Star Holdings Reports Second Quarter 2025 Results

Rhea-AI Summary

Star Holdings (NASDAQ: STHO) reported Q2 2025 financial results, posting a net loss of $39.3 million, or ($2.95) per share. The loss primarily reflects a $42.7 million non-cash adjustment related to its investment in 13.5 million SAFE shares.

The company generated $26.6 million in land revenues during the quarter, including $11.7 million from selling 72 lots at Magnolia Green and $14.2 million from an Asbury Park land parcel sale. Star Holdings' portfolio includes interests in Asbury Park Waterfront, Magnolia Green residential developments, and other commercial real estate assets intended for monetization.

Positive

• Land revenue generation of $26.6 million from strategic asset sales
• Successful sale of 72 lots at Magnolia Green for $11.7 million
• Monetization of Asbury Park land parcel for $14.2 million

Negative

• Net loss of $39.3 million ($2.95 per share) in Q2 2025
• $42.7 million non-cash adjustment loss from SAFE shares investment
• Continued dependency on asset sales for revenue generation

Insights

Financial Analyst

Star Holdings reported Q2 2025 net loss of $39.3M, significantly impacted by $42.7M non-cash adjustment on SAFE investment.

Star Holdings' second quarter results reveal significant challenges with a $39.3 million net loss, translating to $2.95 loss per share. The primary driver behind these negative figures is a substantial $42.7 million non-cash adjustment related to their approximately 13.5 million shares of SAFE, which alone decreased earnings per share by $3.21. This mark-to-market adjustment suggests considerable depreciation in their SAFE investment value during the quarter.

On the positive side, the company generated $26.6 million in land revenues during Q2, primarily from two significant transactions: the sale of 72 lots at Magnolia Green for $11.7 million and a land parcel in Asbury Park for $14.2 million. These asset monetization efforts align with the company's stated strategy of realizing shareholder value through active asset management and strategic sales.

Star Holdings' portfolio structure focuses on real estate interests, particularly the Asbury Park Waterfront and Magnolia Green residential development projects, along with other commercial properties and loans designated for monetization. The company's substantial SAFE shareholding represents a significant portion of their assets, making them vulnerable to SAFE's share price fluctuations, as evidenced by this quarter's large non-cash adjustment.

Without the SAFE investment markdown, Star Holdings would have reported positive earnings of approximately $3.4 million or about $0.26 per share, indicating that their core real estate operations are performing reasonably well despite the headline loss. Their continued focus on monetizing assets through sales suggests a deliberate strategy to generate cash flow rather than long-term property holding.

NEW YORK, Aug. 7, 2025 /PRNewswire/ -- Star Holdings (NASDAQ: STHO) announced today that it has filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 with the Securities and Exchange Commission. 

Net income (loss) attributable to common shareholders for the first quarter was ($39.3 million) and earnings (loss) per share was ($2.95). These results reflect a non-cash adjustment of ($42.7 million) which decreased earnings per share by $3.21 with respect to our investment in approximately 13.5 million shares of SAFE based on a mark-to-market at quarter end.

During the second quarter, the Company recorded $26.6 million of land revenues, which was primarily comprised of revenues from the sale of 72 lots at Magnolia Green for $11.7 million and a land parcel in Asbury Park for $14.2 million.

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 June 30, 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 

 

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SOURCE Star Holdings

FAQ

What were Star Holdings (STHO) Q2 2025 earnings results?

Star Holdings reported a net loss of $39.3 million or ($2.95) per share, primarily due to a $42.7 million non-cash adjustment related to SAFE shares investment.

How much land revenue did STHO generate in Q2 2025?

Star Holdings generated $26.6 million in land revenues, including $11.7 million from Magnolia Green lot sales and $14.2 million from an Asbury Park land parcel sale.

What assets are in Star Holdings' (STHO) portfolio?

Star Holdings' portfolio includes interests in Asbury Park Waterfront, Magnolia Green residential developments, commercial real estate properties, loans for sale, and shares in Safehold Inc. (NYSE: SAFE).

How many lots did Star Holdings sell at Magnolia Green in Q2 2025?

Star Holdings sold 72 lots at Magnolia Green for $11.7 million during Q2 2025.

What caused Star Holdings' Q2 2025 losses?

The primary cause was a $42.7 million non-cash adjustment related to Star Holdings' investment in 13.5 million shares of SAFE, which decreased earnings per share by $3.21.