11-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 11-K

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

OR

o TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 001-38704

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

(formerly the HUDSON GLOBAL, INC. 401(k) SAVINGS PLAN)

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

STAR EQUITY HOLDINGS, INC.

53 Forest Avenue, Suite 101, Old Greenwich, CT 06870

STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

DECEMBER 31, 2025 and 2024

INDEX TO FORM 11-K

	Page
Report of Independent Registered Public Accounting Firm	1
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024	2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025	3
Notes to Financial Statements	4
Supplemental Schedule*:
Schedule H (Form 5500), Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025	11
Signature	12
Exhibit Index	13

* All other supplemental schedules and notes for which provision is made in the applicable rules and regulations of the Department of Labor Regulations are not required under the related instructions or are inapplicable and, therefore, have been omitted.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Administrator and Participants

Star Equity Holdings, Inc. 401(k) Savings Plan    

Old Greenwich, Connecticut

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Star Equity Holdings, Inc. 401(k) Savings Plan (the Plan) as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024 and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2025, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Wolf & Company, P.C.

We have served as the Plan's auditor since 2022.

Boston, Massachusetts

June 26, 2026

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STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

	As of December 31,
	2025		2024
Assets:
Investments, at fair value	$	38,706,231	$	35,907,852
Receivables:
Members' loans receivable	81,707		35,595
Employer match receivable	206,158		215,634
Total receivables	287,865		251,229
Total assets	$	38,994,096	$	36,159,081
Liabilities:
Accrued expenses	53,596		50,625
Total liabilities	53,596		50,625
Net assets available for benefits	$	38,940,500	$	36,108,456

The accompanying notes are an integral part of these financial statements.

2

STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

YEAR ENDED DECEMBER 31, 2025

Changes in net assets attributed to:
Investment income:
Interest and dividend income	$	1,414,588
Net appreciation in fair value of investments	3,702,153
Net investment income	5,116,741
Interest income on loans receivable from members	4,002
Contributions:
Members	633,949
Employer, net of forfeitures	206,158
Rollovers	214,179
Total contributions	1,054,286
Total net additions	6,175,029
Other Activities:
Benefits paid to members	3,239,778
Administrative expenses	103,207
Total deductions from other activities	3,342,985
Net increase in net assets available for benefits	2,832,044
Net assets available for benefits, beginning of year	36,108,456
Net assets available for benefits, end of year	$	38,940,500

The accompanying notes are an integral part of these financial statements.

3

STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

NOTE 1. DESCRIPTION OF THE PLAN

Effective December 12, 2025, the Hudson Global, Inc. 401(k) Savings Plan was amended and renamed the Star Equity Holdings, Inc. 401(k) Savings Plan. The amendment also reflects that Star Equity Holdings, Inc. (“Star Equity” or the “Company” or the “Employer”) is the sponsoring employer and plan administrator of the Plan. Star Equity’s principal executive offices are located at 53 Forest Avenue, Suite 101, Old Greenwich, CT 06870, and its telephone number is (203) 489‑9500.

The following description of the Star Equity Holdings, Inc. 401(k) Savings Plan (the “Plan,” formerly the Hudson Global, Inc. 401(k) Savings Plan) provides only general information. Participating members (“members” or “participants”) should refer to the Prototype Plan Document and the Summary Plan Description for a complete description of the Plan's provisions. The Plan was adopted as of April 1, 2003 (the "Effective Date") by the Board of Directors of Star Equity for the benefit of its eligible employees and the eligible employees of any other designated organization and its participating subsidiaries.

General

The Plan is a defined contribution plan available to United States ("U.S.") employees of the Company and certain of its participating subsidiaries. Eligible employees include all full-time, part-time, and short-term temporary employees other than (1) union employees unless the collective bargaining agreement provides for eligibility in the Plan, (2) any nonresident alien with no U.S. source income, and (3) any "leased employee" as defined in Section 414(n) of the Internal Revenue Code (the "Code"), and are eligible to participate in the Plan as soon as administratively possible following their hire date. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the Internal Revenue Code of 1986, as amended.

The Company is the administrator of the Plan ("Plan Administrator"). The Company has delegated the authority to administer the Plan on its behalf to an administrative committee (the "Committee").

Contributions

A member may elect to make contributions on a pre-tax or post-tax basis to the Plan in amounts equal to a whole percentage of the member's eligible compensation, subject to Internal Revenue Service ("IRS") regulations. Employees who have or will have attained age 50 as of the end of the Plan year may elect catch-up contributions up to a statutory limit ($7,500 for 2025).

The Company, in its sole discretion, may make matching contributions after the end of each plan year to each member's account in an amount equal to 50% of a member's qualified contributions for the plan year (not including catch-up contributions), which is between 1% and 6% of a member's eligible compensation. Under this formula, a member can receive a maximum matching contribution of 3% of eligible compensation. Matching contributions are allocated to Plan participants who were active employees or who were disabled on the last day of the plan year, or to participants who died or retired during the plan year. Members receive matching contributions in either the Company's common stock fund ("Star Equity Holdings Stock Fund") or cash based on the Company's discretion. Matching contributions may be redirected immediately, subject to applicable Company policy, after they are allocated to the members' accounts. In May 2026, the Company funded $206,158 as its matching cash contribution and $0 for its qualified non-elective contribution for 2025.

The Company may make discretionary contributions in addition to the matching contributions in such amounts, if any, as may be determined by the Company's Board of Directors, in its sole discretion. Any such amount will not be in excess of the maximum amount deductible by the Company for tax purposes. There were no discretionary contributions in 2025.

The Plan also accepts rollover contributions (i.e., amounts which can be rolled over into a tax qualified plan from another employer's qualified plan or an individual retirement account).

4

STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

Members' Accounts

Each member's account is credited with the elective contributions made by the member and with Company matching and discretionary contributions for which that member is eligible. Members direct the investment of the contributions credited to their account into one or more of the investment funds which are available to them. For those members who do not make investment elections, contributions will default to the appropriate Charles Schwab Managed Retirement Fund based on expected retirement date. Members may also individually manage their investments in a self-directed brokerage account.

Company matching contributions may be made in either cash or units of the Star Equity Holdings Stock Fund; however, members may immediately redirect these contributions once allocated, subject to applicable Company policy. Each member's account will be credited with its share of net investment earnings, including net appreciation or depreciation of the funds in which that account is invested. The benefit to which a member is entitled is the amount that can be provided from the member's vested account.

The Company's common stock held in the Star Equity Holdings Stock Fund is voted by Charles Schwab Trust Company (the "Trustee") at the Company’s stockholder meetings in accordance with the confidential instructions of the members whose accounts are invested in the common stock. All shares of the Company's common stock for which the Trustee receives voting instructions from members to whose accounts the shares are allocated are voted in accordance with those instructions. All shares of the Company's common stock for which the Trustee does not receive timely voting instructions are voted by the Trustee in the same proportion on each issue as it votes those shares credited to members’ accounts for which it has received voting instructions from participants.

Vesting

Members vest 40% after two years of service and an additional 20% every year thereafter until completion of the fifth year of service when they are 100% vested in the Company's matching and discretionary contributions. A member also becomes fully vested in his or her Company contribution account upon disability, death, or upon reaching age 55. Members are always 100% vested in their own contributions and earnings thereon.

Member Loans

Members may borrow from their vested fund accounts a minimum amount of $1,000 up to a maximum amount equal to the lesser of 50% of their vested account balance or $50,000, minus the highest outstanding loan balance they had in the preceding twelve months. A member may have a maximum of two loans outstanding at any time. Loans must (a) bear a reasonable market rate of interest, (b) be for a term of no more than five years (10 years if the loan is for the purpose of purchasing a principal residence), (c) be adequately secured by the balances in the member's accounts, (d) be repaid in level installments by payroll deductions, and (e) be subject to charges as imposed by the Committee. If a loan is not repaid, the Committee will cause the Trustee to deduct the total amount of the loan, with interest and other charges, from any payment or distribution. A loan may be repaid in full at any time. Partial repayments are not permitted under the Plan. The Plan values member loans receivable at cost plus accrued interest.

The carrying value of the member loans was $81,707 and $35,595, which includes accrued interest on member loans of $333 and $128 as of December 31, 2025 and 2024, respectively.  The interest rates on member loans ranged from 7.25% to 8.50% and mature on various dates through October 16, 2030. The interest rate on new loans was 6.75% as of December 31, 2025.

5

STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

Payments of Benefits

On termination of service due to death, disability, retirement, or other reasons, a member or member's beneficiary may elect to receive (1) a lump sum amount equal to the value of the member's vested account balance, (2) subject to certain conditions, annual installments over a certain period as selected by the member which does not exceed the member's life expectancy or the joint life expectancies of the member and the member's beneficiary, or (3) a combination of (1) and (2). The Plan automatically rolls over terminated member vested account balances between $1,000 and $5,000 to a Charles Schwab Individual Retirement Account if the member does not elect another form of distribution. Members may also elect to defer distributions subject to certain conditions. Participants may elect a lump sum cash payment or direct rollover for account balances under $1,000. Members can receive in-service distributions from all their accounts under the Plan on or after attaining age 59½ and from their salary deferral account if they have a financial hardship. Hardship withdrawals must be approved by the Plan Administrator.

Forfeitures

A member who is not 100% vested in the Company contributions and is terminated prior to age 55 for reasons other than death or disability shall forfeit the non-vested portion of Company contributions. As of December 31, 2025 and 2024, forfeited non-vested Company contributions totaled $5,888 and $46,175, respectively. Forfeiture balances are principally maintained in a stable value fund until they are utilized. Forfeiture balances may be applied against reasonable Plan expenses as defined in the Plan document and may be used to reduce subsequent Company contributions. If the member is subsequently re-employed by the Company, such forfeited amount shall be restored to the member's account, as defined in the Plan. During the year ended December 31, 2025, the Company used forfeitures of $5,956 to fund employer contributions, and forfeitures of $45,397 to pay administrative expenses of the Plan.

Risks and Uncertainties

The Plan provides for various investment options in the Company's common stock, self-directed brokerage accounts, registered investment companies, and investment in common/collective trusts. The Plan's exposure to credit loss in the event of nonperformance of investments is limited to the carrying value of such investments. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities may occur in the near term and that such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits and members' account balances.

The Plan provides for investment in the Star Equity Holdings Stock Fund. As of each of December 31, 2025 and 2024, less than 1% of the Plan's total net assets were invested in the Star Equity Holdings Stock Fund. The underlying value of the Star Equity Holdings Stock Fund is dependent upon a number of factors including macroeconomic conditions, interest rates, the Company's financial performance, and the market's evaluation of such performance.

Plan Termination

While the Company has not expressed any intent to discontinue its contributions or terminate the Plan, it may do so at any time subject to the provisions of ERISA, as amended, and the Code. If this were to occur, all the members of the Plan would become fully vested in the amounts in their accounts, including the Company contributions.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements of the Plan are prepared under the accrual method of accounting as required by accounting principles generally accepted in the United States of America ("GAAP").

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STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management and the Plan Trustee to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Investment Options and Restrictions

All of the funds contributed are held by the Plan in trust (see Note 5) and are invested by the Trustee in investment funds in accordance with each member's instructions. The investment funds available under the Plan are to be maintained by a bank, trust company, insurance company, mutual fund company, or investment company. From time to time, the Committee may designate additional investment funds, withdraw the designation of investment funds, or change designated investment funds.

Investment Valuation and Income Recognition

Investments are stated at fair value, which is determined based on the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements. Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) presented in the Statement of Changes in Net Assets Available for Benefits includes the Plan's gains and losses on investments bought and sold during the year, as well as unrealized appreciation (depreciation) for investments held at the end of the year.

Contributions

Contributions from Plan participants and employer matching contributions are recorded in the year in which the employee contributions are withheld from compensation.

Related Party and Party in Interest Transactions

Certain Plan investments are shares of registered investment companies and common/collective trusts managed by an affiliate of the Charles Schwab Trust Company. Charles Schwab Trust Company is the trustee of the Plan and, therefore, these transactions qualify as party-in-interest transactions. The expenses of administering the Plan are generally paid by the Company except for certain trustee and investment management fees, which are charged to the Plan. Administrative expenses incurred by the Plan for services performed by the Trustee totaled $66,427 for the year ended December 31, 2025. Investment management expenses, which are paid to an affiliate of the Trustee, are paid from the investment funds and are reflected in the net appreciation (depreciation) of those investments. The Star Equity Holdings Stock Fund and member loans are also assets that qualify as party-in-interest transactions. The Plan's investment in the Star Equity Holdings Stock Fund, which principally invests in the Company's common stock, was $152,952 and $165,170 as of December 31, 2025 and 2024, respectively.

Member Loans

Member loans are measured at their unpaid principal balance. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred.

Administrative Expenses

Transaction and investment manager fees for each fund are charged against the Plan's assets and related rates of return. In general, other expenses of administering the Plan are paid by the Company, unless otherwise indicated in the Plan document. Qualified domestic relations order fees and certain other transaction fees are paid by the members.

Benefits Paid to Members

Benefits paid to members are recorded when paid.

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STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

NOTE 3. FAIR VALUE MEASUREMENTS

FASB ASC 820, "Fair Value Measurements," (ASC 820) establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described as follows:

Level 1    Quoted prices in active markets for identical assets or liabilities.

Level 2    Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or that we corroborate with observable market data for substantially the full term of the related assets or liabilities.

Level 3    Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities.

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Following is a description of the valuation methodologies used for assets at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024. 

Common/Collective Trusts:	Valued based on the value of the underlying assets held less liabilities, which are measured at the closing net asset value ("NAV") per unit (or the equivalent) using the practical expedient. This practical expedient would not be used if it is determined to be probable that the fund will sell the investments for an amount different from the reported NAV. The fair value of the Plan's investments in common/collective trusts are calculated each business day and can be redeemed on a daily basis without restriction. There are no unfunded commitments.
Registered Investment Companies:	Valued at the NAV (quoted market prices) of shares held by the Plan.
Star Equity Holdings Stock Fund:	The Star Equity Holdings Stock Fund is a unitized stock fund. The fund consists of both Star Equity Holdings, Inc. common stock and a short-term cash component that provides liquidity for daily trading. Star Equity Holdings, Inc. common stock is valued at the quoted market price from a national securities exchange and the short-term cash investment is valued at cost, which approximates fair value. Beginning in 2021, the Star Equity Holdings Stock Fund is classified as Level 1 of the fair value hierarchy. The Star Equity Holdings, Inc. common stock component is included within "Star Equity Holdings Common Stock" and the short-term cash component is included within "Money Market Account".
Self-Directed Brokerage Accounts	Consists primarily of common stocks and mutual funds valued at quoted prices in active markets.

The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2025 and 2024.

	December 31, 2025
	Level 1		Total
Registered Investment Companies	$	28,305,163	$	28,305,163
Self-Directed Brokerage Accounts	1,600,582		1,600,582
Star Equity Holdings Common Stock	147,915		147,915
Money Market Account	5,037		5,037
Total investments at fair value	$	30,058,697	30,058,697
Common/Collective Trusts (a)			8,647,534
Total investments at net asset value			8,647,534
Total investments			$	38,706,231

	December 31, 2024
	Level 1		Total
Registered Investment Companies	$	26,147,914	$	26,147,914
Self-Directed Brokerage Accounts	1,272,631		1,272,631
Star Equity Holdings Common Stock	157,879		157,879
Money Market Account	7,291		7,291
Total investments at fair value	$	27,585,715	27,585,715
Common/Collective Trusts (a)			8,322,137
Total investments at net asset value			8,322,137
Total investments			$	35,907,852

(a)     In accordance with FASB authoritative guidance regarding fair value measurement, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.

NOTE 4. INCOME TAX STATUS

Effective January 1, 2009, the Plan adopted a non-standardized prototype plan sponsored by Charles Schwab Trust Company. Effective June 1, 2022, the Plan was restated to adopt a new plan document to comply with tax law changes. Schwab Retirement Plan Services, Inc. obtained an opinion letter of the Plan dated September 21, 2020, from the IRS stating that the form of the Plan is acceptable under section 401 of the Code for use by employers for the benefit of the employees. The Plan has been amended since receiving the opinion letter; however, the Plan Administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Accordingly, no provision for income taxes has been included in the Plan's financial statements.

The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

NOTE 5. TRUSTEE AND RECORDKEEPER

The funds of the Plan are maintained under a trust with the Trustee. The duties and authority of the Trustee are defined in the related Trust Agreement.

9

STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

The recordkeeper of the Plan is Charles Schwab Retirement Plan Services. The duties of the recordkeeper include administration of the trust fund (including income there from) at the direction of the Trustee, and the payment of benefits and loans to Plan members, and the payment of expenses incurred by the Plan in accordance with instructions from the Plan Administrator and Trustee (with the option given to members to individually direct the investment of their interest in the Plan). The recordkeeper is also responsible for the maintenance of the individual member records and to provide statements to the members detailing their interest in the Plan.

NOTE 6. SUBSEQUENT EVENTS

The Plan Administrator has evaluated events occurring subsequent to December 31, 2025, through June 26, 2026, the date these financial statements were available to be issued.

On February 5, 2026, the Company adopted an amendment to the Plan, effective January 1, 2026, modifying the vesting provisions for employer matching and non-elective contributions so that participants are fully vested in such contributions attributable to periods on and after January 1, 2026, subject to certain grandfathered provisions.

On December 10, 2025, the Compensation Committee of the Company's Board of Directors approved, effective January 1, 2026, a change from an annual to a quarterly matching contribution, with approval authority delegated to the Company's Chief Executive Officer and Chief Operating Officer.

In connection with the Company's acquisition of Star Operating Companies, Inc. (formerly known as Star Equity Holdings, Inc.), the 401(k) plan covering employees of Star Operating Companies, Inc., EdgeBuilder, Inc., KBS Builders, Inc., and Timber Technologies Solutions Inc. will be merged into the Plan in accordance with the applicable provisions of the Internal Revenue Code and ERISA.

Other than the matters described above, there were no additional material subsequent events requiring disclosure in the accompanying financial statements.

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STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

SCHEDULE H (Form 5500), LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2025

Employer Identification Number: 59-3547281

Plan Number: 001

		( c )
		Description of investment including maturity
	(b)	date, rate of interest, collateral, par, or	(d) Cost
(a)	Identity of issuer, borrower, lessor, or similar party	maturity value	***	Current value
	State Street Global Advisors	State Street Instl. US Govt MMkt Admin- Money Market Account - 5,037 shares		$	5,037
	American Beacon Advisors Inc	American Beacon Large Cap Value Inv- Registered investment company - 83,932 shares		2,261,138
	Artisan Partners Holdings LP	Artisan International Value Investor- Registered investment company - 20,782 shares		1,114,119
	J.P. Morgan Investment Management Inc.	JPMorgan Midcap Growth - Registered investment company - 41,198 shares		2,043,416
	Loomis, Sayles & Company, LP	Loomis Sayles Small Cap Value- Registered investment company - 38,830 shares		779,326
	The Vanguard Group, Inc.	Vanguard Balanced Index Admiral- Registered investment company - 42,235 shares		2,188,197
	The Vanguard Group, Inc.	Vanguard International Growth Admiral- Registered investment company - 21,079 shares		2,402,745
	Pacific Investment Management Company, LLC	PIMCO Total Return Fund Class A- Registered investment company - 165,138 shares		1,463,123
*	Charles Schwab Investment Management, Inc.	Schwab S&P 500 Index Fund- Registered investment company - 538,087 shares		9,438,038
	T. Rowe Price	T. Rowe Price Blue Chip Growth - Registered investment company - 31,452 shares		6,615,061
	Principal Global Investors Trust Company	Morley Stable Value Fund- Common collective trust fund - 85,076 shares		2,578,324
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust 2010 Cl IV- Common collective trust fund - 2,934 shares		109,015
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust 2020 Cl IV- Common collective trust fund - 16,388 shares		730,590
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust 2030 Cl IV- Common collective trust fund - 31,383 shares		1,798,584
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust 2040 Cl IV- Common collective trust fund - 36,580 shares		2,433,296
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust 2050 Cl IV- Common collective trust fund - 22,522 shares		854,716
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust 2060 Cl IV- Common collective trust fund - 2,222 shares		62,113
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust Inc Cl IV- Common collective trust fund - 3,174 shares		80,896
*	Star Equity Holdings, Inc.	Star Equity Holdings, Inc. Stock Fund - Employer securities -  13,148 shares		147,915
**		Various - self-directed brokerage accounts		1,600,582
	Total investments			$	38,706,231
*		Participant loans, with varying maturity dates ranging from 2026 to 2030, and interest rates ranging from 7.25% to 8.50%		$	81,707

*    A party-in-interest as defined by ERISA.

**    Self-Directed Brokerage Accounts include investments of $364,241 in registered investment companies that are parties-in-interest as defined by ERISA.

***    Cost omitted for participant-directed investments

See accompanying Report of Independent Registered Public Accounting Firm.

11

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Compensation Committee of Star Equity Holdings, Inc. has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Star Equity Holdings, Inc. 401(k) Savings Plan
(Name of Plan)
By:	/s/MATTHEW K. DIAMOND
	Matthew K. Diamond
	Chief Accounting Officer
	(Principal Financial Officer)
	Star Equity Holdings, Inc.
Date:	June 26, 2026

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STAR EQUITY HOLDINGS, INC. 401(k) SAVINGS PLAN

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
23.1	Consent of Wolf & Company, P.C.

13

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Star Equity Holdings, Inc. 401(k) Savings Plan

Old Greenwich, Connecticut

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (333-104210 and 333-161170) of Star Equity Holdings, Inc. of our report dated June 26, 2026, relating to the financial statements and supplemental schedule of the Star Equity Holdings, Inc. 401(k) Savings Plan which appear in this Form 11-K for the year ended December 31, 2025.

/s/ Wolf & Company, P.C.

Boston, Massachusetts

June 26, 2026

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Cover	12 Months Ended
	Dec. 31, 2025
Document Information [Line Items]
Document Type	11-K
Entity Registrant Name	STAR EQUITY HOLDINGS, INC.
Amendment Flag	false
Entity Central Index Key	0001210708
EBP 001
Document Information [Line Items]
Document Type	11-K
Entity Registrant Name	STAR EQUITY HOLDINGS, INC.
Amendment Flag	false
Entity Central Index Key	0001210708

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Statements of Net Assets Available for Benefits - EBP 001 - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Assets:
Investments, at fair value	$ 38,706,231	$ 35,907,852
Receivables:
Members' loans receivable	81,707	35,595
Employer match receivable	206,158	215,634
Total receivables	287,865	251,229
Total assets	38,994,096	36,159,081
Liabilities:
Accrued expenses	53,596	50,625
Total liabilities	53,596	50,625
Net assets available for benefits	$ 38,940,500	$ 36,108,456

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Statement of Changes in Net Assets Available for Benefits - EBP 001	12 Months Ended
	Dec. 31, 2025 USD ($)
Investment income:
Interest and dividend income	$ 1,414,588
Net appreciation in fair value of investments	3,702,153
Net investment income	5,116,741
Contributions:
Interest income on loans receivable from members	4,002
Members	633,949
Employer, net of forfeitures	206,158
Rollovers	214,179
Total contributions	1,054,286
Total net additions	6,175,029
Other Activities:
Benefits paid to members	3,239,778
Administrative expenses	103,207
Total deductions from other activities	3,342,985
Net increase in net assets available for benefits	2,832,044
Net assets available for benefits, beginning of year	36,108,456
Net assets available for benefits, end of year	$ 38,940,500

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Description of the Plan

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Description of Plan [Line Items]

Description of the Plan

DESCRIPTION OF THE PLAN

Effective December 12, 2025, the Hudson Global, Inc. 401(k) Savings Plan was amended and renamed the Star Equity Holdings, Inc. 401(k) Savings Plan. The amendment also reflects that Star Equity Holdings, Inc. (“Star Equity” or the “Company” or the “Employer”) is the sponsoring employer and plan administrator of the Plan. Star Equity’s principal executive offices are located at 53 Forest Avenue, Suite 101, Old Greenwich, CT 06870, and its telephone number is (203) 489‑9500.

The following description of the Star Equity Holdings, Inc. 401(k) Savings Plan (the “Plan,” formerly the Hudson Global, Inc. 401(k) Savings Plan) provides only general information. Participating members (“members” or “participants”) should refer to the Prototype Plan Document and the Summary Plan Description for a complete description of the Plan's provisions. The Plan was adopted as of April 1, 2003 (the "Effective Date") by the Board of Directors of Star Equity for the benefit of its eligible employees and the eligible employees of any other designated organization and its participating subsidiaries.

General

The Plan is a defined contribution plan available to United States ("U.S.") employees of the Company and certain of its participating subsidiaries. Eligible employees include all full-time, part-time, and short-term temporary employees other than (1) union employees unless the collective bargaining agreement provides for eligibility in the Plan, (2) any nonresident alien with no U.S. source income, and (3) any "leased employee" as defined in Section 414(n) of the Internal Revenue Code (the "Code"), and are eligible to participate in the Plan as soon as administratively possible following their hire date. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the Internal Revenue Code of 1986, as amended.

The Company is the administrator of the Plan ("Plan Administrator"). The Company has delegated the authority to administer the Plan on its behalf to an administrative committee (the "Committee").

Contributions

A member may elect to make contributions on a pre-tax or post-tax basis to the Plan in amounts equal to a whole percentage of the member's eligible compensation, subject to Internal Revenue Service ("IRS") regulations. Employees who have or will have attained age 50 as of the end of the Plan year may elect catch-up contributions up to a statutory limit ($7,500 for 2025).

The Company, in its sole discretion, may make matching contributions after the end of each plan year to each member's account in an amount equal to 50% of a member's qualified contributions for the plan year (not including catch-up contributions), which is between 1% and 6% of a member's eligible compensation. Under this formula, a member can receive a maximum matching contribution of 3% of eligible compensation. Matching contributions are allocated to Plan participants who were active employees or who were disabled on the last day of the plan year, or to participants who died or retired during the plan year. Members receive matching contributions in either the Company's common stock fund ("Star Equity Holdings Stock Fund") or cash based on the Company's discretion. Matching contributions may be redirected immediately, subject to applicable Company policy, after they are allocated to the members' accounts. In May 2026, the Company funded $206,158 as its matching cash contribution and $0 for its qualified non-elective contribution for 2025.

The Company may make discretionary contributions in addition to the matching contributions in such amounts, if any, as may be determined by the Company's Board of Directors, in its sole discretion. Any such amount will not be in excess of the maximum amount deductible by the Company for tax purposes. There were no discretionary contributions in 2025.

The Plan also accepts rollover contributions (i.e., amounts which can be rolled over into a tax qualified plan from another employer's qualified plan or an individual retirement account).

Members' Accounts

Each member's account is credited with the elective contributions made by the member and with Company matching and discretionary contributions for which that member is eligible. Members direct the investment of the contributions credited to their account into one or more of the investment funds which are available to them. For those members who do not make investment elections, contributions will default to the appropriate Charles Schwab Managed Retirement Fund based on expected retirement date. Members may also individually manage their investments in a self-directed brokerage account.

Company matching contributions may be made in either cash or units of the Star Equity Holdings Stock Fund; however, members may immediately redirect these contributions once allocated, subject to applicable Company policy. Each member's account will be credited with its share of net investment earnings, including net appreciation or depreciation of the funds in which that account is invested. The benefit to which a member is entitled is the amount that can be provided from the member's vested account.

The Company's common stock held in the Star Equity Holdings Stock Fund is voted by Charles Schwab Trust Company (the "Trustee") at the Company’s stockholder meetings in accordance with the confidential instructions of the members whose accounts are invested in the common stock. All shares of the Company's common stock for which the Trustee receives voting instructions from members to whose accounts the shares are allocated are voted in accordance with those instructions. All shares of the Company's common stock for which the Trustee does not receive timely voting instructions are voted by the Trustee in the same proportion on each issue as it votes those shares credited to members’ accounts for which it has received voting instructions from participants.

Vesting

Members vest 40% after two years of service and an additional 20% every year thereafter until completion of the fifth year of service when they are 100% vested in the Company's matching and discretionary contributions. A member also becomes fully vested in his or her Company contribution account upon disability, death, or upon reaching age 55. Members are always 100% vested in their own contributions and earnings thereon.

Member Loans

Members may borrow from their vested fund accounts a minimum amount of $1,000 up to a maximum amount equal to the lesser of 50% of their vested account balance or $50,000, minus the highest outstanding loan balance they had in the preceding twelve months. A member may have a maximum of two loans outstanding at any time. Loans must (a) bear a reasonable market rate of interest, (b) be for a term of no more than five years (10 years if the loan is for the purpose of purchasing a principal residence), (c) be adequately secured by the balances in the member's accounts, (d) be repaid in level installments by payroll deductions, and (e) be subject to charges as imposed by the Committee. If a loan is not repaid, the Committee will cause the Trustee to deduct the total amount of the loan, with interest and other charges, from any payment or distribution. A loan may be repaid in full at any time. Partial repayments are not permitted under the Plan. The Plan values member loans receivable at cost plus accrued interest.

The carrying value of the member loans was $81,707 and $35,595, which includes accrued interest on member loans of $333 and $128 as of December 31, 2025 and 2024, respectively.  The interest rates on member loans ranged from 7.25% to 8.50% and mature on various dates through October 16, 2030. The interest rate on new loans was 6.75% as of December 31, 2025.

Payments of Benefits

On termination of service due to death, disability, retirement, or other reasons, a member or member's beneficiary may elect to receive (1) a lump sum amount equal to the value of the member's vested account balance, (2) subject to certain conditions, annual installments over a certain period as selected by the member which does not exceed the member's life expectancy or the joint life expectancies of the member and the member's beneficiary, or (3) a combination of (1) and (2). The Plan automatically rolls over terminated member vested account balances between $1,000 and $5,000 to a Charles Schwab Individual Retirement Account if the member does not elect another form of distribution. Members may also elect to defer distributions subject to certain conditions. Participants may elect a lump sum cash payment or direct rollover for account balances under $1,000. Members can receive in-service distributions from all their accounts under the Plan on or after attaining age 59½ and from their salary deferral account if they have a financial hardship. Hardship withdrawals must be approved by the Plan Administrator.

Forfeitures

A member who is not 100% vested in the Company contributions and is terminated prior to age 55 for reasons other than death or disability shall forfeit the non-vested portion of Company contributions. As of December 31, 2025 and 2024, forfeited non-vested Company contributions totaled $5,888 and $46,175, respectively. Forfeiture balances are principally maintained in a stable value fund until they are utilized. Forfeiture balances may be applied against reasonable Plan expenses as defined in the Plan document and may be used to reduce subsequent Company contributions. If the member is subsequently re-employed by the Company, such forfeited amount shall be restored to the member's account, as defined in the Plan. During the year ended December 31, 2025, the Company used forfeitures of $5,956 to fund employer contributions, and forfeitures of $45,397 to pay administrative expenses of the Plan.

Risks and Uncertainties

The Plan provides for various investment options in the Company's common stock, self-directed brokerage accounts, registered investment companies, and investment in common/collective trusts. The Plan's exposure to credit loss in the event of nonperformance of investments is limited to the carrying value of such investments. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities may occur in the near term and that such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits and members' account balances.

The Plan provides for investment in the Star Equity Holdings Stock Fund. As of each of December 31, 2025 and 2024, less than 1% of the Plan's total net assets were invested in the Star Equity Holdings Stock Fund. The underlying value of the Star Equity Holdings Stock Fund is dependent upon a number of factors including macroeconomic conditions, interest rates, the Company's financial performance, and the market's evaluation of such performance.

Plan Termination

While the Company has not expressed any intent to discontinue its contributions or terminate the Plan, it may do so at any time subject to the provisions of ERISA, as amended, and the Code. If this were to occur, all the members of the Plan would become fully vested in the amounts in their accounts, including the Company contributions.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Accounting Policy [Line Items]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements of the Plan are prepared under the accrual method of accounting as required by accounting principles generally accepted in the United States of America ("GAAP").

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management and the Plan Trustee to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Investment Options and Restrictions

All of the funds contributed are held by the Plan in trust (see Note 5) and are invested by the Trustee in investment funds in accordance with each member's instructions. The investment funds available under the Plan are to be maintained by a bank, trust company, insurance company, mutual fund company, or investment company. From time to time, the Committee may designate additional investment funds, withdraw the designation of investment funds, or change designated investment funds.

Investment Valuation and Income Recognition

Investments are stated at fair value, which is determined based on the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements. Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) presented in the Statement of Changes in Net Assets Available for Benefits includes the Plan's gains and losses on investments bought and sold during the year, as well as unrealized appreciation (depreciation) for investments held at the end of the year.

Contributions

Contributions from Plan participants and employer matching contributions are recorded in the year in which the employee contributions are withheld from compensation.

Related Party and Party in Interest Transactions

Certain Plan investments are shares of registered investment companies and common/collective trusts managed by an affiliate of the Charles Schwab Trust Company. Charles Schwab Trust Company is the trustee of the Plan and, therefore, these transactions qualify as party-in-interest transactions. The expenses of administering the Plan are generally paid by the Company except for certain trustee and investment management fees, which are charged to the Plan. Administrative expenses incurred by the Plan for services performed by the Trustee totaled $66,427 for the year ended December 31, 2025. Investment management expenses, which are paid to an affiliate of the Trustee, are paid from the investment funds and are reflected in the net appreciation (depreciation) of those investments. The Star Equity Holdings Stock Fund and member loans are also assets that qualify as party-in-interest transactions. The Plan's investment in the Star Equity Holdings Stock Fund, which principally invests in the Company's common stock, was $152,952 and $165,170 as of December 31, 2025 and 2024, respectively.

Member Loans

Member loans are measured at their unpaid principal balance. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred.

Administrative Expenses

Transaction and investment manager fees for each fund are charged against the Plan's assets and related rates of return. In general, other expenses of administering the Plan are paid by the Company, unless otherwise indicated in the Plan document. Qualified domestic relations order fees and certain other transaction fees are paid by the members.

Benefits Paid to Members

Benefits paid to members are recorded when paid.

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Fair Value Measurements

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Investment, Fair Value and NAV [Line Items]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

FASB ASC 820, "Fair Value Measurements," (ASC 820) establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described as follows:

Level 1    Quoted prices in active markets for identical assets or liabilities.

Level 2    Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or that we corroborate with observable market data for substantially the full term of the related assets or liabilities.

Level 3    Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities.

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Following is a description of the valuation methodologies used for assets at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024. 

Common/Collective Trusts:	Valued based on the value of the underlying assets held less liabilities, which are measured at the closing net asset value ("NAV") per unit (or the equivalent) using the practical expedient. This practical expedient would not be used if it is determined to be probable that the fund will sell the investments for an amount different from the reported NAV. The fair value of the Plan's investments in common/collective trusts are calculated each business day and can be redeemed on a daily basis without restriction. There are no unfunded commitments.
Registered Investment Companies:	Valued at the NAV (quoted market prices) of shares held by the Plan.
Star Equity Holdings Stock Fund:	The Star Equity Holdings Stock Fund is a unitized stock fund. The fund consists of both Star Equity Holdings, Inc. common stock and a short-term cash component that provides liquidity for daily trading. Star Equity Holdings, Inc. common stock is valued at the quoted market price from a national securities exchange and the short-term cash investment is valued at cost, which approximates fair value. Beginning in 2021, the Star Equity Holdings Stock Fund is classified as Level 1 of the fair value hierarchy. The Star Equity Holdings, Inc. common stock component is included within "Star Equity Holdings Common Stock" and the short-term cash component is included within "Money Market Account".
Self-Directed Brokerage Accounts	Consists primarily of common stocks and mutual funds valued at quoted prices in active markets.

The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2025 and 2024.

	December 31, 2025
	Level 1		Total
Registered Investment Companies	$	28,305,163	$	28,305,163
Self-Directed Brokerage Accounts	1,600,582		1,600,582
Star Equity Holdings Common Stock	147,915		147,915
Money Market Account	5,037		5,037
Total investments at fair value	$	30,058,697	30,058,697
Common/Collective Trusts (a)			8,647,534
Total investments at net asset value			8,647,534
Total investments			$	38,706,231

	December 31, 2024
	Level 1		Total
Registered Investment Companies	$	26,147,914	$	26,147,914
Self-Directed Brokerage Accounts	1,272,631		1,272,631
Star Equity Holdings Common Stock	157,879		157,879
Money Market Account	7,291		7,291
Total investments at fair value	$	27,585,715	27,585,715
Common/Collective Trusts (a)			8,322,137
Total investments at net asset value			8,322,137
Total investments			$	35,907,852

(a)     In accordance with FASB authoritative guidance regarding fair value measurement, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.

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Income Tax Status

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Tax Status [Line Items]

Income Tax Status

INCOME TAX STATUS

Effective January 1, 2009, the Plan adopted a non-standardized prototype plan sponsored by Charles Schwab Trust Company. Effective June 1, 2022, the Plan was restated to adopt a new plan document to comply with tax law changes. Schwab Retirement Plan Services, Inc. obtained an opinion letter of the Plan dated September 21, 2020, from the IRS stating that the form of the Plan is acceptable under section 401 of the Code for use by employers for the benefit of the employees. The Plan has been amended since receiving the opinion letter; however, the Plan Administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Accordingly, no provision for income taxes has been included in the Plan's financial statements.

The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

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Trustee and Record Keeper

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Description of Plan [Line Items]

Trustee and Record Keeper

TRUSTEE AND RECORDKEEPER

The funds of the Plan are maintained under a trust with the Trustee. The duties and authority of the Trustee are defined in the related Trust Agreement.

The recordkeeper of the Plan is Charles Schwab Retirement Plan Services. The duties of the recordkeeper include administration of the trust fund (including income there from) at the direction of the Trustee, and the payment of benefits and loans to Plan members, and the payment of expenses incurred by the Plan in accordance with instructions from the Plan Administrator and Trustee (with the option given to members to individually direct the investment of their interest in the Plan). The recordkeeper is also responsible for the maintenance of the individual member records and to provide statements to the members detailing their interest in the Plan.

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Subsequent Events

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Subsequent Event [Line Items]

Subsequent Events

SUBSEQUENT EVENTS

The Plan Administrator has evaluated events occurring subsequent to December 31, 2025, through June 26, 2026, the date these financial statements were available to be issued.

On February 5, 2026, the Company adopted an amendment to the Plan, effective January 1, 2026, modifying the vesting provisions for employer matching and non-elective contributions so that participants are fully vested in such contributions attributable to periods on and after January 1, 2026, subject to certain grandfathered provisions.

On December 10, 2025, the Compensation Committee of the Company's Board of Directors approved, effective January 1, 2026, a change from an annual to a quarterly matching contribution, with approval authority delegated to the Company's Chief Executive Officer and Chief Operating Officer.

In connection with the Company's acquisition of Star Operating Companies, Inc. (formerly known as Star Equity Holdings, Inc.), the 401(k) plan covering employees of Star Operating Companies, Inc., EdgeBuilder, Inc., KBS Builders, Inc., and Timber Technologies Solutions Inc. will be merged into the Plan in accordance with the applicable provisions of the Internal Revenue Code and ERISA.

Other than the matters described above, there were no additional material subsequent events requiring disclosure in the accompanying financial statements.

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Schedule H, Line 4i – Schedule of Assets (Held At End of Year)

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Schedule of Asset Held for Investment [Line Items]

Schedule H, Line 4i – Schedule of Assets (Held At End of Year)

SCHEDULE H (Form 5500), LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2025

Employer Identification Number: 59-3547281

Plan Number: 001

		( c )
		Description of investment including maturity
	(b)	date, rate of interest, collateral, par, or	(d) Cost
(a)	Identity of issuer, borrower, lessor, or similar party	maturity value	***	Current value
	State Street Global Advisors	State Street Instl. US Govt MMkt Admin- Money Market Account - 5,037 shares		$	5,037
	American Beacon Advisors Inc	American Beacon Large Cap Value Inv- Registered investment company - 83,932 shares		2,261,138
	Artisan Partners Holdings LP	Artisan International Value Investor- Registered investment company - 20,782 shares		1,114,119
	J.P. Morgan Investment Management Inc.	JPMorgan Midcap Growth - Registered investment company - 41,198 shares		2,043,416
	Loomis, Sayles & Company, LP	Loomis Sayles Small Cap Value- Registered investment company - 38,830 shares		779,326
	The Vanguard Group, Inc.	Vanguard Balanced Index Admiral- Registered investment company - 42,235 shares		2,188,197
	The Vanguard Group, Inc.	Vanguard International Growth Admiral- Registered investment company - 21,079 shares		2,402,745
	Pacific Investment Management Company, LLC	PIMCO Total Return Fund Class A- Registered investment company - 165,138 shares		1,463,123
*	Charles Schwab Investment Management, Inc.	Schwab S&P 500 Index Fund- Registered investment company - 538,087 shares		9,438,038
	T. Rowe Price	T. Rowe Price Blue Chip Growth - Registered investment company - 31,452 shares		6,615,061
	Principal Global Investors Trust Company	Morley Stable Value Fund- Common collective trust fund - 85,076 shares		2,578,324
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust 2010 Cl IV- Common collective trust fund - 2,934 shares		109,015
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust 2020 Cl IV- Common collective trust fund - 16,388 shares		730,590
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust 2030 Cl IV- Common collective trust fund - 31,383 shares		1,798,584
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust 2040 Cl IV- Common collective trust fund - 36,580 shares		2,433,296
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust 2050 Cl IV- Common collective trust fund - 22,522 shares		854,716
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust 2060 Cl IV- Common collective trust fund - 2,222 shares		62,113
*	Charles Schwab Trust Bank	Schwab Managed Retirement Trust Inc Cl IV- Common collective trust fund - 3,174 shares		80,896
*	Star Equity Holdings, Inc.	Star Equity Holdings, Inc. Stock Fund - Employer securities -  13,148 shares		147,915
**		Various - self-directed brokerage accounts		1,600,582
	Total investments			$	38,706,231
*		Participant loans, with varying maturity dates ranging from 2026 to 2030, and interest rates ranging from 7.25% to 8.50%		$	81,707

*    A party-in-interest as defined by ERISA.

**    Self-Directed Brokerage Accounts include investments of $364,241 in registered investment companies that are parties-in-interest as defined by ERISA.

***    Cost omitted for participant-directed investments

See accompanying Report of Independent Registered Public Accounting Firm.

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Summary of Significant Accounting Policies (Policies) - EBP 001

12 Months Ended

Dec. 31, 2025

EBP, Accounting Policy [Line Items]

Basis of Presentation

Basis of Presentation

The accompanying financial statements of the Plan are prepared under the accrual method of accounting as required by accounting principles generally accepted in the United States of America ("GAAP").

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management and the Plan Trustee to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Investment Options and Restrictions and Investment Valuation and Income Recognition

Investment Options and Restrictions

All of the funds contributed are held by the Plan in trust (see Note 5) and are invested by the Trustee in investment funds in accordance with each member's instructions. The investment funds available under the Plan are to be maintained by a bank, trust company, insurance company, mutual fund company, or investment company. From time to time, the Committee may designate additional investment funds, withdraw the designation of investment funds, or change designated investment funds.

Investment Valuation and Income Recognition

Investments are stated at fair value, which is determined based on the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements. Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) presented in the Statement of Changes in Net Assets Available for Benefits includes the Plan's gains and losses on investments bought and sold during the year, as well as unrealized appreciation (depreciation) for investments held at the end of the year.

Contributions

Contributions

Contributions from Plan participants and employer matching contributions are recorded in the year in which the employee contributions are withheld from compensation.

Related Party and Party in Interest Transactions

Related Party and Party in Interest Transactions

Certain Plan investments are shares of registered investment companies and common/collective trusts managed by an affiliate of the Charles Schwab Trust Company. Charles Schwab Trust Company is the trustee of the Plan and, therefore, these transactions qualify as party-in-interest transactions. The expenses of administering the Plan are generally paid by the Company except for certain trustee and investment management fees, which are charged to the Plan.

Member Loans

Member Loans

Member loans are measured at their unpaid principal balance. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred.

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Investment, Fair Value and NAV [Line Items]

EBP, Investment, Fair Value and NAV

Following is a description of the valuation methodologies used for assets at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024. 

Common/Collective Trusts:	Valued based on the value of the underlying assets held less liabilities, which are measured at the closing net asset value ("NAV") per unit (or the equivalent) using the practical expedient. This practical expedient would not be used if it is determined to be probable that the fund will sell the investments for an amount different from the reported NAV. The fair value of the Plan's investments in common/collective trusts are calculated each business day and can be redeemed on a daily basis without restriction. There are no unfunded commitments.
Registered Investment Companies:	Valued at the NAV (quoted market prices) of shares held by the Plan.
Star Equity Holdings Stock Fund:	The Star Equity Holdings Stock Fund is a unitized stock fund. The fund consists of both Star Equity Holdings, Inc. common stock and a short-term cash component that provides liquidity for daily trading. Star Equity Holdings, Inc. common stock is valued at the quoted market price from a national securities exchange and the short-term cash investment is valued at cost, which approximates fair value. Beginning in 2021, the Star Equity Holdings Stock Fund is classified as Level 1 of the fair value hierarchy. The Star Equity Holdings, Inc. common stock component is included within "Star Equity Holdings Common Stock" and the short-term cash component is included within "Money Market Account".
Self-Directed Brokerage Accounts	Consists primarily of common stocks and mutual funds valued at quoted prices in active markets.

The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2025 and 2024.

	December 31, 2025
	Level 1		Total
Registered Investment Companies	$	28,305,163	$	28,305,163
Self-Directed Brokerage Accounts	1,600,582		1,600,582
Star Equity Holdings Common Stock	147,915		147,915
Money Market Account	5,037		5,037
Total investments at fair value	$	30,058,697	30,058,697
Common/Collective Trusts (a)			8,647,534
Total investments at net asset value			8,647,534
Total investments			$	38,706,231

	December 31, 2024
	Level 1		Total
Registered Investment Companies	$	26,147,914	$	26,147,914
Self-Directed Brokerage Accounts	1,272,631		1,272,631
Star Equity Holdings Common Stock	157,879		157,879
Money Market Account	7,291		7,291
Total investments at fair value	$	27,585,715	27,585,715
Common/Collective Trusts (a)			8,322,137
Total investments at net asset value			8,322,137
Total investments			$	35,907,852

(a)     In accordance with FASB authoritative guidance regarding fair value measurement, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.

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Description of the Plan (Details) - EBP 001	1 Months Ended	12 Months Ended
	May 31, 2026 USD ($)	Dec. 31, 2025 USD ($) loan	Dec. 31, 2024 USD ($)
EBP, Description of Plan [Line Items]
Employer contribution, matching percentage		50.00%
Maximum employer contribution matching percentage		3.00%
Employer, net of forfeitures		$ 206,158
Employer contribution vesting percentage after two years of service		40.00%
Employer contribution incremental annual vesting percentage		20.00%
Employer contribution maximum vesting percentage		100.00%
Participant contribution vesting percentage		100.00%
Note receivable from participant account minimum borrowing amount		$ 1,000
Note receivable from participant account maximum borrowing to total account percentage		50.00%
Note receivable from participant account maximum borrowing amount		$ 50,000
Participant loan maximum number outstanding | loan		2
Participant loan maximum term		5 years
Participant loan maximum term principal residence		10 years
Members' loans receivable		$ 81,707	$ 35,595
Accrued interest on note receivable from participant		$ 333	128
Participant loan new interest rate		6.75%
Automatic rollover minimum threshold amount		$ 1,000
Automatic rollover maximum threshold amount		5,000
Mandatory lump sum distribution threshold amount		1,000
Forfeited nonvested account		5,888	$ 46,175
Forfeited nonvested account, decrease for employer contribution		5,956
Forfeited nonvested account, decrease for administrative expense		$ 45,397
Investment in employer common stock fund to total net assets percentage		1.00%	1.00%
Subsequent Event
EBP, Description of Plan [Line Items]
Employer, net of forfeitures	$ 206,158
Change in net asset available for benefit, increase for employer qualified nonelective contribution, cash	$ 0
Minimum
EBP, Description of Plan [Line Items]
Employer contribution, participant compensation matched, percentage		1.00%
Asset held for investment, participant loan, interest rate		725.00%
Maximum
EBP, Description of Plan [Line Items]
Employer contribution, participant compensation matched, percentage		6.00%
Asset held for investment, participant loan, interest rate		850.00%

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Summary of Significant Accounting Policies (Details) - EBP 001 - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
EBP, Accounting Policy [Line Items]
Administrative expenses	$ 103,207
Total investments	38,706,231	$ 35,907,852
EBP, Employer, Common Stock Fund
EBP, Accounting Policy [Line Items]
Total investments	152,952	$ 165,170
EBP, Trustee
EBP, Accounting Policy [Line Items]
Administrative expenses	$ 66,427

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Fair Value Measurements (Details) - EBP 001 - USD ($)	Dec. 31, 2025	Dec. 31, 2024
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	$ 38,706,231	$ 35,907,852
Fair Value, Inputs, Level 1, Level 2, and Level 3
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	30,058,697	27,585,715
Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	30,058,697	27,585,715
Fair Value Measured at Net Asset Value Per Share
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	8,647,534	8,322,137
Registered Investment Companies
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	28,305,163	26,147,914
Registered Investment Companies | Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	28,305,163	26,147,914
Self-Directed Brokerage Accounts
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	1,600,582	1,272,631
Self-Directed Brokerage Accounts | Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	1,600,582	1,272,631
Star Equity Holdings Common Stock
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	147,915	157,879
Star Equity Holdings Common Stock | Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	147,915	157,879
Money Market Account
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	5,037	7,291
Money Market Account | Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	5,037	7,291
Common/Collective Trusts
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	$ 8,647,534	$ 8,322,137

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Schedule H, Line 4i – Schedule of Assets (Held At End of Year) (Details) - EBP 001	12 Months Ended
	Dec. 31, 2025 USD ($) shares
EBP, Schedule of Asset Held for Investment [Line Items]
Entity tax identification number	59-3547281
Plan number	001
Current value	$ 38,706,231
Self-directed brokerage account, registered investment company, party-in-interest, current value	$ 364,241
Maximum
EBP, Schedule of Asset Held for Investment [Line Items]
Asset held for investment, participant loan, interest rate	850.00%
Minimum
EBP, Schedule of Asset Held for Investment [Line Items]
Asset held for investment, participant loan, interest rate	725.00%
Investment, Identifier [Axis]: American Beacon Advisors Inc | American Beacon Large Cap Value Inv- Registered investment company - 83,932 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 2,261,138
Investment number of shares (in shares) | shares	83,932
Investment, Identifier [Axis]: Artisan Partners Holdings LP | Artisan International Value Investor- Registered investment company - 20,782 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 1,114,119
Investment number of shares (in shares) | shares	20,782
Investment, Identifier [Axis]: Charles Schwab Investment Management, Inc. | Schwab S&P 500 Index Fund- Registered investment company - 538,087 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 9,438,038
Investment number of shares (in shares) | shares	538,087
Investment, Identifier [Axis]: Charles Schwab Trust Bank | Schwab Managed Retirement Trust 2010 Cl IV- Common collective trust fund - 2,934 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 109,015
Investment number of shares (in shares) | shares	2,934
Investment, Identifier [Axis]: Charles Schwab Trust Bank | Schwab Managed Retirement Trust 2020 Cl IV- Common collective trust fund - 16,388 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 730,590
Investment number of shares (in shares) | shares	16,388
Investment, Identifier [Axis]: Charles Schwab Trust Bank | Schwab Managed Retirement Trust 2030 Cl IV- Common collective trust fund - 31,383 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 1,798,584
Investment number of shares (in shares) | shares	31,383
Investment, Identifier [Axis]: Charles Schwab Trust Bank | Schwab Managed Retirement Trust 2040 Cl IV- Common collective trust fund - 36,580 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 2,433,296
Investment number of shares (in shares) | shares	36,580
Investment, Identifier [Axis]: Charles Schwab Trust Bank | Schwab Managed Retirement Trust 2050 Cl IV- Common collective trust fund - 22,522 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 854,716
Investment number of shares (in shares) | shares	22,522
Investment, Identifier [Axis]: Charles Schwab Trust Bank | Schwab Managed Retirement Trust 2060 Cl IV- Common collective trust fund - 2,222 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 62,113
Investment number of shares (in shares) | shares	2,222
Investment, Identifier [Axis]: Charles Schwab Trust Bank | Schwab Managed Retirement Trust Inc Cl IV- Common collective trust fund - 3,174 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 80,896
Investment number of shares (in shares) | shares	3,174
Investment, Identifier [Axis]: J.P. Morgan Investment Management Inc. | JPMorgan Midcap Growth - Registered investment company - 41,198 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 2,043,416
Investment number of shares (in shares) | shares	41,198
Investment, Identifier [Axis]: Loomis, Sayles & Company, LP | Loomis Sayles Small Cap Value- Registered investment company - 38,830 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 779,326
Investment number of shares (in shares) | shares	38,830
Investment, Identifier [Axis]: Pacific Investment Management Company, LLC | PIMCO Total Return Fund Class A- Registered investment company - 165,138 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 1,463,123
Investment number of shares (in shares) | shares	165,138
Investment, Identifier [Axis]: Principal Global Investors Trust Company | Morley Stable Value Fund- Common collective trust fund - 85,076 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 2,578,324
Investment number of shares (in shares) | shares	85,076
Investment, Identifier [Axis]: Star Equity Holdings, Inc. | Star Equity Holdings, Inc. Stock Fund - Employer securities - 13,148 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 147,915
Investment number of shares (in shares) | shares	13,148
Investment, Identifier [Axis]: State Street Global Advisors | State Street Instl. US Govt MMkt Admin- Money Market Account - 5,037 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 5,037
Investment number of shares (in shares) | shares	5,037
Investment, Identifier [Axis]: T. Rowe Price | T. Rowe Price Blue Chip Growth - Registered investment company - 31,452 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 6,615,061
Investment number of shares (in shares) | shares	31,452
Investment, Identifier [Axis]: The Vanguard Group, Inc. | Vanguard Balanced Index Admiral- Registered investment company - 42,235 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 2,188,197
Investment number of shares (in shares) | shares	42,235
Investment, Identifier [Axis]: The Vanguard Group, Inc. | Vanguard International Growth Admiral- Registered investment company - 21,079 shares
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 2,402,745
Investment number of shares (in shares) | shares	21,079
Investment, Identifier [Axis]: Various - self-directed brokerage accounts
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 1,600,582