Exhibit 99.2 Q1'25 Earnings Results Q1'25 Summary afehold Investment Activity1 | | Non-Binding LOIs | | --- | --- | | | (11 Ground Leases, 4 Leasehold Loans) | | Ground Lease Value | ~$273m | | Leasehold Loan Value | -$113m | | Markets | 8 | | Sponsors | 11 | | GLTV2a | ~34% | | Rent Coverage 3a | ~2.6x | | Economic Yieldª | -7.3% | Portfolio Metrics4 $6.8b / $8.9b Total Portfolio Aggregate GBV§ / Total Portfolio Estimated UCA 52% / 3.5x GLTV² / Rent Coverage3 $1.3bb Cash & Credit Facility Capital Sources $ ...

Core Viewpoint - Safehold Inc. will release its financial results for Q1 2025 on May 6, 2025, after market close [1] - An earnings conference call will take place on May 7, 2025, at 9:00 a.m. ET to discuss these results [2] Company Overview - Safehold Inc. is transforming real estate ownership by offering a new method for owners to unlock land value beneath their buildings [2] - The company established the modern ground lease industry in 2017 and continues to assist owners of various property types in generating higher returns with reduced risk [2] - As a real estate investment trust (REIT), Safehold aims to provide safe, growing income and long-term capital appreciation to its shareholders [2]

Core Points - Safehold Inc. has declared a common stock dividend of $0.177 per share for Q1 2025, which annualizes to $0.708 per share, payable on April 15, 2025, to shareholders of record on March 31, 2025 [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 [2] - The company established the modern ground lease industry in 2017 and continues to assist owners of various property types, including multifamily, office, industrial, hospitality, student housing, life science, and mixed-use properties, in generating higher returns with reduced risk [2] - As a real estate investment trust (REIT), Safehold aims to provide safe, growing income and long-term capital appreciation to its shareholders [2]

Financial Performance - Total revenues for 2024 increased to $365.7 million, up 3.1% from $352.6 million in 2023 [296]. - Interest income from sales-type leases rose to $264.3 million, a 12.2% increase compared to $235.5 million in 2023 [296]. - Net income attributable to Safehold Inc. common shareholders was $105.8 million in 2024, compared to a net loss of $55.0 million in 2023 [296]. - Comprehensive income attributable to Safehold Inc. was $156.1 million in 2024, compared to a comprehensive loss of $59.6 million in 2023 [300]. - Net income for the year ended December 31, 2023, was reported at $107,191,000, compared to a net loss of $54,565,000 in 2022, indicating a significant turnaround [303]. - Net income for 2024 was $106.615 million, a significant recovery from a net loss of $54.565 million in 2023 [307]. - Cash flows from operating activities increased to $37.855 million in 2024, compared to $15.391 million in 2023 [307]. Assets and Liabilities - Total assets as of December 31, 2024, reached $6.9 billion, an increase of 5.3% from $6.5 billion in 2023 [293]. - Total liabilities increased to $4.5 billion in 2024, up from $4.3 billion in 2023, reflecting a rise of 6.4% [293]. - As of December 31, 2024, the company had approximately $4.4 billion in outstanding indebtedness, including $100 million of trust preferred securities [123]. - The company had $3.6 billion in fixed-rate debt and $789 million in floating-rate debt outstanding as of December 31, 2024 [268]. - The carrying value of net investment in sales-type leases is $3,455 million, with a fair value of $3,680 million, compared to a carrying value of $3,255 million and a fair value of $3,118 million as of December 31, 2023 [374]. Cash Flow and Dividends - Cash and cash equivalents decreased to $8.3 million in 2024, down from $18.8 million in 2023 [293]. - The company paid dividends of $50.589 million to common shareholders in 2024, compared to $46.039 million in 2023 [307]. - Future distributions to shareholders will depend on various factors, including actual or anticipated results of operations and cash flows [139]. - The company’s cash flow may be insufficient to meet required principal and interest payments, exposing it to default risks [123]. Risks and Challenges - The company faces risks associated with tenant bankruptcies, which could adversely affect income and property ownership [96]. - The company relies on Property NOI reported by tenants, which may not be independently verified, potentially affecting underwriting decisions [86]. - Ground Leases with developers expose the company to risks related to property development and financing, which could materially affect operations [92]. - Future growth prospects may be adversely affected by health crises, as seen during the COVID-19 pandemic, which impacted tenant financial conditions and operational capabilities [102]. - The company may face risks related to joint venture investments, including lack of sole decision-making authority and reliance on partners' financial positions [127]. Shareholder Relations and Equity - Star Holdings owns approximately 18.9% of the outstanding shares of the company's common stock, which could influence shareholder decisions [112]. - The company’s organizational documents limit shareholder recourse and access to judicial forums, which may inhibit changes in control [135]. - The company may issue new Caret units or sell outstanding units without requiring approval from common stockholders, potentially diluting their interests [142]. - The absence of a drag-along right after a liquidity transaction could deter acquisition interest and affect the market price of common stock [156]. Management and Governance - The company has a management agreement with Star Holdings, which includes an annual management fee of $25 million for the term ended March 31, 2024, declining to $15 million for the term ended March 31, 2025 [109]. - The company faces potential conflicts of interest in its relationship with Star Holdings, which could result in decisions not aligned with shareholder interests [117]. - The Company recognized management fee income of $25.0 million for the term ended March 31, 2024, which will decline to $15.0 million for the term ended March 31, 2025 [358]. Taxation and Compliance - The company must distribute at least 90% of its REIT taxable income annually to qualify as a REIT, or it may incur U.S. federal income tax at regular corporate rates [165]. - The total current income tax expense for the year ended December 31, 2024, was $1.048 million, a decrease from $3.045 million in 2023 [365]. - The Company has a valuation allowance of $(2.052) million against its deferred tax assets as of December 31, 2024, compared to $(2.704) million in 2023 [369]. Market and Competitive Landscape - The company faces competition from various entities including commercial developers, other REITs, and financial institutions, which may adversely affect its ability to acquire and originate investments [98]. - The market price of the company's common stock may not reflect the value of the UCA in the owned residual portfolio, which is difficult to estimate [91]. Cybersecurity and Internal Controls - The company has implemented processes and internal controls to mitigate cybersecurity risks, but there is no assurance that these measures will be fully effective [101]. - The company maintained effective internal control over financial reporting as of December 31, 2024, according to the independent auditor's opinion [285].

Q4'24 & FY'24 Earnings Results FY'24 Summary Capital Markets Activity | | New 5-year unsecured revolving credit | | --- | --- | | $2.0b Revolver | facility (increased credit availability, lowered cost and extended term versus prior $1.85b | | | aggregate facilities) | | | Issued $400m and $300m 10-year unsecured notes (5.84% w.a. coupon, 5.19% | | $700m Notes | w.a. yield to maturity net of $43m total | | | realized hedge gains) | | $750m | Unsecured funding program put in place as | | Commercial Paper | al ...

Financial Data and Key Metrics Changes - For Q4 2024, GAAP revenue was $91.9 million, net income was $26.0 million, and earnings per share (EPS) was $0.36. The decline in GAAP earnings year over year was primarily due to a one-time $15.2 million derivative hedge gain recognized in Q4 2023. Excluding this, Q4 EPS increased approximately 1% year over year [28][29][70] - For the full year, GAAP revenue was $365.7 million, net income was $105.8 million, and EPS was $1.48. The increase in GAAP earnings year over year was driven by a $145.4 million non-cash impairment of goodwill and $22.1 million of merger and Carrot-related costs taken in 2023 [29][30][71] Business Line Data and Key Metrics Changes - In 2024, new origination activity was $225 million, including ten new ground leases for $193 million and one leasehold loan for $32 million. The total portfolio was $6.8 billion, with an estimated UCA of $9.1 billion, GLTV of 49%, and rent coverage of 3.5 times [20][65][66] - The ground lease portfolio has grown twenty times since the IPO, with 147 assets and 85 multifamily ground leases, increasing exposure from 8% at IPO to 58% today [26][69] Market Data and Key Metrics Changes - The company reported strong activity in the affordable housing sector, with a focus on stable cash flows and high occupancy rates. The economic yield for new 2024 originations was 7.3% [11][20][21] - The portfolio's GLTV increased slightly in Q4, and rent coverage remained unchanged at 3.5 times [35][36] Company Strategy and Development Direction - The company plans to double its efforts in the multifamily market, particularly in the affordable sector, aiming to double last year's affordable volume and expand to at least two new states in 2025 [11][12][54] - A new share buyback authorization of up to $50 million has been approved, with the goal of being leverage neutral and recycling capital from existing portfolio through asset sales or joint ventures [13][14][56] Management's Comments on Operating Environment and Future Outlook - Management noted that while interest rates posed headwinds, they expect rates to come down over time, turning current challenges into future opportunities for more deals and higher cash flow values [10][52] - The company is focused on scaling its business and believes there is significant long-term value in its assets that is currently unrecognized by the market [96][112] Other Important Information - The company ended the quarter with approximately $1.3 billion of liquidity, supported by potential available capacity in joint ventures [24][65] - The credit profile is strong, with ratings of A3 from Moody's, A- from Fitch, and BBB+ with a positive outlook from S&P [62][78] Q&A Session Summary Question: Can you talk about the pipeline and the focus on affordable housing? - Management indicated good activity in the affordable housing sector, with strong momentum in multifamily and conventional markets, particularly in supply-constrained areas [87][90] Question: What are the differences in affordable housing transactions compared to conventional ones? - Management explained that while the cost of capital remains low, affordable housing transactions involve multiple funding sources, making the structure more complex but beneficial for developers [100][102] Question: What is the expected overhead for 2025? - Management expects gross overhead to be in the low $40 million range, with net overhead impacted by management fees [106][108] Question: How does the company view buybacks versus new originations? - Management aims to balance both buybacks and scaling the business, starting with a $50 million buyback authorization while pursuing growth opportunities [112][114] Question: Can you provide more details on opening up Carrot to more investors? - Management is working on enhancing liquidity and expanding the investor base for Carrot, with plans to make progress in 2025 [116][118] Question: Are economic yields for affordable multifamily ground leases higher than traditional ones? - Management confirmed that while yields are similar, affordable multifamily ground leases may offer tighter coverage due to their stability [137]

Core Insights - Safehold (SAFE) reported revenue of $91.87 million for Q4 2024, a year-over-year decline of 10.8% [1] - The EPS for the same period was $0.36, unchanged from the previous year [1] - Revenue fell short of the Zacks Consensus Estimate of $92.22 million, resulting in a surprise of -0.38% [1] - The company did not deliver an EPS surprise, with the consensus estimate also being $0.36 [1] Financial Performance Metrics - Operating lease income was $16.72 million, slightly above the average estimate of $16.69 million, representing a year-over-year change of -1.2% [4] - Other income was reported at $4.10 million, below the average estimate of $4.69 million, showing a significant year-over-year decline of 81.9% [4] - Interest income from sales-type leases was $68.68 million, exceeding the estimated $68.29 million, with a year-over-year increase of 12.3% [4] - Interest income from related parties was $2.38 million, slightly below the estimate of $2.39 million [4] - Net income per share (diluted) was $0.36, matching the average estimate from six analysts [4] Stock Performance - Safehold's shares have returned -2.4% over the past month, contrasting with the Zacks S&P 500 composite's +1.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Performance - Q4'24 revenues decreased by 11% year-over-year to $91.9 million, while FY'24 revenues increased by 4% to $365.7 million[6]. - GAAP net income attributable to Safehold Inc. common shareholders for Q4'24 was $26.0 million, a 37% decrease year-over-year, but increased over 100% for FY'24 to $105.8 million[6]. - Total revenues for Q4 2024 were $91.872 million, a decrease of 10.5% compared to $103.027 million in Q4 2023[21]. - Net income attributable to Safehold Inc. common shareholders for Q4 2024 was $26.039 million, down 36.8% from $41.184 million in Q4 2023[26]. - Earnings per share (basic and diluted) for the year ended December 31, 2024, were $1.48, compared to a loss of $0.82 in 2023[21]. Debt and Financing - The company issued $400 million and $300 million in 10-year unsecured notes with a weighted average coupon of 5.84% and a yield to maturity of 5.19%[3]. - The company has a remaining capacity of $1.3 billion on its unsecured revolver, with total debt overview at $4.6 billion[17]. - Total debt as of December 31, 2024, was $4.64 billion, with a debt-to-equity ratio of 1.96x[21]. - The effective interest rate on debt was 4.2% for the year ended December 31, 2024[20]. Asset and Portfolio Overview - Total portfolio gross book value (GBV) reached $6.7 billion, with an estimated unrealized capital appreciation of $9.1 billion[5]. - Total assets as of December 31, 2024, were $6.899 billion, an increase from $6.548 billion in 2023[23]. - The company’s total equity increased to $2.374 billion as of December 31, 2024, compared to $2.277 billion in 2023[23]. - The multifamily asset count increased to 85, representing 58% of the total asset count of 147[5]. Ground Lease Operations - The company funded $225 million in new originations during FY'24, including ten new ground leases for $193 million[5]. - Economic yield for new ground leases was reported at 7.3%, while existing ground leases had an economic yield of 6.5%[5]. - The company had 122,500 Caret units outstanding as of December 31, 2024, representing 84.0% of the total authorized Caret units[36]. - The company recognizes $6.7 million of interest income from sales-type leases from the Ground Lease in its consolidated statements of operations for the year ended December 31, 2024[40]. Market and Economic Conditions - The company faces risks related to changes in tax laws, regulations, and general economic conditions that could impact future performance[42]. - Market demand for ground lease capital is a critical factor influencing the company's investment strategy[42]. - The company estimates that ground rent coverage may be lower than projected due to limitations in the information used for estimates[42]. - The company is monitoring geopolitical tensions, including the war in Ukraine and conflicts in Israel, which may affect financial conditions and operating performance[42]. Mergers and Acquisitions - Safehold Inc. entered into a merger agreement with iStar Inc. on November 10, 2022, and completed the merger on March 31, 2023[43]. - The historical financial statements of Old Safehold became the historical financial statements of Safehold Inc. post-merger[43]. - The merger is expected to enhance the company's operational capabilities and market position in the ground lease sector[43]. Ratings and Outlook - The company received a credit rating upgrade from Fitch from BBB+ to A- with a stable outlook[3]. - The company’s inflation-adjusted yield assumes a long-term inflation target of 2.0% annually for the duration of the leases[38]. - Safehold's valuation assessments occur every 12 to 24 months, which may not accurately capture current market conditions[42]. - The company emphasizes that modeling and information presented are for illustrative purposes only and do not guarantee future performance[42].

Core Insights - Safehold Inc. reported strong financial results for Q4 and FY 2024, highlighting increased earnings and liquidity, along with a new share repurchase program authorization of up to $50 million [1][6]. Financial Performance - Q4 2024 revenue was $91.9 million, while FY 2024 revenue totaled $365.7 million [6]. - Net income attributable to common shareholders for Q4 2024 was $26.0 million, and for FY 2024 it was $105.8 million, or $112.0 million when excluding non-cash general provision for credit losses [6]. - Earnings per share (EPS) for Q4 2024 was $0.36, and for FY 2024 it was $1.48, or $1.57 when excluding non-cash general provision for credit losses [6]. Strategic Developments - The company emphasized its position as a market leader in the ground lease sector, with a focus on creating value for shareholders and serving customers [2]. - In 2024, Safehold made $225 million in new originations, including ten new ground leases for $193 million and one leasehold loan for $32 million, bringing the total portfolio to $6.8 billion [6][7]. - The company received credit rating upgrades, achieving an A- rating from Fitch Ratings and a BBB+ rating with a Positive Outlook from S&P Global Ratings [6]. Shareholder Returns - The Board of Directors authorized a share repurchase program of up to $50 million, allowing for repurchases in the open market or through negotiated transactions [1][6].

Core Points - The Vincent Country Safe Zone Activity Day, co-founded by NFL Executive Troy Vincent, Sr. and his wife Tommi A. Vincent, aims to provide a safe environment for students from under-resourced areas during Super Bowl week [1][2] - This year's event included over 600 students from Fifth Ward Elementary School and Garyville/Mt. Airy Math and Science Magnet School, featuring fun, food, wellness activities, and interactive sports [1][2] - Cigna Healthcare, a lead sponsor, provided health screenings, free eye exams, and wellness activities, contributing to the overall health and vitality of the participating students and families [2][3] Event Details - The event has positively impacted over 3,400 students and 400 educators over the past eight years, with contributions exceeding $575,000 in funds and resources [2] - New partners, including Stand Together and Chick-fil-A, joined this year to enhance the event's impact [2][6] - The theme for this year's event was "The Road to Success!" and included the unveiling of a mural by local artist Vitus Shell [3][4] Community Engagement - Infinite Athlete donated a new playground set to the school, enhancing student activity and community engagement [4] - Chick-fil-A provided boxed lunches to children and volunteers, emphasizing their commitment to community support [8] - Stand Together donated Chromebooks and provided access to educational resources, further supporting the schools' needs [6][7] Notable Participants - The event featured participation from NFL players, Hall of Famers, and local volunteers, enhancing the experience for students [8] - Dr. Kara Lawson, Principal at Garyville/Mt. Airy Math and Science Magnet School, expressed gratitude for the event and its positive impact on students [5] Future Initiatives - A virtual fundraising component is ongoing to raise additional funds and resources for the school, with results to be announced later [10] - The Vincents will host a signature luncheon to celebrate school leadership and thank corporate sponsors [9]