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MARKETS / NASDAQ / STHO
NASDAQ · LESSORS OF REAL PROPERTY, NEC

Star Holdings STHO

5 fiscal years on record · USD · FY2025 reported · SEC filings only
$110.1M
▼ 2.8% YoY
$-64.2M
$-17.4M
In brief

What this company does

Star Holdings operates its business as one segment that generates cash flows through active asset management and sales of its existing loans, operating properties, and land and development properties. The company has no employees and relies on its Manager for its human capital resources. It is the managing member in Asbury Partners, LLC, the joint venture that owns the Asbury Park Waterfront investment. Its real estate portfolio is comprised of legacy assets from iStar’s historical real estate finance, operating properties, and land and development businesses, together with the Safe Shares. Star Holdings was formed to succeed to the legacy non-ground lease real estate assets of iStar Inc. Its common shares commenced trading on the Nasdaq Global Market under the symbol STHO on March 31, 2023.

Written from the business description in Star Holdings's annual report to the U.S. Securities and Exchange Commission, filed 17 February 2026. Every sentence was checked against that document before publication.

Growth
USD 110.1M
Revenue, FY2025 · full 5-year series below
Revenue $M Net income $M
FY2025 · Revenue 110.1 · Net income -64.2
100M200M-80M-160M20212022202320242025
Compound annual growth
−3.9%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−64 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -64.2% · Net -64.3%
10%20%30%-50%-100%-150%20212022202320242025
ROE
FY2025 · ROE -22.3%
-20%-40%20212022202320242025

Each USD of equity lost 22 cents this year.

Cash & shareholders
USD 8.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -17.4
4M-20M20212022202320242025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 8.0
4M2025

USD 8.0M in buybacks went back to shareholders in a year without profit.

Total assetsUSD 570.2M
EquityUSD 251.8M
CashUSD 50.1M
Gross debtUSD 268.7M
Net debtUSD 218.6M

Net debt stands at 87% of equity.

The 5-year record
5 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021
Revenue $B0.10.10.10.10.3
Operating income $B−0.1−0.1−0.2−0.00.1
EBITDA $B−0.1−0.1−0.2−0.00.1
Income tax $B0.00.0··0.0
Net income $B−0.1−0.1−0.2−0.00.1
Free cash flow $B−0.0−0.0−0.0−0.00.0
EPS, diluted $−4.90−6.51−14.74−2.734.71
Dividend / sh $·····
Payout %·····
ROE %−22.3−23.6−47.7··
Shares out B0.010.010.010.00·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 14 reconciliationsAUDITED

Reconciled in 5 of 19 fiscal years. 57 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityLessors of Real Property, NEC
Listed onNASDAQ
Incorporated inMaryland
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2021

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