SAFESafehold Inc.

Real Estate Investment Trusts

Revenue: $386M; 5.4% YoY
Operating margin: 26.2%; 9.9% YoY
EBITDA: $109M; 13% YoY
Market cap: $803M
Employees: —
Net debt / EBITDA: 42.4×; $4.6B net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
42% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
363% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 44th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
42.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$803M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$138K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$187M	$270M	$353M	$366M	$386M	5.4%
Operating income	$65M	$136M	−$77M	$87M	$101M	16%
Net income	$73M	$135M	−$55M	$106M	$114M	8.2%
Operating cash flow	$27M	$65M	$15M	$38M	$48M	26%
Stock-based comp	$2M	$2M	$23M	$14M	$13M	8.8%
Buybacks	$123M	—	—	—	—
Dividends	$35M	$30M	$46M	$51M	$51M	0.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 11, 2023	GIC Private Ltd	SC 13D	6.6%	Passive
Apr 10, 2023	Star Holdings	SC 13D	21.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $138K · 1
Net: −$138K

Pay vs performance

No pay-versus-performance disclosure yet.