0001558370-25-001097 | 10-K | XBRL Viewer

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Basis of Presentation—The accompanying combined and consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

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 were initially 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 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 and 2022, the Company was allocated $14.1 million and $10.9 million, respectively, of general and administrative expense and $8.0 million and $42.0 million, respectively, of interest expense. For the years ended December 31, 2023 and 2022, the general and administrative expense allocation includes $1.8 million and ($11.8) 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.

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 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 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 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 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 consolidated balance sheets and the changes in fair value for these investments are included in “Unrealized 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 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).

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 consolidated balance sheets.

Variable interest entities

Variable interest entities—The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE’s economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events.

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, 2024, 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 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—The Company’s revenue recognition policies are as follows:

Operating lease income: For the Company’s leases classified as operating leases, operating lease income is recognized on the straight-line method of accounting generally from the later of the date the lessee takes possession of the space or the space is ready for its intended use. If the Company acquires a facility subject to an existing operating lease, the Company will recognize operating lease income on the straight-line method beginning on the date of acquisition. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable, net" on the Company’s consolidated balance sheets.

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: Interest income on loans receivable is recognized on an accrual basis using the interest method.

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.

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.

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: Land development revenue includes lot, unit and parcel sales from wholly-owned properties and is recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs.

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 Accounting Standards Update (“ASU”) 2016-13 – Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 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, 2024 and 2023, accrued interest was $0.9 million and $0.2 million, respectively,

and is recorded in "Accrued interest and operating lease income receivable, net" on the Company’s consolidated balance sheets. The Company reverses any accrued interest as a reduction to interest income or recognizes a credit loss expense when a loan is placed on non-accrual status. As such, the Company elected the practical expedient to not record an allowance against accrued interest receivable. During the years ended December 31, 2024, 2023 and 2022, the Company did not reverse any accrued interest on its loan portfolio.

As of December 31, 2024, the Company did not have any non-performing loans. Loans receivable held for sale, if any, 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 consolidated balance sheets.

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 and 2022 (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, 2024, the Company recorded a deferred income tax benefit in the amount of $24.8 million related to a current net operating loss and unrealized losses on the Company’s equity investments. For the year ended December 31, 2024, the Company also recorded an offsetting income tax expense of $24.8 million to increase 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, 2024. 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, 2024 and 2023, the Company paid $0.1 million and $0.1 million, respectively, 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, 2024, 2023 and 2022 is as follows ($ in thousands):


	Years Ended December 31,
	2024		2023		2022
Net income (loss) from operations before income taxes	$	(88,360)	$	(196,290)	$	(36,311)
Statutory federal tax rate		21%		21%		21%
Income tax expense (benefit) at statutory rates		(18,556)		(41,221)		(7,625)
State income taxes, net of federal benefit		(5,755)		(12,825)		(1,718)
Return to provision		(1,218)		—		—
Income eliminated for financial reporting		411		—		—
Tax effect of net losses reported on predecessor entities		—		22,631		—
State net operating loss limitations		—		1,137		(1,047)
Equity adjustments		346		—		(3,266)
Noncontrolling interests		(25)		(18)		(10)
Deferred intercompany transactions		—		408		—
Basis adjustments		—		32,370		—
Miscellaneous		28		—		—
State franchise and minimum taxes		2		—		—
Valuation allowance		24,769		(2,482)		13,666
Income tax (benefit) expense	$	2	$	—	$	—

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, 2024 and 2023 ($ in thousands):


	As of December 31,
	2024		2023
Basis differences	$	26,620	$	31,838
Deferred expense		461		949
Depreciation		665		1,101
Net operating loss carryforwards⁽¹⁾		21,541		9,832
Mark-to-market cost method investments		33,369		16,926
Capitalized expenses		7,803		5,044
Valuation allowance		(90,459)		(65,690)
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—Basic earnings per share ("Basic EPS") for the Company’s common stock is computed by dividing net income allocable to common shareholders by the weighted average number of shares of common stock outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount. For all periods presented, the Company did not have any securities or other contracts that could be exercised or converted into common stock. For all periods presented prior to the Spin-Off, the weighted average shares outstanding for the Basic 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.

New accounting pronouncements

New Accounting Pronouncements—In August 2023, the Financial Accounting Standards Board (“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.

Fair Values (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024
Recurring basis:
Available-for-sale debt securities⁽¹⁾	$	15,376	$	—	$	—	$	15,376
Other investments (refer to Note 7)		249,899		249,899		—		—

As of December 31, 2023
Non-recurring basis:
Available-for-sale debt securities⁽¹⁾	$	4,579	$	—	$	—	$	4,579
Other investments (refer to Note 7)		316,430		316,430		—		—

(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.

Summary of changes in Level 3 available-for-sale securities reported at fair value

The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company’s consolidated balance sheets for the years ended December 31, 2024 and 2023 ($ in thousands):


	2024		2023
Beginning balance	$	4,579	$	—
Purchases		11,260		4,220
Unrealized gain (loss) recorded in other comprehensive income (loss)		(463)		359
Ending balance	$	15,376	$	4,579

Schedule of carrying value and fair value of financial instruments


	As of December 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Loans receivable and other lending investments, net⁽¹⁾	$	50	$	49	$	21	$	17
Cash and cash equivalents⁽²⁾		35		35		51		51
Restricted cash⁽²⁾		11		11		10		10

Liabilities
Debt obligations, net⁽¹⁾		217		222		193		193

(1)	The fair value of the Company’s loans receivable and other lending investments, net and debt obligations, net are classified as Level 3 within the fair value hierarchy.

(2)

The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values. Restricted cash is recorded in “Deferred expenses and other assets, net” on the Company’s 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.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Real Estate

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023
Land, at cost	$	5,570	$	5,570
Buildings and improvements, at cost		92,548		91,911
Less: accumulated depreciation		(25,273)		(22,075)
Real estate, net	$	72,845	$	75,406

Dispositions —During the year ended December 31, 2024, the Company sold residential condominiums with a carrying value of $1.7 million that were transferred from land and development to real estate available and held for sale. The Company did not sell any real estate during the year ended December 31, 2023. 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.

Impairments—The Company did not record any impairments during the years ended December 31, 2024 and 2023. 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—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes and are included in “Operating lease income” in the Company’s combined and consolidated statements of operations. Tenant reimbursements were $1.7 million, $1.8 million and $3.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Allowance for Doubtful Accounts—As of December 31, 2024 and 2023, the allowance for doubtful accounts related to real estate tenant receivables was $0.1 million and $0.1 million, respectively. These amounts are included in “Accrued interest and operating lease income receivable, net” on the Company’s consolidated balance sheets.

Future Minimum Operating Lease Payments—Future minimum operating lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses, in effect as of December 31, 2024, are as follows by year ($ in thousands):


Year	Amount
2025	$	4,157
2026		4,070
2027		1,349
2028		—
2029		—
Thereafter		—

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2024	Feb. 13, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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			$ 155
Common Stock, Shares, Outstanding		13,319,552
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the registrant’s 2025 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	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	New York, New York

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ (88,362)	$ (196,290)	$ (36,311)
Net (income) loss attributable to noncontrolling interests	1,607	(66)	(37)
Net income (loss) allocable to common shareholders	$ (86,755)	$ (196,356)	$ (36,348)

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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+ Details

Other Investments (Summarized Investee Financial Information) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Schedule of Equity Method Investments [Line Items]

Total assets

^[1]

$ 608,655

$ 669,197

Total liabilities

^[1]

263,659

235,357

Noncontrolling interests

^[1]

20,660

22,286

Total equity (deficit) attributable to parent entities

^[1]

324,336

411,554

Revenues

113,297

123,053

$ 124,077

Expenses

(138,825)

(176,684)

(231,200)

Net income attributable to parent entities

$ (86,755)

(196,356)

(36,348)

Equity Method Investments

Schedule of Equity Method Investments [Line Items]

Total assets

641

Total liabilities

703

Total equity (deficit) attributable to parent entities

(62)

Revenues

86,894

625,162

Expenses

(78,462)

(237,343)

Net income attributable to parent entities

$ 47,673

$ 378,557

[1]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

- Definition

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Combined and Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Revenues:

Total revenues

$ 113,297

$ 123,053

$ 124,077

Costs and expenses:

Depreciation and amortization

4,328

4,572

4,910

General and administrative

^[1]

21,123

36,199

10,937

Provision for (recovery of) loan losses

621

1,740

44,998

Impairment of assets

14,476

Other expense

791

494

Total costs and expenses

138,825

176,684

231,200

Unrealized gain (losses) on equity investments

(66,531)

(171,394)

Income from sales of real estate

3,699

25,186

Income (loss) from operations before earnings from equity method investments and other items

(88,360)

(225,025)

(81,937)

Loss on early extinguishment of debt, net

(2,090)

Earnings from equity method investments

30,825

45,626

Net income (loss) from operations before income taxes

(88,360)

(196,290)

(36,311)

Income tax expense

(2)

Net income (loss)

(88,362)

(196,290)

(36,311)

Net (income) loss from operations attributable to noncontrolling interests

1,607

(66)

(37)

Net income (loss) allocable to common shareholders

$ (86,755)

$ (196,356)

$ (36,348)

Per common share data:

Net income (loss) allocable to common shareholders - Basic

$ (6.51)

$ (14.74)

$ (2.73)

Net income (loss) allocable to common shareholders - Diluted

$ (6.51)

$ (14.74)

$ (2.73)

Weighted average number of common shares:

Basic (in shares)

13,320

Diluted (in shares)

13,320

Nonrelated party

Costs and expenses:

Interest expense

$ 7,002

$ 16,672

$ 42,042

Related party

Costs and expenses:

Interest expense

8,750

6,300

Operating lease income

Revenues:

Total revenues

6,900

6,738

12,859

Interest income

Revenues:

Total revenues

2,344

2,135

12,340

Other income

Revenues:

Total revenues

^[2]

44,091

41,745

37,125

Land development revenue

Revenues:

Total revenues

59,962

72,435

61,753

Costs and expenses:

Cost of sales expense

48,674

62,657

63,441

Real estate expense

Costs and expenses:

Cost of sales expense

$ 48,263

$ 47,753

$ 49,902

[1]	For the years ended December 31, 2024 and 2023, includes $17.5 million and $19.7 million, respectively, of management fees incurred to related parties.
[2]	During the years ended December 31, 2024, 2023, and 2022, includes $22.0 million, $22.0 million and $21.5 million, respectively, of revenues from hotel properties.

Other Investments (Schedule of Other Investments) (Details)
$ / shares in Units, $ in Thousands, shares in Millions

1 Months Ended

12 Months Ended

Apr. 30, 2022

USD ($)

Dec. 31, 2024

USD ($)

$ / shares

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

item

Mar. 31, 2023

USD ($)

Schedule of Equity Method Investments [Line Items]

Carrying value

$ 249,899

$ 316,451

Other investments

^[1]

249,899

316,451

Earnings from equity method investments

30,825

$ 45,626

Distribution from real estate equity investee property sale

47,286

10,217

Safehold Inc.

Schedule of Equity Method Investments [Line Items]

Carrying value

$ 249,899

316,430

Earnings from equity method investments

1,089

33,261

Number of shares owned (in shares) | shares

13.5

Closing price (in dollars per share) | $ / shares

$ 18.48

Market value

$ 249,900

Unrealized gain (loss) on equity investment

$ (66,500)

(171,400)

Dilution gain

$ 300

Shares of SAFE allocated from iStar | shares

15.2

Reduction to allocated shares of affiliate based on final terms of Spin-Off | shares

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

Earnings from equity method investments

$ 29,736

$ 12,365

Hotel property

Schedule of Equity Method Investments [Line Items]

Percentage ownership exchanged

50.00%

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

Number of real estate equity investments | item

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

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”).

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Property, Plant and Equipment
Impairment of assets			$ 14,476,000
Interest receivable
Election to exclude accrued interest from loans receivable	true
Income taxes
Deferred income tax expense (benefit)	$ (24,800,000)	$ 2,500,000
Deferred tax assets	0	0
Current income tax expense (benefit)	24,800,000	(2,500,000)
Income taxes paid during the period	100,000	100,000
Pro rata distribution of common shares issued for each outstanding share of iStar common share at Spin-off.			0.153	0.153
Accrued Interest And Operating Lease Income Receivable, Net
Interest receivable
Accrued interest	$ 900,000	$ 200,000
Facilities
Property, Plant and Equipment
Useful life	40 years
Furniture and Equipment
Property, Plant and Equipment
Useful life	5 years

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease obligations operating leases

Commitments—Future minimum lease obligations under non-cancelable operating leases as of December 31, 2024 are as follows ($ in thousands):


2025	$	486
2026		486
2027		162
2028		—
2029		—
Thereafter		—
Total undiscounted cash flows		1,134
Present value discount⁽¹⁾		(41)
Lease liabilities	$	1,093

(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 2.3 years.

Land and Development (Dispositions and Impairments) (Details) - USD ($)
$ in Thousands

1 Months Ended

12 Months Ended

Oct. 31, 2024

Dec. 31, 2023

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Real Estate Properties [Line Items]

Revenues

$ 113,297

$ 123,053

$ 124,077

Noncontrolling interests

^[1]

$ 22,286

20,660

22,286

Impairment of assets

14,476

Initial term of financing loan to third party on sale of land

1 year

Term of optional extension on financing loan at borrower's discretion

1 year

Venture

Real Estate Properties [Line Items]

Amount of funded mezzanine loan

10,600

Completion and carry guaranty

80,000

Third party capital contributions

21,000

Deferred profit interest

3,000

Noncontrolling interests

$ 21,000

21,000

Land development revenue

Real Estate Properties [Line Items]

Revenues

59,962

72,435

61,753

Cost of sales expense

$ 48,674

$ 62,657

63,441

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”).

Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023
Other assets⁽¹⁾	$	8,233	$	8,882
Operating lease right-of-use assets⁽²⁾		924		1,380
Restricted cash		10,589		10,051
Other receivables		2,459		1,865
Leasing costs, net⁽³⁾		69		101
Intangible assets, net⁽⁴⁾		127		180
Deferred expenses and other assets, net	$	22,401	$	22,459

(1)	As of December 31, 2024 and 2023, other assets primarily includes prepaid expenses and dividends receivable from Safe.

(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, 2024, 2023 and 2022, the Company recognized $0.5 million, $0.5 million and $0.7 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 $0.2 million as of December 31, 2024 and 2023, 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 $0.2 million as of December 31, 2024 and 2023, 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 $0.1 million for the years ended December 31, 2024, 2023 and 2022, 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 $0.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. These amounts are included in “Depreciation and amortization” in the Company’s combined and consolidated statements of operations. As of December 31, 2024, the weighted average remaining amortization period for the Company’s intangible assets was approximately 2.2 years.

Schedule of accounts payable, accrued expenses and other liabilities

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):⁽¹⁾


	As of
	December 31, 2024		December 31, 2023
Other liabilities⁽¹⁾	$	33,300	$	35,010
Accrued expenses		11,917		5,914
Operating lease liabilities (see table above)		1,093		1,538
Accounts payable, accrued expenses and other liabilities	$	46,310	$	42,462

(1)

As of December 31, 2024, “Other liabilities” includes $20.6 million of deferred income, $4.8 million of management fees due Safe and $5.7 million of other payables related to real estate properties. 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.

Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023		Interest Rates		Maturity Date⁽¹⁾
Debt obligations:
Safe Credit Facility	$	115,000	$	115,000	8.00	%	March 2027
Margin Loan Facility⁽²⁾		89,175		81,914	SOFR plus 3.00	%	March 2026
Senior Construction Mortgage Loan		15,815		—	SOFR plus 6.85	%	December 2027
Total debt obligations		219,990		196,914
Debt discounts and deferred financing costs, net		(2,641)		(4,019)
Total debt obligations, net⁽³⁾	$	217,349	$	192,895

(1)	Represents the extended maturity date, if applicable.

(2)

The Company elected to pay interest in kind (“PIK”) in respect of interest payments payable for each quarter of 2024, all of 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.

(3)	During the years ended December 31, 2024 and 2023, the Company capitalized interest expense on qualifying real estate assets of $2.7 million and $2.1 million, respectively.

Schedule of future scheduled maturities of outstanding debt obligations


2025	$	—
2026		89,175
2027		130,815
2028		—
2029		—
Thereafter		—
Total principal maturities		219,990
Unamortized discounts and deferred financing costs, net		(2,641)
Total debt obligations, net	$	217,349

Equity

12 Months Ended

Dec. 31, 2023

Equity

Equity

Note 12—Equity

Common Stock—On March 31, 2023, in connection with the Spin-Off, 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. As of December 31, 2024, the Company has one class of common stock with 13,319,552 shares outstanding.

Net Parent Investment—The Company’s net parent investment represented net contributions from and distributions to iStar through the date of the Spin-Off. Certain of the entities included in the Company’s financial statements did not have bank accounts for the periods presented and most cash transactions for the Company were transacted through bank accounts owned by iStar and are included in the Company’s equity.

Accumulated Other Comprehensive Income (Loss)—Accumulated other comprehensive income (loss) reflected in the Company’s shareholders’ equity is comprised of the Company’s unrealized gains or losses on the Company’s available-for-sale securities. The Company does not have any derivatives as of December 31, 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies -Reconciliation of the income tax expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of the income tax expense (benefit)
Net income (loss) from operations before income taxes	$ (88,360)	$ (196,290)	$ (36,311)
Statutory federal tax rate	21.00%	21.00%	21.00%
Income tax expense (benefit) at statutory rates	$ (18,556)	$ (41,221)	$ (7,625)
State income taxes, net of federal benefit	(5,755)	(12,825)	(1,718)
Return to provision	(1,218)
Income eliminated for financial reporting	411
Tax effect of net losses reported on predecessor entities		22,631
State net operating loss limitations		1,137	(1,047)
Equity adjustments	346		(3,266)
Noncontrolling interests	(25)	(18)	(10)
Deferred intercompany transactions		408
Basis adjustments		32,370
Miscellaneous	28
State franchise and minimum taxes	2
Valuation allowance	24,769	$ (2,482)	$ 13,666
Income tax (benefit) expense	$ 2

Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023
Other assets⁽¹⁾	$	8,233	$	8,882
Operating lease right-of-use assets⁽²⁾		924		1,380
Restricted cash		10,589		10,051
Other receivables		2,459		1,865
Leasing costs, net⁽³⁾		69		101
Intangible assets, net⁽⁴⁾		127		180
Deferred expenses and other assets, net	$	22,401	$	22,459

(1)	As of December 31, 2024 and 2023, other assets primarily includes prepaid expenses and dividends receivable from Safe.

(2)

(3)	Accumulated amortization of leasing costs was $0.2 million and $0.2 million as of December 31, 2024 and 2023, respectively.

(4)

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):⁽¹⁾


	As of
	December 31, 2024		December 31, 2023
Other liabilities⁽¹⁾	$	33,300	$	35,010
Accrued expenses		11,917		5,914
Operating lease liabilities (see table above)		1,093		1,538
Accounts payable, accrued expenses and other liabilities	$	46,310	$	42,462

(1)

Other Investments

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2024		2023		2022
Safehold Inc. ("Safe")⁽¹⁾	$	249,899	$	316,430	$	—	$	1,089	$	33,261
Other real estate and strategic equity investments⁽²⁾		—		21		—		29,736		12,365
Total	$	249,899	$	316,451	$	—	$	30,825	$	45,626

(1)

As of December 31, 2024, the Company owned 13.5 million shares of Safe common stock which, based on the closing price of $18.48 on December 31, 2024, had a market value of $249.9 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 gain (loss) on equity investments of ($66.5) million and ($171.4) million, respectively, in its combined and consolidated statements of operations for the years ended December 31, 2024 and 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 year ended December 31, 2022, equity in earnings includes $0.3 million 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 not recognize any gain or loss on the sale.

Safehold Inc.—Safe is a publicly-traded company that acquires, owns, manages, finances and capitalizes ground leases. Ground leases generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon (“Ground Leases”). As of December 31, 2024, the Company owned approximately 13.5 million shares, or 18.9%, of Safe’s outstanding common stock. The Company accounts for its investment in the Safe Shares as an equity investment due to the terms of the governance agreement described below.

On March 31, 2023, the Company entered into the following agreements with Safe:

Separation and Distribution Agreement—The Separation and Distribution Agreement provides for, among other things, the principal corporate transactions required to effect the Spin-Off and provisions governing Star Holdings' relationship with Safe with respect to and following the Spin-Off. The Separation and Distribution Agreement includes provisions allocating assets and liabilities between Star Holdings and Safe and various post-closing covenants relating to, among other things, the treatment of the parties’ insurance policies, information sharing and other operational matters. The Separation and Distribution Agreement includes a mutual release by Star Holdings, on the one hand, and Safe, on the other hand, of the other party from certain specified liabilities, as well as mutual indemnification covenants pursuant to which Star Holdings and Safe have agreed to indemnify each other from certain specified liabilities.

Management Agreement—The Company entered into the Management Agreement with Safehold Management Services Inc. (the “Manager”), a subsidiary of Safe. The Management Agreement requires the manager to manage the Company’s assets and its and its subsidiaries’ day-to-day operations, subject to the supervision of Board of Trustees of the 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 Management Agreement has an annual term that automatically renews on March 31 of each year. The Company pays a fixed cash management fee and reimburses the Manager for third party expenses incurred in connection with its services. The Company paid the Manager management fees of $25.0 million for the term ended March 31, 2024. The annual fee declines to $15.0 million, $10.0 million and $5.0 million, respectively, in each of the following annual terms, and adjusts to 2.0% of the gross book value of the Company’s assets, excluding the Safe Shares, thereafter. During the years ended December 31, 2024 and 2023, the Company recorded $17.5 million and $19.7 million, respectively, 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-thirds of the Company’s independent trustees, provided, however, that if the date of termination occurs prior to the fourth anniversary of the Spin-Off, the termination will be subject to payment of the applicable termination fee to the Manager. The Company may also terminate the Management Agreement at any time, including during the initial term, with 30 days’ prior written notice from the Company’s board of trustees for “cause,” as defined in the Management Agreement.

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 $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—The Company and Safe entered into a governance agreement (the “Governance Agreement”) in order to establish various arrangements and restrictions with respect to the governance of the Company and certain rights and restrictions with respect to the Safe Shares owned by the Company.

Pursuant to the terms of the Governance Agreement, the Company and its subsidiaries were subject to customary restrictions on the transfer of Safe Shares held by the Company for the first nine months of the agreement. 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 the Company beneficially own less than 7.5% of Safe’s outstanding common stock and Safe is no longer the Company’s external manager; or (iii) a Change of Control of Safe (as defined in the Governance Agreement), the Company and its 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. The Company has irrevocably designated and appointed the board of directors of Safe as its sole and exclusive attorney-in-fact and proxy with full power of substitution and re-substitution to exercise the voting power of its shares of Safe in accordance with these requirements. The Company will also be subject to certain standstill agreements during the restrictive period. The terms of such standstill agreements will restrict the Company 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—Under the Registration Rights Agreement, Safe has agreed to (i) register Star Holdings' shares of Safe common stock and the other registrable securities for resale by filing and maintaining a shelf registration statement; (ii) file a registration statement covering Star Holdings' shares of Safe common stock and other registrable securities pursuant to the demand right and (iii) allow Star Holdings to piggyback on certain other registration statements filed by Safe. Star Holdings may use the registration rights to sell its shares of Safe common stock in underwritten offerings, block trades and other methods of distribution. Star Holdings will be subject to certain suspension and lockup obligations. Star Holdings' registration rights will end, among other times, when it owns less than 2% of Safe's outstanding common stock and is able to sell all of the shares of Safe common stock pursuant to Rule 144(b) without restriction.

Safe Credit Facility—Refer to Note 9 for additional information on the Safe Credit Facility.

Other real estate and strategic equity investments— As of December 31, 2023, the Company’s other real estate equity investments include equity interests of 95% in real estate ventures comprised primarily of investments in two operating properties that have been sold and are in the process of liquidating.

Summarized investee financial information—The following table presents the investee level summarized financial information of the Company’s equity method investments ($ in thousands):


	As of December 31,					For the Years Ended December 31,
	2024		2023			2024		2023		2022
Balance Sheets					Income Statements
Total assets	$	—	$	641	Revenues	$	—	$	86,894	$	625,162
Total liabilities		—		703	Expenses		—		(78,462)		(237,343)
Noncontrolling interests		—		—	Net income (loss) attributable to parent entities		—		47,673		378,557
Total equity (deficit) attributable to parent entities		—		(62)

During the year ended December 31, 2022, 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.

Real Estate - Dispositions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Income from sales of real estate	$ 3,699		$ 25,186
Aggregate carrying value of property sold		$ 0
Impairment of assets			14,476
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
Residential Real Estate
Real Estate [Line Items]
Aggregate carrying value of property sold	$ 1,700

Equity (Details)	12 Months Ended
Equity (Details)	Dec. 31, 2024 class shares	Dec. 31, 2023 shares	Mar. 31, 2023 shares	Dec. 31, 2022 shares
Equity
Percentage of common shares of beneficial interest distributed at Spin-off			100.00%
Pro rata distribution of common shares issued for each outstanding share of iStar common share at Spin-off.			0.153	0.153
Number of classes of common stock \| class	1
Common Stock, shares outstanding (in shares)	13,319,552	13,320,000

Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Maturities of Long-term Debt [Abstract]

2026

$ 89,175

2027

130,815

Total principal maturities

219,990

Unamortized discounts and deferred financing costs, net

(2,641)

Total debt obligations, net

^[1]

217,349

$ 192,895

Secured Debt

Maturities of Long-term Debt [Abstract]

Total principal maturities

219,990

196,914

Unamortized discounts and deferred financing costs, net

(2,641)

(4,019)

Total debt obligations, net

$ 217,349

$ 192,895

[1]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Other Investments (Other Real Estate Equity Investments) (Details) - Operating properties and land and development venture - Other real estate and strategic equity investments	12 Months Ended
	Dec. 31, 2023 property
Schedule of Equity Method Investments [Line Items]
Number of operating properties	2
Equity interest	95.00%

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Net income (loss)	$	(88,362)	$	(196,290)	$	(36,311)
Net (income) loss from operations attributable to noncontrolling interests		1,607		(66)		(37)
Net income (loss) allocable to common shareholders	$	(86,755)	$	(196,356)	$	(36,348)

Schedule of earnings per share allocable to common shares


	For the Years Ended December 31,
	2024		2023		2022
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net income (loss) allocable to common shareholders	$	(86,755)	$	(196,356)	$	(36,348)

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	$	(6.51)	$	(14.74)	$	(2.73)

(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.

Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 13—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,
	2024		2023		2022
Net income (loss)	$	(88,362)	$	(196,290)	$	(36,311)
Net (income) loss from operations attributable to noncontrolling interests		1,607		(66)		(37)
Net income (loss) allocable to common shareholders	$	(86,755)	$	(196,356)	$	(36,348)


	For the Years Ended December 31,
	2024		2023		2022
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net income (loss) allocable to common shareholders	$	(86,755)	$	(196,356)	$	(36,348)

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	$	(6.51)	$	(14.74)	$	(2.73)

(1)

Land and Development (Schedule of Land and Development Assets) (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Real Estate Properties [Line Items]

Total land and development, net

^[1]

$ 176,444

$ 181,394

Land and development asset

Real Estate Properties [Line Items]

Land and land development, at cost

186,271

193,360

Less: accumulated depreciation

(9,827)

(11,966)

Total land and development, net

^[1]

$ 176,444

$ 181,394

[1]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Fair Values - (Available-For-Sale Securities) (Details) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
	Oct. 31, 2024	May 31, 2024	Feb. 29, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Assets and liabilities recorded at fair value
Purchases	$ 2,300	$ 8,200	$ 800	$ 4,200
Unrealized losses recorded in other comprehensive income (loss)					$ (104)	$ 359
Recurring Basis \| Significant unobservable inputs (Level 3)
Assets and liabilities recorded at fair value
Beginning balance					4,579
Purchases					11,260	4,220
Unrealized losses recorded in other comprehensive income (loss)					$ (463)	$ 359
Unrealized losses - Statement of Comprehensive Income (Loss)					Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Ending balance					$ 15,376	$ 4,579

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Loans Receivable and Other Lending Investments, net (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of the company's loans receivable 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, 2024		December 31, 2023
Loans
Senior mortgages	$	20,800	$	2,550
Subordinate mortgages		15,266		14,266
Subtotal - gross carrying value of loans		36,066		16,816
Other lending investments
Available-for-sale debt securities		15,376		4,579
Subtotal - other lending investments		15,376		4,579
Total gross carrying value of loans receivable and other lending investments		51,442		21,395
Allowance for loan losses		(1,118)		(497)
Total loans receivable and other lending investments, net	$	50,324	$	20,898

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, 2024, 2023 and 2022 ($ in thousands):


	General Allowance
					Held to
	Construction				Maturity Debt		Specific
Year Ended December 31, 2024	Loans		Loans		Securities		Allowance		Total
Allowance for loan losses at beginning of period	$	—	$	497	$	—	$	—	$	497
Provision for (recovery of) loan losses⁽¹⁾		—		621		—		—		621
Allowance for loan losses at end of period	$	—	$	1,118	$	—	$	—	$	1,118

Year Ended December 31, 2023
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

(1)

During the year ended December 31, 2024, the Company recorded a provision for loan losses of $0.6 million, which was due primarily to the origination of a loan in October 2024 (refer to Note 5). 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.

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):


As of December 31, 2024
Loans	$	36,066
Less: Allowance for loan losses		(1,118)
Total	$	34,948
As of December 31, 2023
Loans	$	16,816
Less: Allowance for loan losses		(497)
Total	$	16,319

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, 2024 ($ in thousands):


	Year of Origination
	2024		2023		2022		2021		2020		Prior to 2020		Total
Senior mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5		—		—		—		—		—		—		—
2.0		—		—		—		—		—		—		—
2.5		—		—		—		—		—		—		—
3.0		17,750		3,050		—		—		—		—		20,800
3.5		—		—		—		—		—		—		—
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal	$	17,750	$	3,050	$	—	$	—	$	—	$	—	$	20,800
Subordinate mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5		—		—		—		—		—		—		—
2.0		—		—		—		—		—		—		—
2.5		—		—		—		—		—		—		—
3.0		—		—		—		—		—		15,266		15,266
3.5		—		—		—		—		—		—		—
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	—	$	—	$	—	$	15,266	$	15,266
Total	$	17,750	$	3,050	$	—	$	—	$	—	$	15,266	$	36,066


	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⁽¹⁾	$	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

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, 2024
Senior mortgages	$	20,800	$	—	$	—	$	—	$	20,800
Subordinate mortgages		15,266		—		—		—		15,266
Total	$	36,066	$	—	$	—	$	—	$	36,066
As of December 31, 2023
Senior mortgages	$	2,550	$	—	$	—	$	—	$	2,550
Subordinate mortgages		14,266		—		—		—		14,266
Total	$	16,816	$	—	$	—	$	—	$	16,816

Schedule of other lending investments - securities

Other lending investments—Other lending investments includes the following securities ($ in thousands):


					Net				Net
			Amortized		Unrealized		Estimated		Carrying
	Face Value		Cost Basis		Gain (Loss)		Fair Value		Value
As of December 31, 2024
Available-for-sale securities
Municipal debt securities⁽¹⁾	$	15,480	$	15,480	$	(104)	$	15,376	$	15,376
Total	$	15,480	$	15,480	$	(104)	$	15,376	$	15,376
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. In February 2024, the Company acquired one security for $0.8 million. In May 2024, the Company acquired three securities for $8.2 million. In October 2024, the Company acquired one security for $2.3 million. 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.

Schedule of contractual maturities of securities

As of December 31, 2024, the contractual maturities of the Company’s securities were as follows ($ in thousands):


	Amortized		Estimated
	Cost Basis		Fair Value
Maturities
Within one year	$	—	$	—
After one year through 5 years		—		—
After 5 years through 10 years		—		—
After 10 years		15,480		15,376
Total	$	15,480	$	15,376

Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 36,066	$ 16,816	$ 86,834	$ 211,488
Carrying amount of mortgages	34,948
Senior mortgages \| Land
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	20,800
Carrying amount of mortgages	20,155
Senior mortgages \| Land \| Borrower A
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	3,050
Carrying amount of mortgages	$ 2,955
Senior mortgages \| 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)	8.00%
Senior mortgages \| Land \| Borrower B
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 17,750
Carrying amount of mortgages	$ 17,200
Senior mortgages \| Land \| 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)	11.82%
Subordinate mortgages \| Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 15,266
Carrying amount of mortgages	14,793
Subordinate mortgages \| Hotel \| Borrower C
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	15,266
Carrying amount of mortgages	$ 14,793
Subordinate mortgages \| Hotel \| Borrower C \| 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%

Combined and Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (88,362)	$ (196,290)	$ (36,311)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Provision for (recovery of) loan losses	621	1,740	44,998
Impairment of assets			14,476
Depreciation and amortization	4,328	4,572	4,910
Stock-based compensation		1,778	(11,806)
Amortization of discounts/premiums and deferred interest on loans, net	(1,001)	(959)	(6,859)
Deferred interest on loans received		4,517	8,725
Amortization of premium, discount and deferred financing costs and paid-in-kind interest on debt obligations, net	7,878	2,271
Earnings from equity method investments		(30,825)	(45,626)
Distributions from operations of other investments		21,793	26,317
Deferred operating lease income	171	140	431
Unrealized (gains) losses on equity investments	66,531	171,394
Loss on early extinguishment of debt		2,090
Land development revenue (in excess of) cost of sales	(11,288)	(9,778)	1,688
Income from sales of real estate	(3,699)		(25,186)
Other operating activities, net	(315)	599	(2,492)
Changes in assets and liabilities:
Changes in accrued interest and operating lease income receivable	(378)	570	491
Changes in deferred expenses and other assets, net	(247)	(2,103)	2,506
Changes in accounts payable, accrued expenses and other liabilities	(5,528)	9,772	(3,620)
Cash flows used in operating activities	(31,289)	(18,719)	(27,358)
Cash flows from investing activities:
Originations and fundings of loans receivable and other lending investments, net	(11,260)	(6,388)	(6,740)
Capital expenditures on real estate assets	(682)	(997)	(676)
Capital expenditures on land and development assets	(35,253)	(13,057)	(21,807)
Repayments of and principal collections on loans receivable and other lending investments, net		31,757	129,109
Net proceeds from sales of loans receivable		37,650	75,921
Net proceeds from sales of other investments			12,819
Net proceeds from sales of real estate	5,445		39,567
Net proceeds from sales of land and development assets	42,199	68,964	59,946
Distributions from other investments		47,286	10,217
Contributions to and acquisition of interest in other investments			(81,737)
Cash, cash equivalents & restricted cash acquired upon consolidation of venture(refer to Note 5)		20,961
Other investing activities, net	(143)	(156)	19,444
Cash flows provided by investing activities	306	186,020	236,063
Cash flows from financing activities:
Net transactions with iStar Inc		(290,077)	(218,280)
Borrowings from debt obligations	15,815	253,070
Repayments of debt obligations		(69,787)
Payments for deferred financing costs		(3,543)
Distributions to noncontrolling interests		(2,542)
Payments for debt prepayment or extinguishment costs		(1,182)
Other financing activities, net			(25)
Cash flows provided by (used in) financing activities	15,815	(114,061)	(218,305)
Changes in cash, cash equivalents and restricted cash	(15,168)	53,240	(9,600)
Cash, cash equivalents and restricted cash at beginning of period	60,714	7,474	17,074
Cash, cash equivalents and restricted cash at end of period	$ 45,546	$ 60,714	$ 7,474

Fair Values - (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Safehold Inc.
Book and estimated fair values of financial instruments
Number of shares owned (in shares)	13.5
Carrying Value
Book and estimated fair values of financial instruments
Loans receivable and other lending investments	$ 50	$ 21
Cash and cash equivalents	35	51
Restricted cash	11	10
Debt obligations, net	217	193
Fair Value
Book and estimated fair values of financial instruments
Loans receivable and other lending investments	49	17
Cash and cash equivalents	35	51
Restricted cash	11	10
Debt obligations, net	$ 222	$ 193

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Basis of Presentation and Principles of Combination and Consolidation

12 Months Ended

Dec. 31, 2024

Business and Organization

Basis of Presentation and Principles of Combination and Consolidation

Note 2—Basis of Presentation and Principles of Combination and Consolidation

Consolidated VIEs—The Company consolidates VIEs for which it is considered the primary beneficiary. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE’s respective assets. The Company did not have any unfunded commitments related to consolidated VIEs as of December 31, 2024. 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, 2024 and 2023 ($ in thousands):


	As of
	December 31, 2024		December 31, 2023
ASSETS
Real estate
Real estate, at cost	$	95,318	$	94,682
Less: accumulated depreciation		(24,372)		(21,349)
Real estate, net		70,946		73,333
Land and development, net		115,201		108,284
Cash and cash equivalents		8,324		31,479
Accrued interest and operating lease income receivable, net		—		24
Deferred expenses and other assets, net		7,727		8,758
Total assets	$	202,198	$	221,878
LIABILITIES
Total liabilities	$	47,751	$	23,600

Real Estate - Tenant Reimbursements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Tenant expense reimbursements	$ 1.7	$ 1.8	$ 3.1

Debt Obligations, net

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023		Interest Rates		Maturity Date⁽¹⁾
Debt obligations:
Safe Credit Facility	$	115,000	$	115,000	8.00	%	March 2027
Margin Loan Facility⁽²⁾		89,175		81,914	SOFR plus 3.00	%	March 2026
Senior Construction Mortgage Loan		15,815		—	SOFR plus 6.85	%	December 2027
Total debt obligations		219,990		196,914
Debt discounts and deferred financing costs, net		(2,641)		(4,019)
Total debt obligations, net⁽³⁾	$	217,349	$	192,895

(1)	Represents the extended maturity date, if applicable.

(2)

(3)	During the years ended December 31, 2024 and 2023, the Company capitalized interest expense on qualifying real estate assets of $2.7 million and $2.1 million, respectively.

Future Scheduled Maturities—As of December 31, 2024, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):


2025	$	—
2026		89,175
2027		130,815
2028		—
2029		—
Thereafter		—
Total principal maturities		219,990
Unamortized discounts and deferred financing costs, net		(2,641)
Total debt obligations, net	$	217,349

Safe Credit Facility—In connection with the Spin-Off, on March 31, 2023, the Company, as borrower, entered into a credit agreement with Safe for a secured term loan with an outstanding principal amount of $115 million, plus up to $25 million in incremental borrowing capacity for specified purposes (as amended from time to time, the "Safe Credit Facility"). The Safe Credit Facility matures on March 31, 2027.

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 years ended December 31, 2024 and 2023, the Company incurred $9.6 million and $7.2 million, respectively, 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—On March 31, 2023, STAR Investment Holdings SPV LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company ("STAR SPV"), as borrower, entered into a margin loan agreement providing for a three-year, $140.0 million senior secured margin loan facility (as amended from time to time, the "Margin Loan Facility"), with Morgan Stanley Senior Funding, Inc., as administrative agent, Morgan Stanley & Co. LLC, as

calculation agent, and Morgan Stanley Bank, N.A., as initial lender. STAR SPV drew the full amount of the Margin Loan Facility on March 31, 2023 and directed that approximately $88.0 million of the proceeds be applied to redeem iStar’s senior unsecured notes due 2024, 2025 and 2026. The Company repaid $60.0 million principal amount of the Margin Loan Facility through December 31, 2024. The Margin Loan Facility is secured by a first priority pledge of 12.9 million Safe Shares as of December 31, 2024 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.

Senior Construction Mortgage Loan—In December 2023, the Venture (refer to Note 5) entered into an $80.0 million senior construction mortgage loan (the “Loan”). The Loan has a 3-year term with one 12-month extension option subject to a 1.0% fee. The Loan is interest only during the term and accrues interest at SOFR + 6.85% (with a SOFR floor of 3.65%) and features a 1.0% origination fee and a 1.85% exit fee, both on the total loan commitment. As of December 31, 2024, the Loan had an outstanding principal balance of $15.8 million.

Other Debt Obligations—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 three months ended March 31, 2023. The loan was repaid during the three months ended March 31, 2023.

Debt Covenants—The Safe Credit Facility requires that the Company comply with various covenants, including, without limitation, covenants restricting, subject to certain exceptions, indebtedness, liens, investments, mergers, asset sales and the payment of certain dividends. Additionally, the Safe Credit Facility includes customary representations and warranties as well as customary events of default, the occurrence of which, following any applicable grace period, would permit New Safe to, among other things, declare the principal, accrued interest and other obligations of the Company under the Safe Credit Facility to be immediately due and payable and foreclose on the collateral securing the Safe Credit Facility.

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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Deferred tax assets (liabilities) (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Deferred tax assets (liabilities)

Basis differences

$ 26,620

$ 31,838

Deferred expense

461

949

Depreciation

665

1,101

Operating loss carryforwards

^[1]

21,541

9,832

Mark-to-market cost method investments

33,369

16,926

Capitalized expenses

7,803

5,044

Valuation allowance

(90,459)

(65,690)

Net deferred tax assets (liabilities)

$ 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.

Other Assets and Other Liabilities (Deferred Expenses and Other Assets) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Real Estate Properties [Line Items]

Other assets

$ 8,233

$ 8,882

Operating lease right-of-use assets

924

1,380

Restricted cash

10,589

10,051

Other receivables

2,459

1,865

Leasing costs, net

101

Intangible assets, net

127

180

Deferred expenses and other assets, net

^[1]

22,401

22,459

Intangible assets, accumulated amortization

200

Amortization of above market lease

100

$ 100

Amortization of intangible assets

$ 100

100

Weighted average amortization period

2 years 2 months 12 days

Accumulated amortization on leasing costs

$ 200

Operating Lease, Right-of-Use Asset, Statement of Financial Position

Deferred expenses and other assets, net

Real Estate Expense

Real Estate Properties [Line Items]

Operating lease expense

$ 500

$ 700

[1]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Other Assets and Other Liabilities [Abstract]

Other liabilities

$ 33,300

$ 35,010

Accrued expenses

11,917

5,914

Operating lease liabilities

1,093

1,538

Accounts payable, accrued expenses and other liabilities

^[1],[2]

46,310

42,462

Deferred income

20,600

20,100

Management fees due SAFE

4,800

7,200

Other payables related to real estate properties

$ 5,700

$ 4,900

Operating Lease, Liability, Statement of Financial Position

Accounts payable, accrued expenses and other liabilities

[1]	As of December 31, 2024 and 2023, includes $4.8 million and $7.2 million, respectively, of management fees and other payables due to Safe (refer to Note 1).
[2]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

- Definition

Amount of liabilities classified as other.

+ References + Details

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating
2025	$ 486
2026	486
2027	162
Total undiscounted cash flows	1,134
Present value discount	(41)
Lease liabilities	$ 1,093	$ 1,538
Operating leases, weighted average incremental borrowing rate, discount rate (percent)	3.00%
Operating leases, weighted average lease term (in years)	2 years 3 months 18 days

Fair Values (Schedule of Fair Value Measurement) (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Assets and liabilities recorded at fair value

Other investments

^[1]

$ 249,899

$ 316,451

Fair Value

Assets and liabilities recorded at fair value

Available-for-sale securities

15,376

4,579

Recurring Basis | Significant unobservable inputs (Level 3)

Assets and liabilities recorded at fair value

Available-for-sale securities

15,376

4,579

Recurring Basis | Fair Value

Assets and liabilities recorded at fair value

Available-for-sale securities

15,376

Other investments

249,899

Recurring Basis | Fair Value | Quoted market prices in active markets (Level 1)

Assets and liabilities recorded at fair value

Other investments

249,899

Recurring Basis | Fair Value | Significant unobservable inputs (Level 3)

Assets and liabilities recorded at fair value

Available-for-sale securities

$ 15,376

Non-recurring Basis | Fair Value

Assets and liabilities recorded at fair value

Real estate, net

4,579

Impaired land and development

316,430

Non-recurring Basis | Fair Value | Quoted market prices in active markets (Level 1)

Assets and liabilities recorded at fair value

Impaired land and development

316,430

Non-recurring Basis | Fair Value | Significant unobservable inputs (Level 3)

Assets and liabilities recorded at fair value

Real estate, net

$ 4,579

[1]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Combined and Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Total revenues

$ 113,297

$ 123,053

$ 124,077

General and Administrative | Related party

Management fees

17,500

19,700

Other income

Total revenues

^[1]

44,091

41,745

37,125

Hotel

Total revenues

$ 22,000

$ 21,500

[1]	During the years ended December 31, 2024, 2023, and 2022, includes $22.0 million, $22.0 million and $21.5 million, respectively, of revenues from hotel properties.

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Real Estate - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Real Estate Tenant Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 0.1	$ 0.1

Loans Receivable and Other Lending Investments, net - Credit Characteristics by Payment Status (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Recorded investment in loans, aged by payment status and presented by class
Total	$ 36,066	$ 16,816
Past Due
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
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	0
Current
Recorded investment in loans, aged by payment status and presented by class
Total	36,066	16,816
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Total	20,800	2,550
Senior mortgages \| Past Due
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
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	0
Senior mortgages \| Current
Recorded investment in loans, aged by payment status and presented by class
Total	20,800	2,550
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Total	15,266	14,266
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	$ 15,266	$ 14,266

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

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+ Details

Debt Obligations, net (Secured Term Loan and Credit Facility Narrative) (Details) $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance				$ 219,990
Safehold Inc.
Line of Credit Facility [Line Items]
Interest expense				9,600	$ 7,200
Loan Payable to iStar
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 125,000		$ 125,000
Stated interest rate	8.00%		8.00%
Interest expense			$ 2,500
Senior Construction Mortgage Loan \| Venture
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 80,000			80,000
Debt instrument term extension, number of option \| loan		1
Debt instrument extension term		12 months
Debt instrument term extension option fees		1.00%
Debt instrument origination fees		1.00%
Debt instrument exit fees		1.85%
Debt instrument term		3 years
Secured Debt
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance		$ 196,914		$ 219,990	$ 196,914
Secured Debt \| Safe Credit Facility
Line of Credit Facility [Line Items]
Stated interest rate		8.00%		8.00%	8.00%
Long-term debt, outstanding balance		$ 115,000		$ 115,000	$ 115,000
Secured Debt \| Safe Credit Facility \| Safehold Inc.
Line of Credit Facility [Line Items]
Stated interest rate	8.00%		8.00%
Interest rate when any loan remains outstanding under an incremental facility available under the Safe Credit Facility	10.00%		10.00%
Commitment fees paid	$ 600
Secured Debt \| Term Loan \| Safehold Inc.
Line of Credit Facility [Line Items]
Debt instrument, face amount	115,000		$ 115,000
Secured Debt \| Incremental Borrowing Facility \| Safehold Inc.
Line of Credit Facility [Line Items]
Maximum borrowing capacity	25,000		25,000
Secured Debt \| Margin Loan Facility
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate				3.00%	3.00%
Debt Instrument, Variable Interest Rate, Type				us-gaap:SecuredOvernightFinancingRateSofrMember	us-gaap:SecuredOvernightFinancingRateSofrMember
Long-term debt, outstanding balance		$ 81,914		$ 89,175	$ 81,914
Secured Debt \| Margin Loan Facility \| Morgan Stanley
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 140,000		$ 140,000
Debt instrument term	3 years
Loan proceeds used to extinguish senior unsecured notes	$ 88,000
Repayment of principal				$ 60,000
Shares pledged as first priority security \| shares				12.9
Secured Debt \| Senior Construction Mortgage Loan
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate				6.85%
Debt Instrument, Variable Interest Rate, Type				us-gaap:SecuredOvernightFinancingRateSofrMember
Long-term debt, outstanding balance				$ 15,815
Secured Debt \| Senior Construction Mortgage Loan \| Venture
Line of Credit Facility [Line Items]
Debt instrument floor rate		3.65%
Basis point spread on variable interest rate		6.85%
Debt Instrument, Variable Interest Rate, Type		us-gaap:SecuredOvernightFinancingRateSofrMember

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events

Subsequent Events

Note 16—Subsequent Events

Subsequent to December 31, 2024, the Company repaid $5.0 million principal amount of the Margin Loan Facility and pledged an additional 0.6 million Safe Shares as collateral for the Margin Loan Facility (refer to Note 9). As of the date of this filing, all Safe Shares owned by the Company serve as collateral for the Margin Loan Facility.

Loans Receivable and Other Lending Investments, net - Investment in Loans and Associated Allowance for Loan Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Loans	$ 36,066	$ 16,816
Allowance for loan losses	(1,118)	(497)
Total	$ 34,948	$ 16,319

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
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

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 15—Segment Reporting

The Company operates its business through one reportable and operating 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 chief executive officer is the chief operating decision maker (“CODM”) and uses net income (loss), as reported on the Company’s combined and consolidated statements of operations, to measure segment operating performance and allocate resources. All of the Company’s expenses are included in segment operating performance and are reviewed regularly. The measure of segment assets is reported on the Company’s consolidated balance sheets as total assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Combined and Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Income (Loss)

Net Parent Investment

Noncontrolling Interests

Total

Beginning Balance at Dec. 31, 2021

$ 1,223,695

$ 689

$ 1,224,384

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(36,348)

(36,311)

Change in accumulated other comprehensive income (loss)

6,436

Stock-based compensation

(11,806)

Net transactions with iStar Inc.

(210,434)

Ending Balance at Dec. 31, 2022

971,543

726

972,269

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

$ (196,441)

(196,290)

Change in accumulated other comprehensive income (loss)

$ 359

(989)

(630)

Common shares issued in conjunction with Spin-Off (refer to Note 1)

$ 13

$ 607,623

(607,636)

Stock-based compensation

1,778

Net transactions with iStar Inc.

$ (364,781)

(364,781)

Distributions to noncontrolling interests

(2,542)

Contributions from noncontrolling interests upon consolidation of venture (refer to Note 5)

20,961

Contributions from noncontrolling interests

3,098

Change in noncontrolling interest

(23)

Ending Balance at Dec. 31, 2023

607,623

(196,441)

359

22,286

433,840

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(86,755)

(1,607)

(88,362)

Change in accumulated other comprehensive income (loss)

(463)

Distributions to noncontrolling interests

(41)

Contributions from noncontrolling interests

Change in noncontrolling interest

(5)

Ending Balance at Dec. 31, 2024

$ 13

$ 607,623

$ (283,196)

$ (104)

$ 20,660

$ 344,996

^[1]

[1]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Business and Organization

12 Months Ended

Dec. 31, 2024

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 (refer to Note 15) 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 and possibly through refinancing maturing debt.

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.

Business and Organization (Details)	12 Months Ended
Business and Organization (Details)	Dec. 31, 2024 segment	Dec. 31, 2023 segment	Mar. 31, 2023 shares	Dec. 31, 2022 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			100.00%
Pro rata distribution of common shares issued for each outstanding share of iStar common share at Spin-off.			0.153	0.153
Number of operating segments \| segment	1	1

Loans Receivable and Other Lending Investments, net - Loans Receivable (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Accounts, Notes, Loans and Financing Receivable [Line Items]

Gross carrying value of loans

$ 36,066

$ 16,816

Total gross carrying value of loans receivable and other lending investments

51,442

21,395

Allowance for loan losses

(1,118)

(497)

Total loans receivable and other lending investments, net

^[1]

50,324

20,898

Accrued Interest And Operating Lease Income Receivable, Net

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accrued interest

900

200

Senior mortgages

Accounts, Notes, Loans and Financing Receivable [Line Items]

Gross carrying value of loans

20,800

2,550

Subordinate mortgages

Accounts, Notes, Loans and Financing Receivable [Line Items]

Gross carrying value of loans

15,266

14,266

Loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Gross carrying value of loans

36,066

16,816

Allowance for loan losses

(1,118)

(497)

$ (437)

$ (676)

Loans | Senior mortgages

Accounts, Notes, Loans and Financing Receivable [Line Items]

Gross carrying value of loans

20,800

2,550

Loans | Subordinate mortgages

Accounts, Notes, Loans and Financing Receivable [Line Items]

Gross carrying value of loans

15,266

14,266

Other lending investments

Accounts, Notes, Loans and Financing Receivable [Line Items]

Other lending investments

15,376

4,579

Other lending investments | Available-for-sale debt securities

Accounts, Notes, Loans and Financing Receivable [Line Items]

Other lending investments

$ 15,376

$ 4,579

[1]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Real Estate - Future Minimum Operating Lease Payments (Details) - Operating properties $ in Thousands	Dec. 31, 2024 USD ($)
Real Estate Properties [Line Items]
2025	$ 4,157
2026	4,070
2027	$ 1,349

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

Star Holdings

Schedule IV—Mortgage Loans on Real Estate

As of December 31, 2024

($ in thousands)

Face

Carrying

Principal Amount of

Contractual

Effective

Periodic

Amount

Mortgages Subject to

Underlying

Interest

Maturity

Payment

Prior

Delinquent Principal

Type of Loan/Borrower

Property Type

Rates

Dates

Terms⁽¹⁾

Liens

Mortgages

Mortgages⁽²⁾

or Interest

Senior Mortgages:

Borrower A

Land

Fixed: 8.00

March 2025

—

3,050

2,955

—

Borrower B

Land

Fixed: 11.82

October 2026

P&I

—

17,750

17,200

—

Subtotal

20,800

20,155

—

Subordinate Mortgages:

Borrower C

Hotel

Fixed: 6.80

September 2057

—

15,266

14,793

—

Subtotal

15,266

14,793

—

Total mortgages

36,066

34,948

—

(1)	IO = Interest only. P&I = principal and interest.

(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, 2024

($ in thousands)

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2022 to December 31, 2024:⁽¹⁾


	2024		2023		2022
Balance at January 1	$	16,816	$	86,834	$	211,488
Additions:
New mortgage loans		17,750		2,550		—
Additions under existing mortgage loans		500		2,167		6,482
Other⁽²⁾		1,000		811		4,233
Deductions⁽³⁾:
Collections of principal		—		(73,775)		(111,112)
(Provision for) recovery of loan losses⁽⁴⁾		—		(1,771)		(24,237)
Amortization of premium		—		—		(20)
Balance at December 31	$	36,066	$	16,816	$	86,834

(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.

(4)	Excludes general allowances.

Real Estate - Schedule of Real Estate Assets (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Real Estate Properties [Line Items]

Less: accumulated depreciation

^[1]

$ (25,273)

$ (22,075)

Real estate, net

^[1]

72,845

75,406

Operating properties

Real Estate Properties [Line Items]

Land, at cost

5,570

Buildings and improvements, at cost

92,548

91,911

Less: accumulated depreciation

(25,273)

(22,075)

Real estate, net

$ 72,845

$ 75,406

[1]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Fair Values

12 Months Ended

Dec. 31, 2024

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, 2024
Recurring basis:
Available-for-sale debt securities⁽¹⁾	$	15,376	$	—	$	—	$	15,376
Other investments (refer to Note 7)		249,899		249,899		—		—

As of December 31, 2023
Non-recurring basis:
Available-for-sale debt securities⁽¹⁾	$	4,579	$	—	$	—	$	4,579
Other investments (refer to Note 7)		316,430		316,430		—		—

(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.


	2024		2023
Beginning balance	$	4,579	$	—
Purchases		11,260		4,220
Unrealized gain (loss) recorded in other comprehensive income (loss)		(463)		359
Ending balance	$	15,376	$	4,579

Fair values of financial instruments—The following table presents the carrying value and fair value for the Company’s financial instruments ($ in millions):


	As of December 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Loans receivable and other lending investments, net⁽¹⁾	$	50	$	49	$	21	$	17
Cash and cash equivalents⁽²⁾		35		35		51		51
Restricted cash⁽²⁾		11		11		10		10

Liabilities
Debt obligations, net⁽¹⁾		217		222		193		193

(1)	The fair value of the Company’s loans receivable and other lending investments, net and debt obligations, net are classified as Level 3 within the fair value hierarchy.

(2)

Impaired real estate—If the Company determines a real estate asset available and held for sale is impaired, it records an impairment charge to adjust the asset to its estimated fair market value less costs to sell. Due to the nature of individual real estate properties, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the assets. This approach requires the Company to make judgments with 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 market rate 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 real estate assets 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. Additionally, in certain cases, if the Company is under contract to sell an asset, it will mark the asset to the contracted sales price less costs to sell. The Company considers this to be a Level 3 input under the fair value hierarchy.

Loans receivable and other lending investments, net—The Company estimates the fair value of its performing loans and other lending investments using a discounted cash flow methodology. This method discounts estimated future cash flows using rates management determines best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. The Company determined that the significant inputs used to value its loans 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—For debt obligations, the Company determines fair value using a discounted cash flow methodology, whereby contractual cash flows are discounted at rates that management determines best reflect current market interest rates that would be charged for debt with similar characteristics and credit quality. The Company has determined that the inputs used to value its debt obligations under the discounted cash flow methodology fall within Level 3 of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Schedule III - Real Estate and Accumulated Depreciation - Real Estate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at January 1	$ 290,841	$ 338,320	$ 415,963
Improvements and additions	45,901	13,638	21,430
Dispositions	(52,353)	(61,117)	(85,450)
Impairments	0	0	(13,623)
Balance at December 31	$ 284,389	$ 290,841	$ 338,320

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 10—Commitments and Contingencies

Commitments—Future minimum lease obligations under non-cancelable operating leases as of December 31, 2024 are as follows ($ in thousands):


2025	$	486
2026		486
2027		162
2028		—
2029		—
Thereafter		—
Total undiscounted cash flows		1,134
Present value discount⁽¹⁾		(41)
Lease liabilities	$	1,093

(1)

Legal Proceedings—The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company’s business as a finance and investment company focused on the commercial real estate industry, including foreclosure-related proceedings. The Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company’s combined and consolidated financial statements.

Land and Development

12 Months Ended

Dec. 31, 2024

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,
	2024		2023
Land and land development, at cost	$	186,271	$	193,360
Less: accumulated depreciation		(9,827)		(11,966)
Total land and development, net	$	176,444	$	181,394

Dispositions—During the years ended December 31, 2024, 2023 and 2022, the Company sold land parcels and residential lots and units and recognized land development revenue of $60.0 million, $72.4 million and $61.8 million, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company recognized land development cost of sales of $48.7 million, $62.7 million and $63.4 million, respectively, from its land and development portfolio.

In September 2023, the Company sold land to a third-party and provided the buyer with a loan to finance the acquisition. The buyer had the option to prepay the loan in full on or before a specified date to receive a discounted purchase price. At origination, the Company recorded the loan based on the discounted purchase price since collection of the discounted portion of the sale was undetermined. The buyer elected to not prepay the loan and receive the discounted purchase price and, as such, the Company recorded additional land development revenue during the year ended December 31, 2024. The loan to the buyer is included in “Loans receivable and other lending investments, net” on the Company’s consolidated balance sheets.

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, is secured by the ownership interests in the subsidiary land owner and matures in June 2033; 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 eliminates in consolidation. The $21.0 million in third-party cash capital contributions to the Venture

represents noncontrolling interests in the Company’s 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.

In October 2024, the Company sold a land parcel to a third-party and provided the buyer with a loan to finance the acquisition. The loan has an initial maturity date of one year from the date of closing and has a one-year extension option at the borrower’s discretion, subject to certain conditions. The loan to the buyer is included in “Loans receivable and other lending investments, net” on the Company’s consolidated balance sheets.

Impairments—During the year ended December 31, 2022, the Company recorded an impairment of $12.7 million on a land and development asset due to a change in business strategy.

Real Estate (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023
Land, at cost	$	5,570	$	5,570
Buildings and improvements, at cost		92,548		91,911
Less: accumulated depreciation		(25,273)		(22,075)
Real estate, net	$	72,845	$	75,406

Schedule of future minimum lease payments to be collected under non-cancelable operating leases


Year	Amount
2025	$	4,157
2026		4,070
2027		1,349
2028		—
2029		—
Thereafter		—

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

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	$	(30,716)	$	584	$	—	$	584	$	-		2010	—
New Jersey		—		43,300		—		19,302		62,602		—		62,602		1,336	(2)	2009	—
New Jersey		—		3,992		—		(1,837)		2,155		—		2,155		—		2009	—
New Jersey		—		—		—		42,675		42,675		—		42,675		—		2023	—
New Jersey		—		111		5,954		3,040		3,151		5,954		9,105		—		2009	—
New York		—		58,900		—		(44,523)		14,377		—		14,377		—		2011	—
Virginia		—		70,001		—		(15,228)		54,773		—		54,773		8,491	(2)	2009	—
Subtotal		—		204,768		8,790		(27,287)		180,317		5,954		186,271		9,827

RETAIL:
Illinois	$	—	$	—	$	336	$	326	$	—	$	662	$	662	$	422		2010	40.0
Virginia		—		—		2,137		—		—		2,137		2,137		480		2009	40.0
Subtotal		—		—		2,473		326		—		2,799		2,799		902

HOTEL:
New Jersey	$	—	$	297	$	18,299	$	4,189	$	297	$	22,488	$	22,785	$	6,503		2019	40.0
New Jersey		—		120		6,548		34		120		6,582		6,702		911		2019	40.0
New Jersey		—		3,815		40,194		5,578		3,815		45,772		49,587		13,809		2016	40.0
Subtotal		—		4,232		65,041		9,801		4,232		74,842		79,074		21,223

ENTERTAINMENT:
New Jersey	$	—	$	750	$	10,670	$	931	$	750	$	11,601	$	12,351	$	2,244		2017	40.0
New York		—		588		3,144		162		587		3,307		3,894		904		2013	40.0
Subtotal		—		1,338		13,814		1,093		1,337		14,908		16,245		3,148

TOTAL (3)	$	—	$	210,338	$	90,118	$	(16,067)	$	185,886	$	98,503	$	284,389	$	35,100

(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 $0.35 billion at December 31, 2024.

The following table reconciles real estate from January 1, 2022 to December 31, 2024:


	2024		2023		2022
Balance at January 1	$	290,841	$	338,320	$	$ 415,963
Improvements and additions		45,901		13,638		21,430
Dispositions		(52,353)		(61,117)		(85,450)
Impairments		—		—		(13,623)
Balance at December 31	$	284,389	$	290,841	$	338,320

The following table reconciles accumulated depreciation from January 1, 2022 to December 31, 2024:


	2024		2023		2022
Balance at January 1	$	(34,041)	$	(29,808)	$	(36,702)
Additions		(4,065)		(4,453)		(4,555)
Dispositions		3,006		220		11,449
Balance at December 31	$	(35,100)	$	(34,041)	$	(29,808)

Basis of Presentation and Principles of Combination and Consolidation - VIEs (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Real estate

Real estate, at cost

^[1]

$ 98,118

$ 97,481

Less: accumulated depreciation

^[1]

(25,273)

(22,075)

Real estate, net

^[1]

72,845

75,406

Land and development, net

^[1]

176,444

181,394

Cash and cash equivalents

34,957

^[1]

50,663

^[1]

$ 4,227

Accrued interest and operating lease income receivable, net

^[1]

1,115

929

Deferred expenses and other assets, net

^[1]

22,401

22,459

Total assets

^[1]

608,655

669,197

LIABILITIES

Total liabilities

^[1]

263,659

235,357

Consolidated VIEs

Real estate

Real estate, at cost

95,318

94,682

Less: accumulated depreciation

(24,372)

(21,349)

Real estate, net

70,946

73,333

Land and development, net

115,201

108,284

Cash and cash equivalents

8,324

31,479

Accrued interest and operating lease income receivable, net

Deferred expenses and other assets, net

7,727

8,758

Total assets

202,198

221,878

LIABILITIES

Total liabilities

$ 47,751

$ 23,600

[1]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Numerator for basic and diluted earnings per share:
Net income (loss) allocable to common shareholders - Basic	$ (86,755)	$ (196,356)	$ (36,348)
Net income (loss) allocable to common shareholders - Diluted	$ (86,755)	$ (196,356)	$ (36,348)
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	$ (6.51)	$ (14.74)	$ (2.73)
Net income (loss) allocable to common shareholders - Diluted	$ (6.51)	$ (14.74)	$ (2.73)
Pro rata distribution of common shares issued for each outstanding share of iStar common share at Spin-off.			0.153	0.153

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3—Summary of Significant Accounting Policies

Real estate and land and development—Real estate and land and development assets are recorded at cost less accumulated depreciation and amortization, as follows:

Revenue recognition—The Company’s revenue recognition policies are as follows:

Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method.

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.


	Years Ended December 31,
	2024		2023		2022
Net income (loss) from operations before income taxes	$	(88,360)	$	(196,290)	$	(36,311)
Statutory federal tax rate		21%		21%		21%
Income tax expense (benefit) at statutory rates		(18,556)		(41,221)		(7,625)
State income taxes, net of federal benefit		(5,755)		(12,825)		(1,718)
Return to provision		(1,218)		—		—
Income eliminated for financial reporting		411		—		—
Tax effect of net losses reported on predecessor entities		—		22,631		—
State net operating loss limitations		—		1,137		(1,047)
Equity adjustments		346		—		(3,266)
Noncontrolling interests		(25)		(18)		(10)
Deferred intercompany transactions		—		408		—
Basis adjustments		—		32,370		—
Miscellaneous		28		—		—
State franchise and minimum taxes		2		—		—
Valuation allowance		24,769		(2,482)		13,666
Income tax (benefit) expense	$	2	$	—	$	—

The Company had the following deferred tax assets (liabilities) as of December 31, 2024 and 2023 ($ in thousands):


	As of December 31,
	2024		2023
Basis differences	$	26,620	$	31,838
Deferred expense		461		949
Depreciation		665		1,101
Net operating loss carryforwards⁽¹⁾		21,541		9,832
Mark-to-market cost method investments		33,369		16,926
Capitalized expenses		7,803		5,044
Valuation allowance		(90,459)		(65,690)
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.

Loans Receivable and Other Lending Investments, net

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023
Loans
Senior mortgages	$	20,800	$	2,550
Subordinate mortgages		15,266		14,266
Subtotal - gross carrying value of loans		36,066		16,816
Other lending investments
Available-for-sale debt securities		15,376		4,579
Subtotal - other lending investments		15,376		4,579
Total gross carrying value of loans receivable and other lending investments		51,442		21,395
Allowance for loan losses		(1,118)		(497)
Total loans receivable and other lending investments, net	$	50,324	$	20,898

Allowance for Loan Losses—Changes in the Company’s allowance for loan losses were as follows for the years ended December 31, 2024, 2023 and 2022 ($ in thousands):


	General Allowance
					Held to
	Construction				Maturity Debt		Specific
Year Ended December 31, 2024	Loans		Loans		Securities		Allowance		Total
Allowance for loan losses at beginning of period	$	—	$	497	$	—	$	—	$	497
Provision for (recovery of) loan losses⁽¹⁾		—		621		—		—		621
Allowance for loan losses at end of period	$	—	$	1,118	$	—	$	—	$	1,118

Year Ended December 31, 2023
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

(1)

The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows ($ in thousands):


As of December 31, 2024
Loans	$	36,066
Less: Allowance for loan losses		(1,118)
Total	$	34,948
As of December 31, 2023
Loans	$	16,816
Less: Allowance for loan losses		(497)
Total	$	16,319

Credit Characteristics—As part of the Company’s process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain and there can be no assurance that actual performance will be similar to current expectation.


	Year of Origination
	2024		2023		2022		2021		2020		Prior to 2020		Total
Senior mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5		—		—		—		—		—		—		—
2.0		—		—		—		—		—		—		—
2.5		—		—		—		—		—		—		—
3.0		17,750		3,050		—		—		—		—		20,800
3.5		—		—		—		—		—		—		—
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal	$	17,750	$	3,050	$	—	$	—	$	—	$	—	$	20,800
Subordinate mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5		—		—		—		—		—		—		—
2.0		—		—		—		—		—		—		—
2.5		—		—		—		—		—		—		—
3.0		—		—		—		—		—		15,266		15,266
3.5		—		—		—		—		—		—		—
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	—	$	—	$	—	$	15,266	$	15,266
Total	$	17,750	$	3,050	$	—	$	—	$	—	$	15,266	$	36,066


	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⁽¹⁾	$	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 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, 2024
Senior mortgages	$	20,800	$	—	$	—	$	—	$	20,800
Subordinate mortgages		15,266		—		—		—		15,266
Total	$	36,066	$	—	$	—	$	—	$	36,066
As of December 31, 2023
Senior mortgages	$	2,550	$	—	$	—	$	—	$	2,550
Subordinate mortgages		14,266		—		—		—		14,266
Total	$	16,816	$	—	$	—	$	—	$	16,816

Other lending investments—Other lending investments includes the following securities ($ in thousands):


					Net				Net
			Amortized		Unrealized		Estimated		Carrying
	Face Value		Cost Basis		Gain (Loss)		Fair Value		Value
As of December 31, 2024
Available-for-sale securities
Municipal debt securities⁽¹⁾	$	15,480	$	15,480	$	(104)	$	15,376	$	15,376
Total	$	15,480	$	15,480	$	(104)	$	15,376	$	15,376
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)

As of December 31, 2024, the contractual maturities of the Company’s securities were as follows ($ in thousands):


	Amortized		Estimated
	Cost Basis		Fair Value
Maturities
Within one year	$	—	$	—
After one year through 5 years		—		—
After 5 years through 10 years		—		—
After 10 years		15,480		15,376
Total	$	15,480	$	15,376

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (86,755)	$ (196,356)	$ (36,348)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Loans Receivable and Other Lending Investments, net (Maturities of Company Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amortized Cost Basis
After 10 years	$ 15,480
Amortized Cost Basis	15,480	$ 4,220
Estimated Fair Value
After 10 years	15,376
Total	$ 15,376

Other Investments (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2024		2023		2022
Safehold Inc. ("Safe")⁽¹⁾	$	249,899	$	316,430	$	—	$	1,089	$	33,261
Other real estate and strategic equity investments⁽²⁾		—		21		—		29,736		12,365
Total	$	249,899	$	316,451	$	—	$	30,825	$	45,626

(1)

(2)

Schedule of summarized investee financial information


	As of December 31,					For the Years Ended December 31,
	2024		2023			2024		2023		2022
Balance Sheets					Income Statements
Total assets	$	—	$	641	Revenues	$	—	$	86,894	$	625,162
Total liabilities		—		703	Expenses		—		(78,462)		(237,343)
Noncontrolling interests		—		—	Net income (loss) attributable to parent entities		—		47,673		378,557
Total equity (deficit) attributable to parent entities		—		(62)

Other Investments (Safehold Inc) (Details) - USD ($) shares in Millions		12 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Number of shares owned (in shares)		13.5
Equity interest		18.90%
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.	2.00%
Safehold Management Services \| Affiliated entity
Schedule of Equity Method Investments [Line Items]
Annual management fee paid - 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
Annual management fee percent of gross book value, year five and thereafter	2.00%
Management fees		$ 17,500,000		$ 19,700,000
Notice required to terminate management agreement with cause	30 days
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 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
Percentage approval of independent directors to terminate management agreement without cause	66.70%

Subsequent Events (Detail) - Subsequent Events - Margin Loan Facility - Secured Debt shares in Millions, $ in Millions	1 Months Ended
	Feb. 06, 2025 USD ($) shares
Subsequent events
Repayment of principal \| $	$ 5.0
Shares pledged as first priority security \| shares	0.6

Basis of Presentation and Principles of Combination and Consolidation -Basis of Presentation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
General and administrative expenses allocated from iStar	$ 14.1	$ 10.9
Interest expense allocated from iStar	8.0	42.0
General and Administrative
Stock-based compensation expense allocated from iStar	$ 1.8	$ (11.8)

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Real estate

Real estate, at cost

^[1]

$ 98,118

$ 97,481

Less: accumulated depreciation

^[1]

(25,273)

(22,075)

Real estate, net

^[1]

72,845

75,406

Land and development, net

^[1]

176,444

181,394

Loans receivable and other lending investments, net ($555 and $497 of allowances as of December 31, 2024 and December 31, 2023, respectively)

^[1]

50,324

20,898

Other investments

^[1]

249,899

316,451

Cash and cash equivalents

^[1]

34,957

50,663

Accrued interest and operating lease income receivable, net

^[1]

1,115

929

Deferred operating lease income receivable, net

^[1]

670

997

Deferred expenses and other assets, net

^[1]

22,401

22,459

Total assets

^[1]

608,655

669,197

Liabilities:

Accounts payable, accrued expenses and other liabilities

^[1],[2]

46,310

42,462

Debt obligations, net

^[1]

217,349

192,895

Total liabilities

^[1]

263,659

235,357

Commitments and contingencies (refer to Note 10)

^[1]

Star Holdings shareholders' equity:

Common Stock, $0.001 par value, 200,000 shares authorized, 13,320 and 13,320 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively

^[1]

Additional paid-in capital

^[1]

607,623

Accumulated deficit

^[1]

(283,196)

(196,441)

Accumulated other comprehensive income (loss)

^[1]

(104)

359

Star Holdings shareholders' equity

^[1]

324,336

411,554

Noncontrolling interests

^[1]

20,660

22,286

Total equity

^[1]

344,996

433,840

Total liabilities and equity

^[1]

$ 608,655

$ 669,197

[1]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).
[2]	As of December 31, 2024 and 2023, includes $4.8 million and $7.2 million, respectively, of management fees and other payables due to Safe (refer to Note 1).

Risk Management

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management

Note 11—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, 2024, the Company’s portfolio contains concentrations in the following property types: entertainment/leisure, land and development, hotel, 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.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Loans receivable and other lending investments, allowances	$ 1,118	$ 497
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	13,320,000
Common Stock, shares outstanding (in shares)	13,319,552	13,320,000
Management fees due SAFE	$ 4,800	$ 7,200

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Debt Obligations, net (Schedule of Debt) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Mar. 31, 2023

Debt Instrument [Line Items]

Total debt obligations

$ 219,990

Debt discounts and deferred financing costs, net

(2,641)

Total debt obligations, net

^[1]

217,349

$ 192,895

Interest costs capitalized

2,700

2,100

Secured Debt

Debt Instrument [Line Items]

Total debt obligations

219,990

196,914

Debt discounts and deferred financing costs, net

(2,641)

(4,019)

Total debt obligations, net

217,349

192,895

Secured Debt | Safe Credit Facility

Debt Instrument [Line Items]

Total debt obligations

$ 115,000

Stated interest rate

8.00%

Secured Debt | Safe Credit Facility | Safehold Inc.

Debt Instrument [Line Items]

Stated interest rate

8.00%

Secured Debt | Margin Loan Facility

Debt Instrument [Line Items]

Total debt obligations

$ 89,175

$ 81,914

Basis point spread on variable interest rate

3.00%

Debt Instrument, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrMember

Increase in basis point spread for the period immediately succeeding a period in which the Company makes a PIK election.

0.25%

Secured Debt | Senior Construction Mortgage Loan

Debt Instrument [Line Items]

Total debt obligations

$ 15,815

Basis point spread on variable interest rate

6.85%

Debt Instrument, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrMember

[1]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Real Estate - Impairments (Details) - USD ($) $ in Millions	12 Months Ended
Real Estate - Impairments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Impairment of real estate	$ 0.0	$ 0.0
Operating Properties
Real Estate Properties [Line Items]
Impairment of real estate			$ 1.8

Loans Receivable and Other Lending Investments, net - Allowance for Loan Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) loan
Financing Receivables
Allowance for loan losses at beginning of period	$ 497
Provision for (recovery of) loan losses	621	$ 1,740	$ 44,998
Allowance for loan losses at end of period	1,118	497
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period	0		2,304
Transfers			(2,304)
Allowance for loan losses at end of period		0
Total
Allowance for loan losses at beginning of period	497	925	4,769
Provision for (recovery of) loan losses	621	(428)	45,070
Charge offs			(48,914)
Allowance for loan losses at end of period	1,118	497	925
Debt securities
Held to Maturity Debt Securities
Provision for (recovery of) loan losses			22,200
Construction Loans
Financing Receivables
Allowance for loan losses at beginning of period	0	92	1,213
Provision for (recovery of) loan losses		(92)	(725)
Transfers			(396)
Allowance for loan losses at end of period		0	92
Loans
Financing Receivables
Allowance for loan losses at beginning of period	497	437	676
Provision for (recovery of) loan losses	621	60	(239)
Allowance for loan losses at end of period	1,118	497	437
Specific receivables
Financing Receivables
Allowance for loan losses at beginning of period	$ 0	396	576
Provision for (recovery of) loan losses		(396)	46,034
Transfers			2,700
Charge offs			(48,914)
Allowance for loan losses at end of period		0	$ 396
Loan receivable transferred to Held for Sale
Financing Receivables
Provision for (recovery of) loan losses		$ 2,200
Total
Number of loans transferred to Held for Sale \| loan			1
Loan receivable transferred to Held for Sale \| Loans
Financing Receivables
Provision for (recovery of) loan losses			$ 23,800

Combined and Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Reconciliation of cash and cash equivalents and restricted cash presented on the combined and consolidated statements of cash flows

Cash and cash equivalents

$ 34,957

^[1]

$ 50,663

^[1]

$ 4,227

Restricted cash included in deferred expenses and other assets, net

10,589

10,051

3,247

Total cash and cash equivalents and restricted cash

45,546

60,714

7,474

Supplemental disclosure of cash flow information:

Cash paid for interest

9,666

20,235

42,042

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

Settlement of debt obligations

115,000

Assumption of debt obligations from iStar Inc.

125,000

Origination of loans receivable (refer to Note 5)

18,250

2,550

Paid-in-kind interest on debt obligations

7,261

1,701

Accounts payable for capital expenditures on land and development and real estate assets

$ 9,984

$ 951

828

Transfer of loan receivable to loans receivable held for sale

$ 37,650

[1]	Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).

Land and Development (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023
Land and land development, at cost	$	186,271	$	193,360
Less: accumulated depreciation		(9,827)		(11,966)
Total land and development, net	$	176,444	$	181,394

Basis of Presentation and Principles of Combination and Consolidation (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023 ($ in thousands):


	As of
	December 31, 2024		December 31, 2023
ASSETS
Real estate
Real estate, at cost	$	95,318	$	94,682
Less: accumulated depreciation		(24,372)		(21,349)
Real estate, net		70,946		73,333
Land and development, net		115,201		108,284
Cash and cash equivalents		8,324		31,479
Accrued interest and operating lease income receivable, net		—		24
Deferred expenses and other assets, net		7,727		8,758
Total assets	$	202,198	$	221,878
LIABILITIES
Total liabilities	$	47,751	$	23,600

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	(16,067)
Gross amount carried at close of period, land	185,886
Gross amount carried at close of period, building and improvements	98,503
Gross amount carried at close of period, total	284,389	$ 290,841	$ 338,320	$ 415,963
Accumulated depreciation	35,100	$ 34,041	$ 29,808	$ 36,702
Aggregate cost for federal income tax purposes	350,000
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	(27,287)
Gross amount carried at close of period, land	180,317
Gross amount carried at close of period, building and improvements	5,954
Gross amount carried at close of period, total	186,271
Accumulated depreciation	9,827
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	(30,716)
Gross amount carried at close of period, land	584
Gross amount carried at close of period, total	584
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	19,302
Gross amount carried at close of period, land	62,602
Gross amount carried at close of period, total	62,602
Accumulated depreciation	1,336
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	(1,837)
Gross amount carried at close of period, land	2,155
Gross amount carried at close of period, total	2,155
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	42,675
Gross amount carried at close of period, land	42,675
Gross amount carried at close of period, total	42,675
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	3,040
Gross amount carried at close of period, land	3,151
Gross amount carried at close of period, building and improvements	5,954
Gross amount carried at close of period, total	9,105
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	(44,523)
Gross amount carried at close of period, land	14,377
Gross amount carried at close of period, total	14,377
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	(15,228)
Gross amount carried at close of period, land	54,773
Gross amount carried at close of period, total	54,773
Accumulated depreciation	8,491
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	902
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	$ 422
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	$ 480
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	9,801
Gross amount carried at close of period, land	4,232
Gross amount carried at close of period, building and improvements	74,842
Gross amount carried at close of period, total	79,074
Accumulated depreciation	21,223
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	4,189
Gross amount carried at close of period, land	297
Gross amount carried at close of period, building and improvements	22,488
Gross amount carried at close of period, total	22,785
Accumulated depreciation	$ 6,503
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	34
Gross amount carried at close of period, land	120
Gross amount carried at close of period, building and improvements	6,582
Gross amount carried at close of period, total	6,702
Accumulated depreciation	$ 911
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	5,578
Gross amount carried at close of period, land	3,815
Gross amount carried at close of period, building and improvements	45,772
Gross amount carried at close of period, total	49,587
Accumulated depreciation	$ 13,809
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	1,093
Gross amount carried at close of period, land	1,337
Gross amount carried at close of period, building and improvements	14,908
Gross amount carried at close of period, total	16,245
Accumulated depreciation	3,148
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	931
Gross amount carried at close of period, land	750
Gross amount carried at close of period, building and improvements	11,601
Gross amount carried at close of period, total	12,351
Accumulated depreciation	$ 2,244
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	162
Gross amount carried at close of period, land	587
Gross amount carried at close of period, building and improvements	3,307
Gross amount carried at close of period, total	3,894
Accumulated depreciation	$ 904
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

Combined and Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ (88,362)

$ (196,290)

$ (36,311)

Other comprehensive income:

Reclassification of losses on cash flow hedges into earnings upon realization

^[1]

871

Reclassification of losses on available-for-sale securities

386

Unrealized gains (losses) on available-for-sale securities

(463)

359

(4,623)

Unrealized gains (losses) on cash flow hedges

9,802

Other comprehensive income (loss)

(463)

359

6,436

Comprehensive income (loss)

(88,825)

(195,931)

(29,875)

Comprehensive (income) loss attributable to noncontrolling interests

1,607

(66)

(37)

Comprehensive income (loss) attributable to common shareholders

$ (87,218)

$ (195,997)

$ (29,912)

[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).

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
	Oct. 31, 2024 USD ($) security	May 31, 2024 USD ($) security	Feb. 29, 2024 USD ($) security	Sep. 30, 2023 USD ($) security	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Other lending investments
Face Value					$ 15,480	$ 4,220
Amortized Cost Basis					15,480	4,220
Net Unrealized Gain (Loss)					$ (104)	$ 359
Debt Securities, Available-for-Sale, Type [Extensible Enumeration]					us-gaap:MunicipalNotesMember	us-gaap:MunicipalNotesMember
Number of securities acquired \| security	1	3	1	2
Securities acquired during the period	$ 2,300	$ 8,200	$ 800	$ 4,200
Carrying Value
Other lending investments
Net Carrying Value					$ 15,376	$ 4,579
Fair Value
Other lending investments
Net Carrying Value					$ 15,376	$ 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
Provision for (recovery of) loan losses							$ 22,200

Loans Receivable and Other Lending Investments, net - Credit Characteristics for Performing Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	$ 36,066	$ 16,816
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	20,800	2,550
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	15,266	14,266
Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	17,750	2,550
1 Year Prior	3,050	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	15,266	14,266
Total	36,066	16,816
Performing Financial Instruments \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Current	17,750	2,550
1 Year Prior	3,050	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	20,800	2,550
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	17,750	2,550
1 Year Prior	3,050	0
2 Years Prior	0	0
3 Years Prior	0	0
4 Years Prior	0	0
5 Years or More Prior	0	0
Total	20,800	2,550
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	0
5 Years or More Prior	0	0
Total	0	0
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	15,266	14,266
Total	15,266	14,266
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	15,266	14,266
Total	15,266	14,266
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

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at January 1	$ (34,041)	$ (29,808)	$ (36,702)
Additions	(4,065)	(4,453)	(4,555)
Dispositions	3,006	220	11,449
Balance at December 31	$ (35,100)	$ (34,041)	$ (29,808)

Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1	$ 16,816	$ 86,834	$ 211,488
Additions:
New mortgage loans	17,750	2,550
Additions under existing mortgage loans	500	2,167	6,482
Other	1,000	811	4,233
Deductions:
Collections of principal		(73,775)	(111,112)
(Provision for) recovery of loan losses		(1,771)	(24,237)
Amortization of premium			(20)
Balance at December 31	$ 36,066	$ 16,816	$ 86,834

Segment Reporting (Details) - segment	12 Months Ended
Segment Reporting (Details) - segment	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1	1

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of reconciliation of the income tax expense (benefit)


	Years Ended December 31,
	2024		2023		2022
Net income (loss) from operations before income taxes	$	(88,360)	$	(196,290)	$	(36,311)
Statutory federal tax rate		21%		21%		21%
Income tax expense (benefit) at statutory rates		(18,556)		(41,221)		(7,625)
State income taxes, net of federal benefit		(5,755)		(12,825)		(1,718)
Return to provision		(1,218)		—		—
Income eliminated for financial reporting		411		—		—
Tax effect of net losses reported on predecessor entities		—		22,631		—
State net operating loss limitations		—		1,137		(1,047)
Equity adjustments		346		—		(3,266)
Noncontrolling interests		(25)		(18)		(10)
Deferred intercompany transactions		—		408		—
Basis adjustments		—		32,370		—
Miscellaneous		28		—		—
State franchise and minimum taxes		2		—		—
Valuation allowance		24,769		(2,482)		13,666
Income tax (benefit) expense	$	2	$	—	$	—

Schedule of deferred tax assets and liabilities

The Company had the following deferred tax assets (liabilities) as of December 31, 2024 and 2023 ($ in thousands):


	As of December 31,
	2024		2023
Basis differences	$	26,620	$	31,838
Deferred expense		461		949
Depreciation		665		1,101
Net operating loss carryforwards⁽¹⁾		21,541		9,832
Mark-to-market cost method investments		33,369		16,926
Capitalized expenses		7,803		5,044
Valuation allowance		(90,459)		(65,690)
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.