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Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Deferred Expenses and Other Assets, Net | 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, $13.8 million of the transaction price is attributable to performance obligations that remain unsatisfied.
Schedule of Accounts Payable, Accrued Expenses and Other Liabilities | Accounts payable, accrued expenses and other liabilities consist of the following items ($ 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 Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + References No definition available. + Details
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- Definition Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. + References No definition available. + Details
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