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.
Safehold Inc. filings document a NYSE-listed real estate investment trust whose business is conducted through Safehold GL Holdings LLC and centered on ground lease investments. Form 8-K disclosures include earnings releases and presentations, Regulation FD materials, estimates of unrealized capital appreciation, credit agreement amendments and other material events affecting the company's financing and portfolio disclosures.
The company's SEC record also reflects its completed 2023 merger history, under which iStar Inc. continued as the surviving corporation and changed its name to Safehold. Proxy materials cover board matters, executive compensation and shareholder voting, while registration statements and prospectus supplements address common stock resale and shelf registration matters tied to Safehold's capital structure.
Safehold Inc. is registering the resale of up to 6,105,389 shares of its common stock by identified selling stockholders pursuant to a prospectus supplement dated March 25, 2026. The shares may be sold from time to time in public or private transactions at market, negotiated or fixed prices.
The company will not receive proceeds from these resales but has agreed to pay registration-related expenses including filing, listing and legal fees. The prospectus supplement lists 71,756,731 shares outstanding as of February 10, 2026 and states the last reported NYSE sale price was $13.93 on March 24, 2026. Ownership of common stock is subject to a 9.8% ownership limitation under the charter, and certain investors have specified waivers and registration/standstill arrangements described in the supplement.
Safehold Inc. filed a shelf registration on Form S-3 to offer, from time to time, common stock, preferred stock, debt securities, depositary shares, warrants, rights, units and guarantees, and Safehold GL Holdings LLC may offer debt securities fully and unconditionally guaranteed by Safehold Inc.
The prospectus states offerings may occur "from time to time after the effective date" and that selling securityholders may offer shares of common stock on terms determined at the time of sale. The prospectus notes the last reported NYSE sale price was $13.93 per share on March 24, 2026.
Safehold Inc. Chairman and CEO Jay Sugarman reported equity compensation and related tax withholding in common stock. He was granted 90,149 shares as an annual incentive award, with 40,825 shares withheld to cover taxes, resulting in a net 49,324 fully vested shares issued to him.
After these transactions, he directly owned 1,853,946 common shares. The filing also reports indirect holdings of 9,590 shares by his spouse, 184,360 shares by family trusts, and 169,943 shares by a foundation as of the reported date.
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.