Safehold Inc.

Previous wording

In 2022, the Consumer Price Index (“CPI”) rose to its highest rate in over 40 years. Many of our Ground Leases have CPI lookbacks, generally starting between years 11 and 21 of the lease term, to mitigate the effects of inflation that are typically capped between 3.0% - 3.5%; however, in the event cumulative inflation growth for the lookback period exceeds the cap, these rent adjustments may not keep up fully with changes in inflation. To combat the increase in inflation over the past few years, the Federal Reserve raised interest rates and has kept interest rates generally high. This increase in interest rates has produced progress on inflation and in September 2024, the Federal Reserve reduced the federal funds rate by 50 basis points, which marked the first interest rate cut in four years. The Federal Reserve further reduced the federal funds rate by 25 basis points in each of November 2024 and December 2024. The Federal Reserve has indicated that the economic outlook, including any potential impact on the economy from changes to U.S. trade policy, is uncertain and it will continue to monitor incoming data on unemployment and inflation before adjusting monetary policy; however, high interest rates have, and any future increase in interest rates may continue to result in a reduction in the availability or an increase in costs of leasehold financing for Ground Lease tenants, which is critical to the growth of a robust Ground Lease market. The rise in interest rates and increased investment spreads to treasury bonds in the Ground Lease market may also attract new competitors, which may result in higher costs for properties, lower returns and impact our ability to grow.

Current wording

In 2022, the Consumer Price Index (“CPI”) rose to its highest rate in over 40 years. Many of our Ground Leases have CPI lookbacks, generally starting between years 11 and 21 of the lease term, to mitigate the effects of inflation that are typically capped between 3.0% - 3.5%; however, in the event cumulative inflation growth for the lookback period exceeds the cap, these rent adjustments may not keep up fully with changes in inflation. To combat the increase in inflation over the past few years, the Federal Reserve raised interest rates and has kept interest rates generally high. This increase in interest rates produced progress on inflation and in September 2024, the Federal Reserve reduced the federal funds rate by 50 basis points, which marked the first interest rate cut in four years. The Federal Reserve further reduced the federal funds rate by 25 basis points in each of November 2024, December 2024 and September 2025. The Federal Reserve has indicated that the economic outlook, which could include any potential impact on the economy from changes to U.S. trade policy or the U.S. government shutdown, is uncertain and it will continue to monitor incoming data on unemployment and inflation before adjusting monetary policy; however, high interest rates have, and any future increase in interest rates may continue to result in a reduction in the availability or an increase in costs of leasehold financing for Ground Lease tenants, which is critical to the growth of a robust Ground Lease market. The rise in interest rates and increased investment spreads to treasury bonds in the Ground Lease market may also attract new competitors, which may result in higher costs for properties, lower returns and impact our ability to grow.

Previous wording

We have a Caret Performance Incentive Plan (the “Caret Performance Incentive Plan”) pursuant to which Caret units are reserved for grants of performance-based awards to participants including certain employees of the Company, directors and service providers. As of June 30, 2025, all outstanding Caret units awarded under the Caret Performance Incentive Plan are fully vested except for grants awarded in connection with the merger between Safehold Inc. and iStar Inc. on March 31, 2023 to executive officers and other employees, which are subject to cliff vesting on March 31, 2027 if our common stock has traded at an average price of $60.00 or more for at least 30 consecutive trading days since the grant date, and certain awards granted to a former employee that vest in December 2025, subject to certain conditions. As of June 30, 2025, vested and unvested Caret units beneficially owned by our officers and other employees represent approximately 14.4% of the outstanding Caret units and 11.4% of the authorized Caret units, including 6.1% held directly and indirectly by Jay Sugarman, our Chairman and Chief Executive Officer, and approximately 128,871 Caret units remain available for issuance under the Caret Performance Incentive Plan.

Current wording

We have a Caret Performance Incentive Plan (the “Caret Performance Incentive Plan”) pursuant to which Caret units are reserved for grants of performance-based awards to participants including certain employees of the Company, directors and service providers. As of September 30, 2025, all outstanding Caret units awarded under the Caret Performance Incentive Plan are fully vested except for grants awarded in connection with the merger between Safehold Inc. and iStar Inc. on March 31, 2023 to executive officers and other employees, which are subject to cliff vesting on March 31, 2027 if our common stock has traded at an average price of $60.00 or more for at least 30 consecutive trading days since the grant date, and certain awards granted to a former employee that vest in December 2025, subject to certain conditions. As of September 30, 2025, vested and unvested Caret units beneficially owned by our officers and other employees represent approximately 14.4% of the outstanding Caret units and 11.4% of the authorized Caret units, including 6.1% held directly and indirectly by Jay Sugarman, our Chairman and Chief Executive Officer, and approximately 128,971 Caret units remain available for issuance under the Caret Performance Incentive Plan.

Previous wording

Our portfolio of properties is diversified by property type and region. Our portfolio is comprised of Ground Leases, leasehold loans and one master lease (relating to five hotel assets that we refer to as our “Park Hotels Portfolio”) that has many of the characteristics of a Ground Lease. The tenant under our Park Hotels Portfolio elected to extend the leases underlying three of the five hotels past the initial lease maturity of December 2025 (see the "Risk Factors -We may be unable to renew expiring Ground Leases, re-lease the land or sell the properties on favorable terms or at all, -

Current wording

Our portfolio of properties is diversified by property type and region. Our portfolio is comprised of Ground Leases, leasehold loans and one master lease (relating to five hotel assets that we refer to as our “Park Hotels Portfolio”) that has many of the characteristics of a Ground Lease. The tenant under our Park Hotels Portfolio elected to extend the leases underlying three of the five hotels past the initial maturity of December 2025 (see the "Risk Factors -We may be unable to renew expiring Ground Leases, re-lease the land or sell the properties on favorable terms or at all, -Percentage rent

Previous wording

Percentage rent payable under our master lease relating to the Park Hotels Portfolio is calculated on an aggregate portfolio-wide basis*, -*We are the tenant of a Ground Lease underlying a majority of our Doubletree Seattle Airport property" in our 2024 Annual Report for a discussion of our Park Hotels Portfolio). As of June 30, 2025, our estimated portfolio Ground Rent Coverage was 3.5x (see the "Risk Factors -*Our estimated UCA, Combined Property Value and Ground Rent Coverage,*may not reflect current market values, including the decline in office values, and may decline materially in future periods, -We rely on Property NOI as reported to us by our tenants, -Our estimates of Ground Rent Coverage for properties in development or transition, or for which we do not receive current tenant financial information, may prove to be incorrect" in our 2024 Annual Report for a discussion of our estimated Ground Rent Coverage).

Current wording

payable under our master lease relating to the Park Hotels Portfolio is calculated on an aggregate portfolio-wide basis*, -*We are the tenant of a Ground Lease underlying a majority of our Doubletree Seattle Airport property" in our 2024 Annual Report for a discussion of our Park Hotels Portfolio). On October 22, 2025, we sent the tenant under the Park Hotels master lease a termination notice for all five hotels and commenced litigation against our tenant and Park Intermediate Holdings LLC, guarantor under the master lease, for certain breaches, among other things, related to the maintenance and operations of the hotels. There are no assurances that we will be able to terminate the master lease or prevail in our litigation. As of September 30, 2025, our estimated portfolio Ground Rent Coverage was 3.4x (see the "Risk Factors -*Our estimated UCA, Combined Property Value and Ground Rent Coverage,*may not reflect current market values, including the decline in office values, and may decline materially in future periods, -We rely on Property NOI as reported to us by our tenants, -Our estimates of Ground Rent Coverage for properties in development or transition, or for which we do not receive current tenant financial information, may prove to be incorrect" in our 2024 Annual Report for a discussion of our estimated Ground Rent Coverage).

Previous wording

We have unfunded commitments to certain of our Ground Lease tenants related to leasehold improvement allowances that we expect to fund upon the completion of certain conditions. As of June 30, 2025, we had $90.5 million of such commitments, excluding commitments to be funded by noncontrolling interests.

Current wording

We have unfunded commitments to certain of our Ground Lease tenants related to leasehold improvement allowances that we expect to fund upon the completion of certain conditions. As of September 30, 2025, we had $84.5 million of such commitments, excluding commitments to be funded by noncontrolling interests.

Previous wording

We also have an unfunded forward commitment of $35.0 million related to an agreement that we entered into for the addition to an existing Ground Lease if certain conditions are met (refer to Note 15 to the consolidated financial statements). There can be no assurance that the conditions for closing this transaction will be satisfied and that we will fund the addition to the Ground Lease.

Current wording

We also have an unfunded forward commitment of $35.0 million related to an agreement that we entered into for the addition to an existing Ground Lease if certain conditions are met (refer to Note 15 to the consolidated financial

Previous wording

We also fund construction and development loans and build-outs of space in real estate assets over a period of time, both individually andthrough the Leasehold Loan Fund, if and when the borrowers and tenants meet established milestones and other performance criteria. We refer to these arrangements as performance-based commitments. As of June 30, 2025, we had $195.9 million of such commitments.

Current wording

We also fund construction and development loans and build-outs of space in real estate assets over a period of time, both individually andthrough the Leasehold Loan Fund, if and when the borrowers and tenants meet established milestones and other performance criteria. We refer to these arrangements as performance-based commitments. As of September 30, 2025, we had $106.3 million of such commitments.

Previous wording

We also entered into a discretionary commitment to fund up to $9.0 million of preferred equity in an entity that owned the leasehold interest under one of our office Ground Leases located in Washington, DC and through March 31, 2025, we funded $1.5 million of the commitment amount. At inception in April 2024, we incurred $0.4 million of costs creating the entity formed to own the leasehold interest, which resulted in a total investment balance of $1.9 million and was included in “Deferred expenses and other assets” on our consolidated balance sheet as of December 31, 2024. In May 2025, the leasehold interest was acquired by a new sponsor and we determined our investment was not recoverable, which resulted in a $1.9 million write-off of our preferred equity investment as of March 31, 2025. The write-off is included in “Other expense” in our consolidated statement of operations. We recognized $3.4 million of interest income from sales-type leases from the Ground Lease in our consolidated statements of operations for the six months ended June 30, 2025.

Current wording

We also entered into a discretionary commitment to fund up to $9.0 million of preferred equity in an entity that owned the leasehold interest under one of our office Ground Leases located in Washington, DC and through March 31, 2025, we funded $1.5 million of the commitment amount. At inception in April 2024, we incurred $0.4 million of costs creating the entity formed to own the leasehold interest, which resulted in a total investment balance of $1.9 million and was included in “Deferred expenses and other assets” on our consolidated balance sheet as of December 31, 2024. In May 2025, the leasehold interest was acquired by a new sponsor and we determined our investment was not recoverable, which resulted in a $1.9 million write-off of our preferred equity investment as of March 31, 2025. The write-off is included in “Other expense” in our consolidated statement of operations. We recognized $5.2 million of interest income from sales-type leases from the Ground Lease in our consolidated statements of operations for the nine months ended September 30, 2025.

Previous wording

Interest income from sales-type leases increased to $70.6 million for the three months ended June 30, 2025 from $65.2 million for the same period in 2024. The increase was due primarily to originations of Ground Leases and additional fundings on existing Ground Leases classified as sales-type leases and Ground Lease receivables.

Current wording

Interest income from sales-type leases increased to $72.4 million for the three months ended September 30, 2025 from $67.1 million for the same period in 2024. The increase was due primarily to originations of Ground Leases and additional fundings on existing Ground Leases classified as sales-type leases and Ground Lease receivables.

Previous wording

Operating lease income was $16.7 million for both the three months ended June 30, 2025 and 2024. Operating lease income consists of rent from our operating leases and percentage rent from certain properties, including our Park Hotels Portfolio.

Current wording

Operating lease income was $17.0 million and $16.7 million, respectively, for the three months ended September 30, 2025 and 2024. Operating lease income consists of rent from our operating leases and percentage rent from certain properties, including our Park Hotels Portfolio.

Previous wording

Interest income relates to the Star Holdings Term Loan Facility (refer to Note 7 to the consolidated financial statements) and three leasehold loans we originated during the six months ended June 30, 2025 in connection with Ground Leases. The increase in 2025 was due primarily to the origination of leasehold loans.

Current wording

Interest income relates to the Star Holdings Term Loan Facility (refer to Note 7 to the consolidated financial statements) and leasehold loans we originated during 2025 in connection with Ground Leases. The increase in 2025 was due primarily to the origination of leasehold loans.

Previous wording

Other income for the three months ended June 30, 2025 and 2024 includes $2.7 million and $4.4 million, respectively, of management fees from Star Holdings. Other income for both the three months ended June 30, 2025 and 2024 also includes $0.1 million of other income relating to a Ground Lease in which we are the lessee but our tenant at the property pays this expense directly under the terms of a master lease. Other income for the three months ended June 30, 2025 and 2024 also includes $1.0 million and 1.1 million, respectively, of other ancillary income from our investments. Other ancillary income primarily includes sublease income, recoverable expenses and interest income earned on our cash balances.

Current wording

Other income for the three months ended September 30, 2025 and 2024 includes $2.7 million and $3.7 million, respectively, of management fees from Star Holdings. Other income for both the three months ended September 30, 2025 and 2024 also includes $0.1 million of other income relating to a Ground Lease in which we are the lessee but our tenant at the property pays this expense directly under the terms of a master lease. Other income for the three months ended September 30, 2025 and 2024 also includes $0.9 million and 0.8 million, respectively, of other ancillary income from our investments. Other ancillary income primarily includes sublease income, recoverable expenses and interest income earned on our cash balances.

Previous wording

During the three months ended June 30, 2025 and 2024, we incurred interest expense from our debt obligations of $51.3 million and $49.1 million, respectively. The increase in 2025 was primarily the result of increased indebtedness to fund acquisition activity.

Current wording

During the three months ended September 30, 2025 and 2024, we incurred interest expense from our debt obligations of $52.5 million and $50.0 million, respectively. The increase in 2025 was primarily the result of increased indebtedness to fund acquisition activity.

Previous wording

During the three months ended June 30, 2025 and 2024, we incurred real estate expense of $0.9 million and $1.0 million, respectively, which consisted primarily of the amortization of an operating lease right-of-use asset, legal fees, property taxes and insurance expense. In addition, during both the three months ended June 30, 2025 and 2024, we also recorded $0.1 million of real estate expense relating to a Ground Lease in which we are the lessee but our tenant at the property pays this expense directly under the terms of a master lease.

Current wording

During the three months ended September 30, 2025 and 2024, we incurred real estate expense of $1.4 million and $1.0 million, respectively, which consisted primarily of the amortization of an operating lease right-of-use asset, legal fees, property taxes and insurance expense. In addition, during both the three months ended September 30, 2025 and 2024, we also recorded $0.1 million of real estate expense relating to a Ground Lease in which we are the lessee but our tenant at the property pays this expense directly under the terms of a master lease. The increase in 2025 was due primarily to legal and consulting fees.

Previous wording

During the three months ended June 30, 2025, we recorded a provision for credit losses of $2.4 million. The provision for credit losses was due primarily to the origination of three leasehold loans (refer to Note 6 to the consolidated financial statements) during the three months ended June 30, 2025 and current market conditions, including an increase in our Ground Lease cost to value ratios on certain of our assets, and growth in the carrying value of the Ground Lease portfolio during the period. During the three months ended June 30, 2024, we recorded a provision for credit losses of $0.6 million. The provision was primarily the result of current market conditions, including an increase in our Ground Lease cost to value ratios on our Ground Lease portfolio.

Current wording

During the three months ended September 30, 2025, we recorded a provision for credit losses of $1.0 million. The provision for credit losses was due primarily to current market conditions, including an increase in our Ground Lease cost to value ratios on certain of our assets, and growth in the carrying value of the Ground Lease portfolio during the period. During the three months ended September 30, 2024, we recorded a provision for credit losses of $7.1 million. The provision for credit losses for the three months ended September 30, 2024 was due primarily to enhancements to our general provision for credit loss methodology, current market conditions and growth in the portfolio during the period.

Previous wording

During the three months ended June 30, 2025, other expense consists primarily of legal fees. During the three months ended June 30, 2024, other expense consists primarily of costs related to our debt obligations.

Current wording

During the three months ended September 30, 2025, other expense consists primarily of fees incurred related to our debt obligations, legal fees and costs incurred with real estate available and held for sale. During the three months ended September 30, 2024, other expense consists primarily of costs related to our debt obligations.

Previous wording

During the six months ended June 30, 2025, earnings from equity method investments (refer to Note 8 to the consolidated financial statements) decreased to $9.9 million from $13.4 million for the same period in 2024. The decrease

Current wording

During both the three months ended September 30, 2025 and 2024, earnings from equity method investments (refer to Note 8 to the consolidated financial statements) was $4.7 million.

Previous wording

During the three months ended June 30, 2025, we recorded consolidated income tax expense of $0.9 million, which was primarily attributable to a deferred tax expense at our taxable REIT subsidiary (“TRS”) and relates to equity-based compensation expense and utilization of net operating loss carryovers to which our TRS is a successor. Included in our consolidated income tax expense for the three months ended June 30, 2025, our TRS recorded current and deferred income tax expense in the amounts of $0.2 million and $0.7 million, respectively. During the three months ended June 30, 2024, we recorded consolidated income tax expense of $0.9 million, which was attributable to our TRS. Included in our consolidated income tax expense for the three months ended June 30, 2024, our TRS recorded current and deferred tax expense in the amounts of $0.7 million and $0.2 million, respectively. The deferred tax expense relates primarily to equity-based compensation expense and utilization of net operating loss carryovers to which our TRS is a successor.

Current wording

During the three months ended September 30, 2025, we recorded consolidated income tax expense of $0.2 million, which was primarily attributable to current and deferred tax expense at our taxable REIT subsidiary (“TRS”). Included in our consolidated income tax expense for the three months ended September 30, 2025, our TRS recorded current income tax in the amount of $0.4 million and a deferred income tax benefit in the amount of $0.2 million. During the three months ended September 30, 2024, we recorded consolidated income tax expense of $0.7 million, which was attributable to our TRS. Included in our consolidated income tax expense, our TRS recorded current tax expense of $0.8 million and a deferred benefit of $0.1 million. The deferred tax expense relates primarily to equity-based compensation expense and utilization of net operating loss carryovers to which our TRS is a successor.

Previous wording

Results of Operations for the Six Months Ended June 30, 2025 compared to the Six Months Ended June 30, 2024

Current wording

Results of Operations for the Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024

Previous wording

Interest income from sales-type leases increased to $140.3 million for the six months ended June 30, 2025 from $128.5 million for the same period in 2024. The increase was due primarily to originations of Ground Leases and additional fundings on existing Ground Leases classified as sales-type leases and Ground Lease receivables.

Current wording

Interest income from sales-type leases increased to $212.7 million for the nine months ended September 30, 2025 from $195.6 million for the same period in 2024. The increase was due primarily to originations of Ground Leases and additional fundings on existing Ground Leases classified as sales-type leases and Ground Lease receivables.

Previous wording

Operating lease income increased to $38.1 million for the six months ended June 30, 2025 from $37.7 million for the same period in 2024. Operating lease income consists of rent from our operating leases and percentage rent from certain properties, including our Park Hotels Portfolio. The increase was primarily the result of a $0.3 million increase in percentage rent at our Park Hotels Portfolio.

Current wording

Operating lease income increased to $55.1 million for the nine months ended September 30, 2025 from $54.3 million for the same period in 2024. Operating lease income consists of rent from our operating leases and percentage rent from certain properties, including our Park Hotels Portfolio. The increase was primarily the result of a $0.3 million increase in percentage rent at our Park Hotels Portfolio.

Previous wording

Interest income relates to the Star Holdings Term Loan Facility (refer to Note 7 to the consolidated financial statements) and three leasehold loans we originated during the three months ended June 30, 2025 in connection with Ground Leases. The increase in 2025 was due primarily to the origination of leasehold loans.

Current wording

Interest income relates to the Star Holdings Term Loan Facility (refer to Note 7 to the consolidated financial statements) and leasehold loans we originated during the nine months ended September 30, 2025 in connection with Ground Leases. The increase in 2025 was due primarily to the origination of leasehold loans.

Previous wording

Other income for the six months ended June 30, 2025 and 2024 includes $6.3 million and $9.9 million, respectively, of management fees from Star Holdings. Other income for both the six months ended June 30, 2025 and 2024 also includes $0.3 million of other income relating to a Ground Lease in which we are the lessee but our tenant at the property pays this expense directly under the terms of a master lease. Other income for the six months ended June 30, 2025 and 2024 also includes $1.5 million and 2.0 million, respectively, of other ancillary income from our investments. Other ancillary income primarily includes sublease income, recoverable expenses and interest income earned on our cash balances.

Current wording

Other income for the nine months ended September 30, 2025 and 2024 includes $9.0 million and $13.6 million, respectively, of management fees from Star Holdings. Other income for both the nine months ended September 30, 2025 and 2024 also includes $0.4 million of other income relating to a Ground Lease in which we are the lessee but our tenant at the property pays this expense directly under the terms of a master lease. Other income for the nine months ended

Previous wording

During the six months ended June 30, 2025 and 2024, we incurred interest expense from our debt obligations of $101.7 million and $97.7 million, respectively. The increase in 2025 was primarily the result of increased indebtedness to fund acquisition activity.

Current wording

During the nine months ended September 30, 2025 and 2024, we incurred interest expense from our debt obligations of $154.2 million and $147.7 million, respectively. The increase in 2025 was primarily the result of increased indebtedness to fund acquisition activity.

Previous wording

During the six months ended June 30, 2025 and 2024, we incurred real estate expense of $2.0 million and $2.1 million, respectively, which consisted primarily of the amortization of an operating lease right-of-use asset, legal fees, property taxes and insurance expense. In addition, during both the six months ended June 30, 2025 and 2024, we also recorded $0.3 million of real estate expense relating to a Ground Lease in which we are the lessee but our tenant at the property pays this expense directly under the terms of a master lease.

Current wording

During the nine months ended September 30, 2025 and 2024, we incurred real estate expense of $3.4 million and $3.2 million, respectively, which consisted primarily of the amortization of an operating lease right-of-use asset, legal fees, property taxes and insurance expense. In addition, during both the nine months ended September 30, 2025 and 2024, we also recorded $0.4 million of real estate expense relating to a Ground Lease in which we are the lessee but our tenant at the property pays this expense directly under the terms of a master lease. The increase in 2025 was due primarily to legal and consulting fees.

Previous wording

Depreciation and amortization during the six months ended June 30, 2025 and 2024 was $4.3 million and $5.0 million, respectively. Depreciation and amortization primarily relates to our ownership of the Park Hotels Portfolio and a multi-family property, the amortization of in-place lease assets and depreciation of corporate fixed assets. The decrease in 2025 was primarily the result of the tenant under our Park Hotels Portfolio electing to extend the leases underlying three of the five hotels under the lease past the initial lease maturity of December 2025.

Current wording

Depreciation and amortization during the nine months ended September 30, 2025 and 2024 was $6.4 million and $7.5 million, respectively. Depreciation and amortization primarily relates to our ownership of the Park Hotels Portfolio and a multi-family property, the amortization of in-place lease assets and depreciation of corporate fixed assets. The decrease in 2025 was primarily the result of the tenant under our Park Hotels Portfolio electing to extend the leases underlying three of the five hotels under the lease past the initial lease maturity of December 2025.

Previous wording

General and administrative expenses primarily includes public company costs such as compensation (including equity-based compensation), occupancy and other costs. The following table presents our general and administrative expenses for the six months ended June 30, 2025 and 2024 ($ in thousands):

Current wording

General and administrative expenses primarily includes public company costs such as compensation (including equity-based compensation), occupancy and other costs. The following table presents our general and administrative expenses for the nine months ended September 30, 2025 and 2024 ($ in thousands):

Previous wording

During the six months ended June 30, 2025, we recorded a provision for credit losses of $4.6 million. The provision for credit losses was due primarily to the origination of three leasehold loans (refer to Note 6 to the consolidated financial statements) during the six months ended June 30, 2025 and current market conditions, including an increase in our Ground Lease cost to value ratios on certain of our assets, and growth in the carrying value of the Ground Lease portfolio during the period. During the six months ended June 30, 2024, we recorded a provision for credit losses of $1.3 million. The provision in 2024 was primarily the result of current market conditions, including an increase in our Ground Lease to cost value ratios on our Ground Lease portfolio.

Current wording

During the nine months ended September 30, 2025, we recorded a provision for credit losses of $5.7 million. The provision for credit losses was due primarily to the origination of leasehold loans (refer to Note 6 to the consolidated financial statements) during the nine months ended September 30, 2025 and current market conditions, including an increase in our Ground Lease cost to value ratios on certain of our assets, and growth in the carrying value of the Ground Lease portfolio during the period. During the nine months ended September 30, 2024, we recorded a provision for credit losses of $8.4 million. The provision for credit losses for the nine months ended September 30, 2024 was due primarily to enhancements to our general provision for credit loss methodology, current market conditions and growth in the portfolio during the period.

Previous wording

During the six months ended June 30, 2025, other expense consists primarily of a full write-off of a $1.9 million preferred equity investment in an entity that owned the leasehold interest under one of our Ground Leases (refer to Note 15 to the consolidated financial statements). During the six months ended June 30, 2024, other expense consists primarily of costs related to our debt obligations.

Current wording

During the nine months ended September 30, 2025, other expense consists primarily of a full write-off of a $1.9 million preferred equity investment in an entity that owned the leasehold interest under one of our Ground Leases (refer to Note 15 to the consolidated financial statements) and costs related to our debt obligations. During the nine months ended September 30, 2024, other expense consists primarily of costs related to our debt obligations.

Previous wording

During the three months ended June 30, 2025, earnings from equity method investments (refer to Note 8 to the consolidated financial statements) decreased to $4.9 million from $6.5 million for the same period in 2024. The decrease in 2025 was due primarily to a loan repayment at the Leasehold Loan Fund in March 2025.

Current wording

During the nine months ended September 30, 2025, earnings from equity method investments (refer to Note 8 to the consolidated financial statements) decreased to $14.6 million from $18.1 million for the same period in 2024. The decrease in 2025 was due primarily to loan repayments at the Leasehold Loan Fund and us buying one asset from the Ground Lease Plus Fund in January 2024.

Previous wording

During the six months ended June 30, 2025, we recorded consolidated income tax expense of $1.7 million, which was primarily attributable to a deferred tax expense at our TRS and relates to equity-based compensation expense and utilization of net operating loss carryovers to which our TRS is a successor. Included in our consolidated income tax expense for the six months ended June 30, 2025, our TRS recorded current and deferred tax expense in the amounts of $0.2 million and $1.5 million, respectively. During the six months ended June 30, 2024, we recorded consolidated income tax expense of $1.4 million, of which $1.3 million was attributable to our TRS. Included in our consolidated income tax expense for the six months ended June 30, 2024, our TRS recorded a deferred tax expense in the amount of $1.0 million. The net deferred tax expense relates primarily to equity-based compensation expense and utilization of net operating loss carryovers to which our TRS is a successor.

Current wording

During the nine months ended September 30, 2025, we recorded consolidated income tax expense of $2.0 million, which was primarily attributable to current and deferred tax expense at our TRS. Included in our consolidated income tax expense for the nine months ended September 30, 2025, our TRS recorded current and deferred tax expense in the amounts of $0.6 million and $1.4 million, respectively. During the nine months ended September 30, 2024, we recorded consolidated income tax expense of $2.0 million, which was attributable to our TRS. Included in our consolidated income tax expense for the nine months ended September 30, 2024, our TRS recorded deferred tax expense in the amount of $0.9 million. The net deferred tax expense relates primarily to equity-based compensation expense and utilization net operating loss carryovers to which our TRS is a successor.

Previous wording

In April 2024, we closed on a new $2.0 billion unsecured revolving credit facility (the “2024 Unsecured Revolver”), which replaced our 2021 Unsecured Revolver and 2023 Unsecured Revolver (refer to Note 10 to the consolidated financial statements), each of which were terminated. At the time of termination, $916 million was drawn on the 2021 Unsecured Revolver, all of which rolled over into the 2024 Unsecured Revolver. The 2024 Unsecured Revolver has a borrowing rate of Adjusted SOFR, as defined in the applicable agreement, plus 0.85%, subject to our credit ratings,

Current wording

In April 2024, we closed on a new $2.0 billion unsecured revolving credit facility (the “2024 Unsecured Revolver”), which replaced our 2021 Unsecured Revolver and 2023 Unsecured Revolver (refer to Note 10 to the consolidated financial statements), each of which were terminated. At the time of termination, $916 million was drawn on the 2021 Unsecured Revolver, all of which rolled over into the 2024 Unsecured Revolver. The 2024 Unsecured Revolver has an extended maturity date of May 1, 2029, which includes two six-month extension options. On September 12, 2025, the Company entered into an amendment to the 2024 Unsecured Revolver that modified the applicable interest rate thereunder by removing the credit spread adjustment to SOFR. As a result of that amendment, the 2024 Unsecured Revolver has a borrowing rate of SOFR plus 0.85%, subject to our credit ratings. The 2024 Unsecured Revolver replaced our nearest term maturities, reduces the overall facility cost and increased our liquidity by $150 million. Additionally, we

Previous wording

with an extended maturity date of May 1, 2029, which includes two six-month extension options. The 2024 Unsecured Revolver replaced our nearest term maturities, reduces the overall facility cost and increased our liquidity by $150 million. Additionally, we gained greater financial flexibility through changes to certain financial covenants. As of June 30, 2025, there was $1.2 billion of undrawn capacity on the 2024 Unsecured Revolver.

Current wording

gained greater financial flexibility through changes to certain financial covenants. As of September 30, 2025, there was $1.1 billion of undrawn capacity on the 2024 Unsecured Revolver.

Previous wording

As of June 30, 2025, we had $13.9 million of unrestricted cash. We also have an aggregate $1.2 billion of undrawn capacity on our 2024 Unsecured Revolver (refer to Note 10 to the consolidated financial statements). We refer to this unrestricted cash and additional borrowing capacity on our 2024 Unsecured Revolver as our “equity” liquidity which can be used for general corporate purposes or leveraged to acquire or originate new Ground Lease assets. Our primary sources of cash to date have been proceeds from equity offerings and private placements, proceeds from our initial capitalization by iStar and two institutional investors and borrowings from our debt facilities, unsecured notes, Commercial Paper Program and mortgages. Our primary uses of cash to date have been the acquisition/origination of Ground Leases, repayments on our debt facilities and distributions to our shareholders.

Current wording

As of September 30, 2025, we had $12.1 million of unrestricted cash. We also have an aggregate $1.1 billion of undrawn capacity on our 2024 Unsecured Revolver (refer to Note 10 to the consolidated financial statements). We refer to this unrestricted cash and additional borrowing capacity on our 2024 Unsecured Revolver as our “equity” liquidity which can be used for general corporate purposes or leveraged to acquire or originate new Ground Lease assets. Our primary sources of cash to date have been proceeds from equity offerings and private placements, proceeds from our initial capitalization by iStar and two institutional investors and borrowings from our debt facilities, unsecured notes, Commercial Paper Program and mortgages. Our primary uses of cash to date have been the acquisition/origination of Ground Leases, repayments on our debt facilities and distributions to our shareholders.

Previous wording

The following table outlines our cash flows provided by (used in) operating activities, cash flows used in investing activities and cash flows provided by financing activities for the six months ended June 30, 2025 and 2024 ($ in thousands):

Current wording

The following table outlines our cash flows provided by (used in) operating activities, cash flows used in investing activities and cash flows provided by financing activities for the nine months ended September 30, 2025 and 2024 ($ in thousands):

Previous wording

The increase in cash flows provided by operating activities during 2025 was due primarily to proceeds received from the settlement of derivatives and from an increase in accrued expenses, primarily interest expense, that were not yet paid as of June 30, 2025. The decrease in cash flows used in investing activities during 2025 was due primarily to a decrease in the origination of Ground Leases in 2025 and the payment of temporary cash collateral for debt obligations in 2024, which was partially offset by the origination of leasehold loans in 2025 and a decrease in distributions from equity method investments in 2025. The increase in cash flows provided by financing activities during 2025 was due primarily to activity in 2024, including the redemption of noncontrolling interests and the payment of finance costs, which was partially offset by a decrease in contributions from noncontrolling interests.

Current wording

The increase in cash flows provided by operating activities during 2025 was due primarily to proceeds received from the settlement of derivatives and from an increase in accrued expenses, primarily interest expense, that were not yet paid as of September 30, 2025, which was partially offset by a decrease in distributions from equity method investments. The decrease in cash flows used in investing activities during 2025 was due primarily to a decrease in the origination of Ground Leases in 2025, which was partially offset by the origination of leasehold loans in 2025 and a decrease in distributions from equity method investments in 2025. The increase in cash flows provided by financing activities during 2025 was due primarily to activity in 2024, including the acquisition of a noncontrolling interest and the payment of finance costs, which was partially offset by a decrease in contributions from noncontrolling interests.

Previous wording

In March 2020, the Securities and Exchange Commission (“SEC”) adopted amendments to Rule 3-10 of Regulation S-X and created Rule 13-01 to simplify disclosure requirements related to certain registered securities. The amendments became effective on January 4, 2021. In April 2023, we and Portfolio Holdings filed a registration statement on Form S-3 with the SEC registering, among other securities, debt securities of Portfolio Holdings, which will be fully and unconditionally guaranteed by us. As of June 30, 2025, Portfolio Holdings had issued and outstanding four tranches of unsecured senior notes with varying fixed-rates and maturities ranging from June 2031 to January 2035, which were registered on the Form S-3 filed in April 2023 or on a Form S-3 filed by Safehold Inc. and Portfolio Holdings (then known as Safehold Operating Partnership LP) prior to its merger with the Company (then known as iStar Inc.). The obligations of Portfolio Holdings to pay principal, premiums, if any, and interest on these unsecured senior notes are guaranteed on a senior basis by us. The guarantee is full and unconditional, and Portfolio Holdings is a consolidated subsidiary of ours.

Current wording

amendments became effective on January 4, 2021. In April 2023, we and Portfolio Holdings filed a registration statement on Form S-3 with the SEC registering, among other securities, debt securities of Portfolio Holdings, which will be fully and unconditionally guaranteed by us. As of September 30, 2025, Portfolio Holdings had issued and outstanding four tranches of unsecured senior notes with varying fixed-rates and maturities ranging from June 2031 to January 2035, which were registered on the Form S-3 filed in April 2023 or on a Form S-3 filed by Safehold Inc. and Portfolio Holdings (then known as Safehold Operating Partnership LP) prior to its merger with the Company (then known as iStar Inc.). The obligations of Portfolio Holdings to pay principal, premiums, if any, and interest on these unsecured senior notes are guaranteed on a senior basis by us. The guarantee is full and unconditional, and Portfolio Holdings is a consolidated subsidiary of ours.