Jay S. Sugarman, Chief Executive Officer

Mr. Sugarman is the founder of iStar Inc., established in 1997, where he served as Executive Chairman of the Board and Chief Executive Officer. Star Holdings was formed in 2023 through a corporate separation from iStar Inc., and he now serves as Chief Executive Officer of Star Holdings and Chairman and CEO of its external manager, Safehold Management Services Inc. He also helped start Starwood Capital. Before forming iStar, he managed private investment funds for the Burden and Ziff families.

Brett Asnas, Chief Financial Officer

Mr. Asnas serves as the Chief Financial Officer of Star Holdings. He was promoted to Chief Financial Officer at both iStar Inc. and Safehold Inc. in February 2022, having been with iStar for over 12 years. His prior experience includes roles in the real estate private equity business at Fortress Investment Group, real estate investment banking at Nomura Securities, and structured finance advisory at Ernst & Young LLP.

Michael Trachtenberg, President

Mr. Trachtenberg was appointed President of Star Holdings (and Safehold Inc., its external manager) effective December 1, 2025. Prior to joining Safehold, he served as President of Lubert-Adler, a multi-billion dollar real estate fund manager, for nearly 20 years. At Lubert-Adler, he was involved in new investments, portfolio management, investor engagement, and operational functions, and was instrumental in structuring complex joint ventures, recapitalizations, and portfolio acquisitions. He began his career as an analyst at Merrill Lynch.

Christopher Uhlick, Chief Accounting Officer

Mr. Uhlick serves as Chief Accounting Officer for Star Holdings, a role he assumed effective July 7, 2025. He previously held positions as Senior Vice President, Accounting Policy & Financial Reporting of SL Green Realty Corp. since 2021, and Senior Manager of Financial Reporting of W.P. Carey, Inc. from 2017 to 2021. Mr. Uhlick began his career at Ernst & Young in 2011.

Pearse Hoffmann, Senior Vice President of Capital Markets & Investor Relations

Mr. Hoffmann is the Senior Vice President of Capital Markets & Investor Relations for Star Holdings. He has worked in Capital Markets/Corporate Finance since 2013, holding positions as an Analyst at Lord, Abbett & Co. LLC, and later as Vice President and Senior Vice President at iStar. His experience spans capital markets and investor relations.

The key risks to Star Holdings (STHO) are:

1. Risk of Asset Monetization and Liquidation Challenges: Star Holdings operates as a liquidating security, with its core strategy centered on disciplined capital allocation, asset disposition, and balance sheet management to realize value from its portfolio of legacy real estate-related assets and investments over time. The primary risk is the potential inability to sell these assets at favorable prices or within expected timelines, directly impacting the company's ability to generate cash flow, return capital to shareholders, and achieve its ultimate realization goals.
2. Exposure to Real Estate Market Volatility: As an investment company with a diversified portfolio of real estate, land and development, loan, and equity investments, Star Holdings is highly susceptible to fluctuations in the real estate market. Adverse changes in property values, rental income, interest rates, or broader economic conditions could significantly impact the value and saleability of its assets, thereby hindering its monetization strategy and overall financial performance.
3. Ongoing Profitability Concerns and Earnings Volatility: Star Holdings has a history of volatile earnings and recent losses, including a reported net loss for full-year 2025 and a five-year annual earnings decline. While the company's focus is on asset monetization rather than growth, consistent losses or the inability to generate sufficient cash flow from its asset disposition efforts pose a significant risk to its financial health and the successful execution of its strategic objectives.

Star Holdings (STHO) is an investment company focused on managing and monetizing a portfolio of legacy real estate-related assets and investments in the United States. The company's strategic approach centers on disciplined capital allocation, asset disposition, and balance sheet management, rather than pursuing new originations or large-scale acquisitions. Consequently, its future revenue growth drivers over the next 2-3 years are primarily tied to the successful execution of its asset monetization strategy.

The expected drivers of future revenue growth for Star Holdings include:

1. Successful Disposition of Real Estate Properties and Land Holdings: A primary driver of revenue growth will be the ongoing sale of its existing real estate portfolio, which includes significant interests in projects like the Asbury Park Waterfront and Magnolia Green residential developments. Recent examples of this strategy include the sale of a land parcel in Asbury Park for $12.7 million in Q4 2025, and $26.6 million in land revenues from sales at Magnolia Green and Asbury Park in Q2 2025.
2. Realization of Value from Loan Investments: Star Holdings holds a portfolio of real estate loans. Revenue generation will continue from the repayment of these existing loans and their strategic sale. In Q4 2025, the company reported receiving full repayment of a $15.0 million loan on a California property.
3. Maximizing Cash Flows through Active Asset Management: The company focuses on maximizing cash flows from its actively managed, income-producing properties until their eventual disposition. This includes generating rental income and revenue from activities such as final condominium closings, as seen with the Asbury Ocean Club in Q3 2024.

Share Repurchases

• Star Holdings repurchased approximately 9% of its outstanding shares in 2025.
• In the fourth quarter of 2025, the company repurchased approximately 0.6 million shares of its common stock for $4.5 million at an average price of $7.74 per share.
• The Board of Trustees authorized a share repurchase program of up to $10 million of the company's common shares on March 31, 2025.

Share Issuance

• Star Holdings was formed on March 31, 2023, through a spin-off from iStar Inc., which involved the distribution of 0.153 common shares of Star Holdings for each outstanding share of iStar common stock.

Outbound Investments

• Star Holdings' strategic direction is focused on value maximization through active portfolio management, selective asset sales, and debt reduction, with no intent to pursue large-scale acquisitions or expansion into new operating businesses.

Capital Expenditures

• Capital expenditures are primarily focused on the company's existing portfolio, which includes the Asbury Park Waterfront and Magnolia Green residential development projects, as part of its strategy to monetize these assets.