Safehold Inc

Good morning and welcome to Safehold's first quarter 2025 earnings conference call. If you need assistance during today's call, please press star zero. If you'd like to ask a question, please press star one. That's star one to ask a question. As a reminder, today's conference is being recorded. At this time, for opening remarks and introductions, I would like to turn the conference over to Piers Hoffman, Senior Vice President, Head of Corporate Finance. Please go ahead, sir.

Good morning, everyone. Thank you for joining us today for Safehold's earnings call. On the call today, we have Jay Sugarman, Chairman and Chief Executive Officer, Brett Asness, Chief Financial Officer, and Tim Daugherty, Chief Investment Officer. This morning, we plan to walk through a presentation that details our first quarter 2025 results. The presentation can be found on our website at safeholdinc.com by clicking on the investors link. There will be a replay of this conference call beginning at 2 p.m. Eastern time today. The dial-in for the replay is 877-481-4010 with a confirmation code of 52368. In order to accommodate all those who wish to ask questions, we ask that participants limit themselves to two questions during Q&A. If you'd like to ask additional questions, you may re-enter the queue. Before I turn the call over to Jay, I'd like to remind everyone that statements in this earnings call which are not historical facts may be forward-looking. Our actual results may differ materially from these forward-looking statements, and the risk factors that could cause these differences are detailed in our SEC reports. Safehold disclaims any intent or obligation to update these forward-looking statements except as expressly required by law. Now with that, I'd like to turn it over to Chairman and CEO, Jay Sugarman.

Jay? Thanks, Pierce, and good morning to everyone joining us today. While many of the deals we hoped to close in the first quarter were waylaid by market volatility, markets are beginning to adjust, and we are finding ways to provide the capital our customers need to lock down their deals. Rates remain high relative to forward inflation expectations, but it's hard to predict when markets will fully stabilize or when the rates backdrop will be more favorable. In the meantime, we're working closely with customers to find solutions to their needs and deploy capital that can represent attractive risk-adjusted returns to save hold. We have two goals in mind as we continue to build the business. Reach a scale that starts to unlock the full value of the business for shareholders. and continue expanding the universe of customers who can benefit from the long-term, lower-cost capital and stability that a safehold ground lease can provide. We need to be aggressive and tireless in these efforts and believe the payoff will be well worth the significant investment of time and resources we are committing. All right, let me turn it over to Brett to review the quarter and full year in more detail.