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Star Holdings (STHO) investor relations material

Star Holdings Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary7 Nov, 2025

Executive summary

  • Focused on monetizing legacy non-ground lease assets through asset management and sales, with no plans for material new investments.

  • Portfolio includes development projects (Asbury Park Waterfront, Magnolia Green), loans, land, and a significant equity stake in Safehold Inc.

  • Strategy centers on maximizing shareholder value through asset management, asset sales, and loan repayments.

  • Reported net income attributable to common shareholders of $1.8 million for Q3 2025.

  • Earnings per share was $0.14, impacted by a non-cash mark-to-market adjustment on SAFE shares.

Financial highlights

  • For Q3 2025, net income allocable to common shareholders was $1.8 million, down from $91.9 million in Q3 2024.

  • Total revenues for Q3 2025 were $28.1 million, a decrease from $42.5 million in Q3 2024, mainly due to lower unrealized gains on equity investments.

  • Land revenues totaled $1.7 million from the sale of 12 Magnolia Green lots.

  • Received $4.7 million in net cash from a legal settlement on a legacy asset.

  • For the nine months ended September 30, 2025, net loss was $47.5 million compared to net income of $14.5 million in the prior year period.

Outlook and guidance

  • Anticipates declining land development revenue as remaining assets are sold.

  • Liquidity will depend on asset sales, which are unpredictable in timing and amount.

  • No regular dividends expected; distributions will depend on available cash from asset sales.

  • Strategy centers on realizing value for shareholders through active asset management and asset sales.

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Frequently asked questions

Star Holdings, Inc. is engaged in various commercial real estate businesses in the United States, focusing primarily on non-ground lease related assets. The company's portfolio includes significant interests in residential development projects, particularly the Asbury Park Waterfront in New Jersey and the Magnolia Green community in Virginia. Star Holdings is involved in the management and development of these properties, contributing to the broader real estate sector. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ.

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