Ladder Capital Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ladder Capital Corp has filed its Q1 2024 10-Q report detailing financial performance and operations.</b>

AI Summary

Ladder Capital Corp (LADR) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. Ladder Capital Corp filed its 10-Q report for the quarter ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. Ladder Capital Corp is incorporated in Delaware. The company'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-Q filing provides investors with the latest financial data and operational updates for Ladder Capital Corp, crucial for assessing the company's performance and future outlook. Understanding the details within this report allows stakeholders to evaluate the company's financial health, strategic direction, and potential risks in the real estate investment trusts sector.

Risk Assessment

Risk Level: low — Ladder Capital Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Ladder Capital Corp's performance and strategic initiatives for Q1 2024.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-29 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (0001577670 2024-01-01 2024-03-31)
• 2023-12-31 — Prior Year End Date (0001577670 2023-12-31)

Key Players & Entities

• Ladder Capital Corp (company) — FILER
• New York (location) — BUSINESS ADDRESS CITY
• DE (location) — STATE OF INCORPORATION

FAQ

Industry Context

Ladder Capital Corp operates within the Real Estate Investment Trusts (REITs) sector, which focuses on owning, operating, or financing income-generating real estate.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the balance sheet, income statement, and cash flow statement for Q1 2024.
2. Review any disclosed risk factors or management commentary for insights into operational challenges or opportunities.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-29: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the Q1 2024 10-Q report, following the company's previous filings, including its 2023 annual report.

Key Financial Figures

• $0.001 — Which Registered Class A common stock, $0.001 par value LADR New York Stock Exchange

Filing Documents

• ladr-20240331.htm (10-Q) — 3014KB
• ladr3312024ex-311.htm (EX-31.1) — 14KB
• ladr3312024ex-312.htm (EX-31.2) — 14KB
• ladr3312024ex-321.htm (EX-32.1) — 6KB
• ladr3312024ex-322.htm (EX-32.2) — 6KB
• ladr-20240331_g1.jpg (GRAPHIC) — 199KB
• ladr-20240331_g2.jpg (GRAPHIC) — 41KB
• ladr-20240331_g3.jpg (GRAPHIC) — 113KB
• ladr-20240331_g4.jpg (GRAPHIC) — 66KB
• ladr-20240331_g5.jpg (GRAPHIC) — 29KB
• 0001577670-24-000024.txt (&nbsp;) — 18416KB
• ladr-20240331.xsd (EX-101.SCH) — 111KB
• ladr-20240331_cal.xml (EX-101.CAL) — 134KB
• ladr-20240331_def.xml (EX-101.DEF) — 617KB
• ladr-20240331_lab.xml (EX-101.LAB) — 1106KB
• ladr-20240331_pre.xml (EX-101.PRE) — 842KB
• ladr-20240331_htm.xml (XML) — 3884KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets 4 Consolidated Statements of Income 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Changes in Equity 7 Consolidated Statements of Cash Flows 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 48 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 78 Item 4.

Controls and Procedures

Controls and Procedures 81

- OTHER INFORMATION

PART II - OTHER INFORMATION 82 Item 1.

Legal Proceedings

Legal Proceedings 82 Item 1A.

Risk Factors

Risk Factors 82 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 82 Item 3. Defaults Upon Senior Securities 82 Item 4. Mine Safety Disclosures 82 Item 5. Other Information 82 Item 6. Exhibits 83

SIGNATURES

SIGNATURES 84 1 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Quarterly 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 Quarterly 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 and in our Annual Report on Form 10-K for the year ended December 31, 2023 ("the Annual Report"), as well as our consolidated financial statements, related notes, and the other finan

- Financial Information

Part I - Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) The consolidated financial statements of Ladder Capital Corp and the notes related to the foregoing consolidated financial statements are included in this Item. Index to Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets 4 Consolidated Statements of Income 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Changes in Equity 7 Consolidated Statements of Cash Flows 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11 Note 1. Organization and Operations 11 Note 2. Significant Accounting Policies 11 Note 3. Mortgage Loan Receivables 15 Note 4. Securities 19 Note 5. Real Estate and Related Lease Intangibles, Net 21 Note 6. Debt Obligations, Net 24 Note 7. Derivative Instruments 30 Note 8. Offsetting Assets and Liabilities 32 Note 9. Consolidated Variable Interest Entities 33 Note 10. Equity Structure and Accounts 33 Note 11. Noncontrolling Interests 34 Note 12. Earnings Per Share 35 Note 13. Stock-Based and Other Compensation Plans 35 Note 14. Fair Value of Financial Instruments 39 Note 15. Income Taxes 43 Note 16. Related Party Transactions 44 Note 17. Commitments and Contingencies 44 Note 18. Segment Reporting 46 Note 19. Subsequent Events 47 3 Table of Contents Ladder Capital Corp Consolidated Balance Sheets (Dollars in Thousands) March 31, 2024(1) December 31, 2023(1) (Unaudited) Assets Cash and cash equivalents $ 1,220,217 $ 1,015,678 Restricted cash 12,274 15,450 Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable 2,797,945 3,155,089 Allowance for credit losses ( 49,060 ) ( 43,165 ) Mortgage loan receivables held for sale 26,955 26,868 Securities 466,763 485,533 Real estate and related lease intangibles, net 733,635 726,442 Investments in and advances to unconsolidated ventures 6,862 6,877 Derivative instruments 674 1,454 Accrued interest receivable 23,207 24,233 Other assets 83,326 98,218 Total assets $ 5,322,798 $ 5,512,677 Liabilities and Equity Liabilities Debt obligations, net $ 3,667,029 $ 3,783,946 Dividends payable 30,721 32,294 Accrued expenses 45,603 65,144 Other liabilities 55,560 99,095 Total liabilities 3,798,913 3,980,479 Commitments and contingencies (refer to Note 17) — — Equity Class A common stock, par value $ 0.001 per share, 600,000,000 shares authorized; 129,883,019

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. ORGANIZATION AND OPERATIONS Ladder Capital Corp ("Ladder," "Ladder Capital," and the "Company") is an internally-managed real estate investment trust ("REIT") that is a leader in commercial real estate finance. The Company originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. The Company's investment activities include: (i) the Company's 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. Ladder Capital Corp, as the general partner of Ladder Capital Finance Holdings LLLP ("LCFH" or the "Operating Partnership"), operates the Ladder Capital business through LCFH and its subsidiaries. As of March 31, 2024, Ladder Capital Corp has a 100 % economic interest in LCFH and controls the management of LCFH as a result of its ability to appoint its board members. Accordingly, Ladder Capital Corp consolidates the financial results of LCFH and its subsidiaries. In addition, Ladder Capital Corp, through certain subsidiaries which are treated as taxable REIT subsidiaries (each a "TRS"), is indirectly subject to U.S. federal, state and local income taxes. Other than such indirect U.S. federal, state and local income taxes, there are no material differences between Ladder Capital Corp's consolidated financial statements and LCFH's consolidated financial statements. Ladder Capital Corp was formed as a Delaware corporation on May 21, 2013. The Company conducted its initial public offering ("IPO") which closed on February 11, 2014. The Company used the net proceeds from the IPO to purchase newly-issued limited partnership units ("LP Units