NEW YORK,Dec. 3, 2025/PRNewswire/ -- Safehold Inc. (NYSE:[SAFE](#financial-modal)) (the "Company" or "Safehold") announced that on December 1, 2025, the Compensation Committee of Safehold's Board of Directors approved the grants of performance-based inducement restricted stock unit awards and time-based award covering an aggregate of 853,076 shares ofSafehold common stock (the "Inducement Awards") to Mr. Michael Trachtenberg ("Mr. Trachtenberg"), Safehold's new President. The Inducement Awards were granted ...

Financial Data and Key Metrics Changes - For Q1 2025, GAAP revenue was $97.7 million, net income was $29.4 million, and earnings per share (EPS) was $0.41, with a year-over-year decline in GAAP earnings primarily due to a nonrecurring loss of $1.9 million on a preferred equity investment [11][12] - The total portfolio at quarter end was $6.8 billion, with estimated unrealized capital appreciation at $8.9 billion and a ground lease-to-value (GLTV) ratio of 52% [9][15] - The portfolio currently earns a 3.7% cash yield and a 5.4% annualized yield, with an economic yield of 5.8% that can increase to 7.4% when factoring in unrealized capital appreciation [12][13][14] Business Line Data and Key Metrics Changes - The company funded a total of $20 million in Q1, consisting of $16 million in ground lease fundings and $4 million related to leasehold loans [10] - The ground lease portfolio has grown significantly, with 147 assets and an increase in multifamily ground leases from 8% at IPO to 58% today [10] Market Data and Key Metrics Changes - The company has nonbinding letters of intent (LOIs) totaling approximately $386 million for potential commitments across 11 ground leases and four loans, with a focus on affordable housing [8][9] - The GLTV increased from 49% to 52% quarter over quarter, reflecting the reappraisal of a significant portion of the office portfolio [15] Company Strategy and Development Direction - The company aims to reach a scale that unlocks full value for shareholders while expanding its customer base to provide long-term lower-cost capital [5][6] - The management is actively evaluating opportunities to address the public versus private valuation disconnect, including potential asset sales or joint ventures [21][35] Management's Comments on Operating Environment and Future Outlook - Management noted that while the market remains volatile, there are signs of stabilization, and they are optimistic about the pipeline of deals [5][19] - The company is focused on maintaining a diversified portfolio of ground leases, which is seen as an attractive investment during market fluctuations [19][20] Other Important Information - The company ended the quarter with approximately $1.3 billion in liquidity, supported by joint venture capacity [9] - The weighted average debt maturity is approximately 19 years, with no corporate maturities due until 2027 [17] Q&A Session Summary Question: Can you provide more details on the sponsors and markets related to the LOIs? - The pipeline includes a diverse range of sponsors and markets, with a majority in multifamily, including affordable housing and market-rate construction deals [25][26] Question: What are the benefits of ground leases versus leasehold loans? - Leasehold loans provide more certainty in volatile markets and can help close transactions that may otherwise stall [27] Question: Can you quantify the closed deals from the LOIs? - The majority of the deals are expected to close this year, with timing varying based on the type of deal [32] Question: What is the company's strategy regarding potential joint ventures? - The company is considering joint ventures to unlock portfolio value and is actively seeking partners for larger transactions [50][65] Question: How does the company view the current market volatility? - Management acknowledges the ongoing volatility but sees it as an opportunity to provide certainty to customers through their capital solutions [44][75]