18 slides from Safehold Inc. New's earnings presentation, Feb 11, 2026
Slide 1: Q4'25 & FY'25 Earnings Results
Q4’25 & FY’25 Earnings Results
Slide 2: Q4'25 & FY'25 Summary
2 Safehold | The Ground Lease Company | February 2026 Q4’25 & FY’25 Summary Note: The information in this presentation is as of December 31, 2025, unless otherwise stated. Refer to Appendix for Unrealized Capital Appreciation Details, Portfolio Reconciliation, Glossary and Endnotes at the end of thi
Slide 3: Portfolio Growth
3 Safehold | The Ground Lease Company | February 2026 Portfolio Growth 21x 21x Estimated UCA Growth since IPO Portfolio Growth since IPO6 19.3m SF 22.6k Units Multifamily Office Hotel Life Science Other 12.6m SF 4.0m SF 5.3k Keys 1.3m SF 0.7m SF Portfolio Total Square Feet: 37.8m8 Note: Please see t
Slide 4: Earnings Results
4 Safehold | The Ground Lease Company | February 2026 Earnings Results Note: Please refer the “Earnings Reconciliation” section of the Appendix for more information with regard to the calculation of net income attributable to Safehold Inc. common shareholders excluding non-recurring gains and losses
Slide 5: Portfolio Yields
5 Safehold | The Ground Lease Company | February 2026 Assumed CPI / Growth Rate (Core Ground Lease Portfolio Gross Book Value: $7.0b on 91-Year W.A. Lease Term w/ Ext.)10 Portfolio Yields Note: Refer to Appendix for Glossary and Endnotes. Represents Core Ground Lease Portfolio. 3.8% Annualized Cash
Slide 6: Portfolio Diversification
6 Safehold | The Ground Lease Company | February 2026 Portfolio Diversification Safehold primarily invests in the top 30 MSAs across the U.S., which we believe are positioned for long-term sustainable growth Top 10 Markets (% of GBV, Count, Rent Coverage4, GLTV3) 1. Manhattan (21%)a – 10 Assets (2.8
Slide 7: Capital Structure
7 Safehold | The Ground Lease Company | February 2026 Capital Structure Debt Overview a. $100m of total $250m notional unwound on 4/9/25 for ~$13m cash gain. $150m notional remains in-place at a mark-to-market gain of ~$17m. b. Includes JV debt and excludes outstanding borrowings under the Company’s
Slide 8: Appendix
8 Safehold | The Ground Lease Company | February 2026 Appendix
Slide 9: Income Statement
9 Safehold | The Ground Lease Company | February 2026 Income Statement APPENDIX Note: Figures in thousands except for per share amounts. a. For the three months ended December 31, 2025 and December 31, 2024, general and administrative expenses were partially offset by $2.7m and $3.2m of management f
Slide 10: Balance Sheet
10 Safehold | The Ground Lease Company | February 2026 Balance Sheet APPENDIX Note: Figures in thousands. 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 c
Slide 11: Portfolio Reconciliation (Gross Book Value)
11 Safehold | The Ground Lease Company | February 2026 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 equity met
Slide 12: Earnings Reconciliation
12 Safehold | The Ground Lease Company | February 2026 Earnings Reconciliation APPENDIX Note: Figures in millions except for per share amounts. Net income attributable to Safehold Inc. common shareholders excluding non-recurring gains and losses and EPS excluding non-recurring gains and losses are n
Slide 13: Caret Timeline
13 Safehold | The Ground Lease Company | February 2026 Caret Timeline APPENDIX a. Management was granted up to 15% of the then-authorized Caret units under this plan. b. In connection with Feb'22 sale, we were obligated to seek to provide a public market listing for the Series A Caret Units by Q1'24
Slide 14: Caret Ownership
14 Safehold | The Ground Lease Company | February 2026 Caret Ownership Note: Ownership percentage is based on outstanding Caret units SAFEHOLD (NYSE: SAFE) GL Units Rent Stream plus Original Cost Basis and certain other cash flows Employees 2018 Incentive Plan Caret Units Capital Appreciation above
Slide 15: Unrealized Capital Appreciation Details
15 Safehold | The Ground Lease Company | February 2026 Unrealized Capital Appreciation Details APPENDIX 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 val
Slide 16: Glossary
16 Safehold | The Ground Lease Company | February 2026 Glossary APPENDIX 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
Slide 17: Endnotes
17 Safehold | The Ground Lease Company | February 2026 Endnotes APPENDIX (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). The
Slide 18: Forward-Looking Statements and Other Matters
18 Safehold | The Ground Lease Company | February 2026 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