Ladder Capital Corp · NYSE:LADR
Ladder Capital — Q1 2025 Earnings Presentation
23 slides from Ladder Capital's earnings presentation, Apr 24, 2025
Slide 1: Supplemental Data, Quarter Ended March 31, 2025
NYSE: LADR SUPPLEMENTAL DATA QUARTER ENDED MARCH 31, 2025 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 2025 Highlights
FIRST QUARTER 2025 HIGHLIGHTS Differentiated Balance Sheet Loan Portfolio Growth > $1.3B Total Liquidity 1 $329M New Loan Originations $850M Unsecured Corporate Revolver (undrawn) 2 $138M Growth in Loan Portfolio 98% Non-Mark-to-Market Financing 1.4x Adjusted Leverage Ratio 3 394 bps W.A. Spread on
Slide 4: First Quarter 2025 Summary
FIRST QUARTER 2025 SUMMARY 1 Earnings, Distributable Earnings of $25.5M, Distributable EPS of $0.20 and Distributable ROAE (after-tax) of 6.6% Dividends and 2 Declared Q1 2025 cash dividend of $0.23 per LADR share, which represents an 9.0% annual dividend yield Book Value Undepreciated book value pe
Slide 5: Key Metrics Today vs. One Year Ago
KEY METRICS TODAY VS. ONE YEAR AGO ONE YEAR LATEST AGO QUARTER (Q1 2024) (Q1 2025) Total investment assets + cash $5.5B $4.6B smaller, leaner company Loan portfolio $2.8B $1.7B robust loan payoffs Undepreciated book value per share 1 $13.68 $13.66 stable book value Total liquidity $1.5B > $1.3B subs
Slide 6: Diversified CRE Investment Strategy
DIVERSIFIED CRE INVESTMENT STRATEGY GRANULAR PORTFOLIO OF CRE DEBT & EQUITY INVESTMENTS WITH SIGNIFICANT LIQUIDITY ON HAND $591M net lease (66% of CRE equity) 149 properties ~ 7.5-year avg. remaining lease term > 99% senior secured 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 $1.7B LOAN PORTFOLIO ~$25M-$30M AVERAGE LOAN SIZE 1 67% W.A. LTV 2.2-YEAR W.A. EXTENDED MATURITY NO CONSTRUCTION LOANS LIMITED FUTURE FUNDING COMMITMENTS ($40M) GEOGRAPHY PROPERTY TYPE
Slide 8: Loans Segment Summary
LOANS SEGMENT SUMMARY Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Balance Sheet First Mortgage Loans Carrying Value of Assets (end of quarter) $1,654 $1,580 $2,026 $2,523 $2,782 Origination Volume 265 129 – 16 – Funding Volume 257 129 3 24 12 1 Weighted-Average Coupon (end of quarter) 8.2% 8.5% 9.0% 9.0
Slide 9: Real Estate Segment Summary
REAL ESTATE SEGMENT SUMMARY Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 03/31/2025 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) 411 426 455 457 474 Square Feet (e
Slide 10: Securities Segment Summary
SECURITIES SEGMENT SUMMARY 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Carrying Value of Assets $1,476 $1,081 $853 $481 $467 Weighed-Average Yield 5.8% 6.0% 6.8% 6.9% 6.8% Number of CUSIPs 123 121 111 92 92 Average CUSIP Size $12.0 $8.9 $7.7 $5.2 $5.1 Weighted-Average Duration 2.9 Years 2
Slide 11: Investment Portfolio Summary
INVESTMENT PORTFOLIO SUMMARY Investment Portfolio Distributable Earnings Contribution (as of 03/31/2025) (Q1 2025) Carrying Value % of Total Amount of % of Total Investment Type of Assets Assets Contribution Contribution Conduit First Mortgage Loans $90 2% $0.6 1% Balance Sheet First Mortgage Loans
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 $1,665 Carrying Value of Assets $411 Cash & Cash Equivalents $480 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 AND CONTINUING ON PATH TO IG MODEST LEVERAGE WITH MINIMAL MARK-TO-MARKET DEBT CAPITALIZATION KEY LEVERAGE & SUMMARY CAPITALIZATION RATIOS 1.8X TOTAL LEVERAGE RATIO 1.4X ADJUSTED LEVERAGE RATIO 1 1.2X NET ADJUSTED LEVERAGE RATIO 2 99%
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 85% COMPRISED OF CASH, FIRST MORTGAGE LOANS AND IG SECURITIES $3.7B 1.84X UNENCUMBERED ASSETS / UNSECURE
Slide 16: Staggered Debt Maturity Profile
STAGGERED DEBT MATURITY PROFILE CONTINUE TO EXTEND MATURITIES WITH LONG-TERM UNSECURED BONDS UNSECURED AND SECURED DEBT MATURITIES 1 Unsecured Debt Secured Debt Note: As of 03/31/2025. Dollars in millions. 1. Excludes $276 million of matched-term CLO financing. Maturities under our committed financi
Slide 17: Book Equity Value Roll-Forward
BOOK EQUITY VALUE ROLL-FORWARD SUMMARY OF CHANGES TO BOOK EQUITY VALUE DURING Q1 2025 = Undepreciated Book Value 1 2 Book Value per Share Book Value per Share (Undepreciated / GAAP) (Undepreciated / GAAP) 3 3 net of $13.88 $13.66 $0.41/share $12.08 $11.84 CECL allowance Note: Dollars in millions 1.
Slide 18: Detailed Quarterly Financials
DETAILED QUARTERLY FINANCIALS S - 18
Slide 19: Income Statement by Quarter
INCOME STATEMENT BY QUARTER ($ in millions, except per share values) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Net interest income Interest income $64.3 $78.1 $96.1 $88.5 $95.9 Interest expense 44.0 50.9 57.7 54.2 58.8 Net interest income $20.3 $27.2 $38.4 $34.3 $37.1 Provision for (release of) loan l
Slide 20: Distributable Earnings, EPS and ROAE by Quarter
DISTRIBUTABLE EARNINGS, EPS AND ROAE BY QUARTER ($ in millions, except per share values) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Net income (loss) $11.6 $31.3 $27.6 $32.1 $16.4 Income tax expense (benefit) (0.8) 1.7 0.9 (1.1) 1.9 Income (loss) before taxes $10.7 $33.0 $28.5 $31.0 $18.4 Net (income)
Slide 21: Balance Sheet by Quarter
BALANCE SHEET BY QUARTER ($ in millions, except per share values) 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Assets Cash and cash equivalents $479.8 $1,323.5 $1,607.2 $1,195.6 $1,220.2 Restricted cash 13.7 12.6 12.3 11.9 12.3 Mortgage loan receivables held for investment, net, at amortiz
Slide 22: Book Equity, Sharecount, and Adjusted Leverage by Quarter
BOOK EQUITY, SHARECOUNT, AND ADJUSTED LEVERAGE BY QUARTER ($ in millions, except per share values) 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Beginning book equity balance $1,532.9 $1,530.7 $1,528.5 $1,523.9 $1,532.2 Net income (loss) attributable to Class A common shareholders 11.8 31.4
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