STHO on Nasdaq
Star Holdings
American Lessors of Real Property company, incorporated in Maryland.
Price unavailable
Last updated Oct 18, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Other income brought in 39% of the revenue Star Holdings broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Other income | $41.7M | $44.1M | $51.7M |
| Land Development | $72.4M | $60.0M | $46.4M |
| Hotel | $22.0M | $22.0M | $21.8M |
| Operating Lease Income | $6.7M | $6.9M | $7.4M |
| Interest Income Revenue | $2.1M | $2.3M | $4.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$110.1M
- Income tax0¢$27.0K
Out of $110.1M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenues | $110.1M | $113.3M | $123.1M |
| Interest expense | $18.4M | $15.8M | $23.0M |
| Depreciation and amortization | $5.2M | $4.3M | $4.6M |
| General and administrative | $14.6M | $21.1M | $36.2M |
| Provision for (recovery of) loan losses | -$540.0K | $621.0K | $1.7M |
| Other expense | $9.0K | $64.0K | $791.0K |
| Total costs and expenses | $116.0M | $138.8M | $176.7M |
| Unrealized gains (losses) on equity investments | -$64.8M | -$66.5M | -$171.4M |
| Income from sales of real estate | $3.7M | ||
| Income (loss) from operations before other items and income taxes | -$70.7M | -$88.4M | -$225.0M |
| Loss on early extinguishment of debt, net | -$70.0K | -$2.1M | |
| Earnings from equity method investments | $30.8M | ||
| Net income (loss) from operations before income taxes | -$70.7M | -$88.4M | -$196.3M |
| Income tax expense | -$27.0K | -$2.0K | |
| Net income (loss) | -$70.8M | -$88.4M | -$196.3M |
| Net (income) loss from operations attributable to noncontrolling interests | $6.5M | $1.6M | -$66.0K |
| Net income (loss) allocable to common shareholders | -$64.2M | -$86.8M | -$196.4M |
| Net income (loss) allocable to common shareholders - Basic | -$4.90 | -$6.51 | -$14.74 |
| Net income (loss) allocable to common shareholders - Diluted | -$4.90 | -$6.51 | -$14.74 |
| Basic (in shares) | 13.1M shares | 13.3M shares | 13.3M shares |
| Diluted (in shares) | 13.1M shares | 13.3M shares | 13.3M shares |
| Interest expense, related party | $8.9M | $8.8M | $6.3M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Real estate, at cost | $179.1M | $98.1M | ||
| Less: accumulated depreciation | -$29.7M | -$25.3M | ||
| Real estate, net | $149.3M | $72.8M | ||
| Land and development, net | $112.8M | $176.4M | ||
| Loans receivable and other lending investments, net ($578 and $1,118 of allowances as of December 31, 2025 and 2024, respectively) | $44.1M | $50.3M | ||
| Other investments | $185.1M | $249.9M | ||
| Cash and cash equivalents | $50.1M | $35.0M | $50.7M | |
| Accrued interest and operating lease income receivable, net | $1.5M | $1.1M | ||
| Deferred operating lease income receivable, net | $432.0K | $670.0K | ||
| Deferred expenses and other assets, net | $26.8M | $22.4M | ||
| Total assets | $570.2M | $608.7M | ||
| Accounts payable, accrued expenses and other liabilities | $35.6M | $46.3M | ||
| Debt obligations, net | $268.7M | $217.3M | ||
| Total liabilities | $304.3M | $263.7M | ||
| Common Stock, $0.001 par value, 200,000 shares authorized, 12,318 and 13,320 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $12.0K | $13.0K | ||
| Additional paid-in capital | $599.6M | $607.6M | ||
| Accumulated deficit | -$347.4M | -$283.2M | ||
| Accumulated other comprehensive income (loss) | -$424.0K | -$104.0K | ||
| Star Holdings shareholders' equity | $251.8M | $324.3M | ||
| Noncontrolling interests | $14.1M | $20.7M | ||
| Total equity | $265.9M | $345.0M | $433.8M | $972.3M |
| Total liabilities and equity | $570.2M | $608.7M | ||
| Loans receivable and other lending investments, allowances | $578.0K | $1.1M | ||
| Common Stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common Stock, shares authorized (in shares) | 200.0M shares | 200.0M shares | ||
| Common Stock, shares issued (in shares) | 12.3M shares | 13.3M shares | ||
| Common Stock, shares outstanding (in shares) | 12.3M shares | 13.3M shares | ||
| Management fees due safe | $3.6M | $4.8M |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Real estate, at cost | $179.1M | $98.1M | ||
| Less: accumulated depreciation | -$29.7M | -$25.3M | ||
| Real estate, net | $149.3M | $72.8M | ||
| Land and development, net | $112.8M | $176.4M | ||
| Loans receivable and other lending investments, net ($578 and $1,118 of allowances as of December 31, 2025 and 2024, respectively) | $44.1M | $50.3M | ||
| Other investments | $185.1M | $249.9M | ||
| Cash and cash equivalents | $50.1M | $35.0M | $50.7M | |
| Accrued interest and operating lease income receivable, net | $1.5M | $1.1M | ||
| Deferred operating lease income receivable, net | $432.0K | $670.0K | ||
| Deferred expenses and other assets, net | $26.8M | $22.4M | ||
| Total assets | $570.2M | $608.7M | ||
| Accounts payable, accrued expenses and other liabilities | $35.6M | $46.3M | ||
| Debt obligations, net | $268.7M | $217.3M | ||
| Total liabilities | $304.3M | $263.7M | ||
| Common Stock, $0.001 par value, 200,000 shares authorized, 12,318 and 13,320 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $12.0K | $13.0K | ||
| Additional paid-in capital | $599.6M | $607.6M | ||
| Accumulated deficit | -$347.4M | -$283.2M | ||
| Accumulated other comprehensive income (loss) | -$424.0K | -$104.0K | ||
| Star Holdings shareholders' equity | $251.8M | $324.3M | ||
| Noncontrolling interests | $14.1M | $20.7M | ||
| Total equity | $265.9M | $345.0M | $433.8M | $972.3M |
| Total liabilities and equity | $570.2M | $608.7M | ||
| Loans receivable and other lending investments, allowances | $578.0K | $1.1M | ||
| Common Stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common Stock, shares authorized (in shares) | 200.0M shares | 200.0M shares | ||
| Common Stock, shares issued (in shares) | 12.3M shares | 13.3M shares | ||
| Common Stock, shares outstanding (in shares) | 12.3M shares | 13.3M shares | ||
| Management fees due safe | $3.6M | $4.8M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$70.8M | -$88.4M | -$196.3M |
| Provision for (recovery of) loan losses | -$540.0K | $621.0K | $1.7M |
| Depreciation and amortization | $5.2M | $4.3M | $4.6M |
| Stock-based compensation | $1.8M | ||
| Amortization of discounts/premiums and deferred interest on loans, net | -$1.1M | -$1.0M | -$959.0K |
| Deferred interest on loans received | $4.5M | ||
| Amortization of premium, discount and deferred financing costs and paid-in-kind interest on debt obligations, net | $8.4M | $7.9M | $2.3M |
| Earnings from equity method investments | -$30.8M | ||
| Distributions from operations of other investments | $21.8M | ||
| Deferred operating lease income | $238.0K | $171.0K | $140.0K |
| Unrealized (gains) losses on equity investments | $64.8M | $66.5M | $171.4M |
| Loss on early extinguishment of debt | $70.0K | $2.1M | |
| Income from sales of real estate | -$3.7M | ||
| Land development revenue (in excess of) cost of sales | -$17.7M | -$11.3M | -$9.8M |
| Other operating activities, net | $214.0K | -$315.0K | $599.0K |
| Changes in accrued interest and operating lease income receivable | -$561.0K | -$378.0K | $570.0K |
| Changes in deferred expenses and other assets, net | $1.4M | -$247.0K | -$2.1M |
| Changes in accounts payable, accrued expenses and other liabilities | -$1.3M | -$5.5M | $9.8M |
| Cash flows used in operating activities | -$11.7M | -$31.3M | -$18.7M |
| Originations and fundings of loans receivable and other lending investments, net | -$10.3M | -$11.3M | -$6.4M |
| Capital expenditures on real estate assets | -$5.7M | -$682.0K | -$997.0K |
| Capital expenditures on land and development assets, net | -$49.1M | -$35.3M | -$13.1M |
| Repayments of and principal collections on loans receivable and other lending investments, net | $18.5M | $31.8M | |
| Net proceeds from sales of loans receivable | $37.6M | ||
| Net proceeds from sales of real estate | $5.4M | ||
| Net proceeds from sales of land and development assets | $46.6M | $42.2M | $69.0M |
| Distributions from other investments | $47.3M | ||
| Cash, cash equivalents & restricted cash acquired upon consolidation of venture (refer to Note 5) | $21.0M | ||
| Other investing activities, net | -$1.5M | -$143.0K | -$156.0K |
| Cash flows provided by (used in) investing activities | -$1.5M | $306.0K | $186.0M |
| Net transactions with iStar Inc. | -$290.1M | ||
| Borrowings from debt obligations | $47.7M | $15.8M | $253.1M |
| Repayments of debt obligations | -$4.5M | -$69.8M | |
| Payment of deferred financing costs | -$216.0K | -$3.5M | |
| Distributions to noncontrolling interests | -$2.5M | ||
| Payments of debt prepayment or extinguishment costs | -$35.0K | -$1.2M | |
| Repurchase of common stock | -$8.0M | ||
| Other financing activities, net | -$157.0K | ||
| Cash flows provided by financing activities | $34.8M | $15.8M | -$114.1M |
| Changes in cash, cash equivalents and restricted cash | $21.6M | -$15.2M | $53.2M |
| Cash paid for interest | $10.1M | $9.7M | $20.2M |
| Increase (decrease) in other investments and other assets upon contribution from iStar Inc. | -$74.7M | ||
| Settlement of debt obligations | $115.0M | ||
| Assumption of debt obligations from iStar Inc. | $125.0M | ||
| Origination of loans receivable (refer to Note 5) | $18.2M | $2.5M | |
| Paid-in-kind interest on debt obligations | $7.7M | $7.3M | $1.7M |
| Accounts payable for capital expenditures on land and development and real estate assets | $10.0M | $951.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Star Holdings, and when. Pick a name to see everywhere that person has worked.
Chief financial officer
2025
- PresidentMichael Lane Trachtenberg Dec 3, 2025 to now8
- PresidentJay Sugarman Mar 22, 2023 to Apr 17, 20239
- PresidentMarcos Alvarado May 18, 2023 to May 18, 202310
- Chief financial officerBrett Asnas Mar 22, 2023 to May 23, 202311
Board members and other officers (6)
- Chief Accounting OfficerChristopher Michael Uhlick Jul 8, 2025 to now12
- Vice PresidentMarcos Alvarado Mar 22, 2023 to Apr 17, 202313
- CHIEF ACCOUNTING OFFICERGarett Rosenblum Apr 17, 2023 to May 19, 202314
- Board memberJay Sugarman Mar 22, 2023 to Mar 22, 20239
- Board memberClifford Desouza Apr 14, 2023 to Apr 14, 202315
- Board memberNina Matis Apr 14, 2023 to Apr 14, 202316
Filings
109 filings to the SEC since October 2021: 3 annual reports, 11 quarterly reports, 30 major events, 21 insider forms, 22 large holders, 22 other. The latest 20:
- Oct 9, 20268-K EDGAR
- Oct 2, 20268-K EDGAR
- Aug 7, 20268-K EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 3, 20268-K EDGAR
- May 22, 20268-K EDGAR
- May 14, 2026SCHEDULE 13G/A EDGAR
- May 8, 20268-K EDGAR
- May 8, 202610-Q EDGAR
- Apr 30, 2026SCHEDULE 13G EDGAR
- Apr 8, 2026ARS/A EDGAR
- Apr 7, 2026ARS EDGAR
- Apr 7, 2026DEFA14A EDGAR
- Apr 7, 2026DEF 14A EDGAR
- Apr 1, 20268-K EDGAR
- Mar 5, 2026SCHEDULE 13G EDGAR
- Feb 17, 20268-K EDGAR
- Feb 17, 202610-K EDGAR
- Feb 11, 2026SCHEDULE 13G EDGAR
- Dec 3, 20253 EDGAR
The 109 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 22 such filings since October 2021, the latest 10:
- May 14, 2026SCHEDULE 13G/A
- Apr 30, 2026SCHEDULE 13G
- Mar 5, 2026SCHEDULE 13G
- Feb 11, 2026SCHEDULE 13G
- Apr 25, 2025SCHEDULE 13G/A
- Feb 14, 2025SCHEDULE 13G
- Jan 31, 2025SCHEDULE 13G/A
- Nov 14, 2024SC 13G/A
- Nov 13, 2024SC 13G
- Nov 13, 2024SC 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 79. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Toronto Dominion Bank | 1,167,625 | $10.7M | 0.0% | −12,974 |
| Highbridge Capital Management LLC | 1,129,139 | $10.2M | 0.6% | −8,837 |
| Foursixthree Capital LP | 883,897 | $8.1M | 2.2% | No change |
| Saba Capital Management, L.P. | 757,228 | $6.9M | 0.2% | −174,155 |
| Tcw Group Inc | 683,487 | $6.2M | 0.0% | +68,011 |
| Vanguard Capital Management LLC | 536,747 | $4.9M | 0.0% | +7,641 |
| Peapod Lane Capital LLC | 412,468 | $3.8M | 2.5% | +6,495 |
| Rangeley Capital, LLC | 324,408 | $3.0M | 2.8% | +50,336 |
| BlackRock, Inc. | 260,227 | $2.4M | 0.0% | +15,654 |
| Geode Capital Management, LLC | 161,956 | $1.5M | 0.0% | −12,569 |
| Gem Investment Advisors, LLC | 137,884 | $1.3M | 0.8% | +19,502 |
| Goldman Sachs Group Inc | 136,611 | $1.2M | 0.0% | +7,930 |
| Renaissance Technologies LLC | 109,899 | $1.0M | 0.0% | +16,119 |
| Verition Fund Management LLC | 102,342 | $934.4K | 0.0% | No change |
| Morgan Stanley | 79,413 | $725.0K | 0.0% | −5,073 |
| Vanguard Fiduciary Trust Co | 77,037 | $703.3K | 0.0% | +515 |
| Gabelli Funds LLC | 74,502 | $680.2K | 0.0% | No change |
| Quantinno Capital Management LP | 73,599 | $672.0K | 0.0% | −2,266 |
| Royal Bank Of Canada | 60,293 | $551.0K | 0.0% | −532 |
| GABELLI & Co INVESTMENT ADVISERS, INC. | 59,050 | $539.1K | 0.1% | No change |
| Jacobs Levy Equity Management, Inc | 57,459 | $524.6K | 0.0% | −15,054 |
| Marquette Asset Management, LLC | 57,253 | $522.7K | 0.1% | New |
| State Street Corp | 55,065 | $502.7K | 0.0% | No change |
| D. E. Shaw & Co., Inc. | 51,616 | $471.3K | 0.0% | +533 |
| Aristeia Capital, L.l.c. | 41,142 | $375.6K | 0.0% | −22,388 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARStar Holdings filings on SEC EDGAR
- 2SEC EDGARStar Holdings filings on SEC EDGAR
- 3SEC EDGARStar Holdings 10-K for fiscal 2025
- 4SEC EDGARStar Holdings 10-K for fiscal 2021
- 5SEC EDGARStar Holdings 10-K for fiscal 2022
- 6SEC EDGARStar Holdings 10-Q for fiscal 2026
- 7SEC EDGARStar Holdings 10-Q for fiscal 2026
- 8SEC EDGARMichael Lane Trachtenberg, President
- 9SEC EDGARJay Sugarman, President
- 10SEC EDGARMarcos Alvarado, President
- 11SEC EDGARBrett Asnas, Chief financial officer
- 12
- 13SEC EDGARMarcos Alvarado, Vice President
- 14
- 15SEC EDGARClifford Desouza, Board member
- 16SEC EDGARNina Matis, Board member