MSD CAPITAL, L.P.

Key Holdings

The portfolio is composed entirely of Safehold Inc. (SAFE), a financial services firm, accounting for 100% of the total assets. The position consists of 5.78 million shares valued at $89.57 million. The fact that MSD Capital holds only one security indicates an "all-in" conviction on Safehold’s business model and future prospects. Safehold operates in the modern ground lease sector, and the fund's decision to retain this position while liquidating all others suggests that the firm views SAFE as its primary opportunity set. Investors should note that the fund's performance is now inextricably linked to the share price performance of this single entity.