Safehold Inc. (NYSE:SAFE) Q3 2023 Earnings Conference Call November 1, 2023 9:00 AM ET Company Participants Pearse Hoffmann - Senior Vice President, Capital Markets and Investor Relations Jay Sugarman - Chairman and CEO Marcos Alvarado - President and CIO Brett Asnas - Chief Financial Officer Conference Call Participants Nate Crossett - BNP Paribas Anthony Paolone - JPMorgan Ron Kamdem - Morgan Stanley Caitlin Burrows - Goldman Sachs Harsh Hemnani - Green Street Kenneth Lee - RBC Capital Markets Ravi Vaidya ...

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 ...

Safehold Inc. (NYSE:SAFE) Q2 2023 Earnings Conference Call August 1, 2023 5:00 PM ET Company Participants Pearse Hoffmann – Senior Vice President-Capital Markets and Investor Relations Jay Sugarman – Chairman and Chief Executive Officer Marcos Alvarado – President and Chief Investment Officer Brett Asnas – Chief Financial Officer Conference Call Participants Nate Crossett – BNP Paribas Haendel St. Juste – Mizuho Anthony Paolone – JPMorgan Harsh Hemnani – Green Street Ki Bin Kim – Truist Matthew Howlett – B. ...

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 registrant as specified in its charter) Maryland 95-6881527 (State or other jur ...

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 March 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 ju ...

Financial Data and Key Metrics - Net income for Q1 2023 was $26.3 million, with earnings per share at $0.41, reflecting a year-over-year decline primarily due to increased interest expenses on borrowings under the revolving credit facility [2] - Revenue for Q1 2023 was $78.3 million, with net income of $4.7 million and earnings per share of $0.07 [67] - The portfolio's cash yield is 3.4%, with an annualized yield of 5.2% assuming a 0% inflation environment [80] - The inflation-adjusted yield, including CPI escalators and CARET value, is approximately 7.2% [81][102] Business Line Data and Key Metrics - Approximately 70% of the gross book value is diversified across the top 10 markets, with 68 out of 131 ground leases in these markets [4] - Multi-family properties now represent over 50% of the portfolio by count, reflecting significant diversification efforts [103] - The company closed on $500 million incremental unsecured revolver, increasing total revolving credit lines to $1.85 billion [5] Market Data and Key Metrics - The company's portfolio is diversified across top 30 MSAs, with a focus on long-term benefits from ground leases [4] - The weighted average debt maturity is approximately 23 years, with no corporate maturities due until 2026 [82] - The company has $900 million of cash and credit facility availability at the end of Q1 2023 [94] Company Strategy and Industry Competition - The company aims to diversify its portfolio by market and asset class, with a focus on multi-family properties and expanding into markets like the Southeast and Boston [65] - The company believes ground leases offer one of the best risk-adjusted opportunities in real estate, with long-term low-risk contractual cash flows and inflation kickers [76] - The company is leveraging its capital structure, with a weighted average debt maturity of 23 years and no near-term maturities, to navigate market uncertainty [83] Management Commentary on Operating Environment and Future Outlook - Management highlighted the challenging market backdrop, with transaction activity slowing due to liquidity issues and bank challenges [94] - The company remains optimistic about the multi-family space and expects transaction activity to pick up once liquidity reemerges [101] - Management emphasized the importance of long-term low-cost capital provided by ground leases, especially in a volatile market environment [75] Other Important Information - The company completed a $500 million joint venture with Sovereign Wealth Funds to pursue ground lease investment opportunities, diversifying capital sources [66] - The company received a positive outlook change from Fitch and Moody's, moving closer to a Single-A rating [44] - The company has $4.2 billion of debt, with a weighted average interest rate of 3.8% on permanent debt [104] Q&A Session Summary Question: Impact of the merger on future earnings - The merger is expected to provide operating leverage over time, with a potential $2-3 million pickup in net G&A from Q1 to Q2 [31] Question: Pricing and yield expectations for future transactions - The company targets cash yields in the low-4s to mid-4s and inflation-adjusted yields in the mid-6s to high-6s [90] Question: Geographic diversification and market exposure - The company is looking to increase exposure in markets like the Southeast and Boston, while maintaining a diversified portfolio [65][116] Question: Financing strategy and debt structure - The company is exploring various financing options, including different tenors and structures, to optimize debt costs [14][110] Question: Impact of bank lending environment on ground leases - The company believes the bank pullback could increase demand for ground leases as owners seek long-term, low-cost capital [124] Question: Valuation and portfolio revaluation - Approximately 40% of the portfolio was revalued by CBRE, with potential for further adjustments due to market conditions [64]

Safehold Q1'23 Earnings Results Forward-Looking Statements and Other Matters 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 I ...

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, 2022 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. 1-15371 iStar Inc. (Exact name of registrant as specified in its charter) Maryland 95-6881527 (State or other jurisdiction ...

iStar Inc. (STAR) Q4 2022 Results Conference Call February 21, 2023 10:00 AM ET Company Participants Pearse Hoffmann - Senior Vice President of Capital Market and Investor Relations Jay Sugarman - Chairman and Chief Executive Officer Marcos Alvarado - President and Chief Investment Officer Brett Asnas - Chief Financial Officer Conference Call Participants Stephen Laws - Raymond James Jade Rahmani - KBW Operator Good morning. And welcome to iStar's Fourth Quarter and Fiscal Year 2022 Earnings conference call ...