Safehold Inc SEC Filings

Safehold Inc. reported an equity compensation grant to its President, Michael Trachtenberg. On 12/01/2025, he acquired 93,076 shares of Safehold common stock at a stated price of $0, reported as an acquisition of common stock held directly.

The grant consists of 93,076 restricted stock units, each representing the right to receive one share of Safehold common stock, net of applicable taxes and withholdings, if and when the units vest. These units are scheduled to vest in five equal annual installments on each of the first five anniversaries of the grant date, provided certain service conditions are met. This filing reflects an increase in the executive’s beneficial ownership through a long-term, service-based incentive award.

Safehold Inc. reported an insider ownership update for its President, Michael Trachtenberg. In this initial insider disclosure, filed for regulatory compliance, Trachtenberg reports that he does not beneficially own any shares or other securities of Safehold Inc. The filing is made as a single-person report and confirms there are no non-derivative or derivative securities listed as owned.

Safehold Inc. appointed Michael Trachtenberg as President effective December 1, 2025. He brings two decades of institutional real estate experience from Lubert-Adler, where he most recently served as President and Managing Partner.

His compensation includes a $500,000 annual base salary, a target annual bonus of $1,500,000, a one-time signing cash bonus of $250,000, and a grant of 50,000 Caret Units vesting over five years. He is eligible for a one-time sign-on award of 93,076 restricted stock units vesting over five years, plus performance-based RSU awards of 60,000 RSUs tied to affordable housing commitments and 700,000 RSUs tied to stock price hurdles and an origination threshold, over three- and five-year performance periods, respectively. Certain vesting may accelerate upon qualifying terminations or change in control.

Trachtenberg will receive up to $200,000 in corporate housing and relocation support for his first year and will participate in the Company’s severance and new change in control plans, which provide executive officers severance equal to two times base salary and prior year bonus upon specified change in control-related terminations.

Safehold Inc. entered into a new unsecured term loan A agreement for $400,000,000 through its subsidiary Safehold GL Holdings LLC. The term loans were fully drawn on November 25, 2025 and the company used the proceeds to repay approximately $400 million of borrowings under its $2.0 billion revolving credit facility, effectively terming out part of its existing debt.

The term loans mature on November 15, 2030 and include two one‑year extension options. The facility does not amortize and has an accordion feature that allows increasing or adding term loan tranches up to an aggregate of $600,000,000, subject to lender commitments and customary conditions. Interest is based on various SOFR or base rate options plus a margin that varies with the borrower’s credit rating.

The agreement includes financial covenants, including a minimum consolidated EBITDA to annualized fixed charges ratio of 1.15:1.00, a minimum total unencumbered assets to total unsecured debt ratio of 1.25:1.00, and a maximum secured debt to total asset value ratio of 50%. Safehold absolutely and unconditionally guarantees the borrower’s obligations under the agreement.

Safehold Inc. (SAFE) filed its quarterly report, highlighting higher earnings and steady portfolio growth. Total revenues were $96.2M for the quarter, up from $90.7M a year ago, led by $72.4M of interest income from sales‑type and Ground Lease receivables. Net income attributable to common shareholders rose to $29.3M, and diluted EPS was $0.41 versus $0.27 last year. The company declared a quarterly dividend of $0.177 per share.

On the balance sheet, total assets reached $7.15B, debt obligations were $4.51B, and total equity was $2.42B. Net investment in sales‑type leases was $3.53B and Ground Lease receivables were $1.96B. Operating cash flow for the nine months was $35.5M; investing used $180.2M; financing provided $148.8M. The company originated three leasehold loans totaling $44.5M outstanding at a weighted average rate of 6.60% and had $84.1M of performance‑based unfunded commitments as of September 30, 2025. As of November 4, 2025, common shares outstanding were 71,756,336.

Safehold Inc. (SAFE) disclosed an updated portfolio valuation metric. As of September 30, 2025, the company estimates unrealized capital appreciation (UCA) in its owned residual portfolio of $9,069 million. This reflects a Combined Property Value of $15,634 million for properties subject to its ground leases, compared with an aggregate Ground Lease cost of $6,565 million. UCA represents the excess of the hypothetical fee-simple value of the land, buildings, and improvements—assuming no ground lease—over Safehold’s cost basis.

Safehold’s process relies on independent valuations by CBRE, Inc., updated approximately every 12 months and no less than every 24 months, using recognized appraisal standards and approaches such as sales comparison and income capitalization. The company notes important limitations: rolling valuations may not reflect current market conditions, inputs rely on tenant-provided information, and UCA is a non‑GAAP measure that may change.

The filing also updates the Caret program. As of September 30, 2025, officers and employees beneficially owned approximately 14.4% of outstanding Caret units and 11.4% of authorized units; 128,971 Caret units remain available for awards. Certain 2023 merger‑related grants cliff‑vest on March 31, 2027 if SAFE’s stock averages $60.00 for 30 consecutive trading days. The company owned 84.3% of outstanding Caret units, and 122,500 units were sold to third‑party investors.

Safehold Inc. furnished an earnings release and an earnings presentation for the quarter ended September 30, 2025. The materials are attached as Exhibit 99.1 (Earnings Release) and Exhibit 99.2 (Earnings Presentation) and were also made available on the company’s website.

The materials are being furnished, not deemed “filed,” under Items 2.02 and 7.01, and therefore are not subject to Section 18 liabilities. They are not incorporated into other filings unless specifically referenced.

Safehold Inc. (SAFE) reported a director transaction on a Form 4. Director Barry Ridings acquired 32 Common Stock Equivalents on 10/15/2025 under the Non‑Employee Directors' Deferral Plan, which credits additional CSEs when dividends are paid. Each CSE converts one‑for‑one into common stock.

After this entry, beneficial ownership was reported as 52,851 shares direct, plus indirect holdings by trusts of 4,665, 1,775, and 1,775 shares.

Safehold Inc. (SAFE) director Form 4: On 10/15/2025, Director Robin Josephs was credited with 346 Common Stock Equivalents (CSEs) under the Non‑Employee Directors' Deferral Plan. These CSEs arise as dividends are paid and convert one‑for‑one into shares of Safehold common stock.

Following the transaction, beneficial ownership was 88,734 shares direct, 3,107 shares indirect via an IRA, and 64,696 shares indirect via a family trust.