Ladder Capital

Overview

Ladder Capital is an investment-grade-rated, internally managed real estate investment trust (REIT) focused on senior secured commercial real estate (CRE) finance. The company concentrates on originating senior first mortgage loans, owning and operating CRE (including net leased properties), and investing in investment-grade securities secured by first mortgage loans on CRE.

Ladder Capital emphasizes an in-house origination platform, flexible capital allocation across product lines, credit-focused underwriting, diversified financing sources, and experienced management to target attractive returns on equity through market cycles. Its financing mix includes senior unsecured notes, non-recourse CLO debt issuances, and committed term financing from major financial institutions.

Core businesses and activities

• Balance sheet lending: Origination of senior first mortgage loans collateralized by CRE (fixed and floating rate) with flexible structures.
• Conduit lending: Origination of first mortgage loans on stabilized, income-producing CRE intended for CMBS securitizations.
• Securities investments: Purchases of investment-grade securities secured by first mortgage loans on CRE.
• Real estate investments: Ownership and operation of CRE assets, including selected net leased properties.

Scale and historical activity (as of December 31, 2025)

• Total CRE loan originations since inception (October 2008) through December 31, 2025: $31.3 billion.
• Acquisitions of CRE-related securities: $16.0 billion (predominantly investment-grade, secured by first mortgage loans on CRE).
• Acquisitions of selected net leased and other real estate assets: $2.2 billion.
• Conduit lending originations: $17.0 billion (of which $16.9 billion were sold into CMBS securitizations).
• CMBS securitizations completed: 75. Conduit loans sold into securitizations are treated as true sales, unless retention is required by Dodd-Frank risk retention rules.
• Securitization activity enables reinvestment of equity into new originations or repositioning to other investments.

Portfolio, diversification, and structure

The portfolio includes CRE loans, securities secured by CRE first mortgages, and selected net leased and other real estate assets. Ladder Capital positions itself to allocate capital across product lines opportunistically to generate risk-adjusted returns under varying market conditions. The company’s financing approach supports this strategy through a mix of senior unsecured debt, non-recourse CLO debt, and committed term financing from leading financial institutions.

Management, governance, and milestones

• Founded: October 2008.
• Public listing: Initial public offering completed in February 2014.
• Management ownership: As of December 31, 2025, management and directors owned interests comprising over 11% of total equity.
• Leadership:
  • Brian Harris — Chief Executive Officer
  • Pamela McCormack — President
  • Paul J. Miceli — Chief Financial Officer
  • Robert Perelman — Head of Asset Management
  • Kelly Porcella — Chief Administrative Officer & General Counsel
  • Anthony V. Esposito — Chief Accounting Officer
  • Stephanie Lin — Assistant Secretary