Safehold (SAFE) FY2025 results: revenue $386 million, up 5.4% on the year
Safehold Inc. (SAFE) reported revenue of $386 million for fiscal 2025, the year ended 31 December 2025, up 5.4% on the year before. Net income was $114 million, up 8.2%, and diluted earnings per share $1.59. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.
Revenue
$386 million
+5.4% on the year
FY2018FY2025
Operating margin
26.2%
23.8% a year earlier
FY2018FY2025
Net income
$114 million
+8.2% on the year
FY2018FY2025
Diluted EPS
$1.59
+7.4% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Revenue reached $97.9 million in Q4: Fourth-quarter revenue was $97.9 million and full-year 2025 revenue was $385.6 million, as reported in the release.
Net income attributable to common shareholders: Q4 net income was $27.9 million, or $30.1 million excluding non-recurring losses. Full-year net income was $114.5 million, or $118.6 million excluding them.
Unrealized capital appreciation reached $9.3 billion: Estimated Unrealized Capital Appreciation increased to $9.3 billion. The release does not give a prior-period figure.
$429 million of new originations in 2025: Investments were $429 million of new originations in 2025, including 17 new ground leases for $277 million and four leasehold loans for $152 million.
$400 million unsecured term loan closed: Safehold closed a $400 million five-year unsecured term loan and repaid $227 million of secured debt maturing in 2027.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
47.8
37.9
15.4
+26.3%
Cash from investing
-237
-212
-577
Cash from financing
203
145
560
+40.1%
Depreciation and amortisation
8.5
9.9
9.9
-14.1%
Share-based compensation
12.5
13.8
23.2
-8.8%
Dividends paid
50.9
50.6
46.0
+0.7%
Dividend per share
$0.71
$0.71
$0.71
0.0%
Diluted shares, weighted
72m
71m
67m
+0.5%
Shares outstanding at period end
72m
71m
71m
+0.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,408
2,344
2,231
+2.7%
Non-controlling interest
31.6
30.0
45.4
+5.2%
Redeemable equity
n/a
n/a
19.0
Debt
4,586
4,317
4,054
+6.2%
Other liabilities
224
208
198
+7.5%
Total liabilities and equity
7,249
6,899
6,548
+5.1%
Fixed assets
0.5
0.6
1.0
-28.7%
Intangible assets
204
209
211
-2.3%
Cash and equivalents
21.7
8.3
18.8
+160.1%
Other assets
7,023
6,682
6,317
+5.1%
Total assets
7,249
6,899
6,548
+5.1%
10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.