18 slides from Safehold Inc. New's earnings presentation, November 2025
Slide 1: Q3’25 Earnings Results
Q3’25 Earnings Results
Slide 2: Q3’25 Summary
Q3’25 Summary Investment Activity Q3’25 Originations Q4’25 QTD Originations (4 Ground Leases) (4 Ground Leases) Ground Lease Value1 $42m $34m Markets 2 1 Sponsors 2 (1 New) 2 GLTV2 34% 34% Rent Coverage3 2.4x 2.5x Economic Yield 7.3% 7.2% Portfolio Metrics4 Capital Sources $7.0b / $9.1b 52% / 3.4x $
Slide 3: Portfolio Growth
Portfolio Growth Estimated Unrealized Capital Appreciation Q3’25 Originations Aggregate GBV (Ground Leases) $42m Four new ground leases for $42m1 $9.1b New Ground Lease o $33m funded, $9m unfunded 21x Estimated UCA Growth since IPO Originations 21x Portfolio Growth $6.7b since IPO5 $7.0b $4.0b $0.
Slide 4: Earnings Results
Earnings Results • Q3 GAAP Net Income and EPS increased Y/Y primarily due to $6.8m non-cash general provision for credit losses on prior period balances in Q3’24 • Q3 EPS excluding non-recurring gains and losses increased $0.04 Y/Y primarily due to accretion from asset funding and origination Y/Y Q3
Slide 5: Portfolio Yields
Portfolio Yields (Core Ground Lease Portfolio Gross Book Value: $6.9b on 91-Year W.A. Lease Term w/ Ext.)9 GAAP Earnings Forward Yield-to-Maturity 3.8% + Non-Cash Rent & 5.4% + Variable rent 5.9% + Upside when 6.0% + Caret valuation 7.5% Adj. pickup11 inflation >2% Annualized Annualized Economic Inf
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 $6.9b Core Ground Lease Portfolio Top 10 Markets (% of GBV, Count, Rent Coverage3, GLTV2) (91-year w.a. extended lease term) 1. Manhattan (21%)a –
Slide 7: Capital Structure
Capital Structure Debt Overview Outstanding Hedges Unsecured Notes $2.2b Non-Recourse SOFR Swap (Revolver) Treasury Locks (Long-Term Debt)a Secured Notional: $500m Notional: $250m $1.5b Term: 5-years (ends April 2028) Rate: ~4.0% 30-year treasury Total Rate: ~3.0% SOFR Gain Position: ~$29m in-the-mo
Slide 8: Appendix
Appendix 8 Safehold | The Ground Lease Company | November 2025
Slide 9: Income Statement
APPENDIX Income Statement For the three months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 Revenues: Interest income from sales-type leases $72,429 $67,120 $212,735 $195,573 Operating lease income 16,993 16,650 55,081 54,344 Interest income 3,085 2,384 8,130 7,098
Slide 10: Balance Sheet
APPENDIX Balance Sheet As of September 30, 2025 As of December 31, 2024 Assets: Net investment in sales-type leases $3,527,275 $3,454,953 Ground Lease receivables, net 1,961,019 1,833,398 Real estate: Real estate, at cost 740,971 740,971 Less: accumulated depreciation (50,797) (46,428) Real estate,
Slide 11: Portfolio Reconciliation
APPENDIX Portfolio Reconciliation IPO (6/22/17) 9/30/21 9/30/22 9/30/23 9/30/24 9/30/25 Net investment in Sales-Type Leases - $1,802 $3,066 $3,183 $3,440 $3,527 Ground Lease receivables - $691 $1,327 $1,564 $1,779 $1,961 Pro-rata interest in Ground Leases held as - $439 $444 $480 $454 $459 equity me
Slide 12: Earnings Reconciliation
APPENDIX Earnings Reconciliation For the three months ended For the nine months ended September 30, Septembe 30, 2025 2024 2025 2024 Net income (loss) attributable to Safehold Inc. common shareholders $29,282 $19,331 $86,593 $79,724 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 $9m and $29m forward commitments for the Ground Leases new originations in Q3’25 and Q4’25 quarter-to-date, respectively, that have not yet been funded (such funding commitments are subject to certain conditions). There can be no assurance Safehold will full
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