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"text": "\n\n<::donut chart::>\n$5.8B Investment Assets & Cash\n\nCRE Equity\n$1,058\n18%\n\nCRE Securities\n$1,872\n32%\n\nCash & Cash Equivalents\n$38\n<1%\n\nCRE Loans\n$2,817\n49%\n::>\n___\n(1) CRE equity asset amounts represent undepreciated asset values.",
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"text": "\n\nWe maintain a diversified and flexible financing strategy supporting our investment strategy and overall business operations, including the use of senior unsecured notes and our unsecured revolving credit facility. Refer to \"Our Financing Strategies\" and \"Liquidity and Capital Resources\" for further information.",
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"text": "\n\nLadder was founded in October 2008 and we completed our initial public offering in February 2014. We are led by a disciplined and highly aligned management team. As of June 30, 2026, our management team and directors held interests in our Company comprising 13% of our total equity. On average, our management team members have over 30 years of experience in the industry. Our management team includes Brian Harris, Chief Executive Officer; Pamela McCormack, President; Paul J. Miceli, Chief Financial Officer; Robert Perelman, Head of Asset Management; and Kelly Porcella, Chief Administrative Officer & General Counsel. Anthony V. Esposito, Chief Accounting Officer, and Stephanie Lin, Assistant Secretary, are additional officers of Ladder.",
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"text": "\n\nOur Businesses\n\nWe invest primarily in loans, securities and other interests in U.S. commercial real estate, with a focus on senior secured assets. Our complementary business segments are designed to provide us with the flexibility to opportunistically allocate capital in order to generate attractive risk-adjusted returns under varying market conditions. The following chart summarizes our investment portfolio as of June 30, 2026 ($ in thousands):",
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"text": "\n\nThere are a number of factors that influence our operating results. Some of these factors include: (1) our competition; (2) market and economic conditions, including inflation; (3) loan origination and repayment volume; (4) profitability of securitizations; (5) avoidance of credit losses; (6) availability of debt and equity funding and the costs of that funding; (7) the net interest margin on our investments; (8) effectiveness of our hedging and other risk management practices; (9) real estate transaction volumes; (10) occupancy rates; and (11) expense management. Refer to the heading \"Results of Operations.\"",
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"text": "\n\nLoan Type\n<::Donut chart titled \"Loan Type\" showing the distribution of loan types:\n- Balance Sheet First Mortgage Loans: $2,787M\n- Conduit First Mortgage Loans: $27M\n- Other CRE-Related Loans: $3M\n: chart::>",
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"text": "\n\nGeographic Location\n\n<::donut chart showing geographic distribution:\nNortheast: 36%\nSouth: 25%\nSouthwest: 15%\nWest: 10%\nMidwest: 13%\nVarious: 1%::>\n",
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"text": "\n\nLoan Size\n<::donut chart\nBelow $25M: 27%\n$25M - $50M: 39%\n$51M - $75M: 17%\n$76M - $100M: 6%\nAbove $100M: 11%\n: chart::>",
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"text": "\n\nAsset Type\n<::Donut chart titled \"Asset Type\" showing the distribution of asset types by percentage:\n- Multifamily: 58%\n- Office: 21%\n- Industrial: 8%\n- Mixed Use: 5%\n- Retail: 4%\n- Other: 2%\n- Hotel: 2%\n: chart::>",
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"text": "\n\nThe following charts set forth our total outstanding balance sheet first mortgage loans, other commercial real estate-related loans, and conduit first mortgage loans as of June 30, 2026, and a breakdown of our loan portfolio by loan size and geographic location and asset type of the underlying real estate by loan balance.",
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"text": "\n\nReal Estate\n\nNet Leased Commercial Real Estate Properties. As of June 30, 2026, we owned 149 single tenant net leased properties with an undepreciated book value of $596.9 million. These properties are fully leased on a net basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance expenses. As of June 30, 2026, our net leased properties comprised a total of 3.4 million square feet, 100% leased with an average age since construction of 13 years and a weighted average remaining lease term of 3.6 years. Commercial real estate investments in excess of $20.0 million require the approval of our board of directors' Risk and Underwriting Committee. The majority of the tenants in our net leased properties are necessity-based businesses. During the three months ended June 30, 2026, we collected 99% of rent on these properties.",
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"text": "\n\nReal Estate Undepreciated Book Value\n\n<::donut chart showing Real Estate Undepreciated Book Value\n: Net Lease: $597M\n: Diversified CRE: $461M\n: chart::>",
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"text": "\n\nReal Estate Geogrpahy\n<::Donut chart showing the distribution of Real Estate Geography:\n- Midwest: 33%\n- South: 23%\n- Northeast: 28%\n- West: 11%\n- Southwest: 4%\n- Various: 1%\n: chart::>\n",
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"text": "\n\nReal Estate Property Type\n\n<::Donut chart titled \"Real Estate Property Type\" showing the distribution of property types:\n- Multifamily: 25%\n- Office: 28%\n- Hotel: 7%\n- Dollar Store: 13%\n- Drug Store: 10%\n- Grocery Store: 6%\n- Wholesale Club: 5%\n- Other Retail: 6%\n: chart::>",
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"text": "\n\nDiversified Commercial Real Estate Properties. As of June 30, 2026, we owned 62 diversified commercial real estate properties throughout the U.S with an undepreciated book value of $460.8 million. During the three months ended June 30, 2026, we collected 98% of rent on these properties.",
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"text": "\n\nThe following charts summarize the composition of our real estate investments as of June 30, 2026 ($ in millions):",
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"text": "\n\nSecurities\n\nWe invest in primarily AAA-rated real estate securities, typically front pay securities, with relatively short duration and significant subordination. We invest primarily in CMBS, including CRE CLOs, secured by first mortgage loans on commercial real estate. These investments provide a stable and attractive base of net interest income and help us manage our liquidity and hyper-amortization features included in many of these securities positions help mitigate potential credit losses in the event of adverse market conditions. We have significant in-house expertise in the evaluation and trading of these securities, due in part to our experience in originating and underwriting mortgage loans that comprise assets within CMBS trusts, as well as our experience in structuring CMBS transactions. In the future, we may invest in CMBS securities or other securities that are unrated.",
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"text": "\n\n<::donut chart showing credit ratings distribution:\nAAA / Aaa: 96.0%\nAA / Aa: 1%\nA / A: 0.3%\nBBB / Baa / other: 3%\n: donut chart::>",
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"text": "\n\nAs of June 30, 2026, the estimated fair value of our portfolio of CMBS investments totaled $1.9 billion in 112 CUSIPs ($16.5 million average investment per CUSIP). Included in the $1.9 billion of CMBS securities are $8.8 million of CMBS securities designated as risk retention securities under the Dodd-Frank Act, which are subject to transfer restrictions over the term of the securitization trust. The following chart summarizes our securities investments by market value, 98.5% of which were rated investment grade by Standard & Poor's Ratings Group, Moody's Investors Service, Inc. or Fitch Ratings Inc. as of June 30, 2026:",
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"text": "\n\nAs of June 30, 2026, our CMBS investments had a weighted average duration of 3.0 years. The commercial real estate collateral underlying our CMBS investment portfolio is located throughout the United States. As of June 30, 2026, by property count and market value, respectively, 60.9% and 66.4% of the collateral underlying our CMBS investment portfolio was distributed throughout the top 25 metropolitan statistical areas (\"MSAs\") in the United States, with 6.5% and 12.5%, by property count and market value, respectively, of the collateral located in the New York-Newark-Jersey City MSA, and the concentrations in each of the remaining top 24 MSAs ranging from 0.6% to 6.1% by property count and 0.1% to 6.1% by market value.",
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"text": "\n\nAAA-rated CMBS or U.S. Agency securities investments in excess of $106.0 million and all other investment grade CMBS or U.S. Agency securities investments in excess of $51.0 million, each in any single class of any single issuance, require the approval of our board of directors' Risk and Underwriting Committee. The Risk and Underwriting Committee also must approve any investments in non-rated or sub-investment grade CMBS or U.S. Agency securities in any single class of any single issuance in excess of the lesser of (x) $21.0 million and (y) 10% of the total net asset value of the respective Ladder subsidiary or other entity for which Ladder has authority to make investment decisions.",
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"text": "\n\n### Other Investments\n\n*Unconsolidated Ventures*. From time to time we invest in real estate related ventures. As of June 30, 2026, the carrying value of our unconsolidated ventures was $41.5 million.",
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"text": "\n\n# Our Financing Strategies\n\nOur financing strategies are critical to the success and growth of our business. We manage our financing to complement our asset composition and to diversify our exposure across multiple capital markets and counterparties. In addition to cash flow from operations, we fund our operations and investment strategy through a diverse array of funding sources, including:\n\n* Senior unsecured notes\n* Unsecured revolving credit facilities\n* Unsecured term loan facility\n* Secured loan and securities repurchase financing",
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