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Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities | Note 8—Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | December 31, 2024 |  | December 31, 2023
Operating lease right-of-use asset(1) | ​ | $ | 29,707 | ​ | $ | 33,964
Interest rate hedge assets | ​ |  | 45,439 | ​ |  | 34,864
Deferred finance costs, net(2) | ​ |  | 16,471 | ​ |  | 3,692
Other assets(3) | ​ |  | 12,278 | ​ |  | 13,210
Purchase deposits | ​ |  | 42 | ​ |  | 2,090
Leasing costs, net | ​ |  | 431 | ​ |  | 439
Corporate furniture, fixtures and equipment, net | ​ | ​ | 647 | ​ | ​ | 979
Deferred expenses and other assets, net | ​ | $ | 105,015 | ​ | $ | 89,238
(1) | Operating lease right-of-use asset (and operating lease liability below) relates to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.5 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company’s Ground Lease tenant at the property pays this expense directly under the terms of a master lease. Operating lease right-of-use asset is amortized on a straight-line basis over the term of the lease and is recorded in "Real estate expense" in the Company’s consolidated statements of operations. During the years ended December 31, 2024, 2023 and 2022, the Company recognized $0.5 million, $0.5 million and $0.4 million, respectively, in "Real estate expense" and $0.5 million, $0.5 million and $0.4 million, respectively, in "Other income" from its operating lease right-of-use asset. The related operating lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the Company’s incremental secured borrowing rate for a similar asset estimated to be 5.5%. T he Company also has operating leases for office space that it assumed from iStar in connection with the Merger (refer to Note 10).
(2) | Accumulated amortization of deferred finance costs was $3.5 million and $11.0 million as of December 31, 2024 and 2023, respectively.
(3) | As of December 31, 2024 and 2023, includes $3.7 million and $6.9 million, respectively, of management fees due from Star Holdings. Through December 31, 2024, the Company has earned $36.2 million of management fees from Star Holdings and as of December 31, 2024, $13.8 million of the transaction price is attributable to performance obligations that remain unsatisfied.
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of
​ |  | December 31, 2024 |  | December 31, 2023
Interest payable | ​ | $ | 87,854 | ​ | $ | 68,821
Other liabilities | ​ |  | 17,105 | ​ |  | 17,626
Dividends declared and payable | ​ |  | 13,307 | ​ |  | 13,049
Operating lease liabilities(1) | ​ |  | 10,374 | ​ |  | 15,751
Accrued expenses(2) | ​ |  | 16,351 | ​ |  | 19,271
Accounts payable, accrued expenses and other liabilities | ​ | $ | 144,991 | ​ | $ | 134,518
(1) | Refer to Note 10.
(2) | As of December 31, 2024 and 2023, accrued expenses primarily includes accrued compensation, legal, audit and property expenses.

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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