Safehold is a REIT that owns ground leases on commercial real estate across major U.S. metro areas. A ground lease is a long-term net lease (typically 30–99 years) under which Safehold owns the land beneath a commercial property and leases it to the building owner or developer. The tenant handles all taxes, maintenance, insurance, and operating costs — Safehold simply collects rent on the land. The core pitch to tenants is that selling the land to Safehold and leasing it back frees up capital and can improve equity returns. Safehold targets ground leases where its investment represents 30–45% of the combined land-plus-building value, providing a cushion of building value protecting Safehold's position. Revenue is driven by contractual rent, built-in escalators (fixed percentage or CPI-linked, typically capped at 3–3.5%), and eventual reversion of the land and all buildings to Safehold at lease expiration at no additional cost. Safehold also tracks unrealized capital appreciation across its portfolio through its "Caret" program, issuing Caret units to participate in value above its cost basis. To grow its pipeline, Safehold has developed several origination channels, including the Ground Lease Plus Fund, the Leasehold Loan Fund, SAFExSWAP, and SAFExSELL. Safehold targets institutional-quality properties in the top 30 U.S. metros and positions itself as the only publicly traded, dedicated ground lease platform in the U.S.