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NEW YORK | MIAMI AN INVESTMENT GRADE REIT NYSE: LADR Supplemental Data Quarter Ended September 30, 2026
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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 September 30, 2026, 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 September 30, 2026 Form 10-Q 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. S - 2
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$222M new loan originations in Q3 2026 ~ 7.6% W.A. yield on Q3 2026 originations $1.4B new loan originations year-to-date $31M gain on sale of largest CRE equity asset (office campus) THIRD QUARTER 202 6 HIGHLIGHTS Note: As of 09/30/2026 or the three month period ended 09/30/2026, unless noted otherwise 1. Comprised of unrestricted cash and cash equivalents and undrawn capacity on corporate revolving credit facility 2. For a description of this non-GAAP financial measure, see Selected Definitions on page S-24 3. Based on $8.82 LADR closing stock price on 10/15/2026 > $1.5B total capacity on unsecured credit facilities 69% of total financing comprised of unsecured debt IG ratings from Moody’s (Baa3) and Fitch (BBB-); S&P rating at BB+ with Positive Outlook $6.2B of Investment Assets & Unrestricted Cash, including CRE Loans ($2.9B), Equity ($0.9B) & Securities ($2.3B) < $15M avg. investment size across products 87% of assets are senior secured and/or IG-rated $784M Total Liquidity (cash + undrawn revolver capacity) 1 2.5x Adjusted Leverage Ratio 2 $4.6B Unencumbered assets Internal management structure with high inside ownership Management team & directors continue to own 13% / >$140M of the Company 3 S - 3 Robust Investment Activity Investment Grade Capital Structure Diversified, Granular CRE Investments Differentiated Balance Sheet Full Shareholder Alignment
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THIRD QUARTER 202 6 SUMMARY 1 Note: As of 09/30/2026 or the three month period ended 09/30/2026, 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-24 2. Based on $8.82 LADR closing stock price on 10/15/2026 $784M of total liquidity, including $742M undrawn capacity on unsecured corporate revolver $1.2B of unencumbered CRE securities (predominantly AAA-rated) 83% of capitalization comprised of non-mark-to-market financing & book equity ; 77% of debt is non-mark-to-market $4.6B of unencumbered assets (73% of total assets), of which 88% is comprised of cash, first mortgage loans & IG securities 2.5x Adjusted Leverage Ratio S - 4 Earnings, Dividends and Book Value Liquidity, Leverage & Financing Investment Activity Originated 7 first mortgage loans ($222M principal amount ; $192M funded at close) at 349 bps W.A. spread Received $38M of proceeds from loan payoffs and amortization Sold largest CRE equity investment (office campus in Jacksonville, FL) for $31M gain over undepreciated carrying value Repurchased $8.2M of LADR stock at $9.38 W.A. stock price (> 30% W.A. discount to undepreciated book value) Distributable Earnings of $44.7M and Distributable EPS of $0.35; Distributable ROAE of 12.1% Excluding charge-off of allowance for credit losses, Distributable Earnings of $48.2M and Distributable EPS of $0.38 Declared Q3 2026 cash dividend of $0.23 per LADR share, which represents a 10.4% annual dividend yield 2 Undepreciated book value per share increased $0.06 to $13.50 (net of $0.35 per share CECL allowance)
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CRE EQUITY INVESTMENT CASE STUDY Steady rental income plus two gains-on-sale over 9-year investment May 2017 – acquired 823k square foot, five-building office campus in Jacksonville for $115M Leased to highly-rated tenant (Moody’s: A1 / S&P: A+) through 2031, with renewal options through 2056 Financed with $82M of Ladder conduit loans (~70% LTV), which Ladder securitized for >$3M gain Since closing, tenant invested an additional $225M, making substantial building improvements and constructing a $25M parking garage Ladder invested ~$18M of equity for capital improvements over time, which was reimbursed by tenant August 2026 – tenant purchased the campus from Ladder for $168M in aggregate proceeds 1, generating a $31M gain and ~18% IRR for Ladder over life of investment Office Campus – Jacksonville, Florida $31M Property gain-on-sale >$3M Loan securitization gain-on-sale ~18% IRR (9 years) 1. Includes $155 million purchase price and ~$13 million of previously unreimbursed capital improvement reimbursements (~$5 million was reimbursed prior to sale transaction) S - 5
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REAL ESTATE SALES TRACK RECORD Year Type Count Gain ($M) 1 2014 Condominium 2 $24 Retail / Net Lease 5 5 Office 1 1 2015 Condominium 2 21 Other 1 7 Retail / Net Lease 4 2 2016 Condominium 2 17 Retail / Net Lease 2 1 2017 Condominium 2 9 2018 Office 2 36 Multifamily 1 11 Condominium 2 4 2019 Office 2 1 Industrial 1 0.3 Condominium 2 0.2 Year Type Count Gain ($M) 1 2020 Industrial 1 $10 Retail / Net Lease 1 1 Office 2 1 Hotel 2 1 Condominium 1 (0.3) 2021 Retail / Net Lease 6 23 Multifamily 1 2 Hotel 1 – Other 1 (2) 2022 Retail / Net Lease 5 23 Multifamily 2 13 Office 1 0.1 2023 Hotel 1 1 2024 Retail / Net Lease 6 7 Multifamily 4 3 Office 1 (2) 2025 Retail / Net Lease 1 1 2026 Office 1 31 Total 69 $250 1. Distributable gain over undepreciated carrying value Ladder Gain 1 : # of Transactions : 13 straight years of real estate gains since IPO, totaling $250M across 69 transactions $30M $30M $18M $9M $51M $1M $12M $24M $36M $1M $7M $1M $31M 8 7 4 2 5 5 7 9 8 1 11 1 1 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 S - 6
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Note: As of 09/30/2026. Dollars in millions. Loan asset amounts shown before $43.6 million CECL allowance. CRE equity asset amounts represent undepreciated asset values. 1. For a description of this financial measure, see Selected Definitions on page S-24 DIVERSIFIED CRE INVESTMENTS $6.2B Investment Assets + Unrestricted Cash 99% IG-rated / 97% AAA-rated 2.9-year W.A. duration < $15M avg. investment per CUSIP > 50% unencumbered Granular portfolio of debt & equity investments with significant liquidity on hand $784M liquidity $742M undrawn revolver capacity $42M of unrestricted cash $438M net lease (49% of CRE equity) 148 properties ~ 6.4-year avg. remaining lease term ~ 64% IG-rated tenants $30M in-place annual NOI S - 7 > 99% senior secured first mortgages ~ $25M-$30M avg. loan size 68% W.A. LTV 1 CRE Loans $2,978 (48%) CRE Equity $902 (15%) CRE Securities $2,276 (37%) Unrestricted Cash & Cash Equivalents $42 (<1%)
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KEY LOAN PORTFOLIO METRICS LOAN PORTFOLIO OVERVIEW Middle-market loans provide enhanced liquidity and mitigate concentration risk LOAN SIZE GEOGRAPHY PROPERTY TYPE $2.9B Total loan portfolio $25–30M Granular avg. loan size W.A. LTV 3. 4-year W.A. extended maturity ORIGINATION YEAR ~ 86% Loan portfolio originated since 2024 99% Senior secured first mortgage loans S - 8 Note: As of 09/30/2026 1. For a description of this financial measure, see Selected Definitions on page S-24 68% 1 2026 YTD 41% 2025 43% 2024 2% pre-2024 14% Below $25M: 27% $25M – $50M: 39% $51M – $75M: 18% $76M – $100M: 6% Above $100M: 10% South 27% Northeast 35% Southwest 14% Midwest 13% West 9% Various 2% Hotel 2% Retail 2% Office 21% Multifamily 60% Industrial 7% Mixed Use 5% Other 3%
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LOAN S SEGMENT SUMMARY Note: Dollars in millions 1. Excludes impact of non-accrual loans. For additional details on non-accrual loans, refer to Company’s 10-Q and 10-K filings. Including impact of non-accrual loans, weighted-average yield was 7.3% as of 09/30/2026 2. Includes sales of conduit first mortgage loans collateralized by net leased properties in the Company’s real estate segment 3. Excludes $0.7 million CECL allowance on $199 million of unfunded loan commitments S - 9 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Balance Sheet First Mortgage Loans Carrying Value of Assets (end of quarter) $2,949 $2,787 $2,604 $2,210 $1,913 Origination Volume 222 537 608 433 511 Funding Volume 203 484 565 410 483 Weighted-Average Coupon (end of quarter) 7.1% 6.9% 7.0% 7.2% 7.7% Weighted-Average LTV (end of quarter) 68% 68% 68% 69% 68% Other (Mezzanine/Subordinate) Loans Carrying Value of Assets (end of quarter) $3 $3 $3 $7 $7 Origination / Funding Volume – – – – – Mezz. / Subordinate Loans % of Total Assets 0.04% 0.1% 0.1% 0.1% 0.2% Weighted-Average Coupon (end of quarter) 11.5% 11.5% 11.5% 11.2% 11.2% Weighted-Average LTV (end of quarter) 65% 65% 59% 69% 69% Conduit First Mortgage Loans Carrying Value of Assets (end of quarter) $27 $27 $28 $28 $28 Origination / Funding Volume – 13 13 – – Weighted-Average Coupon (end of quarter) 4.6% 4.6% 4.6% 4.6% 4.6% Loan Sale Volume $71 $21 $13 – – CECL Allowance ($44) ($47) ($47) ($47) ($52) Total Loan Portfolio Carrying Value of Assets (end of quarter) $2,935 $2,770 $2,587 $2,198 $1,896 Weighted-Average Yield (end of quarter) 7.4% 7.2% 8.0% 7.7% 8.1% 1 3 1 1 2
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CRE EQUITY SEGMENT SUMMARY Note: As of 09/30/2026. Dollars in millions. 1. All metrics shown on a consolidated basis 2. Includes additions to portfolio from foreclosure 3. As of 09/30/2026 S - 10 GEOGRAPHY PROPERTY TYPE CRE Equity Portfolio Snapshot 3 Multifamily 30% Dollar Store 16% Drug Store 12% Grocery Store 6% Wholesale Club 5% Other Retail 7% Office 16% Hotel 8% Midwest 39% Northeast 32% South 9% West 14% Southwest 5% Various 1% Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Net Leased Commercial Real Estate (100% Owned) Acquisitions – – – – – Net Sales Proceeds $166 – – – – GAAP Carrying Value (end of quarter) 278 393 397 402 403 Square Feet (end of quarter) 2,614,829 3,437,369 3,437,369 3,437,369 3,437,369 Net Operating Income $8.4 $10.1 $10.3 $10.2 $9.9 Diversified Commercial Real Estate 1 Acquisitions – $8 $80 – $23 Net Sales Proceeds – – – – – GAAP Carrying Value (end of quarter) 381 383 378 301 303 Square Feet (end of quarter) 2,530,614 2,530,614 2,248,504 1,863,827 1,863,827 Net Operating Income $7.5 $7.7 $5.8 $4.7 $5.3 Total Real Estate Portfolio Asset Value GAAP Carrying Value (end of quarter) $659 $776 $776 $704 $706 Undepreciated Value (end of quarter) 902 1,058 1,047 966 960 2
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SECURITIES SEGMENT SUMMARY Note: Dollars in millions. S - 11 Cumulative Weighting Category Weighting SECURITIES PORTFOLIO DURATION PROFILE 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 Carrying Value of Assets $2,276 $1,872 $2,074 $2,088 $1,941 Weighed-Average Yield 5.5% 5.2% 5.3% 5.3% 5.7% Number of CUSIPs 155 135 143 141 139 Average CUSIP Size $14.7 $13.9 $14.5 $14.8 $14.0 Weighted-Average Duration 2.9 Years 3.0 Years 3.0 Years 3.0 Years 2.8 Years % AAA-Rated 97% 96% 96% 97% 96% % Investment Grade-Rated 99% 99% 99% 99% 99%+ 6% 41% 54% 6% 46% 100% 0% 20% 40% 60% 80% 100% 0-1 year 1-3 years 3-5 years $1.1B$928M $128M $128M $2.3B $1.2B
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Note: As of 09/30/2026. Dollars in millions. 1. For a description of this non- GAAP financial measure, see Selected Definitions on page S -24 INVESTMENT PORTFOLIO SUMMARY S - 12 Investment Portfolio Distributable Earnings Contribution (as of 09/30/2026) (Nine Months Ended 09/30/2026) Carrying Value % of Total Amount of % of Total Investment Type of Assets Assets Contribution Contribution Conduit First Mortgage Loans $27 0.4% $2.9 1% Balance Sheet First Mortgage Loans 2,949 49% 149.6 57% Other (Mezzanine / Subordinate) Loans 3 0.04% 0.2 0.1% CECL Allowance (44) (1%) – – Total Loans $2,935 49% $152.7 59% Net Leased Commercial Real Estate $278 5% $48.8 19% Diversified Commercial Real Estate 381 6% 15.2 6% Total Real Estate Equity Properties $659 11% $63.9 25% Securities $2,276 38% $41.3 16% Investments in Unconsolidated Ventures $41 1% $1.8 1% Total Investment Assets $5,910 98% $259.7 99.6% Cash and Cash Equivalents (unrestricted) $42 1% $1.0 0.4% Restricted Cash 21 0.4% Accrued Interest Receivable & Other Assets 71 1% Total Assets $6,045 100% $260.8 100% Corporate Bond & Revolver Interest Expense (110.3) (42%) Corporate Operating Expenses / Other (47.1) (18%) Total Distributable Earnings 1 $103.5 40%
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Note: As of 09/30/2026. 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 $40.6 million 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 -24 LADDER SNAPSHOT S - 13 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 $2,952 Carrying Value of Assets $278 Cash & Cash Equivalents $42 Secured Financing on Assets 108 Undepreciated Book Value of Assets 438 Loans, Securities & Real Estate 6,156 Net Equity Invested (excl. Corporate Debt) 2,844 Secured Financing on Assets 226 Accumulated Depreciation & Amortization (243) % First Mortgage 99.9% Net Equity Invested (excl. Corporate Debt) 212 Other 4 90 % Other (Mezzanine / Subordinate) 0.1% Total Square Feet 2,614,829 Total Assets 6,045 Weighted-Average Yield 7.5% Weighted-Average % Leased 100% Origination Volume (LTM) $1,800 In-Place Annual Net Operating Income (NOI) $30.1 Total Liabilities Funding Volume (LTM) 1,662 Accounting method: carried at depreciated book value Unsecured Corporate Bonds $2,206 Accounting method: carried at amortized cost Unsecured Credit Facility Borrowings 783 Total Unsecured Debt 2,989 Conduit Loans Diversified Commercial Real Estate 1, 2 Secured Financing 1,357 Carrying Value of Assets $27 Carrying Value of Assets $381 Total Debt 4,346 Secured Financing on Assets – Undepreciated Book Value of Assets 464 Other 5 238 Net Equity Invested (excl. Corporate Debt) 27 Secured Financing on Assets 149 Total Liabilities 4,585 Weighted-Average Coupon 4.6% Net Equity Invested (excl. Corporate Debt) 315 Origination Volume (LTM) $26 Total Square Feet 2,530,614 Book Equity Value Loan Sale Volume (LTM) 104 Weighted-Average Occupancy 3 80% GAAP Book Equity Value (excl. NCI) $1,463 Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $29.0 Total Shares Outstanding (mm) 126.0 Weighted-Average % Owned by Ladder 94.8% GAAP Book Value per Share 6 $11.61 Accounting method: carried at depreciated book value Undepreciated Book Value per Share 6 $13.50 Securities Carrying Value of Assets $2,276 Leverage 6 Secured Financing on Assets 875 Adjusted Debt (for Adjusted Leverage Ratio) $4,346 Net Equity Invested (excl. Corporate Debt) 1,401 Total Adjusted Equity 1,740 % AAA-Rated 97% Adjusted Leverage Ratio 2.5x % Investment Grade-Rated 99% Weighted-Average Yield 5.5% Return on Average Equity 6 Average CUSIP Size $14.7 Distributable Earnings (LTM) $125 Weighted-Average Duration 2.9 Years Average Shareholders' Equity Value (LTM) 1,460 Accounting method: carried at FMV After-Tax Distributable ROAE (LTM) 8.3% B C D E A B C D E A
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CAPITAL STRUCTURE UPDATE
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INVESTMENT GRADE CAPITAL STRUCTURE S - 15 Modest leverage with focus on unsecured capital CAPITAL STRUCTURE HIGHLIGHTS 2.5x Adjusted leverage ratio 1 69% Unsecured debt / total debt Note: As of 09/30/2026. Dollars in millions. Adjusted leverage ratio 2.5x vs. 3.5x IG covenant maximum. Unencumbered asset/unsecured debt ratio 1.52x vs. 1.20x minimum. 1. For a description of this non-GAAP financial measures, see Selected Definitions on page S-24 2. Percentage of total capitalization UNSECURED LENDING SYNDICATE – 13 INSTITUTIONS $5.8B total capitalization $1.25B Unsecured revolver capacity @ S+125 bps $275M Unsecured term loan @ S+140 bps 83% 2 Unsecured/non-recourse debt & book equity CAPITALIZATION SUMMARY Repo Debt Facilities $982 (17%) Mortgage Debt $375 (6%) Unsecured Term Loan $275 (5%) Unsecured Revolver $508 (9%) Unsecured Corporate Bonds $2,206 (38%) Book Equity $1,461 (25%)
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LIQUID UNENCUMBERED ASSET POOL Senior secured, financeable unencumbered asset base COMPOSITION HIGHLIGHTS 73% Unencumbered assets % of total assets 88% Comprised of cash, first mortgage loans and IG securities 1.54x Unencumbered assets / unsecured debt ratio >$1.0B Cushion vs. 1.20x covenant level >50% % of overall IG securities portfolio unencumbered Note: As of 09/30/2026. Dollars in millions. Loan amounts shown before CECL allowance. CRE equity amount represents undepreciated asset value. S - 16 $4.6B total unencumbered assets Unrestricted Cash $42 First Mortgage Loans $2,842 (62%) Securities $1,196 (26%) CRE Equity $418 (9%) Other Assets $115 (2%)
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WELL -LADDERED DEBT MATURITIES Staggered maturities with focus on unsecured debt Note: As of 09/30/2026. Dollars in millions. 1. 2029 unsecured maturities include $634M corporate bond maturity and $508M corporate revolver maturity 2. 2030 unsecured maturities include $500M corporate bond maturity and $275M term loan maturity S - 17 DEBT MATURITY PROFILE $34 $36 $159 $131 $587 $1,142 $775 $500 $890 $621 $25 $1,178 $934 $631 $82 $0 $200 $400 $600 $800 $1,000 $1,200 2026 2027 2028 2029 2030 2031 2032 & Beyond (rolling financing on AAA securities) 1 2 $15 $875
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BOOK EQUITY VALUE ROLL -FORWARD Note: Dollars in millions 1. Excludes ($2.6) million of noncontrolling interest in consolidated ventures. Net of $47.1 million CECL allowance. 2. Excludes ($2.5) million of noncontrolling interest in consolidated ventures. Net of $43.6 million CECL allowance. 3. For a description of this non-GAAP financial measure, see Selected Definitions on page S-24 21 SUMMARY OF CHANGES TO BOOK EQUITY VALUE DURING Q 3 2026 S - 18 Book Value / Share Undepreciated 3 : $13.44 $13.50 GAAP: $11.27 $11.61 net of $0.37/share CECL allowance net of $0.35/share CECL allowance GAAP GAAP $1,429 $1,463 $66 $4 $1,705 ($29) $1 ($8) $1,701 06/30/2026 Book Equity Value GAAP Net Income / (Loss) Distributions & Dividends Other Comprehensive Income (Securities Portfolio Mark-to-Market) Equity-Based Compensation Stock Repurchases/ Other 09/30/2026 Book Equity Value Undepreciated Undepreciated
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DETAILED QUARTERLY FINANCIALS
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1. For a description of these non-GAAP financial measures, see Selected Definitions on page S-24 2. For a reconciliation of this metric, see page S-19 INCOME STATEMENT BY QUARTER S - 20 ($ in millions, except per share values) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Net interest income Interest income $80.4 $78.2 $74.2 $68.1 $71.8 Interest expense 51.6 50.0 45.6 39.8 37.6 Net interest income $28.8 $28.2 $28.6 $28.3 $34.2 Provision for (release of) loan loss reserves 0.0 0.1 (0.0) (0.0) (0.0) Net interest income after provision for (release of) loan losses $28.8 $28.1 $28.6 $28.3 $34.2 Other income (loss) Real estate operating income 30.7 30.9 27.3 25.1 26.7 Net result from mortgage loan receivables held for sale (0.4) 0.2 0.1 0.0 (0.4) Gain (loss) on real estate, net 65.6 – – – – Fee and other income (loss) (5.5) 3.6 1.4 3.0 3.9 Net result from derivative transactions 0.5 0.2 0.3 (0.0) 0.0 Earnings (loss) from investment in unconsolidated ventures (0.8) 0.3 (0.3) 0.0 (0.4) Gain on extinguishment of debt 0.0 0.1 – – (0.1) Total other income $90.1 $35.2 $28.9 $28.1 $29.7 Costs and expenses Compensation and employee benefits 16.2 12.3 22.3 10.9 11.6 Operating expenses 4.9 5.1 5.1 4.9 5.3 Real estate operating expenses 14.7 12.9 11.3 10.0 11.4 Interest expense on real estate 5.8 5.6 5.6 6.0 6.4 Investment related expenses 1.9 1.7 1.2 0.8 0.9 Depreciation and amortization 8.1 9.3 8.9 8.4 8.2 Total costs and expenses $51.6 $46.9 $54.3 $40.9 $43.7 Income (loss) before taxes $67.3 $16.3 $3.2 $15.5 $20.1 Income tax expense (benefit) 1.4 1.7 0.6 (0.3) 1.0 Net income (loss) $65.9 $14.6 $2.6 $15.9 $19.2 Net (income) loss attributable to noncontrolling interest in consolidated ventures (0.0) 0.0 0.0 0.0 0.0 Net income (loss) attributable to Class A common shareholders $65.9 $14.6 $2.6 $15.9 $19.2 Earnings per share: Basic $0.53 $0.12 $0.02 $0.13 $0.15 Diluted 0.53 0.12 0.02 0.13 0.15 Weighted average shares outstanding (mm): Basic 124.1 124.7 125.4 125.2 125.3 Diluted 124.9 125.2 126.0 126.2 126.1 Distributable Earnings (pre-tax) 1 $44.7 $30.8 $28.0 $21.4 $32.1 Distributable EPS (after-tax) 1 $0.35 $0.24 $0.22 $0.17 $0.25 Distributable EPS prior to charge-off of allowance for credit losses 2 $0.38 $0.24 $0.22 $0.21 $0.25
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1. For a description of these non-GAAP financial measures, see Selected Definitions on page S-24 EARNINGS RECONCILIATIONS BY QUARTER S - 21 ($ in millions, except per share values) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Net income (loss) $65.9 $14.6 $2.6 $15.9 $19.2 Income tax expense (benefit) 1.4 1.7 0.6 (0.3) 1.0 Income (loss) before taxes $67.3 $16.3 $3.2 $15.5 $20.1 (0.0) 0.0 0.0 0.0 0.0 Our share of real estate depreciation, amortization and sale adjustments (26.1) 10.4 8.7 7.9 8.1 Adjustments for derivative results and loan sale activity 0.3 0.4 0.1 0.0 0.6 Unrealized (gain) loss on securities 2.9 (0.1) 1.9 (0.1) 0.2 Adjustment for impairment 0.0 0.1 (0.0) (0.0) (0.0) Non-cash stock-based compensation 3.7 3.7 14.2 3.1 3.0 Distributable earnings prior to charge-off of allowance for credit losses $48.2 $30.8 $28.0 $26.4 $32.1 Charge-off of allowance for credit losses (3.5) – – (5.0) – Distributable earnings 1 $44.7 $30.8 $28.0 $21.4 $32.1 Estimated corporate tax (expense) benefit (1.0) (1.0) (0.7) (0.5) (0.9) After-tax distributable earnings $43.7 $29.8 $27.3 $21.0 $31.2 Weighted average diluted shares outstanding (mm) 124.9 125.2 126.0 126.2 126.1 Distributable EPS 1 $0.35 $0.24 $0.22 $0.17 $0.25 Per share impact of charge-off of allowance for credit losses 0.03 – – 0.04 – Distributable EPS prior to charge-off of allowance for credit losses $0.38 $0.24 $0.22 $0.21 $0.25 12 Months Ended 09/30/2026 Distributable earnings $124.9 $44.7 $30.8 $28.0 $21.4 $32.1 Average shareholders' equity 1,460.0 1,446.2 1,438.2 1,465.5 1,490.0 1,499.3 Pre-tax Distributable ROAE 1 8.6% 12.4% 8.6% 7.6% 5.7% 8.6% After-tax distributable earnings $121.8 $43.7 $29.8 $27.3 $21.0 $31.2 Average shareholders' equity 1,460.0 1,446.2 1,438.2 1,465.5 1,490.0 1,499.3 After-tax Distributable ROAE 1 8.3% 12.1% 8.3% 7.5% 5.6% 8.3% Net (income) loss attributable to noncontrolling interest in consolidated ventures (GAAP)
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1. For a description of these non-GAAP financial measures, see Selected Definitions on page S-24 2. For a description of this financial measure, see Selected Definitions on page S-24 BALANCE SHEET BY QUARTER S - 22 ($ in millions, except per share values) 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 Assets Cash and cash equivalents $41.8 $37.6 $33.1 $38.0 $49.4 Restricted cash 21.4 16.8 18.5 14.9 13.5 Mortgage loan receivables held for investment, net, at amortized cost 2,908.0 2,743.0 2,559.3 2,170.2 1,868.5 Mortgage loan receivables held for sale 26.8 27.2 27.6 28.0 28.0 Securities 2,276.3 1,872.4 2,073.7 2,088.3 1,940.5 Real estate and related lease intangibles, net 654.2 776.5 775.7 703.5 705.5 Investments in and advances to unconsolidated ventures 40.6 41.5 44.2 44.5 18.5 Derivative instruments 0.3 0.1 0.4 0.3 0.3 Accrued interest receivable 20.4 17.0 17.8 15.9 14.5 Other assets 50.5 74.1 56.4 49.0 47.9 Total assets $6,044.7 $5,606.3 $5,606.7 $5,152.5 $4,686.5 Liabilities Debt obligations, net $4,346.4 $4,004.9 $4,027.6 $3,510.4 $2,997.2 Dividends payable 31.4 31.1 30.6 31.8 31.4 Accrued expenses 60.5 64.4 45.1 76.4 55.4 Other liabilities 145.7 79.3 58.8 52.5 109.1 Total liabilities $4,584.1 $4,179.6 $4,162.1 $3,671.2 $3,193.1 Equity Total shareholders' equity $1,463.1 $1,429.3 $1,447.1 $1,483.9 $1,496.0 Noncontrolling interest in consolidated ventures (2.5) (2.6) (2.6) (2.6) (2.6) Total equity $1,460.6 $1,426.7 $1,444.5 $1,481.4 $1,493.4 Total liabilities and equity $6,044.7 $5,606.3 $5,606.7 $5,152.5 $4,686.5 Adjusted Leverage Ratio 1 2.5x 2.3x 2.3x 2.0x 1.7x Total Shares Outstanding (mm) 126.0 126.9 127.7 127.2 127.3 GAAP Book Value per Share 2 $11.61 $11.27 $11.33 $11.66 $11.75 Undepreciated Book Value per Share 1 $13.50 $13.44 $13.42 $13.69 $13.71 Distributions per LADR Share $0.23 $0.23 $0.23 $0.23 $0.23
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1. For a description of this financial measure, see Selected Definitions on page S-24 2. For a description of these non-GAAP financial measures, see Selected Definitions on page S-24 BOOK EQUITY & ADJUSTED LEVERAGE BY QUARTER S - 23 ($ in millions, except per share values) 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 Beginning book equity balance $1,426.7 $1,444.5 $1,481.4 $1,493.4 $1,500.1 Net income (loss) attributable to Class A common shareholders 65.9 14.6 2.6 15.9 19.2 Dividends (29.0) (29.2) (29.3) (29.3) (29.3) Changes in other comprehensive income (OCI) 1.4 1.2 (1.7) (0.8) 2.3 Other (4.4) (4.5) (8.4) 2.1 1.1 Ending book equity balance (Total equity) $1,460.6 $1,426.7 $1,444.5 $1,481.4 $1,493.4 Noncontrolling interest in consolidated ventures 2.5 2.6 2.6 2.6 2.6 Total shareholders' equity $1,463.1 $1,429.3 $1,447.1 $1,483.9 $1,496.0 Average book equity balance excluding noncontrolling interest in consolidated ventures $1,446.2 $1,438.2 $1,465.5 $1,490.0 $1,499.3 Accumulated depreciation & amortization – net leased commercial real estate 160.3 203.5 198.8 194.1 189.5 Accumulated depreciation & amortization – diversified commercial real estate 82.9 77.8 72.9 68.6 64.6 Less: noncontrolling interests' share of accumulated real estate depreciation & amortization (5.5) (5.4) (5.3) (5.1) (5.0) Accumulated real estate depreciation & amortization – our share $237.6 $275.8 $266.5 $257.5 $249.1 Undepreciated book value $1,700.7 $1,705.2 $1,713.6 $1,741.5 $1,745.1 Total shares outstanding (mm) 126.0 126.9 127.7 127.2 127.3 GAAP Book Value per Share 1 $11.61 $11.27 $11.33 $11.66 $11.75 Undepreciated Book Value per Share 2 $13.50 $13.44 $13.42 $13.69 $13.71 Debt obligations GAAP reconciliation Loan repurchase facilities $107.5 $107.2 – – – Securities repurchase financing 874.8 825.9 934.9 627.0 361.6 Revolving credit facility (unsecured) 508.0 202.0 492.0 280.0 20.0 Term loan (unsecured) 275.0 275.0 – – – Mortgage debt, net of unamortized debt issuance costs 374.7 387.5 384.2 388.2 401.7 Senior unsecured notes, net of unamortized debt issuance costs 2,206.4 2,207.3 2,216.4 2,215.2 2,213.9 Debt obligations, net $4,346.4 $4,004.9 $4,027.6 $3,510.4 $2,997.2 Less: CLO debt – – – – – Adjusted debt obligations $4,346.4 $4,004.9 $4,027.6 $3,510.4 $2,997.2 Total equity $1,460.6 $1,426.7 $1,444.5 $1,481.4 $1,493.4 Plus: Accumulated depreciation and amortization on real estate and related intangibles 243.1 281.2 271.7 262.7 254.1 Less: Accumulated amortization of below market leases (7.4) (19.3) (18.8) (18.3) (17.8) Plus: CECL allowance 43.6 47.1 47.1 47.1 52.1 Total adjusted equity $1,739.9 $1,735.8 $1,744.6 $1,772.9 $1,781.9 Adjusted leverage ratio 2 2.5x 2.3x 2.3x 2.0x 1.7x
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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 the inclusion of income distributions from investments in unconsolidated ventures; (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. SELECTED DEFINITIONS S - 24