Safehold Inc

Good afternoon and welcome to Safehold's second 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 Pierce Hoffman, Senior Vice President, Head of Corporate Finance. Please go ahead, sir.

Good afternoon, 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 afternoon, we plan to walk through a presentation that details our second 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 8 p.m. Eastern Time today. The dial-in for the replay is -481-4010 with a confirmation code of 52799. In order to accommodate all those who want 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 afternoon to all of you joining us today. We saw better traction in the second quarter as we rolled out a test program in certain markets for one-stop capital solutions combining ground leases and leasehold loans to simplify and shorten the time to closing. We also continue our efforts to use safehold ground leases to enhance affordable multifamily projects and enable top players in that market to maximize their opportunities. On the flip side, market conditions remain challenging as larger customers try to figure out the cross-currents and uncertainty that characterize the first half of the year. Our goal, as always, is to help them access our low-cost, long-term, and efficient capital and enable them to focus more on improving property operations and less on figuring out the ever-evolving capital markets. We were pleased a number of customers found our ground lease a better solution for their needs this quarter, and we'll continue innovating to find the best ways to help grow safehold and the ground lease industry as a whole. All right, let me turn it over to Brett to review the quarter in full year in more detail. Brett?