Star Holdings announced on October 9, 2026, that its wholly-owned subsidiary, STAR Investment Holdings SPV LLC, entered into Amendment No. 5 to its margin loan agreement with Morgan Stanley Senior Funding, Inc. and other Morgan Stanley entities. The amendment modifies terms regarding the collateral pledged for the loan, which is secured by a first priority pledge of shares of Safehold common stock beneficially owned by Star Holdings.
Key changes included in the amendment are:
- Share Price Trigger Threshold: The threshold for mandatory prepayment of the margin loan was reduced from $10.00 to $8.00 per share.
- Termination of Commitment: The delayed draw commitment of up to $15.8 million was terminated. This commitment was undrawn at the time of the amendment.
- Loan-to-Value Ratios: The loan-to-value ratios that require the borrower to post additional collateral or request a release of collateral were lowered.
Prior to the amendment, the outstanding principal balance of the Margin Loan Facility was approximately $46.5 million. The amendment is filed as Exhibit 10.1 to this report.
