v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Real estate    
Real estate, at cost [1] $ 95,506 $ 179,062
Less: accumulated depreciation [1] (28,945) (29,713)
Real estate, net [1] 66,561 149,349
Land and development, net [1] 91,040 112,836
Loans receivable and other lending investments, net ($521 and $578 of allowances as of September 30, 2026 and December 31, 2025, respectively) [1] 16,668 44,095
Other investments [1] 159,162 185,125
Cash [1] 63,568 50,078
Accrued interest and operating lease income receivable, net [1] 841 1,508
Deferred operating lease income receivable, net [1] 209 432
Deferred expenses and other assets, net [1] 16,923 26,774
Total assets [1] 414,972 570,197
Liabilities:    
Accounts payable, accrued expenses and other liabilities [1],[2] 18,923 35,610
Debt obligations, net [1] 158,531 268,721
Total liabilities [1] 177,454 304,331
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 September 30, 2026 and December 31, 2025, respectively [1] 12 12
Additional paid-in capital [1] 597,625 599,623
Accumulated deficit [1] (361,386) (347,445)
Accumulated other comprehensive income (loss) [1]   (424)
Star Holdings shareholders' equity [1] 236,251 251,766
Noncontrolling interests [1] 1,267 14,100
Total equity [1] 237,518 265,866
Total liabilities and equity [1] $ 414,972 $ 570,197
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).
[2] As of September 30, 2026 and December 31, 2025, includes $5.5 million and $3.6 million, respectively, of management fees and other payables due to Safe (refer to Note 1).