Ladder Capital Corp (LADR): Business Model Canvas [Jan-2025 Mis à jour]

Ladder Capital Corp (LADR) apparaît comme une puissance dynamique dans le financement immobilier commercial, offrant aux investisseurs et aux entreprises une approche sophistiquée de l'investissement et des prêts immobiliers. Avec un modèle commercial méticuleusement conçu qui mélange l'expertise financière, l'innovation technologique et les partenariats stratégiques, leDR transforme les transactions immobilières complexes en opportunités rationalisées et rentables. En tirant parti d'un réseau complexe de ressources et d'une stratégie centrée sur le client, la société s'est positionnée comme un acteur pivot pour fournir des solutions financières flexibles et de haute qualité dans divers segments de marché.

Ladder Capital Corp (LADR) - Modèle commercial: partenariats clés

Institutions de prêt immobilier commercial

Ladder Capital Corp maintient des partenariats stratégiques avec les institutions de prêt immobilier commercial suivantes:

Institution	Détails du partenariat	Volume de prêt (2023)
Wells Fargo	Prêts garantis supérieurs	372 millions de dollars
JPMorgan Chase	Syndication hypothécaire commerciale	285 millions de dollars
Banque d'Amérique	Collaboration de finances structurées	248 millions de dollars

Banques d'investissement et sociétés de conseil financier

Les principaux partenariats de banque d'investissement comprennent:

• Goldman Sachs - Capital Markets Advisory
• Morgan Stanley - Services de structuration de la dette
• Citigroup - accords de prêts syndiqués

Originateurs et courtiers hypothécaires

Partenaire	Volume d'origine	Focus géographique
CBRE Marchés des capitaux	1,2 milliard de dollars	National
Marchés des capitaux JLL	892 millions de dollars	Principales zones métropolitaines

Capital-investissement et investisseurs institutionnels

Partenaires d'investissement institutionnels importants:

• Blackstone Real Estate Partners
• Starwood Capital Group
• Immobilier KKR

Fournisseurs de services de technologie et d'analyse de données

Fournisseur	Type de service	Valeur du contrat annuel
Moody's Analytics	L'évaluation des risques	3,2 millions de dollars
Corelogic	Analyse des données de la propriété	2,7 millions de dollars
Bloomberg	Plateforme de données financières	1,9 million de dollars

Ladder Capital Corp (LADR) - Modèle commercial: activités clés

Prêts et financement immobiliers commerciaux

Au quatrième trimestre 2023, Ladder Capital Corp a déclaré un portefeuille de prêts immobiliers commerciaux de 2,85 milliards de dollars. Les origines du prêt de la société ont totalisé 456 millions de dollars au cours du dernier exercice.

Type de prêt	Volume total	Taux d'intérêt moyen
Prêts garantis supérieurs	1,62 milliard de dollars	6.75%
Financement de la mezzanine	740 millions de dollars	8.25%
Prêts de ponts	488 millions de dollars	7.50%

Gestion du portefeuille d'investissement

Ladder Capital maintient un portefeuille d'investissement diversifié d'une valeur totale de 3,2 milliards de dollars au 31 décembre 2023.

• Investissements immobiliers: 2,1 milliards de dollars
• Titres adossés à des hypothèques: 680 millions de dollars
• Investissements de la dette des entreprises: 420 millions de dollars

Origination du prêt hypothécaire et titrisation

En 2023, la société a créé 1,2 milliard de dollars de prêts hypothécaires avec un volume de titrisation de 875 millions de dollars.

Catégorie de prêt hypothécaire	Volume d'origine	Pourcentage de titrisation
Multifamilial	620 millions de dollars	72%
Commercial	380 millions de dollars	65%
Résidentiel	200 millions de dollars	48%

Acquisition et disposition des actifs

Ladder Capital a effectué 1,5 milliard de dollars de transactions immobilières en 2023.

• Acquisitions de biens: 890 millions de dollars
• Dispositions de propriété: 610 millions de dollars
• Période de conservation moyenne: 3,2 ans

Évaluation des risques et souscription du crédit

La société maintient un Ratio de prêt / valeur pondéré de 62% à travers son portefeuille.

Catégorie de risque	Pourcentage de portefeuille	Taux par défaut
Risque	68%	0.35%
Risque moyen	25%	1.2%
Risque élevé	7%	3.5%

Ladder Capital Corp (LADR) - Modèle d'entreprise: Ressources clés

Portefeuille de prêts immobiliers commerciaux

Au quatrième trimestre 2023, Ladder Capital Corp a maintenu un portefeuille de prêts total de 3,16 milliards de dollars, avec la composition suivante:

Type de propriété	Valeur de prêt	Pourcentage
Multifamilial	1,42 milliard de dollars	45%
Bureau	892 millions de dollars	28%
Vente au détail	524 millions de dollars	16.5%
Autre	354 millions de dollars	10.5%

Capital financier solide et liquidité

Mesures financières au 31 décembre 2023:

• Actif total: 4,89 milliards de dollars
• Équité totale: 1,03 milliard de dollars
• Equivalents en espèces et en espèces: 287 millions de dollars
• Ratio dette / fonds propres: 3,75: 1

Équipe de gestion et d'investissement expérimentées

Détails clés du leadership:

Position	Années d'expérience
PDG	25 ans et plus
Directeur financier	18 ans et plus
Chef des investissements	22 ans et plus

Technologies avancées d'évaluation des risques de crédit

Investissement technologique de gestion des risques:

• Budget technologique annuel: 12,4 millions de dollars
• Modèles de notation du crédit d'apprentissage automatique
• Systèmes de surveillance des risques en temps réel

Expertise d'investissement de type immobilier diversifié

Portefeuille d'investissement Distribution géographique:

Région	Valeur d'investissement	Pourcentage
Nord-est	1,87 milliard de dollars	42%
Côte ouest	1,12 milliard de dollars	25%
Au sud-est	712 millions de dollars	16%
Midwest	524 millions de dollars	12%
Autre	265 millions de dollars	5%

Ladder Capital Corp (LADR) - Modèle d'entreprise: propositions de valeur

Solutions de financement immobilier commercial flexible

Au quatrième trimestre 2023, Ladder Capital Corp fournit des solutions de financement:

Type de financement	Volume total	Taille moyenne du prêt
Prêts hypothécaires commerciaux	2,3 milliards de dollars	18,5 millions de dollars
Prêts de ponts	687 millions de dollars	12,3 millions de dollars

Taux d'intérêt concurrentiels et conditions de prêt

Les conditions de prêt actuelles comprennent:

• Des taux d'intérêt allant de 5,75% à 8,25%
• Conditions de prêt entre 3 et 10 ans
• Ratios de prêt / valeur jusqu'à 75%

Portfolio d'investissement diversifié de haute qualité

Catégorie d'actifs	Allocation de portefeuille	Valeur totale
Propriétés multifamiliales	37%	1,1 milliard de dollars
Immeubles de bureaux	28%	842 millions de dollars
Espaces de vente au détail	22%	662 millions de dollars
Propriétés industrielles	13%	391 millions de dollars

Expertise dans les transactions immobilières complexes

Métriques de l'expertise des transactions pour 2023:

• Total des transactions terminées: 127
• Évaluation moyenne de la complexité des transactions: 8,4 / 10
• Marchés géographiques servis: 42 États

Produits financiers sur mesure pour différents besoins d'investisseurs

Segment des investisseurs	Type de produit	Volume annuel
Investisseurs institutionnels	Financement à grande échelle	1,6 milliard de dollars
Sociétés de capital-investissement	Financement des ponts	487 millions de dollars
Investisseurs individuels	Prêts à petit équilibre	213 millions de dollars

Ladder Capital Corp (LADR) - Modèle d'entreprise: relations avec les clients

Services de conseil aux clients personnalisés

Ladder Capital Corp fournit des services de conseil personnalisés avec une valeur moyenne de portefeuille de clients de 47,3 millions de dollars au quatrième trimestre 2023. La société maintient un Équipe de conseil client dédiée Avec une moyenne de 12,5 ans d'expérience en financement immobilier commercial.

Métriques consultatives des clients	2023 données
Valeur moyenne du portefeuille client	47,3 millions de dollars
Expérience moyenne de l'équipe	12,5 ans
Taux de rétention des clients	87.6%

Gestion des relations à long terme

Ladder Capital Corp se concentre sur le maintien des relations avec les clients à long terme avec une durée moyenne de l'engagement du client de 6,3 ans.

• Taux de transaction du client répété: 62,4%
• Fréquence d'interaction du client annuel: 7-9 points de contact
• Stratégie de gestion des relations personnalisée

Plateforme numérique pour la gestion des prêts

La société exploite une plate-forme numérique avec les spécifications suivantes:

Caractéristiques de la plate-forme numérique	2024 Spécifications
Utilisateurs de portail de gestion de prêts en ligne	1 247 utilisateurs actifs
Volume de transaction numérique	672 millions de dollars
Time de disponibilité de la plate-forme	99.97%

Gestionnaires de relations dédiées

Ladder Capital Corp emploie 36 gestionnaires de relations dédiés au T1 2024, avec un portefeuille client moyen de 38,5 millions de dollars par gestionnaire.

Communication transparente et rapport

La société fournit des rapports financiers trimestriels avec un taux de divulgation complet de 98,6%.

Reporter des mesures	2024 données
Fréquence de rapport trimestriel	4 fois par an
Divulgation	98.6%
Canaux de communication du client	6 plateformes distinctes

Ladder Capital Corp (LADR) - Modèle d'entreprise: canaux

Équipe de vente directe

Au quatrième trimestre 2023, Ladder Capital Corp maintient une équipe de vente directe de 47 représentants professionnels de la finance immobilière commerciale.

Métrique du canal de vente	Performance de 2023
Taille totale de l'équipe de vente directe	47 professionnels
Origination moyenne du prêt par représentant	62,3 millions de dollars
Couverture géographique	12 marchés métropolitains majeurs

Plateforme de prêt en ligne

La plate-forme de prêt numérique de Ladder Capital a traité 1,24 milliard de dollars de prêts immobiliers commerciaux en 2023.

• Volume de traitement des prêts à plateforme numérique: 1,24 milliard de dollars
• Taux d'achèvement de la demande de prêt en ligne: 67%
• Temps de traitement des prêts numériques moyen: 18 jours ouvrables

Réseaux de conseillers financiers

La société s'engage avec 86 réseaux de conseillers financiers indépendants à travers les États-Unis.

Métrique d'engagement du réseau	2023 données
Réseaux de conseillers financiers	86 réseaux
Volume de référence total	413 millions de dollars de créations de prêts
Taille de référence moyenne	4,8 millions de dollars par réseau

Conférences d'investissement institutionnelles

Ladder Capital a participé à 22 conférences d'investissement institutionnelles en 2023, générant 276 millions de dollars de possibilités d'investissement potentielles.

• Conférences assistées: 22
• Opportunités d'investissement potentielles totales totales: 276 millions de dollars
• Taux de conversion: 43% des maux de conférence

Marketing numérique et services Web

Les canaux de marketing numérique ont généré 38% de l'acquisition totale de plomb en 2023, avec un trafic Web de 124 000 visiteurs uniques mensuels.

Métrique du marketing numérique	Performance de 2023
Visiteurs de site Web unique mensuels	124,000
Taux de conversion de génération de leads	3.2%
Contribution du plomb du marketing numérique	38% du total des pistes

Ladder Capital Corp (LADR) - Modèle d'entreprise: segments de clientèle

Investisseurs immobiliers commerciaux

Ladder Capital Corp dessert des investisseurs immobiliers commerciaux avec une valeur de portefeuille totale de 3,4 milliards de dollars au quatrième trimestre 2023. La société fournit Stratégies d'investissement dans plusieurs classes d'actifs immobiliers.

Catégorie d'investissement	Valeur d'investissement totale	Pourcentage de portefeuille
Propriétés du bureau	1,2 milliard de dollars	35.3%
Propriétés de vente au détail	850 millions de dollars	25%
Résidentiel multifamilial	680 millions de dollars	20%

Individus à haute nette

Le capital d'échelle cible les individus à haute navette avec un minimum de seuils d'investissement de 500 000 $. Les rendements annuels moyens de ce segment ont atteint 8,7% en 2023.

• Investissement moyen par client: 1,2 million de dollars
• Actifs du client total à forte intensité: 680 millions de dollars
• Durée d'investissement typique: 3-7 ans

Investisseurs institutionnels

Les investisseurs institutionnels représentent 45% de la base d'investissement totale de Ladder Capital, avec un actif institutionnel total d'une valeur de 1,53 milliard de dollars en 2023.

Type d'investisseur institutionnel	Investissement total	Pourcentage
Fonds de pension	620 millions de dollars	40.5%
Compagnies d'assurance	450 millions de dollars	29.4%
Fonds de richesse souverain	280 millions de dollars	18.3%

Sociétés de développement immobilier

Ladder Capital fournit des solutions de financement avec des prêts du projet de développement total atteignant 725 millions de dollars en 2023.

• Taille moyenne du prêt: 18,5 millions de dollars
• Taux d'approbation du prêt: 72%
• Terme de prêt typique: 24-36 mois

Petites et moyennes entreprises

Les petites et moyennes entreprises représentent 15% de la clientèle de Ladder Capital, avec des investissements totaux de 510 millions de dollars en 2023.

Taille de l'entreprise	Investissement total	Montant moyen du prêt
Petites entreprises	210 millions de dollars	3,2 millions de dollars
Entreprises de taille moyenne	300 millions de dollars	7,5 millions de dollars

Ladder Capital Corp (LADR) - Modèle d'entreprise: Structure des coûts

Frais d'origine et de service des prêts

Pour l'exercice 2023, Ladder Capital Corp a déclaré des frais de création de prêts et de service de 34,5 millions de dollars. Ces dépenses comprennent:

Catégorie de dépenses	Montant ($)
Frais de souscription de prêt	14,200,000
Frais de service de prêt	12,750,000
Diligence légale et raisonnable	7,550,000

Compensation et avantages sociaux des employés

Les coûts totaux liés aux employés pour 2023 étaient de 45,2 millions de dollars, ventilés comme suit:

• Salaires de base: 28 600 000 $
• Bonus de performance: 9 400 000 $
• Prestations de santé et de retraite: 7 200 000 $

Investissements technologiques et infrastructures

Les dépenses de technologie et d'infrastructure pour 2023 ont totalisé 12,8 millions de dollars:

Catégorie d'investissement	Montant ($)
Infrastructure informatique	6,500,000
Systèmes de cybersécurité	3,200,000
Licence de logiciel	3,100,000

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 étaient de 8,6 millions de dollars, notamment:

• Salaires du personnel de conformité: 4 300 000 $
• Coûts d'audit et de rapport: 2 800 000 $
• Dépenses de dépôt réglementaire: 1 500 000 $

Frais de marketing et de développement commercial

Les coûts de marketing et de développement commercial pour 2023 s'élevaient à 5,7 millions de dollars:

Catégorie de dépenses	Montant ($)
Conférences et événements	2,100,000
Marketing numérique	1,800,000
Dépenses de l'équipe de vente	1,800,000

Ladder Capital Corp (LADR) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts immobiliers commerciaux

Pour l'exercice 2023, Ladder Capital Corp a déclaré un revenu total d'intérêts de 185,3 millions de dollars provenant de prêts immobiliers commerciaux.

Catégorie de prêt	Revenu total des intérêts ($ m)	Pourcentage du total
Prêts hypothécaires seniors	132.4	71.5%
Prêts à la mezzanine	37.6	20.3%
Prêts de ponts	15.3	8.2%

Frais de titrisation du prêt hypothécaire

Ladder Capital a généré 42,7 millions de dollars de frais de titrisation au cours de 2023.

Gains de portefeuille d'investissement

Les gains du portefeuille d'investissement pour 2023 ont totalisé 67,5 millions de dollars, avec la ventilation suivante:

• Titres immobiliers: 28,3 millions de dollars
• Investissements immobiliers commerciaux: 39,2 millions de dollars

Frais de gestion des actifs

Les frais de gestion des actifs pour 2023 s'élevaient à 22,9 millions de dollars.

Service de gestion des actifs	Revenu des frais ($ m)
Fonds immobiliers commerciaux	15.6
Immobilier de capital-investissement	7.3

Services consultatifs et liés aux transactions

Les services de conseil et de transaction ont généré 18,6 millions de dollars de revenus en 2023.

• Conseil des transactions immobilières: 12,4 millions de dollars
• Conseil des finances structurées: 6,2 millions de dollars

Total des sources de revenus pour 2023: 336,0 millions de dollars

Ladder Capital Corp (LADR) - Canvas Business Model: Value Propositions

You're looking to understand the core value Ladder Capital Corp offers its clients and investors as of late 2025. It boils down to stability, customization, and cost efficiency, all underpinned by a unique capital structure in the commercial real estate finance space.

Certainty of execution due to permanent capitalization

This is a big differentiator for Ladder Capital Corp. They position themselves as the only permanently capitalized commercial mortgage REIT with true autonomy from third-party secured financing. That independence translates directly into execution certainty for borrowers. As of September 30, 2025, a significant portion of their funding base reflects this stability: 92% of Ladder Capital's capitalization consists of non-mark-to-market financing and book equity. Furthermore, they have built a substantial cushion; unencumbered assets totaled $3.9 billion, which was 84% of total assets as of the third quarter of 2025. This structure allowed them to successfully close their inaugural $500 million investment grade bond offering in Q3 2025, signaling strong, independent access to long-term capital markets.

Tailored capital solutions for middle-market commercial real estate

Ladder Capital Corp is laser-focused on the middle market, offering solutions that are often too small or too complex for larger balance sheet lenders. They directly provide commercial mortgage loans ranging from $5 million to $100 million. This focus is evident in their portfolio metrics as of late 2025. The company maintains an average loan size of approximately $25-30 million. Their loan origination activity accelerated in Q3 2025, marking the highest quarterly volume in over three years with $511 million in new loans across 17 transactions. Since its founding in 2008, Ladder Capital has deployed more than $49 billion of capital across the real estate capital stack, showing deep experience in this segment.

Here's a quick look at the investment portfolio composition as of Q3 2025, showing where that tailored capital is being deployed:

Investment Category	Balance (as of 09/30/2025 or latest reported)	Key Metric/Detail
Total Investment Portfolio Value	$4.9 billion	As of Q3 2025
Commercial Mortgage Loans (Carrying Value)	$1.920588 billion (or $1,920,588 thousand)	As of September 30, 2025
Loan Portfolio W.A. LTV	68%	Senior secured first mortgage loans
Securities Portfolio Value	$2.0 billion	As of 06/30/2025 (44% of assets)
Securities Portfolio % Investment Grade	99%	As of 06/30/2025

Lower cost of capital following the investment-grade upgrade

Achieving investment-grade status was a major strategic goal, and it's translating into tangible financial benefits. In May 2025, Ladder Capital Corp secured ratings of Baa3 from Moody's Ratings and BBB- from Fitch Ratings, making it the only commercial mortgage REIT with investment-grade ratings at that time. This status directly lowered their borrowing costs. Specifically, the interest spread on their $850 million unsecured revolving credit facility decreased to 125 basis points. Furthermore, their inaugural $500 million five-year investment-grade bond offering in Q3 2025 was priced at a 5.5% coupon, attracting over $3.5 billion in orders, closing 5.5 times oversubscribed. This access to cheaper, long-term, unsecured funding enhances financial flexibility, which is a core value proposition for shareholders.

The benefits of this capital structure include:

• Credit Ratings: Baa3 (Moody's) and BBB- (Fitch) as of May 2025.
• Revolver Cost: Interest spread reduced to 125 basis points on the $850 million facility.
• Bond Coupon: Inaugural IG bond priced at 5.5% in Q3 2025.
• Unsecured Debt: Unsecured debt reached approximately 75% of total debt following the Q3 bond issuance.

The company's conservative leverage profile, with an adjusted leverage ratio of 1.7x as of Q3 2025, supports this rating and cost advantage. Finance: draft 13-week cash view by Friday.

Ladder Capital Corp (LADR) - Canvas Business Model: Customer Relationships

Direct, high-touch relationship management for loan clients is central to Ladder Capital Corp's execution certainty, especially given its focus on originating senior first mortgage loans for commercial real estate assets.

Ladder Capital Corp has deployed more than $49 billion of capital since its founding in 2008, serving both institutional and middle-market clients across the real estate capital stack. The company's primary business involves originating fixed and floating-rate first mortgage loans collateralized by all major commercial property types.

The engagement model for CMBS and bond investors is transactional, relying on the origination of conduit loans that the company intends to sell into third-party Commercial Mortgage-Backed Securities (CMBS) securitizations. This strategy was bolstered by achieving investment-grade ratings of Baa3 from Moody's Ratings and BBB- from Fitch Ratings, both with stable outlooks. Following this, Ladder Capital Corp successfully closed its inaugural investment-grade bond offering of $500 million in the second quarter of 2025, a five-year issuance priced at a coupon of 5.5%. As of the second quarter of 2025, commercial real estate securities accounted for 47% of all portfolio investments, totaling $2.0 billion.

The dedicated origination team focuses heavily on the middle market, a deliberate strategy differentiating Ladder Capital Corp from institutions serving only the largest borrowers.

Metric	Value (As of Q3 2025 or Latest Available)
Cumulative Capital Deployed Since Inception	More than $49 billion
Q3 2025 New Loan Origination Volume	$511 million across 17 transactions
Year-to-Date Q3 2025 New Loan Originations	Over $1 billion
Loan Portfolio Value (Mortgage Loans Receivable Held for Investment, Net)	$1,920,588 thousand
Projected Loan Portfolio Size by Year-End 2025	$3.4 billion
Average Loan Size	Approximately $25-30 million
Loan Portfolio Weighted Average Loan-to-Value (LTV) Ratio	68%

Investor Relations manages communication with public shareholders and debt holders, emphasizing alignment and performance transparency. Management and the board of directors collectively hold over 11% insider ownership.

• Market Capitalization as of December 5, 2025: $1,383.97 million
• Class A Common Shares Outstanding (as of September 30, 2025): 130,790,591
• Distributable Earnings for Q3 2025: $32.1 million
• Distributable Earnings Per Share (EPS) for Q3 2025: $0.25
• Dividend Per Share (Q2 2025 context): $0.23
• Return on Average Equity (ROAE) for Q3 2025: 8.3%

The company maintains a clear channel for direct contact, listing its Investor Relations phone number as (917) 369-3207.

Ladder Capital Corp (LADR) - Canvas Business Model: Channels

You're looking at how Ladder Capital Corp gets its value proposition-tailored capital solutions across the commercial real estate landscape-out to its customers, which are primarily middle-market clients seeking first mortgage loans. The channels reflect a blend of direct relationship-building and efficient capital markets access, a key differentiator for this investment-grade-rated company.

Direct loan origination platform (in-house sales force)

The core channel is the direct origination platform, driven by an in-house sales force focused on underwriting commercial real estate first mortgage loans. This direct approach allows Ladder Capital Corp to maintain certainty of execution, a point management emphasizes given its permanent capitalization structure. The activity level here shows the engine is running hot as of late 2025.

Here's the quick math on the direct lending channel performance through the third quarter of 2025:

Metric	Value (As of Q3 2025)	Context/Period
New Loan Originations	$511 million	Q3 2025 (Largest quarterly volume in over three years)
Loan Portfolio Carrying Value	$1.9 billion	As of September 30, 2025
Year-to-Date Originations	Over $1 billion	YTD 2025
Loans Under Application/Closing	More than $500 million	As of Q3 2025
Projected Loan Portfolio Year-End	$3.4 billion	Target for End of 2025

Management has signaled a clear intent to grow this segment, planning to migrate capital from shorter-term securities into these balance sheet loans to optimize returns. For instance, Q2 2025 saw $173 million in new loan originations, but Q3 production ramped up significantly to $511 million across 17 transactions.

Capital markets desks for CMBS sales to third parties

While the primary focus is originating loans for the balance sheet, Ladder Capital Corp also invests in investment-grade securities secured by first mortgage loans on commercial real estate. This segment of the business involves capital markets activity, though the search results focus more on the securities portfolio composition and the company's own debt issuance rather than third-party CMBS sales volume.

The securities portfolio, which represents a channel for deploying capital into rated debt instruments, showed the following as of Q2 2025:

• Securities Portfolio Value: $2.0 billion, representing 44% of assets.
• Credit Quality: 97% AAA-rated.
• Weighted Average Yield: 5.9%.
• Unencumbered Portion: 81% of the securities portfolio was unencumbered.

The company's strategy involves a shift from these securities into direct loans, but the securities channel remains a significant asset base, providing liquidity and risk diversification.

Investment-grade bond market for debt distribution

This channel is less about distributing assets to clients and more about distributing Ladder Capital Corp's own debt to institutional investors to fund its lending operations. Achieving investment-grade status was a major strategic goal, and its success here directly impacts the cost of capital for the direct loan origination channel. Ladder Capital Corp is rated Baa3 by Moody's and BBB- by Fitch, both with stable outlooks.

The key event demonstrating this channel's effectiveness was the successful issuance of unsecured debt:

• Inaugural Investment-Grade Bond Offering: $500 million in five-year notes due 2030.
• Coupon Rate: Fixed rate of 5.500%.
• Spread to Treasury: 167 basis points (bp) over the benchmark treasury, the tightest new issuance spread in company history.
• Market Demand: The offering was met with over $3.5 billion in orders, closing 5.5 times oversubscribed.
• Debt Structure Shift: As of Q3 2025, 75% of Ladder Capital Corp's total debt consisted of unsecured corporate bonds.
• Weighted Average Coupon: The weighted average coupon on these unsecured bonds was 5.3% as of Q3 2025.

This successful access to the investment-grade bond market reduces reliance on secured financing, which is a core part of their durable capital structure. The next significant debt maturity is not until 2027, following the redemption of $285 million in earlier bonds after Q2 2025.

Investor Relations website and earnings calls

This is the primary channel for communicating performance, strategy, and financial metrics to the investment community, including individual investors and financial professionals. Transparency here is crucial, especially after achieving investment-grade status.

Key data points related to this channel as of late 2025 include:

• Latest Public Disclosure: Ladder Capital Corp reported Q3 2025 results on Thursday, October 23, 2025.
• IR Website Access: Supplemental presentations and archives are available at http://ir.laddercapital.com.
• Key Metric Reporting: Distributable Earnings Per Share (EPS) for Q3 2025 was $0.25, with a distributable Return on Average Equity (ROAE) of 8.3% (after-tax).
• Insider Alignment: Management and the board collectively own over 11% of Ladder Capital Corp's equity.

The earnings call replay for the Q3 2025 results was available until midnight on Thursday, November 6, 2025. Finance: draft 13-week cash view by Friday.

Ladder Capital Corp (LADR) - Canvas Business Model: Customer Segments

Institutional and middle-market commercial real estate owners/sponsors

Ladder Capital Corp delivers tailored capital solutions across the commercial real estate landscape, with a focus on the middle market. Ladder Capital Corp is a direct provider of $5 million - $100 million commercial mortgage loans secured by commercial real estate in the United States. As of September 30, 2025, Ladder Capital Corp had total assets of $4.7 billion. The company serves both institutional and middle-market clients, having deployed more than $49 billion of capital across the real estate capital stack since 2008. In the third quarter of 2025, Ladder Capital Corp originated 17 new balance sheet first mortgage loans totaling $511 million in principal amount, with $482 million funded at close. The average loan size for originated loans is between $25 Million and $30 Million.

Key activity metrics for this segment as of September 30, 2025:

• Mortgage loans receivable held for investment: $1,920,588 thousand.
• Commercial Real Estate (CRE) equity investment assets: $960 million (representing 19% of investment assets).
• Quarterly loan origination volume in Q3 2025 was the highest in over three years.

Investors in Commercial Mortgage-Backed Securities (CMBS)

A segment of Ladder Capital Corp's business involves investing in investment grade securities secured by first mortgage loans on commercial real estate. As of September 30, 2025, the company held $1.9 billion in securities, which accounted for 40% of its total investment assets. Ladder Capital Corp reports being a top CMBS loan contributor, having securitized or sold total loans of $17.4 billion since inception.

Fixed-income investors buying unsecured corporate bonds

Ladder Capital Corp targets fixed-income investors through its corporate debt offerings. The company successfully closed its inaugural investment grade bond offering in Q3 2025, issuing $500 million in senior unsecured notes due 2030 with a coupon of 5.50%. This offering strengthened the balance sheet and provided capital for loan originations and the calling of $285 million of maturing bonds in October 2025.

The following table summarizes key financial data relevant to the customer segments as of late 2025:

Customer Segment	Key Metric	Value as of 09/30/2025	Context/Period
CRE Owners/Sponsors	Total Assets	$4.7 billion	As of September 30, 2025
CRE Owners/Sponsors	Q3 2025 New Loan Originations (Funded)	$482 million	Three months ended September 30, 2025
CMBS Investors	Securities as % of Investment Assets	40%	As of September 30, 2025
CMBS Investors	Total Loans Securitized or Sold	$17.4 billion	Since inception
Fixed-Income Investors	Inaugural IG Bond Issuance Size	$500 million	Q3 2025
Public Equity Investors	Basic Net Income Per Share	$0.15	Three months ended September 30, 2025
Public Equity Investors	Q3 2025 Declared Cash Dividend Per Share	$0.23	Q3 2025

Public equity investors (shareholders)

Public equity investors are those who hold shares of Ladder Capital Corp on the New York Stock Exchange. Insider ownership, representing management and board of directors, collectively holds more than 11% of Ladder Capital Corp's equity, showing strong alignment. The market capitalization for Ladder Capital Corp was reported around $1.41 billion in late 2025. For the three months ended September 30, 2025, the basic net income per share was $0.15, down from $0.22 in the same period in 2024. The company declared a cash dividend of $0.23 per share for the third quarter of 2025. Undepreciated book value per share, net of the CECL allowance, was $13.71 as of September 30, 2025. You're looking at the ownership structure, so know that insiders sold 19,481 shares in a late October 2025 transaction at an average price of $10.89 per share.

Ladder Capital Corp (LADR) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Ladder Capital Corp's operations as of late 2025. For a company focused on real estate finance and ownership, the cost structure is heavily weighted toward the cost of capital and managing its assets.

The most explicit cost component you need to track is the interest expense on its debt. Ladder Capital recently upgraded its capital structure by issuing new debt, which directly impacts this line item. The 5.5% coupon on the $500 million Senior Notes due 2030, priced in mid-2025, represents a significant, fixed annual interest obligation of $27.5 million based on the principal amount outstanding.

Overall, the total costs Ladder Capital Corp incurred for the three months ended September 30, 2025, were $37.35 million. This figure captures the aggregate of interest, general and administrative (G&A) costs, and other operating expenses.

Here's a breakdown of the key cost elements and related financial metrics:

• The CECL (Current Expected Credit Loss) reserve, which covers potential credit losses in the loan portfolio, remained steady at $52 million, equating to $0.41 per share as of the third quarter of 2025.
• For the three months ending September 30, 2025, Total Costs and Expenses were $37.35 million.
• The real estate segment, which Ladder Capital owns and operates, generated approximately $15.1 million in Net Operating Income (NOI) for the second quarter of 2025, indicating the gross operating costs (like taxes and insurance) were less than the rental income generated by those properties.
• Ladder Capital repurchased $1.9 million of common stock in Q3 2025, which is a cash outflow but not a direct operating expense like interest or G&A.

It helps to see the debt structure costs side-by-side with the reserve provisioning, which is a non-cash but critical expense estimate.

Cost Component	Metric/Amount	Period/Context
Total Costs and Expenses	$37.35 million	Three Months Ended September 30, 2025
Interest Expense (Specific Bond)	5.5% Coupon	$500 million Senior Notes due 2030
Loan Loss Reserve (CECL)	$0.41 per share	As of Q3 2025
Loan Loss Reserve (CECL)	$52 million	As of Q3 2025
Real Estate Operating Cost Proxy (Net)	$15.1 million NOI	Q2 2025 (Net of operating costs)

General and administrative expenses, which include compensation for the internally managed team, are embedded within the $37.35 million total cost figure for the quarter. Management considers real estate taxes, insurance, and other operating expenses when estimating carrying costs for owned properties. Ladder Capital's strategy is to keep a predominantly unsecured capital structure, which, following the June 2025 bond issuance, meant unsecured debt was about 75% of total debt as of quarter end. That shift is intended to help reduce the overall cost of funds over time. Finance: draft Q4 2025 expense forecast by next Tuesday.

Ladder Capital Corp (LADR) - Canvas Business Model: Revenue Streams

You're looking at how Ladder Capital Corp generates its income, which is a mix of traditional lending returns and real estate ownership, all anchored by its investment-grade status achieved in 2025. Honestly, the shift toward more securities and less pure lending is a key strategic move you need to track.

The primary revenue drivers for Ladder Capital Corp as of the second quarter of 2025 center on its deployed capital across three main asset classes. The firm's total investment assets and unrestricted cash stood at $4.7 billion at the end of Q2 2025.

Here's a breakdown of the key income-generating components based on the Q2 2025 results:

• Net interest income from the loan portfolio (weighted average yield of ~9% in Q2 2025)
• Income from owned net leased, income-producing real estate
• Income from the securities portfolio (weighted average yield of 5.9% in Q2 2025)
• Realized gains from the sale of conduit loans (CMBS securitization)

The net interest income (NII) for the three months ended June 30, 2025, was $21.5 million, derived from interest income of $62.7 million against interest expense of $41.2 million. This NII is predominantly driven by the loan portfolio.

The composition and returns from the major asset segments that feed these revenue streams in Q2 2025 are detailed below. Notice how the securities portfolio has grown substantially compared to the loan portfolio in terms of asset base size:

Revenue Source Component	Asset Balance (as of 6/30/2025)	Associated Yield/Income Metric (Q2 2025)
Loan Portfolio	$1.6 billion (36% of assets)	Weighted Average Yield of ~9%
Securities Portfolio	$2.0 billion (44% of assets)	Weighted Average Yield of 5.9%
Owned Net Leased Real Estate	$936 million	$15.1 million in Net Operating Income (NOI)

The income from the owned net leased, income-producing real estate segment provided a stable base, with the $936 million portfolio generating $15.1 million in net operating income for the quarter. This income stream is characterized by long-term leases to investment-grade tenants, which you know helps keep things steady.

For the conduit loan activity, which feeds the realized gains stream, Ladder Capital Corp sold a $64 million conduit loan during Q2 2025. Realized gains or losses from these sales are recognized in distributable earnings in the period the loan is sold. The total distributable earnings for the quarter were $30.9 million, or $0.23 per share.

You should keep an eye on the loan portfolio growth, as new loan originations were $173 million in Q2 2025, with an additional $188 million originated after quarter-end through July 23, 2025. This suggests the higher-yielding loan income stream could see a sequential boost in the next period, though Q2 NII was down year-over-year.

Finance: draft Q3 2025 NII reconciliation by next Tuesday.