SCHEDULE 13G: TD Securities (USA) LLC Discloses 9.8% Stake in Star Holdings Following Merger with Cowen
Beneficial Ownership Report
TD Securities (USA) LLC has reported beneficial ownership of 9.8% of Star Holdings' common shares, succeeding Cowen and Company, LLC through a merger effective December 9, 2024.
Summary
- TD Securities (USA) LLC (TDS) has filed a Schedule 13G, reporting beneficial ownership of 1,299,902 common shares of Star Holdings.
- This ownership represents 9.8% of the class of Star Holdings' Common Shares of Beneficial Interest, $0.001 par value.
- TDS holds sole voting power and sole dispositive power over these 1,299,902 shares.
- The shares were previously owned by Cowen and Company, LLC (Cowen), and TDS became the successor in interest to Cowen by merger, effective December 9, 2024.
- The filing is jointly made by TDS, Cowen, Toronto Dominion Holdings USA Inc. (TDH), TD Group US Holdings LLC (TD GUS), and Toronto Dominion Bank (TD Bank).
- TDH is the sole owner of TDS, TD GUS is the sole owner of TDH, and TD Bank is the sole owner of TD GUS, indicating an indirect interest for TD Bank, TDH, and TD GUS in the reported shares.
- The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Star Holdings.
Sentiment
Score: 5
Explanation: The document is a factual disclosure of beneficial ownership following a merger, with no positive or negative implications for Star Holdings' operations or financial health explicitly stated. It is a neutral, compliance-driven filing.
Future Outlook
The document does not contain any forward-looking statements or guidance regarding Star Holdings' future performance or strategic direction.
Industry Context
This filing is a routine disclosure in the financial services industry, reflecting a change in beneficial ownership of a public company's shares due to a corporate merger. It highlights the consolidation activity within the brokerage and investment banking sector, where larger entities like TD Securities absorb smaller firms like Cowen, leading to a transfer of asset holdings.
Stakeholder Impact
- Shareholders: The beneficial ownership of 9.8% of Star Holdings' shares has transferred from Cowen to TD Securities (USA) LLC due to a merger. This is a change in the institutional holder of the shares, not a new investment or divestment by the underlying economic interest, and is unlikely to have a direct impact on Star Holdings' share price or operations.
- Employees, Customers, Suppliers, Creditors: No direct impact on these stakeholders of Star Holdings is indicated by this beneficial ownership filing.
Key Dates
| Date | Description |
|---|---|
| 12/09/2024 | Effective date of the merger between TD Securities (USA) LLC and Cowen and Company, LLC, making TDS the successor in interest to Cowen. |
| 12/31/2024 | Date of event which requires the filing of this statement (beneficial ownership as of year-end). |
| 02/11/2025 | Date the Schedule 13G was signed and filed. |
Keywords
Star Holdings, Beneficial Ownership, Schedule 13G, TD Securities (USA) LLC, Cowen and Company, LLC, Merger, Institutional Ownership, Common Shares, SEC Filing
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