Forward-Looking Statements Certain statements in this release may constitute "forward-looking†statements. These statements are based on management's current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ ma ...

Group 1 - Ladder Capital (NYSE: LADR) exceeded Wall Street's consensus EPS estimates for the third fiscal quarter, driven by strong loan originations and growth in its commercial loan portfolio [1] - The company experienced sequential growth in the size of its portfolio [1]

Group 1 - Ladder Capital (NYSE: LADR) exceeded Wall Street's consensus EPS estimates for the third fiscal quarter, driven by strong loan originations and growth in its commercial loan portfolio [1] - The company experienced sequential growth in the size of its portfolio [1]

Company Overview - Ladder Capital Corp (LADR) is a Commercial Real Estate Real Estate Investment Trust (CRE REIT) that has been operating in public markets since 2014 [1] - The company is recognized as one of the better-performing CRE REITs, focusing on the middle market niche [1] Investment Strategy - Binary Tree Analytics (BTA) aims to provide transparency and analytics regarding capital markets instruments and trades, with a focus on Closed-End Funds (CEFs), Exchange-Traded Funds (ETFs), and Special Situations [1] - BTA's objective is to deliver high annualized returns while maintaining a low volatility profile [1] Experience and Background - The investment team has over 20 years of experience in the industry, with a background in finance from a top university [1]

Company Overview - Ladder Capital Corp (LADR) is a Commercial Real Estate Real Estate Investment Trust (CRE REIT) that has been operating in public markets since 2014 [1] - The company is recognized as one of the better-performing CRE REITs, focusing on the middle market niche [1] Investment Strategy - Binary Tree Analytics (BTA) aims to provide transparency and analytics regarding capital markets instruments and trades, with a focus on Closed-End Funds (CEFs), Exchange-Traded Funds (ETFs), and Special Situations [1] - BTA seeks to deliver high annualized returns while maintaining a low volatility profile [1] Experience and Background - The investment team has over 20 years of experience in the industry, with a background in finance from a top university [1]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Financial Data and Key Metrics Changes - The company generated distributable earnings of $32.1 million or $0.25 per share, achieving a return on equity of 8.3% with adjusted leverage of 1.7x [3][10] - The loan portfolio grew by approximately $354 million to $1.9 billion, representing 40% of total assets [4][15] - The securities portfolio totaled $1.9 billion, also representing 40% of total assets, with a weighted average yield of 5.7% [16] Business Line Data and Key Metrics Changes - Loan origination activity accelerated with $511 million of new loans across 17 transactions, marking the highest quarterly origination volume in over three years [3][4] - The real estate portfolio generated $15.1 million in net operating income during the third quarter, primarily consisting of net lease properties with long-term leases [6][16] - The company closed its inaugural $500 million investment-grade bond offering at a rate of 5.5%, which was the tightest new issuance spread in its history [7][10] Market Data and Key Metrics Changes - The company reduced office loan exposure to $652 million, or 14% of total assets, following the full payoff of its third-largest office loan [4][15] - Approximately 50% of the remaining office loan portfolio consists of two well-performing loans secured by prime properties in Miami [4] Company Strategy and Development Direction - The company aims to capitalize on investment opportunities while maintaining prudent credit risk management, expecting fourth-quarter loan originations to exceed third-quarter production [8][20] - The management plans to position the company alongside high-quality peers, including equity REITs, rather than solely within the commercial mortgage REIT space [8][19] - The focus will be on organic growth of the loan portfolio, with expectations of adding $1 billion to $2 billion of assets net on the balance sheet [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of credit performance and the potential for continued earnings growth [3][8] - The company anticipates favorable market conditions as it heads into 2026, with expectations of a steeper yield curve and more regular contributions to securitizations [20][21] - The management highlighted the importance of maintaining or improving investment-grade ratings to optimize capital management [18][19] Other Important Information - The company maintains $879 million in liquidity, including $49 million in cash and $830 million of undrawn capacity on its unsecured revolver [7][11] - The undepreciated book value per share was $13.71, net of a $0.41 per share CFO reserve [12] - The company declared a $0.23 per share dividend, with a current dividend yield of approximately 8.5% [13][14] Q&A Session Summary Question: Are there any changes in loan origination since obtaining the investment-grade rating? - Management noted a focus on slightly larger transactions and improved stability in financing, leading to more profitable lending opportunities [24] Question: Were there any construction loans or large CapEx projects in the recent origination? - Management clarified that they generally do not write construction loans and that the portfolio remains focused on industrial and multifamily assets [27][28] Question: What is the outlook for growth in the loan portfolio? - Management expects the loan portfolio to grow by approximately $1 billion, driven by a strong origination pipeline and favorable market conditions [34][35] Question: Is improving ROE part of the strategy for the next one to two years? - Management confirmed that the plan includes writing more loans and optimizing the cost of funds, which should positively impact ROE [38] Question: Will the company consider launching a securities fund? - Management indicated that while they have explored this option in the past, their current focus remains on the commercial mortgage business [58][59] Question: How is the New York office equity investment performing? - Management expressed satisfaction with the investment, noting significant leasing progress and plans for potential future involvement in the debt side of the project [61][63]

Financial Data and Key Metrics Changes - The company generated distributable earnings of $32.1 million or $0.25 per share, achieving a return on equity of 8.3% with adjusted leverage of 1.7 times [3][10] - The loan portfolio grew by approximately $354 million to $1.9 billion, representing 40% of total assets [4][15] - The securities portfolio totaled $1.9 billion, also representing 40% of total assets, with a weighted average yield of 5.7% [16] Business Line Data and Key Metrics Changes - Loan origination activity accelerated with $511 million of new loans across 17 transactions, marking the highest quarterly origination volume in over three years [3][4] - The real estate portfolio generated $15.1 million in net operating income during the third quarter, primarily consisting of net lease properties with long-term leases [6][16] - The company closed its inaugural $500 million investment-grade bond offering at a rate of 5.5%, which was the tightest new issuance spread in its history [7][10] Market Data and Key Metrics Changes - The company reduced office loan exposure to $652 million, or 14% of total assets, following the full payoff of its third-largest office loan [4][15] - Approximately 50% of the remaining office loan portfolio consists of two well-performing loans secured by prime properties in Miami [4] Company Strategy and Development Direction - The company aims to capitalize on investment opportunities while maintaining prudent credit risk management, expecting fourth-quarter loan originations to exceed third-quarter production [8][20] - The management plans to focus on organic growth of the loan portfolio, with expectations to increase the loan portfolio to around $3.4 billion [34][41] - The company is positioning itself alongside high-quality peers, including equity REITs, rather than solely within the commercial mortgage REIT space [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the company's investment-grade balance sheet and disciplined use of unsecured debt, which positions it well for future growth [8][11] - The company anticipates that the yield curve will steepen next year, potentially leading to more regular contributions to securitizations [20] - Management noted that the current market conditions favor the company's business model as it heads into 2026 [21] Other Important Information - The company maintains $879 million in liquidity, including $49 million in cash and $830 million of undrawn capacity on its unsecured revolver [7][11] - The company repurchased $1.9 million of common stock in the third quarter, with a total of $9.3 million repurchased year-to-date [12][13] Q&A Session Summary Question: Are there any changes in origination strategy post investment-grade rating? - Management indicated a focus on slightly larger transactions and better quality assets, with no wholesale changes in strategy [24] Question: Any construction loans or large CapEx projects in the recent origination? - Management clarified that there were no construction loans in the recent portfolio, focusing instead on industrial and multifamily assets [27] Question: What is the growth outlook for the $1.9 billion loan portfolio? - Management expects the loan portfolio to grow by approximately $1 billion, with a strong origination quarter leading to increased activity [34] Question: Is improving ROE part of the strategy for the next one to two years? - Management confirmed that the plan includes writing more loans and optimizing the capital structure to improve ROE [38] Question: Will the company consider launching a securities fund? - Management acknowledged past considerations but emphasized a focus on the commercial mortgage business over residential [60] Question: How is the New York office equity investment performing? - Management reported positive developments in the investment, with the building now over 90% leased [63][66]

Financial Data and Key Metrics Changes - Ladder generated distributable earnings of $32.1 million or $0.25 per share, achieving a return on equity of 8.3% with adjusted leverage of 1.7 times [3][10] - The loan portfolio grew by approximately $354 million to $1.9 billion, representing 40% of total assets [4][14] - The company maintained $879 million in liquidity, including $49 million in cash and $830 million of undrawn capacity on its unsecured revolver [8][11] Business Line Data and Key Metrics Changes - Loan origination activity accelerated with $511 million of new loans across 17 transactions, marking the highest quarterly origination volume in over three years [3][4] - The securities portfolio totaled $1.9 billion, with a weighted average yield of 5.7%, of which 99% was investment-grade and 96% was AAA-rated [15] - The real estate portfolio generated $15.1 million in net operating income during the third quarter, primarily consisting of net lease properties with long-term leases [5][15] Market Data and Key Metrics Changes - The company successfully closed its inaugural $500 million investment-grade bond offering at a rate of 5.5%, representing the tightest new issuance spread in Ladder's history [6][10] - As of quarter end, 75% of Ladder's debt consisted of unsecured corporate bonds, with a weighted average remaining term of four years [10][11] Company Strategy and Development Direction - Ladder aims to capitalize on investment opportunities while maintaining prudent credit risk management, expecting fourth quarter loan originations to exceed third quarter production [8][9] - The company plans to position itself alongside high-quality peers, including equity REITs, rather than solely within the commercial mortgage REIT space [8][9] - The focus will be on organic growth of the loan portfolio, with expectations of adding $1 billion to $2 billion of assets net on the balance sheet [32][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of credit performance and the quality of assets being originated, indicating a favorable lending environment [40] - The company anticipates that the yield curve will steepen next year, which could lead to more regular contributions to securitizations [19] - Management noted that the stock price has been affected by broader market concerns around private credit, but they believe the dividend remains stable and the asset base continues to improve [13][19] Other Important Information - Ladder's undepreciated book value per share was $13.71, net of a $0.41 per share CFO reserve [12] - The company repurchased $1.9 million of common stock in the third quarter, with $91.5 million remaining outstanding on its stock repurchase program [12] Q&A Session Summary Question: Are there any changes in origination strategy post investment-grade rating? - Management indicated they are looking at slightly larger transactions and noted improved stability in financing, leading to more profitable outcomes [22][23] Question: Is there growth expected in the $1.9 billion loan portfolio? - Management expects the loan portfolio to grow by approximately $1 billion, with a strong origination quarter leading to increased borrower interest [30][32] Question: Will improving ROE be part of the strategy in the next one to two years? - Management confirmed that the plan includes writing more loans and optimizing the capital structure to improve ROE [35][36] Question: Are there plans to launch a securities fund? - Management acknowledged past considerations for launching a securities fund but emphasized a focus on the commercial mortgage business over residential [57][59] Question: How is the New York office equity investment performing? - Management reported positive developments in the investment, with the building now over 90% leased and plans for further similar investments [61][63]

Financial Data and Key Metrics Changes - Ladder generated distributable earnings of $32.1 million or $0.25 per share, achieving a return on equity of 8.3% with adjusted leverage of 1.7 times [4][12] - The loan portfolio grew by approximately $354 million to $1.9 billion, representing 40% of total assets [5][17] - The company maintained $879 million in liquidity, including $49 million in cash and $830 million of undrawn capacity on its unsecured revolver [10][14] Business Line Data and Key Metrics Changes - Loan origination activity accelerated with $511 million of new loans across 17 transactions, marking the highest quarterly origination volume in over three years [5][6] - The securities portfolio totaled $1.9 billion, with a weighted average yield of 5.7%, of which 99% was investment grade and 96% was AAA rated [19] - The real estate portfolio generated $15.1 million in net operating income during the third quarter, primarily consisting of net lease properties with long-term leases [7][19] Market Data and Key Metrics Changes - Office loan exposure was reduced to $652 million, or 14% of total assets, following the full payoff of a $63 million office loan [5][6] - The company closed its inaugural $500 million investment grade bond offering at a rate of 5.5%, which was the tightest new issuance spread in Ladder's history [8][9] Company Strategy and Development Direction - Ladder aims to capitalize on investment opportunities while maintaining prudent credit risk management, with expectations for fourth quarter loan originations to exceed third quarter production [10][11] - The company plans to position itself alongside high-quality peers, including equity REITs, rather than solely within the commercial mortgage REIT space [11][12] - The focus will be on organic growth of the loan portfolio, with expectations of significant growth in the coming year [23][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the balance sheet and the ability to deliver strong, stable returns for shareholders across market cycles [11][12] - The company anticipates that the yield curve will steepen next year, which could lead to more regular contributions to securitizations [23] - Management noted that the quality of borrowers remains strong, with no new loans added to nonaccrual in the third quarter [18][51] Other Important Information - The company repurchased $1.9 million of common stock in the third quarter, with a total of $9.3 million repurchased year-to-date [14][15] - The dividend declared was $0.23 per share, with a current dividend yield of approximately 8.5% [15][16] Q&A Session Summary Question: Are there any changes in origination strategy since obtaining the investment grade rating? - Management indicated they are looking at slightly larger transactions and noted improved stability in financing [26][27] Question: Is there growth expected in the $1.9 billion loan portfolio? - Management expects the loan portfolio to grow by approximately $1 billion, driven by a strong origination quarter and a larger revolver [41][42] Question: Will improving ROE be part of the strategy in the next one to two years? - Management confirmed that the plan is to write more loans and improve ROE through better capital allocation [45][46] Question: What is the outlook for the office equity investment made? - Management expressed satisfaction with the investment, noting it has performed well and is expected to be a long-term hold [78][80]