Star (STHO) 10-K 27 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-41572
Entity Registrant Name	Star Holdings
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	37-6762818
Entity Address, Address Line One	1114 Avenue of the Americas, 39th Floor
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	930-9400
Title of 12(b) Security	Common Shares of Beneficial Interest, $0.001 par value
Trading Symbol	STHO
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Public Float			$ 188
Common Stock, Shares, Outstanding		13,319,552
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the registrant’s 2024 Annual Meeting, to be filed within 120 days after the close of the registrant’s fiscal year, are incorporated by reference into Part III of this Annual Report on Form 10-K
Entity Central Index Key	0001953366
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	New York, New York

Combined and Consolidated Balan

Combined and Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Real estate
Real estate, at cost	[1]	$ 97,481	$ 94,593
Less: accumulated depreciation	[1]	(22,075)	(18,096)
Real estate, net	[1]	75,406	76,497
Land and development, net	[1]	181,394	232,014
Loans receivable and other lending investments, net ($497 and $925 of allowances as of December 31, 2023 and 2022, respectively)	[1]	20,898	48,655
Loan receivable held for sale	[1]		37,650
Other investments	[1]	316,451	587,138
Cash and cash equivalents	[1]	50,663	4,227
Accrued interest and operating lease income receivable, net	[1]	929	1,132
Deferred operating lease income receivable, net	[1]	997	1,137
Deferred expenses and other assets, net	[1]	22,459	16,921
Total assets	[1]	669,197	1,005,371
Liabilities:
Accounts payable, accrued expenses and other liabilities	[1],[2]	42,462	33,102
Debt obligations, net	[1]	192,895
Total liabilities	[1]	235,357	33,102
Commitments and contingencies (refer to Note 10)	[1]
Equity:
Net Parent Investment	[1]		971,543
Star Holdings shareholders' equity:
Common Stock, $0.001 par value, 200,000 shares authorized, 13,320 and zero shares issued and outstanding as of December 31, 2023 and 2022, respectively	[1]	13
Additional paid-in capital	[1]	607,623
Accumulated deficit	[1]	(196,441)
Accumulated other comprehensive loss	[1]	359
Star Holdings shareholders' equity	[1]	411,554
Noncontrolling interests	[1]	22,286	726
Total equity	[1]	433,840	972,269
Total liabilities and equity	[1]	$ 669,197	$ 1,005,371
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”). As of December 31, 2023, includes $7.2 million of management fees due to Safe (refer to Note 1).

Combined and Consolidated Bal_2

Combined and Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Loans receivable and other lending investments, allowances	$ 497	$ 925
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	200,000,000	200,000,000
Common Stock, shares issued (in shares)	13,320,000	0
Common Stock, shares outstanding (in shares)	13,319,552	0
Management fees due SAFE	$ 7,200

Combined and Consolidated State

Combined and Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues		$ 123,053	$ 124,077	$ 272,175
Costs and expenses:
Depreciation and amortization		4,572	4,910	6,487
General and administrative	[1]	36,199	10,937	46,340
Provision for (recovery of) loan losses		1,740	44,998	(8,085)
Impairment of assets			14,476	679
Other expense		791	494	515
Total costs and expenses		176,684	231,200	314,392
Unrealized and realized gain (losses) on equity investments		(171,394)		17,642
Income from sales of real estate		0	25,186	26,319
Income (loss) from operations before earnings from equity method investments and other items		(225,025)	(81,937)	1,744
Loss on early extinguishment of debt, net		(2,090)
Earnings from equity method investments		30,825	45,626	83,458
Net income (loss) from operations before income taxes		(196,290)	(36,311)	85,202
Income tax expense				(22,531)
Net income (loss)		(196,290)	(36,311)	62,671
Net (income) from operations attributable to noncontrolling interests		(66)	(37)	74
Net income (loss) allocable to common shareholders		$ (196,356)	$ (36,348)	$ 62,745
Per common share data:
Net income (loss) allocable to common shareholders - Basic		$ (14.74)	$ (2.73)	$ 4.71
Net income (loss) allocable to common shareholders - Diluted		$ (14.74)	$ (2.73)	$ 4.71
Weighted average number of common shares:
Basic (in shares)		13,320	13,320	13,320
Diluted (in shares)		13,320	13,320	13,320
Nonrelated party
Costs and expenses:
Interest expense		$ 16,672	$ 42,042	$ 51,369
Related party
Costs and expenses:
Interest expense		6,300
Operating lease income
Revenues:
Total revenues		6,738	12,859	16,824
Interest income
Revenues:
Total revenues		2,135	12,340	29,522
Other income
Revenues:
Total revenues	[2]	41,745	37,125	36,726
Land development revenue
Revenues:
Total revenues		72,435	61,753	189,103
Costs and expenses:
Cost of sales expense		62,657	63,441	171,961
Real estate expense
Costs and expenses:
Cost of sales expense		$ 47,753	$ 49,902	$ 45,126
[1] For the year ended December 31, 2023, includes $19.7 million of management fees incurred to related parties. During the years ended December 31, 2023, 2022, and 2021, includes $22.0 million, $21.5 million and $15.9 million, respectively, of revenues from hotel properties.

Combined and Consolidated Sta_2

Combined and Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total revenues		$ 123,053	$ 124,077	$ 272,175
General and Administrative | Related party
Management fees		19,700
Other income
Total revenues	[1]	41,745	37,125	36,726
Hotel properties
Total revenues		$ 22,000	$ 21,500	$ 15,900
[1] During the years ended December 31, 2023, 2022, and 2021, includes $22.0 million, $21.5 million and $15.9 million, respectively, of revenues from hotel properties.

Combined and Consolidated Sta_3

Combined and Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ (196,290)	$ (36,311)	$ 62,671
Other comprehensive income (loss):
Reclassification of losses on cash flow hedges into earnings upon realization	[1]		871	729
Reclassification of losses on available-for-sale securities			386
Unrealized losses on available-for-sale securities		359	(4,623)	(357)
Unrealized gains (losses) on cash flow hedges			9,802	3,239
Other comprehensive income (loss)		359	6,436	3,611
Comprehensive income (loss)		(195,931)	(29,875)	66,282
Comprehensive (income) loss attributable to noncontrolling interests		(66)	(37)	74
Comprehensive income (loss) attributable to common shareholders		$ (195,997)	$ (29,912)	$ 66,356
[1] Reclassified to “Earnings from equity method investments” in the Company’s combined and consolidated statements of operations for the Company’ impact of designated cash flow hedges at Safe (refer to Note 7).

Combined and Consolidated Sta_4

Combined and Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Net Parent Investment	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest [Member]	Total
Beginning Balance at Dec. 31, 2020				$ 1,796,625		$ 543	$ 1,797,168
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				62,745		(74)	62,671
Change in accumulated other comprehensive income (loss)				3,611			3,611
Stock-based compensation				23,360			23,360
Net transactions with iStar Inc.				(662,646)			(662,646)
Distributions to noncontrolling interests						(500)	(500)
Contributions from noncontrolling interests						794	794
Change in noncontrolling interest						(74)	(74)
Ending Balance at Dec. 31, 2021				1,223,695		689	1,224,384
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(36,348)		37	(36,311)
Change in accumulated other comprehensive income (loss)				6,436			6,436
Stock-based compensation				(11,806)			(11,806)
Net transactions with iStar Inc.				(210,434)			(210,434)
Ending Balance at Dec. 31, 2022				971,543		726	972,269	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)			$ (196,441)	85		66	(196,290)
Change in accumulated other comprehensive income (loss)				(989)	$ 359		(630)
Common shares issued in conjunction with Spin-Off (refer to Note 1)	$ 13	$ 607,623		(607,636)
Stock-based compensation				1,778			1,778
Net transactions with iStar Inc.				$ (364,781)			(364,781)
Distributions to noncontrolling interests						(2,542)	(2,542)
Contributions from noncontrolling interests (refer to Note 5)						20,961	20,961
Contributions from noncontrolling interests						3,098	3,098
Change in noncontrolling interest						(23)	(23)
Ending Balance at Dec. 31, 2023	$ 13	$ 607,623	$ (196,441)		$ 359	$ 22,286	$ 433,840	[1]
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Combined and Consolidated Sta_5

Combined and Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (196,290)	$ (36,311)	$ 62,671
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Provision for (recovery of) loan losses	1,740	44,998	(8,085)
Impairment of assets		14,476	679
Depreciation and amortization	4,572	4,910	6,487
Stock-based compensation	1,778	(11,806)	23,360
Amortization of discounts/premiums and deferred interest on loans, net	(959)	(6,859)	(14,481)
Deferred interest on loans received	4,517	8,725	27,526
Amortization of premium, discount and deferred financing costs and paid-in-kind interest on debt obligations, net	2,271
Earnings from equity method investments	(30,825)	(45,626)	(83,458)
Distributions from operations of other investments	21,793	26,317	29,896
Deferred operating lease income	140	431	(257)
Unrealized and realized (gains) losses on equity investments	171,394		(17,642)
Loss on early extinguishment of debt	2,090
Land development revenue (in excess of) cost of sales	(9,778)	1,688	(17,142)
Income from sales of real estate	0	(25,186)	(26,319)
Other operating activities, net	599	(2,492)	20,404
Changes in assets and liabilities:
Changes in accrued interest and operating lease income receivable	570	491	5,222
Changes in deferred expenses and other assets, net	(2,103)	2,506	1,647
Changes in accounts payable, accrued expenses and other liabilities	9,772	(3,620)	(1,974)
Cash flows used in operating activities	(18,719)	(27,358)	8,534
Cash flows from investing activities:
Originations and fundings of loans receivable and other lending investments, net	(6,388)	(6,740)	(75,250)
Capital expenditures on real estate assets	(997)	(676)	(677)
Capital expenditures on land and development assets	(13,057)	(21,807)	(23,929)
Repayments of and principal collections on loans receivable and other lending investments, net	31,757	129,109	270,393
Net proceeds from sales of loans receivable	37,650	75,921	122,609
Net proceeds from sales of other investments		12,819	111,429
Net proceeds from sales of real estate		39,567	127,348
Net proceeds from sales of land and development assets	68,964	59,946	182,723
Distributions from other investments	47,286	10,217	33,304
Contributions to and acquisition of interest in other investments		(81,737)	(71,183)
Cash, cash equivalents & restricted cash acquired upon consolidation of venture(refer to Note 5)	20,961
Other investing activities, net	(156)	19,444	(3,648)
Cash flows provided by investing activities	186,020	236,063	673,119
Cash flows from financing activities:
Net transactions with iStar Inc	(290,077)	(218,280)	(675,934)
Borrowings from debt obligations	253,070
Repayments of debt obligations	(69,787)
Payments for deferred financing costs	(3,543)
Distributions to noncontrolling interests	(2,542)		(500)
Payments for debt prepayment or extinguishment costs	(1,182)
Other financing activities, net		(25)
Cash flows used in financing activities	(114,061)	(218,305)	(676,434)
Changes in cash, cash equivalents and restricted cash	53,240	(9,600)	5,219
Cash, cash equivalents and restricted cash at beginning of period	7,474	17,074	11,855
Cash, cash equivalents and restricted cash at end of period	$ 60,714	$ 7,474	$ 17,074

Combined and Consolidated Sta_6

Combined and Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Reconciliation of cash and cash equivalents and restricted cash presented on the combined and consolidated statements of cash flows
Cash and cash equivalents	$ 50,663	[1]	$ 4,227	[1]	$ 15,504
Restricted cash included in deferred expenses and other assets, net	10,051		3,247		1,570
Total cash and cash equivalents and restricted cash	60,714		7,474		17,074
Supplemental disclosure of cash flow information:
Cash paid for interest	20,235		42,042		51,369
Supplemental disclosure of non-cash investing and financing activity:
Increase (decrease) in other investments and other assets upon contribution from iStar Inc.	(74,704)		7,846		13,288
Settlement of debt obligations	115,000
Assumption of debt obligations from iStar Inc.	125,000
Fundings and (repayments) of loan receivables and loan participations, net					(42,501)
Origination of loan receivable	2,550
Paid-in-kind interest on debt obligations	1,701
Contributions from noncontrolling interests					794
Accounts payable for capital expenditures on land and development and real estate assets	$ 951		828
Transfer of loan receivable to loans receivable held for sale			$ 37,650
Non-cash proceeds from sale of land and development asset					$ 1,200
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2023
Business and Organization
Business and Organization	Note 1—Business and Organization On March 31, 2023, Star Holdings, a Maryland statutory trust (the "Company," "Star Holdings," "we" or "us") completed a series of reorganization and separation transactions (collectively, the “Spin-Off”) in accordance with the terms of a Separation and Distribution Agreement (the “Separation and Distribution Agreement”), dated as of March 31, 2023, by and between iStar Inc., a Maryland corporation ("iStar"), and Star Holdings. To effectuate the Spin-Off: (i) iStar contributed its remaining legacy non-ground lease assets, 13,522,651 shares of common stock of Safehold Inc. (the “Safe Shares”) and certain other assets (“iStar Included Assets”) to Star Holdings; and (ii) iStar distributed 100% of the common shares of beneficial interest in Star Holdings to holders of common stock of iStar ("iStar Common Stock") by way of a pro rata distribution of 0.153 common shares of Star Holdings for each outstanding share of iStar Common Stock held on the record date of the distribution. The Spin-Off became effective at 12:02 a.m., Eastern Time, on March 31, 2023 (the “Spin-Off Effective Time”). Following the Spin-Off, Star Holdings became an independent, publicly traded company. Star Holdings' common shares commenced regular-way trading on the Nasdaq Global Market (the “Nasdaq”) under the symbol “STHO” on March 31, 2023. Shortly after the Spin-Off, iStar completed its previously-announced merger (the "Merger") with Safehold Inc., a Maryland corporation. iStar continued as the surviving corporation in the Merger and changed its name to “Safehold Inc.” ("Safe"). ​ The Company operates its business as one segment that focuses on realizing value for shareholders primarily by generating cash flows through active asset management and sales of its existing loans, operating properties and land and development properties. The Company’s short-term and long-term liquidity requirements include capital expenditures on its development projects, debt service, management fees and expense reimbursements payable to its Manager (refer to Note 7) and operating expenses, among others. The Company expects to meet its short-term liquidity requirements through any cash flows from operations, proceeds from asset sales, borrowings on the incremental facility under the Safe Credit Facility (refer to Note 9) and unrestricted cash. The Company expects to meet its long-term liquidity requirements through any cash flows from operations and proceeds from asset sales. ​ The combined and consolidated financial statements of the Company include loans and other lending investments, operating properties and land and development assets that represent the assets, liabilities and operations from the assets included in the Spin-Off. References to "iStar" in the notes to the Company's financial statements refer to iStar prior to the closing of the Merger and the Spin-Off. ​

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	12 Months Ended
	Dec. 31, 2023
Business and Organization
Basis of Presentation and Principles of Consolidation	Note 2—Basis of Presentation and Principles of Combination and Consolidation Basis of Presentation The combined and consolidated financial statements of the Company prior to the Spin-off on March 31, 2023 represented a combination of entities under common control that have been “carved out” from iStar’s consolidated financial statements. Historically, financial statements of the Company have not been prepared as it was not operated separately from iStar. These combined and consolidated financial statements reflect the revenues and expenses of the Company and include certain assets and liabilities that were included in the Spin-Off, which have been reflected at iStar’s historical basis. All intercompany balances and transactions have been eliminated. The combined and consolidated financial statements may not be indicative of the Company’s future performance and do not necessarily reflect what the financial position, results of operations and cash flows would have been had the Company operated as a standalone company during the periods presented. ​ These combined and consolidated financial statements include an allocation of general and administrative expenses and interest expense to the Company from iStar through the date of the Spin-Off. General and administrative expenses include certain iStar corporate functions, including executive oversight, treasury, finance, human resources, tax compliance and planning, internal audit, financial reporting, information technology and investor relations. General and administrative expenses, including stock-based compensation, represent a pro rata allocation of costs from iStar’s real estate finance, operating properties, land and development and corporate business segments based on the Company’s average net assets for those segments as a percentage of iStar’s average net assets for those segments. Interest expense, net of amounts capitalized, was allocated to the Company by calculating the Company’s average net assets as a percentage of the average net assets in iStar’s segments and multiplying that percentage by the interest expense allocated to iStar’s segments. The Company believes the allocation methodology for general and administrative expenses and interest expense is reasonable. Accordingly, the general and administrative expense and interest expense allocations presented in our combined and consolidated statements of operations for historical periods does not necessarily reflect what our general and administrative expenses and interest expense will be as a standalone public company. For the years ended December 31, 2023, 2022 and 2021, the Company was allocated $14.1 million, $10.9 million and $46.3 million, respectively, of general and administrative expense and $8.0 million, $42.0 million and $51.4 million, respectively, of interest expense. For the years ended December 31, 2023, 2022 and 2021, the general and administrative expense allocation includes $1.8 million, ($11.8) million and $23.4 million, respectively, of stock-based compensation (refer to Note 3). Subsequent to the Spin-Off, the Company has its own general and administrative expense and interest expense as a stand-alone public company. ​ Prior to the Spin-Off, certain of the entities included in the Company’s financial statements did not have bank accounts for the periods presented, and certain cash transactions for the Company were transacted through bank accounts owned by iStar. The combined and consolidated statements of cash flows for the periods presented were prepared as if operating, investing and financing transactions for the Company had been transacted through its own bank accounts. ​ Principles of Combination and Consolidation The combined and consolidated financial statements include on a carve-out basis the historical balance sheets and statements of operations and cash flows of assets, liabilities and operations included in the Spin-Off. For periods prior to March 31, 2023, the Company was allocated a number of shares of Safe common stock based on estimates driven by the total value of stock that iStar expected to contribute to the Company and the price per share of Safe common stock (refer to Note 7). Information for the periods subsequent to March 31, 2023 reflect the actual number of Safe Shares contributed to the Company. Consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 ASSETS ​ ​ ​ Real estate ​ ​ ​ Real estate, at cost ​ $ 94,682 ​ $ 94,159 Less: accumulated depreciation ​ (21,349) ​ (18,033) Real estate, net ​ 73,333 ​ 76,126 Land and development, net ​ 108,284 ​ 128,717 Cash and cash equivalents ​ 31,479 ​ 3,754 Accrued interest and operating lease income receivable, net ​ 24 ​ — Deferred operating lease income receivable, net ​ — ​ 6 Deferred expenses and other assets, net ​ 8,758 ​ 6,921 Total assets ​ $ 221,878 ​ $ 215,524 LIABILITIES ​ ​ Total liabilities ​ $ 23,600 ​ $ 24,406 ​ ​ Unconsolidated VIEs

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3—Summary of Significant Accounting Policies Real estate and land and development— Capitalization and depreciation — Certain improvements and replacements are capitalized when they extend the useful life of the asset. For real estate projects, the Company begins to capitalize qualifying development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other methods as appropriate during construction. The Company’s policy for interest capitalization on qualifying real estate assets is to use the average amount of accumulated expenditures during the period the asset is being prepared for its intended use, which is typically when physical construction commences, and a capitalization rate which is derived from specific borrowings on the qualifying asset or the Company’s corporate borrowing rate in the absence of specific borrowings. The Company ceases capitalization on the portions substantially completed and ready for their intended use. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements. ​ Purchase price allocation — The Company’s acquisition of properties are generally accounted for as asset acquisitions. For asset acquisitions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values and acquisition-related costs are capitalized and recorded in “Real estate, net” on the Company’s combined and consolidated balance sheets. ​ The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their relative fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of above-market leases and in-place leases which are each recorded at their relative fair values and included in “Deferred expenses and other assets, net” on the Company’s combined and consolidated balance sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their relative fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company’s combined and consolidated balance sheets. In-place leases are amortized over the remaining non-cancelable term and the amortization expense is included in “Depreciation and amortization” in the Company’s combined and consolidated statements of operations. Above-market (or below-market) lease value is amortized as a reduction of (or increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company may also engage in sale/leaseback transactions and execute leases with the occupant simultaneously with the purchase of the asset. These transactions are accounted for as asset acquisitions. ​ Impairments —  The Company reviews real estate assets to be held for use and land and development assets, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use and land and development assets are impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets and land and development assets, when applicable, are recorded in “Impairment of assets” in the Company’s combined and consolidated statements of operations. Real estate available and held for sale — The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company’s combined and consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets disposed of or classified as held for sale are included in “Impairment of assets” in the Company’s combined and consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. ​ 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. Assets held for sale may qualify as a discontinued operation if certain conditions exist. ​ 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 combined and 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. ​ Dispositions —  Gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification (“ASC”) 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets. The Company primarily uses specific identification and the relative sales value method to allocate costs. Gains on sales of real estate are included in “Income from sales of real estate” in the Company’s combined and consolidated statements of operations. ​ Loans receivable and other lending investments, net — Loans receivable and other lending investments, net includes both senior mortgages and subordinate mortgages and debt securities. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale. Loans receivable classified as held-for-investment are reported at their outstanding unpaid principal balance net of any unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans could also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses recorded in “Accumulated other comprehensive income (loss)” on the Company’s combined and consolidated balance sheets. Realized gains on the sale of available-for-sale securities are recorded in “Other income” in the Company’s combined and consolidated statements of operations. ​ Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs. ​ The Company may acquire properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company’s strategic plan to realize the maximum value from the collateral received, property is classified as “Land and development, net,” “Real estate, net” or “Real estate available and held for sale,” when the appropriate held for sale criteria are met, at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the allowance for loan losses as of the date of foreclosure. ​ Equity investments — Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. The Company’s periodic share of earnings and losses in equity method investees is included in “Earnings from equity method investments” in the combined and consolidated statements of operations. Equity method investments are included in “Other investments” on the Company’s combined and consolidated balance sheets. The Company also has equity interests that are not accounted for pursuant to the equity method of accounting. These equity interests are carried at cost, plus or minus any changes in value identified through observable comparable price changes in transactions in identical or similar investments of the same entity. These investments are included in “Other investments” on the Company’s combined and consolidated balance sheets and the changes in fair value for these investments are included in “Unrealized and realized gains (losses) on equity investments” in the combined and consolidated statements of operations. ​ The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in “Earnings from equity method investments” in the Company’s combined and consolidated statements of operations. ​ Cash and cash equivalents —  Cash and cash equivalents include cash held in bank accounts. Prior to the Spin-Off, certain of the entities included in the Company’s combined and consolidated financial statements did not have bank accounts for the periods presented, and certain cash transactions for the Company were transacted through bank accounts owned by iStar. Cash and cash equivalents presented on the Company’s combined and consolidated balance sheets represents cash held in bank accounts directly attributable to the Company or cash held in bank accounts attributable to consolidated ventures (refer to Note 5). As of December 31, 2023, $14.1 million of cash attributable to a consolidated venture is recorded in “Cash and cash equivalents” on the Company’s combined and consolidated balance sheet. ​ Restricted cash —  Restricted cash represents amounts required to be maintained for certain of the Company’s loans, real estate and land and development properties and also includes restricted cash attributable to consolidated ventures (refer to Note 5). Restricted cash is included in “Deferred expenses and other assets, net” on the Company’s combined and consolidated balance sheets. ​ Variable interest entities — Deferred expenses and other assets / Accounts payable, accrued expenses and other liabilities — Deferred expenses and other assets include right-of-use operating lease assets, restricted cash, prepaid expenses, certain non- tenant receivables and leasing costs. Leasing costs that include brokerage, legal and other costs are amortized over the life of the respective leases and presented as an operating activity in the Company’s combined and consolidated statements of cash flows. Accounts payable, accrued expenses and other liabilities primarily includes unearned revenue, accrued expenses and operating lease liabilities. ​ The Company, as lessee, records right-of-use operating lease assets in “Deferred expenses and other assets” and operating lease liabilities in “Accounts payable, accrued expenses and other liabilities,” both initially measured at the present value of the fixed and determinable lease payments. Some of the Company’s lease agreements include extension options, which are not included in the lease payments unless the extensions are reasonably certain to be exercised. For operating leases, the Company recognizes a single lease cost for ground leases in “Real estate expense” in the combined and consolidated statements of operations, calculated so that the cost of the lease is allocated generally on a straight-line basis over the term of the lease, and classifies all cash payments within operating activities in the combined and consolidated statements of cash flows. ​ Identified intangible assets and liabilities — Upon the acquisition of a business or an asset, the Company records intangible assets or liabilities acquired at their relative fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2023, all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in “Deferred expenses and other assets, net” and intangible liabilities are included in “Accounts payable, accrued expenses and other liabilities” on the Company’s combined and consolidated balance sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets, when applicable, are recorded in “Impairment of assets” in the Company’s combined and consolidated statements of operations. Revenue recognition — Operating lease income: The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” in the Company’s combined and consolidated statements of operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. The Company moves to cash basis operating lease income recognition in the period in which collectability of all lease payments is no longer considered probable. At such time, any operating lease receivable or deferred operating lease income receivable balance will be written off. If and when lease payments that were previously not considered probable of collection become probable, the Company will move back to the straight-line method of income recognition and record an adjustment to operating lease income in that period as if the lease was always on the straight-line method of income recognition. Interest Income: On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid by borrowers, the Company immediately recognizes the unamortized portion, which is included in “Other income” or “Other expense” in the Company’s combined and consolidated statements of operations. ​ The Company considers a loan to be non-performing and places 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. While on non-accrual status, based on the Company’s judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan’s carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. ​ Certain of the Company’s loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management’s determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. ​ Certain of the Company’s loan investments provide for additional interest based on the borrower’s operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. ​ During the year ended December 31, 2021, the Company recorded $2.3 million of interest income on a mezzanine loan ​ Other income: Other income includes dividend income from our investment in Safe (refer to Note 7), ancillary income from our operating properties, land and development projects and loan portfolio, revenues from golf course operations and hotel operations, which are recognized when rooms are occupied, and the related services are provided. Hotel revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. Other ancillary income could include gains from sales of loans, loan prepayment fees, yield maintenance payments, lease termination fees and other ancillary income. Land development revenue and cost of sales: Allowance for loan losses — The Company performs quarterly a comprehensive analysis of its loan portfolio and assigns risk ratings that incorporate 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 or tenant financial resources and investment collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being risk rated, with ratings ranging from “1” to “5” with “1” representing the lowest risk of loss and “5” representing the highest risk of loss. ​ Upon adoption of ASU 2016-13 on January 1, 2020, the Company implemented procedures to estimate its expected loss (“Expected Loss”) on its loans (including unfunded loan commitments) and held-to-maturity debt securities based on relevant information including historical realized loss rates, 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 and the Company analyzes its loan portfolio based upon its different categories of financial assets, which includes: (i) loans and held-to-maturity debt securities; and (ii) construction loans. ​ For the Company’s loans, held-to-maturity debt securities and construction loans, the Company analyzed its historical realized loss experience to estimate its Expected Loss. The Company adjusts 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 considers a loan to be non-performing and places 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 are returned to accrual status when they have become contractually current and management believes all amounts contractually owed will be received. The Company will record a specific allowance on a non-performing loan if the Company determines that the collateral fair value less costs to sell is less than the carrying value of the collateral-dependent asset. The specific allowance is increased (decreased) through “Provision for (recovery of) loan losses” in the Company’s combined and consolidated statements of operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower or tenant as the Company works toward a settlement or other alternative resolution, which can impact the potential for repayment or receipt of collateral. The Company’s policy is to charge off a loan when it determines, based on a variety of factors, that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at different times, including when the Company receives cash or other assets in a pre-foreclosure sale or takes control of the underlying collateral in full satisfaction of the loan upon foreclosure or deed-in-lieu, or when the Company has otherwise ceased significant collection efforts. The Company considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related allowance will be charged off. ​ The Company made the accounting policy election to record accrued interest on its loan portfolio separate from its loans receivable and other lending investments and to exclude accrued interest from its amortized cost basis disclosures (refer to Note 6). As of December 31, 2023 and 2022, accrued interest was $0.2 million and $0.1 million, respectively, and is recorded in "Accrued interest and operating lease income receivable, net" on the Company’s combined and consolidated balance sheets. The Company places loans on non-accrual status once interest on the loan becomes 90 days delinquent and reverses 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 years ended December 31, 2023, 2022 and 2021, the Company did not reverse any accrued interest on its loan portfolio. As of December 31, 2023, the Company did not have any non-performing loans. Loans receivable held for sale are carried at the lower of amortized cost or estimated fair value. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In some cases, the Company obtains external “as is” appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired or designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate. ​ Management evaluates available-for-sale debt securities held in “Loans receivable and other lending investments, net” for impairment if the security’s fair value is less than its amortized cost. If the Company has an impaired security, it will then determine if: (1) the Company has the intent to sell the security; (2) it is more likely than not that it will be required to sell the security before recovery; or (3) it does not expect to recover the entire amortized cost basis of the security. If the Company does not intend to sell the security, it is more likely than not that the entity will not be required to sell the security or it does not expect to recover its amortized cost, the Company will record an allowance for credit losses. The credit loss component of the allowance will be recorded (or reversed, if necessary), when applicable, as a “Provision for loan losses” in the Company’s combined and consolidated statements of operations, and the remainder of the allowance will be recorded in “Accumulated other comprehensive income (loss)” on the Company’s combined and consolidated balance sheets. ​ The Company also adopted ASU 2022-02, Financial Instruments—Credit Losses: Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) on January 1, 2023. 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 combined and consolidated financial statements. ​ Stock-based compensation — The Company does not have any stock-based compensation plans; however, prior to the Spin-Off, the Company has been allocated stock-based compensation expense from iStar, related to awards made to employees of iStar under its 2009 Long-Term Incentive Plan, for the years ended December 31, 2023, 2022 and 2021 (refer to Note 2). ​ iStar’s compensation cost for stock-based awards was measured on the grant date and adjusted over the period of the employees’ services to reflect: (i) estimated or actual forfeitures; and (ii) the outcome of awards with performance or service conditions through the requisite service period. iStar’s compensation cost for market-based awards was determined using a Monte Carlo model to simulate a range of possible future stock prices for iStar’s common stock, which is reflected in the grant date fair value. All compensation cost for market-based awards in which the service conditions are met is recognized regardless of whether the market-condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period. ​ Income taxes — The Company is subject to U.S. federal and state income taxation at corporate rates on its net taxable income. The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the carrying amounts in accordance with GAAP and the tax bases of assets and liabilities using enacted tax rates in effect for years in which the temporary differences are expected to reverse. Deferred income taxes could also reflect the impact of net operating loss and tax credit carryforwards. ​ For the year ended December 31, 2023, the Company recorded a deferred income tax expense in the amount of $2.5 million related primarily to the net effect of net operating losses associated with a predecessor entity that did not carryover and unrealized losses on the Company’s equity investments and impairments. For the year ended December 31, 2023, the Company also recorded an offsetting income tax benefit of $2.5 million to decrease the valuation allowance to reflect the Company's deferred tax assets at their more likely than not net realizable value, which is zero as of December 31, 2023. During the year ended December 31, 2022, the Company did not record a provision for income taxes because the benefit of operating losses incurred was offset by an increase in the valuation allowance. During the year ended December 31, 2021, the Company recorded an income tax expense of $22.5 million. The income tax expense in 2021 resulted primarily from tax at statutory rates on the Company’s net taxable income. During the year ended December 31, 2023, the Company paid $0.1 million in taxes. ​ The Company’s reconciliation of the income tax expense (benefit) if computed at the U.S. federal statutory income tax rate to the Company’s reported income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 Net income (loss) from operations before income taxes ​ $ (196,290) ​ $ (36,311) ​ $ 85,202 Statutory federal tax rate ​ ​ 21% ​ ​ 21% ​ ​ 21% Income tax expense (benefit) at statutory rates ​ ​ (41,221) ​ ​ (7,625) ​ ​ 17,892 State income taxes, net of federal benefit ​ ​ (12,825) ​ ​ (1,718) ​ ​ 4,337 Tax effect of net losses reported on predecessor entities ​ ​ 22,631 ​ ​ — ​ ​ — State net operating loss limitations ​ ​ 1,137 ​ ​ (1,047) ​ ​ 449 Equity adjustments ​ ​ — ​ ​ (3,266) ​ ​ (163) Noncontrolling interests ​ ​ (18) ​ ​ (10) ​ ​ 19 Deferred intercompany transactions ​ ​ 408 ​ ​ — ​ ​ — Basis adjustments ​ ​ 32,370 ​ ​ — ​ ​ — State franchise and minimum taxes ​ ​ — ​ ​ — ​ ​ (3) Valuation allowance ​ ​ (2,482) ​ ​ 13,666 ​ ​ — Income tax (benefit) expense ​ $ — ​ $ — ​ $ 22,531 ​ The Company evaluates whether its deferred tax assets are realizable and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating whether its deferred tax assets are realizable, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This analysis is inherently subjective, and requires the Company to forecast its business and general economic environment in future periods. Changes in estimates of our valuation allowance, if any, are included in “Income tax (expense) benefit” in the combined and consolidated statements of operations. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as “Income tax (expense) benefit” in the Company’s combined and consolidated statements of operations. ​ The Company had the following deferred tax assets (liabilities) as of December 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 Basis differences ​ $ 31,838 ​ $ 41,598 Deferred expense ​ ​ 949 ​ ​ 4,211 Depreciation ​ ​ 1,101 ​ ​ (2,613) Net operating loss carryforwards (1) ​ ​ 9,832 ​ ​ 50,386 Mark-to-market cost method investments ​ ​ 16,926 ​ ​ — Capitalized expenses ​ ​ 5,044 ​ ​ — Valuation allowance ​ ​ (65,690) ​ ​ (93,582) Deferred tax asset, net ​ $ — ​ $ — (1) The net operating loss (“NOL”) carryforwards can generally be used to offset both ordinary taxable income and capital gain net income in future years and are carried forward indefinitely. The deduction for NOL’s is limited to 80% of taxable income when utilized. ​ Earnings per share — For all periods presented prior to the Spin-Off, the weighted average shares outstanding for the Basic EPS

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate	Note 4—Real Estate The Company’s real estate assets were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2023 December 31, 2022 Land, at cost ​ $ 5,570 ​ $ 5,570 Buildings and improvements, at cost ​ 91,911 ​ 89,023 Less: accumulated depreciation ​ (22,075) ​ (18,096) Real estate, net ​ $ 75,406 ​ $ 76,497 ​ Dispositions — During the year ended December 31, 2022, the Company sold an operating property with a carrying value of $14.4 million and recognized gains of $25.2 million in “Income from sales of real estate” in the Company’s combined and consolidated statements of operations. During the year ended December 31, 2021, the Company sold a commercial operating property with a carrying value of $96.8 million and recognized gains of $25.6 million and sold residential operating properties and recognized gains of $0.7 million in “Income from sales of real estate” in the Company’s combined and consolidated statements of operations. Impairments— During the year ended December 31, 2022, the Company recognized an aggregate impairment of $1.8 million on an operating property based on the expected cash flows to be received. Tenant Reimbursements— Allowance for Doubtful Accounts— Future Minimum Operating Lease Payments— ​ ​ ​ ​ ​ Year ​ Amount 2024 ​ $ 4,298 2025 ​ 4,290 2026 ​ 4,205 2027 ​ 1,570 2028 ​ 242 Thereafter ​ 875 ​

Land and Development

Land and Development	12 Months Ended
	Dec. 31, 2023
Land And Development [Abstract]
Land and Development	Note 5—Land and Development The Company’s land and development assets were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ December 31, ​ December 31, ​ ​ 2023 2022 ​ Land and land development, at cost ​ $ 193,360 ​ $ 243,727 ​ Less: accumulated depreciation ​ (11,966) ​ (11,713) ​ Total land and development, net ​ $ 181,394 ​ $ 232,014 ​ ​ Dispositions— In September 2023, the Company sold a land parcel to a third-party and provided the buyer with a loan to finance the acquisition. If the buyer prepays the loan in full on or before a specified date, it will receive a discounted purchase price. The Company recorded the loan based on the discounted purchase price at origination since collection of the discounted portion of the sale is undetermined. The loan to the buyer is included in “Loans receivable and other lending investments, net” on the Company’s combined and consolidated balance sheet. In December 2023, the Company transferred the ownership interests in a subsidiary land owner to a third-party venture (the “Venture”) for its development and construction of a multifamily project in Asbury Park, NJ (the “Project”). In connection with this transfer, the Company (i) provided the Venture with a $10.6 million mezzanine loan that was fully funded at closing and is secured by the ownership interests in the subsidiary land owner; and (ii) provided a completion and carry guaranty on the Venture’s $80.0 million senior construction mortgage loan (refer to Note 9) with a third-party lender in return for a fee. The Company is a non-member manager of the Venture and is entitled to certain fees, but otherwise has no expected member-related economics. Until the mezzanine loan is repaid and the guaranties are released, the Company controls all decision-making of the Venture. The Venture is responsible for the funding and performance of all development and construction activities and the Company is not obligated to provide any capital contributions to the Venture. At closing, the third-party members provided $21.0 million in cash capital contributions to the Venture, exclusive of a $3.0 million deferred profits interest, which combined represent the total equity capitalization. ​ The Company determined that the Venture (and its consolidated subsidiaries developing the Project) is a VIE for which the Company is the primary beneficiary and thus consolidated it under ASC 810. As a result, for accounting purposes, the Project will be recorded on the Company’s combined and consolidated financial statements and the mezzanine loan will eliminate in consolidation. The $21.0 million in third-party cash capital contributions to the Venture represents noncontrolling interests in the Company’s combined and consolidated balance sheet. The Company expects this consolidation treatment to continue until the mezzanine loan is paid in full by the Venture and the Company’s senior loan guaranties are released by the lender. Impairments—

Loans Receivable and Other Lend

Loans Receivable and Other Lending Investments, net	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Loans Receivable and Other Lending Investments, net	Note 6—Loans Receivable and Other Lending Investments, net The following is a summary of the Company’s loans receivable and other lending investments by class ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2023 December 31, 2022 ​ Construction loans ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ — ​ $ 36,249 ​ Subtotal - gross carrying value of construction loans ​ — ​ 36,249 ​ Loans ​ ​ ​ Senior mortgages ​ 2,550 ​ — ​ Subordinate mortgages ​ 14,266 ​ 13,331 ​ Subtotal - gross carrying value of loans ​ 16,816 ​ 13,331 ​ Other lending investments ​ ​ ​ Available-for-sale debt securities ​ 4,579 ​ — ​ Subtotal - other lending investments ​ 4,579 ​ — ​ Total gross carrying value of loans receivable and other lending investments ​ 21,395 ​ 49,580 ​ Allowance for loan losses ​ (497) ​ (925) ​ Total loans receivable and other lending investments, net ​ $ 20,898 ​ $ 48,655 ​ ​ Allowance for Loan Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held to ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ Maturity Debt ​ Specific ​ ​ ​ Year Ended December 31, 2023 ​ Loans ​ Loans ​ Securities ​ Allowance ​ Total Allowance for loan losses at beginning of period ​ $ 92 ​ $ 437 ​ $ — ​ $ 396 ​ $ 925 Provision for (recovery of) loan losses (1) ​ (92) ​ 60 ​ — ​ (396) ​ (428) Allowance for loan losses at end of period ​ $ — ​ $ 497 ​ $ — ​ $ — ​ $ 497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 1,213 ​ $ 676 ​ $ 2,304 ​ $ 576 ​ $ 4,769 Provision for (recovery of) loan losses (1) ​ (725) ​ (239) ​ — ​ 46,034 ​ 45,070 Transfers ​ ​ (396) ​ ​ — ​ ​ (2,304) ​ ​ 2,700 ​ ​ — Charge-offs (1) ​ — ​ — ​ — ​ (48,914) ​ (48,914) Allowance for loan losses at end of period ​ $ 92 ​ $ 437 ​ $ — ​ $ 396 ​ $ 925 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 6,541 ​ $ 1,643 ​ $ 3,093 ​ $ 743 ​ $ 12,020 Recovery of loan losses (1) ​ (5,328) ​ (967) ​ (789) ​ (167) ​ (7,251) Allowance for loan losses at end of period ​ $ 1,213 ​ $ 676 ​ $ 2,304 ​ $ 576 ​ $ 4,769 (1) During the year ended December 31, 2023, the Company recorded a provision for loan losses of $1.7 million in its combined and consolidated statements of operations. The provision in 2023 was due primarily to a $2.2 million provision on the sale of a loan held for sale, which was partially offset by a recovery of loan losses due to the repayment of loans during the year ended December 31, 2023. During the year ended December 31, 2022, the Company recorded a provision for loan losses of $45.0 million in its combined and consolidated statements of operations. The provision in 2022 was due primarily to a $22.2 million specific provision on the Company’s held-to-maturity debt security, which was recorded at its repayment proceeds and a provision of $23.8 million on one loan prior to it being transferred to held for sale. During the year ended December 31, 2021, the Company recorded a recovery of loan losses of $8.1 million in its combined and consolidated statement of operations resulting from the repayment of loans during the period and an improving macroeconomic impact of the COVID-19 pandemic on commercial real estate markets, of which $1.0 million related to a provision for credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities". ​ The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually Collectively ​ ​ ​ ​ Evaluated for ​ Evaluated for ​ ​ ​ ​ ​ Impairment (1) ​ Impairment ​ Total As of December 31, 2023 ​ ​ ​ Loans ​ $ — ​ $ 16,816 ​ $ 16,816 Available-for-sale debt securities (2) ​ ​ — ​ ​ 4,579 ​ ​ 4,579 Less: Allowance for loan losses ​ — ​ (497) ​ (497) Total ​ $ — ​ $ 20,898 ​ $ 20,898 As of December 31, 2022 ​ ​ ​ Construction loans ​ $ 29,493 ​ $ 6,756 ​ $ 36,249 Loans ​ — ​ 13,331 ​ 13,331 Less: Allowance for loan losses ​ (396) ​ (529) ​ (925) Total ​ $ 29,097 ​ $ 19,558 ​ $ 48,655 (1) The carrying value of this loan includes amortized fees of $0.1 million as of December 31, 2022. The Company’s loans individually evaluated for impairment represent loans on non-accrual status and the unamortized amounts associated with these loans are not currently being amortized into income. (2) Available-for-sale debt securities were evaluated for impairment under ASC 326-30 – Financial Instruments-Credit Losses. Credit Characteristics The Company’s amortized cost basis in performing senior mortgages and subordinate mortgages, presented by year of origination and by credit quality, as indicated by risk rating, was as follows as of December 31, 2023 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of Origination ​ ​ 2023 2022 2021 2020 2019 Prior to 2019 Total Senior mortgages ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ 2,550 ​ — ​ — ​ — ​ — ​ — ​ 2,550 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ 2,550 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 2,550 Subordinate mortgages ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ 14,266 ​ 14,266 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 14,266 ​ $ 14,266 Total ​ $ 2,550 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 14,266 ​ $ 16,816 ​ ​ The Company’s amortized cost basis in performing senior mortgages and subordinate mortgages, presented by year of origination and by credit quality, as indicated by risk rating, was as follows as of December 31, 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of Origination ​ ​ 2022 2021 2020 2019 2018 Prior to 2018 Total Senior mortgages ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.5 ​ — ​ — ​ — ​ — ​ 6,756 ​ — ​ 6,756 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal (1) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 6,756 ​ $ — ​ $ 6,756 Subordinate mortgages ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ 13,331 ​ 13,331 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 13,331 ​ $ 13,331 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 6,756 ​ $ 13,331 ​ $ 20,087 (1) As of December 31, 2022, excludes $29.5 million for one loan on non-accrual status. ​ The Company’s amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ or Equal ​ Than ​ Total ​ ​ ​ ​ ​ Current ​ to 90 Days ​ 90 Days ​ Past Due ​ Total As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 2,550 ​ $ — ​ $ — ​ $ — ​ $ 2,550 Subordinate mortgages ​ ​ 14,266 ​ ​ — ​ ​ — ​ ​ — ​ ​ 14,266 Total ​ $ 16,816 ​ $ — ​ $ — ​ $ — ​ $ 16,816 As of December 31, 2022 ​ ​ ​ ​ ​ Senior mortgages ​ $ 6,756 ​ $ 29,493 ​ $ — ​ $ 29,493 ​ $ 36,249 Subordinate mortgages ​ 13,331 ​ — ​ — ​ — ​ 13,331 Total ​ $ 20,087 ​ $ 29,493 ​ $ — ​ $ 29,493 ​ $ 49,580 ​ Impaired Loans The Company’s impaired loans, presented by class, were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 As of December 31, 2022 ​ ​ ​ Unpaid ​ ​ ​ ​ Unpaid ​ ​ ​ ​ Amortized ​ Principal ​ Related ​ Amortized ​ Principal ​ Related ​ ​ Cost ​ Balance ​ Allowance ​ Cost ​ Balance ​ Allowance With an allowance recorded: ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages (1) ​ $ — ​ $ — ​ $ — ​ $ 29,493 ​ $ 29,358 ​ $ (396) Total ​ $ — ​ $ — ​ $ — ​ $ 29,493 ​ $ 29,358 ​ $ (396) (1) The Company has one non-accrual loan as of December 31, 2022 that is considered impaired and included in the table above. The Company did no t record any interest income on impaired loans for the years ended December 31, 2023, 2022 and 2021. The Company’s average recorded investment in impaired loans and interest income recognized, presented by class, was as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ Average Interest Average Interest Average Interest ​ ​ Recorded ​ Income ​ Recorded ​ Income ​ Recorded ​ Income ​ ​ Investment ​ Recognized ​ Investment ​ Recognized ​ Investment ​ Recognized With an allowance recorded: ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ — ​ $ — ​ $ 45,032 ​ $ — ​ $ 57,853 ​ $ — Total ​ $ — ​ $ — ​ $ 45,032 ​ $ — ​ $ 57,853 ​ $ — ​ Loans receivable held for sale Other lending investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ Net ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Estimated ​ Carrying ​ ​ Face Value ​ Cost Basis ​ Gain (Loss) ​ Fair Value ​ Value As of December 31, 2023 ​ ​ ​ ​ ​ Available-for-sale securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal debt securities (1) ​ $ 4,220 ​ $ 4,220 ​ $ 359 ​ $ 4,579 ​ $ 4,579 Total ​ $ 4,220 ​ $ 4,220 ​ $ 359 ​ $ 4,579 ​ $ 4,579 (1) In September 2023, the Company acquired two securities for $4.2 million. The securities both accrue interest at 7.0% and mature in July 2053. During the year ended December 31, 2022, the Company sold available-for-sale securities and recognized a gain of $2.9 million, which is recorded in “Other income” in the Company’s combined and consolidated statements of operations . During the year ended December 31, 2022, the Company received $75.0 million of repayments and recorded a $22.2 million provision in ‘Provision for (recovery of) loan losses” in its combined and consolidated statements of operations on a debt security.

Other Investments

Other Investments	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Other Investments	​ ​ Note 7—Other Investments The Company’s other 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 Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2023 2022 2023 2022 2021 Safehold Inc. ("Safe") (1) ​ $ 316,430 ​ $ 554,733 ​ $ 1,089 ​ $ 33,261 ​ $ 40,647 Other real estate and strategic equity investments (2) ​ ​ 21 ​ ​ 32,405 ​ ​ 29,736 ​ ​ 12,365 ​ ​ 42,811 Total ​ $ 316,451 ​ $ 587,138 ​ $ 30,825 ​ $ 45,626 ​ $ 83,458 (1) As of December 31, 2023, the Company owned 13.5 million shares of Safe common stock which, based on the closing price of $23.40 on December 29, 2023, had a market value of $316.4 million. The Company does not have significant influence over Safe and accounts for its investment in Safe as an equity investment under ASC 321 – Investments – Equity Securities (“ASC 321”), which requires that the Company adjust its investment in Safe to fair value through income at each reporting period. As such, the Company recognized an unrealized loss on equity investments of $171.4 million in its combined and consolidated statements of operations for the year ended December 31, 2023. Prior to the Spin-Off, iStar accounted for its investment in Safe as an equity method investment under ASC 323 – Investments – Equity Method and Joint Ventures (“ASC 323”) due to its ability to exercise significant influence. Pursuant to ASC 323-10-40-1, an equity method investor shall account for a share issuance by an investee as if the investor had sold a proportionate share of its investment. Any gain or loss to the investor resulting from an investee’s share issuance shall be recognized in earnings. For the years ended December 31, 2022 and 2021, equity in earnings includes $0.3 million and $22.7 million, respectively, of dilution gains resulting from Safe equity offerings. As of December 31, 2022, the Company was allocated ownership of approximately 15.2 million shares of Safe common stock from iStar. The allocation was adjusted based upon the final terms of the Spin-Off on March 31, 2023, and the Company’s investment basis was reduced by approximately 1.8 million shares with a carrying value of approximately $65.6 million, which was adjusted against additional paid-in capital within equity. (2) During the year ended December 31, 2023, earnings from equity method investments was primarily from asset sales at the ventures. During the year ended December 31, 2022, one of the Company’s real estate equity investments closed on the sale of a multifamily property. The Company received a distribution of $15.9 million from the sale and recognized a gain of $11.5 million in “Earnings from equity method investments” in the Company’s combined and consolidated statements of operations. In April 2022, the Company exchanged its 50% equity interest with a carrying value of $4.4 million in a venture that owned a hotel property for land underlying the property with an in-place Ground Lease valued at $9.0 million and recorded a gain of $4.6 million in “Earnings from equity method investments” in the combined and consolidated statements of operations. Subsequently, the Company sold the Ground Lease on the land to Safe for $9.0 million and did no t recognize any gain or loss on the sale. During the years ended December 31, 2021, the Company identified observable price changes in an equity security held by the Company as evidenced by orderly private issuances of similar securities by the same issuer. In accordance with ASC 321, the Company remeasured its equity investment at fair value and recognized aggregate mark-to-market gains during the year ended December 31, 2021 of $17.6 million, in “Unrealized and realized gains (losses) on equity investments” in the Company’s combined and consolidated statements of operations. The Company’s equity security was redeemed at its carrying value in the fourth quarter of 2021. ​ Safehold Inc. On March 31, 2023, the Company entered into the following agreements with Safe: Separation and Distribution Agreement Management Agreement Company (the “Board”). Pursuant to the Management Agreement, the manager is required to provide the Company with a management team, including a chief executive officer, a chief financial officer and a chief compliance officer, along with support personnel, to provide the management services to be provided by the manager to the Company. The manager does not assume any responsibility other than to render the services called for thereunder and is not responsible for any action of the Board in following or declining to follow its advice or recommendations. The initial term of the Management Agreement will expire on the first anniversary of the date of the Management Agreement and will be automatically renewed for a one-year term each anniversary date thereafter unless previously terminated pursuant to the terms thereof. The Company will pay the manager fixed cash management fees of $25.0 million, $15.0 million, $10.0 million and $5.0 million, respectively, in each of the initial four annual terms of the Management Agreement and 2.0% of the gross book value of the Company’s assets excluding the Safe Shares for each annual term thereafter, and will reimburse the manager for third party expenses incurred in connection with its services. During the year ended December 31, 2023, the Company recorded $19.7 million of management fees to the Manager. The Management Agreement may be terminated by the Company without cause by not less than one hundred eighty days’ written notice to the Manager upon the affirmative vote of at least two ​ In the event of a termination without cause by the Company prior to the fourth anniversary of the Spin-Off, the Company will pay the Manager a termination fee of $50.0 million minus the aggregate amount of management fees actually paid to the Manager prior to the termination date. However, if the Company 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 Manager based on a reduction in the amount of the Company’s combined and consolidated assets below designated thresholds, the Company will pay the 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. ​ Governance Agreement Pursuant to the terms of the Governance Agreement, the Company and its subsidiaries are subject to customary restrictions on the transfer of Safe Shares held by the Company for nine months. Furthermore, the Company and its subsidiaries are prohibited from transferring at any time any the Safe Shares held by the Company or its subsidiaries to any person who is known by the Company or its subsidiaries to be an “Activist” or “Company Competitor” (as such terms are defined in the Governance Agreement), or to any group that, to the knowledge of the Company or its subsidiaries, includes as “Activist” or “Company Competitor,” without first obtaining the Safe’s prior written consent. During a “restrictive period” which lasts until the earliest to occur of (i) the effective date on which Safe terminates the Management Agreement; or (ii) the date on which we beneficially own less than 7.5% of Safe’s outstanding common stock and Safe is no longer our external manager; or (iii) a Change of Control of Safe (as defined in the Governance Agreement), we and our directly or indirectly wholly owned subsidiaries are required to vote the Safe Shares in accordance with the recommendations of the board of directors of Safe. We have irrevocably designated and appointed the board of directors of Safe as our sole and exclusive attorney-in-fact and proxy with full power of substitution and re-substitution to exercise the voting power of our shares of Safe in accordance with these requirements. We will also be subject to certain standstill agreements during the restrictive period. The terms of such standstill agreements will restrict us from making certain acquisitions of Safe securities, seeking representation on Safe’s board of directors, participating in the solicitation of proxies or written consents of Safe shareholders, and taking other actions which could seek to influence or result in a change of control of Safe or cause or require Safe to make certain public announcements, except as permitted by the governance agreement or with the prior written consent of the independent directors of the board of directors of Safe. Registration Rights Agreement Safe Credit Facility Other real estate and strategic equity investments Summarized investee financial information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ For the Years Ended December 31, ​ 2023 2022 ​ 2023 2022 2021 Balance Sheets ​ ​ ​ ​ ​ ​ ​ Income Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 641 ​ $ 5,942,105 ​ Revenues ​ $ 86,894 ​ $ 625,162 ​ $ 883,259 Total liabilities ​ 703 ​ 3,745,332 ​ Expenses ​ (78,462) ​ (237,343) ​ (253,940) Noncontrolling interests ​ — ​ 23,067 ​ Net income (loss) attributable to parent entities ​ 47,673 ​ 378,557 ​ 629,085 Total equity (deficit) attributable to parent entities ​ (62) ​ 2,173,706 ​ ​ ​ ​ ​ During the years ended December 31, 2022 and 2021, Safe represented a significant subsidiary of the Company. For detailed financial information regarding Safe, please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov under the ticker symbol "SAFE" and are incorporated herein by reference.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2023
Other Assets and Other Liabilities [Abstract]
Other Assets and Other Liabilities	Note 8—Other Assets and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2023 December 31, 2022 ​ Other assets (1) ​ $ 8,882 ​ $ 9,471 ​ Operating lease right-of-use assets (2) ​ 1,380 ​ 1,860 ​ Restricted cash ​ 10,051 ​ 3,247 ​ Other receivables ​ 1,865 ​ 1,895 ​ Leasing costs, net (3) ​ 101 ​ 129 ​ Intangible assets, net (4) ​ ​ 180 ​ ​ 319 ​ Deferred expenses and other assets, net ​ $ 22,459 ​ $ 16,921 ​ (1) As of December 31, 2023 and 2022, other assets primarily includes prepaid expenses and deposits for certain real estate assets. (2) Right-of use lease assets initially equal the lease liability. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in “Real estate expense” in the Company’s combined and consolidated statements of operations. During the years ended December 31, 2023, 2022 and 2021, the Company recognized $0.5 million, $0.7 million and $0.6 million, respectively, in “Real estate expense” in its combined and consolidated statements of operations relating to operating leases. (3) Accumulated amortization of leasing costs was $0.2 million and $0.1 million as of December 31, 2023 and 2022, respectively. (4) Intangible assets, net includes above market and in-place lease assets related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $0.2 million and $0.1 million as of December 31, 2023 and 2022, respectively. The amortization of above market leases decreased operating lease income in the Company’s combined and consolidated statements of operations by $0.1 million, $0.1 million and $0.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $0.1 million, $0.1 million and $1.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts are included in “Depreciation and amortization” in the Company’s combined and consolidated statements of operations. As of December 31, 2023, the weighted average remaining amortization period for the Company’s intangible assets was approximately 4.8 years. ​ Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2023 December 31, 2022 ​ Other liabilities (1) ​ $ 35,010 ​ $ 26,235 ​ Accrued expenses ​ ​ 5,914 ​ ​ 4,861 ​ Operating lease liabilities (see table above) ​ 1,538 ​ 2,006 ​ Accounts payable, accrued expenses and other liabilities ​ $ 42,462 ​ $ 33,102 ​ (1) As of December 31, 2023, “Other liabilities” includes $20.1 million of deferred income, $7.2 million of management fees due Safe and $4.9 million of other payables related to real estate properties. As of December 31, 2022, "Other liabilities" includes $21.2 million of deferred income and $2.5 million of other payables related to real estate properties .

Debt Obligations, net

Debt Obligations, net	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt Obligations, net	Note 9—Debt Obligations, net The Company’s debt obligations were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ Stated ​ Scheduled ​ December 31, 2023 December 31, 2022 Interest Rates Maturity Date Debt obligations: ​ ​ ​ Safe Credit Facility ​ $ 115,000 ​ $ — ​ 8.00 % March 2027 Margin Loan Facility (1) ​ 81,914 ​ — ​ SOFR plus 3.00 % March 2026 Total debt obligations ​ 196,914 ​ — ​ Debt discounts and deferred financing costs, net ​ (4,019) ​ — ​ Total debt obligations, net (2) ​ $ 192,895 ​ $ — ​ (1) In December 2023, the Company elected to pay interest in kind (“PIK”) of $1.7 million which was added to the principal balance on the Margin Loan Facility. The applicable margin on the Margin Loan Facility increases by 25 basis points for the entirety of the interest period immediately succeeding any interest period with respect to which the Company makes a PIK election. (2) During the year ended December 31, 2023, the Company capitalized interest expense on qualifying real estate assets of $2.1 million. ​ Future Scheduled Maturities ​ ​ ​ ​ ​ 2024 ​ $ — 2025 ​ — 2026 ​ 81,914 2027 ​ 115,000 2028 ​ — Thereafter ​ — Total principal maturities ​ 196,914 Unamortized discounts and deferred financing costs, net ​ (4,019) Total debt obligations, net ​ $ 192,895 ​ Safe Credit Facility Interest on borrowings under the Safe Credit Facility is payable in cash and accrues interest at a rate of (x) 8.00% per annum or (y) to the extent any loan remains outstanding under an incremental facility available under the Safe Credit Facility at such time, 10.00% per annum, as applicable. Amounts outstanding under the Safe Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty. The Company paid a $0.6 million commitment fee in connection with the Safe Credit Facility. The Safe Credit Facility is secured by a first priority pledge of the equity interests in certain subsidiaries of the Company. During the year ended December 31, 2023, the Company incurred $7.2 million of interest expense gross of amounts capitalized on the Safe Credit Facility, which is included in “Interest expense – related party” in the Company’s combined and consolidated statements of operations. Margin Loan Facility Facility during the year ended December 31, 2023. The Margin Loan Facility is initially secured by a first priority pledge of the Safe Shares and has a maturity of March 31, 2026. Interest on the Margin Loan Facility is payable in cash; provided, that STAR SPV may, at its option, elect that the interest for any future interest period be paid-in-kind. Amounts outstanding under the Margin Loan Facility accrue interest at a rate equal to term SOFR for a three-month tenor plus a spread. Amounts outstanding under the Margin Loan Facility may be prepaid at any time upon prior notice, in whole or in part, subject to the payment of any applicable make-whole amount. During the three months ended March 31, 2023, the Company assumed a $125.0 million loan payable to iStar. The loan had an interest rate of 8.0%. As a result, the Company recognized $2.5 million of interest expense during the year ended December 31, 2023. The loan was repaid during the three months ended March 31, 2023. Senior Construction Mortgage Loan 3-year 12-month Debt Covenants The Margin Loan Facility requires that STAR SPV comply with various covenants, including, without limitation, covenants restricting, subject to certain exceptions, indebtedness, liens, investments and the payment of dividends. Additionally, the Margin Loan Facility includes customary representations and warranties, events of default and other creditor protections for this type of facility. Upon the occurrence of certain events which are customary for this type of facility, STAR SPV may be required to prepay all amounts due under the Margin Loan Facility or post additional collateral in accordance with the Margin Loan Facility and related agreements. A subsidiary of the Company provided a completion and carry guaranty on the Loan and is required to maintain a minimum net worth and a minimum liquidity amount both prior to and after the completion of the Project while the Loan is outstanding.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments ​ ​ ​ ​ ​ 2024 ​ $ 486 2025 ​ 486 2026 ​ 486 2027 ​ 162 2028 ​ — Thereafter ​ — Total undiscounted cash flows ​ 1,620 Present value discount (1) ​ (82) Lease liabilities ​ $ 1,538 (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 inception at the Company’s weighted average incremental secured borrowing rate for similar collateral estimated to be 3.0% and the weighted average remaining lease term is 3.3 years. ​ Legal Proceedings

Risk Management

Risk Management	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management	Risk management In the normal course of its on-going business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different points in time and potentially at different bases, than its interest-earning assets. Credit risk is the risk of default on the Company’s lending investments or leases that result from a borrower’s or tenant’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of loans and other lending investments due to changes in interest rates or other market factors, including the rate of prepayments of principal and the value of the collateral underlying loans, the valuation of real estate assets by the Company as well as changes in foreign currency exchange rates. Risk concentrations— Concentrations of credit risks arise when a number of borrowers, tenants or investees related to the Company’s investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. ​ All of the Company’s real estate and assets collateralizing its loans receivable are located in the United States. As of December 31, 2023, the Company’s portfolio contains concentrations in the following property types: entertainment/leisure, land and development, hotel, condominium and retail and the Safe Shares. The Company underwrites the credit of prospective borrowers and tenants and often requires them to provide some form of credit support such as corporate guarantees, letters of credit and/or cash security deposits. Although the Company’s loans and real estate assets are geographically diverse and the borrowers and tenants operate in a variety of industries, to the extent the Company has a significant concentration of interest or operating lease revenues from any single borrower or tenant, the inability of that borrower or tenant to make its payment could have a material adverse effect on the Company. In addition, declines in the market price of Safe common stock could require the Company to post additional collateral or prepay some or all of the outstanding borrowings under the Margin Loan Facility. ​

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity
Equity	Common Stock— iStar distributed 100% of the common shares of beneficial interest in the Company to holders of common stock of iStar ("iStar Common Stock") by way of a pro rata distribution of 0.153 common shares of the Company for each outstanding share of iStar Common Stock held on the record date of the distribution. Net Parent Investment— Accumulated Other Comprehensive Income (Loss) ​ ​

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	The following table presents a reconciliation of net income (loss) used in the basic and diluted earnings per share (“EPS”) calculations ($ in thousands, except for per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2023 2022 2021 Net income (loss) ​ $ (196,290) ​ $ (36,311) ​ $ 62,671 Net (income) from operations attributable to noncontrolling interests ​ (66) ​ (37) ​ 74 Net income (loss) allocable to common shareholders ​ $ (196,356) ​ $ (36,348) ​ $ 62,745 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2023 2022 2021 Earnings allocable to common shares: ​ ​ ​ ​ Numerator for basic and diluted earnings per share: ​ ​ ​ ​ Net income (loss) allocable to common shareholders ​ $ (196,356) ​ $ (36,348) ​ $ 62,745 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic and diluted earnings per share: (1) ​ ​ ​ Weighted average common shares outstanding for basic and diluted earnings per common share ​ 13,320 ​ 13,320 ​ 13,320 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted earnings per common share: ​ ​ ​ Net income (loss) allocable to common shareholders ​ $ (14.74) ​ $ (2.73) ​ $ 4.71 (1) For all periods presented prior to the Spin-Off, the weighted average shares outstanding for the EPS calculation assumes the pro rata distribution of 0.153 common shares of the Company’s common stock for each outstanding share of iStar Common Stock on the record date of the distribution were issued and outstanding.

Fair Values

Fair Values	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Values	Note 14—Fair Values Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Certain of the Company’s assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis. The following fair value hierarchy table summarizes the Company’s assets recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Using ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ market ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ prices in ​ other ​ Significant ​ ​ ​ ​ ​ active ​ observable ​ unobservable ​ ​ ​ ​ ​ markets ​ inputs ​ inputs ​ Total (Level 1) (Level 2) (Level 3) As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities (1) ​ $ 4,579 ​ $ — ​ $ — ​ $ 4,579 Other investments (refer to Note 7) ​ ​ 316,430 ​ ​ 316,430 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ Non-recurring basis: ​ ​ ​ ​ Real estate, net (2) ​ $ 811 ​ $ — ​ $ — ​ $ 811 Impaired land and development (3) ​ 26,300 ​ — ​ — ​ 26,300 Loans receivable held for sale (refer to Note 6) ​ ​ 37,650 ​ ​ — ​ ​ — ​ ​ 37,650 (1) The fair value of the Company’s available-for-sale debt securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) During the year ended December 31, 2022, the Company recorded a $1.8 million impairment on an operating property with an estimated fair value of $0.8 million. The estimated fair value is based on the cash flows expected to be received. (3) During the year ended December 31, 2022, the Company recorded a $12.7 million impairment on a land and development asset with an estimated fair value of $26.3 million. The estimated fair value is based on future cash flows expected to be received using a discount rate of 12.5% . ​ The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company’s combined and consolidated balance sheets for the years ended December 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Beginning balance ​ $ — ​ $ 28,092 Purchases ​ ​ 4,220 ​ ​ — Sales and repayments ​ ​ — ​ ​ (26,752) Realized gain recorded in other income ​ ​ — ​ ​ 2,897 Unrealized gain (loss) recorded in other comprehensive income (loss) ​ 359 ​ (4,237) Ending balance ​ $ 4,579 ​ $ — ​ Fair values of financial instruments— ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ As of December 31, 2022 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans receivable and other lending investments, net (1) ​ $ 21 ​ $ 17 ​ $ 49 ​ $ 46 Loans receivable held for sale (1) ​ ​ — ​ ​ — ​ ​ 38 ​ ​ 38 Equity investment in Safe (2) ​ ​ 316 ​ ​ 316 ​ ​ — ​ ​ — Cash and cash equivalents (3) ​ 51 ​ 51 ​ 4 ​ 4 Restricted cash (3) ​ 10 ​ 10 ​ 3 ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations, net (1) ​ ​ 193 ​ ​ 193 ​ ​ — ​ ​ — (1) The fair value of the Company’s loans receivable and other lending investments, net, loans receivable held for sale and debt obligations, net are classified as Level 3 within the fair value hierarchy. (2) The fair value of the Company’s investment in approximately 13.5 million shares of Safe common stock is classified as Level 1 within the fair value hierarchy, and is included within “Other investments” on the Company’s combined and consolidated balance sheet. (3) The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values. As of December 31, 2023, $14.1 million of cash and cash equivalents was attributable to a consolidated venture (refer to Note 5). Restricted cash is recorded in “Deferred expenses and other assets, net” on the Company’s combined and consolidated balance sheet. The fair value of the Company’s cash and cash equivalents and restricted cash are classified as Level 1 within the fair value hierarchy. ​ Impaired real estate Loans receivable and other lending investments, net and other lending investments fall within Level 3 of the fair value hierarchy. For certain lending investments, the Company uses market quotes, to the extent they are available, that fall within Level 2 of the fair value hierarchy or broker quotes that fall within Level 3 of the fair value hierarchy. The Company estimates the fair value of its non-performing loans, if any, using a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the collateral. This approach requires the Company to make judgments in respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual revenue growth, operating costs, costs of completion and the inventory sell out pricing and timing. The Company will also consider comparable market transactions, if available. In some cases, the Company obtains external “as is” appraisals for loan collateral, generally when third party participations exist, and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. Debt obligations, net

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to ​ Cost ​ Gross Amount Carried ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company ​ Capitalized ​ at Close of Period ​ ​ ​ ​ ​ ​ Depreciable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ Subsequent to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accumulated ​ Date ​ Life Description ​ ​ ​ Encumbrances ​ Land ​ Improvements ​ Acquisition (1) ​ Land ​ Improvements ​ Total ​ Depreciation ​ Acquired ​ (Years) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LAND: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ California ​ $ — ​ $ 28,464 $ 2,836 $ (19,453) $ 9,011 $ 2,836 $ 11,847 $ 2,949 (2) 2010 ​ — New Jersey ​ ​ ​ — ​ 43,300 ​ — ​ 24,662 ​ 67,962 ​ — ​ 67,962 ​ 1,270 (2) 2009 ​ — New Jersey ​ ​ ​ — ​ 3,992 ​ — ​ (94) ​ 3,898 ​ — ​ 3,898 ​ — ​ 2009 ​ — New Jersey ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,297 ​ ​ 2,297 ​ ​ — ​ ​ 2,297 ​ ​ — ​ 2023 ​ — New Jersey ​ ​ ​ — ​ 111 ​ 5,954 ​ 3,033 ​ 3,144 ​ 5,954 ​ 9,098 ​ — ​ 2009 ​ — New York ​ ​ ​ — ​ 58,900 ​ — ​ (32,600) ​ 26,300 ​ — ​ 26,300 ​ — ​ 2011 ​ — Virginia ​ ​ ​ — ​ 70,001 ​ — ​ 1,957 ​ 71,958 ​ — ​ 71,958 ​ 7,747 (2) 2009 ​ — Subtotal ​ ​ ​ — ​ 204,768 ​ 8,790 ​ (20,198) ​ 184,570 ​ 8,790 ​ 193,360 ​ 11,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RETAIL: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois ​ ​ ​ $ — ​ $ — ​ $ 336 ​ $ 326 ​ $ — ​ $ 662 ​ $ 662 ​ $ 301 ​ 2010 ​ 40.0 Virginia ​ ​ ​ ​ — ​ ​ — ​ ​ 2,137 ​ ​ — ​ ​ — ​ ​ 2,137 ​ ​ 2,137 ​ ​ 427 ​ 2009 ​ 40.0 Subtotal ​ ​ ​ — ​ — ​ 2,473 ​ 326 ​ — ​ 2,799 ​ 2,799 ​ 728 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ HOTEL: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Jersey ​ ​ ​ $ — ​ $ 297 ​ $ 18,299 ​ $ 4,159 ​ $ 297 ​ $ 22,458 ​ $ 22,755 ​ $ 5,603 ​ 2019 ​ 40.0 New Jersey ​ ​ ​ — ​ 120 ​ 6,548 ​ 23 ​ 120 ​ 6,571 ​ 6,691 ​ 744 ​ 2019 ​ 40.0 New Jersey ​ ​ ​ — ​ 3,815 ​ 40,194 ​ 5,037 ​ 3,815 ​ 45,231 ​ 49,046 ​ 12,452 ​ 2016 ​ 40.0 Subtotal ​ ​ ​ — ​ 4,232 ​ 65,041 ​ 9,219 ​ 4,232 ​ 74,260 ​ 78,492 ​ 18,799 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ENTERTAINMENT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Jersey ​ ​ ​ $ — ​ $ 750 ​ $ 10,670 ​ $ 875 ​ $ 750 ​ $ 11,545 ​ $ 12,295 ​ $ 1,921 ​ 2017 ​ 40.0 New York ​ ​ ​ — ​ 588 ​ 3,144 ​ 163 ​ 588 ​ 3,307 ​ 3,895 ​ 627 ​ 2013 ​ 40.0 Subtotal ​ ​ ​ — ​ 1,338 ​ 13,814 ​ 1,038 ​ 1,338 ​ 14,852 ​ 16,190 ​ 2,548 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL (3) ​ ​ ​ $ — ​ $ 210,338 ​ $ 90,118 ​ $ (9,615) ​ $ 190,140 ​ $ 100,701 ​ $ 290,841 ​ $ 34,041 (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Includes impairments and unit sales. (2) These properties have land improvements which have depreciable lives of 15 to 20 years . (3) The aggregate cost for Federal income tax purposes was approximately $0.5 billion at December 31, 2023. (4) Includes $12.0 million relating to accumulated depreciation for land and development assets as of December 31, 2023. The following table reconciles real estate from January 1, 2021 to December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Balance at January 1 ​ $ 338,320 ​ $ 415,963 ​ $ $ 660,896 Improvements and additions ​ 13,638 ​ 21,430 ​ 24,691 Dispositions ​ (61,117) ​ (85,450) ​ (268,945) Impairments ​ — ​ (13,623) ​ (679) Balance at December 31 ​ $ 290,841 ​ $ 338,320 ​ $ 415,963 ​ The following table reconciles accumulated depreciation from January 1, 2021 to December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Balance at January 1 ​ $ (29,808) ​ $ (36,702) ​ $ (32,643) Additions ​ (4,453) ​ (4,555) ​ (5,086) Dispositions ​ 220 ​ 11,449 ​ 1,027 Balance at December 31 ​ $ (34,041) ​ $ (29,808) ​ $ (36,702) ​

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Schedule IV—Mortgage Loans on Real Estate As of December 31, 2023 ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual ​ Contractual ​ ​ ​ ​ ​ ​ ​ ​ Face ​ Carrying Principal Amount of ​ ​ ​ ​ Interest ​ Interest ​ Effective ​ Periodic ​ ​ ​ ​ Amount ​ Amount Mortgages Subject to ​ ​ Underlying Accrual Payment Maturity Payment Prior of ​ of ​ Delinquent Principal Type of Loan/Borrower Property Type Rates Rates Dates Terms (1) Liens Mortgages ​ Mortgages (2) ​ or Interest Senior Mortgages: ​ ​ ​ ​ ​ ​ Borrower A Land Fixed: 8.00 % Fixed: 8.00 % March 2025 IO ​ — ​ $ 2,550 ​ $ 2,550 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinate Mortgages: ​ ​ ​ ​ Borrower B ​ Hotel Fixed: 6.80 % Fixed: 6.80 % September 2057 IO ​ — ​ 14,266 ​ 14,266 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14,266 ​ ​ 14,266 ​ ​ — Total mortgages ​ ​ ​ ​ ​ $ 16,816 ​ $ 16,816 ​ $ — (1) IO = Interest only. (2) The carrying amount of mortgages approximated the federal income tax basis. ​ Star Holdings Schedule IV—Mortgage Loans on Real Estate (Continued) As of December 31, 2023 ($ in thousands) ​ Reconciliation of Mortgage Loans on Real Estate: The following table reconciles Mortgage Loans on Real Estate from January 1, 2021 to December 31, 2023: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Balance at January 1 ​ $ 86,834 ​ $ 211,488 ​ $ 496,553 Additions: ​ ​ ​ New mortgage loans ​ 2,550 ​ — ​ 32,942 Additions under existing mortgage loans ​ 2,167 ​ 6,482 ​ 20,958 Other (2) ​ 811 ​ 4,233 ​ 7,455 Deductions (3) ​ ​ ​ ​ Collections of principal ​ (73,775) ​ (111,112) ​ (304,053) (Provision for) recovery of loan losses ​ (1,771) ​ (24,237) ​ 166 Transfers to real estate and equity investments ​ — ​ — ​ (42,501) Amortization of premium ​ — ​ (20) ​ (32) Balance at December 31 ​ $ 16,816 ​ $ 86,834 ​ $ 211,488 (1) Balances represent the carrying value of loans, which are net of asset specific allowances. (2) Amount includes amortization of discount and deferred interest capitalized. (3) Amounts are presented net of charge-offs for the years ended December 31, 2023 and 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The combined and consolidated financial statements of the Company prior to the Spin-off on March 31, 2023 represented a combination of entities under common control that have been “carved out” from iStar’s consolidated financial statements. Historically, financial statements of the Company have not been prepared as it was not operated separately from iStar. These combined and consolidated financial statements reflect the revenues and expenses of the Company and include certain assets and liabilities that were included in the Spin-Off, which have been reflected at iStar’s historical basis. All intercompany balances and transactions have been eliminated. The combined and consolidated financial statements may not be indicative of the Company’s future performance and do not necessarily reflect what the financial position, results of operations and cash flows would have been had the Company operated as a standalone company during the periods presented. ​ These combined and consolidated financial statements include an allocation of general and administrative expenses and interest expense to the Company from iStar through the date of the Spin-Off. General and administrative expenses include certain iStar corporate functions, including executive oversight, treasury, finance, human resources, tax compliance and planning, internal audit, financial reporting, information technology and investor relations. General and administrative expenses, including stock-based compensation, represent a pro rata allocation of costs from iStar’s real estate finance, operating properties, land and development and corporate business segments based on the Company’s average net assets for those segments as a percentage of iStar’s average net assets for those segments. Interest expense, net of amounts capitalized, was allocated to the Company by calculating the Company’s average net assets as a percentage of the average net assets in iStar’s segments and multiplying that percentage by the interest expense allocated to iStar’s segments. The Company believes the allocation methodology for general and administrative expenses and interest expense is reasonable. Accordingly, the general and administrative expense and interest expense allocations presented in our combined and consolidated statements of operations for historical periods does not necessarily reflect what our general and administrative expenses and interest expense will be as a standalone public company. For the years ended December 31, 2023, 2022 and 2021, the Company was allocated $14.1 million, $10.9 million and $46.3 million, respectively, of general and administrative expense and $8.0 million, $42.0 million and $51.4 million, respectively, of interest expense. For the years ended December 31, 2023, 2022 and 2021, the general and administrative expense allocation includes $1.8 million, ($11.8) million and $23.4 million, respectively, of stock-based compensation (refer to Note 3). Subsequent to the Spin-Off, the Company has its own general and administrative expense and interest expense as a stand-alone public company. ​ Prior to the Spin-Off, certain of the entities included in the Company’s financial statements did not have bank accounts for the periods presented, and certain cash transactions for the Company were transacted through bank accounts owned by iStar. The combined and consolidated statements of cash flows for the periods presented were prepared as if operating, investing and financing transactions for the Company had been transacted through its own bank accounts. ​
Principles of Combination and Consolidation	Principles of Combination and Consolidation The combined and consolidated financial statements include on a carve-out basis the historical balance sheets and statements of operations and cash flows of assets, liabilities and operations included in the Spin-Off. For periods prior to March 31, 2023, the Company was allocated a number of shares of Safe common stock based on estimates driven by the total value of stock that iStar expected to contribute to the Company and the price per share of Safe common stock (refer to Note 7). Information for the periods subsequent to March 31, 2023 reflect the actual number of Safe Shares contributed to the Company.
Capitalization and depreciation	Capitalization and depreciation — Certain improvements and replacements are capitalized when they extend the useful life of the asset. For real estate projects, the Company begins to capitalize qualifying development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other methods as appropriate during construction. The Company’s policy for interest capitalization on qualifying real estate assets is to use the average amount of accumulated expenditures during the period the asset is being prepared for its intended use, which is typically when physical construction commences, and a capitalization rate which is derived from specific borrowings on the qualifying asset or the Company’s corporate borrowing rate in the absence of specific borrowings. The Company ceases capitalization on the portions substantially completed and ready for their intended use. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements.
Purchase price allocation	Purchase price allocation — The Company’s acquisition of properties are generally accounted for as asset acquisitions. For asset acquisitions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values and acquisition-related costs are capitalized and recorded in “Real estate, net” on the Company’s combined and consolidated balance sheets. ​ The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their relative fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of above-market leases and in-place leases which are each recorded at their relative fair values and included in “Deferred expenses and other assets, net” on the Company’s combined and consolidated balance sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their relative fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company’s combined and consolidated balance sheets. In-place leases are amortized over the remaining non-cancelable term and the amortization expense is included in “Depreciation and amortization” in the Company’s combined and consolidated statements of operations. Above-market (or below-market) lease value is amortized as a reduction of (or increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company may also engage in sale/leaseback transactions and execute leases with the occupant simultaneously with the purchase of the asset. These transactions are accounted for as asset acquisitions.
Impairments	Impairments —  The Company reviews real estate assets to be held for use and land and development assets, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use and land and development assets are impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets and land and development assets, when applicable, are recorded in “Impairment of assets” in the Company’s combined and consolidated statements of operations.
Real estate available and held for sale	Real estate available and held for sale — The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company’s combined and consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets disposed of or classified as held for sale are included in “Impairment of assets” in the Company’s combined and consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. ​ 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. Assets held for sale may qualify as a discontinued operation if certain conditions exist. ​ 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 combined and 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.
Dispositions	Dispositions —  Gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification (“ASC”) 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets. The Company primarily uses specific identification and the relative sales value method to allocate costs. Gains on sales of real estate are included in “Income from sales of real estate” in the Company’s combined and consolidated statements of operations.
Loans receivable and other lending investments, net	Loans receivable and other lending investments, net — Loans receivable and other lending investments, net includes both senior mortgages and subordinate mortgages and debt securities. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale. Loans receivable classified as held-for-investment are reported at their outstanding unpaid principal balance net of any unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans could also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses recorded in “Accumulated other comprehensive income (loss)” on the Company’s combined and consolidated balance sheets. Realized gains on the sale of available-for-sale securities are recorded in “Other income” in the Company’s combined and consolidated statements of operations. ​ Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs. ​ The Company may acquire properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company’s strategic plan to realize the maximum value from the collateral received, property is classified as “Land and development, net,” “Real estate, net” or “Real estate available and held for sale,” when the appropriate held for sale criteria are met, at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the allowance for loan losses as of the date of foreclosure.
Equity investments	Equity investments — Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. The Company’s periodic share of earnings and losses in equity method investees is included in “Earnings from equity method investments” in the combined and consolidated statements of operations. Equity method investments are included in “Other investments” on the Company’s combined and consolidated balance sheets. The Company also has equity interests that are not accounted for pursuant to the equity method of accounting. These equity interests are carried at cost, plus or minus any changes in value identified through observable comparable price changes in transactions in identical or similar investments of the same entity. These investments are included in “Other investments” on the Company’s combined and consolidated balance sheets and the changes in fair value for these investments are included in “Unrealized and realized gains (losses) on equity investments” in the combined and consolidated statements of operations. ​ The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in “Earnings from equity method investments” in the Company’s combined and consolidated statements of operations.
Cash and cash equivalents	Cash and cash equivalents —  Cash and cash equivalents include cash held in bank accounts. Prior to the Spin-Off, certain of the entities included in the Company’s combined and consolidated financial statements did not have bank accounts for the periods presented, and certain cash transactions for the Company were transacted through bank accounts owned by iStar. Cash and cash equivalents presented on the Company’s combined and consolidated balance sheets represents cash held in bank accounts directly attributable to the Company or cash held in bank accounts attributable to consolidated ventures (refer to Note 5). As of December 31, 2023, $14.1 million of cash attributable to a consolidated venture is recorded in “Cash and cash equivalents” on the Company’s combined and consolidated balance sheet.
Restricted cash	Restricted cash —  Restricted cash represents amounts required to be maintained for certain of the Company’s loans, real estate and land and development properties and also includes restricted cash attributable to consolidated ventures (refer to Note 5). Restricted cash is included in “Deferred expenses and other assets, net” on the Company’s combined and consolidated balance sheets.
Variable interest entities	Variable interest entities —
Deferred expenses and other assets / accounts payable, accrued expenses and other liabilities	Deferred expenses and other assets / Accounts payable, accrued expenses and other liabilities — Deferred expenses and other assets include right-of-use operating lease assets, restricted cash, prepaid expenses, certain non- tenant receivables and leasing costs. Leasing costs that include brokerage, legal and other costs are amortized over the life of the respective leases and presented as an operating activity in the Company’s combined and consolidated statements of cash flows. Accounts payable, accrued expenses and other liabilities primarily includes unearned revenue, accrued expenses and operating lease liabilities. ​ The Company, as lessee, records right-of-use operating lease assets in “Deferred expenses and other assets” and operating lease liabilities in “Accounts payable, accrued expenses and other liabilities,” both initially measured at the present value of the fixed and determinable lease payments. Some of the Company’s lease agreements include extension options, which are not included in the lease payments unless the extensions are reasonably certain to be exercised. For operating leases, the Company recognizes a single lease cost for ground leases in “Real estate expense” in the combined and consolidated statements of operations, calculated so that the cost of the lease is allocated generally on a straight-line basis over the term of the lease, and classifies all cash payments within operating activities in the combined and consolidated statements of cash flows.
Identified intangible assets and liabilities	Identified intangible assets and liabilities — Upon the acquisition of a business or an asset, the Company records intangible assets or liabilities acquired at their relative fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2023, all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in “Deferred expenses and other assets, net” and intangible liabilities are included in “Accounts payable, accrued expenses and other liabilities” on the Company’s combined and consolidated balance sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets, when applicable, are recorded in “Impairment of assets” in the Company’s combined and consolidated statements of operations.
Revenue recognition	Revenue recognition — Operating lease income: The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” in the Company’s combined and consolidated statements of operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. The Company moves to cash basis operating lease income recognition in the period in which collectability of all lease payments is no longer considered probable. At such time, any operating lease receivable or deferred operating lease income receivable balance will be written off. If and when lease payments that were previously not considered probable of collection become probable, the Company will move back to the straight-line method of income recognition and record an adjustment to operating lease income in that period as if the lease was always on the straight-line method of income recognition. Interest Income: On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid by borrowers, the Company immediately recognizes the unamortized portion, which is included in “Other income” or “Other expense” in the Company’s combined and consolidated statements of operations. ​ The Company considers a loan to be non-performing and places 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. While on non-accrual status, based on the Company’s judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan’s carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. ​ Certain of the Company’s loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management’s determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. ​ Certain of the Company’s loan investments provide for additional interest based on the borrower’s operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. ​ During the year ended December 31, 2021, the Company recorded $2.3 million of interest income on a mezzanine loan ​ Other income: Other income includes dividend income from our investment in Safe (refer to Note 7), ancillary income from our operating properties, land and development projects and loan portfolio, revenues from golf course operations and hotel operations, which are recognized when rooms are occupied, and the related services are provided. Hotel revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. Other ancillary income could include gains from sales of loans, loan prepayment fees, yield maintenance payments, lease termination fees and other ancillary income. Land development revenue and cost of sales:
Allowance for loan losses	Allowance for loan losses — The Company performs quarterly a comprehensive analysis of its loan portfolio and assigns risk ratings that incorporate 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 or tenant financial resources and investment collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being risk rated, with ratings ranging from “1” to “5” with “1” representing the lowest risk of loss and “5” representing the highest risk of loss. ​ Upon adoption of ASU 2016-13 on January 1, 2020, the Company implemented procedures to estimate its expected loss (“Expected Loss”) on its loans (including unfunded loan commitments) and held-to-maturity debt securities based on relevant information including historical realized loss rates, 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 and the Company analyzes its loan portfolio based upon its different categories of financial assets, which includes: (i) loans and held-to-maturity debt securities; and (ii) construction loans. ​ For the Company’s loans, held-to-maturity debt securities and construction loans, the Company analyzed its historical realized loss experience to estimate its Expected Loss. The Company adjusts 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 considers a loan to be non-performing and places 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 are returned to accrual status when they have become contractually current and management believes all amounts contractually owed will be received. The Company will record a specific allowance on a non-performing loan if the Company determines that the collateral fair value less costs to sell is less than the carrying value of the collateral-dependent asset. The specific allowance is increased (decreased) through “Provision for (recovery of) loan losses” in the Company’s combined and consolidated statements of operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower or tenant as the Company works toward a settlement or other alternative resolution, which can impact the potential for repayment or receipt of collateral. The Company’s policy is to charge off a loan when it determines, based on a variety of factors, that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at different times, including when the Company receives cash or other assets in a pre-foreclosure sale or takes control of the underlying collateral in full satisfaction of the loan upon foreclosure or deed-in-lieu, or when the Company has otherwise ceased significant collection efforts. The Company considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related allowance will be charged off. ​ The Company made the accounting policy election to record accrued interest on its loan portfolio separate from its loans receivable and other lending investments and to exclude accrued interest from its amortized cost basis disclosures (refer to Note 6). As of December 31, 2023 and 2022, accrued interest was $0.2 million and $0.1 million, respectively, and is recorded in "Accrued interest and operating lease income receivable, net" on the Company’s combined and consolidated balance sheets. The Company places loans on non-accrual status once interest on the loan becomes 90 days delinquent and reverses 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 years ended December 31, 2023, 2022 and 2021, the Company did not reverse any accrued interest on its loan portfolio. As of December 31, 2023, the Company did not have any non-performing loans. Loans receivable held for sale are carried at the lower of amortized cost or estimated fair value. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In some cases, the Company obtains external “as is” appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired or designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate. ​ Management evaluates available-for-sale debt securities held in “Loans receivable and other lending investments, net” for impairment if the security’s fair value is less than its amortized cost. If the Company has an impaired security, it will then determine if: (1) the Company has the intent to sell the security; (2) it is more likely than not that it will be required to sell the security before recovery; or (3) it does not expect to recover the entire amortized cost basis of the security. If the Company does not intend to sell the security, it is more likely than not that the entity will not be required to sell the security or it does not expect to recover its amortized cost, the Company will record an allowance for credit losses. The credit loss component of the allowance will be recorded (or reversed, if necessary), when applicable, as a “Provision for loan losses” in the Company’s combined and consolidated statements of operations, and the remainder of the allowance will be recorded in “Accumulated other comprehensive income (loss)” on the Company’s combined and consolidated balance sheets. ​ The Company also adopted ASU 2022-02, Financial Instruments—Credit Losses: Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) on January 1, 2023. 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 combined and consolidated financial statements.
Stock-based compensation	Stock-based compensation — The Company does not have any stock-based compensation plans; however, prior to the Spin-Off, the Company has been allocated stock-based compensation expense from iStar, related to awards made to employees of iStar under its 2009 Long-Term Incentive Plan, for the years ended December 31, 2023, 2022 and 2021 (refer to Note 2). ​ iStar’s compensation cost for stock-based awards was measured on the grant date and adjusted over the period of the employees’ services to reflect: (i) estimated or actual forfeitures; and (ii) the outcome of awards with performance or service conditions through the requisite service period. iStar’s compensation cost for market-based awards was determined using a Monte Carlo model to simulate a range of possible future stock prices for iStar’s common stock, which is reflected in the grant date fair value. All compensation cost for market-based awards in which the service conditions are met is recognized regardless of whether the market-condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period.
Income taxes	​ Income taxes — The Company is subject to U.S. federal and state income taxation at corporate rates on its net taxable income. The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the carrying amounts in accordance with GAAP and the tax bases of assets and liabilities using enacted tax rates in effect for years in which the temporary differences are expected to reverse. Deferred income taxes could also reflect the impact of net operating loss and tax credit carryforwards. ​ For the year ended December 31, 2023, the Company recorded a deferred income tax expense in the amount of $2.5 million related primarily to the net effect of net operating losses associated with a predecessor entity that did not carryover and unrealized losses on the Company’s equity investments and impairments. For the year ended December 31, 2023, the Company also recorded an offsetting income tax benefit of $2.5 million to decrease the valuation allowance to reflect the Company's deferred tax assets at their more likely than not net realizable value, which is zero as of December 31, 2023. During the year ended December 31, 2022, the Company did not record a provision for income taxes because the benefit of operating losses incurred was offset by an increase in the valuation allowance. During the year ended December 31, 2021, the Company recorded an income tax expense of $22.5 million. The income tax expense in 2021 resulted primarily from tax at statutory rates on the Company’s net taxable income. During the year ended December 31, 2023, the Company paid $0.1 million in taxes. ​ The Company’s reconciliation of the income tax expense (benefit) if computed at the U.S. federal statutory income tax rate to the Company’s reported income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 Net income (loss) from operations before income taxes ​ $ (196,290) ​ $ (36,311) ​ $ 85,202 Statutory federal tax rate ​ ​ 21% ​ ​ 21% ​ ​ 21% Income tax expense (benefit) at statutory rates ​ ​ (41,221) ​ ​ (7,625) ​ ​ 17,892 State income taxes, net of federal benefit ​ ​ (12,825) ​ ​ (1,718) ​ ​ 4,337 Tax effect of net losses reported on predecessor entities ​ ​ 22,631 ​ ​ — ​ ​ — State net operating loss limitations ​ ​ 1,137 ​ ​ (1,047) ​ ​ 449 Equity adjustments ​ ​ — ​ ​ (3,266) ​ ​ (163) Noncontrolling interests ​ ​ (18) ​ ​ (10) ​ ​ 19 Deferred intercompany transactions ​ ​ 408 ​ ​ — ​ ​ — Basis adjustments ​ ​ 32,370 ​ ​ — ​ ​ — State franchise and minimum taxes ​ ​ — ​ ​ — ​ ​ (3) Valuation allowance ​ ​ (2,482) ​ ​ 13,666 ​ ​ — Income tax (benefit) expense ​ $ — ​ $ — ​ $ 22,531 ​ The Company evaluates whether its deferred tax assets are realizable and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating whether its deferred tax assets are realizable, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This analysis is inherently subjective, and requires the Company to forecast its business and general economic environment in future periods. Changes in estimates of our valuation allowance, if any, are included in “Income tax (expense) benefit” in the combined and consolidated statements of operations. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as “Income tax (expense) benefit” in the Company’s combined and consolidated statements of operations. ​ The Company had the following deferred tax assets (liabilities) as of December 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 Basis differences ​ $ 31,838 ​ $ 41,598 Deferred expense ​ ​ 949 ​ ​ 4,211 Depreciation ​ ​ 1,101 ​ ​ (2,613) Net operating loss carryforwards (1) ​ ​ 9,832 ​ ​ 50,386 Mark-to-market cost method investments ​ ​ 16,926 ​ ​ — Capitalized expenses ​ ​ 5,044 ​ ​ — Valuation allowance ​ ​ (65,690) ​ ​ (93,582) Deferred tax asset, net ​ $ — ​ $ — (1) The net operating loss (“NOL”) carryforwards can generally be used to offset both ordinary taxable income and capital gain net income in future years and are carried forward indefinitely. The deduction for NOL’s is limited to 80% of taxable income when utilized. ​
Earnings per share	Earnings per share — For all periods presented prior to the Spin-Off, the weighted average shares outstanding for the Basic EPS calculation assumes the pro
New accounting pronouncements	New Accounting Pronouncements —In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05 requires a joint venture to initially measure all contributions received upon its formation at fair value and is effective for all joint venture entities with a formation date on or after January 1, 2025. ASU 2023-05 is to be applied on a prospective basis, while retrospective application can be elected for joint ventures formed before the effective date. The Company is currently evaluating ASU 2023-05 but does not expect this standard to have a material impact on its consolidated financial statements. ​ In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires greater disaggregation of information in the rate reconciliation, income taxes paid disaggregated by jurisdiction and certain other amendments to improve income tax disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating ASU 2023-09 but does not expect this standard to have a material impact on its consolidated financial statements.

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Tables)	12 Months Ended
	Dec. 31, 2023
Business and Organization
Schedule of assets and liabilities of consolidated VIEs	The following table presents the assets and liabilities of the Company’s consolidated VIEs included in the Company’s combined and consolidated financial statements as of December 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2023 December 31, 2022 ASSETS ​ ​ ​ Real estate ​ ​ ​ Real estate, at cost ​ $ 94,682 ​ $ 94,159 Less: accumulated depreciation ​ (21,349) ​ (18,033) Real estate, net ​ 73,333 ​ 76,126 Land and development, net ​ 108,284 ​ 128,717 Cash and cash equivalents ​ 31,479 ​ 3,754 Accrued interest and operating lease income receivable, net ​ 24 ​ — Deferred operating lease income receivable, net ​ — ​ 6 Deferred expenses and other assets, net ​ 8,758 ​ 6,921 Total assets ​ $ 221,878 ​ $ 215,524 LIABILITIES ​ ​ Total liabilities ​ $ 23,600 ​ $ 24,406

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of reconciliation of the income tax expense (benefit)	The Company’s reconciliation of the income tax expense (benefit) if computed at the U.S. federal statutory income tax rate to the Company’s reported income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 Net income (loss) from operations before income taxes ​ $ (196,290) ​ $ (36,311) ​ $ 85,202 Statutory federal tax rate ​ ​ 21% ​ ​ 21% ​ ​ 21% Income tax expense (benefit) at statutory rates ​ ​ (41,221) ​ ​ (7,625) ​ ​ 17,892 State income taxes, net of federal benefit ​ ​ (12,825) ​ ​ (1,718) ​ ​ 4,337 Tax effect of net losses reported on predecessor entities ​ ​ 22,631 ​ ​ — ​ ​ — State net operating loss limitations ​ ​ 1,137 ​ ​ (1,047) ​ ​ 449 Equity adjustments ​ ​ — ​ ​ (3,266) ​ ​ (163) Noncontrolling interests ​ ​ (18) ​ ​ (10) ​ ​ 19 Deferred intercompany transactions ​ ​ 408 ​ ​ — ​ ​ — Basis adjustments ​ ​ 32,370 ​ ​ — ​ ​ — State franchise and minimum taxes ​ ​ — ​ ​ — ​ ​ (3) Valuation allowance ​ ​ (2,482) ​ ​ 13,666 ​ ​ — Income tax (benefit) expense ​ $ — ​ $ — ​ $ 22,531
Schedule of deferred tax assets and liabilities	The Company had the following deferred tax assets (liabilities) as of December 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 Basis differences ​ $ 31,838 ​ $ 41,598 Deferred expense ​ ​ 949 ​ ​ 4,211 Depreciation ​ ​ 1,101 ​ ​ (2,613) Net operating loss carryforwards (1) ​ ​ 9,832 ​ ​ 50,386 Mark-to-market cost method investments ​ ​ 16,926 ​ ​ — Capitalized expenses ​ ​ 5,044 ​ ​ — Valuation allowance ​ ​ (65,690) ​ ​ (93,582) Deferred tax asset, net ​ $ — ​ $ — (1) The net operating loss (“NOL”) carryforwards can generally be used to offset both ordinary taxable income and capital gain net income in future years and are carried forward indefinitely. The deduction for NOL’s is limited to 80% of taxable income when utilized.

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of real estate assets	The Company’s real estate assets were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2023 December 31, 2022 Land, at cost ​ $ 5,570 ​ $ 5,570 Buildings and improvements, at cost ​ 91,911 ​ 89,023 Less: accumulated depreciation ​ (22,075) ​ (18,096) Real estate, net ​ $ 75,406 ​ $ 76,497
Schedule of future minimum lease payments to be collected under non-cancelable operating leases	Future Minimum Operating Lease Payments— ​ ​ ​ ​ ​ Year ​ Amount 2024 ​ $ 4,298 2025 ​ 4,290 2026 ​ 4,205 2027 ​ 1,570 2028 ​ 242 Thereafter ​ 875 ​

Land and Development (Tables)

Land and Development (Tables)	12 Months Ended
	Dec. 31, 2023
Land And Development [Abstract]
Schedule of land and development assets	The Company’s land and development assets were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ December 31, ​ December 31, ​ ​ 2023 2022 ​ Land and land development, at cost ​ $ 193,360 ​ $ 243,727 ​ Less: accumulated depreciation ​ (11,966) ​ (11,713) ​ Total land and development, net ​ $ 181,394 ​ $ 232,014 ​

Loans Receivable and Other Le_2

Loans Receivable and Other Lending Investments, net (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Schedule of the company's loans and other lending investments by class	The following is a summary of the Company’s loans receivable and other lending investments by class ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2023 December 31, 2022 ​ Construction loans ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ — ​ $ 36,249 ​ Subtotal - gross carrying value of construction loans ​ — ​ 36,249 ​ Loans ​ ​ ​ Senior mortgages ​ 2,550 ​ — ​ Subordinate mortgages ​ 14,266 ​ 13,331 ​ Subtotal - gross carrying value of loans ​ 16,816 ​ 13,331 ​ Other lending investments ​ ​ ​ Available-for-sale debt securities ​ 4,579 ​ — ​ Subtotal - other lending investments ​ 4,579 ​ — ​ Total gross carrying value of loans receivable and other lending investments ​ 21,395 ​ 49,580 ​ Allowance for loan losses ​ (497) ​ (925) ​ Total loans receivable and other lending investments, net ​ $ 20,898 ​ $ 48,655 ​ ​
Schedule of changes in the company's allowance for loan losses	Changes in the Company’s allowance for loan losses were as follows for the years ended December 31, 2023, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held to ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ Maturity Debt ​ Specific ​ ​ ​ Year Ended December 31, 2023 ​ Loans ​ Loans ​ Securities ​ Allowance ​ Total Allowance for loan losses at beginning of period ​ $ 92 ​ $ 437 ​ $ — ​ $ 396 ​ $ 925 Provision for (recovery of) loan losses (1) ​ (92) ​ 60 ​ — ​ (396) ​ (428) Allowance for loan losses at end of period ​ $ — ​ $ 497 ​ $ — ​ $ — ​ $ 497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 1,213 ​ $ 676 ​ $ 2,304 ​ $ 576 ​ $ 4,769 Provision for (recovery of) loan losses (1) ​ (725) ​ (239) ​ — ​ 46,034 ​ 45,070 Transfers ​ ​ (396) ​ ​ — ​ ​ (2,304) ​ ​ 2,700 ​ ​ — Charge-offs (1) ​ — ​ — ​ — ​ (48,914) ​ (48,914) Allowance for loan losses at end of period ​ $ 92 ​ $ 437 ​ $ — ​ $ 396 ​ $ 925 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses at beginning of period ​ $ 6,541 ​ $ 1,643 ​ $ 3,093 ​ $ 743 ​ $ 12,020 Recovery of loan losses (1) ​ (5,328) ​ (967) ​ (789) ​ (167) ​ (7,251) Allowance for loan losses at end of period ​ $ 1,213 ​ $ 676 ​ $ 2,304 ​ $ 576 ​ $ 4,769 (1) During the year ended December 31, 2023, the Company recorded a provision for loan losses of $1.7 million in its combined and consolidated statements of operations. The provision in 2023 was due primarily to a $2.2 million provision on the sale of a loan held for sale, which was partially offset by a recovery of loan losses due to the repayment of loans during the year ended December 31, 2023. During the year ended December 31, 2022, the Company recorded a provision for loan losses of $45.0 million in its combined and consolidated statements of operations. The provision in 2022 was due primarily to a $22.2 million specific provision on the Company’s held-to-maturity debt security, which was recorded at its repayment proceeds and a provision of $23.8 million on one loan prior to it being transferred to held for sale. During the year ended December 31, 2021, the Company recorded a recovery of loan losses of $8.1 million in its combined and consolidated statement of operations resulting from the repayment of loans during the period and an improving macroeconomic impact of the COVID-19 pandemic on commercial real estate markets, of which $1.0 million related to a provision for credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities".
Schedule of recorded investment in loans and associated allowance for loan losses	​ The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually Collectively ​ ​ ​ ​ Evaluated for ​ Evaluated for ​ ​ ​ ​ ​ Impairment (1) ​ Impairment ​ Total As of December 31, 2023 ​ ​ ​ Loans ​ $ — ​ $ 16,816 ​ $ 16,816 Available-for-sale debt securities (2) ​ ​ — ​ ​ 4,579 ​ ​ 4,579 Less: Allowance for loan losses ​ — ​ (497) ​ (497) Total ​ $ — ​ $ 20,898 ​ $ 20,898 As of December 31, 2022 ​ ​ ​ Construction loans ​ $ 29,493 ​ $ 6,756 ​ $ 36,249 Loans ​ — ​ 13,331 ​ 13,331 Less: Allowance for loan losses ​ (396) ​ (529) ​ (925) Total ​ $ 29,097 ​ $ 19,558 ​ $ 48,655 (1) The carrying value of this loan includes amortized fees of $0.1 million as of December 31, 2022. The Company’s loans individually evaluated for impairment represent loans on non-accrual status and the unamortized amounts associated with these loans are not currently being amortized into income. (2) Available-for-sale debt securities were evaluated for impairment under ASC 326-30 – Financial Instruments-Credit Losses.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating	The Company’s amortized cost basis in performing senior mortgages and subordinate mortgages, presented by year of origination and by credit quality, as indicated by risk rating, was as follows as of December 31, 2023 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of Origination ​ ​ 2023 2022 2021 2020 2019 Prior to 2019 Total Senior mortgages ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ 2,550 ​ — ​ — ​ — ​ — ​ — ​ 2,550 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ 2,550 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 2,550 Subordinate mortgages ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ 14,266 ​ 14,266 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 14,266 ​ $ 14,266 Total ​ $ 2,550 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 14,266 ​ $ 16,816 ​ The Company’s amortized cost basis in performing senior mortgages and subordinate mortgages, presented by year of origination and by credit quality, as indicated by risk rating, was as follows as of December 31, 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of Origination ​ ​ 2022 2021 2020 2019 2018 Prior to 2018 Total Senior mortgages ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.5 ​ — ​ — ​ — ​ — ​ 6,756 ​ — ​ 6,756 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal (1) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 6,756 ​ $ — ​ $ 6,756 Subordinate mortgages ​ ​ ​ ​ ​ ​ ​ Risk rating ​ ​ ​ ​ ​ ​ ​ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — 1.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 3.0 ​ — ​ — ​ — ​ — ​ — ​ 13,331 ​ 13,331 3.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 4.5 ​ — ​ — ​ — ​ — ​ — ​ — ​ — 5.0 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 13,331 ​ $ 13,331 Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 6,756 ​ $ 13,331 ​ $ 20,087 (1) As of December 31, 2022, excludes $29.5 million for one loan on non-accrual status.
Schedule of recorded investment in loans, aged by payment status and presented by class	The Company’s amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ or Equal ​ Than ​ Total ​ ​ ​ ​ ​ Current ​ to 90 Days ​ 90 Days ​ Past Due ​ Total As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ 2,550 ​ $ — ​ $ — ​ $ — ​ $ 2,550 Subordinate mortgages ​ ​ 14,266 ​ ​ — ​ ​ — ​ ​ — ​ ​ 14,266 Total ​ $ 16,816 ​ $ — ​ $ — ​ $ — ​ $ 16,816 As of December 31, 2022 ​ ​ ​ ​ ​ Senior mortgages ​ $ 6,756 ​ $ 29,493 ​ $ — ​ $ 29,493 ​ $ 36,249 Subordinate mortgages ​ 13,331 ​ — ​ — ​ — ​ 13,331 Total ​ $ 20,087 ​ $ 29,493 ​ $ — ​ $ 29,493 ​ $ 49,580
Schedule of impaired loans	The Company’s impaired loans, presented by class, were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 As of December 31, 2022 ​ ​ ​ Unpaid ​ ​ ​ ​ Unpaid ​ ​ ​ ​ Amortized ​ Principal ​ Related ​ Amortized ​ Principal ​ Related ​ ​ Cost ​ Balance ​ Allowance ​ Cost ​ Balance ​ Allowance With an allowance recorded: ​ ​ ​ ​ ​ ​ ​ ​ Senior mortgages (1) ​ $ — ​ $ — ​ $ — ​ $ 29,493 ​ $ 29,358 ​ $ (396) Total ​ $ — ​ $ — ​ $ — ​ $ 29,493 ​ $ 29,358 ​ $ (396) (1) The Company has one non-accrual loan as of December 31, 2022 that is considered impaired and included in the table above. The Company did no t record any interest income on impaired loans for the years ended December 31, 2023, 2022 and 2021.
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class	The Company’s average recorded investment in impaired loans and interest income recognized, presented by class, was as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ Average Interest Average Interest Average Interest ​ ​ Recorded ​ Income ​ Recorded ​ Income ​ Recorded ​ Income ​ ​ Investment ​ Recognized ​ Investment ​ Recognized ​ Investment ​ Recognized With an allowance recorded: ​ ​ ​ ​ ​ ​ Senior mortgages ​ $ — ​ $ — ​ $ 45,032 ​ $ — ​ $ 57,853 ​ $ — Total ​ $ — ​ $ — ​ $ 45,032 ​ $ — ​ $ 57,853 ​ $ —
Schedule of other lending investments - securities	Other lending investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ Net ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Estimated ​ Carrying ​ ​ Face Value ​ Cost Basis ​ Gain (Loss) ​ Fair Value ​ Value As of December 31, 2023 ​ ​ ​ ​ ​ Available-for-sale securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal debt securities (1) ​ $ 4,220 ​ $ 4,220 ​ $ 359 ​ $ 4,579 ​ $ 4,579 Total ​ $ 4,220 ​ $ 4,220 ​ $ 359 ​ $ 4,579 ​ $ 4,579 (1) In September 2023, the Company acquired two securities for $4.2 million. The securities both accrue interest at 7.0% and mature in July 2053. During the year ended December 31, 2022, the Company sold available-for-sale securities and recognized a gain of $2.9 million, which is recorded in “Other income” in the Company’s combined and consolidated statements of operations . During the year ended December 31, 2022, the Company received $75.0 million of repayments and recorded a $22.2 million provision in ‘Provision for (recovery of) loan losses” in its combined and consolidated statements of operations on a debt security.

Other Investments (Tables)

Other Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Schedule of other investments and proportionate share of earnings from equity method investments	The Company’s other investments and its proportionate share of earnings (losses) from equity investments were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings from ​ ​ Carrying Value ​ Equity Method Investments ​ ​ as of ​ For the Year Ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2023 2022 2023 2022 2021 Safehold Inc. ("Safe") (1) ​ $ 316,430 ​ $ 554,733 ​ $ 1,089 ​ $ 33,261 ​ $ 40,647 Other real estate and strategic equity investments (2) ​ ​ 21 ​ ​ 32,405 ​ ​ 29,736 ​ ​ 12,365 ​ ​ 42,811 Total ​ $ 316,451 ​ $ 587,138 ​ $ 30,825 ​ $ 45,626 ​ $ 83,458 (1) As of December 31, 2023, the Company owned 13.5 million shares of Safe common stock which, based on the closing price of $23.40 on December 29, 2023, had a market value of $316.4 million. The Company does not have significant influence over Safe and accounts for its investment in Safe as an equity investment under ASC 321 – Investments – Equity Securities (“ASC 321”), which requires that the Company adjust its investment in Safe to fair value through income at each reporting period. As such, the Company recognized an unrealized loss on equity investments of $171.4 million in its combined and consolidated statements of operations for the year ended December 31, 2023. Prior to the Spin-Off, iStar accounted for its investment in Safe as an equity method investment under ASC 323 – Investments – Equity Method and Joint Ventures (“ASC 323”) due to its ability to exercise significant influence. Pursuant to ASC 323-10-40-1, an equity method investor shall account for a share issuance by an investee as if the investor had sold a proportionate share of its investment. Any gain or loss to the investor resulting from an investee’s share issuance shall be recognized in earnings. For the years ended December 31, 2022 and 2021, equity in earnings includes $0.3 million and $22.7 million, respectively, of dilution gains resulting from Safe equity offerings. As of December 31, 2022, the Company was allocated ownership of approximately 15.2 million shares of Safe common stock from iStar. The allocation was adjusted based upon the final terms of the Spin-Off on March 31, 2023, and the Company’s investment basis was reduced by approximately 1.8 million shares with a carrying value of approximately $65.6 million, which was adjusted against additional paid-in capital within equity. (2) During the year ended December 31, 2023, earnings from equity method investments was primarily from asset sales at the ventures. During the year ended December 31, 2022, one of the Company’s real estate equity investments closed on the sale of a multifamily property. The Company received a distribution of $15.9 million from the sale and recognized a gain of $11.5 million in “Earnings from equity method investments” in the Company’s combined and consolidated statements of operations. In April 2022, the Company exchanged its 50% equity interest with a carrying value of $4.4 million in a venture that owned a hotel property for land underlying the property with an in-place Ground Lease valued at $9.0 million and recorded a gain of $4.6 million in “Earnings from equity method investments” in the combined and consolidated statements of operations. Subsequently, the Company sold the Ground Lease on the land to Safe for $9.0 million and did no t recognize any gain or loss on the sale. During the years ended December 31, 2021, the Company identified observable price changes in an equity security held by the Company as evidenced by orderly private issuances of similar securities by the same issuer. In accordance with ASC 321, the Company remeasured its equity investment at fair value and recognized aggregate mark-to-market gains during the year ended December 31, 2021 of $17.6 million, in “Unrealized and realized gains (losses) on equity investments” in the Company’s combined and consolidated statements of operations. The Company’s equity security was redeemed at its carrying value in the fourth quarter of 2021. ​
Schedule of summarized investee financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ For the Years Ended December 31, ​ 2023 2022 ​ 2023 2022 2021 Balance Sheets ​ ​ ​ ​ ​ ​ ​ Income Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 641 ​ $ 5,942,105 ​ Revenues ​ $ 86,894 ​ $ 625,162 ​ $ 883,259 Total liabilities ​ 703 ​ 3,745,332 ​ Expenses ​ (78,462) ​ (237,343) ​ (253,940) Noncontrolling interests ​ — ​ 23,067 ​ Net income (loss) attributable to parent entities ​ 47,673 ​ 378,557 ​ 629,085 Total equity (deficit) attributable to parent entities ​ (62) ​ 2,173,706 ​ ​ ​ ​

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Other Assets and Other Liabilities [Abstract]
Schedule of deferred expenses and other assets, net	Deferred expenses and other assets, net, consist of the following items ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2023 December 31, 2022 ​ Other assets (1) ​ $ 8,882 ​ $ 9,471 ​ Operating lease right-of-use assets (2) ​ 1,380 ​ 1,860 ​ Restricted cash ​ 10,051 ​ 3,247 ​ Other receivables ​ 1,865 ​ 1,895 ​ Leasing costs, net (3) ​ 101 ​ 129 ​ Intangible assets, net (4) ​ ​ 180 ​ ​ 319 ​ Deferred expenses and other assets, net ​ $ 22,459 ​ $ 16,921 ​ (1) As of December 31, 2023 and 2022, other assets primarily includes prepaid expenses and deposits for certain real estate assets. (2) Right-of use lease assets initially equal the lease liability. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in “Real estate expense” in the Company’s combined and consolidated statements of operations. During the years ended December 31, 2023, 2022 and 2021, the Company recognized $0.5 million, $0.7 million and $0.6 million, respectively, in “Real estate expense” in its combined and consolidated statements of operations relating to operating leases. (3) Accumulated amortization of leasing costs was $0.2 million and $0.1 million as of December 31, 2023 and 2022, respectively. (4) Intangible assets, net includes above market and in-place lease assets related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $0.2 million and $0.1 million as of December 31, 2023 and 2022, respectively. The amortization of above market leases decreased operating lease income in the Company’s combined and consolidated statements of operations by $0.1 million, $0.1 million and $0.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $0.1 million, $0.1 million and $1.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts are included in “Depreciation and amortization” in the Company’s combined and consolidated statements of operations. As of December 31, 2023, the weighted average remaining amortization period for the Company’s intangible assets was approximately 4.8 years. ​
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2023 December 31, 2022 ​ Other liabilities (1) ​ $ 35,010 ​ $ 26,235 ​ Accrued expenses ​ ​ 5,914 ​ ​ 4,861 ​ Operating lease liabilities (see table above) ​ 1,538 ​ 2,006 ​ Accounts payable, accrued expenses and other liabilities ​ $ 42,462 ​ $ 33,102 ​ (1) As of December 31, 2023, “Other liabilities” includes $20.1 million of deferred income, $7.2 million of management fees due Safe and $4.9 million of other payables related to real estate properties. As of December 31, 2022, "Other liabilities" includes $21.2 million of deferred income and $2.5 million of other payables related to real estate properties .

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of debt obligations	The Company’s debt obligations were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ Stated ​ Scheduled ​ December 31, 2023 December 31, 2022 Interest Rates Maturity Date Debt obligations: ​ ​ ​ Safe Credit Facility ​ $ 115,000 ​ $ — ​ 8.00 % March 2027 Margin Loan Facility (1) ​ 81,914 ​ — ​ SOFR plus 3.00 % March 2026 Total debt obligations ​ 196,914 ​ — ​ Debt discounts and deferred financing costs, net ​ (4,019) ​ — ​ Total debt obligations, net (2) ​ $ 192,895 ​ $ — ​ (1) In December 2023, the Company elected to pay interest in kind (“PIK”) of $1.7 million which was added to the principal balance on the Margin Loan Facility. The applicable margin on the Margin Loan Facility increases by 25 basis points for the entirety of the interest period immediately succeeding any interest period with respect to which the Company makes a PIK election. (2) During the year ended December 31, 2023, the Company capitalized interest expense on qualifying real estate assets of $2.1 million. ​
Schedule of future scheduled maturities of outstanding debt obligations	​ ​ ​ ​ ​ 2024 ​ $ — 2025 ​ — 2026 ​ 81,914 2027 ​ 115,000 2028 ​ — Thereafter ​ — Total principal maturities ​ 196,914 Unamortized discounts and deferred financing costs, net ​ (4,019) Total debt obligations, net ​ $ 192,895 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease obligations operating leases	Commitments ​ ​ ​ ​ ​ 2024 ​ $ 486 2025 ​ 486 2026 ​ 486 2027 ​ 162 2028 ​ — Thereafter ​ — Total undiscounted cash flows ​ 1,620 Present value discount (1) ​ (82) Lease liabilities ​ $ 1,538 (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 inception at the Company’s weighted average incremental secured borrowing rate for similar collateral estimated to be 3.0% and the weighted average remaining lease term is 3.3 years.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations	The following table presents a reconciliation of net income (loss) used in the basic and diluted earnings per share (“EPS”) calculations ($ in thousands, except for per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2023 2022 2021 Net income (loss) ​ $ (196,290) ​ $ (36,311) ​ $ 62,671 Net (income) from operations attributable to noncontrolling interests ​ (66) ​ (37) ​ 74 Net income (loss) allocable to common shareholders ​ $ (196,356) ​ $ (36,348) ​ $ 62,745
Schedule of earnings per share allocable to common shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2023 2022 2021 Earnings allocable to common shares: ​ ​ ​ ​ Numerator for basic and diluted earnings per share: ​ ​ ​ ​ Net income (loss) allocable to common shareholders ​ $ (196,356) ​ $ (36,348) ​ $ 62,745 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic and diluted earnings per share: (1) ​ ​ ​ Weighted average common shares outstanding for basic and diluted earnings per common share ​ 13,320 ​ 13,320 ​ 13,320 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted earnings per common share: ​ ​ ​ Net income (loss) allocable to common shareholders ​ $ (14.74) ​ $ (2.73) ​ $ 4.71 (1) For all periods presented prior to the Spin-Off, the weighted average shares outstanding for the EPS calculation assumes the pro rata distribution of 0.153 common shares of the Company’s common stock for each outstanding share of iStar Common Stock on the record date of the distribution were issued and outstanding.

Fair Values (Tables)

Fair Values (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis	The following fair value hierarchy table summarizes the Company’s assets recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Using ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ market ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ prices in ​ other ​ Significant ​ ​ ​ ​ ​ active ​ observable ​ unobservable ​ ​ ​ ​ ​ markets ​ inputs ​ inputs ​ Total (Level 1) (Level 2) (Level 3) As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities (1) ​ $ 4,579 ​ $ — ​ $ — ​ $ 4,579 Other investments (refer to Note 7) ​ ​ 316,430 ​ ​ 316,430 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ Non-recurring basis: ​ ​ ​ ​ Real estate, net (2) ​ $ 811 ​ $ — ​ $ — ​ $ 811 Impaired land and development (3) ​ 26,300 ​ — ​ — ​ 26,300 Loans receivable held for sale (refer to Note 6) ​ ​ 37,650 ​ ​ — ​ ​ — ​ ​ 37,650 (1) The fair value of the Company’s available-for-sale debt securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) During the year ended December 31, 2022, the Company recorded a $1.8 million impairment on an operating property with an estimated fair value of $0.8 million. The estimated fair value is based on the cash flows expected to be received. (3) During the year ended December 31, 2022, the Company recorded a $12.7 million impairment on a land and development asset with an estimated fair value of $26.3 million. The estimated fair value is based on future cash flows expected to be received using a discount rate of 12.5% . ​
Summary of changes in Level 3 available-for-sale securities reported at fair value	The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company’s combined and consolidated balance sheets for the years ended December 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Beginning balance ​ $ — ​ $ 28,092 Purchases ​ ​ 4,220 ​ ​ — Sales and repayments ​ ​ — ​ ​ (26,752) Realized gain recorded in other income ​ ​ — ​ ​ 2,897 Unrealized gain (loss) recorded in other comprehensive income (loss) ​ 359 ​ (4,237) Ending balance ​ $ 4,579 ​ $ —
Schedule of carrying value and fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ As of December 31, 2022 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans receivable and other lending investments, net (1) ​ $ 21 ​ $ 17 ​ $ 49 ​ $ 46 Loans receivable held for sale (1) ​ ​ — ​ ​ — ​ ​ 38 ​ ​ 38 Equity investment in Safe (2) ​ ​ 316 ​ ​ 316 ​ ​ — ​ ​ — Cash and cash equivalents (3) ​ 51 ​ 51 ​ 4 ​ 4 Restricted cash (3) ​ 10 ​ 10 ​ 3 ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations, net (1) ​ ​ 193 ​ ​ 193 ​ ​ — ​ ​ — (1) The fair value of the Company’s loans receivable and other lending investments, net, loans receivable held for sale and debt obligations, net are classified as Level 3 within the fair value hierarchy. (2) The fair value of the Company’s investment in approximately 13.5 million shares of Safe common stock is classified as Level 1 within the fair value hierarchy, and is included within “Other investments” on the Company’s combined and consolidated balance sheet. (3) The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values. As of December 31, 2023, $14.1 million of cash and cash equivalents was attributable to a consolidated venture (refer to Note 5). Restricted cash is recorded in “Deferred expenses and other assets, net” on the Company’s combined and consolidated balance sheet. The fair value of the Company’s cash and cash equivalents and restricted cash are classified as Level 1 within the fair value hierarchy. ​

Business and Organization (Deta

Business and Organization (Details)	12 Months Ended
	Dec. 31, 2023 segment shares	Mar. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Business and Organization
Number of shares of common stock in Safehold, Inc. received in Spin-off		13,522,651
Percentage of common shares of beneficial interest distributed at Spin-off		100%
Pro rata distribution of common shares issued for each outstanding share of iStar common share at Spin-off.	0.153	0.153	0.153	0.153
Number of operating segments | segment	1

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation -Basis of Presentation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
General and administrative expenses allocated from iStar	$ 14.1	$ 10.9	$ 46.3
Interest expense allocated from iStar	8	42	51.4
General and Administrative
Stock-based compensation expense allocated from iStar	$ 1.8	$ (11.8)	$ 23.4

Basis of Presentation and Pri_4

Basis of Presentation and Principles of Consolidation - VIEs (Details) - USD ($) $ in Thousands		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Real estate
Real estate, at cost	[1]	$ 97,481		$ 94,593
Less: accumulated depreciation	[1]	(22,075)		(18,096)
Real estate, net	[1]	75,406		76,497
Land and development, net	[1]	181,394		232,014
Cash and cash equivalents		50,663	[1]	4,227	[1]	$ 15,504
Accrued interest and operating lease income receivable, net	[1]	929		1,132
Deferred operating lease income receivable, net	[1]	997		1,137
Deferred expenses and other assets, net	[1]	22,459		16,921
Total assets	[1]	669,197		1,005,371
LIABILITIES
Accounts payable, accrued expenses and other liabilities	[1],[2]	42,462		33,102
Debt obligations, net	[1]	192,895
Total liabilities	[1]	235,357		33,102
Carrying value of investment	[1]	316,451		587,138
Consolidated VIEs
Real estate
Real estate, at cost		94,682		94,159
Less: accumulated depreciation		(21,349)		(18,033)
Real estate, net		73,333		76,126
Land and development, net		108,284		128,717
Cash and cash equivalents		31,479		3,754
Accrued interest and operating lease income receivable, net		24
Deferred operating lease income receivable, net				6
Deferred expenses and other assets, net		8,758		6,921
Total assets		221,878		215,524
LIABILITIES
Total liabilities		$ 23,600		24,406
Unconsolidated VIEs
LIABILITIES
Carrying value of investment				$ 32,100
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”). As of December 31, 2023, includes $7.2 million of management fees due to Safe (refer to Note 1).

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021	Mar. 31, 2023
Property, Plant and Equipment
Impairment of assets			$ 14,476		$ 679
Interest receivable
Election to exclude accrued interest from loans receivable	true
Income taxes
Deferred income tax expense	$ 2,500
Decrease in deferred income tax valuation allowance	2,482		(13,666)
Deferred tax assets	0
Income tax expense					22,531
Income taxes paid during the period	100
Cash and cash equivalents	$ 50,663	[1]	$ 4,227	[1]	$ 15,504
Pro rata distribution of common shares issued for each outstanding share of iStar common share at Spin-off.	0.153		0.153		0.153	0.153
Entity interest owned by iStar
Interest receivable
Equity interest					50%
Interest income on mezzanine loan					$ 2,300
Consolidated VIEs
Income taxes
Cash and cash equivalents	$ 31,479		$ 3,754
Venture
Income taxes
Cash and cash equivalents	14,100
Accrued Interest And Operating Lease Income Receivable, Net
Interest receivable
Accrued interest	$ 200		$ 100
Facilities
Property, Plant and Equipment
Useful life	40 years
Furniture and Equipment
Property, Plant and Equipment
Useful life	5 years
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Summary of Significant Accoun_5

Summary of Significant Accounting Policies -Reconciliation of the income tax expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of the income tax expense (benefit)
Net income (loss) from operations before income taxes	$ (196,290)	$ (36,311)	$ 85,202
Statutory federal tax rate	21%	21%	21%
Income tax expense (benefit) at statutory rates	$ (41,221)	$ (7,625)	$ 17,892
State income taxes, net of federal benefit	(12,825)	(1,718)	4,337
Tax effect of net losses reported on predecessor entities	22,631
State net operating loss limitations	1,137	(1,047)	449
Equity adjustments		(3,266)	(163)
Noncontrolling interests	(18)	(10)	19
Deferred intercompany transactions	408
Basis adjustments	32,370
State franchise and minimum taxes			(3)
Valuation allowance	$ (2,482)	$ 13,666
Income tax (benefit) expense			$ 22,531

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Deferred tax assets (liabilities) (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets (liabilities)
Basis differences		$ 31,838	$ 41,598
Deferred expense		949	4,211
Depreciation		1,101
Depreciation			(2,613)
Operating loss carryforwards	[1]	9,832	50,386
Mark-to-market cost method investments		16,926
Capitalized expenses		5,044
Valuation allowance		(65,690)	(93,582)
Net deferred tax assets (liabilities)		$ 0	$ 0
[1] The net operating loss (“NOL”) carryforwards can generally be used to offset both ordinary taxable income and capital gain net income in future years and are carried forward indefinitely. The deduction for NOL’s is limited to 80% of taxable income when utilized.

Real Estate - Schedule of Real

Real Estate - Schedule of Real Estate Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Less: accumulated depreciation	[1]	$ (22,075)	$ (18,096)
Real estate, net	[1]	75,406	76,497
Operating properties
Real Estate Properties [Line Items]
Land, at cost		5,570	5,570
Buildings and improvements, at cost		91,911	89,023
Less: accumulated depreciation		(22,075)	(18,096)
Real estate, net		$ 75,406	$ 76,497
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Income from sales of real estate	$ 0	$ 25,186	$ 26,319
Impairment of assets		14,476	679
Operating Properties
Real Estate [Line Items]
Aggregate carrying value of property sold		14,400
Operating Properties | Income from sales of real estate
Real Estate [Line Items]
Income from sales of real estate		$ 25,200
Commercial Real Estate
Real Estate [Line Items]
Aggregate carrying value of property sold			96,800
Commercial Real Estate | Income from sales of real estate
Real Estate [Line Items]
Income from sales of real estate			25,600
Residential Real Estate | Income from sales of real estate
Real Estate [Line Items]
Income from sales of real estate			$ 700

Real Estate - Impairments (Deta

Real Estate - Impairments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Impairment of real estate	$ 0	$ 1.8	$ 0.6
Operating Properties
Real Estate Properties [Line Items]
Impairment of real estate		$ 1.8
Residential Real Estate
Real Estate Properties [Line Items]
Impairment of real estate			$ 0.6

Real Estate - Tenant Reimbursem

Real Estate - Tenant Reimbursements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Tenant expense reimbursements	$ 1.8	$ 3.1	$ 2.9

Real Estate - Allowance for Dou

Real Estate - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Real Estate Tenant Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 0.1	$ 0.1

Real Estate - Future Minimum Op

Real Estate - Future Minimum Operating Lease Payments (Details) - Operating properties $ in Thousands	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
2024	$ 4,298
2025	4,290
2026	4,205
2027	1,570
2028	242
Thereafter	$ 875

Land and Development (Schedule

Land and Development (Schedule of Land and Development Assets) (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Total land and development, net	[1]	$ 181,394	$ 232,014
Land and development asset
Real Estate Properties [Line Items]
Land and land development, at cost		193,360	243,727
Less: accumulated depreciation		(11,966)	(11,713)
Total land and development, net	[1]	$ 181,394	$ 232,014
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Land and Development (Dispositi

Land and Development (Dispositions and Impairments) (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
		Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Revenues			$ 123,053	$ 124,077	$ 272,175
Noncontrolling interests	[1]	$ 22,286	22,286	726
Impairment of assets				14,476	679
Venture
Real Estate Properties [Line Items]
Amount of funded mezzanine loan		10,600
Completion and carry guaranty		80,000	80,000
Third party capital contributions		21,000	21,000
Deferred profit interest		3,000	3,000
Noncontrolling interests		$ 21,000	21,000
Land development revenue
Real Estate Properties [Line Items]
Revenues			72,435	61,753	189,103
Cost of sales expense			$ 62,657	63,441	$ 171,961
Land and development asset
Real Estate Properties [Line Items]
Impairment of assets				$ 12,700
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Loans Receivable and Other Le_3

Loans Receivable and Other Lending Investments, net - Loans Receivable (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value of loans		$ 16,816	$ 49,580
Total gross carrying value of loans receivable and other lending investments		21,395	49,580
Allowance for loan losses		(497)	(925)	$ (4,769)
Total loans receivable and other lending investments, net	[1]	20,898	48,655
Available-for-sale debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		4,579
Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value of loans		2,550	36,249
Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value of loans		14,266	13,331
Construction Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value of loans			36,249
Allowance for loan losses			(92)	(1,213)	$ (6,541)
Construction Loans | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value of loans			36,249
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value of loans		16,816	13,331
Allowance for loan losses		(497)	(437)	$ (676)	$ (1,643)
Loans | Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value of loans		2,550
Loans | Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value of loans		14,266	$ 13,331
Other lending investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		4,579
Other lending investments | Available-for-sale debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments		$ 4,579
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Loans Receivable and Other Le_4

Loans Receivable and Other Lending Investments, net - Allowance for Loan Losses (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Financing Receivables
Allowance for loan losses at beginning of period			$ 925	$ 4,769
Provision for (recovery of) loan losses			1,740	44,998	$ (8,085)
Charge offs				(48,914)
Allowance for loan losses at end of period		$ 925	497	925	4,769
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period			0	2,304	3,093
Provision for (recovery of) loan losses					(789)
Transfers				(2,304)
Charge offs				(22,200)
Allowance for loan losses at end of period		0		0	2,304
Total
Allowance for loan losses at beginning of period			925	4,769	12,020
Provision for (recovery of) loan losses			(428)	45,070	(7,251)
Allowance for loan losses at end of period		925	497	925	4,769
Provision for (recovery of) loan losses					(8,100)
Provision for ( recovery of) unfunded commitments					1,000
Construction Loans
Financing Receivables
Allowance for loan losses at beginning of period			92	1,213	6,541
Provision for (recovery of) loan losses			(92)	(725)	(5,328)
Transfers				(396)
Allowance for loan losses at end of period		92		92	1,213
Loans
Financing Receivables
Allowance for loan losses at beginning of period			437	676	1,643
Provision for (recovery of) loan losses			60	(239)	(967)
Allowance for loan losses at end of period		437	497	437	676
Specific receivables
Financing Receivables
Allowance for loan losses at beginning of period			396	576	743
Provision for (recovery of) loan losses			(396)	46,034	(167)
Transfers				2,700
Charge offs				(48,914)
Allowance for loan losses at end of period		396		396	$ 576
Loan receivable transferred to Held for Sale
Financing Receivables
Provision for (recovery of) loan losses		$ 23,800		$ 23,800
Total
Loss on sale of loan receivable	$ 2,200		$ 2,200
Number of loans transferred to Held for Sale | loan				1

Loans Receivable and Other Le_5

Loans Receivable and Other Lending Investments, net - Investment in Loans and Associated Allowance for Loan Loss (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Loans
Total		$ 49,580	$ 16,816
Less: Allowance for loan losses
Individually evaluated for impairment		(396)	0
Collectively evaluated for impairment		(529)	(497)
Total		(925)	(497)	$ (4,769)
Individually Evaluated for Impairment		29,097	0
Collectively Evaluated for Impairment		19,558	20,898
Total loans receivable and other lending investments, net	[1]	48,655	20,898
Individually Evaluated for Impairment
Less: Allowance for loan losses
Net premiums (discounts)		100
Available-for-sale debt securities
Available-for-sale debt securities
Individually Evaluated for Impairment			0
Collectively Evaluated for Impairment			4,579
Total			4,579
Less: Allowance for loan losses
Gain on sale of available-for-sale debt securities		2,900
Construction Loans
Loans
Individually Evaluated for Impairment		29,493
Collectively Evaluated for Impairment		6,756
Total		36,249
Less: Allowance for loan losses
Total		(92)		(1,213)	$ (6,541)
Loans
Loans
Individually Evaluated for Impairment		0	0
Collectively Evaluated for Impairment		13,331	16,816
Total		13,331	16,816
Less: Allowance for loan losses
Total		$ (437)	$ (497)	$ (676)	$ (1,643)
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Loans Receivable and Other Le_6

Loans Receivable and Other Lending Investments, net - Credit Characteristics for Performing Loans (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) loan
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	$ 16,816	$ 49,580
Number of non accrual loans | loan		1
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	2,550	$ 36,249
Loan on non-accrual status		$ 29,500
Number of non accrual loans | loan		1
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	14,266	$ 13,331
Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	2,550	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	6,756
5 Years or More Prior	14,266	13,331
Total	16,816	20,087
Performing Financial Instruments | Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	2,550	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	6,756
5 Years or More Prior	0	0
Total	2,550	6,756
Performing Financial Instruments | Senior mortgages | Risk Rating 1.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Senior mortgages | Risk Rating 1.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Senior mortgages | Risk Rating 2.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Senior mortgages | Risk Rating 2.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Senior mortgages | Risk Rating 3.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	2,550	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	2,550	0
Performing Financial Instruments | Senior mortgages | Risk Rating 3.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	6,756
5 Years or More Prior	0	0
Total	0	6,756
Performing Financial Instruments | Senior mortgages | Risk Rating 4.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Senior mortgages | Risk Rating 4.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Senior mortgages | Risk Rating 5.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	14,266	13,331
Total	14,266	13,331
Performing Financial Instruments | Subordinate mortgages | Risk Rating 1.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Subordinate mortgages | Risk Rating 1.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Subordinate mortgages | Risk Rating 2.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Subordinate mortgages | Risk Rating 2.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Subordinate mortgages | Risk Rating 3.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	14,266	13,331
Total	14,266	13,331
Performing Financial Instruments | Subordinate mortgages | Risk Rating 3.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Subordinate mortgages | Risk Rating 4.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Subordinate mortgages | Risk Rating 4.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	0	0
Performing Financial Instruments | Subordinate mortgages | Risk Rating 5.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	0	0
1 Year Prior	0	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	$ 0	$ 0

Loans Receivable and Other Le_7

Loans Receivable and Other Lending Investments, net - Credit Characteristics by Payment Status (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Recorded investment in loans, aged by payment status and presented by class
Total	$ 16,816	$ 49,580
Past Due
Recorded investment in loans, aged by payment status and presented by class
Total	0	29,493
Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	29,493
Current
Recorded investment in loans, aged by payment status and presented by class
Total	16,816	20,087
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Total	2,550	36,249
Senior mortgages | Past Due
Recorded investment in loans, aged by payment status and presented by class
Total	0	29,493
Senior mortgages | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Senior mortgages | Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	29,493
Senior mortgages | Current
Recorded investment in loans, aged by payment status and presented by class
Total	2,550	6,756
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Total	14,266	13,331
Subordinate mortgages | Past Due
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Subordinate mortgages | Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Subordinate mortgages | Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Subordinate mortgages | Current
Recorded investment in loans, aged by payment status and presented by class
Total	$ 14,266	$ 13,331

Loans Receivable and Other Le_8

Loans Receivable and Other Lending Investments, Net - Impaired Loans (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Impaired Loans
Amortized Cost		$ 29,493,000
Unpaid Principal Balance		29,358,000
Related Allowance		$ (396,000)
Number of non accrual loans | loan		1
Interest income on Impaired loans	$ 0	$ 0	$ 0
Impaired loans, average recorded investment, total	0	45,032,000	57,853,000
Impaired loans, interest income recognized, total	0	0	0
Senior mortgages
Impaired Loans
Amortized Cost		29,493,000
Unpaid Principal Balance		29,358,000
Related Allowance		(396,000)
Impaired loans, average recorded investment, total	0	45,032,000	57,853,000
Impaired loans, interest income recognized, total	$ 0	$ 0	$ 0
Senior mortgages
Impaired Loans
Number of non accrual loans | loan		1
Nonperforming Financial Instruments
Financing Receivable, Impaired [Line Items]
Carrying value of loans		$ 29,100,000

Loans Receivable and Other Le_9

Loans Receivable and Other Lending Investments, net - Loan Receivable Held for Sale and Other Lending Investments (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Sep. 30, 2023 USD ($) security	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Provision for (recovery of) loan losses				$ 1,740	$ 44,998	$ (8,085)
Proceeds from sale of loan receivable				37,650	75,921	122,609
Income from sales of real estate				0	25,186	$ 26,319
Other lending investments
Face Value				4,220
Amortized Cost Basis				4,220
Net Unrealized Gain (Loss)				$ 359
Debt Securities, Available-for-Sale, Type [Extensible Enumeration]				us-gaap:MunicipalNotesMember
Number of securities acquired | security	2
Securities acquired during the period	$ 4,200
Rate of interest accrual on securities	7%
Charge-off of held-to-maturity security					22,200
Carrying Value
Other lending investments
Net Carrying Value				$ 4,579
Fair Value
Other lending investments
Net Carrying Value				4,579
Debt securities
Other lending investments
Gain on sale of available-for-sale debt securities					2,900
Repayment on held-to-maturity security					75,000
Charge-off of held-to-maturity security					22,200
Loan receivable transferred to Held for Sale
Debt Securities, Available-for-sale [Line Items]
Provision for (recovery of) loan losses			$ 23,800		$ 23,800
Proceeds from sale of loan receivable		$ 37,700
Loss on sale of loan receivable		$ 2,200		$ 2,200

Other Investments (Schedule of

Other Investments (Schedule of Other Investments) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended	12 Months Ended
		Apr. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Carrying value			$ 316,451	$ 587,138
Other investments	[1]		316,451	587,138
Earnings from equity method investments			30,825	45,626	$ 83,458
Unrealized and realized gain (losses) on equity investments			(171,394)		17,642
Distribution from real estate equity investee property sale			47,286	10,217	33,304
Mark-to-market gain					17,600
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Carrying value			316,430	554,733
Earnings from equity method investments			$ 1,089	33,261	40,647
Number of shares owned (in shares)			13.5
Closing price (in dollars per share)			$ 23.40
Market value			$ 316,400
Unrealized and realized gain (losses) on equity investments			(171,400)
Dilution gain				$ 300	22,700
Shares of SAFE allocated from iStar				15.2
Reduction to allocated shares of affiliate based on final terms of Spin-Off						1.8
Carrying value of the adjusted shares of SAFE allocated per final terms of Spin-Off agreement						$ 65,600
Other real estate and strategic equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value			21	$ 32,405
Earnings from equity method investments			$ 29,736	12,365	$ 42,811
Hotel property
Schedule of Equity Method Investments [Line Items]
Percentage ownership exchanged		50%
Carry amount of equity interest exchanged		$ 4,400
Real estate equity investments | Multi-family property sold
Schedule of Equity Method Investments [Line Items]
Earnings from equity method investments				11,500
Distribution from real estate equity investee property sale				$ 15,900
Ground leases
Schedule of Equity Method Investments [Line Items]
Gain on disposal of equity method investment exchanged for land		4,600
Ground leases | Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of ground lease		9,000
Gain (loss) from sale of ground lease		0
Ground leases | Hotel property
Schedule of Equity Method Investments [Line Items]
Value of land acquired in exchange		$ 9,000
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Other Investments (Safehold Inc

Other Investments (Safehold Inc) (Details) shares in Millions		12 Months Ended
	Mar. 31, 2023 USD ($) item	Dec. 31, 2023 USD ($) shares
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Number of shares owned (in shares) | shares		13.5
Equity interest		19%
Safehold Inc. | Maximum
Schedule of Equity Method Investments [Line Items]
Beneficial ownership percentage under which restrictive voting requirements no longer apply	7.50%
Percentage of ownership threshold under which registration rights will terminate.	2%
Safehold Management Services | Affiliated entity
Schedule of Equity Method Investments [Line Items]
Management agreement renewal term	1 year
Annual management fee - Year 1	$ 25,000,000
Annual management fee - Year 2	15,000,000
Annual management fee - Year 3	10,000,000
Annual management fee - Year 4	$ 5,000,000
Number of initial annual contract terms | item	4
Annual management fee percent of gross book value, year five and thereafter	2%
Management fees		$ 19,700,000
Notice required to terminate management agreement with cause	30 days
Percentage approval of independent directors to terminate management agreement without cause	66.70%
Termination fee, termination without cause	$ 50,000,000
Termination fee due to liquidation of consolidated assets after third anniversary of agreement	0
Termination fee due to reduction in consolidated assets - Year 1	30,000,000
Termination fee due to reduction in consolidated assets - Year 2	15,000,000
Termination fee due to reduction in consolidated assets - Year 3	$ 5,000,000
Safehold Management Services | Affiliated entity | Minimum
Schedule of Equity Method Investments [Line Items]
Notice required to terminate management agreement without cause	180 days

Other Investments (Other Real E

Other Investments (Other Real Estate Equity Investments) (Details) - Operating properties and land and development venture - Other real estate equity investments - property	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Number of operating properties	2	3
Equity interest	95%	95%

Other Investments (Summarized I

Other Investments (Summarized Investee Financial Information) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total assets	[1]	$ 669,197	$ 1,005,371
Total liabilities	[1]	235,357	33,102
Noncontrolling interests	[1]	22,286	726
Total equity (deficit) attributable to parent entities	[1]	411,554
Revenues		123,053	124,077	$ 272,175
Expenses		176,684	231,200	314,392
Net Income (Loss)		(196,356)	(36,348)	62,745
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Total assets		641	5,942,105
Total liabilities		703	3,745,332
Noncontrolling interests			23,067
Total equity (deficit) attributable to parent entities		(62)	2,173,706
Revenues		86,894	625,162	883,259
Expenses		78,462	237,343	253,940
Net Income (Loss)		$ 47,673	$ 378,557	$ 629,085
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Other Assets and Other Liabil_3

Other Assets and Other Liabilities (Deferred Expenses and Other Assets) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Other assets		$ 8,882	$ 9,471
Operating lease right-of-use assets		1,380	1,860
Restricted cash		10,051	3,247
Other receivables		1,865	1,895
Leasing costs, net		101	129
Intangible assets, net		180	319
Deferred expenses and other assets, net	[1]	22,459	16,921
Intangible assets, accumulated amortization		200	100
Amortization of above market lease		100	100	$ 300
Amortization of intangible assets		$ 100	100	1,000
Weighted average amortization period		4 years 9 months 18 days
Accumulated amortization on leasing costs		$ 200	$ 100
Operating Lease, Right-of-Use Asset, Statement of Financial Position		Deferred expenses and other assets, net	Deferred expenses and other assets, net
Real Estate Expense
Real Estate Properties [Line Items]
Operating lease expense		$ 500	$ 700	$ 600
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Other Assets and Other Liabil_4

Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Other Assets and Other Liabilities [Abstract]
Other liabilities		$ 35,010	$ 26,235
Accrued expenses		5,914	4,861
Operating lease liabilities		1,538	2,006
Accounts payable, accrued expenses and other liabilities	[1],[2]	42,462	33,102
Deferred income		20,100	21,200
Management fees due SAFE		7,200
Other payables related to real estate properties		$ 4,900	$ 2,500
Operating Lease, Liability, Statement of Financial Position		Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities
[1] As of December 31, 2023, includes $7.2 million of management fees due to Safe (refer to Note 1). Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Debt Obligations, net (Schedule

Debt Obligations, net (Schedule of Debt) (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
		Dec. 31, 2023	Dec. 31, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Total debt obligations, net	[1]	$ 192,895	$ 192,895
Interest costs capitalized			2,100
Paid-in-kind interest on debt obligations			1,701
Secured Debt
Debt Instrument [Line Items]
Total debt obligations		196,914	196,914
Debt discounts and deferred financing costs, net		(4,019)	(4,019)
Total debt obligations, net	[1]	192,895	192,895
Secured Debt | Safe Credit Facility
Debt Instrument [Line Items]
Total debt obligations		$ 115,000	$ 115,000
Stated interest rate		8%	8%
Secured Debt | Safe Credit Facility | Safehold Inc.
Debt Instrument [Line Items]
Stated interest rate				8%
Secured Debt | Margin Loan Facility
Debt Instrument [Line Items]
Total debt obligations		$ 81,914	$ 81,914
Paid-in-kind interest on debt obligations		$ 1,700
Increase in basis point spread for the period immediately succeeding a period in which the Company makes a PIK election.		0.25%
Secured Debt | Margin Loan Facility | SOFR
Debt Instrument [Line Items]
Basis point spread on variable interest rate			3%
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Debt Obligations, net (Future S

Debt Obligations, net (Future Scheduled Maturities) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Maturities of Long-term Debt [Abstract]
Total debt obligations, net	$ 192,895	[1]
Secured Debt
Maturities of Long-term Debt [Abstract]
2026	81,914
2027	115,000
Total principal maturities	196,914
Unamortized discounts and deferred financing costs, net	(4,019)
Total debt obligations, net	$ 192,895	[1]
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Debt Obligations, net (Secured

Debt Obligations, net (Secured Term Loan and Credit Facility Narrative) (Details) $ in Millions		1 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($)
Safehold Inc.
Line of Credit Facility [Line Items]
Interest expense			$ 7.2
Loan Payable to iStar
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 125
Stated interest rate	8%
Interest expense			2.5
Senior Construction Mortgage Loan | Venture
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 80	$ 80
Debt instrument term extension, number of option | loan		1
Debt instrument extension term		12 months
Debt instrument term extension option fees		1%
Debt instrument origination fees		1%
Debt instrument exit fees		1.85%
Debt instrument term		3 years
Senior Construction Mortgage Loan | SOFR | Venture
Line of Credit Facility [Line Items]
Debt instrument floor rate		3.65%
Basis point spread on variable interest rate		6.85%
Secured Debt | Safe Credit Facility
Line of Credit Facility [Line Items]
Stated interest rate		8%	8%
Secured Debt | Safe Credit Facility | Safehold Inc.
Line of Credit Facility [Line Items]
Stated interest rate	8%
Interest rate when any loan remains outstanding under an incremental facility available under the Safe Credit Facility	10%
Commitment fees paid	$ 0.6
Secured Debt | Term Loan | Safehold Inc.
Line of Credit Facility [Line Items]
Debt instrument, face amount	115
Secured Debt | Incremental Borrowing Facility | Safehold Inc.
Line of Credit Facility [Line Items]
Maximum borrowing capacity	25
Secured Debt | Margin Loan Facility | SOFR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate			3%
Secured Debt | Margin Loan Facility | Morgan Stanley
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 140
Debt instrument term	3 years
Loan proceeds used to extinguish senior unsecured notes	$ 88
Repayment of principal			$ 60

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating
2024	$ 486
2025	486
2026	486
2027	162
Total undiscounted cash flows	1,620
Present value discount	(82)
Lease liabilities	$ 1,538	$ 2,006
Operating leases, weighted average incremental borrowing rate, discount rate (percent)	3%
Operating leases, weighted average lease term (in years)	3 years 3 months 18 days

Equity (Details)

Equity (Details)	12 Months Ended
	Dec. 31, 2023 class shares	Mar. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Equity
Percentage of common shares of beneficial interest distributed at Spin-off		100%
Pro rata distribution of common shares issued for each outstanding share of iStar common share at Spin-off.	0.153	0.153	0.153	0.153
Number of classes of common stock | class	1
Common Stock, shares outstanding (in shares)	13,319,552		0

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ (196,290)	$ (36,311)	$ 62,671
Net (income) loss attributable to noncontrolling interests	(66)	(37)	74
Net income (loss) allocable to common shareholders	$ (196,356)	$ (36,348)	$ 62,745

Earnings Per Share (Earnings Al

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023
Numerator for basic and diluted earnings per share:
Net income (loss) allocable to common shareholders - Basic	$ (196,356)	$ (36,348)	$ 62,745
Net income (loss) allocable to common shareholders - Diluted	$ (196,356)	$ (36,348)	$ 62,745
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	13,320,000	13,320,000	13,320,000
Weighted average common shares outstanding for diluted earnings per common share	13,320,000	13,320,000	13,320,000
Basic and diluted earnings per common share:
Net income (loss) allocable to common shareholders - Basic	$ (14.74)	$ (2.73)	$ 4.71
Net income (loss) allocable to common shareholders - Diluted	$ (14.74)	$ (2.73)	$ 4.71
Pro rata distribution of common shares issued for each outstanding share of iStar common share at Spin-off.	0.153	0.153	0.153	0.153

Fair Values (Schedule of Fair V

Fair Values (Schedule of Fair Value Measurement) (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Assets and liabilities recorded at fair value
Loan receivable held for sale	[1]		$ 37,650
Other investments	[1]	$ 316,451	587,138
Impairment of real estate		0	1,800	$ 600
Charge-off of held-to-maturity security			22,200
Fair Value
Assets and liabilities recorded at fair value
Available-for-sale securities		4,579
Recurring Basis | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Available-for-sale securities		4,579		$ 28,092
Recurring Basis | Fair Value
Assets and liabilities recorded at fair value
Available-for-sale securities		4,579
Other investments		316,430
Recurring Basis | Fair Value | Quoted market prices in active markets (Level 1)
Assets and liabilities recorded at fair value
Other investments		316,430
Recurring Basis | Fair Value | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Available-for-sale securities		$ 4,579
Non-recurring Basis
Assets and liabilities recorded at fair value
Impairment of real estate			1,800
Aggregate impairments			12,700
Non-recurring Basis | Fair Value
Assets and liabilities recorded at fair value
Real estate, net			811
Impaired land and development			26,300
Loan receivable held for sale			37,650
Non-recurring Basis | Fair Value | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Real estate, net			811
Impaired land and development			26,300
Loan receivable held for sale			$ 37,650
Discount rate used t determine future cash flows			0.125
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Fair Values - (Available-For-Sa

Fair Values - (Available-For-Sale Securities) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Assets and liabilities recorded at fair value
Purchases	$ 4,200
Unrealized losses recorded in other comprehensive income (loss)		$ 359
Recurring Basis | Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Beginning balance			$ 28,092
Purchases		4,220
Sales and repayments			(26,752)
Realized gain recorded in other income			2,897
Unrealized losses recorded in other comprehensive income (loss)		$ 359	$ (4,237)
Unrealized losses - Statement of Comprehensive Income (Loss)		Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Ending balance		$ 4,579

Fair Values - (Carrying Value a

Fair Values - (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands, shares in Millions	Dec. 31, 2023	Dec. 31, 2022
Book and estimated fair values of financial instruments
Equity method investments	$ 316,451	$ 587,138
Venture | Deferred expenses and other assets, net
Book and estimated fair values of financial instruments
Cash and cash equivalents	14,100
Safehold Inc.
Book and estimated fair values of financial instruments
Equity method investments	$ 316,430	554,733
Number of shares owned (in shares)	13.5
Carrying Value
Book and estimated fair values of financial instruments
Loans receivable and other lending investments	$ 21,000	49,000
Loans receivable held for sale		38,000
Equity method investments	316,000
Cash and cash equivalents	51,000	4,000
Restricted cash	10,000	3,000
Debt obligations, net	193,000
Fair Value
Book and estimated fair values of financial instruments
Loans receivable and other lending investments	17,000	46,000
Loans receivable held for sale		38,000
Equity method investments	316,000
Cash and cash equivalents	51,000	4,000
Restricted cash	10,000	$ 3,000
Debt obligations, net	$ 193,000

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 210,338
Initial cost to company, building and improvements	90,118
Cost capitalized subsequent to acquisition	(9,615)
Gross amount carried at close of period, land	190,140
Gross amount carried at close of period, building and improvements	100,701
Gross amount carried at close of period, total	290,841	$ 338,320	$ 415,963	$ 660,896
Accumulated depreciation	34,041	$ 29,808	$ 36,702	$ 32,643
Aggregate cost for federal income tax purposes	500,000
Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	204,768
Initial cost to company, building and improvements	8,790
Cost capitalized subsequent to acquisition	(20,198)
Gross amount carried at close of period, land	184,570
Gross amount carried at close of period, building and improvements	8,790
Gross amount carried at close of period, total	193,360
Accumulated depreciation	11,966
Land | California LAN1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	28,464
Initial cost to company, building and improvements	2,836
Cost capitalized subsequent to acquisition	(19,453)
Gross amount carried at close of period, land	9,011
Gross amount carried at close of period, building and improvements	2,836
Gross amount carried at close of period, total	11,847
Accumulated depreciation	2,949
Land | New Jersey LAN1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	43,300
Cost capitalized subsequent to acquisition	24,662
Gross amount carried at close of period, land	67,962
Gross amount carried at close of period, total	67,962
Accumulated depreciation	1,270
Land | New Jersey LAN2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	3,992
Cost capitalized subsequent to acquisition	(94)
Gross amount carried at close of period, land	3,898
Gross amount carried at close of period, total	3,898
Land | New Jersey LAN3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Cost capitalized subsequent to acquisition	2,297
Gross amount carried at close of period, land	2,297
Gross amount carried at close of period, total	2,297
Land | New Jersey LAN4
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	111
Initial cost to company, building and improvements	5,954
Cost capitalized subsequent to acquisition	3,033
Gross amount carried at close of period, land	3,144
Gross amount carried at close of period, building and improvements	5,954
Gross amount carried at close of period, total	9,098
Land | New York LAN1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	58,900
Cost capitalized subsequent to acquisition	(32,600)
Gross amount carried at close of period, land	26,300
Gross amount carried at close of period, total	26,300
Land | Virginia LAN1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	70,001
Cost capitalized subsequent to acquisition	1,957
Gross amount carried at close of period, land	71,958
Gross amount carried at close of period, total	71,958
Accumulated depreciation	7,747
Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, building and improvements	2,473
Cost capitalized subsequent to acquisition	326
Gross amount carried at close of period, building and improvements	2,799
Gross amount carried at close of period, total	2,799
Accumulated depreciation	728
Retail | Illinois RET1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, building and improvements	336
Cost capitalized subsequent to acquisition	326
Gross amount carried at close of period, building and improvements	662
Gross amount carried at close of period, total	662
Accumulated depreciation	$ 301
Depreciable life	40 years
Retail | Virginia RET1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, building and improvements	$ 2,137
Gross amount carried at close of period, building and improvements	2,137
Gross amount carried at close of period, total	2,137
Accumulated depreciation	$ 427
Depreciable life	40 years
Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 4,232
Initial cost to company, building and improvements	65,041
Cost capitalized subsequent to acquisition	9,219
Gross amount carried at close of period, land	4,232
Gross amount carried at close of period, building and improvements	74,260
Gross amount carried at close of period, total	78,492
Accumulated depreciation	18,799
Hotel | New Jersey HOT1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	297
Initial cost to company, building and improvements	18,299
Cost capitalized subsequent to acquisition	4,159
Gross amount carried at close of period, land	297
Gross amount carried at close of period, building and improvements	22,458
Gross amount carried at close of period, total	22,755
Accumulated depreciation	$ 5,603
Depreciable life	40 years
Hotel | New Jersey HOT2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 120
Initial cost to company, building and improvements	6,548
Cost capitalized subsequent to acquisition	23
Gross amount carried at close of period, land	120
Gross amount carried at close of period, building and improvements	6,571
Gross amount carried at close of period, total	6,691
Accumulated depreciation	$ 744
Depreciable life	40 years
Hotel | New Jersey HOT3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 3,815
Initial cost to company, building and improvements	40,194
Cost capitalized subsequent to acquisition	5,037
Gross amount carried at close of period, land	3,815
Gross amount carried at close of period, building and improvements	45,231
Gross amount carried at close of period, total	49,046
Accumulated depreciation	$ 12,452
Depreciable life	40 years
Entertainment
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 1,338
Initial cost to company, building and improvements	13,814
Cost capitalized subsequent to acquisition	1,038
Gross amount carried at close of period, land	1,338
Gross amount carried at close of period, building and improvements	14,852
Gross amount carried at close of period, total	16,190
Accumulated depreciation	2,548
Entertainment | New Jersey ENT1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	750
Initial cost to company, building and improvements	10,670
Cost capitalized subsequent to acquisition	875
Gross amount carried at close of period, land	750
Gross amount carried at close of period, building and improvements	11,545
Gross amount carried at close of period, total	12,295
Accumulated depreciation	$ 1,921
Depreciable life	40 years
Entertainment | New York ENT1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 588
Initial cost to company, building and improvements	3,144
Cost capitalized subsequent to acquisition	163
Gross amount carried at close of period, land	588
Gross amount carried at close of period, building and improvements	3,307
Gross amount carried at close of period, total	3,895
Accumulated depreciation	$ 627
Depreciable life	40 years
Land Improvements | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable life	15 years
Land Improvements | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable life	20 years
Land and Land Development Assets
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Accumulated depreciation	$ 12,000

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Real Estate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at January 1	$ 338,320	$ 415,963	$ 660,896
Improvements and additions	13,638	21,430	24,691
Dispositions	(61,117)	(85,450)	(268,945)
Impairments	0	(13,623)	(679)
Balance at December 31	$ 290,841	$ 338,320	$ 415,963

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at January 1	$ (29,808)	$ (36,702)	$ (32,643)
Additions	(4,453)	(4,555)	(5,086)
Dispositions	220	11,449	1,027
Balance at December 31	$ (34,041)	$ (29,808)	$ (36,702)

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 16,816
Carrying amount of mortgages	16,816	$ 86,834	$ 211,488	$ 496,553
Land | Borrower A
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	2,550
Carrying amount of mortgages	$ 2,550
Land | Borrower A | Contractual Interest Accrual Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	8%
Land | Borrower A | Contractual Interest Payment Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	8%
Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 14,266
Carrying amount of mortgages	14,266
Hotel | Borrower B
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	14,266
Carrying amount of mortgages	$ 14,266
Hotel | Borrower B | Contractual Interest Accrual Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	6.80%
Hotel | Borrower B | Contractual Interest Payment Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	6.80%

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1	$ 86,834	$ 211,488	$ 496,553
Additions:
New mortgage loans	2,550		32,942
Additions under existing mortgage loans	2,167	6,482	20,958
Other	811	4,233	7,455
Deductions:
Collections of principal	(73,775)	(111,112)	(304,053)
(Provision for) recovery of loan losses	(1,771)	(24,237)	166
Transfers to real estate and equity investments			(42,501)
Amortization of premium		(20)	(32)
Balance at December 31	$ 16,816	$ 86,834	$ 211,488

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (196,356)	$ (36,348)	$ 62,745

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false