Safehold (SAFE)
Owns land beneath commercial properties and collects long-term ground-lease cash flows.
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Owns land beneath commercial properties and leases it to building owners through long-term ground leases. Revenue comes mainly from sales-type and operating ground leases, with leasehold lending and management fees around a single reportable segment.
Owns the land underneath institutional commercial real estate and leases it back to the building owner or operator through long-term ground leases. The tenant generally handles property operating costs, development spending, taxes, insurance, and capital expenditures, while the company retains contractual rent rights and residual claims on the improvements.
Current operations sit in one reportable segment: acquiring, managing, and capitalizing Ground Leases. Revenue is shaped by sales-type ground leases, operating ground leases, leasehold loans, and management or other income, with exposure across multifamily, office, hotel, life science, and mixed-use properties in major U.S. metropolitan markets.
Execution depends on originating new ground leases, financing them efficiently, and managing collateral quality over long durations. Lease value is tied to tenant credit, property values, interest rates, inflation mechanics, and treatment of residual rights.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 4, 2026 | RBC Capital | Downgrade | ||
| May 1, 2026 | RBC Capital | Target | Target: — | Target: $16 |
| Jan 23, 2026 | Morgan Stanley | Downgrade | ||
| Jan 22, 2026 | Morgan Stanley | Target | Target: — | Target: $14 |
| Oct 1, 2025 | Cantor Fitzgerald | Target | Target: — | Target: $17 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $15.9M · Total debt $4.65B · Total assets $7.52B · Shareholders' equity $2.44B
- Revenue
- $114.6M
- Operating income
- $28.3M
- Net income
- $30.2M
HistoryDividendAnnual yieldUpcoming
| Institutions | 69.11% | 49.49M shares | |
|---|---|---|---|
| 219 holders · as of Jun 30, 2026 | |||
| Insiders | 3.41% | 2.44M shares | |
| 8 holders · as of Sep 11, 2026 | |||
| Other | 27.48% | 19.68M shares | |
| remainder | |||
71.61M company shares as of Aug 21, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 13.88% | 9.94M | as of Jun 30, 2026 |
MSD Capital L PInstitution | 8.08% | 5.78M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 7.12% | 5.10M | as of Jun 30, 2026 |
T. Rowe Price Investment Management, Inc.Institution | 6.53% | 4.68M | as of Jun 30, 2026 |
State Street CorpInstitution | 3.63% | 2.60M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 9, 2026 | Robin Josephs | director | −9,500 | $14.56 |
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CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Safehold | $13.47 | +0.08% | $959.6M | 8.3 | 8.2 | 2.3 | +22.1% |
| Starwood Property Trust | $15.10 | 0.00% | $5.56B | 22.0 | 9.0 | 2.7 | +7.9% |
| Blackstone Mortgage Trust | $13.14 | −0.08% | $2.24B | 165.9 | 10.9 | 1.5 | +18.1% |
| KKR Real Estate Finance Trust | $6.62 | +0.08% | $434.7M | — | — | 1.0 | −41.6% |
| Ladder Capital | $9.41 | −0.05% | $1.20B | 22.5 | 8.7 | 3.2 | −40.9% |
| Realty Income | $56.61 | +0.16% | $52.83B | 41.4 | 35.0 | 8.9 | +1.1% |
| W. P. Carey | $66.89 | −0.01% | $15.08B | 22.6 | 22.7 | 7.9 | +7.0% |
| Ares Commercial Real Estate | $4.41 | −0.78% | $243.0M | — | 20.4 | 2.5 | — |
| Median | 22.6 | 15.6 | 2.7 | +4.1% |