Safehold raises $225M via 30-year notes with stairstep coupon starting at 4%, rising to 6.615%

Filed June 16, 2026 · Period ending June 15, 2026 · ~1 min read

Key Changes

• high

  Issued $225M in senior notes due 2056 with unusual stairstep coupon: cash interest starts at 4.00%, increases every 4 years, reaching full 6.615% rate in year 21. Unpaid interest accrues to principal unless company elects cash payment.

  Item 8.01 — Other Events verify on EDGAR →
• high

  Stairstep structure reduces near-term cash interest burden but increases total debt over time as unpaid interest compounds onto principal balance. Structure contingent on maintaining certain credit ratings.

  Item 8.01 — Other Events verify on EDGAR →
• medium

  Agreement includes automatic incorporation of more restrictive covenants from future credit facilities, creating most-favored-lender provision that could tighten financial flexibility over time.

  Item 8.01 — Other Events verify on EDGAR →