Star Holdings (STHO) Q4 2025 earnings summary

Executive summary

• Reported net loss attributable to common shareholders of ($19.1) million for Q4 and ($64.2) million for the year ended December 31, 2025.

• Earnings (loss) per share was ($1.51) for Q4 and ($4.90) for the year.

• Results were significantly impacted by a non-cash market-to-market adjustment related to SAFE shares.

Financial highlights

• Non-cash market-to-market adjustment on SAFE investment was ($24.3) million for Q4, reducing EPS by ($1.93), and ($64.8) million for the year, reducing EPS by ($4.94).

• Sold a land parcel in Asbury Park for $12.7 million, generating a profit of $11.8 million in Q4.

• Received full repayment of a $15.0 million loan on a California property during Q4.

Significant events and developments

• Repurchased approximately 0.6 million shares of outstanding common stock for $4.5 million at an average price of $7.74 per share in Q4.