Jay Sugarman - Mar 31, 2023 Form 4 Insider Report for Star Holdings (STHO)

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	* Price $	Shares After	Date	Ownership	Footnotes
transaction	STHO	Common Shares of Beneficial Interest	Other	$0	+364K	$0.00	364K	Mar 31, 2023	Direct	F1, F2
transaction	STHO	Common Shares of Beneficial Interest	Other	$0	+23.2K	$0.00	23.2K	Mar 31, 2023	By Family Trusts	F1, F2, F3
transaction	STHO	Common Shares of Beneficial Interest	Other	$0	+64K	$0.00	64K	Mar 31, 2023	By Foundation	F1, F2, F3
transaction	STHO	Common Shares of Beneficial Interest	Other	$0	+6.2K	$0.00	6.2K	Mar 31, 2023	By Spouse	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
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.