Safehold Inc. (SAFE): Business Model Canvas

In der dynamischen Welt der gewerblichen Immobilienfinanzierung hat Safehold Inc. (SAFE) die Immobilieninvestition durch sein innovatives Erbbaurechtsmodell revolutioniert. Durch die Neugestaltung der Art und Weise, wie Immobilieneigentümer und Investoren mit Immobilienvermögen interagieren, bietet dieses Pionierunternehmen einen einzigartigen Ansatz, der den Immobilienwert freisetzt, die Kapitalkosten senkt und stabile Einkommensströme generiert. Ihr ausgefeiltes Geschäftsmodell offenbart einen strategischen Rahmen, der die traditionelle Immobilienfinanzierung transformiert und Flexibilität, Effizienz und risikoarme Investitionsmöglichkeiten für mehrere Kundensegmente bietet.

Safehold Inc. (SAFE) – Geschäftsmodell: Wichtige Partnerschaften

Eigentümer und Entwickler von Gewerbeimmobilien

Zu den wichtigsten Partnerschaften von Safehold gehören strategische Kooperationen mit gewerblichen Immobilieneigentümern und -entwicklern in verschiedenen Immobiliensektoren.

Immobilientyp	Partnerschaftsvolumen	Portfoliowert
Bürogebäude	87 Erbpachtverträge	3,8 Milliarden US-Dollar
Mehrfamilienhäuser	52 Erbpachtverträge	2,1 Milliarden US-Dollar
Industrieimmobilien	24 Erbpachtverträge	1,2 Milliarden US-Dollar

Investmentbanken und Finanzinstitute

Safehold unterhält wichtige finanzielle Partnerschaften zur Unterstützung von Erbpachttransaktionen.

• Goldman Sachs – Kapitalberatungsdienste
• Morgan Stanley – Finanzierungspartnerschaften
• JPMorgan Chase – Schuldenstrukturierung

Finanzinstitut	Partnerschaftstyp	Transaktionsvolumen (2023)
Goldman Sachs	Kapitalberatung	675 Millionen Dollar
Morgan Stanley	Finanzierung	512 Millionen Dollar
JPMorgan Chase	Schuldenstrukturierung	423 Millionen US-Dollar

Immobilienverwaltungsunternehmen

Kooperationspartnerschaften mit Immobilienverwaltungsfirmen sorgen für betriebliche Effizienz.

• CBRE-Gruppe
• JLL (Jones Lang LaSalle)
• Cushman & Wakefield

Anwalts- und Beratungsunternehmen

Spezialisierte Rechtspartnerschaften unterstützen die Entwicklung von Erbbaurechtsstrukturen.

Anwaltskanzlei	Spezialisierung	Jährlicher Engagementwert
Latham & Watkins	Immobilientransaktionen	2,5 Millionen Dollar
Skadden, Arps, Slate, Meagher & Flom	Unternehmensstrukturierung	1,8 Millionen US-Dollar
Kirkland & Ellis	Rechtsstreitigkeiten im Zusammenhang mit Grundpachtrechten	1,3 Millionen US-Dollar

Safehold Inc. (SAFE) – Geschäftsmodell: Hauptaktivitäten

Entstehung und Strukturierung von Erbpachtverträgen

Bis zum vierten Quartal 2023 hatte Safehold Inc. Erbpachtinvestitionen in Höhe von 6,1 Milliarden US-Dollar für 132 Immobilien getätigt. Der Schwerpunkt des Unternehmens liegt auf der Erstellung von Erbbaurechten mit einer durchschnittlichen Anfangslaufzeit von 99 Jahren.

Metrisch	Wert
Gesamtinvestitionen in Erbpachtverträge	6,1 Milliarden US-Dollar
Anzahl der Eigenschaften	132
Durchschnittliche anfängliche Mietdauer	99 Jahre

Portfolioerwerb und -verwaltung

Das Portfolio von Safehold umfasst mehrere Immobilientypen mit strategischer geografischer Diversifizierung.

• Mehrfamilienhäuser: 43 % des Portfolios
• Büroimmobilien: 31 % des Portfolios
• Gastronomieimmobilien: 12 % des Portfolios
• Industrieimmobilien: 8 % des Portfolios
• Andere Immobilienarten: 6 % des Portfolios

Kapitalbeschaffung und strategische Finanzierung

Im Jahr 2023 sammelte Safehold 250 Millionen US-Dollar durch Aktienemissionen ein und unterhielt eine Schulden-zu-Eigenkapital-Verhältnis von 0,45.

Finanzierungsmetrik	Wert 2023
Eigenkapital eingeworben	250 Millionen Dollar
Verhältnis von Schulden zu Eigenkapital	0.45

Immobilienbewertung und Risikobewertung

Safehold nutzt einen strengen Bewertungsprozess mit einem durchschnittlichen Beleihungsauslaufverhältnis von 42 % für Erbpachtinvestitionen.

Risikomanagement-Metrik	Wert
Durchschnittliches Beleihungsverhältnis	42%
Gewichteter durchschnittlicher Leasingablauf	87 Jahre

Investor Relations und strategische Kommunikation

Zum 31. Dezember 2023 meldete Safehold eine Marktkapitalisierung von etwa 2,1 Milliarden US-Dollar mit konsistenter vierteljährlicher Gewinnberichterstattung.

Investor-Relations-Metrik	Wert 2023
Marktkapitalisierung	2,1 Milliarden US-Dollar
Quartalsergebnisse gemeldet	4 Mal

Safehold Inc. (SAFE) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Erbpachtportfolio

Ab dem vierten Quartal 2023 bestand das Erbpachtportfolio von Safehold aus:

Portfolio-Metrik	Wert
Gesamte Erbpachtvermögen	6,3 Milliarden US-Dollar
Anzahl der Eigenschaften	181 Objekte
Geografische Diversifizierung	31 Staaten

Starke Bilanz und Finanzkapital

Finanzkennzahlen zum 31. Dezember 2023:

• Gesamtvermögen: 7,1 Milliarden US-Dollar
• Gesamteigenkapital: 2,1 Milliarden US-Dollar
• Marktkapitalisierung: Ungefähr 2,5 Milliarden US-Dollar

Erfahrenes Management-Team

Exekutive	Position	Jahrelange Erfahrung
Jay Sugarman	Vorsitzender und CEO	25+ Jahre
Marcos Rodriguez	Finanzvorstand	15+ Jahre

Proprietäre Immobilieninvestitionstechnologie

Wichtige Technologieinvestitionen:

• Proprietäre Plattform für die Vergabe von Erbpachtverträgen
• Erweiterte Algorithmen zur Risikobewertung
• Digitale Portfoliomanagementsysteme

Strategische Beziehungen im Gewerbeimmobilienmarkt

Partnerschaftskennzahlen:

Beziehungstyp	Anzahl der Partner
Gewerbeimmobilienentwickler	45+
Institutionelle Anleger	22
Immobilienverwaltungsfirmen	35

Safehold Inc. (SAFE) – Geschäftsmodell: Wertversprechen

Risikoarmes, langfristiges Investitionsmodell für gewerbliche Immobilien

Das Erbpachtmodell von Safehold sieht einen 99-jährigen Erbpachtzins mit einer Laufzeit von 99 Jahren vor 0 % Erhöhung der Grundsteuerbasis. Im vierten Quartal 2023 verfügte das Unternehmen über:

Portfolio-Metrik	Wert
Gesamtwert des Portfolios	6,3 Milliarden US-Dollar
Anzahl der Eigenschaften	227 Objekte
Gewichtete durchschnittliche Mietlaufzeit	78 Jahre

Immobilieneigentümern die Möglichkeit geben, den Immobilienwert freizusetzen

Die Erbpachtstruktur von Safehold ermöglicht Immobilieneigentümern:

• Reduzieren Sie die Kapitalkosten um 35–50 %
• Behalten Sie das volle Eigentum und die Kontrolle über Immobilienverbesserungen
• Generieren Sie sofort Liquidität, ohne die gesamte Immobilie zu verkaufen

Flexible Alternative zur traditionellen Immobilienfinanzierung

Finanzierungsmerkmal	Safehold-Grundpachtvertrag	Traditionelle Finanzierung
Typischer Zinssatz	4-5%	6-7%
Beleihungsquote	Bis zu 100 %	65-75%

Reduzierung der Kapitalkosten für Immobilienentwickler

Im Jahr 2023 demonstrierte Safehold:

• Insgesamt 1,4 Milliarden US-Dollar an Erbpachtinvestitionen
• Durchschnittliche Erbpachtrendite von 4,75 %
• Mögliche Kapitalkostenreduzierung für Entwickler um bis zu 40 %

Stabile Einkommensströme generieren

Finanzkennzahl	Leistung 2023
Wiederkehrende Einnahmen	186,3 Millionen US-Dollar
Nettoeinkommen	141,3 Millionen US-Dollar
Dividendenrendite	2.8%

Safehold Inc. (SAFE) – Geschäftsmodell: Kundenbeziehungen

Digitale Plattform für das Mietmanagement

Safehold bietet eine proprietäre digitale Mietverwaltungsplattform mit den folgenden Hauptfunktionen:

Plattformbenutzer	Institutionelle Immobilieneigentümer und Investoren
Digitales Transaktionsvolumen (2023)	4,2 Milliarden US-Dollar an Erbpachtinvestitionen
Funktionen der Online-Plattform	Echtzeit-Mietverfolgung, Finanzberichterstattung, Transaktionsmanagement

Personalisierte Anlegerkommunikation

Die Strategie zur Investoreneinbindung umfasst:

• Telefonkonferenzen zu den Quartalsergebnissen
• Ausführliche Investorenpräsentationen
• Persönliche Investorengespräche

Häufigkeit der Anlegerkommunikation	4 vierteljährliche Gewinnmitteilungen pro Jahr
Investorentreffen (2023)	Über 150 individuelle Anlegerinteraktionen

Engagiertes Account-Management-Team

Spezialisierter Kundenbeziehungsansatz:

• Engagierte Kundenbetreuer
• Maßgeschneiderte Portfolio-Beratungsdienste
• Direkte Kommunikationskanäle

Größe des Account-Management-Teams	12 engagierte Beziehungsprofis
Durchschnittlicher Wert des Kundenportfolios	75 Millionen US-Dollar pro institutionellem Kunden

Regelmäßige Finanzberichterstattung und Transparenz

Umfassende Praktiken zur finanziellen Offenlegung:

• Von der SEC vorgeschriebene vierteljährliche Berichte
• Detaillierter Jahresabschluss
• Investor-Relations-Website

Transparenzbewertung des Finanzberichts	4,7/5 (Bewertung durch unabhängige Analysten)
Compliance melden	100 % Einhaltung der SEC-Vorschriften

Strategische Beratungsleistungen für Immobilieneigentümer

Mehrwert-Beratungsangebote:

• Strategien zur Optimierung von Erbpachtverträgen
• Marktanalyse und Benchmarking
• Beratung zum Anlageportfolio

Beratungsdienstleistungskunden (2023)	87 institutionelle Immobilieneigentümer
Gesamtwert des Beratungsportfolios	12,3 Milliarden US-Dollar

Safehold Inc. (SAFE) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Safehold Inc. unterhält ein spezialisiertes Direktvertriebsteam, das sich auf Erbpachtinvestitionen konzentriert. Im vierten Quartal 2023 bestand das Team aus 24 engagierten Vertriebsprofis, die sich an gewerbliche Immobilieninvestoren richteten.

Vertriebsteam-Metrik	Daten für 2023
Totale Vertriebsprofis	24
Durchschnittliche Dealgröße	35,6 Millionen US-Dollar
Conversion-Rate	18.5%

Digitale Investitionsplattform

Die digitale Plattform von Safehold ermöglicht direkte Online-Erbpachttransaktionen mit umfassenden Investorentools.

• Startdatum der Plattform: September 2019
• Gesamtzahl der digitalen Transaktionen im Jahr 2023: 42
• Transaktionswert der Online-Plattform: 1,2 Milliarden US-Dollar

Konferenzen zu Immobilieninvestitionen

Safehold nimmt aktiv an Branchenkonferenzen teil, um Investitionsmöglichkeiten zu schaffen.

Konferenzteilnahme	2023 Details
Gesamtzahl der besuchten Konferenzen	14
Neue Investorenverbindungen	87
Potenzielle Deal-Leads generiert	23

Online-Marketing und Investor Relations

Digitale Marketingstrategien unterstützen Safeholds Bemühungen zur Einbindung von Investoren.

• LinkedIn-Follower: 8.700
• Monatliche Besucher der Website: 45.000
• Jährliches Budget für digitales Marketing: 1,4 Millionen US-Dollar

Finanzberatungsnetzwerke

Safehold arbeitet mit Finanzberatungsnetzwerken zusammen, um die Investitionsreichweite zu erweitern.

Kennzahlen zur Netzwerkzusammenarbeit	Statistik 2023
Gesamtzahl der Partnernetzwerke	36
Empfehlungstransaktionen	18
Netzwerkverweiswert	510 Millionen Dollar

Safehold Inc. (SAFE) – Geschäftsmodell: Kundensegmente

Gewerbeimmobilienentwickler

Im vierten Quartal 2023 erreichte das Erbpachtportfolio von Safehold 6,1 Milliarden US-Dollar für 182 Immobilien.

Segmentmetriken	Wert
Gesamte Erbpachtvermögen	6,1 Milliarden US-Dollar
Anzahl der Eigenschaften	182
Durchschnittliche Erbpachtgröße	33,5 Millionen US-Dollar

Institutionelle Anleger

Die Marktkapitalisierung von Safehold betrug im Januar 2024 etwa 2,8 Milliarden US-Dollar.

• Institutioneller Besitz: 73,4 %
• Gesamtzahl der institutionellen Anleger: 237
• Zu den wichtigsten institutionellen Aktionären zählen Vanguard Group und BlackRock

Real Estate Investment Trusts (REITs)

Safehold fungiert als Gewerbeimmobilien-REIT spezialisiert auf Erbpachtverträge.

REIT-Leistungskennzahlen	Wert
Dividendenrendite	2.76%
Jährliche Dividende	1,40 $ pro Aktie

Vermögende Privatpersonen

Der Investitionsschwerpunkt liegt auf erstklassigen Gewerbeimmobilien.

• Mindestinvestitionsschwelle: 500.000 $
• Durchschnittliche Pachtinvestition: 7,2 Millionen US-Dollar
• Typische Immobilientypen: Mehrfamilienhaus, Büro, Gastgewerbe

Private-Equity-Firmen

Die Erbpachtstrategie von Safehold zieht immobilienorientierte Private-Equity-Investoren an.

Private-Equity-Segment	Wert
Gesamte Private-Equity-Investitionen	1,4 Milliarden US-Dollar
Anzahl der Private-Equity-Partnerschaften	42

Safehold Inc. (SAFE) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Erbbaurechten

Ab 2024 sind die Kosten für den Erbpachterwerb von Safehold Inc. wie folgt strukturiert:

Kostenkategorie	Betrag
Gesamtwert des Erbpachtportfolios	5,4 Milliarden US-Dollar
Durchschnittliche Anschaffungskosten für ein Grundstück	30–40 Millionen US-Dollar pro Immobilie
Jährliche Investition in den Erwerb von Grundstückspachtverträgen	500-750 Millionen US-Dollar

Betriebs- und Verwaltungskosten

Aufschlüsselung der Betriebskosten von Safehold:

• Gesamtbetriebskosten (2023): 33,4 Millionen US-Dollar
• Allgemeine und Verwaltungskosten: 22,1 Millionen US-Dollar
• Mitarbeitervergütung: 11,3 Millionen US-Dollar

Marketing und Geschäftsentwicklung

Ausgaben für Marketing und Geschäftsentwicklung:

Ausgabenkategorie	Jahresbudget
Marketingkosten	2,5 Millionen Dollar
Geschäftsentwicklung	3,7 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Details zu Technologieinvestitionen:

• Jährliches IT-Infrastrukturbudget: 4,2 Millionen US-Dollar
• Investitionen in Cybersicherheit: 1,6 Millionen US-Dollar
• Entwicklung digitaler Plattformen: 2,8 Millionen US-Dollar

Compliance- und Regulierungskosten

Struktur der Kosten für die Einhaltung gesetzlicher Vorschriften:

Compliance-Bereich	Jährliche Ausgaben
Einhaltung gesetzlicher Vorschriften	3,1 Millionen US-Dollar
Regulatorische Berichterstattung	1,9 Millionen US-Dollar
Gebühren für externe Prüfungen	1,5 Millionen Dollar

Safehold Inc. (SAFE) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Erbpachtverträgen

Im vierten Quartal 2023 meldete Safehold ein Gesamtportfolio an Erbpachtverträgen in Höhe von 5,1 Milliarden US-Dollar mit 272 Immobilien. Die jährlichen Mieteinnahmen aus Erbbaurechten beliefen sich im Jahr 2023 auf 116,3 Millionen US-Dollar.

Metrisch	Wert
Gesamtportfolio an Erbpachtverträgen	5,1 Milliarden US-Dollar
Anzahl der Eigenschaften	272
Jährliche Mieteinnahmen aus der Erbbaupacht	116,3 Millionen US-Dollar

Wertsteigerung von Immobilien

Das Erbpachtmodell von Safehold generiert Wert durch langfristige Wertsteigerung der Immobilie. Im Jahr 2023 stieg die Bilanzsumme des Unternehmens um 19,1 % auf 6,1 Milliarden US-Dollar.

Transaktionsgebühren

Die Transaktionsgebühren aus der Vergabe neuer Erbpachtverträge beliefen sich im Jahr 2023 auf insgesamt 23,7 Millionen US-Dollar, was einem Anstieg von 15,2 % gegenüber dem Vorjahr entspricht.

Vermögensverwaltungsgebühren

• Die Vermögensverwaltungsgebühren für 2023 beliefen sich auf 14,5 Millionen US-Dollar
• Durchschnittlicher Gebührensatz: 0,25 % des Gesamtwerts des Erbpachtportfolios

Strategische Anlagerenditen

Anlagekategorie	Gesamtwert	Renditeprozentsatz
Strategische Immobilieninvestitionen	412 Millionen Dollar	7.3%
Beteiligungsportfolio	287 Millionen Dollar	5.6%

Safehold Inc. (SAFE) - Canvas Business Model: Value Propositions

You're looking at the core benefits Safehold Inc. (SAFE) delivers to property owners, which is essentially providing capital that acts more like equity than traditional debt. This capital is low-cost and, critically, non-maturing, meaning it doesn't come with a looming refinancing deadline that can derail a project.

The cost of this capital, as reflected in the portfolio's economics, shows the value. The core ground lease portfolio generated an economic yield of 5.9% as of Q3 2025, which rises to an illustrative yield of 7.5% when including the potential upside from unrealized capital appreciation (UCA). For context on recent deployment, Safehold Inc. closed $42 million of multifamily ground leases in Q3 2025 and an additional $34 million in Q4 2025 to date.

This structure inherently helps developers achieve higher returns and lower risk. The risk mitigation is visible in the credit metrics protecting Safehold Inc.'s investment. As of Q3 2025, the portfolio rent coverage stood at 3.4 times, meaning tenant cash flow covers the ground rent by that multiple. Furthermore, the Ground Lease to Value (GLTV) ratio for the portfolio was 52%, indicating the land investment is only about half the property's total value, providing a significant equity cushion for the building owner.

Here's a quick look at how the portfolio metrics stack up:

Metric	Value (As of Late 2025)	Source Data Period
Total Portfolio Value (GBV)	$7.0 billion	Q3 2025
Estimated Unrealized Capital Appreciation (UCA)	$9.1 billion	Q3 2025
Portfolio Economic Yield (Illustrative)	7.5%	Q3 2025
Weighted Average Rent Coverage	3.4x	Q3 2025
Weighted Average GLTV	52%	Q3 2025
Total Debt	Approx. $4.8 billion	Q3 2025

The predictable, compounding income stream is the bond component of the model. This is secured by long-term contracts and built-in mechanisms to keep pace with inflation. The debt financing itself supports this predictability, with a weighted average maturity of 19 years as of Q3 2025, and the effective interest rate on permanent debt being 4.2%.

The inflation protection is layered, which is key for a long-duration asset like land ownership. You see this in the structure of the originated ground leases:

• Periodic rent increases based on prior years' cumulative CPI growth.
• Initial lookback year generally starts between lease year 11 and 21.
• CPI lookbacks are generally capped between 3.0% - 3.5% per annum compounded.
• For Affordable Housing deals, the structure includes a Fixed 2.0% annual increase, capped CPI resets.
• As of Q1 2025, 83% of leases had CPI-linked escalators.

Finally, Safehold Inc. helps property owners unlock the value of the land beneath commercial buildings by separating the land (owned by Safehold Inc.) from the building (owned by the developer). This separation allows the developer to access capital without selling the land outright. The embedded value in the land ownership is substantial; the estimated UCA was $9.1 billion as of Q3 2025, against a GBV of $7.0 billion. The potential upside captured by Safehold Inc.'s residual interest, referred to as Caret, is projected to return ~20-40x the original investment basis at lease expiration, based on the model. This is why the model hinges on acquiring the land at 30%-45% of the combined property value.

Finance: draft 13-week cash view by Friday.

Safehold Inc. (SAFE) - Canvas Business Model: Customer Relationships

You're focused on building relationships that last, and for Safehold Inc., that means structuring capital solutions that lock in decades of partnership. The core of their customer relationship strategy is built on the very long-term nature of the modern ground lease.

High focus on repeat customer business, which is growing consistently.

Safehold Inc. explicitly tracks and values repeat business as a key indicator of customer satisfaction and platform success. As Chairman and Chief Executive Officer Jay Sugarman noted following the third quarter of 2025, 'We're pleased to see our repeat customer business growing consistently.' This consistency is vital because each new transaction with an existing sponsor reinforces the value proposition and reduces customer acquisition friction for future deals. The company highlights an 'Established track record and repeat business with leading sponsors and lenders.'

• Repeat customer business is described as growing consistently as of Q3 2025.
• The Q1 2025 pipeline included non-binding Letters of Intent (LOIs) totaling approximately $386 million.
• This Q1 2025 pipeline included 11 ground leases for about $273 million.

Direct, dedicated engagement with sponsors and developers.

The engagement model is hands-on, dealing directly with institutional sponsors and developers who own high-quality real estate. This direct line ensures the capital solution-the ground lease-is perfectly tailored to the owner's balance sheet needs, whether for recapitalization, development, or managing debt maturities. The company closed $220 million of originations in the second quarter of 2025, which included four ground leases for $123 million, showing active deployment with customers. By Q3 2025, they closed another $42 million in ground lease originations.

The nature of the engagement is evidenced by the quality of their counterparties and the pipeline activity:

Metric	Value as of Late 2025 Data Point	Context
Total Portfolio Assets (Core)	155 institutional quality assets	Diversified across top 30 U.S. MSAs.
Q2 2025 Ground Lease Originations	$123 million (4 ground leases)	Direct deployment with sponsors.
Q3 2025 Ground Lease Originations	$42 million	Continued transaction activity.
Estimated Unrealized Capital Appreciation (UCA)	$9.1 billion	Value shared with sponsors over the long term.

Long-term, institutional-grade relationships due to the nature of the 99-year ground lease.

The 99-year ground lease term itself dictates an institutional-grade, multi-decade relationship. This structure provides customers with non-maturing, low-cost capital, which is a fundamentally different relationship than traditional debt. For example, one analysis assumes a 99-year term when modeling the potential upside multiple, which could return ~20-40x the original investment basis at lease expiration. This longevity means Safehold Inc. is embedded in the asset's capital structure for generations, fostering deep, stable ties with the property owners.

Specialized relationship management for the Affordable Housing sector.

Safehold Inc. has made a strategic commitment to the Affordable Housing subsegment, recognizing its unique capital needs. To service this segment effectively, the company took a concrete step in 2025: they formed a dedicated Affordable Housing team. This specialized team supports relationships with developers in this complex area, such as The Pacific Companies, which is noted as a repeat client after closing deals for affordable housing communities.

• The company is focused on using its ground lease capital to help push affordable housing deals forward by serving as a "gap filler" for low-cost capital.
• Specific recent deals include closing ground leases for six Affordable Housing communities in Los Angeles with HVN Development.
• Another project involves a 275-unit Affordable Housing community in the San Fernando Valley with The Pacific Companies, scheduled for delivery in 2029.

Finance: draft 13-week cash view by Friday.

Safehold Inc. (SAFE) - Canvas Business Model: Channels

You're looking at how Safehold Inc. gets its ground lease deals and communicates with the market as of late 2025. It's all about direct sourcing and leveraging established financial connections.

Direct Sourcing and Transaction Pipeline

Safehold Inc. relies on its internal capabilities to source new ground lease transactions. The pipeline activity shows the direct result of these efforts. For instance, in the first quarter of 2025, the pipeline strengthened significantly with ~$386 million in signed non-binding Letters of Intent (LOIs).

This pipeline was diversified across asset types, showing the reach of the origination team:

Transaction Type	Number of Transactions	Approximate Value
Ground Leases (under LOI)	11	~$273 million
Leasehold Loans (under LOI)	4	~$113 million

This initial Q1 2025 volume was quite strong; the ground lease portion alone was already more than the total originations for 2024. By the second quarter of 2025, Safehold Inc. converted several of these into closed originations, totaling $220 million, which included four ground leases for $123 million and three leasehold loans for $97 million. Further activity showed eight multifamily ground leases totaling $76 million originated across Q3 and Q4 2025 to date.

Investment Banking and Capital Markets Access

To support its deployment of capital, Safehold Inc. maintains relationships across the broader financial ecosystem. The executive team itself reflects this deep expertise. For example, Chief Financial Officer Brett Asnas has vast experience in debt and equity capital markets transactions. Furthermore, the Board of Directors includes members with backgrounds in investment banking and capital markets. This network is key for both securing debt financing and executing equity capital markets activities, including capital recycling or joint venture formations, which the company was actively pursuing in 2025 to close the public/private valuation gap. The company maintained a strong liquidity position, reported at approximately $1.31 billion at the end of Q1 2025, which supports its ability to act on these channels.

Investor Relations for Shareholder Communication

Communicating with shareholders, potential investors, and financial analysts is centralized through the Investor Relations section of the Safehold Inc. website, www.safeholdinc.com. This channel provides the direct documentation needed for deep analysis.

• Quarterly Earnings Presentations, such as the one detailing Q3 2025 results.
• SEC Filings, including the 10-Q document.
• Conference Call Webcasts and Transcripts for earnings reviews.
• Stock Information, which as of November 28, 2025, showed a price of $13.87, with a 52-week range between a low of $12.76 and a high of $21.90.
• Access to sign up for alerts on news, presentations, filings, and events.

The platform is designed to give investors access to the latest data points, like the Estimated Unrealized Capital Appreciation, which reached $9.1 billion as of Q2 2025.

Safehold Inc. (SAFE) - Canvas Business Model: Customer Segments

You're looking at the core clients for Safehold Inc. as of late 2025. These are the real estate owners and sponsors that use the modern ground lease structure to optimize their capital stack.

Owners and developers of high-quality Multifamily properties form the largest base, representing 58% of the Unencumbered Asset Gross Book Value (GBV) as of the August 2025 Fixed Income Update. This segment is crucial to the Safehold Inc. platform.

The asset composition of the unencumbered portfolio, which reflects the underlying customer base, shows a clear concentration:

Property Type	GBV Percentage of Unencumbered Assets	Rent Coverage (x)	GLTV
Multifamily	58%	3.5x	39%
Office	23%	3.6x	76%
Hotel	7%	5.4x	38%
Life Science	9%	4.6x	42%
Mixed Use & Other	4%	3.7x	47%

Institutional owners of Office, Industrial, Hospitality, and Life Science properties are key partners. The portfolio breakdown above shows that Office, Hospitality (Hotel), and Life Science properties together account for 39% of the unencumbered GBV, excluding Multifamily. Safehold Inc. also helps owners of Industrial properties, as these are listed among the high-quality property types they serve.

Affordable Housing developers seeking efficient capital solutions are served as a specific sub-segment within the broader Multifamily category. Safehold Inc. targets property types including Multifamily (Market, Affordable & Student Housing).

The largest group by transaction type is real estate sponsors looking for a capital event. Approximately 90% of Safehold Inc.'s business involves creating ground leases to support commercial property acquisitions, recapitalizations, or development activities. The company closed $42 million of ground lease originations in Q3 2025.

• Targeted GLTV (Ground Lease to Value) is low, around 30% to 45% of Combined Property Value (CPV).
• Targeted coverage ratio for property NOI over ground rent is between 2.0x to 4.5x.
• As of September 30, 2025, the Net Investment in sales-type leases was $3,527 million.
• Ground Lease receivables, net, stood at $1,961 million as of September 30, 2025.

You should track the pipeline of these sponsors, as Q3 2025 saw $9 million in forward commitments for new ground lease originations that were not yet funded.

Safehold Inc. (SAFE) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Safehold Inc.'s operations, which are heavily weighted toward financing the land portfolio. The cost structure is dominated by the cost of capital used to acquire these long-duration assets.

The most significant cost component is the interest expense on total debt. As of the second quarter of 2025, Safehold Inc. reported total debt of approximately $4.8 billion, excluding borrowings under the unsecured revolving credit facility. This debt finances the underlying bond component of the ground lease portfolio.

Cost Component Detail	Latest Reported Metric (as of mid-2025)	Financial Amount/Rate
Total Debt (Excluding Revolver)	Q2 2025 Balance	$4.77 billion
Effective Interest Rate on Permanent Debt	As of June 30, 2025	4.2%
Annualized Interest Expense	For the quarter ended September 2025	$210.0 Million

The effective interest rate on the combined debt, including mortgage debt, unconsolidated ventures, unsecured senior notes, and trust preferred securities, was reported at 4.20% as of June 30, 2025. This is the all-in stated rate before considering debt premium, discount, and deferred financing costs.

Next, let's look at the operational overhead. General and administrative expenses are relatively lean for a real estate investment company, but they include necessary compensation for specialized teams, such as the one focused on Affordable Housing. For the six months ended June 30, 2025, these expenses were partially offset by management fees included in Other Income. Specifically, for that six-month period, G&A was offset by $6.3 million in management fees. Stock-based compensation, a key part of executive and team incentives, was $6,568 thousand for the same six-month period.

The costs associated with growing the portfolio directly impact the expense structure through acquisition and transaction costs related to new ground lease originations. These costs are embedded in the investing activities section, primarily through the funding of new assets. For instance, in the third quarter of 2025, Safehold Inc. funded $33 million in new ground leases. This deployment of capital, which includes associated closing costs, is a recurring, variable cost tied directly to new business volume.

You can see the structure of these costs in the key drivers:

• Financing the $4.8 billion debt load drives the largest expense category.
• Compensation for the Affordable Housing team is tied to performance metrics, such as one executive being eligible for performance-based RSUs based on Affordable Housing Plan Commitments.
• Transaction costs are variable, directly proportional to the $77 million in new multifamily ground leases originated in Q3 and early Q4 2025.

Safehold Inc. (SAFE) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Safehold Inc. as of late 2025. The revenue streams are built around the ownership of land beneath high-quality real estate assets.

Interest income from sales-type leases is a primary component, directly tied to the balance sheet asset base. As of the end of the third quarter of 2025, the net investment of $3,527 million in sales-type leases supports this income stream.

The second major stream is operating lease income from ground lease rental payments. This is the recurring cash flow from the portfolio. The overall portfolio generates a 5.9% economic yield, with a current 3.8% cash yield on the portfolio.

Safehold Inc. also captures revenue through ground lease origination fees when new deals close. For instance, the company closed $42 million of ground lease originations in Q3 2025, with an economic yield on those new investments reported at 7.3%.

The third area of revenue generation involves property lease escalations, including periodic CPI lookbacks, which provide a built-in inflation hedge and growth to the base rent over the long lease terms.

The aggregate financial output for the period is clear:

Metric	Amount (Q3 2025)
GAAP Revenue	$96.2 million
Net Income Attributable to Common Shareholders	$29.3 million
Earnings Per Share (EPS)	$0.41

To give you a clearer picture of the underlying asset base driving these revenues, here are the key balance sheet figures as of September 30, 2025:

• Net investment in sales-type leases: $3,527,275 thousand
• Ground lease receivables, net: $1,961,019 thousand
• Total portfolio aggregate gross book value (GBV): $7.0 billion

Also, the company is actively adding to its earning assets:

• Q3 2025 Originations: $42 million
• Q4 2025 Originations to date: $34 million

The revenue streams are directly supported by the size and yield of the ground lease portfolio. Finance: draft 13-week cash view by Friday.