Ladder Capital Corp · NYSE:LADR
Ladder Capital — Q3 2026 Earnings Presentation
24 slides from Ladder Capital's earnings presentation, Oct 16, 2026
Slide 1: Supplemental Data – Quarter Ended September 30, 2026
NYSE: LADR Supplemental Data Quarter Ended September 30, 2026 AN INVESTMENT GRADE REIT N E W Y O R K | M I A M I
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 2026 Highlights
THIRD QUARTER 2026 HIGHLIGHTS Robust Investment Activity Investment Grade Capital Structure $222M new loan originations in Q3 2026 > $1.5B total capacity on unsecured credit facilities ~ 7.6% W.A. yield on Q3 2026 originations 69% of total financing comprised of unsecured debt $1.4B new loan origina
Slide 4: Third Quarter 2026 Summary
THIRD QUARTER 2026 SUMMARY 1 Earnings, Dividends and Book Value Distributable Earnings of $44.7M and Distributable EPS of $0.35; Distributable ROAE of 12.1% Excluding charge-off of allowance for credit losses, Distributable Earnings of $48.2M and Distributable EPS of $0.38 2 Declared Q3 2026 cash di
Slide 5: CRE Equity Investment Case Study
CRE EQUITY INVESTMENT CASE STUDY Steady rental income plus two gains-on-sale over 9-year investment Office Campus – Jacksonville, Florida May 2017 – acquired 823k square foot, five-building office campus in Jacksonville for $115M Leased to highly-rated tenant (Moody’s: A1 / S&P: A+) through 2031, wi
Slide 6: Real Estate Sales Track Record
REAL ESTATE SALES TRACK RECORD 13 straight years of real estate gains since IPO, totaling $250M across 69 transactions 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Ladder Gain 1 : $30M $30M $18M $9M $51M $1M $12M $24M $36M $1M $7M $1M $31M # of Transactions : 8 7 4 2 5 5 7 9 8 1
Slide 7: Diversified CRE Investments
DIVERSIFIED CRE INVESTMENTS Granular portfolio of debt & equity investments with significant liquidity on hand $438M net lease (49% of CRE equity) > 99% senior secured CRE Equity first mortgages 148 properties $902 ~ $25M-$30M avg. loan size (15%) ~ 6.4-year avg. remaining lease term 68% W.A. LTV 1
Slide 8: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW Middle-market loans provide enhanced liquidity and mitigate concentration risk LOAN SIZE ORIGINATION YEAR KEY LOAN PORTFOLIO METRICS Below $25M: 27% $2.9B Total loan portfolio $25M – 2026 YTD 2025 $50M: 41% 43% 39% Above $100M: 99% Senior secured first mortgage loans 10% $76M
Slide 9: Loans Segment Summary
LOANS SEGMENT SUMMARY Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Balance Sheet First Mortgage Loans Carrying Value of Assets (end of quarter) $2,949 $2,787 $2,604 $2,210 $1,913 Origination Volume 222 537 608 433 511 Funding Volume 203 484 565 410 483 1 Weighted-Average Coupon (end of quarter) 7.1% 6.9%
Slide 10: CRE Equity Segment Summary
CRE EQUITY SEGMENT SUMMARY Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 CRE Equity Portfolio Snapshot 3 Net Leased Commercial Real Estate (100% Owned) PROPERTY TYPE Acquisitions – – – – – Net Sales Proceeds $166 – – – – Dollar Store 16% Multifamily GAAP Carrying Value (end of quarter) 278 393 397 402 403
Slide 11: Securities Segment Summary
SECURITIES SEGMENT SUMMARY 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 Carrying Value of Assets $2,276 $1,872 $2,074 $2,088 $1,941 Weighed-Average Yield 5.5% 5.2% 5.3% 5.3% 5.7% Number of CUSIPs 155 135 143 141 139 Average CUSIP Size $14.7 $13.9 $14.5 $14.8 $14.0 Weighted-Average Duration
Slide 12: Investment Portfolio Summary
INVESTMENT PORTFOLIO SUMMARY Investment Portfolio Distributable Earnings Contribution (as of 09/30/2026) (Nine Months Ended 09/30/2026) Carrying Value % of Total Amount of % of Total Investment Type of Assets Assets Contribution Contribution Conduit First Mortgage Loans $27 0.4% $2.9 1% Balance Shee
Slide 13: 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 $2,952 Carrying Value of Assets $278 Cash & Cash Equivalents $42 Secured Financing on Assets A
Slide 14: Capital Structure Update
CAPITAL STRUCTURE UPDATE
Slide 15: Investment Grade Capital Structure
INVESTMENT GRADE CAPITAL STRUCTURE Modest leverage with focus on unsecured capital C A P I TA L I Z AT I O N S U M M A R Y C A P I TA L S T R U C T U R E H I G H L I G H T S 2.5x Adjusted leverage ratio 1 Book Equity $1,461 (25%) Unsecured Corporate Bonds 69% Unsecured debt / total debt $2,206 (38%)
Slide 16: Liquid Unencumbered Asset Pool
LIQUID UNENCUMBERED ASSET POOL Senior secured, financeable unencumbered asset base COMPOSITION HIGHLIGHTS 73% Unencumbered assets % of total assets Securities $1,196 (26%) 88% Comprised of cash, first mortgage loans and IG securities First Mortgage $4.6B Loans total 1.54x Unencumbered assets / unsec
Slide 17: Well-Laddered Debt Maturities
WELL-LADDERED DEBT MATURITIES Staggered maturities with focus on unsecured debt D E B T M AT U R I T Y P R O F I L E $1,200 $1,178 $1,000 $934 $890 $15 $800 $621 $631 $600 $875 $1,142 1 2 (rolling $775 financing $400 on AAA $500 securities) $587 $200 $82 $25 $159 $131 $0 $34 $36 2026 2027 2028 2029
Slide 18: Book Equity Value Roll-Forward
BOOK EQUITY VALUE ROLL-FORWARD S U M M A R Y O F C H A N G E S T O B O O K E Q U I T Y VA L U E D U R I N G Q 3 2 0 2 6 $1,705 $1,701 Undepreciated Undepreciated $66 $1 $4 $1,463 $1,429 GAAP ($29) ($8) GAAP 06/30/2026 GAAP Distributions & Other Equity-Based Stock 09/30/2026 Book Equity Value 1 Net I
Slide 19: Detailed Quarterly Financials
DETAILED QUARTERLY FINANCIALS
Slide 20: Income Statement by Quarter
INCOME STATEMENT BY QUARTER ($ in millions, except per share values) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Net interest income Interest income $80.4 $78.2 $74.2 $68.1 $71.8 Interest expense 51.6 50.0 45.6 39.8 37.6 Net interest income $28.8 $28.2 $28.6 $28.3 $34.2 Provision for (release of) loan l
Slide 21: Earnings Reconciliations by Quarter
EARNINGS RECONCILIATIONS BY QUARTER ($ in millions, except per share values) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Net income (loss) $65.9 $14.6 $2.6 $15.9 $19.2 Income tax expense (benefit) 1.4 1.7 0.6 (0.3) 1.0 Income (loss) before taxes $67.3 $16.3 $3.2 $15.5 $20.1 Net (income) loss attributabl
Slide 22: Balance Sheet by Quarter
BALANCE SHEET BY QUARTER ($ in millions, except per share values) 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 Assets Cash and cash equivalents $41.8 $37.6 $33.1 $38.0 $49.4 Restricted cash 21.4 16.8 18.5 14.9 13.5 Mortgage loan receivables held for investment, net, at amortized cost 2,908
Slide 23: Book Equity & Adjusted Leverage by Quarter
BOOK EQUITY & ADJUSTED LEVERAGE BY QUARTER ($ in millions, except per share values) 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 Beginning book equity balance $1,426.7 $1,444.5 $1,481.4 $1,493.4 $1,500.1 Net income (loss) attributable to Class A common shareholders 65.9 14.6 2.6 15.9 19.2
Slide 24: 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