Star Holdings Reports Fourth Quarter and Fiscal Year 2025 Results

Rhea-AI Summary

Star Holdings (NASDAQ: STHO) filed its Form 10-K for year ended December 31, 2025 reporting a net loss attributable to common shareholders of ($19.1M) in Q4 and ($64.2M) for the year. EPS was ($1.51) in Q4 and ($4.90) for 2025.

Results include a non-cash mark-to-market charge on ~13.5 million shares of SAFE of ($24.3M) in Q4 (impacting EPS by ($1.93)) and ($64.8M) for the year (impacting EPS by ($4.94)).

Q4 highlights: sale of Asbury Park land for $12.7M (profit $11.8M), full repayment of a $15.0M loan, and repurchase of ~0.6M shares for $4.5M (avg $7.74).

Positive

• Land sale profit of $11.8M from Asbury Park parcel
• $15.0M loan fully repaid in the fourth quarter
• Share repurchase of ~0.6M shares for $4.5M (avg $7.74)

Negative

• Net loss attributable to common shareholders of $64.2M in 2025
• EPS of ($4.90) for the year
• Mark-to-market loss on SAFE investment of $64.8M for 2025

News Market Reaction – SAFE

-2.98%

1 alert

-2.98% News Effect

On the day this news was published, SAFE declined 2.98%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net loss: ($19.1) million FY 2025 net loss: ($64.2) million Q4 2025 EPS: ($1.51) per share +5 more

8 metrics

Q4 2025 net loss ($19.1) million Net income (loss) attributable to common shareholders, fourth quarter 2025

FY 2025 net loss ($64.2) million Net income (loss) attributable to common shareholders, full year 2025

Q4 2025 EPS ($1.51) per share Earnings (loss) per share, fourth quarter 2025

FY 2025 EPS ($4.90) per share Earnings (loss) per share, full year 2025

Q4 mark-to-market impact ($24.3) million Non-cash adjustment on ~13.5M SAFE shares; reduced EPS by ($1.93) in Q4

FY mark-to-market impact ($64.8) million Non-cash adjustment on ~13.5M SAFE shares; reduced EPS by ($4.94) in FY 2025

Asbury Park land sale $12.7 million Q4 2025 sale proceeds; generated $11.8 million profit

Share repurchases $4.5 million Repurchase of ~0.6M shares at average price $7.74 during Q4 2025

Market Reality Check

Price: $15.59 Vol: Volume 272,262 is below t...

normal vol

$15.59 Last Close

Volume Volume 272,262 is below the 20-day average of 384,307 (relative volume 0.71x). normal

Technical Trading above the 200-day MA of 14.91 with a last price of 16.11, about 17.5% below the 19.53 52-week high.

Peers on Argus

SAFE gained 5.53% while key diversified REIT peers show mixed moves: CTO (+0.79%...

SAFE gained 5.53% while key diversified REIT peers show mixed moves: CTO (+0.79%), GOOD (+0.77%), AAT (+0.16%), GNL (-0.40%), and AHH (-6.21%). This pattern points to stock-specific strength rather than a broad sector rotation.

Common Catalyst Only one close peer, GOOD, reported an earnings-related webcast headline today, suggesting no broad, shared news catalyst across the group.

Previous Earnings Reports

5 past events · Latest: Feb 11 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 11	Earnings results	Positive	-1.4%	SAFE reported strong FY 2025 revenue and net income with A- S&P rating.
Jan 29	Earnings scheduling	Neutral	+1.1%	SAFE announced timing and access details for Q4 and FY 2025 earnings call.
Nov 07	Earnings results	Neutral	+3.4%	Star Holdings reported Q3 2025 profit with SAFE mark-to-market impact.
Nov 05	Earnings results	Positive	-0.6%	SAFE posted Q3 2025 revenue and EPS with new ground lease originations.
Aug 07	Earnings results	Negative	-2.6%	Star Holdings Q2 2025 loss driven by non-cash SAFE mark-to-market adjustment.

Pattern Detected

Earnings-related headlines for SAFE and Star Holdings have produced mostly modest single-digit moves, with both positive and negative reactions and no strong directional bias.

Recent Company History

Over the past six months, earnings-linked news for SAFE and related Star Holdings updates have shown that financial reports and scheduling announcements typically lead to modest single-digit reactions. SAFE’s Q4/FY 2025 results on Feb 11, 2026 and Q3 2025 results on Nov 5, 2025 drew small negative moves despite solid profitability. Star Holdings’ Q2 and Q3 2025 results highlighted how non-cash mark-to-market adjustments on its approximately 13.5 million SAFE shares can swing its net income. Today’s Star Holdings 10-K continues that theme of SAFE-linked valuation impacts.

Historical Comparison

-0.0% avg move · Across 5 recent earnings-related releases, the average next-day move was about -0.03%, indicating hi...

earnings

-0.0%

Average Historical Move earnings

Across 5 recent earnings-related releases, the average next-day move was about -0.03%, indicating historically muted reactions to this news type.

Earnings updates for SAFE and Star Holdings repeatedly highlight how SAFE’s operating performance and Star’s non-cash mark-to-market on roughly 13.5 million SAFE shares shape reported net income over time.

Market Pulse Summary

This announcement from Star Holdings details fourth-quarter and full-year 2025 results, emphasizing ...

Analysis

This announcement from Star Holdings details fourth-quarter and full-year 2025 results, emphasizing that non-cash mark-to-market adjustments on about 13.5 million SAFE shares significantly drove reported losses. It also notes asset sales, loan repayments, and share repurchases as part of its monetization strategy. In context, recent earnings-tagged news for both SAFE and Star Holdings has produced relatively small price moves, suggesting markets often treat these accounting-driven swings cautiously.

Key Terms

form 10-k, securities and exchange commission, nasdaq, earnings per share, +1 more

5 terms

form 10-k regulatory

"filed its Annual Report on Form 10-K for the year ended December 31, 2025"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

securities and exchange commission regulatory

"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.

nasdaq technical

"Star Holdings (NASDAQ: STHO) announced today"

The Nasdaq is a stock exchange where many companies' shares are bought and sold, functioning much like a marketplace for investments. It matters to investors because it provides a platform to buy and sell ownership stakes in companies, helping them track the value of those companies and make informed decisions. As one of the largest and most technology-focused markets, it also reflects trends and developments in the business world.

earnings per share financial

"Earnings (loss) per share was ($1.51) for the fourth quarter, and ($4.90) for the year."

Earnings per share represent the amount of profit a company makes for each share of its stock, similar to how a pie’s total size can be divided into slices for each person. It helps investors understand how profitable the company is on a per-share basis, making it easier to compare its performance over time or against other companies. Higher earnings per share generally indicate better profitability and can influence a company's stock value.

market-to-market adjustment financial

"reflect a non-cash market-to-market adjustment with respect to our investment"

A mark-to-market adjustment is the process of revaluing an asset or liability on a company’s books to reflect its current market price instead of the original purchase price. Like updating the price tag on a used item to what buyers would pay today, these adjustments change reported profits and the balance sheet immediately, so investors use them to see a company’s real-time financial health and to gauge how market swings affect reported earnings.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 17, 2026 /PRNewswire/ -- Star Holdings (NASDAQ: STHO) announced today that it has filed its Annual Report on Form 10-K for the year ended December 31, 2025 with the Securities and Exchange Commission. 

Net income (loss) attributable to common shareholders was ($19.1) million for the fourth quarter, and ($64.2) million for the year. Earnings (loss) per share was ($1.51) for the fourth quarter, and ($4.90) for the year. These results reflect a non-cash market-to-market adjustment with respect to our investment in approximately 13.5 million shares of SAFE of ($24.3) million, which decreased earnings per share by ($1.93), for the quarter, and ($64.8) million, which decreased earnings per share by ($4.94), for the year.

During the fourth quarter, the Company sold a land parcel in Asbury Park for $12.7 million resulting in a profit of $11.8 million, received the full repayment of a $15.0 million loan on a California property, and repurchased approximately 0.6 million shares of its outstanding common stock for $4.5 million at an average share price of $7.74.

Further details regarding the Company's results of operations, assets and activities are available in the Company's Form 10-K for the year ended December 31, 2025 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-fourth-quarter-and-fiscal-year-2025-results-302689968.html

SOURCE Star Holdings

FAQ

What were Star Holdings (STHO) net income and EPS for fiscal 2025?

Star Holdings reported a net loss attributable to common shareholders of ($64.2M) and EPS ($4.90) for 2025. According to the company, results reflect a large non-cash mark-to-market adjustment on its SAFE investment.

How did the SAFE investment affect Star Holdings' (STHO) 2025 results?

The SAFE investment produced a non-cash mark-to-market loss of $64.8M for the year, reducing EPS by ($4.94). According to the company, this charge drove the bulk of the reported annual loss.

What asset sales or cash events did Star Holdings (STHO) report in Q4 2025?

In Q4, Star sold an Asbury Park land parcel for $12.7M realizing an $11.8M profit and received $15.0M full loan repayment. According to the company, these were material cash-generation events.

Did Star Holdings (STHO) repurchase shares in Q4 2025 and at what price?

Star repurchased approximately 0.6M shares for $4.5M at an average price of $7.74. According to the company, the buyback reduced outstanding shares and used available cash.

What is Star Holdings' (STHO) portfolio focus following the 2025 results?

Star Holdings expects to focus on realizing shareholder value by maximizing cash flows through active asset management and asset sales. According to the company, core holdings include Asbury Park waterfront and Magnolia Green projects.

Where can investors find Star Holdings (STHO) Form 10-K for 2025?

Investors can download the Form 10-K for year ended December 31, 2025 from Star Holdings' website or the SEC website. According to the company, the filing contains detailed results, assets, and activities.