Star Holdings

Listed Company

STHOCIK 0001953366NasdaqEmerging GrowthLessors Of Real Property, NecMarylandFY ends Dec 31

Period

FY 2025

Revenue

$110.14M

Net Income

$-64.25M

Total Assets

$570.20M

Equity

$251.77M

Shares Out

12.09M

Op. Cash Flow

$-11.66M

Business

Star Holdings operates as a real estate investment and asset-management company that holds and manages legacy non-ground lease real estate assets spun off from iStar. It offers ownership, active management and disposition of loans, operating properties, land and development projects, and holds equity interests such as shares of Safehold Inc. The company reports a single business segment focused on realizing value through asset management, sales, loan repayments and completion of select developments. Assets are concentrated in U.S. real estate projects including Asbury Park and Magnolia Green and are monetized through third-party sales, leases, hotel operators and loan workouts.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	110	113	123	124	272
Interest expense	18	16	23	—	—
Depreciation and amortization	5	4	5	5	6
General and administrative	15	21	36	11	46
Provision for (recovery of) loan losses	−500,000	600,000	2	45	−8
Other expense	9,000	64,000	791,000	494,000	515,000
Total costs and expenses	116	139	177	231	314
Unrealized gains (losses) on equity investments	−65	−67	−171	—	18
Income from sales of real estate	—	4	0	25	26
Income (loss) from operations before other items and income taxes	−71	−88	−225	−82	2
Loss on early extinguishment of debt, net	−70,000	—	−2	—	—
Earnings from equity method investments	—	—	31	46	83
Net income (loss) from operations before income taxes	−71	−88	−196	−36	85
Income tax expense	−27,000	−2,000	—	—	−23
Net income (loss)	−71	−88	−196	−36	63
Net (income) loss from operations attributable to noncontrolling interests	7	2	−66,000	−37,000	74,000
Net income (loss) allocable to common shareholders	−64	−87	−196	−36	63
Net income (loss) allocable to common shareholders - Basic	−4.9	−6.51	−14.74	−2.73	4.71
Net income (loss) allocable to common shareholders - Diluted	−4.9	−6.51	−14.74	−2.73	4.71
Basic (in shares)	13	13	13	13	13
Diluted (in shares)	13	13	13	13	13

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate, at cost	179	98	97	95	—
Less: accumulated depreciation	−30	−25	−22	−18	—
Real estate, net	149	73	75	76	—
Land and development, net	113	176	181	232	—
Loans receivable and other lending investments, net ($578 and $1,118 of allowances as of December 31, 2025 and 2024, respectively)	44	50	21	49	—
Other investments	185	250	316	587	—
Cash and cash equivalents	50	35	51	4	16
Accrued interest and operating lease income receivable, net	2	1	929,000	1	—
Deferred operating lease income receivable, net	432,000	670,000	997,000	1	—
Deferred expenses and other assets, net	27	22	22	17	—
Total assets	570	609	669	1,005	—
Accounts payable, accrued expenses and other liabilities	36	46	42	33	—
Debt obligations, net	269	217	193	—	—
Total liabilities	304	264	235	33	—
Commitments and contingencies (refer to Note 10)	—	—	—	—	—
Common Stock, $0.001 par value, 200,000 shares authorized, 12,318 and 13,320 shares issued and outstanding as of December 31, 2025 and 2024, respectively	12,000	13,000	13,000	—	—
Additional paid-in capital	600	608	608	—	—
Accumulated deficit	−347	−283	−196	—	—
Accumulated other comprehensive income (loss)	−424,000	−104,000	359,000	—	—
Star Holdings shareholders' equity	252	324	412	—	—
Noncontrolling interests	14	21	22	726,000	—
Total equity	266	345	434	972	1,224
Total liabilities and equity	570	609	669	1,005	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	5	4	5	5	6
Stock-based compensation	—	—	2	−12	23
Amortization of discounts/premiums and deferred interest on loans, net	−1	−1	−959,000	−7	−14
Deferred interest on loans received	—	—	5	9	28
Amortization of premium, discount and deferred financing costs and paid-in-kind interest on debt obligations, net	8	8	2	—	—
Distributions from operations of other investments	—	—	22	26	30
Deferred operating lease income	238,000	171,000	140,000	431,000	−257,000
Loss on early extinguishment of debt	70,000	—	2	—	—
Land development revenue (in excess of) cost of sales	−18	−11	−10	2	−17
Other operating activities, net	214,000	−315,000	599,000	−2	20
Changes in accrued interest and operating lease income receivable	−561,000	−378,000	570,000	491,000	5
Changes in deferred expenses and other assets, net	1	−247,000	−2	3	2
Changes in accounts payable, accrued expenses and other liabilities	−1	−6	10	−4	−2
Cash flows used in operating activities	−12	−31	−19	−27	9
Originations and fundings of loans receivable and other lending investments, net	−10	−11	−6	−7	−75
Capital expenditures on real estate assets	−6	−682,000	−997,000	−676,000	−677,000
Capital expenditures on land and development assets, net	−49	−35	−13	—	—
Repayments of and principal collections on loans receivable and other lending investments, net	18	—	32	129	270
Net proceeds from sales of loans receivable	—	—	38	76	123
Net proceeds from sales of real estate	—	5	—	40	127
Net proceeds from sales of land and development assets	47	42	69	60	183
Distributions from other investments	—	—	47	10	33
Cash, cash equivalents & restricted cash acquired upon consolidation of venture (refer to Note 5)	—	—	21	—	—
Other investing activities, net	−2	−143,000	−156,000	19	−4
Cash flows provided by (used in) investing activities	−2	306,000	186	236	673
Net transactions with iStar Inc.	—	—	−290	−218	−676
Borrowings from debt obligations	48	16	253	—	—
Repayments of debt obligations	−4	—	−70	—	—
Payment of deferred financing costs	−216,000	—	−4	—	—
Distributions to noncontrolling interests	—	—	−3	—	−500,000
Payments of debt prepayment or extinguishment costs	−35,000	—	−1	—	—
Repurchase of common stock	−8	—	—	—	—
Other financing activities, net	−157,000	—	—	−25,000	—
Cash flows provided by financing activities	35	16	−114	−218	−676
Changes in cash, cash equivalents and restricted cash	22	−15	53	−10	5

Filings

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