Star Holdings
- Open
- 9.13
- Day high
- 9.23
- Day low
- 9.13
- Prev close
- 9.13
- Volume
- 2K
- Mkt cap
- $110M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.5
- P/S
- 1.2
- Yield
- —
- Per share
- —
Star Holdings (STHO) is a Real Estate company listed on NASDAQ. The stock is up 23% over the past year. Drillr has 1 published research article covering STHO.
Star Holdings (STHO) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
STHO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | — | $-0.67 | — | $21M | — |
| Feb 17, 2026 | — | $0.42 | — | — | — |
| Nov 7, 2025 | — | $0.21 | — | $13M | — |
| Aug 7, 2025 | — | $0.26 | — | $42M | — |
| Feb 18, 2025 | — | $-7.70 | — | $27M | — |
| May 10, 2024 | — | $-0.84 | — | $20M | — |
| Feb 27, 2024 | — | $4.96 | — | $37M | — |
| May 11, 2023 | — | $-6.81 | — | $13M | — |
| Mar 22, 2023 | — | $2.20 | — | $19M | — |
STHO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Mar 15, 2024 | COWEN INC.10 percent owner | Buy | 11,472 | $12.20 |
| Mar 15, 2024 | COWEN INC.10 percent owner | Buy | 4,595 | $12.03 |
| Mar 15, 2024 | COWEN INC.10 percent owner | Buy | 1,100 | $11.75 |
| Mar 15, 2024 | COWEN INC.10 percent owner | Sell | 1,500 | $11.95 |
| Mar 15, 2024 | COWEN INC.10 percent owner | Sell | 7,013 | $12.21 |
| Mar 15, 2024 | COWEN INC.10 percent owner | Sell | 17,700 | $11.85 |
| Mar 15, 2024 | COWEN INC.10 percent owner | Buy | 448 | $11.91 |
| Mar 15, 2024 | COWEN INC.10 percent owner | Buy | 4,431 | $12.26 |
| Mar 15, 2024 | COWEN INC.10 percent owner | Buy | 9,307 | $12.01 |
| Mar 15, 2024 | COWEN INC.10 percent owner | Sell | 1,012 | $11.95 |
| Mar 15, 2024 | COWEN INC.10 percent owner | Buy | 1,746 | $11.85 |
| Mar 15, 2024 | COWEN INC.10 percent owner | Sell | 14,000 | $11.81 |
| May 18, 2023 | Alvarado Marcosofficer: PRESIDENT | Sell | 16,783 | $16.46 |
Source: STHO SEC Form 4 filings, latest Mar 15, 2024. For informational purposes only — not investment advice.
See the full STHO insider & 13F page →Star Holdings company profile
Overview
Star Holdings (NYSE:STHO) is a real estate investment and development company that went public in March 2023. Based in New York, the company operates in the commercial real estate sector, focusing on non-ground lease related properties and development projects. Since its IPO, Star Holdings has been working to establish itself as a significant player in the commercial real estate market through strategic investments in both development projects and commercial properties.
Business
Star Holdings operates in the commercial real estate industry, which involves the ownership, development, and management of properties used for business purposes rather than residential living. The commercial real estate sector encompasses office buildings, retail spaces, industrial facilities, and mixed-use developments that generate income through leasing to businesses and other commercial tenants. The company's business is structured around two primary segments. First, Star Holdings maintains interests in major development projects, most notably the Asbury Park Waterfront project in New Jersey and the Magnolia Green residential development. The Asbury Park Waterfront represents a significant mixed-use redevelopment initiative that aims to transform the historic New Jersey shore town's waterfront area into a modern commercial and residential destination. Magnolia Green is a residential development project that focuses on creating new housing communities. Second, the company holds a portfolio of commercial real estate properties and loans that are actively marketed for sale or monetized. This segment involves acquiring, holding, and eventually disposing of commercial properties and related financial instruments to generate returns. The company's strategy appears to focus on identifying undervalued or strategically important real estate assets that can be improved, developed, or repositioned in the market to create value for shareholders. The commercial real estate industry is capital-intensive and cyclical, heavily influenced by interest rates, economic conditions, and local market dynamics. Properties in this sector generate revenue primarily through rental income from tenants, and their values fluctuate based on factors such as location, condition, occupancy rates, and overall market demand.
Revenue model
Star Holdings generates revenue through multiple streams within the commercial real estate ecosystem. The primary revenue source comes from rental income and property operations from their commercial real estate holdings, which generated approximately $89 million in revenue for fiscal year 2024. This includes income from leasing space to commercial tenants across their property portfolio. The company also monetizes its investments through property sales and loan-related activities. As properties appreciate in value or reach strategic milestones in development, Star Holdings can realize gains by selling these assets to other investors or developers. Additionally, the company engages in commercial real estate lending, earning interest income on loans secured by real estate assets. The company's customers include commercial tenants who lease space in their properties, ranging from retail businesses to office users, as well as other real estate investors and developers who may purchase properties or participate in joint ventures. For development projects like Asbury Park Waterfront, revenue will eventually come from selling developed units or leasing completed commercial spaces. Several factors significantly impact Star Holdings' profitability margins. Rising interest rates increase borrowing costs for both the company and potential property buyers, reducing demand and compressing margins. Economic downturns typically lead to higher vacancy rates and lower rental rates as businesses reduce their real estate footprint. Construction costs and labor availability directly affect development project profitability, while local zoning regulations and permitting processes can impact project timelines and costs. Competition from other real estate investment companies and developers can pressure both acquisition opportunities and exit valuations. Additionally, property taxes, maintenance costs, and regulatory compliance requirements represent ongoing expenses that can erode margins if not properly managed.
Competitive moat
Star Holdings operates in a highly competitive commercial real estate market with relatively limited sustainable competitive advantages. The company's primary potential moat lies in its strategic positioning in specific geographic markets, particularly through its involvement in the Asbury Park Waterfront redevelopment project. This type of large-scale waterfront development can create location-specific advantages that are difficult for competitors to replicate, as prime waterfront real estate is inherently scarce. However, the commercial real estate industry generally offers weak moats compared to other sectors. Real estate assets are relatively fungible, and barriers to entry are primarily financial rather than structural. Competitors with sufficient capital can typically acquire similar properties or pursue comparable development opportunities. The company's expertise in identifying and executing development projects could provide some competitive advantage, but this is largely dependent on management capabilities rather than structural market positions. The company faces significant competitive threats from larger, more established real estate investment trusts (REITs) and private equity firms with greater financial resources and market presence. These competitors can often outbid Star Holdings for attractive properties and have better access to capital markets for financing. Additionally, the rise of proptech companies and alternative real estate investment platforms is creating new forms of competition for both capital and opportunities. Given Star Holdings' relatively recent public status and limited scale compared to major REITs, the company's competitive position appears vulnerable. The success of key development projects like Asbury Park Waterfront will be crucial in establishing any sustainable competitive advantages, but execution risk remains high, and the company has not yet demonstrated a proven track record of creating lasting moats in its chosen markets.
Risks & safety
Star Holdings presents significant financial risks with limited margin of safety based on current metrics. • **Solvency concerns**: The company burned through approximately $67 million in free cash flow during 2024, while maintaining only $35 million in cash and short-term investments as of Q4 2024. With current liabilities of $260 million significantly exceeding current assets of $100 million, the company faces potential liquidity challenges. • **Debt position**: Total liabilities of $264 million against total assets of $609 million indicate moderate leverage, though the company's debt-to-equity ratio of 0.67 suggests manageable debt levels relative to equity. • **Profitability metrics**: The company reported negative net income of $88 million for 2024 and negative EBITDA of $77 million, indicating ongoing operational losses that strain financial resources. • **Valuation considerations**: Trading at 0.38x book value suggests the market values the company's assets below their stated book value, potentially indicating either undervaluation or concerns about asset quality and future performance. • **Cash burn trajectory**: Consistent negative operating cash flows across recent quarters, with Q1 2025 showing $6.3 million in negative operating cash flow, raises questions about the sustainability of current operations without additional financing.
Recent development
Based on the available financial data, Star Holdings appears to be in an active development and repositioning phase since its 2023 IPO. The company has been experiencing significant volatility in its financial performance, with notable swings between profitable and loss-making quarters. In Q3 2024, the company reported a substantial net income of $91 million, likely driven by asset sales or revaluations, followed by a significant loss of $103 million in Q4 2024. The company's revenue has shown some stability, generating between $89-101 million annually over the past two years, suggesting consistent operational activity across its property portfolio. However, the substantial negative EBITDA figures in recent periods indicate that the company is investing heavily in development activities or facing significant operational challenges. The fluctuating cash position, from over $50 million in 2023 to $35 million by the end of 2024, suggests active capital deployment in development projects, particularly the Asbury Park Waterfront and Magnolia Green developments. The company appears to be in a capital-intensive growth phase, prioritizing development activities over near-term profitability. Recent quarters show the company maintaining significant total assets of over $600 million, indicating a substantial real estate portfolio, while working to optimize its capital structure and operational efficiency. The variation in current ratios and liquidity metrics across quarters suggests ongoing balance sheet management as the company navigates its development timeline and market conditions.
STHO company profile · for informational purposes only — not investment advice.
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