40 slides from Safehold Inc. New's debt investor presentation, July 2026
Slide 1: Fixed Income Update Q2'26
Fixed Income Update Q2’26
Slide 2: 01 Credit Update
01 Credit Update Safehold | The Ground Lease Company | July 2026 2
Slide 3: Executive Summary
Executive Summary Safehold (NYSE: SAFE) is the creator and market leader of the modern ground lease industry. We provide a capital solution that makes commercial real estate ownership more cost efficient Q2’26 Activity: Closed 7 multifamily ground leases totaling ~$150 milliona Formed $348m joint ve
Slide 4: Unencumbered Asset Diversification
Unencumbered Asset Diversification Safehold has built a diversified unencumbered base emphasizing institutional multifamily in top markets Unencumbered Asset Stats Top 5 UA Gateway Markets (% of GBV, Count, Rent Coverage2, GLTV3) GBV4 $4.7 billion 1. Boston (12%) – 5 Assets (3.4x, 50%) 2. New York (
Slide 5: Liability Risk Comparison
Liability Risk Comparison Safehold and its creditors sit at a significantly lower attachment point in a property’s capital structure than typical Lessors and Mortgage & Equity REITs, benefiting from higher levels of subordinate capital Highest-to-lowest creditor look-through LTV Mortgage Equity Illu
Slide 6: Capital Structure
Capital Structure $5.0b 18 Years 3.9% / 4.4% 2.0x $1.4b Total Debt6 W.A. Maturity6 7 Cash Interest Rate / Corporate Liquiditya Debt Effective Interest Rate6 7 Leverage6 A3 (Stable) Debt Maturity Schedule8 Revolving Credit Non-recourse Secured Debt Unsecured Notes / Term Loan A- (Stable) A- (Stable)
Slide 7: Relative Value Comparison
Relative Value Comparison We believe Safehold’s secondary spreads do not accurately capture the credit quality of the business. We believe current levels present an attractive risk-adjusted opportunity for investors to outperform businesses that own inherently riskier or more capital-intense assets
Slide 8: Safehold's Credit Profile Has Transformed
Safehold’s Credit Profile Has Transformed Safehold’s credit profile has meaningfully evolved since our initial rating. We believe this improvement is due to the credit quality and performance of the portfolio, significant shift in our debt capital mix, diverse capital access, financial flexibility a
Slide 9: 02 Safehold Overview
02 Safehold Overview Safehold | The Ground Lease Company | July 2026 9
Slide 10: Company Snapshot as of Q2'26
Company Snapshot as of Q2’26 Portfolio Balance Sheet $7.3b Aggregate GBV A3 (Stable) Moody’s $5.0b Unencumbered Assets 92 Years W.A. Extended A- (Stable) Fitch Unencumbered Assets 172 Ground Leases Lease Term A- (Stable) S&P 1.45x to Unsecured Debt No Significant Unencumbered Assets $9.8b Est. Unrea
Slide 11: Financial Performance
Financial Performance Safehold benefits from steady, predictable revenue and collections against primarily fixed, long-term liabilities Safehold form lease includes no contractual operating expenses or capital expenditures born by Safehold G&A structure is stable at current levels and built to suppo
Slide 12: Investment Criteria and Market Opportunity
Investment Criteria and Market Opportunity ~90% of Safehold’s business is creating ground leases to support commercial property acquisitions, recapitalizations or development. The remaining ~10% is acquiring existing ground leases20 Target Investment Criteria Market Opportunity Top 30 MSAs with attr
Slide 13: Capital Highlights
Capital Highlights Total Capital Activity: $2.6b Total Capital Activity: $2.9b Total Capital Activity: $3.4b Total equity raised: $961m Total equity raised: $476m Total equity raised: $152m Total debt raised: $1,413m Total debt raised: $1,426m Total debt raised: $1,325m Capital Incr. RCF (Capacity):
Slide 14: Value Proposition
Value Proposition SAFE Customers SAFE Investors Ground leases are efficient sources of capital that can: Ground leases offer durable, compounding cash Drive returns via additional proceeds at lower cost flows and inflation capture15 Eliminate repeated material friction costs Future ownership rig
Slide 15: Portfolio Diversification
Portfolio Diversification Safehold primarily invests in the top 30 MSAs across the U.S., which we believe are positioned for long-term sustainable growth $7.1b Core Ground Lease Portfolio Top 10 Markets (% of GBV, Count, Rent Coverage2, GLTV3) (92-year w.a. extended lease term) 1. Manhattan (21%)26
Slide 16: Growing Customer Adoption
Growing Customer Adoption Diversifying Customer Base27 High Customer “Stickiness” & Improving Efficiency 4% 5% 9% Other Public REIT 38% 69% Of customers have closed Of existing customers have looked at or 11% Global Fund Manager multiple deals with Safehold are currently reviewing another deal 58% F
Slide 17: Institutional Sponsors and Lenders
Institutional Sponsors and Lenders Safehold’s 172 ground leases include 109 unique sponsors and 60 unique leasehold lenders Sponsors include financial sponsors, owner/operators, public companies, sovereign wealth funds, and other institutions. Lenders include agencies, banks, insurance, CMBS, REITs
Slide 18: SAFE Ground Leases Help Affordable Housing Developments Move Forward
SAFE Ground Leases Help Affordable Housing Developments Move Forward Key Issue: significant undersupply of housing in the U.S. with widening income gaps, rising construction costs, zoning / land use restrictions and limited pools of government resources Safehold Solution: low cost, high efficiency g
Slide 19: Case Study of Highest and Best Use
Case Study of Highest and Best Use Ground Lease Payment Made for 13 Years… With No Building 6200 & 6201 Hollywood Boulevard are two newly-built multifamily properties totaling 1k+ units with parking and billboard space on the corner of Hollywood Boulevard & Argyle Avenue. Safehold acquired the groun
Slide 20: Case Study of Payments During Covid
Case Study of Payments During Covid 100% collections through Covid Alohilani Resort is an 839-key hotel on Waikiki Beach in Honolulu (1 of only 11 hotels with direct beach access). Concurrent with the closing of Safehold’s acquisition of the ground lease, we completed an agreement with the leasehold
Slide 21: 03 New Investors: Introduction to Safehold and the Modern Ground Lease
03 New Investors: Introduction to Safehold and the Modern Ground Lease Safehold | The Ground Lease Company | July 2026 21
Slide 22: What is a Ground Lease
What is a Ground Lease A Ground Lease (“GL”) represents ownership of the land underlying a commercial real estate property. The land is leased on a long-term basis by the landlord (Safehold) to a tenant that operates the property Ground Lessee / Leaseholder (Safehold’s Tenant) Building (Safehold’s T
Slide 23: Typical Safehold Ground Lease Terms
Typical Safehold Ground Lease Terms Lease Term 99 Years Contractual Escalators Annual fixed bumps (typically 2.0%) with periodic CPI-based lookbacks Property Expenses No landlord (Safehold) obligations Capital Expenditures No landlord (Safehold) obligations Tenant Repair Tenant obligated to maintain
Slide 24: The Modern Ground Lease
The Modern Ground Lease Safehold’s form structure standardizes how ground leases should function in the capital markets by removing value destroying features found in archaic ground leases and creating a bond-like instrument with growing, predictable cash flows which benefits all parties Old Ground
Slide 25: Illustrative Principal and Income Safety
Illustrative Principal and Income Safety Principal Safety Income Safety Risk Illustrative Asset Illustrative Safehold Backed Security Structure Equity Equity Leasehold Value $60m $167k monthly N/R (65-70% LTV) ground rent is B (60-65% LTV) BB (55-60% LTV) Leasehold 1/360th Mortgage (40-70% CPV) of l
Slide 26: UCA Growth Increases Security
UCA Growth Increases Security What is UCA? What does UCA growth mean for Safehold? Unrealized Capital Appreciation (UCA) represents an As tenants invest capital and execute business plans related to estimate of today’s value of the buildings on top of our buildings and other improvements on our grou
Slide 27: Annual Escalators and CPI Lookback Mechanics
Annual Escalators and CPI Lookback Mechanics CPI Lookbacks15 provide meaningful inflation capture that is better than comparable risk, long-term fixed- rate bonds we benchmark against, and continue periodically throughout the life of a lease. Safehold’s standard form ground lease contains 8 to 9 CPI
Slide 28: Illustrative Growth – Contractual Cash Flow and Inflation Capture
Illustrative Growth – Contractual Cash Flow and Inflation Capture15 Minimum contractual ground lease cash flows target ~100+ bps of spread vs. similar long-term, high grade fixed income securities. In addition, CPI lookbacks15 in our portfolio are designed to provide meaningful inflation capture, ty
Slide 29: A Better Capital Solution
A Better Capital Solution Making ground leases modern, efficient, and value-enhancing for building owners Improved Capital Efficiency Improved Cost Efficiency Significant Risk Reduction $60m Transfer Tax $100m $75m Mortgage Recording Tax Near-term maturity risk Title Insurance Broker Fees $35m Reduc
Slide 30: Efficient Capital Creates Better Returns for New Transactions
Efficient Capital Creates Better Returns for New Transactions $100m $100m $25m Equity Illustrative Example: $21m Equity $10m Pref. Equity / Mezz. Debta Safehold’s Modern Ground Lease creates value and liquidity for customers $39m Leasehold Loanc $65m Loanb $40m Ground Leased $100m Fee Simple Purchas
Slide 31: Appendix
Appendix Safehold | The Ground Lease Company | July 2026 31
Slide 32: Organization Structure
Organization Structure Safehold benefits from its full-service platform (70 employees) and leadership team with decades of experience in all key functions Jay Sugarman 29 Chairman & CEO Michael Trachtenberg 1 President Brett Asnas Steve Wylder Elisha Blechner Yosefa Lunzer EVP, Head of General Couns
Slide 33: Income Statement
Income Statement For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Revenues: Interest income from sales-type leases $76,902 $70,642 $151,936 $140,306 Operating lease income 15,806 16,706 35,962 38,088 Hotel revenues 15,937 - 25,801 - Interest income 3,291 2,71
Slide 34: Balance Sheet
Balance Sheet As of June 30, 2026 As of December 31, 2025 Assets: Net investment in sales-type leases $3,674,566 $3,563,675 Ground Lease receivables, net 2,130,999 2,003,931 Real estate: Real estate, at cost 743,822 740,971 Less: accumulated depreciation (55,321) (52,222) Real estate, net 688,501 68
Slide 35: Portfolio Reconciliation
Portfolio Reconciliation IPO (6/22/17) 6/30/22 6/30/23 6/30/24 6/30/25 6/30/26 Net investment in Sales-Type Leases - $2,912 $3,168 $3,380 $3,511 $3,675 Ground Lease receivables - $1,236 $1,485 $1,747 $1,904 $2,131 Pro-rata interest in Ground Leases held as - $443 $472 $452 $458 $462 equity method in
Slide 36: Earnings Reconciliation
Earnings Reconciliation For the 12 months For the year ended ended June 30, December 31, 2026 2020 Net income attributable to Safehold Inc. common shareholders $116,174 $59,294 a Add: Non-recurring (gains) / losses 1,945 - Net income excluding non-recurring(gains)/losses for the period and general p
Slide 37: Unrealized Capital Appreciation Details
Unrealized Capital Appreciation Details Refer to the Glossary in the Appendix for a definition of Owned Residual Portfolio, Unrealized Capital Appreciation (“UCA”), and “Combined Property Value” (“CPV”). SAFE relies in part on CBRE’s valuations of the CPV of our portfolio in calculating UCA. SAFE ma
Slide 38: Glossary
Glossary Aggregate Cost Basis Represents Cost Basis plus unfunded commitments of the Core Ground Lease Portfolio. For unfunded commitments, it represents the aggregate future amount to be paid under the commitments. Aggregate Gross Book Value Represents the Gross Book Value plus unfunded commitments
Slide 39: Endnotes
Endnotes (1) Manhattan market comprises 24% of total New York MSA GBV (4 assets). (2) The Company uses estimates of the stabilized Property NOI for Rent Coverage calculations if it is not contractually entitled to current tenant information, does not receive current tenant information, or if the pro
Slide 40: Forward-Looking Statements and Other Matters
Forward-Looking Statements and Other Matters This presentation may contain forward-looking statements. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements can be identified by the use of words such as “illustrative”, “representativ