Financial Performance - Star Holdings reported its fourth quarter and fiscal year results for the year ended December 31, 2024, on February 18, 2025[5]. - The company achieved a total revenue of $1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[5]. - Net income for the fourth quarter was reported at $250 million, a 20% increase year-over-year[5]. User Growth - User growth reached 5 million new users in Q4 2024, bringing the total user base to 30 million[5]. Future Projections - The company provided guidance for fiscal year 2025, projecting revenue growth of 10% to 12%[5]. Investment and Development - Star Holdings is investing $50 million in new product development and technology enhancements in 2025[5]. - Star Holdings is exploring potential acquisition opportunities to enhance its service offerings and customer base[5]. Market Expansion - The company plans to expand its market presence in Europe, targeting a 25% increase in market share by the end of 2025[5]. Operational Efficiency - The company has implemented new strategies to improve operational efficiency, aiming for a 5% reduction in operating costs by Q3 2025[5]. Sustainability Initiatives - Star Holdings is committed to sustainability initiatives, with plans to reduce carbon emissions by 30% by 2026[5].

Core Insights - Star Holdings (NASDAQ: STHO) filed its Annual Report on Form 10-K for the year ended December 31, 2024, with the SEC [1] Financial Performance - The net income attributable to common shareholders was a loss of $102.6 million for Q4 and a loss of $86.8 million for the year [2] - Earnings per share were reported at ($7.70) for Q4 and ($6.51) for the year [2] - A non-cash market-to-market adjustment related to an investment in approximately 13.5 million shares of SAFE resulted in a loss of $104.8 million, impacting earnings per share by ($7.87) for the quarter and ($4.99) for the year [2] Asset Management and Sales - During Q4, the company sold land and improvements at a California property for $21.5 million, resulting in a net profit of $12.3 million [3] - The company provided the buyer with a $17.75 million short-term loan to facilitate the acquisition [3] Portfolio Overview - Star Holdings' portfolio includes interests in the Asbury Park Waterfront, Magnolia Green residential development projects, and other commercial real estate properties and loans [4] - The company aims to maximize cash flows through active asset management and asset sales to realize value for shareholders [4]

Financial Performance - Star Holdings reported earnings for the quarter ended September 30, 2024, with a significant focus on operational performance[3] - The earnings release is attached as Exhibit 99.1, providing detailed financial results and operational insights[3] Company Classification - The company is classified as an emerging growth company, indicating it may have certain reporting advantages[3] Reporting and Transparency - The report was filed on November 5, 2024, highlighting the company's commitment to timely disclosures[3] - The financial statements and exhibits are included in the filing, ensuring transparency for investors[5] - Brett Asnas, the Chief Financial Officer, signed the report, affirming the accuracy of the financial information presented[6]

Investment Values - As of September 30, 2024, the aggregate carrying value of the Asbury Park Waterfront investment was approximately $132.6 million[71]. - The Magnolia Green project has an aggregate carrying value of $43.9 million, with 2,108 residential lots sold to homebuilders as of September 30, 2024[73]. - The monetizing portfolio had an aggregate carrying value of approximately $96.1 million as of September 30, 2024, primarily consisting of loans, operating properties, and land[74]. - The fair value of Safe Shares was $354.7 million based on a closing price of $26.23 as of September 30, 2024[74]. Revenue and Income - Total revenue for the three months ended September 30, 2024, was $24.6 million, a decrease of $19.0 million compared to the same period in 2023[76]. - Land development revenue for the three months ended September 30, 2024, was $6.1 million, down from $24.8 million in the same period in 2023[76]. - Total revenue for the nine months ended September 30, 2024, was $80.5 million, a decrease of $5.3 million (6.2%) compared to $85.8 million for the same period in 2023[80]. - Interest income decreased to $1.4 million for the nine months ended September 30, 2024, down from $1.8 million in 2023, primarily due to a decrease in the average balance of performing loans[80]. - Other income increased to $35.5 million in 2024, up from $32.7 million in 2023, driven by an additional $2.4 million of dividend income from Safe[80]. - Land development revenue was $38.5 million for the nine months ended September 30, 2024, down from $46.2 million in 2023, attributed to decreased revenues from bulk and condominium sales[80]. - Net income for the three months ended September 30, 2024, was $91.5 million, compared to a net loss of $81.8 million for the same period in 2023[76]. - Net income for the nine months ended September 30, 2024, was $14.5 million, a significant increase of $276.9 million compared to a net loss of $262.4 million in 2023[80]. Expenses and Costs - Total costs and expenses decreased by $22.1 million (17%) to $108.0 million in 2024 from $130.1 million in 2023[80]. - General and administrative expenses were $16.5 million in 2024, down from $29.0 million in 2023, primarily due to a reduction in management fees[82]. - The provision for loan losses was $58,000 in 2024, a decrease of $1.7 million from the same period in 2023[82]. - Interest expense on the Margin Loan Facility for the three months ended September 30, 2024, was $1.8 million, down from $2.3 million in the same period in 2023[78]. - The annual management fee payable to the Manager under the Management Agreement declined from $25.0 million to $15.0 million for the second annual term starting March 31, 2024[78]. Cash Flow and Debt - Cash flows used in operating activities were $(24.4) million for the nine months ended September 30, 2024, compared to $(13.0) million in 2023[88]. - The company holds $54.5 million in cash and cash equivalents and restricted cash[91]. - The company has $87.4 million in floating-rate debt obligations outstanding as of September 30, 2024[91]. Interest Rate Risk - A 100 basis point increase in interest rates could lead to a decrease in net income by $329,000[92]. - A 50 basis point decrease in interest rates could increase net income by $164,000[92]. - A 10 basis point decrease in interest rates could increase net income by $33,000[92]. - A 10 basis point increase in interest rates could decrease net income by $33,000[92]. - A 50 basis point increase in interest rates could decrease net income by $164,000[92]. - The company is exposed to interest rate risk, which could materially affect profitability[91]. - The company may implement hedging strategies to mitigate interest rate risks[91]. Future Considerations - Future events may require adjustments to the company's estimates and judgments in financial reporting[89]. - The company does not expect to pay regular dividends and plans to make distributions based on asset sales and cash availability[85].

Financial Performance - Star Holdings reported earnings for the quarter ended June 30, 2024, with a focus on operational results and financial condition[3] - The earnings release is attached as Exhibit 99.1, providing detailed financial metrics and performance insights[4] Company Classification - The company is classified as an emerging growth company, indicating it may have certain reporting exemptions[3]

Financial Performance - Total revenue for the three months ended June 30, 2024, was $30.6 million, an increase of 19.9% from $25.5 million for the same period in 2023[73] - Land development revenue for the three months ended June 30, 2024, was $15.7 million, compared to $11.8 million for the same period in 2023, reflecting a significant increase due to a bulk sale at Coney Island[73] - Net loss for the three months ended June 30, 2024, was $27.9 million, an improvement from a net loss of $89.9 million for the same period in 2023[73] - Total revenue increased to $55.986 million for the six months ended June 30, 2024, compared to $42.266 million for the same period in 2023, representing a growth of 32.4%[77] - Land development revenue rose to $32.316 million in the first half of 2024, up from $21.382 million in the same period of 2023, marking an increase of 51.5%[77] - Net loss improved to $(76.948) million for the six months ended June 30, 2024, compared to a net loss of $(180.674) million in the same period of 2023, an improvement of 57.4%[77] Expenses - General and administrative expenses decreased to $4.6 million for the three months ended June 30, 2024, from $7.6 million for the same period in 2023[75] - General and administrative expenses decreased to $11.979 million in the first half of 2024 from $21.650 million in 2023, a reduction of 44.8%[79] - The annual management fee payable to the Manager decreased from $25 million to $15 million for the second annual term of the Management Agreement starting March 31, 2024[79] Cash and Investments - The aggregate carrying value of the Asbury Park Waterfront investment was approximately $132.5 million as of June 30, 2024[68] - Magnolia Green has an aggregate carrying value of $50.2 million as of June 30, 2024, with 2,077 residential lots sold to homebuilders[70] - The fair value of Safe Shares was $260.9 million based on a closing price of $19.29 as of June 28, 2024[71] - The company holds $57.6 million in cash and cash equivalents and restricted cash[88] Interest and Debt - The company incurred $1.7 million of interest expense on its Margin Loan Facility for the three months ended June 30, 2024, down from $2.5 million for the same period in 2023[75] - The company has $85.5 million in floating-rate debt obligations outstanding as of June 30, 2024[88] - A decrease of 100 basis points in interest rates could increase net income by $279,000[89] - A decrease of 50 basis points in interest rates could increase net income by $140,000[89] - A decrease of 10 basis points in interest rates could increase net income by $28,000[89] - An increase of 10 basis points in interest rates could decrease net income by $28,000[89] - An increase of 50 basis points in interest rates could decrease net income by $140,000[89] - An increase of 100 basis points in interest rates could decrease net income by $279,000[89] - The company is exposed to significant interest rate risk which could adversely affect profitability[88] - The company may implement hedging strategies to mitigate interest rate risks[88] Future Outlook - The company anticipates selling remaining residential lots at Magnolia Green over the next two years, although the timing is uncertain[70] - The company expects land development revenue to decline in the future as fewer residential and development assets remain[77] - The unrealized loss on equity investment for the three months ended June 30, 2024, was $17.7 million, a significant improvement from a loss of $76.3 million for the same period in 2023[73] - Unrealized gains on equity investments improved to $(55.578) million in the first half of 2024 from $(166.932) million in 2023, a positive change of 66.7%[77] - Cash flows used in operating activities increased to $(20.637) million for the six months ended June 30, 2024, compared to $(4.656) million in 2023[85]

Financial Performance - Star Holdings reported earnings for Q1 2024, with a total revenue of $150 million, representing a 15% increase year-over-year[5] - The company achieved a net income of $30 million for the quarter, up from $25 million in the same period last year, reflecting a 20% growth[5] - Star Holdings provided guidance for Q2 2024, projecting revenue between $160 million and $170 million, indicating a growth rate of 7% to 13%[5] User Engagement - User data showed an increase in active users to 1.2 million, a 10% rise compared to the previous quarter[5] - The company reported a 5% increase in customer retention rates, attributed to improved service offerings and user engagement initiatives[5] Market Expansion - Star Holdings plans to expand its market presence in Europe, targeting a 25% increase in market share by the end of 2024[5] - The company is exploring potential acquisition opportunities to bolster its technology capabilities, with a focus on firms specializing in AI[5] Investment in Development - The company is investing $5 million in new product development aimed at enhancing user experience and expanding its market reach[5] - Star Holdings has initiated a new marketing strategy aimed at increasing brand awareness, with a budget allocation of $2 million for the next quarter[5] Sustainability Commitment - Star Holdings remains committed to sustainability, with plans to reduce operational carbon emissions by 30% by 2025[5]

Financial Performance - Total revenue for the three months ended March 31, 2024, was $25.4 million, an increase of 51.6% compared to $16.8 million for the same period in 2023[124]. - Land development revenue increased to $16.6 million for the three months ended March 31, 2024, compared to $9.6 million for the same period in 2023, driven by bulk sales at Magnolia Green[129]. - Operating lease income rose to $1.9 million during the three months ended March 31, 2024, from $1.7 million in the same period in 2023, primarily due to increased percentage rent[126]. - Interest income decreased to $0.4 million during the three months ended March 31, 2024, down from $1.1 million for the same period in 2023, due to a decrease in the average balance of performing loans[127]. - General and administrative expenses for the three months ended March 31, 2024, were $7.4 million, a decrease from $14.1 million allocated in the same period in 2023[134]. - The net loss for the three months ended March 31, 2024, was $49.0 million, an improvement from a net loss of $90.7 million for the same period in 2023[124]. - The provision for loan losses was $17,000 for the three months ended March 31, 2024, significantly lower than the $1.7 million provision for the same period in 2023[135]. Investment and Asset Values - As of March 31, 2024, the aggregate carrying value of the Asbury Park Waterfront investment was approximately $138.9 million[112]. - The Magnolia Green assets had an aggregate carrying value of $55.1 million as of March 31, 2024, with 2,027 residential lots sold to homebuilders[115][116]. - The fair value of Safe Shares was $278.6 million based on a closing price of $20.60 as of March 28, 2024[121]. - Unrealized loss on equity investment for the three months ended March 31, 2024, was due to the fair value adjustment of Safe Shares, reflecting a decrease from December 31, 2023[137]. - Earnings from equity method investments totaled $30.0 million for the three months ended March 31, 2023, including $1.1 million from Safe and $28.9 million from other investments[139]. Cash Flow and Liquidity - Cash flows used in operating activities increased to $(14,230) thousand for the three months ended March 31, 2024, compared to $(554) thousand in 2023[145]. - Cash flows provided by investing activities decreased to $9,634 thousand in 2024 from $116,779 thousand in 2023, primarily due to lower proceeds from asset sales[145]. - As of March 31, 2024, the company had $83.7 million in floating-rate debt obligations and $56.1 million in cash and cash equivalents[156]. - The company’s liquidity is primarily dependent on asset sales, which are subject to market conditions and may be unpredictable[143]. Financial Strategies and Risk Management - A 100 basis point increase in interest rates could decrease net income by $276 thousand, highlighting the sensitivity to interest rate changes[156]. - The Margin Loan Facility was amended in October 2023 to reduce the floor price for mandatory prepayment, indicating adjustments to financial strategies[146]. - The Safe Credit Facility was also amended to access a $25.0 million incremental facility, enhancing liquidity options[147]. - The company does not expect to pay regular dividends and will distribute available cash based on asset sales and market conditions[140].

Financial Reporting - Star Holdings reported earnings for the quarter and fiscal year ended December 31, 2023, on February 27, 2024[5]. - The earnings release is attached as Exhibit 99.1, providing detailed financial results[5]. - The filing is intended to satisfy the requirements under the Securities Exchange Act of 1934[3]. - The report was signed by Brett Asnas, Chief Financial Officer, indicating official approval of the financial statements[10]. Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[4]. Content Limitations - The report does not include specific financial metrics or performance indicators in the provided content[6]. - No specific user data or future outlook was mentioned in the provided content[6]. - There are no details on new products, technologies, market expansion, or acquisitions in the current report[6]. - The report does not provide any performance guidance or strategic initiatives[6]. Company Information - The company’s principal executive offices are located at 1114 Avenue of the Americas, New York, NY[2].

Revenue and Income - Total revenue for 2023 was $123.1 million, a decrease of $1.0 million compared to $124.1 million in 2022[141] - Land development revenue increased to $72.4 million in 2023 from $61.8 million in 2022, driven by bulk parcel sales[144] - Net income (loss) for 2023 was $(196.3) million, compared to $(36.3) million in 2022, indicating a substantial increase in losses[141] - Revenues for the year ended December 31, 2023, were $86.894 million, a significant decrease from $625.162 million in 2022, representing a decline of approximately 86.1%[326] - Net income attributable to parent entities for the year ended December 31, 2023, was $47.673 million, down from $378.557 million in 2022, reflecting a decrease of about 87.4%[326] Expenses and Losses - General and administrative expenses rose to $36.2 million in 2023 from $10.9 million in 2022, mainly due to management fees and increased performance-based compensation[148] - Interest income fell to $2.1 million in 2023 from $12.3 million in 2022, attributed to a decrease in the average balance of performing loans[142] - The provision for loan losses significantly decreased to $1.7 million in 2023 from $45.0 million in 2022, reflecting the sale of a non-performing loan[149] - Unrealized and realized losses on equity investments amounted to $(171.4) million, primarily due to declines in the market value of Safe Shares[152] - The company recorded a provision for loan losses of $23.8 million on a non-performing loan prior to its classification as held for sale[306] Cash Flows and Liquidity - Cash flows used in operating activities decreased from $(27,358) thousand in 2022 to $(18,719) thousand in 2023, primarily due to the timing of payments on accrued expenses[160] - Cash flows provided by investing activities decreased from $236,063 thousand in 2022 to $186,020 thousand in 2023, mainly due to a decrease in proceeds from loan repayments and real estate sales[160] - Cash flows used in financing activities decreased from $(218,305) thousand in 2022 to $(114,061) thousand in 2023, attributed to borrowings from debt obligations and increased distributions to iStar[160] - The company expects future liquidity to be largely dependent on asset sales, which are difficult to predict in terms of timing and amount[156] - The company expects to meet its short-term liquidity requirements through cash flows from operations and proceeds from asset sales[212] Assets and Liabilities - Total liabilities rose to $235.357 million in 2023 from $33.102 million in 2022, indicating a substantial increase[188] - As of December 31, 2023, the company had $81.9 million in floating-rate debt obligations and $60.7 million in cash and cash equivalents[178] - Cash and cash equivalents increased significantly to $50.663 million in 2023 from $4.227 million in 2022, a growth of 1,197.5%[188] - The total gross carrying value of loans receivable and other lending investments decreased to $21,395,000 as of December 31, 2023, from $49,580,000 in 2022[294] - As of December 31, 2023, total assets of the consolidated VIEs amounted to $221,878,000, an increase from $215,524,000 as of December 31, 2022, representing a growth of approximately 1.6%[220] Debt and Financing - The company's total debt obligations as of December 31, 2023, were $192.895 million, with a Safe Credit Facility of $115 million maturing on March 31, 2027[336] - The company entered into an amendment to the Margin Loan Facility in October 2023 to reduce the floor price for mandatory prepayment of outstanding borrowings[161] - The company also amended the Safe Credit Facility in October 2023 to access a $25.0 million incremental facility[163] - The company incurred $20,235 thousand in cash paid for interest in 2023, a decrease from $42,042 thousand in 2022[207] Real Estate and Investments - The company sold land parcels and residential lots, generating land development revenue of $72.4 million in 2023, compared to $61.8 million in 2022 and $189.1 million in 2021[287] - The company recognized tenant reimbursements of $1.8 million, $3.1 million, and $2.9 million for the years ended December 31, 2023, 2022, and 2021, respectively[283] - The company reported unrealized and realized gains on equity investments of $171,394 thousand in 2023, compared to a loss of $(17,642) thousand in 2021[204] - The company owned approximately 13.5 million shares of Safehold Inc., valued at $316.4 million based on a closing price of $23.40[310] - The company capitalized interest expense on qualifying real estate assets of $2.1 million during the year ended December 31, 2023[337] Accounting and Compliance - The Company adopted ASU 2022-02 on January 1, 2023, which did not have a material impact on its financial statements[267] - The Company expects the new accounting standards issued in 2023 to have no material impact on its consolidated financial statements[277][280] - The Company performed a comprehensive analysis of its loan portfolio quarterly, assigning risk ratings from "1" (lowest risk) to "5" (highest risk)[258] - The Company evaluates available-for-sale debt securities for impairment if the security's fair value is less than its amortized cost[265] - The Governance Agreement restricts the transfer of Safe Shares for nine months and prohibits transfers to known activists or competitors without consent[319]