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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
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 three and six months ended June 30, 2025 and 2024 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | $ | 44,415 | ​ | $ | 42,209 | ​ | $ | 87,869 | ​ | $ | 83,724
Non-cash | ​ | ​ | 6,850 | ​ | ​ | 6,898 | ​ | ​ | 13,822 | ​ | ​ | 14,014
Subtotal interest expense | ​ | ​ | 51,265 | ​ | ​ | 49,107 | ​ | ​ | 101,691 | ​ | ​ | 97,738
General and administrative(1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Public company and other costs | ​ | ​ | 9,873 | ​ | ​ | 10,383 | ​ | ​ | 20,518 | ​ | ​ | 21,246
Stock-based compensation | ​ | ​ | 3,081 | ​ | ​ | 1,893 | ​ | ​ | 6,568 | ​ | ​ | 6,658
Subtotal general and administrative | ​ |  | 12,954 | ​ |  | 12,276 | ​ |  | 27,086 | ​ |  | 27,904
(1) | The CODM also considers management fees earned from Star Holdings (refer to Note 15) 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 three months ended June 30, 2025 and 2024, the Company earned $2.7 million and $4.4 million, respectively, in management fees from Star Holdings. During the six months ended June 30, 2025 and 2024, the Company earned $6.3 million and $9.9 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 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 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 + Details
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