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STHO

Star Holdings

STHO

Star Holdings • NASDAQ
$8.00 ▲ 1.65% (+0.13)
Market Cap $106.23 M
52w High $11.45
52w Low $6.05
Dividend Yield 0%
P/E -0.72
Volume 19.12K
Outstanding Shares 13.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $13.422M ▼ $4.433M ▲ $1.799M ▲ 13.403% ▲ $0.14 ▲ $6.067M ▲
Q2-2025 $34.561M ▲ $-2.172M ▼ $-39.308M ▼ -113.735% ▼ $-2.95 ▼ $-34.813M ▼
Q1-2025 $9.037M ▼ $1.07M ▲ $-7.604M ▲ -84.143% ▲ $-0.57 ▲ $-3.306M ▲
Q4-2024 $26.986M ▲ $-16.186M ▼ $-102.557M ▼ -380.038% ▼ $-7.7 ▼ $-97.787M ▼
Q3-2024 $17.578M $-832K $91.898M 522.801% $6.9 $96.463M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $40.592M ▼ $595.864M ▲ $302.198M ▲ $275.427M ▼
Q2-2025 $44.201M ▼ $589.92M ▼ $293.971M ▲ $276.144M ▼
Q1-2025 $45.045M ▲ $618.236M ▲ $281.867M ▲ $316.138M ▼
Q4-2024 $34.957M ▼ $608.655M ▼ $263.659M ▲ $324.336M ▼
Q3-2024 $45.046M $696.537M $247.916M $427.548M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.799M ▲ $5.308M ▲ $-13.911M ▼ $8.492M ▼ $-3.609M ▼ $-5.275M ▲
Q2-2025 $-39.308M ▼ $-2.64M ▲ $3.873M ▲ $11.621M ▼ $13.893M ▲ $-24.413M ▼
Q1-2025 $-7.604M ▲ $-6.326M ▲ $-8.276M ▲ $12.089M ▼ $-4.649M ▲ $-22.82M ▲
Q4-2024 $-102.883M ▼ $-6.866M ▼ $-16.159M ▼ $14.032M ▲ $-8.993M ▼ $-24.226M ▼
Q3-2024 $91.898M $-3.786M $-1.045M $1.783M $-3.231M $-15.781M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Interest income
Interest income
 $0 ▲$0 ▲$0 ▲$0 ▲
Land development revenue
Land development revenue
 $40.00M ▲$10.00M ▼$30.00M ▲$0 ▼
Operating lease income
Operating lease income
 $0 ▲$0 ▲$0 ▲$0 ▲
Other income
Other income
 $20.00M ▲$10.00M ▼$10.00M ▲$20.00M ▲
Real estate expense
Real estate expense
 $20.00M ▲$10.00M ▼$10.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Star Holdings’ income statement looks more like a wind‑down vehicle than a growing operating company. Reported revenue is very small and has drifted lower, and the company has often generated negative gross profit, meaning costs tied to its properties outweigh the income they bring in. Operating results have shown occasional improvement, but overall earnings have been choppy and mostly loss‑making in recent years. This fits a liquidation strategy: results will naturally be uneven and heavily influenced by the timing and pricing of asset sales, rather than by stable, recurring income.

Balance Sheet

Balance Sheet The balance sheet shows a company gradually shrinking as it monetizes assets. Total assets and equity have stepped down over time, reflecting both losses and the ongoing runoff of the portfolio. Debt has risen from effectively no leverage to a more noticeable level, though not extreme, suggesting the company is using borrowing to bridge the gap between development spending and asset sales. Cash balances are modest, so liquidity depends heavily on successful sales of properties and, potentially, its stake in Safehold. The portfolio is concentrated in a few key projects, which makes the balance sheet sensitive to the market value and progress of those specific assets.

Cash Flow

Cash Flow Cash flow has been consistently negative from operations, and free cash flow has also been in the red. In plain terms, the business is not self‑funding from regular income and must rely on asset sales, credit lines, or other financing to cover its needs. Investment spending has been relatively modest but still a cash drain, as the company finishes and enhances projects to maximize sale value. Overall, cash flows are expected to be lumpy: periods of outflow while developing or carrying assets, followed by inflows when those assets are sold. The key risk is any mismatch between the timing of cash coming in and obligations going out.

Competitive Edge

Competitive Edge Star Holdings occupies a niche position: it is not a traditional growth real estate company, but a focused vehicle created to unwind a set of legacy assets. Its competitive strength comes from the uniqueness of its key properties—especially the Asbury Park waterfront and the Magnolia Green community—and the specialized expertise of its management team. These developments have high barriers to entry due to location, entitlements, and scale, which limits direct competition on the same projects. However, the portfolio is concentrated, so performance is highly exposed to local real estate cycles, execution on a few large developments, and the health of the wider property market. External management by a Safehold affiliate brings seasoned expertise but also adds an extra layer of governance and fee considerations.

Innovation and R&D

Innovation and R&D The company does not pursue traditional research and development. Its “innovation” is more about financial engineering and disciplined asset management. STHO applies data‑driven analysis to decide how to phase development, price units, and time sales in its major projects, aiming to squeeze as much value as possible from a finite asset base. Its large stake in Safehold is another strategic lever, offering flexibility in how and when that value is unlocked. Future value creation hinges on execution milestones—advancing Asbury Park and Magnolia Green, managing lot and condo sales, monetizing the Safehold position, and carefully handling debt and buybacks or distributions. Progress across these areas is more important than traditional product or technology pipelines.

Summary

Overall, Star Holdings is best understood as a time‑limited real estate monetization vehicle rather than a steady operating business. Financial statements show small and declining revenue, recurring losses, negative cash flow, and a shrinking asset base—all consistent with an orderly wind‑down strategy focused on selling down a concentrated portfolio. The investment case depends less on near‑term earnings and more on whether management can execute complex development and sale processes, especially at Asbury Park and Magnolia Green, and on how effectively it unlocks value from its Safehold stake. Outcomes are likely to be uneven over time and sensitive to real estate market conditions, execution quality, and the pace of the liquidation process.