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Combined and Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ (262,432) $ (3,853)
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Provision for loan losses 1,727 22,556
Impairment of assets   1,750
Depreciation and amortization 3,295 3,561
Stock-based compensation 1,778 (13,166)
Amortization of discounts/premiums and deferred interest on loans, net (719) (6,615)
Deferred interest on loans received 4,517 4,738
Amortization of premium, discount and deferred financing costs on debt obligations, net 408  
Earnings from equity method investments (30,433) (50,502)
Distributions from operations of other investments 19,459 23,353
Deferred operating lease income 95 317
Unrealized loss on equity investment 247,121  
Loss on early extinguishment of debt 1,523  
Land development revenue (in excess of) cost of sales (6,126) 979
Other operating activities, net 489 (2,683)
Changes in assets and liabilities:    
Changes in accrued interest and operating lease income receivable 723 791
Changes in deferred expenses and other assets, net (3,258) 468
Changes in accounts payable, accrued expenses and other liabilities 8,858 88
Cash flows used in operating activities (12,975) (18,218)
Cash flows from investing activities:    
Originations and fundings of loans receivable and other lending investments, net (6,388) (5,831)
Capital expenditures on real estate assets (882) (588)
Capital expenditures on land and development assets (7,245) (15,945)
Repayments of and principal collections on loans receivable and other lending investments, net 31,757 90,615
Net proceeds from sales of loans receivable 37,650 49,382
Net proceeds from sales of land and development assets 42,768 51,580
Distributions from other investments 47,411 8,913
Contributions to and acquisition of interest in other investments   (80,399)
Other investing activities, net 810 10,054
Cash flows provided by investing activities 145,881 107,781
Cash flows from financing activities:    
Net transactions with iStar Inc (290,077) (74,916)
Borrowings from debt obligations 253,070  
Repayments of debt obligations (50,000)  
Payments for deferred financing costs (1,262)  
Payments for debt prepayment or extinguishment costs (895)  
Cash flows used in financing activities (89,164) (74,916)
Changes in cash, cash equivalents and restricted cash 43,742 14,647
Cash, cash equivalents and restricted cash at beginning of period 7,474 17,074
Cash, cash equivalents and restricted cash at end of period $ 51,216 $ 31,721