Star Holdings — Director's Dealing 2023

Apr 17, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Star Holdings (STHO)
CIK: 0001953366
Period of Report: 2023-03-31

Reporting Person: SUGARMAN JAY (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-03-31	Common Shares of Beneficial Interest	J	364291	—	Acquired	364291	Direct
2023-03-31	Common Shares of Beneficial Interest	J	23235	—	Acquired	23235	Indirect
2023-03-31	Common Shares of Beneficial Interest	J	64017	—	Acquired	64017	Indirect
2023-03-31	Common Shares of Beneficial Interest	J	6203	—	Acquired	6203	Indirect

Footnotes

F1: On March 31, 2023, pursuant to an Agreement and Plan of Merger, dated August 10, 2022 (the "Merger Agreement"), iStar Inc. ("iStar") and Safehold Inc. ("SAFE)" completed the merger of SAFE with and into iStar ("Merger") with iStar surviving the Merger and changing its name to Safehold Inc. ("New SAFE"; NYSE: SAFE).

F2: Prior to the effective date of the Merger and in connection with the Merger, iStar separated its remaining legacy non-ground lease assets and businesses and certain other assets into a separate public company ("Star Holdings") by distributing to iStar's stockholders the issued and outstanding equity interests of Star Holdings (the "Spin-Off"), at a ratio of 0.153 Star Holdings common shares of beneficial interest for each iStar share of common stock. The Reporting Person acquired Star Holdings common shares of beneficial interest in the Spin-Off.

F3: The Reporting Person expressly disclaims beneficial ownership of these shares except to the extent of any pecuniary interest therein.