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Get filing alertsSafehold reports Q2 2026 results: $114.6M revenue, $150M new originations, $573M capital raised
Filed July 30, 2026 · Period ending July 30, 2026 · ~1 min read
Key Changes
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Q2 2026 revenue of $114.6M, up 22% year-over-year; net income $30.2M ($0.42 per share), up 8% from prior year driven by new originations and asset fundings.
Exhibit 99.1 view on EDGAR → -
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Closed $150M in new ground lease originations across 7 multifamily properties at 7.4% economic yield with 3.0x underwritten rent coverage; $69M funded in quarter, $81M remaining.
Exhibit 99.2 view on EDGAR → -
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Issued $225M in 30-year unsecured notes at 6.615% all-in coupon (5.83% effective yield after $30M hedge gains); extends weighted average debt maturity to 18 years with no maturities until 2029.
Exhibit 99.2 view on EDGAR → -
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Formed $348M joint venture with Brookfield on 7-asset portfolio generating $14M annualized ground rent; Safehold retains call options on Brookfield's 49% interest.
Exhibit 99.1 view on EDGAR → -
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Repurchased 850,000 shares at average price of $15.17 during Q2 2026, deploying approximately $12.9M in capital returns.
Exhibit 99.2 view on EDGAR →
Summary
Safehold reported second quarter 2026 results showing continued portfolio growth and active capital management. Revenue grew 22% year-over-year to $114.6 million, driven by $150 million in new ground lease originations at a 7.4% economic yield.
The company deployed $573 million in capital during the quarter through two transactions: a $225 million 30-year unsecured notes offering at an effective 5.83% yield (after hedge gains) and a $348 million joint venture with Brookfield that monetizes a 7-asset portfolio while retaining call options for future consolidation.
The quarter demonstrates Safehold's ability to access long-dated capital markets—the notes issuance extends debt maturities to 18 years with no corporate maturities until 2029—while continuing to originate new ground leases in its target multifamily sector. The Brookfield partnership provides additional deployment capacity while maintaining strategic control through retained call options. Management also repurchased 850,000 shares at $15.17, signaling confidence in current valuation. The combination of origination activity, capital raises, and share buybacks reflects active portfolio and balance sheet management as the company scales its ground lease platform.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Safehold disclosed Q2 2026 earnings results via press release and investor presentation.
Added in current filing · verify on EDGAR →
On July 30, 2026, Safehold Inc. issued an earnings release and made available on its website an earnings presentation for the quarter ended June 30, 2026.
Safehold announced its financial results for the second quarter ended June 30, 2026, through an earnings release and presentation. The 8-K body itself does not contain specific financial metrics; those would be in the attached exhibits (99.1 and 99.2), which are not included in the provided text.
Event · Item 7.01 — Regulation FD Disclosure
Safehold posted Q2 2026 earnings presentation to its website under Regulation FD.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On July 30, 2026, Safehold Inc. made available on its website an earnings presentation for the quarter ended June 30, 2026.
The company published its second quarter 2026 earnings presentation on its website. This is a routine Regulation FD disclosure to ensure all investors have equal access to the presentation materials.2 presentation.
Event · Exhibit 99.1
Safehold reported Q2 2026 results with $114.6M revenue, $30.2M net income, $150M new originations, and two capital raises totaling $573M.
Added in current filing · view on EDGAR →
Closed $ 150 million of new ground lease originations
The company closed $150 million of new ground lease originations during the second quarter. This represents new business volume and expansion of the company's ground lease portfolio, which drives future revenue.
Added in current filing · view on EDGAR →
Formed $348 million joint venture with Brookfield on a portfolio of ground leases
Safehold formed a $348 million joint venture with Brookfield on a portfolio of ground leases. This partnership provides capital and allows Safehold to monetize a portion of its portfolio while maintaining exposure through the joint venture structure.
Added in current filing · view on EDGAR →
Closed $225 million private placement of structured senior unsecured notes due 2056
The company completed a $225 million private placement of structured senior unsecured notes maturing in 2056. This long-dated debt financing provides additional capital for investment and extends the company's debt maturity profile.
Added in current filing · view on EDGAR → · paraphrased
Estimated Unrealized Capital Appreciation increased to $9.8 billion
Safehold's estimated Unrealized Capital Appreciation (UCA) increased to $9.8 billion. UCA represents the company's estimate of the difference between the fair value of its ground lease portfolio and its carrying value, indicating potential embedded value in the portfolio.
Event · Exhibit 99.2
Safehold reported Q2'26 earnings, closed $150m in new ground lease originations, issued $225m in 30-year unsecured notes, and formed a $348m JV with Brookfield.
Added in current filing · view on EDGAR →
Q2'26 Q2'25 Y/Y Change YTD'26 YTD'25 Y/Y Change Revenues $114.6m $93.8m 22% $225.5m $191.5m 18% GAAP $30.2m $27.9m 8% $59.0m $57.3m 3% | Excluding | Non-Recurring | Gains and Lossesa | $30.2m $27.9m 8% $59.0m $59.3m 0% | GAAP $0.42 $0.39 8% $0.82 $0.80 2% | Excluding | Non-Recurring | Gains and Lossesc | $0.42 $0.39 8% $0.82 $0.83 0%
Safehold reported Q2'26 revenues of $114.6m, up 22% year-over-year from $93.8m. GAAP net income attributable to common shareholders was $30.2m ($0.42 per diluted share), up 8% from $27.9m ($0.39 per share) in Q2'25. The increase was primarily driven by net accretion from asset fundings and new originations.
Added in current filing · view on EDGAR →
$225m 30-Year Unsecured Notes 4.0% starting cash coupon, all-in coupon of 6.615% (T+162.5) Effective yield of 5.83% (T+84) net of ~$30m realized hedge gains
Safehold issued $225m in 30-year unsecured notes with a 4.0% starting cash coupon and an all-in coupon of 6.615% (Treasury plus 162.5 basis points). The effective yield is 5.83% (Treasury plus 84 basis points) after netting approximately $30m in realized hedge gains from terminated treasury locks. This long-dated financing extends the company's weighted average debt maturity to 18 years with no corporate maturities until 2029.
Added in current filing · view on EDGAR →
$348m Brookfield Joint Venture 7-asset portfolio, ~$14m annualized ground rent (~4.1% cap rate) SAFE retains a series of call options on Brookfield’s 49% interest
Safehold formed a $348m joint venture with Brookfield covering a 7-asset portfolio generating approximately $14m in annualized ground rent (approximately 4.1% cap rate). Safehold retains a series of call options on Brookfield's 49% interest, providing future flexibility to consolidate full ownership. This partnership provides additional capital for ground lease investments while maintaining strategic control.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 31, 2026 · How we verify