Star Holdings Marks Down $64.8M Safehold Investment, $4.94 EPS Drag
Star Holdings recorded a non-cash mark-to-market loss of $24.3M on its 13.5M Safehold shares during Q4, lowering EPS by $1.93. For full year 2025, Star booked a $64.8M markdown on these shares, cutting annual EPS by $4.94.
1. Mark-to-market adjustment on SAFE shares
Star Holdings applied a non-cash markdown of $24.3 million to its 13.5 million Safehold shares in Q4 2025, which reduced quarterly EPS by $1.93. The full-year adjustment totaled $64.8 million and trimmed annual EPS by $4.94.
2. Q4 and full-year financial results
The company reported a Q4 net loss attributable to common shareholders of $19.1 million, or $1.51 per share, and a full-year net loss of $64.2 million, or $4.90 per share. These results were driven primarily by the mark-to-market losses on the Safehold investment.
3. Asset monetization activities
During Q4, Star Holdings sold an Asbury Park land parcel for $12.7 million, realizing an $11.8 million profit, received full repayment of a $15.0 million loan on a California property, and repurchased approximately 0.6 million shares for $4.5 million at an average price of $7.74.
4. Strategic focus and portfolio composition
Star’s portfolio includes interests in the Asbury Park Waterfront, Magnolia Green residential developments and other commercial real estate assets and loans. The company aims to maximize cash flows through active asset management, sales and shareholder returns.