Star Holdings amends Morgan Stanley margin loan: Safehold prepay trigger cut to $8.00, $15.8M draw terminated

Star Holdings

Amendment No. 5 cuts the Share Price Trigger Threshold that forces mandatory prepayment of the margin loan from $10.00 to $8.00 on collateral shares of Safehold common stock.
The delayed draw commitment of up to $15.8 million, undrawn as of the amendment, is terminated along with the borrower's unused delayed draw fee.
Loan-to-value ratios that would require STAR SPV to post more collateral, or let it request a release of collateral, were also lowered.
The Margin Loan Facility had about $46.5 million outstanding principal before the amendment and is secured by a first-priority pledge of Safehold shares held by Star Holdings.
Lenders approved a one-time release of cash collateral (amount redacted under Item 601(b)(10)(iv)), applied per an agreed flow of funds on the October 9, 2026 effective date.

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