SAFE Revenue Flow Filed revenue amounts for 2026-04-01 to 2026-06-30. Coverage is partial. Unconnected amounts are separate disclosures; they must not be added together.
2026-06-30: Revenue $114.65M ; Cost of revenue $770.00K ; Income tax $1.39M ; Net income $30.16M . 2026-03-31: Revenue $110.85M ; Cost of revenue $1.31M ; Income tax $685.00K ; Net income $28.86M . 2025-12-31: Revenue $97.87M* ; Cost of revenue $1.32M* ; Income tax $973.00K* ; Net income $27.88M* . 2025-09-30: Revenue $96.16M ; Cost of revenue $1.40M ; Income tax $215.00K ; Net income $29.28M . Segment Separate filed amounts; connecting flows are not established. Components and totals may overlap.
SAFE revenue flow Filed amounts. Only explicit calculation relationships connect amounts; dimensional membership alone does not establish an additive flow. Ground Leases Segment $98.71M Hotel Operations Segment $15.94M Revenue $114.65M Cost of revenue $770.00K Operating income $28.26M Pre-tax income $32.12M Income tax $1.39M
Finer product or service dollar figures and nonoverlapping groupings are shown only where supported by the retained filing evidence. Growth percentages are never converted to revenue dollars.
Historical revenue and expense breakdown Revenue and expense 3 month Period end Revenue Cost of revenue Income tax Net income 2026-06-30 $114.65M $770.00K $1.39M $30.16M 2026-03-31 $110.85M $1.31M $685.00K $28.86M 2025-12-31 $97.87M* $1.32M* $973.00K* $27.88M* 2025-09-30 $96.16M $1.40M $215.00K $29.28M 2025-06-30 $93.84M $881.00K $862.00K $27.95M 2025-03-31 $97.68M $1.16M $883.00K $29.36M 2024-09-30 $90.70M $1.05M $660.00K $19.33M 2024-06-30 $89.89M $1.04M $910.00K $29.66M 2024-03-31 $93.21M $1.08M $471.00K $30.73M 2023-09-30 $85.56M $1.00M $55.00K -$122.97M 2023-06-30 $85.66M $1.01M $525.00K $22.13M 2023-03-31 $78.33M $1.21M (m) $4.68M 2022-12-31 $30.28M (m) $0.00* (m) 2022-09-30 $71.70M $866.00K $564.00K $66.08M 2022-06-30 $64.88M $699.00K $0.00 $22.68M 2022-03-31 $60.36M $707.00K $3.00K $24.87M 2021-12-31 $50.76M (m) (m) (m) 2021-09-30 $143.63M (m) -$39.00K $127.73M 2021-06-30 $54.25M (m) $619.00K -$13.67M 2021-03-31 $59.98M (m) -$698.00K $5.47M 2020-12-31 $92.35M (m) (m) (m) 2020-09-30 $64.22M (m) $78.00K $3.81M 2020-06-30 $45.24M (m) $28.00K -$17.46M 2020-03-31 $122.29M (m) $60.00K -$15.58M 2019-12-31 $128.89M (m) (m) -$38.14M 2019-09-30 $145.34M (m) $84.00K $781.00K 2019-06-30 $98.47M (m) $214.00K $370.84M 2019-03-31 $106.80M (m) $25.00K -$9.44M 2018-12-31 $140.16M (m) (m) -$107.33M 2018-09-30 $122.14M (m) $137.00K -$10.86M 2018-06-30 $171.57M (m) $128.00K $51.00M 2018-03-31 $364.25M (m) $121.00K $34.93M 2017-12-31 $103.14M (m) (m) $3.21M 2017-09-30 $119.87M (m) -$1.28M -$3.56M 2017-06-30 $347.87M (m) $1.64M $190.30M 2017-03-31 $108.32M (m) $607.00K -$14.27M 2016-12-31 $98.57M (m) (m) (m) 2016-09-30 $124.05M (m) -$8.26M $59.12M 2016-06-30 $122.36M (m) -$1.19M $50.96M 2016-03-31 $110.20M (m) -$414.00K -$8.36M 2015-12-31 $164.98M (m) (m) (m) 2015-09-30 $116.14M (m) -$2.89M $6.66M 2015-06-30 $104.95M (m) $811.00K -$19.15M 2015-03-31 $109.97M (m) $5.88M -$10.47M 2014-12-31 $109.95M (m) (m) (m) 2014-09-30 $113.49M (m) $103.00K $35.90M 2014-06-30 $129.84M (m) -$215.00K -$3.92M 2014-03-31 $108.75M (m) -$507.00K -$14.63M 2013-12-31 $101.07M (m) (m) -$47.04M 2013-09-30 $95.70M (m) -$3.88M -$18.76M 2013-06-30 $99.92M (m) $429.00K -$14.09M 2013-03-31 $94.10M (m) $4.08M -$32.06M 2012-12-31 $96.42M (m) (m) -$79.81M 2012-09-30 $93.46M (m) $1.79M -$63.64M 2012-06-30 $106.89M (m) $3.48M -$50.41M 2012-03-31 $100.77M (m) $1.27M -$46.07M 2011-12-31 $104.73M (m) (m) (m) 2011-09-30 $105.84M (m) $1.35M -$53.66M 2011-06-30 $136.61M (m) -$2.67M -$26.03M 2011-03-31 $117.89M (m) $11.05M $83.47M 2010-12-31 $136.03M (m) (m) -$67.05M 2010-09-30 $133.30M (m) $722.00K -$83.53M 2010-06-30 $133.82M (m) $793.00K $212.28M 2010-03-31 $166.57M (m) (m) -$25.41M
Revenue and expense 6 month Period end Revenue Cost of revenue Income tax Net income 2026-06-30 $225.50M $2.08M $2.08M $59.02M 2025-06-30 $191.52M $2.04M $1.75M $57.31M 2024-06-30 $183.11M $2.12M $1.38M $60.39M 2023-06-30 $163.99M $2.22M $525.00K $26.81M 2022-06-30 $125.25M $1.41M $3.00K $47.55M 2021-06-30 $114.24M (m) -$79.00K -$8.20M 2020-06-30 $269.88M (m) $88.00K -$33.04M 2019-06-30 $205.27M (m) $240.00K $361.40M 2018-06-30 $535.81M (m) $249.00K $85.93M 2017-06-30 $456.19M (m) $2.25M $176.03M 2016-06-30 $232.56M (m) -$1.60M $42.60M 2015-06-30 $222.04M (m) $6.69M -$29.62M 2014-06-30 $238.59M (m) -$722.00K -$18.55M 2013-06-30 $194.02M (m) $4.50M -$46.15M 2012-06-30 $208.31M (m) $4.75M -$96.48M 2011-06-30 $232.98M (m) $8.38M $57.44M 2010-06-30 $303.77M (m) $1.83M $213.71M
Revenue and expense 9 month Period end Revenue Cost of revenue Income tax Net income 2025-09-30 $287.68M $3.44M $1.96M $86.59M 2024-09-30 $273.81M $3.17M $2.04M $79.72M 2023-09-30 $249.55M $3.22M $580.00K -$96.16M 2022-09-30 $196.94M $2.27M $567.00K $113.63M 2021-09-30 $257.87M (m) -$117.00K $119.53M 2020-09-30 $384.93M (m) $165.00K -$29.23M 2019-09-30 $350.61M (m) $323.00K $362.18M 2018-09-30 $657.96M (m) $386.00K $75.07M 2017-09-30 $576.06M (m) $972.00K $172.47M 2016-09-30 $356.62M (m) -$9.86M $101.73M 2015-09-30 $342.53M (m) $3.80M -$22.95M 2014-09-30 $352.08M (m) -$619.00K $17.35M 2013-09-30 $289.72M (m) $625.00K -$64.91M 2012-09-30 $301.19M (m) $6.54M -$160.12M 2011-09-30 $327.29M (m) $9.73M $3.78M 2010-09-30 $434.92M (m) $2.56M $138.22M
Revenue and expense 12 month Period end Revenue Cost of revenue Income tax Net income 2025-12-31 $385.55M $4.76M $2.93M $114.47M 2024-12-31 $365.69M $4.22M $3.44M $105.76M 2023-12-31 $352.58M $4.65M $1.72M -$54.97M 2022-12-31 $270.31M $3.11M $567.00K $135.42M 2021-12-31 $187.01M $2.66M -$118.00K $73.12M 2020-12-31 $324.10M (m) $89.00K -$42.44M 2019-12-31 $273.70M (m) $369.00K $324.04M 2018-12-31 $798.12M (m) $815.00K -$32.26M 2017-12-31 $679.20M (m) -$948.00K $175.68M 2016-12-31 $455.19M (m) -$10.17M $95.31M 2015-12-31 $496.03M (m) $7.64M -$2.44M 2014-12-31 $445.15M (m) $3.91M $16.47M 2013-12-31 $390.79M (m) -$659.00K -$111.95M 2012-12-31 $397.54M (m) $8.45M -$239.93M 2011-12-31 $462.46M (m) -$4.72M -$22.06M 2010-12-31 $601.46M (m) $7.02M $79.68M 2009-12-31 $758.99M (m) $4.14M -$768.78M