iStar Inc

Americas DC Decision - Issue Number 2023041001 (iStar Inc.) - 5/5/2023

Americas DC Statement May 5, 2023:

With effect from March 31, 2023, iStar Inc., a Maryland corporation, merged with Safehold Inc., a Maryland corporation (Original Safehold), and Original Safehold ceased to exist.

iStar Inc., as the surviving entity of the merger, assumed all debt obligations of Original Safehold. As part of the merger, iStar Inc. redeemed its outstanding notes in full, with the exception of certain trust preferred securities. iStar Inc. also entered into a separation and distribution agreement that spun off Star Holdings, a Maryland statutory trust, and distributed shares of Star Holdings stock to iStar Inc. shareholders.

Subsequent to the merger, iStar Inc. changed its name to Safehold Inc. with effect from March 31, 2023. No entity assumed any debt obligation of iStar Inc. in connection with the merger or the spinoff.

After discussion with iStar Inc. investor relations, the Americas DC concluded that despite its name change to Safehold Inc., iStar Inc. did not cease to exist in connection with the merger, and no debt obligations of iStar Inc. were ultimately assumed by any other entity in connection with the merger or the spinoff. Accordingly, the Americas DC Resolved that there was no Successor to iStar Inc.

Because the Americas DC has determined that there is no Successor with respect to iStar Inc., the issue has been referred to IHS Markit to process the name change of "iStar Inc." to "Safehold Inc."

Americas DC Statement May 1, 2023:

The Americas DC is continuing its review of the iStar Inc. Successor question and will discuss the question further this week.

Americas DC Statement April 18, 2023:

The Americas DC Legal Subcommittee met on April 18, 2023 to begin discussions with respect to whether there is a Successor to iStar Inc. The Americas DC will continue discussions this week.