Safehold Inc., a REIT focused on long-term ground leases for commercial properties, reported steady portfolio performance in Q2 2026 with a weighted average lease term exceeding 90 years. The company’s business model centers on acquiring land assets and generating lease income largely from sales-type leases with inflation escalators, supporting predictable cash flows. However, high debt levels approaching $4.7 billion and recent issuance of senior notes with escalating coupons highlight refinancing and interest-rate risk amid a challenging macro environment. Safehold's moat is underpinned by the structural durability of its ground leases but remains sensitive to real estate valuation shifts and tenant credit exposure.