To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-15371 Safehold Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporati ...

Safehold (SAFE) closed the last trading session at $15.05, gaining 0.9% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $19.4 indicates a 28.9% upside potential.The average comprises 10 short-term price targets ranging from a low of $14.00 to a high of $28.00, with a standard deviation of $5.5. While the lowest estimate indicates a decline of 7% from the current price level, the mo ...

Safehold (NYSE:SAFE) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsBrett Asnas - CFOJay Sugarman - Chairman and CEOMichael Trachtenberg - PresidentPearse Hoffmann - Senior VP of Capital Markets and Investor RelationsRich Anderson - Managing DirectorSteve Wylder - EVP, Head of InvestmentsConference Call ParticipantsHarsh Hemnani - AnalystKenneth Lee - AnalystKi Bin Kim - AnalystMitch Germain - AnalystRonald Kamdem - AnalystOperatorMorning, and welcome to Safehold's fourth quarter an ...

Safehold (NYSE:SAFE) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsBrett Asnas - CFOJay Sugarman - Chairman and CEOMichael Trachtenberg - PresidentPearse Hoffmann - Senior VP of Capital Markets and Investor RelationsSteve Wylder - EVP, Head of InvestmentsConference Call ParticipantsHarsh Hemnani - AnalystKenneth Lee - AnalystKyle Bonsey - AnalystMitch Germain - AnalystRich Anderson - AnalystRonald Kamdem - AnalystOperatorMorning, and welcome to Safehold's fourth quarter and fiscal ...

Safehold (NYSE:SAFE) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Speaker6Morning, and welcome to Safehold's fourth quarter and fiscal 2025 earnings conference call. If you need assistance during today's call, please press star zero. If you'd like to ask a question, please press star one. That's star one to ask a question. As a reminder, today's conference is being recorded. At this time, for opening remarks and introductions, I would like to turn the conference over to Pearse Hoffmann, Senior Vice P ...

Q4'25 & FY'25 Earnings Results Q4'25 & FY'25 Summary 9 Ground Leases $167m Investment Activity1,2 S&P Ratings Upgrade to A- Safehold now A3 / A- / A- rated by Moody's, S&P and Fitch 1 Leasehold Loan $400m Unsecured Term Loan Increases liquidity and flexibility; repaid nearest-term 2027 debt Q4'25 Highlights Q4'25 & FY'25 Investments | | Q4'25 | FY'25 | | --- | --- | --- | | | (9 GLs, 1 Loan) | (17 GLs, 4 Loans) | | Ground Lease Originations1 | $112m | $277m | | Leasehold Loan Originations2 | $55m | $152m | ...

Core Insights - Safehold (SAFE) reported revenue of $97.87 million for Q4 2025, marking a 6.5% year-over-year increase and a slight surprise of +0.03% over the Zacks Consensus Estimate of $97.84 million [1] - The company's EPS for the same quarter was $0.42, compared to $0.36 a year ago, although it represented a -0.78% surprise against the consensus estimate of $0.42 [1] Financial Performance Metrics - Operating lease income was reported at $16.99 million, slightly above the two-analyst average estimate of $16.9 million, reflecting a year-over-year increase of +1.6% [4] - Other income reached $4.44 million, exceeding the estimated $4.15 million, with an 8.4% increase compared to the previous year [4] - Interest income from sales-type leases was $73.34 million, below the average estimate of $75.64 million, but still showing a +6.8% year-over-year change [4] - Diluted net income per share was $0.39, compared to the estimated $0.43, indicating a shortfall against analyst expectations [4] Stock Performance - Over the past month, Safehold's shares have returned +5.7%, contrasting with a -0.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), suggesting potential for outperformance in the near term [3]

Financial Performance - Q4'25 revenues increased by 7% year-over-year to $97.9 million, while FY'25 revenues rose by 5% to $385.6 million[10] - GAAP net income for Q4'25 was $27.9 million, an increase of 7% year-over-year, and FY'25 net income was $114.5 million, up 8% from FY'24[10] - Net income attributable to Safehold Inc. common shareholders for the year ended December 31, 2025, was $114,469, an increase of 8.1% compared to $105,763 in 2024[33] - EPS excluding non-recurring gains/losses for the year ended December 31, 2025, was $1.65, compared to $1.57 in 2024, an increase of 5.1%[33] Portfolio and Asset Management - The company reported a total portfolio gross book value of $7.1 billion, with a loan-to-value ratio (GLTV) of 34%[5] - The portfolio includes 164 assets across the top 30 MSAs in the U.S., with a rent coverage ratio of 3.4x[18] - Ground lease originations in Q4'25 totaled $112 million, with FY'25 originations reaching $277 million[4] - New leasehold loan originations in FY'25 amounted to $152 million, with a total of 4 loans originated[4] - Ground Lease receivables increased to $2,003,931 in 2025 from $1,833,398 in 2024, representing a growth of 9.3%[28] Financial Position and Liquidity - The company has a total debt of $4.9 billion, with a debt-to-equity ratio of 2.01x and an effective interest rate of 4.3%[22] - The company has $1.24 billion in cash and credit facility availability, enhancing liquidity and flexibility[22] - Total liabilities increased to $4,809,396 in 2025, up from $4,525,352 in 2024, indicating a rise of approximately 6.3%[28] - The equity attributable to Safehold Inc. shareholders increased to $2,408,311 in 2025, up from $2,344,018 in 2024, reflecting a growth of 2.7%[28] Ratings and Outlook - Safehold received an S&P ratings upgrade to A-, with stable outlooks from Moody's and Fitch[3][24] Commitments and Future Projections - Safehold's Core Ground Lease Portfolio includes $142 million in forward commitments that have not yet been funded as of December 31, 2025[48] - The company reported $68 million and $138 million in forward commitments for new ground lease originations in Q4 2025 and FY 2026, respectively[48] - The company has a target commitment of $275 million for its original investments, with a remaining capital of $400 million from its joint venture partner[48] - The Economic Yield is projected using cash flows beginning in 2026, incorporating fixed escalators and inflation scenarios, with a long-term CPI target of 2.0%[48] Valuation and Appraisal - The company tracks Unrealized Capital Appreciation (UCA) as the difference between the Combined Property Value (CPV) and the Aggregate Cost Basis, indicating the potential value increase of its ground leases[48] - Safehold's portfolio includes a significant portion (81%) with CPI lookbacks, ensuring rent increases based on cumulative CPI growth[48] - The company emphasizes the importance of independent appraisals for determining the Combined Property Value (CPV) of its ground leases, which are reviewed at least every 12 months[48]

Core Insights - The Vincent Country Safe Zone Activity Day, presented by Cigna Healthcare, is a community initiative aimed at enhancing the educational and wellness experiences of students at Burckhalter Elementary School, with a focus on long-term impact and support for the whole child [1][3][13] Investment and Resources - The event celebrated a collective investment in Burckhalter Elementary School, unveiling enhancements such as a new soccer turf field, an adaptive agility mat, a food pantry, and a community mural, contributing nearly $745,000 in funding and resources since its inception [2][3][9] - New partners, including the Playing for Keeps Association, supported the installation of the first full-size turf soccer field at the school, creating a dedicated green space for physical activity [4][5] Community Engagement - The event brought together corporate, nonprofit, and philanthropic partners, including Cigna Healthcare, Chick-fil-A, and Google, to provide various resources such as health screenings, meals, and STEM learning experiences for students [3][9][11] - Stand Together and Cigna Healthcare collaborated with the Kevin Love Fund to provide mental health resources for educators, emphasizing the importance of community support [8][10] Educational Impact - The initiative has positively impacted over 4,800 students and 640 educators, focusing on physical, emotional, academic, and creative support to foster an environment where children feel seen and inspired [2][3][13] - The NFL FLAG program was integrated into the event, promoting youth participation in sports and expanding access to flag football [12] Long-term Commitment - The virtual fundraising component of the event aims to raise additional funds and resources for Burckhalter Elementary School, with participation from NFL Legends and community leaders [16] - Ongoing partnerships with organizations like Infinite Athlete and Zebra Technologies ensure continued support for educational resources and creative expression at the school [6][7][11]