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Segment Reporting (Tables)
9 Months Ended
Sep. 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 nine months ended September 30, 2025 and 2024 ($ in thousands):

For the Three Months Ended

For the Nine Months Ended

September 30, 

September 30, 

    

2025

    

2024

    

2025

    

2024

Interest expense

 

Cash

$

45,749

$

43,064

$

133,618

$

126,788

Non-cash

6,748

6,897

20,570

20,911

Subtotal interest expense

52,497

49,961

154,188

147,699

General and administrative(1)

Public company and other costs

9,956

9,649

30,474

30,895

Stock-based compensation

3,111

3,467

9,679

10,125

Subtotal general and administrative

 

13,067

 

13,116

 

40,153

 

41,020

(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 September 30, 2025 and 2024, the Company earned $2.7 million and $3.7 million, respectively, in management fees from Star Holdings. During the nine months ended September 30, 2025 and 2024, the Company earned $9.0 million and $13.6 million, respectively, in management fees from Star Holdings. The management fees are included in “Other income” in the Company’s consolidated statements of operations.