Core Insights - Star Holdings (NASDAQ: STHO) reported a net income of $1.8 million for Q3 2025, translating to earnings per share of $0.14, which includes a non-cash adjustment that reduced earnings by $0.9 million or $0.07 per share related to its investment in approximately 13.5 million shares of SAFE [1][2]. Financial Performance - The company recorded $1.7 million in land revenues from the sale of 12 lots at Magnolia Green and received $4.7 million in net cash proceeds from a legal settlement concerning a legacy iStar asset [2]. - Star Holdings repurchased around 0.4 million shares of its common stock for $3.3 million, averaging $8.48 per share [2]. Portfolio Overview - Star Holdings' portfolio primarily includes interests in the Asbury Park Waterfront, Magnolia Green residential development projects, and other commercial real estate properties and loans intended for sale or monetization [4]. - The company aims to enhance shareholder value by maximizing cash flows through active asset management and asset sales [4].