Brett Asnas
About Brett Asnas
Brett Asnas, age 41, is Star Holdings’ Chief Financial Officer (principal financial officer) and formerly its principal accounting officer; he became CFO of the external manager in February 2022, joined the manager in 2008, and previously served as EVP & Head of Capital Markets (2018–2022). He oversees capital markets, investor relations, treasury, finance, accounting, tax, strategy, IT, and ESG; prior roles include real estate private equity at Fortress Investment Group, real estate investment banking at Nomura Securities, and structured finance advisory at Ernst & Young; he holds a B.S. in Finance from Binghamton University . Star Holdings reported total revenues of $123.1 million in 2023 and $113.3 million in 2024, with net losses of $196.3 million in 2023 and $88.4 million in 2024, reflecting portfolio monetization, Safehold dividend income, and mark-to-market losses on Safehold shares .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Safehold Management Services Inc. (manager) | Chief Financial Officer | Feb 2022–present | Leads capital markets, IR, treasury, finance, accounting, tax, strategy, IT, ESG for Safehold/Star; manages lender/investor/rating agency relationships . |
| Safehold Management Services Inc. (manager) | EVP & Head of Capital Markets | 2018–2022 | Built financing and capital access for portfolio; oversaw market-facing functions . |
| Star Holdings (STHO) | CFO (principal financial officer) | Mar 2023–present | Company-level finance leadership under external manager; certifications on 10‑K/10‑Qs . |
| Star Holdings (STHO) | Principal Accounting Officer | Dec 31, 2023–Jul 7, 2025 | Bridged CAO transition; succeeded by new CAO in 2025 . |
| Fortress Investment Group | Real Estate Private Equity (prior) | Not disclosed | Deal execution and portfolio work in real estate PE . |
| Nomura Securities | Real Estate Investment Banking (prior) | Not disclosed | Transactions across single-asset, portfolio, corporate finance . |
| Ernst & Young LLP | Structured Finance Advisory (prior) | Not disclosed | Advisory on structured finance, supporting capital markets acumen . |
External Roles
No public company directorships or external board roles disclosed for Asnas by Star Holdings .
Fixed Compensation
Star Holdings does not pay its named executive officers; they are employees of the external manager (a wholly-owned subsidiary of Safehold). STHO pays fixed management fees to the manager; Safehold pays and determines executives’ compensation.
| Item | 2023 | 2024 | 2025/Forward | Notes |
|---|---|---|---|---|
| Management fee paid to manager (contract terms) | $25.0 million for term ended Mar 31, 2024 | $15.0 million for term ended Mar 31, 2025 | Declines to $10.0 million (year 3) and $7.5 million (year 4), then adjusts to 2.0% of gross book value of assets (excluding Safe shares) | STHO also recorded $17.5 million of management fees in 2024 in G&A and disclosed ~$18.0 million manager fees in 2024 in MD&A . |
| Aggregate base, annual bonus, and LTI paid by Safehold to STHO named executive officers | — | $5.0 million (Safehold-paid) | — | Safehold states this represented 29% of the 2024 management fee paid by STHO . |
Safehold reports its executives’ pay is allocated among base, short-term, and long-term incentives to emphasize variable, performance-based compensation; performance metrics are tied to Safehold’s activities and are unrelated to Star Holdings’ business .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Safehold program metrics (TSR, portfolio growth, profitability, etc.) | Not disclosed by STHO | Refer to Safehold 2025 proxy | Refer to Safehold 2025 proxy | Determined by Safehold | Determined by Safehold |
| STHO executive equity awards (RSUs/PSUs/options) | — | — | — | — | — |
Star Holdings disclosed no operative executive equity incentive plans; no stock options or equity-based awards were granted or outstanding for named executive officers in 2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (STHO common) | Brett Asnas: 0 shares beneficially owned; “—” reported; less than 1% of shares outstanding . |
| Shares outstanding (record date) | 13,319,552 as of Mar 21, 2025 . |
| Vested vs. unvested shares | No STHO executive stock awards outstanding as of Dec 31, 2024 . |
| Options (exercisable/unexercisable) | None; no options outstanding or exercised in 2024 . |
| Pledging | Executives/trustees prohibited from hedging; pledging requires prior Board-approved guidelines . |
| Ownership guidelines | Not disclosed by STHO . |
| Insider transactions (STHO) | Acquired 8,380 STHO shares at spin-off (03/31/2023; code J), then sold 8,380 shares on 05/23/2023; reported proceeds approx. $136,007 at ~$16.23 per share . |
No STHO RSU/option vesting schedules exist; insider selling pressure from award vesting is therefore limited for STHO .
Employment Terms
| Topic | STHO Disclosure |
|---|---|
| Employment agreements | None; STHO has no employment agreements with named executive officers . |
| Severance provisions | Not disclosed for executives; STHO pays manager per Management Agreement; termination fees apply to manager (not executive contracts) . |
| Change-of-control (COC) | No automatic single-trigger COC arrangements for named executive officers; no accelerated vesting since no equity plans . |
| Clawback policy | Nasdaq-compliant clawback for Covered Officers upon accounting restatement; recovery of erroneously awarded incentive compensation . |
| Insider trading policy | Quarterly blackout periods; pre-clearance required; policy attached as Exhibit 19.1 to FY2024 10‑K . |
| Hedging/pledging | Hedging prohibited; pledging/margin accounts only with prior approval under Board guidelines . |
| Non-compete/non-solicit | Not disclosed by STHO (executives employed by manager) . |
| Manager agreement economics | Term auto-renews annually; fees: $25.0m (term ended 3/31/2024), $15.0m (term ended 3/31/2025); declines to $10.0m and $7.5m, then 2% of gross book value excluding Safe shares; termination fee if without cause prior to fourth anniversary of spin-off: $55.0m minus fees paid; alternative fee structure if assets liquidated . |
Performance & Track Record (Company context during tenure)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Total revenue ($USD thousands) | $123,053 | $113,297 |
| Other income (includes Safe dividends) ($USD thousands) | $41,745 | $44,091 |
| Net income (loss) ($USD thousands) | $(196,290) | $(88,362) |
| Management fee in G&A ($USD thousands) | $19,700 (part of G&A) | $17,500 (part of G&A) |
| Unrealized loss on Safe shares ($USD thousands) | $(171,394) | $(66,531) |
Certifications: Asnas signs Sarbanes‑Oxley 302/906 certifications on STHO’s 10‑K and 10‑Qs through 2025 .
Compensation Structure Analysis
- External management model creates pay-for-performance dependence on Safehold’s metrics rather than Star Holdings’ asset monetization outcomes; Safehold explicitly states its executive performance metrics are unrelated to STHO .
- STHO’s lack of executive equity plans and no employment agreements reduce traditional alignment levers (no RSU/option retention hooks, no company-specific bonus formulas) .
- Manager termination fees (up to $55m minus fees paid) could discourage early termination and entrench the external management arrangement, indirectly affecting executive retention and incentives .
Compensation Peer Group (Benchmarking)
- Peer group, target percentile, and consultant usage for named executive compensation are determined by Safehold and detailed in Safehold’s 2025 proxy (not in STHO’s proxy) .
Say‑on‑Pay & Shareholder Feedback
- As an emerging growth company, STHO is not required to conduct advisory votes on executive compensation and provides scaled compensation disclosures; it remains exempt until no longer qualifying under JOBS Act thresholds .
Risk Indicators & Red Flags
- Alignment risk: CFO compensation and performance metrics tied to Safehold’s business rather than STHO’s monetization strategy .
- Ownership alignment: Asnas holds no STHO shares; no executive equity plans; minimal “skin in the game” at STHO .
- Governance economics: Manager termination fees and governance agreement constraints can affect strategic flexibility and change‑of‑control dynamics .
- Pledging/hedging controls: Strict policy reduces misalignment risk from hedging/pledging, with case‑by‑case approvals for pledging .
Investment Implications
- Pay-for-performance alignment is weak at the STHO entity level: executive incentives are set by Safehold and not tailored to STHO’s asset monetization KPIs, increasing execution‑misalignment risk for equity holders focused on STHO outcomes .
- Retention and selling pressure: With no STHO equity awards or vesting schedules, near‑term insider selling pressure from vesting is limited; Asnas’ only reported STHO trade was disposition of spin‑off shares in May 2023, and he currently reports zero beneficial STHO ownership .
- Governance and economics suggest potential entrenchment of the external manager (termination fee structure), which may dampen incentives to optimize STHO-specific capital allocation independent of Safehold priorities; investors should discount for this structural friction .
- Monitoring focus: Track Safehold compensation disclosures for CFO incentive metrics, STHO progress on asset sales and fee step-downs, and any changes to the management agreement or governance arrangements; these are the levers most likely to influence executive incentives and STHO value realization .