Safehold Named 2026 Ivory Prize Finalist for Affordable Housing Innovation [Accessibility Statement] Skip NavigationNEW YORK, Feb. 19, 2026 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has been selected as a finalist for the 2026 Ivory Prize for Housing Affordability, which recognizes organizations driving high-impact innovation in the affordable housing market across finance, construction and policy.Continue Reading"We're proud to be part of the so ...

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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, 2025 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 incorporati ...

Core Viewpoint - Safehold (SAFE) shows potential for upside based on Wall Street analysts' short-term price targets, with a mean target of $19.4 indicating a 28.9% upside from the current price of $15.05 [1] Price Targets and Estimates - The average of 10 short-term price targets ranges from a low of $14.00 to a high of $28.00, with a standard deviation of $5.5, indicating variability in analysts' estimates [2] - The lowest estimate suggests a 7% decline from the current price, while the highest estimate indicates an 86.1% upside [2] - Analysts' consensus on price targets should be approached with caution, as their reliability has been questioned [3][7] Earnings Estimates and Analyst Agreement - Strong agreement among analysts regarding SAFE's ability to report better earnings than previously predicted supports the potential for stock upside [4] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 4.7%, with two estimates moving higher and no negative revisions [12] - SAFE holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [13] Conclusion on Price Movement - While consensus price targets may not be entirely reliable, the direction they imply appears to be a good guide for potential price movement [14]

Financial Data and Key Metrics Changes - For Q4, GAAP revenue was $97.9 million, net income was $27.9 million, and earnings per share (EPS) was $0.39, with a year-over-year increase in GAAP earnings primarily driven by $3.5 million net accretion on investment fundings [11][12] - For the full year, GAAP revenue was $385.6 million, net income was $114.5 million, and EPS was $1.59, reflecting a year-over-year increase driven by $17.2 million net accretion from investment fundings [12][13] - The total portfolio at year-end was valued at $7.1 billion, with an estimated unrealized capital appreciation (UCA) of $9.3 billion, marking a $200 million increase from the previous quarter [9] Business Line Data and Key Metrics Changes - In Q4, the company closed on 10 transactions, including 9 ground leases and 1 leasehold loan, for an aggregate commitment of $167 million, with a focus on affordable housing in Southern California [7] - For the full year, the company closed 17 ground leases for $277 million and 4 leasehold loans for $152 million, totaling $429 million in capital commitments [8][9] - The ground lease portfolio included 164 assets, with 101 multifamily properties, and has grown 21 times by both book value and estimated unrealized capital appreciation since the IPO [11] Market Data and Key Metrics Changes - The portfolio's gross loan-to-value (GLTV) remained flat at 52%, and rent coverage was unchanged at 3.4 times [15] - The company received a credit ratings upgrade from S&P to A-, achieving single-A ratings from all three major rating agencies, which positively impacted the cost of capital [8] Company Strategy and Development Direction - The company aims to increase ground lease volume in 2026 compared to 2025, enhance visibility for Caret's value, and implement share buybacks when market conditions are favorable [5][6] - The management emphasizes the importance of expanding into new states and sponsors, particularly in the affordable housing sector, while also exploring opportunities in other asset classes [4][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds but expressed optimism about progress made in Q4 that could positively impact 2026 [4] - The management believes that recognizing the value of Caret is crucial and plans to focus on strategies that highlight this value to shareholders [25][26] Other Important Information - The company ended the year with approximately $1.2 billion of liquidity, supported by potential capacity in joint ventures [9] - The effective interest rate on permanent debt is 4.3%, with a cash interest rate of 3.9% [17] Q&A Session Summary Question: Will the company consider investing in office assets? - Management indicated a cautious approach to office investments, preferring to focus on other asset classes while remaining open to opportunities [22][23] Question: What is the outlook for office valuations in Q1? - Management noted some strengthening in core markets like New York but acknowledged uncertainty regarding whether the bottom has been reached [24] Question: How does the company plan to recognize Caret's value? - Management emphasized the need to spotlight Caret's value and explore liquidity or monetization options to help shareholders understand its significance [25][26] Question: What is the strategy for buybacks in the coming year? - Management expressed intent to conduct buybacks in a leverage-neutral manner, considering the stock's discounted level [32][34] Question: What are the expectations for unfunded commitments and funding strategies? - Management highlighted that many lower-yielding commitments have rolled off, positioning the company well for future funding with improved margins [39][40] Question: What are the challenges in expanding outside California? - Management acknowledged the regulatory complexities and the need to build relationships in new markets but noted progress in other states [61]

Safehold (NYSE:SAFE) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsBrett Asnas - CFOJay Sugarman - Chairman and CEOMichael Trachtenberg - PresidentPearse Hoffmann - Senior VP of Capital Markets and Investor RelationsSteve Wylder - EVP, Head of InvestmentsConference Call ParticipantsHarsh Hemnani - AnalystKenneth Lee - AnalystKyle Bonsey - AnalystMitch Germain - AnalystRich Anderson - AnalystRonald Kamdem - AnalystOperatorMorning, and welcome to Safehold's fourth quarter and fiscal ...

Safehold (NYSE:SAFE) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Speaker6Morning, and welcome to Safehold's fourth quarter and fiscal 2025 earnings conference call. If you need assistance during today's call, please press star zero. If you'd like to ask a question, please press star one. That's star one to ask a question. As a reminder, today's conference is being recorded. At this time, for opening remarks and introductions, I would like to turn the conference over to Pearse Hoffmann, Senior Vice P ...

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 | ...

Core Insights - Safehold (SAFE) reported revenue of $97.87 million for Q4 2025, marking a 6.5% year-over-year increase and a slight surprise of +0.03% over the Zacks Consensus Estimate of $97.84 million [1] - The company's EPS for the same quarter was $0.42, compared to $0.36 a year ago, although it represented a -0.78% surprise against the consensus estimate of $0.42 [1] Financial Performance Metrics - Operating lease income was reported at $16.99 million, slightly above the two-analyst average estimate of $16.9 million, reflecting a year-over-year increase of +1.6% [4] - Other income reached $4.44 million, exceeding the estimated $4.15 million, with an 8.4% increase compared to the previous year [4] - Interest income from sales-type leases was $73.34 million, below the average estimate of $75.64 million, but still showing a +6.8% year-over-year change [4] - Diluted net income per share was $0.39, compared to the estimated $0.43, indicating a shortfall against analyst expectations [4] Stock Performance - Over the past month, Safehold's shares have returned +5.7%, contrasting with a -0.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), suggesting potential for outperformance in the near term [3]

Financial Performance - Q4'25 revenues increased by 7% year-over-year to $97.9 million, while FY'25 revenues rose by 5% to $385.6 million[10] - GAAP net income for Q4'25 was $27.9 million, an increase of 7% year-over-year, and FY'25 net income was $114.5 million, up 8% from FY'24[10] - Net income attributable to Safehold Inc. common shareholders for the year ended December 31, 2025, was $114,469, an increase of 8.1% compared to $105,763 in 2024[33] - EPS excluding non-recurring gains/losses for the year ended December 31, 2025, was $1.65, compared to $1.57 in 2024, an increase of 5.1%[33] Portfolio and Asset Management - The company reported a total portfolio gross book value of $7.1 billion, with a loan-to-value ratio (GLTV) of 34%[5] - The portfolio includes 164 assets across the top 30 MSAs in the U.S., with a rent coverage ratio of 3.4x[18] - Ground lease originations in Q4'25 totaled $112 million, with FY'25 originations reaching $277 million[4] - New leasehold loan originations in FY'25 amounted to $152 million, with a total of 4 loans originated[4] - Ground Lease receivables increased to $2,003,931 in 2025 from $1,833,398 in 2024, representing a growth of 9.3%[28] Financial Position and Liquidity - The company has a total debt of $4.9 billion, with a debt-to-equity ratio of 2.01x and an effective interest rate of 4.3%[22] - The company has $1.24 billion in cash and credit facility availability, enhancing liquidity and flexibility[22] - Total liabilities increased to $4,809,396 in 2025, up from $4,525,352 in 2024, indicating a rise of approximately 6.3%[28] - The equity attributable to Safehold Inc. shareholders increased to $2,408,311 in 2025, up from $2,344,018 in 2024, reflecting a growth of 2.7%[28] Ratings and Outlook - Safehold received an S&P ratings upgrade to A-, with stable outlooks from Moody's and Fitch[3][24] Commitments and Future Projections - Safehold's Core Ground Lease Portfolio includes $142 million in forward commitments that have not yet been funded as of December 31, 2025[48] - The company reported $68 million and $138 million in forward commitments for new ground lease originations in Q4 2025 and FY 2026, respectively[48] - The company has a target commitment of $275 million for its original investments, with a remaining capital of $400 million from its joint venture partner[48] - The Economic Yield is projected using cash flows beginning in 2026, incorporating fixed escalators and inflation scenarios, with a long-term CPI target of 2.0%[48] Valuation and Appraisal - The company tracks Unrealized Capital Appreciation (UCA) as the difference between the Combined Property Value (CPV) and the Aggregate Cost Basis, indicating the potential value increase of its ground leases[48] - Safehold's portfolio includes a significant portion (81%) with CPI lookbacks, ensuring rent increases based on cumulative CPI growth[48] - The company emphasizes the importance of independent appraisals for determining the Combined Property Value (CPV) of its ground leases, which are reviewed at least every 12 months[48]