---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-115032"
form_type: "8-K"
ticker: "STHO"
cik: "0001953366"
company_name: "Star Holdings"
filed_at: "2026-10-09T20:01:25+00:00"
generated_at: "2026-10-12T15:12:52.032480+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-115032
- form_type: 8-K
- ticker: STHO
- cik: 0001953366
- company_name: Star Holdings
- filed_at: 2026-10-09T20:01:25+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1953366/000110465926115032/0001104659-26-115032-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1953366/000110465926115032/tm2627336d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-115032
- JSON: https://secwatch.observer/filing/0001104659-26-115032.json
- Plain text: https://secwatch.observer/filing/0001104659-26-115032.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.