19 slides from Safehold Inc. New's earnings presentation, Jul 30, 2026
Slide 1: Q2’26 Earnings Results
Q2’26 Earnings Results
Slide 2: Q2’26 Summary
Q2’26 Summary Highlights Investment Activity Q2’26 $150m Closed New Originations 1 (7 GLs) 7 multifamily ground leases Ground Lease Originations $150m1 $348m Brookfield Joint Venture Markets 4 (1 new) 7-asset portfolio, ~$14m annualized ground rent (~4.1% cap rate) SAFE retains a series of call opti
Slide 3: Portfolio Growth
Portfolio Growth Q2’26 Originations Q2’26 Fundings $69m new ground leases (7.4% Economic Yield) $150m 7 new ground leases for $150m1 $123m $49m existing ground leases (6.6% Economic Yield)8 New Originations o $69m funded, $81m unfunded Fundings $5m leasehold loans (SOFR+463)9 Strong Portfoli
Slide 4: Earnings Results
Earnings Results Q2 GAAP Net Income and EPS increased Y/Y primarily due to net accretion from asset fundings and new originations Q2'26 Q2'25 Y/Y Change YTD'26 YTD'25 Y/Y Change Revenues $114.6m $93.8m 22% $225.5m $191.5m 18% GAAP $30.2m $27.9m 8% $59.0m $57.3m 3% Net Income Attributable to Safehold
Slide 5: Portfolio Yields
Portfolio Yields (Core Ground Lease Portfolio Gross Book Value: $7.1b on 92-Year W.A. Lease Term w/ Ext.)10 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. 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 $7.1b Core Ground Lease Portfolio Top 10 Markets (% of GBV, Count, Rent Coverage3, GLTV2) (92-year w.a. extended lease term) 1. Manhattan (21%)a –
Slide 7: Capital Structure
Capital Structure Debt Overview Share Repurchases & Hedging Q2’26 Share Repurchase Activity Unsecured Debt 16 Shares Repurchased: 850k Average Share Price: $15.17 $2.8b Non-Recourse Secured Debt Total $1.3b SOFR Swap (Term Loan + Revolver) Treasury Locks (Long-Term Debt)a $5.0b Notional: $500m $225m
Slide 8: Appendix
Appendix 8 Safehold | The Ground Lease Company | July 2026
Slide 9: Income Statement
APPENDIX 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
Slide 10: Balance Sheet
APPENDIX 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 6
Slide 11: Portfolio Reconciliation
APPENDIX 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
Slide 12: Earnings Reconciliation
APPENDIX Earnings Reconciliation For the three months ended For the six months ended June 30, June 30, 2026 2025 2026 2025 Net income (loss) attributable to Safehold Inc. common shareholders $30,155 $27,947 $59,016 $57,311 a Add: Non-recurring (gains) / losses - - - 1,945 Net income excluding non-re
Slide 13: Park Hotels Portfolio Summary
APPENDIX Park Hotels Portfolio Summary Park Hotels Portfolio Summary ($m)a Q2'26 Q2'25 Variance YTD'26 YTD'25 Variance Base Ground Rent $1.2 $2.5 ($1.3) $2.3 $5.0 ($2.6) Percentage Rent - - - 3.6 3.9 (0.3) Hotel Revenues 15.9 - 15.9 25.8 - 25.8 Hotel Expenses (13.9) - (13.9) (26.1) - (26.1) Misc. Ex
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 $81m forward commitments for the Ground Leases new originations in Q2’26 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) CPV used to calcul
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