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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 September 30, 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
ladr-20220930_g1.jpg
(Exact name of registrant as specified in its charter)
 
Delaware80-0925494
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
345 Park Avenue,New York,NY10154
(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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A common stock, $0.001 par valueLADRNew York Stock Exchange


1

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 filerAccelerated filer
    
Non-accelerated filerSmaller 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 October 21, 2022
Class A common stock, $0.001 par value 126,564,349
Class B common stock, $0.001 par value 
2

LADDER CAPITAL CORP
 
FORM 10-Q
September 30, 2022


 



1

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 (“the 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, continuing military actions between Russia and Ukraine, inflation, and the potential for a global economic recession;
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 and the related impacts on our borrowers;
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;
2

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.
3

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.

4

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)
 




5

Ladder Capital Corp
Consolidated Balance Sheets
(Dollars in Thousands)
 September 30, 2022(1)December 31, 2021(1)
(Unaudited)
Assets  
Cash and cash equivalents$328,440 $548,744 
Restricted cash28,739 72,802 
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable4,019,297 3,553,737 
Allowance for credit losses(18,474)(31,752)
Mortgage loan receivables held for sale27,818  
Securities610,545 703,280 
Real estate and related lease intangibles, net769,935 865,694 
Real estate held for sale7,402 25,179 
Investments in and advances to unconsolidated ventures6,006 23,154 
Derivative instruments2,075 402 
Accrued interest receivable20,344 13,645 
Other assets67,845 76,367 
Total assets$5,869,972 $5,851,252 
Liabilities and Equity  
Liabilities  
Debt obligations, net$4,237,886 $4,219,703 
Dividends payable31,432 27,591 
Accrued expenses50,003 40,249 
Other liabilities47,032 50,090 
Total liabilities4,366,353 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 126,564,349 and 125,452,568 shares outstanding
127 126 
Additional paid-in capital1,823,036 1,795,249 
Treasury stock, 1,463,129 and 1,400,197 shares, at cost, respectively
(94,960)(76,324)
Retained earnings (dividends in excess of earnings)(207,434)(207,802)
Accumulated other comprehensive income (loss)(18,811)(4,112)
Total shareholders’ equity1,501,958 1,507,137 
Noncontrolling interests in consolidated ventures1,661 6,482 
Total equity1,503,619 1,513,619 
Total liabilities and equity$5,869,972 $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.
6

Ladder Capital Corp
Consolidated Statements of Income
(Dollars in Thousands, Except Per Share Data)
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net interest income    
Interest income$77,359 $46,235 $198,832 $123,099 
Interest expense48,471 49,339 138,212 140,538 
Net interest income (expense)28,888 (3,104)60,620 (17,439)
Provision for (release of) loan loss reserves, net1,501 (2,364)1,373 (6,950)
Net interest income (expense) after provision for (release of) loan losses27,387 (740)59,247 (10,489)
Other income (loss)    
Real estate operating income27,679 26,603 82,678 77,320 
Sale of loans, net796 3,293 (2,083)6,685 
Realized gain (loss) on securities9 285 (75)879 
Unrealized gain (loss) on equity securities(61) (77) 
Unrealized gain (loss) on Agency interest-only securities(5)(19)(21)(87)
Realized gain (loss) on sale of real estate, net4,393 17,766 62,101 37,155 
Fee and other income2,697 2,687 12,238 8,422 
Net result from derivative transactions6,567 75 12,381 1,002 
Earnings (loss) from investment in unconsolidated ventures407 533 1,197 1,206 
Gain (loss) on extinguishment of debt  685  
Total other income (loss)42,482 51,223 169,024 132,582 
Costs and expenses    
Compensation and employee benefits13,806 9,425 59,165 27,436 
Operating expenses5,143 4,418 15,303 12,875 
Real estate operating expenses10,069 6,962 28,928 19,518 
Fee expense1,689 1,638 5,163 5,431 
Depreciation and amortization7,864 9,320 24,764 28,320 
Total costs and expenses38,571 31,763 133,323 93,580 
Income (loss) before taxes31,298 18,720 94,948 28,513 
Income tax expense (benefit)2,613 (212)3,897 (1,308)
Net income (loss)28,685 18,932 91,051 29,821 
Net (income) loss attributable to noncontrolling interests in consolidated ventures(102)(5)(8,388)(408)
Net income (loss) attributable to Class A common shareholders$28,583 $18,927 $82,663 $29,413 
Earnings per share:    
Basic$0.23 $0.15 $0.66 $0.24 
Diluted$0.23 $0.15 $0.66 $0.24 
Weighted average shares outstanding:    
Basic124,278,732 123,729,867 124,393,861 123,917,047 
Diluted125,172,180 124,499,675 125,813,280 124,354,190 

Refer to the accompanying notes to consolidated financial statements.
7

Ladder Capital Corp
Consolidated Statements of Comprehensive Income
(Dollars in Thousands)
(Unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net income (loss)$28,685 $18,932 $91,051 $29,821 
Other comprehensive income (loss)    
Unrealized gain (loss) on securities, net of tax:    
Unrealized gain (loss) on real estate securities, available for sale(947)(588)(14,749)8,258 
Reclassification adjustment for (gain) loss included in net income (loss)(9)(285)50 (879)
Total other comprehensive income (loss)(956)(873)(14,699)7,379 
Comprehensive income (loss)27,729 18,059 76,352 37,200 
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures(102)(5)(8,388)(408)
Comprehensive income (loss) attributable to Class A common shareholders$27,627 $18,054 $67,964 $36,792 

Refer to the accompanying notes to consolidated financial statements.
8

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
Ventures
 
Balance, June 30, 2022126,834 $127 $1,819,298 $(92,302)$(206,922)$(17,855)$7,363 $1,509,709 
Distributions— — — — — — (5,804)(5,804)
Amortization of equity based compensation— — 3,738 — — — — 3,738 
Grants of restricted stock7 — — — — — — — 
Purchase of treasury stock(266)— — (2,623)— — — (2,623)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units(3)— — (35)— — — (35)
Forfeitures(6)— — — — — — — 
Dividends declared— — — — (29,095)— — (29,095)
Net income (loss)— — — — 28,583 — 102 28,685 
Other comprehensive income (loss)— — — — — (956)— (956)
Balance, September 30, 2022126,566 $127 $1,823,036 $(94,960)$(207,434)$(18,811)$1,661 $1,503,619 

Refer to the accompanying notes to consolidated financial statements.


















9


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