[Executive Summary / Q3 2024 Highlights](index=1&type=section&id=Executive%20Summary%20%2F%20Q3%202024%20Highlights) [Q3 2024 Financial Performance](index=1&type=section&id=Q3%202024%20Financial%20Performance) Ladder Capital Corp reported solid operating results for Q3 2024, with GAAP income before taxes of $28.5 million and diluted EPS of $0.22. Distributable earnings reached $37.7 million, translating to $0.30 of distributable EPS | Metric | Q3 2024 (Millions) | | :-------------------------- | :----------------- | | GAAP Income Before Taxes | $28.5 | | Diluted EPS | $0.22 | | Distributable Earnings | $37.7 | | Distributable EPS | $0.30 | [CEO Commentary & Strategic Outlook](index=1&type=section&id=CEO%20Commentary%20%26%20Strategic%20Outlook) CEO Brian Harris highlighted solid earnings and returns, noting stabilizing real estate markets and significant liquidity following a $500 million unsecured corporate bond offering. The company is actively pursuing new origination opportunities, signaling a return to an 'offense' strategy - Real estate markets are continuing to stabilize[1](index=1&type=chunk) - Ladder has **significant liquidity** after closing a **$500 million unsecured corporate bond offering**[1](index=1&type=chunk) - The company is actively pursuing new origination opportunities and is 'excited to return to offense'[1](index=1&type=chunk) [Company Overview](index=1&type=section&id=Company%20Overview) [Business Description and Investment Strategy](index=1&type=section&id=Business%20Description%20and%20Investment%20Strategy) Ladder Capital Corp is an internally-managed commercial real estate investment trust (REIT) with $5.4 billion in assets as of September 30, 2024. Its primary objective is to preserve shareholder capital while generating attractive risk-adjusted returns through originating and investing in a diverse portfolio of senior secured commercial real estate and related assets - Ladder Capital Corp is an **internally-managed commercial real estate investment trust (REIT)**[4](index=4&type=chunk) | Metric | Value (as of Sep 30, 2024) | | :--------------- | :------------------------- | | Total Assets | $5.4 billion | - Investment activities include originating senior first mortgage fixed and floating rate loans, owning and operating commercial real estate (including net leased properties), and investing in investment grade securities secured by first mortgage loans[4](index=4&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2024, Ladder Capital's total assets decreased slightly to $5.38 billion from $5.51 billion at year-end 2023. Cash and cash equivalents significantly increased, while mortgage loan receivables held for investment decreased. Total liabilities and shareholders' equity remained relatively stable Consolidated Balance Sheet Highlights (Dollars in Thousands) | Metric | Sep 30, 2024 | Dec 31, 2023 | | :------------------------------------------ | :----------- | :----------- | | Total Assets | $5,379,139 | $5,512,677 | | Cash and cash equivalents | $1,607,204 | $1,015,678 | | Mortgage loan receivables held for investment, net | $2,039,545 | $3,155,089 | | Securities | $852,783 | $485,533 | | Debt obligations, net | $3,585,332 | $3,783,946 | | Total shareholders' equity | $1,532,619 | $1,533,148 | - **Cash and cash equivalents increased by approximately $591.5 million** from December 31, 2023, to September 30, 2024[9](index=9&type=chunk) - **Mortgage loan receivables held for investment, net, decreased by approximately $1.12 billion** over the same period[9](index=9&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended September 30, 2024, net interest income increased to $38.4 million from $34.3 million in the prior quarter. However, income before taxes and net income attributable to Class A common shareholders saw a decline compared to the previous quarter, resulting in diluted EPS of $0.22, down from $0.26 Consolidated Statements of Operations Highlights (Dollars in Thousands) | Metric | Q3 2024 | Q2 2024 |\n| :------------------------------------------ | :----------- | :----------- | | Net interest income | $38,416 | $34,317 | | Income (loss) before taxes | $28,463 | $31,036 | | Net income (loss) attributable to Class A common shareholders | $27,913 | $32,349 | | Diluted EPS | $0.22 | $0.26 | | Dividends per share of Class A common stock | $0.23 | $0.23 | - **Net interest income increased by $4.1 million** quarter-over-quarter[12](index=12&type=chunk) - **Income before taxes decreased by $2.57 million** from Q2 2024 to Q3 2024[12](index=12&type=chunk) [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Measures) [Definition and Calculation of Distributable Earnings](index=5&type=section&id=Definition%20and%20Calculation%20of%20Distributable%20Earnings) Ladder Capital utilizes distributable earnings, distributable EPS, and after-tax distributable ROAE as supplemental non-GAAP measures to assess operating performance and dividend capacity. These metrics adjust GAAP income by excluding non-cash expenses, unrealized results, and timing differences related to securitization gains and asset/derivative value changes, providing a more consistent basis for comparison - **Distributable earnings**, **distributable EPS**, and **after-tax distributable ROAE** are used as supplemental measures to compare operating performance and dividend-paying ability[14](index=14&type=chunk) - Key adjustments to GAAP income include excluding real estate depreciation/amortization, derivative gains/losses (until realized), unrealized gains/losses on fair value securities, unrealized/realized provision for loan losses, non-cash stock-based compensation, and certain non-recurring items[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - **Distributable earnings prior to charge-offs of allowance for credit losses** is an additional metric considered for dividend declarations[14](index=14&type=chunk) [Reconciliation of GAAP to Distributable Earnings](index=6&type=section&id=Reconciliation%20of%20GAAP%20to%20Distributable%20Earnings) The reconciliation from GAAP income before taxes to distributable earnings shows various adjustments, including a significant charge-off of allowance for credit losses in Q3 2024. This resulted in distributable earnings of $37.7 million and distributable EPS of $0.30 for the quarter, a decrease from Q2 2024 Reconciliation of GAAP Income to Distributable Earnings (Thousands, except per share data) | Metric | Q3 2024 | Q2 2024 | | :------------------------------------------ | :----------- | :----------- | | Income (loss) before taxes | $28,463 | $31,036 | | Our share of real estate depreciation, amortization and gain adjustments | $7,514 | $(1,398) | | Adjustment for impairment | $3,063 | $5,055 | | Non-cash stock-based compensation | $3,177 | $3,117 | | Distributable earnings prior to charge-off of allowance for credit losses | $42,691 | $40,398 | | Charge-off of allowance for credit losses | $(5,023) | — | | Distributable earnings | $37,668 | $40,398 | | After-tax distributable earnings | $37,528 | $39,091 | | Distributable EPS | $0.30 | $0.31 | - A **charge-off of allowance for credit losses of $5.023 million** was recorded in Q3 2024, impacting distributable earnings[20](index=20&type=chunk)[25](index=25&type=chunk) - **Distributable EPS decreased from $0.31 in Q2 2024 to $0.30 in Q3 2024**[20](index=20&type=chunk) [After-Tax Distributable Return on Average Equity (ROAE)](index=7&type=section&id=After-Tax%20Distributable%20Return%20on%20Average%20Equity%20(ROAE)) The after-tax distributable ROAE for the three months ended September 30, 2024, was 9.8%, a slight decrease from 10.2% in the prior quarter After-Tax Distributable ROAE | Metric | Q3 2024 (Thousands) | Q2 2024 (Thousands) | | :------------------------------- | :------ | :------ | | After-tax distributable earnings | $37,528 | $39,091 | | Average shareholders' equity | 1,531,345 | 1,527,643 | | After-tax distributable ROAE | 9.8 % | 10.2 % | [Limitations of Non-GAAP Measures](index=8&type=section&id=Limitations%20of%20Non-GAAP%20Measures) The company explicitly states that its non-GAAP financial measures, such as distributable earnings and EPS, have limitations. They do not reflect certain cash charges, are based on estimated tax rates, and may not be comparable to measures used by other companies. These non-GAAP metrics should not be considered in isolation or as substitutes for GAAP measures or cash flows from operations - Non-GAAP measures do not reflect certain cash charges and are not necessarily indicative of cash needed to fund operations[27](index=27&type=chunk) - **Distributable EPS** and **ROAE** are based on a non-GAAP estimate of the effective tax rate, which may differ materially from the actual tax rate[27](index=27&type=chunk) - Non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP measures (net income, EPS, book value, or cash flows from operations)[28](index=28&type=chunk) [Additional Information](index=1&type=section&id=Additional%20Information) [Supplemental Information & Conference Call](index=1&type=section&id=Supplemental%20Information%20%26%20Conference%20Call) Ladder Capital issued a supplemental presentation detailing its Q3 2024 results, available on its investor relations website. A conference call was scheduled for October 24, 2024, to discuss these results, with an audio replay available until November 7, 2024 - A supplemental presentation for Q3 2024 operating results is available at http://ir.laddercapital.com[2](index=2&type=chunk) - A conference call was held on Thursday, October 24, 2024, at 10:00 a.m. Eastern Time to discuss Q3 2024 results, with an audio replay available until November 7, 2024[3](index=3&type=chunk) [Forward-Looking Statements](index=1&type=section&id=Forward-Looking%20Statements) The release contains forward-looking statements based on management's current expectations, which are predictions and not historical facts. These statements involve risks and uncertainties, and actual results could differ materially from those anticipated. The company disclaims any obligation to update these statements - Statements in the release may constitute 'forward-looking' statements, which are predictions, not historical fact, and involve risks and uncertainties[6](index=6&type=chunk) - Actual results, levels of activity, performance, achievements, and events could differ materially from those stated or implied by forward-looking statements[6](index=6&type=chunk) - Ladder expressly disclaims any obligation to release updates or revisions to any forward-looking statements[7](index=7&type=chunk) [Investor Contact](index=2&type=section&id=Investor%20Contact) Contact information for Ladder Capital Corp Investor Relations is provided for inquiries - Investor Relations can be reached at (917) 369-3207 or investor.relations@laddercapital.com[8](index=8&type=chunk)

ISerg Tech stocks have had an amazing run over the past 12+ months, but recent earnings and share price performance of Nvidia (NVDA) suggest that plenty of growth has already been priced in and that the growth party may be coming to an end. In fact, market strategist Tom Lee recently indicated the potential for a +7% percentage fall in the overall market over the next couple of months. Despite the potential gloomy outlook for stocks, it's important to keep in mind that it's a market for stocks rather than t ...

Core Viewpoint - Ladder Capital Corporation has successfully maintained its dividend coverage with distributable earnings in Q2 2024, showcasing stability in its book value despite challenges in the commercial real estate market [1][5][12] Financial Performance - In Q2 2024, Ladder Capital reported distributable earnings of $0.31 per share, leading to a dividend payout ratio of 74%, slightly up from 72% over the last twelve months [7][10] - The trust's book value remained stable at $13.71 per share, showing only a minor decrease from $13.72 per share year-over-year, contrasting with Blackstone Mortgage Trust's 4% decline in book value [10][12] Portfolio Composition - Ladder Capital primarily invests in Balance Sheet First Mortgage Loans, which constituted 50% of its total assets in Q2 2024, generating recurring interest income for the trust [3][4] - The trust's portfolio also includes net-leased commercial real estate assets and commercial real estate securities, with cash making up 24% of total assets [4] Market Position - Ladder Capital's 8% yield is considered one of the safest in the commercial real estate sector, especially in light of the recent dividend cut by Blackstone Mortgage Trust due to insufficient distributable earnings [1][12] - The market currently values Ladder Capital at a 2% discount to its book value, indicating confidence in its portfolio quality [1] Risk Management - The company added only $5.1 million to its loan loss reserves in Q2 2024, the lowest level in a year, reflecting improved credit quality [5][10] - Ladder Capital's lower dividend payout ratio compared to peers suggests a more conservative approach to dividend sustainability [10][12]

Jonathan Kitchen As my regular readers know, I'm not a prototypical high-yield investor. I prefer dividend quality over dividend yield. However, from time to time, I will venture out into "high-yield waters" in an effort to select stocks that meet my select quality standards. So far, with the exception of stocks like Medical Properties (MPW), I've done well with my high-yield picks. And today I will provide you with two of my favorites, both sporting yields close to 8%. Ladder Capital (LADR): 7.9% Dividend ...

Ladder Capital (NYSE: LADR) delivered solid results for its second quarter last week and maintained healthy dividen coverges. Ladder Capinlas report also stood out because continual loan problems in its office segment. While Ladder Capital also had to increase its reserve for loan losses in Q2, the REIT has a high safety margin as far as the dividend goes and shares, given the quality of the REIT's dividend coverage and distributable eamings performance, are now trading at a premium to book value. I still P ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36299 Ladder Capital Corp (Exact name of registrant as specified in its charter) Delaware 80-0925494 (State or ...

SUPPLEMENTAL DATA 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, ...

Exhibit 99.1 "We are pleased with Ladder's second quarter results, as we generated strong returns with low leverage and a large cash position. We were also pleased with the execution of our seventh unsecured corporate bond issuance and the resulting positive actions received from all three rating agencies, moving Ladder one step closer to an investment grade credit rating. With our balance sheet further strengthened, we are well-positioned to capitalize on investment opportunities as they arise." said Brian ...

r # n 11:2 Ozgur Donmaz Ladder Capital (NYSE:LADR) is trading at a higher discount to book value after a rival, Starwood Property Trust (STWD) announced stricter redemption requirements for one of its non-traded REITs, the Starwood Real Estate Income Trust last week. These redemption restrictions reignited new concerns about the health of the portfolios of CRE-focused REITs, including Ladder Capital. Ladder Capital is performing well, however, and the REIT comfortably supported its dividend with distributab ...

Megapixel8 Ladder Capital Corp (NYSE:LADR) owns a large portfolio of mortgage assets and is a leading originator of mortgage loans in the U.S. commercial real estate market. Ladder Capital makes a compelling value proposition for passive income investors due to its well-diversified commercial real estate loan portfolio, its relatively low exposure to the U.S. office market, and solid dividend coverage, particularly after other mortgage originators have seen a rise in impaired loans lately. I think that Ladd ...