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Other Investments (Tables)
 9 Months Ended
Sep. 30, 2020
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 method investments were as follows ($ in thousands):
Earnings (Losses) from Equity Method Investments(1)
Carrying Value
as of		For the Three Months Ended September 30,For the Nine Months
Ended September 30,
September 30, 2020December 31, 20192020201920202019
Real estate equity investments
Safehold Inc. ("SAFE")(2)
$855,925 $729,357 $9,331 $2,946 $36,905 $14,076 
iStar Net Lease II LLC ("Net Lease Venture II")103,276 30,712 811 (98)1,568 (416)
Other real estate equity investments91,672 104,553 (3,542)4,574 (10,517)2,744 
Subtotal1,050,873 864,622 6,600 7,422 27,956 16,404 
Other strategic investments(3)
72,220 43,253 205 195 (1,953)162 
Total $1,123,093 $907,875 $6,805 $7,617 $26,003 $16,566 
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(1)For the three months ended September 30, 2020 and 2019, earnings (losses) from equity method investments is net of the Company's pro rata share of $4.6 million and $3.5 million, respectively, of depreciation expense and $14.6 million and $8.2 million, respectively, of interest expense. For the nine months ended September 30, 2020 and 2019, earnings (losses) from equity method investments is net of the Company's pro rata share of $13.4 million and $10.7 million, respectively, of depreciation expense and $44.0 million and $21.6 million, respectively, of interest expense.
(2)As of September 30, 2020, the Company owned 33.7 million shares of SAFE common stock which, based on the closing price of $62.10 on September 30, 2020, had a market value of $2.1 billion. For the nine months ended September 30, 2020, equity in earnings includes a dilution gain of $7.9 million resulting from a SAFE equity offering in March 2020.
(3)During the three and nine months ended September 30, 2020, the Company identified observable price changes in an equity security held by the Company as evidenced by orderly private issuances of similar securities by the same issuer. In accordance with ASC 321, the Company remeasured its equity investment at fair value and recognized aggregate mark-to-market gains of $14.0 million and $23.9 million, respectively, in "Other income" in the Company's consolidated statements of operations. During the three and nine months ended September 30, 2019, equity in earnings (losses) includes $8.2 million of income resulting from the sale of a property at one of the Company's equity method investments.
Schedule of summarized financial information The following table presents the investee level summarized financial information of the Company's equity method investments that were significant as of September 30, 2020 ($ in thousands):
RevenuesExpensesNet Income Attributable to Parent
For the Nine Months Ended September 30, 2020
SAFE$115,518 $73,821 $44,024 
For the Nine Months Ended September 30, 2019
SAFE$63,810 $38,480 $16,574