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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting

Schedule of Segment Results

The following table presents the Company’s expenses that are reviewed in more detail by the CODM for the years ended December 31, 2024, 2023 and 2022 ($ in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	For the Years Ended December 31,
​		2024			2023			2022
Interest expense	​		​	​	​	​	​	​	​
Cash	​	$	170,315	​	$	153,071	​	$	105,532
Non-cash	​	​	27,727	​	​	27,940	​	​	23,437
Subtotal interest expense	​	​	198,042	​		181,011	​		128,969
General and administrative(1)	​	​	​	​	​	​	​	​	​
Public company and other costs	​	​	41,160	​	​	37,015	​	​	4,316
Stock-based compensation	​	​	13,757	​	​	23,230	​	​	1,546
Management fees	​	​	—	​	​	5,199	​	​	20,252
Expense reimbursements to the Former Manager	​	​	—	​	​	3,125	​	​	12,500
Subtotal general and administrative	​		54,917	​		68,569	​		38,614

(1) The CODM also considers management fees earned from Star Holdings (refer to Note 14) in their review of general and administrative expense because many of the Company’s employees spend time and resources performing basic functions for the management of Star Holdings. During the years ended December 31, 2024 and 2023, the Company earned $16.8 million and $19.4 million, respectively, in management fees from Star Holdings. The management fees are included in “Other income” in the Company’s consolidated statements of operations.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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