Financial Data and Key Metrics Changes - The first quarter revenue was $93.2 million, net income was $30.7 million, and earnings per share was $0.43, with a significant increase in GAAP earnings year-over-year primarily due to $21.6 million of merger and Caret related costs that occurred in Q1 2023 [68][69] - The company ended the quarter with $1.1 billion of liquidity, which is the most buying power Safehold has had since inception, with no debt maturities until 2027 [64][84] - The effective interest rate on permanent debt is 4.0%, and the portfolio's cash interest rate on permanent debt is 3.6% [84] Business Line Data and Key Metrics Changes - The ground lease portfolio consists of 137 assets and has grown 19 times since IPO, with the estimated unrealized capital appreciation sitting above ground leases having grown 21 times [66] - Same-store percentage rent was up approximately $850,000 versus last year, or a 23% increase, primarily due to strong performance at Park Hotels assets [70] - The economic yield of the portfolio is expected to be 5.7%, which aligns with conservative underwriting of investments [72][81] Market Data and Key Metrics Changes - The company has seen customer engagement steadily pick up, leading to eight LOIs signed for potential commitments of approximately $145 million, all in the multi-family sector [62] - The total portfolio was valued at $6.5 billion, with an estimated UCA of $9.1 billion, GLTV at 47%, and rent coverage at 3.6 times [64][83] - Office GLTVs increased modestly during the quarter, with approximately 80% of office assets reappraised over the last two quarters [82] Company Strategy and Development Direction - The company aims to scale its operations to achieve $1 billion plus in annual originations, with a focus on multifamily assets, which now represent 55% of all ground leases by count [67][39] - The company is strategically positioned with ample liquidity and hedges that are in the money, looking to capitalize on attractive risk-return opportunities as the market stabilizes [96][97] - The focus remains on reducing G&A costs, with a target of a 10% reduction for 2024, having already achieved a $40 million annualized G&A figure [10][79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing the majority of the eight LOIs in the second quarter, citing positive momentum in the market despite current volatility [131] - The company believes the market is reaching a point where the next move will be down in rates, although the timing remains uncertain [116] - Management highlighted that the current economic yields are attractive, and they are prepared to wait out higher rates to take advantage of future opportunities [97][100] Other Important Information - The company has entered into a new $2 billion unsecured revolving credit facility, enhancing financial flexibility and providing an immediate $150 million of incremental credit capacity [59][60] - The redemption of the first round of Caret investors was executed to simplify the structure and focus on long-term family office type investors for future rounds [77][110] Q&A Session Summary Question: What are the current expectations for the next 90 days based on conversations? - Management indicated that the pipeline is primarily focused on multi-family assets and confirmed that the joint venture will be part of funding the deal flow [87][89] Question: Can you elaborate on G&A expectations for the rest of the year? - Management confirmed that net G&A for the first quarter was approximately $10 million, with expectations for a decline in management fees and a steady decrease in G&A over the year [90][92] Question: What factors are driving confidence in closing the LOIs? - Management expressed confidence based on the progress of the deals and the positive momentum observed in recent weeks, although they noted that no guarantees can be made until the deals are closed [114][131] Question: How does the redemption of Caret impact future efforts? - Management clarified that the redemption was primarily driven by liquidity needs from the investors, and it does not significantly impact future efforts around Caret [121][125] Question: How quickly can the pipeline build if rates decrease? - Management indicated that if rates were to drop to around 4.25%, they expect a quicker ramp-up in deal flow, but the exact timing remains uncertain [128][131]

Debt Overview Capital Structure Outstanding Hedges | --- | --- | --- | --- | --- | --- | |-----------------------------------|----------------------------------------|--------------------|----------------------------------------------------------------------------------|---------------------------------|----------------------------------------------------------------------------------------------------| | | | | | | | | Unsecured | | Non-Recourse | SOFR Swap (Revolver) | | Treasury Locks (Long-Term Debt) | | ...

afehold Debt & Hedging Investment Activity1 ~$145m across 8 non-binding LOls $2.0b Revolver $300m Notes Issued 10-year unsecured notes New 5-year unsecured revolving credit facilityª 5 All 6 (6.10% coupon, 5.32% yield to maturity net of (replaced existing aggregate Sponsors Multifamily Markets $21m realized hedge gains) $1.85b facilities) Outstanding Hedges ~35% ~3.0x ~7.5% $500m SOFR Swap through April 2028 at ~3.0% SOFR Rent Economic GLTV2 (-$3m per quarter pickup at current SOFR rate) Coverage3 Yield4 $3 ...

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 Illustrative Caret Adjusted Yield. These forward-looking statements reflect th ...

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 ...