Star Holdings (STHO) Q2 2025 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.

• Operates as a single segment, with primary assets in real estate, land development, loans, and a significant equity stake in Safehold Inc.

• Portfolio includes Asbury Park Waterfront, Magnolia Green residential projects, and other commercial real estate assets.

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

Financial highlights

• Net loss of $39.7 million for Q2 2025, compared to $28.0 million in Q2 2024; net loss of $47.8 million for the six months ended June 30, 2025, versus $76.9 million in the prior year period.

• Net loss includes a non-cash mark-to-market adjustment of $42.7 million related to SAFE shares, reducing EPS by $3.21.

• Total revenues for Q2 2025 were $42.1 million, up from $30.6 million in Q2 2024, driven by higher land development revenue.

• Basic and diluted EPS was $(2.95) for Q2 2025 and $(3.52) for the six months ended June 30, 2025.

• Cash and cash equivalents at June 30, 2025 were $44.2 million, with total assets of $589.9 million.

Outlook and guidance

• Land development revenue expected to decline as remaining assets are sold; timing and amount of future sales are uncertain.

• No regular dividends expected; distributions will depend on asset sales and available cash after debt repayment.

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