Welcome to our dedicated page for Safehold SEC filings (Ticker: SAFE), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page provides access to Safehold Inc. (NYSE: SAFE) SEC filings, offering detailed regulatory disclosures about the company’s ground lease business, capital structure and governance. As a real estate investment trust (REIT) focused on modern ground leases, Safehold uses its SEC reports to explain how it acquires and manages ground leases and how it evaluates unrealized capital appreciation (UCA) in its owned residual portfolio.
Through current reports on Form 8-K, investors can review material events and agreements, such as unsecured term loan credit agreements, amendments to revolving credit facilities and related financial covenants. These filings describe key ratios tied to consolidated EBITDA, fixed charges, unencumbered assets, unsecured debt and secured debt, giving insight into Safehold’s balance sheet and financing policies.
Safehold’s filings also include detailed explanations of its valuation policy for Combined Property Value and UCA. The company outlines how it engages an independent valuation firm to estimate the hypothetical fee simple value of properties subject to its ground leases, the assumptions used in those appraisals, and the limitations and qualifications that apply to these non-GAAP measures.
Corporate governance and executive matters appear in filings covering officer appointments and compensation arrangements, including inducement restricted stock unit awards, performance-based equity tied to stock price hurdles, and incentives linked to affordable housing commitments. These documents describe the terms, vesting conditions and change-in-control protections for senior leadership.
With real-time updates from EDGAR and AI-powered summaries, this page helps users navigate Safehold’s 8-Ks and other reports, understand the implications of new credit facilities or valuation disclosures, and quickly identify information relevant to SAFE shareholders, creditors and analysts.
Safehold Inc.'s chief financial officer Brett Asnas received a grant of 66,171 shares of common stock as an annual incentive award. To cover applicable tax withholding, 27,295 of these shares were disposed of, leaving a net 38,876 shares issued to him. The footnote states that all of these shares are fully vested, meaning Asnas now directly owns them without further vesting conditions, and his total direct holdings after these transactions are 213,966 shares of Safehold common stock.
Safehold Inc. is a NYSE-listed REIT that focuses on originating and acquiring long-term commercial ground leases across the U.S., aiming to provide bond-like cash flows plus long-term upside from residual land and building ownership.
Ground leases typically run 30 to 99 years with triple-net structures and rent escalators tied to fixed steps or CPI, often capped around 3.0%–3.5%. Safehold tracks unrealized capital appreciation (UCA) between its ground lease cost and the independently estimated combined property value, which was $15,947 million versus $6,675 million of cost as of December 31, 2025.
The company also runs a two-class structure at its main operating subsidiary: GL units tied to the bond-like income stream and Caret units tied to UCA economics, with 83.8% of outstanding Caret units owned by Safehold. Strategy centers on disciplined leverage, generally targeting debt at roughly 25% of combined property value and not exceeding 2:1 relative to equity.
Key risks include dependence on continued growth of the ground lease market, caps on CPI-based rent increases, tenant and sector concentration (notably office and hotels), tenant credit and bankruptcy risk, exposure to development-stage projects, sizable debt of about $4.6 billion, and complex ties to Star Holdings, which owns a significant SAFE stake and is externally managed by a Safehold subsidiary.
Safehold Inc. reports that, as of December 31, 2025, its estimated unrealized capital appreciation ("UCA") in its owned residual ground lease portfolio is $9,272 million. This represents the excess of the portfolio’s Combined Property Value of $15,947 million over the Ground Lease cost basis of $6,675 million.
The company explains its policy for estimating UCA, relying primarily on independent appraisals by CBRE, Inc. that assume the land and buildings are owned together without ground leases in place. It highlights key valuation assumptions such as stabilized occupancy and capitalization rates across hotel, office, multifamily, life science and mixed-use properties, and emphasizes that these hypothetical values are non‑GAAP estimates that may differ from actual realizable amounts.
Safehold also describes its Caret Performance Incentive Plan. As of December 31, 2025, officers and other employees beneficially own approximately 14.9% of outstanding Caret units and 11.9% of authorized Caret units, while the company owns about 83.8% of outstanding Caret units, with specified vesting and price-based conditions on certain awards.
Safehold Inc. furnished an earnings release and an earnings presentation covering its fourth quarter and full fiscal year ended December 31, 2025. These materials were made available on the company’s website and attached as Exhibits 99.1 (earnings release) and 99.2 (earnings presentation).
The disclosure is provided under Items 2.02 and 7.01 of Form 8-K and is expressly treated as “furnished,” not “filed,” which limits liability under Section 18 of the Exchange Act. The company also notes that this information will not be incorporated into Securities Act registration statements unless specifically referenced.
Safehold Inc. director Robin Josephs acquired 362 common stock equivalents on January 15, 2026 under the company’s Non-Employee Directors' Deferral Plan. These units are credited as dividends are declared on Safehold common stock and each common stock equivalent is convertible on a one-for-one basis into a share of Safehold common stock.
Following this transaction, Josephs beneficially owns 89,096 shares of common stock directly, plus 3,107 shares held indirectly through an IRA and 64,696 shares held indirectly through a family trust.
Safehold Inc. director Barry W. Ridings reported a routine equity award under the company’s Non-Employee Directors' Deferral Plan. On January 15, 2026, he acquired 33 Common Stock Equivalents (CSEs) at a price of $0, which are deferred stock units that track Safehold common stock.
Under the plan, when dividends are paid on Safehold common stock, the value of those dividends is credited as additional CSEs based on the dividend amount and the stock price on the dividend date. Each CSE is convertible on a one-for-one basis into shares of Safehold Inc. common stock. Following this transaction, Ridings beneficially owned 52,884 shares of common stock directly, plus additional indirect holdings of 4,665 shares, 1,775 shares, and 1,775 shares held by trusts.
Safehold Inc. reported that its subsidiary Safehold GL Holdings LLC and the company entered into a Second Amendment to their revolving credit facility with JPMorgan Chase Bank and other lenders. This amendment updates the existing RCF Credit Agreement so that its financial covenants match those in the Borrower’s previously announced unsecured term loan A facility entered into on November 25, 2025. By aligning these covenant terms across facilities, Safehold is creating a more consistent set of financial requirements with its bank group under the amended revolving credit agreement.
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.