Ladder Capital Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ladder Capital Corp. has filed its 2023 10-K annual report detailing its financial performance and operations.</b>

AI Summary

Ladder Capital Corp (LADR) filed a Annual Report (10-K) with the SEC on February 12, 2024. Ladder Capital Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company is incorporated in Delaware and operates within the Real Estate Investment Trusts sector. The report was filed on February 12, 2024. Ladder Capital Corp.'s principal business address is 320 Park Avenue, 15th Floor, New York, NY 10022.

Why It Matters

For investors and stakeholders tracking Ladder Capital Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ladder Capital Corp.'s financial health, operational activities, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. As a Real Estate Investment Trust (REIT), the detailed financial information within this report is essential for understanding the company's asset base, revenue streams, and debt levels, impacting its valuation and investment appeal.

Risk Assessment

Risk Level: medium — Ladder Capital Corp shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure. However, the specific financial details and risk factors within the report will determine the actual risk level for investors.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to assess Ladder Capital Corp.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Ladder Capital Corp.)
• 2024-02-12 — Filing Date (Ladder Capital Corp. 10-K)
• 6798 — Standard Industrial Classification (Real Estate Investment Trusts)

Key Players & Entities

• Ladder Capital Corp. (company) — Filer of the 10-K report
• 2023-12-31 (date) — Fiscal year end
• 2024-02-12 (date) — Filing date
• New York (location) — City of business address
• DE (location) — State of incorporation

Forward-Looking Statements

• Ladder Capital Corp's stock performance will be influenced by the real estate market's stability in 2024. (Ladder Capital Corp) — medium confidence, target: 2024-12-31

FAQ

Industry Context

Ladder Capital Corp. operates as a Real Estate Investment Trust (REIT), a company that owns, operates, or finances income-generating real estate. REITs are typically structured to provide investors with a way to invest in large-scale, income-producing real estate.

Regulatory Implications

As a publicly traded company, Ladder Capital Corp. is subject to the regulations of the Securities and Exchange Commission (SEC), including the requirement to file annual reports on Form 10-K.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-12: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.001 — Which Registered Class A common stock, $0.001 par value LADR New York Stock Exchange
• $10.85 — New York Stock Exchange on such date of $10.85 per share. The registrant has no non-vo
• $29.7 billion — t and rental income. We have originated $29.7 billion of commercial real estate loans from ou
• $13.2 billion — During this timeframe, we also acquired $13.2 billion of predominantly investment grade-rated
• $2.0 billion — age loans on commercial real estate and $2.0 billion of selected net leased and other real e
• $16.9 billion — hrough December 31, 2023, we originated $16.9 billion of conduit loans, of which $16.8 billio
• $16.8 billion — 16.9 billion of conduit loans, of which $16.8 billion were sold into 71 CMBS securitizations,
• $50.0 million — sheet first mortgage loans in excess of $50.0 million also require the approval of our board
• $3.1 billion — e loans with an aggregate book value of $3.1 billion. Based on the loan balances and the "as
• $32.4 million — e loans with an aggregate book value of $32.4 million. Based on the loan balance and the "as-
• $26.9 million — oan with an aggregate carrying value of $26.9 million at December 31, 2023. Although our pr
• $653.5 million — ies with an undepreciated book value of $653.5 million. These properties are fully leased on a
• $20.0 million — al real estate investments in excess of $20.0 million require the approval of our board of di
• $293.7 million — U.S with an undepreciated book value of $293.7 million. During the year ended December 31, 202
• $431.5 million — r portfolio of CMBS investments totaled $431.5 million in 73 CUSIPs ($5.9 million average inve

Filing Documents

• ladr-20231231.htm (10-K) — 6146KB
• restrictedstockagreement-n.htm (EX-10.7) — 58KB
• formofrestrictedstockaward.htm (EX-10.8) — 53KB
• ladr12312023ex-211.htm (EX-21.1) — 174KB
• ladr12312023ex-231.htm (EX-23.1) — 3KB
• ladr12312023ex-232.htm (EX-23.2) — 2KB
• ladr12312023ex-311.htm (EX-31.1) — 14KB
• ladr12312023ex-312.htm (EX-31.2) — 14KB
• ladr12312023ex-321.htm (EX-32.1) — 6KB
• ladr12312023ex-322.htm (EX-32.2) — 6KB
• ladderclawbackpolicy11-0.htm (EX-97.1) — 13KB
• ladderclawbackpolicy11-0001.jpg (GRAPHIC) — 256KB
• ladderclawbackpolicy11-0002.jpg (GRAPHIC) — 287KB
• ladderclawbackpolicy11-0003.jpg (GRAPHIC) — 217KB
• ladderclawbackpolicy11-0004.jpg (GRAPHIC) — 197KB
• ladr-20231231_g1.jpg (GRAPHIC) — 199KB
• ladr-20231231_g2.jpg (GRAPHIC) — 41KB
• ladr-20231231_g3.jpg (GRAPHIC) — 120KB
• ladr-20231231_g4.jpg (GRAPHIC) — 79KB
• ladr-20231231_g5.jpg (GRAPHIC) — 30KB
• ladr-20231231_g6.jpg (GRAPHIC) — 111KB
• 0001577670-24-000006.txt (&nbsp;) — 33563KB
• ladr-20231231.xsd (EX-101.SCH) — 167KB
• ladr-20231231_cal.xml (EX-101.CAL) — 163KB
• ladr-20231231_def.xml (EX-101.DEF) — 882KB
• ladr-20231231_lab.xml (EX-101.LAB) — 1606KB
• ladr-20231231_pre.xml (EX-101.PRE) — 1097KB
• ladr-20231231_htm.xml (XML) — 7462KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 50 Item 1C. Cybersecurity 50 Item 2.

Properties

Properties 51 Item 3.

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 51 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities 52 Item 6. [Reserved] 54 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 74 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 77 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 157 Item 9A.

Controls and Procedures

Controls and Procedures 157 Item 9B. Other Information 158 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 158 PART III Item 10. Directors, Executive Officers and Corporate Governance 159 Item 11.

Executive Compensation

Executive Compensation 159 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 159 Item 13. Certain Relationships and Related Transactions, and Director Independence 159 Item 14. Principal Accountant Fees and Services 159 PART IV Item 15. Exhibits and Financial Statement Schedules 160 Item 16. Form 10-K Summary 160 EXHIBIT INDEX

SIGNATURES

SIGNATURES 3 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact contained in this Annual Report, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "might," "will," "should," "can have," "likely," "continue," "design," and other words and terms of similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ from those expressed in our forward-looking statements. Our future financial position and results of operations, as well as any forward-looking statements are subject to change and inherent risks and uncertainties. You should consider our forward-looking statements in light of a number of factors that may cause actual results to vary from our forward-looking statements including, but not limited to: risks discussed under the heading "Risk Factors" herein, as well as our consolidated financial statements, related notes, and the other financial information appearing elsewhere in this Annual Report and our other filings with the United States Securi

Business

Item 1. Business Overview Ladder is an internally-managed real estate investment trust ("REIT") that is a leader in commercial real estate finance. We originate and invest in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Our investment activities include: (i) our primary business of originating senior first mortgage fixed and floating rate loans collateralized by commercial real estate with flexible loan structures; (ii) owning and operating commercial real estate, including net leased commercial properties; and (iii) investing in investment grade securities secured by first mortgage loans on commercial real estate. We believe that our in-house origination platform, ability to flexibly allocate capital among complementary product lines, credit-centric underwriting approach, access to diversified financing sources, and experienced management team position us well to deliver attractive returns on equity to our shareholders through economic and credit cycles. Our businesses, including balance sheet lending, conduit lending, securities investments, and real estate investments, provide for a stable base of net interest and rental income. We have originated $29.7 billion of commercial real estate loans from our inception in October 2008 through December 31, 2023. During this timeframe, we also acquired $13.2 billion of predominantly investment grade-rated securities secured by first mortgage loans on commercial real estate and $2.0 billion of selected net leased and other real estate assets. As part of our commercial mortgage lending operations, we originate conduit loans, which are first mortgage loans on stabilized, income producing commercial real estate properties that we intend to make available for sale in commercial mortgage-backed securities ("CMBS") securitizations. From our inception in October 2008 through December 31, 2023, we originated $16.9 billion of conduit loans, of which $16.8 bi