Star (STHO)
Market Price (2/16/2026): $8.145 | Market Cap: $107.3 MilSector: Real Estate | Industry: Real Estate Services
Star (STHO)
Market Price (2/16/2026): $8.145Market Cap: $107.3 MilSector: Real EstateIndustry: Real Estate Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Low stock price volatilityVol 12M is 40% | Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -119% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.6% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 185% | ||
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -10%, Rev Chg QQuarterly Revenue Change % is -24% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -91% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -142% | ||
| Key risksSTHO key risks include [1] ongoing cash-burning operational losses and looming debt maturities, Show more. |
| Low stock price volatilityVol 12M is 40% |
| Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -119% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.6% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 185% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -10%, Rev Chg QQuarterly Revenue Change % is -24% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -91% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -142% |
| Key risksSTHO key risks include [1] ongoing cash-burning operational losses and looming debt maturities, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Star (STHO) stock has gained about 10% since 10/31/2025 because of the following key factors:
1. Positive Third Quarter 2025 Financial Results and Legal Settlement. Star Holdings reported net income attributable to common shareholders of $1.8 million and earnings per share (EPS) of $0.14 for the third quarter ended September 30, 2025. These results included $1.7 million in land revenues from the sale of 12 lots at Magnolia Green and $4.7 million in net cash proceeds from a legal settlement related to a legacy iStar asset. The market reacted positively to this news, with the stock gaining 3.43% on the day the results were published.
2. Ongoing Share Repurchase Program. The company continued its efforts to return value to shareholders through share repurchases. While approximately 0.4 million shares were repurchased for $3.3 million during Q3 2025, this was part of a larger $10 million share buyback program authorized by the Board of Trustees in March 2025. This ongoing program demonstrates management's confidence and commitment to enhancing shareholder value.
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1. Positive Third Quarter 2025 Financial Results and Legal Settlement. Star Holdings reported net income attributable to common shareholders of $1.8 million and earnings per share (EPS) of $0.14 for the third quarter ended September 30, 2025. These results included $1.7 million in land revenues from the sale of 12 lots at Magnolia Green and $4.7 million in net cash proceeds from a legal settlement related to a legacy iStar asset. The market reacted positively to this news, with the stock gaining 3.43% on the day the results were published.
2. Ongoing Share Repurchase Program. The company continued its efforts to return value to shareholders through share repurchases. While approximately 0.4 million shares were repurchased for $3.3 million during Q3 2025, this was part of a larger $10 million share buyback program authorized by the Board of Trustees in March 2025. This ongoing program demonstrates management's confidence and commitment to enhancing shareholder value.
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Stock Movement Drivers
Fundamental Drivers
The 10.9% change in STHO stock from 10/31/2025 to 2/15/2026 was primarily driven by a 15.2% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.32 | 8.12 | 10.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 88 | 84 | -4.7% |
| P/S Multiple | 1.1 | 1.3 | 15.2% |
| Shares Outstanding (Mil) | 13 | 13 | 1.1% |
| Cumulative Contribution | 10.9% |
Market Drivers
10/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| STHO | 10.9% | |
| Market (SPY) | -0.0% | 30.5% |
| Sector (XLRE) | 6.4% | 39.5% |
Fundamental Drivers
The 12.9% change in STHO stock from 7/31/2025 to 2/15/2026 was primarily driven by a 8.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.19 | 8.12 | 12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 77 | 84 | 8.5% |
| P/S Multiple | 1.2 | 1.3 | 2.9% |
| Shares Outstanding (Mil) | 13 | 13 | 1.1% |
| Cumulative Contribution | 12.9% |
Market Drivers
7/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| STHO | 12.9% | |
| Market (SPY) | 8.2% | 27.2% |
| Sector (XLRE) | 5.8% | 41.9% |
Fundamental Drivers
The -8.7% change in STHO stock from 1/31/2025 to 2/15/2026 was primarily driven by a -10.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.89 | 8.12 | -8.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 94 | 84 | -10.3% |
| P/S Multiple | 1.3 | 1.3 | 0.7% |
| Shares Outstanding (Mil) | 13 | 13 | 1.1% |
| Cumulative Contribution | -8.7% |
Market Drivers
1/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| STHO | -8.7% | |
| Market (SPY) | 14.3% | 34.7% |
| Sector (XLRE) | 7.5% | 43.9% |
Fundamental Drivers
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Market Drivers
1/31/2023 to 2/15/2026| Return | Correlation | |
|---|---|---|
| STHO | ||
| Market (SPY) | 74.0% | 35.6% |
| Sector (XLRE) | 17.6% | 56.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| STHO Return | - | - | -14% | -35% | -15% | -5% | -55% |
| Peers Return | 27% | -24% | 27% | 3% | 9% | 8% | 50% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| STHO Win Rate | - | - | 30% | 42% | 42% | 50% | |
| Peers Win Rate | 60% | 44% | 50% | 43% | 42% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| STHO Max Drawdown | - | - | -38% | -38% | -38% | -7% | |
| Peers Max Drawdown | -7% | -39% | -19% | -21% | -22% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FOR, HHH, STRS, CHCI, BOC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/13/2026 (YTD)
How Low Can It Go
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About Star (STHO)
AI Analysis | Feedback
- A business landlord, similar to how McDonald's (MCD) owns and leases out many of its restaurant locations to franchisees.
- A real estate-focused Berkshire Hathaway (BRK.A/B), acquiring and leasing out a diverse portfolio of commercial properties for long-term income.
AI Analysis | Feedback
- Single-Family Rental Homes: Provides rental housing solutions by acquiring, renovating, and managing a portfolio of single-family homes for lease to residents.
- Real Estate Investment: Operates as a real estate investment trust (REIT), offering investors exposure to the single-family rental housing market through its portfolio of income-producing properties.
AI Analysis | Feedback
I am unable to identify the major customers for "Star" (symbol: STHO) because I could not find a publicly traded company matching this specific name and stock symbol combination in financial databases or regulatory filings. Public companies are required to file detailed reports (such as 10-K filings in the U.S.) that would disclose such information.I am unable to identify the major customers for "Star" (symbol: STHO) because I could not find a publicly traded company matching this specific name and stock symbol combination in financial databases or regulatory filings. Public companies are required to file detailed reports (such as 10-K filings in the U.S.) that would disclose such information.
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Jay S. Sugarman, Chief Executive Officer and Chairman
Jay S. Sugarman has been the Executive Chairman of the Board and Chief Executive Officer of iStar Inc. since he founded it in 1997. He also serves as Chief Executive Officer and Chairman at Star Holdings.
Brett Asnas, Chief Financial Officer
Brett Asnas serves as the Chief Financial Officer of Star Holdings.
Marcos Alvarado, President and Chief Investment Officer
Marcos Alvarado holds the position of President and Chief Investment Officer at Star Holdings.
Christopher Uhlick, Chief Accounting Officer
Christopher Uhlick is the Chief Accounting Officer of Star Holdings.
Pearse Hoffmann, Senior Vice President of Capital Markets and Investor Relations
Pearse Hoffmann serves as the Senior Vice President of Capital Markets and Investor Relations at Star Holdings.
AI Analysis | Feedback
The key risks to Star Holdings (STHO) business are:
- Operational Losses and Debt Maturity: Star Holdings is currently operating unprofitably, with ongoing cash-based operational losses that are eroding its net asset value (NAV) over time. The company's cash reserves could be depleted within one to two years if these losses continue at a significant rate. Additionally, STHO faces financial risk from debt facilities that are scheduled to mature within the next two years, requiring the company to finance these obligations.
- Liquidation Strategy and Market Factors: Star Holdings' core strategy involves liquidating its existing assets and eventually dissolving the company. The success and timeline of this monetization strategy are significantly influenced by external market conditions, such as prevailing mortgage rates and overall homebuyer sentiment, which includes factors like employment and stock market performance. There is a risk that the asset liquidation process may extend beyond the company's initial projection of the first quarter of 2027.
- Margin Call Risk on SAFE Shares: Star Holdings holds a substantial investment in Safehold (SAFE) shares, which serve as collateral for a margin loan facility with an approximate 8% interest rate. While the company has taken steps to mitigate this risk, including reducing the principal amount of the margin loan and amending the facility to lower the trigger price for mandatory prepayment, a significant decline in Safehold's stock price could still lead to a margin call, potentially forcing a sale of these shares.
AI Analysis | Feedback
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Star Holdings (symbol: STHO) primarily operates within the real estate sector in the United States, focusing on non-ground lease real estate assets, including residential development projects, commercial real estate properties, asset management, and the sale of existing loans.
Based on their main products and services, the addressable markets for Star Holdings in the U.S. region are:
- U.S. Real Estate Services Market: This market, which encompasses activities like asset management and property operations, was valued at approximately USD 159.42 billion in 2025 and is projected to reach USD 205.05 billion by 2030, growing at a CAGR of 5.16%. Another estimate places the U.S. real estate services market at USD 198 billion in 2024, with a projection to reach USD 285 billion by 2032 at a CAGR of 4.7% from 2026 to 2032. The residential segment constituted about 57.09% of this market in 2024.
- U.S. Property Management Market: This market, relevant to the operation of land and development properties, was estimated at USD 131.6 billion in 2024 and is projected to reach USD 134.2 billion in 2025. Other reports indicate the U.S. Property Management Services Market was approximately USD 84.73 billion in 2025 and is expected to grow to USD 102.79 billion by 2030, with a CAGR of 3.94%. The residential property segment held the largest share of the property management services market in 2024, at 49.87%.
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Star Holdings (STHO) anticipates several key drivers for future revenue growth over the next two to three years, primarily stemming from its real estate focused operations and investment strategies.
- Strategic Asset Sales: A significant driver of future revenue growth for Star Holdings is its explicit focus on realizing value for shareholders through active asset management and asset sales. This strategy involves the monetization of its portfolio, which includes commercial real estate properties and loans. Historically, sales of land, such as those at Magnolia Green, have contributed to revenue, and this is expected to continue.
- Active Management of Existing Real Estate Portfolio: The company aims to maximize cash flows from its portfolio through active asset management. This encompasses optimizing income from its various real estate holdings, including recurring revenues from leases and hotel operations, particularly associated with properties like the Asbury Park Waterfront.
- Continued Residential Development and Sales at Magnolia Green: The Magnolia Green residential development project in Virginia remains a source of future revenue. With approximately 1,400 unsold lots out of 3,500 planned housing units, the ongoing sale of these lots is expected to contribute to land revenues. The company reported $1.7 million in land revenues from the sale of 12 lots at Magnolia Green in the third quarter of 2025.
- Returns from Investment in Safehold Inc. (SAFE): Star Holdings holds shares in Safehold Inc., and dividends received from these holdings are a recurring component of its revenue. The performance and dividend distributions of Safehold Inc. will continue to influence this revenue stream.
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Share Repurchases
- Star Holdings' Board of Trustees authorized a share repurchase program of up to $10 million on March 31, 2025.
- As of the third quarter of 2025, the company repurchased 0.4 million shares for $3.5 million under this program, with $6.5 million remaining authorized.
Share Issuance
- Star Holdings became an independent public company on March 31, 2023, through a spin-off from iStar Inc., which involved the distribution of 100% of Star Holdings common shares to iStar stockholders.
- This spin-off resulted in iStar distributing 0.153 common shares of Star Holdings for each outstanding share of iStar common stock.
- The number of common shares outstanding was approximately 13.32 million as of May 9, 2023, and 12.74 million as of November 5, 2025, reflecting subsequent repurchases.
Inbound Investments
- At the time of its spin-off in March 2023, Star Holdings' portfolio primarily consisted of iStar's legacy non-ground lease assets and 13.5 million shares of Safehold Inc.
- In the fourth quarter of 2023, a multifamily project in Asbury Park was capitalized with $21.0 million of third-party equity and an $80.0 million non-recourse senior construction loan.
Outbound Investments
- In the fourth quarter of 2023, Star Holdings received a $10.6 million mezzanine note for the development of a multifamily project in Asbury Park, NJ, after transferring an ownership interest in a subsidiary land owner to a third-party venture.
- Star Holdings holds an equity stake in Safehold Inc. (NYSE: SAFE), valued at $209.5 million as of the third quarter of 2025.
Capital Expenditures
- Star Holdings reported capital expenditures of $36 million in 2024.
- Projected capital expenditures for 2025 are $19 million.
- These expenditures are primarily focused on its development portfolio, which includes the Asbury Park Waterfront and Magnolia Green residential development projects.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Star Earnings Notes | 12/16/2025 | |
| How Low Can Star Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 20.95 |
| Mkt Cap | 0.3 |
| Rev LTM | 98 |
| Op Inc LTM | 3 |
| FCF LTM | 0 |
| FCF 3Y Avg | -27 |
| CFO LTM | 14 |
| CFO 3Y Avg | -6 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.6% |
| Rev Chg 3Y Avg | 13.2% |
| Rev Chg Q | 3.1% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Mgn LTM | 4.8% |
| Op Mgn 3Y Avg | 3.8% |
| QoQ Delta Op Mgn LTM | -3.1% |
| CFO/Rev LTM | 9.4% |
| CFO/Rev 3Y Avg | 0.9% |
| FCF/Rev LTM | -0.3% |
| FCF/Rev 3Y Avg | -11.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.3 |
| P/S | 2.3 |
| P/EBIT | 8.1 |
| P/E | 3.8 |
| P/CFO | 13.3 |
| Total Yield | 2.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -4.1% |
| D/E | 0.7 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.9% |
| 3M Rtn | 9.3% |
| 6M Rtn | 5.6% |
| 12M Rtn | 19.6% |
| 3Y Rtn | 22.0% |
| 1M Excs Rtn | 1.6% |
| 3M Excs Rtn | 2.8% |
| 6M Excs Rtn | 0.0% |
| 12M Excs Rtn | 8.0% |
| 3Y Excs Rtn | -45.0% |
Price Behavior
Price Behavior
| Market Price | $8.12 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 03/31/2023 | |
| Distance from 52W High | -13.8% | |
| 50 Days | 200 Days | |
| DMA Price | $8.04 | $7.75 |
| DMA Trend | up | up |
| Distance from DMA | 1.0% | 4.8% |
| 3M | 1YR | |
| Volatility | 34.8% | 40.4% |
| Downside Capture | -0.81 | 99.34 |
| Upside Capture | 53.59 | 78.88 |
| Correlation (SPY) | 21.5% | 35.4% |
STHO Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.79 | 0.48 | 1.07 | 0.93 | 0.75 | 0.07 |
| Up Beta | 4.40 | 4.25 | 2.26 | 1.99 | 0.61 | 0.23 |
| Down Beta | 0.15 | 0.33 | 0.67 | 0.87 | 0.73 | 0.07 |
| Up Capture | -25% | -20% | 112% | 58% | 68% | 55% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 9 | 19 | 31 | 61 | 123 | 341 |
| Down Capture | 104% | -25% | 80% | 65% | 104% | 107% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 11 | 22 | 29 | 61 | 123 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STHO | |
|---|---|---|---|---|
| STHO | -4.7% | 40.4% | -0.02 | - |
| Sector ETF (XLRE) | 6.3% | 16.5% | 0.19 | 46.0% |
| Equity (SPY) | 14.0% | 19.4% | 0.55 | 35.6% |
| Gold (GLD) | 74.3% | 25.3% | 2.17 | 1.8% |
| Commodities (DBC) | 7.0% | 16.7% | 0.24 | 16.3% |
| Real Estate (VNQ) | 7.9% | 16.6% | 0.28 | 48.8% |
| Bitcoin (BTCUSD) | -29.8% | 44.9% | -0.65 | 18.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STHO | |
|---|---|---|---|---|
| STHO | -14.1% | 38.6% | -0.61 | - |
| Sector ETF (XLRE) | 6.0% | 19.0% | 0.22 | 56.5% |
| Equity (SPY) | 13.3% | 17.0% | 0.62 | 35.6% |
| Gold (GLD) | 22.1% | 17.0% | 1.06 | 9.3% |
| Commodities (DBC) | 10.5% | 18.9% | 0.44 | 8.0% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 59.8% |
| Bitcoin (BTCUSD) | 8.3% | 57.2% | 0.37 | 16.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STHO | |
|---|---|---|---|---|
| STHO | -7.3% | 38.6% | -0.61 | - |
| Sector ETF (XLRE) | 7.6% | 20.5% | 0.33 | 56.5% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 35.6% |
| Gold (GLD) | 15.3% | 15.6% | 0.82 | 9.3% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 8.0% |
| Real Estate (VNQ) | 6.4% | 20.7% | 0.27 | 59.8% |
| Bitcoin (BTCUSD) | 67.9% | 66.7% | 1.07 | 16.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/7/2025 | 2.9% | 9.4% | 7.8% |
| 8/7/2025 | -1.3% | 10.7% | 20.2% |
| 5/12/2025 | -2.0% | -2.7% | 13.5% |
| 2/18/2025 | -0.9% | 6.4% | -9.4% |
| 11/5/2024 | 0.4% | -2.4% | -8.3% |
| 8/6/2024 | 1.1% | 5.8% | 8.2% |
| 5/10/2024 | -1.9% | 0.4% | -5.8% |
| 2/27/2024 | -0.5% | 1.6% | 7.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 7 | 6 |
| # Negative | 6 | 4 | 5 |
| Median Positive | 1.1% | 6.4% | 10.9% |
| Median Negative | -1.6% | -2.5% | -8.3% |
| Max Positive | 2.9% | 10.7% | 20.2% |
| Max Negative | -2.7% | -2.7% | -12.6% |
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