Safehold Reports Fourth Quarter and Fiscal Year 2025 Results

Rhea-AI Summary

Safehold (NYSE: SAFE) reported Q4'25 revenue of $97.9 million and FY'25 revenue of $385.6 million. Net income attributable to common shareholders was $27.9 million in Q4 and $114.5 million for FY'25 ($118.6 million excluding non-recurring losses).

2025 investments totaled $429 million, estimated unrealized capital appreciation rose to $9.3 billion, and Safehold received an A- S&P rating with a stable outlook.

Positive

• FY'25 revenue of $385.6 million
• FY'25 net income attributable to common shareholders of $114.5 million
• $429 million of new originations in 2025
• Estimated unrealized capital appreciation increased to $9.3 billion
• Received a credit ratings upgrade to A- from S&P with stable outlook
• Closed a $400 million 5-year unsecured term loan, improving capital flexibility

Negative

• Non-recurring losses totaled $4.2 million in FY'25 (including a $1.9m write-off and $2.2m early debt extinguishment loss)
• Forward commitments of $136m (ground leases) and $107m (leasehold loans) remain subject to conditions and may not fund

Key Figures

Q4 2025 Revenue: $97.9M FY 2025 Revenue: $385.6M Q4 2025 Net Income: $27.9M +5 more

8 metrics

Q4 2025 Revenue $97.9M Fourth quarter 2025 revenue

FY 2025 Revenue $385.6M Full year 2025 revenue

Q4 2025 Net Income $27.9M Net income attributable to common shareholders, Q4 2025

FY 2025 Net Income $114.5M Net income attributable to common shareholders, FY 2025

Q4 2025 EPS $0.39 Earnings per share, Q4 2025 (GAAP)

FY 2025 EPS $1.59 Earnings per share, FY 2025 (GAAP)

Estimated UCA $9.3B Estimated Unrealized Capital Appreciation as of FY 2025

2025 Originations $429M New investments in 2025 originations

Market Reality Check

Price: $15.05 Vol: Volume 485,527 vs 20-day ...

normal vol

$15.05 Last Close

Volume Volume 485,527 vs 20-day average 370,194 (relative volume 1.31) ahead of the earnings release. normal

Technical Trading above 200-day MA at $14.92, with pre-release price at $15.46.

Peers on Argus

SAFE gained 2.38% with several diversified REIT peers also higher: GNL +1.74%, A...

SAFE gained 2.38% with several diversified REIT peers also higher: GNL +1.74%, AAT +1.22%, GOOD +0.96%, CTO +1.25%, while AHH lagged at -0.83%, suggesting a broader positive REIT tone.

Previous Earnings Reports

5 past events · Latest: Jan 29 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 29	Earnings timing update	Neutral	+1.1%	Announcement of Q4 and FY 2025 release date and webcast details.
Nov 07	Earnings results (peer)	Neutral	+3.4%	Star Holdings Q3 2025 results including SAFE share mark-to-market impact.
Nov 05	Q3 2025 earnings	Positive	-0.6%	SAFE Q3 2025 revenue, net income and EPS update with new originations data.
Aug 07	Earnings results (peer)	Negative	-2.6%	Star Holdings Q2 2025 net loss driven by SAFE share valuation adjustment.
Aug 05	Q2 2025 earnings	Positive	-1.3%	SAFE Q2 2025 revenue, net income, EPS and strong ground lease originations.

Pattern Detected

Recent earnings-related items often saw modest moves, with SAFE’s own earnings prints sometimes met with mild selling despite growth metrics.

Recent Company History

Over the past six months, earnings-related news for SAFE and related entities has featured steady revenue and EPS growth for SAFE alongside volatile results at Star Holdings, which holds SAFE shares. SAFE’s Q2 and Q3 2025 earnings showed rising revenue and EPS, while today’s Q4/FY 2025 report extends that run with $97.9M Q4 revenue, $385.6M for FY 2025, and higher Estimated Unrealized Capital Appreciation of $9.3B.

Historical Comparison

earnings

+0.0 %

Average Historical Move

Historical Analysis

In the past year, earnings-tagged items around SAFE and Star Holdings produced mixed single-day reactions averaging near 0%. Today’s full-year 2025 earnings extend the pattern of steady revenue and EPS updates rather than dramatic inflection points.

Typical Pattern

SAFE’s earnings flow shows incremental growth: Q2 2025 revenue of $93.8M, Q3 2025 revenue of $96.2M, and now Q4 2025 revenue of $97.9M with FY 2025 at $385.6M, while Estimated Unrealized Capital Appreciation increased from $9.069B to $9.3B over subsequent disclosures.

Market Pulse Summary

This announcement details Q4 2025 revenue of $97.9M, full-year revenue of $385.6M, and FY 2025 EPS o...

Analysis

This announcement details Q4 2025 revenue of $97.9M, full-year revenue of $385.6M, and FY 2025 EPS of $1.59, alongside higher Estimated Unrealized Capital Appreciation of $9.3B. SAFE also highlighted $429M of 2025 originations and a credit rating upgrade to A- with a stable outlook. Investors may focus on non-recurring losses, capital structure changes, and the funding and performance of new ground lease and leasehold loan commitments.

Key Terms

eps, non-gaap, gaap, unsecured term loan, +2 more

6 terms

eps financial

"EPS excluding non-recurring (gains) / losses (basic & diluted) | $0.42 | $1.65"

Earnings per share (EPS) measures how much profit a company makes for each outstanding share of its stock by dividing the company’s profit after expenses by the number of shares. It matters to investors because it shows how much of the company’s “pie” each share represents—higher EPS usually signals greater profitability per share, helps compare companies of different sizes, and influences stock valuations and investor decisions.

non-gaap financial

"are non-GAAP measures used as supplemental performance measures to give"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

gaap financial

"alternatives to net income attributable to common shareholders or EPS, respectively (in each case determined in accordance with generally accepted accounting principles in the United States of America ("GAAP"))"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

unsecured term loan financial

"Closed $400 million 5-year unsecured term loan and repaid $227 million"

An unsecured term loan is a fixed-schedule loan that a borrower must repay over a set period but does not pledge specific assets as collateral. Think of it like lending money to someone on their promise rather than holding their car keys as backup. Investors care because these loans carry higher risk and therefore higher interest, have lower priority if the borrower fails, and affect a company’s cash flow and ability to raise future financing.

early extinguishment of debt financial

"and the $2.2m loss on early extinguishment of debt in Q4'25."

Early extinguishment of debt occurs when a borrower repays or cancels a loan before the scheduled end of the agreement. It’s like paying off a loan ahead of time, which can save money on interest but may also involve extra fees. For investors, it’s important because it can impact a company’s financial health and how much money is available for other priorities.

replay technical

"the replay can be accessed via dial-in from 2:00 p.m. ET on February 12, 2026"

A replay is a recorded version of a live corporate event—such as an earnings call, investor presentation, or webcast—made available for later listening or viewing. It lets investors and analysts review what company leaders said, check details they missed, and verify numbers or guidance, much like rewatching a game to study key plays; that transparency helps inform buying, selling, and valuation decisions.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 11, 2026 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE) reported results for the fourth quarter and fiscal year ended December 31, 2025.

SAFE published a presentation detailing these results which can be found on its website, www.safeholdinc.com in the "Investors" section.

Highlights from the earnings announcement include:

• Q4'25 revenue was $97.9 million, and FY'25 was $385.6 million
• Q4'25 net income attributable to common shareholders was $27.9 million, or $30.1 million excluding non-recurring losses, and FY'25 net income attributable to common shareholders was $114.5 million, or $118.6 million excluding non-recurring losses¹
• Q4'25 earnings per share was $0.39, or $0.42 excluding non-recurring losses, and FY'25 earnings per share was $1.59, or $1.65 excluding non-recurring losses¹
• Estimated Unrealized Capital Appreciation increased to $9.3 billion
• 2025 Highlights Include:
  • Investments: $429 million^2,3 of new originations in 2025, including 17 new ground leases for $277 million² and four leasehold loans for $152 million³, bringing total aggregate ground lease portfolio to $7.1 billion
  • Credit: Received credit ratings upgrade to A- with stable outlook from S&P Ratings. Safehold now rated A- / A3 / A- by S&P, Moody's and Fitch, respectively, all with stable outlook
  • Capital: Closed $400 million 5-year unsecured term loan and repaid $227 million secured debt maturing 2027

"Safehold had a productive 2025 and is well positioned for 2026," said Jay Sugarman, Chairman and Chief Executive Officer. "Customer dialogue and closings have been active, our affordable housing business has good momentum, and our cost of capital has significantly improved following a third credit ratings upgrade to A-. With the addition of Michael Trachtenberg as President strengthening our leadership team, we look forward to putting our capital to work to serve our customers and create value for our shareholders."   

The Company will host an earnings conference call reviewing this presentation beginning at 9:00 a.m. ET on Thursday, February 12, 2026. This conference call will be broadcast live and can be accessed by all interested parties through Safehold's website in the "Investors" section, and by using the dial-in information listed below:

Dial-In:	877.545.0523
International:	973.528.0016
Access Code:	239703

A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 2:00 p.m. ET on February 12, 2026 through 12:00 a.m. ET on February 26, 2026 by calling:

Replay:	877.481.4010
International:	919.882.2331
Access Code:	53587

Non-GAAP Financial Measures:

Net income attributable to Safehold Inc. common shareholders excluding non-recurring (gains) / losses, and EPS excluding non-recurring (gains) / losses, are non-GAAP measures used as supplemental performance measures to give management and investors a view of net income and EPS more directly derived from operating activities in the period in which they occur. Net income attributable to Safehold Inc. common shareholders excluding non-recurring (gains) / losses is calculated as net income (loss) attributable to common shareholders, prior to the effect of non-recurring gains and losses, as adjusted to exclude corresponding amounts allocable to noncontrolling interests. It should be examined in conjunction with net income attributable to common shareholders as shown in our consolidated statements of operations. EPS excluding non-recurring (gains) / losses is calculated as net income attributable to Safehold Inc. common shareholders excluding non-recurring (gains) / losses, divided by the weighted average number of diluted common shares. These metrics should not be considered as alternatives to net income attributable to common shareholders or EPS, respectively (in each case determined in accordance with generally accepted accounting principles in the United States of America ("GAAP")). These measures may differ from similarly-titled measures used by other companies. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented below.

Earnings Reconciliation (all figures in thousands except per share figures)1		Q4'25                       FY'25
Net income attributable to Safehold Inc. common shareholders			$27,876	$114,469
Add: Non-recurring (gains) / losses2			2,224	4,170
Net income attributable to Safehold Inc. shareholders excluding non-recurring (gains) / losses			$30,100	$118,639
Weighted average number of common shares – basic			71,756	71,694
Weighted average number of common shares – diluted			71,866	71,786
EPS excluding non-recurring (gains) / losses (basic & diluted)			$0.42	$1.65

¹ All numbers net of impact attributable to noncontrolling interests.

² Non-recurring losses were $2.2m and $4.2m in Q4'25 and FY'25, respectively, for the $1.9m write-off of a preferred equity position in a leasehold joint venture in Q1'25 and the $2.2m loss on early extinguishment of debt in Q4'25. There were no non-recurring gains during these periods.

About Safehold:

Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.

Company Contact:
Pearse Hoffmann
Senior Vice President
Head of Corporate Finance 
T 212.930.9400
E investors@safeholdinc.com

¹Non-recurring losses were $2.2m and $4.2m in Q4'25 and FY'25, respectively, for the $1.9m write-off of a preferred equity position in a leasehold joint venture in Q1'25 and the $2.2m loss on early extinguishment of debt in Q4'25. There were no non-recurring gains during these periods.

²Includes Safehold's $136 million forward commitments for the Ground Leases new originations in FY'25 that have not yet been funded as of 12/31/25 (such funding commitments are subject to certain conditions). There can be no assurance Safehold will fully fund these transactions.

³Includes Safehold's $107m forward commitments for the Leasehold Loans new originations in FY'25 that have not yet been funded as of 12/31/25 (such funding commitments are subject to certain conditions). Excludes $30m commitment regarding contingent-based loan allocation which is fully unfunded as of 12/31/25. There can be no assurance Safehold will fully fund these transactions.

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SOURCE Safehold

FAQ

What were Safehold (SAFE) Q4 2025 and FY 2025 revenues?

Safehold reported Q4'25 revenue of $97.9 million and FY'25 revenue of $385.6 million. According to the company, these figures reflect full-year originations and portfolio performance reported for the period ended December 31, 2025.

How much net income did Safehold (SAFE) report for FY 2025 and excluding non-recurring items?

Safehold reported $114.5 million net income attributable to common shareholders for FY'25 and $118.6 million excluding non-recurring items. According to the company, adjustments remove a $1.9m write-off and a $2.2m early debt extinguishment loss.

What investment originations did Safehold (SAFE) make in 2025 and what is the ground lease portfolio size?

Safehold originated $429 million in new originations in 2025, including $277 million in 17 ground leases. According to the company, the aggregate ground lease portfolio now totals $7.1 billion.

Did Safehold (SAFE) receive a credit rating upgrade in 2025 and what is the rating?

Safehold received a credit ratings upgrade to A- from S&P with a stable outlook in 2025. According to the company, its ratings are now A- / A3 / A- from S&P, Moody's and Fitch, respectively, all stable.

What non-GAAP adjustments did Safehold (SAFE) report for Q4 and FY 2025 EPS?

Safehold reported EPS excluding non-recurring items of $0.42 for Q4'25 and $1.65 for FY'25. According to the company, these non-GAAP measures exclude specified non-recurring gains and losses to reflect operating results.

Are Safehold's 2025 forward commitments fully funded and what risk is disclosed?

Safehold disclosed forward commitments of $136m for ground leases and $107m for leasehold loans that were unfunded at 12/31/25. According to the company, these commitments are subject to conditions and may not be fully funded.