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S-1 NEW YORK | MIAMI AN INVESTMENT GRADE COMMERCIAL REAL ESTATE FINANCE PLATFORM INVESTMENT GRADE NYSE: LADR SUPPLEMENTAL DATA QUARTER & YEAR ENDED DECEMBER 31, 2025
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S - 2 DISCLAIMERS This presentation contains forward-looking statements regarding possible or assumed future results of the business, financial condition, plans and objectives of Ladder Capital Corp and its subsidiaries (collectively, “Ladder Capital,” “Ladder,” “LADR,” or the “Company”). Any statement concerning future events or expectations, express or implied, is a forward-looking statement. Words such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements that are subject to risk and uncertainties. Such risks and uncertainties are discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and its other filings with the U.S. Securities and Exchange Commission. There can be no assurance that any expectations, express or implied, in a forward-looking statement will prove correct or that the contemplated event or result will occur as anticipated. In particular, there can be no assurance that Ladder will achieve any performance objectives set forth in this presentation. Further, any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for Ladder to predict those events or their effects on the Company. Except as required by law, Ladder is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation is strictly for informational purposes. It is not intended to be relied upon as investment advice and is not, and should not be assumed to be, complete. The contents herein are not to be construed as legal, business or tax advice, and each recipient should consult its own attorney, business advisor and tax advisor as to legal, business and tax advice. Certain information contained herein is based on, or derived from, information provided by independent third-party sources. Ladder believes that such information is accurate and that the sources from which it has been obtained are reliable. However, Ladder cannot guarantee the accuracy of such information and has not independently verified the assumptions on which such information is based. All data is presented as of December 31, 2025, unless otherwise indicated. This presentation includes certain non-GAAP financial measures. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Company’s December 31, 2025 Form 10-K filing and earnings press release, which are available on Ladder’s website (www.laddercapital.com ), as well as the supplemental financial tables included herein, for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. Totals may not equal the sum of components due to rounding.
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S - 3 Note: As of 12/31/2025 or the three month period ended 12/31/2025, unless noted otherwise 1. As of 02/04/2026 2. Comprised of unrestricted cash and cash equivalents and undrawn corporate revolving credit facility balance 3. For a description of this non-GAAP financial measure, see Selected Definitions on page S-22 4. Based on $11.06 LADR closing stock price on 02/04/2026 FOURTH QUARTER 2025 HIGHLIGHTS Robust Loan Origination Activity $433M new loan originations in Q4 2025 $1.4B new loan originations in FY 2025 – highest annual originations since FY 2021 >$250M loans closed in Q1 2026 1 , with >$400M additional loans in pipeline Diversified, Granular CRE Investments $5.3B of Investment Assets & Unrestricted Cash, including CRE Loans, Equity & Securities $2.2B of Senior Secured First Mortgage Loans <$15M Avg. Investment Size Across Products Investment Grade Capital Structure 71% of total financing comprised of unsecured debt IG ratings from Moody’s (Baa3) and Fitch (BBB-), with S&P upgrade to BB+ in January 2026 Spread on IG bonds issued in June 2025 has tightened materially, from 167 bps at issuance to ~ 105 bps today 1 Differentiated Balance Sheet > $600M Total Liquidity 2 $850M Unsecured Corporate Revolver ($570M undrawn) 2.0x Adjusted Leverage Ratio 3 $4.2B Unencumbered Assets Full Shareholder Alignment Internal management structure with high inside ownership – management team & directors continue to own >11% / >$165M of the Company 4
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S - 4 Note: As of 12/31/2025 or the three month period ended 12/31/2025, unless noted otherwise. CRE equity asset amounts represent undepreciated asset values. 1. For a description of certain financial and non-GAAP financial measures, see Selected Definitions on page S-22 2. Based on $11.06 LADR closing stock price on 02/04/2026 > $600M of total liquidity, including $570M undrawn capacity on unsecured corporate revolver 71% of total financing comprised of unsecured debt 87% of capitalization comprised of non-mark-to-market financing & book equity ; 82% of debt is non-mark-to-market $4.2B of unencumbered assets (81% of total assets), of which 87% is comprised of cash, first mortgage loans & IG securities 2.0x Adjusted / 2.4x Total Leverage Ratio Portfolio Composition Originated 12 new balance sheet first mortgage loans ($433M principal amount ; $406M funded at close) at 340 bps W.A. spread > $250M loans closed in Q1 2026 (through 02/04/2026), with > $400M additional loans currently in pipeline Received $107M of proceeds from loan payoffs and amortization Repurchased $0.9M of LADR stock at $10.57 W.A. stock price in Q4 2025, and $10.2M of stock at $10.60 W.A. in FY 2025 Earnings, Dividends and Book Value Q4 2025 Distributable Earnings of $21.4M and Distributable EPS of $0.17, or $0.21 excluding $5M realized loan loss; FY 2025 Distributable Earnings of $109.9M and Distributable ROAE of 7.1% Declared Q4 2025 cash dividend of $0.23 per LADR share, which represents an 8.3% annual dividend yield 2 Undepreciated book value per share of $13.69 (net of $0.37 per share CECL allowance) Liquidity, Leverage and Financing Investment Activity $5.3B of investment assets & unrestricted cash, including $2.2B of first mortgage loans (42% of total), $966M of CRE equity (18%), and $2.1B of securities (39%) Middle-market focus – ~$25-$30M avg. loan size 84% of assets are senior secured and/or IG-rated FOURTH QUARTER 2025 SUMMARY 1
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S - 5 DIVERSIFIED CRE INVESTMENT STRATEGY Note: As of 12/31/2025. Dollars in millions. Loan asset amounts shown before $47.1 million CECL allowance. CRE equity asset amounts represent undepreciated asset values. > 99% senior secured first mortgages ~ $25M-$30M avg. loan size 69% W.A. LTV > 95% post-COVID originations $596M net lease (62% of CRE equity) 149 properties ~ 7-year avg. remaining lease term ~ 61% IG-rated tenants $38M in-place annual NOI 99% IG-rated 97% AAA-rated < 3.0-year W.A. duration < $15M avg. investment per CUSIP GRANULAR PORTFOLIO OF CRE DEBT & EQUITY INVESTMENTS WITH SIGNIFICANT LIQUIDITY ON HAND LIQUIDITY $608M of liquidity: • $38M of unrestricted cash & equivalents • $850M unsecured corporate revolver ($570M undrawn)
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S - 6 Note: As of 12/31/2025. Amounts shown in charts before $47.1 million CECL allowance. Other Commercial Real Estate-Related loans include mezzanine and subordinate loans. 1. For a description of this financial measure, see Selected Definitions on page S-22 $2.2B LOAN PORTFOLIO ~$25M - $30M AVERAGE LOAN SIZE 69% W.A. LTV 1 2.9- YEAR W.A. EXTENDED MATURITY LIGHT - TRANSITIONAL FOCUS WITH NO CONSTRUCTION LOANS LIMITED FUTURE FUNDING COMMITMENT S ($93M) LOAN PORTFOLIO OVERVIEW GEOGRAPHY PROPERTY TYPE LOAN TYPE LOAN SIZE LOAN PORTFOLIO KEY METRICS SENIOR - SECURED, MIDDLE - MARKET LENDING FOCUS 11% OF TOTAL ASSETS 68% W.A. LTV 1 87% CLASS A PROPERTIES 71% ACQUISITION LOANS 86% POST - COVID LOANS OFFICE LOAN PORTFOLIO METRICS
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S - 7 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Balance Sheet First Mortgage Loans Carrying Value of Assets (end of quarter) $2,210 $1,913 $1,586 $1,654 $1,580 Origination Volume 433 511 173 265 129 Funding Volume 410 483 162 257 129 Weighted-Average Coupon (end of quarter) 7.2% 7.7% 8.2% 8.2% 8.5% Weighted-Average LTV (end of quarter) 69% 68% 67% 68% 67% Other (Mezzanine/Subordinate) Loans Carrying Value of Assets (end of quarter) $7 $7 $7 $12 $12 Origination / Funding Volume – – – – – Mezz. / Subordinate Loans % of Total Assets 0.1% 0.2% 0.2% 0.3% 0.2% Weighted-Average Coupon (end of quarter) 11.2% 11.2% 11.2% 11.3% 11.3% Weighted-Average LTV (end of quarter) 69% 69% 69% 72% 72% Conduit First Mortgage Loans Carrying Value of Assets (end of quarter) $28 $28 $28 $90 $27 Origination / Funding Volume – – – 64 – Weighted-Average Coupon (end of quarter) 4.6% 4.6% 4.6% 6.1% 4.6% Loan Sale Volume – – $63 – – CECL Allowance ($47) ($52) ($52) ($52) ($52) Total Loan Portfolio Carrying Value of Assets (end of quarter) $2,198 $1,896 $1,570 $1,703 $1,566 Weighted-Average Yield (end of quarter) 7.7% 8.1% 8.9% 8.6% 9.3% Note: Dollars in millions 1. Excludes the impact of non-accrual loans. For additional details on non-accrual loans, please refer to the Company’s 10-Q and 10-K filings. 2. Includes sales of conduit mortgage loans into securitizations collateralized by net leased properties in the Company’s real estate segment 3. Excludes $0.5 million CECL allowance on $93 million of unfunded loan commitments LOANS SEGMENT SUMMARY 1 1 2 3
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S - 8 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Net Leased Commercial Real Estate (100% Owned) Acquisitions – – – – – Net Sales Proceeds – – – $13 $34 GAAP Carrying Value (end of quarter) 402 403 407 411 426 Square Feet (end of quarter) 3,437,369 3,437,369 3,437,369 3,437,369 3,518,301 Net Operating Income (Rental Income) $10.2 $9.9 $10.0 $10.6 $10.6 Diversified Commercial Real Estate 1 Acquisitions – $23 $42 – – Net Sales Proceeds – – – – 11 GAAP Carrying Value (end of quarter) 301 303 283 243 245 Square Feet (end of quarter) 1,863,827 1,863,827 1,639,569 1,254,638 1,254,638 Net Operating Income $4.2 $5.0 $5.3 $2.5 $1.8 Total Real Estate Portfolio Asset Value GAAP Carrying Value (end of quarter) $704 $706 $690 $655 $671 Undepreciated Value (end of quarter) 966 960 936 892 904 Note: As of 12/31/2025. Dollars in millions. 1. All metrics shown on a consolidated basis 2. Includes additions to portfolio from foreclosure REAL ESTATE SEGMENT SUMMARY 2 12/31/2025 REAL ESTATE PORTFOLIO SNAPSHOT PROPERTY TYPE GEOGRAPHY
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S - 9 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 Carrying Value of Assets $2,088 $1,941 $1,966 $1,476 $1,081 Weighed-Average Yield 5.3% 5.7% 5.9% 5.8% 6.0% Number of CUSIPs 141 139 134 123 121 Average CUSIP Size $14.8 $14.0 $14.7 $12.0 $8.9 Weighted-Average Duration 3.0 Years 2.8 Years 2.4 Years 2.9 Years 2.4 Years % AAA-Rated 97% 96% 97% 96% 91% % Investment Grade-Rated 99% 99%+ 99%+ 99%+ 98% 13% 20% 66% 13% 34% 100% 0% 20% 40% 60% 80% 100% 0-1 year 1-3 years 3-5 years Note: Dollars in millions SECURITIES SEGMENT SUMMARY Securities Portfolio Duration Profile (as of 12/31/2025) Cumulative Weighting $427M $701M $273M $273M Category Weighting $2.1B $1.4B
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S - 10 Note: As of 12/31/2025. Dollars in millions. 1. For a description of this non-GAAP financial measure, see Selected Definitions on page S-22 INVESTMENT PORTFOLIO SUMMARY Investment Portfolio Distributable Earnings Contribution (as of 12/31/2025) (Year Ended 12/31/2025) Carrying Value % of Total Amount of % of Total Investment Type of Assets Assets Contribution Contribution Conduit First Mortgage Loans $28 1% $7.5 3% Balance Sheet First Mortgage Loans 2,210 43% 141.5 48% Other (Mezzanine / Subordinate) Loans 7 0.1% 1.1 0.4% CECL Allowance (47) (1%) – – Total Loans $2,198 43% $150.1 51% Net Leased Commercial Real Estate $402 8% $24.4 8% Diversified Commercial Real Estate 301 6% 9.2 3% Total Real Estate Equity Properties $704 14% $33.6 12% Securities $2,088 41% $94.4 32% Investments in Unconsolidated Ventures $44 1% ($1.0) (0.4%) Total Investment Assets $5,035 98% $277.0 95% Cash and Cash Equivalents (unrestricted) $38 1% $14.9 5% Restricted Cash 15 0.3% Accrued Interest Receivable & Other Assets 65 1% Total Assets $5,153 100% $291.9 100% Corporate Bond & Revolver Interest Expense (123.2) (42%) Gains on Corporate Bond Repurchases 0.2 0.1% Corporate Operating Expenses / Other (59.1) (20%) Total Distributable Earnings 1 $109.9 38%
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S - 11 Snapshot of Business Lines Total Assets & Liabilities, Book Equity, Leverage and ROE Balance Sheet Loans Net Leased Commercial Real Estate (100% Owned) Total Assets Carrying Value of Assets $2,217 Carrying Value of Assets $402 Cash & Cash Equivalents $38 Secured Financing on Assets – Undepreciated Book Value of Assets 596 Loans, Securities & Real Estate 5,300 Net Equity Invested (excl. Corporate Debt) 2,217 Secured Financing on Assets 281 Accumulated Depreciation & Amortization (263) % First Mortgage 99.7% Net Equity Invested (excl. Corporate Debt) 315 Other 4 77 % Other (Mezzanine / Subordinate) 0.3% Total Square Feet 3,437,369 Total Assets 5,153 Weighted-Average Yield 7.8% Weighted-Average % Leased 100% Origination Volume (LTM) $1,382 In-Place Annual Net Operating Income (NOI) $39.4 Total Liabilities Funding Volume (LTM) 1,312 Accounting method: carried at depreciated book value Unsecured Corporate Bonds $2,215 Accounting method: carried at amortized cost Unsecured Revolving Credit Facility 280 Total Unsecured Debt 2,495 Conduit Loans Diversified Commercial Real Estate 1, 2 Secured Financing 1,015 Carrying Value of Assets $28 Carrying Value of Assets $301 Total Debt 3,510 Secured Financing on Assets – Undepreciated Book Value of Assets 370 Other 5 161 Net Equity Invested (excl. Corporate Debt) 28 Secured Financing on Assets 107 Total Liabilities 3,671 Weighted-Average Coupon 4.6% Net Equity Invested (excl. Corporate Debt) 263 Origination Volume (LTM) $64 Total Square Feet 1,863,827 Book Equity Value Loan Sale Volume (LTM) 63 Weighted-Average Occupancy 3 78.0% GAAP Book Equity Value (excl. NCI) $1,484 Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $24.0 Total Shares Outstanding (mm) 127.2 Weighted-Average % Owned by Ladder 93.3% GAAP Book Value per Share 6 $11.66 Accounting method: carried at depreciated book value Undepreciated Book Value per Share 6 $13.69 Securities Carrying Value of Assets $2,088 Leverage 6 Secured Financing on Assets 627 Adjusted Debt (for Adjusted Leverage Ratio) $3,510 Net Equity Invested (excl. Corporate Debt) 1,461 Total Adjusted Equity 1,773 % AAA-Rated 97% Adjusted Leverage Ratio 2.0x % Investment Grade-Rated 99% Weighted-Average Yield 5.3% Return on Average Equity 6 Average CUSIP Size $14.8 Distributable Earnings (LTM) $110 Weighted-Average Duration 3.0 Years Average Shareholders' Equity Value (LTM) 1,506 Accounting method: carried at FMV After-Tax Distributable ROAE (LTM) 7.1% Note: As of 12/31/2025. Dollars in millions, except per share amounts. 1. All metrics shown on a consolidated basis, except weighted-average % owned by Ladder 2. Excludes investments in unconsolidated ventures with total book value of $44.5 million as of 12/31/2025 3. Excludes hotel assets 4. Includes restricted cash, investments in unconsolidated ventures, accrued interest receivable, CECL allowance, derivative instruments and other assets 5. Includes dividends payable, accrued expenses and other liabilities 6. For a description of these GAAP and non-GAAP financial measures, see Selected Definitions on page S-22 LADDER SNAPSHOT B C D E A B C D E A
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S - 12 CAPITAL STRUCTURE UPDATE
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S - 13 Note: As of 12/31/2025. Dollars in millions. 1. Leverage ratio: 2.0x (vs. 3.5x IG bond covenant maximum). Unencumbered asset/unsecured debt ratio: 1.64x (vs. 1.20x IG bond covenant minimum). Fixed charge coverage ratio: 2.70x (vs. 1.25x IG bond covenant minimum). 2. Includes $2.2B of unsecured corporate bonds and $280M drawn on $850M unsecured corporate revolver 3. For a description of this non-GAAP financial measure, see Selected Definitions on page S-22 4. Represents percentage of total capitalization 2.4X TOTAL LEVERAGE RATIO 2.0X ADJUSTED LEVERAGE RATIO 3 87% NON - RECOURSE, NON - MARK- TO - MARKET & UNSECURED DEBT + BOOK EQUITY 4 82% NON - MARK- TO - MARKET DEBT / TOTAL DEBT 71% UNSECURED DEBT / TOTAL DEBT CAPITALIZATION SUMMARY $5.0B Total capitalization KEY LEVERAGE & CAPITALIZATION RATIOS COMMITMENT TO UNSECURED BOND MARKET WITH IG RATINGS ACHIEVED MODEST LEVERAGE WITH MINIMAL MARK - TO - MARKET DEBT COMPLIANT WITH ALL FINANCIAL COVENANTS 1 INVESTMENT GRADE CAPITAL STRUCTURE 2
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S - 14 PREDOMINANTLY SENIOR SECURED, FINANCEABLE UNENCUMBERED ASSET BASE 81% OF TOTAL ASSETS ARE UNENCUMBERED 87% COMPRISED OF CASH, FIRST MORTGAGE LOANS AND IG SECURITIES 1.67X UNENCUMBERED ASSETS / UNSECURED DEBT $1.2B CUSHION VS. 1.20X LEVEL >65% OF IG SECURITIES PORTFOLIO IS UNENCUMBERED UNENCUMBERED ASSET POOL UNENCUMBERED ASSET POOL COMPOSITION KEY UNENCUMBERED POOL HIGHLIGHTS $4.2B Total unencumbered assets Note: As of 12/31/2025. Dollars in millions, unless noted otherwise. Loan amounts shown before CECL allowance. CRE equity amount represents undepreciated asset value.
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S - 15 Note: As of 12/31/2025. Dollars in millions. 1. Comprised of $634M corporate bond maturity and $280M corporate revolver maturity STAGGERED DEBT MATURITY PROFILE UNSECURED AND SECURED DEBT MATURITIES Secured Debt Unsecured Debt STAGGERED DEBT MATURITIES, WITH FOCUS ON UNSECURED DEBT 1 (incl. $280M drawn on $850M corp. revolver) (incl. $627M financing on AAA-rated securities)
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S - 16 Note: Dollars in millions 1. Excludes ($2.6) million of noncontrolling interest in consolidated ventures. Net of $52.1 million CECL allowance. 2. Excludes ($2.6) million of noncontrolling interest in consolidated ventures. Net of $47.1 million CECL allowance. 3. For a description of this non-GAAP financial measure, see Selected Definitions on page S-22 BOOK EQUITY VALUE ROLL - FORWARD SUMMARY OF CHANGES TO BOOK EQUITY VALUE DURING Q4 2025 $13.71 $11.75 $13.69 $11.66 Book Value per Share (Undepreciated / GAAP) Book Value per Share (Undepreciated / GAAP) 3 3 = Undepreciated Book Value 1 2 net of $0.37/share CECL allowance net of $0.41/share CECL allowance
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S - 17 DETAILED QUARTERLY FINANCIALS
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S - 18 1. For a description of these non-GAAP financial measures, see Selected Definitions on page S-22 2. For a reconciliation of this metric, see page S-19 INCOME STATEMENT BY QUARTER ($ in millions, except per share values) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Net interest income Interest income $68.1 $71.8 $62.7 $64.3 $78.1 Interest expense 45.7 44.0 41.2 44.0 50.9 Net interest income $22.3 $27.8 $21.5 $20.3 $27.2 Provision for (release of) loan loss reserves (0.0) (0.0) (0.0) (0.1) 0.0 Net interest income after provision for (release of) loan losses $22.3 $27.8 $21.6 $20.4 $27.2 Other income Real estate operating income 25.1 26.7 25.8 21.8 23.4 Net result from mortgage loan receivables held for sale 0.0 (0.4) 4.9 0.2 (0.6) Gain (loss) on real estate, net – – – 3.8 12.4 Fee and other income 3.0 3.9 2.8 5.3 4.8 Net result from derivative transactions (0.0) 0.0 1.5 0.3 1.5 Earnings (loss) from investment in unconsolidated ventures 0.0 (0.4) (0.3) (0.7) (0.1) Gain on extinguishment of debt – (0.1) 0.0 0.3 (0.0) Total other income $28.1 $29.7 $34.7 $30.9 $41.4 Costs and expenses Compensation and employee benefits 10.9 11.6 11.6 18.8 11.8 Operating expenses 4.9 5.3 4.8 4.5 4.9 Real estate operating expenses 10.0 11.4 10.3 8.8 9.6 Investment related expenses 0.8 0.9 0.8 1.2 1.8 Depreciation and amortization 8.4 8.2 8.0 7.3 7.5 Total costs and expenses $34.9 $37.3 $35.5 $40.6 $35.5 Income (loss) before taxes $15.5 $20.1 $20.8 $10.7 $33.0 Income tax expense (benefit) (0.3) 1.0 3.7 (0.8) 1.7 Net income (loss) $15.9 $19.2 $17.1 $11.6 $31.3 Net (income) loss attributable to noncontrolling interest in consolidated ventures 0.0 0.0 0.2 0.2 0.1 Net income (loss) attributable to Class A common shareholders $15.9 $19.2 $17.3 $11.8 $31.4 Earnings per share: Basic $0.13 $0.15 $0.14 $0.09 $0.25 Diluted 0.13 0.15 0.14 0.09 0.25 Weighted average shares outstanding (mm): Basic 125.2 125.3 125.8 125.6 125.5 Diluted 126.2 126.1 126.2 126.3 125.9 Distributable Earnings (pre-tax) 1 $21.4 $32.1 $30.9 $25.5 $33.6 Distributable EPS (after-tax) 1 $0.17 $0.25 $0.23 $0.20 $0.27 Distributable EPS prior to charge-off of allowance for credit losses $0.21 $0.25 $0.23 $0.20 $0.272
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S - 191. For a description of these non-GAAP financial measures, see Selected Definitions on page S-22 DISTRIBUTABLE EARNINGS, EPS AND ROAE BY QUARTER ($ in millions, except per share values) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Net income (loss) $15.9 $19.2 $17.1 $11.6 $31.3 Income tax expense (benefit) (0.3) 1.0 3.7 (0.8) 1.7 Income (loss) before taxes $15.5 $20.1 $20.8 $10.7 $33.0 0.0 0.0 0.2 0.2 0.1 Our share of real estate depreciation, amortization and gain adjustments 7.9 8.1 7.8 4.5 (2.2) Adjustments for derivative results and loan sale activity 0.0 0.6 (0.7) (0.4) (0.5) Unrealized (gain) loss on securities (0.1) 0.2 (0.1) (0.7) 0.9 Adjustment for impairment (0.0) (0.0) (0.0) (0.1) 0.0 Non-cash stock-based compensation 3.1 3.0 3.0 11.2 2.2 Distributable earnings prior to charge-off of allowance for credit losses $26.4 $32.1 $30.9 $25.5 $33.6 Charge-off of allowance for credit losses (5.0) – – – – Distributable earnings 1 $21.4 $32.1 $30.9 $25.5 $33.6 Estimated corporate tax (expense) benefit (0.5) (0.9) (2.0) (0.2) 0.5 After-tax distributable earnings $21.0 $31.2 $28.9 $25.2 $34.1 Weighted average diluted shares outstanding (mm) 126.2 126.1 126.2 126.3 125.9 Distributable EPS 1 $0.17 $0.25 $0.23 $0.20 $0.27 Per share impact of charge-off of allowance for credit losses 0.04 – – – – Distributable EPS prior to charge-off of allowance for credit losses $0.21 $0.25 $0.23 $0.20 $0.27 FY 2025 Distributable earnings $109.9 $21.4 $32.1 $30.9 $25.5 $33.6 Average shareholders' equity 1,506.2 1,490.0 1,499.3 1,509.6 1,525.9 1,533.8 Pre-tax Distributable ROAE 1 7.3% 5.7% 8.6% 8.2% 6.7% 8.8% After-tax distributable earnings $106.3 $21.0 $31.2 $28.9 $25.2 $34.1 Average shareholders' equity 1,506.2 1,490.0 1,499.3 1,509.6 1,525.9 1,533.8 After-tax Distributable ROAE 1 7.1% 5.6% 8.3% 7.7% 6.6% 8.9% Net (income) loss attributable to noncontrolling interest in consolidated ventures (GAAP)
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S - 20 1. For a description of these non-GAAP financial measures, see Selected Definitions on page S-22 2. For a description of this financial measure, see Selected Definitions on page S-22 BALANCE SHEET BY QUARTER ($ in millions, except per share values) 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 Assets Cash and cash equivalents $38.0 $49.4 $134.9 $479.8 $1,323.5 Restricted cash 14.9 13.5 13.4 13.7 12.6 Mortgage loan receivables held for investment, net, at amortized cost 2,170.2 1,868.5 1,541.5 1,613.0 1,539.0 Mortgage loan receivables held for sale 28.0 28.0 28.3 90.4 26.9 Securities 2,088.3 1,940.5 1,966.5 1,476.4 1,080.8 Real estate and related lease intangibles, net 703.5 705.5 690.2 654.7 670.8 Investments in and advances to unconsolidated ventures 44.5 18.5 18.9 19.2 19.9 Derivative instruments 0.3 0.3 0.2 0.5 0.4 Accrued interest receivable 15.9 14.5 13.3 15.3 12.9 Other assets 49.0 47.9 50.2 107.0 158.1 Total assets $5,152.6 $4,686.5 $4,457.5 $4,470.0 $4,845.1 Liabilities Debt obligations, net $3,510.4 $2,997.2 $2,783.2 $2,769.8 $3,135.6 Dividends payable 31.8 31.4 30.9 30.6 31.8 Accrued expenses 76.4 55.4 55.3 45.4 74.8 Other liabilities 52.5 109.1 88.0 109.9 69.9 Total liabilities $3,671.2 $3,193.1 $2,957.4 $2,955.6 $3,312.1 Equity Total shareholders' equity $1,483.9 $1,496.0 $1,502.6 $1,516.7 $1,535.0 Noncontrolling interest in consolidated ventures (2.6) (2.6) (2.5) (2.3) (2.1) Total equity $1,481.4 $1,493.4 $1,500.1 $1,514.4 $1,532.9 Total liabilities and equity $5,152.6 $4,686.5 $4,457.5 $4,470.0 $4,845.1 Total Leverage Ratio 2.4x 2.0x 1.9x 1.8x 2.0x Adjusted Leverage Ratio 1 2.0x 1.7x 1.6x 1.4x 1.4x Total Shares Outstanding (mm) 127.2 127.3 127.5 128.1 127.1 GAAP Book Value per Share 2 $11.66 $11.75 $11.79 $11.84 $12.08 Undepreciated Book Value per Share 1 $13.69 $13.71 $13.68 $13.66 $13.88 Distributions per LADR Share $0.23 $0.23 $0.23 $0.23 $0.23
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S - 21 1. For a description of this financial measure, see Selected Definitions on page S-22 2. For a description of these non-GAAP financial measures, see Selected Definitions on page S-22 BOOK EQUITY, SHARECOUNT, AND ADJUSTED LEVERAGE BY QUARTER ($ in millions, except per share values) 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 Beginning book equity balance $1,493.4 $1,500.1 $1,514.4 $1,532.9 $1,530.7 Net income (loss) attributable to Class A common shareholders 15.9 19.2 17.3 11.8 31.4 Dividends (29.3) (29.3) (29.3) (29.5) (29.1) Changes in other comprehensive income (OCI) (0.8) 2.3 1.6 (2.3) 3.8 Other 2.1 1.1 (3.9) 1.5 (3.9) Ending book equity balance (Total equity) $1,481.4 $1,493.4 $1,500.1 $1,514.4 $1,532.9 Noncontrolling interest in consolidated ventures 2.6 2.6 2.5 2.3 2.1 Total shareholders' equity $1,483.9 $1,496.0 $1,502.6 $1,516.7 $1,535.0 Average book equity balance excluding noncontrolling interest in consolidated ventures $1,490.0 $1,499.3 $1,509.6 $1,525.9 $1,533.8 Accumulated depreciation & amortization – net leased commercial real estate 194.1 189.5 184.9 180.3 178.8 Accumulated depreciation & amortization – diversified commercial real estate 68.6 64.6 60.9 57.5 54.8 Less: noncontrolling interests' share of accumulated real estate depreciation & amortization (5.1) (5.0) (4.9) (4.8) (4.6) Accumulated real estate depreciation & amortization – our share $257.5 $249.1 $240.9 $232.9 $228.9 Undepreciated book value $1,741.5 $1,745.1 $1,743.5 $1,749.6 $1,764.0 Total shares outstanding (mm) 127.2 127.3 127.5 128.1 127.1 GAAP Book Value per Share 1 $11.66 $11.75 $11.79 $11.84 $12.08 Undepreciated Book Value per Share 2 $13.69 $13.71 $13.68 $13.66 $13.88 Debt obligations GAAP reconciliation Loan repurchase facilities – – $62.7 $62.7 $62.7 Securities repurchase financing 627.0 361.6 294.4 – – Revolving credit facility 280.0 20.0 – – – Mortgage debt, net of unamortized debt issuance costs 388.2 401.7 421.9 425.7 446.4 CLO debt, net of unamortized debt issuance costs – – – 275.6 601.4 Senior unsecured notes, net of unamortized debt issuance costs 2,215.2 2,213.9 2,004.1 2,005.7 2,025.1 Debt obligations, net $3,510.4 $2,997.2 $2,783.2 $2,769.8 $3,135.6 Less: CLO debt – – – (275.6) (601.4) Adjusted debt obligations $3,510.4 $2,997.2 $2,783.2 $2,494.1 $2,534.2 Total equity $1,481.4 $1,493.4 $1,500.1 $1,514.4 $1,532.9 Plus: Accumulated depreciation and amortization on real estate and related intangibles 262.7 254.1 245.8 237.7 233.6 Less: Accumulated amortization of below market leases (18.3) (17.8) (17.2) (16.7) (16.6) Plus: CECL allowance 47.1 52.1 52.2 52.2 52.3 Total adjusted equity $1,772.9 $1,781.9 $1,780.8 $1,787.5 $1,802.3 Adjusted leverage ratio 2 2.0x 1.7x 1.6x 1.4x 1.4x
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S - 22 SELECTED DEFINITIONS Adjusted Leverage Ratio (non-GAAP) ̶ Total debt obligations, net of deferred financing costs, adjusted to exclude non-recourse indebtedness related to securitizations that is consolidated on our GAAP balance sheet and liabilities for transfers not considered sales, divided by Total Adjusted Equity. After-Tax Distributable Return on Average Equity (After-Tax Distributable ROAE) (non-GAAP) ̶ After-Tax Distributable Earnings divided by average shareholders’ equity balance excluding total noncontrolling interest in consolidated ventures. Distributable Earnings (non-GAAP) ̶ Income before taxes adjusted for: (i) net (income) loss attributable to noncontrolling interests in consolidated ventures; (ii) our share of real estate depreciation, amortization and gain adjustments and (earnings) loss from investments in unconsolidated ventures in excess of distributions received; (iii) the impact of derivative gains and losses related to hedging fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk as of the end of the specified accounting period; (iv) economic gains or losses on loans sales, certain of which may not be recognized under GAAP accounting in consolidation for which risk has substantially transferred during the period, as well as the exclusion of the related GAAP economics in subsequent periods; (v) unrealized gains or losses related to our investments in securities recorded at fair value in current period earnings; (vi) unrealized and realized provision for loan losses and real estate impairment; (vii) non-cash stock-based compensation; and (viii) certain non-recurring transactional items. Distributable EPS (non-GAAP) ̶ After-Tax Distributable Earnings divided by weighted-average diluted shares outstanding. GAAP Book Value per Share ̶ Total shareholders’ equity divided by total shares outstanding. Loan-to-Value Ratio (LTV) ̶ Outstanding loan balance divided by the “as-is” third-party Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) appraised value at origination. Pre-Tax Distributable Return on Average Equity (Pre-Tax Distributable ROAE) (non-GAAP) ̶ Distributable Earnings divided by average shareholders’ equity balance excluding total noncontrolling interest in consolidated ventures. Total Adjusted Equity (non-GAAP) ̶ Total equity adjusted for accumulated depreciation and amortization on real estate and related intangibles and general CECL allowance. Undepreciated Book Equity and Undepreciated Book Value per Share (non-GAAP) ̶ Total shareholders’ equity, adjusted to include our share of total real estate accumulated depreciation and amortization, divided by total shares outstanding.