Safehold Inc. (Safe): modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do financiamento imobiliário comercial, a Safehold Inc. (segura) revolucionou o investimento imobiliário por meio de seu inovador modelo de arrendamento de terreno. Ao reimaginar como os proprietários e investidores de propriedades interagem com os ativos imobiliários, esta empresa pioneira oferece uma abordagem única que desbloqueia o valor da propriedade, reduz os custos de capital e gera fluxos de renda estáveis. Seu sofisticado modelo de negócios Canvas revela uma estrutura estratégica que transforma o financiamento imobiliário tradicional, fornecendo flexibilidade, eficiência e oportunidades de investimento de baixo risco em vários segmentos de clientes.

Safehold Inc. (Safe) - Modelo de Negócios: Principais Parcerias

Proprietários e desenvolvedores de imóveis comerciais

As principais parcerias da Safehold incluem colaborações estratégicas com proprietários e desenvolvedores de imóveis comerciais em vários setores de propriedades.

Tipo de propriedade	Volume de parceria	Valor do portfólio
Edifícios de escritórios	87 arrendamentos de terra	US $ 3,8 bilhões
Propriedades multifamiliares	52 arrendamentos de solo	US $ 2,1 bilhões
Propriedades industriais	24 arrendamentos terrestres	US $ 1,2 bilhão

Bancos de investimento e instituições financeiras

O Safehold mantém parcerias financeiras críticas para apoiar transações de arrendamento de terreno.

• Goldman Sachs - Serviços de Consultoria de Capital
• Morgan Stanley - Parcerias de financiamento
• JPMorgan Chase - estruturação da dívida

Instituição financeira	Tipo de parceria	Volume da transação (2023)
Goldman Sachs	Aviso de capital	US $ 675 milhões
Morgan Stanley	Financiamento	US $ 512 milhões
JPMorgan Chase	Estruturação da dívida	US $ 423 milhões

Empresas de gerenciamento de propriedades

Parcerias colaborativas com empresas de gerenciamento de propriedades garantem a eficiência operacional.

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

Empresas legais e de consultoria

Parcerias legais especializadas apóiam o desenvolvimento da estrutura do arrendamento de solo.

Escritório jurídico	Especialização	Valor anual de engajamento
Latham & Watkins	Transações imobiliárias	US $ 2,5 milhões
Skadden, Arps, Slate, Meagher & Flom	Estruturação corporativa	US $ 1,8 milhão
Kirkland & Ellis	Litígio do arrendamento de terra	US $ 1,3 milhão

Safehold Inc. (seguro) - Modelo de negócios: Atividades -chave

Ground Lease Origination and Structuring

As of Q4 2023, Safehold Inc. had originated $6.1 billion in ground lease investments across 132 properties. A empresa se concentra na criação de arrendamentos terrestres com um período inicial médio de 99 anos.

Métrica	Valor
Investimentos totais de arrendamento terrestre	US $ 6,1 bilhões
Número de propriedades	132
Termo de arrendamento inicial médio	99 anos

Aquisição e gerenciamento de portfólio

O portfólio da Safehold abrange vários tipos de propriedades com diversificação geográfica estratégica.

• Propriedades multifamiliares: 43% do portfólio
• Propriedades do escritório: 31% do portfólio
• Propriedades de hospitalidade: 12% do portfólio
• Propriedades industriais: 8% do portfólio
• Other property types: 6% of portfolio

Crie capital e financiamento estratégico

In 2023, Safehold raised $250 million through equity offerings and maintained a relação dívida / patrimônio de 0,45.

Métrica de financiamento	2023 valor
Equidade levantada	US $ 250 milhões
Relação dívida / patrimônio	0.45

Avaliação de propriedades e avaliação de risco

A Safehold utiliza um processo de avaliação rigoroso com uma relação média de empréstimo / valor de 42% para investimentos em arrendamento de terra.

Métrica de gerenciamento de riscos	Valor
Relação de empréstimo / valor médio	42%
Expiração média de arrendamento ponderado	87 anos

Relações com investidores e comunicação estratégica

Em 31 de dezembro de 2023, a Safehold relatou uma capitalização de mercado de aproximadamente US $ 2,1 bilhões com relatórios de ganhos trimestrais consistentes.

Métrica de Relações com Investidores	2023 valor
Capitalização de mercado	US $ 2,1 bilhões
Ganhos trimestrais relatados	4 vezes

Safehold Inc. (seguro) - Modelo de negócios: Recursos -chave

Portfólio de arrendamento terrestre extenso

A partir do quarto trimestre 2023, o portfólio de arrendamento terrestre da Safehold consistia em:

Métrica do portfólio	Valor
Total de ativos de arrendamento terrestre	US $ 6,3 bilhões
Número de propriedades	181 propriedades
Diversificação geográfica	31 estados

Balanço forte e capital financeiro

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 7,1 bilhões
• Patrimônio total: US $ 2,1 bilhões
• Capitalização de mercado: aproximadamente US $ 2,5 bilhões

Equipe de gerenciamento experiente

Executivo	Posição	Anos de experiência
Jay Sugarman	Presidente e CEO	Mais de 25 anos
Marcos Rodriguez	Diretor Financeiro	Mais de 15 anos

Tecnologia de investimento imobiliário proprietário

Principais investimentos em tecnologia:

• Plataforma de subscrição de arrendamento de terreno proprietária
• Algoritmos avançados de avaliação de risco
• Sistemas de gerenciamento de portfólio digital

Relações estratégicas no mercado imobiliário comercial

Métricas de parceria:

Tipo de relacionamento	Número de parceiros
Promotores imobiliários comerciais	45+
Investidores institucionais	22
Empresas de gerenciamento de propriedades	35

Safehold Inc. (seguro) - Modelo de negócios: proposições de valor

Modelo de investimento imobiliário comercial de baixo risco e longo prazo

O modelo de arrendamento terrestre da Safehold fornece um interesse de 99 anos de arrendamento com um 0% de base do imposto sobre a propriedade.. A partir do quarto trimestre 2023, a empresa tinha:

Métrica do portfólio	Valor
Valor total do portfólio	US $ 6,3 bilhões
Número de propriedades	227 propriedades
Termo de arrendamento médio ponderado	78 anos

Permitindo que os proprietários desbloqueie o valor da propriedade

A estrutura de arrendamento terrestre da Safehold permite que os proprietários de propriedades:

• Reduzir os custos de capital em 35-50%
• Manter a propriedade e o controle total das melhorias da propriedade
• Gerar liquidez imediata sem vender toda a propriedade

Alternativa flexível ao financiamento imobiliário tradicional

Característica de financiamento	Arrendamento de solo seguro	Financiamento tradicional
Taxa de juros típica	4-5%	6-7%
Proporção de empréstimo / valor	Até 100%	65-75%

Reduzindo os custos de capital para promotores imobiliários

Em 2023, Safehold demonstrou:

• US $ 1,4 bilhão em investimentos totais de arrendamento terrestre
• Rendimento médio de arrendamento de terreno de 4,75%
• Redução potencial de custo de capital para desenvolvedores em até 40%

Gerando fluxos de renda estável

Métrica financeira	2023 desempenho
Receita recorrente	US $ 186,3 milhões
Resultado líquido	US $ 141,3 milhões
Rendimento de dividendos	2.8%

Safehold Inc. (seguro) - Modelo de negócios: relacionamentos com o cliente

Plataforma digital para gerenciamento de arrendamento

O Safehold fornece uma plataforma proprietária de gerenciamento de arrendamento digital com os seguintes recursos principais:

Usuários da plataforma	Proprietários de propriedades institucionais e investidores
Volume de transação digital (2023)	US $ 4,2 bilhões em investimentos de arrendamento de solo
Recursos de plataforma online	Rastreamento de arrendamento em tempo real, relatórios financeiros, gerenciamento de transações

Comunicação personalizada para investidores

A estratégia de engajamento do investidor inclui:

• Chamadas de conferência de ganhos trimestrais
• Apresentações detalhadas dos investidores
• Reuniões individuais de investidores

Frequência de comunicação do investidor	4 chamadas trimestrais por ano
Reuniões de investidores (2023)	Mais de 150 interações individuais de investidores

Equipe de gerenciamento de contas dedicada

Abordagem especializada em relação ao cliente:

• Gerentes de relacionamento dedicados
• Serviços de consultoria de portfólio personalizados
• Canais de comunicação direta

Tamanho da equipe de gerenciamento de contas	12 profissionais de relacionamento dedicados
Valor médio do portfólio de clientes	US $ 75 milhões por cliente institucional

Relatórios financeiros regulares e transparência

Práticas abrangentes de divulgação financeira:

• Sec Relatórios trimestrais obrigatórios
• Demonstrações financeiras detalhadas anuais
• Site de Relações com Investidores

Relatório Financeiro Pontuação de Transparência	4.7/5 (classificação independente de analistas)
Relatando conformidade	100% da conformidade regulatória da SEC

Serviços de consultoria estratégica para proprietários de imóveis

Ofertas consultivas de valor agregado:

• Estratégias de otimização de arrendamento de solo
• Análise de mercado e benchmarking
• Consulta do portfólio de investimentos

Clientes de serviços de consultoria (2023)	87 proprietários institucionais
Valor total do portfólio consultivo	US $ 12,3 bilhões

Safehold Inc. (seguro) - Modelo de negócios: canais

Equipe de vendas diretas

A Safehold Inc. mantém uma equipe de vendas direta especializada focada nos investimentos em arrendamento de terra. No quarto trimestre 2023, a equipe consistia em 24 profissionais de vendas dedicados direcionando investidores imobiliários comerciais.

Métrica da equipe de vendas	2023 dados
Total de profissionais de vendas	24
Tamanho médio de negócios	US $ 35,6 milhões
Taxa de conversão	18.5%

Plataforma de investimento digital

A plataforma digital da Safehold permite transações diretas de arrendamento de terreno on -line com ferramentas abrangentes de investidores.

• Data de lançamento da plataforma: setembro de 2019
• Total de transações digitais em 2023: 42
• Valor da transação da plataforma on -line: US $ 1,2 bilhão

Conferências de investimento imobiliário

O Safehold participa ativamente de conferências do setor para gerar oportunidades de investimento.

Participação da conferência	2023 Detalhes
As conferências totais compareceram	14
Novas conexões de investidores	87
Potenciais leads gerados	23

Relações de marketing on -line e investidores

As estratégias de marketing digital apóiam os esforços de envolvimento do investidor da Safehold.

• Seguidores do LinkedIn: 8.700
• Website Visitantes mensais: 45.000
• Orçamento anual de marketing digital: US $ 1,4 milhão

Redes de consultoria financeira

O Safehold colabora com redes de consultoria financeira para expandir o alcance do investimento.

Métricas de colaboração de rede	2023 Estatísticas
Redes de parceiros totais	36
Transações de referência	18
Valor de referência de rede	US $ 510 milhões

Safehold Inc. (seguro) - Modelo de negócios: segmentos de clientes

Promotores imobiliários comerciais

A partir do quarto trimestre de 2023, o portfólio de arrendamento terrestre da Safehold atingiu US $ 6,1 bilhões em 182 propriedades.

Métricas de segmento	Valor
Total de ativos de arrendamento terrestre	US $ 6,1 bilhões
Número de propriedades	182
Tamanho médio de arrendamento de terra	US $ 33,5 milhões

Investidores institucionais

A capitalização de mercado da Safehold em janeiro de 2024 era de aproximadamente US $ 2,8 bilhões.

• Propriedade institucional: 73,4%
• Total de investidores institucionais: 237
• Os principais acionistas institucionais incluem o Vanguard Group e o BlackRock

Funcionários de investimento imobiliário (REITs)

Safehold opera como um REIT imobiliário comercial Especializado em arrendamentos terrestres.

REIT Métricas de desempenho	Valor
Rendimento de dividendos	2.76%
Dividendo anual	US $ 1,40 por ação

Indivíduos de alta rede

Foco no investimento em ativos imobiliários comerciais premium.

• Limite mínimo de investimento: US $ 500.000
• Investimento médio de arrendamento terrestre: US $ 7,2 milhões
• Tipos de propriedades típicas: multifamiliar, escritório, hospitalidade

Empresas de private equity

A estratégia de arrendamento terrestre da Safehold atrai investidores de private equity focados no setor imobiliário.

Segmento de private equity	Valor
Total de investimentos em private equity	US $ 1,4 bilhão
Número de parcerias de private equity	42

Safehold Inc. (seguro) - Modelo de negócios: estrutura de custos

Custos de aquisição de arrendamento terrestre

A partir de 2024, os custos de aquisição de arrendamento terrestre da Safehold Inc. são estruturados da seguinte forma:

Categoria de custo	Quantia
Valor total do portfólio de arrendamento terrestre	US $ 5,4 bilhões
Custo médio de aquisição de arrendamento de terreno	US $ 30-40 milhões por propriedade
Investimento anual de aquisição de arrendamento terrestre	US $ 500-750 milhões

Despesas operacionais e administrativas

A quebra de despesas operacionais da Safehold:

• Total de despesas operacionais (2023): US $ 33,4 milhões
• Despesas gerais e administrativas: US $ 22,1 milhões
• Compensação dos funcionários: US $ 11,3 milhões

Marketing e desenvolvimento de negócios

Despesas de marketing e desenvolvimento de negócios:

Categoria de despesa	Orçamento anual
Despesas de marketing	US $ 2,5 milhões
Desenvolvimento de negócios	US $ 3,7 milhões

Investimentos de tecnologia e infraestrutura

Detalhes de investimento em tecnologia:

• Orçamento anual de infraestrutura de TI: US $ 4,2 milhões
• Investimentos de segurança cibernética: US $ 1,6 milhão
• Desenvolvimento da plataforma digital: US $ 2,8 milhões

Conformidade e despesas regulatórias

Estrutura de custos de conformidade regulatória:

Área de conformidade	Despesa anual
Conformidade legal	US $ 3,1 milhões
Relatórios regulatórios	US $ 1,9 milhão
Taxas de auditoria externas	US $ 1,5 milhão

Safehold Inc. (seguro) - Modelo de negócios: fluxos de receita

Receita de aluguel de arrendamento terrestre

A partir do quarto trimestre 2023, a Safehold relatou o portfólio total de arrendamento de terreno em US $ 5,1 bilhões com 272 propriedades. A renda anual de aluguel de arrendamento terrestre para 2023 foi de US $ 116,3 milhões.

Métrica	Valor
Portfólio de arrendamento de terreno total	US $ 5,1 bilhões
Número de propriedades	272
Renda anual de aluguel de arrendamento terrestre	US $ 116,3 milhões

Valorização do valor da propriedade

O modelo de arrendamento terrestre da Safehold gera valor por meio da valorização de propriedades de longo prazo. Em 2023, o total de ativos da empresa aumentou 19,1%, para US $ 6,1 bilhões.

Taxas de transação

As taxas de transação de novas origens de arrendamento de terreno em 2023 totalizaram US $ 23,7 milhões, representando um aumento de 15,2% em relação ao ano anterior.

Taxas de gerenciamento de ativos

• As taxas de gerenciamento de ativos para 2023 foram de US $ 14,5 milhões
• Taxa média da taxa: 0,25% do valor total do portfólio de arrendamento terrestre

Retornos estratégicos de investimento

Categoria de investimento	Valor total	Porcentagem de retorno
Investimentos imobiliários estratégicos	US $ 412 milhões	7.3%
Portfólio de investimentos em ações	US $ 287 milhões	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.