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 ...

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 ...

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 ...

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 regist ...

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]