Safehold Inc. (SAFE) Stock

Safehold Inc. (SAFE) is a Real Estate stock trading at $15.39 (as of 2026-08-21), with a market capitalization of $1.09B and a trailing P/E of 9.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Through its modern ground lease capital solution, Safehold helps owners of high quality multifamily, office, industrial, hospitality and mixed-use properties in major markets throughout the United States generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., seeks to deliver safe, growing income and long-term capital appreciation to its shareholders.

Understand Safehold Inc.: how it makes money

Safehold provides ground lease capital solutions to owners of multifamily, office, industrial, hospitality, and mixed-use properties, helping them unlock value in the land beneath their buildings and generate safe, growing income and long-term capital appreciation as a REIT.

Safehold's economics are structurally tied to (1) ongoing New Ground Lease Originations and (2) the estimated unrealized capital appreciation of its ground lease portfolio, specifically the estimated value above ground leases.

Business quality (Solid): The profit model hinges on originations plus estimated unrealized capital appreciation, but the provided inputs do not show official reportable revenue segments, so investors must lean on KPI definitions and the REIT ground-lease portfolio narrative.

Valuation: At 10× earnings, SAFE trades 69% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Originations and portfolio upside are tracked together: Investors can monitor both New Ground Lease Originations and the Estimated Value of Unrealized Capital Appreciation Above Ground Leases, which link new deal activity to expected value in the ground lease portfolio.
Liquidity is explicitly measured: The KPI set includes Quarter-End Liquidity, indicating management and investors track liquidity alongside ground lease activity and portfolio value estimates.

Bear case

Returns depend on estimates of unrealized appreciation: Several key KPIs are estimates of unrealized capital appreciation (including above ground leases). If those estimates prove less favorable than expected, the narrative of portfolio value upside could weaken.
Deal flow changes can affect the growth engine: New Ground Lease Originations are a primary operating metric, so slower origination activity could reduce the pace at which Safehold adds to its ground lease portfolio.
Liquidity constraints can limit flexibility: Liquidity is tracked in the KPI set (including Quarter-End Liquidity), which can matter if market conditions make ground lease funding or underwriting more difficult.

Valuation — source: SEC EDGAR (first-party)
Price	$15.39
Market Cap	$1.09B
P/E Ratio	9.4
EV / EBITDA	50.4
Price / Book	0.41
Price / Sales	2.60
DCF Value (model)	$22.62
DCF Upside vs Price	47.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$385.55M
Net Margin	29.7%
Revenue Growth (YoY)	22.2%
EPS Growth (YoY)	7.7%

Valuation vs Sector & Industry
Stock P/E	9.4
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	-65.5%
vs Industry	-73.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($131.75M)
Institutional Holders Tracked	10

Company
Sector	Real Estate
Industry	Trading
CEO	Jay S. Sugarman
Employees	74
Country	US
IPO Date	1989-11-16

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.