Star Holdings (STHO) Q1 2026 earnings summary

Executive summary

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

• Portfolio consists mainly of interests in Asbury Park Waterfront, Magnolia Green, and a significant equity stake in Safehold Inc.

• Strategy centers on selling development sites, operating assets, and loans, with proceeds used for debt service and potential shareholder distributions.

• Reported a net loss attributable to common shareholders of $(10.3)M for Q1 2026.

• Earnings (loss) per share was $(0.85), impacted by a non-cash adjustment related to SAFE shares.

Financial highlights

• Total revenue for Q1 2026 was $20.9M, up from $14.6M in Q1 2025, driven by higher land development revenue and a legal settlement.

• Net loss allocable to common shareholders was $(10.3)M, compared to $(7.6)M in Q1 2025.

• EPS was $(0.85), down from $(0.57) year-over-year, including a non-cash mark-to-market adjustment of $(2.2)M on SAFE shares, reducing EPS by $0.18.

• Cash and restricted cash at quarter-end totaled $62.1M.

• Received loan repayments totaling $13.7M during the quarter.

Outlook and guidance

• Land development revenue expected to decline as asset sales progress and inventory decreases.

• No regular dividends anticipated; distributions depend on asset sale proceeds after debt obligations.

• Short- and long-term liquidity needs to be met through asset sales, operations, and available debt facilities.

• Plans to maximize shareholder value through active asset management and asset sales.