Here are 1-3 brief analogies for Ladder Capital (LADR):

• Wells Fargo for commercial real estate mortgages.
• JPMorgan Chase for commercial property loans.

• Commercial Mortgage Loans: Providing first mortgage loans to owners and operators of various commercial real estate properties.
• Mezzanine and Subordinate Debt: Offering higher-leverage financing solutions that bridge the gap between senior debt and equity for commercial real estate projects.
• Commercial Mortgage-Backed Securities (CMBS): Investing in various tranches of CMBS, including interest-only strips and subordinate bonds.
• Real Estate Equity Investments: Directly acquiring or investing in commercial real estate properties, primarily through joint ventures or direct ownership.

Ladder Capital (LADR) primarily sells its financial products and services to other companies, specifically within the commercial real estate (CRE) sector.

Due to the confidential nature of commercial lending and investment, Ladder Capital does not publicly disclose the names of its specific major customers (borrowers or investors who purchase their CRE debt products). Their business model involves working with a diverse base of clients across various property types and geographic locations to mitigate concentration risk.

However, their customer base can be broadly categorized into the following types of corporate entities:

• Commercial Real Estate Owners, Developers, and Investors: These are typically private real estate companies, developers, investment funds, or institutional investors that own, operate, acquire, or develop various types of commercial properties (e.g., multifamily apartment complexes, office buildings, shopping centers, hotels, industrial warehouses). They utilize Ladder Capital's loan products (first mortgages, mezzanine loans, preferred equity) to finance their projects and acquisitions.

• Institutional Investors: When Ladder Capital originates commercial real estate loans and subsequently sells them into the secondary market, either as whole loans or through securitization (e.g., Commercial Mortgage-Backed Securities - CMBS), the purchasers are large institutional entities. These include investment banks, insurance companies, pension funds, asset managers, and other financial institutions that purchase CRE debt for their investment portfolios. These are typically not public companies themselves in the sense of being direct consumers of LADR's product, but rather financial intermediaries or large-scale investors.

Brian Harris, Founder & Chief Executive Officer

Mr. Harris is a founder and the Chief Executive Officer of Ladder Capital, which he helped form in October 2008. Before founding Ladder Capital, he served as a Senior Partner and Head of Global Commercial Real Estate at Dillon Read Capital Management, a wholly owned subsidiary of UBS, and previously as Head of Global Commercial Real Estate at UBS. He was also a Member of the Board of Directors of UBS Investment Bank. Mr. Harris's prior experience includes serving as Head of Commercial Mortgage Trading at Credit Suisse and working in real estate groups at Lehman Brothers, Salomon Brothers, Smith Barney, and Daiwa Securities.

Paul Miceli, Chief Financial Officer

Mr. Miceli has served as Chief Financial Officer of Ladder Capital since March 2021, having joined the company in 2019 as Director of Finance. Prior to joining Ladder, he was a Managing Director in the accounting and finance group of Colony Capital, Inc. He also served as Deputy Chief Financial Officer of NorthStar Asset Management Group. Earlier in his career, Mr. Miceli was a Manager in the real estate audit practice at Ernst & Young LLP, where his clients included REITs and real estate private equity firms.

Pamela McCormack, Founder & President

Ms. McCormack is a co-founder and the President of Ladder Capital, which she helped form in October 2008. She previously held the titles of Chief Strategy Officer and General Counsel at Ladder. Before forming Ladder Capital, Ms. McCormack served as Head/Co-Head of Transaction Management – Global Commercial Real Estate at both Dillon Read Capital Management and UBS Investment Bank. Her background also includes roles as Vice President and Counsel at Credit Suisse and as an associate at leading global law firms.

Robert Perelman, Founder & Head of Asset Management

Mr. Perelman is a founder and the Head of Asset Management at Ladder Capital. Before co-founding Ladder Capital, he served as a Director and Head of Asset Management at UBS/Dillon Read Capital Management.

Kelly Porcella, Chief Administrative Officer, General Counsel & Head of ESG

Ms. Porcella holds the positions of Chief Administrative Officer, General Counsel, and Head of ESG at Ladder Capital, having joined the company in March 2009. Prior to her current roles, she served as Associate General Counsel. Before joining Ladder, Ms. Porcella was a Member of the Global Commercial Real Estate group at UBS/Dillon Read Capital Management.

Ladder Capital (LADR) operates primarily in the U.S. commercial real estate finance sector, with its main products and services encompassing senior first mortgage loans, investments in commercial real estate securities (including CMBS), and the ownership and operation of commercial real estate. The addressable markets for its key offerings are as follows:

• Commercial Real Estate (CRE) Debt Market (U.S.): The total outstanding commercial real estate debt in the U.S. was approximately $5.9 trillion as of the second quarter of 2024. Other estimates place the total commercial and multifamily mortgage debt outstanding at $4.79 trillion in Q4 2024. Ladder Capital's core business involves originating senior first mortgage loans for commercial real estate.
• Commercial Mortgage-Backed Securities (CMBS) Market (U.S.): The U.S. CMBS market has a market capitalization of around $1.8 trillion as of December 31, 2024. Ladder Capital actively invests in investment-grade securities backed by commercial real estate, including CMBS. Annual CMBS issuance reached $115 billion in 2024.
• Commercial Real Estate Ownership (U.S.): While Ladder Capital owns and operates commercial real estate, predominantly net-leased income-producing properties, a specific addressable market size for firms *owning* such properties is not as readily available as for debt and securities markets. However, the overall U.S. commercial real estate market was valued at $22.5 trillion as of the fourth quarter of 2023.

Ladder Capital (LADR) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Lower Cost of Capital and Enhanced Liquidity from Investment Grade Status: Ladder Capital has achieved credit rating upgrades and executed successful unsecured bond deals, which have significantly reduced its cost of debt. This enables the company to borrow capital more cheaply and reinvest in higher-yielding property loans, supporting long-term earnings growth and improving net margins. Becoming an investment-grade issuer also broadens its access to deeper capital markets.
2. Increased Commercial Real Estate Loan Origination: A key driver is the structural retreat of traditional banks from commercial real estate (CRE) lending, which is creating attractive lending opportunities for non-bank REITs like Ladder Capital. This market shift is expected to increase loan demand and reduce competition, thereby boosting origination volumes and fee income. The company has set a target to originate approximately $1 billion in loans by the end of 2025. Their strategic focus includes middle-market lending and transitional assets, particularly within multifamily and industrial properties.
3. Strategic Focus on Higher-Yielding Senior Secured Investments: Ladder Capital is prioritizing the origination of senior secured investments with high attachment points, aiming to secure attractive yields. As of Q2 2025, their loan portfolio had a weighted average yield of 9%, and as of Q3 2025, it was approximately 8.2%, indicating a continued focus on profitable lending opportunities.
4. Stable Income from a Diversified Portfolio: The company's diversified lending and real estate portfolio is designed to mitigate risks and ensure steady revenue. This portfolio includes a substantial securities segment and a real estate portfolio consisting mainly of net lease properties with long-term leases, which consistently generate stable and predictable net operating income. This stable base allows the company to strategically pursue new growth investments.

Share Repurchases

• Year-to-date in 2025 (as of September 30th), Ladder Capital repurchased $9.3 million of common stock, representing 877,000 shares, at a weighted average price of $10.60 per share.
• As of September 30, 2025, $91.5 million remained authorized for future share repurchases under Ladder Capital's stock repurchase program.
• On April 23, 2025, the board of directors authorized the repurchase of an additional $100.0 million of the company's Class A common stock, which increased the remaining outstanding authorization from $66.8 million.

Share Issuance

• Between December 31, 2024, and March 31, 2025, Ladder Capital's issued shares increased from 129,883,019 to 130,790,591, indicating an issuance of 907,572 shares.

Inbound Investments

• In the third quarter of 2025, Ladder Capital completed its inaugural investment-grade bond offering, raising $500 million through a five-year bond at 5.5%.
• The proceeds from this bond offering were used, in part, to retire $285 million of maturing bonds and to fund new loan originations.
• Achieving investment-grade credit ratings and issuing unsecured bonds in 2025 has broadened Ladder Capital's access to capital markets and reduced its cost of debt.

Outbound Investments

• In the third quarter of 2025, Ladder Capital originated $511 million in new loans across 17 transactions, with a focus on multifamily and industrial properties.
• As of September 30, 2025, the company's securities portfolio totaled $1.9 billion, with $365 million in AAA-rated securities acquired during the third quarter.
• Ladder Capital is diversifying its portfolio, with commercial real estate loans comprising 35% of its portfolio in Q2 2025, a decrease from 65% in 2022.

Capital Expenditures

• Ladder Capital's real estate segment, primarily consisting of net lease properties, generated $15.1 million in net operating income in Q3 2025 and $13.2 million in Q4 2024.
• The company's primary investment activities involve originating loans, investing in securities, and owning and operating commercial real estate.
• Ladder Capital does not engage in construction loans, indicating that traditional large-scale capital expenditures for new construction are not a part of its lending strategy.