Ladder Capital Corp · NYSE:LADR
Ladder Capital — Q1 2021 Earnings Presentation
22 slides from Ladder Capital's earnings presentation, May 6, 2021
Slide 1: Supplemental Data for the Quarter Ended March 31, 2021
SUPPLEMENTAL DATA FOR THE QUARTER ENDED MARCH 31, 2021 NYSE: LADR A Leading Commercial Real Estate Investment Trust S-0
Slide 2: Disclaimers
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”). A
Slide 3: First Quarter 2021 Highlights
FIRST QUARTER 2021 HIGHLIGHTS 1 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 $117 million of bala
Slide 4: Capital Structure Update
CAPITAL STRUCTURE UPDATE S-3
Slide 5: Diverse and Robust Capital Structure with Modest Leverage
DIVERSE AND ROBUST CAPITAL STRUCTURE WITH MODEST LEVERAGE 03/31/2021 Capitalization Summary ($mm) $5.3B Total Capitalization Adjusted Debt/Equity (Adjusted Leverage Ratio): 2.3x 1 Net Adjusted Debt (excluding Cash) /Equity Ratio: 1.4x 2 Net Adjusted Debt (excluding Cash) & Excluding Securities /Equi
Slide 6: Improvements in Leverage & Liquidity
IMPROVEMENTS IN LEVERAGE & LIQUIDITY 1 1 1 Adjusted Leverage , Net of Cash & Adjusted Leverage Adjusted Leverage , Net of Cash Excluding Securities 2.9x 2.3x 2.5x 1.4x 2.3x 1.7x 1.0x 1.4x 0.9x 09/30/2020 12/31/2020 03/31/2021 09/30/2020 12/31/2020 03/31/2021 09/30/2020 12/31/2020 03/31/2021 2 Total
Slide 7: Long & Strong Liability Structure
LONG & STRONG LIABILITY STRUCTURE Superior access to capital with diversified financing sources and substantial undrawn capacity Remaining Debt Maturities by Financing Type 1 ($mm; as of 03/31/2021) Issuance / Debt Maturity Year (weighted-average, where applicable) Facility Size Outstanding 2021 202
Slide 8: Staggered Debt Maturity Profile
STAGGERED DEBT MATURITY PROFILE Further extended debt maturities with a larger component of non-recourse and non-mark-to-market financing 03/31/2021 Unsecured & Secured Debt Maturities ($mm) Unsecured Debt 1 $1,000 Secured Debt $729 $760 $750 $677 $617 $500 $433 $433 $602 $644 $464 $250 $48 $71 $153
Slide 9: Substantial, High-Quality Unencumbered Asset Pool
SUBSTANTIAL, HIGH-QUALITY UNENCUMBERED ASSET POOL ✓ 52% of total asset base is composed of unencumbered assets ✓ 83% of unencumbered assets are cash, first mortgage loans or investment grade securities Total Unencumbered Asset Pool ($mm) Key Unencumbered Asset Pool Highlights Predominantly senior,
Slide 10: Book Equity Value Roll-Forward
BOOK EQUITY VALUE ROLL-FORWARD Summary of Changes to Book Equity Value During Q1 2021 ($mm) $1,762 $1,762 $1,754 $1,754 = Undepreciated Book Value $1,543 $1,543 $7 $1,526 $5 $5 $0.4 $0.4 $7 $1,526 ($26) ($26) ($5) ($5) 12/31/2020 12/31/2020 Distributions Distributions & & Equity-Based Equity-Based N
Slide 11: Segment & Financial Data
SEGMENT & FINANCIAL DATA S-10
Slide 12: Ladder Snapshot
LADDER SNAPSHOT ($ in millions, except per share amounts) 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 $634 Cash & Cash Equ
Slide 13: Investment Portfolio Summary
INVESTMENT PORTFOLIO SUMMARY ($ in millions) 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
Slide 14: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW 1 1 Loan Type Loan Size 2 $2.0 billion total loan portfolio 77% floating rate / 23% fixed rate $19 million average loan balance Property Type Geography Note: As of 03/31/2021 1. Amounts in these charts shown before $36.2 million allowance for loan losses 2. Includes mezzanine
Slide 15: Loans Segment Summary
LOANS SEGMENT SUMMARY ($ in millions) 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 – – $
Slide 16: Securities Segment Summary
SECURITIES SEGMENT SUMMARY ($ in millions) 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 $11.8 Weighted-Aver
Slide 17: Real Estate Segment Summary
REAL ESTATE SEGMENT SUMMARY ($ in millions) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 03/31/2021 Real Estate Portfolio Snapshot Net Leased Commercial Real Estate (100% Owned) Acquisitions – $1 – – $6 Property Type Net Sales Proceeds – – 19 – – Carrying Value of Assets (end of quarter) 634 640 643 665
Slide 18: Income Statement by Quarter
INCOME STATEMENT BY QUARTER ($ 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) $21.2 Provision for (release of) lo
Slide 19: Distributable Earnings, EPS and ROAE Reconciliations by Quarter
DISTRIBUTABLE EARNINGS, EPS AND ROAE RECONCILIATIONS BY QUARTER 1 ($ 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) $2
Slide 20: Balance Sheet by Quarter
BALANCE SHEET BY QUARTER ($ 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 $358.4 Restricted cash 146.4 29.9 41.9 47.9 263.9 Mortgage loan receivables held for investment, net, at amortized
Slide 21: Book Equity, Sharecount, and Adjusted Leverage GAAP Reconciliation by Quarter
BOOK EQUITY, SHARECOUNT, AND ADJUSTED LEVERAGE GAAP RECONCILIATION BY QUARTER ($ 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) Divi
Slide 22: Selected Definitions
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 tota