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Segment Reporting (Tables)
6 Months Ended
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.