ADDED
As of February 10, 2026, there were 71,756,731 shares of common stock outstanding.
Ground Leases typically provide that at the end of the lease term or upon tenant default and the termination of the Ground Lease upon such default, the land, building and all improvements revert to the landlord.
As of December 31, 2025, our portfolio is comprised of Ground Leases that provide for contractual periodic rent escalations and in some cases percentage rent participations in gross revenues generated at the relevant properties.
We believe that, similar to a loan to value metric, tracking changes in the value of our owned residual portfolio is useful as an indicator of the quality of our cash flows and the safety of our position in a tenant s capital structure, which, in turn, supports our objective to pay and grow dividends over time.
The table below shows the current estimated UCA in our owned residual portfolio as of December 31, 2025 and 2024 ($ in millions): (1) December 31, 2025 December 31, 2024 Combined Property Value (2) $ 15,947 $ 15,523 Ground Lease Cost (2) 6,675 6,395 Unrealized Capital Appreciation in Our Owned Residual Portfolio 9,272 9,128 (1) Please review our Current Report on Form 8-K filed on February 11, 2026 for a discussion of the valuation methodology used and important limitations and qualifications of the calculation of UCA.
(2) Combined Property Value as of December 31, 2025 and 2024 includes our applicable percentage interests in our unconsolidated Ground Lease ventures and $616.2 million and $319.8 million related to transactions with remaining unfunded commitments as of December 31, 2025 and 2024, respectively.
Ground Lease Cost as of December 31, 2025 and 2024 includes our applicable percentage interests in our unconsolidated Ground Lease ventures and $142.3 million and $46.2 million of unfunded commitments as of December 31, 2025 and 2024, respectively.
Ground Lease Cost excludes the term loan to Star Holdings, our leasehold loans, the assets in the Leasehold Loan Fund, the assets in the Ground Lease Plus Fund and amounts attributable to noncontrolling interests.
As of December 31, 2025, our gross book value as a percentage of combined property value was 52%.
In 2018, Old SAFE (refer to Merger Transaction below) established the Caret program (as defined below).
REMOVED
As of February 5, 2025, there were 71,449,014 shares of common stock outstanding.
Merger Transaction and Spin-Off On August 10, 2022, Safehold Inc.
For accounting purposes, the Merger is treated as a reverse acquisition in which iStar is considered the legal acquirer and Old SAFE is considered the accounting acquirer.
As a result, the historical financial statements of Old SAFE became the historical financial statements of Safehold Inc.
Unless the context otherwise requires, references to iStar refer to iStar prior to the Merger, and references to we, our and the Company refer to the business and operations of Old SAFE and its consolidated subsidiaries prior to the Merger and to Safehold Inc.
(formerly known as iStar Inc.) and its consolidated subsidiaries following the consummation of the Merger.
Periods presented prior to the Merger date of March 31, 2023 reflect the operations of Old SAFE and periods presented subsequent to March 31, 2023 represent the financial statements of the Company.
Additionally, in connection with the Merger, Safehold Operating Partnership LP converted from a Delaware limited partnership into a Delaware limited liability company and changed its name to Safehold GL Holdings LLC ( Portfolio Holdings ), with the Company as its managing member.
The Company conducts all of its business and owns all of its properties through Portfolio Holdings.
In addition, holders of Caret units in Old SAFE s subsidiary, Caret Ventures LLC ( Caret Ventures ), contributed their interests in Caret Ventures to Portfolio Holdings in return for Caret units issued by Portfolio Holdings.