Ladder Capital Corp · NYSE:LADR
Ladder Capital — Q2 2025 Earnings Presentation
23 slides from Ladder Capital's earnings presentation, Jul 24, 2025
Slide 1: Supplemental Data, Quarter Ended June 30, 2025
NYSE: LADR INVESTMENT GRADE SUPPLEMENTAL DATA QUARTER ENDED JUNE 30, 2025 A N I N V E S T M E N T G R A D E C O M M E R C I A L R E A L E S TAT E F I N A N C E P LAT F O R M N E W Y O R K | M I A M I S-1
Slide 2: Disclaimers
DISCLAIMERS This presentation contains forward-looking statements regarding possible or assumed future results of the business, financial condition, plans and objectives of Ladder Capital Corp and its subsidiaries (collectively, “Ladder Capital,” “Ladder,” “LADR,” or the “Company”). Any statement co
Slide 3: Second Quarter 2025 Highlights
SECOND QUARTER 2025 HIGHLIGHTS > $1.0B New Investment Activity Upgrades to Investment Grade (Q2 & Q3 2025, through 07/23/2025) Baa3 / BBB- Credit Ratings from Moody’s / Fitch > $360M New Loan Originations $500M Inaugural IG Unsecured Bond Issuance : ~ 335 bps W.A. Spread on New Loans 5.50% Coupon /
Slide 4: Second Quarter 2025 Summary
SECOND QUARTER 2025 SUMMARY 1 Earnings, Distributable Earnings of $30.9M, Distributable EPS of $0.23 and Distributable ROAE (after-tax) of 7.7% Dividends and 2 Declared Q2 2025 cash dividend of $0.23 per LADR share, which represents an 8.3% annual dividend yield Book Value Undepreciated book value p
Slide 5: Key Metrics Today vs. One Year Ago
KEY METRICS TODAY VS. ONE YEAR AGO ONE YEAR LATEST AGO QUARTER (Q2 2024) (Q2 2025) Total investment assets + cash $5.2B $4.7B smaller, leaner company Loan portfolio $2.5B $1.6B robust loan payoffs Undepreciated book value per share 1 $13.71 $13.68 stable book value Total liquidity ~ $1.5B ~ $1.0B su
Slide 6: Diversified CRE Investment Strategy
DIVERSIFIED CRE INVESTMENT STRATEGY GRANULAR PORTFOLIO OF CRE DEBT & EQUITY INVESTMENTS WITH SIGNIFICANT LIQUIDITY ON HAND $592M net lease (63% of CRE equity) 149 properties > 99% senior secured ~ 7.2-year avg. remaining lease term first mortgages ~ 61% IG-rated tenants ~ $25M-$30M avg. lo
Slide 7: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW SENIOR-SECURED, MIDDLE-MARKET LENDING FOCUS LOAN TYPE LOAN SIZE LOAN PORTFOLIO KEY METRICS $1.6B LOAN PORTFOLIO ~$25M-$30M AVERAGE LOAN SIZE 1 67% W.A. LTV 2.2-YEAR W.A. EXTENDED MATURITY LIGHT-TRANSITIONAL FOCUS WITH NO CONSTRUCTION LOANS LIMITED FUTURE FUNDING COMMITMENTS (
Slide 8: Loans Segment Summary
LOANS SEGMENT SUMMARY Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Balance Sheet First Mortgage Loans Carrying Value of Assets (end of quarter) $1,586 $1,654 $1,580 $2,026 $2,523 Origination Volume 173 265 129 – 16 Funding Volume 162 257 129 3 24 1 Weighted-Average Coupon (end of quarter) 8.2% 8.2% 8.5%
Slide 9: Real Estate Segment Summary
REAL ESTATE SEGMENT SUMMARY Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 06/30/2025 REAL ESTATE PORTFOLIO SNAPSHOT Net Leased Commercial Real Estate (100% Owned) Acquisitions – – – – – PROPERTY TYPE Net Sales Proceeds – $13 $34 – $24 GAAP Carrying Value (end of quarter) 407 411 426 455 457 Square Feet (e
Slide 10: Securities Segment Summary
SECURITIES SEGMENT SUMMARY 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 Carrying Value of Assets $1,966 $1,476 $1,081 $853 $481 Weighed-Average Yield 5.9% 5.8% 6.0% 6.8% 6.9% Number of CUSIPs 134 123 121 111 92 Average CUSIP Size $14.7 $12.0 $8.9 $7.7 $5.2 Weighted-Average Duration 2.4 Yea
Slide 11: Investment Portfolio Summary
INVESTMENT PORTFOLIO SUMMARY Investment Portfolio Distributable Earnings Contribution (as of 06/30/2025) (Six Months Ended 06/30/2025) Carrying Value % of Total Amount of % of Total Investment Type of Assets Assets Contribution Contribution Conduit First Mortgage Loans $28 1% $6.9 5% Balance Sheet F
Slide 12: Ladder Snapshot
LADDER SNAPSHOT Snapshot of Business Lines Total Assets & Liabilities, Book Equity, Leverage and ROE Balance Sheet Loans Net Leased Commercial Real Estate (100% Owned) Total Assets Carrying Value of Assets $1,594 Carrying Value of Assets $407 Cash & Cash Equivalents $135 Secured Financing on Assets
Slide 13: Capital Structure Update
CAPITAL STRUCTURE UPDATE S - 13
Slide 14: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE COMMITMENT TO UNSECURED BOND MARKET WITH IG RATINGS ACHIEVED MODEST LEVERAGE WITH MINIMAL MARK-TO-MARKET DEBT CAPITALIZATION KEY LEVERAGE & SUMMARY CAPITALIZATION RATIOS 1.9X TOTAL LEVERAGE RATIO 1.6X ADJUSTED LEVERAGE RATIO 1 1.5X NET ADJUSTED LEVERAGE RATIO 2 $4.3B 9
Slide 15: Unencumbered Asset Pool
UNENCUMBERED ASSET POOL PREDOMINANTLY SENIOR SECURED, FINANCEABLE UNENCUMBERED ASSET BASE UNENCUMBERED ASSET KEY UNENCUMBERED POOL COMPOSITION POOL HIGHLIGHTS 83% OF TOTAL ASSETS ARE UNENCUMBERED 88% COMPRISED OF CASH, FIRST MORTGAGE LOANS AND IG SECURITIES 1.82X UNENCUMBERED ASSETS / UNSECURED DEBT
Slide 16: Staggered Debt Maturity Profile
STAGGERED DEBT MATURITY PROFILE STAGGERED DEBT MATURITIES, WITH FOCUS ON UNSECURED DEBT UNSECURED AND SECURED DEBT MATURITIES Unsecured Debt Secured Debt NEW 5.50% UNSECURED 1 BONDS REDEEMED $509 IN FULL SUBSEQUENT TO Q2 2025 $500 $9 upcoming maturities covered by current liquidity, including $850M
Slide 17: Book Equity Value Roll-Forward
BOOK EQUITY VALUE ROLL-FORWARD SUMMARY OF CHANGES TO BOOK EQUITY VALUE DURING Q2 2025 = Undepreciated Book Value 1 2 Book Value per Share Book Value per Share (Undepreciated / GAAP) (Undepreciated / GAAP) 3 net of 3 net of $13.66 $13.68 $0.41/share $0.41/share $11.84 CECL $11.79 CECL allowance allow
Slide 18: Detailed Quarterly Financials
DETAILED QUARTERLY FINANCIALS S - 18
Slide 19: Income Statement by Quarter
INCOME STATEMENT BY QUARTER ($ in millions, except per share values) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net interest income Interest income $62.7 $64.3 $78.1 $96.1 $88.5 Interest expense 41.2 44.0 50.9 57.7 54.2 Net interest income $21.5 $20.3 $27.2 $38.4 $34.3 Provision for (release of) loan l
Slide 20: Distributable Earnings, EPS and ROAE by Quarter
DISTRIBUTABLE EARNINGS, EPS AND ROAE BY QUARTER ($ in millions, except per share values) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net income (loss) $17.1 $11.6 $31.3 $27.6 $32.1 Income tax expense (benefit) 3.7 (0.8) 1.7 0.9 (1.1) Income (loss) before taxes $20.8 $10.7 $33.0 $28.5 $31.0 Net (income)
Slide 21: Balance Sheet by Quarter
BALANCE SHEET BY QUARTER ($ in millions, except per share values) 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 Assets Cash and cash equivalents $134.9 $479.8 $1,323.5 $1,607.2 $1,195.6 Restricted cash 13.4 13.7 12.6 12.3 11.9 Mortgage loan receivables held for investment, net, at amortized
Slide 22: Book Equity, Sharecount, and Adjusted Leverage by Quarter
BOOK EQUITY, SHARECOUNT, AND ADJUSTED LEVERAGE BY QUARTER ($ in millions, except per share values) 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 Beginning book equity balance $1,514.4 $1,532.9 $1,530.7 $1,528.5 $1,523.9 Net income (loss) attributable to Class A common shareholders 17.3 11.8
Slide 23: Selected Definitions
SELECTED DEFINITIONS Adjusted Leverage Ratio (non-GAAP) ̶ Total debt obligations, net of deferred financing costs, adjusted to exclude non-recourse indebtedness related to securitizations that is consolidated on our GAAP balance sheet and liabilities for transfers not considered sales, divided by To