Safehold Reports Strong Q4 Earnings, Outlines 2026 Priorities

REIT sees momentum coming out of 2025, plans higher origination volume and greater visibility into Caret's value

Published on Feb. 15, 2026

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Safehold (NYSE:SAFE) executives told investors the company made 'good progress on a number of fronts' in the fourth quarter of fiscal 2025 and outlined priorities aimed at improving shareholder value in 2026, including higher origination volume, greater visibility into Caret's value, and beginning to use its previously authorized share repurchase program when conditions allow.

Why it matters

As a real estate investment trust focused on ground leases, Safehold's performance and strategic priorities provide insights into the commercial real estate market and the company's role in redefining land ownership for property owners.

The details

Safehold closed 17 ground leases for $277 million and four leasehold loans for $152 million in fiscal 2025, for total commitments of $429 million. The company's total portfolio stood at $7.1 billion at year-end, with an estimated $9.3 billion in unrealized capital appreciation. Safehold reported Q4 GAAP revenue of $97.9 million and net income of $27.9 million, or $0.39 per share. For the full year, the company reported GAAP revenue of $385.6 million and net income of $114.5 million, or $1.59 per share.

  • Safehold closed 17 ground leases and four leasehold loans in fiscal 2025.
  • Safehold's total portfolio stood at $7.1 billion at the end of fiscal 2025.

The players

Safehold

A real estate investment trust that seeks to redefine land ownership for commercial property owners by acquiring perpetual ground leases from landowners and structuring long-term leaseback arrangements.

Jay Sugarman

Chairman and CEO of Safehold.

Michael Trachtenberg

President of Safehold.

Jeremy Asnas

Chief Financial Officer of Safehold.

Steve Wylder

Executive Vice President and Head of Investments at Safehold.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.