Star Holdings is a wind-down vehicle created in March 2023 when iStar merged with Safehold to become a pure-play ground lease company. Before the merger, iStar contributed its remaining legacy non-ground lease assets to Star Holdings, whose sole purpose is to monetize those assets and return capital to shareholders. Star Holdings has no employees and is externally managed by a Safehold subsidiary. The portfolio has three main components: development assets, monetizing assets, and Safehold shares. The development assets include the Asbury Park Waterfront in New Jersey — boutique hotels and entertainment venues with remaining development sites — and Magnolia Green, a ~1,900-acre master-planned residential community near Richmond, Virginia, with roughly 1,300 residential lots remaining to sell to homebuilders. The monetizing assets are a mix of legacy loans, real estate, and land with a carrying value of ~$150M. Star Holdings also owns ~13.5M Safehold shares worth ~$185M, though these are pledged against a margin loan, meaning net sale proceeds must first repay that borrowing. Star Holdings generates cash by selling assets, collecting loan repayments, and operating properties until sold. The company explicitly does not plan to make new investments. Financing comes from two facilities: a Safehold-provided credit facility and the margin loan secured by the Safehold shares, which creates risk if Safehold's stock declines and triggers prepayment or additional collateral requirements.