Share Repurchase Program - The Company's Board of Trustees has authorized the repurchase of up to $10 million of the Company's common shares, which may occur in the open market or through privately negotiated transactions, subject to market conditions and applicable law [1] Term Loan Credit Agreement - As of March 28, 2025, the outstanding term loan had a principal balance of $115.0 million, with no outstanding borrowings on the incremental facility [2] Management Agreement Amendments - The Management Agreement has been amended to include an increase in the management fee from $5.0 million to $7.5 million for the annual term running from April 1, 2026, through March 31, 2027 [5] - The "Termination Fee" payable to the manager in certain circumstances has increased from $50.0 million to $55.0 million, less the aggregate amount of management fees paid prior to termination [5] - The maturity date of the underlying margin loan facility has been extended by two years to March 31, 2028 [5] Financing Arrangements - The maturity date of the underlying term loan facilities has been extended by one year to March 31, 2028, and the Company may re-borrow amounts paid on the $25 million incremental facility for permitted purposes [4] - A commitment for up to $15.8 million of additional funding on a delayed-draw basis has been provided, subject to conditions for drawing [5] Company Portfolio - Star Holdings' portfolio primarily consists of interests in the Asbury Park Waterfront, Magnolia Green residential development projects, and other commercial real estate properties and loans intended for sale or monetization [6] - The Company aims to maximize cash flows through active asset management and asset sales to realize value for shareholders [6]
Star Holdings Announces Successful Debt Extensions and Authorizes $10 Million Share Repurchase Program