Quarterlytics / Financial Services / Financial - Mortgages / Ladder Capital Corp

Ladder Capital Corp

ladr · NYSE Financial Services
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Ticker ladr
Exchange NYSE
Sector Financial Services
Industry Financial - Mortgages
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FY2024 Annual Report · Ladder Capital Corp
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ANNUAL REPORT 2024

 
Board of Directors 
Alan Fishman 
Non-Executive Chairperson 
Brian Harris 
Director 
Chief Executive Officer 
Pamela McCormack 
Director 
President 
Mark Alexander 
Director 
Head of Technology and Operations, Rockefeller 
Capital Management 
Douglas Durst 
Director 
Chairperson, Durst Organization 
Jeffrey Steiner 
Director 
Partner, McDermott Will & Emery LLP 
David Weiner 
Director 
Senior Vice President, Stifel 
 
Executive Officers 
Brian Harris 
Chief Executive Officer 
Pamela McCormack 
President 
Paul Miceli 
Chief Financial Officer 
Robert Perelman 
Head of Asset Management 
Kelly Porcella 
Chief Administrative Officer & General Counsel 
 
Corporate Information 
Corporate Headquarters 
320 Park Avenue, 15th Floor 
New York, NY 10022 
Independent Auditor 
Ernst & Young LLP 
Legal Counsel 
Skadden, Arps, Slate, Meagher & Flom LLP 
 
Investor Relations 
investor.relations@laddercapital.com 
(917) 369-3207 
Stock Listing 
Symbol: LADR 
New York Stock Exchange 
 
Transfer Agent and Registrar 
Equiniti Trust Company, LLC 
55 Challenger Road, Floor 2 
Ridgefield Park, NJ 07660 
(800) 937-5449 (US & CA) / (718) 921-8124 (Int’l) 
https://equiniti.com/us/ast-access  
 
Annual Report on Form 10-K 
Ladder Capital Corp’s Annual Report on Form 10-K 
for the year ended December 31, 2024 is included in 
this Annual Report. The exhibits accompanying the 
report are filed with the Securities and Exchange 
Commission and can be accessed on www.sec.gov or 
through the “Investor Relations” section of our 
website at www.laddercapital.com. We will provide 
these items to stockholders upon request. The 
information contained on our website is not 
incorporated by reference into this Annual Report. 
 
Certifications 
Ladder Capital Corp has filed with the Securities and 
Exchange Commission as exhibits to its Form 10-K 
for the fiscal year ended December 31, 2024 the 
certifications required pursuant to Section 302 of the 
Sarbanes-Oxley Act of its Chief Executive Officer and 
Chief Financial Officer relating to the quality of our 
public disclosure. 
 
Forward-Looking Statements 
In accordance with the Private Securities Litigation 
Reform Act of 1995, Ladder Capital Corp notes that 
this 
Annual 
Report 
contains 
forward-looking 
statements that involve risks and uncertainties, 
including those related to Ladder Capital Corp’s future 
success and growth. Actual results may differ 
materially due to risks and uncertainties as described 
in Ladder Capital Corp’s fillings with the Securities 
and Exchange Commission. Ladder Capital Corp does 
not intend to update these forward-looking statements. 
 
Annual Meeting of Stockholders 
Stockholders of Ladder Capital Corp are cordially 
invited to attend the 2025 Annual Meeting of 
Stockholders on June 5, 2025 via live webcast at 
www.virtualshareholdermeeting.com/LADR2025.

Dear Fellow Stockholders, 
I am pleased to share Ladder Capital Corp’s (“Ladder,” “us,” “our,” or the “Company”) key achievements in 2024 —
a transformative year in which our conservative, durable business model reinforced our position as a leading middle-
market-focused commercial real estate finance REIT. Overall in 2024, we took proactive steps to enhance our capital 
structure and advance toward our investment grade goal. 
Despite a challenging macroeconomic environment, our disciplined business model continued to generate strong 
earnings, driven by steady net interest income on our credit investments and consistent net operating income on our 
real estate investments. For the year ended December 31, 2024, Ladder generated $153.9 million of distributable 
earnings,0F1 or $1.21 of distributable EPS,1 representing a 9.9% after-tax distributable return on equity.1  
As of December 31, 2024, we had $4.8 billion in total assets and $1.5 billion of total book equity. In 2024, our 
underwriting expertise and conservative investment approach enabled us to maintain a steady book value, setting us 
apart in the commercial mortgage REIT space. Book value per share at December 31, 2024 was $12.08 per share 
on a GAAP basis and $13.88 per share on an undepreciated basis1 – relatively unchanged versus the prior year. As 
of December 31, 2024, our assets included $1.6 billion of loans, $904 million of real estate investments 
(undepreciated asset value), $1.1 billion of securities and $1.3 billion in cash and cash equivalents. For the full 
year 2024, Ladder received $1.7 billion in proceeds from loan payoffs across 61 loan positions, representing the 
highest annual payoffs in our history and underscoring the strong credit performance of our middle market lending 
strategy.  
Unsecured bonds and non-recourse, non-mark-to-market funding sources continue to be cornerstones of our 
capital structure as we pursue investment grade credit ratings. In conjunction with a $500 million unsecured bond 
issuance completed in July of 2024, Ladder received a “Positive Outlook” from both Moody’s and Fitch, who 
rate Ladder just one notch below investment grade, while S&P upgraded our credit rating by one notch 2 In 
late 2024/early 2025, we Hxtended and upsized our unsecured corporate revolving credit facility from $324 million 
to $850 million, and secured an accordion feature allowing us to further upsize the facility to $1.25 billion, all 
at a reduced cost versus our prior facility. These achievements marked significant milestones in Ladder’s strategy 
of transitioning to primarily unsecured debt financing and position us well on our path to an investment grade 
credit rating, which we believe could unlock broader growth opportunities and enhance our access to the 
capital markets.
On the investment side in 2024, we rotated capital into AAA-rated securities, more than doubling our 
holdings, and we geared up for new lending opportunities by the fourth quarter after the Federal Reserve began 
to reduce interest rates and the volume of commercial real estate transactions started to increase. 
We now enter 2025 in a position of strength with a strong balance sheet, robust liquidity position, and growing 
origination pipeline. We are well-prepared to deploy our capital into new investment opportunities while maintaining 
our disciplined approach to risk and growth.  
1 Represents non-GAAP financial measures. Additional information regarding these measures can be found in the 
Company’s Fourth Quarter 2024 Earnings Supplement, available at ir.laddercapital.com. 
2 These ratings are not a recommendation to buy, sell or hold any security of the Company or its subsidiaries. The 
ratings may be subject to revision or withdrawal at any time by the relevant rating agency. No report of any rating 
agency is incorporated by reference herein. 

  
 
As effectively Ladder’s largest stockholder, our management team and Board of Directors are excited about the 
opportunities ahead and remain focused on delivering attractive risk-adjusted returns. We once again thank you for 
your continued confidence and support.   
Sincerely, 
 
 
 
Brian Harris 
Chief Executive Officer 
Ladder Capital Corp 
 

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