Ladder Capital Corp provides a snapshot of its business lines as of Q1 2021, including total assets, liabilities, book equity, and leverage metrics. The largest segments are balance sheet loans ($2.0B carrying value), commercial real estate owned ($634M carrying value), and securities ($764M carrying value). The company has a diversified portfolio across various property types and geographies. Book equity totaled $1.5B with an undepreciated book value per share of $13.88. Leverage was modest at an adjusted debt to equity ratio of 2.3x.
Signature Bank Results Presentation Deck Apr 2022.pdfBryann Alexandros
Signature Bank was a bank that did business in New York City and other states. It had $110.4 billion in assets and $82.6 billion in deposits by the end of 2022. It used to have offices only in New York City. In the late 2010s, it started to grow and offer more services, but it was most known for its 2018 decision to work with the cryptocurrency industry. By 2021, cryptocurrency businesses had 30 percent of its deposits. Banking officials in New York shut down the bank on March 12, 2023, two days after Silicon Valley Bank (SVB) went broke. After SVB went broke and because Silvergate Bank, another cryptocurrency-friendly bank, went broke earlier in the week, scared customers took out more than $10 billion in deposits. It was the third-biggest bank failure in U.S. history. On March 19, a week after the bank shut down, the FDIC sold the new bank, most of its deposits, and its 40 offices to New York Community Bancorp to be part of its Flagstar Bank part. Some $4 billion in digital money banking deposits and $60 billion in loans were not part of the deal.
KKR Real Estate Finance Trust (“KREF”) is a differentiated company fully integrated within KKR Real Estate
Purpose built portfolio of senior loans secured primarily by lighter transitional, institutional multifamily and office properties owned by high quality sponsors.
Conservative liability management focused on diversified non-mark-to-market financing capacity.
One firm culture that rewards investment discipline, creativity, determination and patience and emphasizes the sharing of information, resources, expertise and best practices
Silvergate Bank Results Presentation Deck Jan 2023.pdfBryann Alexandros
Silvergate Bank was a bank in California that helped people and businesses who used cryptocurrencies. The bank was started in 1988 and began working with the crypto sector in 2016. It became a public company in 2019 and was one of the best banks for crypto new things. It had a platform called the Silvergate Exchange Network (SEN) that let people do fast and safe deals between crypto companies and big investors. But Silvergate Bank went broke in March 2023 after having many problems in the crypto market. The bank lost a lot of money after FTX, one of its big customers and partners, went broke too. The bank also lost money from the drop in cryptocurrency prices and the law problems on crypto things. The bank said that it was closing and selling its things after not getting any help or a buyer. The collapse of Silvergate Bank made a lot of fear and doubt in the crypto sector, as many customers and businesses could not get their money and services. The bank’s failure also made people wonder about the future and success of crypto banking and new things.
Signature Bank Results Presentation DeckMarch 2023.pdfBryann Alexandros
Signature Bank was a bank that did business in New York City and other states. It had $110.4 billion in assets and $82.6 billion in deposits by the end of 2022. It used to have offices only in New York City. In the late 2010s, it started to grow and offer more services, but it was most known for its 2018 decision to work with the cryptocurrency industry. By 2021, cryptocurrency businesses had 30 percent of its deposits. Banking officials in New York shut down the bank on March 12, 2023, two days after Silicon Valley Bank (SVB) went broke. After SVB went broke and because Silvergate Bank, another cryptocurrency-friendly bank, went broke earlier in the week, scared customers took out more than $10 billion in deposits. It was the third-biggest bank failure in U.S. history. On March 19, a week after the bank shut down, the FDIC sold the new bank, most of its deposits, and its 40 offices to New York Community Bancorp to be part of its Flagstar Bank part. Some $4 billion in digital money banking deposits and $60 billion in loans were not part of the deal.
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
One FNG by Group 108 Sector 142 Noida Construction UpdateOne FNG
One FNG by Group 108 is launching a new commercial project in Sector 142 Noida. Office space and high street retail shops on the FNG and Noida Expressway. For more information visit the website https://www.onefng.com/
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
Scanning tenants in NYC requires a thorough and compliant approach to ensure you find reliable renters. For a positive rental experience, consider hiring a property management service. Belgium Management LLC specializes in NYC rental property management and tenant relationship management. We prioritize tenant satisfaction, making us a trusted name in New York property management. Our dedicated team ensures tenants feel valued and supported throughout their lease.
Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
All the pleasures that will enrich your lives are awaiting you on the most beautiful side of the city, at Torun Center Residences. In Mecidiyeköy, where the heart of Istanbul beats, business, life and entertainment opportunities are located at the exact center, at Torun Center, the most beautiful side of the city.
Penthouse apartments and different styles of flats from 1 + 1 to 4 + 1, from 100 to 425 square meters in a 42-story residence tower, have been designed for those who want to live in the center of magnificence. Torun Center is the redefinition of a better life with specially landscaped floor gardens, apartment options with private balconies, and automatic glass systems equipped with Trickle Ventilation that offers clean air comfort.
Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
The two-story Torun Center Lounge, with its indoor and outdoor seating areas, children's playroom, private dining and TV lounge, promises unforgettable memories to you and your loved ones with its unique Istanbul view.
Neighboring to the most pleasant square of Istanbul
A few steps from the Torun Center Residences, you can reach the city's most modern city square and open the doors of a quality city life. Torun Center Residences brings together on the same project the long-awaited city life for Istanbul and gourmet restaurants, cafes, gym and SPA, and state-of-the-art cinema and Artı Stage, hosting the most famous plays of the season.
Located at the intersection of alternative public transportation options such as the metro and Metrobus, Torun Center comes to the fore as the most accessible office for both sides of Istanbul. With a central location and rich transportation lines, Torun Center offices make life easier for employees and increase productivity.
Green Homes, Islamabad Presentation .pdfticktoktips
Green Homes Islamabad offers beautifully designed 5, 8, and 10 Marla homes near the airport and motorway. Enjoy luxury, convenience, and high rental returns in a prime location.
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Referans Bahcesehir which is being constructed, in the center of the most regional destination as Bahçeşehir, shines out with its central location and unique landscape including social facilities such as a fitness center, sauna, sports facilities, children’s playground and recreational areas.
Not only drawing attention for immediate surroundings including commercial centers and private schools but also providing the easily accessible location with closeness to Tem Highway and connection roads, ongoing construction of 3rd Bridge Connection roads and Metro Projects
Bahcesehir is a rising value in the great city of Istanbul… Located at a new transportation junction in the northwest of the City… Located at such a spot that the access roads for the 3rd bridge and for the 3rd Airport will reach the region in 2016. The Marmaray and the Subway will extend all the way to Referans Bahcesehir respectively in 2018 and 2019.
465 flats and 34 stores are designed with an outstanding approach and arranged with a unique perspective offering the following options: 1 plus 1, 2 plus 1, 3 plus 1, 3.5 plus 1, 4 plus 1, and 4.5 plus 1. It is planned so as to safeguard you and your loved ones based upon a modern, technological safety approach. As you experience the joy and luxury here, you will be content and feet at ease.
It is worth seeing both inside and outside with heart-warming cafes, tasty restaurants and elegant stores… And it is ready to offer a vivacious social life with a warm and cozy space design.
A folding swimming pool and indoor swimming pools, playgrounds, Turkish bath, sauna… It has them all. Everything you need for your well-being and for having a pleasant time will be at your service. You simply need to align the rhythm of life with the rhythm of Referans Bahcesehir.
https://listingturkey.com/property/referans-bahcesehir/
Urbanrise Paradise on Earth - Unveiling Unprecedented Luxury in Exquisite Vil...JagadishKR1
Immerse yourself in the epitome of luxury living at Urbanrise Paradise on Earth. These opulent 4 BHK villas, nestled off the prestigious Kanakapura Road in Bangalore, redefine elegance and sophistication. With meticulous craftsmanship, breathtaking design, and unparalleled amenities, Urbanrise Paradise on Earth offers a sanctuary where every moment is infused with luxury and serenity. Experience a life of grandeur and indulgence at this exclusive residential enclave.
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Flat available for sale
Location- Tupudana, Ranchi
Savitri enclave
Area- 3BHK
Rate- 4000/sq.ft.
Super Build Up Area-1629 sq.ft.
Build-up area-1253 sq.ft.
Rate- 65lakh16k(approx)
Floor available- Flat available in all floor(G+12)
Balcony- 2
Washroom- 2
Parking - CAR PARKING
Amenities- Joggers track,temple, children's park,gym,banquet hall (5 Lakh)
Possession year (Handover year)- Dec 2025
Outside View from the apartment and flat balcony is very beautiful.
For more information contact AASHIYANA STAR PROPERTIES
7766900371
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
Brigade Insignia offers meticulously designed apartments with modern architecture and premium finishes. The project features spacious 3,3.5,4 and 5 BHK units, each thoughtfully planned to provide maximum comfort, natural light, and ventilation.
https://www.newprojectbangalore.com/brigade-insignia-yelahanka-bangalore.html
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
Lixin Azarmehr, a Los Angeles-based real estate development trailblazer, co-founded JL Real Estate Development (JL RED) in 2015 and serves as its CEO. Her expertise has propelled the firm to specialize in luxury residential and mixed-use commercial projects, with a portfolio that features upscale retail spaces and sophisticated care facilities.
Ladder Capital - Q1 2021 Earnings Supplemental Presentation
1. S-0
SUPPLEMENTAL DATA FOR
THE QUARTER ENDED
MARCH 31, 2021
NYSE: LADR
A Leading Commercial Real Estate Investment Trust
2. S-1
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 and affiliates (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 include, among others, the impact of the COVID-19 pandemic and
the responsive measures implemented by various governmental authorities, businesses and other third parties, and the risks and uncertainties discussed in the
Company’s Annual Report on Form 10-K for the year ended December 31, 2020, 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 March 31, 2021, 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 March 31, 2021 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.
3. S-2
Earnings and
Dividends
Investment
Activity
Liquidity,
Leverage,
Financing and
Book Value
Portfolio
Composition
$5.4 billion in assets, including $2.0 billion of loans (38% of total), $977 million of real estate equity (18%), and
$764 million of securities (14%)
77% of assets are senior secured and/or investment grade-rated
77% of loans are floating-rate
Originated $155 million of first mortgage loans, $150 million of which were funded at closing, and funded $9 million
of pre-existing loan commitments – first new loan originations since March 2020 (onset of COVID-19)
Loan fundings comprised of $117 million of balance sheet loans and $41 million of conduit loans
Received $375 million of repayments of balance sheet loans and sold one $47 million balance sheet loan at par
Closed an additional $93 million of loans in the second quarter through 05/04/2021, $88 million of which were
funded at closing, with over $900 million of additional loans currently under application in the pipeline
Sold $329 million of securities at a weighted-average sale price in excess of 100% of par, continuing the reduction
of the securities portfolio
Distributable Earnings of $3.2 million and Distributable EPS of $0.04
Declared Q1 2021 cash dividend of $0.20 per LADR share, which represents a 7.0% annual dividend yield
2
$1.3 billion of unrestricted cash (24% of total assets); $2.8 billion of unencumbered assets (52% of total assets)
$442 million reduction in total debt balance during the quarter
Adjusted Leverage Ratio of 2.3x, or 1.4x net of cash
$1.5 billion GAAP book equity value and $1.8 billion undepreciated book equity value
$13.88 undepreciated book value per share
Note: As of 03/31/2021, unless noted otherwise
1. For a description of these financial and non-GAAP financial measures, see Selected Definitions on page S-21
2. Based on $11.48 LADR closing stock price on 05/05/2021
FIRST QUARTER 2021 HIGHLIGHTS1
5. S-4
03/31/2021 Capitalization Summary ($mm)
$5.3B
Total
Capitalization
Adjusted Debt/Equity (Adjusted Leverage Ratio):
Net Adjusted Debt1
(excluding Cash) /Equity Ratio:
Net Adjusted Debt (excluding Cash) & Excluding Securities2
/Equity Ratio:
Non-Mark-to-Market Financing3
+ Book Equity:
Non-Recourse & Unsecured Debt + Book Equity:
2.3x
1.4x
0.9x
84%4
84%4
1. Excludes total cash on balance sheet of $1,452 million
2. Excludes total cash on balance sheet of $1,452 million and securities of $764 million
3. Non-mark-to-market financing includes financing that is subject to credit events only
4. Represents percentage of total capitalization
DIVERSE AND ROBUST CAPITAL STRUCTURE
WITH MODEST LEVERAGE
6. S-5
1. Based on total debt obligations, net of deferred financing costs, adjusted for non-recourse indebtedness related to securitizations that is consolidated on the Company’s GAAP balance sheet.
1. GAAP debt/equity ratio was 3.1x as of 09/30/2020, 2.7x as of 12/31/2020, and 2.5x as of 03/31/2021
2. Excludes financing that is subject to credit events only
$4,715
$4,210
$3,768
09/30/2020 12/31/2020 03/31/2021
2.3x
1.7x
1.4x
09/30/2020 12/31/2020 03/31/2021
Adjusted Leverage
1
Adjusted Leverage
1
, Net of Cash
Adjusted Leverage
1
, Net of Cash &
Excluding Securities
Total Debt ($mm) Unrestricted Cash ($mm)
Mark-to-Market Debt ($mm)
2
2.9x
2.5x
2.3x
09/30/2020 12/31/2020 03/31/2021
1.4x
1.0x
0.9x
09/30/2020 12/31/2020 03/31/2021
$876
$1,254
$1,297
09/30/2020 12/31/2020 03/31/2021
$1,503
$1,109
$865
09/30/2020 12/31/2020 03/31/2021
IMPROVEMENTS IN LEVERAGE & LIQUIDITY
$1,503
$1,109
$865
09/30/2020 12/31/2020 03/31/2021
7. S-6
Superior access to capital with diversified financing sources and substantial undrawn capacity
1. Includes extensions at Company’s option
2. Secured by stock of selected unrestricted subsidiaries
3. Includes $239 million of outstanding committed loan repurchase financing and $63 million of outstanding committed securities repurchase financing
LONG & STRONG LIABILITY STRUCTURE
Remaining Debt Maturities by Financing Type1
($mm; as of 03/31/2021)
3
Maturity Year (weighted-average, where applicable)
Facility Size Outstanding 2021 2022 2023 2024 2025 2026 2027
$1,732 $1,710 Total Unsecured Debt (45% of total debt)
$5,176 $3,493 Total Unsecured & Committed Secured Debt (93% of total debt)
$5,176 $3,768 Total Financing
4.250% Unsecured Bonds
$644
$652
Committed Bilateral Bank Facilities (7 facilities)3
Issuance / Debt
348 345 5.250% Unsecured Bonds
466 464 5.250% Unsecured Bonds
1,950 302
206 195
235 233
266 256
765 765 Non-Recourse Mortgage Debt on Owned Real Estate
Non-Recourse CLO Financing
Non-Recourse Koch Financing
Unsecured Syndicated Revolving Credit Facility2
– 275 Uncommitted Repo
288 288 FHLB Financing
8. S-7
STAGGERED DEBT MATURITY PROFILE
Further extended debt maturities with a larger component of non-recourse and non-mark-to-market financing
1. Amounts shown for existing unsecured corporate bonds are net of deferred financing fees
Secured Debt
Unsecured Debt1
03/31/2021 Unsecured & Secured Debt Maturities ($mm)
Long & strong liability structure in place, with no single year of maturities representing more than 20% of debt outstanding
$153 $128 $116
$464
$602 $644
$433
$617
$433
$677
$729
$48
$760
$71
$0
$250
$500
$750
$1,000
2021 2022 2023 2024 2025 2026 2027 2028 & Beyond
9. S-8
$2.8B
Total
Unencumbered
Assets
SUBSTANTIAL, HIGH-QUALITY
UNENCUMBERED ASSET POOL
Total Unencumbered Asset Pool ($mm) Key Unencumbered Asset Pool Highlights
1
✓ 52% of total asset base is composed of unencumbered assets
✓ 83% of unencumbered assets are cash, first mortgage loans or investment grade securities
Note: As of 03/31/2021
1. Represents undepreciated asset value
2. Calculated by deducting unrestricted cash from the numerator and denominator
Predominantly senior, financeable, oversized unencumbered asset base
1.93x unencumbered asset/unsecured debt ratio ($1.1 billion in excess
of the 1.20x covenant)
9.55x unencumbered asset/unsecured debt ratio net of unrestricted
cash
2
$899 million of unencumbered senior secured first mortgage loans
$1.3 billion of unencumbered unrestricted cash
10. S-9
$1,543 $1,526
($26)
$7
$1,762
$5 $0.4
($5)
$1,754
12/31/2020
Book Equity Value
Distributions &
Dividends
Equity-Based
Compensation
Net Income /
(Loss)
Other Comprehensive
Income
(Securities Portfolio
Mark-to-Market)
Other 03/31/2021
Book Equity Value
1. Excludes $5.3 million of noncontrolling interest in consolidated joint ventures
2. Includes purchase of treasury stock, change in and exchange of noncontrolling interests, and acquisition of shares to satisfy tax withholding on vesting restricted stock
3. Excludes $5.2 million of noncontrolling interest in consolidated joint ventures
Summary of Changes to Book Equity Value During Q1 2021 ($mm)
BOOK EQUITY VALUE ROLL-FORWARD
$13.94
$12.21
$13.88
$12.08
Book Value per Share
(Undepreciated & GAAP)
1 3
2
= Undepreciated Book Value
Book Value per Share
(Undepreciated & GAAP)
$1,543 $1,526
($26)
$7
$1,762
$5 $0.4
($5)
$1,754
12/31/2020
Book Equity Value
Distributions &
Dividends
Equity-Based
Compensation
Net Income /
(Loss)
Other Comprehensive
Income
(Securities Portfolio
Mark-to-Market)
Other 03/31/2021
Book Equity Value
12. S-11
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 $2,008 Carrying Value of Assets $634 Cash & Cash Equivalents $1,306
Secured Financing on Assets 666 Undepreciated Book Value of Assets 792 Loans, Securities & Real Estate 4,061
Net Equity Invested (excl. Corporate Debt) 1,341 Secured Financing on Assets 515 Accumulated Depreciation & Amortization (241)
% First Mortgage 94% Net Equity Invested (excl. Corporate Debt) 276 Other Assets5
280
% Other (Mezzanine/Subordinate) 6% Total Square Feet 5,303,666 Total Assets 5,406
Weighted-Average Coupon 6.3% Weighted-Average % Leased 100%
Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $51.0 Total Liabilities
Accounting method: carried at depreciated book value Unsecured Corporate Bonds $1,454
Unsecured Revolving Credit Facility 256
Conduit Loans Diversified Commercial Real Estate2,3
Total Unsecured Debt 1,710
Carrying Value of Assets $71 Carrying Value of Assets $343 Secured Financing 2,058
Secured Financing on Assets – Undepreciated Book Value of Assets 426 Total Debt 3,768
Net Equity Invested (excl. Corporate Debt) 71 Secured Financing on Assets 250 Other Liabilities5
107
Weighted-Average Coupon 4.2% Net Equity Invested (excl. Corporate Debt) 176 Total Liabilities 3,875
Origination and Purchase Volume (LTM) $41 Total Square Feet 2,425,518
Loan Sale Volume (LTM) 128 Weighted-Average Occupancy4
88% Book Equity Value
Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $23.6 GAAP Book Equity Value (excl. NCI in JVs) $1,526
Weighted-Average % Owned by Ladder 86.9% Total Shares Outstanding (mm) 126.3
Accounting method: carried at depreciated book value GAAP Book Value per Share5
$12.08
Undepreciated Book Value per Share6
$13.88
Securities
Carrying Value of Assets $764 Leverage
Secured Financing on Assets 626 Adjusted Debt (for Adjusted Leverage Ratio)6
$3,535
Net Equity Invested (excl. Corporate Debt) 138 Total GAAP Book Equity (incl. NCI in JVs) 1,531
% First Mortgage Secured 100% Adjusted Leverage Ratio6
2.3x
% AAA-Rated or Agency-Backed 85%
% Investment Grade-Rated 99%+ Return on Average Equity6
Average CUSIP Size $6.9 Distributable Earnings (LTM) $41
Weighted-Average Duration 1.9 Years Average Book Equity Value (LTM) 1,518
Accounting method: carried at FMV After-Tax Distributable ROAE (LTM) 3.0%
Note: As of 03/31/2021
1. Pre-tax and pre-overhead allocation
2. All metrics shown on a consolidated basis, except weighted-average % owned by Ladder, which excludes the potential effects of partnership/joint venture promote/sharing arrangements
3. Excludes two unconsolidated joint venture investments with total book value of $44.5 million as of 03/31/2021
4. Excludes hotel assets
5. For a description of these financial measures, see Selected Definitions on page S-21
6. For a description of these non-GAAP financial measures, see Selected Definitions on page S-21
B
C
D
E
A B C D E
($ in millions, except per share amounts)
A
LADDER SNAPSHOT
13. S-12
($ in millions)
INVESTMENT PORTFOLIO SUMMARY
Investment Portfolio Distributable Earnings Contribution
(as of 03/31/2021) (Three Months Ended 03/31/2021)
Carrying Value % of Total Amount of % of Total
Investment Type of Assets Assets Contribution Contribution
Conduit First Mortgage Loans $71 1% ($0.3) (1%)
Balance Sheet First Mortgage Loans 1,887 35% 21.2 64%
Other (Mezzanine/Subordinate) Loans 121 2% 3.2 10%
Provision for Current Expected Credit Losses (36) (1%) – –
Total Loans $2,043 38% $24.1 73%
Securities $764 14% $1.4 4%
Net Leased Commercial Real Estate $634 12% $7.3 22%
Diversified Commercial Real Estate 343 6% 0.3 1%
Total Real Estate Equity Properties $977 18% $7.6 23%
Other Investments $45 1% – –
Total Investment Assets $3,829 71% $33.1 100%
Cash and Cash Equivalents (unrestricted) $1,306 24%
Restricted Cash 146 3%
Other Assets 125 2%
Total Assets $5,406 100% $33.1 100%
Corporate Bond Interest Expense (21.3) (64%)
Corporate Operating Expenses/Other (8.5) (26%)
Total Distributable Earnings $3.2 10%
14. S-13
$2.0 billion total loan portfolio
77% floating rate/23% fixed rate
Note: As of 03/31/2021
1. Amounts in these charts shown before $36.2 million allowance for loan losses
2. Includes mezzanine and subordinate loans
2
Loan Type
1
Geography
Property Type
LOAN PORTFOLIO OVERVIEW
Loan Size
1
$19 million average loan balance
15. S-14
($ in millions)
LOANS SEGMENT SUMMARY
Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020
Conduit First Mortgage Loans
Carrying Value of Assets (end of quarter) $71 $31 $31 $86 $147
Origination/Funding Volume 41 – – – 213
Weighted-Average Coupon (end of quarter) 4.2% 4.1% 4.1% 4.0% 3.9%
Loan Sale Volume – – $60 $68 $185
Balance Sheet First Mortgage Loans
Carrying Value of Assets (end of quarter) $1,887 $2,233 $2,609 $2,833 $3,310
Origination/Funding Volume 117 10 9 20 314
Weighted-Average Coupon (end of quarter) 6.0% 6.1% 6.2% 6.2% 6.2%
Weighted-Average LTV (end of quarter) 69% 67% 67% 71% 70%
Loan Sale Volume $47 $101 $7 $172 –
Other (Mezzanine/Subordinate) Loans
Carrying Value of Assets (end of quarter) $121 $121 $122 $122 $123
Origination/Funding Volume – – – – –
Mezz./Subordinate Loans % of Total Assets 2.2% 2.1% 1.9% 1.9% 1.7%
Weighted-Average Coupon (end of quarter) 10.8% 10.8% 10.8% 10.8% 10.8%
Weighted-Average LTV (end of quarter) 67% 67% 67% 67% 67%
Allowance for Loan Losses /
Current Expected Credit Loss Provision
($36) ($42) ($47) ($49) ($49)
Total Loan Portfolio
Carrying Value of Assets (end of quarter) $2,043 $2,343 $2,715 $2,992 $3,530
Weighted-Average Yield (end of quarter) 6.0% 6.7% 7.0% 6.9% 6.8%
16. S-15
($ in millions)
Securities Portfolio Duration Profile (as of 03/31/2021)
Cumulative Portfolio Weighting
$395
million
$634
million
$760
million
$95
million
$729
million
$764
million
$4
million
$240
million
$240
million
Category Portfolio Weighting
$30
million
Highly-rated, short-duration, highly-liquid securities portfolio
SECURITIES SEGMENT SUMMARY
20%
57%
19%
3% 0.02%
20%
77%
97% 100% 100%
0%
20%
40%
60%
80%
100%
0-1 year 1-3 years 3-5 years 5-7.5 years >7.5 years
03/31/2021 12/31/2020 09/30/2020 06/30/2020 03/31/2020
Carrying Value of Assets $764 $1,058 $1,448 $1,507 $1,931
Weighed-Average Yield 1.7% 1.7% 1.6% 1.6% 2.2%
Number of CUSIPs 111 123 134 148 164
Average CUSIP Size $6.9 $8.6 $10.8 $10.2 $11.8
Weighted-Average Duration 1.9 Years 2.0 Years 2.1 Years 2.3 Years 2.3 Years
% AAA-Rated or Agency-Backed 85% 89% 92% 92% 92%
% Investment Grade-Rated 99%+ 99%+ 99%+ 99%+ 100%
17. S-16
Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020
Net Leased Commercial Real Estate (100% Owned)
Acquisitions – $1 – – $6
Net Sales Proceeds – – 19 – –
Carrying Value of Assets (end of quarter) 634 640 643 665 671
Square Feet (end of quarter) 5,303,666 5,303,666 5,294,566 5,382,354 5,382,354
Net Operating Income (Rental Income) $13.6 $13.5 $13.6 $13.6 $13.6
Diversified Commercial Real Estate1
Acquisitions $44 $4 – $4 $22
Net Sales Proceeds 44 4 44 – 29
Carrying Value of Assets (end of quarter) 343 346 347 377 375
Square Feet (end of quarter) 2,425,518 2,425,518 2,425,518 3,115,383 3,043,487
Net Operating Income $4.4 $4.6 $3.7 $3.9 $4.9
Condominium Residential Real Estate1
Net Sales Proceeds – $1 $0.3 $0.3 $1
Carrying Value of Assets (end of quarter) – – 1 1 1
Remaining Condo Units (end of quarter) – – 2 3 4
Unit Sale Price as % of GAAP Book Value – 82% 92% 85% 87%
Total Real Estate Portfolio
Carrying Value of Assets (end of quarter) $977 $985 $991 $1,042 $1,047
($ in millions)
REAL ESTATE SEGMENT SUMMARY
03/31/2021 Real Estate
Portfolio Snapshot
1. All metrics shown on a consolidated basis
2. Includes additions to portfolio from foreclosure
2
Property Type
Geography
18. S-17
INCOME STATEMENT BY QUARTER
1. For a description of these non-GAAP financial measures, see Selected Definitions on page S-21
($ in millions, except per share values) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020
Net interest income
Interest income $39.3 $50.5 $54.6 $62.1 $72.6
Interest expense 46.0 51.2 56.4 68.4 51.4
Net interest income ($6.7) ($0.7) ($1.8) ($6.3) $21.2
Provision for (release of) loan loss reserves (4.3) (5.1) (2.5) (0.7) 26.6
Net interest income after provision for (release of) loan losses ($2.4) $4.4 $0.7 ($5.6) ($5.4)
Other income
Operating lease income 24.2 24.7 25.5 23.8 26.3
Sale of loans, net – (3.0) 1.1 (0.7) 1.0
Realized gain (loss) on securities 0.6 (0.3) (0.3) (14.8) 3.0
Unrealized gain (loss) on equity securities – – – 0.4 (0.5)
Unrealized gain (loss) on Agency interest-only securities (0.0) 0.1 0.0 0.1 0.1
Realized gain on sale of real estate, net – (0.0) 21.6 (0.0) 10.5
Fee and other income 3.3 4.6 3.1 3.5 1.5
Net result from derivative transactions 4.8 0.7 0.3 (0.8) (15.4)
Earnings (loss) from investment in unconsolidated joint ventures 0.4 0.5 0.4 0.5 0.4
Gain (loss) on extinguishment/defeasance of debt – 0.0 1.2 19.0 2.1
Total other income $33.2 $27.2 $52.8 $30.9 $29.0
Costs and expenses
Salaries and employee benefits 9.5 26.2 7.9 7.0 17.0
Operating expenses 4.2 4.3 3.9 6.2 5.8
Real estate operating expenses 6.2 6.5 8.1 6.0 7.9
Fee expense 1.6 1.4 2.5 2.0 1.4
Depreciation and amortization 9.5 9.4 9.8 9.8 10.0
Total costs and expenses $31.1 $47.9 $32.1 $31.1 $42.2
Income (loss) before taxes ($0.3) ($16.3) $21.4 ($5.7) ($18.6)
Income tax expense (benefit) (0.8) (4.7) 0.0 (0.6) (4.5)
Net income (loss) $0.4 ($11.6) $21.4 ($5.2) ($14.1)
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (0.2) (0.1) (4.1) 0.3 (1.5)
Net (income) loss attributable to noncontrolling interest in operating partnership – (0.0) (0.0) 0.8 (0.1)
Net income (loss) attributable to Class A common shareholders $0.2 ($11.7) $17.2 ($4.2) ($15.7)
Earnings per share:
Basic $0.00 ($0.10) $0.15 ($0.04) ($0.15)
Diluted 0.00 (0.10) 0.14 (0.04) (0.15)
Weighted average shares outstanding (mm):
Basic 124.0 118.9 117.5 106.8 106.3
Diluted 124.3 118.9 118.8 106.8 106.3
Distributable Earnings (pre-tax)1
$3.2 $4.9 $19.7 $12.8 $30.9
Distributable EPS (after-tax)1
$0.04 $0.05 $0.16 $0.12 $0.26
19. S-18
DISTRIBUTABLE EARNINGS, EPS AND
ROAE RECONCILIATIONS BY QUARTER1
1. For a description of these non-GAAP financial measures, see Selected Definitions on page S-21
2. For additional detail on these adjustments, please refer to the Company’s March 31, 2021 Form 10-Q filing and earnings press release
($ in millions, except per share values) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020
Net income (loss) $0.4 ($11.6) $21.4 ($5.2) ($14.1)
Income tax expense (benefit) (0.8) (4.7) 0.0 (0.6) (4.5)
Income (loss) before taxes ($0.3) ($16.3) $21.4 ($5.7) ($18.6)
(0.2) (0.1) (4.2) 0.2 (1.5)
Our share of real estate depreciation, amortization and gain adjustments 8.4 7.7 4.5 8.9 1.4
Adjustments for unrecognized derivative results (6.1) (2.0) (4.2) (8.6) 17.6
Unrealized (gain) loss on fair value securities 0.0 (0.1) (0.0) (1.6) 1.5
0.4 0.4 0.5 0.2 (0.2)
Adjustment for impairment (4.3) (6.2) (2.5) (0.7) 18.6
Non-cash stock-based compensation 5.3 22.2 4.1 3.3 12.2
Transactional adjustments (response to COVID-19 and other) 2
– (0.7) – 16.9 –
Distributable earnings $3.2 $4.9 $19.7 $12.8 $30.9
Distributable estimated corporate tax benefit (expense) 1.8 1.5 (0.4) 2.0 0.3
After-tax distributable earnings $5.0 $6.4 $19.4 $14.8 $31.1
Adjusted weighted average shares outstanding (diluted) (mm) 124.3 118.9 118.8 118.9 118.9
Distributable EPS $0.04 $0.05 $0.16 $0.12 $0.26
Weighted average shares outstanding (diluted) (mm) 124.3 118.9 118.8 106.8 106.3
Effect of shares issuable to converted Class B shareholders, unvested restricted stock,
and unvested stock options (mm) – – – 12.1 12.6
Adjusted weighted average shares outstanding (diluted) (mm) 124.3 118.9 118.8 118.9 118.9
Last Twelve
Months (LTM)
Ended 03/31/2021
Distributable earnings $40.6 $3.2 $4.9 $19.7 $12.8 $30.9
Average book equity 1,517.7 1,534.4 1,529.8 1,509.0 1,497.6 1,562.0
Pre-tax Distributable ROAE 2.7% 0.8% 1.3% 5.2% 3.4% 7.9%
After-tax distributable earnings $45.7 $5.0 $6.4 $19.4 $14.8 $31.1
Average book equity 1,517.7 1,534.4 1,529.8 1,509.0 1,497.6 1,562.0
After-tax Distributable ROAE 3.0% 1.3% 1.7% 5.1% 4.0% 8.0%
Adjustment for economic gain on loan sales not recognized under GAAP for which risk has
been substantially transferred, net of reversal/amortization
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (GAAP)
20. S-19
BALANCE SHEET BY QUARTER
1. The Company reclassified its FHLB stock into other assets as of January 1, 2021. As such, the amount of $31.0 million from December 31, 2020 was reclassified into other assets on the
1. Company’s consolidated balance sheet. As of March 31, 2021, the book value of our investment in FHLB Stock was $13.0 million
2. For a description of these non-GAAP financial measures, see Selected Definitions on page S-21
3. For a description of these financial measures, see Selected Definitions on page S-21
($ in millions, except per share values) 03/31/2021 12/31/2020 09/30/2020 06/30/2020 03/31/2020
Assets
Cash and cash equivalents $1,305.7 $1,254.4 $875.8 $826.1 $358.4
Restricted cash 146.4 29.9 41.9 47.9 263.9
Mortgage loan receivables held for investment, net, at amortized cost 1,971.5 2,312.6 2,684.2 2,906.0 3,383.3
Mortgage loan receivables held for sale 71.5 30.5 30.6 86.0 146.7
Real estate securities 764.1 1,058.3 1,447.6 1,506.7 1,930.6
Real estate and related lease intangibles, net 977.0 985.3 990.6 1,042.2 1,047.4
Investments in unconsolidated joint ventures 44.5 46.3 49.2 48.9 48.7
Derivative instruments 0.3 0.3 0.4 0.4 1.0
Accrued interest receivable 13.3 16.1 18.3 18.8 23.2
Other assets1
111.6 147.6 220.9 126.6 128.8
Total assets $5,405.8 $5,881.2 $6,359.5 $6,609.5 $7,331.9
Liabilities
Debt obligations:
Secured and unsecured debt obligations $3,767.8 $4,209.9 $4,714.5 $4,953.5 $5,681.0
Dividends payable 26.5 27.5 26.2 23.6 38.3
Accrued expenses 27.0 43.9 36.2 55.6 38.5
Other liabilities 53.6 51.5 60.7 68.5 73.3
Total liabilities $3,875.0 $4,332.8 $4,837.7 $5,101.2 $5,831.0
Equity
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized $0.1 $0.1 $0.1 $0.1 $0.1
Class B common stock, no par value, 100,000,000 shares authorized – – – 0.0 0.0
Additional paid-in capital 1,785.3 1,780.1 1,726.3 1,649.2 1,546.1
Treasury stock (67.5) (62.9) (54.5) (53.6) (53.0)
Retained earnings (dividends in excess of earnings) (188.8) (163.7) (127.0) (120.1) (94.2)
Accumulated other comprehensive income (loss) (3.6) (10.5) (28.4) (45.1) (65.9)
Total shareholders' equity $1,525.6 $1,543.2 $1,516.5 $1,430.5 $1,333.2
Noncontrolling interest in operating partnership – – – 71.0 160.5
Noncontrolling interest in consolidated joint ventures 5.2 5.3 5.3 6.9 7.2
Total equity $1,530.8 $1,548.4 $1,521.8 $1,508.4 $1,500.8
Total liabilities and equity $5,405.8 $5,881.2 $6,359.5 $6,609.5 $7,331.9
Adjusted Leverage Ratio2
2.3x 2.5x 2.9x 3.1x 3.8x
Total Shares Outstanding (mm) 126.3 126.4 120.3 120.4 120.5
GAAP Book Value per Share3
$12.08 $12.21 $12.61 $12.44 $12.31
Undepreciated Book Value per Share2
$13.88 $13.94 $14.35 $14.17 $14.01
Distributions per LADR Share $0.20 $0.20 $0.20 $0.20 $0.34
21. S-20
BOOK EQUITY, SHARECOUNT, AND ADJUSTED
LEVERAGE GAAP RECONCILIATION BY QUARTER
1. For a description of these financial measures, see Selected Definitions on page S-21
2. For a description of these non-GAAP financial measures, see Selected Definitions on page S-21
($ in millions, except per share values)
03/31/2021 12/31/2020 09/30/2020 06/30/2020 03/31/2020
Beginning book equity balance $1,548.4 $1,521.8 $1,508.4 $1,500.8 $1,639.0
Net income (loss) 0.4 (11.6) 21.4 (5.2) (14.1)
Dividends/distributions (25.5) (25.2) (30.4) (24.3) (44.3)
Changes in other comprehensive income (OCI) 6.8 18.0 18.7 26.1 (78.0)
Issuance of common stock, net of offering costs – 32.0 – – –
Other 0.6 13.5 3.7 10.9 (1.8)
Ending book equity balance (Total equity) $1,530.8 $1,548.4 $1,521.8 $1,508.4 $1,500.8
Noncontrolling interest in consolidated joint ventures (JVs) (5.2) (5.3) (5.3) (6.9) (7.2)
Book equity balance excluding noncontrolling interest in consolidated JVs $1,525.6 $1,543.2 $1,516.5 $1,501.5 $1,493.7
Average book equity balance excluding noncontrolling interest in consolidated JVs $1,534.4 $1,529.8 $1,509.0 $1,497.6 $1,562.0
Accumulated depreciation & amortization – net leased commercial real estate 158.2 151.8 145.5 142.2 135.8
Accumulated depreciation & amortization – diversified commercial real estate 82.3 79.1 75.9 74.2 70.8
Accumulated depreciation & amortization – condominium residential real estate – – 0.1 0.1 0.2
Less: JV noncontrolling interests' share of accumulated real estate depreciation & amortization (12.6) (12.2) (11.9) (12.1) (11.7)
Accumulated real estate depreciation & amortization – our share $228.0 $218.7 $209.6 $204.4 $195.0
Undepreciated book value $1,753.6 $1,761.8 $1,726.1 $1,705.9 $1,688.6
Class A shares outstanding (mm) 126.3 126.4 120.3 115.0 108.3
Class B shares outstanding (mm) – – – 5.4 12.2
Total shares outstanding (mm) 126.3 126.4 120.3 120.4 120.5
Shareholders' equity GAAP reconciliation
Total shareholders' equity $1,525.6 $1,543.2 $1,516.5 $1,430.5 $1,333.2
Plus: noncontrolling interest in operating partnership (Class B shareholder book equity) – – – 71.0 160.5
Total equity excluding noncontrolling interest in consolidated JVs $1,525.6 $1,543.2 $1,516.5 $1,501.5 $1,493.7
GAAP Book Value per Share1
$12.08 $12.21 $12.61 $12.44 $12.31
Undepreciated Book Value per Share2
$13.88 $13.94 $14.35 $14.17 $14.01
Debt obligations GAAP reconciliation
Committed loan repurchase facilities $238.6 $255.4 $353.8 $381.1 $537.0
Committed securities repurchase facility 63.1 149.6 352.2 451.3 477.7
Uncommitted securities repurchase facility 275.0 415.8 471.0 462.6 712.0
Revolving Credit Facility 256.4 266.4 266.4 266.4 266.4
Mortgage loan financing, net of unamortized debt issuance costs 765.1 766.1 770.0 805.4 806.2
Other secured loan financing facility 194.7 192.6 190.6 188.7 –
CLO debt, net of unamortized debt issuance costs 233.2 276.5 281.6 299.6 –
Borrowings from the FHLB 288.0 288.0 326.0 360.8 1,007.6
Senior unsecured notes, net of unamortized debt issuance costs 1,453.7 1,599.4 1,702.9 1,737.5 1,874.1
Debt obligations, net $3,767.8 $4,209.9 $4,714.5 $4,953.5 $5,681.0
Less: CLO debt (233.2) (276.5) (281.6) (299.6) –
Adjusted debt obligations $3,534.6 $3,933.3 $4,432.9 $4,653.9 $5,681.0
Total equity $1,530.8 $1,548.4 $1,521.8 $1,508.4 $1,500.8
Adjusted leverage ratio 2.3x 2.5x 2.9x 3.1x 3.8x
22. S-21
SELECTED DEFINITIONS
• Adjusted Leverage Ratio (non-GAAP)
̶ Total debt obligations, net of deferred financing costs, adjusted for non-recourse indebtedness related to securitizations that is consolidated on
our GAAP balance sheet and liability for transfers not considered sales, divided by GAAP total equity.
• After-Tax Distributable Return on Average Equity (After-Tax Distributable ROAE) (non-GAAP)
̶ After-Tax Distributable Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.
• Distributable Earnings (non-GAAP)
̶ Income before taxes adjusted for: (i) real estate depreciation and amortization; (ii) the impact of derivative gains and losses related to the
hedging of assets on our balance sheet as of the end of the specified accounting period; (iii) unrealized gains/(losses) related to our investments
in fair value securities and passive interest in unconsolidated joint ventures; (iv) economic gains on loan sales not recognized under GAAP
accounting for which risk has substantially transferred during the period and the exclusion of resultant GAAP recognition of the related
economics during the subsequent periods; (v) unrealized provision for loan losses and unrealized real estate impairment; (vi) realized provisions
for loan losses and realized real estate impairment; (vii) non-cash stock-based compensation; and (viii) certain transactional items.
• Distributable EPS (non-GAAP)
̶ After-Tax Distributable Earnings divided by adjusted weighted-average shares outstanding.
• GAAP Book Value per Share
̶ Total shareholders’ equity divided by Class A common shares outstanding.
• Other Assets
̶ Includes cash collateral held by broker, allowance for loan losses, investments in unconsolidated joint ventures, FHLB stock, derivative
instrument assets, amount due from brokers, accrued interest receivable, mortgage loans transferred but not considered sold and other assets.
• Other Liabilities
̶ Includes amount due to brokers, derivative instrument liabilities, amount payable pursuant to tax receivable agreement, dividend payable,
accrued expenses, liabilities for transfers not considered sales and other liabilities.
• Pre-Tax Distributable Return on Average Equity (Pre-Tax Distributable ROAE) (non-GAAP)
̶ Distributable Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.
• Undepreciated Book Equity and Undepreciated Book Value per Share (non-GAAP)
̶ Total equity, adjusted to exclude total noncontrolling interest in consolidated joint ventures and adjusted to include our share of total real estate
accumulated depreciation and amortization. Per share information is derived by dividing the preceding amount by total diluted shares
outstanding.