<SEC-DOCUMENT>0001104659-21-120813.txt : 20210929
<SEC-HEADER>0001104659-21-120813.hdr.sgml : 20210929
<ACCEPTANCE-DATETIME>20210929171200
ACCESSION NUMBER:		0001104659-21-120813
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210929
DATE AS OF CHANGE:		20210929

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Safehold Inc.
		CENTRAL INDEX KEY:			0001688852
		STANDARD INDUSTRIAL CLASSIFICATION:	LESSORS OF REAL PROPERTY, NEC [6519]
		IRS NUMBER:				814253271
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-90036
		FILM NUMBER:		211292659

	BUSINESS ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-930-9400

	MAIL ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Safety, Income & Growth, Inc.
		DATE OF NAME CHANGE:	20170209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Safety Income & Growth REIT, Inc.
		DATE OF NAME CHANGE:	20161031

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ISTAR INC.
		CENTRAL INDEX KEY:			0001095651
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				956881527
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		2129309400

	MAIL ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ISTAR FINANCIAL INC
		DATE OF NAME CHANGE:	20000501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STARWOOD FINANCIAL INC
		DATE OF NAME CHANGE:	19990923
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>tm2128754d1_sc13da.htm
<DESCRIPTION>SCHEDULE 13D/A
<TEXT>
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                           <P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Rule 13d-101)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TO &sect;&nbsp;240.13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&sect;&nbsp;240.13d-2(a)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No.20)*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Safehold Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Issuer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock, par value $0.01 per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>78645L 100</B><BR>
(CUSIP Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>
Geoffrey M. Dugan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>iStar Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1114 Avenue of the Americas</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10036</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(212) 930-9400</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Address and Telephone Number of Person</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Authorized to Receive Notices and Communications)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>September 27, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of Event Which Requires Filing of This Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the filing person has previously
filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because
of &sect;&sect;&nbsp;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box <FONT STYLE="font-family: Wingdings">&uml;</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Note:</I>&nbsp;&nbsp;Schedules
filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.&nbsp;&nbsp;<I>See </I>&sect;&nbsp;240.13d-7
for other parties to whom copies are to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject
class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information required on
the remainder of this cover page shall not be deemed to be &quot;filed&quot; for the purpose of Section 18 of the Securities Exchange
Act of 1934 (&quot;Act&quot;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, <I>see</I> the <I>Notes</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CUSIP NO. 78649D104</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 2.25pt double; border-bottom: black 1pt solid; border-left: black 2.25pt double; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 6pt; border-top: black 2.25pt double; border-right: black 2.25pt double; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NAME OF REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify"><B>iStar Inc.</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 2.25pt double; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 6pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&nbsp; (a)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&nbsp; (b) <FONT STYLE="font-family: Wingdings">x</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 2.25pt double; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 2.25pt double; border-left: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">SEC USE ONLY</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 2.25pt double; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 2.25pt double; border-left: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">SOURCE OF FUNDS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify"><B>WC</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 2.25pt double; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
    IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-left: 6pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 2.25pt double; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 2.25pt double; border-left: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify"><B>Maryland</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="border-bottom: black 1pt solid; border-left: black 2.25pt double; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">NUMBER OF<BR>
 SHARES<BR>
 BENEFICIALLY<BR>
 OWNED BY <BR>
EACH<BR>
 REPORTING<BR>
 PERSON WITH</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 2.25pt double; border-left: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify"><B>35,915,435</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 2.25pt double; border-left: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">SHARED&nbsp;VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify"><B>0</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 2.25pt double; border-left: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify"><B>35,915,435</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 2.25pt double; border-left: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">SHARED&nbsp;DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify"><B>0 </B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 2.25pt double; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 2.25pt double; border-left: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">AGGREGATE AMOUNT BENEFICIALLY OWNED BY
    EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify"><B>35,915,435</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 2.25pt double; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
    (11) EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-left: 6pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 2.25pt double; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 2.25pt double; border-left: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">PERCENT OF CLASS REPRESENTED BY AMOUNT
    IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify"><B>63.5%</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; border-left: black 2.25pt double; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 2.25pt double; border-left: black 1pt solid; border-bottom: black 2.25pt double">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">TYPE OF REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify"><B>CO</B></P></TD></TR>
  <TR>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amendment No. 20 on Schedule
13D (the &quot;Schedule 13D&quot;) relating to shares of common stock, $0.01 par value per share (the &quot;Shares&quot;), of Safehold
Inc., a Maryland corporation (the &quot;Issuer&quot;), is being filed by iStar Inc., a Maryland corporation (&quot;iStar&quot;), and supplements
and amends the statement on Schedule 13D originally filed with the Commission on June 27, 2017 (as amended, the &quot;Statement&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 7%"><B>Item 3.</B></TD>
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><B>Source and Amount of Funds or Other Consideration.</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
aggregate amount of funds used by iStar to acquire the Shares reported in Item 5(c)&nbsp;was $49,999,944.00. iStar used its working capital
to make such purchase. In addition, iStar received 42,739 Shares as the second quarter 2021 management fee under its management agreement
with the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 7%"><B>Item 4. </B></TD>
  <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt"><B>Purpose of Transaction</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">iStar&#8217;s acquisitions
of additional Shares, as reported in Item 5(c) of this Statement, were made in order to increase its equity interest in the Issuer and,
in the case of Shares acquired directly from the Issuer, to provide equity capital to the Issuer for use in its business. See also Item
6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 7%"><B>Item 5.</B></TD>
  <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt"><B>Interest in Securities of the Issuer.</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 3.5%"></TD><TD STYLE="width: 3.5%; text-align: left">(a)</TD><TD STYLE="text-align: justify">As of September 27, 2021, iStar beneficially owns 35,915,435
Shares directly, or approximately 63.5% of the outstanding Shares. Annex A sets forth the number of Shares and the aggregate percentage
of the outstanding Shares beneficially owned by each of iStar's executive officers and directors.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 3.5%"></TD><TD STYLE="width: 3.5%; text-align: left">(c)</TD><TD STYLE="text-align: justify">During the 60 days prior to the filing of this Amendment No.&nbsp;20
to the initial Statement, iStar purchased a total of 700,633 Shares (including 42,739 Shares received as payment of quarterly management
fees).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 3.5%">&nbsp;</TD>
  <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 3.5%">&nbsp;</TD>
  <TD STYLE="text-align: justify">As discussed on Item 6, on September 27, 2021, iStar purchased 657,894 Shares pursuant to a private placement purchase agreement with
the Issuer at a purchase price of $76.00 per share, equal to the public offering price per share in the concurrent public offering of
the Shares. For more information, please see the Issuer's Current Report on Form 8-K, filed with the Commission on September 27, 2021.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 3.5%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 3.5%">&nbsp;</TD>
  <TD STYLE="text-align: justify">In addition, iStar acquired 42,739 Shares on July 28, 2021 in payment of the second quarter 2021 management fee pursuant to the Management
Agreement between the Issuer and SFTY Manager LLC, a wholly-owned subsidiary of iStar.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"><B>Item 6.</B></TD><TD STYLE="text-align: left"><B>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
September 27, 2021, iStar entered into a private placement purchase agreement with the Issuer, pursuant to which iStar purchased from
the Issuer 657,894 Shares at a purchase price of $76.00 per share, for a total purchase price of $49,999,944.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">All
Shares are subject to the voting power limitations contained in the Stockholder&#8217;s Agreement, dated as of January&nbsp;2, 2019, between
the Issuer and iStar, as reported in Amendment No.&nbsp;13 to the Initial Statement, which limits iStar&#8217;s voting power in the Issuer
to 41.9%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Annex A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REGARDING THE DIRECTORS AND<BR>
EXECUTIVE OFFICERS OF iSTAR, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">I.</TD><TD STYLE="text-align: justify">Set forth below is the name and present principal occupation or employment of each director and executive
officer of iStar. Unless otherwise indicated, all persons identified below are United States citizens. Directors of iStar are identified
by an asterisk.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><B>Name</B></P></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 67%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><B>Principal
    Occupation/Employment</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">*Jay Sugarman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Chairman and Chief Executive Officer of iStar Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">*Clifford de Souza</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Private investor</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">*Robin Josephs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Private investor</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">*Barry Ridings</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Senior advisor, Lazard Freres &amp; Co. </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">*Richard Lieb</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Senior advisor, Greenhill &amp; Co., LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">*David Eisenberg</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Managing director, Zigg Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Marcos Alvarado</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">President and Chief Investment Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; font-size: 10pt">Garett Rosenblum</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Principal Financial Officer</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">II.</TD><TD STYLE="text-align: justify">Set forth below are the number of Shares, and the percentage of the outstanding Shares, beneficially owned
by each of the directors and executive officers of iStar Inc. Directors of iStar are identified by an asterisk.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">No. of Shares</TD><TD STYLE="vertical-align: super; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><SUP>&nbsp;</SUP></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">%
    of Outstanding Shares</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: justify">*Jay Sugarman</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">110,882</TD><TD STYLE="vertical-align: super; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 2pt">&nbsp;</FONT><SUP>(1)</SUP></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.21</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">*Clifford de Souza</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,500</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">*Robin Josephs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">50,750</TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 2pt">&nbsp;</FONT><SUP>(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">*Barry Ridings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,500</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 2pt">&nbsp;</FONT><SUP>(3)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">*Richard Lieb</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">*David Eisenberg</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Marcos Alvarado</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,891</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Garett Rosenblum</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,155</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: -0.15in"><SUP>(1) </SUP>This
consists of 37,864 Shares owned by Mr. Sugarman and 73,018 Shares owned indirectly through trusts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: -0.15in"><SUP>(2) </SUP>This
consists of (a) 15,750 Shares owned by Ms. Josephs, (b) 25,000 Shares owned indirectly through a family trust and (c) 10,000 restricted
stock units representing the right to receive 10,000 Shares when the units settle on July 1, 2022. These restricted stock units are fully
vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: -0.15in"><SUP>(3) </SUP>This
consists of (a) 2,500 Shares owned by Mr. Ridings and (b) 4,000 Shares owned indirectly through family trusts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: -0.15in">** Under 0.1%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>SIGNATURE</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After reasonable inquiry and
to the best of his or her knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete
and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<FONT STYLE="font-size: 10pt">Dated:&nbsp;September
29, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 50%; text-align: justify; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 50%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">iSTAR INC.</FONT></TD></TR>
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<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
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<TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Geoffrey M. Dugan</FONT></TD></TR>
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<TD>Geoffrey M. Dugan &nbsp; &nbsp;</TD></TR>
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<TD>&nbsp;</TD>
<TD>General Counsel, Corporate and Secretary </TD></TR>
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