v3.26.3
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues:        
Total revenues $ 39,930 $ 28,108 $ 80,231 $ 84,786
Costs and expenses:        
Depreciation and amortization 790 1,093 3,875 3,022
General and administrative [1] 2,652 3,333 8,554 11,305
Provision for (recovery of) loan losses 18 7 443 (105)
Other expense 679 2 1,045 8
Total costs and expenses 36,375 26,887 91,220 91,775
Unrealized gains (losses) on equity investments (53,144) (947) (25,963) (40,433)
Realized gain on sale of available-for-sale securities 4,502   4,502  
Income from sales of real estate     14,365  
Income (loss) from operations before other items (45,087) 274 (18,085) (47,422)
Loss on early extinguishment of debt, net       (70)
Net income (loss) (45,087) 274 (18,085) (47,492)
Net (income) loss from operations attributable to noncontrolling interests (45) 1,525 4,144 2,379
Net income (loss) allocable to common shareholders $ (45,132) $ 1,799 $ (13,941) $ (45,113)
Per common share data:        
Net income (loss) allocable to common shareholders - Basic (in dollars per share) $ (3.74) $ 0.14 $ (1.15) $ (3.4)
Net income (loss) allocable to common shareholders - Diluted (in dollars per share) $ (3.74) $ 0.14 $ (1.15) $ (3.4)
Weighted average number of common shares:        
Basic (in shares) 12,081 13,169 12,098 13,266
Diluted (in shares) 12,081 13,169 12,098 13,266
Nonrelated party        
Costs and expenses:        
Interest expense [2] $ 4,112 $ 4,700 $ 14,275 $ 12,419
Operating lease income        
Revenues:        
Total revenues 1,700 1,765 6,180 5,474
Interest income        
Revenues:        
Total revenues 894 1,194 2,437 3,382
Other income        
Revenues:        
Total revenues [3] 16,378 23,492 38,426 42,485
Land development revenue        
Revenues:        
Total revenues 20,958 1,657 33,188 33,445
Costs and expenses:        
Cost of sales expense 15,333 2,186 24,676 27,518
Real estate expense        
Costs and expenses:        
Cost of sales expense [3] $ 12,791 $ 15,566 $ 38,352 $ 37,608
[1] For the three months ended September 30, 2026 and 2025, includes $1.9 million and $2.5 million, respectively, of management fees incurred to related parties. For the nine months ended September 30, 2026 and 2025, includes $6.3 million and $8.8 million, respectively, of management fees incurred to related parties.
[2] For the three months ended September 30, 2026 and 2025, includes $2.2 million and $2.3 million, respectively, of expense to related parties. For the nine months ended September 30, 2026 and 2025, includes $6.8 million and $6.7 million, respectively, of expense to related parties.
[3] For the three months ended September 30, 2026 and 2025, includes $10.5 million and $10.0 million, respectively, of revenues from hotel properties. For the nine months ended September 30, 2026 and 2025, includes $19.3 million and $18.0 million, respectively, of revenues from hotel properties. For the nine months ended September 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 (refer to Note 1). For both the three and nine months ended September 30, 2025, other income and real estate expense include $7.0 million and $2.3 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.