Safehold Inc. (NYSE:SAFE) Q3 2023 Earnings Conference Call November 1, 2023 9:00 AM ET

Company Participants

Pearse Hoffmann - Senior Vice President, Capital Markets and Investor Relations

Jay Sugarman - Chairman and CEO

Marcos Alvarado - President and CIO

Brett Asnas - Chief Financial Officer

Conference Call Participants

Nate Crossett - BNP Paribas

Anthony Paolone - JPMorgan

Ron Kamdem - Morgan Stanley

Caitlin Burrows - Goldman Sachs

Harsh Hemnani - Green Street

Kenneth Lee - RBC Capital Markets

Ravi Vaidya - Mizuho

Rich Anderson - Wedbush Securities

Operator

Good morning. And welcome to Safehold’s Third Quarter 2023 Earnings Conference Call. [Operator Instructions]

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 Pearse Hoffmann, Senior Vice President of Capital Markets and Investor Relations. Please go ahead, sir.

Pearse Hoffmann

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, Marcos Alvarado, President and Chief Investment Officer; and Brett Asnas, Chief Financial Officer.

This morning, we plan to walk through a presentation that details our third quarter 2023 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 49301.

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 and statements except as expressly required by law.

Now, with that, I’d like to turn it over to Chairman and CEO, Jay Sugarman. Jay?

Jay Sugarman

Thanks, Pearse, and thank you, everyone, for joining us today. There’s no way around it. This has been a very difficult part of the interest rate cycle for us. By some measures, this has been the worst market for fixed income investments on record and long-dated cash flows are obviously some of the most impacted when rates rise. But cycles end and we believe we have been through 90%, 95% rate moves in this cycle.