Core Viewpoint - Safehold Inc. has declared a common stock dividend of $0.177 per share for the first quarter of 2026, reflecting an annualized rate of $0.708 per share, payable on April 15, 2026, to shareholders on record as of March 31, 2026 [1] Group 1: Company Overview - Safehold Inc. is transforming real estate ownership by offering a new method for property owners to unlock the value of the land beneath their buildings [1] - The company established the modern ground lease industry in 2017 and continues to assist owners of high-quality properties, including multifamily, office, industrial, hospitality, student housing, life science, and mixed-use properties, in generating higher returns with reduced risk [1] - As a real estate investment trust (REIT), Safehold aims to provide safe, growing income and long-term capital appreciation to its shareholders [1]

Core Insights - Safehold Inc. has successfully closed its 20th ground lease focused on Affordable Housing, marking its entry into the Texas market with a project in Austin that will deliver 348 units by 2028 [1] - The project is developed in partnership with The NRP Group, a leading developer in the Affordable Housing sector, highlighting Safehold's strategy to leverage low-cost ground lease capital to address capital structure gaps for developers [1] - Safehold's dedicated Affordable Housing team was established in 2025, aiming to expand its investment in this sector, with a total of over 3,100 Affordable units facilitated through its ground leases [1] Company Overview - Safehold Inc. is a pioneer in the modern ground lease industry, providing innovative solutions for real estate ownership and aiming to enhance returns while minimizing risk for property owners [1] - The company operates as a real estate investment trust (REIT), focusing on delivering safe, growing income and long-term capital appreciation to its shareholders [1] Developer Profile - The NRP Group is recognized as a top developer and builder of multifamily housing in the U.S., with a mission to create exceptional rental communities for individuals and families across various income levels [1] - Since its inception in 1994, NRP has developed over 62,000 apartment homes and currently manages more than 30,000 residential units, showcasing its extensive experience and capability in the housing sector [1]

Recent Safehold Multifamily Closing Profiled in The Boston Globe Accessibility Statement Skip NavigationNEW YORK, March 9, 2026 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the leader of the modern ground lease industry, closed on a ground lease and leasehold loan in late-December to facilitate the development of 299 Broadway, a ground-up, 204-unit multifamily development in Somerville, MA. The deal, featured in The Boston Globe, is Safehold's first with Samuels & Associates and Mark Development, two Boston- ...

Group 1 - Shares of Safehold (SAFE) have increased by 11.1% over the past four weeks, closing at $15.68, with a mean price target of $19.8 indicating a potential upside of 26.3% [1] - The average of 10 short-term price targets ranges from a low of $14.00 to a high of $28.00, with a standard deviation of $5.14, suggesting variability in analyst estimates [2] - Analysts are optimistic about SAFE's earnings prospects, as indicated by a positive trend in earnings estimate revisions, which historically correlate with stock price movements [4][11] Group 2 - The Zacks Consensus Estimate for SAFE's current year earnings has increased by 0.1% over the last 30 days, with one estimate moving higher and no negative revisions [12] - SAFE holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential for upside [13] - While the consensus price target may not be a reliable indicator of the extent of gains, it does suggest a positive direction for price movement [14]

Core Insights - Safehold Inc. has been named a finalist for the 2026 Ivory Prize for Housing Affordability, recognizing its innovative contributions to the affordable housing market [1] - The company aims to address the unmet demand for affordable housing, particularly in the context of rising interest rates and construction costs [1] - Safehold established a dedicated Affordable Housing team in 2025 to expand its investments in this sector [1] Company Overview - Safehold Inc. is a leader in the modern ground lease industry, having created it in 2017 [1] - The company focuses on helping owners of various property types, including multifamily and affordable housing, to generate higher returns with reduced risk [1] - Safehold operates as a real estate investment trust (REIT), aiming to provide safe, growing income and long-term capital appreciation to its shareholders [1] Industry Context - The Ivory Prize highlights the need for innovative and scalable solutions to tackle the U.S. housing affordability crisis [1] - The housing industry is described as fragmented and risk-averse, necessitating recognition of effective solutions to high costs [1] - The award aims to elevate successful strategies that can be replicated across the industry [1]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-15371 Safehold Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporati ...

Core Viewpoint - Safehold (SAFE) shows potential for upside based on Wall Street analysts' short-term price targets, with a mean target of $19.4 indicating a 28.9% upside from the current price of $15.05 [1] Price Targets and Estimates - The average of 10 short-term price targets ranges from a low of $14.00 to a high of $28.00, with a standard deviation of $5.5, indicating variability in analysts' estimates [2] - The lowest estimate suggests a 7% decline from the current price, while the highest estimate indicates an 86.1% upside [2] - Analysts' consensus on price targets should be approached with caution, as their reliability has been questioned [3][7] Earnings Estimates and Analyst Agreement - Strong agreement among analysts regarding SAFE's ability to report better earnings than previously predicted supports the potential for stock upside [4] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 4.7%, with two estimates moving higher and no negative revisions [12] - SAFE holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [13] Conclusion on Price Movement - While consensus price targets may not be entirely reliable, the direction they imply appears to be a good guide for potential price movement [14]

Financial Data and Key Metrics Changes - For Q4, GAAP revenue was $97.9 million, net income was $27.9 million, and earnings per share (EPS) was $0.39, with a year-over-year increase in GAAP earnings primarily driven by $3.5 million net accretion on investment fundings [11][12] - For the full year, GAAP revenue was $385.6 million, net income was $114.5 million, and EPS was $1.59, reflecting a year-over-year increase driven by $17.2 million net accretion from investment fundings [12][13] - The total portfolio at year-end was valued at $7.1 billion, with an estimated unrealized capital appreciation (UCA) of $9.3 billion, marking a $200 million increase from the previous quarter [9] Business Line Data and Key Metrics Changes - In Q4, the company closed on 10 transactions, including 9 ground leases and 1 leasehold loan, for an aggregate commitment of $167 million, with a focus on affordable housing in Southern California [7] - For the full year, the company closed 17 ground leases for $277 million and 4 leasehold loans for $152 million, totaling $429 million in capital commitments [8][9] - The ground lease portfolio included 164 assets, with 101 multifamily properties, and has grown 21 times by both book value and estimated unrealized capital appreciation since the IPO [11] Market Data and Key Metrics Changes - The portfolio's gross loan-to-value (GLTV) remained flat at 52%, and rent coverage was unchanged at 3.4 times [15] - The company received a credit ratings upgrade from S&P to A-, achieving single-A ratings from all three major rating agencies, which positively impacted the cost of capital [8] Company Strategy and Development Direction - The company aims to increase ground lease volume in 2026 compared to 2025, enhance visibility for Caret's value, and implement share buybacks when market conditions are favorable [5][6] - The management emphasizes the importance of expanding into new states and sponsors, particularly in the affordable housing sector, while also exploring opportunities in other asset classes [4][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds but expressed optimism about progress made in Q4 that could positively impact 2026 [4] - The management believes that recognizing the value of Caret is crucial and plans to focus on strategies that highlight this value to shareholders [25][26] Other Important Information - The company ended the year with approximately $1.2 billion of liquidity, supported by potential capacity in joint ventures [9] - The effective interest rate on permanent debt is 4.3%, with a cash interest rate of 3.9% [17] Q&A Session Summary Question: Will the company consider investing in office assets? - Management indicated a cautious approach to office investments, preferring to focus on other asset classes while remaining open to opportunities [22][23] Question: What is the outlook for office valuations in Q1? - Management noted some strengthening in core markets like New York but acknowledged uncertainty regarding whether the bottom has been reached [24] Question: How does the company plan to recognize Caret's value? - Management emphasized the need to spotlight Caret's value and explore liquidity or monetization options to help shareholders understand its significance [25][26] Question: What is the strategy for buybacks in the coming year? - Management expressed intent to conduct buybacks in a leverage-neutral manner, considering the stock's discounted level [32][34] Question: What are the expectations for unfunded commitments and funding strategies? - Management highlighted that many lower-yielding commitments have rolled off, positioning the company well for future funding with improved margins [39][40] Question: What are the challenges in expanding outside California? - Management acknowledged the regulatory complexities and the need to build relationships in new markets but noted progress in other states [61]

Financial Data and Key Metrics Changes - For Q4, GAAP revenue was $97.9 million, net income was $27.9 million, and earnings per share (EPS) was $0.39, with a 15% year-over-year increase in EPS when excluding a nonrecurring loss [11][12] - For the full year, GAAP revenue was $385.6 million, net income was $114.5 million, and EPS was $1.59, reflecting a 5% year-over-year increase in EPS when excluding nonrecurring items [12][13] - The total portfolio at year-end was valued at $7.1 billion, with an estimated unrealized capital appreciation (UCA) of $9.3 billion, a $200 million increase from the previous quarter [9] Business Line Data and Key Metrics Changes - In Q4, the company closed 10 transactions, including 9 ground leases and 1 leasehold loan, totaling $167 million, with a focus on affordable housing in Southern California [7] - For the full year, 17 ground leases were closed for $277 million and 4 leasehold loans for $152 million, totaling $429 million in capital commitments [8][9] - The ground lease portfolio consisted of 164 assets, including 101 multifamily properties, and has grown significantly since the IPO [11] Market Data and Key Metrics Changes - The portfolio's ground lease-to-value (GLTV) ratio remained flat at 52%, and rent coverage was unchanged at 3.4 times [15] - The company received credit ratings upgrades to A- from S&P, with stable outlooks from all three major rating agencies, indicating high credit quality [8] Company Strategy and Development Direction - The company aims to increase ground lease volume in 2026 compared to 2025, enhance visibility for Caret's value, and implement share buybacks when market conditions are favorable [5][6] - There is a focus on expanding into new states and sponsors for affordable housing, while also considering opportunities in other asset classes, including office spaces [4][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds but expressed optimism about progress made in Q4 that could positively impact 2026 [4] - The management believes that recognizing the value of Caret is crucial and plans to spotlight it to enhance shareholder understanding [25][26] Other Important Information - The company ended the year with approximately $1.2 billion in liquidity, supported by joint venture capacity [9] - The effective interest rate on permanent debt is 4.3%, with a cash interest rate of 3.9% [17] Q&A Session Summary Question: Will the company invest in office spaces? - Management indicated a cautious approach to office investments, preferring to focus on other asset classes while remaining open to opportunities [22][23] Question: Is the worst of the office valuation decline behind? - Management noted some strengthening in core markets like New York but acknowledged uncertainty about whether the bottom has been reached [24] Question: What are the plans for Caret's value recognition? - Management emphasized the importance of recognizing Caret's value sooner and is exploring various strategies to achieve this [25][26] Question: How will buybacks be approached? - Management stated that buybacks will be considered in a leverage-neutral manner, with a focus on capital recycling [33][34] Question: What is the outlook for unfunded commitments? - Management confirmed that the economic yield on current unfunded commitments is favorable, positioning the company well for future funding [39][40] Question: What are the challenges in expanding outside California? - Management highlighted the need to navigate state-specific regulations and build relationships in new markets [61]