| Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities |
Note 9—Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands): | | | | | | | | | As of | | | September 30, 2026 | | December 31, 2025 | Operating lease right-of-use assets(1) | | $ | 31,929 | | $ | 26,085 | Interest rate hedge assets | | | 16,547 | | | 21,315 | Deferred finance costs, net(2) | | | 7,846 | | | 11,536 | Other assets(3) | | | 27,386 | | | 12,211 | Leasing costs, net | | | 416 | | | 422 | Corporate furniture, fixtures and equipment, net | | | 1,357 | | | 461 | Deferred expenses and other assets, net | | $ | 85,481 | | $ | 72,030 |
| (1) | Operating lease right-of-use asset (and operating lease liability below) relates primarily to a property that is majority-owned by a third party and is ground leased to the Company and corporate office space the Company began leasing in August 2026. The Company is obligated to pay the owner of the property $0.5 million, subject to adjustment for changes in the CPI, per year through 2044. Amortization of this operating lease right-of-use asset, beginning January 1, 2026, is recorded in “Hotel expenses” in the Company’s consolidated statements of operations. Prior to January 1, 2026 this expense was recorded in “Real estate expense” in the Company’s consolidated statements of operations. During the three and nine months ended September 30, 2025, the Company recognized $0.1 million and $0.4 million, respectively, in both “Real estate expense” and “Other income” from its operating lease right-of-use asset. The related operating lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the Company’s incremental secured borrowing rate for a similar asset estimated to be 5.5%. The Company also has operating leases for office space. |
| (2) | Accumulated amortization of deferred finance costs was $12.2 million and $8.4 million as of September 30, 2026 and December 31, 2025, respectively. |
| (3) | As of September 30, 2026 and December 31, 2025, includes $1.9 million and $2.9 million, respectively, of management fees due from Star Holdings. |
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): | | | | | | | | | As of | | | September 30, 2026 | | December 31, 2025 | Interest payable | | $ | 110,159 | | $ | 103,656 | Other liabilities | | | 19,054 | | | 19,495 | Dividends declared and payable | | | 13,203 | | | 13,559 | Operating lease liabilities(1) | | | 14,805 | | | 5,622 | Accrued expenses(2) | | | 23,718 | | | 19,088 | Accounts payable, accrued expenses and other liabilities | | $ | 180,939 | | $ | 161,420 |
| (2) | As of September 30, 2026 and December 31, 2025, accrued expenses primarily includes accrued compensation, legal, audit and property expenses. |
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