Safehold Inc (SAFE) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.736 approximately $1.1 billion of liquidity, which is further supported by the potential 00:00:04.736 -- 00:00:08.177 available capacity in our joint venture. 00:00:08.600 -- 00:00:12.204 Slide three provides a snapshot of our portfolio growth. 00:00:12.204 -- 00:00:16.708 In the third quarter, we funded a total of $58 million, including $33 million of ground 00:00:16.708 -- 00:00:21.994 lease fundings on new originations that have a 7.4% economic yield, 00:00:21.994 -- 00:00:26.859 $15 million of ground lease fundings on pre-existing commitments that have a 7.5% economic 00:00:26.859 -- 00:00:31.784 yield, and $10 million of existing leasehold loans that earn interest at an approximate 00:00:31.784 -- 00:00:35.690 rate of SOFR plus 499 basis points. 00:00:35.690 -- 00:00:41.059 At quarter end, our ground lease portfolio had 155 assets, including 92 multifamily 00:00:41.059 -- 00:00:46.187 properties, and has grown 21 times by both book value and estimated unrealized 00:00:46.187 -- 00:00:49.612 capital appreciation since our IPO. 00:00:49.612 -- 00:00:54.219 In total, the unrealized capital appreciation portfolio is comprised of approximately 00:00:54.219 -- 00:00:58.881 37 million square feet of institutional quality commercial real estate, consisting of 00:00:58.881 -- 00:01:03.905 approximately 21,500 multifamily units, 12.6 million square 00:01:03.905 -- 00:01:09.150 feet of office, over 5,000 hotel keys, and 2 million square feet of life 00:01:09.150 -- 00:01:12.171 science and other property types. 00:01:12.333 -- 00:01:16.557 Continuing on slide four, let me detail our quarterly earnings results. 00:01:16.557 -- 00:01:22.003 For the third quarter, GAAP revenue was 96.2 million, net income was 29.3 00:01:22.003 -- 00:01:25.866 m...