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.
Quad