Star Holdings (STHO) Form 10-Q — Aug 7, 2026

$STHOForm 10-QFiled Aug 7, 2026, 4:03 PM ET0001953366-26-000020Original filing

Star Holdings swung to second-quarter 2026 net income of $41.5 million ($3.43 per share) from a $39.7 million loss ($(2.95) per share) a year earlier, driven by a $29.3 million unrealized gain on its Safehold stake and $14.4 million of income from a real estate disposition. First-half net income was $27.0 million ($2.58 per share) versus a $47.8 million loss in the prior-year period.

Key figures

Eps: $3.43 for Q2 2026 (vs. $(2.95) in Q2 2025); $2.58 for H1 2026 (vs. $(3.52) in H1 2025)
Revenue: $19.4 million for Q2 2026 (vs. $42.1 million in Q2 2025); $40.3 million for H1 2026 (vs. $56.7 million in H1 2025)
Net Income: $41.5 million for Q2 2026 (vs. $(39.7) million in Q2 2025); $27.0 million for H1 2026 (vs. $(47.8) million in H1 2025)
Total Debt: $94.5 million principal amount of floating-rate debt obligations outstanding as of June 30, 2026
Revenue Yoy: -$22.7 million for Q2 2026 vs. Q2 2025; -$16.4 million for H1 2026 vs. H1 2025
Cash Position: $52.8 million of cash and restricted cash as of June 30, 2026
Shares Outstanding: 12,081,333 shares of common stock outstanding as of June 30, 2026
Safe stake shares: approximately 13.5 million shares (19.0% of Safehold outstanding common stock)
Annual management fee: $7.5 million for the annual term ending March 31, 2027 (down from $10.0 million)
Share buyback h1 2026: 0.2 million shares for $2.0 million at an average of $8.43 per share; full $10.0 million authorization utilized
Manager termination fee: $55.0 million if terminated without cause prior to March 31, 2027
Safe stake market value: $212.3 million at $15.70 per share on June 30, 2026
Operating cash flow h1 2026: $(11.2) million
Magnolia green carrying value: $33.0 million
Unrealized gain on safe h1 2026: $27.2 million (vs. $(39.5) million in H1 2025)
Unrealized gain on safe q2 2026: $29.3 million (vs. $(42.7) million in Q2 2025)
Monetizing portfolio carrying value: $77.0 million
Asbury park waterfront carrying value: $120.9 million
Safe credit facility incremental rate: 10.0% per annum on all borrowings while incremental borrowings remain outstanding

Price after filing

1 day: +2.8%7 days: +4.5%30 days: +5.9%

Close on the filing date to close N calendar days later (from $9.38). Historical, not a forecast.

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