19 slides from Safehold Inc. New's earnings presentation, Apr 30, 2026
Slide 1: Q1’26 Earnings Results
Q1’26 Earnings Results
Slide 2: Q1’26 Summary
Q1’26 Summary Investment Activity Q1’26 Non-Binding LOIs2 (3 GLs, 1 Loan) (14 GLs) Ground Lease Originations $54m1 ~$255m Leasehold Loan Originations $14m n/a Markets 3 (1 new) 7 (2 new) Sponsors 3 (all new) 8 (4 new) GLTV3a 40% ~36% Underwritten Rent Coverage4a 2.9x ~2.8x Economic Yielda 7.2% ~7.4%
Slide 3: Portfolio Growth
Portfolio Growth Q1’26 Originations Estimated Unrealized Capital Appreciation Aggregate GBV (Ground Leases) 3 new ground leases for $54m1 $68m o $50m funded, $4m unfunded 22x Estimated UCA $9.5b New Originations 1 new leasehold loan for $14m (fully funded) Growth since IPO 21x Portfolio Growth s
Slide 4: Earnings Results
Earnings Results Q1 GAAP Net Income and EPS slightly decreased Y/Y primarily due to: o -$3.5ma: net impact from Park Hotels portfolio primarily driven by seasonality at the two hotels now owned fee simple o -$1.5m: lower STHO management fee o +$3.4m: net accretion from asset fundings and new origina
Slide 5: Portfolio Yields
Portfolio Yields (Core Ground Lease Portfolio Gross Book Value: $7.0b on 92-Year W.A. Lease Term w/ Ext.)11 GAAP Earnings Forward Yield-to-Maturity 3.8% + Non-Cash Rent & 5.5% + Variable rent 6.0% + Upside when 6.2% + Estimated Caret 7.4% Adj. pickup13 inflation valuation >2% Annualized Annualized E
Slide 6: 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 $7.0b Core Ground Lease Portfolio Top 10 Markets (% of GBV, Count, Rent Coverage4, GLTV3) (92-year w.a. extended lease term) 1. Manhattan (21%)a –
Slide 7: Capital Structure
Capital Structure Debt Overview Share Repurchases & Hedging Q1’26 Share Repurchase Activity Unsecured Debt $2.6b 17 Shares Repurchased: 236k Cost Basis: $3.4m Non-Recourse Average Share Price: $14.39 Discount to Book Value: 57% Secured Total $1.3b $5.0b SOFR Swap (Term Loan + Revolver) Treasury Lock
Slide 8: Appendix
Appendix 8 Safehold | The Ground Lease Company | April 2026
Slide 9: Income Statement
APPENDIX Income Statement For the three months ended March 31, 2026 2025 Revenues: Interest income from sales-type leases $75,034 $69,664 Operating lease income 20,156 21,382 Hotel revenues 9,864 - Interest income 3,109 2,333 Other income 2,691 4,298 Total revenues $110,854 $97,677 Costs and expense
Slide 10: Balance Sheet
APPENDIX Balance Sheet As of March 31, 2026 As of December 31, 2025 Assets: Net investment in sales-type leases $3,607,076 $3,563,675 Ground Lease receivables, net 2,053,883 2,003,931 Real estate: Real estate, at cost 743,728 740,971 Less: accumulated depreciation (53,771) (52,222) Real estate, net
Slide 11: Portfolio Reconciliation
APPENDIX Portfolio Reconciliation IPO (6/22/17) 3/31/22 3/31/23 3/31/24 3/31/25 3/31/26 Net investment in Sales-Type Leases - $2,740 $3,140 $3,342 $3,472 $3,607 Ground Lease receivables - $1,017 $1,431 $1,661 $1,854 $2,054 Pro-rata interest in Ground Leases held as - $442 $446 $451 $456 $461 equity
Slide 12: Earnings Reconciliation
APPENDIX Earnings Reconciliation For the three months ended March 31, 2026 2025 Net income (loss) attributable to Safehold Inc. common shareholders $28,861 $29,364 a Add: Non-recurring (gains) / losses - 1,945 Net income excluding non-recurring (gains) / losses $28,861 $31,309 Net income attributabl
Slide 13: Park Hotels Portfolio Summary
APPENDIX Park Hotels Portfolio Summary Park Hotels Portfolio Summary ($m)a Q1'26 Q1'25 Variance Base Ground Rent $1.2 $2.5 ($1.3) Percentage Rent 3.6 3.9 (0.3) Hotel Revenues 9.9 - 9.9 Hotel Expenses (12.2) - (12.2) Misc. Expenses (0.1) (0.1) 0.0 Cash NOI 2.3 6.2 (3.9) Non-Cash Items* (1.5) (1.9) 0.
Slide 14: Caret Timeline
APPENDIX Caret Timeline 2H’18: Feb’22: Nov’22: Formed a subsidiary called “Caret” designed to help recognize the value Outside investors participate in Series 3 participants from Series A round of the capital appreciation above Cost A roundb committed to Series B round under Basis. Employee performa
Slide 15: Caret Ownership
APPENDIX Caret Ownership In April 2024, the Series A Round was redeemed. It was settled with funds that were previously held in a restricted account; thus no impact to liquidity or revolver borrowings. SAFEHOLD (NYSE: SAFE) 100% ~84% GL Units Caret Units Rent Stream plus Original Cost Capital Apprec
Slide 16: Unrealized Capital Appreciation Details
APPENDIX 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
Slide 17: Glossary
APPENDIX 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 co
Slide 18: Endnotes
APPENDIX Endnotes (1) Includes Safehold’s $4m forward commitments for the Ground Leases new originations in Q1’26 that have not yet been funded (such funding commitments are subject to certain conditions). There can be no assurance Safehold will fully fund these transactions. (2) Includes non-bindin
Slide 19: 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