{ "document": "Ladder-Capital-Investor-Presentation-2026-07-23", "scans": [ { "page": 1, "status": "figures", "reason": "", "picture_classes": [ "photograph" ], "table_refs": [], "job_id": "cms7oz3t50a8sd5015botxjmf", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p1.ade.json", "figures": [ { "page": 1, "text": "\n\n<::A photograph of a city skyline with a large body of water in the foreground, reflecting the sky and buildings. There are trees on the bank between the water and the city. A fountain is visible in the water. Overlaid on the image is the text:\nInvestor Presentation\nJuly 2026\nAN INVESTMENT GRADE REIT\n: photograph::>", "box": { "bottom": 0.9337335824966431, "left": 0.003486156463623047, "right": 1.0, "top": 0.15597951412200928 }, "chunk_id": "b8143025-8cc7-4d30-99f8-4fc4adab9350", "job_id": "cms7oz3t50a8sd5015botxjmf", "picture_ref": "#/pictures/1" } ], "tables": [], "context": [ { "page": 1, "kind": "text", "text": "\n\nNYSE: LADR", "box": { "bottom": 0.06173896789550781, "left": 0.8345975279808044, "right": 0.9880662560462952, "top": 0.015500260517001152 }, "chunk_id": "08c82ee9-377f-4912-9d0d-fc0668bedb5f" }, { "page": 1, "kind": "text", "text": "\n\nNEW YORK | MIAMI", "box": { "bottom": 0.9889703989028931, "left": 0.35327547788619995, "right": 0.6406900882720947, "top": 0.9468395709991455 }, "chunk_id": "a2a877b5-118f-4b25-8196-9403f089961c" } ] }, { "page": 4, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "cms7oz3r40b1he4013hxyahn3", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p4.ade.json", "figures": [ { "page": 4, "text": "\n\nMulti-Cylinder Strategy\n\n$5.8B\nCRE investments with senior secured focus\n\n<::transcription of the content\n: donut chart\n$2.8B\nFirst Mortgage Loans\n$1.9B\nIG Securities\n$1.1B\nCRE Equity\nSecurities\n33%\nLoans\n49%\nEquity\n18%::>\n\n~$52B total investments since inception\n<$15M granular avg. investment size", "box": { "bottom": 0.8377077579498291, "left": 0.026010975241661072, "right": 0.34492141008377075, "top": 0.2524489462375641 }, "chunk_id": "13e65c74-c248-44d6-ac08-0aba0ffb91b1", "job_id": "cms7oz3r40b1he4013hxyahn3", "picture_ref": "#/pictures/3" } ], "tables": [], "context": [ { "page": 4, "kind": "text", "text": "\n\nLADDER AT A GLANCE", "box": { "bottom": 0.08327268064022064, "left": 0.004330992698669434, "right": 0.5436322093009949, "top": 0.01627671718597412 }, "chunk_id": "667d6461-8d04-4515-acc4-20b2a6353f11" }, { "page": 4, "kind": "text", "text": "\n\nInvestment grade REIT with focus on commercial real estate credit", "box": { "bottom": 0.20173488557338715, "left": 0.13429704308509827, "right": 0.8735623359680176, "top": 0.15984509885311127 }, "chunk_id": "92cb03e6-e282-43c1-996e-9d71f8484163" }, { "page": 4, "kind": "text", "text": "\n\n# Skin in the Game\n\n**>$155M / 13%**\nManagement & director ownership\n\n**Internally managed**\nFully aligned with stakeholders\n\n**30 years**\nAvg. executive team experience\n\n**~10%**\nROE since IPO, with only ~10 bps of losses\n\n**Stock buybacks**\n$100M program; $24M LTM repurchases", "box": { "bottom": 0.8392492532730103, "left": 0.364839643239975, "right": 0.6644493341445923, "top": 0.2507758140563965 }, "chunk_id": "1db8805f-de48-4804-b365-59b811467f5a" }, { "page": 4, "kind": "text", "text": "\n\n# Fortress Balance Sheet\n\n## IG-Rated\nMoody's: Baa3 / Fitch: BBB-\n\n## 67%\nUnsecured debt/total debt\n\n## 2.3x\nAdjusted leverage (target 2.0-3.0x)\n\n## 73%\nUnencumbered assets/total assets\n\n## >$1.5B\nUnsecured bank credit facility capacity", "box": { "bottom": 0.8382734060287476, "left": 0.685512125492096, "right": 0.9909499287605286, "top": 0.2521089017391205 }, "chunk_id": "42789b03-7522-46f2-bb66-e37e30153743" }, { "page": 4, "kind": "text", "text": "\n\nNote: As of 06/30/2026 unless otherwise noted. Dollars in millions. Asset mix percentages exclude cash and all other assets. Insider ownership based on $9.75 LADR closing price on 07/22/2026.", "box": { "bottom": 0.9586074352264404, "left": 0.03378280997276306, "right": 0.9142324924468994, "top": 0.9347230195999146 }, "chunk_id": "b5a72957-7726-46c2-b1d7-5f30aa264d1e" }, { "page": 4, "kind": "marginalia", "text": "\n\n4", "box": { "bottom": 0.9821849465370178, "left": 0.4935753643512726, "right": 0.5073291063308716, "top": 0.9645002484321594 }, "chunk_id": "566755bb-ba40-48f3-a5c9-1e04cc2a7964" } ] }, { "page": 5, "status": "figures", "reason": "", "picture_classes": [ "line_chart", "bar_chart" ], "table_refs": [], "job_id": "cms7oz45r0b1je4010es2zrqv", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p5.ade.json", "figures": [ { "page": 5, "text": "\n\n<::chart: Book Value Preservation. The chart shows two lines over time, from Q1 2022 to Q1 2026. The x-axis represents quarters: Q1 Q2 Q3 Q4 for years 2022, 2023, 2024, 2025, and Q1 for 2026. A shaded vertical band from Q1 2022 to Q2 2023 is labeled \"FED RATE HIKE CYCLE\". The dark blue line represents \"Ladder\" and the light blue line represents \"Non-IG CMREITS\". Both lines start at the same point on the left. The \"Ladder\" line remains relatively flat, showing slight fluctuations, and ends at Q1 2026 with a value of (1.8%). The \"Non-IG CMREITS\" line steadily declines throughout the period, ending at Q1 2026 with a value of (23.6%). An arrow points upwards from the \"Non-IG CMREITS\" line to the \"Ladder\" line at Q1 2026, with the text \"+21.8% BOOK VALUE OUTPERFORMANCE\".::>", "box": { "bottom": 0.7781156897544861, "left": 0.0046762824058532715, "right": 0.566112756729126, "top": 0.25246375799179077 }, "chunk_id": "32af6879-5ddf-4420-96cf-78f3f3842d16", "job_id": "cms7oz45r0b1je4010es2zrqv", "picture_ref": "#/pictures/4" }, { "page": 5, "text": "\n\n5-Year Total Returns³\n\n<::\nTable: 5-Year Total Returns\n| Category | 5-Year Total Return |\n|:-------------------------|:--------------------|\n| LADR | +27% |\n| BBB/BBB- Equity REITs⁵ | +24% |\n| Equity REITs Index⁶ | +32% |\n| Regional Bank Index⁷ | +33% |\n| Non-IG CMREITs⁴ | (5%) |\n: bar chart::>\n\nCURRENT DIVIDEND YIELD\n10.9% 9.4% 4.3% 3.6% 2.5%", "box": { "bottom": 0.7783030271530151, "left": 0.5697173476219177, "right": 0.996458113193512, "top": 0.2539999186992645 }, "chunk_id": "7fc023eb-ba16-43e7-9beb-c2b545071037", "job_id": "cms7oz45r0b1je4010es2zrqv", "picture_ref": "#/pictures/5" } ], "tables": [], "context": [ { "page": 5, "kind": "text", "text": "\n\nRELATIVE OUTPERFORMANCE", "box": { "bottom": 0.08285003900527954, "left": 0.005103081464767456, "right": 0.7372848987579346, "top": 0.015447169542312622 }, "chunk_id": "71b2c9bb-2333-48f6-905c-8c2d71676973" }, { "page": 5, "kind": "text", "text": "\n\n“Stay rich, not get rich strategy”: capital preservation with attractive returns", "box": { "bottom": 0.20816238224506378, "left": 0.04240557551383972, "right": 0.9354287385940552, "top": 0.16161496937274933 }, "chunk_id": "d1262acb-2632-441f-af7d-cd2293eecb4c" }, { "page": 5, "kind": "text", "text": "\n\nNote: As of 06/30/2026, unless otherwise noted. Source: FactSet.\nSource: Public company filings, company presentations and FactSet.\n1. Depicts cumulative change in undepreciated book value per share through 03/31/2026\n2. Non-IG CMREITs include ARI, BRSP, BXMT, CMTG, FBRT, KREF, STWD and TRTX.\n3. Represents stock price change plus cumulative dividends, as of 07/22/2026. Graph bars are not to scale.\n4. Market capitalization-weighted average of Non-IG CMREITS\n5. Market capitalization-weighted average of AAT, BNL, CDP, CUZ, EGP, EPR, EPRT, FCPT, FR, HIW, IRT, KRC, KRG, PECO, SKT and UDR\n6. Represents MSCI U.S. REIT Index (RMZ)\n7. Represents SPDR S&P Regional Banking ETF", "box": { "bottom": 0.9590224027633667, "left": 0.0315115749835968, "right": 0.6087744235992432, "top": 0.8012704849243164 }, "chunk_id": "b6460593-0d92-4bc5-abc5-4ecb782195fc" }, { "page": 5, "kind": "marginalia", "text": "\n\n5", "box": { "bottom": 0.9834879040718079, "left": 0.4931674301624298, "right": 0.5076113939285278, "top": 0.9630448222160339 }, "chunk_id": "464d8b3d-bea6-433c-b32e-16d58c67f0fb" } ] }, { "page": 6, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "full_page_image" ], "table_refs": [], "job_id": "cms7oz3uc0b1ie40164ou32ld", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p6.ade.json", "figures": [ { "page": 6, "text": "\n\nLoan Origination Momentum\n<::bar chart with an overlay line graph. The title of the chart is \"LOAN PORTFOLIO ¹ ($M)\".\nThe x-axis represents years/quarters, and the y-axis represents the loan portfolio in millions of dollars.\nThere are three blue bars:\n- 2024: $1,591\n- 2025: $2,217\n- Q2 2026: $2,817\nAn upward sloping gold line starts from 2024, goes over the bars, and extends as a dashed line labeled \"ACTIVE PIPELINE\".\nCaption: Recent vintage – 85% of portfolio originated since 2024\n: chart::>", "box": { "bottom": 0.8336334228515625, "left": 0.022482186555862427, "right": 0.553635835647583, "top": 0.26212191581726074 }, "chunk_id": "d0e5765e-4c10-4b28-8bf3-be7a3b7adaaa", "job_id": "cms7oz3uc0b1ie40164ou32ld", "picture_ref": "#/pictures/6" } ], "tables": [], "context": [ { "page": 6, "kind": "text", "text": "\n\nRECENT MOMENTUM", "box": { "bottom": 0.08178026974201202, "left": 0.00581696629524231, "right": 0.5163571834564209, "top": 0.016103792935609818 }, "chunk_id": "e59a428d-9e06-4dd1-9b36-576930340b65" }, { "page": 6, "kind": "text", "text": "\n\n>$2.6B loan originations over last 18 months, with positive rating and funding developments", "box": { "bottom": 0.19353525340557098, "left": 0.03010714054107666, "right": 0.9825612306594849, "top": 0.15204159915447235 }, "chunk_id": "f082e9b2-c001-47b2-b96d-9dc57e0037fa" }, { "page": 6, "kind": "text", "text": "\n\n# Capital Structure Momentum (2025-2026)\n\n## Credit Rating Upgrades\nIG ratings from Moody's (Baa3) and Fitch (BBB-)\nS&P upgrade to BB+ and outlook revised to Positive\n\n## Inaugural IG Bond Issuance\n~5.5x oversubscribed; significant spread tightening since pricing\n\n$1.25B Upsized Unsecured Revolver @ S+125\n\n$275M New Unsecured Term Loan @ S+140", "box": { "bottom": 0.8339828252792358, "left": 0.5703262686729431, "right": 0.9856850504875183, "top": 0.26239868998527527 }, "chunk_id": "e5f1d89d-5d9a-4f65-9620-e988e730ab78" }, { "page": 6, "kind": "marginalia", "text": "\n\nNote: As of 06/30/2026. Forward pipeline subject to change.\n1. As of end of period", "box": { "bottom": 0.9590103030204773, "left": 0.0352059006690979, "right": 0.29845142364501953, "top": 0.9215114712715149 }, "chunk_id": "62c648b4-3696-49fc-9c34-fb07ec0988e6" }, { "page": 6, "kind": "marginalia", "text": "\n\n6", "box": { "bottom": 0.9819176197052002, "left": 0.4945528209209442, "right": 0.5065065622329712, "top": 0.9642684459686279 }, "chunk_id": "f664b819-7586-4f3b-8b06-2582df8513a2" } ] }, { "page": 7, "status": "figures", "reason": "", "picture_classes": [ "flow_chart" ], "table_refs": [], "job_id": "cms7oz3uj0b5lcx01zptlyung", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p7.ade.json", "figures": [ { "page": 7, "text": "\n\nCRE investing expressed in three forms: Loans, Securities, Equity\n(Water) (Steam) (Ice)\n<::diagram\nLOANS: $33B¹ (represented by a water droplet icon)\nSECURITIES: $17B¹ (represented by a steam icon)\nEQUITY: $2B¹ (represented by an ice cube icon)\n\nArrows connect these three forms in a cycle:\n- An arrow from SECURITIES points to LOANS, labeled \"Pricing signals\".\n- An arrow from LOANS points to EQUITY, labeled \"Selective opportunities\".\n- An arrow from EQUITY points to SECURITIES, labeled \"Market intelligence\".\n\nIn the center, a circular arrow graphic states:\n$52B+\ninvestments\nsince\ninception\n: diagram::>", "box": { "bottom": 0.9195054173469543, "left": 0.09104236960411072, "right": 0.8823275566101074, "top": 0.11667114496231079 }, "chunk_id": "eaa48582-9093-469d-8800-3ef3e925c7bf", "job_id": "cms7oz3uj0b5lcx01zptlyung", "picture_ref": "#/pictures/8" } ], "tables": [], "context": [ { "page": 7, "kind": "text", "text": "\n\nMULTI-CYLINDER STRATEGY", "box": { "bottom": 0.08422733843326569, "left": 0.004056692123413086, "right": 0.7064589262008667, "top": 0.014508873224258423 }, "chunk_id": "c98bc8cb-7fa5-4591-a68f-6ea5b01bd570" }, { "page": 7, "kind": "text", "text": "\n\nNote: As of 06/30/2026. CRE Equity amounts shown at undepreciated value.\n1. Represents amount invested since inception (asset value)", "box": { "bottom": 0.9592667818069458, "left": 0.0360378623008728, "right": 0.38493743538856506, "top": 0.9219162464141846 }, "chunk_id": "adfcef7f-9c98-4ba1-ba89-78f0b6252d33" }, { "page": 7, "kind": "marginalia", "text": "\n\n7", "box": { "bottom": 0.9815543293952942, "left": 0.49397513270378113, "right": 0.506184458732605, "top": 0.9637057185173035 }, "chunk_id": "e4e7e461-2a32-48ac-a336-0cb92a94a519" } ] }, { "page": 8, "status": "figures", "reason": "", "picture_classes": [ "screenshot_from_computer", "full_page_image", "full_page_image" ], "table_refs": [], "job_id": "cms7oz3r80b5kcx01y0b7ka4j", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p8.ade.json", "figures": [ { "page": 8, "text": "\n\n<::A dark blue circle with a gold border containing the white text \"LOANS\" and a white outline of a teardrop or water drop icon below it.\n: icon::>\n\nPrimary business of originating senior\nsecured first mortgage loans on commercial\nreal estate, with middle-market focus\n\n>30% cushion from property owner equity¹\n\nPrimarily focus on short-term, floating-rate\nloans on properties undergoing light\nrenovations and/or leasing –\n“transitional” or “bridge” loans\n\nAlso originate longer-term, fixed-rate loans\non stabilized properties and sell into\nsecuritizations – “conduit” loans", "box": { "bottom": 0.8799445629119873, "left": 0.017468899488449097, "right": 0.3350251019001007, "top": 0.2364097535610199 }, "chunk_id": "9bfa7058-e0cc-4119-8ca6-c864c71c104d", "job_id": "cms7oz3r80b5kcx01y0b7ka4j", "picture_ref": "#/pictures/9" }, { "page": 8, "text": "\n\n<::circle with text \"SECURITIES\" and a small cloud icon with three vertical lines below the text.\n\nInvest in **AAA bonds** backed by **senior**\n**secured first mortgage loans** on commercial\nreal estate – **CMBS** and **CRE CLOs**\n\n**Short-duration, liquid, top-of-capital-stack**\npositions with **~50% credit cushion** below\n\n**Complementary to lending business** –\nprovides credit & pricing intelligence\n\n**Holding ground** for capital before\nrotating into loan investments\n: figure::>", "box": { "bottom": 0.8826096057891846, "left": 0.3496948182582855, "right": 0.6647170782089233, "top": 0.23252424597740173 }, "chunk_id": "9208b141-6a79-49b9-bca4-c140cfa7c8b0", "job_id": "cms7oz3r80b5kcx01y0b7ka4j", "picture_ref": "#/pictures/10" }, { "page": 8, "text": "\n\n<::A light blue circle with the word \"EQUITY\" in white text, and a white outline icon of a cube below it.\n\nDirectly **own** commercial real estate\n\nPrimarily focus on **net lease** properties with\n**investment grade** tenants\n\nAlso selectively invest in **diversified /**\n**opportunistic** real estate\n\n**Longer-term cash flows** complementary to\nshorter-term interest income on loan &\nsecurities investments\n: figure::>", "box": { "bottom": 0.8806370496749878, "left": 0.6809123754501343, "right": 0.9937762022018433, "top": 0.23523998260498047 }, "chunk_id": "d55eb7a6-97e0-4079-922d-d34a50635a51", "job_id": "cms7oz3r80b5kcx01y0b7ka4j", "picture_ref": "#/pictures/11" } ], "tables": [], "context": [ { "page": 8, "kind": "text", "text": "\n\nTHREE FORMS OF CRE INVESTING", "box": { "bottom": 0.08616955578327179, "left": 0.0043475329875946045, "right": 0.8149865865707397, "top": 0.015497975051403046 }, "chunk_id": "f7267494-b831-425e-abc5-8bed6b77d25a" }, { "page": 8, "kind": "text", "text": "\n\nComplementary investment products with focus on credit", "box": { "bottom": 0.19220809638500214, "left": 0.18122774362564087, "right": 0.8177638053894043, "top": 0.14816482365131378 }, "chunk_id": "a4b044a2-ad90-4700-95c6-78e322814de2" }, { "page": 8, "kind": "text", "text": "\n\n1. Based on 06/30/2026 weighted-average LTV", "box": { "bottom": 0.9592662453651428, "left": 0.03570910543203354, "right": 0.2572404742240906, "top": 0.9362401366233826 }, "chunk_id": "dd7ab338-83a4-4f38-8295-81704176a8d4" }, { "page": 8, "kind": "marginalia", "text": "\n\n8", "box": { "bottom": 0.9824957847595215, "left": 0.49385586380958557, "right": 0.5063536763191223, "top": 0.9636814594268799 }, "chunk_id": "079fa25f-5348-46db-bdf0-7ff068164e10" } ] }, { "page": 9, "status": "figures", "reason": "", "picture_classes": [ "full_page_image", "pie_chart", "pie_chart" ], "table_refs": [], "job_id": "cms7ozdwd0a8td5018a7g0anu", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p9.ade.json", "figures": [ { "page": 9, "text": "\n\n<::LOANS\n$2.8B\n(49% of portfolio)\n\n99%+ First mortgages\n68% W.A. LTV\n3.5-year W.A. extended maturity\n$25-$30M Avg. loan size\n: infographic::>", "box": { "bottom": 0.8504161834716797, "left": 0.01826934516429901, "right": 0.33383017778396606, "top": 0.23746144771575928 }, "chunk_id": "3e41fbb7-3a87-4c26-af64-b553e9c79503", "job_id": "cms7ozdwd0a8td5018a7g0anu", "picture_ref": "#/pictures/12" }, { "page": 9, "text": "\n\n<:: SECURITIES\n$1.9B\n(33% of portfolio)\n99% IG rated\n96% AAA-rated\n3.0-year W.A. duration\n$14M Avg. per CUSIP\n: figure::>", "box": { "bottom": 0.8538779616355896, "left": 0.35198071599006653, "right": 0.6625518798828125, "top": 0.23475784063339233 }, "chunk_id": "5054f470-599a-4ccd-9370-d1977c4a76c2", "job_id": "cms7ozdwd0a8td5018a7g0anu", "picture_ref": "#/pictures/13" }, { "page": 9, "text": "\n\n<::\nEQUITY\n$1.1B\n(18% of portfolio)\n\nNET LEASE PORTFOLIO METRICS\n100% Leased\n~61% IG tenants\n6.2-year W.A. lease term\n$4M Avg. investment size\n: infographic::>", "box": { "bottom": 0.8517292737960815, "left": 0.6821861267089844, "right": 0.9935306310653687, "top": 0.2356356680393219 }, "chunk_id": "4af2c119-1166-4c73-ad56-4ff65cb90b94", "job_id": "cms7ozdwd0a8td5018a7g0anu", "picture_ref": "#/pictures/14" } ], "tables": [], "context": [ { "page": 9, "kind": "text", "text": "\n\nCURRENT INVESTMENT MIX", "box": { "bottom": 0.08406974375247955, "left": 0.005708128213882446, "right": 0.6764637231826782, "top": 0.017668534070253372 }, "chunk_id": "cbf296cd-8029-4eb6-bac3-828013015ba0" }, { "page": 9, "kind": "text", "text": "\n\nDiversified, granular asset base with senior secured focus", "box": { "bottom": 0.19187866151332855, "left": 0.1779237985610962, "right": 0.8195010423660278, "top": 0.14733140170574188 }, "chunk_id": "5ed2355d-07d3-4f0f-8a9c-e863c17555c6" }, { "page": 9, "kind": "text", "text": "\n\nNote: As of 06/30/2026. CRE Equity amounts shown at undepreciated value. Asset mix percentages exclude cash and all other assets. See Selected Definitions for non-GAAP measures.\n1. Represents metrics for $597M net lease portfolio (excludes $461M diversified/other CRE equity investments)", "box": { "bottom": 0.9591726660728455, "left": 0.033664852380752563, "right": 0.867627739906311, "top": 0.9173066020011902 }, "chunk_id": "ae7d0e1c-5c20-4f14-a368-70e311dd83bc" }, { "page": 9, "kind": "marginalia", "text": "\n\n9", "box": { "bottom": 0.9827482104301453, "left": 0.4930230379104614, "right": 0.5076296329498291, "top": 0.9641215205192566 }, "chunk_id": "6c30788a-a9d1-485a-9488-4d6cad3d4838" } ] }, { "page": 10, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cms7ozdza0b1ke401u1mh47jl", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p10.ade.json", "figures": [ { "page": 10, "text": "\n\n<::Stacked Bar Chart: Flexibility to rotate across products based on market conditions\n\nY-axis: Liquidity & Seniority (with an upward arrow indicating increasing liquidity and seniority)\n\nAnnotation: Move to \"higher ground\" during market disruptions (spanning 2020-2025)\n\nLegend:\n- Cash (gold, with '$' icon)\n- Securities (dark blue, with 'three lines' icon)\n- Loans (darker blue, with 'droplet' icon)\n- Equity (light blue, with 'cube' icon)\n\nData:\n\n| Year | Cash | Securities | Loans | Equity |\n|:----------|:-----|:-----------|:------|:-------|\n| 2014 | - | 54% | 27% | 17% |\n| 2015 | - | 48% | 33% | 16% |\n| 2016 | - | 48% | 33% | 17% |\n| 2017 | - | 29% | 50% | 20% |\n| 2018 | - | 19% | 60% | 19% |\n| 2019 | - | 27% | 53% | 19% |\n| 2020 | 11% | 24% | 46% | 19% |\n| 2021 | 18% | 14% | 47% | 21% |\n| 2022 | 7% | 11% | 65% | 17% |\n| 2023 | 13% | 9% | 62% | 16% |\n| 2024 | 24% | 13% | 46% | 18% |\n| 2025 | 8% | 35% | 38% | 19% |\n| Q2 2026 | - | 36% | 46% | 18% |\n\nTable below chart:\n\n| Category | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Q2 2026 |\n|:-----------------------|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:--------|\n| Securities: % IG | 99% | 98% | 98% | 100% | 100% | 100% | 100% | 100% | 99% | 99% | 98% | 99% | 99% |\n| Loans: % Sr. Secured | 89% | 88% | 91% | 94% | 96% | 96% | 96% | 96% | 98% | 99% | 99% | >99% | >99% |\n| Equity: % Net Lease | 44% | 58% | 66% | 67% | 67% | 67% | 67% | 67% | 66% | 72% | 68% | 64% | 58% |\n: chart::>", "box": { "bottom": 0.8466517925262451, "left": 0.01521444320678711, "right": 0.9941643476486206, "top": 0.15890932083129883 }, "chunk_id": "f05272ea-1f3c-4d0a-ad26-efe28f6cac2b", "job_id": "cms7ozdza0b1ke401u1mh47jl", "picture_ref": "#/pictures/15" } ], "tables": [], "context": [ { "page": 10, "kind": "text", "text": "\n\nINVESTMENT ALLOCATION OVER TIME", "box": { "bottom": 0.0872034952044487, "left": 0.003345191478729248, "right": 0.9427880048751831, "top": 0.01239803433418274 }, "chunk_id": "73b04046-81ad-42c5-8b83-65eebda92a99" }, { "page": 10, "kind": "text", "text": "\n\nNote: Data shown since LADR's IPO. Represents average asset allocation during each year or year-to-date period shown, based on quarter-end amounts; excludes other assets.\n1. Represents cash and cash equivalents, including Treasury Bills", "box": { "bottom": 0.9585849642753601, "left": 0.03417465090751648, "right": 0.8328540325164795, "top": 0.9167733788490295 }, "chunk_id": "c1a4809d-2abd-42e1-be08-249886c0879e" }, { "page": 10, "kind": "marginalia", "text": "\n\n10", "box": { "bottom": 0.9828498959541321, "left": 0.4911065995693207, "right": 0.5096279978752136, "top": 0.9636361002922058 }, "chunk_id": "a76e4e7a-a3f0-4f06-bb84-3d3386de19e3" } ] }, { "page": 11, "status": "figures", "reason": "", "picture_classes": [ "table" ], "table_refs": [], "job_id": "cms7ozga70a8ud501kyr32m7t", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p11.ade.json", "figures": [ { "page": 11, "text": "\n\nDurable “Carry” earnings enhanced by ROE upside from gains\n<::\n| Investment Products | Carry Revenue | Gain-on-Sale Upside |\n|:---|:---|:---|\n| LOANS | Interest & fee income | + Conduit loan securitizations $371M |\n| EQUITY | Net operating Income | + Real estate sales (NAV upside) $216M |\n| SECURITIES | Interest income | + Securities sales $53M |\n\nGains since IPO (2014)\n: table::>\nLEVERED WITH IG CAPITAL STRUCTURE\n<::\n| | \"CARRY\" ROE | TOTAL ROE |\n|:---|:---|:---|\n| ILLUSTRATIVE LEVERED ROE: | 8.0% - 9.0%¹ | 9.0% - 10.0%+¹ |\n: table::>\n", "box": { "bottom": 0.893388032913208, "left": 0.12288510799407959, "right": 0.9463217258453369, "top": 0.1363164186477661 }, "chunk_id": "31feb879-e6cd-4aff-8d20-9aefa8a74963", "job_id": "cms7ozga70a8ud501kyr32m7t", "picture_ref": "#/pictures/16" } ], "tables": [], "context": [ { "page": 11, "kind": "text", "text": "\n\nEARNINGS DRIVERS", "box": { "bottom": 0.0824127048254013, "left": 0.005386829376220703, "right": 0.4963800311088562, "top": 0.016991447657346725 }, "chunk_id": "15cf474f-1225-494d-8183-a1aa592c4dab" }, { "page": 11, "kind": "text", "text": "\n\nNote: Returns shown are strictly for illustrative purposes and are based on management's view of current market conditions.\n1. Based on 3.0x total leverage (debt/GAAP book equity) with blended total company cost-of-funds of ~5.5%, and net of all estimated corporate overhead expenses and corporate debt service.", "box": { "bottom": 0.9582483172416687, "left": 0.03661349415779114, "right": 0.9040262699127197, "top": 0.9183499217033386 }, "chunk_id": "e3224f6e-7fd0-4231-9bae-de8d7aff8d21" }, { "page": 11, "kind": "marginalia", "text": "\n\n11", "box": { "bottom": 0.9828265905380249, "left": 0.49025464057922363, "right": 0.5104973316192627, "top": 0.9639573097229004 }, "chunk_id": "034aaa96-355d-4d79-8aa4-37be53d56182" } ] }, { "page": 12, "status": "figures", "reason": "", "picture_classes": [ "flow_chart" ], "table_refs": [], "job_id": "cms7ozme10b5mcx01krs4stn2", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p12.ade.json", "figures": [ { "page": 12, "text": "\n\n<::\nCurrent Stock Price¹\nsteep discount\n$9.75\n27% Discount to book\n9.4% Dividend yield\n\nEarning our way back to book\n\n1 Rotate into loans\nIncreases carry and lifts run-rate earnings\n\n2 Generate gains\nSupplement carry with gains across products — market undervalues\n[+] [+] [+]\n\n3 Buy back stock\nAccretively repurchasing shares below book value\n\nBook Value Per Share²\n$13.44\n30%+ Total return potential\n>9% Yield \"while you wait\"\n: diagram::>", "box": { "bottom": 0.8285846710205078, "left": 0.038969069719314575, "right": 0.9610276222229004, "top": 0.2503756284713745 }, "chunk_id": "6ecf9f6b-8688-4ea4-902f-624d8f7acb74", "job_id": "cms7ozme10b5mcx01krs4stn2", "picture_ref": "#/pictures/17" } ], "tables": [], "context": [ { "page": 12, "kind": "text", "text": "\n\nBRIDGING TO BOOK VALUE", "box": { "bottom": 0.08534865081310272, "left": 0.00470396876335144, "right": 0.6680635213851929, "top": 0.015565406531095505 }, "chunk_id": "c36463da-4ae4-4d6b-8a64-84cdd1ad2269" }, { "page": 12, "kind": "text", "text": "\n\nPath to closing gap to book with levers we control", "box": { "bottom": 0.21712583303451538, "left": 0.19453904032707214, "right": 0.813576340675354, "top": 0.170476496219635 }, "chunk_id": "3a50948d-7df1-4ff4-840e-96c8d8c1008a" }, { "page": 12, "kind": "text", "text": "\n\nNote: As of 06/30/2026\n1. Based on 07/22/2026 LADR closing stock price\n2. Represents undepreciated book value per share", "box": { "bottom": 0.9603758454322815, "left": 0.032328926026821136, "right": 0.2578843832015991, "top": 0.9040350317955017 }, "chunk_id": "759362e4-b523-4fee-89aa-4c72f2813423" }, { "page": 12, "kind": "marginalia", "text": "\n\n12", "box": { "bottom": 0.9833527207374573, "left": 0.4900329113006592, "right": 0.5108712911605835, "top": 0.962818443775177 }, "chunk_id": "4c9b77ea-b0ca-4cdf-be78-4aafacfb00f5" } ] }, { "page": 13, "status": "figures", "reason": "", "picture_classes": [ "flow_chart" ], "table_refs": [], "job_id": "cms7ozmw00b5ncx010alqtdnt", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p13.ade.json", "figures": [ { "page": 13, "text": "\n\nOptimize asset mix and supplement Carry earnings with gains\n<::\nchart: Three main columns with associated data and a row of financial metrics below.\n\nColumn 1: Current Asset Mix (Q2 2026)\n Stacked bar chart:\n Loans: 49%\n Securities: 33%\n Equity: 18%\n\nArrow pointing right from Column 1 to Column 2, with text: Increase allocation to loans\n\nColumn 2: Run-Rate Asset Mix (Illustrative)\n Stacked bar chart:\n Loans: 65%\n Securities: 20%\n Equity: 15%\n\nArrow pointing right from Column 2 to Column 3, with text: Generate gains-on-sale\n\nColumn 3: ROE Enhancements\n List of enhancements:\n + Conduit loan securitization gains\n + Securities gains-on-sale\n + Equity NAV upside\n\nFinancial Metrics (below the columns):\n ROE ¹\n Current Asset Mix: ~8.0%\n Run-Rate Asset Mix: ~8.5%-9.0%\n ROE Enhancements: ~9.0%-10.0%+\n\n DEPS ¹\n Current Asset Mix: ~$0.23\n Text below: Current dividend level\n Run-Rate Asset Mix: $0.24-$0.25\n ROE Enhancements: $0.26-$0.27\n Text below: Earnings growth = dividend growth\n::>\n", "box": { "bottom": 0.9154558777809143, "left": 0.08298096060752869, "right": 0.9315532445907593, "top": 0.13864630460739136 }, "chunk_id": "48f61dfb-0058-4a1c-9d35-c7cec18dba0b", "job_id": "cms7ozmw00b5ncx010alqtdnt", "picture_ref": "#/pictures/18" } ], "tables": [], "context": [ { "page": 13, "kind": "text", "text": "\n\nPATH TO EARNINGS GROWTH", "box": { "bottom": 0.08404924720525742, "left": 0.0048716068267822266, "right": 0.7212755084037781, "top": 0.015559867024421692 }, "chunk_id": "db878258-2d29-48f6-be98-478c86b4ea18" }, { "page": 13, "kind": "text", "text": "\n\nNote: Asset mix percentages exclude cash and all other assets\n1. Represents illustrative ROE and illustrative quarterly Distributable EPS", "box": { "bottom": 0.9584276080131531, "left": 0.03375686705112457, "right": 0.3513635993003845, "top": 0.9208292365074158 }, "chunk_id": "517be4ea-0a4a-44f5-ad8c-39a2a1af0232" }, { "page": 13, "kind": "marginalia", "text": "\n\n13", "box": { "bottom": 0.9823487997055054, "left": 0.4914698004722595, "right": 0.5092175602912903, "top": 0.9635775089263916 }, "chunk_id": "53272c1d-03c8-46b2-bdc9-8300572fdc75" } ] }, { "page": 14, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cms7ozq3k0b1le4017i7wl74d", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p14.ade.json", "figures": [ { "page": 14, "text": "\n\n<::LADR Stock Price at Range of Dividend Yields: bar chart\n\nLeft-side legend:\nQuarterly Dividend\n$0.25 hypothetical\nRun-rate ROE (arrow pointing up)\n$0.23 current\n\nChart sections:\nCURRENT DISCOUNT\nHISTORICAL RANGE 1\nAPPROACHING IG REITS\n\nData columns (from left to right):\n\nColumn 1 (under CURRENT DISCOUNT):\nDividend Yield: 9.4%\nPremium/(Discount) to Book Value 3: (21%)\nPrice: $9.75 (current)\nUpper price: $10.60\nUpside: +9%\n\nColumn 2 (under CURRENT DISCOUNT):\nDividend Yield: 8.5%\nPremium/(Discount) to Book Value 3: (12%)\nPrice: $10.82\nUpper price: $11.76\nUpside: +21%\n\nColumn 3 (under HISTORICAL RANGE 1):\nDividend Yield: 8.0%\nPremium/(Discount) to Book Value 3: (7%)\nPrice: $11.50\nUpper price: $12.50\nUpside: +28%\n\nColumn 4 (under HISTORICAL RANGE 1):\nDividend Yield: 7.5%\nPremium/(Discount) to Book Value 3: (1%)\nPrice: $12.27\nUpper price: $13.33\nUpside: +37%\n\nColumn 5 (under APPROACHING IG REITS):\nDividend Yield: 7.0%\nPremium/(Discount) to Book Value 3: +6%\nPrice: $13.14\nUpper price: $14.29\nUpside: +47%\n\nColumn 6 (under APPROACHING IG REITS):\nDividend Yield: 6.5%\nPremium/(Discount) to Book Value 3: +14%\nPrice: $14.15\nUpper price: $15.38\nUpside: +58%\n\nDiagonal line: Significant upside²\n\nSummary table at bottom:\nDIVIDEND YIELD\n9.4% 8.5% 8.0% 7.5% 7.0% 6.5%\nPREMIUM/(DISCOUNT)\nTO BOOK VALUE ³\n(21%) (12%) (7%) (1%) +6% +14%\n::>", "box": { "bottom": 0.8751443028450012, "left": 0.06460687518119812, "right": 0.9280755519866943, "top": 0.22101062536239624 }, "chunk_id": "cb640ac7-8473-417d-8f0a-8263d6757f3e", "job_id": "cms7ozq3k0b1le4017i7wl74d", "picture_ref": "#/pictures/19" } ], "tables": [], "context": [ { "page": 14, "kind": "text", "text": "\n\nSIGNIFICANT UPSIDE POTENTIAL", "box": { "bottom": 0.08415426313877106, "left": 0.004305362701416016, "right": 0.8159419894218445, "top": 0.015311315655708313 }, "chunk_id": "3bc2342f-e713-4cc4-8188-07039e3a4e9d" }, { "page": 14, "kind": "text", "text": "\n\nEarnings growth and yield compression = stock price upside", "box": { "bottom": 0.19431792199611664, "left": 0.1449071168899536, "right": 0.8405114412307739, "top": 0.1480497568845749 }, "chunk_id": "78b5e350-031f-42c7-90a2-339c05e486bb" }, { "page": 14, "kind": "text", "text": "\n\n1. Represents approximate average dividend yield for LADR stock over last 10 years, excluding 12-month period following onset of COVID in March 2020\n2. Hypothetical upside percentages based on implied stock price at $0.25 hypothetical quarterly dividend versus current stock price\n3. Based on implied stock price at $0.25 hypothetical quarterly dividend versus $13.44 undepreciated book value per share as of 06/30/2026", "box": { "bottom": 0.9593251943588257, "left": 0.031867533922195435, "right": 0.6895942687988281, "top": 0.902442216873169 }, "chunk_id": "278fcf60-b044-40e2-aaa9-611ac9bac3b2" }, { "page": 14, "kind": "marginalia", "text": "\n\n14", "box": { "bottom": 0.9827886819839478, "left": 0.4908735454082489, "right": 0.5096496343612671, "top": 0.9639288187026978 }, "chunk_id": "7d6658c5-b1db-46be-a0d3-8cbad14923a8" } ] }, { "page": 15, "status": "figures", "reason": "", "picture_classes": [ "table" ], "table_refs": [], "job_id": "cms7ozuei0a8vd5011kyq8a2e", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p15.ade.json", "figures": [ { "page": 15, "text": "\n\n| Balance Sheet | Carrying Value¹ | The Case for Ladder |\n|---|---|---|\n| LOANS | $2.8B | First mortgage loans + Securitization gains |\n| SECURITIES | $1.9B | AAA securities + Securities gains |\n| EQUITY | $1.1B | Net lease / IG tenant focus + NAV upside |\n| Cash & other assets | $0.1B | |\n| Total assets | $5.9B | |\n| Total liabilities | ($4.2B) | IG capital structure |\n| Book Equity Value | $1.7B | 13% inside ownership² |\n| Shares outstanding | 126.9M | |\n| Book Value per Share | $13.44 | Stock at 27% discount to book³ |", "box": { "bottom": 0.8905707597732544, "left": 0.14194384217262268, "right": 0.8563172817230225, "top": 0.19214382767677307 }, "chunk_id": "0e7c7c10-f4b4-4196-b9c5-523b4eb5dac1", "job_id": "cms7ozuei0a8vd5011kyq8a2e", "picture_ref": "#/pictures/20" } ], "tables": [], "context": [ { "page": 15, "kind": "text", "text": "\n\nLADDER VALUE PROPOSITION", "box": { "bottom": 0.08598785102367401, "left": 0.004010379314422607, "right": 0.7365078330039978, "top": 0.014929410070180893 }, "chunk_id": "432b2821-73ee-46e6-b1c0-5cd1eda7a409" }, { "page": 15, "kind": "text", "text": "\n\nFortress balance sheet at significant discount to book", "box": { "bottom": 0.17556829750537872, "left": 0.1757049560546875, "right": 0.8057758808135986, "top": 0.13279695808887482 }, "chunk_id": "f03bdcb5-0ef2-4383-a06b-73ba766ecf5f" }, { "page": 15, "kind": "text", "text": "\n\nNote: As of 06/30/2026\n1. Loans shown at lower of cost or fair market value. Securities shown at fair market value. CRE equity, total assets, book equity value, and book value per share shown on an undepreciated basis.\n2. Represents management and director ownership\n3. Based on $9.75 LADR closing price on 07/22/2026", "box": { "bottom": 0.9586425423622131, "left": 0.03225603699684143, "right": 0.9231816530227661, "top": 0.8927014470100403 }, "chunk_id": "81967ef4-53d7-48ab-a000-d6c8db0b34ca" }, { "page": 15, "kind": "marginalia", "text": "\n\n15", "box": { "bottom": 0.9829553365707397, "left": 0.4907616078853607, "right": 0.5100021958351135, "top": 0.963396430015564 }, "chunk_id": "0ffb9db1-3ea5-45af-a2f2-7939a06fc9e3" } ] }, { "page": 17, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "bar_chart", "pie_chart" ], "table_refs": [], "job_id": "cms7p015e0b1me401mcq2oqut", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p17.ade.json", "figures": [ { "page": 17, "text": "\n\nTransaction Growth\n<::bar chart\nTitle: TOTAL CRE TRANSACTIONS ($B)\nData:\n- 2023: ~$340\n- 2024: ~$380\n- 2025: ~$460\n- 2026E: ~$530+\nTrend: An upward trending line is drawn across the top of the bars, indicating growth.\nCaption: CRE activity picking up\n: bar chart::>", "box": { "bottom": 0.8201980590820312, "left": 0.014197379350662231, "right": 0.32301902770996094, "top": 0.2510063350200653 }, "chunk_id": "27f0a0a7-89fe-4951-a0b2-ca5c20e582f1", "job_id": "cms7p015e0b1me401mcq2oqut", "picture_ref": "#/pictures/21" }, { "page": 17, "text": "\n\nRobust Demand on Horizon\n<::bar chart\nTitle: CRE DEBT MATURITIES ($B)\nData:\n- 2026: $797\n- 2027: $677\n- 2028: $628\n- 2029: $678\n- 2030: $604\nCaption: >$3 trillion coming due in next 5 years\n: bar chart::>", "box": { "bottom": 0.8217713832855225, "left": 0.3368293046951294, "right": 0.6856491565704346, "top": 0.24963834881782532 }, "chunk_id": "03a9628e-05e0-4d1d-93a0-775b4252810b", "job_id": "cms7p015e0b1me401mcq2oqut", "picture_ref": "#/pictures/22" }, { "page": 17, "text": "\n\nNon-Banks Leading the Way\n<::CRE LENDING BY SOURCE\n(Q1 2026)\n\nDonut chart showing the market share for CRE Lending by Source:\n- Non-Banks: 53%\n- Banks: 22%\n- Insurance Companies: 16%\n- Other: 9%\n\n>50% market share for non-banks\n: donut chart::>", "box": { "bottom": 0.8185491561889648, "left": 0.6981328725814819, "right": 0.9963080883026123, "top": 0.2516639530658722 }, "chunk_id": "adec7d7c-0eca-4631-987b-969f4cfd3f07", "job_id": "cms7p015e0b1me401mcq2oqut", "picture_ref": "#/pictures/23" } ], "tables": [], "context": [ { "page": 17, "kind": "text", "text": "\n\nCOMPELLING MARKET OPPORTUNITY", "box": { "bottom": 0.09104210138320923, "left": 0.0073747336864471436, "right": 0.9345349073410034, "top": 0.009813573211431503 }, "chunk_id": "479e6e25-e598-4a55-8fd3-bc6e5c7d512a" }, { "page": 17, "kind": "text", "text": "\n\nAttractive market backdrop for Ladder", "box": { "bottom": 0.19837358593940735, "left": 0.27937042713165283, "right": 0.7253224849700928, "top": 0.15236791968345642 }, "chunk_id": "447530d0-1c1f-4ad2-8779-5f8286eb4d6d" }, { "page": 17, "kind": "text", "text": "\n\nNote: As of 06/30/2026. Forward pipeline subject to change.\nSources: CBRE, Costar, Real Capital Analytics, Trepp and Wall Street research", "box": { "bottom": 0.9596590399742126, "left": 0.035223618149757385, "right": 0.37327468395233154, "top": 0.9202741980552673 }, "chunk_id": "df3b82d6-12aa-4b4f-85b1-faf71f95e7dd" }, { "page": 17, "kind": "marginalia", "text": "\n\n17", "box": { "bottom": 0.9827867150306702, "left": 0.4910784959793091, "right": 0.5095682144165039, "top": 0.9631765484809875 }, "chunk_id": "36e46373-1536-4d10-89ff-52167bd774f4" } ] }, { "page": 18, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "pie_chart", "table", "pie_chart", "pie_chart" ], "table_refs": [], "job_id": "cms7p06da0a8wd501pvcxh989", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p18.ade.json", "figures": [ { "page": 18, "text": "\n\nLOAN SIZE\n<::visual content\n: donut chart showing loan size distribution with segments: Below $25M: 27%, $25M – $50M: 39%, $51M – $75M: 17%, $76M – $100M: 6%, Above $100M: 11%::>\n\nGEOGRAPHY\n<::visual content\n: donut chart showing geographic distribution with segments: South 25%, Southwest 15%, Midwest 13%, West 10%, Various 1%, Northeast 36%::>", "box": { "bottom": 0.8749417066574097, "left": 0.02651973068714142, "right": 0.3084104061126709, "top": 0.2167670726776123 }, "chunk_id": "03c50bd2-af8e-40d9-9951-db7223e9c8a1", "job_id": "cms7p06da0a8wd501pvcxh989", "picture_ref": "#/pictures/24" }, { "page": 18, "text": "\n\nORIGINATION YEAR\n<::donut chart showing origination year data:\n2026 YTD: 37%\n2025: 45%\npre-2024: 15%\n2024: 3%::>\n", "box": { "bottom": 0.5477956533432007, "left": 0.312211811542511, "right": 0.5931378602981567, "top": 0.21589742600917816 }, "chunk_id": "c85e4797-ad23-459b-a5b0-f9d399b88f61", "job_id": "cms7p06da0a8wd501pvcxh989", "picture_ref": "#/pictures/26" }, { "page": 18, "text": "\n\nPROPERTY TYPE\n<::donut chart\nMultifamily: 58%\nOffice: 21%\nIndustrial: 8%\nMixed Use: 5%\nRetail: 4%\nHotel: 2%\nOther: 2%::>", "box": { "bottom": 0.8766909241676331, "left": 0.3147158920764923, "right": 0.5914856195449829, "top": 0.5543991923332214 }, "chunk_id": "e8b4c68e-a3c4-4359-8eb1-2d16a68a17be", "job_id": "cms7p06da0a8wd501pvcxh989", "picture_ref": "#/pictures/27" } ], "tables": [], "context": [ { "page": 18, "kind": "text", "text": "\n\nCRE LOAN PORTFOLIO", "box": { "bottom": 0.08337393403053284, "left": 0.005631595849990845, "right": 0.5477288961410522, "top": 0.015667546540498734 }, "chunk_id": "4b962930-5085-4a05-b91b-526045c5994c" }, { "page": 18, "kind": "text", "text": "\n\n*Middle-market loans provide enhanced liquidity and mitigate concentration risk*", "box": { "bottom": 0.1848616600036621, "left": 0.08259373903274536, "right": 0.9186682105064392, "top": 0.14397603273391724 }, "chunk_id": "e5a7b0aa-a56a-42ad-bb9f-95dc55d10560" }, { "page": 18, "kind": "text", "text": "\n\n# KEY LOAN PORTFOLIO METRICS\n\n$2.8B Total loan portfolio\n\n99% Senior secured first mortgage loans\n\n$25-30M Granular avg. loan size\n\n68%¹ W.A. LTV\n\n3.5-year W.A. extended maturity\n\n~85% Loan portfolio originated since 2024", "box": { "bottom": 0.8757564425468445, "left": 0.616874635219574, "right": 0.9937904477119446, "top": 0.2157767415046692 }, "chunk_id": "f1eb089b-e4be-41fb-b3cd-2ae474c57b4c" }, { "page": 18, "kind": "text", "text": "\n\nNote: As of 06/30/2026. Amounts in charts before $47.1M CECL allowance. Other CRE-related loans include mezzanine and subordinate loans.\n1. For a description of this financial measure, see Selected Definitions on page 34", "box": { "bottom": 0.9590626358985901, "left": 0.03457295894622803, "right": 0.6809837818145752, "top": 0.9177287220954895 }, "chunk_id": "a7d34900-4d49-41c2-8d87-3e3475aa9e81" }, { "page": 18, "kind": "marginalia", "text": "\n\n18", "box": { "bottom": 0.9832471609115601, "left": 0.49067923426628113, "right": 0.5106168985366821, "top": 0.9636516571044922 }, "chunk_id": "65bc8314-58f0-4a2c-af2f-bfb5dc493579" } ] }, { "page": 19, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "table", "table" ], "table_refs": [], "job_id": "cms7p098k0a8xd501yfgd1nuj", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p19.ade.json", "figures": [ { "page": 19, "text": "\n\nCREDIT RATING SUMMARY\n\n<::donut chart showing credit rating summary:\n- Center text: 99% IG-rated\n- AAA / Aaa: 96%\n- AA / Aa: 1%\n- A / A: 0.3%\n- BBB / Baa / other: 3%::>\n", "box": { "bottom": 0.7138468623161316, "left": 0.013285607099533081, "right": 0.3498147130012512, "top": 0.2741137742996216 }, "chunk_id": "0df53acd-2b17-42fc-8d21-f35629b54995", "job_id": "cms7p098k0a8xd501yfgd1nuj", "picture_ref": "#/pictures/28" } ], "tables": [], "context": [ { "page": 19, "kind": "text", "text": "\n\nCRE SECURITIES PORTFOLIO", "box": { "bottom": 0.08640407025814056, "left": 0.005319803953170776, "right": 0.703178882598877, "top": 0.014366764575242996 }, "chunk_id": "b34062cb-7fa3-48b0-a09d-d12321af5120" }, { "page": 19, "kind": "text", "text": "\n\n*Highly-rated, short-duration, granular portfolio*", "box": { "bottom": 0.20862478017807007, "left": 0.23467129468917847, "right": 0.7793338894844055, "top": 0.16161462664604187 }, "chunk_id": "8ed1ba45-6a78-4b1d-bdfb-1d438c89cbe2" }, { "page": 19, "kind": "text", "text": "\n\nKEY PORTFOLIO METRICS\n\n$1.9B Total securities portfolio assets\n\n99% Investment grade-rated\n\n3.0 yr W.A. duration\n\n5.2% W.A. yield (unlevered)\n\n$14M Avg. investment per CUSIP", "box": { "bottom": 0.7163527011871338, "left": 0.361522376537323, "right": 0.682850182056427, "top": 0.2731682062149048 }, "chunk_id": "13331e03-8bbb-4f0b-bc0a-ce7d4ac8cf54" }, { "page": 19, "kind": "text", "text": "\n\n## INVESTMENT STRATEGY\n\n* *Complementary* to lending business\n\n* *Top-of-capital stack* positions\n\n* *Highly liquid* – can finance or sell\n\n* “*Holding ground*” for rotation into loans\n\n* ➕ Track record of **gains on sale**", "box": { "bottom": 0.7150301933288574, "left": 0.6989225745201111, "right": 0.9933932423591614, "top": 0.2753249704837799 }, "chunk_id": "fed34d59-a343-4762-a76f-b5a6ad018be0" }, { "page": 19, "kind": "marginalia", "text": "\n\nNote: As of 06/30/2026", "box": { "bottom": 0.9608083367347717, "left": 0.036181315779685974, "right": 0.15029063820838928, "top": 0.9384005665779114 }, "chunk_id": "f357e60e-23f3-41f4-93a7-5dc4b7f6a141" }, { "page": 19, "kind": "marginalia", "text": "\n\n19", "box": { "bottom": 0.9828366637229919, "left": 0.4906066358089447, "right": 0.509760856628418, "top": 0.9629845023155212 }, "chunk_id": "15287bc9-2e1a-4e0c-b6ff-86448682e16f" } ] }, { "page": 20, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "pie_chart", "table" ], "table_refs": [], "job_id": "cms7p0del0b5pcx01jhlws8vj", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p20.ade.json", "figures": [ { "page": 20, "text": "\n\nINVESTMENT TYPE\n<::donut chart\nTotal: $1.1B CRE Equity Investments\n\nSections:\n- Net Lease: $597M (56%)\n- Diversified CRE/Other: $461M (44%)\n\nCaption: Net lease portfolio focused on necessity-based tenants (grocery/drug/dollar stores)\n: chart::>\n", "box": { "bottom": 0.7801954746246338, "left": 0.02629914879798889, "right": 0.3133326768875122, "top": 0.2662494480609894 }, "chunk_id": "cbc50e32-b9f0-40c0-94a2-8f6eb825b463", "job_id": "cms7p0del0b5pcx01jhlws8vj", "picture_ref": "#/pictures/31" }, { "page": 20, "text": "\n\nPROPERTY TYPE\n\n<::PROPERTY TYPE\n: donut chart\nMultifamily: 25%\nOffice: 28%\nHotel: 7%\nDollar Store: 13%\nDrug Store: 10%\nGrocery Store: 6%\nOther Retail: 6%\nWholesale Club: 5%\n\nDiversified property types with granular ~$5M avg. asset size::>\n", "box": { "bottom": 0.7815771102905273, "left": 0.3361707031726837, "right": 0.6239132881164551, "top": 0.26597538590431213 }, "chunk_id": "5a72e9a8-0125-4780-909c-554719c2ca11", "job_id": "cms7p0del0b5pcx01jhlws8vj", "picture_ref": "#/pictures/32" } ], "tables": [], "context": [ { "page": 20, "kind": "text", "text": "\n\nCRE EQUITY PORTFOLIO", "box": { "bottom": 0.08542801439762115, "left": 0.0053958892822265625, "right": 0.597946286201477, "top": 0.01546214148402214 }, "chunk_id": "a84b055c-ee69-46d4-8759-4492fa3f0ed9" }, { "page": 20, "kind": "text", "text": "\n\nDurable, recurring net rental income with potential NAV upside", "box": { "bottom": 0.2098223716020584, "left": 0.13728106021881104, "right": 0.8436296582221985, "top": 0.1644371598958969 }, "chunk_id": "c59f8101-673c-42c2-b5d5-7a5d9de6849a" }, { "page": 20, "kind": "text", "text": "\n\nTOTAL PORTFOLIO KEY METRICS\n\n$1.1B Gross asset value\n\n$670M Net equity invested\n\n~6.0M Square Feet\n\n$69M In-place annual NOI", "box": { "bottom": 0.5179757475852966, "left": 0.6448654532432556, "right": 0.997702419757843, "top": 0.264035701751709 }, "chunk_id": "60fedc3c-8b41-4ec9-a4d6-5f699f3411c6" }, { "page": 20, "kind": "text", "text": "\n\n# NET LEASE PORTFOLIO KEY METRICS\n\n149 Properties\n\n6.2 years W.A. remaining lease term\n\n100% Leased\n\n~61% IG tenants", "box": { "bottom": 0.7792306542396545, "left": 0.645584225654602, "right": 0.9972435235977173, "top": 0.526480495929718 }, "chunk_id": "f7789f57-05b9-41b8-be6f-5a05aaffae94" }, { "page": 20, "kind": "marginalia", "text": "\n\nNote: As of 06/30/2026. All asset amounts represent undepreciated asset values.", "box": { "bottom": 0.9595756530761719, "left": 0.03531347215175629, "right": 0.40656930208206177, "top": 0.9374138116836548 }, "chunk_id": "b03dcc73-3096-49d8-aded-f6eab23ad2d0" }, { "page": 20, "kind": "marginalia", "text": "\n\n20", "box": { "bottom": 0.9834868311882019, "left": 0.49070194363594055, "right": 0.5098931193351746, "top": 0.9629539847373962 }, "chunk_id": "731fa266-2caf-4b43-8734-c02df81c578a" } ] }, { "page": 21, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "table" ], "table_refs": [], "job_id": "cms7p0e6v0a8yd501k28vfle2", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p21.ade.json", "figures": [ { "page": 21, "text": "\n\nEMBEDDED DEPRECIATION IN BOOK EQUITY ¹\n<::Stacked bar chart showing financial figures. The top section is labeled \"Accumulated Depreciation & Amortization: $276M\". Below it, the larger section is labeled \"GAAP Book Equity: $1,429M\". A bracket spans both sections, pointing to the right, with the text \"Undepreciated Book Value: $1,705M (total)\" and \"$13.44 (per share)\".\n: bar chart::>", "box": { "bottom": 0.8197472095489502, "left": 0.07790170609951019, "right": 0.4853687882423401, "top": 0.2508561313152313 }, "chunk_id": "ab877a52-673e-416c-96c3-4c014f927172", "job_id": "cms7p0e6v0a8yd501k28vfle2", "picture_ref": "#/pictures/34" } ], "tables": [], "context": [ { "page": 21, "kind": "text", "text": "\n\nEMBEDDED VALUE IN CRE EQUITY", "box": { "bottom": 0.0866386741399765, "left": 0.004935115575790405, "right": 0.8395648002624512, "top": 0.015397008508443832 }, "chunk_id": "cc2e1e50-ca22-402f-8622-4f6a8af1d183" }, { "page": 21, "kind": "text", "text": "\n\nHistory of realized gains selling above undepreciated carrying value", "box": { "bottom": 0.2144452929496765, "left": 0.12830635905265808, "right": 0.8663201332092285, "top": 0.17086291313171387 }, "chunk_id": "5464273c-d328-4f40-bc28-bda9e361cda8" }, { "page": 21, "kind": "text", "text": "\n\nCRE EQUITY ASSET SALES\n(since 2020, excl. REO)\n\n24\nAsset sales\n\n$76M\nAggregate gain vs. undepreciated carrying value\n\n14%\n% gain on undepreciated carrying value\n\n*Consistent gains above undepreciated carrying value*\n\n---\n\nREO ASSET SALES\n(since 2020)\n\n10\nAsset sales (resolutions)\n\n$4M\nAggregate gain vs. undepreciated carrying value\n\n2%\n% gain on undepreciated carrying value\n\n*Aggregate gain on REO sales validates lending bases*", "box": { "bottom": 0.8196315765380859, "left": 0.5069568157196045, "right": 0.9657727479934692, "top": 0.24995288252830505 }, "chunk_id": "f970632b-35ce-4de6-b36c-d8143fba9085" }, { "page": 21, "kind": "marginalia", "text": "\n\nNote: As of 06/30/2026.\n1. Dollars in millions, except book values per share. Book equity values exclude ($2.6) million of noncontrolling interest.", "box": { "bottom": 0.9586283564567566, "left": 0.03568682074546814, "right": 0.5779997110366821, "top": 0.9204640984535217 }, "chunk_id": "20c57e41-8032-40a2-8f55-b5153050b64b" }, { "page": 21, "kind": "marginalia", "text": "\n\n21", "box": { "bottom": 0.9835520386695862, "left": 0.49016350507736206, "right": 0.5102490782737732, "top": 0.9633384346961975 }, "chunk_id": "abf83e5f-24c6-4a1a-8193-9de35bf6ff84" } ] }, { "page": 23, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "table" ], "table_refs": [], "job_id": "cms7p0lws0b5qcx01ya4nqsih", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p23.ade.json", "figures": [ { "page": 23, "text": "\n\nCAPITALIZATION SUMMARY\n<::donut chart::>\n<::center text::>\n$5.4B\ntotal\ncapitalization\n<::segment::>\nBook Equity\n$1,426\n(26%)\n<::segment::>\nRepo Debt\nFacilities\n$933\n(17%)\n<::segment::>\nMortgage\nDebt\n$387\n(7%)\n<::segment::>\nUnsecured\nCorporate\nBonds,\nRevolver &\nTerm Loan\n$2,684\n(49%)\n::>", "box": { "bottom": 0.6446436643600464, "left": 0.04300835728645325, "right": 0.4879968464374542, "top": 0.18976257741451263 }, "chunk_id": "d2665154-5c4c-4cd2-8b7b-5b98031c4460", "job_id": "cms7p0lws0b5qcx01ya4nqsih", "picture_ref": "#/pictures/36" } ], "tables": [], "context": [ { "page": 23, "kind": "text", "text": "\n\nINVESTMENT GRADE CAPITAL STRUCTURE", "box": { "bottom": 0.08588141947984695, "left": 0.00421103835105896, "right": 0.9914839267730713, "top": 0.015106543898582458 }, "chunk_id": "097644b1-8cdc-4ccf-9ee1-bdc6aebfcd28" }, { "page": 23, "kind": "text", "text": "\n\nModest leverage with focus on unsecured capital", "box": { "bottom": 0.1714053452014923, "left": 0.22716429829597473, "right": 0.7591589689254761, "top": 0.12983620166778564 }, "chunk_id": "c21e4ea3-9d4a-4ba9-a2ca-d1680e242622" }, { "page": 23, "kind": "text", "text": "\n\nCAPITAL STRUCTURE HIGHLIGHTS\n\n2.3x Adjusted leverage ratio¹\n\n67% Unsecured debt / total debt\n\n83%² Unsecured/non-recourse debt & book equity\n\n$1.25B Unsecured revolver capacity @ S+125 bps\n\n$275M Unsecured term loan @ S+140 bps", "box": { "bottom": 0.6464861035346985, "left": 0.5194135308265686, "right": 0.9842551350593567, "top": 0.18941758573055267 }, "chunk_id": "dc1177f7-b6e8-4d01-afee-bbdb57df3ef1" }, { "page": 23, "kind": "text", "text": "\n\nNote: As of 06/30/2026. Dollars in millions. Adjusted leverage ratio 2.3x vs. 3.5x IG covenant maximum. Unencumbered asset/unsecured debt ratio 1.56x vs. 1.20x minimum.\n1. For a description of this non-GAAP financial measures, see Selected Definitions on page 34\n2. Percentage of total capitalization", "box": { "bottom": 0.9595643281936646, "left": 0.03423294425010681, "right": 0.8044095039367676, "top": 0.9026638269424438 }, "chunk_id": "9cf8ba0e-9a0a-48f7-a07d-c320ccf163bd" }, { "page": 23, "kind": "marginalia", "text": "\n\n23", "box": { "bottom": 0.9832778573036194, "left": 0.4903687536716461, "right": 0.5101816654205322, "top": 0.9632611870765686 }, "chunk_id": "8b4be236-682b-46ae-8620-53fd1bc57f69" } ] }, { "page": 24, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cms7p0n6i0a8zd5016uyjoird", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p24.ade.json", "figures": [ { "page": 24, "text": "\n\n<::DEBT MATURITY PROFILE\n: bar chart::>\n<::Y-axis: Amount in $\n$0\n$200\n$400\n$600\n$800\n$1,000\n\nX-axis: Year\n\nLegend:\nUnsecured (dark blue)\nSecured (IG securities financing) (very dark blue)\nOther Secured (light blue)\n\nData:\n2026:\n Total: $842\n Secured (IG securities financing): $826 (rolling financing on AAA securities)\n Other Secured: $16\n2027:\n Total: $705\n Unsecured: $589\n Other Secured: $116\n2028:\n Total: $25\n Unsecured: $25\n2029:\n Total: $872\n Unsecured: $836¹\n Other Secured: $36\n2030:\n Total: $934\n Unsecured: $775²\n Other Secured: $159\n2031:\n Total: $560\n Unsecured: $500\n Other Secured: $60\n2032 & Beyond:\n Total: $82\n Unsecured: $82::>", "box": { "bottom": 0.8295179605484009, "left": 0.06888613104820251, "right": 0.9451786279678345, "top": 0.27403363585472107 }, "chunk_id": "cb5d069a-979f-46f2-b8fb-e0c634d2246e", "job_id": "cms7p0n6i0a8zd5016uyjoird", "picture_ref": "#/pictures/39" } ], "tables": [], "context": [ { "page": 24, "kind": "text", "text": "\n\nWELL-LADDERED DEBT MATURITIES", "box": { "bottom": 0.08718855679035187, "left": 0.0029085874557495117, "right": 0.895266056060791, "top": 0.012868829071521759 }, "chunk_id": "5f9e647f-0327-471d-809a-43a7ec004afb" }, { "page": 24, "kind": "text", "text": "\n\nStaggered maturities with focus on unsecured debt", "box": { "bottom": 0.2208598554134369, "left": 0.19520235061645508, "right": 0.7861416339874268, "top": 0.17439055442810059 }, "chunk_id": "f9caf4a5-5e06-4889-a303-53cfcbda7ae5" }, { "page": 24, "kind": "text", "text": "\n\nNote: As of 06/30/2026. Dollars in millions.\n1. 2029 unsecured maturities include $634M corporate bond maturity and $202M corporate revolver maturity\n2. 2030 unsecured maturities include $500M corporate bond maturity and $275M term loan maturity", "box": { "bottom": 0.9589598178863525, "left": 0.03474074602127075, "right": 0.5311082005500793, "top": 0.9070500135421753 }, "chunk_id": "4d70c461-ace6-4db5-8a6b-b39096b94129" }, { "page": 24, "kind": "marginalia", "text": "\n\n24", "box": { "bottom": 0.9831351637840271, "left": 0.4905213415622711, "right": 0.5100228786468506, "top": 0.9643164277076721 }, "chunk_id": "68ee4fea-45f6-4cda-915d-4620f1476ee9" } ] }, { "page": 25, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "table" ], "table_refs": [], "job_id": "cms7p0o2g0b1ne401x91e7552", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p25.ade.json", "figures": [ { "page": 25, "text": "\n\nCOMPOSITION\n<::donut chart showing the composition of total unencumbered assets, which are $4.3B. The breakdown is as follows:\n- First Mortgage Loans: $2,682 (63%)\n- Securities: $925 (22%)\n- CRE Equity: $501 (12%)\n- Other Assets: $138 (3%)\n- Unrestricted Cash: $38 (1%)\n: donut chart::>", "box": { "bottom": 0.7472131848335266, "left": 0.0409742146730423, "right": 0.4668564796447754, "top": 0.26894932985305786 }, "chunk_id": "e9a6e48c-3611-4081-a896-2009817a2797", "job_id": "cms7p0o2g0b1ne401x91e7552", "picture_ref": "#/pictures/40" } ], "tables": [], "context": [ { "page": 25, "kind": "text", "text": "\n\nLIQUID UNENCUMBERED ASSET POOL", "box": { "bottom": 0.08796422183513641, "left": 0.0044938623905181885, "right": 0.9275633096694946, "top": 0.014404010027647018 }, "chunk_id": "89260664-6c2d-4074-b94d-8c3cf1f5a8b0" }, { "page": 25, "kind": "text", "text": "\n\nSenior secured, financeable unencumbered asset base", "box": { "bottom": 0.20705832540988922, "left": 0.20828396081924438, "right": 0.7931678891181946, "top": 0.16478101909160614 }, "chunk_id": "26d6234f-0f1f-41aa-a8c2-ff317bcd6275" }, { "page": 25, "kind": "text", "text": "\n\n## HIGHLIGHTS\n\n73% Unencumbered assets % of total assets\n\n85% Comprised of cash, first mortgage loans and IG securities\n\n1.59x Unencumbered assets / unsecured debt ratio\n\n>$1.0B Cushion vs. 1.20x covenant level\n\n~50% % of overall IG securities portfolio unencumbered", "box": { "bottom": 0.747474193572998, "left": 0.5006152391433716, "right": 0.9815381765365601, "top": 0.2680628299713135 }, "chunk_id": "14f19d6c-3535-4b2a-94b8-330934e6cfe0" }, { "page": 25, "kind": "marginalia", "text": "\n\nNote: As of 06/30/2026. Dollars in millions. Loan amounts shown before CECL allowance. CRE equity amount represents undepreciated asset value.", "box": { "bottom": 0.9591835141181946, "left": 0.03451523184776306, "right": 0.7046419382095337, "top": 0.9370840191841125 }, "chunk_id": "6575d082-fcb9-46a5-8ff7-5966f6ae8fe6" }, { "page": 25, "kind": "marginalia", "text": "\n\n25", "box": { "bottom": 0.9834657311439514, "left": 0.48961371183395386, "right": 0.5111185908317566, "top": 0.9636990427970886 }, "chunk_id": "721036a2-6722-4463-8dfe-e6e6f6aa80c3" } ] }, { "page": 26, "status": "figures", "reason": "", "picture_classes": [ "line_chart" ], "table_refs": [], "job_id": "cms7p0phm0a90d5011ykxr5my", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p26.ade.json", "figures": [ { "page": 26, "text": "\n\n<::timeline chart::>\n2008\nFOUNDED\n$611M equity raised\n\n2012\nINAUGURAL UNSECURED BOND\nFirst corporate bond issuance\n\n2014\nIPO\nLADR listed on NYSE\n\n2018\nFOLLOW-ON EQUITY\n~$100M issuance\n\n2020-2021\nCOVID RESILIENCE\nPositive credit performance\n\n2022-2026\nUNSECURED CREDIT FACILITIES\nGradually upsized & reduced cost\n\n2025\nIG UPGRADES\nMoody's (Baa3) / Fitch (BBB-)\n\n2025\nINAUGURAL IG BOND\n~5.5x oversubscribed\n<::>", "box": { "bottom": 0.7273805737495422, "left": 0.03300020098686218, "right": 0.9539768695831299, "top": 0.2794610857963562 }, "chunk_id": "ee4c43e7-6eec-476a-8c9a-4aa8358c1056", "job_id": "cms7p0phm0a90d5011ykxr5my", "picture_ref": "#/pictures/42" } ], "tables": [], "context": [ { "page": 26, "kind": "text", "text": "\n\nEIGHTEEN-YEAR TRACK RECORD", "box": { "bottom": 0.0843646228313446, "left": 0.0045964717864990234, "right": 0.8018357753753662, "top": 0.016921252012252808 }, "chunk_id": "72b2d705-13a6-4566-a24f-b4f3fc7ffe5b" }, { "page": 26, "kind": "text", "text": "\n\n18 years since founding, 14 years as corporate bond issuer, 12 years as public company", "box": { "bottom": 0.21301987767219543, "left": 0.036698877811431885, "right": 0.951764702796936, "top": 0.16807708144187927 }, "chunk_id": "58daac9b-b06a-42fa-9cc2-7e16c81c7849" }, { "page": 26, "kind": "marginalia", "text": "\n\n26", "box": { "bottom": 0.9839951992034912, "left": 0.4897943139076233, "right": 0.5107857584953308, "top": 0.9619464874267578 }, "chunk_id": "338f5130-f934-4ae6-aef9-8f01f2c98888" } ] }, { "page": 27, "status": "figures", "reason": "", "picture_classes": [ "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph" ], "table_refs": [], "job_id": "cms7p0xuo0b5rcx01w9wznms8", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p27.ade.json", "figures": [ { "page": 27, "text": "\n\n<::Figure: Leadership Team Profiles\n\nThis figure presents five individual profiles of a leadership team, each including a headshot, their years of industry experience, name, and title.\n\n- **Profile 1:**\n - **Image:** Headshot of Brian Harris, a man with red hair, smiling, wearing a dark suit and patterned tie, against a blurred city background.\n - **Experience:** 41 years of industry experience (indicated by a circled '41' next to his headshot).\n - **Name:** Brian Harris\n - **Title:** Founder & Chief Executive Officer\n\n- **Profile 2:**\n - **Image:** Headshot of Pamela McCormack, a woman with dark hair, smiling, wearing a dark blazer, against a blurred city background.\n - **Experience:** 30 years of industry experience (indicated by a circled '30' next to her headshot).\n - **Name:** Pamela McCormack\n - **Title:** Founder & President\n\n- **Profile 3:**\n - **Image:** Headshot of Paul Miceli, a man with short dark hair, smiling, wearing a dark suit and purple tie, against a blurred city background.\n - **Experience:** 22 years of industry experience (indicated by a circled '22' next to his headshot).\n - **Name:** Paul Miceli\n - **Title:** Chief Financial Officer\n\n- **Profile 4:**\n - **Image:** Headshot of Robert Perelman, a man with glasses and short dark hair, smiling, wearing a dark suit and tie, against a blurred city background.\n - **Experience:** 38 years of industry experience (indicated by a circled '38' next to his headshot).\n - **Name:** Robert Perelman\n - **Title:** Founder & Head of Asset Management\n\n- **Profile 5:**\n - **Image:** Headshot of Kelly Porcella, a woman with long dark hair, smiling, wearing a dark blazer, against a blurred city background.\n - **Experience:** 20 years of industry experience (indicated by a circled '20' next to her headshot).\n - **Name:** Kelly Porcella\n - **Title:** Chief Administrative Officer & General Counsel\n\n**Legend:** A dashed-line box contains the text \"# years of industry experience\", clarifying the meaning of the numbers next to each profile.::>", "box": { "bottom": 0.45487216114997864, "left": 0.031722575426101685, "right": 0.9949510097503662, "top": 0.2042771279811859 }, "chunk_id": "04398479-fcd9-4da1-b216-07bf4790e367", "job_id": "cms7p0xuo0b5rcx01w9wznms8", "picture_ref": "#/pictures/43" }, { "page": 27, "text": "\n\n<::28\nPhoto of Michael Scarola.\nMichael Scarola\nChief Credit Officer\n: figure::>", "box": { "bottom": 0.6785889863967896, "left": 0.04571878910064697, "right": 0.18114905059337616, "top": 0.4665409028530121 }, "chunk_id": "5eb03300-f599-4958-a26c-e0f8b69c6113", "job_id": "cms7p0xuo0b5rcx01w9wznms8", "picture_ref": "#/pictures/44" }, { "page": 27, "text": "\n\n<::photo of Craig Robertson, a man in a suit and tie, smiling. The photo has a number \"19\" in a circle in the top right corner.\nCraig Robertson\nHead of Underwriting &\nLoan Portfolio Manager\n: figure::>", "box": { "bottom": 0.6933448910713196, "left": 0.20380978286266327, "right": 0.33857589960098267, "top": 0.46692460775375366 }, "chunk_id": "0a9bd4bf-6ae9-4475-b661-39b6ede7c524", "job_id": "cms7p0xuo0b5rcx01w9wznms8", "picture_ref": "#/pictures/45" }, { "page": 27, "text": "\n\n<::A headshot of a man, Adam Siper, in a suit and tie. In the top right corner, a circle with the number \"20\" is present. Below the image, the text \"Adam Siper\" and \"Head of Origination\" are displayed.\n: photo::>\nAdam Siper\nHead of Origination", "box": { "bottom": 0.6788845062255859, "left": 0.36995410919189453, "right": 0.5052951574325562, "top": 0.46602705121040344 }, "chunk_id": "db4dcbdd-1431-4aa1-a4ff-a0fb43325197", "job_id": "cms7p0xuo0b5rcx01w9wznms8", "picture_ref": "#/pictures/47" }, { "page": 27, "text": "\n\n<::A photo of Ed Peterson, a bald man wearing glasses, a dark suit, and a patterned tie, smiling at the camera. In the top right corner of the photo, a circular badge with the number \"40\" is visible.\nEd Peterson\nHead of CMBS Trading &\nCo-Head of Securitization\n: photo::>", "box": { "bottom": 0.6932216882705688, "left": 0.5344060063362122, "right": 0.6701260209083557, "top": 0.4664030373096466 }, "chunk_id": "9388a928-d4c9-4ec7-8e0e-6560799da65d", "job_id": "cms7p0xuo0b5rcx01w9wznms8", "picture_ref": "#/pictures/49" }, { "page": 27, "text": "\n\n<::A headshot photo of David Traitel, a man with short dark hair, glasses, and a suit, smiling. In the top right corner of the photo is a circle with the number \"30\" inside.\nDavid Traitel\nHead of Legal Structuring\n: photo::>", "box": { "bottom": 0.6774113178253174, "left": 0.6940203309059143, "right": 0.834427535533905, "top": 0.46713757514953613 }, "chunk_id": "f24b1014-3540-4a89-9b72-1cc0672e2170", "job_id": "cms7p0xuo0b5rcx01w9wznms8", "picture_ref": "#/pictures/51" }, { "page": 27, "text": "\n\n<::A headshot photo of Mark Ableman. He is a middle-aged white man with short dark hair, wearing a dark suit, a white shirt, and a dark patterned tie. He is looking slightly to his right with a faint smile. A blurred city background is visible behind him. A circled number \"24\" is in the top right corner of the image frame.\n: photo::>\nMark Ableman\nHead of Transaction\nManagement", "box": { "bottom": 0.6937283873558044, "left": 0.8646441698074341, "right": 0.992140531539917, "top": 0.46603384613990784 }, "chunk_id": "d2da2680-455a-4338-9726-71ac1fe1819c", "job_id": "cms7p0xuo0b5rcx01w9wznms8", "picture_ref": "#/pictures/53" }, { "page": 27, "text": "\n\n<::photo of David Merkur, a man with glasses and a suit, smiling, with a city background. A circled number '15' is in the top right corner.\nDavid Merkur\nManaging Director –\nCapital Markets::>", "box": { "bottom": 0.9318731427192688, "left": 0.20760194957256317, "right": 0.3345244526863098, "top": 0.7039530873298645 }, "chunk_id": "08334272-309c-4e73-bccf-a025213d9d3f", "job_id": "cms7p0xuo0b5rcx01w9wznms8", "picture_ref": "#/pictures/48" }, { "page": 27, "text": "\n\n<::A headshot of a man with a beard, wearing a suit and red tie, against a blurred background of city buildings. A circular badge with the number \"15\" is in the top right corner of the image frame.\nMichael Cafaro\nChief Technology Officer\n: photo::>", "box": { "bottom": 0.9160233736038208, "left": 0.36797425150871277, "right": 0.5023298859596252, "top": 0.7036756277084351 }, "chunk_id": "aab7e2cb-c930-4f62-888c-61a2ab55a327", "job_id": "cms7p0xuo0b5rcx01w9wznms8", "picture_ref": "#/pictures/50" }, { "page": 27, "text": "\n\n<::A headshot photo of Anthony Esposito, a man with dark hair and a beard, wearing a suit and tie. The number \"24\" is circled in the top right corner of the image frame.\nAnthony Esposito\nChief Accounting Officer::>", "box": { "bottom": 0.9129173755645752, "left": 0.5337408781051636, "right": 0.6668962240219116, "top": 0.7049672603607178 }, "chunk_id": "d18692b8-620f-4e3e-a1af-411106f707b9", "job_id": "cms7p0xuo0b5rcx01w9wznms8", "picture_ref": "#/pictures/52" }, { "page": 27, "text": "\n\n<::photo of Matthew FitzGerald, a bald white man in a suit and red tie, smiling. A blurred city building is in the background. A circled number '13' is in the top right corner.\nMatthew FitzGerald\nTreasurer\n: photo::>", "box": { "bottom": 0.9123790860176086, "left": 0.7024633884429932, "right": 0.828964352607727, "top": 0.7049322724342346 }, "chunk_id": "d23898e9-330e-4a6a-aa6d-dfe16ae551b4", "job_id": "cms7p0xuo0b5rcx01w9wznms8", "picture_ref": "#/pictures/54" }, { "page": 27, "text": "\n\n<::Photo of Tara Tannure, a woman with dark hair, smiling, wearing a blue blazer over a white top. A grey circle with the number \"13\" is in the top right corner. Tara Tannure Executive Director & Controller\n: photo::>", "box": { "bottom": 0.9329128861427307, "left": 0.8626988530158997, "right": 0.9913217425346375, "top": 0.7053301930427551 }, "chunk_id": "176c76fe-ab92-46de-a944-d4fd35b71c66", "job_id": "cms7p0xuo0b5rcx01w9wznms8", "picture_ref": "#/pictures/55" } ], "tables": [], "context": [ { "page": 27, "kind": "text", "text": "\n\nCYCLE-TESTED TEAM", "box": { "bottom": 0.08306735754013062, "left": 0.005700469017028809, "right": 0.5214071869850159, "top": 0.015839383006095886 }, "chunk_id": "d60550c2-57d6-4984-94fb-24e659e3871f" }, { "page": 27, "kind": "text", "text": "\n\n*Highly experienced executive team with deep bench of senior managers*", "box": { "bottom": 0.1774826943874359, "left": 0.11527961492538452, "right": 0.8932588696479797, "top": 0.13404175639152527 }, "chunk_id": "bed21952-bc47-48a8-bed5-f30d611b04b8" }, { "page": 27, "kind": "text", "text": "\n\n<::visual content::>\n\nMichelle Wallach\nChief Compliance Officer &\nSenior Regulatory Counsel", "box": { "bottom": 0.9324902892112732, "left": 0.038972221314907074, "right": 0.17696666717529297, "top": 0.702331006526947 }, "chunk_id": "67b282e8-f079-4c9b-920f-1c4d4f146902" }, { "page": 27, "kind": "marginalia", "text": "\n\n27", "box": { "bottom": 0.9848389625549316, "left": 0.4887191653251648, "right": 0.5121821761131287, "top": 0.9613410234451294 }, "chunk_id": "290b55d3-e125-4bf7-a72c-7dc888a81e7e" } ] }, { "page": 28, "status": "figures", "reason": "", "picture_classes": [ "flow_chart" ], "table_refs": [], "job_id": "cms7p0zqw0a91d501c56iqbzr", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "Ladder-Capital-Investor-Presentation-2026-07-23.p28.ade.json", "figures": [ { "page": 28, "text": "\n\n<::Flowchart showing a process with five steps, connected by curved arrows:\n1. ORIGINATION (dark blue arrow pointing right and down)\n2. CREDIT / UNDERWRITING (dark blue arrow pointing right and up)\n3. TRANSACTION MANAGEMENT (blue arrow pointing right and down)\n4. INVESTMENT COMMITTEE (light blue arrow pointing right and up)\n5. ASSET MANAGEMENT (light blue arrow pointing right and down)\n: flowchart::>", "box": { "bottom": 0.45121675729751587, "left": 0.02665036916732788, "right": 0.979308545589447, "top": 0.2231963872909546 }, "chunk_id": "e60ea8e2-5bd5-41f2-8154-24e7fa61b47a", "job_id": "cms7p0zqw0a91d501c56iqbzr", "picture_ref": "#/pictures/56" } ], "tables": [ { "page": 28, "cells": [ [ "13 ORIGINATORS Key relationships with direct borrowers & leading brokers nationwide Compensation linked to loan performance, not volume; significant portion paid in stock", "11 UNDERWRITERS Independent from origination - leads due diligence process Independent appraisal and third- party reports Visit every asset prior to funding Limited outsourcing to ensure quality and accountability", "LEGAL & CLOSINGS Independent, highly experienced team of attorneys leads legal process and transaction closings Conduct legal diligence and manage outside counsel Oversee securitizations and asset dispositions", "APPROVAL PROCESS Every investment approved through comprehensive credit committee comprised of managers with significant stake in LADR Risk & Underwriting Committee of the Board approves investments above size thresholds", "ACTIVE SURVEILLANCE Maintain direct dialogue with loan servicers and borrowers Proactively manage and oversee all assets Conduct regular formal asset and portfolio reviews Provide comprehensive quarterly reporting" ] ], "cell_boxes": [ [ { "bottom": 0.8530739311452142, "left": 0.05520695722927019, "right": 0.23891845989311777, "top": 0.48514202375527676 }, { "bottom": 0.8531338758493148, "left": 0.23866248015620758, "right": 0.4229073190496052, "top": 0.48512889631585326 }, { "bottom": 0.8531940911464044, "left": 0.42272611450224523, "right": 0.6081664867469757, "top": 0.48511565226865355 }, { "bottom": 0.8532564646327956, "left": 0.6079838471220188, "right": 0.7997359113321221, "top": 0.4851019704879792 }, { "bottom": 0.8533110903774386, "left": 0.799693742496457, "right": 0.9677554220738644, "top": 0.48508997062892045 } ] ], "box": { "bottom": 0.8533110903774386, "left": 0.05520695722927019, "right": 0.9677554220738642, "top": 0.48508997062892045 }, "chunk_id": "a85eb06f-5d15-43b1-a314-c42c73f6f6a1", "job_id": "cms7p0zqw0a91d501c56iqbzr", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 28, "kind": "text", "text": "\n\nINVESTMENT AND RISK MANAGEMENT PROCESS", "box": { "bottom": 0.08199265599250793, "left": 0.00539049506187439, "right": 0.9929348230361938, "top": 0.013680394738912582 }, "chunk_id": "ebb5c4e9-3344-4083-8078-b956d2a0b55d" }, { "page": 28, "kind": "text", "text": "\n\nIndependent oversight at every stage of investment process", "box": { "bottom": 0.1877484768629074, "left": 0.15023475885391235, "right": 0.8477351665496826, "top": 0.1440509706735611 }, "chunk_id": "643df145-a763-4fc9-ba19-40d5ef3cdf5c" }, { "page": 28, "kind": "marginalia", "text": "\n\nNote: As of 06/30/2026", "box": { "bottom": 0.9578883051872253, "left": 0.037100594490766525, "right": 0.1490708440542221, "top": 0.9356736540794373 }, "chunk_id": "b908f08e-d80c-4255-8ba4-599479cf2469" }, { "page": 28, "kind": "marginalia", "text": "\n\n28", "box": { "bottom": 0.9832585453987122, "left": 0.4913105070590973, "right": 0.509634792804718, "top": 0.9629368185997009 }, "chunk_id": "8c8fac42-6d03-4777-a6c9-72e75a92ccda" } ] } ], "errors": [ "page 6: picture #/pictures/7 (full_page_image) was read by nothing — the scan returned no figure over it and the document holds no table there; 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