v3.26.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Total revenues $ 19,361 $ 42,054 $ 40,300 $ 56,678
Costs and expenses:        
Depreciation and amortization 856 952 3,084 1,929
General and administrative [1] 2,616 3,255 5,902 7,972
Provision for (recovery of) loan losses 6 25 425 (112)
Other expense 1 2 366 7
Total costs and expenses 21,610 39,043 54,844 64,889
Unrealized gains (losses) on equity investments 29,344 (42,732) 27,181 (39,486)
Income from sales of real estate 14,365   14,365  
Income (loss) from operations before other items and income taxes 41,460 (39,721) 27,002 (47,697)
Loss on early extinguishment of debt, net       (70)
Net income (loss) 41,460 (39,721) 27,002 (47,767)
Net (income) loss from operations attributable to noncontrolling interests (12) 413 4,189 855
Net income (loss) allocable to common shareholders $ 41,448 $ (39,308) $ 31,191 $ (46,912)
Per common share data:        
Net income (loss) allocable to common shareholders - Basic $ 3.43 $ (2.95) $ 2.58 $ (3.52)
Net income (loss) allocable to common shareholders - Diluted $ 3.43 $ (2.95) $ 2.58 $ (3.52)
Weighted average number of common shares:        
Basic (in shares) 12,081 13,311 12,106 13,315
Diluted (in shares) 12,081 13,311 12,106 13,315
Nonrelated party        
Costs and expenses:        
Interest expense [2] $ 4,076 $ 3,956 $ 10,164 $ 7,719
Operating lease income        
Revenues:        
Total revenues 2,443 1,855 4,480 3,709
Interest income        
Revenues:        
Total revenues 1,046 1,089 1,543 2,188
Other income        
Revenues:        
Total revenues [3] 14,657 12,504 22,048 18,993
Land development revenue        
Revenues:        
Total revenues 1,215 26,606 12,229 31,788
Costs and expenses:        
Cost of sales expense   18,505 9,342 25,332
Real estate expense        
Costs and expenses:        
Cost of sales expense [3] $ 14,055 $ 12,348 $ 25,561 $ 22,042
[1] For the three months ended June 30, 2026 and 2025, includes $1.9 million and $2.5 million, respectively, of management fees incurred to related parties. For the six months ended June 30, 2026 and 2025, includes $4.4 million and $6.3 million, respectively, of management fees incurred to related parties.
[2] For the three months ended June 30, 2026 and 2025, includes $2.3 million and $2.2 million, respectively, of expense to related parties. For the six months ended June 30, 2026 and 2025, includes $4.6 million and $4.4 million, respectively, of expense to related parties.
[3] For the three months ended June 30, 2026 and 2025, includes $6.8 million and $6.1 million, respectively, of revenues from hotel properties. For the six months ended June 30, 2026 and 2025, includes $8.8 million and $8.0 million, respectively, of revenues from hotel properties. For the three months ended June 30, 2026, other income and real estate expense include $2.5 million and $1.2 million, respectively, of income and expense related to a legal settlement with respect to one of iStar’s (refer to Note 1) legacy assets. For the six months ended June 30, 2026, other income and real estate expense include $3.5 million and $1.7 million, respectively, of income and expense related to a legal settlement with respect to one of iStar’s legacy assets. These amounts are recorded upon settlement due to uncertainty regarding collectability of the funds. The income represents the gross amount of the settlement and the expense represents legal costs incurred to a third party, which was contingent on the settlement.