It's hard to think of many similarities between SFI and GKK other than REIT status.
iStar has $14 Billion in unsecured assets and $12 Billion in unsecured debt, with about 25% of its assets in bricks and mortar. At the end of Q4 it had $570MM in unrestricted cash/liquidity and is about to close on a new $700MM - $1 Billion revolver.
iStar also has (i think) more NPAs than GKK and (i think) higher reserves.
The financial structure makes them quite different though both obviously share the CRE space.
they are both Hybred Reits, with NNN lease real estate portfolios on the real estate side and a mixture of 1st mtge whole loans and mezz loans on the debt side. Both finance with LOCs and CDOs as well as mortgages on the real property. DFI is larger, but I see many similarities...