Star Holdings Shares of Beneficial Interest (STHO)

• Market cap: $172M
• Sector: Real Estate
• Industry: Lessors of Real Property

About: Star Holdings engages in non-ground lease-related businesses, including real estate finance, operating properties, and land and development. Its portfolio is comprised of its interests in Asbury and Magnolia Green residential development projects, a portfolio of commercial real estate properties, and loans that are being marketed for sale. It focuses on realizing value for shareholders from the legacy portfolio by maximizing cash flows through active asset management and asset sales.

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

50% more first-time investments, than exits

New positions opened: 15 | Existing positions closed: 10

40% more call options, than puts

Call options by funds: $146K | Put options by funds: $104K

5% more funds holding

Funds holding: 92 [Q1] → 97 (+5) [Q2]

0.63% more ownership

Funds ownership: 77.08% [Q1] → 77.72% (+0.63%) [Q2]

6% less capital invested

Capital invested by funds: $133M [Q1] → $125M (-$7.82M) [Q2]

30% less repeat investments, than reductions

Existing positions increased: 23 | Existing positions reduced: 33

33% less funds holding in top 10

Funds holding in top 10: 3 [Q1] → 2 (-1) [Q2]