<SEC-DOCUMENT>0001415889-23-005719.txt : 20230331
<SEC-HEADER>0001415889-23-005719.hdr.sgml : 20230331
<ACCEPTANCE-DATETIME>20230331204024
ACCESSION NUMBER:		0001415889-23-005719
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230320
FILED AS OF DATE:		20230331
DATE AS OF CHANGE:		20230331

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SUGARMAN JAY
		CENTRAL INDEX KEY:			0001220479

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15371
		FILM NUMBER:		23790077

	MAIL ADDRESS:	
		STREET 1:		24301 WALDEN CENTER DR
		CITY:			BONITA SPRINGS
		STATE:			FL
		ZIP:			34134

ISSUER:		

	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

	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>
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        <issuerName>ISTAR INC.</issuerName>
        <issuerTradingSymbol>SAFE</issuerTradingSymbol>
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            <rptOwnerName>SUGARMAN JAY</rptOwnerName>
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            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>CHAIRMAN AND CEO</officerTitle>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
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                <transactionFormType>5</transactionFormType>
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                    <value>81026</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Family Trusts</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
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                <sharesOwnedFollowingTransaction>
                    <value>66946</value>
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                    <value>I</value>
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                <natureOfOwnership>
                    <value>By Foundation</value>
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                <value>Common Stock</value>
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                <directOrIndirectOwnership>
                    <value>I</value>
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                    <value>By Spouse</value>
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    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">On March 31, 2023, the merger (the &quot;Merger&quot;) of Safehold Inc. (&quot;Safe&quot;) with and into iStar Inc. (&quot;iStar&quot;) closed, with iStar Inc. surviving the Merger and changing its name to Safehold Inc. (&quot;New SAFE&quot;; NYSE: SAFE). In the Merger and related transactions, (1) each outstanding share of common stock of Safe was converted into one share of common stock of New SAFE, and (2) each outstanding share of common stock of iStar was reverse split and converted into 0.160 of a share of common stock of New SAFE. The amount of securities beneficially owned following the reported transactions represents the shares of New SAFE common stock owned on March 31, 2023, the Merger closing date.</footnote>
        <footnote id="F2">iPIP: The Reporting Person was issued 50,535 shares of common stock of iStar and 1,516,768 shares of common stock of Safe on March 20, 2023, subject to stop transfer restrictions, in connection with termination of the iStar Inc. Performance Incentive Plan (&quot;iPIP&quot;) and distributions made to iPIP participants pursuant to the Merger. After deducting shares for applicable tax withholding, the Reporting Person received a net amount of 29,962 shares of common stock of iStar and 1,048,380 shares of common stock of Safe, which as described above were converted into shares of common stock of New SAFE pursuant to the Merger and are reported on an as-converted basis in amounts of New SAFE shares.</footnote>
        <footnote id="F3">Retention Bonus: In connection with the Merger, the Reporting Person was granted a retention bonus of 96,625 shares of common stock of Safe, which as described above were converted into one share of common stock of New SAFE in the merger and are reported on an as-converted basis in amounts of New SAFE shares. After deducting shares for applicable tax withholding, the Reporting Person received a net amount of 43,192 shares of common stock of Safe, which as described above were converted into shares of common stock of New SAFE pursuant to the Merger.</footnote>
        <footnote id="F4">New SAFE RSUs: The Reporting Person has been granted 173,064 restricted stock units (Units), representing the right to receive an equivalent number of shares of common stock of New SAFE (net of applicable taxes and other withholdings) if and when the Units vest. The Units will vest proportionately over four years in annual installments, subject to the Reporting Person's continuing employment through each vesting date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Jay Sugarman</signatureName>
        <signatureDate>2023-03-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
