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Combined and Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ (76,948) $ (180,674)
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Provision for (recovery of) loan losses 15 1,632
Depreciation and amortization 2,361 2,171
Stock-based compensation   1,778
Amortization of discounts/premiums and deferred interest on loans, net (492) (484)
Deferred interest on loans received   4,517
Amortization of premium, discount and deferred financing costs and paid-in-kind interest on debt obligations, net 3,899 215
Earnings from equity method investments   (30,216)
Distributions from operations of other investments   19,459
Deferred operating lease income 68 60
Unrealized and realized (gains) losses on equity investments 55,578 166,932
Loss on early extinguishment of debt   1,040
Land development revenue (in excess of) cost of sales (963) 950
Other operating activities, net (268) 292
Changes in assets and liabilities:    
Changes in accrued interest and operating lease income receivable 168 756
Changes in deferred expenses and other assets, net (1,764) (3,452)
Changes in accounts payable, accrued expenses and other liabilities (2,291) 10,368
Cash flows used in operating activities (20,637) (4,656)
Cash flows from investing activities:    
Originations and fundings of loans receivable and other lending investments, net (8,950) (2,168)
Capital expenditures on real estate assets (240) (680)
Capital expenditures on land and development assets (6,340) (6,761)
Repayments of and principal collections on loans receivable and other lending investments, net   31,757
Net proceeds from sales of loans receivable 0 37,650
Net proceeds from sales of land and development assets 32,727 21,185
Distributions from other investments   47,165
Other investing activities, net 313 732
Cash flows provided by investing activities 17,510 128,880
Cash flows from financing activities:    
Net transactions with iStar Inc   (290,077)
Borrowings from debt obligations   253,070
Repayments of debt obligations   (35,000)
Payments for deferred financing costs   (1,262)
Other financing activities, net   (635)
Cash flows used in financing activities   (73,904)
Changes in cash, cash equivalents and restricted cash (3,127) 50,320
Cash, cash equivalents and restricted cash at beginning of period 60,714 7,474
Cash, cash equivalents and restricted cash at end of period $ 57,587 $ 57,794