{ "document": "a8f39aea5aa64828", "scans": [ { "page": 54, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "parse-01m0xrqfpnkxcbs3b7sv3j7xnj", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.3, "reused": false, "response_artifact": "a8f39aea5aa64828.p54.ade.json", "figures": [ { "page": 54, "text": "A donut chart titled '$5.8B Investment Assets & Cash' showing the breakdown of investment assets. The chart is divided into four segments: CRE Loans (49%, $2,817), CRE Securities (32%, $1,872), CRE Equity (18%, $1,058), and Cash & Cash Equivalents (<1%, $38).\n\n| Category | Amount ($B) | Percentage |\n| --- | --- | --- |\n| CRE Loans | 2,817 | 49% |\n| CRE Securities | 1,872 | 32% |\n| CRE Equity | 1,058 | 18% |\n| Cash & Cash Equivalents | 38 | <1% |", "box": { "left": 0.02204069, "top": 0.3020336, "right": 0.6670109, "bottom": 0.64456975 }, "chunk_id": "figure-0", "job_id": "parse-01m0xrqfpnkxcbs3b7sv3j7xnj", "picture_ref": "#/pictures/1" } ], "tables": [], "context": [ { "page": 54, "kind": "text", "text": "Table of Contents\n", "box": { "left": 0.02491887, "top": 0.02576514, "right": 0.1393401, "bottom": 0.04606512 }, "chunk_id": "text-0" }, { "page": 54, "kind": "text", "text": "We maintain a diversified and flexible financing strategy supporting our investment strategy and overall business operations, including the use of senior\nunsecured notes and our unsecured revolving credit facility. Refer to “Our Financing Strategies” and “Liquidity and Capital Resources” for further information.\n", "box": { "left": 0.02473232, "top": 0.07346974, "right": 0.97424269, "bottom": 0.10909165 }, "chunk_id": "text-1" }, { "page": 54, "kind": "text", "text": "Ladder was founded in October 2008 and we completed our initial public offering in February 2014. We are led by a disciplined and highly aligned\nmanagement team. As of June 30, 2026, our management team and directors held interests in our Company comprising 13% of our total equity. On average,\nour management team members have over 30 years of experience in the industry. Our management team includes Brian Harris, Chief Executive Officer;\nPamela McCormack, President; Paul J. Miceli, Chief Financial Officer; Robert Perelman, Head of Asset Management; and Kelly Porcella, Chief\nAdministrative Officer & General Counsel. Anthony V. Esposito, Chief Accounting Officer, and Stephanie Lin, Assistant Secretary, are additional officers of\nLadder.\n", "box": { "left": 0.0249292, "top": 0.11579668, "right": 0.95934832, "bottom": 0.20327359 }, "chunk_id": "text-2" }, { "page": 54, "kind": "text", "text": "*Our Businesses*\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\nsegments are designed to provide us with the flexibility to opportunistically allocate capital in order to generate attractive risk-adjusted returns under varying\nmarket conditions. The following chart summarizes our investment portfolio as of June 30, 2026 ($ in thousands):\n", "box": { "left": 0.02423388, "top": 0.21134058, "right": 0.96087027, "bottom": 0.28644672 }, "chunk_id": "text-3" }, { "page": 54, "kind": "text", "text": "There are a number of factors that influence our operating results. Some of these factors include: (1) our competition; (2) market and economic conditions,\nincluding inflation; (3) loan origination and repayment volume; (4) profitability of securitizations; (5) avoidance of credit losses; (6) availability of debt and\nequity funding and the costs of that funding; (7) the net interest margin on our investments; (8) effectiveness of our hedging and other risk management\npractices; (9) real estate transaction volumes; (10) occupancy rates; and (11) expense management. Refer to the heading “Results of Operations.”\n", "box": { "left": 0.023691, "top": 0.65023899, "right": 0.95455807, "bottom": 0.7137984 }, "chunk_id": "text-4" }, { "page": 54, "kind": "marginalia", "text": "49\n", "box": { "left": 0.48895139, "top": 0.75461906, "right": 0.51181465, "bottom": 0.77136618 }, "chunk_id": "marginalia-0" } ] }, { "page": 56, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "parse-01m0xrqfragq0zcmnmbsav7kpv", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.6, "reused": false, "response_artifact": "a8f39aea5aa64828.p56.ade.json", "figures": [ { "page": 56, "text": "The figure is a donut chart titled 'Loan Type'. The vast majority of the chart is represented by a large, dark blue segment labeled 'Balance Sheet First Mortgage Loans' with a value of $2,787M. Two much smaller segments represent 'Conduit First Mortgage Loans' ($27M) and 'Other CRE-Related Loans' ($3M).\n\n| Loan Category | Amount |\n| --- | --- |\n| Balance Sheet First Mortgage Loans | $2,787M |\n| Conduit First Mortgage Loans | $27M |\n| Other CRE-Related Loans | $3M |", "box": { "left": 0.17724499, "top": 0.12576467, "right": 0.51019049, "bottom": 0.38159859 }, "chunk_id": "figure-0", "job_id": "parse-01m0xrqfragq0zcmnmbsav7kpv", "picture_ref": "#/pictures/2" }, { "page": 56, "text": "This figure is a donut chart titled 'Geographic Location'. The chart is divided into six segments of varying sizes, representing different geographic regions: Northeast (36%), South (25%), Southwest (15%), Midwest (13%), West (10%), and Various (1%). The segments are colored in varying shades of blue, with the Northeast segment being the largest and the 'Various' segment being the smallest.\n\n| Category | Percentage |\n| --- | --- |\n| Northeast | 36% |\n| South | 25% |\n| Southwest | 15% |\n| Midwest | 13% |\n| West | 10% |\n| Various | 1% |", "box": { "left": 0.15546319, "top": 0.41670108, "right": 0.44380149, "bottom": 0.6720525 }, "chunk_id": "figure-1", "job_id": "parse-01m0xrqfragq0zcmnmbsav7kpv", "picture_ref": "#/pictures/6" }, { "page": 56, "text": "A donut chart titled 'Loan Size' displays the distribution of loan sizes in percentages. The chart is divided into five segments, each color-coded with varying shades of blue. The segments represent different loan size ranges: 'Below $25M' (27%), '$25M - $50M' (39%), '$51M - $75M' (17%), '$76M - $100M' (6%), and 'Above $100M' (11%). The largest segment, representing loans between $25M and $50M, occupies the largest portion of the chart.\n\n| Loan Size Category | Percentage |\n| --- | --- |\n| Below $25M | 27% |\n| $25M - $50M | 39% |\n| $51M - $75M | 17% |\n| $76M - $100M | 6% |\n| Above $100M | 11% |", "box": { "left": 0.56240261, "top": 0.12553735, "right": 0.82794726, "bottom": 0.3784309 }, "chunk_id": "figure-2", "job_id": "parse-01m0xrqfragq0zcmnmbsav7kpv", "picture_ref": "#/pictures/5" }, { "page": 56, "text": "A donut chart titled 'Asset Type' showing the distribution of asset categories. The chart is divided into seven segments of varying sizes, colored in shades of blue from dark to light. The segments and their corresponding percentages are as follows: Multifamily (58%), Office (21%), Industrial (8%), Mixed Use (5%), Retail (4%), Hotel (2%), and Other (2%).\n\n| Asset Type | Percentage |\n| --- | --- |\n| Multifamily | 58% |\n| Office | 21% |\n| Industrial | 8% |\n| Mixed Use | 5% |\n| Retail | 4% |\n| Hotel | 2% |\n| Other | 2% |", "box": { "left": 0.56263387, "top": 0.41653073, "right": 0.88104355, "bottom": 0.68084502 }, "chunk_id": "figure-3", "job_id": "parse-01m0xrqfragq0zcmnmbsav7kpv", "picture_ref": "#/pictures/7" } ], "tables": [], "context": [ { "page": 56, "kind": "text", "text": "Table of Contents\n", "box": { "left": 0.02474589, "top": 0.02610029, "right": 0.13949126, "bottom": 0.04544818 }, "chunk_id": "text-0" }, { "page": 56, "kind": "text", "text": "The following charts set forth our total outstanding balance sheet first mortgage loans, other commercial real estate-related loans, and conduit first mortgage\nloans 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\nbalance.\n", "box": { "left": 0.02336878, "top": 0.07393413, "right": 0.95662481, "bottom": 0.12118182 }, "chunk_id": "text-1" }, { "page": 56, "kind": "text", "text": "**Real Estate**\n*Net Leased Commercial Real Estate Properties.* As of June 30, 2026, we owned 149 single tenant net leased properties with an undepreciated book value of\n$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\ngeneral liability insurance and property and building maintenance expenses. As of June 30, 2026, our net leased properties comprised a total of 3.4 million\nsquare 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\ninvestments 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\nleased properties are necessity-based businesses. During the three months ended June 30, 2026, we collected 99% of rent on these properties.\n", "box": { "left": 0.02224645, "top": 0.69984615, "right": 0.97431529, "bottom": 0.81598961 }, "chunk_id": "text-2" }, { "page": 56, "kind": "marginalia", "text": "51\n", "box": { "left": 0.48806304, "top": 0.85763997, "right": 0.51136059, "bottom": 0.87562853 }, "chunk_id": "marginalia-0" } ] }, { "page": 57, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "parse-01m0xrqfqt6yk2zcywq4k0pm6p", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.4, "reused": false, "response_artifact": "a8f39aea5aa64828.p57.ade.json", "figures": [ { "page": 57, "text": "A donut chart showing the breakdown of Real Estate Undepreciated Book Value. The chart is divided into two segments: 'Net Lease' representing $597M, shown in a darker blue, and 'Diversified CRE' representing $461M, shown in a lighter blue.\n\n| Category | Value |\n| --- | --- |\n| Net Lease | $597M |\n| Diversified CRE | $461M |", "box": { "left": 0.34574598, "top": 0.14027682, "right": 0.65479761, "bottom": 0.38921461 }, "chunk_id": "figure-0", "job_id": "parse-01m0xrqfqt6yk2zcywq4k0pm6p", "picture_ref": "#/pictures/3" }, { "page": 57, "text": "A donut chart illustrating the distribution of real estate across different geographic regions. The chart is divided into six segments, each representing a region and its corresponding percentage of the total. The data is as follows:
RegionPercentage
Midwest33%
Northeast28%
South23%
West11%
Southwest4%
Various1%
The segments are colored in varying shades of blue, with the largest segment (Midwest) being the darkest blue and the smaller segments (Southwest, Various) being lighter blue tones.\n\n| Region | Percentage |\n| --- | --- |\n| Midwest | 33% |\n| Northeast | 28% |\n| South | 23% |\n| West | 11% |\n| Southwest | 4% |\n| Various | 1% |", "box": { "left": 0.15381502, "top": 0.42842677, "right": 0.45997286, "bottom": 0.68431389 }, "chunk_id": "figure-1", "job_id": "parse-01m0xrqfqt6yk2zcywq4k0pm6p", "picture_ref": "#/pictures/8" }, { "page": 57, "text": "A donut chart illustrating the distribution of various real estate property types by percentage.\n\n| Property Type | Percentage |\n| --- | --- |\n| Office | 28% |\n| Multifamily | 25% |\n| Dollar Store | 13% |\n| Drug Store | 10% |\n| Hotel | 7% |\n| Grocery Store | 6% |\n| Other Retail | 6% |\n| Wholesale Club | 5% |", "box": { "left": 0.54489923, "top": 0.42988777, "right": 0.87261343, "bottom": 0.69398379 }, "chunk_id": "figure-2", "job_id": "parse-01m0xrqfqt6yk2zcywq4k0pm6p", "picture_ref": "#/pictures/9" } ], "tables": [], "context": [ { "page": 57, "kind": "marginalia", "text": "Table of Contents\n", "box": { "left": 0.02454174, "top": 0.02588901, "right": 0.13976671, "bottom": 0.04573714 }, "chunk_id": "marginalia-0" }, { "page": 57, "kind": "text", "text": "*Diversified Commercial Real Estate Properties.* As of June 30, 2026, we owned 62 diversified commercial real estate properties throughout the U.S with an\nundepreciated book value of $460.8 million. During the three months ended June 30, 2026, we collected 98% of rent on these properties.\n", "box": { "left": 0.02329275, "top": 0.07451795, "right": 0.95400751, "bottom": 0.10813254 }, "chunk_id": "text-0" }, { "page": 57, "kind": "text", "text": "The following charts summarize the composition of our real estate investments as of June 30, 2026 ($ in millions):\n", "box": { "left": 0.0232673, "top": 0.11544575, "right": 0.71223629, "bottom": 0.13539313 }, "chunk_id": "text-1" }, { "page": 57, "kind": "text", "text": "**Securities**\nWe invest in primarily AAA-rated real estate securities, typically front pay securities, with relatively short duration and significant subordination. We invest\nprimarily in CMBS, including CRE CLOs, secured by first mortgage loans on commercial real estate. These investments provide a stable and attractive base of\nnet interest income and help us manage our liquidity and hyper-amortization features included in many of these securities positions help mitigate potential\ncredit 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\nour experience in originating and underwriting mortgage loans that comprise assets within CMBS trusts, as well as our experience in structuring CMBS\ntransactions. In the future, we may invest in CMBS securities or other securities that are unrated.\n", "box": { "left": 0.02225119, "top": 0.72685862, "right": 0.97516412, "bottom": 0.84299433 }, "chunk_id": "text-2" }, { "page": 57, "kind": "marginalia", "text": "52\n", "box": { "left": 0.48758522, "top": 0.87138778, "right": 0.51331311, "bottom": 0.88964349 }, "chunk_id": "marginalia-1" } ] }, { "page": 58, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "parse-01m0xrqfqpvt2mf1f8vrx4v9g6", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.4, "reused": false, "response_artifact": "a8f39aea5aa64828.p58.ade.json", "figures": [ { "page": 58, "text": "A donut chart illustrating the distribution of credit ratings. The vast majority of the chart is dark blue, representing the AAA/Aaa rating. A small segment on the right, broken into three thin slices, represents lower ratings.\n\n| Rating Category | Percentage |\n| --- | --- |\n| AAA / Aaa | 96.0% |\n| AA / Aa | 1% |\n| A / A | 0.3% |\n| BBB / Baa / other | 3% |", "box": { "left": 0.35042417, "top": 0.17492679, "right": 0.75005567, "bottom": 0.40235248 }, "chunk_id": "figure-0", "job_id": "parse-01m0xrqfqpvt2mf1f8vrx4v9g6", "picture_ref": "#/pictures/4" } ], "tables": [], "context": [ { "page": 58, "kind": "marginalia", "text": "Table of Contents\n", "box": { "left": 0.02450369, "top": 0.02456117, "right": 0.1399038, "bottom": 0.04611056 }, "chunk_id": "marginalia-0" }, { "page": 58, "kind": "text", "text": "As 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\nCUSIP). 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,\nwhich are subject to transfer restrictions over the term of the securitization trust. The following chart summarizes our securities investments by market value,\n98.5% 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:\n", "box": { "left": 0.02288347, "top": 0.08600979, "right": 0.97248888, "bottom": 0.14927578 }, "chunk_id": "text-0" }, { "page": 58, "kind": "text", "text": "As of June 30, 2026, our CMBS investments had a weighted average duration of 3.0 years. The commercial real estate collateral underlying our CMBS\ninvestment 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\ncollateral underlying our CMBS investment portfolio was distributed throughout the top 25 metropolitan statistical areas (“MSAs”) in the United States, with\n6.5% 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\nin 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.\n", "box": { "left": 0.02163169, "top": 0.4340252, "right": 0.97291803, "bottom": 0.50968921 }, "chunk_id": "text-1" }, { "page": 58, "kind": "text", "text": "AAA-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\ninvestments 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\nCommittee. The Risk and Underwriting Committee also must approve any investments in non-rated or sub-investment grade CMBS or U.S. Agency securities\nin 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\nor other entity for which Ladder has authority to make investment decisions.\n", "box": { "left": 0.02252027, "top": 0.51627016, "right": 0.97388506, "bottom": 0.59123242 }, "chunk_id": "text-2" }, { "page": 58, "kind": "text", "text": "**Other Investments**\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\nwas $41.5 million.\n", "box": { "left": 0.02311784, "top": 0.59829414, "right": 0.95967859, "bottom": 0.65880287 }, "chunk_id": "text-3" }, { "page": 58, "kind": "text", "text": "**Our Financing Strategies**\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\nour exposure across multiple capital markets and counterparties. In addition to cash flow from operations, we fund our operations and investment strategy\nthrough a diverse array of funding sources, including:\n - Senior unsecured notes\n - Unsecured revolving credit facilities\n - Unsecured term loan facility\n - Secured loan and securities repurchase financing\n", "box": { "left": 0.02393094, "top": 0.66583782, "right": 0.96908808, "bottom": 0.81103796 }, "chunk_id": "text-4" }, { "page": 58, "kind": "marginalia", "text": "53\n", "box": { "left": 0.48619196, "top": 0.83706367, "right": 0.5143488, "bottom": 0.85694396 }, "chunk_id": "marginalia-1" } ] } ], "errors": [], "removed": [] }