Every material Form 8-K Safehold has filed with the SEC since October 28, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Safehold disclosed an estimated $9,867 million of unrealized capital appreciation (UCA) in its owned residual portfolio as of September 30, 2026, calculated as Combined Property Value of $16,812 million less Ground Lease Cost of $6,945 million. The filing is a valuation disclosure that sets out the methodology and limitations, with no prior-period comparison, so it does not show a clear change in direction for shareholders.
Estimated UCA in the owned residual portfolio: $9,867 million as of September 30, 2026
Combined Property Value: $16,812 million; Ground Lease Cost: $6,945 million
Independent valuation firm CBRE, Inc. prepares the property value reports; the company intends to value each Ground Lease about every 12 months and no less often than every 24 months
CBRE states its reports do not specifically value Safehold's securities
Safehold reported third-quarter 2026 revenue of $118.7 million, up 23% from $96.2 million a year earlier. GAAP net income attributable to common shareholders was $28.8 million, down 2% from $29.3 million, and earnings per share were flat at $0.41. The company attributed the flat results mainly to net accretion from fundings and new originations, offset by lower management fee revenue from Star Holdings and higher non-cash general provisions.
Q3 2026 revenue was $118.7 million versus $96.2 million in Q3 2025, a 23% increase.
Q3 2026 GAAP net income attributable to common shareholders was $28.8 million versus $29.3 million, a 2% decrease.
Q3 2026 earnings per share were $0.41, unchanged from Q3 2025.
New ground lease originations totaled $38 million in the quarter, and estimated Unrealized Capital Appreciation rose to $9.9 billion.
Safehold reported second-quarter 2026 revenue of $114.6 million, up 22% from $93.8 million a year earlier, and net income attributable to common shareholders of $30.2 million, or $0.42 per share, compared with $27.9 million and $0.39 a year earlier. The company also reported $150 million of new ground lease originations, a $348 million joint venture with Brookfield, and a $225 million private placement of notes due 2056, and said estimated unrealized capital appreciation rose to $9.8 billion.
Revenue was $114.6 million, up 22% from $93.8 million in Q2 2025
Net income attributable to common shareholders was $30.2 million, up 8% from $27.9 million; EPS was $0.42 vs. $0.39
Closed $150 million of new ground lease originations, including $81 million of forward commitments not yet funded
Formed a $348 million joint venture with Brookfield and closed a $225 million private placement of notes due 2056
At its May 14, 2026 annual meeting, Safehold shareholders approved an amendment adding 3,000,000 shares to the 2009 Long-Term Incentive Plan, raising the pool available for grants from 481,936 to 3,481,936 shares. Shareholders also elected five directors, ratified Deloitte & Touche LLP as auditor for fiscal 2026, and approved the non-binding say-on-pay vote on executive compensation.
The LTIP amendment passed with 51,930,524 votes for and 5,442,192 against.
Say-on-pay was approved with 52,785,014 votes for and 4,626,664 against.
Deloitte & Touche LLP was ratified for the fiscal year ending December 31, 2026, with 61,679,849 votes for and 317,557 against.
Five directors were elected to serve until the 2027 Annual Meeting; the filing does not state a change in board composition.
Safehold reported first-quarter 2026 revenue of $110.9 million, up 13% from $97.7 million a year earlier. GAAP net income attributable to common shareholders fell 2% to $28.9 million, and earnings per share fell from $0.41 to $0.40, because the company cited a net impact from the Park Hotels portfolio and a lower management fee. The filing gives no guidance.
Q1 2026 revenue was $110.9 million, up 13% from $97.7 million in Q1 2025.
GAAP net income attributable to common shareholders was $28.9 million, down 2% from $29.4 million; EPS was $0.40 versus $0.41.
Excluding non-recurring losses in the prior-year quarter, EPS was $0.40 versus $0.44, down 8%.
Q1 2026 originations totaled $68 million, and estimated unrealized capital appreciation rose to $9.5 billion.
Safehold reported fourth-quarter and full-year 2025 results on February 11, 2026. Quarterly revenue rose 7% to $97.9 million and GAAP earnings per share rose 8% to $0.39, though a $2.2 million loss on early debt extinguishment reduced results. The company also reported a credit rating upgrade to A- from S&P and a $400 million unsecured term loan.
Q4 2025 revenue was $97.9 million, up from $91.9 million in Q4 2024; full-year revenue was $385.6 million, up from $365.7 million.
Q4 2025 GAAP EPS was $0.39 versus $0.36 a year earlier; excluding non-recurring losses, EPS was $0.42.
Full-year 2025 GAAP EPS was $1.59 versus $1.48 in 2024; excluding non-recurring losses, EPS was $1.65.
S&P upgraded Safehold to A-, and the company closed a $400 million 5-year unsecured term loan.
Safehold GL Holdings LLC and Safehold Inc. entered into a Second Amendment to the RCF Credit Agreement with JPMorgan Chase Bank, N.A. on December 5, 2025. The amendment aligns the revolving facility's financial covenants with those of the unsecured term loan A entered into on November 25, 2025, and sets three covenant thresholds, including a secured debt limit of 50% of total asset value.
Second Amendment dated December 5, 2025 amends the credit agreement originally dated April 12, 2024.
Covenants conformed to the November 25, 2025 unsecured term loan A facility.
Required ratios: EBITDA to annualized fixed charges of at least 1.15:1.00; unencumbered assets to unsecured debt of at least 1.25:1.00; secured debt to total asset value not exceeding 50%.
Filing does not state the facility size or amounts drawn.
Safehold Inc. appointed Michael Trachtenberg as President effective December 1, 2025. He will oversee operations and execution across the business while working directly with CEO Jay Sugarman, and his pay package includes a $500,000 base salary and a $1,500,000 annual bonus target.
Base salary of $500,000 and annual bonus target of $1,500,000, plus a $250,000 one-time signing cash bonus
Sign-on award of 93,076 RSUs vesting over five annual anniversaries of his start date
Performance RSUs: 60,000 tied to affordable housing plan commitments over three years, and 700,000 tied to stock price hurdles over five years, with the last hurdle a 249% increase over the November 28, 2025 closing price
Previously president of Lubert-Adler from 2024 until February 2025, when he became a consultant to that firm
On November 25, 2025, Safehold GL Holdings LLC entered into a $400 million unsecured term loan with JPMorgan Chase Bank, N.A. as administrative agent, and Safehold Inc. guaranteed the borrower's obligations. The company used the proceeds to repay about $400 million of borrowings under its $2.0 billion revolving credit facility. The company said the loan increases its liquidity to $1.3 billion, and the agreement includes financial covenants that, if breached, would allow the lenders' agent to accelerate the debt.
Term loans of $400 million mature November 15, 2030, with two one-year extension options and an accordion feature for up to $600 million more, subject to lender commitments.
At the company's current A3 / A- / A- credit ratings, the press release cites a borrowing rate of SOFR plus 90 basis points; the contract range is SOFR plus 0.850% to 1.650%.
Covenants include a ratio of Consolidated EBITDA to annualized fixed charges of at least 1.15:1.00 and secured debt to total asset value of no more than 50%.
A SOFR swap with a 3.0% strike rate runs through April 2028 and will hedge the transaction, according to the press release.
Safehold reported results for the quarter ended September 30, 2025, with revenue up 6% to $96.2 million and GAAP net income attributable to common shareholders up to $29.3 million, or $0.41 per share, from $19.3 million, or $0.27 per share, a year earlier. The prior-year quarter included a $6.8 million general provision for credit losses, and excluding non-recurring gains and losses, EPS rose 12% to $0.41 from $0.37, which shows the gain was not only due to that comparison.
Q3 2025 revenue $96.2 million, up 6% from $90.7 million in Q3 2024; nine-month revenue $287.7 million, up 5%
Q3 2025 GAAP EPS $0.41 versus $0.27; EPS excluding non-recurring gains and losses $0.41 versus $0.37
Four new ground leases totaling $42 million originated in Q3 2025; cash and credit facility availability $1.13 billion at September 30, 2025
Safehold reported results for the quarter ended June 30, 2025, in an earnings release and presentation published August 5, 2025. Revenue rose 4% from a year earlier to $93.8 million, but GAAP earnings per share fell 6% to $0.39, which the company attributed mainly to a $1.7 million increase in non-cash general provisions for credit losses. For shareholders, higher revenue was offset by lower per-share earnings.
Total revenue was $93.8 million, up from $89.9 million in Q2 2024.
GAAP EPS was $0.39, down from $0.42; net income attributable to common shareholders was $27.9 million, down from $29.7 million.
Non-cash general provision for credit losses was $2.4 million in Q2 2025, compared with $0.6 million in Q2 2024.
Q2 2025 originations totaled $220 million: four new ground leases for $123 million and three new leasehold loans for $97 million.
Safehold appointed Christopher Uhlick as Chief Accounting Officer effective July 7, 2025, succeeding Brett Asnas as principal accounting officer. Asnas will remain Chief Financial Officer and principal financial officer. The change concerns the accounting leadership role and does not report any financial results.
Christopher Uhlick, 37, previously served as Senior Vice President, Accounting Policy & Financial Reporting at SL Green Realty Corp. since 2021
Uhlick receives an annual base salary of $270,000 and is eligible for an annual bonus
A one-time award of $125,000 in restricted stock units will be granted on July 7, 2025, cliff vesting on March 31, 2028
Safehold reported first-quarter 2025 results for the period ended March 31, 2025. Revenue rose 5% year over year to $97.7 million, but GAAP net income attributable to common shareholders fell 4% to $29.4 million, or $0.41 per share, from $0.43 a year earlier, after a $1.9 million non-recurring loss from writing off a preferred equity position in a leasehold joint venture. Excluding that loss, EPS was $0.44, up about $0.01.
Q1 2025 revenue: $97.7 million, up from $93.2 million in Q1 2024 (up 5%).
GAAP EPS: $0.41 versus $0.43 a year earlier (down 5%); net income attributable to common shareholders was $29.4 million versus $30.7 million.
Excluding a $1.9 million non-recurring loss, EPS was $0.44 versus $0.43 (up 1%).
Filing states Q1 2025 is as of March 31, 2025; the earnings release and presentation are furnished as Exhibits 99.1 and 99.2 and are not deemed filed under Section 18.
Safehold director Jesse Hom will not seek re-election at the 2025 annual meeting and will resign from the board and all committee roles effective May 15, 2025. The filing says his decision is not due to any disagreement with the company on its operations, policies or practices. The board also reduced its size from six directors to five, effective with his resignation.
Jesse Hom notified the board on March 20, 2025 that he will not seek re-election at the 2025 annual meeting.
His resignation from the board and all committee positions is effective May 15, 2025.
The filing states his decision is not due to any disagreement with the company.
The board decreased its size from six directors to five upon his resignation.
Safehold reported fourth-quarter 2024 results, with revenue of $91.9 million, down 11% from $103.0 million a year earlier, and GAAP earnings per share of $0.36 versus $0.58. For the full year, revenue rose 4% to $365.7 million and GAAP net income attributable to common shareholders was $105.8 million, compared with a loss of $55.0 million in 2023, a year that included a $145.4 million goodwill impairment. The mixed picture matters to shareholders because the quarterly decline and the full-year gain are driven by different factors.
Q4 2024 revenue was $91.9 million, down 11% from $103.0 million; Q4 GAAP EPS was $0.36 versus $0.58.
FY 2024 GAAP EPS was $1.48, compared with a loss of $0.82 in FY 2023, which included a $145.4 million goodwill impairment.
FY 2024 EPS excluding merger, Caret-related costs, non-recurring gains and prior-period credit loss provisions was $1.57, up 8% from $1.45.
Q4 GAAP net income fell 37% year over year, mainly because of a derivative hedge gain recorded in Q4 2023.
On November 14, 2024, Safehold GL Holdings LLC, a subsidiary of Safehold Inc., completed a $400 million underwritten offering of 5.650% senior notes maturing January 15, 2035, priced at 98.812% of principal. Safehold Inc. fully and unconditionally guarantees the notes, so the parent company stands behind this new debt, which ranks effectively below the issuer's secured debt and subsidiary liabilities. The company said proceeds may be used for general corporate purposes, including repaying revolver borrowings and funding ground leases.
Notes: $400 million principal, 5.650% annual interest, maturing January 15, 2035
Offering priced at 98.812% of principal, with an effective semi-annual yield to maturity of 5.804%
Company terminated hedges and realized a cash settlement gain of approximately $22 million, lowering the expected effective yield to approximately 5.09%
Safehold reported third quarter 2024 revenue of $90.7 million, up 6% from $85.6 million a year earlier, and GAAP net income attributable to common shareholders of $19.3 million, or $0.27 per share. The prior-year quarter included a $145.4 million goodwill impairment, which accounts for most of the year-over-year swing. The company also recorded a $7.5 million non-cash credit loss provision, of which $6.8 million relates to prior periods; excluding merger, Caret and provision items, EPS was $0.37, up 11% from $0.33.
Q3 2024 revenue $90.7 million vs. $85.6 million in Q3 2023 (up 6%)
GAAP EPS $0.27 vs. a loss of $1.81 in Q3 2023; non-GAAP EPS $0.37 vs. $0.33
$7.5 million non-cash general provision for credit losses, $6.8 million on prior period balances
Closed $104 million of new originations and bought a joint venture partner's interest for $69 million
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