EXHIBIT 10.7
Star Holdings
Execution Version
SECOND AMENDMENT TO MANAGEMENT AGREEMENT
This SECOND AMENDMENT (this "Amendment") to MANAGEMENT AGREEMENT is entered into as of September 29, 2026 by and among STAR HOLDINGS, a Maryland statutory trust (the "Company"), and SAFEHOLD MANAGEMENT SERVICES INC., a Delaware corporation (with its permitted assigns, the "Manager"). Capitalized terms used but not otherwise defined herein have the meanings set forth in the Existing Management Agreement (defined below).
RECITALS
WHEREAS, the Company and the Manager have previously entered into the Management Agreement, dated as of March 31, 2023, as amended by the First Amendment to Management Agreement, dated as of March 28, 2025 (the "Existing Management Agreement"); and
WHEREAS, the Company and the Manager have agreed to amend certain terms of the Existing Management Agreement.
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