Star Holdings (STHO), through its wholly owned subsidiary STAR Investment Holdings SPV LLC as borrower, amended its margin loan agreement on October 9, 2026. The amendment lowers the Safehold common-stock share-price trigger for mandatory prepayment from $10.00 to $8.00, terminates an undrawn delayed-draw commitment of up to $15.8 million, and lowers the loan-to-value ratios that require additional collateral or permit the borrower to request collateral release.
Before the amendment, the facility had approximately $46.5 million in outstanding principal and was secured by a first-priority pledge of Safehold common stock beneficially owned by Star Holdings. Morgan Stanley Bank, N.A. is the initial lender, Morgan Stanley Senior Funding, Inc. the administrative agent, and Morgan Stanley & Co. LLC the calculation agent.
Star Holdings (STHO) amended its term-loan and management agreements with Safehold on September 29, 2026. The term-loan maturity was extended by one year to March 31, 2029, with an option to extend to September 30, 2029 subject to conditions. Safehold received a $2.4 million maturity extension fee, and the term loan had $115.0 million outstanding as of September 29, 2026.
The amendment permits voluntary prepayments of up to $50.0 million, plus restricted cash held by the margin-loan lender on a facility secured by all of Star Holdings’ Safehold common shares. It also permits cash repurchases of up to $10.0 million after at least $40.0 million of margin-loan prepayments, excluding prepayments made with restricted cash. Star Holdings agreed not to make additional margin-loan borrowings. On September 30, 2026, it paid down the margin-loan balance from $94.5 million to $46.5 million, primarily using approximately $30.0 million of asset-sale proceeds and $18.0 million of restricted cash. The amendment raises the Termination Fee from $55.0 million to $62.5 million, less management fees paid before termination, and extends through March 31, 2029 the period when a termination without cause requires that fee.
Star Holdings reported second-quarter 2026 results and filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. Net income attributable to common shareholders was $41.4 million and earnings per share were $3.43, including significant non-cash items.
Results include a $29.3 million non-cash mark-to-market adjustment on approximately 13.5 million shares of Safehold Inc., which increased earnings per share by $2.43, and $14.4 million, or $1.19 per share, of deferred non-cash income from surrendering an asset to a local municipality after lease expiration. The portfolio consists mainly 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 planned to be monetized, along with shares of Safehold Inc. Star Holdings plans to realize value primarily by maximizing cash flows through active asset management and asset sales.
Star Holdings, a Maryland statutory trust formed to monetize legacy iStar non-ground lease assets, reported a strong swing to profitability for the quarter and six months ended June 30, 2026, driven largely by its investment in Safehold Inc. and a real estate sale. Net income for the quarter was $41,460 (in thousands) versus a loss of $39,721 (in thousands) a year earlier; six‑month net income was $27,002 (in thousands) versus a loss of $47,767 (in thousands).
The company owns about 13.5 million Safe shares, representing 19.0% of Safe’s common stock, with a fair value of $212.3 million. Unrealized gains on this stake contributed $29,344 (in thousands) in the quarter. Asset-level monetization continued: income from sales of real estate was $14,365 (in thousands), while land development revenue declined as prior bulk lot sales were not repeated.
At June 30, 2026, total assets were $508,221 (in thousands) and total debt obligations, net, were $208,838 (in thousands), primarily a $115.0 million Safe Credit Facility and a $94.5 million Margin Loan Facility secured by the Safe shares, both maturing in 2028. Cash and restricted cash totaled $52,807 (in thousands). The company repurchased 0.2 million shares for $2.0 million under a completed $10.0 million buyback and had 12,081,333 shares outstanding. Management fees to Safe’s affiliate are stepping down, but an early termination before March 31, 2027 could trigger a substantial termination fee. The company does not expect to pay regular dividends and plans to fund obligations mainly through asset sales, operations and existing credit facilities, while noting that declines in Safe’s share price could require additional collateral or prepayments on the Margin Loan Facility.
Star Holdings has relocated its principal executive offices within New York City. Effective August 1, 2026, the company’s main office moved to One Penn Plaza, 51st Floor, New York, NY 10119 from 1114 Avenue of the Americas, 39th Floor, New York, NY 10036. All future correspondence is directed to the new address, while the company’s telephone number remains (212) 930-9400. Star Holdings’ common shares of beneficial interest, $0.001 par value, continue to trade on the Nasdaq Global Market under the symbol STHO.
Star Holdings reported the results of its 2026 Annual Meeting of Shareholders, which was held virtually. Shareholders elected three trustees — Clifford De Souza, Richard Lieb, and Nina Matis — to serve until the 2027 annual meeting. Each nominee received more votes “for” than “withheld,” with several million broker non-votes recorded.
Shareholders also approved the ratification of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2026, with over 8.4 million votes in favor and minimal opposition or abstentions.
Barclays PLC amended its Schedule 13G/A to report ownership of 688,488 shares of Star Holdings common stock, representing 5.69% of the class. The filing lists sole voting and dispositive power over the 688,488 shares through Barclays entities.
Star Holdings reported a first-quarter 2026 net loss attributable to common shareholders of ($10.3 million), or ($0.85) per share. Results include a non-cash adjustment of ($2.2 million) related to approximately 13.5 million shares of Safehold Inc., which reduced earnings per share by $0.18.
During the quarter, the company collected repayments on a $10.6 million mezzanine loan for the Surfhouse multifamily development in Asbury Park and a $3.1 million senior mortgage on a New York asset. It also repurchased about 0.2 million common shares for $2.0 million at an average price of $8.45 per share.
Star Holdings reported a wider net loss for the quarter ended March 31, 2026 as it continues monetizing legacy real estate and financial assets. Total revenue rose to $20.9 million from $14.6 million, driven mainly by higher land development sales and other income, including a legal settlement.
Costs increased faster than revenue, with interest expense, real estate operating costs, and depreciation pushing the company to a net loss of $14.5 million, or $(0.85) per share, compared with a $8.0 million loss a year earlier. Results also reflected a $2.2 million unrealized loss on its equity stake in Safehold Inc. as Safe’s share price declined in the period.
At quarter-end, Star Holdings had $480.4 million in total assets, including $183.0 million of Safehold stock and $62.1 million of cash and restricted cash, against $207.0 million of debt. The company continued its runoff strategy, selling land and development assets and repurchasing $2.0 million of its own shares while remaining in compliance with all debt covenants.
Vanguard Capital Management reported beneficial ownership of 612,679 shares of Star Holdings Common Stock, representing 5.06% of the class. The filing states Vanguard has sole dispositive power over 612,679 shares and sole voting power over 83,573 shares.
The filing notes these holdings include securities held for Vanguard funds and other managed accounts and that no other single person holds more than 5% of the class. The filing is signed by Vanguard's Head of Global Fund Administration on 04/30/2026.