Star Holdings: Q4 FY2025 earnings call
What management said about Q4 FY2025, from the documents filed with the SEC on 17 February 2026: press release. The quarter’s numbers.
Key takeaways
- Net loss for quarter and year: Net loss attributable to common shareholders was $19.1 million for the fourth quarter and $64.2 million for the full year. Source
- Non-cash SAFE mark-to-market loss: The market-to-market adjustment on the SAFE investment reduced results by $24.3 million in the quarter and $64.8 million for the year. Source
- Asbury Park land parcel sold: The company sold a land parcel in Asbury Park for $12.7 million in the fourth quarter, recording a profit of $11.8 million. Source
- California loan repaid in full: The company received full repayment of a $15.0 million loan on a California property during the fourth quarter. Source
- Focus on cash flows and sales: The company expects to realize portfolio value mainly by maximizing cash flows through active asset management and asset sales. Source
- Q4 buyback of 0.6 million shares: The company repurchased about 0.6 million common shares for $4.5 million during the fourth quarter. Source
“These results reflect a non-cash market-to-market adjustment with respect to our investment in approximately 13.5 million shares of SAFE of ($24.3) million”
Star Holdings, press release
What changed from last quarter
- New: The company sold a land parcel in Asbury Park for $12.7 million in the fourth quarter, a deal not mentioned in the third-quarter release. Source
- New: The company received full repayment of a $15.0 million loan on a California property during the fourth quarter. Source
Fourth quarter and annual results
- Annual report filed for 2025: The company filed its annual report on Form 10-K for the year ended December 31, 2025, with the SEC. Source
- Net loss for quarter and year: Net loss attributable to common shareholders was $19.1 million for the fourth quarter and $64.2 million for the full year. Source
- Loss per share for both periods: Loss per share was $1.51 for the fourth quarter and $4.90 for the full year. Source
- Fuller detail in the 10-K: Results of operations, assets and activities are detailed in the Form 10-K, available on the company website and at sec.gov. Source
Safehold investment mark-to-market
- Non-cash SAFE mark-to-market loss: The market-to-market adjustment on the SAFE investment reduced results by $24.3 million in the quarter and $64.8 million for the year. Source
- SAFE adjustment cut EPS: The adjustment decreased earnings per share by $1.93 for the quarter and $4.94 for the year. Source
- Holds Safehold shares as an asset: The company also owns shares of Safehold Inc., listed on the NYSE as SAFE, which underlie the adjustment. Source
“Star Holdings expects to focus on realizing value for shareholders from its portfolio primarily by maximizing cash flows through active asset management and asset sales.”
Star Holdings, press release
Asset sales and strategy
- Asbury Park land parcel sold: The company sold a land parcel in Asbury Park for $12.7 million in the fourth quarter, recording a profit of $11.8 million. Source
- California loan repaid in full: The company received full repayment of a $15.0 million loan on a California property during the fourth quarter. Source
- Focus on cash flows and sales: The company expects to realize portfolio value mainly by maximizing cash flows through active asset management and asset sales. Source
Portfolio composition
- Asbury Park Waterfront interests: The portfolio is described as comprised primarily of interests in the Asbury Park Waterfront, along with other holdings. Source
- Magnolia Green residential projects: The portfolio also includes the Magnolia Green residential development projects, named alongside Asbury Park. Source
- Other properties and loans for monetization: Other commercial real estate properties and loans are described as for sale or otherwise planned to be monetized. Source
Share repurchases
- Q4 buyback of 0.6 million shares: The company repurchased about 0.6 million common shares for $4.5 million during the fourth quarter. Source
- Q3 buyback of 0.4 million shares: In the third quarter the company repurchased about 0.4 million shares for $3.3 million, at an average price of $8.48.
- Lower fourth-quarter average price: The fourth-quarter average repurchase price of $7.74 was below the $8.48 average reported for the third quarter. Source
Changes from third quarter
- Third-quarter net income of $1.8 million: The prior release reported third-quarter net income of $1.8 million, or $0.14 per share.
- Smaller third-quarter SAFE adjustment: The third-quarter SAFE adjustment was a non-cash ($0.9 million) reduction, decreasing earnings per share by $0.07.
- Third-quarter land sales of 12 lots: The third quarter recorded $1.7 million of land revenue from 12 lots sold at Magnolia Green.
- Third-quarter legal settlement proceeds: The third quarter received $4.7 million of net cash proceeds from a legal settlement on a legacy iStar asset.
Other quarters
Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.