Recent Updates — STHO
Star Holdings' subsidiary entered into Amendment No. 5 to its margin loan agreement with Morgan Stanley, reducing the mandatory prepayment share price trigger from $10.00 to $8.00 for Safehold common stock collateral and terminating an undrawn $15.8 million delayed draw commitment. The amendment also lowers loan-to-value ratios requiring additional collateral posting against the approximately $46.5 million outstanding balance. Star Holdings operates in the real estate investment sector, focusing on sustainable property management.
Star Holdings entered into a Third Amendment to its Term Loan Credit Agreement with Safehold Inc., extending the maturity date by one year to March 31, 2029, with an option to extend further to September 30, 2029. The amendment increases interest rates by 1.0% during any extension period and permits voluntary prepayments of up to $50.0 million. Star Holdings paid a maturity extension fee of $2.4 million against the $115.0 million outstanding term loan principal. Concurrently, the company amended its Management Agreement with Safehold Management Services Inc., raising the termination fee from $55.0 million to $62.5 million and adjusting minimum quarterly management fees for 2027-2029. Additionally, Star Holdings voluntarily reduced its margin loan facility balance by approximately $48.0 million, bringing it down to $46.5 million using asset sale proceeds and restricted cash. The company operates in the real estate industry, specifically owning and managing commercial properties.
Star Holdings reported second quarter 2026 net income attributable to common shareholders of $41.4 million, or $3.43 per share. Results included a non-cash mark-to-market adjustment of $29.3 million ($2.43 per share) related to its investment in Safehold Inc., and $14.4 million ($1.19 per share) of deferred income from surrendering an asset to a municipality. Star Holdings operates in the real estate industry, holding interests in commercial properties and loans for sale or monetization.