Safehold Inc (SAFE) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.056 Good morning, and welcome to Safehold's fourth quarter and fiscal 2025 00:00:05.056 -- 00:00:10.421 earnings conference call. If you need assistance during today's call, please press star 00:00:10.421 -- 00:00:15.125 zero. If you'd like to ask a question, please press star one. 00:00:15.125 -- 00:00:20.530 That's star one to ask a question. As a reminder, today's conference is being recorded. 00:00:20.530 -- 00:00:25.695 At this time, for opening remarks and introductions, I would like to turn the conference 00:00:25.695 -- 00:00:30.774 over to Pierce Hoffman, Senior Vice President of Capital Markets and investor 00:00:30.774 -- 00:00:34.296 relations. Please go ahead. 00:00:36.263 -- 00:00:40.931 Good morning, everyone. Thank you for joining us today for Safehold's earnings call. 00:00:40.931 -- 00:00:45.258 On the call, we have Jay Sugarman, Chairman and Chief Executive Officer, 00:00:45.258 -- 00:00:50.387 Michael Trachtenberg, President, Brett Asness, Chief Financial Officer, and 00:00:50.387 -- 00:00:54.706 Steve Wilder, Executive Vice President, Head of Investments. 00:00:54.706 -- 00:00:58.532 This morning, we plan to walk through a presentation that details our fourth quarter 00:00:58.532 -- 00:01:01.696 and fiscal year 2025 results. 00:01:01.696 -- 00:01:05.923 The presentation can be found on our website at safeholdinc.com 00:01:05.923 -- 00:01:10.129 by clicking on the investors link. There will be a replay of this conference call beginning 00:01:10.129 -- 00:01:16.075 at 2 p.m. Eastern time today. The dial in for the replay is 877-481-4010 00:01:19.122 -- 00:01:22.424 with a confirmation code of 53587. 00:01:24.119 -- 00:01:28.503 In order to accommodate all those who want to ask questions, we ask that participants 00:0...