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"text": "\n\nLEADING CRE\nCAPITAL PROVIDER\n<::\n$5.8B\nCRE investment\nassets + cash\n\n>$51B\nInvestments since\ninception\n\nAsset Mix pie chart:\n- CRE Loans: $2,634 (46%)\n- CRE Equity: $1,047 (18%)\n- CRE Securities: $2,074 (36%)\n- Unrestricted Cash & Cash Equivalents: $33 (<1%)\n\n$1.1B total liquidity, incl. >$1.0B undrawn capacity on unsecured credit facilities\n: chart::> \n",
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"text": "\n\nLADDER CAPITAL HIGHLIGHTS",
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"text": "\n\nINVESTMENT OBJECTIVE: **PRESERVE AND PROTECT CAPITAL** WHILE **GENERATING ATTRACTIVE RISK-ADJUSTED RETURNS**",
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"text": "\n\n# FULLY-ALIGNED & EXPERIENCED TEAM\n\n**Internally-managed, IG-rated**\nCRE finance REIT with\n**significant inside ownership**\n\n**~$165M¹ / >12%**\nManagement & Director\nownership\n\n**Comprehensive in-house**\n**platform** with\n~60 total employees\n\n**30 years**\nExecutive team\navg. experience",
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"text": "\n\n## INVESTMENT GRADE CAPITAL STRUCTURE\n\n**IG ratings from Moody's** (Baa3)\n\n**and Fitch** (BBB-);\n\nrecent upgrade from **S&P** (BB+)²\n\n**2.3x³ / 2.8x**\n\nAdjusted / total\n\nleverage ratio\n\n**67%**\n\nUnsecured debt % of total\n\n**77%**\n\nNon-mark-to-market debt\n\n**$1.25B**\n\nUnsecured corporate revolver",
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"text": "\n\nNote: As of 03/31/2026, unless noted otherwise. Dollars in millions. CRE equity asset amounts represent undepreciated asset values.\n1. Based on $10.17 LADR closing price on 05/04/2026\n2. S&P rating upgraded to BB+ in Q1 2026\n3. For a description of this non-GAAP financial measure, see Selected Definitions on page 40",
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"text": "\n\nEXECUTIVE TEAM AVERAGES 30 YEARS OF INDUSTRY EXPERIENCE\nDEEP BENCH OF SEASONED PROFESSIONALS – MANAGERS AVG. 14 YEARS AT LADDER\nCONTINUITY WITH ~40% OF EMPLOYEES AT LADDER >10 YEARS",
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"text": "\n\n<::\nDiagram showing investment categories by Liquidity & seniority.\n\nVertical arrow labeled \"Liquidity & seniority\" points upwards.\n\nTo the left, a curved line points to the top two categories with text: \"~87% invested in senior secured and/or IG-rated assets\"\n\nInvestment Categories (from top to bottom):\n\n1. CRE Securities ($2.1B)\n - Description: Top of capital stack with ~50% credit cushion below\n - Details:\n - 99% IG-rated\n - 96% AAA-rated\n - <$15M Avg. investment size\n\n2. CRE First Mortgage Loans ($2.6B)\n - Description: Senior secured loans protected by property owner equity\n - Details:\n - 99%+ First mortgages\n - 68% W.A. LTV¹\n - ~$25M-$30M Avg. loan size\n\n3. CRE Equity ($1.0B)\n - Description: Predominantly net lease investments\n - Details:\n - ~61% IG-rated net lease tenants\n - 6.5-year Net lease avg. remaining lease\n - ~$5M Avg. investment size\n: diagram::>",
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"text": "\n\n<::The visual is a comparative diagram illustrating two investment structures: \"EQUITY REIT: PROPERTY OWNER\" on the left and \"LADDER: FIRST MORTGAGE LENDER\" on the right.\n\n**Left Side: EQUITY REIT: PROPERTY OWNER**\nThis section features a stylized building diagram. The top portion, colored green, is labeled \"Property Owner Equity (Equity REIT)\". The larger bottom portion, colored blue, is labeled \"60% Bondholder Exposure\". A horizontal orange line separates these two sections.\nText next to the diagram states: \"Equity REIT owns property and has first-loss exposure\".\nAn arrow points from the orange line to a central box labeled \"Bondholder Attachment Point\", with \"60%\" written above the arrow.\n\nBelow this diagram, a table provides details:\nIllustrative Loan Investment LTV | n/a\n--- | ---\nCorporate Leverage (Debt/Assets)¹ | 60%\nBondholder Attachment Point | 60%\n\n**Right Side: LADDER: FIRST MORTGAGE LENDER**\nThis section also features a stylized building diagram, but with three layers. The top portion, light yellow, is labeled \"Property Owner Equity (3rd party)\". The middle portion, light green, is labeled \"Ladder Equity (>11% Inside Ownership)\". The bottom portion, colored blue, is labeled \"<50% Bondholder Exposure\". A horizontal orange line separates the light green and blue sections.\nText next to the diagram points to the yellow section: \"3rd party owner has first-loss exposure\".\nText next to the diagram points to the yellow and light green sections: \"Multiple layers of equity cushion before Ladder bondholder exposure\".\nAn arrow points from the orange line in this diagram to the same central \"Bondholder Attachment Point\" box, with \"<50%\" written above this arrow.\nA dashed arrow extends from the blue bottom portion of the building to a text box that reads: \"further enhanced by IG securities investments (36% of total assets³)\".\n\nBelow this diagram, a table provides details:\nIllustrative Loan Investment LTV | 65%\n--- | ---\nCorporate Leverage (Debt/Assets)² | 75%\nBondholder Attachment Point | 49%\n: diagram::>",
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"text": "\n\n<::Process flow diagram titled \"Asset Management Process\".\n\nThe diagram illustrates a circular process with five main stages, connected by curved arrows:\n\n1. **ORIGINATION**\n - Details:\n - 13 originators ¹\n - Key relationships with direct borrowers & leading brokers nationwide\n - Compensation linked to loan performance, not volume, and significant portion paid in stock\n\n2. **CREDIT / UNDERWRITING**\n - Details:\n - 11 underwriters ¹\n - Independent from origination – leads due diligence process\n - Independent appraisal and third-party reports\n - Visit every asset prior to funding\n - Limited outsourcing to ensure quality and accountability\n\n3. **TRANSACTION MANAGEMENT**\n - Details:\n - Independent, highly-experienced team of attorneys leads legal process and transaction closings\n - Conduct legal diligence and manage outside counsel\n - Oversee securitizations and asset dispositions\n\n4. **INVESTMENT COMMITTEE**\n - Details:\n - Comprehensive credit committee process for every investment\n - Management team (with significant LADR stake) approves every investment\n - Risk and Underwriting Committee of the Board approves investments above certain size thresholds\n\n5. **ASSET MANAGEMENT**\n - Details:\n - Maintain direct dialogue with loan servicers and borrowers\n - Proactively manage and oversee all assets\n - Conduct regular formal asset and portfolio reviews\n - Provide comprehensive quarterly reporting\n: flowchart::>",
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"text": "\n\nLOAN TYPE\n<::donut chart::>\nBalance Sheet First Mortgage Loans: $2,604M\nConduit First Mortgage Loans: $28M\nOther CRE-Related Loans: $3M\n::>",
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"text": "\n\n<::GEOGRAPHY\nDonut chart showing geographical distribution:\n- South: 34%\n- Northeast: 28%\n- Southwest: 15%\n- Midwest: 13%\n- West: 9%\n- Various: 1%\n: donut chart::>",
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"text": "\n\n<::LOAN SIZE\n: donut chart\n- Below $25M: 28%\n- $25M - $50M: 35%\n- $51M - $75M: 18%\n- $76M - $100M: 11%\n- Above $100M: 8%::>",
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"text": "\n\nPROPERTY TYPE\n<::donut chart showing property types and their percentages:\nMultifamily: 59%\nOffice: 23%\nIndustrial: 8%\nMixed Use: 6%\nOther: 2%\nRetail: 2%::>\n",
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"text": "\n\n## LOAN PORTFOLIO KEY METRICS\n\n**$2.6B** LOAN PORTFOLIO\n\n**~$25M-$30M** AVERAGE LOAN SIZE\n\n**68%** W.A. LTV ¹\n\n**3.2-YEAR** W.A. EXTENDED MATURITY\n\n**LIGHT-TRANSITIONAL FOCUS** WITH\nNO CONSTRUCTION LOANS\n\n**LIMITED FUTURE FUNDING**\nCOMMITMENTS ($134M)",
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"text": "\n\nOFFICE LOAN PORTFOLIO METRICS\n\n11% OF TOTAL ASSETS\n\n66% W.A. LTV\n1\n89% CLASS A PROPERTIES\n\n68% ACQUISITION LOANS\n\n86% POST-COVID LOANS",
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"text": "\n\nNote: As of 03/31/2026. Amounts shown in charts before $47.1 million CECL allowance. Other Commercial Real Estate-Related loans include mezzanine and subordinate loans.\n1. For a description of this financial measure, see Selected Definitions on page 40",
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"text": "\n\n<::GEOGRAPHY\n: donut_chart::>\n<::donut_chart\nMidwest 34%\nSouth 22%\nNortheast 28%\nWest 11%\nSouthwest 4%\nVarious 1%\n: chart::>",
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"text": "\n\nINVESTMENT\nTYPE\n<::donut chart::>\nInner circle: 57% Net lease\n\nSegment 1 (dark blue): Net Lease $596M\nSegment 2 (light blue): Diversified CRE $451M\n\nCallout pointing to Diversified CRE segment: Focus on business Walgree ~61%\n: donut chart::>",
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"text": "\n\nPROPERTY TYPE\n<::donut chart showing the distribution of property types:\n- Dollar Store: 13%\n- Drug Store: 10%\n- Grocery Store: 6%\n- Wholesale Club: 5%\n- Other Retail: 6%\n- Office: 27%\n- Hotel: 7%\n- Multifamily: 26%\n: chart::>",
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"text": "\n\nCUMULATIVE CHANGE IN BOOK\nVALUE PER SHARE SINCE 2022\n<::Line chart showing Cumulative Change in Book Value Per Share Since 2022.\nY-axis (Cumulative Change): +5%, 0%, (5%), (10%), (15%), (20%), (25%)\nX-axis (Quarter): Q4'22, Q1'23, Q2'23, Q3'23, Q4'23, Q1'24, Q2'24, Q3'24, Q4'24, Q1'25, Q2'25, Q3'25, Q4'25, Q1'26\n\nTwo lines are plotted:\n1. Dark blue line (Ladder):\n - Starts at 0% in Q4'22.\n - Generally stays close to 0%, with slight fluctuations.\n - Ends at (1.8%) in Q1'26.\n2. Light blue line (Selected non-IG peer group average):\n - Starts at 0% in Q4'22.\n - Steadily declines over time.\n - Ends at (23.6%) in Q1'26.\n\nAnnotation: A green arrow points from the 'Selected non-IG peer group average' line at Q1'26 up towards the 'Ladder' line at Q1'26, with the text \"SIGNIFICANT OUTPERFORMANCE VERSUS NON-IG PEER GROUP\".\n: chart::> \n",
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"text": "\n\nSource: Public company filings and presentations\nNote: Data reflects undepreciated book value per share for Ladder and selected peers. Selected peer group comprised of ARI, BRSP, BXMT, CMTG, FBRT, KREF, STWD and TRTX. For a description of this non-GAAP financial measure, see Selected Definitions on page 40.",
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"text": "\n\n<::CAPITALIZATION SUMMARY\n: chart::\n\nThe chart shows the total capitalization of $5.5B, broken down into the following components:\n* Repo Debt Facilities: $935 (17%)\n* Mortgage Debt: $384 (7%)\n* Unsecured Corporate Bonds & Revolver: $2,708² (49%)\n* Book Equity: $1,444 (26%)\n::>",
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"text": "\n\nCOMMITMENT TO UNSECURED BOND MARKET WITH IG RATINGS\nMODEST LEVERAGE WITH LIMITED MARK-TO-MARKET DEBT\nCOMPLIANT WITH ALL FINANCIAL COVENANTS ¹",
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"text": "\n\nKEY LEVERAGE & CAPITALIZATION RATIOS\n\n2.3X ADJUSTED LEVERAGE RATIO ³\n\n2.8X TOTAL LEVERAGE RATIO\n\n83% NON-RECOURSE, NON-MARK-TO-MARKET & UNSECURED DEBT + BOOK EQUITY ⁴\n\n77% NON-MARK-TO-MARKET DEBT / TOTAL DEBT\n\n67% UNSECURED DEBT / TOTAL DEBT",
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"text": "\n\nNote: As of 03/31/2026. Dollars in millions.\n1. Leverage ratio: 2.3x (vs. 3.5x IG bond covenant maximum). Unencumbered asset/unsecured debt ratio: 1.55x (vs. 1.20x IG bond covenant minimum). Fixed charge coverage ratio: 2.57x (vs. 1.25x IG bond covenant minimum).\n2. Includes $2.2B of unsecured corporate bonds and $492M drawn on $1.25B unsecured corporate revolver\n3. For a description of this non-GAAP financial measure, see Selected Definitions on page 40\n4. Represents percentage of total capitalization\n17",
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"text": "\n\n<::\nchart: Cumulative Unsecured Corporate Bonds Issued ($M) and Unsecured Bonds % of Total Debt over time.\n\nLeft Y-axis: Cumulative Unsecured Corporate Bonds Issued ($M)\nRight Y-axis: Unsecured Bonds % of Total Debt\n\nX-axis (Dates):\nSep. 2012, Jul. 2014, Mar. 2017, Sep. 2017, Jan. 2020, Jun. 2021, Jul. 2024, Jul. 2025\n\nBar Data (Cumulative Unsecured Corporate Bonds Issued ($M)):\nSep. 2012: $325\nJul. 2014: $625\nMar. 2017: $1,125\nSep. 2017: $1,525\nJan. 2020: $2,275\nJun. 2021: $2,925\nJul. 2024: $3,425\nJul. 2025: $3,925\n\nLine Graph Data (Unsecured Bonds % of Total Debt):\nSep. 2012: 19%\nJul. 2014: 20%\nMar. 2017: 17%\nSep. 2017: 27%\nJan. 2020: 33%\nJun. 2021: 53%\nJul. 2024: 57%\nJul. 2025: 74%\n\nAnnotation: A green bracket over Sep. 2012 to Sep. 2017 with the text \"REPAID\".\n\nTable below the chart, aligned with the dates:\nNew Issuance Size ($M): $325 $300 $500 $400 $750 $650 $500 $500\nTotal GAAP Leverage Ratio¹: 1.7x 1.6x 2.9x 2.9x 3.1x 2.8x 2.4x 2.1x\nAdjusted Leverage Ratio¹²: 1.7x 1.6x 2.7x 2.6x 2.7x 2.3x 1.5x 1.5x\nBond Issue Credit Ratings³: Ba3 / B+ / BB Ba3 / B+ / BB Ba3 / B+ / BB Ba3 / BB- / BB Ba2 / BB- / BB+ Ba2 / BB- / BB+ Ba1 / BB / BB+ Baa3 / BB / BBB-\n::>",
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"text": "\n\nSEASONED UNSECURED BOND ISSUER WITH INDUSTRY-LEADING CREDIT RATINGS",
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"text": "\n\nUPGRADED TO IG BY MOODY'S (Baa3)\nAND FITCH (BBB-) IN MAY 2025",
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"text": "\n\n1. Represents average leverage, based on quarter-end amounts, for twelve-month period through quarter of bond issuance\n2. For a description of this non-GAAP financial measure, see Selected Definitions on page 40\n3. Represents Moody's / S&P / Fitch bond issuance credit ratings",
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"text": "\n\nLADDER 5.50% BONDS DUE 2030\n\nSpread to U.S. Treasuries\n(basis points)\n\n<::Bar chart showing the spread to U.S. Treasuries (basis points).\n- A bar for June 2025 shows a value of 167.\n- A bar for May 2026 shows a value of 121.\n- An arrow points from the June 2025 bar to the May 2026 bar, with text \"~46 bps tightening\".\n: bar chart::>\n",
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"text": "\n\nEQUITY REITS¹\nSpread to U.S. Treasuries\n(basis points)\n<::bar chart::>\nJune 2025: 125\nMay 2026: 101\nBetween June 2025 and May 2026, there was a ~24 bps tightening.\n<::/bar chart::>",
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"text": "\n\nOUTPERFORMANCE IN SECONDARY MARKET VS. COMPARABLE EQUITY REIT BONDS \\u00b9",
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"text": "\n\nSource: FactSet. Note: Graphs above shown for period from Ladder's inaugural IG bond issuance in June 2025 through 05/04/2026.\n1. Represents average of equity REIT bonds with similar ratings (mid-low BBB) and tenors as Ladder's 5.50% bonds due 2030, including AAT, BNL, CDP, CUZ, EGP, EPR, EPRT, FCPT, FR, HIW, IRT, KRC, KRG, PECO, SKT and UDR",
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"text": "\n\n<::bar chart: UNSECURED AND SECURED DEBT MATURITIES\nLegend:\n- Unsecured Debt (light blue)\n- Secured Debt (dark blue)\n\nY-axis: Debt in US Dollars ($)\nX-axis: Year\n\nData points:\n- 2026:\n - Total Debt: $955\n - Secured Debt: $955 (incl. $935M financing on AAA-rated securities)\n - Unsecured Debt: $0\n- 2027:\n - Total Debt: $716\n - Unsecured Debt: $599\n - Secured Debt: $116\n- 2028:\n - Total Debt: $25\n - Unsecured Debt: $25\n - Secured Debt: $0\n- 2029:\n - Total Debt: $1,162\n - Unsecured Debt: $1,126 (incl. $492M drawn on $1.25B corp. revolver)\n - Secured Debt: $36\n- 2030:\n - Total Debt: $601\n - Unsecured Debt: $500\n - Secured Debt: $101\n- 2031:\n - Total Debt: $502\n - Unsecured Debt: $500\n - Secured Debt: $2\n- 2032 & Beyond:\n - Total Debt: $83\n - Secured Debt: $83\n - Unsecured Debt: $0\n::>\n",
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"text": "\n\nNote: As of 03/31/2026. Dollars in millions.\n1. Comprised of $634M corporate bond maturity and $492M corporate revolver maturity",
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"text": "\n\n$1.25B UNSECURED REVOLVER (UPSIZED IN FEBRUARY 2026)\nFLEXIBLE, SAME-DAY LIQUIDITY\nHIGHLY ATTRACTIVE BORROWING COST OF S+125 BPS\n~4-YEAR REMAINING MATURITY\nREINFORCES ABILITY TO FINANCE LADDER WITH PREDOMINANTLY UNSECURED CAPITAL\nSYNDICATE COMPRISED OF 13 BLUE-CHIP, LEADING FINANCIAL INSTITUTIONS:\n\n<::visual content::>",
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"text": "\n\n<::table\n| | LADDER IG BOND COVENANT | \"LOOK-THROUGH\" LADDER METRIC | EQUITY REIT IG BOND COVENANT |\n| :--- | :--- | :--- | :--- |\n| TOTAL LEVERAGE | ≤3.5x Debt/Equity* (≤78% Debt/Assets) | → 65% LTV¹ → ≤51% Debt/Assets | ≤60% Debt/Assets |\n| UNENCUMBERED ASSETS / UNSECURED DEBT | ≥1.20x | → 65% LTV¹ → ≥1.85x | ≥1.50x |\n| FIXED CHARGE COVERAGE RATIO | ≥1.25x | → 1.2x DSCR² → ≥1.50x |\n\n* Ladder's target leverage range is 2.0x-3.0x\n: table::>\n* Ladder's target leverage range is 2.0x-3.0x ",
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"text": "\n\nUNENCUMBERED ASSET\nPOOL COMPOSITION\n<::Donut chart showing the composition of unencumbered assets, totaling $4.3B.\n- First Mortgage Loans: $2,631 (61%)\n- Mezzanine Loans: $3 (0.1%)\n- Securities: $1,021 (24%)\n- CRE Equity: $498 (12%)\n- Other Assets: $119 (3%)\n- Unrestricted Cash: $33 (1%)\n: chart::>\n",
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"text": "\n\nKEY UNENCUMBERED\nPOOL HIGHLIGHTS\n\n**73%** OF TOTAL ASSETS ARE UNENCUMBERED\n\n**85%** COMPRISED OF CASH, FIRST MORTGAGE\nLOANS AND IG SECURITIES\n\n**1.58X** UNENCUMBERED ASSETS / UNSECURED DEBT\n\n**> $1.0B** CUSHION VS. 1.20X LEVEL\n\n**~50%** OF IG SECURITIES PORTFOLIO IS\nUNENCUMBERED",
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"text": "\n\nNote: As of 03/31/2026. Dollars in millions, unless noted otherwise. Loan amounts shown before CECL allowance. CRE equity amount represents undepreciated asset value.",
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"text": "\n\n<::\nUNENCUMBERED ASSET / UNSECURED DEBT RATIO\n\nBar chart showing Unencumbered Asset / Unsecured Debt Ratio from 2015 to Q1 2026.\n\nHorizontal lines:\n- 1.69 x (10-YEAR AVERAGE)\n- 1.20 x (COVENANT)\n\nData:\n- 2015: 1.61x\n- 2016: 1.70x\n- 2017: 1.56x\n- 2018: 1.53x\n- 2019: 1.68x\n- 2020: 1.57x\n- 2021: 1.72x\n- 2022: 1.73x\n- 2023: 1.87x\n- 2024: 1.89x\n- 2025: 1.78x\n- Q1 2026: 1.62x\n\nTable below the chart:\n| | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Q1 2026 |\n|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|\n| % Cash, First Mortgage Loans and Securities | 57% | 55% | 60% | 63% | 70% | 81% | 83% | 81% | 81% | 82% | 86% | 86% |\n: bar chart and table::>",
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"text": "\n\n<::timeline:\n2008: Founded with $611M of equity\n2009: Ladder first mover in industry: Participation in TALF program\n2010: Ladder first mover in industry: Participation in first \"CMBS 2.0\" securitization\n2011:\n2012: Ladder first mover in industry: Inaugural unsecured corporate bond offering\nLadder first mover in industry: FHLB membership established\n2013:\n2014: Ladder first mover in industry: IPO on NYSE\nLadder first mover in industry: Established unsecured revolving credit facility\n2015: Over $15B of loan originations and $25B of total investments since inception\n2016: First CRE CLO issuance\n2017: First Ladder-only securitization\n2018: First follow-on primary equity issuance\n2019:\n2020: Ladder's path to IG: Successfully navigated through COVID with positive credit performance\n2021:\n2022: Extended and upsized unsecured corporate revolving credit facility\n2023: New bond issuance moves company within IG rating parameters\nUpsized, extended and reduced cost on unsecured corporate revolving credit facility\n2024: Ladder credit rating upgrades: New bond issuance moves company within IG rating parameters\nUpsized, extended and reduced cost on unsecured corporate revolving credit facility\n2025: Ladder credit rating upgrades: Achieved IG ratings from Moody's (Baa3) and Fitch (BBB-)\nInaugural IG bond issuance: tightest spread in Ladder's history and ~5.5x oversubscribed\n2026: Ladder credit rating upgrades: Upgraded by S&P to BB+ (one notch below IG)\nUpsized unsecured corporate revolving credit facility and closed unsecured term loan facility\n\nLEGEND\nLadder first mover in industry\nLadder's path to IG\nLadder credit rating upgrades\n::>",
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