On October 26, 2023, Ladder Capital Corp (LADR, Financial) announced its operating results for the quarter ended September 30, 2023. The company reported a GAAP income before taxes of $34.3 million and a diluted earnings per share (EPS) of $0.25. Distributable earnings were $39.0 million, translating to $0.31 of distributable EPS.
Company Performance and Financial Highlights
LADR's CEO, Brian Harris, commented on the company's performance, stating,
Ladder continues to perform well with strong distributable earnings that comfortably cover our quarterly cash dividend. With a large component of our liabilities having long-term, fixed-rate costs, our mostly floating-rate asset base continues to deliver strong net interest margins. Additionally, loan payoffs further add to our already ample liquidity, and we continue to manage the Company with very modest leverage.”
As of September 30, 2023, Ladder Capital Corp had $5.5 billion of assets. The company specializes in underwriting commercial real estate and offering flexible capital solutions within a sophisticated platform. It originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets.
Consolidated Balance Sheets
As per the consolidated balance sheets, LADR's total assets stood at $5,503,142 thousand as of September 30, 2023, compared to $5,951,173 thousand as of December 31, 2022. The company's total liabilities were $3,964,989 thousand as of September 30, 2023, compared to $4,417,612 thousand as of December 31, 2022.
Consolidated Statements of Income
For the quarter ended September 30, 2023, LADR's net interest income was $38,831 thousand, while the provision for loan loss reserves was $7,473 thousand. The total other income stood at $40,923 thousand, and the total costs and expenses were $37,939 thousand. The net income attributable to Class A common shareholders was $31,319 thousand.
Non-GAAP Financial Measures
LADR utilizes distributable earnings, distributable EPS, and after-tax distributable return on average equity (ROAE), non-GAAP financial measures, as supplemental measures of its operating performance. The company believes these measures assist investors in comparing its operating performance and its ability to pay dividends across reporting periods on a more relevant and consistent basis.
For media inquiries, please contact Ladder Capital Corp Investor Relations at (917) 369-3207 or [email protected].
Explore the complete 8-K earnings release (here) from Ladder Capital Corp for further details.
