Safehold Inc S-3ASR, filed Apr 4, 2023

Safehold Inc. (SAFE)

S-3ASR 2023-04-04

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Safehold Inc.
Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐
Safehold GL Holdings LLC
Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

	ABOUT THIS PROSPECTUS					1
	WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE					2
	THE COMPANY					4
	RISK FACTORS					5
	GUARANTOR DISCLOSURES					6
	USE OF PROCEEDS					7
	DESCRIPTION OF CAPITAL STOCK					8
	DESCRIPTION OF DEBT SECURITIES					17
	DESCRIPTION OF OTHER SECURITIES					26
	GLOBAL SECURITIES					27
	SELLING SECURITYHOLDERS					31
	MATERIAL PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND BYLAWS					32
	FEDERAL INCOME TAX CONSIDERATIONS					38
	PLAN OF DISTRIBUTION					66
	LEGAL MATTERS					67
	EXPERTS					67

SEC registration fee	$	(1)
FINRA filing fee	$	(2)
The New York Stock Exchange supplemental listing fee	$	(2)
Printing expenses	$	(2)
Legal fees and expenses	$	(2)
Accounting fees and expenses	$	(2)
Blue Sky qualification fees and expenses	$	(2)
Transfer agent fees and expenses	$	(2)
Trustee fees and expenses	$	(2)
Miscellaneous	$	(2)
Total	$	(2)

	Exhibit Number			Description
	1.1*			Form of Underwriting Agreement.
	3.1			Amended and Restated Charter of Safehold Inc. (incorporated by reference to the Company’s Current Report on Form 8-K filed on April 4, 2023).
	3.2			Amended and Restated Bylaws of Safehold Inc. (incorporated by reference to the Company’s Current Report on Form 8-K filed on April 4, 2023).
	3.3			Limited Liability Company Agreement of Safehold GL Holdings LLC (incorporated by reference to the Company’s Current Report on Form 8-K filed on April 4, 2023).
	4.1			Form of Specimen Certificate Representing Common Stock.
	4.2*			Form of Specimen Certificate Representing Preferred Stock.
	4.3			Indenture, dated May 7, 2021, among Safehold Operating Partnership LP, as issuer, Safehold Inc., as guarantor, and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Old Safehold file on May 7, 2021).
	4.4			Third Supplemental Indenture, dated March 31, 2023, among Safehold GL Holdings LLC, as issuer, iStar Inc. (to be renamed Safehold Inc.), as guarantor, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.5 to our Current Report on Form 8-K filed on April 4, 2023).
	4.5			Form of Indenture, between Safehold Inc., as issuer, and U.S. Bank Trust Company, National Association, as trustee.
	4.6*			Form of Debt Security.
	4.7*			Form of Deposit Agreement.
	4.8*			Form of Warrant.
	4.9*			Form of Warrant Agreement.
	4.10*			Form of Unit Agreement.
	4.11			Description of Safehold Inc. Common Stock Registered Under Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on April 4, 2023).
	5.1			Opinion of Venable LLP.
	5.2			Opinion of Latham & Watkins LLP.
	8.1			Opinion of Latham & Watkins LLP with respect to tax matters.
	22.1			Subsidiary Guarantors and Issuers of Guaranteed Securities.
	23.1			Consent of Venable LLP (included in Exhibit 5.1).
	23.2			Consent of Latham & Watkins LLP (included in Exhibit 5.2).
	23.3			Consent of Latham & Watkins LLP (included in Exhibit 8.1).
	23.4			Consent of Deloitte & Touche LLP, independent registered public accounting firm.
	23.5			Consent of Deloitte & Touche LLP, independent registered public accounting firm.
	24.1			Powers of Attorney (incorporated by reference to the signature page hereto).
	25.1			Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of U.S. Bank Trust Company, National Association, as trustee under the indenture filed as Exhibit 4.3 above.
	25.2			Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of U.S. Bank Trust Company, National Association, as trustee under the indenture filed as Exhibit 4.5 above.
	107.1			Calculation of Filing Fee Table.

				SAFEHOLD INC.
				By:			/s/ Geoffrey M. Dugan By: Geoffrey M. Dugan Title: General Counsel, Corporate and Secretary
				SAFEHOLD GL HOLDINGS LLC
				By:			Safehold Inc., its managing member
				By:			/s/ Brett Asnas By: Brett Asnas Title: Chief Financial Officer

SIGNATURE	TITLE	DATE
/s/ Jay Sugarman Jay Sugarman	Chief Executive Officer and Director (Principal Executive Officer)	April 4, 2023
/s/ Brett Asnas Brett Asnas	Chief Financial Officer (Principal Financial Officer)	April 4, 2023
/s/ Garrett Rosenblum Garett Rosenblum	Chief Accounting Officer (Principal Accounting Officer)	April 4, 2023
/s/ Marcos Alvarado Marcos Alvarado	Director	April 4, 2023

ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE		6
Section 1.1	Definitions	6
Section 1.2	Other Definitions	9
Section 1.3	Incorporation by Reference of Trust Indenture Act	9
Section 1.4	Rules of Construction	9

ARTICLE II. THE SECURITIES		10
Section 2.1	Issuable in Series	10
Section 2.2	Establishment of Terms of Series of Securities	10
Section 2.3	Execution and Authentication	12
Section 2.4	Registrar, Paying Agent and Notice Agent	13
Section 2.5	Paying Agent to Hold Money in Trust	14
Section 2.6	Holder Lists	14
Section 2.7	Transfer and Exchange	14
Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities	15
Section 2.9	Outstanding Securities	15
Section 2.10	Treasury Securities	16
Section 2.11	Temporary Securities	16
Section 2.12	Cancellation	16
Section 2.13	Defaulted Interest	16
Section 2.14	Global Securities	16
Section 2.15	CUSIP Numbers	18

ARTICLE III. REDEMPTION		18
Section 3.1	Notice to Trustee	18
Section 3.2	Selection of Securities to be Redeemed	18
Section 3.3	Notice of Redemption	19
Section 3.4	Effect of Notice of Redemption	19
Section 3.5	Deposit of Redemption Price	19
Section 3.6	Securities Redeemed in Part	19

ARTICLE IV. COVENANTS		20
Section 4.1	Payment of Principal and Interest	20
Section 4.2	SEC Reports	20
Section 4.3	Compliance Certificate	20
Section 4.4	Stay, Extension and Usury Laws	20

ARTICLE V. SUCCESSORS		21
Section 5.1	When Company May Merge, Etc.	21
Section 5.2	Successor Corporation Substituted	21

ARTICLE VI. DEFAULTS AND REMEDIES		21
Section 6.1	Events of Default	21

Section 6.2	Acceleration of Maturity; Rescission and Annulment	22
Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee	23
Section 6.4	Trustee May File Proofs of Claim	23
Section 6.5	Trustee May Enforce Claims Without Possession of Securities	24
Section 6.6	Application of Money Collected	24
Section 6.7	Limitation on Suits	24
Section 6.8	Unconditional Right of Holders to Receive Principal and Interest	25
Section 6.9	Restoration of Rights and Remedies	25
Section 6.10	Rights and Remedies Cumulative	25
Section 6.11	Delay or Omission Not Waiver	25
Section 6.12	Control by Holders	25
Section 6.13	Waiver of Past Defaults	26
Section 6.14	Undertaking for Costs	26

ARTICLE VII. TRUSTEE		26
Section 7.1	Duties of Trustee	26
Section 7.2	Rights of Trustee	27
Section 7.3	Individual Rights of Trustee	28
Section 7.4	Trustee’s Disclaimer	29
Section 7.5	Notice of Defaults	29
Section 7.6	Reports by Trustee to Holders	29
Section 7.7	Compensation and Indemnity	29
Section 7.8	Replacement of Trustee	30
Section 7.9	Successor Trustee by Merger, Etc.	30
Section 7.10	Eligibility; Disqualification	31
Section 7.11	Preferential Collection of Claims Against Company	31

ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE		31
Section 8.1	Satisfaction and Discharge of Indenture	31
Section 8.2	Application of Trust Funds; Indemnification	32
Section 8.3	Legal Defeasance of Securities of any Series	32
Section 8.4	Covenant Defeasance	34
Section 8.5	Repayment to Company	34
Section 8.6	Reinstatement	34

ARTICLE IX. AMENDMENTS AND WAIVERS		35
Section 9.1	Without Consent of Holders	35
Section 9.2	With Consent of Holders	35
Section 9.3	Limitations	36
Section 9.4	Compliance with Trust Indenture Act	36
Section 9.5	Revocation and Effect of Consents	36
Section 9.6	Notation on or Exchange of Securities	37
Section 9.7	Trustee Protected	37

ARTICLE X. MISCELLANEOUS		37
Section 10.1	Trust Indenture Act Controls	37
Section 10.2	Notices	37

Section 10.3	Communication by Holders with Other Holders	38
Section 10.4	Certificate and Opinion as to Conditions Precedent	38
Section 10.5	Statements Required in Certificate or Opinion	39
Section 10.6	Rules by Trustee and Agents	39
Section 10.7	Legal Holidays	39
Section 10.8	No Recourse Against Others	39
Section 10.9	Counterparts	39
Section 10.10	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction	40
Section 10.11	No Adverse Interpretation of Other Agreements	40
Section 10.12	Successors	40
Section 10.13	Severability	40
Section 10.14	Table of Contents, Headings, Etc.	41
Section 10.15	Securities in a Foreign Currency	41
Section 10.16	Judgment Currency	41
Section 10.17	USA Patriot Act	41
Section 10.18	Force Majeure	42

ARTICLE XI. SINKING FUNDS		42
Section 11.1	Applicability of Article	42
Section 11.2	Satisfaction of Sinking Fund Payments with Securities	42
Section 11.3	Redemption of Securities for Sinking Fund	43

ARTICLE XII. GUARANTEE		43
Section 12.1	Unconditional Guarantee	43
Section 12.2	Execution and Delivery of Notation of Guarantee	44
Section 12.3	Limitation on Guarantors’ Liability	44
Section 12.4	Release of Guarantors from Guarantee	44

EXHIBITS
Exhibit A Form of Notation of Guarantee

§ 310(a)(1)		7.10
(a)(2)		7.10
(a)(3)		Not Applicable
(a)(4)		Not Applicable
(a)(5)		7.10
(b)		7.10
§ 311(a)		7.11
(b)		7.11
(c)		Not Applicable
§ 312(a)		2.6
(b)		10.3
(c)		10.3
§ 313(a)		7.6
(b)(1)		7.6
(b)(2)		7.6
(c)(1)		7.6
(d)		7.6
§ 314(a)		4.2, 10.5
(b)		Not Applicable
(c)(1)		10.4
(c)(2)		10.4
(c)(3)		Not Applicable
(d)		Not Applicable
(e)		10.5
(f)		Not Applicable
§ 315(a)		7.1
(b)		7.5
(c)		7.1
(d)		7.1
(e)		6.14
§ 316(a)		2.10
(a)(1)(A)		6.12
(a)(1)(B)		6.13
(b)		6.8
(c)		9.5
§ 317(a)(1)		6.3
(a)(2)		6.4
(b)		2.5
§ 318(a)		10.1

TERM		DEFINED IN SECTION
“Agent Member”		2.14.6
“Bankruptcy Law”		6.1
“Custodian”		6.1
“Guarantee”		12.1(b)
“Event of Default”		6.1
“Judgment Currency”		10.16
“mandatory sinking fund payment”		11.1
“New York Banking Day”		10.16
“Notice Agent”		2.4
“optional sinking fund payment”		11.1
“Paying Agent”		2.4
“Registrar”		2.4
“Required Currency”		10.16
“successor person”		5.1
“USA Patriot Act”		10.17

Attention:	Julian Kleindorfer
	Lewis Kneib
Telephone:	213.891.8371
	213.891.7339

	Safehold Inc., as the Company

	By:
		Name:
		Its:

	[ · ], as Guarantor

	By:
		Name:
		Its:

	U.S. Bank National Association, as the Trustee

	By:
		Name:
		Its:

	355 South Grand Avenue, Suite 100
	Los Angeles, California 90071-1560
	Tel: +1.213.485.1234 Fax: +1.213.891.8763
	www.lw.com

	FIRM / AFFILIATE OFFICES
	Austin                                            Milan

	Very truly yours,

	/s/ Venable LLP

	Beijing	Munich
	Boston	New York
	Brussels	Orange County
	Century City	Paris
April 4, 2023	Chicago	Riyadh
	Dubai	San Diego
	Düsseldorf	San Francisco
	Frankfurt	Seoul
	Hamburg	Shanghai
Safehold Inc.	Hong Kong	Silicon Valley
1114 Avenue of the Americas, 39th Floor	Houston	Singapore
New York, New York 10036	London	Tel Aviv
	Los Angeles	Tokyo
	Madrid	Washington, D.C.
Safehold GL Holdings LLC 1114 Avenue of the Americas, 39th Floor New York, New York 10036

April 4, 2023	10250 Constellation Blvd., Suite 1100
	Los Angeles, California 90067
	Tel: +1.424.653.5500 Fax: +1.424.653.5501
	www.lw.com

	FIRM / AFFILIATE OFFICES
	Austin	Milan
	Beijing	Munich
	Boston	New York
	Brussels	Orange County
	Century City	Paris
	Chicago	Riyadh
	Dubai	San Diego
	Düsseldorf	San Francisco
	Frankfurt	Seoul
	Hamburg	Shanghai
	Hong Kong	Silicon Valley
	Houston	Singapore
	London	Tel Aviv
	Los Angeles	Tokyo
	Madrid	Washington, D.C.

Delaware	37-1840624
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Maryland	95-6881527
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Dated: March 28, 2023

	By:	/s/ Gagendra Hiralal
		Gagendra Hiralal
		Vice President

		12/31/2022
Assets
Cash and Balances Due From	$	741,758
Depository Institutions
Securities		4,322
Federal Funds		0
Loans & Lease Financing Receivables		0
Fixed Assets		2,186
Intangible Assets		581,108
Other Assets		163,734
Total Assets	$	1,493,108

Liabilities
Deposits	$	0
Fed Funds		0
Treasury Demand Notes		0
Trading Liabilities		0
Other Borrowed Money		0
Acceptances		0
Subordinated Notes and Debentures		0
Other Liabilities		107,167
Total Liabilities	$	107,167

Equity
Common and Preferred Stock		200
Surplus		1,171,635
Undivided Profits		214,106
Minority Interest in Subsidiaries		0
Total Equity Capital	$	1,385,941

Total Liabilities and Equity Capital	$	1,493,108

/s/ Jeffrey T. Grubb
Jeffrey T. Grubb

/s/ Robert D. Sznewajs
Robert D. Sznewajs

/s/ Dwight V. Board
Dwight V. Board

/s/ P. K. Chatterjee
P. K. Chatterjee

/s/ Robert Lane
Robert Lane

	12/31/2022
Assets
Cash and Balances Due From	$	741,758
Depository Institutions
Securities		4,322
Federal Funds		0
Loans & Lease Financing Receivables		0
Fixed Assets		2,186
Intangible Assets		581,108
Other Assets		163,734
Total Assets	$	1,493,108

Liabilities
Deposits	$	0
Fed Funds		0
Treasury Demand Notes		0
Trading Liabilities		0
Other Borrowed Money		0
Acceptances		0
Subordinated Notes and Debentures		0
Other Liabilities		107,167
Total Liabilities	$	107,167

Equity
Common and Preferred Stock		200
Surplus		1,171,635
Undivided Profits		214,106
Minority Interest in Subsidiaries		0
Total Equity Capital	$	1,385,941

Total Liabilities and Equity Capital	$	1,493,108