Baxter Underwood Net Worth 2026: Safe Harbor Marinas CEO

No major outlet such as Forbes, Bloomberg or Celebrity Net Worth has published an estimate of Baxter Underwood's net worth, so the $8 million figure that appeared on this page before, which had no source, has been removed. Underwood has been CEO of Safe Harbor Marinas since January 2017 and has led it through two big ownership changes: a $2.11 billion sale to Sun Communities in 2020 and a $5.65 billion sale to Blackstone Infrastructure in 2025. In August 2026 Safe Harbor agreed to buy boat retailer MarineMax for about $1.5 billion.

What is Baxter Underwood's net worth?

There is no reliable published figure. Some of his pay is public, because Sun Communities named him an executive officer after the 2020 acquisition and had to report his compensation. According to ERI Economic Research Institute, which compiles proxy data, his total compensation for 2020 was about $9.6 million, most of it in stock awards. That is one year of pay in a year that included a major sale, not a measure of his total wealth, and his pay since Blackstone took the company private in 2025 is not disclosed.

The earlier version of this page also listed a $500,000 salary, an age of 37, a height and weight, and a partnership at Clapham Capital. None of that had a source, and the salary conflicts with the proxy data. It has been removed.

Safe Harbor Marinas

Safe Harbor was assembled from several marina businesses starting in late 2015. In a 2019 interview with Leaders magazine, Underwood described it as the product of three companies with roots in the mid-20th century, plus Brewer Yacht Yards, whose history goes back to the late 1800s. He credited founders and backers including Jack Brewer, Marshall Funk, Stan Johnson, Gregg Kenney and American Infrastructure.

When Sun Communities agreed to buy it in September 2020, Safe Harbor owned and operated 101 marinas, managed five more and had a network of about 40,000 boat-owner members across 22 states, Scuttlebutt Sailing News reported. The deal, paid in cash and Sun stock, was valued at $2.11 billion, with Sun assuming about $808 million of debt. Underwood's team kept running Safe Harbor as an independent subsidiary.

Sale to Blackstone

Blackstone Infrastructure announced its purchase of Safe Harbor from Sun on February 24, 2025, and closed the $5.65 billion deal in spring 2025, according to Marina Dock Age, which described Safe Harbor as the largest marina and superyacht servicing business in the United States. Underwood stayed on as CEO.

Expansion abroad

Under Blackstone, Safe Harbor has moved outside the United States. In May 2025 it bought Christophe Harbour Marina in St. Kitts, BOAT International reported, and trade press also reported a marina purchase in Costa Rica. In August 2025 it entered the Mediterranean by acquiring Monaco Marine, with nine locations in the South of France and Monaco, which took Safe Harbor to 149 marinas and shipyards, according to Boating Industry.

The MarineMax deal (2026)

In August 2026 Safe Harbor agreed to acquire MarineMax, the Florida-based boat retailer and marina operator, in an all-cash deal of about $1.5 billion, the Business Observer reported. MarineMax has more than 120 locations, including over 70 dealerships and 65 marina and storage sites, and owns IGY Marinas, the Fraser Yachts and Northrop & Johnson brokerages and boatbuilders Cruisers Yachts and Intrepid Powerboats. The offer was a 96% premium to MarineMax's January 30 closing price. Underwood said the companies' operations were complementary.

Career

At CNL Lifestyle Properties he was responsible for acquiring and managing a large portfolio of leisure properties, according to Sun Communities. He told Leaders he had taken part in earlier efforts to consolidate operating real estate through financial engineering, and argued that Safe Harbor worked only because it put culture and marina operators at the center.

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Education

Underwood holds a BA from Stanford University and an MBA from the University of Chicago Booth School of Business, according to Leaders magazine. The earlier version of this page had this right.

Personal life

Safe Harbor is based in Dallas. Underwood keeps his family life private; the earlier version of this page contained invented descriptions of his marriage, which have been removed. No reliable source gives his date of birth.

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How this was reached

We rely on disclosed pay and deal values rather than guesses. The 2020 compensation figure comes from proxy data compiled by ERI. Deal values come from company announcements reported by trade and business press. Any equity he holds in Safe Harbor under Blackstone is private, so his net worth cannot be estimated responsibly.