Safehold outlines $1.2B liquidity position and targets increased ground lease volume for 2026 while expanding affordable housing platform

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• Q4 2025 GAAP revenue was $97.9 million, net income was $27.9 million and earnings per share was $0.39

  80% confidence

• Excluding nonrecurring loss, Q4 EPS was $0.42, up 15% year-over-year

  80% confidence

• Excluding nonrecurring items, annual EPS was $1.65, up 5% year-over-year

  80% confidence

• Carets value can be recognized much earlier and represents Safehold's trust fund, seeking ways to enable understanding through liquidity, sales, or monetizations

  80% confidence

• Ground lease portfolio grew to $7.1 billion in assets with estimated unrealized capital appreciation at $9.3 billion, a $200 million increase from last quarter

  80% confidence

• S&P upgraded Safehold to A- with stable outlook, resulting in single A ratings from all three major agencies

  80% confidence

• Progress being made in affordable housing origination outside California with several deals under LOI

  80% confidence

• Liquidity at year-end approximately $1.2 billion, supported by joint venture capacity

  80% confidence

• Full year 2025 GAAP revenue was $385.6 million, net income was $114.5 million and EPS was $1.59

  80% confidence

• Focus areas for 2026 are more consistent origination growth, greater visibility for Carets, and implementation of share buybacks when conditions are favorable

  80% confidence

• Portfolio GLTV remained flat quarter-over-quarter at 52%, and rent coverage unchanged at 3.4x

  80% confidence

• Leverage is around 2x and company wants to maintain that level or lower, conducting buybacks in a leverage-neutral way

  80% confidence

• Quarterly GAAP earnings increase driven by $3.5 million net accretion on investment fundings, offset by $2.2 million loss on early debt extinguishment

  80% confidence

• Three areas of focus for 2026: increased ground lease volume versus 2025, recognition of Carets value, and implementation of share buybacks

  80% confidence

• Confident in business model and long-term value creation embedded in diversified portfolio of institutional quality ground leases

  80% confidence

• Park Hotels litigation court date set for Q1 2027 with expected $7 million in costs to reach resolution

  80% confidence

• Q4 was productive for new investments and capital markets activity, closing 10 transactions including 9 ground leases and 1 leasehold loan for $167 million aggregate commitment

  80% confidence

• Management team strengthened with appointment of Michael Trachtenberg as President and expansion of affordable housing team into new states and sponsors

  80% confidence