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) 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.

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)