Star Holdings
starholdingsco.comWhat Do They Do?
Manages and sells operating properties, loans and development land to homebuilders and third-party property buyers.
10-K for FY2025, filed Feb 17, 2026The Company operates its business as one segment that focuses on realizing value for shareholders primarily by generating cash flows…View ↗
In addition to the operating assets, we also own remaining development sites. Our current strategy for the Asbury Park Waterfront…View ↗
As of December 31, 2025, 2,239 residential lots have been sold to homebuilders. We anticipate selling our remaining residential lots to…View ↗
Loans and other lending investments. The loans and other lending investments included in our monetizing portfolio as of December 31, 2025…View ↗
How Do They Make Money?
Homebuilders and developers buy lots and land; tenants pay rent, while loans and Safe shares generate interest and dividends. Hotel and other operating properties also generate income; lease income and loan interest build over their respective terms.
10-K for FY2025, filed Feb 17, 2026Land development revenue and cost of sales—In 2025, we had bulk sales and sold residential lots and recognized land development revenue of…View ↗
Revenue—Operating lease income, which primarily includes income from commercial operating properties, increased to $7.4 million in 2025…View ↗
Interest income increased to $4.5 million in 2025 from $2.3 million in 2024. The increase in interest income was due primarily to an…View ↗
Other income increased to $51.7 million in 2025 from $44.1 million in 2024. Other income consists primarily of dividend income from our…View ↗
Revenue recognition—The Company’s revenue recognition policies are as follows:View ↗
Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method.View ↗
$110.1M
-
10-K for FY2025, filed Feb 17, 2026
$110.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Operating lease income
Recurring
|
6.7%
FY2022: 10%
|
Operating lease income, FY2025
$7.4M Sources
|
Recurring |
|
Interest income
Recurring
|
4.1%
FY2022: 10.0%
|
Interest income, FY2025
$4.5M Sources
|
Recurring |
|
Other income
|
47%
FY2022: 30%
|
Other income, FY2025
$51.7M Sources
|
|
|
Land development revenue
Sold outright
10-K for FY2025, filed Feb 17, 2026 |
42%
FY2022: 50%
|
Land development revenue, FY2025
$46.4M Sources
|
Sold outright |
Who Are Their Customers?
Hotel guests and commercial tenants use its properties. Homebuilders buy residential lots, while third-party developers and operators buy development sites and operating assets.
10-K for FY2025, filed Feb 17, 2026
Do Revenues Turn Into Profits?
No. It lost $64.2M in FY2025.
10-K for FY2025, filed Feb 17, 2026
10-K for FY2025, filed Feb 17, 2026
−$64.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 7, 2026
$41.4MView ↗
- ▲ Now profitable
- vs −$39.3M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
Shrinking. Revenue fell 60% in 4 years, from $272.2M in FY2021 to $110.1M in FY2025, about 20% a year.
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