Star Holdings extends $115M Safehold term loan to March 2029, pays $2.4M fee; termination fee raised to $62.5M

Star Holdings

Third Amendment to the Safehold credit agreement extends the $115.0M term loan maturity to March 31, 2029, with an option to extend to September 30, 2029 at a 0.5% fee and +1.0% rate (9.00% vs 8.00%).
Star Holdings paid Safehold a $2.4M maturity extension fee; the outstanding term loan principal balance was $115.0M with no borrowings on the incremental facility.
New restricted-payments basket allows repurchases of up to $10.0M of common shares once the margin loan is paid down by at least $40.0M; no additional margin loan borrowings permitted.
Second Amendment to the Management Agreement raises the Termination Fee to $62.5M from $55.0M and sets minimum quarterly fees of $1.25M (year ending 3/31/2028) and $625,000 (year ending 3/31/2029).
On September 30, 2026, Star paid down its margin loan facility from $94.5M to $46.5M using roughly $30.0M of asset sale proceeds and $18.0M of restricted cash.

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