Star Holdings reported a net loss for Q4 2025 primarily driven by a $24.3 million non-cash mark-to-market adjustment on its SAFE investment. Despite the loss, the company successfully executed asset sales, including a land parcel in Asbury Park for a significant profit, and continued its share repurchase program.

Star Holdings experienced a challenging first quarter in 2025, with total revenues decreasing by 42.5% to $14.624 million from $25.436 million in Q1 2024. This was largely driven by a substantial drop in land development revenue. The company reported a net loss of $8.046 million, a significant improvement from the $48.996 million loss in the prior year, mainly due to a positive unrealized gain on equity investments compared to a large loss in the previous year.

Star Holdings reported a net loss of $102.6 million for the fourth quarter of 2024, and a net loss of $86.8 million for the full fiscal year. This was largely driven by a non-cash market-to-market adjustment of $104.8 million related to its investment in Safehold Inc. shares. Despite the overall loss, the company generated a net profit of $12.3 million from the sale of land and improvements at a California property.

Star Holdings reported a net income of $91.9 million, with earnings per share of $6.90 for the third quarter of 2024. These results include a $93.8 million non-cash adjustment related to the company's investment in SAFE shares.

Star Holdings reported a net loss attributable to common shareholders of $27.1 million and a loss per share of $2.04 for the second quarter of 2024. The company recorded $15.7 million in land revenues during the quarter.

Star Holdings reported a net loss of $49.0 million and a loss per share of $3.68 for the first quarter of 2024. These results were affected by a non-cash adjustment of $37.9 million related to the company's investment in SAFE shares.