<SEC-DOCUMENT>0001104659-25-117139.txt : 20251201
<SEC-HEADER>0001104659-25-117139.hdr.sgml : 20251201
<ACCEPTANCE-DATETIME>20251201073706
ACCESSION NUMBER:		0001104659-25-117139
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		19
FILED AS OF DATE:		20251201
DATE AS OF CHANGE:		20251201
EFFECTIVENESS DATE:		20251201

FILER:

	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
		EIN:				956881527
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-291855
		FILM NUMBER:		251537151

	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>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2532139d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>As filed with the Securities and Exchange Commission on December&nbsp;1,
2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 0; 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: right"></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt 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">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Safehold Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maryland</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>95-6881527</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: top"><B>(State or other jurisdiction of<BR>
</B> <B>incorporation or organization)</B></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top"><B>(I.R.S. Employer</B> <B><BR>
Identification No.)</B></TD></TR>
  </TABLE>

<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; text-align: center"><B>1114 Avenue of the Americas, 39th Floor</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">(Address of Principal Executive Offices) (Zip Code)</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; text-align: center"><B>Inducement Restricted Stock Units Award Agreement
(Shareholder Success Plan)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Inducement Restricted Stock Units Award Agreement
(Affordable Housing Plan)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Inducement Restricted Stock Units Award Agreement
(Signing Bonus)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</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; text-align: center"><B>Jay Sugarman</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1114 Avenue of the Americas, 39th Floor</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">(Name and address of agent for service)</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; text-align: center"><B>(212) 930-9400</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone number, including area code, of agent
for service)</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; text-align: center"><B><I>Copy to:</I></B></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; text-align: center"><B>Julian T.H. Kleindorfer,&nbsp;Esq.<BR>
Lewis W. Kneib,&nbsp;Esq.<BR>
Alexa M. Berlin,&nbsp;Esq.<BR>
Latham&nbsp;&amp; Watkins LLP<BR>
355 South Grand Avenue<BR>
Los Angeles, California 90071<BR>
(213) 485-1234</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of
 &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule&nbsp;12-b2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.5pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.5pt; width: 5%"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.5pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.5pt; width: 5%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.5pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.5pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.5pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  </TABLE>
<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">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: center"><B>EXPLANATORY NOTE</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Registration Statement on Form&nbsp;S-8 (this &ldquo;Registration
Statement&rdquo;) is being filed, pursuant to General Instruction E of Form&nbsp;S-8, by Safehold Inc. (the &ldquo;Company&rdquo;) to
register an additional 853,076 shares of the Company&rsquo;s common stock, $0.01 par value per share (the &ldquo;Common
Stock&rdquo;), issuable upon the vesting of restricted stock units granted to Michael Trachtenberg, in accordance with Section&nbsp;303A.08
of the New York Stock Exchange Listed Company Manual, to induce him to accept employment with the Company as its President. These awards
were approved by the Compensation Committee of the Company&rsquo;s Board of Directors outside of, but subject to certain administrative
provisions generally consistent with, the Company&rsquo;s 2009 Amended and Restated Long-Term Incentive Plan.</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; text-align: center"><B>PART&nbsp;I</B></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; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION&nbsp;10(A)&nbsp;PROSPECTUS</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not filing or including in this Registration Statement the information
called for in Part&nbsp;I of Form&nbsp;S-8 (by incorporation by reference or otherwise) in accordance with the rules&nbsp;and regulations
of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;).</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; text-align: center"><B>PART&nbsp;II</B></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; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></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-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 3.</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incorporation of Documents by Reference </B></FONT></P>


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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Commission allows us to incorporate by reference the information
we file with it, which means that we can disclose important information to you by referring to those documents. The information incorporated
by reference is an important part of this Registration Statement, and information that we file later with the Commission will automatically
update and supersede this information. We incorporate by reference the following documents we filed with the Commission:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD>Our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000109565125000006/safe-20241231x10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024, filed with the Commission on February&nbsp;6, 2025</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Our Quarterly Report on Form&nbsp;10-Q for the quarterly period ended
March&nbsp;31, 2025, June&nbsp;30, 2025, and September&nbsp;30, 2025, filed with the Commission on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000109565125000016/safe-20250331x10q.htm" STYLE="-sec-extract: exhibit">May&nbsp;7,
2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000109565125000025/safe-20250630x10q.htm" STYLE="-sec-extract: exhibit">August&nbsp;6,
2025</A>, and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000109565125000030/safe-20250930x10q.htm" STYLE="-sec-extract: exhibit">November&nbsp;6, 2025</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">Our Current Reports on Form&nbsp;8-K filed with the Commission on
<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000109565125000004/safe-20250205x8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;5,
2025</A> (Film No.&nbsp;25593738), <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000110465925026651/tm259946d1_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;21,
2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000110465925029619/tm2510757d1_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;31,
2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000109565125000014/safe-20250506x8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;6,
2025</A> (Film No.&nbsp;25917548), <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000110465925050058/tm2515328d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;16,
2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000109565125000018/safe-20250604x8k.htm" STYLE="-sec-extract: exhibit">June&nbsp;10,
2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000109565125000022/safe-20250805x8k.htm" STYLE="-sec-extract: exhibit">August&nbsp;5,
2025</A> (Film No.&nbsp;251185045), <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000109565125000029/safe-20251105x8k.htm" STYLE="-sec-extract: exhibit">November&nbsp;5,
2025</A> (Film No.&nbsp;251454055) and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000110465925116444/tm2532139d2_8k.htm">November&nbsp;26, 2025</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">Our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000155837025004175/safe-20250515xdef14a.htm" STYLE="-sec-extract: exhibit">Proxy
Statement on Schedule 14A for the 2025 Annual Meeting of Stockholders, filed by the Company with the SEC on March&nbsp;31, 2025</A> (with
respect to the information contained therein that is incorporated by reference in Part&nbsp;III of our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1095651/000109565125000006/safe-20241231x10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024</A>); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.25in"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">The description of our Common Stock contained in <A HREF="https://www.sec.gov/Archives/edgar/data/1095651/000110465923041210/tm2310731d1_ex4-1.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.1</A> of our Current Report on Form&nbsp;8-K filed with the Commission
on April&nbsp;4, 2023.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, all documents subsequently filed by
us with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act, prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall
be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents
with the Commission. We are not, however, incorporating by reference any documents or portions thereof, whether specifically listed above
or filed in the future, that are not deemed &ldquo;filed&rdquo; with the Commission, including our compensation committee report and performance
graph or any information furnished pursuant to Items 2.02 or 7.01 of Form&nbsp;8-K or certain exhibits furnished pursuant to Item 9.01
of Form&nbsp;8-K. Any statement contained in a document incorporated or deemed to be incorporated by reference in this Registration Statement
shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in this
Registration Statement, or in any subsequently filed document which also is or is deemed to be incorporated by reference in this Registration
Statement, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Registration Statement.</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"><B>Item 4.&nbsp;Description of Securities.</B></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 1in; text-indent: -0.5in">Not applicable.</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"><B>Item 5.&nbsp;Interests of Named Experts and Counsel.</B></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 1in; text-indent: -0.5in">Not applicable.</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"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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"><B>Item 6. Indemnification and Limitation of Directors&rsquo; and Executive
Officers&rsquo; Liability.</B></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; text-align: justify; text-indent: 0.5in">Maryland law permits a Maryland
corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders
for money damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or
active and deliberate dishonesty that was established by a final judgment and was material to the cause of action. Our charter contains
such a provision and eliminates the liability of our directors and executive officers to the maximum extent permitted by Maryland law.</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; text-align: justify; text-indent: 0.5in">The Maryland General Corporation
Law (the &ldquo;MGCL&rdquo;) requires a Maryland corporation (unless its charter provides otherwise, which our charter does not) to indemnify
a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made
or threatened to be made a party by reason of his or her service in that capacity. The MGCL permits a Maryland corporation to indemnify
its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses
actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason of their
service in those or other capacities unless it is established that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the act or omission of the director or officer
was material to the matter giving rise to the proceeding and (i)&nbsp;was committed in bad faith or (ii)&nbsp;was the result of active
and deliberate dishonesty;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the director or officer actually received an
improper personal benefit in money, property or services; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in the case of any criminal proceeding, the director
or officer had reasonable cause to believe that the act or omission was unlawful.</FONT></TD></TR></TABLE>

<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; text-align: justify; text-indent: 0.5in">However, under the MGCL, a
Maryland corporation may not indemnify a director or officer in a suit by or in the right of the corporation, in which the director or
officer was adjudged liable to the corporation or in any proceeding charging improper personal benefit in which the director or officer
was adjudged liable on the basis that personal benefit was improperly received. A court may order indemnification if it determines that
the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed
standard of conduct or was adjudged liable on the basis that personal benefit was improperly received. However, indemnification for an
adverse judgment in a suit by the corporation or in its right, or for a judgment of liability on the basis that personal benefit was improperly
received, is limited to expenses.</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; text-align: justify; text-indent: 0.5in">In addition, the MGCL permits
a Maryland corporation to advance reasonable expenses to a director or officer upon the corporation&rsquo;s receipt of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">written affirmation by the director or officer
of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a written undertaking by the director or officer
or on the director&rsquo;s or officer&rsquo;s behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined
that the director or officer did not meet the standard of conduct.</FONT></TD></TR></TABLE>

<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; text-align: justify; text-indent: 0.5in">Our charter and bylaws obligate
us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination
of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any present or former director or officer who
is made, or threatened to be made, a party to or witness in the proceeding by reason of his or her service in that capacity;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any individual who, while a director or officer
of our company and at our request, serves or has served as a director, officer, partner, member, manager or trustee of another corporation,
real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise
and who is made, or threatened to be made, a party to or witness in the proceeding by reason of his or her service in that capacity; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any individual who served any predecessor of
our company in a similar capacity, who is made or threatened to be made a party to or witness in the proceeding by reason of his or her
service in such capacity.</FONT></TD></TR></TABLE>

<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"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">Our charter and bylaws also
permit us, with the approval of our board of directors, to indemnify and advance expenses to any employee or agent of our company or a
predecessor of our company.</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; text-align: justify; text-indent: 0.5in">We have entered into indemnification
agreements with each of our directors and executive officers providing for the indemnification by us for certain liabilities and expenses
incurred as a result of actions brought, or threatened to be brought, against (i)&nbsp;our directors and executive officers and (ii)&nbsp;our
executive officers who are former members, managers, stockholders, directors, limited partners, general partners, officers or controlling
persons of our predecessor in their capacities as such. Insofar as the foregoing provisions permit indemnification of directors, officers
or persons controlling us for liability arising under the Securities Act, we have been informed that, in the opinion of the Commission,
this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</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"><B>Item 7.</B>&nbsp;<B>Exemption from Registration Claimed.</B></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 0.5in">Not applicable.</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"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 8.</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits </B></FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; width: 0.6in"><B>Exhibit<BR> No.</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 0.2in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap"><B>Description</B></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1095651/000110465923041210/tm2310731d1_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1095651/000110465923041210/tm2310731d1_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Charter of Safehold Inc. (incorporated
by reference to Exhibit&nbsp;3.3 to our Current Report on Form&nbsp;8-K, filed April&nbsp;4, 2023).</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1095651/000110465923041210/tm2310731d1_ex3-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1095651/000110465923041210/tm2310731d1_ex3-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Bylaws of Safehold Inc. (incorporated
by reference to Exhibit&nbsp;3.4 to our Current Report on Form&nbsp;8-K, filed April&nbsp;4, 2023).</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1095651/000110465923041547/tm2311250d2_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1095651/000110465923041547/tm2311250d2_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Specimen Certificate Representing Common Stock (incorporated by reference to Exhibit&nbsp;4.1 to the Company's Registration Statement on Form&nbsp;S-3 filed on April&nbsp;4, 2023)</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="tm2532139d1_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2*&dagger;+</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2532139d1_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Inducement Restricted Stock Units Award Agreement (Shareholder Success Plan)</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="tm2532139d1_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3*&dagger;+</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2532139d1_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Inducement Restricted Stock Units Award Agreement (Affordable Housing Plan)</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="tm2532139d1_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4*&dagger;</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2532139d1_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Inducement Restricted Stock Units Award Agreement (Signing Bonus)</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="tm2532139d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2532139d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Venable LLP</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="tm2532139d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2532139d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Venable LLP (included in Exhibit&nbsp;5.1)</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="tm2532139d1_ex23-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2532139d1_ex23-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Deloitte&nbsp;&amp; Touche LLP</FONT></A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on the signature page&nbsp;of this Registration Statement)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="tm2532139d1_exfilingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2532139d1_exfilingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table</FONT></A></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed herewith. </FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management contract or compensatory plan or arrangement. </FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">+ </TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Certain exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted exhibit will be furnished to
the Securities and Exchange Commission upon request.</TD></TR>
  </TABLE>
<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"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: center"><B><A NAME="a_001"></A>SIGNATURES</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused
this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of
New York, on this 1st day of December, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.5pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SAFEHOLD INC.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.5pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.5pt; vertical-align: bottom; width: 47%">/s/ Brett Asnas</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: Brett Asnas</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
  </TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below does hereby constitute and appoint Jay Sugarman and Brett Asnas, with full power to act without the other, such person&rsquo;s
true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, place and stead,
in any and all capacities, to sign this Registration Statement, and any and all amendments thereto, and to file the same, with exhibits
and schedules thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing necessary or desirable to be done
in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap"><B>Name</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap"><B>Title</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap"><B>Date</B></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 28%">/s/ Jay Sugarman</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 40%">Chief Executive Officer and Director </TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;1,
    2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><B>Jay Sugarman</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">(Principal Executive Officer)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">/s/ Brett Asnas</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Chief Financial Officer </TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;1, 2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><B>Brett Asnas</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">(Principal Financial Officer)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Chris
    Uhlick</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Accounting Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;1, 2025</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chris Uhlick</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Accounting Officer)</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robin Josephs</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;1, 2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Robin Josephs</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jay Nydick</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;1, 2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><B>Jay Nydick &nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">/s/ Barry W. Ridings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;1, 2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><B>Barry W. Ridings</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">/s/ Stefan Selig</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;1, 2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><B>Stefan Selig</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  </TABLE>

<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"></P>

<!-- Field: Page; Sequence: 7; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>tm2532139d1_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDUCEMENT RESTRICTED STOCK UNITS AWARD AGREEMENT</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: justify; text-indent: 0.5in">THIS INDUCEMENT RESTRICTED
STOCK UNITS AWARD AGREEMENT (the &ldquo;<U>Agreement</U>&rdquo;) is entered into by and between SAFEHOLD INC. (&ldquo;<U>SAFE</U>&rdquo;
or the &ldquo;<U>Company</U>&rdquo;) and Michael Trachtenberg (&ldquo;<U>Participant</U>&rdquo;), effective as of December&nbsp;[ ], 2025
(the &ldquo;<U>Grant Date</U>&rdquo;).</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; text-align: center">RECITALS:</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; text-align: justify; text-indent: 0.5in">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
an inducement material to the decision by the Participant to accept employment with the Company and pursuant to that certain offer letter
entered into by and between Participant and the Company, dated as of October&nbsp;22, 2025 the Company wishes to set forth, in this Agreement,
the terms and conditions of an award of restricted stock units (&ldquo;<U>Units</U>&rdquo;) being made to Participant representing the
right to receive shares of Common Stock of the Company (&ldquo;<U>Shares</U>&rdquo;).</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; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, the parties
agree as follows:</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; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Non-Plan
Grant; Incorporation of Terms of Plan</U>. The Units are granted as a stand-alone award, separate and apart from, and outside of, the
Plan, and shall not constitute an award granted under or pursuant to the Plan. Notwithstanding the foregoing, the terms, conditions and
definitions set forth in the Plan shall apply to the Units (including but not limited to the adjustment provisions contained in Section&nbsp;14(a)&nbsp;of
the Plan), and the Units shall be subject to such terms, conditions and definitions, which are hereby incorporated into this Agreement
by reference. A copy of the Plan may be obtained by the Participant from the office of the Secretary of the Company. For the avoidance
of doubt, the Units shall not be counted for purposes of calculating the aggregate number of Shares that may be issued or transferred
pursuant to Awards under the Plan as set forth in Section&nbsp;4.1(a)&nbsp;of the Plan. In the event of any inconsistency between the
Plan and this Agreement, the terms of this Agreement shall control.</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; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Employment
Inducement Grant</U>. The Units are intended to constitute an &ldquo;employment inducement award&rdquo; under NYSE Listed Company Manual
303A.08, and consequently is intended to be exempt from the NYSE rules&nbsp;regarding shareholder approval of equity compensation plans.
This Agreement and the terms and conditions of the Units shall be interpreted in accordance and consistent with such exemption.</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; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Award</U>.
In consideration of Participant&rsquo;s agreement to commence employment with and remain in the employ of the Company or a Subsidiary
and for other good and valuable consideration, effective as of the <U>Grant Date</U> and subject to the terms of this Agreement, the Participant
is hereby granted 700,000 Units, representing the right to receive an equivalent number of Shares.</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; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Vesting</U>.
The Units shall vest on such date(s)&nbsp;and in accordance with the terms and conditions set forth on Exhibit&nbsp;A (the &ldquo;<U>Vesting
Date</U>&rdquo;).</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; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Settlement
and Delivery of Shares</U>. Subject to satisfying applicable tax withholding requirements in accordance with Section&nbsp;14 hereof, on
each Vesting Date, the Company shall promptly (but in no event later than two and one-half (2-&frac12;) months after the applicable Vesting
Date) deliver to the Participant a number of Shares equal to the number of Units vesting on such date. Except as may be required by law,
the Shares shall be issued and delivered to the Participant, free of any restrictive legend or other restrictions, in book-entry form
or otherwise as the Participant may direct.</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; text-align: justify; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Confidentiality</U>.
The Participant has entered into and shall abide by the Company&rsquo;s Employee Proprietary Information and Inventions Assignment Agreement,
which includes confidentiality and post-termination non-competition and non-solicitation restrictions (the &ldquo;<U>Restrictive Covenants
Agreement</U>&rdquo;) and reaffirms Participant&rsquo;s obligations under the Restrictive Covenants Agreement. The Participant acknowledges
and recognizes the highly competitive nature of the businesses of the Company and accordingly agrees, in the Participant&rsquo;s capacity
as an investor and equity holder in the Company and its Affiliates, to the restrictive covenants contained in Restrictive Covenants Agreement.&nbsp;
The Participant acknowledges and agrees that the Company&rsquo;s remedies at law for an actual or threatened breach of any of the provisions
of Restrictive Covenants Agreement would be inadequate and the Company would suffer irreparable damages as a result of such breach or
threatened breach.</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"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Clawback</U>.
In the event the Board of Directors of the Company determines that the Participant has engaged in fraud, willful misconduct or violation
of Company policy that (1)&nbsp;caused or otherwise contributed materially to the need for a material restatement or adjustment of the
Company&rsquo;s financial results within two years after the period presented, or (2)&nbsp;caused or otherwise contributed materially
to a material negative revision of a financial or operating measure on the basis of which incentive compensation was awarded or paid to
such covered executive, the Compensation Committee of the Company&rsquo;s Board of Directors (the &ldquo;Committee&rdquo;) will review
the award of Units pursuant to this Agreement and all other performance-based compensation awarded to or earned by the Participant during
fiscal periods materially affected by the restatement or adjustment or negative revision. For this purpose, &ldquo;performance-based compensation&rdquo;
includes annual cash incentive bonus awards and all forms of equity-based incentive compensation. If the Committee determines that the
performance-based compensation would have been materially lower if it had been based on the restated, adjusted or revised results, the
Committee may, to the extent permitted by applicable law, seek recoupment from the Participant of any portion of such performance-based
compensation as it deems appropriate after a review of all relevant facts and circumstances.</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; text-align: justify; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Restrictions
on Units</U>.</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 0.5in; text-align: justify; text-indent: 0.5in">a.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Prior
to vesting, Units that are not vested (and the Shares represented by such Units) are not transferable except as designated by the Participant
by will or by the laws of descent and distribution or, subject to such procedures as the Committee may establish, to or for the benefit
of the Participant&rsquo;s family. Except as permitted by the foregoing, Units that are not vested (and the Shares represented by such
Units) may not be sold, assigned, transferred, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law
and otherwise) or be subject to execution, attachment or similar process. Any attempt to so sell, transfer, assign, pledge, hypothecate,
voluntarily encumber or otherwise dispose of Units or Shares shall be null and void. Upon the vesting of Units, the Shares that are delivered
to the Participant shall be fully transferable by the Participant.</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 0.5in; text-align: justify; text-indent: 0.5in">b.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Prior
to vesting, Units shall not be evidenced by a certificate registered in the name of the Participant and the Participant shall not have
any voting rights with respect to such unvested Units (or the Shares represented by such Units).</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; text-align: justify; text-indent: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Dividend
Equivalent Rights.</U></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 0.5in; text-align: justify; text-indent: 0.5in">a.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;From
and after the Grant Date, dividend equivalents shall accrue with respect to Units and shall be payable subject to the same vesting terms
and other conditions as the Units to which they relate. Dividend equivalents shall be credited as and when dividends are declared by the
Company on Shares from the Grant Date until Units are vested and paid. If, and to the extent, Units are forfeited, all related dividend
equivalent rights shall also be forfeited.</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 0.5in; text-align: justify; text-indent: 0.5in">b.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Dividend
equivalents rights entitle the Participant to receive payments with respect to each Unit equal to the dividends declared by the Company
on one Share.</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 0.5in; text-align: justify; text-indent: 0.5in">c.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Dividend
equivalent payments shall be made to the Participant in cash, net of applicable tax withholdings at required statutory minimum amounts,
on the same date vested Units are settled.</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; text-align: justify; text-indent: 0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Adjustments
to Number of Units and Shares</U>. In the event of any change in the Company&rsquo;s outstanding Shares by reason of any stock dividend,
split, spinoff, recapitalization or other similar change, the terms and the number of any outstanding Units (and the Shares represented
by such Units) shall be equitably adjusted by the Committee in its discretion to the extent the Committee determines that such adjustment
is necessary to preserve the benefit, including the economic value, of this Agreement for the Participant and the Company.</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"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Administration</U>.
The authority to administer and interpret this Agreement shall be vested in the Committee, and the Committee shall have all the powers
with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee and any decision
made by it with respect to the Agreement are final and binding on all persons.</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; text-align: justify; text-indent: 0.5in">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Representations</U>.
The Shares represented by the Units are currently registered under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;),
and any applicable state securities laws, pursuant to an effective registration statement. The Participant hereby represents and covenants
that any subsequent sale of any such Shares shall be made either pursuant to an effective registration statement under the Securities
Act and any applicable state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities
laws. The Participant agrees that the obligation of the Company to issue Shares shall also be subject, as conditions precedent, to compliance
with applicable provisions of the Securities Act, the Securities Exchange Act of 1934, as amended, state securities or corporation laws,
rules&nbsp;and regulations under any of the foregoing and applicable requirements of any securities exchange upon which the Company&rsquo;s
securities shall be listed.</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; text-align: justify; text-indent: 0.5in">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Electronic
Delivery</U>. By executing this Agreement, the Participant hereby consents to the electronic delivery of prospectuses, annual reports
and other information required to be delivered by Securities and Exchange Commission rules. This consent may be revoked in writing by
the Participant at any time upon three business days&rsquo; notice to the Company, in which case subsequent prospectuses, annual reports
and other information will be delivered in hard copy to the Participant.</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; text-align: justify; text-indent: 0.5in">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Taxes
and Withholding</U>. The Participant shall be responsible for all income taxes payable in respect of the Shares. The Participant shall
be required to pay to the Company, and the Company shall have the right and is hereby authorized to withhold any cash, Shares, other securities
or other property or from any compensation or other amounts owing to the Participant, the amount (in cash, Shares other securities or
other property) of any required withholding taxes in respect of the Shares, and to take such other action as may be necessary in the opinion
of the Committee to satisfy all obligations for the payment of such withholding taxes, if applicable. In addition, the Committee may permit
a Participant to satisfy, in whole or in part, the foregoing withholding liability by (a)&nbsp;the delivery of Shares (which are not subject
to any pledge or other security interest and which would not result in adverse accounting to the Company) owned by the Participant having
a Fair Market Value equal to such withholding liability or (b)&nbsp;having the Company withhold a number of Shares with a Fair Market
Value equal to such withholding liability (but no more than the minimum required statutory withholding liability) provided that, such
withholding/net settlement does not give rise to any adverse accounting consequences, including variable accounting. The obligations of
the Company under this Agreement will be conditional on such payment or arrangements, and the Company will, to the extent permitted by
law, have the right to deduct any such withholding taxes from any payment of any kind otherwise due to Participant.</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; text-align: justify; text-indent: 0.5in">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendment
and Termination</U>. The Committee may at any time amend or terminate this Agreement, provided that no such amendment or termination may
materially adversely affect the rights of the Participant awarded hereunder.</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; text-align: justify; text-indent: 0.5in">16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Waiver
of Responsibility</U>. The Participant understands that the Company has assumed no responsibility for advising the Participant as to the
tax consequences to the Participant of the grant of Units under this Agreement. The Participant should consult with his or her individual
tax advisor concerning the applicability of Federal, state and local tax laws to the Units and to his or her personal tax circumstances.</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; text-align: justify; text-indent: 0.5in">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Agreement
Not Contract of Employment</U>. This Agreement shall not be construed as giving the Participant the right to be retained in the employ
of, or in any other continuing relationship with, the Company or any of its Affiliates.</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"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Successors
and Assigns</U>. This Agreement shall be binding upon, and inure to the benefit of, the Company, its successors and assigns, and any person
acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company&rsquo;s assets and
business. The Company shall have the right to assign this Agreement at its sole election without the need for further notice to or consent
by the Participant.</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; text-align: justify; text-indent: 0.5in">19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Law</U>. The validity, construction and effect of this Agreement shall be determined in accordance with the laws of the state of New York
applicable to agreements made and to be performed entirely within such jurisdiction.</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; text-align: justify; text-indent: 0.5in">20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts</U>.
This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument. This Agreement may be executed by PDF or other electronic means.</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; text-align: justify; text-indent: 0.5in">21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Interpretation</U>.
Whenever possible, each provision or portion of any provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable law but the invalidity or unenforceability of any provision or portion of any provision of this Agreement in
any jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity
or enforceability of this Agreement, including that provision or portion of any provision, in any other jurisdiction. In addition, should
a court or arbitrator determine that any provision or portion of any provision of this Agreement is not reasonable or valid, either in
period of time, geographical area, or otherwise, the parties hereto agree that such provision should be interpreted and enforced to the
maximum extent which such court or arbitrator deems reasonable or valid.</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; text-align: justify; text-indent: 0.5in">22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Entire
Agreement</U>. This Agreement shall constitute the entire agreement between the parties, and shall supersede all prior representations,
agreements and understandings (including any prior course of dealings), both written and oral, between the parties with respect to the
subject matter hereof.</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"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Company
and the Participant have executed this Inducement Restricted Stock Units Award Agreement as of the day and year first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">PARTICIPANT</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Michael Trachtenberg</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">SAFEHOLD INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By: </TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<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"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: center"><B>Exhibit&nbsp;A</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Intentionally Omitted]</P>

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

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

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>tm2532139d1_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDUCEMENT RESTRICTED STOCK UNITS AWARD AGREEMENT</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: justify; text-indent: 0.5in">THIS INDUCEMENT RESTRICTED
STOCK UNITS AWARD AGREEMENT (the &ldquo;<U>Agreement</U>&rdquo;) is entered into by and between SAFEHOLD INC. (&ldquo;<U>SAFE</U>&rdquo;
or the &ldquo;<U>Company</U>&rdquo;) and Michael Trachtenberg (&ldquo;<U>Participant</U>&rdquo;), effective as of December&nbsp;[ ], 2025
(the &ldquo;<U>Grant Date</U>&rdquo;).</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; text-align: center">RECITALS:</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; text-align: justify; text-indent: 0.5in">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
an inducement material to the decision by the Participant to accept employment with the Company and pursuant to that certain offer letter
entered into by and between Participant and the Company, dated as of October&nbsp;22, 2025 the Company wishes to set forth, in this Agreement,
the terms and conditions of an award of restricted stock units (&ldquo;<U>Units</U>&rdquo;) being made to Participant representing the
right to receive shares of Common Stock of the Company (&ldquo;<U>Shares</U>&rdquo;).</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; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, the parties
agree as follows:</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; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Non-Plan
Grant; Incorporation of Terms of Plan</U>. The Units are granted as a stand-alone award, separate and apart from, and outside of, the
Plan, and shall not constitute an award granted under or pursuant to the Plan. Notwithstanding the foregoing, the terms, conditions and
definitions set forth in the Plan shall apply to the Units (including but not limited to the adjustment provisions contained in Section&nbsp;14(a)&nbsp;of
the Plan), and the Units shall be subject to such terms, conditions and definitions, which are hereby incorporated into this Agreement
by reference. A copy of the Plan may be obtained by the Participant from the office of the Secretary of the Company. For the avoidance
of doubt, the Units shall not be counted for purposes of calculating the aggregate number of Shares that may be issued or transferred
pursuant to Awards under the Plan as set forth in Section&nbsp;4.1(a)&nbsp;of the Plan. In the event of any inconsistency between the
Plan and this Agreement, the terms of this Agreement shall control.</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; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Employment
Inducement Grant</U>. The Units are intended to constitute an &ldquo;employment inducement award&rdquo; under NYSE Listed Company Manual
303A.08, and consequently is intended to be exempt from the NYSE rules&nbsp;regarding shareholder approval of equity compensation plans.
This Agreement and the terms and conditions of the Units shall be interpreted in accordance and consistent with such exemption.</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; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Award</U>.
In consideration of Participant&rsquo;s agreement to commence employment with and remain in the employ of the Company or a Subsidiary
and for other good and valuable consideration, effective as of the <U>Grant Date</U> and subject to the terms of this Agreement, the Participant
is hereby granted 60,000 Units, representing the right to receive an equivalent number of Shares.</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; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Vesting</U>.
The Units shall vest on such date(s)&nbsp;and in accordance with the terms and conditions set forth on Exhibit&nbsp;A (the &ldquo;<U>Vesting
Date</U>&rdquo;).</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; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Settlement
and Delivery of Shares</U>. Subject to satisfying applicable tax withholding requirements in accordance with Section&nbsp;14 hereof, on
each Vesting Date, the Company shall promptly (but in no event later than two and one-half (2-&frac12;) months after the applicable Vesting
Date) deliver to the Participant a number of Shares equal to the number of Units vesting on such date. Except as may be required by law,
the Shares shall be issued and delivered to the Participant, free of any restrictive legend or other restrictions, in book-entry form
or otherwise as the Participant may direct.</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; text-align: justify; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Confidentiality</U>.
The Participant has entered into and shall abide by the Company&rsquo;s Employee Proprietary Information and Inventions Assignment Agreement,
which includes confidentiality and post-termination non-competition and non-solicitation restrictions (the &ldquo;<U>Restrictive Covenants
Agreement</U>&rdquo;) and reaffirms Participant&rsquo;s obligations under the Restrictive Covenants Agreement. The Participant acknowledges
and recognizes the highly competitive nature of the businesses of the Company and accordingly agrees, in the Participant&rsquo;s capacity
as an investor and equity holder in the Company and its Affiliates, to the restrictive covenants contained in Restrictive Covenants Agreement.&nbsp;
The Participant acknowledges and agrees that the Company&rsquo;s remedies at law for an actual or threatened breach of any of the provisions
of Restrictive Covenants Agreement would be inadequate and the Company would suffer irreparable damages as a result of such breach or
threatened breach.</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"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Clawback</U>.
In the event the Board of Directors of the Company determines that the Participant has engaged in fraud, willful misconduct or violation
of Company policy that (1)&nbsp;caused or otherwise contributed materially to the need for a material restatement or adjustment of the
Company&rsquo;s financial results within two years after the period presented, or (2)&nbsp;caused or otherwise contributed materially
to a material negative revision of a financial or operating measure on the basis of which incentive compensation was awarded or paid to
such covered executive, the Compensation Committee of the Company&rsquo;s Board of Directors (the &ldquo;Committee&rdquo;) will review
the award of Units pursuant to this Agreement and all other performance-based compensation awarded to or earned by the Participant during
fiscal periods materially affected by the restatement or adjustment or negative revision. For this purpose, &ldquo;performance-based compensation&rdquo;
includes annual cash incentive bonus awards and all forms of equity-based incentive compensation. If the Committee determines that the
performance-based compensation would have been materially lower if it had been based on the restated, adjusted or revised results, the
Committee may, to the extent permitted by applicable law, seek recoupment from the Participant of any portion of such performance-based
compensation as it deems appropriate after a review of all relevant facts and circumstances.</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; text-align: justify; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Restrictions
on Units</U>.</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 0.5in; text-align: justify; text-indent: 0.5in">a.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Prior
to vesting, Units that are not vested (and the Shares represented by such Units) are not transferable except as designated by the Participant
by will or by the laws of descent and distribution or, subject to such procedures as the Committee may establish, to or for the benefit
of the Participant&rsquo;s family. Except as permitted by the foregoing, Units that are not vested (and the Shares represented by such
Units) may not be sold, assigned, transferred, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law
and otherwise) or be subject to execution, attachment or similar process. Any attempt to so sell, transfer, assign, pledge, hypothecate,
voluntarily encumber or otherwise dispose of Units or Shares shall be null and void. Upon the vesting of Units, the Shares that are delivered
to the Participant shall be fully transferable by the Participant.</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 0.5in; text-align: justify; text-indent: 0.5in">b.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Prior
to vesting, Units shall not be evidenced by a certificate registered in the name of the Participant and the Participant shall not have
any voting rights with respect to such unvested Units (or the Shares represented by such Units).</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; text-align: justify; text-indent: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Dividend
Equivalent Rights.</U></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 0.5in; text-align: justify; text-indent: 0.5in">a.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;From
and after the Grant Date, dividend equivalents shall accrue with respect to Units and shall be payable subject to the same vesting terms
and other conditions as the Units to which they relate. Dividend equivalents shall be credited as and when dividends are declared by the
Company on Shares from the Grant Date until Units are vested and paid. If, and to the extent, Units are forfeited, all related dividend
equivalent rights shall also be forfeited.</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 0.5in; text-align: justify; text-indent: 0.5in">b.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Dividend
equivalents rights entitle the Participant to receive payments with respect to each Unit equal to the dividends declared by the Company
on one Share.</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 0.5in; text-align: justify; text-indent: 0.5in">c.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Dividend
equivalent payments shall be made to the Participant in cash, net of applicable tax withholdings at required statutory minimum amounts,
on the same date vested Units are settled.</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; text-align: justify; text-indent: 0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Adjustments
to Number of Units and Shares</U>. In the event of any change in the Company&rsquo;s outstanding Shares by reason of any stock dividend,
split, spinoff, recapitalization or other similar change, the terms and the number of any outstanding Units (and the Shares represented
by such Units) shall be equitably adjusted by the Committee in its discretion to the extent the Committee determines that such adjustment
is necessary to preserve the benefit, including the economic value, of this Agreement for the Participant and the Company.</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"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Administration</U>.
The authority to administer and interpret this Agreement shall be vested in the Committee, and the Committee shall have all the powers
with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee and any decision
made by it with respect to the Agreement are final and binding on all persons.</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; text-align: justify; text-indent: 0.5in">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Representations</U>.
The Shares represented by the Units are currently registered under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;),
and any applicable state securities laws, pursuant to an effective registration statement. The Participant hereby represents and covenants
that any subsequent sale of any such Shares shall be made either pursuant to an effective registration statement under the Securities
Act and any applicable state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities
laws. The Participant agrees that the obligation of the Company to issue Shares shall also be subject, as conditions precedent, to compliance
with applicable provisions of the Securities Act, the Securities Exchange Act of 1934, as amended, state securities or corporation laws,
rules&nbsp;and regulations under any of the foregoing and applicable requirements of any securities exchange upon which the Company&rsquo;s
securities shall be listed.</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; text-align: justify; text-indent: 0.5in">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Electronic
Delivery</U>. By executing this Agreement, the Participant hereby consents to the electronic delivery of prospectuses, annual reports
and other information required to be delivered by Securities and Exchange Commission rules. This consent may be revoked in writing by
the Participant at any time upon three business days&rsquo; notice to the Company, in which case subsequent prospectuses, annual reports
and other information will be delivered in hard copy to the Participant.</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; text-align: justify; text-indent: 0.5in">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Taxes
and Withholding</U>. The Participant shall be responsible for all income taxes payable in respect of the Shares. The Participant shall
be required to pay to the Company, and the Company shall have the right and is hereby authorized to withhold any cash, Shares, other securities
or other property or from any compensation or other amounts owing to the Participant, the amount (in cash, Shares other securities or
other property) of any required withholding taxes in respect of the Shares, and to take such other action as may be necessary in the opinion
of the Committee to satisfy all obligations for the payment of such withholding taxes, if applicable. In addition, the Committee may permit
a Participant to satisfy, in whole or in part, the foregoing withholding liability by (a)&nbsp;the delivery of Shares (which are not subject
to any pledge or other security interest and which would not result in adverse accounting to the Company) owned by the Participant having
a Fair Market Value equal to such withholding liability or (b)&nbsp;having the Company withhold a number of Shares with a Fair Market
Value equal to such withholding liability (but no more than the minimum required statutory withholding liability) provided that, such
withholding/net settlement does not give rise to any adverse accounting consequences, including variable accounting. The obligations of
the Company under this Agreement will be conditional on such payment or arrangements, and the Company will, to the extent permitted by
law, have the right to deduct any such withholding taxes from any payment of any kind otherwise due to Participant.</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; text-align: justify; text-indent: 0.5in">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendment
and Termination</U>. The Committee may at any time amend or terminate this Agreement, provided that no such amendment or termination may
materially adversely affect the rights of the Participant awarded hereunder.</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; text-align: justify; text-indent: 0.5in">16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Waiver
of Responsibility</U>. The Participant understands that the Company has assumed no responsibility for advising the Participant as to the
tax consequences to the Participant of the grant of Units under this Agreement. The Participant should consult with his or her individual
tax advisor concerning the applicability of Federal, state and local tax laws to the Units and to his or her personal tax circumstances.</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; text-align: justify; text-indent: 0.5in">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Agreement
Not Contract of Employment</U>. This Agreement shall not be construed as giving the Participant the right to be retained in the employ
of, or in any other continuing relationship with, the Company or any of its Affiliates.</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"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Successors
and Assigns</U>. This Agreement shall be binding upon, and inure to the benefit of, the Company, its successors and assigns, and any person
acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company&rsquo;s assets and
business. The Company shall have the right to assign this Agreement at its sole election without the need for further notice to or consent
by the Participant.</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; text-align: justify; text-indent: 0.5in">19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Law</U>. The validity, construction and effect of this Agreement shall be determined in accordance with the laws of the state of New York
applicable to agreements made and to be performed entirely within such jurisdiction.</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; text-align: justify; text-indent: 0.5in">20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts</U>.
This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument. This Agreement may be executed by PDF or other electronic means.</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; text-align: justify; text-indent: 0.5in">21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Interpretation</U>.
Whenever possible, each provision or portion of any provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable law but the invalidity or unenforceability of any provision or portion of any provision of this Agreement in
any jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity
or enforceability of this Agreement, including that provision or portion of any provision, in any other jurisdiction. In addition, should
a court or arbitrator determine that any provision or portion of any provision of this Agreement is not reasonable or valid, either in
period of time, geographical area, or otherwise, the parties hereto agree that such provision should be interpreted and enforced to the
maximum extent which such court or arbitrator deems reasonable or valid.</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; text-align: justify; text-indent: 0.5in">22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Entire
Agreement</U>. This Agreement shall constitute the entire agreement between the parties, and shall supersede all prior representations,
agreements and understandings (including any prior course of dealings), both written and oral, between the parties with respect to the
subject matter hereof.</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"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Company
and the Participant have executed this Inducement Restricted Stock Units Award Agreement as of the day and year first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">PARTICIPANT</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Michael Trachtenberg</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">SAFEHOLD INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By: </TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<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"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: center"><B>Exhibit&nbsp;A</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Intentionally Omitted]</P>

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

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

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>4
<FILENAME>tm2532139d1_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDUCEMENT RESTRICTED STOCK UNITS AWARD AGREEMENT</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: justify; text-indent: 0.5in">THIS INDUCEMENT RESTRICTED
STOCK UNITS AWARD AGREEMENT (the &ldquo;<U>Agreement</U>&rdquo;) is entered into by and between SAFEHOLD INC. (&ldquo;<U>SAFE</U>&rdquo;
or the &ldquo;<U>Company</U>&rdquo;) and Michael Trachtenberg (&ldquo;<U>Participant</U>&rdquo;), effective as of December&nbsp;[ ], 2025
(the &ldquo;<U>Grant Date</U>&rdquo;).</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; text-align: center">RECITALS:</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; text-align: justify; text-indent: 0.5in">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
an inducement material to the decision by the Participant to accept employment with the Company and pursuant to that certain offer letter
entered into by and between Participant and the Company, dated as of October&nbsp;22, 2025 the Company wishes to set forth, in this Agreement,
the terms and conditions of an award of restricted stock units (&ldquo;<U>Units</U>&rdquo;) being made to Participant representing the
right to receive shares of Common Stock of the Company (&ldquo;<U>Shares</U>&rdquo;).</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; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, the parties
agree as follows:</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; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Non-Plan
Grant; Incorporation of Terms of Plan</U>. The Units are granted as a stand-alone award, separate and apart from, and outside of, the
Plan, and shall not constitute an award granted under or pursuant to the Plan. Notwithstanding the foregoing, the terms, conditions and
definitions set forth in the Plan shall apply to the Units (including but not limited to the adjustment provisions contained in Section&nbsp;14(a)&nbsp;of
the Plan), and the Units shall be subject to such terms, conditions and definitions, which are hereby incorporated into this Agreement
by reference. A copy of the Plan may be obtained by the Participant from the office of the Secretary of the Company. For the avoidance
of doubt, the Units shall not be counted for purposes of calculating the aggregate number of Shares that may be issued or transferred
pursuant to Awards under the Plan as set forth in Section&nbsp;4.1(a)&nbsp;of the Plan. In the event of any inconsistency between the
Plan and this Agreement, the terms of this Agreement shall control.</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; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Employment
Inducement Grant</U>. The Units are intended to constitute an &ldquo;employment inducement award&rdquo; under NYSE Listed Company Manual
303A.08 and consequently is intended to be exempt from the NYSE rules&nbsp;regarding shareholder approval of equity compensation plans.
This Agreement and the terms and conditions of the Units shall be interpreted in accordance and consistent with such exemption.</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; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Award</U>.
In consideration of Participant&rsquo;s agreement to commence employment with and remain in the employ of the Company or a Subsidiary
and for other good and valuable consideration, effective as of the <U>Grant Date</U> and subject to the terms of this Agreement, the Participant
is hereby granted 93,076 Units, representing the right to receive an equivalent number of Shares.</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; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Vesting</U>.
Except as otherwise provided herein, the Units shall cliff vest in five (5)&nbsp;equal installments on each annual anniversary of [ ]
(each a &ldquo;<U>Vesting Date</U>&rdquo;), if Employee remains continuously employed by the Company in good standing on the Vesting Date.</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; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Settlement
and Delivery of Shares</U>. Subject to satisfying applicable tax withholding requirements in accordance with Section&nbsp;16 hereof, on
each Vesting Date, the Company shall promptly (but in no event later than two and one-half (2-&frac12;) months after the applicable Vesting
Date) deliver to the Participant a number of Shares equal to the number of Units vesting on such date. Except as may be required by law,
the Shares shall be issued and delivered to the Participant, free of any restrictive legend or other restrictions, in book-entry form
or otherwise as the Participant may direct.</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; text-align: justify; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination
of Employment.</U></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 0.5in; text-align: justify; text-indent: 0.5in">a.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination
Without Cause</U>. In the event the Participant&rsquo;s employment with the Company is terminated (i)&nbsp;by the Company without Cause,
(ii)&nbsp;by the Company without Cause or by the Participant for Good Reason during the 12 month period immediately following a Change
in Control, or (iii)&nbsp;due to the Participant&rsquo;s death or, in the discretion of the Committee, Disability, all Units that have
not previously vested shall vest immediately on the date of such termination. For the avoidance of doubt and notwithstanding anything
herein to the contrary, such Units, the vesting of which accelerates on the termination date, shall be settled as soon as practicable
after the termination date but in all events no later than two and one-half (2-&frac12;) months after the last day of the year in which
the termination date occurs.</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"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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 0.5in; text-align: justify; text-indent: 0.5in">b.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination
for Any Other Reason</U>. In the event the Participant&rsquo;s employment with the Company terminates for any other reason, voluntarily
or involuntarily, any Units that have not previously vested shall be forfeited effective on the date of termination of employment.</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; text-align: justify; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Change
in Control</U>. If the successor corporation in a Change in Control assumes or substitutes for the Units in accordance with Section&nbsp;14(d)&nbsp;of
the Plan, the Units as of the date of the Change in Control will remain outstanding and eligible to vest in accordance with the vesting
conditions set forth in this Agreement. If the successor corporation in the Change in Control refuses to assume or substitute for the
Units in accordance with Section&nbsp;14(d)&nbsp;of the Plan, all outstanding Units granted to Participant shall become immediately vested.</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; text-align: justify; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Confidentiality</U>.
The Participant has entered into and shall abide by the Company&rsquo;s Employee Proprietary Information and Inventions Assignment Agreement,
which includes confidentiality and post-termination non-competition and non-solicitation restrictions (the &ldquo;<U>Restrictive Covenants
Agreement</U>&rdquo;) and reaffirms Participant&rsquo;s obligations under the Restrictive Covenants Agreement. The Participant acknowledges
and recognizes the highly competitive nature of the businesses of the Company and accordingly agrees, in the Participant&rsquo;s capacity
as an investor and equity holder in the Company and its Affiliates, to the restrictive covenants contained in Restrictive Covenants Agreement.&nbsp;
The Participant acknowledges and agrees that the Company&rsquo;s remedies at law for an actual or threatened breach of any of the provisions
of Restrictive Covenants Agreement would be inadequate and the Company would suffer irreparable damages as a result of such breach or
threatened breach.</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; text-align: justify; text-indent: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Clawback</U>.
In the event the Board of Directors of the Company determines that the Participant has engaged in fraud, willful misconduct or violation
of Company policy that (1)&nbsp;caused or otherwise contributed materially to the need for a material restatement or adjustment of the
Company&rsquo;s financial results within two years after the period presented, or (2)&nbsp;caused or otherwise contributed materially
to a material negative revision of a financial or operating measure on the basis of which incentive compensation was awarded or paid to
such covered executive, the Compensation Committee of the Company&rsquo;s Board of Directors (the &ldquo;Committee&rdquo;) will review
the award of Units pursuant to this Agreement and all other performance-based compensation awarded to or earned by the Participant during
fiscal periods materially affected by the restatement or adjustment or negative revision. For this purpose, &ldquo;performance-based compensation&rdquo;
includes annual cash incentive bonus awards and all forms of equity-based incentive compensation. If the Committee determines that the
performance-based compensation would have been materially lower if it had been based on the restated, adjusted or revised results, the
Committee may, to the extent permitted by applicable law, seek recoupment from the Participant of any portion of such performance-based
compensation as it deems appropriate after a review of all relevant facts and circumstances.</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; text-align: justify; text-indent: 0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Restrictions
on Units</U>.</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 0.5in; text-align: justify; text-indent: 0.5in">a.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Prior
to vesting, Units that are not vested (and the Shares represented by such Units) are not transferable except as designated by the Participant
by will or by the laws of descent and distribution or, subject to such procedures as the Committee may establish, to or for the benefit
of the Participant&rsquo;s family. Except as permitted by the foregoing, Units that are not vested (and the Shares represented by such
Units) may not be sold, assigned, transferred, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law
and otherwise) or be subject to execution, attachment or similar process. Any attempt to sell, transfer, assign, pledge, hypothecate,
voluntarily encumber or otherwise dispose of Units or Shares shall be null and void. Upon the vesting of Units, the Shares that are delivered
to the Participant shall be fully transferable by the Participant.</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 0.5in; text-align: justify; text-indent: 0.5in">b.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Prior
to vesting, Units shall not be evidenced by a certificate registered in the name of the Participant and the Participant shall not have
any voting rights with respect to such unvested Units (or the Shares represented by such Units).</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"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Dividend
Equivalent Rights.</U></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 0.5in; text-align: justify; text-indent: 0.5in">a.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;From
and after the Grant Date, dividend equivalents shall accrue with respect to Units and shall be payable subject to the same vesting terms
and other conditions as the Units to which they relate. Dividend equivalents shall be credited as and when dividends are declared by the
Company on Shares from the Grant Date until Units are vested and paid. If, and to the extent, Units are forfeited, all related dividend
equivalent rights shall also be forfeited.</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 0.5in; text-align: justify; text-indent: 0.5in">b.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Dividend
equivalents rights entitle the Participant to receive payments with respect to each Unit equal to the dividends declared by the Company
on one Share.</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 0.5in; text-align: justify; text-indent: 0.5in">c.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Dividend
equivalent payments shall be made to the Participant in cash, net of applicable tax withholdings at required statutory minimum amounts,
on the same date vested Units are settled.</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; text-align: justify; text-indent: 0.5in">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Adjustments
to Number of Units and Shares</U>. In the event of any change in the Company&rsquo;s outstanding Shares by reason of any stock dividend,
split, spinoff, recapitalization or other similar change, the terms and the number of any outstanding Units (and the Shares represented
by such Units) shall be equitably adjusted by the Committee in its discretion to the extent the Committee determines that such adjustment
is necessary to preserve the benefit, including the economic value, of this Agreement for the Participant and the Company.</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; text-align: justify; text-indent: 0.5in">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Administration</U>.
The authority to administer and interpret this Agreement shall be vested in the Committee, and the Committee shall have all the powers
with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee and any decision
made by it with respect to the Agreement are final and binding on all persons.</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; text-align: justify; text-indent: 0.5in">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Representations</U>.
The Shares represented by the Units are currently registered under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;),
and any applicable state securities laws, pursuant to an effective registration statement. The Participant hereby represents and covenants
that any subsequent sale of any such Shares shall be made either pursuant to an effective registration statement under the Securities
Act and any applicable state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities
laws. The Participant agrees that the obligation of the Company to issue Shares shall also be subject, as conditions precedent, to compliance
with applicable provisions of the Securities Act, the Securities Exchange Act of 1934, as amended, state securities or corporation laws,
rules&nbsp;and regulations under any of the foregoing and applicable requirements of any securities exchange upon which the Company&rsquo;s
securities shall be listed.</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; text-align: justify; text-indent: 0.5in">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Electronic
Delivery</U>. By executing this Agreement, the Participant hereby consents to the electronic delivery of prospectuses, annual reports
and other information required to be delivered by Securities and Exchange Commission rules. This consent may be revoked in writing by
the Participant at any time upon three business days&rsquo; notice to the Company, in which case subsequent prospectuses, annual reports
and other information will be delivered in hard copy to the Participant.</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"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Taxes
and Withholding</U>. The Participant shall be responsible for all income taxes payable in respect of the Shares. The Participant shall
be required to pay to the Company, and the Company shall have the right and is hereby authorized to withhold any cash, Shares, other securities
or other property or from any compensation or other amounts owing to the Participant, the amount (in cash, Shares other securities or
other property) of any required withholding taxes in respect of the Shares, and to take such other action as may be necessary in the opinion
of the Committee to satisfy all obligations for the payment of such withholding taxes, if applicable. In addition, the Committee may permit
a Participant to satisfy, in whole or in part, the foregoing withholding liability by (a)&nbsp;the delivery of Shares (which are not subject
to any pledge or other security interest and which would not result in adverse accounting to the Company) owned by the Participant having
a Fair Market Value equal to such withholding liability or (b)&nbsp;having the Company withhold a number of Shares with a Fair Market
Value equal to such withholding liability (but no more than the minimum required statutory withholding liability) provided that, such
withholding/net settlement does not give rise to any adverse accounting consequences, including variable accounting. The obligations of
the Company under this Agreement will be conditional on such payment or arrangements, and the Company will, to the extent permitted by
law, have the right to deduct any such withholding taxes from any payment of any kind otherwise due to Participant.</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; text-align: justify; text-indent: 0.5in">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendment
and Termination</U>. The Committee may at any time amend or terminate this Agreement, provided that no such amendment or termination may
materially adversely affect the rights of the Participant awarded hereunder.</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; text-align: justify; text-indent: 0.5in">18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Waiver
of Responsibility</U>. The Participant understands that the Company has assumed no responsibility for advising the Participant as to the
tax consequences to the Participant of the grant of Units under this Agreement. The Participant should consult with his or her individual
tax advisor concerning the applicability of Federal, state and local tax laws to the Units and to his or her personal tax circumstances.</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; text-align: justify; text-indent: 0.5in">19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Definitions</U>.
As used herein, the following terms shall have the following meanings:</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 0.5in; text-align: justify; text-indent: 0.5in">a.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>&ldquo;<U>Cause</U>&rdquo;</B>
shall mean the occurrence of any of the following, as determined by the Compensation Committee (&ldquo;Committee&rdquo;) of the Board
of Directors of the Company: (i)&nbsp;Participant&rsquo;s material violation the Company&rsquo;s written code of conduct or of a material
policy of the Company or its subsidiaries; (ii)&nbsp;Participant&rsquo;s gross misconduct in the performance of his or her duties; (iii)&nbsp;Participant&rsquo;s
intentional refusal or failure to satisfactorily perform his/her material duties for the Company; (iv)&nbsp;Participant&rsquo;s theft
or misappropriation of funds that has an adverse effect on the reputation of the Company or its subsidiaries; (v)&nbsp;Participant&rsquo;s
commission of an act of misconduct, a criminal offense or other wrongful act; or (vi)&nbsp;Participant&rsquo;s breach of any obligation
under any non-disclosure, non-solicitation, non-competition or other restrictive covenant, employment or any other agreement with the
Company. For purposes hereof, the Committee shall have the authority to determine, in its sole discretion, whether a Cause event has occurred,
and any such determination shall be final, conclusive and binding upon all parties, <U>provided</U>, that the Committee shall confer with
the Chief Executive Officer and other senior executives as the Committee deems appropriate in making any such determination.</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 0.5in; text-align: justify; text-indent: 0.5in">b.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&quot;<B><U>Change
of Control</U></B>&quot; has the meaning ascribed to such term under the Plan.</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 0.5in; text-align: justify; text-indent: 0.5in">c.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B><U>Good
Reason</U></B>&rdquo; means any of the following that occurs without Participant&rsquo;s written consent: (i)&nbsp;a material reduction
in Participant&rsquo;s base salary or target annual bonus opportunity; (ii)&nbsp;a material reduction in Participant&rsquo;s position,
authority, duties or responsibilities to the Company; or (iii)&nbsp;a requirement that Participant relocate Participant&rsquo;s principal
place of work to a location that increases Participant&rsquo;s one-way commute by more than 35 miles. Any such event shall not constitute
Good Reason unless Participant provides the Company with written notice thereof no later than 90 days following the initial occurrence
of such event, the Company fails to remedy such event (if capable of being remedied) within 30 days of receipt of such notice, and Participant
terminates Participant&rsquo;s employment with the Company within 30 days after the expiration of such 30 day remedial period.</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; text-align: justify; text-indent: 0.5in">20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Agreement
Not Contract of Employment</U>. This Agreement shall not be construed as giving the Participant the right to be retained in the employ
of, or in any other continuing relationship with, the Company or any of its Affiliates.</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; text-align: justify; text-indent: 0.5in">21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Successors
and Assigns</U>. This Agreement shall be binding upon, and inure to the benefit of, the Company, its successors and assigns, and any person
acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company&rsquo;s assets and
business. The Company shall have the right to assign this Agreement at its sole election without the need for further notice to or consent
by the Participant.</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"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Law</U>. The validity, construction and effect of this Agreement shall be determined in accordance with the laws of the state of New York
applicable to agreements made and to be performed entirely within such jurisdiction.</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; text-align: justify; text-indent: 0.5in">23.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts</U>.
This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument. This Agreement may be executed by PDF or other electronic means.</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; text-align: justify; text-indent: 0.5in">24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Interpretation</U>.
Whenever possible, each provision or portion of any provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable law but the invalidity or unenforceability of any provision or portion of any provision of this Agreement in
any jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity
or enforceability of this Agreement, including that provision or portion of any provision, in any other jurisdiction. In addition, should
a court or arbitrator determine that any provision or portion of any provision of this Agreement is not reasonable or valid, either in
period of time, geographical area, or otherwise, the parties hereto agree that such provision should be interpreted and enforced to the
maximum extent which such court or arbitrator deems reasonable or valid.</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; text-align: justify; text-indent: 0.5in">25.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Entire
Agreement</U>. This Agreement shall constitute the entire agreement between the parties, and shall supersede all prior representations,
agreements and understandings (including any prior course of dealings), both written and oral, between the parties with respect to the
subject matter hereof.</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"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Company
and the Participant have executed this Inducement Restricted Stock Units Award Agreement as of the day and year first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">PARTICIPANT</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Michael Trachtenberg</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">SAFEHOLD INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By: </TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<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"></P>

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>tm2532139d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2532139d1_ex5-1img001.jpg" ALT="" STYLE="height: 98px; width: 849px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">December&nbsp;1, 2025</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">Safehold Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1114 Avenue of the Americas, 39th Floor<BR>
New York, New York 10036</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 1in"><FONT STYLE="font-size: 10pt">Re:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Registration
Statement on Form&nbsp;S-8</U></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">Ladies and Gentlemen:</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; text-align: justify; text-indent: 1in">We have served as Maryland counsel
to Safehold Inc., a Maryland corporation (the &ldquo;Company&rdquo;), in connection with certain matters of Maryland law arising out of
the issuance of shares (the &ldquo;Shares&rdquo;) of common stock, $0.01 par value per share (the &ldquo;Common Stock&rdquo;), of the
Company, including up to: (i)&nbsp;60,000 shares of Common Stock issuable pursuant to the Inducement Restricted Stock Units Award Agreement
(the &ldquo;Affordable Housing Plan Agreement&rdquo;), effective as of the date hereof, made by the Company and subject to acceptance
by Michael Trachtenberg (the &ldquo;Grantee&rdquo;), (ii)&nbsp;700,000 shares of Common Stock issuable pursuant to the Inducement Restricted
Stock Units Award Agreement (the &ldquo;Shareholder Success Plan Agreement&rdquo;), effective as of the date hereof, made by the Company
and subject to acceptance by the Grantee, and (iii)&nbsp;93,076 shares of Common Stock issuable pursuant to the Inducement Restricted Stock
Units Award Agreement (the &ldquo;Signing Bonus Agreement&rdquo; and, together with the Affordable Housing Plan Agreement and the Shareholder
Success Plan Agreement, the &ldquo;Agreements&rdquo;), effective as of the date hereof, made by the Company and subject to acceptance
by the Grantee, covered by the above-referenced Registration Statement and all amendments thereto (the &ldquo;Registration Statement&rdquo;),
filed by the Company with the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;), on or about the date hereof.</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; text-align: justify; text-indent: 1in">In connection with our representation
of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified
to our satisfaction, of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Registration Statement, substantially in the form in which it was transmitted to the Commission under the Securities Act;</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
charter of the Company (the &ldquo;Charter&rdquo;), certified by the State Department of Assessments and Taxation of Maryland (the &ldquo;SDAT&rdquo;);</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</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"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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"><IMG SRC="tm2532139d1_ex5-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Safehold Inc.<BR>
 December 1, 2025<BR>
 Page 2</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Resolutions
(the &ldquo;Resolutions&rdquo;) adopted by the Board of Directors of the Company (the &ldquo;Board&rdquo;) relating to, among other matters,
(i)&nbsp;the approval of the Agreements and (ii)&nbsp;the issuance of the Shares, certified as of the date hereof by an officer of the
Company;</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Agreements;</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>A
certificate executed by an officer of the Company, dated as of the date hereof; and</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</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; text-align: justify; text-indent: 1in">In expressing the opinion set
forth below, we have assumed the following:</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents
to which such party is a signatory, and such party&rsquo;s obligations set forth therein are legal, valid and binding and are enforceable
in accordance with all stated terms.</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted
to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records
reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained
in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there
has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Shares will not be issued or transferred in violation of any restriction or limitation on ownership and transfer contained in Article&nbsp;VII
of the Charter.</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
any issuance of Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of
Common Stock that the Company is then authorized to issue under the Charter.</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"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2532139d1_ex5-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Safehold Inc.<BR>
 December 1, 2025<BR>
 Page 3</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
award that provides for the potential issuance of a Share pursuant to each applicable Agreement (each, an &ldquo;Award&rdquo;) will be
duly authorized and validly granted in accordance with the applicable Agreement. The Agreements will be accepted by the Grantee in accordance
with the terms thereof prior to the issuance of the Shares.</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; text-align: justify; text-indent: 1in">Based upon the foregoing, and
subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing
with the SDAT.</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
issuance of the Shares pursuant to the applicable Agreement has been duly authorized and, when and to the extent issued and delivered
by the Company in accordance with the Registration Statement, the applicable Agreement, the Resolutions, any applicable Award and any
other resolutions adopted by the Board or a duly authorized committee thereof relating thereto, the Shares will be validly issued, fully
paid and nonassessable.</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">The
foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning United States </FONT>federal
law or the laws of any other jurisdiction. We express no opinion as to the applicability or effect of federal or state securities laws,
including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that
any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland,
we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of any judicial decision which may
permit the introduction of parol evidence to modify the terms or the interpretation of agreements.</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; text-align: justify; text-indent: 1in">The opinion expressed herein
is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We
assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact
that might change the opinion expressed herein after the date hereof.</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">This
opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the
filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein. </FONT>In giving this
consent, we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the Securities Act.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>/s/ Venable LLP</TD></TR>
</TABLE>

<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"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>tm2532139d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></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"><FONT STYLE="background-color: white">We consent to the incorporation
by reference in this Registration Statement on Form S-8 of our reports dated February 6, 2025, relating to the financial statements of
Safehold Inc. and the effectiveness of Safehold Inc.'s internal control over financial reporting, appearing in the Annual Report on Form
10-K of Safehold Inc. for the year ended December 31, 2024. </FONT></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"><FONT STYLE="background-color: white">/s/ Deloitte &amp; Touche LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">New York, New York</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">December 1, 2025</FONT></P>

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

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>7
<FILENAME>tm2532139d1_exfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<XBRL>
<?xml version='1.0' encoding='ASCII'?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:dei="http://xbrl.sec.gov/dei/2025" xmlns:ffd="http://xbrl.sec.gov/ffd/2025">
  <head>
    <title>EX-FILING FEES</title>
  </head>
  <body>
    <div style="display: none">
      <ix:header>
        <ix:hidden>
          <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-168">S-8</ix:nonNumeric>
          <ix:nonNumeric name="ffd:SubmissnTp" contextRef="rc" id="ixv-169">S-8</ix:nonNumeric>
          <ix:nonNumeric name="ffd:FeeExhibitTp" contextRef="rc" id="ixv-170">EX-FILING FEES</ix:nonNumeric>
          <ix:nonNumeric name="dei:EntityCentralIndexKey" contextRef="rc" id="ixv-171">0001095651</ix:nonNumeric>
          <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-172">Safehold Inc.</ix:nonNumeric>
          <ix:nonNumeric name="ffd:OfferingTableNa" contextRef="rc" id="hiddenrcOfferingTableNa" xsi:nil="true"></ix:nonNumeric>
          <ix:nonNumeric name="ffd:OffsetTableNa" contextRef="rc" id="hiddenrcOffsetTableNa">N/A</ix:nonNumeric>
          <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_1" format="ixt:booleanfalse" id="ixv-175">Fees to be Paid</ix:nonNumeric>
        </ix:hidden>
        <ix:references>
          <link:schemaRef xlink:href="https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd" xlink:type="simple"/>
        </ix:references>
        <ix:resources>
          <xbrli:context id="rc">
            <xbrli:entity>
              <xbrli:identifier scheme="http://www.sec.gov/CIK">0001095651</xbrli:identifier>
            </xbrli:entity>
            <xbrli:period>
              <xbrli:startDate>2025-11-28</xbrli:startDate>
              <xbrli:endDate>2025-11-28</xbrli:endDate>
            </xbrli:period>
          </xbrli:context>
          <xbrli:context id="offrl_1">
            <xbrli:entity>
              <xbrli:identifier scheme="http://www.sec.gov/CIK">0001095651</xbrli:identifier>
              <xbrli:segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                  <dei:lineNo>1</dei:lineNo>
                </xbrldi:typedMember>
              </xbrli:segment>
            </xbrli:entity>
            <xbrli:period>
              <xbrli:startDate>2025-11-28</xbrli:startDate>
              <xbrli:endDate>2025-11-28</xbrli:endDate>
            </xbrli:period>
          </xbrli:context>
          <xbrli:unit id="USD">
            <xbrli:measure>iso4217:USD</xbrli:measure>
          </xbrli:unit>
          <xbrli:unit id="pure">
            <xbrli:measure>xbrli:pure</xbrli:measure>
          </xbrli:unit>
          <xbrli:unit id="Shares">
            <xbrli:measure>xbrli:shares</xbrli:measure>
          </xbrli:unit>
        </ix:resources>
      </ix:header>
    </div>
    <div>
      <table style="width: 99%; font-family: Arial, Helvetica, sans-serif; font-size: 20pt; text-align: center;">
        <tr>
          <td colspan="4" style="padding-bottom: .5em">
            <p>
              <b>Calculation of Filing Fee Tables</b>
            </p>
          </td>
        </tr>
        <tr>
          <td style="padding-bottom: .25em">
            <p>
              <b>
                <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-200">S-8</ix:nonNumeric>
              </b>
            </p>
          </td>
        </tr>
        <tr>
          <td style="padding-bottom: .25em">
            <p>
              <b>
                <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-201">Safehold Inc.</ix:nonNumeric>
              </b>
            </p>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: center; width: 90%; word-wrap: break-word">
            <p style="margin: 0pt; text-align: center;">
              <b>Table 1: Newly Registered Securities</b>
            </p>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 90%; text-align: center;  border: 1px solid black; margin-left: auto; margin-right: auto;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 2%;">
            <!-- BLANK -->
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Type</b>
            </p>
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Class Title </b>
            </p>
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Calculation Rule</b>
            </p>
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount Registered</b>
            </p>
          </th>
          <th style="width: 15%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Proposed Maximum Offering Price Per Unit</b>
            </p>
          </th>
          <th style="width: 15%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Maximum Aggregate Offering Price</b>
            </p>
          </th>
          <th style="width: 3%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Rate</b>
            </p>
          </th>
          <th style="width: 15%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount of Registration Fee</b>
            </p>
          </th>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: center;">
		1
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-202">Equity</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-203">Common Stock, par value $0.01 per share</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457aFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-204">457(a)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:AmtSctiesRegd" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-205">853,076</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxOfferingPricPerScty" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-206">13.36</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-207">11,397,095.36</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-208">0.0001381</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-209">1,573.94</ix:nonFraction>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">Total Offering Amounts:</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; width: 16%;">
            <p id="MaxAggtOfferingPrice" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-210">11,397,095.36</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; border-bottom: 1px black; width: 16%;">
            <p id="TotalFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-211">1,573.94</ix:nonFraction>
            </p>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fee Offsets:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-212">0.00</ix:nonFraction>
            </p>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Net Fee Due:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="NetFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-213">1,573.94</ix:nonFraction>
            </p>
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 90%; margin-left:auto; margin-right:auto; text-indent: 0px;">
        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
            <td>
              <p style="margin:0pt;text-align:left; margin-bottom: 5px;">
                <b>Offering Note</b>
              </p>
            </td>
            <td/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="width: 90%; margin-left:auto; margin-right:auto; text-indent: 0px;">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_1" id="ixv-214">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall also cover any additional shares of the registrant's common stock, par value $0.01 per share (the "Common Stock"), that become issuable under applicable Inducement Restricted Stock Units Award Agreements by reason of any stock dividend, stock split, recapitalization or similar transaction effected without the registrant's receipt of consideration that would increase the number of outstanding shares of Common Stock.

Amount Registered represents shares of Common Stock issuable upon the vesting of restricted stock units granted to Michael Trachtenberg to induce him to accept employment with the registrant as its President in accordance with Section 303A.08 of the New York Stock Exchange Listed Company Manual.

Pursuant to Rule 457(c) and 457(h) of the Securities Act, the Proposed Maximum Offering Price Per Share is based upon the average of the high and low prices of Common Stock, as reported on the New York Stock Exchange on November 24, 2025, which was $13.36 per share.

</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 2: Fee Offset Claims and Sources</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcOffsetTableNa">&#9745;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; text-align: center;  border: 1px solid black;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 10%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 8%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 16%;">
				Registrant or Filer Name
			</th>
          <th style="width: 6%;">
				Form or Filing Type
			</th>
          <th style="width: 7%;">
				File Number
			</th>
          <th style="width: 6%;">
				Initial Filing Date
			</th>
          <th style="width: 6%;">
				Filing Date
			</th>
          <th style="width: 6%;">
				Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Security Type Associated with Fee Offset Claimed
			</th>
          <th style="width: 8%;">
				Security Title Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Unsold Securities Associated with Fee Offset Claimed
			</th>
          <th style="width: 9%;">
				Unsold Aggregate Offering Amount Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Fee Paid with Fee Offset Source
			</th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rule 457(p)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
      </table>
    </div>
  </body>
</html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>tm2532139d1_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2532139d1_ex5-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !+ LT# 2(  A$! Q$!_\0
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MY]/7X8:YH,=CX=?5]8U^_NHM=DD71='^SK8-,]S?6WP?_P $^?\ @L#\9/\
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M77[1?Q=GO+Z6WMHX8/M5Y<3237#)&B;SB*.)"RG]A90=\7)V[E8@<#Y%W#)
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M.]NK;Q3IOB>RU#PK)<N))+C3+M3INNS:8CQE9M'$Z2+;IY)E_:\\9ZY\2/\
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M2DH<M[QBY-M\VBU6]]EKORR3NDF^S:2;^[1'T)'^TKX'D_:1M/V6UL_$TOQ
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M4MOHUCI9ZJ>$P>LI3;J*_*KZ-\MT[VTW6Z:3NI+H91JXB;4)0BHMV;NM-_\
M(^W?B3^T;H?PXUG6='N_ GQ%\0Q^$OA_;_$_QQXB\,V?A:#P]X*\'7]YXLT^
MUU34]7\8>+/",>J75Q_PA?B>>TT'PU;^(?$LUO8).V@QF:".1ND?M+^!M?\
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MC0 ZBFY/K_XXW^-&3Z_^.-_C0 ZBFY/K_P".-_C1D^O_ (XW^- #J*;D^O\
MXXW^-&3Z_P#CC?XT .HIN3Z_^.-_C1D^O_CC?XT .HIN3Z_^.-_C1D^O_CC?
MXT .HIN3Z_\ CC?XT9/K_P".-_C0 ZBFY/K_ ..-_C1D^O\ XXW^- #JKR0H
M<$[LAE((*AE(X.UBI*[TW1LRX;8[A64D,)LGU_\ '&_QHR?7'_ #_7-*23BT
MTI)JSB[6?EKH!0%E:JRLL01DW!&41@HKNCRJ,QD-YIC =W#R\L5=68M4AM+>
M4,CQ*ZLLH(D"3#;-NWK^^23*9=L1MF)5(C">6JH+7/\ >/\ WP?\*.?4G_@!
M_IBL?90Z4HP?22<;Q\U9W^[N!4;3K1PH:&-C%*L]N7BAD^RS1HL<,EJLD;I;
MM"D<0B\I% ,2LP9FD:0DTZVE*[EP$,C1JH15B>;S5N)(P$'ES3PSRV[W"XN%
M@DE2*6,S3-)<R?7_ ,<;_&C)]?\ QQO\:KV;6JJ2OZO_ # JBQ@$LLZAEGF*
M>9,I57<1-NA#@+LE\C)6(RK(R*S+D@U''I=E#&88(8X(?+AA2&"*&&.."W.^
M"!5BC3=!%*TTRQ2^8I:XN$<-#(8A>R?7_P <;_&C)]?_ !QO\:.23T=25@,]
MM*LW&'BCD4/YH66WM)0LTEP]Q=RJ9;=V#WS,$N<-M$:)]F6W<%S*NGVJ[3Y2
M,R)"@=DC+[;>9;B%=VP';%.#,BYVH[L54#:%MY/K_P".-_C1D^O_ (XW^-'L
MY+53E=;:_P#! I1Z7801/%;VEM '+L3%;P(3(R[/-.(]KRA0%$DBNY"C>6YS
M8B@6+ 4 (J!%10 @"A0N$"A5VJ-HV@#'!! 7;+D^O_CC?XT9/K^&P_\ Z_UI
M>Q3G&<I2E*+NM=+Z[_>!#-:6UPC1S012QN&5T=%965T:-E(8'@H[*<8."1G!
M(+?LENBE1&JJ2>%1%&"J1A0JH$ 2***)"%#JD:@-NRQL9/K_ ..-_C2'D8)_
M\<:MM^K7FMT']=R P0D ;Y,;B[?.Y+L9#)AV;+M&"TBB MY CD:,1; @2%-.
ML%_U=M N&\P;88U*N9A.75@@97\P*5<'=$44PF-ANJWL'J?^^32@8.03_P!\
MM2<=':I*_3<++NO_  &Q071]/24SI;PI<E(HQ<+!;"8+;&[^PC<(=K"P6^NU
MM!(KA!/(T@DD=G,SZ?;O(9""&80@X"=(',B8)0L 9!"SH&$;BV@1D,2,CV\G
MU_\ '&_QHR?7'_ #_7-0HSOK4D_F!76SA5%0;PJ[>$<Q*P4J=K10^7"48(%:
M,1A&5G!7]X^YHLK5-A"$;/* )=V?]P8#%F5BTQ53;1,4\SRY&#/*DCL6-GG^
M\?\ O@_X4A!/5C_WP:KE_O2^]A_7<J?8K3]X2B^9,ABFF6...:6)I'D>-GBC
M3 <R.'*!7.XON$H60*EC:JS-'O1R6.8G:  %Y'5?+@\J)A&99-N]&8[W:1G=
MW9K.P>I_[Y-*!@Y!/_?+4^7^_)^3O9_B%EW7_@-A&AC; *Y4 KL_Y9D%@_,?
MW"=ZJV=N[@C.UF!C>U@*D%"<ER=O!R[K(<@<, R+\K!E*@*RLI(,^3Z_^.-_
MC2')[D?16']:)72=ES.VBNE?RN]%UW!I/1[/<J?9(@P(5@HV@1^7'Y8"@\ %
M<J&(C=E1E7?#&P )D\RJNC62P?9DB"PGRVDC,%J(YIHD"+<S+]G*RW),=N_F
MN"0UM$J;8S*DNKS_ 'C_ -\&DP?[S?\ ?+5A&E&+?+0C#G^.49QNENWHKO5+
M:V]R>2/EIY+7\"K_ &?:DDM#$0T1@D3RXMLL(96BBD_=[FBA 9(H=WE!)) R
M,6!6"72+29MTT4<N5C1A-'#<AXXY)75"+J&<*OEW-Y;?NPA%M>3QJ5(A:+1P
M?[S?]\M1@_WF_P"^6K=IRY;RE[FL=7HTK+\- Y(ZZ+7^NVAG'1[$J$,.8]L2
M2(\CR_:5B@6V47<DH>:Z+0)'#*]Q+(\T*O!(S07-Y'<2II]O$D05"7B2-%ER
M P\M)D5Q%&B6\9Q<3?+%#'$OF%4C1514N8/]YO\ OEJ-N>K,?^ M1*[33;FF
MM8MZ2\G_ %T!0BFGRK0SVTVT>5IF@#2,H17;+-"@1XS';LV6MXWC<H\4)2-A
MEBN^25I(X]&L$%RHMD9+N1I;B.4>8DC-'Y.UA(&W(+<FS",67[ (].(-A!;6
MT.GL'J?^^31MQT8C_@+5FH)--48Q=_B4U>/FO/\ S*=FK67W?\ I2Z7:3"4/
M!#NGE\Z6011^:\ACBA9S*8S)O:"&* 2AA-'#'$D,D8@@\I[V$+A@R(Q<0+([
MHDC31V[LT44QEC<3(HDD7,@9QO,BNLP65;>#_>;_ +Y:C!_O-_WRU6T[:3DG
MZLGEC_+'[E_D5!I\"E"(HRT:[(V=$D9!YBREE:1'(=I4AEDDR9)9(('E9VB4
MU(MH@9F;!#(%P(X%P^XM+*&2%'\R?$8FRYC/DQ%(T(<O/@_WF_[Y:E&1_$3]
M58TE&::;G)KJFWJ-1BM5%)^B'!0,8'08'TXX_2EIN3Z_^.-_C2@G_*D?SJQB
MT444 <A-XS\.*\D#>(M!@EB?$BRZYH\#1$9!BD62\EE$F><-!&,*<D$8:-?&
M/ALGGQ7X=Z=O$>C?XFN>3X5?#+4I;V\U/X>^"M4NKF[:6>?4_#&C:C)))\W[
MQC>V<_S_ #,-PPV&89PQS.GP:^$!)_XM3\->G_0B^%QW'II5 &Y_PF'AK_H:
M_#W_ (4>C4?\)AX:_P"AK\/?^%'HU8__  IKX0?]$I^&W_A#>%__ )5T?\*:
M^$'_ $2GX;?^$-X7_P#E70!L?\)AX:_Z&OP]_P"%'HU'_"8>&O\ H:_#W_A1
MZ-6/_P *:^$'_1*?AM_X0WA?_P"5='_"FOA!_P!$I^&W_A#>%_\ Y5T ;'_"
M8>&O^AK\/?\ A1Z-1_PF'AK_ *&OP]_X4>C5C_\ "FOA!_T2GX;?^$-X7_\
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MI^&W_A#>%_\ Y5T ;'_"8>&O^AK\/?\ A1Z-1_PF'AK_ *&OP]_X4>C5C_\
M"FOA!_T2GX;?^$-X7_\ E71_PIKX0?\ 1*?AM_X0WA?_ .5= &Q_PF'AK_H:
M_#W_ (4>C4?\)AX:_P"AK\/?^%'HU8__  IKX0?]$I^&W_A#>%__ )5T?\*:
M^$'_ $2GX;?^$-X7_P#E70!L?\)AX:_Z&OP]_P"%'HU'_"8>&O\ H:_#W_A1
MZ-6/_P *:^$'_1*?AM_X0WA?_P"5='_"FOA!_P!$I^&W_A#>%_\ Y5T ;'_"
M8>&O^AK\/?\ A1Z-1_PF'AK_ *&OP]_X4>C5C_\ "FOA!_T2GX;?^$-X7_\
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MI^&W_A#>%_\ Y5T ;'_"8>&O^AK\/?\ A1Z-1_PF'AK_ *&OP]_X4>C5C_\
M"FOA!_T2GX;?^$-X7_\ E71_PIKX0?\ 1*?AM_X0WA?_ .5= &Q_PF'AK_H:
M_#W_ (4>C4?\)AX:_P"AK\/?^%'HU8__  IKX0?]$I^&W_A#>%__ )5T?\*:
M^$'_ $2GX;?^$-X7_P#E70!L?\)AX:_Z&OP]_P"%'HU'_"8>&O\ H:_#W_A1
MZ-6/_P *:^$'_1*?AM_X0WA?_P"5='_"FOA!_P!$I^&W_A#>%_\ Y5T ;'_"
M8>&O^AK\/?\ A1Z-1_PF'AK_ *&OP]_X4>C5C_\ "FOA!_T2GX;?^$-X7_\
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MI^&W_A#>%_\ Y5T ;'_"8>&O^AK\/?\ A1Z-1_PF'AK_ *&OP]_X4>C5C_\
M"FOA!_T2GX;?^$-X7_\ E71_PIKX0?\ 1*?AM_X0WA?_ .5= &Q_PF'AK_H:
M_#W_ (4>C4?\)AX:_P"AK\/?^%'HU8__  IKX0?]$I^&W_A#>%__ )5T?\*:
M^$'_ $2GX;?^$-X7_P#E70!L?\)AX:_Z&OP]_P"%'HU'_"8>&O\ H:_#W_A1
MZ-6/_P *:^$'_1*?AM_X0WA?_P"5='_"FOA!_P!$I^&W_A#>%_\ Y5T ;'_"
M8>&O^AK\/?\ A1Z-1_PF'AK_ *&OP]_X4>C5C_\ "FOA!_T2GX;?^$-X7_\
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MI^&W_A#>%_\ Y5T ;'_"8>&O^AK\/?\ A1Z-1_PF'AK_ *&OP]_X4>C5C_\
M"FOA!_T2GX;?^$-X7_\ E71_PIKX0?\ 1*?AM_X0WA?_ .5= &Q_PF'AK_H:
M_#W_ (4>C4?\)AX:_P"AK\/?^%'HU8__  IKX0?]$I^&W_A#>%__ )5T?\*:
M^$'_ $2GX;?^$-X7_P#E70!L?\)AX:_Z&OP]_P"%'HU'_"8>&O\ H:_#W_A1
MZ-6/_P *:^$'_1*?AM_X0WA?_P"5='_"FOA!_P!$I^&W_A#>%_\ Y5T ;'_"
M8>&O^AK\/?\ A1Z-1_PF'AK_ *&OP]_X4>C5C_\ "FOA!_T2GX;?^$-X7_\
ME71_PIKX0?\ 1*?AM_X0WA?_ .5= &Q_PF'AK_H:_#W_ (4>C4?\)AX:_P"A
MK\/?^%'HU8__  IKX0?]$I^&W_A#>%__ )5T?\*:^$'_ $2GX;?^$-X7_P#E
M70!L?\)AX:_Z&OP]_P"%'HU'_"8>&O\ H:_#W_A1Z-6/_P *:^$'_1*?AM_X
M0WA?_P"5='_"FOA!_P!$I^&W_A#>%_\ Y5T ;'_"8>&O^AK\/?\ A1Z-1_PF
M'AK_ *&OP]_X4>C5C_\ "FOA!_T2GX;?^$-X7_\ E71_PIKX0?\ 1*?AM_X0
MWA?_ .5= &Q_PF'AK_H:_#W_ (4>C4A\8^&EY_X2KPX>V&\1Z.!^C+S^/X5D
M?\*:^$'_ $2GX;?^$-X7_P#E73'^#7P@ _Y)3\-NO_0B^%SZ^NET ;0\;^&$
M.7\3^&R&(1=OB+17PS$8)5[NW!!Y VN6R0 C<XZ07T0^>5XQ%(%>VDC8RK-$
MR@^8&C#I@Y!&UCE2#T()\_3X-_"+<"GPN^'L+*0RR6W@WP]:R@JP(Q+;:=%(
M " <;\$@$C(&/0;.**!&M8(HX+:UV06\$"+#%#"B*$CCCC"JJ*.% & .!Q0!
"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>tm2532139d1_ex5-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2532139d1_ex5-1img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  L *@# 2(  A$! Q$!_\0
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M?MS2CQ7X(^''P!CVR/\ M(?&#P=\--9@>1H@_P .]"^W?%;XLC=_:%A !?\
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M^*'C+7&\8?$OQF\]Y>:@+;7/%FKVLERNGPWD(G33]*ATRSF9L7D-TL-J(/G
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J=@9K#/(Z&+=*$8NM5DH2DTE%VC%*R;BY/F<G>3UM9)K"J6NGWK]4S__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Nov. 28, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001095651<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">Safehold Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-8<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">S-8<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings - Offering: 1<br></strong></div></th>
<th class="th">
<div>Nov. 28, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457aFlg', window );">Rule 457(a)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common Stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">853,076<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">13.36<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 11,397,095.36<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 1,573.94<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall also cover any additional shares of the registrant's common stock, par value $0.01 per share (the "Common Stock"), that become issuable under applicable Inducement Restricted Stock Units Award Agreements by reason of any stock dividend, stock split, recapitalization or similar transaction effected without the registrant's receipt of consideration that would increase the number of outstanding shares of Common Stock.

Amount Registered represents shares of Common Stock issuable upon the vesting of restricted stock units granted to Michael Trachtenberg to induce him to accept employment with the registrant as its President in accordance with Section 303A.08 of the New York Stock Exchange Listed Company Manual.

Pursuant to Rule 457(c) and 457(h) of the Securities Act, the Proposed Maximum Offering Price Per Share is based upon the average of the high and low prices of Common Stock, as reported on the New York Stock Exchange on November 24, 2025, which was $13.36 per share.

<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of securities being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxOfferingPricPerScty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum offering price per share/unit being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxOfferingPricPerScty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal4lItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457aFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using Rule 457(a) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457aFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Nov. 28, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 11,397,095.36<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">1,573.94<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 1,573.94<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NetFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOfferingAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOffsetAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOffsetAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
.report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

.report table.authRefData a {
	display: block;
	font-weight: bold;
}

.report table.authRefData p {
	margin-top: 0px;
}

.report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

.report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

.report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

.report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
.pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
.report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

.report hr {
	border: 1px solid #acf;
}

/* Top labels */
.report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

.report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

.report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

.report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

.report td.pl div.a {
	width: 200px;
}

.report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
.report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
.report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
.report .re, .report .reu {
	background-color: #def;
}

.report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
.report .ro, .report .rou {
	background-color: white;
}

.report .rou td {
	border-bottom: 1px solid black;
}

.report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
.report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
.report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

.report .nump {
	padding-left: 2em;
}

.report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
.report .text {
	text-align: left;
	white-space: normal;
}

.report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

.report .text .more {
	display: none;
}

.report .text .note {
	font-style: italic;
	font-weight: bold;
}

.report .text .small {
	width: 10em;
}

.report sup {
	font-style: italic;
}

.report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.25.3</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>2</ContextCount>
  <ElementCount>21</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>1</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report instance="tm2532139d1_exfilingfees.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>995210 - Document - Submission</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/ffd/role/document/submissionTable</Role>
      <ShortName>Submission</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report instance="tm2532139d1_exfilingfees.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>995211 - Document - Offerings</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/ffd/role/document/feesOfferingTable</Role>
      <ShortName>Offerings</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>2</Position>
    </Report>
    <Report instance="tm2532139d1_exfilingfees.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>995215 - Document - Fees Summary</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/ffd/role/document/feesSummaryTable</Role>
      <ShortName>Fees Summary</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>3</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="EX-FILING FEES" original="tm2532139d1_exfilingfees.htm">tm2532139d1_exfilingfees.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="3">http://xbrl.sec.gov/dei/2025</BaseTaxonomy>
    <BaseTaxonomy items="20">http://xbrl.sec.gov/ffd/2025</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>false</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>19
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "version": "2.2",
 "instance": {
  "tm2532139d1_exfilingfees.htm": {
   "dts": {
    "inline": {
     "local": [
      "tm2532139d1_exfilingfees.htm"
     ]
    },
    "schema": {
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/lrr/arcrole/deprecated-2009-12-16.xsd",
      "https://www.xbrl.org/dtr/type/2024-01-31/types.xsd",
      "https://xbrl.sec.gov/dei/2025/dei-2025.xsd",
      "https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd"
     ]
    }
   },
   "keyStandard": 21,
   "keyCustom": 0,
   "axisStandard": 1,
   "axisCustom": 0,
   "memberStandard": 1,
   "memberCustom": 0,
   "hidden": {
    "total": 8,
    "http://xbrl.sec.gov/ffd/2025": 6,
    "http://xbrl.sec.gov/dei/2025": 2
   },
   "contextCount": 2,
   "entityCount": 1,
   "segmentCount": 1,
   "elementCount": 107,
   "unitCount": 3,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/ffd/2025": 20,
    "http://xbrl.sec.gov/dei/2025": 3
   },
   "report": {
    "R1": {
     "role": "http://xbrl.sec.gov/ffd/role/document/submissionTable",
     "longName": "995210 - Document - Submission",
     "shortName": "Submission",
     "isDefault": "true",
     "groupType": "Fee_Exhibit",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "1",
     "firstAnchor": null,
     "uniqueAnchor": null
    },
    "R2": {
     "role": "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
     "longName": "995211 - Document - Offerings",
     "shortName": "Offerings",
     "isDefault": "false",
     "groupType": "Fee_Exhibit",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "2",
     "firstAnchor": {
      "contextRef": "offrl_1",
      "name": "ffd:Rule457aFlg",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2532139d1_exfilingfees.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "offrl_1",
      "name": "ffd:Rule457aFlg",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2532139d1_exfilingfees.htm",
      "first": true,
      "unique": true
     }
    },
    "R3": {
     "role": "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable",
     "longName": "995215 - Document - Fees Summary",
     "shortName": "Fees Summary",
     "isDefault": "false",
     "groupType": "Fee_Exhibit",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "3",
     "firstAnchor": {
      "contextRef": "rc",
      "name": "ffd:TtlOfferingAmt",
      "unitRef": "USD",
      "xsiNil": "false",
      "lang": null,
      "decimals": "INF",
      "ancestors": [
       "p",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2532139d1_exfilingfees.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "rc",
      "name": "ffd:TtlOfferingAmt",
      "unitRef": "USD",
      "xsiNil": "false",
      "lang": null,
      "decimals": "INF",
      "ancestors": [
       "p",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2532139d1_exfilingfees.htm",
      "first": true,
      "unique": true
     }
    }
   },
   "tag": {
    "ffd_AggtRedRpPricFsclYr": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AggtRedRpPricFsclYr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Aggregate Redeemed or Repurchased Price, Fiscal Year",
        "terseLabel": "Aggregate Redeemed or Repurchased, FY"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AggtRedRpPricPrrFsclYr": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AggtRedRpPricPrrFsclYr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Aggregate Redeemed or Repurchased Price, Prior Fiscal Year",
        "terseLabel": "Aggregate Redeemed or Repurchased, Prior FY"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AggtSalesPricFsclYr": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AggtSalesPricFsclYr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Aggregate Sales Price, Fiscal Year",
        "terseLabel": "Aggregate Sales Price"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AmtRedCdts": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AmtRedCdts",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amount of Redemption Credits",
        "terseLabel": "Redemption Credits"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AmtSctiesRcvd": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AmtSctiesRcvd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amount of Securities Received",
        "terseLabel": "Amount of Securities Received",
        "documentation": "Amount of securities to be received by the registrant (or cancelled upon issuance of securities to be registered on the form)"
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "ffd_AmtSctiesRegd": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AmtSctiesRegd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amount of Securities Registered",
        "terseLabel": "Amount Registered",
        "documentation": "The amount of securities being registered."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CeasedOprsDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CeasedOprsDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Ceased Operations Date",
        "terseLabel": "Ceased Operations Date"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_CfwdFormTp": {
     "xbrltype": "formTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdFormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward Form Type",
        "terseLabel": "Carry Forward Form Type",
        "documentation": "The Form Type of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6). This should be an EDGAR submission type (S-3, S-3/A, S-3ASR, etc.), which means there is a fixed set of possible responses. Note that while the XBRL response should be an EDGAR submission type, the human-readable Ex. 107 could include a simpler label (e.g., \"Form S-3\" in the human-readable and \"S-3ASR\" in the XBRL)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CfwdPrevslyPdFee": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdPrevslyPdFee",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward Previously Paid Fee",
        "terseLabel": "Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward",
        "documentation": "The fee previously paid in connection with the securities being brought forward from the prior shelf registration statement on which unsold securities are carried forward under 415(a)(6)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CfwdPrrFctvDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdPrrFctvDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward Prior Effective Date",
        "terseLabel": "Carry Forward Initial Effective Date",
        "documentation": "The initial effective date of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CfwdPrrFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdPrrFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward File Number",
        "terseLabel": "Carry Forward File Number",
        "documentation": "The EDGAR File Number of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6). If the prior registration statement has a Securities Act File Number and an Investment Company Act File Number, the Securities Act File Number should be used."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CmbndPrspctsItemAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CmbndPrspctsItemAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus Item [Axis]",
        "terseLabel": "Combined Prospectus",
        "documentation": "A sequence number (1, 2, 3...) used to distinguish different references to earlier prospectuses on a single fee bearing submission."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CmbndPrspctsLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CmbndPrspctsLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus [Line Items]",
        "terseLabel": "Combined Prospectus:"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CmbndPrspctsTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CmbndPrspctsTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus [Table]",
        "terseLabel": "Combined Prospectus Table"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CombinedProspectusTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CombinedProspectusTableNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus Table [N/A]",
        "terseLabel": "Combined Prospectus Table N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_CshPdByRegistrantInTx": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CshPdByRegistrantInTx",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cash Paid by Registrant in Transaction",
        "terseLabel": "Cash Consideration Paid",
        "documentation": "Amount of cash consideration paid by registrant in connection with the exchange or other transaction being registered (in a 457(f) calculation)."
       }
      }
     },
     "auth_ref": [
      "r12"
     ]
    },
    "ffd_CshRcvdByRegistrantInTx": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CshRcvdByRegistrantInTx",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cash Received by Registrant in Transaction",
        "terseLabel": "Cash Consideration Received",
        "documentation": "Amount of cash consideration received by registrant in connection with the exchange or other transaction being registered (in a 457(f) calculation)."
       }
      }
     },
     "auth_ref": [
      "r12"
     ]
    },
    "dei_EntityCentralIndexKey": {
     "xbrltype": "centralIndexKeyItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2025",
     "localname": "EntityCentralIndexKey",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Central Index Key",
        "terseLabel": "Central Index Key",
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "dei_EntityRegistrantName": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2025",
     "localname": "EntityRegistrantName",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Registrant Name",
        "terseLabel": "Registrant Name",
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "ffd_FeeAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Amount",
        "terseLabel": "Amount of Registration Fee",
        "documentation": "Total amount of registration fee (amount due after offsets)."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeExhibitTp": {
     "xbrltype": "feeExhibitTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeExhibitTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Exhibit Type",
        "terseLabel": "Fee Exhibit Type"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_FeeIntrstAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeIntrstAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Interest Amount",
        "terseLabel": "Interest Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Note",
        "terseLabel": "Fee Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeNoteMaxAggtOfferingPric": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeNoteMaxAggtOfferingPric",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Note Maximum Aggregate Offering Price",
        "terseLabel": "Fee Note MAOP"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeRate": {
     "xbrltype": "percentItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeRate",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Rate",
        "terseLabel": "Fee Rate",
        "documentation": "The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeesOthrRuleFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeesOthrRuleFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fees, Other Rule [Flag]",
        "terseLabel": "Other Rule",
        "documentation": "Checkbox indicating whether filer is using a rule other than 457(a), 457(o), or 457(f) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeesSummaryLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeesSummaryLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Fees Summary [Line Items]",
        "terseLabel": "Fees Summary:"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FnlPrspctsFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FnlPrspctsFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Final Prospectus [Flag]",
        "terseLabel": "Final Prospectus"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FormTp": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Form Type",
        "terseLabel": "Form Type"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_GnlInstrIIhiFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "GnlInstrIIhiFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "General Instruction II.H,I [Flag]",
        "terseLabel": "General Instruction II.H,I"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrCity": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrCity",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, City",
        "terseLabel": "City"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrStatOrCtryCd": {
     "xbrltype": "stateOrCountryCodeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrStatOrCtryCd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, State or Country Code",
        "terseLabel": "State or Country Code"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrStrt1": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrStrt1",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, Street 1",
        "terseLabel": "Street 1"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrStrt2": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrStrt2",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, Street 2",
        "terseLabel": "Street 2"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrZipCd": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrZipCd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, Zip Code",
        "terseLabel": "Zip Code"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrNm": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrNm",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Name",
        "terseLabel": "Issuer Name"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_MaxAggtOfferingPric": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "MaxAggtOfferingPric",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Maximum Aggregate Offering Price",
        "terseLabel": "Maximum Aggregate Offering Price",
        "documentation": "The maximum aggregate offering price for the offering that is being registered."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_MaxOfferingPricPerScty": {
     "xbrltype": "nonNegativeDecimal4lItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "MaxOfferingPricPerScty",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Maximum Offering Price per Security",
        "terseLabel": "Proposed Maximum Offering Price per Unit",
        "documentation": "The maximum offering price per share/unit being registered."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NetFeeAmt": {
     "xbrltype": "monetaryItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NetFeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Net Fee Amount",
        "terseLabel": "Net Fee"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NetSalesAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NetSalesAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Net Sales Amount",
        "terseLabel": "Net Sales"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NrrtvDsclsr": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NrrtvDsclsr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Narrative Disclosure",
        "terseLabel": "Narrative Disclosure"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NrrtvMaxAggtAmt": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NrrtvMaxAggtAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Narrative Disclosure, Maximum Aggregate Offering Amount",
        "terseLabel": "Narrative - Max Aggregate Offering Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NrrtvMaxAggtOfferingPric": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NrrtvMaxAggtOfferingPric",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Narrative Disclosure, Maximum Aggregate Offering Price",
        "terseLabel": "Narrative - Max Aggregate Offering Price"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering [Axis]",
        "terseLabel": "Offering",
        "documentation": "A sequence number (1, 2, 3...) used to distinguish different security offerings on a single fee bearing submission."
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OfferingLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering [Line Items]",
        "terseLabel": "Offering:"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OfferingNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Note",
        "terseLabel": "Offering Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingSctyTitl": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingSctyTitl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Security Title",
        "terseLabel": "Security Class Title",
        "documentation": "The title of the class of securities being registered (for each class being registered)."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingSctyTp": {
     "xbrltype": "securityTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingSctyTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Security Type",
        "terseLabel": "Security Type",
        "documentation": "Type of securities: \"Asset-backed Securities\", \"ADRs/ADSs\", \"Debt\", \"Debt Convertible into Equity\", \"Equity\", \"Face Amount Certificates\", \"Limited Partnership Interests\", \"Mortgage Backed Securities\", \"Non-Convertible Debt\", \"Unallocated (Universal) Shelf\", \"Exchange Traded Vehicle Securities\", \"Other\""
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering [Table]",
        "terseLabel": "Offering:"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OfferingTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingTableNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Table [N/A]",
        "terseLabel": "Offering Table N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OffsetAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset [Axis]",
        "terseLabel": "Offset",
        "documentation": "A sequence number (1, 2, 3...) used to distinguish different offsets as applied to a fee bearing submission."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetClmInitlFilgDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetClmInitlFilgDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Claim Initial Filing Date",
        "terseLabel": "Initial Filing Date",
        "documentation": "The initial filing date of the earlier registration statement with which the earlier (offsetting) fee was paid for a claimed offset. If the offset fee was paid with an amendment, do not provide the amendment date under this element; instead, provide the date of the initial filing (i.e. the \"parent\" filing) ."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetClmdAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetClmdAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Claimed Amount",
        "terseLabel": "Fee Offset Claimed",
        "documentation": "The amount of offsetting fees being claimed."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetClmdInd": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetClmdInd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Claimed Indicator",
        "terseLabel": "Offset Claimed"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetExpltnForClmdAmt": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetExpltnForClmdAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Explanation for Claimed Amount",
        "terseLabel": "Explanation for Claimed Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetLineItems",
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Offset:",
        "label": "Offset [Line Items]"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Note",
        "terseLabel": "Offset Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetPrrFeeAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Fee Amount",
        "terseLabel": "Fee Paid with Fee Offset Source",
        "documentation": "The fee previously paid from which an offset is being derived."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior File Number",
        "terseLabel": "File Number",
        "documentation": "The EDGAR File Number of the earlier registration statement with which the earlier (offsetting) fee was paid. If the offset filing for the offset has a Securities Act File Number and an Investment Company Act File Number, the Securities Act File Number should be used."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrFilerNm": {
     "xbrltype": "filerNameItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFilerNm",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Filer Name",
        "terseLabel": "Registrant or Filer Name",
        "documentation": "The name of the registrant that filed the earlier registration statement with which the earlier (offsetting) fee was paid."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrFormTp": {
     "xbrltype": "formTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Form Type",
        "terseLabel": "Form or Filing Type",
        "documentation": "The Form Type of the offset filing."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrNbOfUnsoldScties": {
     "xbrltype": "nonNegativeIntegerItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrNbOfUnsoldScties",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Unsold Number of Securities",
        "terseLabel": "Unsold Securities Associated with Fee Offset Claimed",
        "documentation": "The number of unsold securities registered on the prior registration statement that are associated with the claimed offset."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrSctyTitl": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrSctyTitl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Security Title",
        "terseLabel": "Security Title Associated with Fee Offset Claimed",
        "documentation": "The title of the class of securities from which offset fees were derived."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrSctyTp": {
     "xbrltype": "securityTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrSctyTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Security Type",
        "terseLabel": "Security Type Associated with Fee Offset Claimed",
        "documentation": "Type of securities: \"Asset-backed Securities\", \"ADRs/ADSs\", \"Debt\", \"Debt Convertible into Equity\", \"Equity\", \"Face Amount Certificates\", \"Limited Partnership Interests\", \"Mortgage Backed Securities\", \"Non-Convertible Debt\", \"Unallocated (Universal) Shelf\", \"Exchange Traded Vehicle Securities\", \"Other\""
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrUnsoldOfferingAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrUnsoldOfferingAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Unsold Offering Amount",
        "terseLabel": "Unsold Aggregate Offering Amount Associated with Fee Offset Claimed",
        "documentation": "The aggregate offering amount of unsold securities registered on the prior registration statement that are associated with the claimed offset."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetSrcFilgDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetSrcFilgDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Source Filing Date",
        "terseLabel": "Filing Date",
        "documentation": "The filing date of the earlier registration statement with which the earlier (offsetting) fee was paid in an offset."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Offset Payment:",
        "label": "Offset [Table]"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetTableNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Table [N/A]",
        "terseLabel": "Offset Table N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_PrevslyPdFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "PrevslyPdFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Previously Paid [Flag]",
        "terseLabel": "Fee Previously Paid"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_RegnFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "RegnFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Registration File Number",
        "terseLabel": "Registration File Number"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_RptgFsclYrEndDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "RptgFsclYrEndDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Reporting Fiscal Year End Date",
        "terseLabel": "Reporting FY End Date"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_Rule011Flg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule011Flg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 0-11 [Flag]",
        "terseLabel": "Rule 0-11"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_Rule011a2OffsetFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule011a2OffsetFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Rule 0-11(a)(2) Offset",
        "label": "Rule 0-11(a)(2) Offset [Flag]"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_Rule415a6Flg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule415a6Flg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 415(a)(6) [Flag]",
        "terseLabel": "Rule 415(a)(6)",
        "documentation": "Checkbox indicating whether filer is claiming a 415(a)(6) carryforward."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_Rule429AggtOfferingAmt": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429AggtOfferingAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Aggregate Offering Amount",
        "terseLabel": "Maximum Aggregate Offering Price of Securities Previously Registered",
        "documentation": "The maximum aggregate offering amount of unsold securities registered on the prior registration statement that are carried forward under Rule 429. Only applicable if 457(o) was used in the fee calculation for the prior registration statement."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429CmbndPrspctsFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429CmbndPrspctsFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Combined Prospectus [Flag]",
        "terseLabel": "Rule 429",
        "documentation": "Checkbox indicating whether filer is using a combined prospectus under Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429EarlierFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429EarlierFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Earlier File Number",
        "terseLabel": "File Number",
        "documentation": "The Securities Act File Number of the earlier effective registration statement(s) from which securities may be offered and sold using the combined prospectus pursuant to Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429EarlierFormTp": {
     "xbrltype": "formTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429EarlierFormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Earlier Form Type",
        "terseLabel": "Form Type",
        "documentation": "The Form Type of the earlier registration statement from which unsold securities are carried forward under Rule 429. This should be an EDGAR submission type (S-3, S-3/A, S-3ASR, etc.), which means there is a fixed set of possible responses. Note that while the XBRL response should be an EDGAR submission type, the human-readable Ex. 107 could include a simpler label (e.g., \"Form S-3\" in the human-readable and \"S-3ASR\" in the XBRL)."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429InitlFctvDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429InitlFctvDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Initial Effective Date",
        "terseLabel": "Initial Effective Date",
        "documentation": "The filing date of the earlier registration statement from which unsold securities are carried forward under Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429NbOfUnsoldScties": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429NbOfUnsoldScties",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Number Of Unsold Securities",
        "terseLabel": "Amount of Securities Previously Registered",
        "documentation": "The number of securities registered on the prior registration statement that are carried forward under Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429PrspctsNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429PrspctsNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Prospectus Note",
        "terseLabel": "Combined Prospectus Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Rule429SctyTitl": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429SctyTitl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Security Title",
        "terseLabel": "Security Class Title"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Rule429SctyTp": {
     "xbrltype": "securityTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429SctyTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Security Type",
        "terseLabel": "Security Type"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Rule457aFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457aFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(a) [Flag]",
        "terseLabel": "Rule 457(a)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(a) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r4"
     ]
    },
    "ffd_Rule457bOffsetFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457bOffsetFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(b) Offset [Flag]",
        "terseLabel": "Rule 457(b) Offset",
        "documentation": "Checkbox indicating whether filer is claiming an offset under Rule 457(b) or 0-11(a)(2)."
       }
      }
     },
     "auth_ref": [
      "r5"
     ]
    },
    "ffd_Rule457fFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457fFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(f) [Flag]",
        "terseLabel": "Rule 457(f)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(f) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "ffd_Rule457oFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457oFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(o) [Flag]",
        "terseLabel": "Rule 457(o)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(o) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r7"
     ]
    },
    "ffd_Rule457pOffsetFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457pOffsetFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(p) Offset [Flag]",
        "terseLabel": "Rule 457(p) Offset",
        "documentation": "Checkbox indicating whether filer is claiming an offset under Rule 457(p)."
       }
      }
     },
     "auth_ref": [
      "r8"
     ]
    },
    "ffd_Rule457rFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457rFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(r) [Flag]",
        "terseLabel": "Rule 457(r)"
       }
      }
     },
     "auth_ref": [
      "r9"
     ]
    },
    "ffd_Rule457sFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457sFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(s) Flag",
        "terseLabel": "Rule 457(s)"
       }
      }
     },
     "auth_ref": [
      "r10"
     ]
    },
    "ffd_Rule457uFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457uFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(u) [Flag]",
        "terseLabel": "Rule 457(u)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(u) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r11"
     ]
    },
    "ffd_Scties424iAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Scties424iAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities, 424I [Axis]",
        "terseLabel": "Securities, 424I"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Scties424iLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Scties424iLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities, 424I [Line Items]",
        "terseLabel": "Securities, 424I:"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Scties424iTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Scties424iTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities, 424I [Table]",
        "terseLabel": "Securities, 424I Table"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Securities424iTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Securities424iNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities 424I [N/A]",
        "terseLabel": "Securities 424I N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_SubmissionLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "SubmissionLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Submission [Line Items]",
        "terseLabel": "Items"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_SubmissnTp": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "SubmissnTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Submission Type",
        "terseLabel": "Submission Type"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_TermntnCmpltnWdrwl": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TermntnCmpltnWdrwl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Termination / Completion / Withdrawal Statement",
        "terseLabel": "Termination / Withdrawal Statement"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_TtlFeeAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlFeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Fee Amount",
        "terseLabel": "Total Fee Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlFeeAndIntrstAmt": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlFeeAndIntrstAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Fee and Interest Amount",
        "terseLabel": "Total Fee and Interest Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlOfferingAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlOfferingAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Offering Amount",
        "terseLabel": "Total Offering"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlOffsetAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlOffsetAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Offset Amount",
        "terseLabel": "Total Offset Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlPrevslyPdAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlPrevslyPdAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Previously Paid Amount",
        "terseLabel": "Previously Paid Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlTxValtn": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlTxValtn",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Transaction Valuation",
        "terseLabel": "Total Transaction Valuation"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TxValtn": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TxValtn",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Transaction Valuation",
        "terseLabel": "Transaction Valuation"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_ValSctiesRcvd": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "ValSctiesRcvd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Value of Securities Received",
        "terseLabel": "Value of Securities Received",
        "documentation": "Value of securities to be received by the registrant (or cancelled upon issuance of securities to be registered on the form)"
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "ffd_ValSctiesRcvdPerShr": {
     "xbrltype": "nonNegativeDecimal4lItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "ValSctiesRcvdPerShr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Value of Securities Received, Per Share",
        "terseLabel": "Value of Securities Received, Per Share",
        "documentation": "Value per share of securities to be received by the registrant (or cancelled upon issuance of securities to be registered on the form). This is included in the explanation of 457(f) fee calculation."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    }
   }
  }
 },
 "std_ref": {
  "r0": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r1": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230"
  },
  "r2": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "415",
   "Subsection": "a"
  },
  "r3": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "429"
  },
  "r4": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457"
  },
  "r5": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "b"
  },
  "r6": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "f"
  },
  "r7": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "o"
  },
  "r8": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "p"
  },
  "r9": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "r"
  },
  "r10": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "s"
  },
  "r11": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "u"
  },
  "r12": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Subsection": "f",
   "Section": "457"
  }
 }
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>20
<FILENAME>0001104659-25-117139-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001104659-25-117139-xbrl.zip
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MON19'?\)?O]_4$L! A0#%     @ D#R!6TG6ER)I"P  U#\  !P
M     ( !     '1M,C4S,C$S.60Q7V5X9FEL:6YG9F5E<RYH=&U02P4&
/  $  0!*    HPL

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>tm2532139d1_exfilingfees_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2025"
  xmlns:ffd="http://xbrl.sec.gov/ffd/2025"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
    <link:schemaRef
      xlink:href="https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd"
      xlink:type="simple"/>
    <context id="rc">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001095651</identifier>
        </entity>
        <period>
            <startDate>2025-11-28</startDate>
            <endDate>2025-11-28</endDate>
        </period>
    </context>
    <context id="offrl_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001095651</identifier>
            <segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                    <dei:lineNo>1</dei:lineNo>
                </xbrldi:typedMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-11-28</startDate>
            <endDate>2025-11-28</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="pure">
        <measure>pure</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <ffd:FormTp contextRef="rc" id="ixv-168">S-8</ffd:FormTp>
    <ffd:SubmissnTp contextRef="rc" id="ixv-169">S-8</ffd:SubmissnTp>
    <ffd:FeeExhibitTp contextRef="rc" id="ixv-170">EX-FILING FEES</ffd:FeeExhibitTp>
    <dei:EntityCentralIndexKey contextRef="rc" id="ixv-171">0001095651</dei:EntityCentralIndexKey>
    <dei:EntityRegistrantName contextRef="rc" id="ixv-172">Safehold Inc.</dei:EntityRegistrantName>
    <ffd:OfferingTableNa contextRef="rc" id="hiddenrcOfferingTableNa" xsi:nil="true"/>
    <ffd:OffsetTableNa contextRef="rc" id="hiddenrcOffsetTableNa">N/A</ffd:OffsetTableNa>
    <ffd:PrevslyPdFlg contextRef="offrl_1" id="ixv-175">false</ffd:PrevslyPdFlg>
    <ffd:FormTp contextRef="rc" id="ixv-200">S-8</ffd:FormTp>
    <dei:EntityRegistrantName contextRef="rc" id="ixv-201">Safehold Inc.</dei:EntityRegistrantName>
    <ffd:OfferingSctyTp contextRef="offrl_1" id="ixv-202">Equity</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="offrl_1" id="ixv-203">Common Stock, par value $0.01 per share</ffd:OfferingSctyTitl>
    <ffd:Rule457aFlg contextRef="offrl_1" id="ixv-204">true</ffd:Rule457aFlg>
    <ffd:AmtSctiesRegd
      contextRef="offrl_1"
      decimals="0"
      id="ixv-205"
      unitRef="Shares">853076</ffd:AmtSctiesRegd>
    <ffd:MaxOfferingPricPerScty
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-206"
      unitRef="USD">13.36</ffd:MaxOfferingPricPerScty>
    <ffd:MaxAggtOfferingPric
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-207"
      unitRef="USD">11397095.36</ffd:MaxAggtOfferingPric>
    <ffd:FeeRate
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-208"
      unitRef="pure">0.0001381</ffd:FeeRate>
    <ffd:FeeAmt
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-209"
      unitRef="USD">1573.94</ffd:FeeAmt>
    <ffd:TtlOfferingAmt contextRef="rc" decimals="INF" id="ixv-210" unitRef="USD">11397095.36</ffd:TtlOfferingAmt>
    <ffd:TtlFeeAmt contextRef="rc" decimals="INF" id="ixv-211" unitRef="USD">1573.94</ffd:TtlFeeAmt>
    <ffd:TtlOffsetAmt contextRef="rc" decimals="INF" id="ixv-212" unitRef="USD">0.00</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt contextRef="rc" decimals="INF" id="ixv-213" unitRef="USD">1573.94</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="offrl_1" id="ixv-214">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall also cover any additional shares of the registrant's common stock, par value $0.01 per share (the "Common Stock"), that become issuable under applicable Inducement Restricted Stock Units Award Agreements by reason of any stock dividend, stock split, recapitalization or similar transaction effected without the registrant's receipt of consideration that would increase the number of outstanding shares of Common Stock.

Amount Registered represents shares of Common Stock issuable upon the vesting of restricted stock units granted to Michael Trachtenberg to induce him to accept employment with the registrant as its President in accordance with Section 303A.08 of the New York Stock Exchange Listed Company Manual.

Pursuant to Rule 457(c) and 457(h) of the Securities Act, the Proposed Maximum Offering Price Per Share is based upon the average of the high and low prices of Common Stock, as reported on the New York Stock Exchange on November 24, 2025, which was $13.36 per share.

</ffd:OfferingNote>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
