Safehold (SAFE) Q2 2026: Revenue Hits $114.6M on 22% Ground Lease Growth

Safehold posted second-quarter 2026 earnings per share of $0.42, edging past the $0.42 consensus estimate, while revenue of $114.6 million topped expectations of roughly $113.6 million. The quarter marked a meaningful acceleration in ground lease revenue, up 22% year-over-year, driven by $150 million in new originations carrying a 7.4% yield. A $348 million joint venture with Brookfield across seven assets added both scale and a high-profile institutional endorsement to the platform.

The balance sheet looks well-positioned heading into the back half of the year. Safehold reported $1.4 billion in liquidity with no debt maturities coming due until 2029, giving management significant runway to deploy capital without near-term refinancing pressure. The company flagged a growing pipeline in affordable housing ground leases as a particular area of focus, a segment that could benefit from sustained demand for lower-cost real estate structures.

Revenue has climbed steadily over the past several quarters, moving from $89.9 million in Q2 2024 to $114.6 million in the most recent period, with Q1 2026's $104.7 million marking the prior high-water mark. The latest quarter's jump suggests the Brookfield joint venture and fresh originations are already flowing through to the top line in a material way.