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Star Holdings posts Q1 2026 net loss of $10.3 million

Star Holdings reported a first-quarter 2026 net loss attributable to common shareholders of ($10.3 million), or ($0.85) per share.

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

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.

Positive

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Insights

Q1 shows modest net loss, notable loan repayments and buybacks.

Star Holdings posted a Q1 2026 net loss of $10.3 million, or $0.85 per share, driven in part by a non-cash mark-to-market adjustment of $2.2 million on its Safehold share investment.

The non-cash nature of this adjustment means operating cash flows may differ from reported earnings. The company also strengthened liquidity by receiving repayments on a $10.6 million mezzanine loan and a $3.1 million senior mortgage.

Management continued capital returns by repurchasing about 0.2 million shares for $2.0 million at an average price of $8.45. Future quarterly reports will clarify how ongoing asset sales and mark-to-market movements affect earnings and cash generation.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net income (loss) attributable to common shareholders ($10.3 million) First quarter 2026
Earnings (loss) per share ($0.85) First quarter 2026
Non-cash adjustment on Safehold investment ($2.2 million) Mark-to-market at March 31, 2026 quarter end
SAFE shares held approximately 13.5 million shares Investment referenced in Q1 2026 results
Surfhouse mezzanine loan repayment $10.6 million First quarter 2026 loan repayment
Senior mortgage repayment $3.1 million New York asset, repaid in Q1 2026
Share repurchases $2.0 million for ~0.2 million shares Average price $8.45 in Q1 2026
non-cash adjustment financial
"These results reflect a non-cash adjustment of ($2.2) million which decreased earnings per share"
mark-to-market financial
"with respect to our investment in approximately 13.5 million shares of SAFE 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 in Asbury Park"
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.
earnings release financial
"Star Holdings issued an earnings release for the quarter ended March 31, 2026"
An earnings release is when a company publicly shares its financial results for a specific period, like how much money it made or lost. It matters because investors and analysts use this information to decide if the company is doing well or if its stock might go up or down.
Net income (loss) attributable to common shareholders ($10.3 million)
Earnings (loss) per share ($0.85)
Non-cash mark-to-market adjustment on Safehold investment ($2.2 million)

FAQ

What were Star Holdings (STHO) first-quarter 2026 earnings?
Star Holdings reported a net loss attributable to common shareholders of ($10.3 million) for Q1 2026. Earnings (loss) per share were ($0.85), reflecting a non-cash mark-to-market adjustment related to its Safehold Inc. investment.

How did Star Holdings’ Safehold investment affect Q1 2026 results?
A non-cash adjustment of ($2.2 million) tied to approximately 13.5 million Safehold shares reduced Q1 2026 earnings. This mark-to-market impact decreased earnings per share by $0.18, affecting reported results without an associated cash outflow.

What loan repayments did Star Holdings receive in Q1 2026?
In Q1 2026, Star Holdings received repayment of a $10.6 million mezzanine loan for the Surfhouse multifamily project in Asbury Park and a $3.1 million senior mortgage on a New York asset, adding cash from its real estate lending portfolio.

Did Star Holdings repurchase any shares during Q1 2026?
Yes. Star Holdings repurchased approximately 0.2 million common shares in Q1 2026. The company spent about $2.0 million on these buybacks at an average price of $8.45 per share, reducing its outstanding share count modestly.

Where can investors find detailed Star Holdings Q1 2026 financials?
Detailed Q1 2026 financial information is available in Star Holdings’ Form 10-Q for the quarter ended March 31, 2026. Investors can download it from www.starholdingsco.com or the Securities and Exchange Commission’s website www.sec.gov.

What assets are in Star Holdings’ portfolio as of Q1 2026?
Star Holdings’ portfolio includes interests in the Asbury Park Waterfront, Magnolia Green residential developments, other commercial real estate properties and loans, plus shares of Safehold Inc.. These assets are generally intended to be monetized over time.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 8, 2026

Star Holdings

(Exact name of registrant as specified in its charter)

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Maryland

001-41572

37-6762818

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

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1114 Avenue of the Americas, 39th Floor

New York, New York 10036

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (212) 930-9400

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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Title of each class

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Trading Symbol(s)

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Name of each exchange on which registered

Common shares of beneficial interest, $0.001 par value

 

STHO

 

Nasdaq Global Market

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

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Item 2.02Results of Operations and Financial Condition.

On May 8, 2026, Star Holdings issued an earnings release for the quarter ended March 31, 2026. A copy of the earnings release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

 

The information in this Current Report, including the exhibit hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, unless it is specifically incorporated by reference therein.

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Item 9.01Financial Statements and Exhibits.

Exhibit 99.1Earnings Release.

Exhibit 104Inline XBRL for the cover page of this Current Report on Form 8-K.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

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Star Holdings

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Date:

May 8, 2026

By:

/s/ BRETT ASNAS

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Brett Asnas

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Chief Financial Officer

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(principal financial officer)

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Graphic

Exhibit 99.1

Press Release

Star Holdings Reports First Quarter 2026 Results

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NEW YORK, May 8, 2026

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.

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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

1114 Avenue of the Americas

New York, NY 10036
T 212.930.9400

E investors@starholdingsco.com

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Source: View Original Filing on SEC EDGAR

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