X0306 4/A 2020-05-13 2020-05-15 0 0001688852 Safehold Inc. SAFE 0001191821 ADLER DEAN S 2400 MARKET STREET, SUITE 301 PHILADELPHIA PA 19103-3033 1 0 0 0 Common Stock, par value $0.01 per share 2020-05-13 4 A 0 5500 0.00 A 785500 I See footnotes Represents grant of shares issued directly to SFTY VII-B, LLC ("SFTY") for Mr. Dean S. Adler's services as a director of the Issuer. The shares were fully vested on the grant date. Shares owned following the reported transaction gives effect to the transfer from Mr. Adler to SFTY of shares held by Mr. Adler for SFTY's benefit. The shares are held of record by SFTY. SFTY's sole member is Lubert-Adler Real Estate Fund VII-B, L.P. ("L-A RE Fund VII-B"). L-A RE Fund VII-B's general partner is Lubert-Adler Group VII-B, LLC ("L-A Group VII-B LLC"). L-A Group VII-B LLC's sole member is Lubert-Adler Group VII-B Holdings, L.P. ("L-A Holdings VII-B LP"). L-A Holdings VII-B LP's general partner is Lubert-Adler Group VII-B Holdings, LLC ("L-A Holdings VII-B LLC"). Mr. Adler is one of two members of L-A Holdings VII-B LLC. As a result, Mr. Adler may be deemed to share beneficial ownership of the reported shares. Mr. Adler expressly disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest therein. This amendment is being filed to reflect the shares for which Mr. Adler's may be deemed to share indirect beneficial ownership in column 5, and to delete the second line item from the original Form 4 filed on May 15, 2020. /s/ R. Eric Emrich, as attorney-in-fact for Dean S. Adler 2020-07-07