Star Holdings (STHO) Q2 2026 earnings summary

Executive summary

• Focused on monetizing legacy non-ground lease assets through asset management and sales, with no plans for material new investments.

• Operates as a single segment, emphasizing cash flow generation and asset sales.

• Key assets include Asbury Park Waterfront, Magnolia Green, loans, land, and a significant equity stake in Safehold Inc.

Financial highlights

• Net income for Q2 2026 was $41.5 million, compared to a net loss of $39.7 million in Q2 2025.

• Total revenues for Q2 2026 were $29.4 million, up from $26.1 million in Q2 2025, driven by higher other income and a legal settlement.

• Unrealized gain on Safehold equity investment was $29.3 million in Q2 2026, versus a $42.7 million loss in Q2 2025.

• Income from sales of real estate was $14.4 million in Q2 2026, related to a property surrendered to a municipality.

• For the six months ended June 30, 2026, net income was $27.0 million, compared to a net loss of $47.8 million in the prior year period.

Outlook and guidance

• Anticipates declining land development revenue as remaining assets are sold.

• Expects future liquidity to depend on asset sales, with proceeds used for debt service, capital expenditures, and potential shareholder distributions.

• No regular dividends expected; distributions will depend on available cash from asset sales.