Safehold Inc. — Director's Dealing 2019

May 28, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Safehold Inc. (SAFE)
CIK: 0001688852
Period of Report: 2019-05-24

Reporting Person: ISTAR INC. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-24	Common stock, $0.01 par value per share	P	4787	$29.180	Acquired	20373272	Direct
2019-05-28	Common stock, $0.01 par value per share	P	4418	$29.257	Acquired	20373272	Direct

Footnotes

F1: On May 24 and May 28, 2019, the Reporting Person purchased an aggregate of 9,205 shares of common stock ("Shares") of Safehold Inc. (NYSE:SAFE), in open market transactions.

F2: As previously announced on Schedule 13D, as amended, on January 2, 2019, the Reporting Person entered into an Investor Unit Purchase Agreement with Safehold and Safehold Operating Partnership LP ("SAFE OP"), pursuant to which iStar purchased from SAFE OP 12,500,000 Investor Units at a purchase price of $20.00 per unit, for a total purchase price of $250.0 million. Safehold was required to seek stockholder approval to exchange the Investor Units for Shares on a one-for-one basis. On May 9, 2019, Safehold's stockholders approved the exchange. The exchange was completed and 12,500,000 Shares were issued to the Reporting Person of the close of business on May 13, 2019.