Safehold Inc 2026年季度报告

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§232.405 of this chapter) during the preceding twelvemonths (or for such shorter period that the registrant was required tosubmit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes◻No☒ As of July 28, 2026, there were 70,816,280 shares, $0.01 par value per share, of SafeholdInc. common stock outstanding. TABLE OF CONTENTS PARTIConsolidated Financial InformationItem1.Financial Statements:Consolidated Balance Sheets (unaudited) as of June 30, 2026 and December31, 20251Consolidated Statements of Operations (unaudited)—For the three and six monthsended June 30, 2026 and 20252Consolidated Statements of Comprehensive Income (Loss) (unaudited)—For the threeand six months ended June 30, 2026 and 20253Consolidated Statements of Changes in Equity (unaudited)—For the three and sixmonths ended June 30, 2026 and 20254Consolidated Statements of Cash Flows (unaudited)—For the six months ended June30, 2026 and 20255Notesto Consolidated Financial Statements (unaudited)6Item2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations37Item3.Quantitative and Qualitative Disclosures About Market Risk49Item4.Controls and Procedures51PARTII Other Information52Item1.Legal Proceedings52Item1A.Risk Factors52Item2.Unregistered Sales of Equity Securities and Use of Proceeds53Item3.Defaults Upon Senior Securities53Item4.Mine Safety Disclosures53Item5.Other Information53Item6.Exhibits54SIGNATURES55 PARTI. CONSOLIDATED FINANCIAL INFORMATION SafeholdInc.Consolidated Balance Sheets(1)(In thousands)(unaudited) The accompanying notes are an integral part of the consolidated financial statements. SafeholdInc.Consolidated Statements of Operations(In thousands, except per share data)(unaudited) The accompanying notes are an integral part of the consolidated financial statements. SafeholdInc.Consolidated Statements of Changes in Equity(In thousands)(unaudited) The accompanying notes are an integral part of the consolidated financial statements. SafeholdInc.Consolidated Statements of Cash Flows(In thousands)(unaudited) Forthe Six Months EndedJune30,20262025Cash flows from operating activities:Net income (loss)$59,620$57,379Adjustments to reconcile net income (loss) to cash flows from operating activities:Depreciation and amortization3,6974,323Stock-based compensation expense7,1686,568Deferred operating lease income(15,007)(15,208)Non-cash interest income from sales-type leases(53,702)(49,506)Non-cash interest expense7,3906,882Amortization of real estate-related intangibles, net9281,155Write-off of investment in preferred equity—1,945Provision for (recovery of) credit losses7684,646(Earnings) losses from equity method investments(7,896)(9,904)Distributions from operations of equity method investments3,1094,795Amortization of premium, discount and deferred financing costs on debt obligations, net4,4644,097Proceeds received from derivative transactions17,24713,127Other operating activities1,315(1,414)Changes in assets and liabilities:Changes in deferred expenses and other assets, net(4,709)2,251Changes in accounts payable, accrued expenses and other liabilities1,6435,766Cash flows provided by (used in) operating activities26,03536,902Cash flows from investing activities:Origination/acquisition of net investment in sales-type leases and Ground Lease receivables(184,857)(81,293)Origination and fundings of loans receivable, net(18,923)(42,090)Contributions to equity method investments(6,129)(15,387)Distributions from equity method investments—9,528Net proceeds received from sale of real estate available and held for sale1,4021,809Proceeds received from derivative transactions1,6783,351Other investing activities(1,767)121Cash flows provided by (used in) investing activities(208,596)(123,961)Cash flows from financing activities:Proceeds from debt obligations1,622,000543,000Repayments of debt obligations(1,556,000)(420,000)Payments for deferred financing costs(2,469)(441)Dividends paid to common shareholders(25,789)(25,538)Repurchase of common stock(16,050)—Payment of offering costs in connection with joint venture (refer to Note 4)(9,962)—Payments for withholding taxes upon vesting for stock-based