Safehold Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Safehold Inc reported revenue of $385.6M (+5.4% year on year) and net income of $117.6M (+6.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Interest income from sales-type leases | $286.1M | $264.3M | $235.5M | — |
| Operating lease income | $72.1M | $71.1M | $71.3M | — |
| Interest income | $11.2M | $9.5M | $7.1M | — |
| Other income | $16.2M | $20.9M | $38.6M | — |
| Total revenues | $385.6M | $365.7M | $352.6M | $158.1M |
| Interest expense | $206.7M | $198.0M | $181.0M | $98.1M |
| Real estate expense | $4.8M | $4.2M | $4.7M | — |
| Depreciation and amortization | $8.5M | $9.9M | $9.9M | $5.5M |
| General and administrative | $54.3M | $54.9M | $68.6M | $21.3M |
| Provision for (recovery of) credit losses | $6.6M | $9.5M | $2.7M | — |
| Other expense | $3.8M | $2.0M | $17.9M | $8.9M |
| Total costs and expenses | $284.7M | $278.6M | $430.1M | $308.9M |
| Income (loss) from operations before other items | $100.9M | $87.1M | ($77.1M) | — |
| Loss on early extinguishment of debt | ($2.2M) | — | — | ($131.2M) |
| Earnings (losses) from equity method investments | $18.9M | $23.0M | $24.2M | $58.7M |
| Net income (loss) before income taxes | $117.6M | $110.1M | ($52.8M) | ($196.7M) |
| Income tax expense | ($2.9M) | ($3.4M) | ($1.7M) | ($567.0K) |
| Net (income) loss attributable to noncontrolling interests | ($161.0K) | ($852.0K) | ($408.0K) | — |
| Net income (loss) attributable to Safehold Inc. common shareholders | $114.5M | $105.8M | ($55.0M) | $421.3M |
| Basic (dollars per share) | $1.60 | $1.48 | -$0.82 | $4.92 |
| Diluted (dollars per shares) | $1.59 | $1.48 | -$0.82 | $4.92 |
| Basic (in shares) | 71.7M | 71.4M | 66.7M | 80.7M |
| Diluted (in shares) | 71.8M | 71.5M | 66.7M | 80.7M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Interest income from sales-type leases | $76.9M | $75.0M | $72.4M | $70.6M |
| Operating lease income | $15.8M | $20.2M | $17.0M | $16.7M |
| Hotel revenues | $15.9M | $9.9M | — | — |
| Interest income | $3.3M | $3.1M | $3.1M | $2.7M |
| Other income | $2.7M | $2.7M | $3.7M | $3.8M |
| Total revenues | $114.6M | $110.9M | $96.2M | $93.8M |
| Interest expense | $55.2M | $53.5M | $52.5M | $51.3M |
| Hotel expenses | $13.9M | $12.2M | — | — |
| Real estate expense | $770.0K | $1.3M | $1.4M | $881.0K |
| Depreciation and amortization | $1.8M | $1.8M | $2.1M | $2.1M |
| General and administrative | $14.3M | $15.3M | $13.1M | $13.0M |
| Provision for (recovery of) credit losses | $270.0K | $498.0K | $1.0M | $2.4M |
| Other expense | $38.0K | $638.0K | $1.2M | $346.0K |
| Total costs and expenses | $86.4M | $85.3M | $71.3M | $69.9M |
| Income (loss) from operations before other items | $28.3M | $25.5M | $24.9M | $23.9M |
| Earnings (losses) from equity method investments | $3.9M | $4.0M | $4.7M | $4.9M |
| Net income (loss) before income taxes | $32.1M | $29.6M | $29.5M | $28.8M |
| Income tax expense | ($1.4M) | ($685.0K) | ($215.0K) | ($862.0K) |
| Net income (loss) | $30.7M | $28.9M | $29.3M | $28.0M |
| Net (income) loss attributable to noncontrolling interests | ($568.0K) | ($36.0K) | ($36.0K) | ($22.0K) |
| Net income (loss) attributable to Safehold Inc. common shareholders | $30.2M | $28.9M | $29.3M | $27.9M |
| Basic (dollars per share) | $0.42 | $0.40 | $0.41 | $0.39 |
| Diluted (dollars per shares) | $0.42 | $0.40 | $0.41 | $0.39 |
| Basic (in shares) | 71.5M | 71.8M | 71.8M | 71.7M |
| Diluted (in shares) | 71.6M | 72.0M | 71.8M | 71.8M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net investment in sales-type leases ($10,750 and $6,821 of allowances as of December 31, 2025 and 2024, respectively) | $3.6B | $3.5B | $3.3B | — |
| Ground Lease receivables, net ($4,872 and $3,664 of allowances as of December 31, 2025 and 2024, respectively) | $2.0B | $1.8B | $1.6B | — |
| Real estate, at cost | $741.0M | $741.0M | $744.3M | $94.6M |
| Less: accumulated depreciation | ($52.2M) | ($46.4M) | ($40.4M) | ($18.1M) |
| Real estate, net | $688.7M | $694.5M | $703.9M | $76.5M |
| Real estate-related intangible assets, net | $204.0M | $208.7M | $211.1M | — |
| Real estate available and held for sale | $2.0M | $7.2M | $9.7M | $4.0M |
| Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale | $894.8M | $910.5M | $924.8M | — |
| Loans receivable, net | $158.6M | $112.4M | $112.1M | $48.7M |
| Equity investments | $280.9M | $250.0M | $310.3M | — |
| Cash and cash equivalents | $21.7M | $8.3M | $18.8M | $1.4B |
| Restricted cash | $9.0M | $8.8M | $28.0M | — |
| Deferred tax asset, net | $3.5M | $5.2M | $7.6M | — |
| Deferred operating lease income receivable | $241.1M | $210.8M | $180.0M | $1.1M |
| Deferred expenses and other assets, net | $72.0M | $105.0M | $89.2M | $46.3M |
| Total assets | $7.2B | $6.9B | $6.5B | $3.3B |
| Accounts payable, accrued expenses and other liabilities | $161.4M | $145.0M | $134.5M | $143.5M |
| Real estate-related intangible liabilities, net | $62.1M | $62.9M | $63.8M | — |
| Debt obligations, net | $4.6B | $4.3B | $4.1B | $1.7B |
| Total liabilities | $4.8B | $4.5B | $4.3B | $1.8B |
| Common stock, $0.01 par value, 400,000 shares authorized, 71,756 and 71,440 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 717.0K | 714.0K | 711.0K | 87.0K |
| Additional paid-in capital | $2.2B | $2.2B | $2.2B | $3.5B |
| Retained earnings | $165.7M | $102.5M | $47.6M | ($2.1B) |
| Accumulated other comprehensive income (loss) | $42.6M | $49.0M | ($1.3M) | $2.2M |
| Total Safehold Inc. shareholders' equity | $2.4B | $2.3B | $2.2B | $1.4B |
| Noncontrolling interests | $31.6M | $30.0M | $45.4M | $18.4M |
| Total equity | $2.4B | $2.4B | $2.3B | $1.4B |
| Total liabilities and equity | $7.2B | $6.9B | $6.5B | $3.3B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Net investment in sales-type leases ($11,138 and $10,750 of allowances as of June 30, 2026 and December 31, 2025, respectively) | $3.7B | $3.6B | $3.5B | $3.5B |
| Ground Lease receivables, net ($5,134 and $4,872 of allowances as of June 30, 2026 and December 31, 2025, respectively) | $2.1B | $2.1B | $2.0B | $1.9B |
| Real estate, at cost | $743.8M | $743.7M | $741.0M | $741.0M |
| Less: accumulated depreciation | ($55.3M) | ($53.8M) | ($50.8M) | ($49.4M) |
| Real estate, net | $688.5M | $690.0M | $690.2M | $691.6M |
| Real estate-related intangible assets, net | $202.2M | $203.1M | $205.4M | $206.8M |
| Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale | $890.7M | $893.9M | $898.5M | $903.6M |
| Loans receivable, net | $177.5M | $174.6M | $157.5M | $155.8M |
| Equity investments | $291.8M | $285.9M | $272.9M | $261.1M |
| Cash and cash equivalents | $15.9M | $19.3M | $12.1M | $13.9M |
| Restricted cash | $10.2M | $8.8M | $9.1M | $9.0M |
| Deferred tax asset, net | $3.3M | $3.5M | $3.9M | $3.7M |
| Deferred operating lease income receivable | $256.1M | $248.6M | $233.6M | $226.0M |
| Deferred expenses and other assets, net | $68.9M | $86.2M | $72.1M | $74.9M |
| Total assets | $7.5B | $7.4B | $7.1B | $7.1B |
| Accounts payable, accrued expenses and other liabilities | $171.6M | $161.6M | $150.5M | $152.2M |
| Real estate-related intangible liabilities, net | $61.7M | $61.9M | $62.3M | $62.5M |
| Debt obligations, net | $4.7B | $4.7B | $4.5B | $4.4B |
| Total liabilities | $4.9B | $4.9B | $4.7B | $4.7B |
| Redeemable noncontrolling interests | $800.0K | $800.0K | — | — |
| Common stock, $0.01 par value, 400,000 shares authorized, 71,057 and 71,756 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 711.0K | 718.0K | 717.0K | 717.0K |
| Additional paid-in capital | $2.2B | $2.2B | $2.2B | $2.2B |
| Retained earnings | $199.3M | $181.8M | $150.7M | $134.2M |
| Accumulated other comprehensive income (loss) | $52.0M | $47.4M | $41.1M | $41.7M |
| Total Safehold Inc. shareholders' equity | $2.4B | $2.4B | $2.4B | $2.4B |
| Noncontrolling interests | $193.1M | $32.4M | $31.0M | $30.7M |
| Total equity | $2.6B | $2.5B | $2.4B | $2.4B |
| Total liabilities and equity | $7.5B | $7.4B | $7.1B | $7.1B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $114.6M | $106.6M | ($54.6M) | $600.4M |
| Depreciation and amortization | $8.5M | $9.9M | $9.9M | $5.5M |
| Stock-based compensation expense | $12.5M | $13.8M | $23.2M | ($27.7M) |
| Deferred operating lease income | ($30.3M) | ($30.7M) | ($31.2M) | ($2.1M) |
| Non-cash interest income from sales-type leases | ($101.5M) | ($91.9M) | ($83.8M) | ($1.7M) |
| Non-cash interest expense | $14.0M | $14.7M | $15.1M | — |
| Amortization of real estate-related intangibles, net | $2.3M | $2.3M | $2.3M | — |
| Write-off of investment in preferred equity | $1.9M | — | — | — |
| Provision for credit losses | $6.6M | $9.5M | $2.7M | — |
| Loss on early extinguishment of debt | $2.2M | — | — | — |
| Earnings from equity method investments | ($18.9M) | ($23.0M) | ($24.2M) | ($185.8M) |
| Distributions from operations of equity method investments | $7.4M | $12.9M | $8.0M | $158.4M |
| Amortization of premium, discount and deferred financing costs on debt obligations, net | $8.3M | $7.4M | $7.3M | $9.3M |
| Proceeds paid (received) from derivative transactions | $13.1M | — | — | — |
| Other operating activities | ($3.5M) | ($7.0M) | ($1.4M) | ($13.0M) |
| Changes in deferred expenses and other assets, net | $2.4M | $5.3M | $13.1M | ($17.6M) |
| Changes in accounts payable, accrued expenses and other liabilities | $8.1M | $8.1M | ($6.0M) | ($51.3M) |
| Cash flows provided by (used in) operating activities | $47.8M | $37.9M | $15.4M | $47.7M |
| Origination/acquisition of net investment in sales-type leases and Ground Lease receivables | ($182.5M) | ($304.3M) | ($316.8M) | — |
| Origination of loans receivable, net | ($46.3M) | — | ($114.5M) | ($6.7M) |
| Contributions to equity method investments | ($28.9M) | ($10.0M) | ($52.5M) | ($274.5M) |
| Distributions from equity method investments | $9.5M | $52.4M | — | $175.4M |
| Net proceeds received from sale of real estate available and held for sale | $4.1M | $5.8M | $1.6M | $2.0B |
| Proceeds received from derivative transactions | $6.3M | $11.1M | — | — |
| Other investing activities | $539.0K | ($1.4M) | ($1.0M) | $9.3M |
| Cash flows provided by (used in) investing activities | ($237.2M) | ($212.4M) | ($576.6M) | $2.8B |
| Proceeds from issuance of common stock | $0 | $0 | $151.9M | — |
| Proceeds from debt obligations | $2.0B | $2.3B | $577.0M | — |
| Repayments of debt obligations | ($1.5B) | ($2.0B) | ($150.0M) | — |
| Purchase of marketable securities in connection with the defeasance of mortgage notes payable | ($228.9M) | — | — | ($252.6M) |
| Payments for debt prepayment or extinguishment costs | ($407.0K) | — | — | ($16.7M) |
| Payments for deferred financing costs | ($967.0K) | ($24.2M) | ($4.6M) | ($25.0K) |
| Dividends paid to common shareholders | ($50.9M) | ($50.6M) | ($46.0M) | — |
| Payments for withholding taxes upon vesting for stock-based compensation | ($4.0M) | ($5.1M) | — | ($10.6M) |
| Redemption of noncontrolling interests | ($125.0K) | — | — | — |
| Distributions to noncontrolling interests | ($79.0K) | ($925.0K) | ($651.0K) | ($351.0M) |
| Cash flows provided by (used in) financing activities | $203.0M | $144.9M | $559.5M | ($1.8B) |
| Changes in cash, cash equivalents and restricted cash | $13.6M | ($29.6M) | ($1.6M) | $1.1B |
| Cash, cash equivalents and restricted cash at beginning of period | $17.1M | $46.7M | $48.4M | $394.0M |
| Cash, cash equivalents and restricted cash at end of period | $30.7M | $17.1M | $46.7M | $1.4B |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | $59.6M | $28.9M | $86.7M | $57.4M |
| Depreciation and amortization | $3.7M | $1.8M | $6.4M | $4.3M |
| Stock-based compensation expense | $7.2M | $3.8M | $9.7M | $6.6M |
| Deferred operating lease income | ($15.0M) | ($7.5M) | ($22.8M) | ($15.2M) |
| Non-cash interest income from sales-type leases | ($53.7M) | ($26.6M) | ($75.3M) | ($49.5M) |
| Non-cash interest expense | $7.4M | $2.7M | $9.4M | $6.9M |
| Amortization of real estate-related intangibles, net | $928.0K | $465.0K | $1.7M | $1.2M |
| Provision for (recovery of) credit losses | $768.0K | $498.0K | $5.7M | $4.6M |
| (Earnings) losses from equity method investments | ($7.9M) | ($4.0M) | ($14.6M) | ($9.9M) |
| Distributions from operations of equity method investments | $3.1M | $1.5M | $6.0M | $4.8M |
| Amortization of premium, discount and deferred financing costs on debt obligations, net | $4.5M | $2.2M | $6.2M | $4.1M |
| Proceeds received from derivative transactions | $17.2M | — | $13.1M | — |
| Other operating activities | $1.3M | $1.2M | ($1.4M) | ($1.4M) |
| Changes in deferred expenses and other assets, net | ($4.7M) | ($7.8M) | $2.6M | $15.4M |
| Changes in accounts payable, accrued expenses and other liabilities | $1.6M | ($5.8M) | $256.0K | $5.8M |
| Cash flows provided by (used in) operating activities | $26.0M | ($8.6M) | $35.5M | $36.9M |
| Origination/acquisition of net investment in sales-type leases and Ground Lease receivables | ($184.9M) | ($67.8M) | ($129.3M) | ($81.3M) |
| Origination and fundings of loans receivable, net | ($18.9M) | ($16.0M) | ($45.3M) | ($42.1M) |
| Contributions to equity method investments | ($6.1M) | ($2.6M) | ($23.8M) | ($15.4M) |
| Net proceeds received from sale of real estate available and held for sale | $1.4M | $566.0K | $3.2M | $1.8M |
| Proceeds received from derivative transactions | $1.7M | $860.0K | $5.1M | $3.4M |
| Other investing activities | ($1.8M) | ($601.0K) | $487.0K | $121.0K |
| Cash flows provided by (used in) investing activities | ($208.6M) | ($85.5M) | ($180.2M) | ($124.0M) |
| Proceeds from debt obligations | $1.6B | $790.0M | $923.7M | $543.0M |
| Repayments of debt obligations | ($1.6B) | ($680.0M) | ($732.0M) | ($420.0M) |
| Payments for deferred financing costs | ($2.5M) | ($173.0K) | ($466.0K) | ($441.0K) |
| Dividends paid to common shareholders | ($25.8M) | ($12.7M) | ($38.2M) | ($25.5M) |
| Repurchase of common stock | ($16.1M) | ($3.2M) | — | — |
| Payment of offering costs in connection with joint venture (refer to Note 4) | ($10.0M) | — | — | — |
| Payments for withholding taxes upon vesting for stock-based compensation | ($3.5M) | ($2.4M) | ($4.0M) | ($4.0M) |
| Redemption of noncontrolling interests | ($604.0K) | — | ($125.0K) | ($125.0K) |
| Contributions from noncontrolling interests | $170.5M | — | — | — |
| Distributions to noncontrolling interests | ($32.0K) | ($13.0K) | ($46.0K) | ($43.0K) |
| Other financing activities | ($220.0K) | — | ($61.0K) | — |
| Cash flows provided by (used in) financing activities | $177.9M | $91.5M | $148.8M | $92.9M |
| Changes in cash, cash equivalents and restricted cash | ($4.6M) | ($2.6M) | $4.1M | $5.8M |
| Cash, cash equivalents and restricted cash at beginning of period | $30.7M | $30.7M | $17.1M | $17.1M |
| Cash, cash equivalents and restricted cash at end of period | $26.1M | $28.1M | $21.3M | $22.9M |
Safehold Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.