Record Loan Originations
Ladder Capital achieved $511 million in new loan originations across 17 transactions, marking the highest quarterly origination volume in over 3 years.
Successful Investment-Grade Bond Offering
The company closed its inaugural $500 million 5-year investment-grade unsecured bond offering at a rate of 5.5%, with strong demand and tighter trading spreads in the secondary market.
Strong Credit Performance
Ladder maintained stable credit performance with only 3 loans on non-accrual status totaling $123 million, or 2.6% of total assets, with no new loans added to non-accrual in the third quarter.
Increased Liquidity and Strong Balance Sheet
The company reported $879 million in liquidity and highlighted that 75% of its debt is unsecured corporate bonds, with 84% of balance sheet assets unencumbered.
Positive Market Positioning and Outlook
Ladder is poised for continued growth with expectations for fourth-quarter loan originations to exceed third-quarter production and a strategy to capitalize on investment-grade market opportunities.