Based on the value of SAFE common stock as of November 21, 2022, the company estimates that the per share rate of the special dividend would be 0.07315 shares of SAFE for each share of iStar common stock outstanding, and iStar would distribute an aggregate of approximately 6.3 million shares of SAFE common stock in the special dividend. The Company will announce the final special dividend rate and the dividend payment date prior to the November 30, 2022 ex-dividend date for the special dividend. After giving effect to the payment of the special dividend, iStar will continue to own between 32.9 million and 35.0 million shares of SAFE common stock.

On November 21, 2022, the Company's Board of Directors declared a one-time special dividend payable to the Company's common stockholders of Safehold ("SAFE") common stock valued at approximately $190 million, but subject to a maximum aggregate distribution limit of 7.6 million SAFE shares and a minimum aggregate distribution amount of 5.5 million SAFE shares. Also, the dividend rate will not exceed 0.08766 shares of SAFE for each share of iStar common stock outstanding. The dividend will be paid on a pro rata basis on shares of iStar common stock outstanding as of the close of business on the record date of December 1, 2022.