Star Holdings

The Company is an independent, publicly traded entity that operates as a single business segment. It focuses on generating value for shareholders primarily by creating cash flows through active management and sales of its existing loans, operating properties, and land and development properties. On March 31, 2023, the Company became independent following a series of reorganization and separation transactions (the "Spin-Off") from iStar. In the Spin-Off, iStar contributed its remaining legacy non-ground lease assets, 13,522,651 shares of common stock of Safehold Inc., and certain other assets to the Company. iStar then distributed 100% of the Company's common shares of beneficial interest to iStar common stockholders, with a pro rata distribution of 0.153 common shares of the Company for each outstanding share of iStar common stock held on the record date. The Company's common shares began regular-way trading on the Nasdaq Global Market under the symbol "STHO" on March 31, 2023. The Company is externally managed by a wholly-owned subsidiary of Safehold Inc. In connection with the Spin-Off, the Company entered into a Separation and Distribution Agreement, a management agreement with its Manager, a governance agreement with Safehold Inc., and a registration rights agreement with Safehold Inc. The Company also entered into a credit facility with Safehold Inc. and a margin loan facility with a third-party lender.