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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, 2024
 
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
ladrlogo3312017a27.jpg
(Exact name of registrant as specified in its charter)
 
Delaware80-0925494
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
320 Park Avenue,New York,NY10022
(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 April 19, 2024
Class A common stock, $0.001 par value 127,888,375
Class B common stock, $0.001 par value 
2

LADDER CAPITAL CORP
 
FORM 10-Q
March 31, 2024


 




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, 2023 (“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 (the “SEC”);
labor shortages, supply chain imbalances, inflation, and the potential for a global economic recession;
increasing geopolitical uncertainty, including the broader impacts of the Ukraine-Russia and Hamas-Israel conflicts and escalating tension between the U.S. and China;
changes in general economic conditions 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;
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 affecting the market value of our assets and the related impacts on our borrowers, including any unforeseen impacts of the transition to Term Secured Overnight Financing Rate (“SOFR”);
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 subsidiaries of Ladder Capital Corp (“Ladder,” “Ladder Capital,” and the “Company”) or our investments or corporate debt;
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;
2

our ability to attract and retain qualified employees;
the impact of any tax legislation or IRS guidance;
volatility in the equity capital markets and the impact on our Class A common stock;
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.

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)



3

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 cash12,274 15,450 
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable2,797,945 3,155,089 
Allowance for credit losses(49,060)(43,165)
Mortgage loan receivables held for sale26,955 26,868 
Securities466,763 485,533 
Real estate and related lease intangibles, net733,635 726,442 
Investments in and advances to unconsolidated ventures6,862 6,877 
Derivative instruments674 1,454 
Accrued interest receivable23,207 24,233 
Other assets83,326 98,218 
Total assets$5,322,798 $5,512,677 
Liabilities and Equity  
Liabilities  
Debt obligations, net$3,667,029 $3,783,946 
Dividends payable30,721 32,294 
Accrued expenses45,603 65,144 
Other liabilities55,560 99,095 
Total liabilities3,798,913 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 and 128,027,478 shares issued and 127,888,375 and 126,911,689 shares outstanding as of March 31, 2024 and December 31, 2023, respectively.
128 127 
Additional paid-in capital1,767,128 1,756,750 
Treasury stock, 1,994,644 and 1,115,789 shares, at cost
(21,611)(12,001)
Retained earnings (dividends in excess of earnings)(210,611)(197,875)
Accumulated other comprehensive income (loss)(9,820)(13,853)
Total shareholders’ equity1,525,214 1,533,148 
Noncontrolling interests in consolidated ventures(1,329)(950)
Total equity1,523,885 1,532,198 
Total liabilities and equity$5,322,798 $5,512,677 
(1)Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

Refer to the accompanying notes to consolidated financial statements.
4

Ladder Capital Corp
Consolidated Statements of Income
(Dollars in Thousands, Except Per Share Data)
(Unaudited)

 Three Months Ended March 31,
 20242023
Net interest income  
Interest income$95,912 $103,796 
Interest expense58,771 60,749 
Net interest income (expense)37,141 43,047 
Provision for (release of) loan loss reserves, net5,768 4,736 
Net interest income (expense) after provision for (release of) loan loss reserves31,373 38,311 
Other income (loss)  
Real estate operating income23,887 23,199 
Net result from mortgage loan receivables held for sale87 (194)
Fee and other income3,700 1,641 
Net result from derivative transactions4,019 (2,242)
Earnings (loss) from investment in unconsolidated ventures(15)217 
Gain on extinguishment of debt177 9,217 
Total other income (loss)31,855 31,838 
Costs and expenses  
Compensation and employee benefits20,789 22,084 
Operating expenses4,643 5,256 
Real estate operating expenses9,146 9,849 
Investment related expenses1,993 1,520 
Depreciation and amortization8,302 7,529 
Total costs and expenses44,873 46,238 
Income (loss) before taxes18,355 23,911 
Income tax expense (benefit)1,925 1,720 
Net income (loss)16,430 22,191 
Net (income) loss attributable to noncontrolling interests in consolidated ventures179 217 
Net income (loss) attributable to Class A common shareholders$16,609 $22,408 
Earnings per share:  
Basic$0.13 $0.18 
Diluted$0.13 $0.18 
Weighted average shares outstanding:  
Basic125,315,765 124,493,132 
Diluted 125,520,373 124,656,102 

Refer to the accompanying notes to consolidated financial statements.
5

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

 Three Months Ended March 31,
 20242023
Net income (loss)$16,430 $22,191 
Other comprehensive income (loss)  
Gain (loss) on available for sale securities, net of tax:  
Unrealized gain (loss) on securities, available for sale4,054 3,173 
Reclassification adjustment for (gain) loss included in net income (loss)(21)312 
Total other comprehensive income (loss)4,033 3,485 
Comprehensive income (loss)20,463 25,676 
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures179 217 
Comprehensive income (loss) attributable to Class A common shareholders$20,642 $25,893 

Refer to the accompanying notes to consolidated financial statements.
6

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, December 31, 2023126,912 $127 $1,756,750 $(12,001)$(197,875)$(13,853)$(950)$1,532,198 
Distributions— — — — — — (200)(200)
Amortization of equity based compensation— — 10,298 — — — — 10,298 
Grants of restricted stock1,856 2 — — — — — 2 
Purchase of treasury stock(60)— — (647)— — — (647)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock(813)(1)— (8,883)— — — (8,884)
Forfeitures(7)— 80 (80)— — —  
Dividends declared— — — — (29,345)— — (29,345)
Net income (loss)— — — — 16,609 — (179)16,430 
Other comprehensive income (loss)— — — — — 4,033 — 4,033 
Balance, March 31, 2024127,888 $128 $1,767,128 $(21,611)$(210,611)$(9,820)$(1,329)$1,523,885 

Refer to the accompanying notes to consolidated financial statements.



















7

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, December 31, 2022126,502 $127 $1,826,833 $(95,600)$(177,005)$(21,009)$215 $1,533,561 
Distributions— — — — — — (511)(511)
Amortization of equity based compensation— — 9,124 — — — — 9,124 
Grants of restricted stock971 1 — (1)— — —  
Purchase of treasury stock(250)— — (2,285)— — — (2,285)
Re-issuance of treasury stock446 — — — — — — — 
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (689)(1)— (7,852)— — — (7,853)
Forfeitures(32)— — — — — — — 
Dividends declared— — — — (29,158)— — (29,158)
Net income (loss)— — — — 22,408 — (217)22,191 
Other comprehensive income (loss)— — — — — 3,485 — 3,485 
Balance, March 31, 2023126,948 $127 $1,835,957 $(105,738)$(183,755)$(17,524)$(513)$1,528,554 

Refer to the accompanying notes to consolidated financial statements.
8

Ladder Capital Corp
Consolidated Statements of Cash Flows
(Dollars in Thousands)
(Unaudited)
 Three Months Ended March 31,
 20242023
Cash flows from operating activities:  
Net income (loss)$16,430 $22,191 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: 
(Gain) loss on extinguishment of debt(177)(9,217)
Depreciation and amortization8,302 7,529 
Non-cash operating lease expense17 538 
Unrealized (gain) loss on derivative instruments780 373 
Provision for (release of) loan loss reserves5,768 4,736 
Amortization of equity based compensation10,298 9,124 
Amortization of deferred financing costs included in interest expense2,999 3,580 
Amortization of premium/discount on mortgage loan financing included in interest expense(151)(150)
Amortization of above- and below-market lease intangibles(432)(454)
(Accretion)/amortization of discount, premium and other fees on loans(4,040)(6,985)
(Accretion)/amortization of discount and premium on securities(306)(501)
Net result from mortgage loan receivables held for sale(87)194 
Realized (gain) loss on securities(53)307 
Realized (gain) loss on sale of derivative instruments 244 
       (Earnings) loss from investments in unconsolidated ventures in excess of distributions received15 (117)
Change in deferred tax asset (liability)1,344 827 
Changes in operating assets and liabilities:  
Accrued interest receivable1,026 (856)
Other assets1,213 1,902 
Accrued expenses and other liabilities(63,321)78,145 
Net cash provided by (used in) operating activities(20,375)111,410 
Cash flows from investing activities:  
Origination and funding of mortgage loan receivables held for investment(48,702)(32,616)
Repayment of mortgage loan receivables held for investment362,854 150,186 
Purchases of securities(70,603)(3,513)
Repayment of securities88,147 60,214 
Basis recovery of interest-only securities888 1,024 
Proceeds from sales of securities4,799 13,595 
Capital improvements of real estate(1,373)(626)
Proceeds from FHLB stock1,125  
Net cash provided by (used in) investing activities337,135 188,264 
9

 Three Months Ended March 31,
 20242023
Cash flows from financing activities:  
Deferred financing costs paid(1,321)(817)
Proceeds from borrowings under debt obligations80,942 601,338 
Repayment and repurchase of borrowings under debt obligations(199,184)(757,779)
Cash dividends paid to Class A common shareholders(30,918)(30,356)
Capital distributed to noncontrolling interests in consolidated ventures(200)(511)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock(8,883)(7,852)
Purchase of treasury stock(647)(2,285)
Net cash provided by (used in) financing activities(160,211)(198,262)
Net increase (decrease) in cash, cash equivalents and restricted cash156,549 101,412 
Cash, cash equivalents and restricted cash at beginning of period1,075,942 659,602 
Cash, cash equivalents and restricted cash at end of period$1,232,491 $761,014 
Non-cash investing and financing activities:  
Securities and derivatives purchased, not settled15  
Repurchase of treasury shares, not settled 12 
Repayments in transit of securities (other assets)27  
Repayment in transit of mortgage loans receivable held for investment (other assets)40,357  
Settlement of mortgage loan receivable held for investment by real estate, net(14,541) 
Real estate acquired in settlement of mortgage loan receivable held for investment, net14,110  
Dividends declared, not paid30,721 30,802 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows ($ in thousands):
March 31, 2024March 31, 2023
Cash and cash equivalents$1,220,217 $626,139 
Restricted cash12,274 25,158 
Short-term unsettled U.S. Treasury securities classified in other assets on the consolidated balance sheet 109,717 
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows$1,232,491 $761,014 

Refer to the accompanying notes to consolidated financial statements.


10

Ladder Capital Corp
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”) from LCFH. In connection with the IPO, Ladder Capital Corp also became a holding corporation and the general partner of, and obtained a controlling interest in, LCFH. Ladder Capital Corp’s only business is to act as the general partner of LCFH, and, as such, Ladder Capital Corp indirectly operates and controls all of the business and affairs of LCFH and its subsidiaries. The IPO transactions described herein are referred to as the “IPO Transactions.”

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting and Principles of Consolidation
 
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, which are included in the Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.

The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated.
 
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Refer to Note 9, Consolidated Variable Interest Entities, for further information on the Company’s consolidated variable interest entities. Investments in and advances to unconsolidated ventures represents the Company’s investment in Grace Lake LLC, a VIE. The Company determined that it
11

was not the primary beneficiary of this VIE because the Company has a passive investment and no control of this entity and therefore does not have controlling financial interests in this VIE. The Company’s maximum exposure to loss is limited to its investment in the VIE. The Company has not provided financial support to this unconsolidated VIE that it was not previously contractually required to provide.

Allowance for Loan Losses

The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplements its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. The Company engages a third-party service provider to provide market data and a credit loss model. The credit loss model is a forward-looking, econometric, commercial real estate (“CRE”) loss forecasting tool. It is comprised of a probability of default (“PD”) model and a loss given default (“LGD”) model that, layered together with the Company’s loan-level data, fair value of collateral, net operating income of collateral, selected forward-looking macroeconomic variables, and pool-level mean loss rates, produces life of loan expected losses (“EL”) at the loan and portfolio level. Where management has determined that the credit loss model does not fully capture certain external factors, including portfolio trends or loan-specific factors, a qualitative adjustment to the reserve is recorded. In addition, interest receivable on loans is not included in the Company’s CECL calculations as the Company performs timely write offs of aged interest receivable. The Company has made a policy election to write off aged receivables through interest income as opposed to through the CECL provision on its statements of income.

Loans for which the borrower or sponsor is experiencing financial difficulty, and where repayment of the loan is expected substantially through the operation or sale of the underlying collateral, are considered collateral dependent loans. For collateral dependent loans, the Company may elect a practical expedient that allows the Company to measure expected losses based on the difference between the collateral’s fair value and the amortized cost basis of the loan. When the repayment or satisfaction of the loan is dependent on a sale, rather than operations of the collateral, the fair value is adjusted for the estimated costs to sell the collateral. If foreclosure is probable, the Company is required to measure for expected losses using this methodology.

The Company generally will use the direct capitalization rate valuation methodology or the sales comparison approach to estimate the fair value of the collateral for loans and in certain cases will obtain external appraisals. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties.

The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess: (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future; (ii) the ability of the borrower to refinance the loan at maturity; and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting personnel, who utilize various data sources, including: (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates; (ii) site inspections; and (iii) current credit spreads and other market data and ultimately presented to management for approval.

When a debtor is experiencing financial difficulties and a loan is modified, the effect of the modification will be included in the Company’s assessment of the CECL allowance for loan losses. If the Company provides principal forgiveness, the amortized cost basis of the loan is written off against the allowance for loan losses. Generally, when modifying loans, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and, in some cases, lookback features or equity interests to offset concessions granted should conditions impacting the loan improve.

The Company designates a loan as a non-accrual loan generally when: (i) the principal or coupon interest components of loan payments become 90-days past due; or (ii) in the opinion of the Company, recovery of principal and coupon interest is doubtful. Interest income on non-accrual loans in which the Company reasonably expects a recovery of the loan’s outstanding principal balance is recognized when received in cash. Otherwise, income recognition will be suspended and any cash received will be applied as a reduction to the amortized cost basis. A non-accrual loan is returned to accrual status at such time as the loan
12

becomes contractually current and future principal and coupon interest are reasonably assured to be received. A loan will be written off when management has determined principal and coupon interest is no longer realizable and deemed non-recoverable.

Transfers of Financial Assets

For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. In November 2017, the SEC staff indicated that, despite transfer restrictions placed on qualified Third Party Purchasers by the risk retention rules of the Dodd-Frank Act, they would not take exception to a registrant treating transfers of financial instruments in a securitization as sales if the transfers otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is consistent with the substance of such transactions and, accordingly, reflects such transfers as sales. The Company recognizes gains on sale of loans net of any costs related to that sale.

Debt Issued

From time to time, a subsidiary of the Company will originate a loan (each, an “inter-segment loan,” and collectively, “inter-segment loans”) to another subsidiary of the Company to finance the purchase of real estate. The mortgage loan receivable and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Once the Company issues (sells) an inter-segment loan to a third-party securitization trust (for cash), the related mortgage note is recognized as a financing transaction and accounted for under ASC 470. The accounting for the securitization of an inter-segment loan—a financial instrument that has never been recognized in the consolidated financial statements as an asset—is considered a financing transaction under ASC 470, and ASC 835

The periodic securitization of the Company’s mortgage loans involves both inter-segment loans and mortgage loans made to third parties with the latter recognized as financial assets in the Company’s consolidated financial statements as part of an integrated transaction. The Company receives aggregate proceeds equal to the transaction’s all-in securitization value and sales price. In accordance with the guidance under ASC 835, when initially measuring the obligation arising from an inter-segment loan’s securitization, the Company allocates the proceeds from each securitization transaction between the third-party loans and each inter-segment loan so securitized on a relative fair value basis determined in accordance with the guidance in ASC 820. The difference between the amount allocated to each inter-segment loan and the loan’s face amount is recorded as a premium or discount, and is amortized, using the effective interest method, as a reduction or increase in reported interest expense, respectively.

Reclassification

The Company reclassified realized and unrealized gain (loss) on securities into fee and other income for the three months ended March 31, 2024. As such, the realized loss of $0.3 million and unrealized gain of $0.1 million for the three months ended March 31, 2023 were reclassified into fee and other income on the Consolidated Statement of Income. Refer to Note 4, Securities for realized and unrealized gain/loss details. Certain other prior period amounts have been reclassified to conform to the current period's presentation.

Recently Adopted Accounting Pronouncements

None.

13

Recent Accounting Pronouncements Pending Adoption

In November 2023, the FASB issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements.

Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are being evaluated or are not expected to have a material impact on the consolidated financial statements upon adoption.

14

3. MORTGAGE LOAN RECEIVABLES
 
March 31, 2024 ($ in thousands)
Outstanding
Face Amount
Carrying
Value
Weighted
Average
Yield (1)(2)
Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$2,787,559 $2,781,618 9.41 %0.7
Mezzanine loans16,360 16,327 11.21 %1.4
Total mortgage loans receivable2,803,919 2,797,945 9.42 %0.7
Allowance for credit losses N/A (49,060)
Total mortgage loan receivables held for investment, net, at amortized cost2,803,919 2,748,885 
Mortgage loan receivables held for sale:
First mortgage loans31,350 26,955 (4)4.57 %7.9
Total$2,835,269 $2,775,840 (5)9.38 %0.8
(1)Includes the impact of interest rate floors. Term SOFR rates in effect as of March 31, 2024 are used to calculate weighted average yield for floating rate loans.
(2)Excludes two non-accrual loans with an amortized cost basis of $72.8 million. Refer to “Non-Accrual Status” below for further details.
(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 1.7 years.
(4)As a result of changes in prevailing rates, the Company recorded a reversal of lower of cost or market adjustment as of March 31, 2024. The adjustment was calculated using a 5.28% discount rate.
(5)Net of $6.0 million of deferred origination fees and other items as of March 31, 2024.

As of March 31, 2024, $2.5 billion, or 87.6%, of the outstanding face amount of the mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates linked to Term SOFR. Of this $2.5 billion, 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of March 31, 2024, $31.4 million, or 100%, of the outstanding face amount of the mortgage loan receivables held for sale were at fixed interest rates.

December 31, 2023 ($ in thousands)
Outstanding
Face Amount
Carrying
Value
Weighted
Average
Yield (1)(2)
Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,131,803 $3,122,707 9.63 %0.7
Mezzanine loans32,423 32,382 11.46 %0.9
Total mortgage loans receivable3,164,226 3,155,089 9.65 %0.7
Allowance for credit losses— (43,165)
Total mortgage loan receivables held for investment, net, at amortized cost3,164,226 3,111,924 
Mortgage loan receivables held for sale:
First mortgage loans31,350 26,868 (4)4.57 %8.2
Total$3,195,576 $3,138,792 (5)9.61 %0.7
(1)Includes the impact from interest rate floors. Term SOFR rates in effect as of December 31, 2023 are used to calculate weighted average yield for floating rate loans.
(2)Excludes one non-accrual loan with an amortized cost basis of $14.5 million. Refer to “Non-Accrual Status” below for further details.
(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 1.8 years.
(4)As a result of rising prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2023. The adjustment was calculated using a 5.18% discount rate.
15

(5)Net of $9.1 million of deferred origination fees and other items as of December 31, 2023.
 
As of December 31, 2023, $2.8 billion, or 87.8%, of the outstanding face amount of the mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates linked to Term SOFR. Of this $2.8 billion, 100.0% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2023, $31.4 million, or 100%, of the outstanding face amount of the mortgage loan receivables held for sale were at fixed interest rates.

For the three months ended March 31, 2024 and 2023, loan portfolio activity was as follows ($ in thousands):
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2023$3,155,089 $(43,165)$26,868 
Origination of mortgage loan receivables (1)48,702 —  
Repayment of mortgage loan receivables (2)(395,345)—  
Proceeds from sales of mortgage loan receivables (3) —  
Non-cash disposition of loans via foreclosure (4)(14,541)— — 
Net result from mortgage loan receivables held for sale (5) — 87 
Accretion/amortization of discount, premium and other fees4,040 —  
Release (addition) of provision for current expected credit loss, net (6)— (5,895)— 
Balance, March 31, 2024$2,797,945 $(49,060)$26,955 
(1)Includes funding of commitments on existing mortgage loans.
(2)Includes $32.5 million of proceeds received from repayments in transit.
(3)Excludes $40.4 million of proceeds received from the sale of conduit mortgage loans collateralized by net leased properties in the Company’s real estate segment to a third-party securitization trust. The mortgage loan receivable and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Upon the sale of the mortgage loan receivable to a third-party securitization trust (for cash), the related mortgage note is recognized as a financing transaction.
(4)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate.
(5)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(6)Refer to “Allowance for Credit Losses” table below for further detail.

Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2022$3,885,746 $(20,755)$27,391 
Origination of mortgage loan receivables (1)32,616 —  
Repayment of mortgage loan receivables(131,272)—  
Net result from mortgage loan receivables held for sale (2) — (194)
Accretion/amortization of discount, premium and other fees6,985 —  
Release (addition) of provision for current expected credit loss, net (3)— (4,744)— 
Balance, March 31, 2023$3,794,075 $(25,499)$27,197 
(1)Includes funding of commitments on existing mortgage loans.
(2)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(3)Refer to “Allowance for Credit Losses” table below for further detail.
16

Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Three Months Ended March 31,
Allowance for Credit Losses20242023
Allowance for credit losses at beginning of period$43,165 $20,755 
Provision for (release of) current expected credit loss, net (1)5,895 4,744 
Allowance for credit losses at end of period$49,060 $25,499 
(1)There were no asset-specific reserves recorded for the three months ended March 31, 2024 and 2023.


Non-Accrual Status (1)
March 31, 2024(2)December 31, 2023(3)
Amortized cost basis of loans on non-accrual status$72,766 $14,541 
(1)As of March 31, 2024 and December 31, 2023, the loans on non-accrual status were greater than 90 days past due and are considered collateral dependent.
(2)Comprised of two multi-family loans with an amortized cost basis of $72.8 million, for which the Company determined no asset-specific reserve was necessary.
(3)Comprised of one multi-family loan with an amortized cost basis of $14.5 million, for which the Company determined no asset-specific reserve was necessary.

During the year ended December 31, 2023, the Company modified two first mortgage loans with a combined amortized cost basis of $106.5 million as of March 31, 2024, or 3.8% of the Company’s mortgage loan receivable portfolio. Together, these modifications resulted in a weighted average extension of 2.3 years, in exchange for terms that included $6.0 million of payments that reduced the amortized cost basis and $6.5 million of reserve replenishments. No principal or interest was forgiven, and Ladder also received a 15% non-controlling common equity interest in one of the properties. The payment structure of both loans was modified to defer a portion of the contractual interest until maturity and the Company is accruing only the current pay component. As of March 31, 2024, both loans are current. For the three months ended March 31, 2024, the Company accrued $0.8 million of interest income related to these two loans.

Current Expected Credit Loss (“CECL”)

As of March 31, 2024, the Company has a $49.7 million allowance for current expected credit losses, of which $49.1 million pertains to mortgage loan receivables and $0.6 million relates to unfunded commitments included in other liabilities in the consolidated balance sheets. As of March 31, 2024, the Company concluded that none of its loans required an asset-specific reserve.

As of December 31, 2023, the Company had a $43.9 million allowance for current expected credit losses, of which $43.2 million pertained to mortgage loan receivables and $0.7 million related to unfunded commitments included in other liabilities in the consolidated balance sheets. As of December 31, 2023, the Company concluded that none of its loans required an asset specific reserve.

The total change in provision for loan loss reserves for the three months ended March 31, 2024 was an increase of the provision of $5.8 million. The net increase represents an increase in the general reserve of loans held for investment of $5.9 million and a decrease related to unfunded loan commitments of $0.1 million. The increase in provision associated with the general reserve during the three months ended March 31, 2024 is primarily due to adverse changes in macroeconomic market conditions affecting commercial real estate partially offset by a decrease in the size of the balance sheet first mortgage loan portfolio as a result of repayments.

The total change in provision for loan loss reserves for the three months ended March 31, 2023 was an increase of the provision of $4.7 million. The net increase represents an increase in the general reserve of loans held for investment of $4.7 million and a decrease related to unfunded loan commitments of $0.3 million. The increase in provision associated with the general reserve during the three months ended March 31, 2023 was primarily due to adverse changes in macroeconomic market conditions affecting commercial real estate.

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Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of March 31, 2024 and December 31, 2023, respectively ($ in thousands):

Amortized Cost Basis by Origination Year as of March 31, 2024
Collateral Type20242023202220212020 and EarlierTotal
Multifamily$37,620 $14,505 $389,862