Star Holdings posted a $45.1 million Q3 loss due to non-cash mark-to-market adjustments, while simultaneously deleveraging its balance sheet through $70 million in asset sales.
Q3 2026 (quarter ended September 30, 2026) shows a net loss of $45.1 million and EPS of ($3.74), but this is dominated by a non-cash mark-to-market adjustment of ($53.1) million, or ($4.40) per share, on its ~13.5 million SAFE shares. Offsetting positives: sold municipal debt for $50.2 million with a $4.5 million gain, sold a Coney Island land parcel for $20.0 million with $4.7 million profit, and cut the margin loan from $94.5 million to $46.5 million. The cash-generating asset sales and deleveraging roughly balance the headline loss, leaving the net price effect uncertain.
The $45.1 million net loss was mainly a non-cash mark-to-market adjustment of $53.1 million on its roughly 13.5 million shares of SAFE, which reduced EPS by $4.40. Excluding that accounting item, the company actually generated gains from asset sales.
Yes. It voluntarily paid down its margin loan from $94.5 million to $46.5 million, funded in part by selling a municipal debt portfolio for $50.2 million (a $4.5 million gain) and a Coney Island land parcel for $20.0 million (a $4.7 million profit).
Star Holdings reported a net loss of $45.1 million, or $3.74 per share, for the third quarter of 2026. The results were heavily impacted by a $53.1 million non-cash mark-to-market adjustment on its SAFE investment. Despite the headline loss, the company strengthened its balance sheet by selling municipal debt and Coney Island land to cut its margin loan by nearly 50%.
The $45.1 million net loss was primarily due to a $53.1 million non-cash mark-to-market adjustment on its 13.5 million SAFE shares, which negatively impacted EPS by $4.40.
Star Holdings strengthened its balance sheet by selling a municipal debt portfolio and a Coney Island land parcel, using the proceeds to voluntarily pay down its margin loan from $94.5 million to $46.5 million.