Star Holdings Reports Third Quarter 2025 Results
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 07 2025
0mins
Should l Buy SAFE?
Source: PRnewswire
Quarterly Financial Results: Star Holdings reported a net income of $1.8 million for Q3 2025, with earnings per share of $0.14, impacted by a non-cash adjustment related to its investment in SAFE shares.
Revenue Sources: The company generated $1.7 million in land revenues from the sale of 12 lots at Magnolia Green and received $4.7 million from a legal settlement concerning a legacy asset.
Share Repurchase Activity: Star Holdings repurchased approximately 0.4 million shares of its common stock for $3.3 million at an average price of $8.48 per share.
Portfolio Focus: The company aims to enhance shareholder value through active asset management and sales, with a portfolio that includes interests in various real estate projects and shares of Safehold Inc.
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Analyst Views on SAFE
Wall Street analysts forecast SAFE stock price to rise
5 Analyst Rating
2 Buy
3 Hold
0 Sell
Moderate Buy
Current: 15.620
Low
14.00
Averages
18.00
High
28.00
Current: 15.620
Low
14.00
Averages
18.00
High
28.00
About SAFE
Safehold Inc. is a real estate investment trust (REIT). The Company helps owners of multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties to generate higher returns. The Company operates its business through one reportable segment by acquiring, managing and capitalizing ground leases. Its primary investment objective is to construct a diversified portfolio of Ground Leases that is focused on generating attractive quality risk-adjusted returns and support stable and growing distributions to its shareholders. The Company’s portfolio consists of Ground Leases and one master lease (relating to five hotel assets that it refers to as its Park Hotels Portfolio). Its portfolio of properties is located across Manhattan; Washington, District of Columbia (DC); Boston; Los Angeles; San Francisco; Denver; Honolulu; Nashville; Miami and Atlanta.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Addressing Housing Crisis: Steve Wylder, Safehold's Head of Investments, highlighted the growing challenges of housing affordability, particularly as elevated interest rates and construction costs rise, with Safehold's ground lease capital playing a crucial role in bridging capital structure gaps.
- Focus on Affordable Housing: In 2025, Safehold established a dedicated Affordable Housing team aimed at expanding its investments in this sector, demonstrating the company's long-term commitment to addressing the housing crisis.
- Innovation Driving Industry: The Ivory Prize emphasizes the importance of innovative solutions in a fragmented and risk-averse housing industry, with Safehold's involvement providing replicable success stories for other companies to learn from.
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- Addressing Housing Crisis: Steve Wylder, Safehold's Head of Investments, emphasized that housing affordability is a complex issue, particularly amid rising interest rates and construction costs, with the company's ground lease capital effectively bridging capital structure gaps to advance projects.
- Focus on Affordable Housing: Safehold established a dedicated Affordable Housing team in 2025 aimed at expanding its investments in the sector, demonstrating the company's strong commitment and strategic direction towards addressing the housing crisis.
- Enhancing Industry Impact: The Ivory Prize aims to elevate effective solutions so that other industry participants can learn from and replicate these successful cases at scale, thereby promoting sustainable development across the entire sector.
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- Innovative Business Model: Safehold Inc. is revolutionizing real estate ownership by utilizing a modern ground lease model that enables high-quality property owners to achieve higher returns with lower risk, further solidifying its market position in the real estate investment trust (REIT) sector.
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- Industry Recognition: Safehold Inc. has been nominated as a finalist for the 2026 Ivory Prize, which honors organizations driving high-impact innovation in the affordable housing market, showcasing its leadership in the sector.
- Addressing Housing Crisis: Steve Wylder, Safehold's Head of Investments, highlighted the growing challenges of housing affordability, particularly as elevated interest rates and construction costs rise, with Safehold's ground lease capital playing a crucial role in bridging capital structure gaps.
- Focus on Affordable Housing: In 2025, Safehold established a dedicated Affordable Housing team aimed at expanding its investments in this sector, demonstrating the company's long-term commitment to addressing the housing crisis.
- Innovation Driving Industry: The Ivory Prize emphasizes the importance of innovative solutions in a fragmented and risk-averse housing industry, with Safehold's involvement providing replicable success stories for other companies to learn from.
See More
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- Industry Innovation Recognition: Safehold Inc. has been nominated as a finalist for the 2026 Ivory Prize, which honors organizations driving high-impact innovation in the affordable housing market, showcasing the company's leadership in the sector.
- Addressing Housing Crisis: Steve Wylder, Safehold's Head of Investments, emphasized that housing affordability is a complex issue, particularly amid rising interest rates and construction costs, with the company's ground lease capital effectively bridging capital structure gaps to advance projects.
- Focus on Affordable Housing: Safehold established a dedicated Affordable Housing team in 2025 aimed at expanding its investments in the sector, demonstrating the company's strong commitment and strategic direction towards addressing the housing crisis.
- Enhancing Industry Impact: The Ivory Prize aims to elevate effective solutions so that other industry participants can learn from and replicate these successful cases at scale, thereby promoting sustainable development across the entire sector.
See More
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- Financial Performance Overview: Star Holdings reported a net loss of $19.1 million for Q4 2025 and $64.2 million for the full year, resulting in earnings per share of -$1.51 and -$4.90, indicating significant financial pressure and market volatility faced by the company.
- Non-Cash Adjustment Impact: The company's market-to-market adjustment related to its SAFE investment resulted in a non-cash loss of $24.3 million and $64.8 million for Q4 and the full year respectively, significantly impacting earnings per share and highlighting the volatility of its investment portfolio on financial results.
- Asset Disposal and Buyback: In Q4, Star Holdings sold a land parcel in Asbury Park for $12.7 million, yielding a profit of $11.8 million, while fully repaying a $15 million loan on a California property and repurchasing approximately 600,000 shares for $4.5 million, demonstrating proactive asset management efforts.
- Future Strategic Direction: The company aims to maximize shareholder value through active asset management and sales, particularly in its key investments like the Asbury Park Waterfront and Magnolia Green residential development projects, indicating a strong focus on future cash flow generation.
See More
Safehold Inc. Q4 2025 Earnings Call Highlights
- Strengthened Leadership: Safehold appointed Michael Trachtenberg as President, enhancing the management team's capabilities to expand the affordable housing team into new states and sponsors, thereby increasing market competitiveness.
- Solid Financial Performance: In Q4 2025, GAAP revenue reached $97.9 million with net income of $27.9 million, and a 15% year-over-year increase in earnings per share, indicating strong performance in capital markets activities.
- Clear Future Outlook: Management plans to increase ground lease transaction volume in 2026 and implement share buybacks when market conditions are favorable, aiming to enhance the recognition of Carets' value and improve shareholder returns.
- Credit Rating Upgrade: Safehold received an A- credit rating from S&P with a stable outlook, reflecting the company's robust performance in capital markets and strong financial health.
See More
Safehold (SAFE) Q4 2025 Earnings Call Transcript
See More
Safehold Inc. to Release Q4 and FY 2025 Financial Results
- Earnings Release Schedule: Safehold Inc. will announce its fourth quarter and fiscal year 2025 financial results after market close on February 11, 2026, providing investors with critical financial data and operational insights.
- Conference Call Details: The company will host an earnings conference call on February 12, 2026, at 9:00 a.m. ET, where it will provide a detailed review of the financial results, enhancing transparency and investor engagement through a live broadcast on its website.
- Replay Access: The replay of the conference call will be available from 2:00 p.m. ET on February 12 until midnight ET on February 26, 2026, allowing investors who cannot participate live to access important information via a designated dial-in number.
- Innovative Business Model: Safehold Inc. is revolutionizing real estate ownership by utilizing a modern ground lease model that enables high-quality property owners to achieve higher returns with lower risk, further solidifying its market position in the real estate investment trust (REIT) sector.
See More
