Ladder Capital Corp-A 2025年度报告

Investor Relationsinvestor.relations@laddercapital.com(917) 369-3207 Board of Directors Alan FishmanNon-Executive Chairperson Stock ListingSymbol: LADRNew York Stock Exchange Brian HarrisDirectorChief Executive Officer Transfer Agent and RegistrarEquiniti Trust Company, LLC55 Challenger Road, Floor 2Ridgefield Park, NJ 07660(800) 937-5449 (US & CA) / (718) 921-8124 (Int’l)https://equiniti.com/us/ast-access Pamela McCormackDirectorPresident Mark AlexanderDirectorChief Technology, Operations and TransformationOfficer, Rockefeller Capital Management Annual Report on Form 10-K Ladder Capital Corp’s Annual Report on Form 10-Kfor the year ended December 31, 2025 is included inthis Annual Report. The exhibits accompanying thereport are filed with the Securities and ExchangeCommission and can be accessed on www.sec.gov orthroughthe“Investor Relations”section of ourwebsite at www.laddercapital.com. We will providetheseitems to stockholders upon request.Theinformationcontained on our website is notincorporated by reference into this Annual Report. Douglas DurstDirectorChairperson, Durst Organization Jeffrey SteinerDirectorPartner, McDermott Will & Emery LLP David WeinerDirectorSenior Vice President, Stifel Certifications Executive Officers Ladder Capital Corp has filed with the Securities andExchange Commission as exhibits to its Form 10-Kfor the fiscal year ended December 31, 2025 thecertifications required pursuant to Section 302 of theSarbanes-Oxley Act of its Chief Executive Officer andChief Financial Officer relating to the quality of ourpublic disclosure. Brian HarrisChief Executive Officer Pamela McCormackPresident Paul MiceliChief Financial Officer Forward-Looking Statements Robert PerelmanHead of Asset Management In accordance with the Private Securities LitigationReform Act of 1995, Ladder Capital Corp notes thatthisAnnualReportcontainsforward-lookingstatementsthat involve risks and uncertainties,including those related to Ladder Capital Corp’s futuresuccessand growth.Actual results may differmaterially due to risks and uncertainties as describedin Ladder Capital Corp’s fillings with the Securitiesand Exchange Commission. Ladder Capital Corp doesnot intend to update these forward-looking statements. Kelly PorcellaChief Administrative Officer, General Counsel &Secretary Corporate Information Corporate Headquarters320 Park Avenue, 15th FloorNew York, NY 10022 Independent AuditorErnst & Young LLP Annual Meeting of Stockholders Stockholders of Ladder Capital Corp are cordiallyinvitedto attend the 2026 Annual Meeting ofStockholders on June 4, 2026 via live webcast atwww.virtualstockholdermeeting.com/LADR2026. Legal CounselSkadden, Arps, Slate, Meagher & Flom LLP Dear Fellow Stockholders, I am pleased to share Ladder Capital Corp’s (“Ladder,” “us,” “our,” or the “Company”) key achievements in 2025—a landmark year in which we became the only investment-grade rated commercial mortgage REIT, a distinction thatunderscores our disciplined approach to balance sheet management and positions us for growth in the years ahead. Financial Performance For the year ended December 31, 2025, Ladder generated $109.9 million of distributable earnings,0F1delivering a 7.1%after-tax distributable return on equity.¹ These results, achieved while maintaining average adjusted leverage at amodest 1.6x, stable book value, and robust liquidity, reflect a year of transition as we meaningfully strengthened ourliability structure and began to reallocate capital to our loan portfolio following record payoffs in 2024. As of December 31, 2025, we had $5.3 billion in total assets and $1.5 billion of total book equity. Undepreciated bookvalue per share at year-end was $13.69,¹ net of a $0.37 per share CECL reserve. Also as of year-end, our assetsincluded a $2.2 billion loan portfolio, $966 million in real estate investments (undepreciated asset value), and $2.1billion in primarily AAA-rated securities, with over $600 million in total liquidity. Achieving Investment Grade and Expanding Our Capital Base In 2025, we achieved our long-standing goal of attaining investment-grade credit ratings. Moody’s upgraded theCompany to Baa3 and Fitch upgraded us to BBB-, both with stable outlooks.2In January 2026, S&P upgraded Ladderto BB+, just one notch below investment grade, with a stable outlook.1F2Ladder is now the only investment-grade ratedcommercial mortgage REIT, a distinction that we believe validates our commitment to unsecured debt financing,prudent leverage, and the durability of our diversified commercial real estate platform. We believe these ratingsenhanced our access to deeper, more stable capital markets and lowered our cost of funds. Building on this achievement, we issued our inaugural $500 million investment-grade unsecured bond at a 5.50%coupon, representing a 167-basis point spread over the benchmark Treasury at issuance. This transaction wasoversubscribed approximately 5.5 times, with the orderbook peak