| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income (loss) | -14,458 | -23,282 | 275 | -47,767 |
| Provision for (recovery of) loan losses | 419 | -435 | 7 | -112 |
| Depreciation and amortization | 2,228 | 2,193 | 1,093 | 1,929 |
| Loss on early extinguishment of debt | NaN | 0 | 0 | -70 |
| Amortization of discounts/premiums and deferred interest on loans, net | -279 | -275 | -270 | -526 |
| Amortization of premium, discount and deferred financing costs and paid-in-kind interest on debt obligations, net | -1,969 | -2,316 | -2,077 | -3,971 |
| Deferred operating lease income | -71 | -66 | -67 | -105 |
| Unrealized (gains) losses on equity investments | -2,164 | -24,341 | -947 | -39,486 |
| Land development revenue (in excess of) cost of sales | 1,673 | 11,753 | -529 | 6,456 |
| Other operating activities, net | 306 | 2 | 5 | 207 |
| Changes in accrued interest and operating lease income receivable | -477 | 302 | -124 | 383 |
| Changes in deferred expenses and other assets, net | -507 | -487 | -525 | -418 |
| Changes in accounts payable, accrued expenses and other liabilities | -129 | -1,358 | -71 | 92 |
| Cash flows used in operating activities | -8,398 | -8,000 | 5,308 | -8,966 |
| Originations and fundings of loans receivable and other lending investments, net | 13,820 | 4,155 | 6,120 | NaN |
| Capital expenditures on real estate assets | 421 | 4,880 | 356 | 477 |
| Capital expenditures on land and development assets, net | NaN | 1,058 | 10,227 | 37,790 |
| Capital reimbursements (expenditures) on land and development assets, net | -1,729 | NaN | NaN | NaN |
| Repayments of and principal collections on loans receivable and other lending investments, net | 2,800 | 15,004 | 0 | 3,495 |
| Net proceeds from sales of land and development assets | 13,489 | 12,935 | 1,750 | 31,875 |
| Cash and restricted cash disposed upon deconsolidation of venture (refer to note 5) | 3,051 | NaN | NaN | NaN |
| Other investing activities, net | 100 | 1,075 | -1,042 | 1,506 |
| Cash flows provided by (used in) investing activities | 626 | 16,771 | -13,911 | -4,403 |
| Borrowings from debt obligations | 4,818 | 6,631 | 11,800 | 29,255 |
| Repayments of debt obligations | NaN | -502 | 0 | 5,000 |
| Payment of deferred financing costs | 150 | 0 | 0 | 216 |
| Payments of debt prepayment or extinguishment costs | NaN | 0 | 0 | 35 |
| Repurchase of common stock | 1,998 | 4,483 | 3,281 | 189 |
| Other financing activities, net | -11 | -25 | -27 | -105 |
| Cash flows provided by (used in) financing activities | 2,659 | 2,625 | 8,492 | 23,710 |
| Changes in cash and restricted cash | -5,113 | 11,396 | -111 | 10,341 |
| Cash and restricted cash at beginning of period | 67,172 | 55,776 | 45,546 | NaN |
| Cash and restricted cash at end of period | 62,059 | 67,172 | 55,776 | NaN |
Star Holdings (STHO)
Star Holdings (STHO)