<SEC-DOCUMENT>0001104659-24-029461.txt : 20240229
<SEC-HEADER>0001104659-24-029461.hdr.sgml : 20240229
<ACCEPTANCE-DATETIME>20240229172049
ACCESSION NUMBER:		0001104659-24-029461
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240229
DATE AS OF CHANGE:		20240229

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Safehold GL Holdings LLC
		CENTRAL INDEX KEY:			0001846112
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-271113-01
		FILM NUMBER:		24705190

	BUSINESS ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		(212) 930-9400

	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:	Safehold Operating Partnership LP
		DATE OF NAME CHANGE:	20210212

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Safehold Inc.
		CENTRAL INDEX KEY:			0001095651
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				956881527
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	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 INC.
		DATE OF NAME CHANGE:	20150825

	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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<SEQUENCE>1
<FILENAME>tm247219d4_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 17.45pt 0pt 346.75pt; text-align: right; text-indent: -8.8pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt 0"><B>Issuer Free Writing Prospectus <BR>
Filed Pursuant to Rule 433 <BR>
Registration Nos. 333-271113 <BR>
and 333-271113-01</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Safehold GL Holdings LLC</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$300,000,000
6.100% Senior Notes due 2034</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Fully
and unconditionally guaranteed by Safehold Inc.</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>February 29, 2024
Term Sheet</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top; width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safehold GL Holdings LLC</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantor:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safehold Inc.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.100% Senior Notes due 2034 (the &ldquo;Notes&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
Ratings</FONT> (Moody&rsquo;s / Fitch)*:</P></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">A3 / BBB+</P></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate</FONT> <FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$300,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stated</FONT> <FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 1, 2034</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue Price:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.957% of the principal amount</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon</FONT> <FONT STYLE="font-size: 10pt">(Interest Rate):</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top">6.100% per annum</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield</FONT> <FONT STYLE="font-size: 10pt">to Maturity:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.240%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark</FONT> <FONT STYLE="font-size: 10pt">Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST 4.000% due February 15, 2034</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark</FONT> <FONT STYLE="font-size: 10pt">Treasury Price and Yield:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98-02 / 4.240%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread</FONT> <FONT STYLE="font-size: 10pt">to Benchmark Treasury Yield:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+200 basis points</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest</FONT> <FONT STYLE="font-size: 10pt">Payment Dates:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 1 and October 1 of each year, beginning on October 1, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">Prior to January 1, 2034 (three months prior to the Stated
    Maturity Date of the Notes), &ldquo;make-whole&rdquo; call at T+30 basis points (calculated as though the actual Stated Maturity
    Date of the Notes was January 1, 2034)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-indent: -0.05pt">On or after January 1, 2034 (three
months prior to the Stated Maturity Date of the Notes), par call</P></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP /</FONT> <FONT STYLE="font-size: 10pt">ISIN:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">785931AA4 / US785931AA40</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 29, 2024</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement</FONT> <FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top; width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 4, 2024 (T+2); </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint</FONT> <FONT STYLE="font-size: 10pt">Book-Running Managers:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">Goldman Sachs &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">Truist Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">SMBC Nikko Securities America, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">Morgan Stanley &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">RBC Capital Markets, LLC</P></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
Co-Managers:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Raymond James &amp; Associates, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Capital One Securities, Inc.</P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-</FONT><FONT STYLE="font-size: 10pt">Managers:</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">B. Riley Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt">Citizens JMP Securities, LLC</P></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.05pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:
A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt"><B>The
Issuer has filed a registration statement and a prospectus with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the
offering to which this communication relates. Before you invest, you should read the prospectus and the related preliminary prospectus
supplement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the underwriters can arrange to
send you the prospectus and related preliminary prospectus supplement if you request it by calling BofA Securities, Inc. toll-free at
1-800-294-1322, Goldman Sachs &amp; Co. LLC toll-free at 1-866-471-2526, J.P. Morgan Securities LLC collect at 1-212-834-4533 or Truist
Securities, Inc. toll-free at 1-800-685-4786. This information does not purport to be a complete description of these securities or the
offering. Please refer to the preliminary prospectus supplement for a complete description of the securities. This communication does
not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is
unlawful to make such offer or solicitation in such jurisdiction.</B></P>

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

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

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