Safehold Inc.

Listed Company

SAFECIK 0001095651NYSELarge AcceleratedReal Estate Investment TrustsFY ends Dec 31

Period

FY 2025

Revenue

$385.55M

Net Income

$114.47M

Total Assets

$7.25B

Equity

$2.41B

Shares Out

71.76M

Op. Cash Flow

$47.81M

Business

Safehold Inc. operates a ground-lease business that acquires, manages and capitalizes long-term ground leases. It offers ground leases (Safehold™), a master lease for select hotel assets, and related products and services including origination, SAFExSWAP and SAFExSELL programs, and fund vehicles such as the Ground Lease Plus Fund and Leasehold Loan Fund. The company operates through a single reportable segment and a Caret program that separates bond-like and residual value components. Distribution and origination focus on commercial properties in major U.S. metropolitan markets through direct origination, acquisitions and fund channels.

Summary from filing dated 2025-02-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income from sales-type leases	286	264	236	202	119
Operating lease income	72	71	71	67	68
Interest income	11	9	7	—	—
Other income	16	21	39	1	523,000
Total revenues	386	366	353	270	187
Interest expense	207	198	181	129	—
Real estate expense	5	4	5	3	3
Depreciation and amortization	9	10	10	10	10
General and administrative	54	55	69	39	29
Impairment of goodwill	—	—	145	—	—
Provision for (recovery of) credit losses	7	9	3	—	—
Other expense	4	2	18	10	868,000
Total costs and expenses	285	279	430	190	122
Gain on sale of Ground Leases	—	—	447,000	56	—
Income (loss) from operations before other items	101	87	−77	136	65
Loss on early extinguishment of debt	−2	—	—	−131	−216,000
Earnings (losses) from equity method investments	19	23	24	9	6
Net income (loss) before income taxes	118	110	−53	145	73
Income tax expense	−3	−3	−2	−567,000	118,000
Net income (loss)	115	107	−55	145	73
Net (income) loss attributable to noncontrolling interests	−161,000	−852,000	−408,000	−9	−234,000
Net income (loss) attributable to Safehold Inc. common shareholders	114	106	−55	135	73
Basic (dollars per share)	1.6	1.48	−0.82	2.17	1.32
Diluted (dollars per shares)	1.59	1.48	−0.82	2.17	1.32
Basic (in shares)	72	71	67	62	55
Diluted (in shares)	72	71	67	62	55

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net investment in sales-type leases ($10,750 and $6,821 of allowances as of December 31, 2025 and 2024, respectively)	3,564	3,455	3,255	3,107	—
Ground Lease receivables, net ($4,872 and $3,664 of allowances as of December 31, 2025 and 2024, respectively)	2,004	1,833	1,622	1,375	—
Real estate, at cost	741	741	744	741	114
Less: accumulated depreciation	−52	−46	−40	−34	−21
Real estate, net	689	695	704	707	92
Real estate-related intangible assets, net	204	209	211	218	—
Real estate available and held for sale	2	7	10	—	—
Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale	895	911	925	924	—
Equity investments	281	250	310	180	—
Cash and cash equivalents	22	8	19	20	30
Restricted cash	9	9	28	28	9
Deferred tax asset, net	4	5	8	—	—
Deferred operating lease income receivable	241	211	180	149	3
Deferred expenses and other assets, net	72	105	89	68	100
Total assets	7,249	6,899	6,548	5,851	4,841
Accounts payable, accrued expenses and other liabilities	161	145	135	100	237
Real estate-related intangible liabilities, net	62	63	64	65	—
Debt obligations, net	4,586	4,317	4,054	3,521	2,572
Total liabilities	4,809	4,525	4,253	3,686	3,777
Commitments and contingencies (refer to Note 11)	—	—	—	—	—
Common stock, $0.01 par value, 400,000 shares authorized, 71,756 and 71,440 shares issued and outstanding as of December 31, 2025 and 2024, respectively	717,000	714,000	711,000	624,000	69,000
Additional paid-in capital	2,199	2,192	2,184	1,986	3,100
Retained earnings	166	102	48	151	−2,227
Accumulated other comprehensive income (loss)	43	49	−1	3	−22
Total Safehold Inc. shareholders' equity	2,408	2,344	2,231	2,142	851
Noncontrolling interests	32	30	45	4	212
Total equity	2,440	2,374	2,277	2,146	1,685
Total liabilities and equity	7,249	6,899	6,548	5,851	4,841

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	13	14	23	2	2
Deferred operating lease income	−30	−31	−31	−32	−34
Non-cash interest income from sales-type leases	−102	−92	−84	−74	−44
Non-cash interest expense	14	15	15	14	—
Amortization of real estate-related intangibles, net	2	2	2	2	2
Write-off of investment in preferred equity	2	—	—	—	—
Distributions from operations of equity method investments	7	13	8	2	2
Amortization of premium, discount and deferred financing costs on debt obligations, net	8	7	7	5	4
Non-cash management fees	—	—	5	20	15
Proceeds paid (received) from derivative transactions	13	—	—	—	—
Other operating activities	−4	−7	−1	5	4
Changes in deferred expenses and other assets, net	2	5	13	11	−286,000
Changes in accounts payable, accrued expenses and other liabilities	8	8	−6	20	−11
Cash flows provided by (used in) operating activities	48	38	15	65	27
Acquisitions of real estate	—	—	−13	—	—
Origination/acquisition of net investment in sales-type leases and Ground Lease receivables	−183	−304	−317	—	—
Origination of loans receivable, net	−46	—	−114	−7	−75
Payment for merger consideration	—	—	−89	—	—
Cash and cash equivalents acquired upon merger	—	—	3	—	—
Contributions to equity method investments	−29	−10	−52	−7,000	−39
Distributions from equity method investments	10	52	—	175	35
Funding reserves received from Ground Lease tenant net of disbursements	—	—	−297,000	296,000	—
Net proceeds from sale of Ground Leases	—	—	4	136	—
Net proceeds received from sale of real estate available and held for sale	4	6	2	2,022	157
Return of deposits on Ground Lease investments	—	2	1	−2	—
Funding of cash collateral for debt obligations	—	19	—	—	—
Return of cash collateral for debt obligations	—	−19	—	—	—
Payments to acquire derivative transactions	—	—	−9	—	—
Proceeds received from derivative transactions	6	11	8	—	—
Proceeds received from the settlement of derivative transactions	—	32	—	—	—
Other investing activities	539,000	−1	−285,000	−1	2
Cash flows provided by (used in) investing activities	−237	−212	−577	−1,146	−1,288
Proceeds from issuance of common stock	0	0	152	309	243
Proceeds from debt obligations	2,011	2,272	577	1,830	1,848
Repayments of debt obligations	−1,523	−2,008	−150	−1,005	−830
Purchase of marketable securities in connection with the defeasance of mortgage notes payable	−229	—	—	—	—
Payments for debt prepayment or extinguishment costs	−407,000	—	—	−17	—
Payments for deferred financing costs	−967,000	−24	−5	−5	−14
Dividends paid to common shareholders	−51	−51	−46	−42	−36
Payment of offering costs	—	−51,000	−8	—	—
Payments for withholding taxes upon vesting for stock-based compensation	−4	−5	—	−970,000	−4
Redemption of noncontrolling interests	−125,000	−18	—	—	—
Distributions to noncontrolling interests	−79,000	−925,000	−651,000	−9	—
Contributions from noncontrolling interests	—	29	40	19	105,000
Acquisition of noncontrolling interest	—	−48	—	—	—
Other financing activities	—	—	−137,000	−153,000	—
Cash flows provided by (used in) financing activities	203	145	560	1,091	1,203
Changes in cash, cash equivalents and restricted cash	14	−30	−2	10	−58

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