Star Holdings reported a total revenue of $110.1 million for the fiscal year ending December 31, 2025, a decrease of approximately 2.8% from $113.3 million in 2024. The decline was primarily attributed to a drop in land development revenue, which fell to $46.4 million from $60 million in the previous year. However, operating lease income increased to $7.4 million, up from $6.9 million, and interest income rose significantly to $4.5 million from $2.3 million, reflecting a higher average balance of performing loans. The company recorded a net loss of $70.8 million, an improvement from a loss of $88.4 million in 2024.
In terms of operational changes, Star Holdings has been actively managing its real estate portfolio, which includes properties in Asbury Park and Magnolia Green. The company has focused on monetizing its assets, with a total carrying value of approximately $149.8 million as of December 31, 2025. This portfolio includes loans, operating properties, and land, with significant sales contributing to cash flow. The company also reported a recovery of loan losses of $0.5 million, compared to a provision for loan losses of $0.6 million in 2024.
Strategically, Star Holdings has undergone significant organizational changes since its spin-off from iStar in March 2023. The company is externally managed by a subsidiary of Safehold Inc., which has allowed it to streamline operations and focus on asset management. As of December 31, 2025, the company had 12,088,770 shares of common stock outstanding, with a market value of approximately $100 million based on a closing price of $7.81 per share. The company has also initiated a share repurchase program, repurchasing 1 million shares for $8 million during the year.
Star Holdings has reported a total debt of $268.7 million as of December 31, 2025, an increase from $217.3 million in 2024. This debt includes a $115 million Safe Credit Facility and a $91.1 million Margin Loan Facility, both maturing in March 2028. The company is subject to various financial covenants under these facilities, which it has complied with as of the reporting date. The company’s liquidity strategy relies heavily on asset sales, and it does not expect to pay regular dividends in the near future, focusing instead on generating cash flow through active asset management.
Looking ahead, Star Holdings anticipates continued challenges in the real estate market, particularly in land development revenue, as it has fewer remaining residential and development assets. The company plans to focus on completing its development projects while managing its existing portfolio to maximize cash flows. The outlook remains cautious, with potential impacts from macroeconomic factors such as interest rates and market conditions influencing its operational strategies and financial performance.
About Star Holdings
Star Holdings is an independent real estate company focused on managing and monetizing legacy assets from iStar Inc., including development projects like Asbury Park Waterfront and Magnolia Green, as well as loans, land, and securities. It generates cash flows through active asset management, sales, and land development, primarily serving real estate, hospitality, and residential markets with competitive advantages in asset repositioning and strategic monetization.
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