Star Holdings reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in total revenues, which amounted to $24.6 million for the three months ended September 30, 2024, down from $43.6 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues were $80.5 million, a decrease from $85.8 million year-over-year. This decline was primarily attributed to reduced land development revenue, which fell to $6.1 million in Q3 2024 from $24.8 million in Q3 2023.
Despite the drop in revenues, Star Holdings reported a substantial turnaround in profitability. The company achieved a net income of $91.5 million for the three months ended September 30, 2024, compared to a net loss of $81.8 million in the same period of 2023. For the nine-month period, net income was $14.5 million, a significant recovery from a net loss of $262.4 million in the prior year. This improvement was bolstered by unrealized gains on equity investments, which totaled $38.3 million for the nine months ended September 30, 2024, compared to a loss of $247.1 million in the same period of 2023.
Total costs and expenses for the three months ended September 30, 2024, were $30.6 million, down from $44.9 million in Q3 2023. For the nine months, total costs decreased to $108.0 million from $130.1 million. The reduction in expenses was attributed to lower management fees and operational costs, reflecting a strategic shift following the company's spin-off from iStar Inc. in March 2023.
Star Holdings' balance sheet showed total assets of $696.5 million as of September 30, 2024, an increase from $669.2 million at the end of 2023. The company’s debt obligations rose to $201.2 million, up from $192.9 million, while shareholders' equity increased to $427.5 million from $411.6 million.
The company continues to focus on asset management and sales, with a strategy aimed at generating cash flows through its real estate and lending investments. As of September 30, 2024, Star Holdings held approximately $354.7 million in investments related to Safehold Inc., reflecting its ongoing commitment to managing its portfolio effectively.
About Star Holdings
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