v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate    
Real estate, at cost [1] $ 95,278 $ 179,062
Less: accumulated depreciation [1] (28,277) (29,713)
Real estate, net [1] 67,001 149,349
Land and development, net [1] 101,389 112,836
Loans receivable and other lending investments, net ($503 and $578 of allowances as of June 30, 2026 and December 31, 2025, respectively) [1] 62,478 44,095
Other investments [1] 212,306 185,125
Cash [1] 34,814 50,078
Accrued interest and operating lease income receivable, net [1] 2,153 1,508
Deferred operating lease income receivable, net [1] 293 432
Deferred expenses and other assets, net [1] 27,787 26,774
Total assets [1] 508,221 570,197
Liabilities:    
Accounts payable, accrued expenses and other liabilities [1],[2] 16,404 35,610
Debt obligations, net [1] 208,838 268,721
Total liabilities [1] 225,242 304,331
Commitments and contingencies (refer to Note 10) [1]
Star Holdings shareholders' equity:    
Common Stock, $0.001 par value, 200,000 shares authorized, 12,081 and 12,318 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively [1] 12 12
Additional paid-in capital [1] 597,625 599,623
Accumulated deficit [1] (316,254) (347,445)
Accumulated other comprehensive income (loss) [1] 335 (424)
Star Holdings shareholders' equity [1] 281,718 251,766
Noncontrolling interests [1] 1,261 14,100
Total equity [1] 282,979 265,866
Total liabilities and equity [1] $ 508,221 $ 570,197
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).
[2] As of June 30, 2026 and December 31, 2025, includes $3.4 million and $3.6 million, respectively, of management fees and other payables due to Safe (refer to Note 1).