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Star (STHO) guidance and outlook
Star's 10-Q filed Nov 6, 2026 makes 21 forward-looking statements.
Guidance and outlook
Forward-looking statements, 10-Q filed Nov 6, 2026
- We anticipate selling our remaining residential lots to homebuilders either upon completion of horizontal lot development or in bulk as unimproved lots.
- We currently expect such sales to occur over the next two years; however, it could take substantially longer.
- We anticipate selling the golf course operations to a third party upon completion of residential lot sellout.
- As of September 30, 2026, we owned assets that we expect to monetize primarily through asset sales, loan repayments or active asset management.
- For the assets with no carrying value, we may seek to sell these assets but can give no assurance that we will recover any value from them.
- Accessing incremental borrowings under the Safe Credit Facility will increase our interest expense because the interest rate on all borrowings increases to 10.0% per annum while incremental borrowings remain outstanding.
- As we execute future sales and have fewer remaining residential and development assets, we expect our land development revenue will decline.
- The recovery of loan losses for the nine months ended September 30, 2025 resulted primarily from a net decrease in the balance of our loan portfolio during the period and an improving economic forecast.
- We do not expect to pay regular dividends.
- We intend to make distributions of available cash from time to time, primarily dependent upon our ability to sell assets and the prices at which we sell our assets.
- Our sources of cash will be largely dependent on asset sales, which are difficult to predict in terms of timing and amount.
- While we may be able to anticipate and plan for certain liquidity needs, there may be unexpected increases in uses of cash that are beyond our control and which would affect our financial position, liquidity and results of operations, such as prepayments on the Margin Loan Facility resulting from declines in the market value of the Safe Shares.
Star's latest quarter
Star, Q3 2026: revenue $39.9M (+42% year over year), operating margin 8.9%, net loss $45.1M, operating cash flow −$9.2M. The chart follows the revenue to costs, profit and cash.
Questions
What does Star expect?
We anticipate selling our remaining residential lots to homebuilders either upon completion of horizontal lot development or in bulk as unimproved lots. We currently expect such sales to occur over the next two years; however, it could take substantially longer. We anticipate selling the golf course operations to a third party upon completion of residential lot sellout.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.