Safehold Inc. (SAFE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del financiamiento de bienes raíces comerciales, Safehold Inc. (SAFE) ha revolucionado la inversión inmobiliaria a través de su innovador modelo de arrendamiento de tierra. Al reinventar cómo los propietarios e inversores interactúan con los activos inmobiliarios, esta empresa pionera ofrece un enfoque único que desbloquea el valor de la propiedad, reduce los costos de capital y genera flujos de ingresos estables. Su sofisticado lienzo de modelo de negocio revela un marco estratégico que transforma el financiamiento de bienes raíces tradicionales, proporcionando flexibilidad, eficiencia y oportunidades de inversión de bajo riesgo en múltiples segmentos de clientes.

Safehold Inc. (SAFE) - Modelo de negocio: asociaciones clave

Propietarios y desarrolladores de bienes raíces comerciales

Las asociaciones clave de Safehold incluyen colaboraciones estratégicas con propietarios y desarrolladores de bienes raíces comerciales en múltiples sectores de propiedades.

Tipo de propiedad	Volumen de asociación	Valor de cartera
Edificios de oficinas	87 arrendamientos terrestres	$ 3.8 mil millones
Propiedades multifamiliares	52 arrendamientos terrestres	$ 2.1 mil millones
Propiedades industriales	24 arrendamientos de tierra	$ 1.2 mil millones

Bancos de inversión e instituciones financieras

Safehold mantiene asociaciones financieras críticas para respaldar las transacciones de arrendamiento de tierra.

• Goldman Sachs - Capital Advisory Services
• Morgan Stanley - Asociaciones de financiación
• JPMorgan Chase - Estructuración de la deuda

Institución financiera	Tipo de asociación	Volumen de transacción (2023)
Goldman Sachs	Aviso de capital	$ 675 millones
Morgan Stanley	Financiación	$ 512 millones
JPMorgan Chase	Estructuración de deuda	$ 423 millones

Empresas de administración de propiedades

Las asociaciones colaborativas con las empresas de administración de propiedades aseguran la eficiencia operativa.

• Grupo CBRE
• JLL (Jones Lang LaSalle)
• Cushman & Wakefield

Empresas legales y asesoras

Las asociaciones legales especializadas apoyan el desarrollo de la estructura de arrendamiento de tierra.

Firma legal	Especialización	Valor de compromiso anual
Latham & Watkins	Transacciones inmobiliarias	$ 2.5 millones
Skadden, Arps, Slate, Meagher & Flom	Estructuración corporativa	$ 1.8 millones
Kirkland & Ellis	Litigio de arrendamiento de tierra	$ 1.3 millones

Safehold Inc. (SAFE) - Modelo de negocio: actividades clave

Originación y estructuración del arrendamiento de tierra

A partir del cuarto trimestre de 2023, Safehold Inc. había originado $ 6.1 mil millones en inversiones de arrendamiento terrestre en 132 propiedades. La compañía se enfoca en crear arrendamientos terrestres con un término inicial promedio de 99 años.

Métrico	Valor
Inversiones totales de arrendamiento de tierra	$ 6.1 mil millones
Número de propiedades	132
Término de arrendamiento inicial promedio	99 años

Adquisición y gestión de cartera

La cartera de Safehold abarca múltiples tipos de propiedades con diversificación geográfica estratégica.

• Propiedades multifamiliares: 43% de la cartera
• Propiedades de la oficina: 31% de la cartera
• Propiedades de hospitalidad: 12% de la cartera
• Propiedades industriales: 8% de la cartera
• Otros tipos de propiedades: 6% de la cartera

Aumento de capital y financiamiento estratégico

En 2023, Safehold recaudó $ 250 millones a través de ofertas de capital y mantuvo un relación deuda / capital de 0.45.

Métrico de financiamiento	Valor 2023
Equidad planteada	$ 250 millones
Relación deuda / capital	0.45

Valoración de la propiedad y evaluación de riesgos

Safehold utiliza un proceso de evaluación riguroso con una relación promedio de préstamo a valor de 42% para inversiones de arrendamiento de tierra.

Métrica de gestión de riesgos	Valor
Relación promedio de préstamo a valor	42%
Vencimiento de arrendamiento promedio ponderado	87 años

Relaciones con inversores y comunicación estratégica

Al 31 de diciembre de 2023, Safehold informó una capitalización de mercado de aproximadamente $ 2.1 mil millones con informes de ganancias trimestrales consistentes.

Métrica de Relaciones con Inversores	Valor 2023
Capitalización de mercado	$ 2.1 mil millones
Ganancias trimestrales reportadas	4 veces

Safehold Inc. (SAFE) - Modelo de negocio: recursos clave

Cartera extensa de arrendamiento de tierra

A partir del cuarto trimestre de 2023, la cartera de arrendamiento terrestre de Safehold constaba de:

Métrico de cartera	Valor
Activos de arrendamiento de tierra total	$ 6.3 mil millones
Número de propiedades	181 propiedades
Diversificación geográfica	31 estados

Balance general fuerte y capital financiero

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 7.1 mil millones
• Equidad total: $ 2.1 mil millones
• Capitalización de mercado: aproximadamente $ 2.5 mil millones

Equipo de gestión experimentado

Ejecutivo	Posición	Años de experiencia
Jay Sugarman	Presidente y CEO	Más de 25 años
Marcos Rodríguez	director de Finanzas	Más de 15 años

Tecnología de inversión inmobiliaria patentada

Inversiones de tecnología clave:

• Plataforma de suscripción de arrendamiento de tierra patentado
• Algoritmos de evaluación de riesgos avanzados
• Sistemas de gestión de cartera digital

Relaciones estratégicas en el mercado inmobiliario comercial

Métricas de asociación:

Tipo de relación	Número de socios
Desarrolladores de bienes raíces comerciales	45+
Inversores institucionales	22
Empresas de administración de propiedades	35

Safehold Inc. (SAFE) - Modelo de negocio: propuestas de valor

Modelo de inversión inmobiliaria comercial de bajo riesgo a largo plazo

El modelo de arrendamiento de tierra de Safehold proporciona un interés de arrendamiento de 99 años con un 0% de paso de base de impuestos a la propiedad. A partir del cuarto trimestre de 2023, la compañía tenía:

Métrico de cartera	Valor
Valor total de la cartera	$ 6.3 mil millones
Número de propiedades	227 propiedades
Término de arrendamiento promedio ponderado	78 años

Habilitar a los propietarios desbloquear el valor de la propiedad

La estructura de arrendamiento de tierra de Safehold permite a los propietarios:

• Reducir los costos de capital en un 35-50%
• Mantener la propiedad y el control total de las mejoras de la propiedad
• Generar liquidez inmediata sin vender toda la propiedad

Alternativa flexible al financiamiento de bienes raíces tradicionales

Característica de financiamiento	Arrendamiento de tierra de seguridad	Financiamiento tradicional
Tasa de interés típica	4-5%	6-7%
Relación préstamo-valor	Hasta el 100%	65-75%

Reducción de los costos de capital para los desarrolladores de propiedades

En 2023, Safehold demostró:

• $ 1.4 mil millones en inversiones de arrendamiento de tierra total
• Rendimiento promedio de arrendamiento de tierra de 4.75%
• Reducción de costos de capital potencial para los desarrolladores hasta en un 40%

Generación de flujos de ingresos estables

Métrica financiera	2023 rendimiento
Ingresos recurrentes	$ 186.3 millones
Lngresos netos	$ 141.3 millones
Rendimiento de dividendos	2.8%

Safehold Inc. (Safe) - Modelo de negocio: relaciones con los clientes

Plataforma digital para la gestión del arrendamiento

Safehold proporciona una plataforma de gestión de arrendamiento digital patentado con las siguientes características clave:

Usuarios de la plataforma	Propietarios e inversores institucionales
Volumen de transacción digital (2023)	$ 4.2 mil millones en inversiones de arrendamiento de tierra
Capacidades de la plataforma en línea	Seguimiento de arrendamiento en tiempo real, informes financieros, gestión de transacciones

Comunicación personalizada de los inversores

La estrategia de participación de los inversores incluye:

• Llamadas de conferencia trimestrales de ganancias
• Presentaciones de inversores detalladas
• Reuniones de inversores individuales

Frecuencia de comunicación de inversores	4 llamadas de ganancias trimestrales por año
Reuniones de inversores (2023)	Más de 150 interacciones individuales de los inversores

Equipo de gestión de cuentas dedicado

Enfoque especializado de relación con el cliente:

• Gerentes de relaciones dedicadas
• Servicios de asesoramiento de cartera personalizados
• Canales de comunicación directa

Tamaño del equipo de gestión de cuentas	12 profesionales de relaciones dedicadas
Valor promedio de cartera de clientes	$ 75 millones por cliente institucional

Información financiera y transparencia regulares

Prácticas integrales de divulgación financiera:

• Informes trimestrales obligatorios de la SEC
• Estados financieros detallados anuales
• Sitio web de relaciones con los inversores

Puntaje de transparencia del informe financiero	4.7/5 (calificación de analista independiente)
Cumplimiento de informes	Cumplimiento regulatorio 100% SEC

Servicios de asesoramiento estratégico para propietarios

Ofertas de asesoramiento de valor agregado:

• Estrategias de optimización de arrendamiento de tierra
• Análisis de mercado y evaluación comparativa
• Consulta de cartera de inversiones

Clientes de servicios de asesoramiento (2023)	87 propietarios de propiedades institucionales
Valor total de la cartera de asesoramiento	$ 12.3 mil millones

Safehold Inc. (SAFE) - Modelo de negocio: canales

Equipo de ventas directas

Safehold Inc. mantiene un equipo especializado de ventas directas centrado en inversiones de arrendamiento de tierra. A partir del cuarto trimestre de 2023, el equipo estaba formado por 24 profesionales de ventas dedicados dirigidos a inversores inmobiliarios comerciales.

Métrica del equipo de ventas	2023 datos
Profesionales de ventas totales	24
Tamaño de trato promedio	$ 35.6 millones
Tasa de conversión	18.5%

Plataforma de inversión digital

La plataforma digital de Safehold permite transacciones directas de arrendamiento de tierra en línea con herramientas integrales de inversores.

• Fecha de lanzamiento de la plataforma: septiembre de 2019
• Transacciones digitales totales en 2023: 42
• Valor de transacción de la plataforma en línea: $ 1.2 mil millones

Conferencias de inversión inmobiliaria

Safehold participa activamente en conferencias de la industria para generar oportunidades de inversión.

Participación de la conferencia	2023 detalles
Conferencias totales a las que asistió	14
Nuevas conexiones de inversores	87
Posibles clientes potenciales generados	23

Marketing en línea y relaciones con los inversores

Las estrategias de marketing digital apoyan los esfuerzos de participación de los inversores de Safehold.

• Seguidores de LinkedIn: 8,700
• Sitio web Visitantes mensuales: 45,000
• Presupuesto anual de marketing digital: $ 1.4 millones

Redes de asesoramiento financiero

Safehold colabora con redes de asesoramiento financiero para expandir el alcance de la inversión.

Métricas de colaboración de redes	2023 estadísticas
Redes de socios totales	36
Transacciones de referencia	18
Valor de referencia de red	$ 510 millones

Safehold Inc. (SAFE) - Modelo de negocio: segmentos de clientes

Desarrolladores de bienes raíces comerciales

A partir del cuarto trimestre de 2023, la cartera de arrendamiento terrestre de Safehold alcanzó los $ 6.1 mil millones en 182 propiedades.

Métricas de segmento	Valor
Activos de arrendamiento de tierra total	$ 6.1 mil millones
Número de propiedades	182
Tamaño promedio de arrendamiento de tierra	$ 33.5 millones

Inversores institucionales

La capitalización de mercado de Safehold a enero de 2024 era de aproximadamente $ 2.8 mil millones.

• Propiedad institucional: 73.4%
• Inversores institucionales totales: 237
• Los principales accionistas institucionales incluyen Vanguard Group y BlackRock

Fideicomisos de inversión inmobiliaria (REIT)

Safehold opera como REIT de bienes raíces comerciales especializado en arrendamientos terrestres.

Métricas de rendimiento de REIT	Valor
Rendimiento de dividendos	2.76%
Dividendo anual	$ 1.40 por acción

Individuos de alto nivel de red

Se centra en la inversión en activos inmobiliarios comerciales premium.

• Umbral de inversión mínimo: $ 500,000
• Inversión promedio de arrendamiento de tierra: $ 7.2 millones
• Tipos de propiedades típicos: multifamiliar, oficina, hospitalidad

Empresas de capital privado

La estrategia de arrendamiento de tierra de Safehold atrae a los inversores de capital privado centrado en los bienes inmuebles.

Segmento de capital privado	Valor
Inversiones totales de capital privado	$ 1.4 mil millones
Número de asociaciones de capital privado	42

Safehold Inc. (SAFE) - Modelo de negocio: Estructura de costos

Costos de adquisición de arrendamiento de tierra

A partir de 2024, los costos de adquisición de arrendamiento de tierra Safehold Inc. se estructuran de la siguiente manera:

Categoría de costos	Cantidad
Valor de la cartera de arrendamiento de tierra total	$ 5.4 mil millones
Costo promedio de adquisición de arrendamiento de tierra	$ 30-40 millones por propiedad
Inversión anual de adquisición de arrendamiento de tierra	$ 500-750 millones

Gastos operativos y administrativos

Desglose de los gastos operativos de Safehold:

• Gastos operativos totales (2023): $ 33.4 millones
• Gastos generales y administrativos: $ 22.1 millones
• Compensación de empleados: $ 11.3 millones

Marketing y desarrollo de negocios

Gastos de marketing y desarrollo empresarial:

Categoría de gastos	Presupuesto anual
Gastos de marketing	$ 2.5 millones
Desarrollo comercial	$ 3.7 millones

Inversiones de tecnología e infraestructura

Detalles de la inversión tecnológica:

• Presupuesto anual de infraestructura de TI: $ 4.2 millones
• Inversiones de ciberseguridad: $ 1.6 millones
• Desarrollo de la plataforma digital: $ 2.8 millones

Cumplimiento y gastos regulatorios

Estructura de costos de cumplimiento regulatorio:

Área de cumplimiento	Gasto anual
Cumplimiento legal	$ 3.1 millones
Informes regulatorios	$ 1.9 millones
Tarifas de auditoría externa	$ 1.5 millones

Safehold Inc. (SAFE) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de arrendamiento de tierra

A partir del cuarto trimestre de 2023, Safehold informó una cartera de arrendamiento de tierra total a $ 5.1 mil millones con 272 propiedades. Los ingresos anuales de alquiler de arrendamiento de tierra para 2023 fueron de $ 116.3 millones.

Métrico	Valor
Cartera total de arrendamiento de tierra	$ 5.1 mil millones
Número de propiedades	272
Ingresos anuales de alquiler de arrendamiento de tierra	$ 116.3 millones

Apreciación del valor de la propiedad

El modelo de arrendamiento de tierra de Safehold genera valor a través de la apreciación de la propiedad a largo plazo. En 2023, los activos totales de la compañía aumentaron en un 19.1% a $ 6.1 mil millones.

Tarifas de transacción

Las tarifas de transacción de las nuevas originaciones de arrendamiento de tierra en 2023 totalizaron $ 23.7 millones, lo que representa un aumento del 15.2% respecto al año anterior.

Tarifas de gestión de activos

• Las tarifas de gestión de activos para 2023 fueron de $ 14.5 millones
• Tasa de tarifas promedio: 0.25% del valor total de la cartera de arrendamiento de tierra

Rendimientos de inversión estratégica

Categoría de inversión	Valor total	Porcentaje de retorno
Inversiones inmobiliarias estratégicas	$ 412 millones	7.3%
Cartera de inversiones de capital	$ 287 millones	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.