Core Insights - Star Holdings reported a net loss of $19.1 million for Q4 2025 and a total net loss of $64.2 million for the fiscal year 2025, reflecting significant non-cash adjustments related to its investment in Safehold Inc. [1] - The earnings per share (EPS) were reported at ($1.51) for Q4 and ($4.90) for the year, with substantial impacts from market-to-market adjustments [1] Financial Performance - The company experienced a non-cash market-to-market adjustment of ($24.3) million for Q4, which decreased EPS by ($1.93), and a total adjustment of ($64.8) million for the year, reducing EPS by ($4.94) [1] - Star Holdings sold a land parcel in Asbury Park for $12.7 million, resulting in a profit of $11.8 million during Q4 [1] - The company received full repayment of a $15.0 million loan on a California property and repurchased approximately 0.6 million shares of its common stock for $4.5 million at an average price of $7.74 per share [1] 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 [1] - The company aims to maximize cash flows and realize value for shareholders through active asset management and asset sales [1]