Safehold Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 11 February 2026: press release. The quarter’s numbers.

Key takeaways

Revenue reached $97.9 million in Q4: Fourth-quarter revenue was $97.9 million and full-year 2025 revenue was $385.6 million, as reported in the release. Source
Net income attributable to common shareholders: Q4 net income was $27.9 million, or $30.1 million excluding non-recurring losses. Full-year net income was $114.5 million, or $118.6 million excluding them. Source
Unrealized capital appreciation reached $9.3 billion: Estimated Unrealized Capital Appreciation increased to $9.3 billion. The release does not give a prior-period figure. Source
$429 million of new originations in 2025: Investments were $429 million of new originations in 2025, including 17 new ground leases for $277 million and four leasehold loans for $152 million. Source
$400 million unsecured term loan closed: Safehold closed a $400 million five-year unsecured term loan and repaid $227 million of secured debt maturing in 2027. Source
Michael Trachtenberg named President: Michael Trachtenberg was added as President, which management said strengthens the leadership team. Source

“Safehold had a productive 2025 and is well positioned for 2026 ,”
Jay Sugarman, Chairman and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Ground lease forward funding commitments Source	FY'25 originations, unfunded as of 12/31/25	$136 million
Leasehold loan forward funding commitments Source	FY'25 originations, unfunded as of 12/31/25	$107 million

What changed from last quarter

New: Michael Trachtenberg was added as President. Source
New: Closed a $400 million five-year unsecured term loan and repaid $227 million of secured debt maturing in 2027. Source

Results and non-GAAP earnings

Revenue reached $97.9 million in Q4: Fourth-quarter revenue was $97.9 million and full-year 2025 revenue was $385.6 million, as reported in the release. Source
Net income attributable to common shareholders: Q4 net income was $27.9 million, or $30.1 million excluding non-recurring losses. Full-year net income was $114.5 million, or $118.6 million excluding them. Source
Diluted EPS for Q4 and the year: Q4 EPS was $0.39, or $0.42 excluding non-recurring losses. Full-year EPS was $1.59, or $1.65 excluding them. Source
Unrealized capital appreciation reached $9.3 billion: Estimated Unrealized Capital Appreciation increased to $9.3 billion. The release does not give a prior-period figure. Source

Non-recurring items and reconciliation

Non-recurring losses in Q4 and the year: Non-recurring losses were $2.2 million in Q4 and $4.2 million for the year, including a $1.9 million preferred equity write-off in Q1 and a $2.2 million debt extinguishment loss in Q4. Source
Non-GAAP figures net of noncontrolling interests: The reconciliation is stated net of noncontrolling interests, using 71.9 million diluted shares for Q4 and 71.8 million for the full year. Source

“our cost of capital has significantly improved following a third credit ratings upgrade to A-”
Jay Sugarman, Chairman and Chief Executive Officer

Investments and portfolio growth

$429 million of new originations in 2025: Investments were $429 million of new originations in 2025, including 17 new ground leases for $277 million and four leasehold loans for $152 million. Source
Ground lease portfolio reached $7.1 billion: Total aggregate ground lease portfolio reached $7.1 billion following 2025 originations. Source

Demand and funding commitments

Customer dialogue and closings active: Management said customer dialogue and closings have been active and that the affordable housing business has momentum. Source
Ground lease commitments not yet funded: $136 million of 2025 ground lease originations had not been funded as of December 31, 2025, subject to conditions. Source
Leasehold loan commitments not yet funded: $107 million of 2025 leasehold loan originations were unfunded at December 31, 2025, subject to conditions. A separate $30 million contingent loan allocation was fully unfunded. Source

“With the addition of Michael Trachtenberg as President strengthening our leadership team”
Jay Sugarman, Chairman and Chief Executive Officer

Capital, credit ratings and debt

$400 million unsecured term loan closed: Safehold closed a $400 million five-year unsecured term loan and repaid $227 million of secured debt maturing in 2027. Source

Leadership and business model

Michael Trachtenberg named President: Michael Trachtenberg was added as President, which management said strengthens the leadership team. Source
Ground leases across property types: The company describes its ground lease business as serving owners of multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties. Source
Taxed as a REIT: The company is taxed as a real estate investment trust and seeks to deliver safe, growing income and long-term capital appreciation to shareholders. Source

Figures management reported

Figure	Reported
Acquisitions Source	$429 million of new originations in 2025 (17 ground leases for $277 million; four leasehold loans for $152 million)

Risks management discussed

Financial: Management said there can be no assurance the company will fully fund the forward commitments, which are subject to certain conditions. Source

Earlier plans management reported on

Not stated: Management said it looks forward to putting its capital to work for customers and shareholders. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

1114 Avenue of the Americas New York , NY 10036 T 212 .930 .9400 E investors@safeholdinc.com Press Release Safehold Reports Fourth Quarter and Fiscal Year 202 5 Results NEW YORK, February 11 , 20 26 Safehold Inc. (NYSE: SAFE) reported results for the fourth quarter and fiscal year ended December 31, 202 5. SAFE published a presentation detailing these results which can be found on its website, www.safeholdinc.com in the “Investor s” section. Highlights from the earnings announcement include: ⎯ Q4 ’25 revenue was $ 97.9 million, and FY ’25 was $ 385.6 million ⎯ Q4 ’25 net income attributable to common shareholders was $ 27.9 million, or $30.1 million excluding non -recurring losses, and FY’2 5 net income attributable to common shareholders was $114.5 million, or $ 11 8.6 million excluding non-recurring losses 1 ⎯ Q4 ’25 earnings per share was $ 0.39, or $0.42 excluding non -recurring losses, and FY’2 5 earnings per share was $ 1. 59 , or $ 1.65 excluding non-recurring losses 1 ⎯ Estimated Unrealized Capital Appreciation increased to $9.3 billion ⎯ 202 5 Highlights Include: 1 Non -recurring losses were $2.2m and $4.2m in Q4’25 and FY’25, respectively, for the $1.9m write -off of a preferred equity position in a leasehold joint venture in Q1’25 and the $2.2m loss on early extinguishment of debt in Q4’25. There were no non -recurrin g gains during these periods .

1114 Avenue of the Americas New York, NY 10036 T 212.930.9400 E investors@safeholdinc.com o Investments: $429 million 23 of new originations in 202 5, including 17 new ground leases for $ 277 million 2 and four leasehold loan s for $ 15 2 million 3 , bringing total aggregate ground lease portfolio to $ 7.1 billion o Credit: Received credit ratings upgrade to A - with stable outlook from S&P Ratings . Safehold now rated A - / A3 / A - by S&P, Moody’s and Fitch, respectively, all with stable outlook o Capital: Closed $400 million 5-year unsecured term loan and repaid $227 million secured debt maturing 2027 “Safehold had a productive 2025 and is well positioned for 2026 ,” said Jay Sugarman, Chairman and Chief Executive Officer. “ Customer dialogue and closings have been active , our affordable housing business has good momentum , and our cost of capital has significantly improved following a third credit ratings upgrade to A-. With the addition of Michael Trachtenberg as President strengthening our leadership team, we look forward to put ting our capital to work to serve our customers and creat e value for our shareholders .” The Company will host an earnings conference call reviewing this presentation beginning at 9:00 a.m. ET on Thursday , February 12 , 202 6. This conference call will be broadcast live and can be accessed by all interested parties through Safehold 's website in the “Investors” section, and by using the dial -in information listed below: Dial -In: 877 .545 .0523 International: 973.528.001 6 Access Code: 239703 A replay of the call will be archived on the Company’s website. Alternatively, the replay can be accessed via dial -in from 2:00 p.m. ET on February 12 , 202 6 through 12:00 a.m. ET on February 26, 202 6 by calling: Replay: 877.481.4010 International: 919.882.2331 Access Code: 53587 2 Includes Safehold’s $136 million forward commitments for the Ground Leases new originations in FY’25 that have not yet been funded as of 12/31/2 5 (such funding commitments are subject to certain conditions) . There can be no assurance Safehold will fully fund these transactions. 3 Includes Safehold’s $10 7m forward commitments for the Leasehold Loans new originations in FY’25 that have not yet been funded as of 12/31/25 (such funding commitments are subject to certain conditions). Excludes $3 0m commitment regarding contingent -based loan allocation which is fully unfunded as of 12/31/25. There can be no assurance Safehold will fully fund these transactions.

1114 Avenue of the Americas New York, NY 10036 T 212.930.9400 E investors@safeholdinc.com Non -GAAP Financial Measures: Net income attributable to Safehold Inc. common shareholders excluding non -recurring (gains) / losses, and EPS excluding non -recurring (gains) / losses, are non -GAAP measures used as supplemental performance measures to give management and investors a view of net income and EPS more directly derived from operating activities in the period in which they occur. Net income attributable to Safehold Inc. common shareholders excluding non -recurring (gains) / losses is calculated as net income (loss) attributable to common shareholders, prior to the effect of non -recurring gains and losses, as adjusted to exclude corresponding amounts allocable to noncontrolling interests. It should be examined in conjunction with net income attributable to common shareholders as s hown in our consolidated statements of operations. EPS excluding non -recurring (gains) / losses is calculated as net income attributable to Safehold Inc. common shareholders excluding non -recurring (gains) / losses, divided by the weighted average number o f diluted common shares. These metrics should not be considered as alternatives to net income attributable to common shareholders or EPS, respectively (in each case determined in accordance with generally accepted accounting principles in the United States of America ("GAAP")). These measures may differ from similarly - titled measures used by other companies. Reconciliations of these non -GAAP financial measures to their most directly comparable GAAP financial measures are presented below. Earnings Reconciliation (all figures in thousands except per share figures) 1 Q4’2 5 FY’2 5 Net income attributable to Safehold Inc. common shareholders $27,876 $114,469 Add: Non -recurring (gains ) / losses 2 2,224 4,170 Net income attributable to Safehold Inc. shareholders excluding non -recurring (gains ) / losses $30,100 $1 18,639 Weighted average number of common shares - basic 71, 756 71, 694 Weighted average number of common shares - diluted 71, 866 71, 786 EPS excluding non-recurring (gains) / losses (basic & diluted) $0. 42 $1. 65 1 All numbers net of impact attributable to noncontrolling interests. 2 Non -recurring losses were $2.2m and $4.2m in Q4’25 and FY’25, respectively, for the $1.9m write -off of a preferred equity position in a leasehold joint venture in Q1’25 and the $2.2m loss on early extinguishment of debt in Q4’25. There were no non -recurring gains durin g these periods .

1114 Avenue of the Americas New York, NY 10036 T 212.930.9400 E investors@safeholdinc.com About Safehold: Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help ow ners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed -use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, g rowing income and long -term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com . Company Contact: Pearse Hoffmann Senior Vice President Head of Corporate Finance T 212.930.9400 E investors@safeholdinc.com