Ladder Capital (LADR) investor relations material

Executive summary

• Distributable earnings reached $28.0 million ($0.22 per share) in Q1 2026, driven by the highest quarterly loan origination volume in four years and robust portfolio growth.

• Net income for Q1 2026 was $2.6 million, down from $11.6 million in Q1 2025, reflecting higher expenses and lower fee and other income.

• Declared a $0.23 per share dividend, representing a 9.0% annual yield; undepreciated book value per share was $13.42.

• Maintained a diversified $5.8 billion investment portfolio, with 84% of assets senior secured or investment grade-rated.

• Board authorized a $100 million share repurchase program, increasing the prior authorization.

Financial highlights

• Deployed $900 million in new investments in Q1, including $620 million in new loans and $264 million in securities; net interest income was $23.0 million.

• Total assets stood at $5.6 billion, with $1.1 billion in liquidity at quarter-end.

• Real estate portfolio generated $15.9 million net operating income in Q1; operating income grew to $27.3 million year-over-year.

• GAAP book value per share was $11.33; undepreciated book value per share was $13.42.

• Repurchased $13.4 million of common stock (1.3 million shares at $10.15 avg. price); buyback authorization increased to $100 million.

Outlook and guidance

• Management expects distributable earnings to exceed the dividend next quarter and anticipates continued portfolio and earnings growth as loan originations accelerate.

• Plan to fully draw $275 million term loan in Q2 to fund further loan growth.

• Continued focus on middle-market, senior secured lending and maintaining high liquidity.

• Management and directors own over 12% of shares, aligning interests with shareholders.

• Management expects continued market volatility and macroeconomic uncertainty to impact commercial real estate values and credit markets.