Safehold Inc (SAFE) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Safehold's second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's conference is being recorded.

下午好，歡迎參加 Safehold 2025 年第二季財報電話會議。（操作員指示）提醒一下，今天的會議正在錄製中。

At this time for opening remarks and introductions, I would like to turn the conference over to Pearse Hoffman, Senior Vice President, Head of Corporate Finance. Please go ahead, sir.

現在，在開幕致詞和介紹的時候，我想將會議交給公司財務主管高級副總裁皮爾斯·霍夫曼 (Pearse Hoffman)。先生，請繼續。

Good afternoon, everyone. Thank you for joining us today for Safehold's earnings call.

大家下午好。感謝您今天參加 Safehold 的收益電話會議。

On the call today, we have Jay Sugarman, Chairman and Chief Executive Officer; Brett Asnas, Chief Financial Officer; and Tim Doherty, 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 investor's link.

參加今天電話會議的有董事長兼首席執行官傑伊·舒格曼 (Jay Sugarman)、首席財務官布雷特·阿斯納斯 (Brett Asnas) 和首席投資官蒂姆·多赫蒂 (Tim Doherty)。今天下午，我們計劃進行一次演示，詳細介紹我們 2025 年第二季的業績。您可以點擊投資者連結在我們的網站 safeholdinc.com 上找到該簡報。

There will be a replay of this conference call beginning at 8:00 PM Eastern time today. The dial in for the replay is 877-481-4010 with a confirmation code of 52799. (Event Instructions)

本次電話會議將於今天東部時間晚上 8 點開始重播。重播的撥號號碼是 877-481-4010，確認碼是 52799。（活動須知）

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 differ materially from these forward-looking statements and the risk factors that could cause these differences are detailed in our SEC reports.

在我將電話轉給傑伊之前，我想提醒大家，本次財報電話會議中的陳述並非歷史事實，而是前瞻性的。我們的實際結果與這些前瞻性陳述有重大差異，可能導致這些差異的風險因素在我們的 SEC 報告中詳細說明。

Safehold disclaims any intent or obligation to update these forward-looking statements, except as expressly required by law.

除非法律明確要求，Safehold 不承擔更新這些前瞻性聲明的任何意圖或義務。

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

現在，我想將發言權交給董事長兼執行長傑伊舒格曼 (Jay Sugarman)。傑伊？

Thanks, Pearse, 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 multi-family projects and enable top players in that market to maximize their opportunities.

謝謝皮爾斯，祝今天參加我們活動的各位下午好。我們在第二季度看到了更好的發展勢頭，因為我們在某些​​市場推出了一項測試計劃，將土地租賃和租賃貸款結合起來，提供一站式資本解決方案，以簡化和縮短交易時間。我們也將繼續努力利用 Safehold 土地租賃來加強可負擔的多戶型項目，並使該市場的頂級參與者能夠最大限度地利用他們的機會。

On the flipside, 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 is 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.

另一方面，市場狀況仍然充滿挑戰，因為大客戶正在努力弄清楚今年上半年的逆流和不確定性。我們的目標始終是幫助他們獲得低成本、長期、高效的資本，使他們能夠更專注於改善房地產運營，而不是弄清楚不斷發展的資本市場。

We were pleased the 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.

我們很高興看到本季許多客戶發現我們的土地租賃能夠更好地滿足他們的需求，我們將繼續創新，尋找最佳方法來幫助 Safehold 和整個土地租賃行業發展。

All right. Let me turn it over to Brett to review the quarter and full year in more detail.

好的。讓我把這個交給布雷特來更詳細地回顧一下本季和全年的情況。

Thank you, Jay. Good morning, everyone. Let's begin on slide 2.

謝謝你，傑伊。大家早安。讓我們從第二張投影片開始。

During the quarter, new origination activity was approximately $220 million, including for ground leases for $123 million and three leasehold loans for $97 million. Of the four new ground leases, three were market rate multi-family assets, and one was a hotel asset. Markets include Boston, San Diego, Salt Lake City, and the Space Coast of Florida.

本季度，新發放活動約為 2.2 億美元，其中包括 1.23 億美元的土地租賃和 9,700 萬美元的三筆租賃貸款。在四個新的土地租賃中，有三個是市場價格的多戶資產，一個是旅館資產。市場包括波士頓、聖地牙哥、鹽湖城和佛羅裡達太空海岸。

Credit metrics are in line with our portfolio targets with a GLTV of 33%, coverage of 3.2 times and an economic yield of 7.2%. Overall, we are pleased to begin converting several of our previously announced LOIs into closings, particularly at what we believe are very attractive risk-adjusted returns. Importantly, we added four new customers to our platform, as all ground leases were closed with the first-time sponsor.

信用指標符合我們的投資組合目標，GLTV 為 33%，覆蓋率為 3.2 倍，經濟殖利率為 7.2%。整體而言，我們很高興開始將我們先前宣布的幾份意向書轉化為成交，特別是我們認為風險調整後的回報非常有吸引力。重要的是，我們的平台增加了四個新客戶，因為所有土地租賃都已與首次贊助商簽訂。

As a reminder, approximately 40% of our existing customers have done repeat business with us, so every new customer we add to the platform is a highly valuable source for potential future deals.

提醒一下，我們大約 40% 的現有客戶已經與我們進行了重複交易，因此我們平台上添加的每個新客戶都是未來潛在交易的寶貴來源。

Moving to the pipeline, we continue to see positive engagement from both new and existing customers, particularly in the multi-family asset class. The pace of signed LOIs has steadily increased over the course of the year and currently sits at its highest level since 2022. This has largely been driven by success within our growing affordable Housing segment, which we expect to more actively contribute to closings later this year and into 2026.

轉向管道，我們繼續看到新舊客戶的積極參與，特別是在多戶型資產類別中。簽署意向書的速度在一年中穩步增加，目前處於 2022 年以來的最高水平。這在很大程度上得益於我們不斷增長的經濟適用房部門的成功，我們預計該部門將在今年晚些時候和 2026 年為經濟適用房的成交做出更積極的貢獻。

Macro volatility, of course, remains a highly influential factor in getting these deals over the line, but we're optimistic that the sectors we're focusing on and the product enhancements we're piloting with customers can add a layer of resiliency for the new business.

當然，宏觀波動仍然是這些交易達成的一個重要影響因素，但我們樂觀地認為，我們關注的行業以及我們與客戶一起試行的產品增強功能可以為新業務增加一層彈性。

At quarter-end, the total portfolio was $6.9 billion and UCA was estimated at $9.1 billion, which was an approximately $200 million increase from last quarter primarily driven by new investments. GLTV was 52%, and rent coverage was 3.5 times. We ended the quarter with approximately $1.2 billion of liquidity, which is further supported by the potential available capacity in our joint venture.

截至季末，總投資組合為 69 億美元，UCA 估計為 91 億美元，比上一季增加約 2 億美元，主要原因是新投資。GLTV 為 52%，租金覆蓋率為 3.5 倍。本季末，我們的流動資金約為 12 億美元，這得益於我們合資企業的潛在可用產能。

Slide 3 provides a snapshot of our portfolio growth. In the second quarter, we funded a total of $114 million, including $61 million of ground lease fundings on new originations that have a 7.0% economic yield, $4 million of ground lease fundings on pre-existing commitments that have a 5.8% economic yield, $43 million of new leasehold loans earn interest at an approximate rate of SOFR plus 249 basis points, and $6 million on existing leasehold loans related to our share of the leasehold loan fund, which earned interest at a rate of SOFR plus 398 basis points.

幻燈片 3 提供了我們投資組合成長的快照。在第二季度，我們總共提供了 1.14 億美元的資金，其中包括 6,100 萬美元的新發起土地租賃資金，經濟收益率為 7.0%；400 萬美元的預先存在的承諾土地租賃資金，經濟收益率為 5.8%；4300 萬美元的新租賃貸款，其利息約為 SOFR 加 249 個基點；萬美元的現有租賃貸款，與我們在租賃貸款基金中的份額有關，其利息為 SOFR 加 398 個基點。

Our ground lease portfolio has 151 assets and has grown 20 times by book value since our IPO while estimated unrealized capital appreciation has grown 21 times. We have 88 multi-family ground leases in the portfolio and have increased our exposure from 8% by counted IPO to 58% today.

我們的土地租賃組合擁有 151 項資產，自首次公開募股以來，帳面價值增長了 20 倍，而預計未實現資本增值增長了 21 倍。我們的投資組合中有 88 個多戶型土地租賃，並且我們的敞口已從 IPO 時的 8% 增加到今天的 58%。

In total, the unrealized capital appreciation portfolio, it's comprised of approximately 37 million square feet of institutional quality commercial real estate consisting of approximately 21,000 multi-family units, 12.5 million square feet of office, over 5,000 hotel keys, and 2 million square feet of life sciences and other property types.

總體而言，未實現的資本增值投資組合由約 3,700 萬平方英尺的機構品質商業房地產組成，其中包括約 21,000 個多戶型單元、1,250 萬平方英尺的辦公室、超過 5,000 間酒店套房以及 200 萬平方英尺的生命科學和其他類型的物業。

Continuing on slide 4, let me detail our quarterly earnings results.

繼續看第 4 張投影片，讓我詳細介紹一下我們的季度收益結果。

For the second quarter, GAAP revenue was $93.8 million, net income was $27.9 million, and earnings per share was $0.39. The decline in GAAP earnings year over year was primarily due to $1.7 million increase in our non-cash general provision for credit losses.

第二季度，GAAP 營收為 9,380 萬美元，淨利潤為 2,790 萬美元，每股收益為 0.39 美元。 GAAP 收益年減主要由於非現金一般信貸損失準備金增加 170 萬美元。

New loan originations were the primary contributor to the increase, as these assets carry a higher general provision rate versus typical ground leases and the provision is taken on the full loan commitment, not necessarily what has been funded. For example, in Q2, approximately $1 million of the total $2.4 million non-cash general provision can be attributed to the unfunded loan commitments. Excluding the $0.03 impact from non-cash general provisions, Q2 earnings per share was $0.42.

新貸款發放是導致這一增長的主要原因，因為這些資產的一般撥備率比典型的土地租賃要高，而且撥備是根據全部貸款承諾而計提的，而不一定是根據已提供的資金而計提的。例如，在第二季度，總計 240 萬美元的非現金一般準備金中約有 100 萬美元可歸因於未撥付的貸款承諾。不包括非現金一般準備金的 0.03 美元影響，第二季每股收益為 0.42 美元。

On slide 5, we detail our portfolios yields. For GAAP earnings, the portfolio currently earns a 3.7% cash yield and a 5.4% annualized yield. Annualized yield includes non-cash adjustments within rent, depreciation, amortization, which is primarily from the accounting methodology on IPO assets but excludes all future contractual variable rent such as fair market value resets, percentage rent, or CPI-based escalators, which are all significant economic drivers.

在第 5 張投影片上，我們詳細介紹了我們的投資組合收益率。就 GAAP 收益而言，該投資組合目前的現金收益率為 3.7%，年化收益率為 5.4%。年化收益率包括租金、折舊、攤提中的非現金調整，主要來自 IPO 資產的會計方法，但不包括所有未來合約可變租金，例如公平市場價值重置、百分比租金或基於 CPI 的自動調整，這些都是重要的經濟驅動因素。

On an economic basis, the portfolio generates a 5.8% economic yield, which is an IRR-based calculation that conforms with how we've underwritten these investments. This economic yield has additional upside, including periodic CPI lookbacks, which we have an 81% of our ground leases.

從經濟角度來看，該投資組合產生了 5.8% 的經濟收益率，這是基於 IRR 的計算，符合我們承保這些投資的方式。這種經濟利益還有額外的上升空間，包括定期的 CPI 回顧，我們有 81% 的土地租賃都具有這種回顧。

Using the Federal Reserve's current long-term break-even inflation rate of 2.28%, the 5.8% economic yield increases to a 6.0% inflation-adjusted yield. That 6.0% inflation adjusted yield then increases to 7.5% after layering in an estimate for unrealized capital appreciation using Safehold's 84% ownership interest in [carrot] at its most recent $2 billion valuation. We believe unrealized capital appreciation in our assets to be a significant source of value for the company that remains largely unrecognized by the market today.

使用聯準會目前的長期盈虧平衡通膨率 2.28%，5.8% 的經濟收益率將增加到 6.0% 的通膨調整收益率。在使用 Safehold 在 [carrot] 最新 20 億美元估值中持有的 84% 所有權權益估算未實現資本增值後，6.0% 的通膨調整收益率上升至 7.5%。我們相信，我們資產中未實現的資本增值是公司價值的重要來源，但目前市場在很大程度上仍未意識到這一點。

Turning to slide 6, we highlight the diversification of our portfolio by location and underlying property type. Our top 10 markets by gross book value are called out on the right, representing approximately 65% of the portfolio. We include key metrics such as rent coverage and GLTV for each of these markets, and we have additional detail at the bottom of the page by region and property type.

轉到投影片 6，我們重點介紹了我們投資組合按地點和基礎資產類型的多樣化。以總帳面價值計算，我們的前 10 個市場列於右側，約佔投資組合的 65%。我們列出了每個市場的租金覆蓋率和 GLTV 等關鍵指標，並且在頁面底部按地區和房產類型提供了更多詳細資訊。

Portfolio GLTV, which is based on an annual asset appraisal from CBRE, remained flat quarter over quarter at the 2%, and rent coverage on the portfolio was unchanged at 3.5 times.

基於世邦魏理仕年度資產評估的投資組合 GLTV 與上一季持平，為 2%，而投資組合的租金覆蓋率保持不變，為 3.5 倍。

We continue to believe that investing in well-located institutional quality ground leases in the top 30 markets that have attractive risk-adjusted returns will benefit the company and its stakeholders over long periods of time.

我們仍然相信，投資前 30 個市場中位置優越、具有吸引力的風險調整後回報的機構優質土地租賃，將使公司及其利益相關者長期受益。

Lastly, on slide 7, we provide an overview of our capital structure.

最後，在第 7 張投影片上，我們概述了我們的資本結構。

At quarter-end, we had approximately $4.8 billion of debt comprised of $2.2 billion of unsecured notes, $1.5 billion of non-recourse secured debt, $812 million drawn on our unsecured revolver, and $270 million of our pro rata share of debt on ground leases, which we own in joint ventures. Our weighted average debt maturity is approximately 19 years, and we have no corporate maturities due until 2027.

截至季末，我們的債務約為 48 億美元，其中包括 22 億美元的無擔保票據、15 億美元的無追索權擔保債務、8.12 億美元的無擔保循環信貸額度，以及 2.7 億美元的按比例承擔的土地租賃債務（我們在合資企業中擁有這些土地租賃）。我們的加權平均債務期限約為 19 年，而且我們沒有 2027 年之前到期的公司債務。

At quarter-end, we had approximately $1.2 billion of cash and credit facility availability. We are rated A3 stable outlook by Moody's, A- stable outlook by Fitch, and BBB+ positive outlook by S&P.

截至季末，我們擁有約 12 億美元的現金和信貸額度。穆迪將我們的展望評為 A3 穩定，惠譽將我們的展望評為 A- 穩定，標準普爾將我們的展望評為 BBB+ 正面。

We have benefited from an active hedging strategy and remain well hedged on our limited floating rate borrowings. Of the $812 million revolver balance outstanding, $500 million is swapped to fix SOFR at 3% through April 2028. We received swap payments on a current cash basis each month. And for the second quarter, that produced cash interest savings of approximately $1.7 million that flowed through the P&L.

我們受益於積極的對沖策略，並且對有限的浮動利率借款保持了良好的對沖。在 8.12 億美元的未償循環信貸餘額中，有 5 億美元被互換，以將 SOFR 固定在 3%，直至 2028 年 4 月。我們每個月都會收到以現匯計算的掉期付款。而第二季度，這產生了約 170 萬美元的現金利息節省，併計入了損益表。

We also have $150 million of long-term treasury locks at a weighted average rate of approximately 4.0% and current gain position of approximately $31 million. Of this $250 million, $100 million notional was unwound in April for a $13 million cash gain, and the remaining $150 million notional is active and outstanding with a mark to market gain of $18 million.

我們也擁有 1.5 億美元的長期公債鎖定，加權平均利率約為 4.0%，目前收益約為 3,100 萬美元。在這 2.5 億美元中，1 億美元的名目金額已於 4 月解除，獲得 1,300 萬美元的現金收益，剩餘的 1.5 億美元名義金額仍處於活躍狀態且未償還，按市價計價的收益為 1,800 萬美元。

These treasury locks are mark-to-market instruments currently recognized on the balance sheet but not the P&L. They can be unwound for cash at any point through their designated term. However, only when they are applied to long-term debt, would they then be recognized in our P&L over time.

這些國庫鎖定是目前在資產負債表而非損益表中確認的以市價計價的工具。它們可以在指定期限內的任何時間以現金形式解除。然而，只有當它們應用於長期債務時，它們才會隨著時間的推移在我們的損益表中得到確認。

We are levered 1.98 times on a total debt to equity basis. The effective interest rate on permanent debt is 4.2%, and the portfolio's cash interest rate on permanent debt is 3.8%.

我們的負債與股權總比率為 1.98 倍。永久債務的實際利率為4.2%，投資組合的永久債務現金利率為3.8%。

So to conclude, we're encouraged by customer engagement and seeing that translate into more LOIs and closings. The balance sheet is well-positioned with ample liquidity, no near-term maturities, and valuable in-place hedges. We remain focused on delivering a highly efficient capital solution for customers and expanding our market leading position.

總而言之，客戶參與令我們感到鼓舞，並看到這轉化為更多的意向書和成交。資產負債表狀況良好，流動性充足，沒有短期到期債務，並且有有價值的現有對沖。我們始終致力於為客戶提供高效的資本解決方案並擴大我們的市場領先地位。

And with that, let me turn it back to Jay.

現在，讓我把話題轉回傑伊身上。

Thanks, Brett. Let's go ahead and open it up questions.

謝謝，布雷特。讓我們繼續提出問題。

(Operator Instructions) Mitch Germain, Citizens Capital Markets.

（操作員指示）Mitch Germain，公民資本市場。

Thank you very much. Jay, I'm curious about new sponsor conversion obviously for investments this quarter all with new sponsors. So I'm curious when the discussions with many of those parties began, and how long did it take to finally get him over the finish line?

非常感謝。傑伊，我對新贊助商的轉換感到好奇，顯然本季的投資都是有新贊助商的。所以我很好奇與這些政黨的討論是什麼時候開始的，以及花了多久時間才最終讓他達成一致？

Tim, you want to take that?

提姆，你想拿走那個嗎？

Sure. Hey, Mitch. It varies. think, look, our timeline of converting clients has gotten shorter and shorter. But some of these clients, actually one of the deals, because of where the market is, was a development deal. We've been talking to a sponsor about that deal for a couple of years. And finally, the market has turned for them so that they could actually raise more equity and develop the project versus one of the projects that we closed was a recapitalization and the market turbulence in the first and second quarter. They came to us and that was converted in four weeks. So it can range, but again, our conversion over the years has gotten shorter and shorter as we've seen more activity in our portfolio.

當然。嘿，米奇。這是有變化的。想想看，我們轉換客戶的時間表已經越來越短了。但其中一些客戶，實際上其中一項交易，由於市場所在位置，是一項開發交易。我們已經和贊助商談論這筆交易好幾年了。最後，市場已經轉向，因此他們實際上可以籌集更多股權並開發項目，而我們完成的項目之一是資本重組以及第一季和第二季的市場動盪。他們來找我們，並在四周內就完成了轉變。因此它可以有所變化，但同樣，隨著我們在投資組合中看到更多的活動，我們多年來的轉換時間變得越來越短。

That's super helpful. And last one for me. I think you guys talked about affordable housing transactions, possibly picking up in the back part of this year into next year.

這非常有幫助。對我來說這是最後一個。我認為你們談論的是經濟適用房交易，可能會在今年下半年到明年回升。

I think most of the ones you've done so far were somewhat geographic centralized. Is that going to continue to be the case, or have you been able to grow the different states and regions that this that your products available to help fund some of those transactions?

我認為您迄今為止所做的大多數工作都在某種程度上是地理集中的。這種情況會持續下去嗎？或者您是否能夠擴大不同州和地區的業務，以便您的產品能夠為其中一些交易提供資金？

Well, it has grown in terms of our exposure into the other areas of the country. I think when we first started, I was more geographically focused. But as we've expanded our reach and our team on that approach, it's -- we were seeing transactions in other states. Obviously, that's the LIHTC program is a federal program. So we're expanding the reach of us with as our experience grows and the traction is being seen in our pipeline for sure.

嗯，就我們對該國其他地區的曝光度而言，它已經成長了。我想當我們剛開始的時候，我更關注地理位置。但隨著我們擴大了業務範圍並加強了團隊的團隊合作，我們看到了其他州的交易。顯然，LIHTC 計劃是一個聯邦計劃。因此，隨著我們經驗的成長以及我們管道的不斷拓展，我們正在擴大我們的覆蓋範圍。

Yeah. I'd say, Mitch, we think it takes about 12 months to do the homework, to meet the players, to understand a new market. So we expect to see some of that work come to fruition later this year, early next year.

是的。我想說，米奇，我們認為需要大約 12 個月的時間來做功課、與參與者會面、了解新市場。因此，我們預計部分工作將在今年稍後或明年年初取得成果。

Anthony Paolone, JP Morgan.

安東尼保隆，摩根大通。

Great. Thanks. Good evening. First, in terms of the pipeline, last quarter, you guys articulated $386 million in letters of intent, and you did [$220 million]. I guess, here -- and so maybe can you just help roll that forward as to where it sits today.

偉大的。謝謝。晚安.首先，就通路而言，上個季度，你們明確了 3.86 億美元的意向書，而你們確實[2.2億美元]。我想，就在這裡——所以也許你可以幫助推動它發展到今天的位置。

Sure, Anthony. It's Tim again. Yeah, the remainder of those deals, obviously, still remain and we've grown as you heard from Brett, increased the LOI amount significantly and obviously that with the dollar amount and it's still, as Brett had mentioned, it's heavily weighted towards multi and a good split of the affordable and market rate side. So we're pretty encouraged by not just the deal volume we're seeing, but actually the conversion into the LOIs. So we're pretty pleased with where we sit.

當然，安東尼。又是蒂姆。是的，顯然，剩餘的交易仍然存在，而且正如您從布雷特那裡聽到的，我們已經增長了，意向書金額大幅增加，而且顯然，以美元金額計算，正如布雷特提到的那樣，它仍然嚴重偏向多元化，並且在可負擔價格和市場價格方面有很好的劃分。因此，我們不僅為看到的交易量感到鼓舞，而且實際上轉化為意向書的情況也令我們感到鼓舞。所以我們對我們的現狀非常滿意。

Is it still up in that, you know, it's $400 million? I guess, it's still like this kind of pace?

您知道嗎，這個數字還在 4 億美元左右？我猜，還是這樣的節奏吧？

Yeah. Look, I think right now, we're not going to say the actual number. I think it's -- right now, it's just the encouragement of how many of those deals are still there plus the increase in volume. And where we are today compared to where we were last year, we're ahead of last year's pace. We can't control when these are going to close, but we're really encouraged on what we have today.

是的。聽著，我認為現在我們不會說出實際數字。我認為——目前，這只是對仍有多少交易以及交易量的增加感到鼓舞。與去年相比，我們今天的進展已經領先去年。我們無法控制這些何時會關閉，但我們對今天所擁有的一切感到非常鼓舞。

Okay, and then just my second one, just on the leasehold loans that you're doing. Can you just talk about, are those longer duration? Are the borrowers using these as transitional loans where they're going to look for something else down the road? I just want to understand the intent and nature of those loans. And yeah, that would be helpful.

好的，然後是我的第二個問題，關於您正在做的租賃貸款。您能說說這些持續時間是否更長嗎？借款人是否將這些貸款用作過渡貸款，以便將來尋找其他貸款？我只是想了解這些貸款的目的和性質。是的，那會很有幫助。

Sure, Anthony. It's Jay. So think of this as a test program at this point. We're really trying to find ways to shorten the timeframe and increase the closing probability. So most of these are meant to be accelerators. They are not meant to be permanent capital solutions. We prefer to get them in place and help customers get to the finish line.

當然，安東尼。是傑伊。因此，此時可以將其視為一個測試程序。我們確實在努力尋找縮短時間範圍和增加成交機率的方法。所以其中大部分都旨在成為加速器。它們並非旨在成為永久的資本解決方案。我們更願意讓他們到位並幫助客戶到達終點。

But the average term we're hoping is three years or less just in terms of how long our customers use that capital. So they are, again, not intended to be long-term solutions for our customers, but they give them the time to not only close the deal, but also to execute on their business plan.

但就客戶使用這些資金的時間而言，我們希望的平均期限是三年或更短。因此，它們並不是為我們的客戶提供長期解決方案，但它們不僅為客戶完成了交易，還為他們提供了執行業務計劃的時間。

Okay, thanks.

好的，謝謝。

And the only other thing I'd say on that, we're still trying to figure out what is the best way to execute on these. But the majority, in fact, the vast majority of the pipeline is not going to be using leasehold loans. So we're still doing the work we need to do to make sure that we get bang for the buck.

關於這一點我只想說，我們仍在努力尋找執行這些措施的最佳方法。但事實上，絕大多數管道都不會使用租賃貸款。因此，我們仍在做我們需要做的工作，以確保獲得物有所值。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特，瑞穗。

Hi there. this is Ravi Vaidya on the line for Haendel. Hope you guys are doing well. Maybe if we could talk about the cadence of capital deployment and whether the current quarterly originations is a good run rate looking forward. I think on the last call, you had mentioned that the volatility with Liberation Day might have delayed some deals and some volatility in interest rates also leads to further delays. So maybe how are you thinking about the cadence of future capital deployment in the back half of '25 and '26?

大家好。我是 Ravi Vaidya，負責 Haendel 的接線生。希望你們一切都好。也許我們可以討論一下資本部署的節奏，以及目前的季度發起是否是一個良好的運作率。我認為在上次通話中您提到解放日的波動可能會推遲一些交易，利率的波動也會導致進一步的延遲。那麼，您如何看待 25 年下半年和 26 年未來資本部署的節奏？

Sure. This is Tim. The cadence obviously is dictated by the market. You've seen that in our 80-year history, right? We've been pretty heavily weighted towards fourth-quarter closings, just how the market works. think this year in the previous probably three or four quarters, the market was pretty choppy and volatile. I think we've seen it, especially in the last couple of weeks and months here, settle out a bit, and things are starting to really move in the market.

當然。這是蒂姆。節奏顯然是由市場決定的。在我們 80 年的歷史中你已經看到了這一點，對嗎？我們非常重視第四季的收盤，這就是市場的運作方式。想想今年之前的三到四個季度，市場相當動盪和不穩定。我認為我們已經看到它，特別是在過去的幾週和幾個月裡，有所穩定，市場開始真正改變。

You've seen that through some of the other companies that have reported and hearing how the capital flows are. So we feel that trend still continues, right, heavily weighted towards year-end closings as things, most of these deals take anywhere from two to six months to close.

您已經從其他一些公司的報告和報告中看到了資本流動的情況。因此，我們認為這種趨勢仍在繼續，對的，很大程度上取決於年底的成交情況，因為大多數交易需要兩到六個月的時間才能完成。

And our affordable business, you're seeing those deals have a lot longer lead time, sometimes 12-plus months to close. So I think the cadence is coming back to more of a normal real estate market where you see the it's lumpy quarter to quarter, but on a whole year basis, it's pretty consistent.

而對於我們的經濟實惠的業務，您會看到這些交易的準備時間要長得多，有時需要 12 個多月才能完成。因此，我認為節奏正在回歸到更正常的房地產市場，你會看到它每季都會波動，但從全年來看，它是相當一致的。

Got it. That's helpful. And maybe just one more here. How does the recent passing of the One Big Beautiful Bill -- Act impact the demand for ground leases in your product and in terms of an alternative financing system and a number of provisions in that bill? I just wanted to hear your thoughts on that. Thanks.

知道了。這很有幫助。這裡也許還剩一個。最近通過的《一項偉大的美麗法案》對你們產品中的土地租賃需求以及替代融資系統和該法案中的一些條款有何影響？我只是想聽聽你對此的看法。謝謝。

Yeah. It might be little too early to know the full impact. Directionally, we think development is going to be tricky until people figure out where the tariffs settle out.

是的。現在要了解其全部影響可能還為時過早。從方向上看，我們認為，在人們弄清楚關稅最終歸屬之前，發展將會很棘手。

So pipelines, I think you've probably heard across a number of industries, pipelines are down as people have not been able to figure out how to pencil new projects. So there seems to be a little window here of uncertainty that is probably good for existing assets and a little trickier for development assets, but we're navigating our way through that reasonably successfully.

所以，我想你可能已經聽說過，在許多行業中，由於人們無法弄清楚如何規劃新項目，管道數量正在減少。因此，這裡似乎存在一些不確定因素，這對現有資產來說可能是好事，但對開發資產來說則有點棘手，但我們正在相當成功地解決這個問題。

Some of the bigger themes probably don't impact us as much as other companies. We're looking for good dirt. There's nothing in the bill that dramatically changes what we're looking for. I do think we very much focus on flow of funds and certainly hope economic growth and international investment in the US eventually get back to where we'd like to see them. So this is more intangible stuff to us, I think, than to some others, but those intangibles matter. And we don't know how to handicap that just yet.

一些較大的主題對我們的影響可能不像對其他公司那麼大。我們正在尋找優質的泥土。法案中沒有任何內容能夠顯著改變我們所尋求的內容。我確實認為我們非常關注資金流動，並且希望美國的經濟成長和國際投資最終能回到我們希望看到的水平。因此，我認為，對我們來說，這比對其他人來說是更無形的東西，但這些無形的東西很重要。而我們目前還不知道如何阻止這種情況發生。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, just two quick ones from me. Just back to the four new sponsors. I think one of the deals was sort of a hotel deal, which is interesting. Just wondering if you can comment a little bit more on the potential for repeat businesses down the line with these situations or are they sort of more one-off? And also little bit more commentary on the hotel deal and how that came about. Thanks.

嘿，我只想快速問兩個問題。回到四位新贊助商。我認為其中一項交易是酒店交易，這很有趣。我只是想知道，在這些情況下，您是否可以對未來重複業務的可能性發表更多評論，或者它們是否更具一次性性？另外也對酒店交易及其達成過程做了一些評論。謝謝。

Sure. Yeah, the four sponsors, we see those as definitely future potential sponsors. We've already talking to one of them on another deal. Now, it's getting good traction.

當然。是的，我們認為這四家贊助商絕對是未來的潛在贊助商。我們已經和其中一位就另一筆交易進行了洽談。現在，它正在獲得良好的發展動力。

On terms of hospitality, I kind of lumped that in with questions that we've had in the past course of what we're pursuing in the hospitality in the office space. As you can see, I think there's -- we're seeing more activity there is the capital markets open up, it's helping out those asset classes like office and hospitality, those start to free up from old leverage. So we have some dialogue going on both the office and the hospitality side, as those are obviously seeing cap rates gap out. Our capital can really monetizing the land in those positions can really help out those capital stacks. So we're seeing good increase in our pipeline for those types of transactions. And this is -- we hope to be the first of many.

就酒店接待而言，我將其與我們過去在辦公空間酒店接待方面所遇到的問題歸為一類。正如您所看到的，我認為——我們看到資本市場開放的活動越來越多，這有助於辦公室和酒店等資產類別開始擺脫舊的槓桿。因此，我們在辦公室和酒店方面都進行了一些對話，因為這些方面顯然看到了資本化率的差距。我們的資本確實可以將這些位置的土地貨幣化，從而真正幫助這些資本累積。因此，我們看到此類交易的管道正在大幅增長。我們希望這是眾多案例中的第一個。

Helpful. And then just on the economic yield, I guess for the ground lease, like should we be thinking about that just as a spread to the 30-year following, and how do I think about the yield on the leasehold loans? How does that differ from the economic yield of the new ground lease? Thanks.

很有幫助。然後就經濟收益而言，我想對於土地租賃來說，我們是否應該將其視為接下來 30 年的利差，我如何看待租賃貸款的收益？這與新土地租賃的經濟利益有何不同？謝謝。

Yeah, I think two things. One, we continue to try to shoot for 100 basis points over the nearest benchmark, which is the 100-year bond complex. We're seeing that market sort of settle in at the five, six range right now. So we think the economic yields in the quarter were quite attractive relative to that. That's before inflation and before the carrot value. So we quite like where the most recent deals were getting done.

是的，我認為有兩件事。首先，我們繼續努力爭取比最近的基準（即 100 年期債券組合）高出 100 個基點。我們看到市場目前穩定在五、六的範圍內。因此我們認為本季的經濟收益相對於此而言相當有吸引力。這是通貨膨脹和胡蘿蔔價值之前的情況。所以我們非常喜歡最近達成的交易。

What was the second part?

第二部分是什麼？

Loans.

貸款。

Yeah, the loans. It's really -- again, it's meant to be an accelerator, not a business line. So we're trying to keep the returns reasonable and I don't know where we sell for plus 250 to 300. Again, I don't want to make that a big deal yet. We're still evaluating how best to use it. But so far still in the low-4s, it's probably not a very different our way.

是的，貸款。確實——再說一次，它應該是一個加速器，而不是一條業務線。因此，我們試圖保持合理的回報，但我不知道我們的銷售價格會高於 250 到 300 美元。再說一次，我還不想把這件事搞得太嚴重。我們仍在評估如何最好地使用它。但到目前為止，我們的成績仍然在 4 星以下，這可能與我們的方法並沒有什麼不同。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Hi. This is Jeremy Kuhl on for Caitlin. So my question is, thinking about future originations, how did they plan to fund those for the rest of the year? Thanks.

你好。我是傑里米·庫爾 (Jeremy Kuhl)，為凱特琳 (Caitlin) 報道。所以我的問題是，考慮到未來的起源，他們計劃如何為今年剩餘時間的起源提供資金？謝謝。

Hey, it's Brett. As we've noted to the market right now, the way we're thinking about our capital sources and thinking about our leverage at the moment, there's a few things that we've endeavored on. One is any of the deals that we've announced, there's typically upfront funding component and a future funding component.

嘿，我是布雷特。正如我們現在向市場指出的那樣，我們目前對我們的資本來源和槓桿的思考方式，我們已經努力做了一些事情。一是我們宣布的任何交易，通常都包含前期融資部分和未來融資部分。

When we think about every call it little more than $100 million funded, it takes leverage up by 0.05 times. So not a real big move in leverage the way that we and the agencies and investors think about it. So we have some runway here over the coming quarters in terms of true equity need.

當我們考慮到每次呼叫的資金略多於 1 億美元時，槓桿率就會上升 0.05 倍。因此，在我們、機構和投資人看來，槓桿率並不算大幅度的變動。因此，就真正的股權需求而言，我們在未來幾季還有一定的發展空間。

From the debt standpoint, you see that our revolvers drawn a little over $800 million. We are appropriately hedged. At some point, we'll look to term out some of those borrowings and what we're really focused on is the shape of the curve and thinking about duration and pricing dynamics.

從債務角度來看，我們的循環信貸額度略高於 8 億美元。我們進行了適當的對沖。在某個時候，我們會考慮償還部分借款，而我們真正關注的是曲線的形狀以及對期限和定價動態的思考。

But when we think about our hedging program, it's certainly been a benefit. Last year, we had over $40 million in gains through our hedges and this year over $30 million. So think about the last 18 months and $75 million of hedging, locking in our margins is super important. So again, we'll look to term out some of those borrowings, hopefully over the remainder of the year.

但當我們考慮我們的對沖計劃時，它無疑是有好處的。去年，我們透過對沖獲得了超過 4,000 萬美元的收益，今年獲得了超過 3,000 萬美元的收益。因此，想想過去 18 個月和 7500 萬美元的對沖，鎖定我們的利潤率非常重要。因此，我們將再次考慮償還部分借款，希望在今年剩餘時間內能夠償還。

And then on the equity side, it's going to be pretty much dependent on those funding needs and what the pipeline originations look like over the remainder of the year.

然後在股權方面，它將很大程度上取決於這些融資需求以及今年剩餘時間內管道起源的情況。

Great, thank you. And then just one follow up for me. Is there any update on the Park Hotels portfolio? I think the tenant mentioned they might not renew to of the hotels past the rest of this year. Thanks.

太好了，謝謝。然後我只需要跟進一次。Park Hotels 投資組合有更新嗎？我認為租戶提到他們可能不會在今年剩餘時間之後與酒店續約。謝謝。

Yeah. For those who don't know the Park, portfolio was purchased almost 30 years ago. It was 16 assets. It -- we whittled it down, selling those off over time. It's down to five assets. We believe the three of those assets have significant value in them.

是的。對於那些不了解公園的人來說，投資組合是在近 30 年前購買的。共有 16 項資產。我們逐漸削減了它，並隨著時間的推移將其出售。資產已減少至五項。我們相信這三項資產都具有重大價值。

The two that they are not renewing, one is a true anomaly. It sits on a ground lease. We own part of that ground lease. So we've got some work to do to figure out if we can extend that partner ground lease.

他們沒有續約的其中一項，是一個真正的異常現象。它位於一個土地租賃地上。我們擁有該土地租賃權的一部分。因此，我們需要做一些工作來確定是否可以延長合作夥伴的土地租賃。

The other one is an asset that we will likely look forward to selling. It's a small asset. There's not a ton of upside in those two assets. Most of the upside sits in the other three.

另一項是我們可能期待出售的資產。這是一筆小資產。這兩項資產並沒有太大的上漲空間。大部分上漲空間都集中在其他三個方面。

Ki Bin Kim, Truist.

Ki Bin Kim，Truist。

Good evening. Just to follow up on that last question, the reason the disclosure is that the coverage was 3.5 times for this master lease. I'm assuming the two that they're not renewing are lower, but I'm just curious why a tenant would choose to not renew assuming that coverage were still profitable, or maybe I'm wrong. Yeah, if you can walk through that. Thank you.

晚安.為了跟進最後一個問題，披露的原因是該主租賃的覆蓋率是 3.5 倍。我假設他們不續約的那兩項費用較低，但我只是好奇為什麼租戶會選擇不續約，假設保險仍然有利可圖，或者也許我錯了。是的，如果你能走過那段路的話。謝謝。

Yeah, obviously, historically, this has been a really well performing portfolio. I think post-COVID, certainly, the tenant here has looked at their strategy and has begun to move away from some of the things historically have been part of their portfolio.

是的，顯然，從歷史上看，這是一個表現非常出色的投資組合。我認為，在疫情過後，這裡的租戶肯定已經審視了他們的策略，並開始放棄一些歷史上屬於他們投資組合的東西。

The portfolio is definitely a mix of really high performers and not as good performers. so not surprised these are the two assets that probably had the lowest coverage of the portfolio, and so we're not that surprised, but we do think there's a lot of value in the other three.

該投資組合肯定是由表現非常出色和表現不佳的資產組成的。因此，毫不奇怪，這兩項資產可能是投資組合覆蓋率最低的資產，所以我們並不感到驚訝，但我們確實認為其他三項資產具有很大的價值。

Okay. And is there -- should there be an income impact as these assets transition to different owners or some other home?

好的。當這些資產轉移到不同的所有者或其他財產時，是否會對收入產生影響？

Yeah. Look, historically, as I said, these have been well-performing assets. Certainly, pre-COVID, they were strong performers. Transition years are never great, keep in as you might suspect in a hospitality context, getting everything resettled. But I think long term, we certainly expect to not suffer any significant change.

是的。從歷史上看，正如我所說，這些都是表現良好的資產。當然，在新冠疫情之前，他們的表現非常出色。過渡期從來都不是好事，正如您可能在酒店業中所懷疑的那樣，一切都需要重新安置。但我認為從長遠來看，我們肯定不會遭受任何重大變化。

Okay, thank you. And just last question. On the loans that you're making, do those come with stipulations that those loans as assuming some of those are development loans, if the borrower finishes the project, do those commit stipulations that those become ground lease deals at some point, potentially?

好的，謝謝。最後一個問題。對於您發放的貸款，是否附帶規定，假設其中一些是開發貸款，如果借款人完成項目，這些貸款是否承諾在某個時候成為土地租賃交易？

All those loans that we've done already have our ground lease in place. So that's the only way we make those loans is if we have the ground lease first. There's no -- we're not doing loans on these simple assets. These are with Safehold ground leases.

我們所做的所有貸款都已經簽訂了土地租賃協議。因此，我們提供這些貸款的唯一方法就是先獲得土地租賃權。沒有—我們不會針對這些簡單的資產發放貸款。這些都是 Safehold 土地租約。

Harsh Hemnani, Green Street.

哈什‧赫姆納尼 (Harsh Hemnani)，綠街。

Thank you. Maybe one on the hotel origination from this quarter. Did the check size on that origination and the yield vary materially from sort of average 5.2 initial cash yield this quarter?

謝謝。也許是本季飯店起源的一個。該筆支票的金額和收益率與本季平均 5.2 的初始現金收益率相比是否有重大差異？

That one, well, was this hotel deal was actually an acquisition of a hotel deal, so it's not our form lease. The so cash yield versus our way varies. Obviously, we acquired it based on metrics of what we want to achieve on our way. It has provisions that aren't as clean as is our typical lease of our bumps and CPI resets. So how we acquired that was based on what we believe to be the equivalent return and taking into account any inflation or other adjustments in the deal.

嗯，這個酒店交易實際上是對酒店交易的收購，所以它不是我們的形式租賃。因此，現金收益率與我們的方式有所不同。顯然，我們是根據我們想要實現的目標的標準來獲得它的。它的規定並不像我們典型的顛簸和 CPI 重置條款那麼明確。因此，我們獲得此回報的方式是基於我們認為的等價回報，並考慮到交易中的任何通貨膨脹或其他調整。

Yeah, it was a very interesting deal. Low LTV, great coverage, great market. We have experience in that market. Actually, one of the Park assets is not far from this one. So we have lots of good knowledge there. And it was a little bit tighter because of the very solid credit metrics but certainly met the ROA targets we were shooting for.

是的，這是一筆非常有趣的交易。低 LTV、大覆蓋、大市場。我們在那個市場有經驗。實際上，公園的其中一項資產離這裡不遠。所以我們在那裡擁有很多有用的知識。由於信用指標非常穩健，所以它稍微緊張一些，但肯定達到了我們所追求的 ROA 目標。

Got it. That's helpful. And then maybe one on the Park assets. You've seen this coming for a little bit, not too much of a surprise. And it sounds like there's two assets. And the one you're planning to sell, is it fair to assume that perhaps conversations around that have begun?

知道了。這很有幫助。然後也許還有關於公園資產的討論。你已經預見了這一點，所以並不太驚訝。聽起來好像有兩項資產。您計劃出售的那套房子，是否可以假設有關這方面的討論已經開始了？

And if so, then once sort of the assets come back in December, or around December, how long do you think that lag is to be able to sell that asset and then similarly on the other one to be able to negotiate an extension with the partner ground leaseholders?

如果是這樣，那麼一旦資產在 12 月或 12 月左右回歸，您認為需要多長時間才能出售該資產，然後同樣地，另一筆資產需要多長時間才能與合作夥伴土地租賃者協商延期？

Yeah. It might be a little premature to focus on it, but we do have folks getting ready for a transition. As I said, you need to transition these properties and it takes quite a bit of operating expertise. So we're going to have help doing that and then prepare it for sale. But I wouldn't say we don't control the asset today. So a little bit early still, Harsh.

是的。現在關注這個問題可能有點為時過早，但我們確實有人在為轉變做準備。正如我所說，您需要轉換這些屬性，這需要相當多的操作專業知識。因此，我們將尋求幫助來完成這項工作，然後準備出售。但我不會說我們今天不控制資產。所以現在還早了一點，Harsh。

Jon Petersen, Jefferies.

喬恩‧彼得森，傑富瑞集團。

I wanted to ask about the office portfolio, maybe specifically Manhattan. So the Manhattan office market has been doing particularly well as office markets go over the last year or so. So I'm curious if you any commentary on what that means in terms of how land values have changed, and if there's maybe any opportunity to kind of realize some of that value as you focus more on multi-family and deemphasize office a bit?

我想詢問一下辦公室組合的情況，特別是曼哈頓的情況。因此，在過去一年左右的時間裡，曼哈頓辦公大樓市場表現特別出色。所以我很好奇，您是否對土地價值的變化有何評論？當您更加關注多戶住宅並稍微淡化辦公室的重要性時，是否有機會實現其中的一些價值？

Yeah. Look, Manhattan is a great market long term. It's one of the long-term cities we want to have exposure to. I think the good news is both the office market seems to be recovering, but you've also had this tax-driven resi conversion incentive for [$67 million] come into place. So supply is slowly being drained out of the market, and demand has increased. So those are good things.

是的。瞧，從長遠來看，曼哈頓是一個很棒的市場。這是我們想要長期關注的城市之一。我認為好消息是辦公大樓市場似乎正在復蘇，而且還有 6700 萬美元的稅收驅動的住宅轉換激勵措施到位。因此，市場供應正在慢慢減少，而需求卻在增加。這些都是好事。

I'm not sure how big an impact that's going to have on land in the near term, but certainly, those are the kind of dynamics long term that have always made New York land very valuable. So we like seeing that economic sort of a pickup across both multi-family and office. And we're actually seeing it retail as well.

我不確定這會在短期內對土地產生多大的影響，但可以肯定的是，從長遠來看，這些動態因素一直使得紐約的土地非常有價值。因此，我們很高興看到多戶住宅和辦公室的經濟都出現回溫。事實上我們也在零售領域看到了它。

So New York's one of those markets that turns quickly when people get back to work and that's what happened. We're not seeing quite that same dynamic in some of the other gateway cities yet. So we definitely have our eyes on are there opportunities in New York, because it seems to be a little bit ahead of the market.

因此，紐約是那種當人們重返工作崗位時就會迅速轉變的市場之一，事實也確實如此。我們在其他一些門戶城市還沒有看到同樣的動態。因此，我們肯定會關注紐約是否有機會，因為它似乎領先於市場。

Okay. All right. Well, I guess maybe more broadly, like are there markets or property types where you would be interested in selling some of your land? I know you mentioned the two hotel assets, but beyond that?

好的。好的。嗯，我想也許更廣泛一點，例如是否存在您有興趣出售部分土地的市場或房地產類型？我知道您提到了兩家酒店資產，但除此之外呢？

No, we're always looking at where we can deploy capital and potentially where we can recycle capital. It's hard to get ground leases, as you know, they rarely come up for sale. So creating them is really the focus of the company. But Brett's team is always looking at the overall portfolio and looking to execute the best capital plans we can and that has to include looking at existing assets.

不，我們一直在尋找可以部署資本的地方以及可以回收資本的地方。獲得土地租賃權非常困難，正如你所知，它們很少出售。因此，創造它們才是公司真正的重點。但布雷特的團隊始終專注於整體投資組合，並尋求執行最佳的資本計劃，而這必須包括專注於現有資產。

But I'd say right now, multi-family for us has been very much an active market we can play in. We have not seen a lot of opportunities in office either to play new or to sell existing, but there are always conversations going on about how do we fine-tune the portfolio and figure out ways to really get to the next generation of owners. Can't say we're jumping in with two feet, but we do have our eyes on it.

但我想說，目前，多戶型住宅對我們來說是一個非常活躍的市場。我們在任職期間沒有看到很多機會來推出新產品或出售現有產品，但總是有人在討論如何微調投資組合併找到真正吸引下一代業主的方法。我們不能說我們已經全力以赴，但我們確實在關注它。

Okay. And maybe last question for me on affordable housing. I guess, I'm going to ask a political question here, but I think affordable housing is certainly a political issue. So in the New York election with Mamdani, there was certainly a focus on affordable housing. When you kind of see that narrative switch out there in politics, is that a net positive for Safehold as you guys are trying to create more opportunities there?

好的。這也許是我的最後一個問題，關於經濟適用房。我想，我要在這裡問一個政治問題，但我認為經濟適用房肯定是一個政治問題。因此，在馬姆達尼參加的紐約選舉中，重點肯定是經濟適用房。當你看到政治上出現這種敘事轉變時，這對 Safehold 來說是否是一件好事，因為你們正試圖在那裡創造更多機會？

Look, I'll speak, and then maybe Tim can fill in because he's on the ground. Our affordable team is doing a great job of solving a major problem, which is there's more demand than there is supply. And the supply takes a long time to put on the ground. It is a political process. You have to know the ins and outs. And you have to be credible with the key players. I think we've done a good job of building that credibility over the past 24 months.

瞧，我會發言，然後也許蒂姆可以填補空缺，因為他在地面上。我們價格合理的團隊正在出色地解決一個重大問題，即需求大於供應。而且這些物資需要很長時間才能到達地面。這是一個政治過程。你必須了解事情的來龍去脈。你必須讓關鍵​​人物相信你。我認為，在過去的 24 個月裡，我們在建立這種信譽方面做得很好。

I think the overall housing market remains under supplied. I think politically, everybody is focused on how they can solve it. New York is a tough one. There's a lot of different players in that conversation. We've had more success in some other states, but the truth of matters -- when they talk about supplying these markets, they're talking about you know 1% addition for the stock or [2% or 3%].

我認為整體房地產市場仍然供應不足。我認為從政治角度來看，每個人都專注於如何解決這個問題。紐約是一個艱難的選擇。有很多不同的參與者參與了這場對話。我們在其他一些州取得了更大的成功，但事實是，當他們談到供應這些市場時，他們談論的是股票增加 1% 或[2% 或 3%]。

It's going to take a lot of effort on -- a lot of people's parts to actually change the dynamic. And that has proven very difficult. So we think we're a helpful piece of the equation. Again, wherever affordable is being built on good dirt, we think we can play a role. I'd love to be able to say we could do it in New York.

要真正改變這種動態，需要很多人付出很大的努力。事實證明這非常困難。因此我們認為我們是這個等式中一個有用的一部分。再說一次，只要是在肥沃的土地上建造可負擔的建築，我們認為我們就能發揮作用。我很高興能夠說我們可以在紐約做到這一點。

We have proposed a lot of ideas that we think makes sense, but they have not fit within the constraints of the New York system. But there is definitely -- we think there's a better way, and we'd love to be part of it.

我們提出了很多我們認為有意義的想法，但它們並不適合紐約體系的限制。但肯定有——我們認為有更好的方法，我們很樂意成為其中的一部分。

I think that pretty much sums up. I think the biggest thing is looking beyond the micro market of New York City. It's that our capital is extraordinarily cheap cost of capital, and it's a very large system that you need to build a lot more affordable, and we're helping folks get those built. So I think for us, we found it to be a great place to partner up with these affordable developers to help increase the amount of affordable housing out there.

我認為這基本上概括了這一點。我認為最重要的是放眼紐約市的微型市場之外。我們的資本成本極其低廉，而且這是一個非常龐大的系統，需要以更實惠的價格建造，我們正在幫助人們建造這些系統。因此我認為，對我們來說，與這些經濟適用房開發商合作是一個絕佳的機會，可以幫助增加經濟適用房的數量。

Mr. Hoffman, we have no further questions.

霍夫曼先生，我們沒有其他問題了。

Great. If there are any additional questions on today's release, please feel free to reach out to me directly.

偉大的。如果對今天的發布還有其他問題，請隨時直接與我聯繫。

Operator, would you please give the conference call replay instructions once again? Thank you.

接線員，請您再說一次電話會議重播的指示好嗎？謝謝。

There will be a replay of this conference call beginning at 8:00 PM Eastern time today. The dial in for the replay is 877-481-4010 with the confirmation code of 52799.

本次電話會議將於今天東部時間晚上 8 點開始重播。重播的撥號號碼是 877-481-4010，確認碼是 52799。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。