Safehold Inc. (SAFE) SEC Filings

T. Rowe Price Investment Management, Inc. filed an amended beneficial ownership report for Safehold Inc., stating that it beneficially owned 4,677,813 shares of the company’s REIT securities as of June 30, 2026. This position represents 6.5% of the outstanding class.

T. Rowe Price reports sole voting power over 4,649,593 shares and sole dispositive power over the full 4,677,813 shares, with no shared voting or dispositive power. The filer expressly states that this filing should not be construed as an admission that it is the beneficial owner of these securities.

Safehold Inc. reports that effective August 1, 2026, it relocated its principal executive offices to One Penn Plaza, 51st Floor, New York, NY 10119 from 1114 Avenue of the Americas, 39th Floor, New York, NY 10036.

All future correspondence is to be directed to the new address, and the company’s telephone number remains (212) 930-9400.

Safehold Inc. reported solid results for the quarter and six months ended June 30, 2026. For the quarter, total revenues were $114.6 million and net income attributable to common shareholders was $30.2 million, or $0.42 per diluted share. For the first half of 2026, revenues were $225.5 million and net income attributable to common shareholders was $59.0 million, or $0.82 per diluted share.

As of June 30, 2026, total assets were $7.52 billion and total equity was $2.63 billion, with debt obligations, net of premiums and discounts, of $4.65 billion. Net investment in sales‑type leases and Ground Lease receivables together totaled about $5.81 billion, highlighting the emphasis on long-term ground lease cash flows.

During 2026, the company began operating two hotel properties directly, generating $25.8 million of hotel revenues in the first half. It formed a Brookfield joint venture for seven ground leases at a gross valuation of $348.0 million and issued $225.0 million of 6.615% senior notes due 2056, while retaining $1.4 billion of undrawn capacity on its $2.0 billion unsecured revolving credit facility.

Safehold Inc. reports that as of June 30, 2026, estimated unrealized capital appreciation (“UCA”) in its owned residual portfolio of ground leases is $9,770 million. This represents the excess of an aggregate Combined Property Value of $16,676 million over aggregate ground lease cost of $6,906 million, based on valuations that assume fee-simple ownership of land and improvements without the ground leases in place.

The company explains its policy of targeting ground leases initially priced at 30%–45% of Combined Property Value and describes how independent appraiser CBRE, Inc. and, in some cases, internal estimates are used to derive Combined Property Values. Safehold emphasizes that UCA is a non‑GAAP, assumption‑driven measure that may not reflect current market conditions, may change over time, and might never be realized, particularly given the long (30‑ to 99‑year) lease terms and tenant rights that can limit residual value.

Safehold also updates information on its Caret unit program within Safehold GL Holdings LLC. As of June 30, 2026, the company owns 83.4% of outstanding Caret units, has sold 122,500 units to third‑party investors, and has 14,396 units available for performance‑based awards, with vesting schedules tied to stock‑price and service conditions.

Safehold Inc. furnished an earnings release and earnings presentation for the quarter ended June 30, 2026, making these materials available on its website and attaching them as Exhibits 99.1 and 99.2. The materials are provided under Items 2.02 and 7.01 and are treated as furnished, not filed, under securities laws.

Safehold Inc. director Robin Josephs acquired 335 Common Stock Equivalents on July 15, 2026 under the Non-Employee Directors' Deferral Plan. Each CSE converts on a one-for-one basis into Safehold common stock. After this award she directly held 98,568 shares, plus 64,696 shares via a Family Trust and 3,107 shares in an IRA.

Safehold Inc. director Barry W. Ridings reported an acquisition of 30 Common Stock Equivalents (CSEs) on July 15, 2026 under the Non-Employee Directors' Deferral Plan, with each CSE convertible one-for-one into common stock. Following this credit, he reports 61,725 shares of common stock held directly and additional indirect holdings in trusts of 1,775 and 4,665 shares.

Safehold Inc. entered into a definitive note purchase agreement for a private placement of $225 million aggregate principal amount of senior unsecured notes due August 1, 2056. The notes carry a 6.615% stated coupon, structured as a stairstep cash interest rate starting at 4.00% and rising over time, with the difference paid in kind and added to principal.

The operating company’s obligations are fully and unconditionally guaranteed by Safehold, and the notes include restrictive financial covenants and customary event-of-default provisions. Safehold intends to use the net proceeds for general corporate purposes, including potential debt repayment, new ground lease investments, working capital and funding existing commitments.

Pricing was based on the 30-year Treasury rate of 4.99% plus a 162.5 basis point spread, and Safehold realized an approximate $30 million cash gain from recently terminated hedges. Giving effect to this gain, the company expects an effective semi-annual yield to maturity of about 5.83% on the notes.

Safehold Inc. has formed a joint venture with a Brookfield affiliate involving a portfolio of ground leases that generate current annualized cash ground rent of approximately $14 million. Brookfield will purchase a non-controlling 49% interest in the venture at a gross valuation of approximately $348 million.

Safehold will keep day-to-day control and management of the assets and expects to consolidate the venture in its financial statements. The company holds a series of call options beginning after year 7 to repurchase Brookfield’s interest and plans to use net proceeds for debt repayment and general corporate purposes.