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"markdown": "\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",
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"markdown": "\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",
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"markdown": "\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.",
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"markdown": "\n\nLADDER AT A GLANCE\n\n\n\nInvestment grade REIT with focus on commercial real estate credit\n\n\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\n\n\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\n\n\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\n\n\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.\n\n\n\n4",
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"markdown": "\n\nLADDER AT A GLANCE\n\n\n\nInvestment grade REIT with focus on commercial real estate credit\n\n\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\n\n\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\n\n\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\n\n\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.\n\n\n\n4",
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