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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Net investment in sales-type leases ($10,750 and $6,821 of allowances as of December 31, 2025 and 2024, respectively) [1] $ 3,563,675 $ 3,454,953
Ground Lease receivables, net ($4,872 and $3,664 of allowances as of December 31, 2025 and 2024, respectively) [1] 2,003,931 1,833,398
Real estate, at cost [1] 740,971 740,971
Less: accumulated depreciation [1] (52,222) (46,428)
Real estate, net [1] 688,749 694,543
Real estate-related intangible assets, net [1] 204,016 208,731
Real estate available and held for sale [1] 2,028 7,233
Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale [1] 894,793 910,507
Equity investments [1] 280,850 250,034
Cash and cash equivalents [1] 21,705 8,346
Restricted cash [1] 9,031 8,772
Deferred tax asset, net [1] 3,516 5,222
Deferred operating lease income receivable [1] 241,100 210,773
Deferred expenses and other assets, net [1],[2] 72,030 105,015
Total assets [1] 7,249,275 6,899,379
Liabilities:    
Accounts payable, accrued expenses and other liabilities [1] 161,420 144,991
Real estate-related intangible liabilities, net [1] 62,089 62,922
Debt obligations, net [1] 4,585,887 4,317,439
Total liabilities [1] 4,809,396 4,525,352
Commitments and contingencies (refer to Note 11) [1]
Safehold Inc. shareholders' equity:    
Common stock, $0.01 par value, 400,000 shares authorized, 71,756 and 71,440 shares issued and outstanding as of December 31, 2025 and 2024, respectively [1] 717 714
Additional paid-in capital [1] 2,199,265 2,191,840
Retained earnings [1] 165,737 102,472
Accumulated other comprehensive income (loss) [1] 42,592 48,992
Total Safehold Inc. shareholders' equity [1] 2,408,311 2,344,018
Noncontrolling interests [1] 31,568 30,009
Total equity [1] 2,439,879 2,374,027
Total liabilities and equity [1] 7,249,275 6,899,379
Nonrelated party    
ASSETS    
Loans receivable, net [1] 46,088  
Related party    
ASSETS    
Loans receivable, net [1] 112,556 112,359
Deferred expenses and other assets, net $ 3,000 $ 3,800
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities ("VIEs").
[2] As of December 31, 2025 and 2024, includes $3.0 million and $3.8 million, respectively, due from related parties.