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Summary of Significant Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The Company recorded the following provision for income tax expense (benefit) for the years ended December 31, 2024 and 2023 ($ in thousands): (1)
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ | ​ | 2024 | ​ | 2023
Current tax expense | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 938 | ​ | $ | 1,452
State | ​ | ​ | 110 | ​ | ​ | 1,593
Total current income tax expense | ​ | ​ | 1,048 | ​ | ​ | 3,045
Deferred income tax expense (benefit) | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | 890 | ​ | ​ | (528)
State and local | ​ | ​ | 1,507 | ​ | ​ | (798)
Total deferred income tax expense (benefit) | ​ | ​ | 2,397 | ​ | ​ | (1,326)
Income tax (benefit) expense | ​ | $ | 3,445 | ​ | $ | 1,719
(1) | During the years ended December 31, 2024, 2023 and 2022, the Company paid $3.4 million, $5.4 million and $0.5 million, respectively, in taxes.
Schedule of Reconciliation of Statutory and Reported Income Tax Expense | The Company’s reconciliation of the income tax expense (benefit) if computed at the U.S. federal statutory income tax rate to the Company’s reported income tax expense (benefit) for the years ended December 31, 2024 and 2023 is as follows ($ in thousands):(1) ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ | ​ | 2024 | ​ | 2023
Income tax expense (benefit) of taxable subsidiaries at statutory rates | ​ | $ | 1,929 | ​ | $ | 3,029
State income taxes, net of federal benefit | ​ | ​ | 1,318 | ​ | ​ | 2,107
Equity-based compensation and other permanent items | ​ | ​ | 1,339 | ​ | ​ | —
Basis adjustments | ​ | ​ | — | ​ | ​ | (3,415)
Goodwill write off at taxable subsidiary | ​ | ​ | — | ​ | ​ | (2,694)
Miscellaneous | ​ | ​ | 7 | ​ | ​ | (49)
Return to provision | ​ | ​ | (544) | ​ | ​ | 171
Valuation allowance | ​ | ​ | (604) | ​ | ​ | 2,570
Income tax (benefit) expense | ​ | $ | 3,445 | ​ | $ | 1,719
(1) | The Company did not have any TRS activity during the year ended December 31, 2022.
​
Schedule of Deferred Tax Assets (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 | ​ | $ | 1,941 | ​ | $ | 1,995
Deferred expense | ​ | ​ | 1,869 | ​ | ​ | 3,224
Deferred revenue | ​ | ​ | (11) | ​ | ​ | (7)
Net operating loss carryforwards(1) | ​ | ​ | 3,475 | ​ | ​ | 5,111
Valuation allowance | ​ | ​ | (2,052) | ​ | ​ | (2,704)
Deferred tax asset, net | ​ | $ | 5,222 | ​ | $ | 7,619
(1) | The net operating loss carryforwards carry forward indefinitely and do not expire. Net operating loss deductions, however, are limited to 80% of taxable income when utilized.
​
Fair Value, by Balance Sheet Grouping | 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 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net investment in sales-type leases(1) | ​ | $ | 3,455 | ​ | $ | 3,680 | ​ | $ | 3,255 | ​ | $ | 3,118
Ground Lease receivables(1) | ​ |  | 1,833 | ​ |  | 2,043 | ​ |  | 1,622 | ​ |  | 1,603
Loans receivable, net - related party(1) | ​ | ​ | 112 | ​ | ​ | 115 | ​ | ​ | 112 | ​ | ​ | 114
Cash and cash equivalents(2) | ​ |  | 8 | ​ |  | 8 | ​ |  | 19 | ​ |  | 19
Restricted cash(2) | ​ |  | 9 | ​ |  | 9 | ​ |  | 28 | ​ |  | 28
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt obligations, net(1) | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 1 | ​ | ​ | 1,426 | ​ | ​ | 1,335 | ​ | ​ | 739 | ​ | ​ | 617
Level 3 | ​ | ​ | 2,891 | ​ | ​ | 2,351 | ​ | ​ | 3,315 | ​ | ​ | 2,874
Total debt obligations, net | ​ | ​ | 4,317 | ​ |  | 3,686 | ​ |  | 4,054 | ​ |  | 3,491
(1) | The fair value of the Company’s net investment in sales-type leases, Ground Lease receivables and loans receivable, net – related party are classified as Level 3 within the fair value hierarchy. The fair value of the Company’s debt obligations traded in secondary markets are classified as Level 1 within the fair value hierarchy and the fair value of the Company’s debt obligations not traded in secondary markets 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 and are classified as Level 1 within the fair value hierarchy.
​
Schedule of Purchase Consideration for Acquisition of iStar | The table below shows the Company’s purchase consideration for the acquisition of iStar ($ in thousands):
​ | ​ | ​ | ​
Total Company shares as purchase price(1) | ​ | ​ | 1,195,034
Stock price of the Company’s common stock(2) | ​ | $ | 29.78
Fair value of the Company's stock transferred | ​ | ​ | 35,588
Cash consideration paid by the Company to iStar | ​ | ​ | 88,685
Purchase consideration | ​ | $ | 124,273
(1) | The total post-Merger shares of the Company to be held by iStar shareholders includes 12.7 million shares that were issued as consideration for the investment in Old SAFE previously held by iStar as of March 30, 2023 that were retired in connection with the Merger. Accordingly, these shares are excluded from the purchase consideration as they are reflected as a treasury stock repurchase and retirement by Old SAFE.
(2) | Based on the closing price of Old SAFE’s common stock as of March 30, 2023, representing the final closing price prior to the effective time of the Merger.
Schedule of Identifiable Tangible and Intangible Assets Acquired and Liabilities Assumed | The following table sets forth the preliminary allocation as of March 31, 2023 of the purchase consideration to the fair values of identifiable tangible and intangible assets acquired and liabilities assumed, recognized as a result of the acquisition described in Note 1 above, measurement period adjustments and a final allocation of the purchase consideration ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Preliminary | ​ | Measurement | ​ | Final
​ | ​ | Purchase Price Allocation | ​ | Period Adjustments | ​ | Purchase Price Allocation
Cash and cash equivalents | ​ | $ | 3,213 | ​ | $ | — | ​ | $ | 3,213
Real estate | ​ | ​ | 1,508 | ​ | ​ | — | ​ | ​ | 1,508
Equity investments(1) | ​ | ​ | 61,247 | ​ | ​ | — | ​ | ​ | 61,247
Deferred tax asset(2) | ​ | ​ | — | ​ | ​ | 6,292 | ​ | ​ | 6,292
Deferred expenses and other assets(2)(3) | ​ | ​ | 25,442 | ​ | ​ | 6,480 | ​ | ​ | 31,922
Total assets acquired | ​ | ​ | 91,410 | ​ | ​ | 12,772 | ​ | ​ | 104,182
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable, accrued expenses and other liabilities(2)(4) | ​ | ​ | (22,939) | ​ | ​ | (2,340) | ​ | ​ | (25,279)
Debt obligations(5) | ​ | ​ | (99,995) | ​ | ​ | — | ​ | ​ | (99,995)
Total liabilities assumed | ​ | ​ | (122,934) | ​ | ​ | (2,340) | ​ | ​ | (125,274)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net identifiable (liabilities assumed) assets acquired | ​ | ​ | (31,524) | ​ | ​ | 10,432 | ​ | ​ | (21,092)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchase consideration | ​ | $ | 124,273 | ​ | $ | — | ​ | $ | 124,273
Add: net identifiable liabilities assumed | ​ | ​ | 31,524 | ​ | ​ | (10,432) | ​ | ​ | 21,092
Goodwill(6) | ​ | ​ | 155,797 | ​ | ​ | (10,432) | ​ | ​ | 145,365
(1) | Equity investments were valued using discount rates between 7.2% and 13.9% and are classified as Level 3 within the fair value hierarchy.
(2) | During the three months ended June 30, 2023, the Company recorded a deferred tax asset in the amount of $6.3 million, net of a valuation allowance in the amount of $2.8 million, and reduced goodwill by $6.3 million. The net deferred tax asset relates to net operating loss carryovers to which the Company’s taxable REIT subsidiary is a successor and were finalized upon filing tax returns subsequent to the Merger for periods prior to the Merger. During the three months ended September 30, 2023, the Company recognized $6.5 million of deferred expenses and other assets related to final state tax receivables and $2.3 million in accounts payable, accrued expenses and other liabilities as a result of finalizing its tax returns which produced additional information not available at the time of the Merger. The following table presents a rollforward of the Company’s goodwill:
​ | ​ | ​ | ​
Balance at December 31, 2022 | ​ | $ | —
Goodwill recognized at Merger | ​ | ​ | 155,797
Reduction to goodwill resulting from measurement period adjustments | ​ | ​ | (10,432)
Impairment | ​ | ​ | (145,365)
Balance at December 31, 2023 | ​ | $ | —
(3) | Deferred expenses and other assets includes $11.0 million attributable to operating lease right of use assets, $4.7 million attributable to prepaid expenses resulting from the settlement of iStar’s compensation plans, $2.1 million attributable to in-place prepaid contracts, $1.3 million attributable to office furniture and equipment and $6.3 million attributable to other receivables.
(4) | Accounts payable, accrued expenses and other liabilities primarily includes a $14.2 million operating lease liability. In addition, under the Merger Agreement, iStar was required to fund its share of merger-related costs and to provide sufficient cash to fund any unresolved corporate obligations and accrued liabilities or costs yet-to-be incurred prior to the Merger. Accounts payable, accrued expenses and other liabilities includes approximately $8.7 million of obligations assumed from iStar, which are offset with corresponding amounts in cash and cash equivalents and amounts receivable in deferred expenses and other assets, net sufficient to settle such obligations.
(5) | Debt obligations were valued using a discount rate of 6.7% and are classified as Level 3 within the fair value hierarchy.
(6) | Goodwill is calculated as the excess of purchase consideration over the fair value of the net identifiable assets acquired and primarily relates to the acquisition of iStar’s workforce and future synergies expected to be realized after the completion of the Merger.
Rollforward of Goodwill |
​ | ​ | ​ | ​
Balance at December 31, 2022 | ​ | $ | —
Goodwill recognized at Merger | ​ | ​ | 155,797
Reduction to goodwill resulting from measurement period adjustments | ​ | ​ | (10,432)
Impairment | ​ | ​ | (145,365)
Balance at December 31, 2023 | ​ | $ | —
Schedule of Pro Forma Revenues and Net Income (Loss) | The following table summarizes the Company's pro forma revenues and net income (loss) for the years ended December 31, 2023 and 2022 as if the Merger described in Note 1 was completed on January 1, 2022 ($ in thousands):(1)
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Years Ended December 31,
​ | ​ | 2023 |  | 2022
Pro forma revenues | ​ | $ | 363,359 | ​ | $ | 318,510
Pro forma net income (loss) | ​ | ​ | (33,104) | ​ | ​ | (50,084)
(1) | The pro forma revenues and net income (loss) are presented for informational purposes only and may not be indicative of what the actual results of operations of the Company would have been assuming the transaction occurred on January 1, 2022, nor do they purport to represent the Company’s results of operations for future periods. For the year ended December 31, 2022, pro forma net loss includes $47.7 million of merger expenses (including $20.3 million of merger expenses borne by iStar), which are non-recurring in nature. For the year ended December 31, 2022, pro forma net loss includes $171.9 million of losses on extinguishment of debt, which are non-recurring in nature. From the date of the Merger closing through December 31, 2023, $1.0 million of total revenues and $7.1 million of net income of the acquiree are included in the Company’s consolidated statements of operations.

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