Ladder Capital Corp · NYSE:LADR
Ladder Capital — Q1 2026 Earnings Presentation
22 slides from Ladder Capital's earnings presentation, Apr 23, 2026
Slide 1: Supplemental Data, Quarter Ended March 31, 2026
NYSE: LADR INVESTMENT GRADE SUPPLEMENTAL DATA QUARTER ENDED MARCH 31, 2026 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: First Quarter 2026 Highlights
FIRST QUARTER 2026 HIGHLIGHTS Robust Loan Origination Activity Investment Grade Capital Structure $621M new loan originations – highest quarterly $1.25B unsecured revolver upsize originations in four years (Q1 2022) $275M new unsecured term loan 1 $372M loans originated in Q2 2026 67% of total finan
Slide 4: First Quarter 2026 Summary
FIRST QUARTER 2026 SUMMARY 1 Earnings, Distributable Earnings of $28.0M and Distributable EPS of $0.22; Distributable ROAE of 7.5% Dividends and 2 Declared Q1 2026 cash dividend of $0.23 per LADR share, which represents an 9.0% annual dividend yield Book Value Undepreciated book value per share of $
Slide 5: Diversified CRE Investment Strategy
DIVERSIFIED CRE INVESTMENT STRATEGY GRANULAR PORTFOLIO OF CRE DEBT & EQUITY INVESTMENTS WITH SIGNIFICANT LIQUIDITY ON HAND $596M net lease (57% of CRE equity) 149 properties > 99% senior secured ~ 6.5-year avg. remaining lease term first mortgages ~ 61% IG-rated tenants ~ $25M-$30M avg. lo
Slide 6: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW SENIOR-SECURED, MIDDLE-MARKET LENDING FOCUS LOAN TYPE LOAN SIZE LOAN PORTFOLIO KEY METRICS $2.6B LOAN PORTFOLIO ~$25M-$30M AVERAGE LOAN SIZE 1 68% W.A. LTV 3.2-YEAR W.A. EXTENDED MATURITY LIGHT-TRANSITIONAL FOCUS WITH NO CONSTRUCTION LOANS LIMITED FUTURE FUNDING COMMITMENTS (
Slide 7: Loans Segment Summary
LOANS SEGMENT SUMMARY Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Balance Sheet First Mortgage Loans Carrying Value of Assets (end of quarter) $2,604 $2,210 $1,913 $1,586 $1,654 Origination Volume 608 433 511 173 265 Funding Volume 565 410 483 162 257 1 Weighted-Average Coupon (end of quarter) 7.0% 7.2%
Slide 8: Real Estate Segment Summary
REAL ESTATE SEGMENT SUMMARY Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 03/31/2026 REAL ESTATE PORTFOLIO SNAPSHOT Net Leased Commercial Real Estate (100% Owned) Acquisitions – – – – – PROPERTY TYPE Net Sales Proceeds – – – – $13 GAAP Carrying Value (end of quarter) 397 402 403 407 411 Square Feet (end o
Slide 9: Securities Segment Summary
SECURITIES SEGMENT SUMMARY 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Carrying Value of Assets $2,074 $2,088 $1,941 $1,966 $1,476 Weighed-Average Yield 5.3% 5.3% 5.7% 5.9% 5.8% Number of CUSIPs 143 141 139 134 123 Average CUSIP Size $14.5 $14.8 $14.0 $14.7 $12.0 Weighted-Average Duration
Slide 10: Investment Portfolio Summary
INVESTMENT PORTFOLIO SUMMARY Investment Portfolio Distributable Earnings Contribution (as of 03/31/2026) (Three Months Ended 03/31/2026) Carrying Value % of Total Amount of % of Total Investment Type of Assets Assets Contribution Contribution Conduit First Mortgage Loans $28 0.5% $0.8 1% Balance She
Slide 11: 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 $2,606 Carrying Value of Assets $397 Cash & Cash Equivalents $33 Secured Financing on Assets A
Slide 12: Capital Structure Update
CAPITAL STRUCTURE UPDATE S - 12
Slide 13: Investment Grade Capital Structure
INVESTMENT GRADE CAPITAL STRUCTURE COMMITMENT TO UNSECURED BOND MARKET WITH IG RATINGS MODEST LEVERAGE WITH LIMITED MARK-TO-MARKET DEBT COMPLIANT WITH ALL FINANCIAL COVENANTS 1 CAPITALIZATION KEY LEVERAGE & SUMMARY CAPITALIZATION RATIOS 2.3X ADJUSTED LEVERAGE RATIO 3 2.8X TOTAL LEVERAGE RATIO 83% NO
Slide 14: Unencumbered Asset Pool
UNENCUMBERED ASSET POOL PREDOMINANTLY SENIOR SECURED, FINANCEABLE UNENCUMBERED ASSET BASE UNENCUMBERED ASSET KEY UNENCUMBERED POOL COMPOSITION POOL HIGHLIGHTS 73% OF TOTAL ASSETS ARE UNENCUMBERED 85% COMPRISED OF CASH, FIRST MORTGAGE LOANS AND IG SECURITIES 1.58X UNENCUMBERED ASSETS / UNSECURED DEBT
Slide 15: 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 1 (incl. $935M (incl. $492M financing on drawn on AAA-rated $1.25B corp. securities) revolver) Note: As of 03/31/2026. Dollars in millions. 1. Com
Slide 16: Book Equity Value Roll-Forward
BOOK EQUITY VALUE ROLL-FORWARD SUMMARY OF CHANGES TO BOOK EQUITY VALUE DURING Q1 2026 = Undepreciated Book Value 1 2 Book Value per Share Book Value per Share (Undepreciated / GAAP) (Undepreciated / GAAP) 3 net of 3 net of $13.69 $13.42 $0.37/share $0.37/share $11.66 CECL $11.33 CECL allowance allow
Slide 17: Detailed Quarterly Financials
DETAILED QUARTERLY FINANCIALS S - 17
Slide 18: Income Statement by Quarter
INCOME STATEMENT BY QUARTER ($ in millions, except per share values) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Net interest income Interest income $74.2 $68.1 $71.8 $62.7 $64.3 Interest expense 51.2 45.7 44.0 41.2 44.0 Net interest income $23.0 $22.3 $27.8 $21.5 $20.3 Provision for (release of) loan l
Slide 19: Distributable Earnings, EPS and ROAE by Quarter
DISTRIBUTABLE EARNINGS, EPS AND ROAE BY QUARTER ($ in millions, except per share values) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Net income (loss) $2.6 $15.9 $19.2 $17.1 $11.6 Income tax expense (benefit) 0.6 (0.3) 1.0 3.7 (0.8) Income (loss) before taxes $3.2 $15.5 $20.1 $20.8 $10.7 Net (income) lo
Slide 20: Balance Sheet by Quarter
BALANCE SHEET BY QUARTER ($ in millions, except per share values) 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Assets Cash and cash equivalents $33.1 $38.0 $49.4 $134.9 $479.8 Restricted cash 18.5 14.9 13.5 13.4 13.7 Mortgage loan receivables held for investment, net, at amortized cost 2,5
Slide 21: Book Equity, Sharecount, and Adjusted Leverage by Quarter
BOOK EQUITY, SHARECOUNT, AND ADJUSTED LEVERAGE BY QUARTER ($ in millions, except per share values) 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Beginning book equity balance $1,481.4 $1,493.4 $1,500.1 $1,514.4 $1,532.9 Net income (loss) attributable to Class A common shareholders 2.6 15.9
Slide 22: 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