Safehold faces litigation, tenant defaults as it enters hotel operations; credit upgraded to A-

Filed May 1, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read

Key Changes

• high

  Company now discloses material pending legal matters in its 2025 Annual Report, reversing prior statement that it had no material litigation. The shift signals emergence of significant legal risk.

  Legal Proceedings verify on EDGAR →
• high

  Initiated litigation against Park Hotels tenant for lease breaches and sent termination notice for all five hotels (3.3% of portfolio). Outcome uncertain; two hotels reverted to company operations Jan 1, creating new Hotel Operations segment with $2.3M Q1 operating loss.

  MD&A: Park Hotels verify on EDGAR →
• high

  Tenant at significant New York office property defaulted on forbearance agreement after failing to pay real estate taxes, forcing company to advance $8.3M in protective payments. Company warns of enforcement delays, potential losses, and substantial costs.

  MD&A: New York Office verify on EDGAR →