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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
Or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number:
001-36299
Ladder Capital Corp
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
Delaware | | 80-0925494 |
(State or other jurisdiction of incorporation or organization) | | (IRS Employer Identification No.) |
| | | | |
345 Park Avenue, | New York, | NY | | 10154 |
(Address of principal executive offices) | | (Zip Code) |
(212) 715-3170
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Class A common stock, $0.001 par value | LADR | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
| | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
| | | |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Yes ☐ No ☒
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
| | | | | | | | |
Class | | Outstanding at April 22, 2022 |
Class A common stock, $0.001 par value | | 127,221,540 |
Class B common stock, $0.001 par value | | — |
LADDER CAPITAL CORP
FORM 10-Q
March 31, 2022
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, 2021 (“Annual Report”), as well as our consolidated financial statements, related notes, and the other financial information appearing elsewhere in this Quarterly Report and our other filings with the United States Securities and Exchange Commission (“SEC”);
•the persistence of the COVID-19 pandemic, labor shortages, supply chain imbalances, Russia’s invasion of Ukraine and inflation;
•changes in general economic conditions in our industry and in the commercial finance and the real estate markets;
•changes to our business and investment strategy;
•our ability to obtain and maintain financing arrangements;
•the financing and advance rates for our assets, including the potential effects of the transition to Secured Overnight Financing Rate (“SOFR”) rates from London Interbank Offered Rate (“LIBOR”);
•our actual and expected leverage and liquidity;
•the adequacy of collateral securing our loan portfolio and a decline in the fair value of our assets;
•interest rate mismatches between our assets and our borrowings used to fund such investments;
•changes in interest rates and the market value of our assets;
•changes in prepayment rates on our mortgages and the loans underlying our commercial mortgage-backed and other asset-backed securities;
•the effects of hedging instruments and the degree to which our hedging strategies may or may not protect us from interest rate and credit risk volatility;
•the increased rate of default or decreased recovery rates on our assets;
•the adequacy of our policies, procedures and systems for managing risk effectively;
•a potential downgrade in the credit ratings assigned to Ladder or our investments;
•our compliance with, and the impact of and changes in laws, governmental regulations, tax laws and rates, accounting guidance and similar matters;
•our ability to maintain our qualification as a real estate investment trust (“REIT”) for U.S. federal income tax purposes and our ability and the ability of our subsidiaries to operate in compliance with REIT requirements;
•our ability and the ability of our subsidiaries to maintain our and their exemptions from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”);
•the effects of climate change or the potential liability relating to environmental matters that impact the value of properties we may acquire or the properties underlying our investments;
•the inability of insurance covering real estate underlying our loans and investments to cover all losses;
•the availability of investment opportunities in mortgage-related and real estate-related instruments and other securities;
•fraud by potential borrowers;
•the availability of qualified personnel;
•the impact of any tax legislation or IRS guidance;
•the degree and nature of our competition; and
•the market trends in our industry, interest rates, real estate values and the debt securities markets.
You should not rely upon forward-looking statements as predictions of future events. In addition, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The forward-looking statements contained in this Quarterly Report are made as of the date hereof, and the Company assumes no obligation to update or supplement any forward-looking statements.
REFERENCES TO LADDER CAPITAL CORP
Ladder Capital Corp is a holding company, and its primary assets are a controlling equity interest in Ladder Capital Finance Holdings LLLP (“LCFH” or the “Operating Partnership”) and in each series thereof, directly or indirectly. Unless the context suggests otherwise, references in this report to “Ladder,” “Ladder Capital,” the “Company,” “we,” “us” and “our” refer (1) prior to the February 2014 initial public offering (“IPO”) of the Class A common stock of Ladder Capital Corp and related transactions, to LCFH (“Predecessor”) and its consolidated subsidiaries and (2) after our IPO and related transactions, to Ladder Capital Corp and its consolidated subsidiaries.
Part I - Financial Information
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)
Ladder Capital Corp
Consolidated Balance Sheets
(Dollars in Thousands)
| | | | | | | | | | | |
| March 31, 2022(1) | | December 31, 2021(1) |
| (Unaudited) | | |
Assets | | | |
Cash and cash equivalents | $ | 431,762 | | | $ | 548,744 | |
Restricted cash | 63,462 | | | 72,802 | |
Mortgage loan receivables held for investment, net, at amortized cost: | | | |
Mortgage loans receivable | 3,857,471 | | | 3,553,737 | |
| | | |
Allowance for credit losses | (32,332) | | | (31,752) | |
Mortgage loan receivables held for sale | 53,901 | | | — | |
Real estate securities | 662,942 | | | 703,280 | |
| | | |
Real estate and related lease intangibles, net | 792,857 | | | 865,694 | |
Real estate held for sale | 55,412 | | | 25,179 | |
Investments in and advances to unconsolidated joint ventures | 5,243 | | | 23,154 | |
| | | |
Derivative instruments | 234 | | | 402 | |
| | | |
Accrued interest receivable | 14,450 | | | 13,645 | |
Other assets | 68,795 | | | 76,367 | |
Total assets | $ | 5,974,197 | | | $ | 5,851,252 | |
Liabilities and Equity | | | |
Liabilities | | | |
| | | |
Debt obligations, net | $ | 4,343,311 | | | $ | 4,219,703 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Dividends payable | 26,763 | | | 27,591 | |
Accrued expenses | 42,028 | | | 40,249 | |
Other liabilities | 52,938 | | | 50,090 | |
Total liabilities | 4,465,040 | | | 4,337,633 | |
Commitments and contingencies (Note 18) | — | | | — | |
Equity | | | |
| | | |
| | | |
| | | |
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 128,027,478 and 126,852,765 shares issued and 127,222,831 and 125,452,568 shares outstanding | 127 | | | 126 | |
| | | |
Additional paid-in capital | 1,815,661 | | | 1,795,249 | |
Treasury stock, 804,647 and 1,400,197 shares, at cost | (88,258) | | | (76,324) | |
Retained earnings (dividends in excess of earnings) | (214,084) | | | (207,802) | |
Accumulated other comprehensive income (loss) | (10,753) | | | (4,112) | |
Total shareholders’ equity | 1,502,693 | | | 1,507,137 | |
| | | |
Noncontrolling interests in consolidated joint ventures | 6,464 | | | 6,482 | |
Total equity | 1,509,157 | | | 1,513,619 | |
Total liabilities and equity | $ | 5,974,197 | | | $ | 5,851,252 | |
(1)Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
Refer to the accompanying notes to consolidated financial statements.
Ladder Capital Corp
Consolidated Statements of Income
(Dollars in Thousands, Except Per Share Data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | |
| | | | | Three Months Ended March 31, |
| | | | | | | | | 2022 | | 2021 | | |
| | | | | | | | | | | | | |
Net interest income | | | | | | | | | | | | | |
Interest income | | | | | | | | | $ | 56,205 | | | $ | 39,287 | | | |
Interest expense | | | | | | | | | 47,035 | | | 45,973 | | | |
Net interest income | | | | | | | | | 9,170 | | | (6,686) | | | |
Provision for (release of) loan loss reserves | | | | | | | | | 874 | | | (4,251) | | | |
Net interest income (expense) after provision for (release of) loan losses | | | | | | | | | 8,296 | | | (2,435) | | | |
Other income (loss) | | | | | | | | | | | | | |
Real estate operating income | | | | | | | | | 26,354 | | | 24,159 | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Sale of loans, net | | | | | | | | | (949) | | | — | | | |
Realized gain (loss) on securities | | | | | | | | | (96) | | | 579 | | | |
Unrealized gain (loss) on equity securities | | | | | | | | | 14 | | | — | | | |
Unrealized gain (loss) on Agency interest-only securities | | | | | | | | | 3 | | | (20) | | | |
Realized gain (loss) on sale of real estate, net | | | | | | | | | 29,154 | | | — | | | |
| | | | | | | | | | | | | |
Fee and other income | | | | | | | | | 7,194 | | | 3,284 | | | |
Net result from derivative transactions | | | | | | | | | 3,135 | | | 4,771 | | | |
Earnings (loss) from investment in unconsolidated joint ventures | | | | | | | | | 434 | | | 436 | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total other income (loss) | | | | | | | | | 65,243 | | | 33,209 | | | |
Costs and expenses | | | | | | | | | | | | | |
Compensation and employee benefits | | | | | | | | | 29,864 | | | 9,533 | | | |
Operating expenses | | | | | | | | | 5,508 | | | 4,241 | | | |
Real estate operating expenses | | | | | | | | | 8,992 | | | 6,211 | | | |
Fee expense | | | | | | | | | 1,988 | | | 1,599 | | | |
Depreciation and amortization | | | | | | | | | 9,342 | | | 9,536 | | | |
Total costs and expenses | | | | | | | | | 55,694 | | | 31,120 | | | |
Income (loss) before taxes | | | | | | | | | 17,845 | | | (346) | | | |
Income tax expense (benefit) | | | | | | | | | (1,309) | | | (778) | | | |
Net income (loss) | | | | | | | | | 19,154 | | | 432 | | | |
Net (income) loss attributable to noncontrolling interests in consolidated joint ventures | | | | | | | | | (122) | | | (240) | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net income (loss) attributable to Class A common shareholders | | | | | | | | | $ | 19,032 | | | $ | 192 | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Earnings per share: | | | | | | | | | | | | | |
Basic | | | | | | | | | $ | 0.15 | | | $ | — | | | |
Diluted | | | | | | | | | $ | 0.15 | | | $ | — | | | |
| | | | | | | | | | | | | |
Weighted average shares outstanding: | | | | | | | | | | | | | |
Basic | | | | | | | | | 124,305,943 | | | 123,974,970 | | | |
Diluted | | | | | | | | | 125,478,001 | | | 124,324,683 | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Refer to the accompanying notes to consolidated financial statements.
Ladder Capital Corp
Consolidated Statements of Comprehensive Income
(Dollars in Thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | |
| | | | | Three Months Ended March 31, |
| | | | | | | | | 2022 | | 2021 | | |
| | | | | | | | | | | | | |
Net income (loss) | | | | | | | | | $ | 19,154 | | | $ | 432 | | | |
| | | | | | | | | | | | | |
Other comprehensive income (loss) | | | | | | | | | | | | | |
Unrealized gain (loss) on securities, net of tax: | | | | | | | | | | | | | |
Unrealized gain (loss) on real estate securities, available for sale | | | | | | | | | (6,737) | | | 7,428 | | | |
Reclassification adjustment for (gain) loss included in net income (loss) | | | | | | | | | 96 | | | (579) | | | |
| | | | | | | | | | | | | |
Total other comprehensive income (loss) | | | | | | | | | (6,641) | | | 6,849 | | | |
| | | | | | | | | | | | | |
Comprehensive income (loss) | | | | | | | | | 12,513 | | | 7,281 | | | |
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures | | | | | | | | | (122) | | | (240) | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Comprehensive income (loss) attributable to Class A common shareholders | | | | | | | | | $ | 12,391 | | | $ | 7,041 | | | |
Refer to the accompanying notes to consolidated financial statements.
Ladder Capital Corp
Consolidated Statements of Changes in Equity
(Dollars and Shares in Thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shareholders’ Equity | | | | | | |
| Class A Common Stock | | | | Additional Paid- in-Capital | | Treasury Stock | | Retained Earnings (Dividends in Excess of Earnings) | | Accumulated Other Comprehensive Income (Loss) | | | | Noncontrolling Interests | | Total Equity |
Shares | | Par | | | | | | | | | | | | Consolidated Joint Ventures | |
| | | | | | | | | | | | | | | | | | | | | |
Balance, December 31, 2021 | 125,453 | | | $ | 126 | | | | | | | $ | 1,795,249 | | | $ | (76,324) | | | $ | (207,802) | | | $ | (4,112) | | | | | $ | 6,482 | | | $ | 1,513,619 | |
| | | | | | | | | | | | | | | | | | | | | |
Distributions | — | | | — | | | | | | | — | | | — | | | — | | | — | | | | | (140) | | | (140) | |
| | | | | | | | | | | | | | | | | | | | | |
Amortization of equity based compensation | — | | | — | | | | | | | 20,412 | | | — | | | — | | | — | | | | | — | | | 20,412 | |
| | | | | | | | | | | | | | | | | | | | | |
Grants of restricted stock | 2,248 | | | 2 | | | | | | | — | | | (3) | | | — | | | — | | | | | — | | | (1) | |
| | | | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | (55) | | | — | | | | | | | — | | | (611) | | | — | | | — | | | | | — | | | (611) | |
Re-issuance of treasury stock | 596 | | | — | | | | | | | — | | | — | | | — | | | — | | | | | — | | | — | |
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units | (952) | | | (1) | | | | | | | — | | | (11,320) | | | — | | | — | | | | | — | | | (11,321) | |
Forfeitures | (66) | | | — | | | | | | | — | | | — | | | — | | | — | | | | | — | | | — | |
Dividends declared | — | | | — | | | | | | | — | | | — | | | (25,314) | | | — | | | | | — | | | (25,314) | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | — | | | — | | | | | | | — | | | — | | | 19,032 | | | — | | | | | 122 | | | 19,154 | |
Other comprehensive income (loss) | — | | | — | | | | | | | — | | | — | | | — | | | (6,641) | | | | | — | | | (6,641) | |
| | | | | | | | | | | | | | | | | | | | | |
Balance, March 31, 2022 | 127,224 | | | $ | 127 | | | | | | | $ | 1,815,661 | | | $ | (88,258) | | | $ | (214,084) | | | $ | (10,753) | | | | | $ | 6,464 | | | $ | 1,509,157 | |
Refer to the accompanying notes to consolidated financial statements.
Ladder Capital Corp
Consolidated Statements of Changes in Equity
(Dollars and Shares in Thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shareholders’ Equity | | | | | | | | |
| Class A Common Stock | | | | Additional Paid- in-Capital | | Treasury Stock | | Retained Earnings (Dividends in Excess of Earnings) | | Accumulated Other Comprehensive Income (Loss) | | | | Noncontrolling Interests | | Total Equity | | |
Shares | | Par | | | | | | | | | | | | Consolidated Joint Ventures | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Balance, December 31, 2020 | 126,378 | | | $ | 127 | | | | | | | $ | 1,780,074 | | | $ | (62,859) | | | $ | (163,717) | | | $ | (10,463) | | | | | $ | 5,263 | | | $ | 1,548,425 | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Distributions | — | | | — | | | | | | | — | | | — | | | — | | | — | | | | | (269) | | | (269) | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Amortization of equity based compensation | — | | | — | | | | | | | 5,276 | | | — | | | — | | | — | | | | | — | | | 5,276 | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | (20) | | | — | | | | | | | — | | | (214) | | | — | | | — | | | | | — | | | (214) | | | |
Re-issuance of treasury stock | 748 | | | — | | | | | | | — | | | (1) | | | — | | | — | | | | | — | | | (1) | | | |
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units | (437) | | | — | | | | | | | — | | | (4,421) | | | — | | | — | | | | | — | | | (4,421) | | | |
Forfeitures | (327) | | | — | | | | | | | — | | | — | | | — | | | — | | | | | — | | | — | | | |
Dividends declared | — | | | — | | | | | | | — | | | — | | | (25,238) | | | — | | | | | — | | | (25,238) | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | — | | | — | | | | | | | — | | | — | | | 192 | | | — | | | | | 240 | | | 432 | | | |
Other comprehensive income (loss) | — | | | — | | | | | | | — | | | — | | | — | | | 6,849 | | | | | — | | | 6,849 | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Balance, March 31, 2021 | 126,342 | | | $ | 127 | | | | | | | $ | 1,785,350 | | | $ | (67,495) | | | $ | (188,763) | | | $ | (3,614) | | | | | $ | 5,234 | | | $ | 1,530,839 | | | |
Refer to the accompanying notes to consolidated financial statements.
Ladder Capital Corp
Consolidated Statements of Cash Flows
(Dollars in Thousands)
(Unaudited)
| | | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 | | |
Cash flows from operating activities: | | | | | |
Net income (loss) | $ | 19,154 | | | $ | 432 | | | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | |
| | | | | |
Depreciation and amortization | 9,342 | | | 9,536 | | | |
Unrealized (gain) loss on derivative instruments | 162 | | | (2) | | | |
Unrealized (gain) loss on equity securities | (14) | | | — | | | |
Unrealized (gain) loss on Agency interest-only securities | (3) | | | 20 | | | |
| | | | | |
Provision for (release of) loan loss reserves | 874 | | | (4,251) | | | |
| | | | | |
Amortization of equity based compensation | 20,412 | | | 5,276 | | | |
Amortization of deferred financing costs included in interest expense | 5,857 | | | 4,892 | | | |
Amortization of premium/discount on mortgage loan financing included in interest expense | (330) | | | (273) | | | |
Amortization of above- and below-market lease intangibles | (444) | | | |