility, through March 31, 2023, the Company has incurred $26.4 million of merger expenses. The following table sets forth the provisional allocation of the purchase consideration to the fair values of identifiable tangible and intangible assets acquired and liabilities assumed, recognized as a result of the acquisition described in Note 1 above ($ in thousands): ​ ​ ​ ​ Cash and cash equivalents ​ $ 3,213 Real estate ​ ​ 1,508 Equity investments (1) ​ ​ 61,247 Deferred expenses and other assets (2) ​ ​ 25,442 Total assets acquired ​ ​ 91,410 ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities (3) ​ ​ (22,939) Debt obligations (4) ​ ​ (99,995) Total liabilities assumed ​ ​ (122,934) ​ ​ ​ ​ Net identifiable liabilities assumed ​ ​ (31,524) ​ ​ ​ ​ Purchase consideration ​ $ 124,273 Add: net identifiable liabilities assumed ​ ​ 31,524 Goodwill (5) ​ ​ 155,797 (1) Equity investments were valued using discount rates between 7.2% and 13.9% and are classified as Level 3 within the fair value hierarchy. (2) Deferred expenses and other assets includes $11.0 million attributable to operating lease right of use assets , $4.7 million attributable to prepaid expenses resulting from the settlement of iStar’s compensation plans, $2.1 million attributable to in-place prepaid contracts, $1.3 million attributable to office furniture and equipment and $6.3 million attributable to other receivables. (3) Accounts payable, accrued expenses and other liabilities primarily includes a $14.2 million operating lease liability . In addition, under the Merger Agreement, iStar was required to fund its share of merger-related costs and to provide sufficient cash to fund any unresolved corporate obligations and accrued liabilities or costs yet-to-be incurred prior to the Merger. Accounts payable, accrued expenses and other liabilities includes approximately $8.7 million of obligations assumed from iStar, which are offset with corresponding amounts in cash and cash equivalents and amounts receivable in deferred expenses and other assets, net sufficient to settle such obligations. (4) Debt obligations were valued using a discount rate of 6.7% and are classified as Level 3 within the fair value hierarchy. (5) Goodwill is calculated as the excess of purchase consideration over the fair value of the net identifiable assets acquired and primarily relates to the acquisition of iStar’s workforce and future synergies expected to be realized after the completion of the merger. ​ The following table summarizes the Company's pro forma revenues and net income (loss) for the three months ended March 31, 2023 and 2022 as if the Merger described in Note 1 was completed on January 1, 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ ​ 2023 2022 Pro forma revenues ​ $ 97,256 ​ $ 69,593 Pro forma net income (loss) ​ ​ 34,288 ​ ​ (73,578) (1) The pro forma revenues and net income (loss) are presented for informational purposes only and may not be indicative of what the actual results of operations of the Company would have been assuming the transaction occurred on January 1, 2022, nor do they purport to represent the Company’s results of operations for future periods. For the three months March 31, 2022, pro forma net loss includes $46.7 million of merger expenses (including $20.3 million of merger expenses borne by iStar) and a $42.1 million loss on extinguishment of debt, both of which are non-recurring in nature. Due to the Merger closing on March 31, 2023, the revenue and net income of the acquiree for the three months ended March 31, 2023 had an immaterial impact on the Company’s total revenues and net income for the three months ended March 31, 2023. ​
Goodwill	Goodwill Goodwill is calculated as the excess of purchase consideration over the fair value of the net identifiable assets acquired and primarily relates to the acquisition of iStar’s workforce and future synergies expected to be realized from the Merger.
New Accounting Pronouncements	New accounting pronouncements ​ The Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), as amended, on January 1, 2023 using the modified retrospective approach method. Under the modified retrospective approach, the Company recorded a cumulative effect adjustment to retained earnings by recording an initial allowance for credit losses on net investment in sales-type leases and Ground Lease receivables. Periods presented that are prior to the adoption date of January 1, 2023 will not be adjusted. ASU 2016-13 replaced the incurred loss impairment methodology with a methodology that reflects a current expected credit loss ("Expected Loss"). ASU 2016-13 impacted all of the Company’s investments held at amortized cost, which included its net investment in sales-type leases and Ground Lease receivables. ​ The Company also adopted ASU 2022-02, Financial Instruments—Credit Losses: Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”). ASU 2022-02 eliminated troubled debt restructuring recognition and measurement guidance and requires disclosure of gross write-offs by vintage for public business entities. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements.

Accounting Policies (Tables)

Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Fair Value, by Balance Sheet Grouping	The following table presents the carrying value and fair value for the Company’s financial instruments ($ in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ As of December 31, 2022 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment in sales-type leases (1) ​ $ 3,140 ​ $ 3,402 ​ $ 3,107 ​ $ 3,236 Ground Lease receivables (1) ​ 1,431 ​ 1,631 ​ 1,375 ​ 1,501 Loans receivable, net - related party (1) ​ ​ 112 ​ ​ 112 ​ ​ — ​ ​ — Cash and cash equivalents (2) ​ 20 ​ 20 ​ 20 ​ 20 Restricted cash (2) ​ 28 ​ 28 ​ 28 ​ 28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations, net (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ 739 ​ ​ 584 ​ ​ 738 ​ ​ 573 Level 3 ​ ​ 3,163 ​ ​ 2,764 ​ ​ 2,783 ​ ​ 2,358 Total debt obligations, net ​ ​ 3,902 ​ 3,348 ​ 3,521 ​ 2,931 (1) The fair value of the Company’s net investment in sales-type leases, Ground Lease receivables and loans receivable, net – related party are classified as Level 3 within the fair value hierarchy . The fair value of the Company’s debt obligations traded in secondary markets are classified as Level 1 within the fair value hierarchy and the fair value of the Company’s debt obligations not traded in secondary markets 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 and are classified as Level 1 within the fair value hierarchy .
Schedule of Purchase Consideration for Acquisition of iStar	The table below shows the Company’s purchase consideration for the acquisition of iStar ($ in thousands): ​ ​ ​ ​ Total Company shares as purchase price (1) ​ ​ 1,195,034 Stock price of the Company’s common stock (2) ​ $ 29.78 Fair value of the Company's stock transferred ​ ​ 35,588 Cash consideration paid by the Company to iStar ​ ​ 88,685 Purchase consideration ​ $ 124,273 (1) The total post-Merger shares of the Company to be held by iStar shareholders includes 12.7 million shares that were issued as consideration for the investment in Old SAFE previously held by iStar as of December 31, 2022 that were retired in connection with the Merger. Accordingly, these shares are excluded from the purchase consideration as they are reflected as a treasury stock repurchase and retirement by Old SAFE. (2) Based on the closing price of Old SAFE’s common stock as of March 30, 2023, representing the final closing price prior to the effective time of the Merger. ​
Schedule of Identifiable Tangible and Intangible Assets Acquired and Liabilities Assumed	​ ​ ​ ​ Cash and cash equivalents ​ $ 3,213 Real estate ​ ​ 1,508 Equity investments (1) ​ ​ 61,247 Deferred expenses and other assets (2) ​ ​ 25,442 Total assets acquired ​ ​ 91,410 ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities (3) ​ ​ (22,939) Debt obligations (4) ​ ​ (99,995) Total liabilities assumed ​ ​ (122,934) ​ ​ ​ ​ Net identifiable liabilities assumed ​ ​ (31,524) ​ ​ ​ ​ Purchase consideration ​ $ 124,273 Add: net identifiable liabilities assumed ​ ​ 31,524 Goodwill (5) ​ ​ 155,797 (1) Equity investments were valued using discount rates between 7.2% and 13.9% and are classified as Level 3 within the fair value hierarchy. (2) Deferred expenses and other assets includes $11.0 million attributable to operating lease right of use assets , $4.7 million attributable to prepaid expenses resulting from the settlement of iStar’s compensation plans, $2.1 million attributable to in-place prepaid contracts, $1.3 million attributable to office furniture and equipment and $6.3 million attributable to other receivables. (3) Accounts payable, accrued expenses and other liabilities primarily includes a $14.2 million operating lease liability . In addition, under the Merger Agreement, iStar was required to fund its share of merger-related costs and to provide sufficient cash to fund any unresolved corporate obligations and accrued liabilities or costs yet-to-be incurred prior to the Merger. Accounts payable, accrued expenses and other liabilities includes approximately $8.7 million of obligations assumed from iStar, which are offset with corresponding amounts in cash and cash equivalents and amounts receivable in deferred expenses and other assets, net sufficient to settle such obligations. (4) Debt obligations were valued using a discount rate of 6.7% and are classified as Level 3 within the fair value hierarchy. (5) Goodwill is calculated as the excess of purchase consideration over the fair value of the net identifiable assets acquired and primarily relates to the acquisition of iStar’s workforce and future synergies expected to be realized after the completion of the merger.
Schedule of Pro Forma Revenues and Net Income (Loss)	The following table summarizes the Company's pro forma revenues and net income (loss) for the three months ended March 31, 2023 and 2022 as if the Merger described in Note 1 was completed on January 1, 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ ​ 2023 2022 Pro forma revenues ​ $ 97,256 ​ $ 69,593 Pro forma net income (loss) ​ ​ 34,288 ​ ​ (73,578) (1) The pro forma revenues and net income (loss) are presented for informational purposes only and may not be indicative of what the actual results of operations of the Company would have been assuming the transaction occurred on January 1, 2022, nor do they purport to represent the Company’s results of operations for future periods. For the three months March 31, 2022, pro forma net loss includes $46.7 million of merger expenses (including $20.3 million of merger expenses borne by iStar) and a $42.1 million loss on extinguishment of debt, both of which are non-recurring in nature. Due to the Merger closing on March 31, 2023, the revenue and net income of the acquiree for the three months ended March 31, 2023 had an immaterial impact on the Company’s total revenues and net income for the three months ended March 31, 2023. ​

Net Investment in Sales-type _2

Net Investment in Sales-type Leases, Ground Lease Receivables and Loans Receivable, net - Related Party (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Net Investment in Sales Type Leases	The Company’s net investment in sales-type leases were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Total undiscounted cash flows ​ $ 29,565,276 ​ $ 29,586,227 Unguaranteed estimated residual value ​ 2,900,513 ​ 2,900,218 Present value discount ​ (29,325,633) ​ (29,379,846) Allowance for credit losses ​ ​ (325) ​ ​ — Net investment in sales-type leases ​ $ 3,139,831 ​ $ 3,106,599 ​
Schedule of rollforward of net investment in sales-type leases and Ground Lease receivables	The following table presents a rollforward of the Company’s net investment in sales-type leases and Ground Lease receivables for the three months ended March 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment in ​ Ground Lease ​ ​ ​ ​ Sales-type Leases Receivables Total Three Months Ended March 31, 2023 ​ ​ ​ Beginning balance ​ $ 3,106,599 ​ $ 1,374,716 ​ $ 4,481,315 Impact from adoption of new accounting standard (refer to Note 3) ​ (351) ​ (199) ​ (550) Origination/acquisition/fundings (1) ​ 19,331 ​ 50,803 ​ 70,134 Accretion ​ 14,226 ​ 6,154 ​ 20,380 Recovery of credit losses ​ ​ 26 ​ ​ 4 ​ ​ 30 Ending balance (2) ​ $ 3,139,831 ​ $ 1,431,478 ​ $ 4,571,309 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment in ​ Ground Lease ​ ​ ​ ​ Sales-type Leases Receivables Total Three Months Ended March 31, 2022 ​ ​ ​ Beginning balance ​ $ 2,412,716 ​ $ 796,252 ​ $ 3,208,968 Origination/acquisition/fundings (1) ​ 315,503 ​ 216,765 ​ 532,268 Accretion ​ 11,705 ​ 4,143 ​ 15,848 Ending balance ​ $ 2,739,924 ​ $ 1,017,160 ​ $ 3,757,084 (1) The net investment in sales-type leases is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed estimated residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. For newly originated or acquired Ground Leases, the Company’s estimate of residual value equals the fair value of the land at lease commencement. (2) As of March 31, 2023 and December 31, 2022, all of the Company’s net investment in sales-type leases and Ground Lease receivables were current in their payment status. As of March 31, 2023, the Company’s weighted average accrual rate for its net investment in sales-type leases and Ground Lease receivables was 5.1% and 5.4% , respectively. As of March 31, 2023, the weighted average remaining life of the Company’s 33 Ground Lease receivables was 98.7 years.
Schedule of changes in allowance for credit losses on net investment in sales-type leases and Ground Lease receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment in sales-type leases ​ ​ Stabilized ​ Development ​ Unfunded ​ ​ Three Months Ended March 31, 2023 ​ Properties ​ Properties ​ Commitments ​ Total Allowance for credit losses at beginning of period ​ $ — ​ $ — ​ $ — ​ $ — Impact from adoption of new accounting standard (refer to Note 3) (1) ​ ​ 280 ​ ​ 71 ​ ​ 6 ​ ​ 357 Recovery of credit losses (2) ​ ​ (25) ​ (1) ​ (5) ​ (31) Allowance for credit losses at end of period (3) ​ $ 255 ​ $ 70 ​ $ 1 ​ $ 326 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground Lease receivables ​ ​ Stabilized ​ Development ​ Unfunded ​ ​ Three Months Ended March 31, 2023 ​ Properties ​ Properties ​ Commitments ​ Total Allowance for credit losses at beginning of period ​ $ — ​ $ — ​ $ — ​ $ — Impact from adoption of new accounting standard (refer to Note 3) (1) ​ ​ 102 ​ ​ 97 ​ ​ 84 ​ ​ 283 (Recovery of) provision for credit losses (2) ​ ​ (9) ​ 5 ​ (21) ​ (25) Allowance for credit losses at end of period (3) ​ $ 93 ​ $ 102 ​ $ 63 ​ $ 258 (1) On January 1, 2023, the Company recorded an allowance for credit losses on net investment in sales-type leases of $0.4 million and an allowance for credit losses on Ground Lease receivables of $0.2 million upon the adoption of ASU 2016-13, of which an aggregate of $0.1 million related to expected credit losses for unfunded commitments and was recorded in "Accounts payable, accrued expenses and other liabilities." (2) During the three months ended March 31, 2023, the Company recorded a recovery of credit losses on net investment in sales-type leases and Ground Lease receivables of $31 thousand and $25 thousand, respectively. The recovery of credit losses was due primarily to an improving macroeconomic forecast since December 31, 2022. (3) Allowance for credit losses on unfunded commitments is recorded in “Accounts payable and accrued expenses” on the Company’s consolidated balance sheets.
Amortized Cost Basis in Ground Lease Receivables	The Company’s amortized cost basis in Ground Lease receivables, presented by year of origination and by stabilized or development status, was as follows as of March 31, 2023 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of Origination ​ ​ 2023 2022 2021 2020 2019 Prior to 2019 Total Ground Lease receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stabilized properties ​ $ — ​ $ 521,172 ​ $ 237,690 ​ $ 178,276 ​ $ 443,558 ​ $ — ​ $ 1,380,696 Development properties ​ — ​ 24,769 ​ 26,208 ​ — ​ — ​ — ​ 50,977 Total ​ $ — ​ $ 545,941 ​ $ 263,898 ​ $ 178,276 ​ $ 443,558 ​ $ — ​ $ 1,431,673 ​
Future Minimum Lease Payments Under Sales-type Leases	Future Minimum Lease Payments under Sales-type Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Bumps ​ ​ ​ ​ Fixed Bumps ​ ​ ​ ​ with ​ ​ ​ ​ ​ with Inflation ​ Fixed ​ Percentage ​ ​ ​ ​ Adjustments Bumps Rent Total 2023 (remaining nine months) ​ $ 73,390 ​ $ 1,673 ​ $ 436 ​ $ 75,499 2024 ​ 100,972 ​ 2,256 ​ 586 ​ 103,814 2025 ​ 102,926 ​ 2,283 ​ 586 ​ 105,795 2026 ​ 104,873 ​ 2,311 ​ 586 ​ 107,770 2027 ​ ​ 106,767 ​ ​ 2,339 ​ ​ 586 ​ ​ 109,692 Thereafter ​ 28,379,582 ​ 583,455 ​ 99,669 ​ 29,062,706 Total undiscounted cash flows ​ $ 28,868,510 ​ $ 594,317 ​ $ 102,449 ​ $ 29,565,276 ​
Recognized Interest Income from Sales type Leases	During the three months ended March 31, 2023 and 2022, the Company recognized interest income from sales-type leases in its consolidated statements of operations as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment ​ Ground ​ ​ ​ ​ ​ in Sales-type ​ Lease ​ ​ ​ Three Months Ended March 31, 2023 Leases Receivables Total Cash ​ $ 24,882 ​ $ 11,804 ​ $ 36,686 Non-cash ​ 14,222 ​ 6,154 ​ 20,376 Total interest income from sales-type leases ​ $ 39,104 ​ $ 17,958 ​ $ 57,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment Ground ​ ​ ​ ​ in Sales-type ​ Lease ​ ​ ​ Three Months Ended March 31, 2022 ​ Leases ​ Receivables ​ Total Cash ​ $ 19,825 ​ $ 7,358 ​ $ 27,183 Non-cash ​ 11,705 ​ 4,143 ​ 15,848 Total interest income from sales-type leases ​ $ 31,530 ​ $ 11,501 ​ $ 43,031 ​

Real Estate, Real Estate-Rela_2

Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Real Estate Assets	The Company’s real estate assets consist of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ March 31, 2023 December 31, 2022 Land and land improvements, at cost ​ $ 547,739 ​ $ 547,739 Buildings and improvements, at cost ​ 193,232 ​ 193,232 Less: accumulated depreciation ​ (35,878) ​ (34,371) Total real estate, net ​ $ 705,093 ​ $ 706,600 Real estate-related intangible assets, net ​ 216,120 ​ 217,795 Real estate available and held for sale (1) ​ ​ 1,508 ​ ​ — Total real estate, net, real estate-related intangible assets, net and real estate available and held for sale ​ $ 922,721 ​ $ 924,395 (1) As of March 31, 2023, the Company had $1.5 million of residential homes acquired from iStar that were classified as available for sale. ​
Schedule of Real Estate-Related Intangible Assets, Net	Real estate-related intangible assets, net consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ Gross ​ Accumulated ​ Carrying ​ ​ Intangible ​ Amortization ​ Value Above-market lease assets, net (1) ​ $ 186,002 ​ $ (16,038) ​ $ 169,964 In-place lease assets, net (2) ​ 65,345 ​ (19,900) ​ 45,445 Other intangible assets, net ​ 750 ​ (39) ​ 711 Total ​ $ 252,097 ​ $ (35,977) ​ $ 216,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Gross ​ Accumulated ​ Carrying ​ Intangible Amortization Value Above-market lease assets, net (1) ​ $ 186,002 ​ $ (15,254) ​ $ 170,748 In-place lease assets, net (2) ​ 65,345 ​ (19,011) ​ 46,334 Other intangible assets, net ​ 750 ​ (37) ​ 713 Total ​ $ 252,097 ​ $ (34,302) ​ $ 217,795 (2) Above-market lease assets are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease is less than the present value of the contractual in-place rental cash flows. Above-market lease assets are amortized over the non-cancelable term of the leases. (3) In-place lease assets are recognized during asset acquisitions and are estimated based on the value associated with the costs avoided in originating leases comparable to the acquired in-place leases as well as the value associated with lost rental revenue during the assumed lease-up period. In-place lease assets are amortized over the non-cancelable term of the leases .
Schedule of Amortization of Real Estate Related Intangible Assets	The amortization of real estate-related intangible assets had the following impact on the Company’s consolidated statements of operations for the three months ended March 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Statement ​ For the Three Months Ended March 31, ​ Intangible asset Location 2023 2022 ​ Above-market lease assets (decrease to income) Operating lease income ​ $ 784 ​ $ 784 ​ In-place lease assets (decrease to income) Depreciation and amortization ​ 889 ​ 892 ​ Other intangible assets (decrease to income) Operating lease income ​ 2 ​ 2 ​
Schedule of Future Amortization Expense	The estimated amortization of real estate-related intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands): (1) ​ ​ ​ ​ Year Amount 2023 (remaining nine months) ​ $ 5,007 2024 ​ ​ 6,634 2025 ​ 6,634 2026 ​ 3,725 2027 ​ 3,725 (1) As of March 31, 2023, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 80.1 years.
Schedule of Real Estate Related Intangible Liabilities	Real estate-related intangible liabilities, net consist of the following items ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ Gross ​ Accumulated ​ Carrying ​ ​ Intangible ​ Amortization ​ Value Below-market lease liabilities (1) ​ $ 68,618 ​ $ (4,236) ​ $ 64,382 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Gross ​ Accumulated ​ Carrying ​ ​ Intangible ​ Amortization ​ Value Below-market lease liabilities (1) ​ $ 68,618 ​ $ (4,027) ​ $ 64,591 (1) Below-market lease liabilities are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease exceeds the present value of the contractual in-place rental cash flows. Below-market lease liabilities are amortized over the non-cancelable term of the leases.
Schedule of Impact of Amortization of Real Estate Related Intangible Liabilities on Statements of Operations	The amortization of real estate-related intangible liabilities had the following impact on the Company’s consolidated statements of operations for the three months ended March 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Statement For the Three Months Ended March 31, ​ Intangible liability Location 2023 2022 ​ Below-market lease liabilities (increase to income) Operating lease income ​ $ 209 ​ $ 209 ​ ​ ​
Future Minimum Ground Net Lease Payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Bumps ​ ​ ​ ​ Fixed ​ ​ ​ ​ ​ ​ ​ with ​ ​ ​ ​ ​ ​ ​ Bumps with ​ ​ ​ ​ ​ Inflation- ​ Inflation ​ Fixed ​ Percentage ​ Percentage ​ ​ ​ Year Linked Adjustments Bumps Rent Rent Total 2023 (remaining nine months) ​ $ 4,358 ​ $ 13,043 ​ $ 1,662 ​ $ 8,264 ​ $ 285 ​ $ 27,612 2024 ​ 5,811 ​ 17,677 ​ 2,247 ​ 11,018 ​ 421 ​ 37,174 2025 ​ 5,811 ​ 18,004 ​ 2,313 ​ 11,018 ​ 421 ​ 37,567 2026 ​ 5,811 ​ 18,370 ​ 2,357 ​ ​ 986 ​ ​ 421 ​ 27,945 2027 ​ ​ 5,811 ​ ​ 18,755 ​ ​ 2,388 ​ ​ 986 ​ ​ 421 ​ ​ 28,361 Thereafter ​ 435,056 ​ 4,308,109 ​ 433,110 ​ 15,826 ​ 304 ​ 5,192,405 (1) During the three months ended March 31, 2023 and 2022, the Company recognized $3.7 million and $0.8 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations.

Equity Investments (Tables)

Equity Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Schedule of Equity Investments	The Company’s equity investments and its proportionate share of earnings (losses) from equity investments were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings from ​ ​ Carrying Value ​ Equity Method Investments ​ ​ as of ​ For the Three Months Ended ​ ​ March 31, ​ December 31, ​ March 31, ​ ​ 2023 2022 2023 2022 Equity investment ​ ​ ​ ​ ​ ​ ​ 425 Park Avenue ​ $ 133,679 ​ $ 133,118 ​ $ 835 ​ $ 851 32 Old Slip ​ 48,564 ​ 47,270 ​ 1,427 ​ 1,425 Ground Lease Plus Fund (1) ​ ​ 46,471 ​ ​ — ​ ​ — ​ ​ — Leasehold Loan Fund (2) ​ ​ 14,776 ​ ​ — ​ ​ — ​ ​ — Total ​ $ 243,490 ​ $ 180,388 ​ $ 2,262 ​ $ 2,276 (1) As of March 31, 2023, the Company has a basis difference of $19.7 million in the Ground Lease Plus Fund that will be amortized over a weighted average remaining term of 102.6 years using the effective interest method. (2) As of March 31, 2023, the Company has a basis difference of $15.0 million in the Leasehold Loan Fund that will be amortized over a weighted average remaining term of 3.7 years using the effective interest method. ​

Deferred Expenses and Other A_2

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Deferred Expenses and Other Assets, Net	Deferred expenses and other assets, net, consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ March 31, 2023 December 31, 2022 Operating lease right-of-use asset (1) ​ $ 37,032 ​ $ 26,312 Interest rate hedge assets ​ 15,306 ​ 29,346 Deferred finance costs, net (2) ​ 7,705 ​ 4,461 Other assets ​ 13,979 ​ 2,664 Purchase deposits ​ 4,333 ​ 4,333 Leasing costs, net ​ 446 ​ 448 Corporate furniture, fixtures and equipment, net ​ ​ 1,308 ​ ​ — Deferred expenses and other assets, net ​ $ 80,109 ​ $ 67,564 (1) Operating lease right-of-use asset relates primarily to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company’s Ground Lease tenant at the property pays this expense directly under the terms of a master lease. Operating lease right-of-use asset is amortized on a straight-line basis over the term of the lease and is recorded in “Real estate expense” in the Company’s consolidated statements of operations. During both the three months ended March 31, 2023 and 2022, the Company recognized $0.1 million in “Real estate expense” and $0.1 million in “Other income” from its operating lease right-of-use asset. The related operating lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the Company’s incremental secured borrowing rate for a similar asset estimated to be 5.5% . The Company also has operating leases for office space that it assumed from iStar in connection with the Merger (refer to Note 9). (2) Accumulated amortization of deferred finance costs was $7.0 million and $5.7 million as of March 31, 2023 and December 31, 2022, respectively.
Schedule of Accounts Payable, Accrued Expenses and Other Liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ March 31, 2023 December 31, 2022 Interest payable ​ $ 57,715 ​ $ 55,459 Other liabilities (1) ​ 15,656 ​ 17,639 Dividends declared and payable ​ 27 ​ 11,067 Operating lease liability (2) ​ 19,636 ​ 5,471 Management fee payable ​ — ​ 5,301 Accrued expenses (3) ​ 18,786 ​ 5,420 Interest rate hedge liabilities ​ ​ 14,384 ​ ​ — Accounts payable, accrued expenses and other liabilities ​ $ 126,204 ​ $ 100,357 (1) As of December 31, 2022, other liabilities include $3.1 million due to the Former Manager for allocated payroll costs and costs it paid on the Company’s behalf. (2) Refer to Note 9. (3) As of March 31, 2023, accrued expenses includes merger costs and transfer taxes resulting from the Merger and also includes accrued legal, audit and property expenses. As of December 31, 2022, accrued expenses primarily includes accrued legal, audit and property expenses.

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt Obligations	The Company’s outstanding debt obligations consist of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of Interest Scheduled ​ March 31, 2023 December 31, 2022 Rate (1) Maturity Date (2) Secured credit financing: ​ ​ Mortgages ​ $ 1,498,113 ​ $ 1,498,113 3.99 % April 2027 to November 2069 Total secured credit financing (3) ​ 1,498,113 ​ 1,498,113 Unsecured financing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2.80% senior notes ​ ​ 400,000 ​ ​ 400,000 ​ 2.80 % June 2031 2.85% senior notes ​ ​ 350,000 ​ ​ 350,000 ​ 2.85 % January 2032 3.98% senior notes ​ ​ 475,000 ​ ​ 475,000 ​ 3.98 % February 2052 5.15% senior notes ​ ​ 151,988 ​ ​ 151,988 ​ 5.15 % May 2052 2021 Unsecured Revolver ​ ​ 970,000 ​ ​ 690,000 ​ Adjusted SOFR % March 2026 2023 Unsecured Revolver ​ ​ — ​ ​ — ​ Adjusted SOFR % July 2025 Trust preferred securities ​ ​ 100,000 ​ ​ — ​ LIBOR plus 1.50 % October 2035 Total unsecured financing ​ ​ 2,446,988 ​ ​ 2,066,988 ​ ​ ​ ​ Total debt obligations ​ 3,945,101 ​ 3,565,101 Debt premium, discount and deferred financing costs, net ​ (43,263) ​ (43,742) Total debt obligations, net ​ $ 3,901,838 ​ $ 3,521,359 (1) For mortgages, represents the weighted average stated interest rate over the term of the debt from funding through maturity based on the contractual payments owed excluding the effect of debt premium, discount and deferred financing costs. As of March 31, 2023, the weighted average cash interest rate for the Company’s consolidated mortgage debt, based on interest rates in effect at that date, was 3.27% . The difference between the weighted average interest rate and the weighted average cash interest rate is recorded to interest payable within “Accounts payable, accrued expenses, and other liabilities” on the Company’s consolidated balance sheets. As of March 31, 2023, the Company’s combined weighted average stated interest rate and combined weighted average cash interest rate of the Company’s consolidated mortgage debt, the mortgage debt of the Company’s unconsolidated ventures (applying the Company’s percentage interest in the ventures - refer to Note 6), unsecured senior notes and trust preferred securities were 3.82% and 3.29% , respectively. (2) Represents the extended maturity date for all debt obligations. (3) As of March 31, 2023, $2.0 billion of real estate, at cost, net investment in sales-type leases and Ground Lease receivables served as collateral for the Company’s debt obligations.
Schedule of Maturities of Long-term Debt	Future Scheduled Maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured (1) ​ Unsecured ​ Total 2023 (remaining nine months) $ — $ — $ — 2024 ​ ​ — ​ ​ — ​ — 2025 ​ — ​ — ​ — 2026 ​ — ​ 970,000 ​ 970,000 2027 ​ 237,000 ​ — ​ 237,000 Thereafter ​ 1,261,113 ​ 1,476,988 ​ 2,738,101 Total principal maturities ​ 1,498,113 ​ 2,446,988 ​ 3,945,101 Debt premium, discount and deferred financing costs, net ​ (26,918) ​ (16,345) ​ (43,263) Total debt obligations, net ​ $ 1,471,195 ​ $ 2,430,643 ​ $ 3,901,838 (1) As of March 31, 2023, the Company’s weighted average maturity for its secured mortgages was 28.3 years.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Obligations Under Non-cancelable Operating Leases	Lease Commitments (1) ​ ​ ​ ​ 2023 (remaining nine months) ​ $ 4,319 2024 ​ 5,692 2025 ​ 5,680 2026 ​ — 2027 ​ — Thereafter ​ — Total undiscounted cash flows ​ 15,691 Present value discount (1) ​ (1,491) Other adjustments (2) ​ 5,436 Lease liabilities ​ $ 19,636 (1) The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company’s incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company’s weighted average incremental secured borrowing rate for similar collateral estimated to be 5.8% and the weighted average remaining lease term is 3.4 years. The Company assumed its operating leases from iStar in connection with the Merger and therefore did not directly make any payments under its operating leases for the three months ended March 31, 2023 and 2022. (2) Other adjustments relates to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company’s Ground Lease tenant at the property pays this expense directly under the terms of a master lease.

Risk Management and Derivativ_2

Risk Management and Derivatives (Tables)	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Derivative Financial Instruments Designated in Hedging Relationships	The table below presents the Company’s derivatives as well as their classification on the consolidated balance sheets as of March 31, 2023 and December 31, 2022 ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ ​ Fair ​ Fair ​ Balance Sheet Derivative Type Value (2) ​ Value (2) Location Assets ​ ​ Interest rate swaps ​ $ 15,306 ​ $ 29,346 Deferred expenses and other assets, net ​ ​ $ 15,306 ​ $ 29,346 ​ ​ Liabilities ​ ​ Interest rate swaps ​ $ 14,384 ​ $ — Accounts payable, accrued expenses and other liabilities Total ​ $ 14,384 ​ $ — ​ ​ (1) Over the next 12 months, the Company expects that $3.8 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as an increase to interest expense. (2) The fair value of the Company’s derivatives is estimated using valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2 within the fair value hierarchy. ​
Derivative Instruments, Gain (Loss)	The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the three months ended March 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain ​ ​ ​ ​ Amount of Gain ​ (Loss) Reclassified ​ ​ ​ ​ (Loss) Recognized ​ from Accumulated ​ ​ ​ ​ in Accumulated ​ Other ​ ​ Location of Gain (Loss) ​ Other ​ Comprehensive ​ ​ When Recognized in ​ Comprehensive ​ Income into Derivatives Designated in Hedging Relationships ​ Income Income Earnings For the Three Months Ended March 31, 2023 ​ ​ Interest rate swaps Interest expense ​ $ (28,424) ​ $ (943) For the Three Months Ended March 31, 2022 ​ ​ ​ Interest rate swaps Interest expense ​ $ 4,256 ​ $ (1,033)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Net income ​ $ 4,716 ​ $ 24,907 Net (income) attributable to noncontrolling interests ​ (34) ​ (34) Net income attributable to Safehold Inc. common shareholders for basic and diluted earnings per common share ​ $ 4,682 ​ $ 24,873 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2023 2022 Earnings attributable to common shares: ​ ​ Numerator for basic and diluted earnings per share: ​ ​ Net income attributable to Safehold Inc. common shareholders - basic ​ $ 4,682 ​ $ 24,873 ​ Net income attributable to Safehold Inc. common shareholders - diluted ​ $ 4,682 ​ $ 24,873 ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic and diluted earnings per share: (1) ​ ​ ​ Weighted average common shares outstanding for basic earnings per common share ​ 63,672 ​ 59,284 ​ Add: Effect of assumed shares under treasury stock method for restricted stock units ​ — ​ 1 ​ Weighted average common shares outstanding for diluted earnings per common share ​ 63,672 ​ 59,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted earnings per common share: (1) ​ ​ ​ Net income attributable to Safehold Inc. common shareholders - basic ​ $ 0.07 ​ $ 0.42 ​ Net income attributable to Safehold Inc. common shareholders - diluted ​ $ 0.07 ​ $ 0.42 ​ ​ (1) For the three months ended March 31, 2023, the effect of 4,650 shares related to restricted stock awards were antidilutive. For the three months ended March 31, 2022, weighted average shares outstanding and earnings per share have been recast in accordance with ASC 805 to reflect the exchange ratio used in the reverse acquisition.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Terms of Related Party Transactions	A summary of the terms of the management agreement with iStar prior to the Merger is below: ​ ​ ​ Manager SFTY Manager, LLC, a wholly-owned subsidiary of iStar Inc. Management Fee ​ Annual fee of 1.00% of total equity (up to $1.5 billion) Annual fee of 1.25% of total equity (for incremental equity of $1.5 billion to $3.0 billion) Annual fee of 1.375% of total equity (for incremental equity of $3.0 billion to $5.0 billion) and Annual fee of 1.5% of total equity (for incremental equity over $5.0 billion) Management Fee Consideration ​ At the discretion of the Company’s independent directors, payment will be made in cash or in shares of the Company’s common stock (valued at the greater of: (i) the volume weighted average market price during a specified pricing period; or (ii) the initial public offering price of $20.00 per share) Lock-up ​ Restriction from selling common stock received for management fees for two years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement) Incentive Fee ​ None Term ​ Non-terminable through June 30, 2023, except for cause. Automatic annual renewals thereafter, subject to non-renewal upon certain findings by the Company’s independent directors and payment of termination fee. Termination Fee ​ 3x prior year’s management fee ​

Business and Organization (Deta

Business and Organization (Details)	3 Months Ended
	Mar. 31, 2023 employee segment
Business Acquisition [Line Items]
Number of reportable segments | segment	1
Minimum
Business Acquisition [Line Items]
Ground leases term	30 years
Ground lease investment initial targeted value of ground lease of combined value	30%
Ground lease, ratio of property net operating income to ground lease payments due	2
Percentage cap for Ground Lease rent increases based on consumer price index	3%
Maximum
Business Acquisition [Line Items]
Ground leases term	99 years
Ground lease investment initial targeted value of ground lease of combined value	45%
Ground lease, ratio of property net operating income to ground lease payments due	4.5
Percentage cap for Ground Lease rent increases based on consumer price index	3.50%
Safehold, Inc. (Old SAFE)
Business Acquisition [Line Items]
Number of employees | employee	0

Business and Organization - Mer

Business and Organization - Merger Transactions (Details) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended
	Mar. 31, 2023 USD ($) director shares	Aug. 10, 2022 USD ($) $ / shares shares	Feb. 28, 2022 USD ($) shares	Mar. 31, 2023 USD ($) shares
Merger
Number of directors from Old SAFE entity on new post-merger board | director	3
Number of directors from iStar entity on new post-merger board | director	2
Number of management members from both Old SAFE and iStar entities on new post-merger board | director	2
Caret Units
Merger
Number of shares to be sold under purchase commitment related to merger | shares			28,571
Expected proceeds from sale of shares under purchase commitment related to merger			$ 5
MSD Partners | Caret Units
Merger
Number of shares to be sold under purchase commitment related to merger | shares		100,000
Expected proceeds from sale of shares under purchase commitment related to merger		$ 20
Purchase price adjustment credit on the sale of shares	$ 0.6
Star Holdings
Merger
Stated interest on term loan	8%			8%
Term on loan	4 years
Principal amount of term loan	$ 115			$ 115
Star Holdings | Affiliated entity
Merger
Term on loan	4 years
Star Holdings
Merger
Cash received in spin off transaction	$ 50			$ 50
Shares in Old SAFE received in spin off transaction | shares	13,500,000			13,500,000
Star Holdings | Morgan Stanley Bank
Merger
Bank debt	$ 140			$ 140
Number of SAFE shares pledged as security on bank debt | shares	13,500,000			13,500,000
Star Holdings | Adjusted SOFR | Morgan Stanley Bank
Merger
Basis point spread on variable interest rate (percent)	3%
Star Holdings | Spinco Manager | Affiliated entity
Merger
Annual management fee - Year 1	$ 25			$ 25
Annual management fee - Year 2	15			15
Annual management fee - Year 3	10			10
Annual management fee - Year 4	$ 5			$ 5
Annual management fee percent of gross book value, year five and thereafter	2%			2%
iStar Inc. | MSD Partners
Merger
Number of shares to be sold under purchase commitment related to merger | shares		5,405,406		5,405,406
Expected proceeds from sale of shares under purchase commitment related to merger		$ 200
Sale of stock, share price (in dollars per share) | $ / shares		$ 37

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation and Combination (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets	[1]	$ 6,290,562	$ 5,850,922
Liabilities	[1]	4,092,424	$ 3,686,307
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		71,900
Liabilities		$ 30,000
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
Assets
Net investment in sales-type leases		$ 3,139,831		$ 3,106,599		$ 2,739,924	$ 2,412,716
Ground Lease receivables		1,431,478	[1]	1,374,716	[1]	1,017,160	$ 796,252
Cash and cash equivalents		20,335	[1]	20,066	[1]	30,561
Restricted cash		27,954	[1]	28,324	[1]	$ 125,708
Liabilities
Debt obligations, net	[1]	3,901,838		3,521,359
Carrying Value
Assets
Net investment in sales-type leases		3,140,000		3,107,000
Ground Lease receivables		1,431,000		1,375,000
Loan receivable, net		112,000
Cash and cash equivalents		20,000		20,000
Restricted cash		28,000		28,000
Liabilities
Debt obligations, net		3,902,000		3,521,000
Carrying Value | Fair Value, Inputs, Level 1
Liabilities
Debt obligations, net		739,000		738,000
Carrying Value | Fair Value, Inputs, Level 3
Liabilities
Debt obligations, net		3,163,000		2,783,000
Fair Value
Liabilities
Debt obligations, net		3,348,000		2,931,000
Fair Value | Fair Value, Inputs, Level 1
Assets
Cash and cash equivalents		20,000		20,000
Restricted cash		28,000		28,000
Liabilities
Debt obligations, net		584,000		573,000
Fair Value | Fair Value, Inputs, Level 3
Assets
Net investment in sales-type leases		3,402,000		3,236,000
Ground Lease receivables		1,631,000		1,501,000
Loan receivable, net		112,000
Liabilities
Debt obligations, net		$ 2,764,000		$ 2,358,000
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) $ in Thousands		1 Months Ended
		Feb. 28, 2022 USD ($) director shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Subsidiary, Sale of Stock [Line Items]
Retained earnings	[1]		$ 144,164	$ 151,226
Caret Units
Subsidiary, Sale of Stock [Line Items]
Number of units sold | shares		108,571
Number of shares to be sold under purchase commitment related to merger | shares		28,571
Proceeds from stock transaction		$ 19,000
Expected proceeds from sale of shares under purchase commitment		$ 5,000
Number of independent directors affiliated with an existing shareholder investing in redeemable noncontrolling interest | director		1
Period in which the entity is obligated to provide a public market listing		2 years
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Millions		1 Months Ended
	Mar. 31, 2023 item	Mar. 31, 2023 USD ($) item $ / shares	Jan. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Stock-based compensation
Aggregate grant date fair value of awards granted during period		$ 25
Per share grant date fair value of awards granted during period | $ / shares		$ 28.89
Award vesting period		4 years
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Allowance for credit losses
Amount of allowance for credit losses on net investment in sales-type leases			$ 0.4	$ 0.4
Amount of allowance for credit losses on ground lease receivables			$ 0.2	$ 0.2
Star Holdings
Loan receivable
Term on loan	4 years
Star Holdings | Affiliated entity
Loan receivable
Term on loan	4 years
iStar Merger
Equity investments
Number of equity investments acquired | item	2	2

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Merger (Details) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended
		Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)
Purchase consideration
Cash consideration paid by the Company to iStar			$ 88,685
Purchase price allocation
Goodwill	[1]	$ 155,797	155,797	$ 155,797
Operating lease, right-of-use asset		$ 37,032	$ 37,032	$ 37,032	$ 26,312
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Deferred Costs and Other Assets	Deferred Costs and Other Assets	Deferred Costs and Other Assets
Office furniture and equipment		$ 1,308	$ 1,308	$ 1,308
Operating lease liability		$ 19,636	$ 19,636	$ 19,636	$ 5,471
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities
Secured term loan facility
Purchase consideration
Provision for credit losses		$ 2,300	$ 2,300
iStar Merger
Purchase consideration
Total Company shares as purchase price | shares		1,195,034
Stock price of the Company's common stock | $ / shares		$ 29.78	$ 29.78	$ 29.78
Fair value of the Company's stock transferred		$ 35,588
Cash consideration paid by the Company to iStar		88,685
Purchase consideration		$ 124,273
Shares issued as settled for iStar preexisting investment in the Company which are excluded from purchase consideration | shares		12,700,000
Merger expenses			$ 18,700	$ 26,400
Merger related nonrecurring charges				2,700
Purchase price allocation
Cash and cash equivalents		$ 3,213	3,213	3,213
Real estate		1,508	1,508	1,508
Equity investments		61,247	61,247	61,247
Deferred expenses and other assets		25,442	25,442	25,442
Total assets acquired		91,410	91,410	91,410
Accounts payable, accrued expenses and other liabilities		(22,939)	(22,939)	(22,939)
Debt obligations, net		(99,995)	(99,995)	(99,995)
Total liabilities assumed		(122,934)	(122,934)	(122,934)
Net identifiable liabilities acquired		(31,524)	(31,524)	(31,524)
Goodwill		155,797	155,797	155,797
Operating lease, right-of-use asset		$ 11,000	$ 11,000	$ 11,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Deferred Costs and Other Assets	Deferred Costs and Other Assets	Deferred Costs and Other Assets
Prepaid expenses		$ 4,700	$ 4,700	$ 4,700
Operating lease liability		$ 14,200	$ 14,200	$ 14,200
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities
Obligations assumed which are directly offset by corresponding equivalent cash and receivable assets acquired sufficient to settle such obligations.		$ 8,700	$ 8,700	$ 8,700
iStar Merger | Fair Value, Inputs, Level 3
Purchase price allocation
Equity Securities, FV-NI, Measurement Input [Extensible Enumeration]		Measurement Input, Discount Rate [Member]	Measurement Input, Discount Rate [Member]	Measurement Input, Discount Rate [Member]
Debt Instrument, Measurement Input		6.7	6.7	6.7
Debt Instrument, Measurement Input [Extensible Enumeration]		Measurement Input, Discount Rate [Member]	Measurement Input, Discount Rate [Member]	Measurement Input, Discount Rate [Member]
iStar Merger | Fair Value, Inputs, Level 3 | Measurement Input, Discount Rate [Member] | Minimum
Purchase price allocation
Equity Securities, FV-NI, Measurement Input		0.072	0.072	0.072
iStar Merger | Fair Value, Inputs, Level 3 | Measurement Input, Discount Rate [Member] | Maximum
Purchase price allocation
Equity Securities, FV-NI, Measurement Input		0.139	0.139	0.139
iStar Merger | Deferred expenses and other assets
Purchase price allocation
In-place prepaid contracts		$ 2,100	$ 2,100	$ 2,100
Office furniture and equipment		1,300	1,300	1,300
Other receivables		$ 6,300	6,300	$ 6,300
iStar Merger | Other expense
Purchase consideration
Merger expenses			13,900
Merger related nonrecurring charges			600
iStar Merger | General and Administrative Expense
Purchase consideration
Merger expenses			$ 4,800
[1] 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 - Merger Pro Forma (Details) - iStar Merger - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pro forma information
Pro forma revenues	$ 97,256	$ 69,593
Pro forma net income (loss)	$ 34,288	(73,578)
Pro forma merger expenses		46,700
Pro forma extinguishment of debt		42,100
iStar Inc.
Pro forma information
Pro forma merger expenses		$ 20,300

Net Investment in Sales-type _3

Net Investment in Sales-type Leases, Ground Lease Receivables and Loans Receivable, net - Related Party (Lease Assignment and Modification) (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Sep. 30, 2022	Jul. 31, 2022	Apr. 30, 2022	Mar. 31, 2023	Mar. 31, 2022
Reclassification [Line Items]
Ground lease acquisition				$ 50,803	$ 216,765
Net gain attributable to noncontrolling interests				$ 34	$ 34
iStar Inc.
Reclassification [Line Items]
Ground lease acquisition		$ 36,400	$ 9,000
Land and Related Ground Lease
Reclassification [Line Items]
Net proceeds received from sale of net investment in lease	$ 136,000
Gain on sale of net investment in lease	55,800
Net gain attributable to noncontrolling interests	9,500
Net gain attributable to redeemable noncontrolling interests	$ 700

Net Investment in Sales-type _4

Net Investment in Sales-type Leases, Ground Lease Receivables and Loans Receivable, net - Related Party (Schedule of Net Investment in Sales-type Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Total undiscounted cash flows	$ 29,565,276	$ 29,586,227
Unguaranteed estimated residual value	2,900,513	2,900,218
Present value discount	(29,325,633)	(29,379,846)
Allowance for credit losses	(325)	0
Net investment in sales-type leases	$ 3,139,831	$ 3,106,599	$ 2,739,924	$ 2,412,716

Net Investment in Sales-type _5

Net Investment in Sales-type Leases, Ground Lease Receivables and Loans Receivable, net - Related Party (Schedule of Net Investment in Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) lease		Mar. 31, 2022 USD ($)
Net Investment in Sales-type Leases
Net Investment in Sales-type Leases, Beginning Balance	$ 3,106,599		$ 2,412,716
Net Investment in Sales-type Leases, Origination/acquisition/fundings	19,331		315,503
Net Investment in Sales-type Leases, Accretion	14,226		11,705
Net Investment in Sales-type Leases, Recovery of credit losses	26
Net Investment in Sales-type Leases, Ending Balance	3,139,831		2,739,924
Ground Lease Receivables
Ground Lease Receivables, Beginning balance	1,374,716	[1]	796,252
Ground Lease Receivables, Origination/acquisition/fundings	50,803		216,765
Ground Lease Receivables, Accretion	6,154		4,143
Ground Lease Receivables, Recovery of credit losses	4
Ground Lease Receivables, Ending balance	1,431,478	[1]	1,017,160
Total
Beginning balance	4,481,315		3,208,968
Origination/acquisition/fundings	70,134		532,268
Accretion	20,380		15,848
Recovery of credit losses	30
Ending balance	$ 4,571,309		$ 3,757,084
Weighted average accrual rate for net investment in sales-type leases	5.10%
Weighted average accrual rate for net investment in ground lease receivables	5.40%
Ground lease receivables | lease	33
Weighted Average
Total
Ground leases term	98 years 8 months 12 days
Cumulative Effect, Period of Adoption, Adjustment
Net Investment in Sales-type Leases
Net Investment in Sales-type Leases, Beginning Balance	$ (351)
Ground Lease Receivables
Ground Lease Receivables, Beginning balance	(199)
Total
Beginning balance	$ (550)
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Net Investment in Sales-type _6

Net Investment in Sales-type Leases, Ground Lease Receivables and Loans Receivable, net - Related Party - Schedule of allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Net Investment in Sales-type Leases
Allowance for credit losses at beginning of period	$ 0
Allowance for credit losses, including unfunded commitments, at beginning of period	0
Recovery of credit losses	(31)
Allowance for credit losses at end of period	325
Allowance for credit losses, including unfunded commitments, at end of period	326
Ground lease receivables
(Recovery of) provision for credit losses	(25)
Allowance for credit losses, including unfunded commitments, at end of period	258
Cumulative Effect, Period of Adoption, Adjustment
Net Investment in Sales-type Leases
Allowance for credit losses, including unfunded commitments, at beginning of period	357
Ground lease receivables
Allowance for credit losses, including unfunded commitments, at beginning of period	283
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Ground lease receivables
Amount of allowance for credit losses on net investment in sales-type leases		$ 400	$ 400
Amount of allowance for credit losses on ground lease receivables		200	$ 200
Stabilized properties
Net Investment in Sales-type Leases
Allowance for credit losses at beginning of period	0
Recovery of credit losses	(25)
Allowance for credit losses at end of period	255
Ground lease receivables
(Recovery of) provision for credit losses	(9)
Allowance for credit losses at end of period	93
Stabilized properties | Cumulative Effect, Period of Adoption, Adjustment
Net Investment in Sales-type Leases
Allowance for credit losses at beginning of period	280
Ground lease receivables
Allowance for credit losses at beginning of period	102
Development properties
Net Investment in Sales-type Leases
Allowance for credit losses at beginning of period	0
Recovery of credit losses	(1)
Allowance for credit losses at end of period	70
Ground lease receivables
(Recovery of) provision for credit losses	5
Allowance for credit losses at end of period	102
Development properties | Cumulative Effect, Period of Adoption, Adjustment
Net Investment in Sales-type Leases
Allowance for credit losses at beginning of period	71
Ground lease receivables
Allowance for credit losses at beginning of period	97
Unfunded commitments
Net Investment in Sales-type Leases
Allowance for credit losses at beginning of period	0
Recovery of credit losses	(5)
Allowance for credit losses at end of period	1
Ground lease receivables
(Recovery of) provision for credit losses	(21)
Allowance for credit losses at end of period	63
Unfunded commitments | Cumulative Effect, Period of Adoption, Adjustment
Net Investment in Sales-type Leases
Allowance for credit losses at beginning of period	6
Ground lease receivables
Allowance for credit losses at beginning of period	$ 84
Unfunded commitments | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Accounts payable, accrued expenses and other liabilities
Ground lease receivables
Expected credit losses		$ 100

Net Investment in Sales-type _7

Net Investment in Sales-type Leases, Ground Lease Receivables and Loans Receivable, net - Related Party - Ground lease receivable by year of origination (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
2022	$ 545,941
2021	263,898
2020	178,276
2019	443,558
Total	1,431,673
Stabilized properties
Lessor, Lease, Description [Line Items]
2022	521,172
2021	237,690
2020	178,276
2019	443,558
Total	1,380,696
Development properties
Lessor, Lease, Description [Line Items]
2022	24,769
2021	26,208
Total	$ 50,977

Net Investment in Sales-type _8

Net Investment in Sales-type Leases, Ground Lease Receivables and Loans Receivable, net - Related Party (Fiscal Year Maturity) (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
2023 (remaining nine months)	$ 75,499
2024	103,814
2025	105,795
2026	107,770
2027	109,692
Thereafter	29,062,706
Total undiscounted cash flows	29,565,276
Fixed Bumps with Inflation Adjustments
Lessee, Lease, Description [Line Items]
2023 (remaining nine months)	73,390
2024	100,972
2025	102,926
2026	104,873
2027	106,767
Thereafter	28,379,582
Total undiscounted cash flows	28,868,510
Fixed Bumps
Lessee, Lease, Description [Line Items]
2023 (remaining nine months)	1,673
2024	2,256
2025	2,283
2026	2,311
2027	2,339
Thereafter	583,455
Total undiscounted cash flows	594,317
Fixed Bumps with Percentage Rent
Lessee, Lease, Description [Line Items]
2023 (remaining nine months)	436
2024	586
2025	586
2026	586
2027	586
Thereafter	99,669
Total undiscounted cash flows	$ 102,449

Net Investment in Sales-type _9

Net Investment in Sales-type Leases, Ground Lease Receivables and Loans Receivable, net - Related Party (Interest Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	[1]	$ 57,062	$ 43,031
Cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases		36,686	27,183
Non-cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases		20,376	15,848
Net Investment in Sales-type Leases
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases		39,104	31,530
Net Investment in Sales-type Leases | Cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases		24,882	19,825
Net Investment in Sales-type Leases | Non-cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases		14,222	11,705
Ground Lease Receivables
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases		17,958	11,501
Ground Lease Receivables | Cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases		11,804	7,358
Ground Lease Receivables | Non-cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases		$ 6,154	$ 4,143
[1] For the three months ended March 31, 2022, the Company recorded $2.1 million of “Interest income from sales-type leases” in its consolidated statements of operations from Ground Leases with iStar Inc. (“iStar”).

Net Investment in Sales-type_10

Net Investment in Sales-type Leases, Ground Lease Receivables and Loans Receivable, net - Related Party - Loans receivable (Details) $ in Millions		3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 USD ($) item D
Star Holdings
Loans receivable, related party
Principal amount	$ 115	$ 115
Carrying value	112.2	$ 112.2
Number of quarters of interest paid in kind | item		2
Loan repayment period | D		5
Star Holdings | Maximum
Loans receivable, related party
Principal amount	25	$ 25
Fixed interest rate		12%
Star holding term loan facility
Loans receivable, related party
Fixed interest rate		8%
Excess unrestricted cash applied for loan repayment		$ 50
Star holding term loan facility | Maximum
Loans receivable, related party
Fixed interest rate		10%
Secured term loan facility
Loans receivable, related party
Principal amount	115	$ 115
Provision for credit losses	$ 2.3	$ 2.3

Real Estate, Real Estate-Rela_3

Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale (Real Estate Assets) (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land and land improvements, at cost		$ 547,739	$ 547,739
Buildings and improvements, at cost		193,232	193,232
Less: accumulated depreciation	[1]	(35,878)	(34,371)
Real estate, net	[1]	705,093	706,600
Real estate-related intangible assets, net	[1]	216,120	217,795
Real estate available and held for sale		1,508
Total real estate, net, real estate-related intangible assets, net and real estate available and held for sale	[1]	922,721	$ 924,395
Residential real estate available and held for sale		$ 1,500
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Real Estate, Real Estate-Rela_4

Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale (Intangibles) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Intangible		$ 252,097		$ 252,097
Accumulated Amortization		(35,977)		(34,302)
Carrying Value	[1]	216,120		217,795
Below-market lease liabilities - Gross Intangible		68,618		68,618
Below-market lease liabilities - Accumulated Amortization		(4,236)		(4,027)
Below-market lease liabilities - Carrying Value	[1]	64,382		64,591
Above-market lease assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible		186,002		186,002
Accumulated Amortization		(16,038)		(15,254)
Carrying Value		169,964		170,748
Above-market lease assets, net | Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
Amortization of real estate related intangible liabilities		784	$ 784
In-place lease assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible		65,345		65,345
Accumulated Amortization		(19,900)		(19,011)
Carrying Value		45,445		46,334
In-place lease assets, net | Depreciation and amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of real estate related intangible liabilities		889	892
Below-market lease | Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
Amortization of real estate related intangible liabilities		209	209
Other intangible assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible		750		750
Accumulated Amortization		(39)		(37)
Carrying Value		711		$ 713
Other intangible assets, net | Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
Amortization of real estate related intangible liabilities		$ 2	$ 2
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Real Estate, Real Estate-Rela_5

Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale (Intangible Asset Future Amortization Expense) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Real Estate [Abstract]
2023 (remaining nine months)	$ 5,007
2024	6,634
2025	6,634
2026	3,725
2027	$ 3,725
Weighted average useful life	80 years 1 month 6 days

Real Estate, Real Estate-Rela_6

Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale (Future Minimum Ground Net Lease Payments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Future Minimum Ground Net Lease Payments to be Collected
2023 (remaining nine months)	$ 27,612
2024	37,174
2025	37,567
2026	27,945
2027	28,361
Thereafter	5,192,405
Operating lease income	20,901	$ 16,966
Inflation- Linked
Future Minimum Ground Net Lease Payments to be Collected
2023 (remaining nine months)	4,358
2024	5,811
2025	5,811
2026	5,811
2027	5,811
Thereafter	435,056
Fixed Bumps with Inflation Adjustments
Future Minimum Ground Net Lease Payments to be Collected
2023 (remaining nine months)	13,043
2024	17,677
2025	18,004
2026	18,370
2027	18,755
Thereafter	4,308,109
Fixed Bumps
Future Minimum Ground Net Lease Payments to be Collected
2023 (remaining nine months)	1,662
2024	2,247
2025	2,313
2026	2,357
2027	2,388
Thereafter	433,110
Percentage Rent
Future Minimum Ground Net Lease Payments to be Collected
2023 (remaining nine months)	8,264
2024	11,018
2025	11,018
2026	986
2027	986
Thereafter	15,826
Operating lease income	3,700	$ 800
Fixed Bumps with Percentage Rent
Future Minimum Ground Net Lease Payments to be Collected
2023 (remaining nine months)	285
2024	421
2025	421
2026	421
2027	421
Thereafter	$ 304

Equity Investments (Details)

Equity Investments (Details) $ in Thousands		1 Months Ended			3 Months Ended
		Jan. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($)	Jun. 30, 2021 agreement	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Feb. 28, 2022 USD ($)	Nov. 30, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying value	[1]				$ 243,490		$ 180,388
Earnings from equity method investments					$ 2,262	$ 2,276
iStar Inc.
Schedule of Equity Method Investments [Line Items]
Value of land acquired										$ 33,300
Number of agreements entered into to acquire land and related Ground Lease | agreement				2
iStar Inc. | Ground Lease Plus Fund
Schedule of Equity Method Investments [Line Items]
Gain (loss) from sale of Ground Lease		$ 500	$ 0
Number of Ground Leases sold | lease		2
425 Park Avenue | Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage					54.80%
32 Old Slip
Schedule of Equity Method Investments [Line Items]
Ownership percentage				29.20%
Ground Lease Plus Fund
Schedule of Equity Method Investments [Line Items]
Basis difference in equity investment to be amortized					$ 19,700
Weighted average remaining term					102 years 7 months 6 days
Ownership percentage						53%
Leasehold Loan Fund
Schedule of Equity Method Investments [Line Items]
Basis difference in equity investment to be amortized					$ 15,000
Weighted average remaining term					3 years 8 months 12 days
Ownership percentage					53%
Commitment to provide loan to ground lessee								$ 105,000	$ 130,000
Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value					$ 243,490		180,388
Earnings from equity method investments					2,262	$ 2,276
Real estate equity investments | 425 Park Avenue
Schedule of Equity Method Investments [Line Items]
Carrying value					133,679		133,118
Earnings from equity method investments					835	851
Real estate equity investments | 32 Old Slip
Schedule of Equity Method Investments [Line Items]
Carrying value					48,564		$ 47,270
Earnings from equity method investments					1,427	$ 1,425
Real estate equity investments | Ground Lease Plus Fund
Schedule of Equity Method Investments [Line Items]
Carrying value					46,471
Real estate equity investments | Leasehold Loan Fund
Schedule of Equity Method Investments [Line Items]
Carrying value					$ 14,776
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Deferred Expenses and Other A_3

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Assets) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Deferred expenses and other assets
Operating lease, right-of-use asset		$ 37,032		$ 26,312
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Deferred expenses and other assets, net
Interest rate hedge assets		$ 15,306		29,346
Deferred finance costs, net		7,705		4,461
Other assets		13,979		2,664
Purchase deposits		4,333		4,333
Leasing costs, net		446		448
Corporate furniture, fixtures and equipment, net		1,308
Deferred expenses and other assets, net	[1],[2]	$ 80,109		67,564
Lease discount rate		5.50%
Accumulated amortization of deferred finance costs		$ 7,000		5,700
Below-market lease
Deferred expenses and other assets
Annual lease fee		400		$ 400
Real estate expense
Deferred expenses and other assets
Operating lease expense		100	$ 100
Other Income
Deferred expenses and other assets
Operating lease expense		$ 100	$ 100
[1] As of March 31, 2023, includes $2.9 million due from related parties. Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Deferred Expenses and Other A_4

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Accounts payable, accrued expenses and other liabilities
Interest payable		$ 57,715	$ 55,459
Other liabilities		15,656	17,639
Dividends declared and payable		27	11,067
Operating lease liability		19,636	5,471
Management fee payable			5,301
Accrued expenses		18,786	5,420
Interest rate hedge liabilities		14,384
Accounts payable, accrued expenses and other liabilities	[1],[2]	$ 126,204	100,357
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Accounts payable, accrued expenses and other liabilities
Other liabilities
Accounts payable, accrued expenses and other liabilities
Payable to the Manager for costs it paid on the Company's behalf			$ 3,100
[1] As of March 31, 2023 and December 31, 2022, includes $0.8 million and $8.5 million, respectively, due to related parties. 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	12 Months Ended
		Jan. 31, 2023	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2022	May 31, 2022	Jan. 31, 2022	Nov. 30, 2021	May 31, 2021
Debt Instrument [Line Items]
Total debt obligations				$ 3,945,101	$ 3,565,101
Debt premium, net				(43,263)	(43,742)
Total debt obligations, net	[1]			3,901,838	3,521,359
Secured Debt
Debt Instrument [Line Items]
Total debt obligations				1,498,113	1,498,113
Debt premium, net				(26,918)
Total debt obligations, net				1,471,195
Secured Debt | Assets pledged as collateral without right
Debt Instrument [Line Items]
Real estate, net investment in sales-type leases and Ground Leases receivables pledged as collateral on debt obligations				2,000,000
Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations				2,446,988	2,066,988
Debt premium, net				(16,345)
Total debt obligations, net				2,430,643
Unsecured Debt | Adjusted SOFR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (percent)		1%
Mortgages | Secured Debt
Debt Instrument [Line Items]
Total debt obligations				$ 1,498,113	$ 1,498,113
Weighted average interest rate				3.99%	3.99%
Weighted average cash interest rate				3.27%
Consolidated Mortgage Debt, Unconsolidated Mortgage Debt and Unsecured Senior Notes
Debt Instrument [Line Items]
Weighted average interest rate				3.82%
Weighted average cash interest rate				3.29%
2.80% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations				$ 400,000	$ 400,000
Stated interest rate				2.80%	2.80%				2.80%
2.85% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations				$ 350,000	$ 350,000
Stated interest rate				2.85%	2.85%			2.85%
3.98% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations				$ 475,000	$ 475,000
Stated interest rate				3.98%	3.98%		3.98%
5.15% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations				$ 151,988	$ 151,988
Stated interest rate				5.15%	5.15%	5.15%
Trust Preferred Securities | Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations				$ 100,000
Trust Preferred Securities | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (percent)				1.50%
2021 Unsecured Revolver maturing in 2026 | Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations				$ 970,000	$ 690,000
2021 Unsecured Revolver maturing in 2026 | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (percent)			1%
2021 Unsecured Revolver maturing in 2026 | Unsecured Debt | Adjusted SOFR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (percent)				1%	1%
2023 Unsecured Revolver maturing in 2025 | Unsecured Debt | Adjusted SOFR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (percent)				1%
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Debt Obligations, net (Narrativ

Debt Obligations, net (Narrative) (Details)	1 Months Ended						3 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($)	May 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	May 31, 2021 USD ($)	Mar. 31, 2021 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2022	Dec. 31, 2021 USD ($)
Secured Debt | Mortgages
Line of Credit Facility [Line Items]
Weighted average interest rate							3.99%	3.99%
Unsecured Debt | 2.80% Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount					$ 400,000,000
Stated interest rate					2.80%		2.80%	2.80%
Percent of par value at which the notes were issued					99.127%
Percentage of principal amount of debt at which debt can be redeemed					100%
Unsecured Debt | 2.85% Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount				$ 350,000,000
Stated interest rate				2.85%			2.85%	2.85%
Percent of par value at which the notes were issued				99.123%
Percentage of principal amount of debt at which debt can be redeemed				100%
Unsecured Debt | 3.98% Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount			$ 475,000,000
Stated interest rate			3.98%				3.98%	3.98%
Minimum percentage of aggregate principal amount that can be repaid at any time at the Company's discretion			5%
Percentage of principal amount of debt at which debt can be redeemed			100%
Unsecured Debt | 5.15% Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount		$ 150,000,000
Stated interest rate		5.15%					5.15%	5.15%
Stairstep interest rate, Years 1 through 10		2.50%
Stairstep interest rate, Years 11 through 20		3.75%
Stairstep interest rate, Years 21 through 30		5.15%
Minimum percentage of aggregate principal amount that can be repaid at any time at the Company's discretion		5%
Percentage of principal amount of debt at which debt can be redeemed		100%
Unsecured Debt | 2021 Unsecured Revolver maturing in 2026
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 1,000,000,000			$ 1,350,000,000
Number of extension options available | item						2
Debt extension term						12 months
Line of credit facility fee, percent						0.125%
Remaining borrowing capacity							$ 380,000,000
Unsecured Debt | Unsecured Revolver maturing in 2025
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Remaining borrowing capacity	$ 500,000,000
Unsecured Debt | LIBOR | Trust Preferred Securities
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (percent)							1.50%
Unsecured Debt | LIBOR | 2021 Unsecured Revolver maturing in 2026
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (percent)						1%
Unsecured Debt | Adjusted SOFR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (percent)	1%
Unsecured Debt | Adjusted SOFR | 2021 Unsecured Revolver maturing in 2026
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (percent)							1%	1%
Minimum | Unsecured Debt | Unsecured Senior Notes
Line of Credit Facility [Line Items]
Unencumbered assets to unsecured debt ration							1.25
Minimum | Unsecured Debt | 2021 and 2023 Unsecured Revolvers
Line of Credit Facility [Line Items]
Unencumbered assets to unsecured debt ration							1.33
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings							1.15

Debt Obligations, net (Schedu_2

Debt Obligations, net (Schedule of Debt Maturities) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2023 (remaining nine months)		$ 0
2024		0
2025		0
2026		970,000
2027		237,000
Thereafter		2,738,101
Total principal maturities		3,945,101	$ 3,565,101
Debt premium, discount and deferred financing costs, net		(43,263)	(43,742)
Total debt obligations, net	[1]	3,901,838	3,521,359
Secured Debt
Debt Instrument [Line Items]
2023 (remaining nine months)		0
2024		0
2025		0
2026		0
2027		237,000
Thereafter		1,261,113
Total principal maturities		1,498,113	1,498,113
Debt premium, discount and deferred financing costs, net		(26,918)
Total debt obligations, net		$ 1,471,195
Weighted average maturity of mortgages		28 years 3 months 18 days
Unsecured Debt
Debt Instrument [Line Items]
2023 (remaining nine months)		$ 0
2024		0
2025		0
2026		970,000
2027		0
Thereafter		1,476,988
Total principal maturities		2,446,988	$ 2,066,988
Debt premium, discount and deferred financing costs, net		(16,345)
Total debt obligations, net		$ 2,430,643
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Commitments and Contingencies -

Commitments and Contingencies - Lease Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating leases
2023 (remaining nine months)	$ 4,319
2024	5,692
2025	5,680
Total undiscounted cash flows	15,691
Present value discount	(1,491)
Other adjustments	5,436
Lease liabilities	$ 19,636	$ 5,471
Operating leases discount rate. office leases (percent)	5.80%
Operating leases, weighted average lease term (in years)	3 years 4 months 24 days
Annual amount due lessor for other property related payments other than rent	$ 400

Commitments and Contingencies_2

Commitments and Contingencies - Unfunded and Other Commitments (Details) $ in Millions	Mar. 31, 2023 USD ($) shareholder
Unfunded commitments
Leasehold improvement allowance, unfunded, pending milestone achievement | $	$ 238.3
Future funding obligation, amount | $	319.6
Performance-based commitments | $	$ 139.8
Legal Proceedings [Abstract]
Number of stockholders filing complaints related to the merger | shareholder	2
Number of stockholders sending demand letters related to the merger | shareholder	2
Number of stockholders sending draft complaints related to the merger | shareholder	1

Risk Management and Derivativ_3

Risk Management and Derivatives (Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Asset	$ 15,306		$ 29,346
Gross Liability	14,384
Cash flow hedge gain (loss) to be reclassified within twelve months	3,800
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	(28,424)	$ 4,256
Interest rate swap | Deferred expenses and other assets, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Asset	15,306		$ 29,346
Interest rate swap | Accounts payable, accrued expenses and other liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Liability	$ 14,384

Risk Management and Derivativ_4

Risk Management and Derivatives (Derivative Instrument Gain (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	$ (28,424)	$ 4,256
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	(943)	(1,033)
Designated as Hedging Instrument | Interest Expense | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	(28,424)	4,256
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	$ (943)	$ (1,033)

Equity (Narrative) (Details)

Equity (Narrative) (Details) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended
	Apr. 01, 2023 shares	Mar. 31, 2023 item D $ / shares shares	Mar. 31, 2023 item shares	Mar. 31, 2023 USD ($) item $ / shares shares	Mar. 31, 2022 USD ($) $ / shares	Dec. 31, 2023 shares	Sep. 30, 2018 shares
Class of Stock [Line Items]
Number of classes of common stock | item		1	1	1
Cash dividends declared | $				$ 11.1	$ 10.5
Dividends declared, per share (usd per share) | $ / shares				$ 0.177	$ 0.17
Award vesting period			4 years
2009 Long Term Incentive Plan
Class of Stock [Line Items]
Number of shares available for issuance for future awards (in shares)		267,094	267,094	267,094
Performance-based awards | Caret Performance Incentive Plan (the "Original Caret Performance Incentive Plan").
Class of Stock [Line Items]
Previously vested shares subject to additional vesting (as percentage)		25%
Awards expected to vest within the next year.						1,000
Performance-based awards | Amended Caret Performance Incentive Plan
Class of Stock [Line Items]
Trigger at average per share price (in dollars per share) | $ / shares		$ 60
Expiration term (in years)		4 years
Awards outstanding (in shares)	1,499,757
Awards granted during the period		76,801
Number of awards outstanding then outstanding units (as percentage)	15.41%
Number of awards outstanding then authorized units (as percentage)	12.50%
Performance-based awards | Amended Caret Performance Incentive Plan | Minimum
Class of Stock [Line Items]
Threshold consecutive trading days | D		30
Chief Financial Officer | Performance-based awards | Amended Caret Performance Incentive Plan
Class of Stock [Line Items]
Awards granted during the period		15,000
General and Administrative Expense | Performance-based awards | Caret Performance Incentive Plan (the "Original Caret Performance Incentive Plan").
Class of Stock [Line Items]
Share-based payment arrangement, expense | $					$ 0.3
Safehold, Inc. (Old SAFE) | 2017 Equity Incentive Plan
Class of Stock [Line Items]
Number of shares available for issuance for future awards (in shares)		0	0	0
Safehold, Inc. (Old SAFE) | Performance-based awards | Caret Performance Incentive Plan (the "Original Caret Performance Incentive Plan").
Class of Stock [Line Items]
Capital shares reserved for future issuance (in shares)							1,500,000

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 4,716	$ 24,907
Net (income) attributable to noncontrolling interests	(34)	(34)
Net income attributable to Safehold Inc. common shareholders for basic earnings per share	4,682	24,873
Net income attributable to Safehold Inc. common shareholders - diluted	$ 4,682	$ 24,873

Earnings Per Share (Earnings Al

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator for basic and diluted earnings per share:
Net income attributable to Safehold Inc. common shareholders - basic	$ 4,682	$ 24,873
Net income attributable to Safehold Inc. common shareholders - diluted	$ 4,682	$ 24,873
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings (in shares)	63,672,000	59,284,000
Add: Effect of assumed shares under treasury stock method for restricted stock units	0	1,000
Weighted average common shares outstanding for diluted earnings per common share (in shares)	63,672,000	59,285,000
Basic and diluted earnings per common share:
Net income attributable to Safehold Inc. common shareholders - basic	$ 0.07	$ 0.42
Net income attributable to Safehold Inc. common shareholders - diluted	$ 0.07	$ 0.42
Restricted stock units that are anti-dilutive	4,650

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ / shares in Units, $ in Thousands, ft² in Millions		1 Months Ended							3 Months Ended
	Aug. 10, 2022 USD ($) shares	Jul. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) director	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) lease property director	Feb. 28, 2022 USD ($) director shares	Nov. 30, 2021 USD ($) director	Jun. 30, 2021 USD ($) ft² director agreement	Mar. 31, 2023 USD ($) employee $ / shares shares	Mar. 31, 2022 USD ($) lease property
Related Party Transaction [Line Items]
Management fee paid with common stock, period of restriction from selling stock									2 years
Management fee, percent, threshold one									1%
Management fee, percent, threshold two									1.25%
Management fee, percent, threshold three									1.375%
Management fee, percent, threshold four									1.50%
Management fee expense									$ 5,199	$ 4,457
Termination fee, percent of prior years management fee									3%
Ground lease acquisition									$ 50,803	$ 216,765
Future funding obligation, amount									319,600
Number of new Ground Leases entered into | lease					3					3
General and Administrative Expense
Related Party Transaction [Line Items]
Management fee expense									5,200	$ 4,500
Land
Related Party Transaction [Line Items]
Payments to acquire land					$ 28,500
Manager | General and Administrative Expense | Incentive Fee
Related Party Transaction [Line Items]
Expenses from transactions with related party									0
Office space development property
Related Party Transaction [Line Items]
Number of square feet | ft²								1.1
Purchase price of property under purchase option agreement								$ 215,000
Mixed-use property
Related Party Transaction [Line Items]
Ground lease, additional construction, funding commitment			$ 35,000
Minimum
Related Party Transaction [Line Items]
Management fee, shareholders' equity, incremental threshold amount two									1,500,000
Management fee, shareholders' equity, incremental threshold amount three									3,000,000
Management fee, shareholders' equity, incremental threshold amount four									5,000,000
Maximum
Related Party Transaction [Line Items]
Management fee, shareholders' equity, incremental threshold amount one									1,500,000
Management fee, shareholders' equity, incremental threshold amount two									3,000,000
Management fee, shareholders' equity, incremental threshold amount three									$ 5,000,000
IPO
Related Party Transaction [Line Items]
Share price (in dollars per share) | $ / shares									$ 20
Caret Units
Related Party Transaction [Line Items]
Number of units sold | shares						108,571
Number of shares to be sold under purchase commitment related to merger | shares						28,571
Expected proceeds from sale of shares under purchase commitment						$ 5,000
Number of independent directors affiliated with an existing shareholder investing in redeemable noncontrolling interest | director						1
Period in which the entity is obligated to provide a public market listing						2 years
Caret Units | MSD Partners, L.P. [Member]
Related Party Transaction [Line Items]
Number of shares to be sold under purchase commitment related to merger | shares	100,000
Expected proceeds from sale of shares under purchase commitment	$ 20,000
Existing third-party Caret unit
Related Party Transaction [Line Items]
Number of shares to be sold under purchase commitment related to merger | shares									22,500
Expected proceeds from sale of shares under purchase commitment									$ 4,500
iStar Inc.
Related Party Transaction [Line Items]
Ground lease acquisition		$ 36,400		$ 9,000
Payment to acquire purchase option agreement								$ 1,200
Payments to acquire land					$ 122,000
Number of land properties acquired | property					3					3
Payment to terminate a real estate purchase option					$ 300
iStar Inc. | Land and Related Ground Lease
Related Party Transaction [Line Items]
Number of agreements entered into to acquire land and related Ground Lease | agreement								2
Purchase price per agreement for acquisition of land and related Ground Lease, subject to certain conditions being met							$ 33,300	$ 42,000
Multiple required by seller that may trigger payment of additional consideration							1.25	1.25
Percentage of required seller return on investment that may trigger payment of additional consideration							12%	9%
Future funding obligation, amount							$ 51,800
Number of independent directors affiliated with an existing shareholder participating in or related to a particular project or transaction | director							1	1
iStar Inc. | Maximum | Land and Related Ground Lease
Related Party Transaction [Line Items]
Real estate, leasehold improvement allowance								$ 83,000
Director
Related Party Transaction [Line Items]
Number of directors with indirect ownership in Ground lease tenant. | director					1
iStar Affiliate
Related Party Transaction [Line Items]
Number of independent directors affiliated with an existing shareholder participating in or related to a particular project or transaction | director						1
iStar Affiliate | Life Science Office Property Development
Related Party Transaction [Line Items]
Additional consideration paid						$ 9,000
iStar Affiliate | Mixed-use property
Related Party Transaction [Line Items]
Additional consideration paid			$ 5,000
iStar Shareholder Affiliate | Mixed-use property
Related Party Transaction [Line Items]
Number of directors affiliated with shareholder having indirect ownership in venture | director			1
iStar Inc.
Related Party Transaction [Line Items]
Number of years as active real estate investor									20 years
Number of agreements entered into to acquire land and related Ground Lease | agreement								2
iStar Inc. | General and Administrative Expense
Related Party Transaction [Line Items]
Expenses from transactions with related party									$ 3,100	$ 3,100
iStar Inc. | MSD Partners, L.P. [Member]
Related Party Transaction [Line Items]
Number of shares to be sold under purchase commitment related to merger | shares	5,405,406								5,405,406
Expected proceeds from sale of shares under purchase commitment	$ 200,000
Ground Lease tenant | iStar Affiliate | Life Science Office Property Development
Related Party Transaction [Line Items]
Loan commitment received to fund a recapitalization project						$ 130,000
Safehold, Inc. (Old SAFE)
Related Party Transaction [Line Items]
Number of employees | employee									0
Safehold, Inc. (Old SAFE) | Caret Units
Related Party Transaction [Line Items]
Number of units sold | shares						108,571
Percentage of authorized shares sold						1.08%
Number of shares to be sold under purchase commitment related to merger | shares						28,571
Percentage of authorized shares under commitment to be purchased						0.29%
Expected proceeds from sale of shares under purchase commitment						$ 5,000
Number of independent directors affiliated with an existing shareholder investing in redeemable noncontrolling interest | director						1
Period in which the entity is obligated to provide a public market listing						2 years
Venture in which iStar and an affiliate of an existing shareholder own noncontrolling interest | iStar Affiliate | Mixed-use property
Related Party Transaction [Line Items]
Loan commitment received to fund a recapitalization project			$ 105,000
MSD Partners, L.P. [Member] | Caret Units
Related Party Transaction [Line Items]
Number of shares to be sold under purchase commitment related to merger | shares									100,000
Expected proceeds from sale of shares under purchase commitment									$ 20,000

Related Party Transactions (Sta

Related Party Transactions (Star Holdings) (Details) - Star Holdings $ in Millions		3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Safehold Inc.
Related Party Transaction [Line Items]
Ownership percentage	21.20%	21.20%
Spinco Manager | Affiliated entity
Related Party Transaction [Line Items]
Annual management fee - Year 1	$ 25	$ 25
Annual management fee - Year 2	15	15
Annual management fee - Year 3	10	10
Annual management fee - Year 4	$ 5	$ 5
Annual management fee percent of gross book value, year five and thereafter	2%	2%
Management agreement initial term	1 year
Management agreement renewal term	1 year
Notice required to terminate management agreement without cause	180 days
Percentage approval of independent directors to terminate management agreement without cause	66.70%
Notice required to terminate management agreement with cause	30 days
Termination fee, termination without cause	$ 50	$ 50
Termination fee due to liquidation of consolidated assets after third anniversary of agreement	0	0
Termination fee due to reduction in consolidated assets - Year 1	30	30
Termination fee due to reduction in consolidated assets - Year 2	15	15
Termination fee due to reduction in consolidated assets - Year 3	$ 5	$ 5

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 05, 2023	Apr. 04, 2023	Mar. 31, 2023	Dec. 31, 2022
Subsequent events
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
Subsequent Events | Joint venture with sovereign wealth fund
Subsequent events
Joint venture commitments	$ 275
Ownership percentage	55%
Percent of Promote fee	15%
Internal Rate of Return	9%
Promote fee cap percent	1.275
Investment period	18 months
Subsequent Events | Joint venture with sovereign wealth fund | First five year following acquisition
Subsequent events
Percent of management fee	0.25%
Management fee term	5 years
Subsequent Events | Joint venture with sovereign wealth fund | After five years of acquisition
Subsequent events
Percent of management fee	0.15%
Subsequent Events | Joint venture with sovereign wealth fund | Sovereign wealth fund
Subsequent events
Joint venture commitments	$ 225
Ownership percentage	45%
Subsequent Events | Selling stockholder sales agreement | Maximum
Subsequent events
Aggregate number of shares		1,000,000
Subsequent Events | Primary sales agreement
Subsequent events
Common stock, par value (in dollars per share)	$ 0.01
Subsequent Events | Primary sales agreement | Maximum
Subsequent events
Aggregate sales price	$ 300