Safehold reports $9.3B unrealized capital appreciation in residual portfolio as of Dec 31, 2025

Safehold Inc.

Combined Property Value $15,947M, Ground Lease Cost $6,675M, Unrealized Capital Appreciation $9,272M.
Valuation by CBRE using income capitalization and sales comparison approaches per property type.
Properties include hotel, office, multi-family, life science, mixed-use; cap rates range 4.25-11.00%.
Safehold holds 83.8% of Caret units; officers/employees own 14.9% of outstanding Caret units.
Tenant buy-out options, preemptive rights, and lease expiry may limit realizable value of UCA.

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