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