SAFE · XBRL financial data
Safehold financial statements, every fiscal year
The same tables from 6 filings, lined up. Matched by XBRL tag: renamed lines keep their history.
How these numbers work
- Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
- Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
- * marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
- 0 means a filing states zero; a dash (—) means no filing states that number.
- “year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
- Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
- Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
- Shares outstanding come from each filing's cover page, as of the date printed there.
- Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.
Income statement
CSVFiscal years (SAFE's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Revenue | 531 | 309 | 158 | 353 | 366 | 386 |
| Cost of goods and services sold | — | 3 | 3 | 5 | 4 | 5 |
| General and administrative | 101 | 132 | 21 | 69 | 55 | 54 |
| Operating income (loss) | — | 65 | 136 | (77) | 87 | 101 |
| Interest expense | 170 | 115 | 98 | 181 | — | — |
| Income tax expense (benefit) | 0 | (0) | 1 | 2 | 3 | 3 |
| Net income (loss) | (42) | 132 | 421 | (55) | 106 | 114 |
| Earnings per share, basic USD per share | (0.87) | 1.51 | 4.92 | (0.82) | 1.48 | 1.60 |
| Earnings per share, diluted USD per share | (0.87) | 1.51 | 4.92 | (0.82) | 1.48 | 1.59 |
| Weighted average shares, basic millions of shares | 76 | 72 | 81 | 67 | 71 | 72 |
| Weighted average shares, diluted millions of shares | 76 | 72 | 81 | 67 | 71 | 72 |
Balance sheet
CSVFiscal years (SAFE's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 99 | 340 | 1,442 | 19 | 8 | 22 |
| Property and equipment, net | — | — | — | 1 | 1 | 0 |
| Right-of-use asset | 49 | 20 | 16 | 34 | 30 | 26 |
| Total assets | 4,862 | 4,841 | 3,253 | 6,548 | 6,899 | 7,249 |
| Total liabilities | 3,797 | 3,777 | 1,826 | 4,253 | 4,525 | 4,809 |
| Retained earnings (accumulated deficit) | (2,317) | (2,227) | (2,053) | 48 | 102 | 166 |
| Total stockholders' equity | 871 | 851 | 1,409 | 2,231 | 2,344 | 2,408 |
| Total liabilities and equity | 4,862 | 4,841 | 3,253 | 6,548 | 6,899 | 7,249 |
| Common shares outstanding (cover page) millions of shares | 74 | 69 | 87 | 71 | 71 | 72 |
Cash flows
CSVFiscal years (SAFE's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Net income (loss) | (42) | 132 | 421 | (55) | 106 | 114 |
| Stock-based compensation | 39 | 69 | (28) | 23 | 14 | 13 |
| Depreciation and amortization | 58 | 59 | 5 | — | — | — |
| Net cash from operating activities | 22 | (20) | 48 | 15 | 38 | 48 |
| Net cash from investing activities | 31 | 514 | 2,788 | (577) | (212) | (237) |
| Proceeds from issuing common stock | — | 243 | 309 | 152 | 0 | 0 |
| Share repurchases | 55 | 123 | — | — | — | — |
| Dividends paid | 33 | 36 | 42 | 46 | 51 | 51 |
| Proceeds from long-term debt | — | 1,848 | 1,830 | 577 | 2,272 | 2,011 |
| Net cash from financing activities | (255) | (250) | (1,781) | 560 | 145 | 203 |
| Net change in cash | (202) | 243 | 1,055 | (2) | (30) | 14 |
Compare with peers
SIC 6798 and related industry codes, similar size. Each row is the latest quarter reported.
How peers are chosen
- SIC 6798 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
- Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
- Runway shows only for companies burning cash with under $10B of public float.
- * marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.
- A cell reading “not reported” means the filings give no figure for that quarter alone.
| Company | Cash ($M) | Revenue, quarter ($M) | Operating cash flow, quarter ($M) | Shares outstanding | Runway | Quarter |
|---|---|---|---|---|---|---|
| Safehold | 30 | 119 | 5.5* | 70.0M | — | 10-QSep 30, 2026 |
| PennyMac Mortgage Investment Trust | 161 | 36 | (2,742)* | 87.2M | — | 10-QSep 30, 2026 |
| Diversified Healthcare Trust | 111 | 368 | 27* | 242.5M | — | 10-QSep 30, 2026 |
| Redwood Trust | 192 | not reported | (3,747)* | 125.6M | 0.1 quarters | 10-QJun 30, 2026 |
| Franklin BSP Realty Trust | 101 | 75 | (90)* | 75.7M | — | 10-QSep 30, 2026 |
| Orchid Island Capital | 462 | not reported | 65* | 193.0M | — | 10-QSep 30, 2026 |
| NexPoint Residential Trust | 15 | 65 | 24* | 25.5M | — | 10-QJun 30, 2026 |
| Brandywine Realty Trust | 313 | 126 | not reported | 170.0M | — | 10-QSep 30, 2026 |
| Ready Capital | 124 | not reported | 75* | 165.2M | — | 10-QJun 30, 2026 |
Not investment advice. Not affiliated with the U.S. SEC.