Star Holdings Reports First Quarter 2026 Results

Rhea-AI Summary

Star Holdings (NASDAQ:STHO) filed its Form 10-Q for the quarter ended March 31, 2026, reporting net loss attributable to common shareholders of $10.3 million and loss per share of $0.85. Results include a $2.2 million non-cash mark-to-market adjustment related to approximately 13.5 million shares of SAFE that reduced EPS by $0.18.

During Q1 the company received loan repayments totaling $13.7 million (a $10.6 million mezzanine loan and a $3.1 million senior mortgage) and repurchased ~0.2 million common shares for $2.0 million at an average $8.45 per share. The company reiterated focus on monetizing real estate assets and maximizing cash flow.

AI-generated analysis. Not financial advice.

Positive

• Net cash inflow from loan repayments of $13.7 million
• Share repurchase of $2.0 million at average $8.45 per share
• Owns ~13.5 million SAFE shares (mark-to-market disclosed)

Negative

• Net loss attributable to common shareholders of $10.3 million
• Loss per share of $0.85
• $2.2 million non-cash mark-to-market adjustment reduced EPS by $0.18

Key Figures

Net income (loss): ($10.3 million) EPS (loss): ($0.85) Non-cash adjustment: ($2.2 million) +5 more

8 metrics

Net income (loss) ($10.3 million) Q1 2026 attributable to common shareholders

EPS (loss) ($0.85) Q1 2026 earnings per share

Non-cash adjustment ($2.2 million) Q1 2026 mark-to-market impact on SAFE investment

EPS impact $0.18 decrease From non-cash SAFE mark-to-market adjustment

SAFE shares held approximately 13.5 million STHO investment in Safehold Inc. (NYSE: SAFE)

Mezzanine loan repaid $10.6 million Surfhouse multifamily development in Asbury Park

Senior mortgage repaid $3.1 million Loan on a New York asset

Share repurchase $2.0 million Repurchase of ~0.2M STHO shares at $8.45 average

Market Reality Check

Price: $15.13 Vol: Volume 398,638 is close t...

normal vol

$15.13 Last Close

Volume Volume 398,638 is close to the 20-day average of 406,197, showing no unusual trading activity ahead of this headline. normal

Technical SAFE trades above its 200-day moving average of 14.82, with the last price at 15.41, indicating a pre-news uptrend despite the negative STHO earnings impact from SAFE marks.

Peers on Argus

SAFE gained 2.12% while peers showed mixed moves: GNL, AAT, AHH and GOOD were up...

SAFE gained 2.12% while peers showed mixed moves: GNL, AAT, AHH and GOOD were up (up to 2.75%), but CTO was down 0.98%. With no peers in the momentum scanner and mixed directions, the move appears more stock-specific than sector-driven relative to this STHO update.

Previous Earnings Reports

5 past events · Latest: Apr 30 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 30	Q1 2026 earnings	Positive	-7.2%	SAFE reported higher Q1 2026 revenue and solid net income and EPS.
Feb 17	FY 2025 results	Negative	-3.0%	STHO reported sizable Q4 and full-year 2025 net losses and EPS declines.
Feb 11	Q4/FY 2025 earnings	Positive	-1.4%	SAFE posted growing revenue, strong net income and higher unrealized appreciation.
Jan 29	Earnings release date	Neutral	+1.1%	SAFE announced timing and access details for its Q4/FY 2025 results call.
Nov 07	Q3 2025 earnings	Positive	+3.4%	STHO reported Q3 2025 profit with positive EPS and asset monetization activity.

Pattern Detected

Earnings-related headlines for SAFE/STHO have often seen modest negative reactions, with particularly weak trading after seemingly solid SAFE earnings, while STHO’s own results track more closely with their fundamental tone.

Recent Company History

Over the last several quarters, earnings-related news around SAFE and Star Holdings has produced mixed trading. SAFE’s Q1 2026 and Q4 2025 earnings both reported solid revenue and profit metrics, yet the stock fell 7.24% and 1.40% respectively. By contrast, Star Holdings’ Q3 2025 profit and its FY 2025 loss both led to price moves that aligned with the news tone. Today’s STHO Q1 2026 loss, again influenced by mark‑to‑market changes on roughly 13.5M SAFE shares, fits this ongoing interplay between SAFE’s fundamentals and STHO’s results.

Historical Comparison

-1.4% avg move · Across recent earnings-related headlines for SAFE and Star Holdings, the average 24-hour move was -1...

earnings

-1.4%

Average Historical Move earnings

Across recent earnings-related headlines for SAFE and Star Holdings, the average 24-hour move was -1.42%. Past SAFE earnings often traded weaker than the fundamentals, while STHO moves tended to align more closely with profit or loss trends.

Earnings history shows STHO shifting from a small Q3 2025 profit to larger FY 2025 and Q1 2026 losses, heavily influenced by recurring mark‑to‑market adjustments on its ~13.5M SAFE share investment, while SAFE itself continued to post steady revenue and income growth.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2026-03-25

SAFE has an effective Form S-3ASR universal shelf filed on 2026-03-25, allowing offerings of common and preferred stock, debt, depositary shares, warrants, rights, units and certain guaranteed debt securities from time to time. Recent usage includes two 424B7 prospectus supplements dated 2026-03-25.

Market Pulse Summary

This announcement from Star Holdings details a ($10.3M) Q1 2026 loss and ($0.85) EPS, driven partly ...

Analysis

This announcement from Star Holdings details a ($10.3M) Q1 2026 loss and ($0.85) EPS, driven partly by a ($2.2M) non‑cash mark‑to‑market on its roughly 13.5M SAFE shares. SAFE itself had been trading above its 14.82 200-day average at 15.41. Investors may track how recurring valuation swings at large holders intersect with SAFE’s own earnings, balance sheet strength, outstanding S-3ASR shelf, and future portfolio monetization updates.

Key Terms

form 10-q, securities and exchange commission, mark-to-market, mezzanine loan, +1 more

5 terms

form 10-q regulatory

"filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

securities and exchange commission regulatory

"for the quarter ended March 31, 2026 with the Securities and Exchange Commission."

A national government agency that enforces rules for buying, selling and disclosing information about stocks and other investments, acting like a referee and scorekeeper for financial markets. It requires companies to share clear, regular financial and business information and investigates fraud or rule-breaking, which matters to investors because those rules and disclosures help ensure fair prices, reduce hidden risks and make it easier to compare investment choices.

mark-to-market financial

"based on a mark-to-market at quarter end."

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

mezzanine loan financial

"including on a $10.6 million mezzanine loan at the Surfhouse multifamily development"

A mezzanine loan is a type of financing that sits between a primary bank loan and equity ownership: it has a lower priority for repayment than the main loan but ranks above shareholders. Think of it as a bridge loan that fills the gap when a company needs extra cash for a buyout, expansion, or project, often carrying higher interest and sometimes a small equity stake. For investors, mezzanine debt offers higher returns but more risk than senior loans and can affect shareholder value if converted into ownership.

senior mortgage financial

"and on a $3.1 million senior mortgage on a New York asset."

A senior mortgage is a loan secured by real estate that has first claim on the property’s value if the borrower fails to repay, meaning it gets paid before any other debts tied to the same property. Investors care because this priority makes senior mortgages relatively safer and more likely to recover money in a default, providing steadier income with lower interest returns compared with lower‑priority, riskier loans—think of it as being first in line at repayment time.

AI-generated analysis. Not financial advice.

NEW YORK, May 8, 2026 /PRNewswire/ -- Star Holdings (NASDAQ: STHO) announced today that it has filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 with the Securities and Exchange Commission. 

Net income (loss) attributable to common shareholders for the first quarter was ($10.3 million) and earnings (loss) per share was ($0.85). These results reflect a non-cash adjustment of ($2.2) million which decreased earnings per share by $0.18 with respect to our investment in approximately 13.5 million shares of SAFE based on a mark-to-market at quarter end.

During the first quarter, the Company received two loan repayments, including on a $10.6 million mezzanine loan at the Surfhouse multifamily development in Asbury Park and on a $3.1 million senior mortgage on a New York asset. Additionally, the Company repurchased approximately 0.2 million shares of its outstanding common stock for $2.0 million at an average share price of $8.45.

Further details regarding the Company's results of operations, assets and activities are available in the Company's Form 10-Q for the quarter ended March 31, 2026 which is available for download at the Company's website www.starholdingsco.com or at the Securities and Exchange Commission website www.sec.gov.

*          *          *

Star Holdings' (NASDAQ: STHO) portfolio is comprised primarily of interests in the Asbury Park Waterfront, the Magnolia Green residential development projects and other commercial real estate properties and loans that are for sale or otherwise plan to be monetized. Star Holdings also owns shares of Safehold Inc. (NYSE: SAFE). Star Holdings expects to focus on realizing value for shareholders from its portfolio primarily by maximizing cash flows through active asset management and asset sales. Additional information on Star Holdings is available on its website at www.starholdingsco.com.

Company Contact:
Pearse Hoffmann
Senior Vice President
Head of Corporate Finance
T 212.930.9400
E investors@starholdingsco.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/star-holdings-reports-first-quarter-2026-results-302767308.html

SOURCE Star Holdings

FAQ

What did Star Holdings (STHO) report for net income in Q1 2026?

Star Holdings reported a net loss attributable to common shareholders of $10.3 million. According to the company, this result includes a $2.2 million non-cash mark-to-market adjustment tied to its SAFE shareholding.

How much did Star Holdings (STHO) repurchase in shares during Q1 2026?

The company repurchased approximately 0.2 million shares for $2.0 million at an average price of $8.45. According to the company, the repurchase reduced outstanding shares and used available cash resources.

What loan repayments did Star Holdings (STHO) receive in Q1 2026?

Star Holdings received loan repayments totaling $13.7 million, including a $10.6 million mezzanine loan and a $3.1 million senior mortgage. According to the company, these repayments improved near-term liquidity.

How did the SAFE investment affect Star Holdings (STHO) Q1 2026 EPS?

A $2.2 million mark-to-market adjustment on SAFE decreased EPS by $0.18 in Q1 2026. According to the company, the adjustment is non-cash and reflects quarter-end valuation.

Where can investors find Star Holdings (STHO) Q1 2026 financial details?

Investors can download the Form 10-Q for the quarter ended March 31, 2026 from Star Holdings' website or the SEC website. According to the company, the filing contains full operational and balance-sheet details.