Star Holdings (NASDAQ: STHO) is a real estate company that holds and manages a portfolio of legacy non-ground lease assets inherited from iStar Inc. through a spin-off transaction. The company generates returns by managing and monetizing this inherited asset portfolio, which includes shares of Safehold Inc. common stock and other legacy real estate assets contributed by iStar at the time of separation. Star Holdings became an independent, publicly traded company on March 31, 2023, when iStar distributed 100% of its common shares to iStar stockholders on a pro rata basis of 0.153 shares per iStar share held on the record date. The company is externally managed by a wholly-owned subsidiary of Safehold Inc. under a management agreement entered at the time of the spin-off. As a holding and wind-down vehicle for legacy assets, its operational structure differs from a traditional operating real estate company.

Revenue model

Star Holdings generates returns through the management and monetization of legacy real estate assets and Safehold Inc. common stock shares (13,522,651 Safe Shares contributed at spin-off), rather than through recurring operating revenues from a traditional property or lending business.

Products and services

Legacy non-ground lease real estate assets and Safehold Inc. common stock holdings, contributed by iStar Inc. at the time of the March 31, 2023 spin-off.

Value-chain role

Asset holding and liquidation vehicle for legacy real estate assets spun off from iStar Inc.; externally managed by a subsidiary of Safehold Inc.

Source: SEC 10-K, filed 2026-02-17

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