Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain

Officers.

iStar Inc., our external manager, announced that Jeremy Fox-Geen, who has been serving as our chief financial officer, has notified iStar that he will be leaving the company in the coming weeks to pursue a new opportunity. Mr. Fox-Geen is not leaving due to any disagreement with iStar or SAFE. Other members of senior management will fulfill the duties of our chief financial officer until a new appointment is made.

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