Q4'25 & FY'25 Earnings Results Q4'25 & FY'25 Summary 9 Ground Leases $167m Investment Activity1,2 S&P Ratings Upgrade to A- Safehold now A3 / A- / A- rated by Moody's, S&P and Fitch 1 Leasehold Loan $400m Unsecured Term Loan Increases liquidity and flexibility; repaid nearest-term 2027 debt Q4'25 Highlights Q4'25 & FY'25 Investments | | Q4'25 | FY'25 | | --- | --- | --- | | | (9 GLs, 1 Loan) | (17 GLs, 4 Loans) | | Ground Lease Originations1 | $112m | $277m | | Leasehold Loan Originations2 | $55m | $152m | ...

Financial Performance - Revenues for Q2'25 reached $93.8 million, a 4% increase compared to $89.9 million in Q2'24[10] - Net income attributable to Safehold Inc common shareholders was $27.9 million in Q2'25, a 6% decrease from $29.7 million in Q2'24[10] - Earnings per share (EPS) were $0.39 in Q2'25, down 6% year-over-year from $0.42[10] Portfolio Growth and Composition - Aggregate Gross Book Value (GBV) of ground leases reached $6.9 billion in Q2'25, a significant increase from $0.3 billion at IPO[8] - Estimated Unrealized Capital Appreciation (UCA) grew to $9.1 billion in Q2'25, a substantial rise from $0.4 billion at IPO[8] - New ground lease originations in Q2'25 totaled $123 million, while new leasehold loan originations amounted to $97 million[8] - Multifamily assets constitute 58% of the portfolio by count, representing 41% of the GBV[19] Capital Structure and Liquidity - The company has $1.2 billion in cash and credit facility availability[5] - Total debt outstanding is $4.77 billion, with total equity at $2.40 billion, resulting in a debt-to-equity ratio of 1.98x[24] Portfolio Yields - The core ground lease portfolio has an economic yield of 5.8%[14] - The illustrative Caret adjusted yield is 7.5%[14]