Star Holdings: amends margin loan; $46,500,000 outstanding

What happened

• Star Holdings filed an 8-K reporting that STAR Investment Holdings SPV LLC, a wholly-owned subsidiary, entered into Amendment No. 5 to its margin loan agreement on Oct 9, 2026 with Morgan Stanley Senior Funding, Inc. (administrative agent), Morgan Stanley & Co. LLC (calculation agent), and Morgan Stanley Bank, N.A. (initial lender).
• Before giving effect to Amendment No. 5, the Margin Loan Facility had an outstanding principal balance of approximately $46,500,000. The Margin Loan Facility is secured by a first priority pledge of the shares of Safehold common stock beneficially owned by Star Holdings.

Key details

• The amendment reduces the share price trigger threshold that would require mandatory prepayment from $10.00 to $8.00 for the underlying Safehold common stock.
• The amendment terminates the delayed draw commitment of up to $15,800,000, which was undrawn as of the amendment date (Oct 9, 2026).
• The amendment lowers the loan-to-value ratios that would require STAR SPV to post additional collateral or permit STAR SPV to request a release of collateral under the agreement.

Why it may matter

• This report is Item 1.01 (entry into a material definitive agreement) and covers the changes made to the margin loan agreement, including trigger thresholds, the delayed draw commitment, and collateral requirements. This filing does not show why the insider traded or why the company acted.