Core Viewpoint - Safehold Inc. has received an initial credit rating of BBB+ with a positive outlook from S&P Global Ratings, reflecting the company's strong credit profile and market position [1][2]. Group 1: Credit Rating and Outlook - S&P Global Ratings assigned Safehold an initial credit rating of BBB+ with a positive outlook [1]. - The same rating and outlook were assigned to Safehold's operating subsidiary, Safehold GL Holdings LLC [1]. - The positive rating is expected to improve Safehold's cost of capital and access to capital, enhancing long-term value for shareholders [2]. Group 2: Rationale Behind the Rating - S&P cited Safehold's focus on high-quality long-term ground leases that provide predictable and contractually growing cash flows over 99 years as a key factor for the rating [2]. - The company's relatively low leverage and well-diversified funding mix were also highlighted as strengths [2]. Group 3: Company Overview - Safehold Inc. is innovating real estate ownership by enabling owners to unlock the value of the land beneath their buildings [2]. - The company, which operates as a real estate investment trust (REIT), aims to deliver safe, growing income and long-term capital appreciation to its shareholders [2].

Group 1 - The Conservative Income Portfolio targets high-value stocks with significant margins of safety and aims to reduce volatility through well-priced options [1] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - Safehold Inc. (NYSE: SAFE) is identified as a potential investment opportunity after a period of cautious observation [2] Group 2 - Trapping Value is a team of analysts with over 40 years of combined experience in generating options income and focusing on capital preservation [3] - The Conservative Income Portfolio operates in partnership with Preferred Stock Trader, featuring two income-generating portfolios and a bond ladder [3] - The Covered Calls Portfolio aims to provide lower volatility income investing with an emphasis on capital preservation [2]

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, 2024 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 in ...

Financial Data and Key Metrics Changes - For Q3 2024, revenue was $90.7 million, net income was $19.3 million, and earnings per share (EPS) was $0.27, reflecting a significant increase in GAAP earnings year-over-year due to a prior year's non-cash impairment of goodwill [18][24] - Excluding non-cash items, EPS was $0.37, up 11% year-over-year, driven by a net increase in asset-related revenue and savings in general and administrative expenses [24][22] - The company ended the quarter with approximately $955 million of liquidity, supported by joint venture capacity [14][32] Business Line Data and Key Metrics Changes - New origination activity totaled $104 million, including three multifamily ground leases for $72 million and one leasehold loan for $32 million [11] - Ground lease credit metrics were in line with targets, with a ground lease-to-value (GLTV) of 29%, rent coverage of 3.2 times, and an economic yield of 7.2% [12] - The total portfolio reached $6.7 billion, with an estimated unrealized capital appreciation of $9.1 billion [14] Market Data and Key Metrics Changes - The portfolio's GLTV remained unchanged at 48%, with slight declines in appraisals offset by lower GLTVs on new originations [29] - Rent coverage slightly declined from 3.6 times to 3.5 times quarter-over-quarter [30] - The company noted an increase in engagement across various customers due to lower rates, although recent yield jumps and volatility may impact decision-making [8] Company Strategy and Development Direction - The company plans to focus on owning 100% of smaller ground lease deals while pursuing larger transactions through joint ventures [7][14] - The management remains cautiously optimistic about macro industry conditions improving transaction environments in 2025 [8] - The company aims to capitalize on its strong balance sheet and liquidity to capture new investment opportunities as the commercial real estate market shows signs of reopening [37] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the rate environment is a key driver of investment activity, with expectations for improved conditions in 2025 [8] - The company is refining its credit loss methodology to better reflect the risk attributes of its investments [20] - Management believes that the current economic yield of 5.8% has upside potential due to periodic CPI lookbacks in 83% of ground leases [27] Other Important Information - The company has a diversified portfolio across various property types, with multifamily being the primary focus for new originations [16][28] - The weighted average debt maturity is approximately 21 years, with no corporate maturities due until 2027 [32] - The company has implemented a commercial paper program to achieve cost savings compared to its revolving credit facility [36] Q&A Session Summary Question: Pipeline discussions with borrowers - Management noted that the market is opening up, with increased volume and positive signs in market fundamentals, although rate stability is still needed [40][41] Question: Leverage and equity capital needs - The company aims to maintain leverage around 2 times, with room for additional debt funding without immediate equity capital needs [44][46] Question: Joint venture discussions - The joint venture was intended to provide capital for larger deals, and recent buyouts were seen as mutually beneficial for both parties [49][50] Question: Ground lease arrangements and value perception - Management emphasized the long-term stability and low-cost capital provided by their ground leases, which can be beneficial for property owners [52][54] Question: GLTV assessment and modifications - Management stated that while they cannot unilaterally change lease terms, they are open to helping customers create value [58][60] Question: Leasehold loan opportunities - The company sees potential in leasehold loans as part of their financing strategy, with competitive pricing in the current market [68][79] Question: Future originations beyond multifamily - The pipeline includes various property types, with signs of recovery in hospitality and office sectors, although rate fluctuations are currently a limiting factor [72][74]

Q3'24 Earnings Results Q3'24 Summary Investment Activity | --- | --- | --- | --- | |---------|-----------------------|------------------------|------------------------| | | $72m1 3 Ground Leases | $32ma 1 Leasehold Loan | New Originations $104m | | | | | | | 3 | | | 100% | | Markets | | | Multifamily | | | | | | | 29% | | | 7.2% | | GLTV3 | | | Economic Yield | JV Buyoutb $69m2 9 Ground Leasesc | --- | --- | --- | --- | --- | |---------|-------|-----------------|-------|----------------| | 4 | | 6 | | 100% ...

Core Insights - Safehold (SAFE) reported revenue of $90.71 million for the quarter ended September 2024, reflecting a 6% increase year-over-year, while EPS rose to $0.37 from $0.33 in the same quarter last year [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $90.89 million, resulting in a revenue surprise of -0.21%, while EPS met the consensus estimate [1] Financial Performance Metrics - Operating lease income was reported at $16.65 million, slightly below the average estimate of $16.68 million, marking a year-over-year decline of 0.4% [3] - Interest income from sales-type leases reached $67.12 million, exceeding the estimated $66.45 million, and showing a significant year-over-year increase of 13.5% [3] - Other income was reported at $4.55 million, below the average estimate of $4.91 million, representing a substantial year-over-year decrease of 38% [3] - Interest income from related parties was $2.38 million, closely aligning with the estimated $2.39 million [3] - Net income per share (diluted) was reported at $0.27, falling short of the average estimate of $0.37 [3] Stock Performance - Over the past month, Safehold's shares have declined by 12.5%, contrasting with a 2% increase in the Zacks S&P 500 composite [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]

Exhibit 99.2 Safehold Q3'24 Earnings Results Q3'24 Summary afehold | --- | --- | --- | --- | --- | --- | |-------------|--------------------------------------------------------------------------|---------------------------------------------|-------------|----------------------|--------------------| | 3 \nMarkets | New Originations $104m $72m1 3 Ground Leases \n3 \nSponsors (2 New) | $32mª 1 Leasehold Loan \n100% \nMultifamily | 4 \nMarkets | JV Buyout® $69m² 9 Ground Leases ° \n6 \nSponsors | 100% \nMultifa ...

NEW YORK, Oct. 28, 2024 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE) reported results for the third quarter 2024. SAFE published a presentation detailing these results which can be found on its website, www.safeholdinc.com in the "Investors" section. Highlights from the earnings announcement include: Q3'24 revenue was $90.7 million Q3'24 net income attributable to common shareholders was $19.3 million, or $26.1 million excluding the portion of the quarter's non-cash general provision for credit losses on prio ...

Provo, Utah, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Champion Safe Company (www.championsafe.com) ("Champion"), a subsidiary of American Rebel Holdings, Inc. (NASDAQ: AREB) ("American Rebel") is excited to announce the reintroduction of the SAFE GUARD®, brand, with the launch of two new models designed to meet the evolving needs of cost-conscious consumers: the Sport 20 and BTC 12. Champion Safe Company has been producing industry-leading gun safes with American-made steel since 1999 and their dedication to manuf ...

NEW YORK, Oct. 22, 2024 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE) announced today that it will release its financial results for the third quarter 2024 after the market close on Monday, October 28, 2024. The Company will host an earnings conference call reviewing these results and its operations beginning at 9:00 a.m. ET on Tuesday, October 29, 2024. This conference call will be broadcast live and can be accessed by all interested parties through Safehold's website, www.safeholdinc.com, in the "Investors" ...