STHO
Star HoldingsReal Estate·Real Estate - Services
$8.88
$107M market cap
Revenue
$46.3M
Free Cash Flow
$-23.1M
Rev Growth
+0.0%
FCF Margin
-49.9%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Star Holdings engages in the non-ground lease related commercial real estate businesses in the United States. Its portfolio primarily comprises interest in the Asbury Park Waterfront and Magnolia Green residential development projects; and commercial real estate properties and loans that are marketed for sale or monetized. The company is based in New York, New York.
2-Year Price History
$8.61-33.0%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 20.9 | -6.1 | -6.2 | -10.3 | -8.4 | -9.2 | -0.4 | 46.4 | 207.5 | 12.1 | -9.0% | -1.0x | -- |
| Act | 2025-Q4 | 25.4 | -15.1 | 7.0 | -19.1 | -8.0 | -13.9 | -5.9 | 50.1 | 270.0 | 12.8 | 8.0% | -2.5x | -- |
Valuation & Metrics
Market Stats
Price$8.88
Market Cap$107M
Enterprise Value$268M
P/S Ratio2.3x
P/FCF--
EV/FCF--
FCF Margin (TTM)-49.9%
FCF Yield-21.5%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$46.3M
Net Income$-29.4M
Free Cash Flow$-23.1M
Revenue Growth (YoY)+0.0%
EBITDA Margin-45.9%
Net Margin-63.5%
FCF Margin-49.9%
CapEx % of Revenue13.7%
SBC % of Revenue0.0%
ROIC-0.5%
WC Change % Rev0.8%
Interest Coverage-1.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.1M
Days to Cover7.4
Change (vs Prior)-9.0%
Need at least 2 settlement dates for chart
Employees
Headcount74
Revenue / Employee$625,649
Gross Profit / Employee$44,635
Cash Runway
24.1months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
49.4%(-18.3% YoY)
68 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
8.4%(-11.1% YoY)
8 filers
Vanguard, iShares, SPDR
Market makers
0.2%(-0.3% YoY)
2 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| TORONTO DOMINION BANK | $8.9M | $9.66 | +$204K | −$1.1M | -0.3% | $51.72B |
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | $8.4M | $13.26 | −$426K | −$94K | -5.4% | $1.12B |
| Saba Capital Management, L.P. | $7.1M | $12.03 | −$65K | −$1.6M | -4.4% | $3.09B |
| FOURSIXTHREE CAPITAL LP | $6.7M | $9.73 | +$0 | +$0 | +9.0% | $203M |
| TCW GROUP INC | $4.7M | $12.21 | +$53K | +$767K | +1.6% | $13.25B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $4.0M | $7.57 | +$4.0M | +$4.0M | — | $4.04T |
| Peapod Lane Capital LLC | $3.0M | $8.72 | +$169K | +$778K | -0.7% | $122M |
| Rangeley Capital, LLC | $2.1M | $8.65 | +$658K | +$1.1M | -1.2% | $91.1M |
| BlackRock, Inc.Passive | $1.9M | $13.81 | +$5K | −$5.3M | -0.2% | $5.69T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $1.3M | $15.99 | +$99K | −$811K | +2.3% | $1.61T |
| GOLDMAN SACHS GROUP INC | $974K | $15.10 | −$12K | −$332K | -0.2% | $760.93B |
| Gem Investment Advisors, LLC | $896K | $8.23 | −$119K | +$896K | +5.8% | $102M |
| Verition Fund Management LLC | $775K | $17.39 | +$0 | −$4K | -0.4% | $9.73B |
| RENAISSANCE TECHNOLOGIES LLC | $710K | $10.55 | +$424K | +$471K | +1.2% | $63.91B |
| MORGAN STANLEY | $640K | $13.79 | −$150K | −$1.5M | -0.3% | $1.65T |
| VANGUARD FIDUCIARY TRUST COPassive | $579K | $7.57 | +$579K | +$579K | — | $395.83B |
| Quantinno Capital Management LP | $574K | $7.93 | −$3K | +$464K | -0.4% | $59.83B |
| GABELLI FUNDS LLC | $564K | $15.68 | +$0 | +$0 | -0.2% | $14.68B |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $549K | $10.44 | +$35K | +$549K | +0.4% | $23.79B |
| ARISTEIA CAPITAL LLC | $481K | $8.06 | +$306K | +$158K | +5.0% | $2.68B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.49%
avg per quarter
Holders (ex-self)
-0.22%
excl. this stock
Buyers (this Q)
+0.23%
15 buyers · $0.01B in
Sellers (this Q)
-2.32%
28 sellers · $0.00B out
alpha coverage: 92% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-5.6%
how holders react when this stock falls
On quiet Qs
+1.1%
−10% to +10% baseline
On rallies (+10%+)
-1.4%
how they react when this stock rises
Holders' portfolio flow this Q
-2.7%
outflows — trims may be forced
Sellers' portfolio flow this Q
-1.2%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
+0.2%
Holder mid (any stock)
-3.1%
Holder rally (any stock)
-8.7%
Biggest decreases this quarter
NewEdge Wealth, LLCexited−$1.3MBLUEFIN CAPITAL MANAGEMENT, LLCexited−$824KHIGHBRIDGE CAPITAL MANAGEMENT LLC−$426Kα-5.4CITADEL ADVISORS LLC−$356Kα-0.4MORGAN STANLEY−$150Kα-0.3Point72 Asset Management, L.P.exited−$126KGem Investment Advisors, LLC−$119Kα+5.8MARSHALL WACE, LLPexited−$92KSaba Capital Management, L.P.−$65Kα-4.4D. E. Shaw & Co., Inc.−$63Kα-0.3
New buyers this quarter
Top-5 holders · 59.1%
TORONTO DOMINION BANK--
HIGHBRIDGE CAPITAL MANAGEMENT LLC--
Saba Capital Management, L.P.--
FOURSIXTHREE CAPITAL LP--
TCW GROUP INC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
COWEN AND COMPANY, LLC—Cowen Investment Management LLC—OAKTREE CAPITAL MANAGEMENT LP—TORONTO DOMINION BANK1.2MSaba Capital Management, L.P.931KHIGHBRIDGE CAPITAL MANAGEMENT LLC1.1MFOURSIXTHREE CAPITAL LP884KBALYASNY ASSET MANAGEMENT LLC—Ursa Fund Management, LLC—Orchard Capital Management, LLC—
Corporate
Order Flow (FINRA, ~3w lag)
13.6%retail-0.5pp
36.6%dark+7.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Star Holdings: A High-Risk, Leveraged Wind-Down Vehicle for Related-Party Legacy Assets
Overall Risk
8/10
Fraud
4/10
Dilution
5/10
Insolvency
7/10
Earnings Overstated
6/10
Hidden Liabilities
7/10
Legal
3/10
Audit Warnings
5/10
Hidden Upside
4/10
Contextually Acceptable
3/10