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Subsequent Events
9 Months Ended
Sep. 30, 2023
Subsequent Events  
Subsequent Events

Note 15—Subsequent Events

On October 4, 2023, the Company entered into an amendment to its Safe Credit Facility with Safe. The amendment provides that: (i) the Company may access the existing $25.0 million incremental borrowing capacity provided under the agreement to replenish funds expended by the Company on or after October 4, 2023 to make voluntary prepayments under its Margin Loan Facility; and (ii) the Company will no longer have the right to pay interest in kind on the Safe Credit Facility.

On October 6, 2023, STAR SPV entered into an amendment to the Margin Loan Facility (refer to Note 9) with Morgan Stanley Bank, N.A., as initial lender. The Margin Loan Facility is secured by all of the Safe Shares beneficially owned by the Company. The amendment: (i) reduces the floor price at which the market price of Safe common stock would trigger a mandatory prepayment of outstanding borrowings under the Margin Loan Facility from $14.00 to $10.00; and (ii) moderately lowers the loan-to-value ratios that would require STAR SPV to post additional collateral with the lender. Subsequent to September 30, 2023, the Company repaid $19.8 million principal amount of the Margin Loan Facility.