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Ladder Capital Corp (LADR) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Ladder Capital Corp

CIK: 1577670 Ticker: LADR
 
 Exhibit 99.1

Ladder Capital Corp Reports Results for the Quarter Ended March 31, 2020

NEW YORK--(BUSINESS WIRE)--May 5, 2020--Ladder Capital Corp (NYSE: LADR) (“we,” “Ladder,” or the “Company”) today announced operating results for the quarter ended March 31, 2020. GAAP loss before taxes for the three months ended March 31, 2020 was $18.6 million, and diluted loss per share was $0.15. Core earnings was $30.9 million, or $0.26 of core EPS. After-tax GAAP return on average equity was (4.5)% and after-tax core return on average equity was 8.0%.

As separately announced, since the end of the first quarter Ladder has entered into a strategic financing arrangement with Koch Real Estate Investments, LLC (“Koch”), an affiliate of Koch Industries, which provides $206.4 million in senior secured financing to fund transitional and land loans, and has completed a private CLO with Goldman Sachs Bank USA that generated $310.2 million of gross proceeds. As of May 1, Ladder has over $830 million of cash on hand and over $2.6 billion of unencumbered assets.

“Ladder’s constant attention to liability management has proven to be very helpful during these difficult times,” said Brian Harris, Ladder’s Chief Executive Officer. “We went into this recent downturn in a position of strength and took additional, decisive steps to further strengthen our liquidity and our ability to take advantage of the wide opportunity set that we see ahead.”

Ladder has taken a number of previously announced steps to ensure its continued success during the current market volatility related to the global COVID-19 pandemic, including retaining Moelis & Company LLC, which acted as financial advisor on the Koch financing, reducing expenses, and enhancing its liquidity position through the selective sale of loans and securities and the regular cash inflows on its portfolios of loans, securities, and income producing real estate investments.

Supplemental

The Company issued a supplemental presentation detailing its first quarter 2020 operating results, which can be viewed at http://ir.laddercapital.com/.

Conference Call and Webcast

We will host a conference call on Tuesday, May 5, 2020 at 5:00 p.m. Eastern Time to discuss first quarter 2020 results. The conference call can be accessed by dialing (800) 347-6311 domestic or (646) 828-8143 international. Individuals who dial in will be asked to identify themselves and their affiliations. For those unable to participate, an audio replay will be available from 8:00 p.m. Eastern Time on Tuesday, May 5, 2020 through midnight Tuesday, May 19, 2020. To access the replay, please call (844) 512-2921 domestic or (412) 317-6671 international, access code 9206672. The conference call will also be webcast though a link on Ladder Capital Corp’s Investor Relations website at ir.laddercapital.com/event. A web-based archive of the conference call will also be available at the above website.

About Ladder

Ladder Capital Corp is an internally-managed commercial real estate investment trust with over $6 billion of assets. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns. As one of the nation’s leading commercial real estate capital providers, we specialize in underwriting commercial real estate and offering flexible capital solutions within a sophisticated platform.

Ladder originates and invests 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) investing in investment grade securities secured by first mortgage loans on commercial real estate; and (iii) owning and operating commercial real estate, including net leased commercial properties.

Founded in 2008, and led by Brian Harris, the Company’s Chief Executive Officer, Ladder is run by a highly experienced management team with extensive expertise in all aspects of the commercial real estate industry, including origination, credit, underwriting, structuring, capital markets and asset management. Members of Ladder’s management and board of directors are highly aligned with the Company’s investors, owning over 10% of the Company’s equity.


The following information was filed by Ladder Capital Corp (LADR) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ladder Capital Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Ladder Capital Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt Obligations, Net
Debt Obligations, Net (Tables)
Debt Obligations, Net - Additional Information (Details)
Debt Obligations, Net - Financing Strategy In Current Market Conditions (Details)
Debt Obligations, Net - Schedule Of Company's Debt Obligations (Details)
Debt Obligations, Net - Schedule Of Maturities (Details)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Additional Information (Details)
Derivative Instruments - Schedule Of Derivatives Outstanding (Details)
Derivative Instruments - Schedule Of Realized Gains (Losses) On Derivatives (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Net Income And Weighted Average Shares Outstanding (Details)
Earnings Per Share - Schedule Of Calculation Of Basic And Diluted Eps (Details)
Equity Structure And Accounts
Equity Structure And Accounts (Tables)
Equity Structure And Accounts - Additional Information (Details)
Equity Structure And Accounts - Changes In Accumulated Other Comprehensive Income (Details)
Equity Structure And Accounts - Dividends Declared (Details)
Equity Structure And Accounts - Schedule Of Dividends Declared And Paid (Details)
Equity Structure And Accounts - Schedule Of Repurchase Of Treasury Stock Activity (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Estimated Fair Values Of Financial Instruments (Details)
Fair Value Of Financial Instruments - Schedule Of Changes In Level 3 (Details)
Fair Value Of Financial Instruments - Schedule Of Quantitative Information (Details)
Fair Value Of Financial Instruments - Summary Of Financial Assets And Liabilities (Details)
Income Taxes
Income Taxes (Details)
Investment In And Advances To Unconsolidated Joint Ventures
Investment In And Advances To Unconsolidated Joint Ventures (Tables)
Investment In And Advances To Unconsolidated Joint Ventures - Additional Information (Details)
Investment In And Advances To Unconsolidated Joint Ventures - Investments In Unconsolidated Joint Ventures (Details)
Investment In And Advances To Unconsolidated Joint Ventures - Results From Operations Of The Unconsolidated Joint Ventures (Details)
Investment In And Advances To Unconsolidated Joint Ventures - Summary Of Allocated Earnings (Details)
Mortgage Loan Receivables
Mortgage Loan Receivables (Tables)
Mortgage Loan Receivables - Activity In Loan Portfolio (Details)
Mortgage Loan Receivables - Additional Information (Details)
Mortgage Loan Receivables - Individually Impaired Loans (Details)
Mortgage Loan Receivables - Provision For Loan Losses (Details)
Mortgage Loan Receivables - Schedule Of Mortgage Loans (Details)
Noncontrolling Interests
Noncontrolling Interests (Details)
Offsetting Assets And Liabilities
Offsetting Assets And Liabilities (Tables)
Offsetting Assets And Liabilities - Offsetting Assets (Details)
Offsetting Assets And Liabilities - Offsetting Liabilities (Details)
Organization And Operations
Organization And Operations (Details)
Real Estate And Related Lease Intangibles, Net
Real Estate And Related Lease Intangibles, Net (Tables)
Real Estate And Related Lease Intangibles, Net - Additional Information (Details)
Real Estate And Related Lease Intangibles, Net - Expected Future Amortization Expense (Details)
Real Estate And Related Lease Intangibles, Net - Future Minimum Rental Payments Receivable (Details)
Real Estate And Related Lease Intangibles, Net - Real Estate Properties Sold (Details)
Real Estate And Related Lease Intangibles, Net - Schedule Of Depreciation And Amortization Expense On Real Estate (Details)
Real Estate And Related Lease Intangibles, Net - Schedule Of Identifiable Assets Acquired And Liabilities Assumed (Details)
Real Estate And Related Lease Intangibles, Net - Schedule Of Real Estate Portfolio (Details)
Real Estate And Related Lease Intangibles, Net - Schedule Of Real Estate Properties Acquired (Details)
Real Estate And Related Lease Intangibles, Net - Unamortized Favorable Lease Intangibles (Details)
Real Estate Securities
Real Estate Securities - Additional Information (Details)
Real Estate Securities (Tables)
Real Estate Securities - Securities By Remaining Maturity (Details)
Real Estate Securities - Summary Of Securities (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Details)
Segment Reporting - Schedule Of Segments (Details)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Stock Based And Other Compensation Plans
Stock Based And Other Compensation Plans (Tables)
Stock Based And Other Compensation Plans - Additional Information (Details)
Stock Based And Other Compensation Plans - Nonvested Shares Outstanding (Details)
Stock Based And Other Compensation Plans - Stock Based Compensation Plans Summary (Details)
Stock Based And Other Compensation Plans - Summary Of Grants (Details)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Ladder Capital Corp provided additional information to their SEC Filing as exhibits

Ticker: LADR
CIK: 1577670
Form Type: 10-Q Quarterly Report
Accession Number: 0001577670-20-000011
Submitted to the SEC: Tue May 05 2020 9:47:56 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Real Estate Investment Trusts

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