Ladder Capital Corp · NYSE:LADR
Ladder Capital — Q3 2025 Earnings Presentation
22 slides from Ladder Capital's earnings presentation, Oct 23, 2025
Slide 1: Supplemental Data - Quarter Ended September 30, 2025
NYSE: LADR INVESTMENT GRADE SUPPLEMENTAL DATA QUARTER ENDED SEPTEMBER 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: Third Quarter 2025 Highlights
THIRD QUARTER 2025 HIGHLIGHTS Inaugural Investment Grade Bonds Robust Loan Origination Activity $500M inaugural IG unsecured bond issuance : $511M new loan originations in quarter – largest 5.50% coupon (167 bps spread at issuance) quarterly origination volume in over three years Material tightening
Slide 4: Third Quarter 2025 Summary
THIRD QUARTER 2025 SUMMARY 1 Earnings, Distributable Earnings of $32.1M, Distributable EPS of $0.25 and Distributable ROAE (after-tax) of 8.3% Dividends and 2 Declared Q3 2025 cash dividend of $0.23 per LADR share, which represents an 8.4% annual dividend yield Book Value Undepreciated book value pe
Slide 5: Diversified CRE Investment Strategy
DIVERSIFIED CRE INVESTMENT STRATEGY GRANULAR PORTFOLIO OF CRE DEBT & EQUITY INVESTMENTS WITH SIGNIFICANT LIQUIDITY ON HAND $592M net lease (62% of CRE equity) 149 properties > 99% senior secured ~ 7-year avg. remaining lease term first mortgages ~ 61% IG-rated tenants ~ $25M-$30M avg. loan
Slide 6: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW SENIOR-SECURED, MIDDLE-MARKET LENDING FOCUS LOAN TYPE LOAN SIZE LOAN PORTFOLIO KEY METRICS $1.9B LOAN PORTFOLIO ~$25M-$30M AVERAGE LOAN SIZE 1 68% W.A. LTV 2.7-YEAR W.A. EXTENDED MATURITY LIGHT-TRANSITIONAL FOCUS WITH NO CONSTRUCTION LOANS LIMITED FUTURE FUNDING COMMITMENTS (
Slide 7: Loans Segment Summary
LOANS SEGMENT SUMMARY Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Balance Sheet First Mortgage Loans Carrying Value of Assets (end of quarter) $1,913 $1,586 $1,654 $1,580 $2,026 Origination Volume 511 173 265 129 – Funding Volume 483 162 257 129 3 1 Weighted-Average Coupon (end of quarter) 7.7% 8.2% 8.2
Slide 8: Real Estate Segment Summary
REAL ESTATE SEGMENT SUMMARY Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 09/30/2025 REAL ESTATE PORTFOLIO SNAPSHOT Net Leased Commercial Real Estate (100% Owned) Acquisitions – – – – – PROPERTY TYPE Net Sales Proceeds – – $13 $34 – GAAP Carrying Value (end of quarter) 403 407 411 426 455 Square Feet (end
Slide 9: Securities Segment Summary
SECURITIES SEGMENT SUMMARY 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 Carrying Value of Assets $1,941 $1,966 $1,476 $1,081 $853 Weighed-Average Yield 5.7% 5.9% 5.8% 6.0% 6.8% Number of CUSIPs 139 134 123 121 111 Average CUSIP Size $14.0 $14.7 $12.0 $8.9 $7.7 Weighted-Average Duration 2.8
Slide 10: Investment Portfolio Summary
INVESTMENT PORTFOLIO SUMMARY Investment Portfolio Distributable Earnings Contribution (as of 09/30/2025) (Nine Months Ended 09/30/2025) Carrying Value % of Total Amount of % of Total Investment Type of Assets Assets Contribution Contribution Conduit First Mortgage Loans $28 1% $7.2 3% Balance Sheet
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 $1,921 Carrying Value of Assets $403 Cash & Cash Equivalents $49 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 ACHIEVED MODEST LEVERAGE WITH MINIMAL MARK-TO-MARKET DEBT COMPLIANT WITH ALL FINANCIAL COVENANTS 1 CAPITALIZATION KEY LEVERAGE & SUMMARY CAPITALIZATION RATIOS 2.0X TOTAL LEVERAGE RATIO 1.7X ADJUSTED LEVERAGE RATIO
Slide 14: Unencumbered Asset Pool
UNENCUMBERED ASSET POOL PREDOMINANTLY SENIOR SECURED, FINANCEABLE UNENCUMBERED ASSET BASE UNENCUMBERED ASSET KEY UNENCUMBERED POOL COMPOSITION POOL HIGHLIGHTS 84% OF TOTAL ASSETS ARE UNENCUMBERED 88% COMPRISED OF CASH, FIRST MORTGAGE LOANS AND IG SECURITIES 1.75X 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 limited near-term maturities well-covered by $879M of total liquidity Note: As of 09/30/2025. Dollars in millions. 1. Includes $362M of financin
Slide 16: Book Equity Value Roll-Forward
BOOK EQUITY VALUE ROLL-FORWARD SUMMARY OF CHANGES TO BOOK EQUITY VALUE DURING Q3 2025 = Undepreciated Book Value 1 2 Book Value per Share Book Value per Share (Undepreciated / GAAP) (Undepreciated / GAAP) 3 net of 3 net of $13.68 $13.71 $0.41/share $0.41/share $11.79 CECL $11.75 CECL allowance allow
Slide 17: Detailed Quarterly Financials
DETAILED QUARTERLY FINANCIALS S - 17
Slide 18: Income Statement by Quarter
INCOME STATEMENT BY QUARTER ($ in millions, except per share values) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net interest income Interest income $71.8 $62.7 $64.3 $78.1 $96.1 Interest expense 44.0 41.2 44.0 50.9 57.7 Net interest income $27.8 $21.5 $20.3 $27.2 $38.4 Provision for (release of) loan l
Slide 19: Distributable Earnings, EPS and ROAE by Quarter
DISTRIBUTABLE EARNINGS, EPS AND ROAE BY QUARTER ($ in millions, except per share values) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net income (loss) $19.2 $17.1 $11.6 $31.3 $27.6 Income tax expense (benefit) 1.0 3.7 (0.8) 1.7 0.9 Income (loss) before taxes $20.1 $20.8 $10.7 $33.0 $28.5 Net (income) lo
Slide 20: Balance Sheet by Quarter
BALANCE SHEET BY QUARTER ($ in millions, except per share values) 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 Assets Cash and cash equivalents $49.4 $134.9 $479.8 $1,323.5 $1,607.2 Restricted cash 13.5 13.4 13.7 12.6 12.3 Mortgage loan receivables held for investment, net, at amortized co
Slide 21: Book Equity, Sharecount, and Adjusted Leverage by Quarter
BOOK EQUITY, SHARECOUNT, AND ADJUSTED LEVERAGE BY QUARTER ($ in millions, except per share values) 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 Beginning book equity balance $1,500.1 $1,514.4 $1,532.9 $1,530.7 $1,528.5 Net income (loss) attributable to Class A common shareholders 19.2 17.3
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