Star Holdings: Q1 FY2026 earnings call
What management said about Q1 FY2026, from the documents filed with the SEC on 8 May 2026: press release. The quarter’s numbers.
Key takeaways
- Quarterly net loss and EPS: The company reported a net loss attributable to common shareholders of $10.3 million, or $0.85 per share, for the first quarter. Source
- SAFE mark-to-market reduced EPS: A non-cash SAFE adjustment of $2.2 million, based on quarter-end market value, reduced per-share earnings by $0.18. Source
- Surfhouse mezzanine loan repaid: The company received repayment of a $10.6 million mezzanine loan at the Surfhouse multifamily development in Asbury Park. Source
- Other assets marked for monetization: Other commercial real estate properties and loans are described as for sale or otherwise planned for monetization. Source
- Q1 buyback of 0.2 million shares: The company repurchased about 0.2 million common shares for $2.0 million, at an average price of $8.45. Source
- Focus on cash flow and asset sales: Management said the company expects to realize value for shareholders mainly by maximizing cash flows through active asset management and asset sales. Source
“These results reflect a non-cash adjustment of ($2.2) million which decreased earnings per share by $0.18 with respect to our investment in approximately 13.5 million shares of SAFE based on a mark-to-market at quarter end.”
Star Holdings, press release
Quarterly results and SAFE holding
- Quarterly net loss and EPS: The company reported a net loss attributable to common shareholders of $10.3 million, or $0.85 per share, for the first quarter. Source
- SAFE mark-to-market reduced EPS: A non-cash SAFE adjustment of $2.2 million, based on quarter-end market value, reduced per-share earnings by $0.18. Source
- Company holds Safehold shares: The company holds shares of Safehold Inc. (NYSE: SAFE), the holding subject to the quarter-end mark-to-market adjustment. Source
Fourth quarter and full-year 2025
- Fourth quarter and full-year loss: The company reported a net loss attributable to common shareholders of $19.1 million for the fourth quarter and $64.2 million for the year.
- Fourth-quarter SAFE adjustment: The fourth-quarter SAFE mark-to-market adjustment was $(24.3) million, reducing earnings per share by $(1.93).
- Full-year SAFE adjustment: For the full year, the SAFE mark-to-market adjustment was $(64.8) million, reducing earnings per share by $(4.94).
“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
Loan repayments received
- Surfhouse mezzanine loan repaid: The company received repayment of a $10.6 million mezzanine loan at the Surfhouse multifamily development in Asbury Park. Source
- New York senior mortgage repaid: A $3.1 million senior mortgage on a New York asset was also repaid in the first quarter. Source
- California loan repaid in fourth quarter: In the fourth quarter the company received full repayment of a $15.0 million loan on a California property.
Portfolio and asset sales
- Portfolio centers on Asbury Park: The portfolio is comprised primarily of interests in the Asbury Park Waterfront and the Magnolia Green residential development projects, plus other commercial real estate and loans. Source
- Other assets marked for monetization: Other commercial real estate properties and loans are described as for sale or otherwise planned for monetization. Source
- Asbury Park land parcel sold in Q4: In the fourth quarter, the company sold an Asbury Park land parcel for $12.7 million, with a profit of $11.8 million.
Capital, cash and returns to shareholders
- Q1 buyback of 0.2 million shares: The company repurchased about 0.2 million common shares for $2.0 million, at an average price of $8.45. Source
- Q4 buyback of 0.6 million shares: In the fourth quarter the company repurchased about 0.6 million shares for $4.5 million, at an average price of $7.74.
- Focus on cash flow and asset sales: Management said the company expects to realize value for shareholders mainly by maximizing cash flows through active asset management and asset sales. Source
Filing and reporting
- Form 10-Q filed for quarter: The company filed its Form 10-Q for the quarter ended March 31, 2026 with the Securities and Exchange Commission. Source
- Results announced May 8, 2026: The company announced the results on May 8, 2026, from New York. Source
- Further detail in the 10-Q: Results of operations, assets and activities are detailed in the Form 10-Q, available on the company website or at sec.gov. Source
Risks management discussed
- External: The SAFE holding is marked to market at quarter end, so its market price affects reported results. Source
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.