Safehold Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue was $118.7 million.
• Q3 2026 net income attributable to common shareholders was $28.8 million.
• Q3 2026 earnings per share was $0.41.
• Estimated Unrealized Capital Appreciation increased to $9.9 billion.

Business Segments and Product Lines:

• Closed $38 million of new ground lease originations in Q3 2026, which includes $13 million in forward commitments for ground leases not yet funded.
• Focused on converting multifamily ground leases at attractive yields and low Ground Lease-to-Value (GLTV) ratios.
• The company serves owners of high-quality multifamily, office, industrial, hospitality, student housing, life science, and mixed-use properties.

Management Commentary and Tone:

• Jay Sugarman, Chairman and CEO, expressed pleasure in converting additional multifamily ground leases at attractive yields and low GLTVs.
• Management acknowledged that recent rate increases added incremental volatility to transaction markets but noted strong customer engagement.
• The company described itself as well-positioned with ample liquidity, no significant near-term maturities, and an 18-year liability structure to capitalize on opportunities.

Other Key Points:

• The company is taxed as a Real Estate Investment Trust (REIT).
• A press presentation detailing these results is available on the company's website under the "Investors" section.
• An earnings conference call was scheduled for November 3, 2026, at 5:00 p.m. ET, with a replay available until 12:00 a.m. ET on November 17, 2026.
• Footnotes clarify that the $38 million in originations includes forward commitments subject to certain conditions, with no assurance that Safehold will fully fund these transactions.
• Additional information regarding Unrealized Capital Appreciation limitations is referenced in the Form 8-K filed November 3, 2026, and the Form 10-K for the year ended December 31, 2025.