Investor Presentaiton
CORE COMPETENCY:
CRE CREDIT UNDERWRITING
LC
LADDER
CAPITAL
Three complementary, synergistic products within a relative-value, risk-adjusted return investment approach
Portfolio Allocation Across CRE Capital Stack
Most
senior
& most
liquid
assets
■Invest in short-dated investment grade securities secured by senior
commercial real estate loans
CRE Securities
•
$725 million portfolio with $7.0 million average CUSIP size
86% AAA-rated or agency-backed
2.2-year weighted-average duration
Source of liquidity given short duration and investment grade credit ratings
79% of
capital allocated
to senior secured
CRE investments¹
Senior
Commercial
Real Estate
Loans
■ Primary business of originating senior first mortgage loans secured
by commercial real estate
•
$2.8 billion of predominantly first mortgage loans with middle-market focus
67% weighted-average LTV
~2-year weighted-average duration to initial maturity
Actively originate balance sheet and conduit first mortgage loans, and
selectively originate mezzanine loans
Mezzanine Loans
Net Lease &
Other CRE Equity
■ Acquire real estate with emphasis on net leased properties
$1.2 billion (undepreciated asset value); ~7.5 million square feet; 173 properties
67% net leased with 10.5-year average remaining lease term; focus on
necessity-based businesses (including BJs, Walgreens and Dollar General)
Note: As of 09/30/2021
1. Capital allocation represents carrying value of CRE debt and equity assets (undepreciated value) less secured funding debt by business line
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