Other Assets and Other Liabilities

9 Months Ended

Sep. 30, 2025

Note 8—Other Assets and Other Liabilities

Deferred expenses and other assets, net, consist of the following items ($ in thousands):


	As of
	September 30, 2025		December 31, 2024
Other assets⁽¹⁾	$	7,916	$	8,233
Operating lease right-of-use assets⁽²⁾		575		924
Restricted cash		15,184		10,589
Other receivables		1,669		2,459
Leasing costs, net⁽³⁾		48		69
Intangible assets, net⁽⁴⁾		104		127
Deferred expenses and other assets, net	$	25,496	$	22,401

(1)	As of September 30, 2025 and December 31, 2024, other assets primarily includes prepaid expenses and dividends receivable from Safe.

(2)

Right-of use lease assets initially equal the lease liability. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in “Real estate expense” in the Company’s consolidated statements of operations. During the three months ended September 30, 2025 and 2024, the Company recognized $0.1 million and $0.1 million, respectively, in “Real estate expense” in its consolidated statements of operations relating to operating leases. During the nine months ended September 30, 2025 and 2024, the Company recognized $0.4 million and $0.4 million, respectively, in “Real estate expense” in its consolidated statements of operations relating to operating leases.

(3)	Accumulated amortization of leasing costs was $0.2 million and $0.2 million as of September 30, 2025 and December 31, 2024, respectively.

(4)

Intangible assets, net includes above market and in-place lease assets related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $0.2 million and $0.2 million as of September 30, 2025 and December 31, 2024, respectively. These intangible lease assets are amortized over the remaining term of the lease. As of September 30, 2025, the weighted average remaining amortization period for the Company’s intangible assets was approximately 1.5 years.

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):


	As of
	September 30, 2025		December 31, 2024
Other liabilities⁽¹⁾	$	32,615	$	33,300
Accrued expenses		9,560		11,917
Operating lease liabilities (see table above)		750		1,093
Accounts payable, accrued expenses and other liabilities	$	42,925	$	46,310

(1)

As of September 30, 2025, “Other liabilities” includes $20.6 million of deferred income and liabilities, $3.6 million of management fees and other payables due Safe and $5.1 million of other payables related to real estate properties. As of December 31, 2024, “Other liabilities” includes $20.6 million of deferred income and liabilities, $4.8 million of management fees due Safe and $5.7 million of other payables related to real estate properties.

Star Holdings 10-Q