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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

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

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-100M-200M
202120242025
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%
202120232025
ROE
FY2025 · ROE -22.3%
2%4%-10%-20%
202120232025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.

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
3M6M-15M-30M
202120232025
Net buybacks $M Dividends $M
FY2025 · Dividends · · Net buybacks 8.0
3M6M
2025

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—not applicable◌not available in our data
STHO, 5-year financial record
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 % — not applicable: no dividend—————
ROE %−22.3−23.6−28.4−3.35.1
Shares out B0.010.010.010.00◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 14 reconciliationsAUDITED

Reconciled in 5 of the 5 fiscal years we could check. 15 checks were skipped: the balance sheet is not tagged before 2022. 14 checks were skipped: EPS is not tagged before 2021. 14 checks were skipped: revenue is not tagged before 2021.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 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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