Cash Flow Statement

Operating Cash Flow

+19%

+81%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	230	232	216	211	215	226	253	276	292	189	202	213	260	366	362	335	288	306	317	363	375	381	400	401	239	231	172	(238)	(182)	(355)	(687)	(630)	(770)	(699)	(187)	(14)	80	180	(76)	(56)	(26)	(156)	(181)	(190)	(241)	(228)	(191)	(145)	(111)	(93)	(82)	(28)	16	18	2	(28)	(6)	(3)	76	129	100	94	230	169	180	231	95	90	(18)	(60)	253	265	334	328	(60)	(57)	(31)	(10)	(7)	118	138	926	805	133	600	(191)	(36)	381	(55)	(28)	(21)	122	107	105	103	113
Depreciation & Amortization	35	37	49	46	43	39	27	28	50	52	54	61	64	67	70	70	76	79	81	83	84	85	88	94	100	106	109	108	105	100	99	99	99	98	90	80	71	65	64	63	64	65	66	68	71	71	71	74	72	73	74	73	74	74	70	68	65	61	60	58	54	53	52	50	50	48	45	54	59	63	66	60	58	57	58	58	58	59	59	60	10	45	32	22	10	7	8	6	10	10	10	10	10	10	9	9
Change in Deffered Taxes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(2)	(1)	(1)	(0)	1	2	3	4	6	0	0	0	0	0	0	0	5	0	0	0	(14)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	0	0	6	11	0	0	0	0	0	0	0	0	0	0	0	24	28	33	37	19	19	18	21	30	30	29	26	15	16	17	18	19	16	15	13	13	14	15	15	12	13	11	10	11	6	5	4	19	2	2	2	1	0	1	1	2	2	2	2	2	2	2	2	2	2	2	2	2	6	13	20	23	23	17	13	14	12	14	13
Other Non-Cash Items	5	13	31	72	53	48	44	20	10	71	69	45	25	(6)	(10)	97	107	75	108	8	20	36	4	18	181	230	258	633	514	572	791	657	750	653	168	(34)	(150)	(285)	(47)	(79)	(84)	14	30	28	(36)	(73)	(125)	(163)	(126)	(101)	(105)	(55)	(91)	(97)	(68)	(120)	(101)	(70)	(125)	(166)	(123)	(125)	(145)	(82)	(122)	(165)	(138)	(134)	(35)	3	(324)	(330)	(385)	(385)	17	14	4	14	(5)	(108)	(44)	(954)	(723)	(129)	(121)	256	13	(338)	53	40	37	(108)	(92)	(90)	(91)	(85)
Cash Taxes Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	8	0	0	0	0	0	0	0	6	0	0	0	2	0	0	0	0	0	0	0	1	0	0	0	0	0	0	0	15	0	0	0	0	0	0	0	0	0	0	0
Cash Interest Paid	141	145	136	159	158	164	166	164	166	159	167	172	191	0	0	247	262	0	0	0	377	0	0	0	585	0	0	0	645	0	0	0	532	0	0	0	0	0	0	0	0	0	0	0	330	0	0	0	238	0	0	0	195	0	0	0	208	0	0	0	200	0	0	0	179	0	0	0	172	0	0	0	182	0	0	0	143	0	0	0	59	0	0	0	94	0	0	0	151	0	0	0	162	0	0	0
Change in Working Capital	24	18	42	35	38	20	2	(38)	(17)	60	11	50	5	(60)	8	5	44	2	(2)	(8)	(46)	(9)	(9)	42	41	(19)	(19)	(26)	(24)	55	36	41	(2)	(2)	(42)	(46)	(51)	(38)	(16)	(5)	31	11	48	13	14	6	3	(23)	(15)	(36)	(53)	(30)	(9)	4	14	(7)	(17)	(11)	(8)	(8)	(3)	(14)	4	7	(7)	(22)	(34)	(44)	(29)	(30)	(37)	(59)	(53)	(21)	(31)	8	(10)	(24)	(61)	(46)	(12)	(64)	(61)	10	31	(0)	26	(61)	7	(2)	21	29	13	25	31	7
Cash from Operating Activities	293 N/A	300 +2%	338 +13%	364 +8%	349 -4%	333 -4%	326 -2%	286 -12%	335 +17%	372 +11%	337 -10%	368 +9%	354 -4%	367 +4%	430 +17%	507 +18%	516 +2%	462 -10%	504 +9%	447 -11%	431 -3%	492 +14%	482 -2%	554 +15%	561 +1%	550 -2%	523 -5%	480 -8%	419 -13%	377 -10%	242 -36%	170 -30%	78 -54%	50 -36%	28 -43%	(14) N/A	(46) -230%	(74) -62%	(71) +4%	(73) -2%	(29) +61%	(80) -179%	(51) +36%	(96) -87%	(192) -101%	(224) -17%	(241) -8%	(258) -7%	(181) +30%	(158) +13%	(166) -5%	(41) +76%	(10) +75%	(2) +81%	18 N/A	(87) N/A	(58) +33%	(23) +60%	4 N/A	13 +205%	30 +136%	8 -74%	141 +1 730%	144 +2%	102 -30%	92 -9%	(31) N/A	(35) -12%	(24) +31%	(24) +0%	(43) -77%	(63) -49%	(46) +28%	(20) +56%	(16) +21%	24 N/A	22 -9%	39 +79%	(13) N/A	23 N/A	27 +15%	(47) N/A	52 N/A	37 -30%	65 +78%	72 +10%	11 -85%	(12) N/A	15 N/A	19 +24%	47 +144%	53 +14%	38 -29%	50 +32%	53 +7%	43 -18%
Investing Cash Flow
Capital Expenditures	(25)	(26)	(20)	(15)	(8)	(6)	(8)	(7)	(9)	(12)	(14)	(19)	(22)	(24)	(24)	(30)	(56)	(72)	(86)	(87)	(82)	(78)	(87)	(92)	(115)	(145)	(144)	(139)	(103)	(63)	(38)	(19)	(26)	(26)	(30)	(41)	(43)	(44)	(49)	(69)	(64)	(66)	(76)	(64)	(93)	(98)	(108)	(124)	(212)	(226)	(228)	(241)	(148)	(152)	(159)	(164)	(170)	(182)	(193)	(195)	(212)	(200)	(184)	(174)	(165)	(169)	(178)	(201)	(209)	(322)	(341)	(417)	(398)	(264)	(214)	(88)	(57)	(43)	(80)	(75)	0	(102)	(64)	0	0	0	0	(74)	(13)	0	0	0	0	0	0	0
Other Items	(324)	(600)	(1 181)	(1 092)	(1 142)	(1 125)	(699)	(1 023)	(962)	(1 304)	(1 438)	(770)	(444)	(490)	(673)	(646)	(1 350)	(1 040)	(932)	(2 134)	(2 447)	(3 168)	(2 994)	(4 824)	(4 630)	(3 677)	(3 001)	(621)	75	260	(112)	376	751	1 409	2 971	3 547	3 782	3 202	2 218	1 831	1 525	1 059	892	873	1 360	1 975	1 877	1 832	1 105	839	480	500	307	264	249	100	354	369	644	646	677	809	729	729	428	427	663	603	987	762	429	376	(0)	17	(88)	(74)	88	274	323	486	(1 288)	2 897	3 019	(897)	(1 146)	130	(175)	3 460	(563)	(368)	(345)	(315)	(212)	(145)	(200)	(202)
Cash from Investing Activities	(350) N/A	(625) -79%	(1 200) -92%	(1 107) +8%	(1 149) -4%	(1 131) +2%	(707) +37%	(1 030) -46%	(971) +6%	(1 315) -35%	(1 452) -10%	(788) +46%	(466) +41%	(514) -10%	(697) -35%	(676) +3%	(1 406) -108%	(1 112) +21%	(1 017) +9%	(2 221) -118%	(2 529) -14%	(3 246) -28%	(3 081) +5%	(4 916) -60%	(4 745) +3%	(3 822) +19%	(3 145) +18%	(760) +76%	(28) +96%	197 N/A	(149) N/A	357 N/A	725 +103%	1 383 +91%	2 940 +113%	3 506 +19%	3 739 +7%	3 158 -16%	2 169 -31%	1 762 -19%	1 461 -17%	993 -32%	816 -18%	809 -1%	1 267 +57%	1 877 +48%	1 770 -6%	1 708 -3%	893 -48%	613 -31%	252 -59%	259 +3%	160 -38%	112 -30%	90 -20%	(63) N/A	184 N/A	187 +2%	451 +141%	451 0%	465 +3%	608 +31%	545 -10%	555 +2%	263 -53%	259 -2%	485 +87%	401 -17%	779 +94%	440 -44%	88 -80%	(42) N/A	(398) -857%	(248) +38%	(303) -22%	(163) +46%	31 N/A	232 +642%	244 +5%	411 +69%	(1 288) N/A	2 794 N/A	2 955 +6%	(907) N/A	(1 146) -26%	100 N/A	(193) N/A	3 385 N/A	(577) N/A	(381) +34%	(358) +6%	(317) +11%	(212) +33%	(145) +32%	(200) -38%	(202) -1%
Financing Cash Flow
Net Issuance of Common Stock	23	40	49	63	260	254	267	376	396	446	430	308	83	21	8	20	19	19	19	4	566	566	567	548	193	196	191	188	(64)	(77)	(82)	(66)	(30)	(25)	(17)	(16)	(8)	(4)	(5)	(79)	(79)	(79)	(82)	0	(5)	184	0	0	173	173	0	173	0	0	0	(29)	(79)	(138)	(170)	(150)	(99)	(41)	(9)	(46)	(286)	(294)	(294)	(248)	(8)	(15)	(57)	(59)	(68)	(71)	(45)	(57)	(55)	(47)	(54)	(96)	243	(112)	(90)	276	309	0	0	(157)	152	0	0	0	0	0	0	0
Net Issuance of Debt	359	564	1 113	1 009	875	883	485	725	658	914	1 083	523	383	655	597	499	1 263	807	858	2 262	1 934	2 635	2 454	4 131	4 452	3 581	3 128	1 368	514	268	354	(1 002)	(1 069)	(1 273)	(2 806)	(2 509)	(3 365)	(3 333)	(2 156)	(2 437)	(1 426)	(963)	(783)	(600)	(1 109)	(1 443)	(1 164)	(1 098)	(540)	(410)	(338)	(195)	(121)	175	91	93	117	(129)	(355)	(371)	(729)	(220)	(165)	805	353	(498)	55	(1 153)	(245)	(211)	(486)	541	(16)	489	191	(557)	(119)	(316)	(16)	(43)	1 018	(973)	(1 041)	736	825	91	241	(1 573)	427	238	205	354	264	196	251	215
Cash Paid for Dividends	(301)	(250)	(253)	(256)	(268)	(268)	(278)	(288)	(307)	(307)	(322)	(336)	(358)	(359)	(364)	(370)	(382)	(382)	(387)	(392)	(412)	(412)	(430)	(447)	(477)	(511)	(525)	(532)	(312)	(278)	(157)	(42)	(42)	(42)	(42)	(42)	(42)	(42)	(42)	(42)	(42)	(42)	(42)	(42)	(42)	(42)	(45)	(47)	(49)	(51)	(51)	(51)	(51)	(51)	(51)	(51)	(51)	(51)	(51)	(51)	(51)	(51)	(51)	(51)	(48)	(44)	(39)	(40)	(45)	(51)	(57)	(57)	(58)	(57)	(57)	(57)	(56)	(57)	(57)	(58)	(36)	(59)	(60)	(46)	(42)	(61)	(45)	(56)	(46)	(37)	(49)	(50)	(51)	(51)	(51)	(51)
Other	(32)	(41)	(54)	(67)	(66)	(68)	(56)	(66)	(47)	(35)	(36)	6	13	14	46	28	16	10	(15)	(35)	1	18	18	56	15	(2)	(26)	(67)	(137)	(64)	(25)	(9)	67	8	11	7	2	(28)	(37)	(34)	(33)	(20)	(3)	(4)	(19)	(15)	152	150	(40)	(32)	(229)	(227)	(18)	(18)	133	140	127	120	6	(0)	2	1	(31)	(47)	(60)	(52)	(86)	(67)	(160)	(161)	(118)	(134)	(37)	(39)	(39)	(34)	(25)	(21)	(22)	(18)	(23)	(301)	(618)	(1)	(1)	(304)	23	(597)	27	(0)	(17)	(54)	(68)	(63)	(53)	(9)
Cash from Financing Activities	49 N/A	313 +535%	855 +173%	749 -12%	801 +7%	802 +0%	418 -48%	747 +79%	700 -6%	1 018 +45%	1 156 +14%	502 -57%	120 -76%	330 +174%	287 -13%	177 -38%	917 +419%	454 -50%	475 +5%	1 839 +287%	2 089 +14%	2 807 +34%	2 609 -7%	4 287 +64%	4 182 -2%	3 264 -22%	2 769 -15%	958 -65%	1 -100%	(152) N/A	90 N/A	(1 119) N/A	(1 074) +4%	(1 333) -24%	(2 854) -114%	(2 560) +10%	(3 413) -33%	(3 406) +0%	(2 241) +34%	(2 592) -16%	(1 581) +39%	(1 105) +30%	(910) +18%	(646) +29%	(1 176) -82%	(1 311) -12%	(1 056) +19%	(1 000) +5%	(456) +54%	(515) -13%	(446) +13%	(301) +32%	(191) +37%	105 N/A	172 +63%	154 -11%	113 -27%	(198) N/A	(571) -188%	(572) 0%	(878) -53%	(311) +65%	(256) +17%	661 N/A	(42) N/A	(888) -2 039%	(365) +59%	(1 508) -314%	(458) +70%	(439) +4%	(719) -64%	291 N/A	(179) N/A	322 N/A	51 -84%	(704) N/A	(255) +64%	(441) -73%	(149) +66%	(215) -44%	1 203 N/A	(1 444) N/A	(1 810) -25%	965 N/A	1 091 +13%	(274) N/A	219 N/A	(2 383) N/A	560 N/A	353 -37%	291 -18%	249 -14%	145 -42%	82 -44%	147 +80%	155 +5%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	0	(0)	0	(0)	0	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	(7) N/A	(13) -89%	(8) +40%	5 N/A	0 -96%	4 +2 000%	37 +776%	3 -92%	64 +2 110%	74 +16%	41 -45%	82 +100%	8 -90%	183 +2 077%	20 -89%	8 -63%	27 +260%	(196) N/A	(38) +81%	65 N/A	(10) N/A	53 N/A	10 -82%	(75) N/A	(2) +98%	(8) -400%	147 N/A	677 +362%	392 -42%	422 +8%	183 -57%	(593) N/A	(272) +54%	100 N/A	114 +15%	933 +717%	280 -70%	(323) N/A	(143) +56%	(903) -533%	(148) +84%	(192) -29%	(145) +24%	68 N/A	(101) N/A	342 N/A	472 +38%	451 -5%	257 -43%	(59) N/A	(360) -509%	(83) +77%	(42) +50%	216 N/A	281 +30%	4 -99%	239 +6 031%	(34) N/A	(116) -240%	(109) +6%	(383) -251%	305 N/A	430 +41%	1 360 +217%	323 -76%	(536) N/A	89 N/A	(1 142) N/A	297 N/A	(23) N/A	(673) -2 812%	187 N/A	(622) N/A	54 N/A	(267) N/A	(843) -215%	(202) +76%	(170) +16%	81 N/A	219 +169%	(58) N/A	1 304 N/A	1 198 -8%	94 -92%	10 -90%	(103) N/A	37 N/A	991 +2 585%	(2) N/A	(9) -452%	(20) -123%	(15) +26%	(30) -96%	(13) +55%	1 N/A	(3) N/A
Free Cash Flow
Free Cash Flow	268 N/A	274 +2%	318 +16%	349 +10%	341 -2%	327 -4%	318 -3%	279 -12%	326 +17%	361 +11%	323 -11%	349 +8%	332 -5%	343 +3%	406 +18%	477 +17%	460 -4%	390 -15%	419 +8%	360 -14%	349 -3%	414 +19%	395 -4%	462 +17%	446 -3%	405 -9%	379 -7%	341 -10%	316 -7%	314 -1%	205 -35%	151 -26%	52 -66%	24 -54%	(2) N/A	(55) -2 519%	(89) -61%	(118) -33%	(120) -2%	(142) -18%	(93) +35%	(146) -57%	(127) +13%	(159) -25%	(285) -79%	(322) -13%	(349) -8%	(382) -9%	(392) -3%	(383) +2%	(394) -3%	(282) +28%	(158) +44%	(154) +2%	(141) +8%	(251) -78%	(228) +9%	(205) +10%	(189) +8%	(183) +3%	(183) +0%	(193) -6%	(43) +78%	(30) +30%	(64) -113%	(76) -20%	(209) -175%	(236) -13%	(233) +2%	(346) -49%	(383) -11%	(481) -25%	(444) +8%	(284) +36%	(230) +19%	(64) +72%	(35) +45%	(4) +90%	(93) -2 566%	(52) +45%	27 N/A	(150) N/A	(12) +92%	37 N/A	65 +78%	72 +10%	11 -85%	(86) N/A	2 N/A	19 +727%	47 +144%	53 +14%	38 -29%	50 +32%	53 +7%	43 -18%

Income Statement Balance Sheet Cash Flow Statement

Safehold Inc
NYSE:SAFE

Cash Flow Statement

Cash Flow Statement
Safehold Inc

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Safehold Inc NYSE:SAFE

Cash Flow Statement

Cash Flow Statement Safehold Inc

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Safehold Inc
NYSE:SAFE

Cash Flow Statement
Safehold Inc