18 slides from Safehold Inc. New's earnings presentation, Feb 12, 2026
Slide 1: Q4'25 & FY'25 Earnings Results
Q4’25 & FY’25 Earnings Results
Slide 2: Q4'25 & FY'25 Summary
Q4’25 & FY’25 Summary Q4’25 Highlights Q4’25 & FY’25 Investments Q4’25 FY’25 9 1 $167m (9 GLs, 1 Loan) (17 GLs, 4 Loans) Ground Leasehold Investment Leases Loan Activity1,2 Ground Lease Originations1 $112m $277m Leasehold Loan Originations2 $55m $152m S&P Ratings Upgrade to A- Markets 2 6 Safehold n
Slide 3: Portfolio Growth
Portfolio Growth Q4’25 Fundings & Originations Estimated Unrealized Capital Appreciation Aggregate GBV (Ground Leases) 9 new ground leases for $112m1 $167m o $44m funded, $68m unfunded New Originations 1 new leasehold loan for $55m (unfunded)2 $9.3b 21x Estimated UCA Growth since IPO $8.1b 21x
Slide 4: Earnings Results
Earnings Results Q4 GAAP Net Income and EPS increased Y/Y primarily due to: FY GAAP Net Income and EPS increased Y/Y primarily due to: o +$3.5m: net accretion from asset fundings and new originations o +$17.2m: net accretion from asset fundings and new originations o -$2.2m: loss on early extinguish
Slide 5: Portfolio Yields
Portfolio Yields (Core Ground Lease Portfolio Gross Book Value: $7.0b on 91-Year W.A. Lease Term w/ Ext.)10 GAAP Earnings Forward Yield-to-Maturity 3.8% + Non-Cash Rent & 5.4% + Variable rent 5.9% + Upside when 6.1% + Estimated Caret 7.3% Adj. pickup12 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) (91-year w.a. extended lease term) 1. Manhattan (21%)a –
Slide 7: Capital Structure
Capital Structure Debt Overview Outstanding Hedges SOFR Swap (Term Loan + Revolver) Treasury Locks (Long-Term Debt)a Unsecured Debt $2.6b 16 Non-Recourse Notional: $500m Notional: $250m Secured $1.3b Term: 5-years (ends April 2028) Rate: ~4.0% 30-year treasury Total Rate: ~3.0% SOFR Gain Position: ~
Slide 8: Appendix
Appendix 8 Safehold | The Ground Lease Company | February 2026
Slide 9: Income Statement
APPENDIX Income Statement For the three months ended December 31, For the year ended December 31, 2025 2024 2025 2024 Revenues: Interest income from sales-type leases $73,342 $68,677 $286,077 $264,250 Operating lease income 16,991 16,717 72,072 71,061 Interest income 3,097 2,384 11,227 9,482 Other i
Slide 10: Balance Sheet
APPENDIX Balance Sheet As of December 31, 2025 As of December 31, 2024 Assets: Net investment in sales-type leases $3,563,675 $3,454,953 Ground Lease receivables, net 2,003,931 1,833,398 Real estate: Real estate, at cost 740,971 740,971 Less: accumulated depreciation (52,222) (46,428) Real estate, n
Slide 11: Portfolio Reconciliation
APPENDIX Portfolio Reconciliation IPO (6/22/17) 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Net investment in Sales-Type Leases - $2,413 $3,107 $3,255 $3,455 $3,564 Ground Lease receivables - $796 $1,375 $1,622 $1,833 $2,004 Pro-rata interest in Ground Leases held as - $441 $445 $493 $455 $460 equi
Slide 12: Earnings Reconciliation
APPENDIX Earnings Reconciliation For the three months ended For the year ended December 31, December 31, 2025 2024 2025 2024 Net income (loss) attributable to Safehold Inc. common shareholders $27,876 $26,039 $114,469 $105,763 a Add: General provision for credit losses on prior period balances - - -
Slide 13: 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 14: 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 15: 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 16: 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 17: Endnotes
APPENDIX Endnotes (1) Includes Safehold’s $68m and $136m forward commitments for the Ground Leases new originations in Q4’25 and FY’25, respectively, that have not yet been funded (such funding commitments are subject to certain conditions). There can be no assurance Safehold will fully fund these t
Slide 18: 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