Star
Manages and monetizes legacy real-estate assets from the iStar separation.
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Profile
Manages and monetizes a finite legacy real-estate portfolio centered on Asbury Park Waterfront and Magnolia Green. Cash flow comes from asset management and sales, while a Safehold-affiliated manager provides operating support.
Formed in the 2023 separation from iStar, the externally managed trust oversees a finite portfolio of legacy real-estate assets. Its holdings center on the Asbury Park Waterfront and Magnolia Green residential-development projects, alongside commercial properties, loans, and Safehold shares. Management expects to make investments needed to finish both development projects.
Cash flow comes from active asset management and the sale or other monetization of those holdings, rather than material new acquisitions. A Safehold-affiliated manager provides executive and support personnel, and real-estate conditions, asset-disposal execution, and Safehold-linked financing arrangements shape the business.
Company facts
Key statistics
Year to date +20.7% · Average volume (30d) 15.6K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 7, 2026Q2 FY26 | — | −$0.19 | — | $27.7M | $10.5M | −62.2% | +1.69% |
| Aug 6, 2026Q2 FY26 | — | $3.43 | — | — | — | — | +1.69% |
| May 8, 2026Q1 FY26 | — | −$0.67 | — | — | $20.9M | — | +0.23% |
| Feb 17, 2026Q4 FY25 | — | $0.42 | — | — | $25.4M | — | +1.21% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $9.0M | $34.6M | $13.4M | $25.4M | $20.9M | $10.5M | |
| Gross profit | −$7.5M | $3.7M | −$4.3M | $7.7M | −$4.4M | $18.0M | |
| Operating income | −$8.6M | $5.9M | −$8.8M | $7.0M | −$6.2M | $16.2M | |
| Net income | −$7.6M | −$39.3M | $1.8M | −$19.1M | −$10.3M | $41.5M | |
| Diluted EPS | −$0.57 | −$2.95 | $0.14 | −$1.50 | −$0.85 | $3.43 | |
| Gross margin | -82.8% | 10.7% | -32.3% | 30.2% | -20.8% | 171.7% | |
| Operating margin | -94.7% | 17.0% | -65.3% | 27.7% | -29.6% | 154.8% |
Fiscal years (4-quarter sums)FY23 $118.7M · FY24 $88.9M · FY25 $82.4M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $34.8M · Total debt $209.2M · Total assets $508.2M · Shareholders' equity $281.7M
Dividends
No dividends on record.
Ownership
Shares outstanding 12.09M · Float 11.59M · 95.9% free float
Insiders — no current Form 4 position.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| TD Securities (USA) LLC | 1.30M | 9.80% | 13G | Feb 14, 2025 |
| Toronto Dominion Bank | 1.17M | 9.66% | 13F | Aug 14, 2026 |
| Highbridge Capital Management LLC | 1.13M | 9.34% | 13F | Aug 14, 2026 |
| Foursixthree Capital LP | 883.9K | 7.31% | 13F | Aug 14, 2026 |
| Saba Capital Management, L.P. | 757.2K | 6.26% | 13F | Aug 14, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Howard Hughes
Large-scale master-planned communities and residential land sales
- Five Point
Large mixed-use planned communities with homesite and land sales
- Forestar Group
National residential-lot developer selling finished lots to homebuilders
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Star | $9.85 | +0.51% | $119.1M | 8.1 | — | 1.7 | −75.1% |
| Howard Hughes | $64.80 | −0.06% | $3.86B | 13.1 | 19.9 | 1.6 | +330.2% |
| Five Point | $5.11 | −0.10% | $363.3M | 14.7 | — | 3.1 | +86.0% |
| Forestar Group | $28.63 | +0.17% | $1.46B | 8.6 | 10.1 | 0.8 | +4.2% |
| Median | 13.1 | 15.0 | 1.6 | +86.0% |