Safehold Inc.

Previous wording

Our primary business is the acquisition, management and capitalization of Ground Leases and we believe owning a portfolio of Ground Leases affords our investors the opportunity for safe, growing income. Safety is derived from a Ground Lease’s senior position in the commercial real estate capital structure. Growth is realized through long-term leases with contractual periodic increases in rent. Capital appreciation is realized though appreciation in the value of the land over time and through our typical rights as landlord to acquire the commercial buildings on our land at the end of a Ground Lease, which may yield substantial value to us. As of June 30, 2026, the percentage breakdown of the gross book value of our Ground Lease portfoliowas 44% multi-family, 39% office, 9% hotels, 6% life science and 2% mixed use and other. The diversification by geographic location, property type and sponsor in our portfolio further reduces risk and enhances potential upside.

Current wording

Our primary business is the acquisition, management and capitalization of Ground Leases and we believe owning a portfolio of Ground Leases affords our investors the opportunity for safe, growing income. Safety is derived from a Ground Lease’s senior position in the commercial real estate capital structure. Growth is realized through long-term leases with contractual periodic increases in rent. Capital appreciation is realized through appreciation in the value of the land over time and through our typical rights as landlord to acquire the commercial buildings on our land at the end of a Ground Lease, which may yield substantial value to us. As of September 30, 2026, the percentage breakdown of the gross book value of our Ground Lease portfoliowas 45% multi-family, 39% office, 9% hotels, 5% life science and 2% mixed use and other. The diversification by geographic location, property type and sponsor in our portfolio further reduces risk and enhances potential upside.

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. The Federal Reserve has indicated that the economic outlook, which could include any potential impact on the economy from changes to inflation rates, U.S. trade policy and/or the consequences of heightened geopolitical tensions, including the armed conflict in the Middle East, is uncertain and it will continue to monitor incoming data on unemployment and inflation before adjusting monetary policy; however, high interest rates have continued to, 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. Elevated 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

Many of our Ground Leases have Consumer Price Index (“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. In 2022, the CPI rose to its highest rate in over 40 years. Over the past few years, the Federal Reserve raised interest rates to combat the increase in inflation. Inflation has remained high and in September 2026 the Federal Reserve raised interest rates by an additional 25 basis points. The Federal Reserve has indicated that the economic outlook, which could include any potential impact on the economy from changes to inflation rates, U.S. trade policy and/or the consequences of heightened geopolitical tensions, is uncertain and it will continue to monitor incoming data on unemployment and inflation before adjusting monetary policy; however, high interest rates have continued to, 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. Elevated 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 the 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, 2026, all outstanding Caret units awarded under the Caret Performance Incentive Plan are fully vested except for (i) Caret units granted 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; (ii) Caret units granted to one employee in December 2025 that will vest pro rata annually over a five-year period, subject to continued employment and service conditions; (iii) Caret units granted to one employee in May 2026 that will vest pro rata annually over a five-year period, subject to continued employment and service conditions; and (iv) Caret units granted to employees in May 2026 that will cliff vest on May 15, 2031, subject to continued employment and service conditions. As of June 30, 2026, vested and unvested Caret units beneficially owned by our officers and other employees represent approximately 15.4% of the outstanding Caret units and 12.3% of the authorized Caret units, including 6.1% held directly and indirectly by Jay Sugarman, our Chairman and Chief Executive Officer, and approximately 14,396 Caret units remain available for issuance under the Caret Performance Incentive Plan.

Current wording

We have the 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, 2026, all outstanding Caret units awarded under the Caret Performance Incentive Plan are fully vested except for (i) Caret units granted 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; (ii) Caret units granted to one employee in December 2025 that will vest pro rata annually over a five-year period, subject to continued employment and service conditions; (iii) Caret units granted to one employee in May 2026 that will vest pro rata annually over a five-year period, subject to continued employment and service conditions; and (iv) Caret units granted to employees in May 2026 that will cliff vest on May 15, 2031, subject to continued employment and service conditions. As of September 30, 2026, vested and unvested Caret units beneficially owned by our officers and other employees represent approximately 15.3% of the outstanding Caret units and 12.3% of the authorized Caret units, including 6.1% held directly and indirectly by Jay Sugarman, our Chairman and Chief Executive Officer, and approximately 15,396 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, hotel properties that we operate and one master lease (currently relating to three hotel assets that we refer to as our “Park Hotels Portfolio”) that has many of the characteristics of a Ground Lease. As of June 30, 2026, 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

Current wording

Our portfolio of properties is diversified by property type and region. Our portfolio is comprised of Ground Leases, leasehold loans, hotel properties that we operate and one master lease (currently relating to three hotel assets that we refer to as our “Park Hotels Portfolio”) that has many of the characteristics of a Ground Lease. As of September 30, 2026, 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

Previous wording

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 2025 Annual Report for a discussion of our estimated Ground Rent Coverage).

Current wording

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 2025 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, 2026, we had $188.5 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, 2026, we had $119.6 million of such commitments, excluding commitments to be funded by noncontrolling interests.

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, 2026, we had $143.8 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, 2026, we had $128.4 million of such commitments.

Previous wording

Interest income from sales-type leases increased to $76.9 million for the three months ended June 30, 2026 from $70.6 million for the same period in 2025. 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 $78.8 million for the three months ended September 30, 2026 from $72.4 million for the same period in 2025. 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 $36.0 million and $38.1 million, respectively, for the six months ended June 30, 2026 and 2025. Operating lease income consists of rent from our operating leases and percentage rent from certain properties, including our Park Hotels portfolio. The decrease in 2026 was due primarily to us taking over hotel operations at two hotels on January 1, 2026 (refer to Note 3 to the consolidated financial statements) and a decrease in percentage rent from our Park Hotels portfolio.

Current wording

Operating lease income was $15.8 million and $17.0 million, respectively, for the three months ended September 30, 2026 and 2025. Operating lease income consists of rent from our operating leases and percentage rent from certain properties, including our Park Hotels portfolio. The decrease in 2026 was due primarily to us taking over hotel operations at two hotels on January 1, 2026 (refer to Note 3 to the consolidated financial statements).

Previous wording

Hotel revenues were $15.9 million for the three months ended June 30, 2026 and relate to two hotels that we became responsible for operating on January 1, 2026 (refer to Note 3 to the consolidated financial statements).

Current wording

Hotel revenues were $18.0 million for the three months ended September 30, 2026 and relate to two hotels that we became responsible for operating on January 1, 2026 (refer to Note 3 to the consolidated financial statements).

Previous 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 in connection with Ground Leases. The increase in 2026 was due primarily to the origination of leasehold loans beginning in the second quarter of 2025.

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 in connection with Ground Leases. Interest income for the three months ended September 30, 2026 and 2025 was $3.4 million and $3.1 million, respectively. The increase in 2026 was due primarily to the origination of a leasehold loan in 2026 and additional fundings on existing loans.

Previous wording

Other income for the three months ended June 30, 2026 and 2025 includes $1.9 million and $2.7 million, respectively, of management fees from Star Holdings (refer to Note 15 to the consolidated financial statements). Other income for the three months ended June 30, 2025 also includes $0.1 million of other income relating to a Ground Lease in which we are the lessee. Other income for the three months ended June 30, 2026 and 2025 also includes $0.8 million and $1.0 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 three months ended September 30, 2026 and 2025 includes $1.9 million and $2.7 million, respectively, of management fees from Star Holdings (refer to Note 15 to the consolidated financial statements). Other income for the three months ended September 30, 2025 also includes $0.1 million of other income relating to a Ground Lease in which we are the lessee. Other income for the three months ended September 30, 2026 and 2025 also includes $0.8 million and $0.9 million, respectively, of other ancillary income from our investments. Other ancillary income primarily includes sublease income, recoverable expenses, draw fees and monitoring fees, and interest income earned on our cash balances.

Previous wording

During the three months ended June 30, 2026 and 2025, we incurred interest expense from our debt obligations of $55.2 million and $51.3 million, respectively. The increase in 2026 was primarily the result of increased indebtedness to fund acquisition activity.

Current wording

During the three months ended September 30, 2026 and 2025, we incurred interest expense from our debt obligations of $55.9 million and $52.5 million, respectively. The increase in 2026 was primarily the result of increased indebtedness to fund acquisition activity.

Previous wording

Hotel expenses were $13.9 million for the three months ended June 30, 2026 and relates to two hotels that we became responsible for operating on January 1, 2026 (refer to Note 3 to the consolidated financial statements).

Current wording

Hotel expenses were $14.7 million for the three months ended September 30, 2026 and relates to two hotels that we became responsible for operating on January 1, 2026 (refer to Note 3 to the consolidated financial statements).

Previous wording

During the three months ended June 30, 2026 and 2025, we incurred real estate expense of $0.8 million and $0.9 million, respectively, which consisted primarily of the amortization of an operating lease right-of-use asset, recoverable franchise taxes, legal fees, property taxes and insurance expense. In addition, during the three months ended June 30, 2025, we also recorded $0.1 million of real estate expense relating to a Ground Lease in which we are the lessee.

Current wording

During the three months ended September 30, 2026 and 2025, we incurred real estate expense of $0.8 million and $1.4 million, respectively, which consisted primarily of the amortization of an operating lease right-of-use asset, recoverable franchise taxes, legal fees, property taxes and insurance expense. In addition, during the three months ended September 30, 2025, we also recorded $0.1 million of real estate expense relating to a Ground Lease in which we are the lessee.

Previous wording

Depreciation and amortization during the three months ended June 30, 2026 and 2025 was $1.8 million and $2.1 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 2026 was primarily the result of the full amortization of lease intangible assets.

Current wording

Depreciation and amortization during the three months ended September 30, 2026 and 2025 was $1.9 million and $2.1 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 2026 was primarily the result of the full amortization of lease intangible assets.

Previous wording

During the three months ended June 30, 2026, we recorded a provision for credit losses of $0.3 million. The provision for credit losses was due primarily to growth in the carrying value of the Ground Lease portfolio during the period, which was partially offset by an improving macroeconomic forecast since March 31, 2026. 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.

Current wording

During the three months ended September 30, 2026, we recorded a provision for credit losses of $1.7 million. The provision for credit losses was due primarily to growth in the carrying value of the Ground Lease portfolio during the period, a worsening macroeconomic forecast since June 30, 2026 and a change in risk rating on one of our loans. 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 then 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.

Previous wording

During the three months ended June 30, 2026, other expense consisted primarily of costs incurred with derivative transactions. During the three months ended June 30, 2025, other expense consisted primarily of legal fees

Current wording

During the three months ended September 30, 2026, other expense consisted primarily of margin taxes and costs incurred with derivative transactions. During the three months ended September 30, 2025, other expense consisted primarily of fees incurred related to our debt obligations, legal fees and costs incurred with real estate available and held for sale.

Previous wording

During the three months ended June 30, 2026 and 2025, earnings from equity method investments (refer to Note 8 to the consolidated financial statements) was $3.9 million and $4.9 million, respectively. The decrease in 2026 was primarily the result of a decrease in earnings from our Ground Lease Plus Fund and 32 Old Slip (refer to Note 8 to the consolidated financial statements).

Current wording

During the three months ended September 30, 2026 and 2025, earnings from equity method investments (refer to Note 8 to the consolidated financial statements) was $3.5 million and $4.7 million, respectively. The decrease in 2026 was primarily the result of a decrease in earnings from our Leasehold Loan Fund due to the full amortization of basis difference in June 2026 (refer to Note 8 to the consolidated financial statements).

Previous wording

consolidated income tax expense for the six months ended June 30, 2026, our TRS recorded current income tax expense in the amount of $1.8 million and a deferred income tax expense in the amount of $0.3 million. 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.

Current wording

During the three months ended September 30, 2026, we recorded consolidated income tax expense of $1.5 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, 2026, our TRS recorded current income tax benefit in the amount of $0.3 million and a deferred income tax expense in the amount of $1.8

Previous wording

Results of Operations for the Six Months Ended June 30, 2026 compared to the Six Months Ended June 30, 2025

Current wording

Results of Operations for the Nine Months Ended September 30, 2026 compared to the Nine Months Ended September 30, 2025

Previous wording

Interest income from sales-type leases increased to $151.9 million for the six months ended June 30, 2026 from $140.3 million for the same period in 2025. 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 $230.7 million for the nine months ended September 30, 2026 from $212.7 million for the same period in 2025. 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 $15.8 million and $16.7 million, respectively, for the three months ended June 30, 2026 and 2025. Operating lease income consists of rent from our operating leases and percentage rent from certain properties, including our Park Hotels portfolio. The decrease in 2026 was due primarily to us taking over hotel operations at two hotels on January 1, 2026 (refer to Note 3 to the consolidated financial statements) and a decrease in percentage rent from our Park Hotels portfolio.

Current wording

Operating lease income for the nine months ended September 30, 2026 and 2025 was $51.8 million and $55.1 million, respectively. Operating lease income consists of rent from our operating leases and percentage rent from certain properties, including our Park Hotels portfolio. The decrease in 2026 was due primarily to us taking over hotel operations at two hotels on January 1, 2026 (refer to Note 3 to the consolidated financial statements) and a decrease in percentage rent from our Park Hotels portfolio.

Previous wording

Hotel revenues were $25.8 million for the six months ended June 30, 2026 and relate to two hotels that we became responsible for operating on January 1, 2026 (refer to Note 3 to the consolidated financial statements).

Current wording

Hotel revenues were $43.8 million for the nine months ended September 30, 2026 and relate to two hotels that we became responsible for operating on January 1, 2026 (refer to Note 3 to the consolidated financial statements).

Previous wording

Other income for the six months ended June 30, 2026 and 2025 includes $4.0 million and $6.3 million, respectively, of management fees from Star Holdings (refer to Note 15 to the consolidated financial statements). Other income for the six months ended June 30, 2025 also includes $0.3 million of other income relating to a Ground Lease in which we are the lessee. Other income for the six months ended June 30, 2026 and 2025 also includes $1.4 million and

Current wording

income for the nine months ended September 30, 2026 and 2025 also includes $2.3 million and $2.3 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. Other income for the nine months ended September 30, 2025 also includes $0.4 million of other income relating to a Ground Lease in which we are the lessee.

Previous wording

During the six months ended June 30, 2026 and 2025, we incurred interest expense from our debt obligations of $108.7 million and $101.7 million, respectively. The increase in 2026 was primarily the result of increased indebtedness to fund acquisition activity.

Current wording

During the nine months ended September 30, 2026 and 2025, we incurred interest expense from our debt obligations of $164.6 million and $154.2 million, respectively. The increase in 2026 was primarily the result of increased indebtedness to fund acquisition activity.

Previous wording

Hotel expenses were $26.1 million for the six months ended June 30, 2026 and relates to two hotels that we became responsible for operating on January 1, 2026 (refer to Note 3 to the consolidated financial statements).

Current wording

Hotel expenses were $40.9 million for the nine months ended September 30, 2026 and relates to two hotels that we became responsible for operating on January 1, 2026 (refer to Note 3 to the consolidated financial statements).

Previous wording

During the six months ended June 30, 2026 and 2025, we incurred real estate expense of $2.1 million and $2.0 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 the six months ended June 30, 2025, we also recorded $0.3 million of real estate expense relating to a Ground Lease in which we are the lessee.

Current wording

During the nine months ended September 30, 2026 and 2025, we incurred real estate expense of $2.9 million and $3.4 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 the nine months ended September 30, 2025, we also recorded $0.4 million of real estate expense relating to a Ground Lease in which we are the lessee.

Previous wording

Depreciation and amortization during the six months ended June 30, 2026 and 2025 was $3.7 million and $4.3 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 2026 was primarily the result of the full amortization of lease intangible assets.

Current wording

Depreciation and amortization during the nine months ended September 30, 2026 and 2025 was $5.6 million and $6.4 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 2026 was primarily the result of the full amortization of lease intangible assets.

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, 2026 and 2025 ($ 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, 2026 and 2025 ($ in thousands):

Previous wording

During the six months ended June 30, 2026, we recorded a provision for credit losses of $0.8 million. The provision for credit losses was due primarily to growth in the carrying value of the Ground Lease portfolio and loan portfolio during the period, which was partially offset by a decrease in our Ground Lease cost to value ratios. 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.

Current wording

During the nine months ended September 30, 2026, we recorded a provision for credit losses of $2.5 million. The provision for credit losses was due primarily to growth in the carrying value of the Ground Lease portfolio and loan portfolio during the period, a worsening macroeconomic forecast since December 31, 2025 and a change in risk rating on one of our loans, which was partially offset by a decrease in our Ground Lease cost to value ratios. 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 then 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.

Previous wording

During the six months ended June 30, 2026, other expense consisted primarily of costs incurred with real estate available and held for sale. During the six months ended June 30, 2025, other expense consisted 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.

Current wording

During the nine months ended September 30, 2026, other expense consisted primarily of costs incurred with real estate available and held for sale. During the nine months ended September 30, 2025, other expense consisted 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 and costs related to our debt obligations.

Previous wording

During the six months ended June 30, 2026 and 2025, earnings from equity method investments (refer to Note 8 to the consolidated financial statements) was $7.9 million and $9.9 million, respectively. The decrease in 2026 was primarily the result of a decrease in earnings from our Ground Lease Plus Fund and 32 Old Slip (refer to Note 8 to the consolidated financial statements).

Current wording

During the nine months ended September 30, 2026 and 2025, earnings from equity method investments (refer to Note 8 to the consolidated financial statements) was $11.4 million and $14.6 million, respectively. The decrease in 2026 was primarily the result of a decrease in earnings from our Leasehold Loan Fund due to the full amortization of basis

Previous wording

During the three months ended June 30, 2026, we recorded consolidated income tax expense of $1.4 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 June 30, 2026, our TRS recorded current income tax expense in the amount of $1.2 million and a deferred income tax expense in the amount of $0.2 million. 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 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

Current wording

During the nine months ended September 30, 2026, we recorded consolidated income tax expense of $3.6 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 nine months ended September 30, 2026, our TRS recorded current income tax expense in the amount of $1.6 million and a deferred income tax expense in the amount of $2.0 million. 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 was current and deferred tax expense in the amounts of $0.6 million and $1.4 million, respectively.

Previous wording

On February 4, 2025, our Board authorized the repurchase of up to $50.0 million of our common stock. We have no obligation to repurchase additional shares, and the timing, actual number and value of the shares that are repurchased, if any, will be at the discretion of management and will depend on a number of factors, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. Repurchases may be suspended, terminated or modified at any time for any reason. The share repurchase program does not have an expiration date. Any repurchased shares will be returned to the status of authorized but unissued shares of common stock. During the six months ended June 30, 2026, we repurchased 1.1 million shares of our outstanding common stock for $16.3 million, representing an average cost of $15.00 per share, including fees. As of June 30, 2026, we had $33.7 million remaining under the total share repurchase authorization.

Current wording

On February 4, 2025, our Board authorized the repurchase of up to $50.0 million of our common stock. We have no obligation to repurchase additional shares, and the timing, actual number and value of the shares that are repurchased, if any, will be at the discretion of management and will depend on a number of factors, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. Repurchases may be suspended, terminated or modified at any time for any reason. The share repurchase program does not have an expiration date. Any repurchased shares will be returned to the status of authorized but unissued shares of common stock. During the nine months ended September 30, 2026, we repurchased 0.4 million shares of our outstanding common stock for $6.2 million, representing an average cost of $14.30 per share, including fees. As of September 30, 2026, we had $27.5 million remaining under the share repurchase authorization.

Previous wording

In June 2024, we entered into a U.S. commercial paper program (the “Commercial Paper Program”) on a private placement basis, pursuant to which we may issue up to $750.0 million of short-term, unsecured commercial paper notes outstanding at any time, which are guaranteed by us. Under the Commercial Paper Program, we may issue the commercial paper notes from time to time and intend to use the proceeds for general corporate purposes. The Commercial Paper Program is backed by our 2024 Unsecured Revolver (see below). As of June 30, 2026, we had no outstanding balance

Current wording

outstanding at any time, which are guaranteed by us. Under the Commercial Paper Program, we may issue the commercial paper notes from time to time and intend to use the proceeds for general corporate purposes. The Commercial Paper Program is backed by our 2024 Unsecured Revolver (see below). As of September 30, 2026, we had no outstanding balance under the Commercial Paper Program. Borrowings under the Commercial Paper Program reduce amounts otherwise available under the 2024 Unsecured Revolver.

Previous wording

In April 2024, we closed on a $2.0 billion unsecured revolving credit facility (the “2024 Unsecured Revolver”). At the time, $916 million of existing indebtedness was drawn on then existing unsecured credit facilities, 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 gained greater financial flexibility through changes to certain financial covenants. As of June 30, 2026, there was $1.4 billion of undrawn capacity on the 2024 Unsecured Revolver.

Current wording

In April 2024, we closed on a $2.0 billion unsecured revolving credit facility (the “2024 Unsecured Revolver”). At the time, $916 million of existing indebtedness was drawn on then existing unsecured credit facilities, 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 gained greater financial flexibility through changes to certain financial covenants. As of September 30, 2026, there was $1.2 billion of undrawn capacity on the 2024 Unsecured Revolver.

Previous wording

As of June 30, 2026, we had $15.9 million of unrestricted cash. We also have an aggregate $1.4 billionof 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 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, 2026, we had $29.9 million of unrestricted cash. We also have an aggregate $1.2 billionof 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 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, 2026 and 2025 ($ 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, 2026 and 2025 ($ in thousands):

Previous wording

2026 (refer to Note 3 to the consolidated financial statements). The increase in cash flows used in investing activities during 2026 was due primarily to an increase in the origination and additional fundings of Ground Leases and the origination and fundings of loans receivable. The increase in cash flows provided by financing activities during 2026 was due primarily to an increase in contributions from noncontrolling interests, which was partially offset by a decrease in net borrowings on debt obligations and the repurchase of common stock in 2026.

Current wording

The decrease in cash flows from operating activities during 2026 was due primarily to an increase of cash payments for debt service and costs associated with two hotels that we became responsible for operating on January 1, 2026 (refer to Note 3 to the consolidated financial statements). The increase in cash flows used in investing activities during 2026 was due primarily to an increase in the origination and additional fundings of Ground Leases, which was partially offset by a decrease in contributions to equity method investments and a decrease in the origination of loans receivable. The increase in cash flows provided by financing activities during 2026 was due primarily to an increase in contributions from noncontrolling interests, which was partially offset by a decrease in net borrowings on debt obligations and the repurchase of common stock in 2026.