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Here are 1-3 brief analogies for Safehold (SAFE):

• Realty Income for land
• American Tower for land under buildings

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• Modern Ground Leases: Safehold offers modern and efficient ground leases to real estate owners for various property types, aiming to unlock value for them.

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Safehold (SAFE) primarily sells to other companies, specifically "real estate owners" who utilize modern ground leases.

Based on the provided background information, specific names of customer companies are not listed. However, the major categories of companies that serve as Safehold's customers, as "real estate owners," typically include:

• Real Estate Developers: Companies engaged in the development of various property types (commercial, residential, mixed-use) who may use ground leases to reduce upfront capital costs for land acquisition.
• Institutional Real Estate Investors: Entities such as Real Estate Investment Trusts (REITs), private equity funds, and pension funds that own substantial portfolios of properties and might use ground leases for capital optimization or specific investment strategies.
• Large Corporate Property Owners: Businesses that own and occupy their own real estate (e.g., headquarters, major operational facilities) and may seek to unlock capital from the underlying land through a ground lease transaction.

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• iStar Inc. (NYSE: STAR)

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Jay Sugarman, Chairman & Chief Executive Officer

Jay Sugarman has served as Chairman and Chief Executive Officer of Safehold Inc. since 2017, and has been the company's Chief Executive Officer since 1997. He was nominated to the Board based on his experience building two public companies from inception as founder and Chief Executive Officer. Prior to forming the company, he managed private investment funds for the Burden family and the Ziff family.

Michael Trachtenberg, President

Michael Trachtenberg was appointed President of Safehold Inc. in December 2025. He previously served as President of Lubert-Adler, a multibillion-dollar real estate fund manager, for nearly two decades, where he led investments, portfolio management, and structured joint ventures and recapitalizations. Before Lubert-Adler, Mr. Trachtenberg was an analyst at Merrill Lynch, gaining experience in real estate finance, capital markets, and structured transactions.

Brett Asnas, Chief Financial Officer

Brett Asnas was promoted to Chief Financial Officer of Safehold Inc. in February 2022, after serving as Executive Vice President and Head of Capital Markets since 2018. He joined iStar, Safehold's founder, in 2008. His prior experience includes roles in the real estate private equity business at Fortress Investment Group, the real estate investment banking division at Nomura Securities, and structured finance advisory at Ernst & Young LLP.

Tim Doherty, Chief Investment Officer

Tim Doherty was appointed Chief Investment Officer in January 2024. He previously served as Executive Vice President, Head of Investments, and is recognized as a long-time veteran of the business who has been instrumental in the transformation of Safehold.

Steve Wylder, EVP, Head of Investments

Steve Wylder was appointed Executive Vice President, Head of Investments, in January 2024. He previously held the role of Executive Vice President, Investments, and is considered a long-time veteran of the business who has played an instrumental role in Safehold's development.

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1. Interest Rate Sensitivity: As a company providing long-term real estate financing through ground leases, Safehold is susceptible to fluctuations in interest rates. Rising interest rates can increase the company's cost of capital, making it more expensive to acquire new ground leases. Additionally, higher interest rates could make alternative financing options more attractive to property owners, potentially reducing the demand for Safehold's ground leases and impacting its growth prospects.
2. Real Estate Market Downturn and Lessee Credit Risk: Safehold's business performance is inherently linked to the health of the commercial real estate market. A significant and prolonged downturn in real estate values could lead to reduced demand for new ground leases, potentially impacting the value of Safehold's existing portfolio. More critically, a challenging real estate environment could increase the likelihood of financial distress among lessees, leading to defaults on ground lease payments and impacting Safehold's revenue streams.
3. Competition and Market Adoption Risk: While iStar Inc. (NYSE: STAR) has positioned Safehold as a pioneer in "reinventing the ground lease sector," there is a risk that the "modern ground lease" model may not achieve the anticipated widespread adoption. Increased competition from other ground lease providers or alternative real estate financing structures could also emerge, potentially limiting Safehold's market share, growth opportunities, and pricing power.

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Here are 3-5 expected drivers of future revenue growth for Safehold (SAFE) over the next 2-3 years:

1. Expansion of the Ground Lease Portfolio through New Originations: Safehold's core business revolves around originating and adding new ground leases to its portfolio, which directly drives revenue growth from long-term contracts. The company aims to increase ground lease volume in 2026 compared to 2025. This strategy has led to a significant expansion of its portfolio, reaching 164 assets by the end of 2025.
2. Strategic Focus on Affordable Housing: Safehold is intentionally increasing its investment in the multifamily sector, particularly affordable housing. This strategic shift is expected to generate stable, long-term cash flows and a steady pipeline of new investments due to the persistent demand in this sector.
3. Enhanced Financial Flexibility and Lower Cost of Capital: The securing of a new $2.0 billion unsecured revolving credit facility and an upgrade in credit rating to A- with a stable outlook provide Safehold with substantial financial flexibility. This improved capital structure supports future deal activity and can drive down the cost of capital, making new ground lease originations more profitable.
4. Introduction of New Capital Solutions: Safehold has launched new programs, such as "one-stop capital solutions," which could broaden its appeal to real estate owners and attract more customers. Expanding its offerings beyond traditional ground leases is a strategy to increase its market penetration and revenue streams.
5. Increased Recognition and Potential Monetization of Unrealized Capital Appreciation (UCA) via Caret: While not a direct revenue source from ground leases, Safehold aims to improve the market's recognition of the value embedded in Caret, its proprietary structure designed to capture future land value appreciation. This focus on unlocking the "unrealized capital appreciation" of its assets, which was an estimated $9.3 billion in Q4 2025, is a stated management priority that could lead to future revenue-generating events or positively impact overall financial health.

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Share Repurchases

• In 2024, Safehold authorized a $50 million share repurchase program.
• As of Q4 2025, management indicated plans to utilize the authorized share repurchase program when market conditions are favorable and trading windows are open.
• The company reported no spending on share buybacks in Q2 2022.

Share Issuance

• Safehold issued senior notes totaling $700 million in 2024 to bolster its capital structure.
• An SEC filing from August 2023 referenced an offering of 6,500,000 shares of common stock.
• As of February 10, 2023, there were 62,397,416 shares of common stock outstanding.

Inbound Investments

• In 2025, Safehold closed a $400 million 5-year unsecured term loan.
• As of Q3 2025, Safehold maintained a strong balance sheet with approximately $4.8 billion in total debt, featuring a weighted average maturity of 19 years.
• On March 31, 2023, iStar Inc. merged with Safehold Inc., with iStar continuing as the surviving entity and adopting the Safehold Inc. name, representing a significant corporate restructuring.

Outbound Investments

• New originations in 2025 totaled $429 million, encompassing 17 new ground leases for $277 million and four leasehold loans for $152 million, increasing the aggregate ground lease portfolio to $7.1 billion.
• During Q4 2025, the company completed 10 transactions, including 9 ground leases and 1 leasehold loan, with an aggregate commitment of $167 million.
• Safehold’s strategy focuses on investing in long-term ground leases, typically targeting values at 30% to 40% of the combined property value (land, building, and improvements).

Capital Expenditures

• Safehold's business model, which involves acquiring land for ground leases, means that traditional capital expenditures on property, plant, and equipment are not a primary focus.
• The company's cash flows are generally free of maintenance capital expenditure obligations, as these responsibilities typically rest with the leasehold owner.