Achievement of Investment-Grade Status
Ladder Capital achieved investment-grade status with upgrades from Moody's and Fitch to Baa3 and BBB-, respectively. This marks a significant milestone and is expected to improve the company's cost of debt capital.
Successful Bond Issuance
The company issued its inaugural $500 million 5-year investment-grade unsecured bond at a fixed rate coupon of 5.5%, with the offering being 5.5x oversubscribed.
Strong Liquidity Position
Ladder Capital maintained $1 billion in liquidity, including a fully undrawn $850 million unsecured revolving credit facility with a reduced rate of SOFR plus 125 basis points.
Robust Investment Activity
Over $1 billion of investments were made, including $600 million in AAA-rated securities with an average unlevered yield of 6.1%.
Stable Real Estate Portfolio Income
$15.1 million in net operating income was generated from a $936 million real estate portfolio, primarily consisting of net lease properties with long-term leases.