Star Holdings (NASDAQ:STHO) filed its Form 10-Q for the quarterly period ended September 30, 2026, reporting a net loss attributable to common shareholders of $45,132 thousand for the third quarter.

Key Highlights

  • Net loss per share: Basic and diluted loss of $3.74 per common share for the three months ended September 30, 2026, compared to earnings of $0.14 per share in the same period of 2025.
  • Unrealized investment losses: The company recorded unrealized losses on equity investments of $53,144 thousand for the three months ended September 30, 2026.
  • Total assets declined: Total assets were $414,972 thousand as of September 30, 2026, down from $570,197 thousand as of December 31, 2025.
  • Debt reduction: Debt obligations, net, fell to $158,531 thousand as of September 30, 2026, from $268,721 thousand as of December 31, 2025.
  • Real estate gain: The company reported income from sales of real estate of $14,365 thousand for the nine months ended September 30, 2026, with no comparable amount in the prior-year period.
  • Shares outstanding: As of November 5, 2026, there were 12,081,333 common shares outstanding, $0.001 par value per share.

Star Holdings Q3 2026 Financial Results: Assets Shrink and Losses Widen on Equity Investment Declines

According to the filing, Star Holdings reported total revenues of $39,930 thousand for the three months ended September 30, 2026, compared to $28,108 thousand in the same period of 2025. The increase was driven primarily by land development revenue of $20,958 thousand in the third quarter of 2026, up from $1,657 thousand a year earlier. However, total costs and expenses rose to $36,375 thousand from $26,887 thousand over the same period, the company disclosed.

The largest driver of the quarterly net loss was unrealized losses on equity investments, which the filing states amounted to $53,144 thousand for the three months ended September 30, 2026, compared to $947 thousand in the prior-year quarter. For the nine-month period, unrealized losses on equity investments totaled $25,963 thousand, against $40,433 thousand in the nine months ended September 30, 2025. The company also recorded a realized gain on sale of available-for-sale securities of $4,502 thousand in both the three- and nine-month periods ending September 30, 2026, with no comparable amount in 2025, according to the filing.

On the balance sheet, the filing shows total equity declined to $237,518 thousand as of September 30, 2026, from $265,866 thousand as of December 31, 2025. Accumulated deficit widened to $361,386 thousand from $347,445 thousand over the same period. Cash increased to $63,568 thousand from $50,078 thousand. The filing notes that accounts payable, accrued expenses, and other liabilities included $5.5 million of management fees and other payables due to Safe as of September 30, 2026, compared to $3.6 million as of December 31, 2025.

What Was Disclosed

Star Holdings filed its unaudited quarterly report covering the period ended September 30, 2026, disclosing a net loss of $18,085 thousand for the nine months ended September 30, 2026, driven in large part by $25,963 thousand in unrealized losses on equity investments, partially offset by real estate sale gains and operating revenues.