afehold Debt & Hedging Investment Activity1 ~$145m across 8 non-binding LOls $2.0b Revolver $300m Notes Issued 10-year unsecured notes New 5-year unsecured revolving credit facilityª 5 All 6 (6.10% coupon, 5.32% yield to maturity net of (replaced existing aggregate Sponsors Multifamily Markets $21m realized hedge gains) $1.85b facilities) Outstanding Hedges ~35% ~3.0x ~7.5% $500m SOFR Swap through April 2028 at ~3.0% SOFR Rent Economic GLTV2 (-$3m per quarter pickup at current SOFR rate) Coverage3 Yield4 $3 ...

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", "representative", "expect", "plan", "will", "estimate", "project", "intend", "believe", and other similar expressions that do not relate to historical matters, and include estimates of UCA and Illustrative Caret Adjusted Yield. These forward-looking statements reflect th ...

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, 2023 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) Maryland 95-6881527 (State or other jurisdi ...

Safehold Inc. (NYSE:SAFE) Q4 2023 Earnings Conference Call February 13, 2024 9:00 AM ET Company Participants Pearse Hoffmann - Senior Vice President, Capital Markets and Investor Relations Jay Sugarman - Chairman and Chief Executive Officer Brett Asnas - Chief Financial Officer Tim Doherty - Chief Investment Officer Conference Call Participants Nate Crossett - BNP Anthony Paolone - JPMorgan Stephen Laws - Raymond James Mitch Germain - Citizens JMP Harsh Hemnani - Green Street Rich Anderson - Wedbush Kelly K ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | FORM 10-Q | | | --- | --- | | (Mark One) | | | ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | For the quarterly period ended | | | September 30, 2023 | | | 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 o ...

Financial Data and Key Metrics Changes - For Q3 2023, GAAP revenue was $85.6 million, net income was negative $123.0 million, and earnings per share was negative $1.81 [49] - Excluding non-recurring items, net income was positive $22.5 million, and earnings per share was positive $0.33 [19][21] - The total portfolio at quarter end was valued at $6.4 billion, with an unrealized capital appreciation of $10 billion [7][18] Business Line Data and Key Metrics Changes - The ground lease portfolio now consists of 135 assets, having grown 19 times since the IPO, with estimated unrealized capital appreciation increasing 23 times since the IPO [17] - In Q3, the company funded a total of $88 million, earning a blended yield of 6.6% across three categories [16] - The portfolio's cash yield is currently 3.5%, with an annualized GAAP yield of 5.2% [24][63] Market Data and Key Metrics Changes - The company noted that commercial real estate investment activity remains muted, with a significant gap between buyers and sellers due to volatility in rates and liquidity issues [12] - The geographic breakdown of the portfolio shows diversification, with the top 10 markets representing approximately 70% of the portfolio [29] Company Strategy and Development Direction - The company aims to expand its ground lease ecosystem and explore new sources of capital and product initiatives to adapt to the current environment [6][41] - The management expressed confidence in the durability of the asset base and balance sheet, planning to be opportunistic yet disciplined in capital allocation [12][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging interest rate cycle, indicating that this has been one of the worst markets for fixed income investments on record [4] - The company received a credit rating upgrade from Moody's to A3 with a stable outlook, which is expected to provide long-term benefits [33] Other Important Information - The company raised $152 million in new equity at a gross price of $21.40 per share, which was viewed favorably by creditors and rating agencies [43][44] - The company ended the quarter with $858 million of liquidity, enhanced by unused capacity in its joint venture [14][30] Q&A Session Summary Question: What is the current deal flow pipeline? - Management indicated that there is less confidence in the pipeline due to recent market conditions, with some transactions falling apart at the closing table [68][89] Question: How does the company view its value proposition to sponsors in the current rate environment? - Management stated that the company remains the most efficient source of capital, despite changes in the cost of capital [72] Question: What is the impact of the recent credit rating upgrade on debt costs? - The upgrade is expected to save approximately 30 to 50 basis points on debt costs once a second A rating is achieved [91] Question: What is the company's approach to underwriting and rent coverage? - The company takes a conservative approach in underwriting, with a focus on maintaining consistent credit metrics [94][133] Question: Are there plans to explore other asset classes beyond multifamily? - Management confirmed that while multifamily remains a focus, they are also exploring other asset classes, though these may have less liquidity [134]

15 A P P E N D I X Unrealized Capital Appreciation Details Refer to the Glossany in the Appendix (or a clefinition of Denedized Captal Appreciation ("UCA"), and "Combinet Propedy Value" ("CPV"). SAFE relies in part on OBRE: svalusi our portblio in calculating UCA S4FE may ultize management's essimate of CPV for ground lease investments recently acquired that O3RE has nd yet evaluated. For corstruction bild inclusive of the land. OPV is a hypothetical value of the as-improved subject property, based on an as ...

Q2'23 Earnings Results Q2'23 Highlights | --- | --- | --- | |----------------------------------------------------|--------------------------------------|---------------------------------------------------------| | | | | | $500 Million | $816 Million | $2.0 Billion | | Joint Venture with Leading Sovereign Wealth Fund4 | Cash & Credit Facility Availability5 | Caret Valuation Based on Most Recent Investment Round6 | Aggregate GBV (Ground Leases) $73m Earnings Results Portfolio Yields Portfolio Diversification ...

Financial Data and Key Metrics Changes - Revenue for the quarter was $85.7 million, with net income at $22.1 million and earnings per share at $0.35, both figures reflecting similar performance to pre-merger levels [71][72] - The company ended the quarter with over $800 million in liquidity and a total debt of approximately $4.3 billion, which includes $1.5 billion in unsecured notes and $1 billion drawn on the unsecured revolver [44][55] - The effective interest rate on permanent debt is 3.8%, with a cash interest rate of 3.3%, indicating a spread to the portfolio's GAAP annualized yield of 5.2% [78] Business Line Data and Key Metrics Changes - The company originated three new ground leases totaling $129 million, with $73 million funded during the quarter [68][45] - The weighted average GLTV (Ground Lease to Value) for the new originations was 31%, with a ground rate coverage of 2.5 times [46] - The portfolio consists of approximately 34 million square feet of institutional quality commercial real estate, including 17,300 multifamily units and 12.6 million square feet of office space [47] Market Data and Key Metrics Changes - The company reported a stable GLTV at 42% and noted no significant changes in appraisals for properties in its portfolio [10][67] - The market remains dislocated, with volumes significantly lower than previous highs, but there are signs of improvement in the ground lease capital solution [42][40] - Approximately 70% of gross book value is diversified across the top 10 markets, emphasizing the focus on institutional quality ground leases [17] Company Strategy and Development Direction - The company aims to expand its leadership position in the ground lease industry and is focused on building a deal pipeline in a higher rate environment [40][56] - The management is optimistic about the potential for growth as the market stabilizes and believes that the company could benefit from the end of the current tightening cycle [43] - The company is exploring various asset classes, including multifamily and hospitality, while remaining selective in its investments [30][45] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of a functioning financing market and noted that a complete pullback from commercial real estate would be detrimental [11] - The company is encouraged by recent momentum in its pipeline, particularly in the housing sector, and is optimistic about future transactions [99][100] - Management acknowledged the challenges posed by elevated short-term borrowing rates but remains focused on capital allocation and maintaining liquidity [74][96] Other Important Information - The company has executed $500 million in floating to fixed swaps to mitigate adverse earnings effects from Fed rate hikes [52] - Stock-based compensation for the quarter was approximately $8 million, reflecting the company's new long-term incentive plans [51] - The company has a weighted average debt maturity of approximately 23 years, with no corporate maturities due until 2026 [96] Q&A Session Summary Question: What does the pipeline look like right now? - Management indicated that the pipeline is showing signs of improvement, with several transactions in the closing process, primarily in the housing space [99] Question: Can you discuss the allocation of new investments? - The company clarified that most of the recent activity was on balance sheet rather than through the joint venture, with future transactions likely to be funneled through the venture [84] Question: How are you thinking about equity needs over the next year? - Management acknowledged the current stock price challenges but emphasized the importance of maintaining sufficient liquidity and capital allocation strategies [116]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q | (Mark One) | | | --- | --- | | ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | For the quarterly period ended | | | June 30, 2023 | | | 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 registr ...