Safehold (SAFE)
Market Price (7/14/2026): $16.35 | Market Cap: $1.2 BilSector: Real Estate | Industry: Other Specialized REITs
Safehold (SAFE)
Market Price (7/14/2026): $16.35Market Cap: $1.2 BilSector: Real EstateIndustry: Other Specialized REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 4.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.9% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 79% Low stock price volatilityVol 12M is 34% Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include ESG REITs, E-commerce Logistics REITs, Show more. | Trading close to highsDist 52W High is -0.2% Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -95% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 390% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 39x Key risksSAFE key risks include [1] high leverage and low interest coverage, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 4.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.9% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 79% |
| Low stock price volatilityVol 12M is 34% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include ESG REITs, E-commerce Logistics REITs, Show more. |
| Trading close to highsDist 52W High is -0.2% |
| Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -95% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 390% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 39x |
| Key risksSAFE key risks include [1] high leverage and low interest coverage, Show more. |
Qualitative Assessment
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Safehold (SAFE) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strategic Capitalization and Enhanced Liquidity: Safehold significantly bolstered its financial position and long-term capital structure during the period. This included forming a joint venture with a Brookfield affiliate, where Brookfield acquired a 49% non-controlling interest in a ground lease portfolio valued at approximately $348 million. Additionally, Safehold completed a private placement of $225 million in 30-year senior unsecured notes, generating approximately $30 million in hedge settlement gains and extending its debt maturity profile. These actions provide capital for new ground lease investments and improve overall financial flexibility.
2. Expansion in Affordable Housing Ground Lease Initiatives: The company demonstrated continued growth and strategic focus on the affordable housing sector. During fiscal Q2 2026, Safehold announced two affordable housing deals, contributing to a total of 24 such transactions in over two years. These deals, including a $45 million ground lease in Santa Cruz, California, and a second Austin affordable housing ground lease, leverage Safehold's dedicated Affordable Housing team, expanding its revenue base within a resilient real estate segment.
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Safehold (SAFE) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strategic Capitalization and Enhanced Liquidity: Safehold significantly bolstered its financial position and long-term capital structure during the period. This included forming a joint venture with a Brookfield affiliate, where Brookfield acquired a 49% non-controlling interest in a ground lease portfolio valued at approximately $348 million. Additionally, Safehold completed a private placement of $225 million in 30-year senior unsecured notes, generating approximately $30 million in hedge settlement gains and extending its debt maturity profile. These actions provide capital for new ground lease investments and improve overall financial flexibility.
2. Expansion in Affordable Housing Ground Lease Initiatives: The company demonstrated continued growth and strategic focus on the affordable housing sector. During fiscal Q2 2026, Safehold announced two affordable housing deals, contributing to a total of 24 such transactions in over two years. These deals, including a $45 million ground lease in Santa Cruz, California, and a second Austin affordable housing ground lease, leverage Safehold's dedicated Affordable Housing team, expanding its revenue base within a resilient real estate segment.
3. Positive Analyst Sentiment and Price Target Upside: Financial analysts maintained a generally positive outlook on Safehold's stock. The consensus rating for SAFE ranged from "Moderate Buy" to "Buy" from multiple firms. The average 12-month price target ranged from $18.17 to $18.75, implying an upside potential of approximately 14% to 20% from its recent trading prices. Notably, Citizens reiterated a "Market Outperform" rating with a $28 price target.
4. Inclusion in Russell Indexes: Safehold's addition to both the Russell 2000 Value-Defensive Index and the Russell 2000 Defensive Index contributed to increased investor interest. Such index inclusions often lead to increased demand for the stock from passively managed index funds and other quantitative investment strategies, positively influencing share price performance.
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Stock Movement Drivers
Fundamental Drivers
The 22.2% change in SAFE stock from 3/31/2026 to 7/13/2026 was primarily driven by a 22.8% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.38 | 16.35 | 22.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 386 | 399 | 3.4% |
| Net Income Margin (%) | 29.7% | 28.6% | -3.7% |
| P/E Multiple | 8.4 | 10.3 | 22.8% |
| Shares Outstanding (Mil) | 72 | 72 | -0.1% |
| Cumulative Contribution | 22.2% |
Market Drivers
3/31/2026 to 7/13/2026| Return | Correlation | |
|---|---|---|
| SAFE | 22.2% | |
| Market (SPY) | 15.2% | 14.4% |
| Sector (XLRE) | 9.5% | 56.0% |
Fundamental Drivers
The 22.3% change in SAFE stock from 12/31/2025 to 7/13/2026 was primarily driven by a 21.0% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.37 | 16.35 | 22.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 380 | 399 | 5.1% |
| Net Income Margin (%) | 29.7% | 28.6% | -3.7% |
| P/E Multiple | 8.5 | 10.3 | 21.0% |
| Shares Outstanding (Mil) | 72 | 72 | -0.1% |
| Cumulative Contribution | 22.3% |
Market Drivers
12/31/2025 to 7/13/2026| Return | Correlation | |
|---|---|---|
| SAFE | 22.3% | |
| Market (SPY) | 10.2% | 25.3% |
| Sector (XLRE) | 11.5% | 56.9% |
Fundamental Drivers
The 10.3% change in SAFE stock from 6/30/2025 to 7/13/2026 was primarily driven by a 7.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.82 | 16.35 | 10.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 370 | 399 | 7.7% |
| Net Income Margin (%) | 28.2% | 28.6% | 1.3% |
| P/E Multiple | 10.2 | 10.3 | 1.4% |
| Shares Outstanding (Mil) | 72 | 72 | -0.4% |
| Cumulative Contribution | 10.3% |
Market Drivers
6/30/2025 to 7/13/2026| Return | Correlation | |
|---|---|---|
| SAFE | 10.3% | |
| Market (SPY) | 22.3% | 26.9% |
| Sector (XLRE) | 10.7% | 58.0% |
Fundamental Drivers
The -22.2% change in SAFE stock from 6/30/2023 to 7/13/2026 was primarily driven by a -28.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.01 | 16.35 | -22.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 288 | 399 | 38.3% |
| Net Income Margin (%) | 40.0% | 28.6% | -28.5% |
| P/E Multiple | 11.6 | 10.3 | -11.2% |
| Shares Outstanding (Mil) | 64 | 72 | -11.3% |
| Cumulative Contribution | -22.2% |
Market Drivers
6/30/2023 to 7/13/2026| Return | Correlation | |
|---|---|---|
| SAFE | -22.2% | |
| Market (SPY) | 75.0% | 34.2% |
| Sector (XLRE) | 30.2% | 64.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SAFE Return | 79% | -61% | -21% | -18% | -22% | 21% | -58% |
| Peers Return | 31% | -16% | -3% | -10% | 3% | 0% | -2% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| SAFE Win Rate | 75% | 33% | 33% | 67% | 33% | 71% | |
| Peers Win Rate | 65% | 45% | 50% | 47% | 48% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| SAFE Max Drawdown | -15% | -67% | -60% | -33% | -31% | -18% | |
| Peers Max Drawdown | -15% | -31% | -32% | -22% | -19% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMT, CCI, O, VICI, SBAC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/13/2026 (YTD)
How Low Can It Go
| Event | SAFE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.1% | -18.8% |
| % Gain to Breakeven | 16.3% | 23.1% |
| Time to Breakeven | 140 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.8% | -9.5% |
| % Gain to Breakeven | 63.4% | 10.5% |
| Time to Breakeven | 304 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.2% | -33.7% |
| % Gain to Breakeven | 157.9% | 50.9% |
| Time to Breakeven | 301 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.4% | -19.2% |
| % Gain to Breakeven | 22.6% | 23.8% |
| Time to Breakeven | 157 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.6% | -12.2% |
| % Gain to Breakeven | 68.3% | 13.9% |
| Time to Breakeven | 939 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -48.7% | -6.8% |
| % Gain to Breakeven | 94.8% | 7.3% |
| Time to Breakeven | 939 days | 15 days |
In The Past
Safehold's stock fell -14.1% during the 2025 US Tariff Shock. Such a loss loss requires a 16.3% gain to breakeven.
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| Event | SAFE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.8% | -9.5% |
| % Gain to Breakeven | 63.4% | 10.5% |
| Time to Breakeven | 304 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.2% | -33.7% |
| % Gain to Breakeven | 157.9% | 50.9% |
| Time to Breakeven | 301 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.6% | -12.2% |
| % Gain to Breakeven | 68.3% | 13.9% |
| Time to Breakeven | 939 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -48.7% | -6.8% |
| % Gain to Breakeven | 94.8% | 7.3% |
| Time to Breakeven | 939 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -39.5% | -17.9% |
| % Gain to Breakeven | 65.3% | 21.8% |
| Time to Breakeven | 224 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -35.1% | -15.4% |
| % Gain to Breakeven | 54.2% | 18.2% |
| Time to Breakeven | 135 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -96.8% | -53.4% |
| % Gain to Breakeven | 3036.3% | 114.4% |
| Time to Breakeven | 4506 days | 1085 days |
In The Past
Safehold's stock fell -14.1% during the 2025 US Tariff Shock. Such a loss loss requires a 16.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Safehold (SAFE)
Safehold Inc. (NYSE: SAFE) is a publicly traded company focused on modern ground leases, a unique approach to real estate ownership. The company specializes in providing long-term land leases to property owners, essentially separating the ownership of the land from the buildings constructed upon it. This innovative business model aims to modernize and improve the efficiency of the ground lease sector, offering an alternative financing structure for real estate assets.
Safehold's main product involves entering into these "modern, more efficient ground lease" agreements. Through this service, real estate owners lease the land from Safehold rather than owning it outright. The primary benefit for customers is the ability to unlock capital that would otherwise be tied up in land ownership. This capital can then be redeployed by the property owner into the development, operation, or improvement of their buildings, or for other investment opportunities, thereby enhancing financial flexibility and optimizing capital allocation.
The company serves a diverse market of real estate owners and developers across the United States. Its ground lease solutions are applicable to a wide range of property types, including commercial, residential, and industrial assets. Safehold targets property owners seeking to improve their capital structure, reduce their cost of capital, and maximize the value creation from their real estate projects by utilizing a standardized and transparent ground lease product.
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Here are 1-3 brief analogies for Safehold (SAFE):
- Realty Income for land
- American Tower for land under buildings
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- Modern Ground Leases: Safehold offers modern and efficient ground leases to real estate owners for various property types, aiming to unlock value for them.
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Safehold (SAFE) primarily sells to other companies, specifically "real estate owners" who utilize modern ground leases.
Based on the provided background information, specific names of customer companies are not listed. However, the major categories of companies that serve as Safehold's customers, as "real estate owners," typically include:
- Real Estate Developers: Companies engaged in the development of various property types (commercial, residential, mixed-use) who may use ground leases to reduce upfront capital costs for land acquisition.
- Institutional Real Estate Investors: Entities such as Real Estate Investment Trusts (REITs), private equity funds, and pension funds that own substantial portfolios of properties and might use ground leases for capital optimization or specific investment strategies.
- Large Corporate Property Owners: Businesses that own and occupy their own real estate (e.g., headquarters, major operational facilities) and may seek to unlock capital from the underlying land through a ground lease transaction.
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- iStar Inc. (NYSE: STAR)
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Jay Sugarman, Chairman & Chief Executive Officer
Jay Sugarman has served as Chairman and Chief Executive Officer of Safehold Inc. since 2017, and has been the company's Chief Executive Officer since 1997. He was nominated to the Board based on his experience building two public companies from inception as founder and Chief Executive Officer. Prior to forming the company, he managed private investment funds for the Burden family and the Ziff family.
Michael Trachtenberg, President
Michael Trachtenberg was appointed President of Safehold Inc. in December 2025. He previously served as President of Lubert-Adler, a multibillion-dollar real estate fund manager, for nearly two decades, where he led investments, portfolio management, and structured joint ventures and recapitalizations. Before Lubert-Adler, Mr. Trachtenberg was an analyst at Merrill Lynch, gaining experience in real estate finance, capital markets, and structured transactions.
Brett Asnas, Chief Financial Officer
Brett Asnas was promoted to Chief Financial Officer of Safehold Inc. in February 2022, after serving as Executive Vice President and Head of Capital Markets since 2018. He joined iStar, Safehold's founder, in 2008. His prior experience includes roles in the real estate private equity business at Fortress Investment Group, the real estate investment banking division at Nomura Securities, and structured finance advisory at Ernst & Young LLP.
Tim Doherty, Chief Investment Officer
Tim Doherty was appointed Chief Investment Officer in January 2024. He previously served as Executive Vice President, Head of Investments, and is recognized as a long-time veteran of the business who has been instrumental in the transformation of Safehold.
Steve Wylder, EVP, Head of Investments
Steve Wylder was appointed Executive Vice President, Head of Investments, in January 2024. He previously held the role of Executive Vice President, Investments, and is considered a long-time veteran of the business who has played an instrumental role in Safehold's development.
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- Interest Rate Sensitivity: As a company providing long-term real estate financing through ground leases, Safehold is susceptible to fluctuations in interest rates. Rising interest rates can increase the company's cost of capital, making it more expensive to acquire new ground leases. Additionally, higher interest rates could make alternative financing options more attractive to property owners, potentially reducing the demand for Safehold's ground leases and impacting its growth prospects.
- Real Estate Market Downturn and Lessee Credit Risk: Safehold's business performance is inherently linked to the health of the commercial real estate market. A significant and prolonged downturn in real estate values could lead to reduced demand for new ground leases, potentially impacting the value of Safehold's existing portfolio. More critically, a challenging real estate environment could increase the likelihood of financial distress among lessees, leading to defaults on ground lease payments and impacting Safehold's revenue streams.
- Competition and Market Adoption Risk: While iStar Inc. (NYSE: STAR) has positioned Safehold as a pioneer in "reinventing the ground lease sector," there is a risk that the "modern ground lease" model may not achieve the anticipated widespread adoption. Increased competition from other ground lease providers or alternative real estate financing structures could also emerge, potentially limiting Safehold's market share, growth opportunities, and pricing power.
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Here are 3-5 expected drivers of future revenue growth for Safehold (SAFE) over the next 2-3 years:
- Expansion of the Ground Lease Portfolio through New Originations: Safehold's core business revolves around originating and adding new ground leases to its portfolio, which directly drives revenue growth from long-term contracts. The company aims to increase ground lease volume in 2026 compared to 2025. This strategy has led to a significant expansion of its portfolio, reaching 164 assets by the end of 2025.
- Strategic Focus on Affordable Housing: Safehold is intentionally increasing its investment in the multifamily sector, particularly affordable housing. This strategic shift is expected to generate stable, long-term cash flows and a steady pipeline of new investments due to the persistent demand in this sector.
- Enhanced Financial Flexibility and Lower Cost of Capital: The securing of a new $2.0 billion unsecured revolving credit facility and an upgrade in credit rating to A- with a stable outlook provide Safehold with substantial financial flexibility. This improved capital structure supports future deal activity and can drive down the cost of capital, making new ground lease originations more profitable.
- Introduction of New Capital Solutions: Safehold has launched new programs, such as "one-stop capital solutions," which could broaden its appeal to real estate owners and attract more customers. Expanding its offerings beyond traditional ground leases is a strategy to increase its market penetration and revenue streams.
- Increased Recognition and Potential Monetization of Unrealized Capital Appreciation (UCA) via Caret: While not a direct revenue source from ground leases, Safehold aims to improve the market's recognition of the value embedded in Caret, its proprietary structure designed to capture future land value appreciation. This focus on unlocking the "unrealized capital appreciation" of its assets, which was an estimated $9.3 billion in Q4 2025, is a stated management priority that could lead to future revenue-generating events or positively impact overall financial health.
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Share Repurchases
- In 2024, Safehold authorized a $50 million share repurchase program.
- As of Q4 2025, management indicated plans to utilize the authorized share repurchase program when market conditions are favorable and trading windows are open.
- The company reported no spending on share buybacks in Q2 2022.
Share Issuance
- Safehold issued senior notes totaling $700 million in 2024 to bolster its capital structure.
- An SEC filing from August 2023 referenced an offering of 6,500,000 shares of common stock.
- As of February 10, 2023, there were 62,397,416 shares of common stock outstanding.
Inbound Investments
- In 2025, Safehold closed a $400 million 5-year unsecured term loan.
- As of Q3 2025, Safehold maintained a strong balance sheet with approximately $4.8 billion in total debt, featuring a weighted average maturity of 19 years.
- On March 31, 2023, iStar Inc. merged with Safehold Inc., with iStar continuing as the surviving entity and adopting the Safehold Inc. name, representing a significant corporate restructuring.
Outbound Investments
- New originations in 2025 totaled $429 million, encompassing 17 new ground leases for $277 million and four leasehold loans for $152 million, increasing the aggregate ground lease portfolio to $7.1 billion.
- During Q4 2025, the company completed 10 transactions, including 9 ground leases and 1 leasehold loan, with an aggregate commitment of $167 million.
- Safehold’s strategy focuses on investing in long-term ground leases, typically targeting values at 30% to 40% of the combined property value (land, building, and improvements).
Capital Expenditures
- Safehold's business model, which involves acquiring land for ground leases, means that traditional capital expenditures on property, plant, and equipment are not a primary focus.
- The company's cash flows are generally free of maintenance capital expenditure obligations, as these responsibilities typically rest with the leasehold owner.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Safehold Earnings Notes | 12/16/2025 | |
| How Low Can Safehold Stock Really Go? | 10/17/2025 | |
| Safehold (SAFE) Operating Income Comparison | 08/08/2025 | |
| Safehold (SAFE) Debt Comparison | 08/08/2025 | |
| Safehold (SAFE) EBITDA Comparison | 08/08/2025 | |
| Safehold (SAFE) Revenue Comparison | 08/08/2025 | |
| Safehold (SAFE) Operating Cash Flow Comparison | 08/08/2025 | |
| Safehold (SAFE) Tax Expense Comparison | 08/08/2025 | |
| Safehold (SAFE) Net Income Comparison | 08/08/2025 | |
| Why Safehold Stock Moved: SAFE Stock Has Lost 81% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S) | 08/08/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 72.00 |
| Mkt Cap | 31.5 |
| Rev LTM | 4,127 |
| Op Inc LTM | 2,353 |
| FCF LTM | 2,637 |
| FCF 3Y Avg | 2,450 |
| CFO LTM | 2,737 |
| CFO 3Y Avg | 2,702 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.3% |
| Rev Chg 3Y Avg | 6.7% |
| Rev Chg Q | 6.4% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 5.8% |
| Op Inc Chg 3Y Avg | 17.3% |
| Op Mgn LTM | 51.5% |
| Op Mgn 3Y Avg | 51.4% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 57.3% |
| CFO/Rev 3Y Avg | 56.2% |
| FCF/Rev LTM | 49.4% |
| FCF/Rev 3Y Avg | 50.4% |
Price Behavior
| Market Price | $16.35 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -0.2% | |
| 50 Days | 200 Days | |
| DMA Price | $15.21 | $14.46 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 7.5% | 13.1% |
| 3M | 1YR | |
| Volatility | 34.4% | 34.3% |
| Downside Capture | -56.86 | 67.04 |
| Upside Capture | -0.50 | 64.90 |
| Correlation (SPY) | 8.3% | 27.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.07 | 0.18 | 0.42 | 0.64 | 0.76 | 0.87 |
| Up Beta | -0.32 | 0.99 | 1.03 | 0.95 | 1.14 | 0.79 |
| Down Beta | 0.01 | 0.43 | 0.47 | 0.69 | 0.49 | 0.60 |
| Up Capture | 34% | -16% | 34% | 59% | 58% | 70% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 21 | 35 | 67 | 130 | 358 |
| Down Capture | -33% | -16% | -38% | 39% | 85% | 105% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 19 | 27 | 56 | 120 | 385 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SAFE | |
|---|---|---|---|---|
| SAFE | 10.0% | 34.2% | 0.33 | - |
| Sector ETF (XLRE) | 10.2% | 14.2% | 0.45 | 57.8% |
| Equity (SPY) | 20.8% | 12.6% | 1.23 | 26.9% |
| Gold (GLD) | 20.0% | 27.9% | 0.64 | 8.1% |
| Commodities (DBC) | 27.6% | 18.9% | 1.16 | -20.8% |
| Real Estate (VNQ) | 13.3% | 13.9% | 0.66 | 62.5% |
| Bitcoin (BTCUSD) | -44.8% | 42.7% | -1.28 | 13.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SAFE | |
|---|---|---|---|---|
| SAFE | -21.1% | 41.5% | -0.45 | - |
| Sector ETF (XLRE) | 3.2% | 19.1% | 0.07 | 66.5% |
| Equity (SPY) | 13.0% | 17.1% | 0.59 | 47.5% |
| Gold (GLD) | 17.0% | 18.3% | 0.75 | 11.1% |
| Commodities (DBC) | 7.8% | 19.5% | 0.29 | 4.1% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.06 | 69.5% |
| Bitcoin (BTCUSD) | 13.6% | 53.5% | 0.44 | 20.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SAFE | |
|---|---|---|---|---|
| SAFE | -2.3% | 46.8% | 0.13 | - |
| Sector ETF (XLRE) | 6.4% | 20.4% | 0.27 | 54.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 44.6% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 6.2% |
| Commodities (DBC) | 6.3% | 18.0% | 0.28 | 13.4% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 59.2% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 15.1% |
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Returns Analyses
Earnings Returns History
Updated 6/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -7.2% | -3.8% | -8.3% |
| 2/11/2026 | -1.4% | 3.8% | -3.5% |
| 11/5/2025 | -10.7% | -7.4% | -6.2% |
| 8/5/2025 | -1.3% | 2.5% | 11.8% |
| 5/6/2025 | 4.0% | -0.3% | -0.7% |
| 2/5/2025 | 7.9% | 3.5% | 12.7% |
| 10/28/2024 | -4.4% | -9.9% | -12.2% |
| 7/29/2024 | 2.4% | -0.4% | 12.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 12 |
| # Negative | 12 | 10 | 12 |
| Median Positive | 3.6% | 4.5% | 6.0% |
| Median Negative | -3.4% | -3.8% | -9.6% |
| Max Positive | 7.9% | 10.4% | 21.8% |
| Max Negative | -11.4% | -14.5% | -16.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -7.2% | -3.8% | -8.3% |
| 2/11/2026 | -1.4% | 3.8% | -3.5% |
| 11/5/2025 | -10.7% | -7.4% | -6.2% |
| 8/5/2025 | -1.3% | 2.5% | 11.8% |
| 5/6/2025 | 4.0% | -0.3% | -0.7% |
| 2/5/2025 | 7.9% | 3.5% | 12.7% |
| 10/28/2024 | -4.4% | -9.9% | -12.2% |
| 7/29/2024 | 2.4% | -0.4% | 12.0% |
| 5/6/2024 | 3.7% | 4.2% | 0.5% |
| 2/12/2024 | -5.9% | 0.6% | -2.7% |
| 10/31/2023 | -2.4% | 6.2% | 21.0% |
| 8/1/2023 | -4.6% | -14.5% | -13.8% |
| 4/26/2023 | 1.5% | -3.8% | -12.4% |
| 2/21/2023 | -11.4% | -10.7% | -15.5% |
| 11/3/2022 | -0.2% | -3.1% | 1.2% |
| 8/4/2022 | -0.4% | 4.8% | -16.2% |
| 5/3/2022 | 5.4% | -1.9% | 2.3% |
| 2/24/2022 | 4.5% | 7.8% | 2.3% |
| 11/2/2021 | 4.3% | 3.2% | -10.8% |
| 8/3/2021 | 1.2% | 6.6% | 7.9% |
| 4/29/2021 | 0.9% | 0.3% | -7.9% |
| 2/23/2021 | -0.6% | 5.2% | 2.8% |
| 11/3/2020 | 1.8% | 10.4% | 21.8% |
| 8/6/2020 | 3.5% | 8.3% | 4.2% |
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 12 |
| # Negative | 12 | 10 | 12 |
| Median Positive | 3.6% | 4.5% | 6.0% |
| Median Negative | -3.4% | -3.8% | -9.6% |
| Max Positive | 7.9% | 10.4% | 21.8% |
| Max Negative | -11.4% | -14.5% | -16.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 04/21/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-K |
| 09/30/2021 | 10/21/2021 | 10-Q |
| 06/30/2021 | 07/22/2021 | 10-Q |
| 03/31/2021 | 04/22/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-K |
| 09/30/2020 | 10/22/2020 | 10-Q |
| 06/30/2020 | 07/23/2020 | 10-Q |
| 03/31/2020 | 04/23/2020 | 10-Q |
| 12/31/2019 | 02/13/2020 | 10-K |
| 09/30/2019 | 10/24/2019 | 10-Q |
| 06/30/2019 | 07/26/2019 | 10-Q |
Investor Activity (13F)
Updated Jul 14, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Long Pond Capital, LP | $7.5 Mil | 0.8% | 32 | TRIM -41.4% | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Long Pond Capital, LP | $7.5 Mil | 0.8% | 32 | TRIM -41.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Long Pond Capital, LP | $7.5 Mil | 0.8% | 32 | TRIM -41.4% | 13F |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Other Specialized REITs Resources |
| Nareit - Specialty |
| Green Street |
| REITNotes |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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