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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
ladr-20220331_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 April 22, 2022
Class A common stock, $0.001 par value 127,221,540
Class B common stock, $0.001 par value 
2

LADDER CAPITAL CORP
 
FORM 10-Q
March 31, 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 (“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;
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)
 March 31, 2022(1)December 31, 2021(1)
(Unaudited)
Assets  
Cash and cash equivalents$431,762 $548,744 
Restricted cash63,462 72,802 
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable3,857,471 3,553,737 
Allowance for credit losses(32,332)(31,752)
Mortgage loan receivables held for sale53,901  
Real estate securities662,942 703,280 
Real estate and related lease intangibles, net792,857 865,694 
Real estate held for sale55,412 25,179 
Investments in and advances to unconsolidated joint ventures5,243 23,154 
Derivative instruments234 402 
Accrued interest receivable14,450 13,645 
Other assets68,795 76,367 
Total assets$5,974,197 $5,851,252 
Liabilities and Equity  
Liabilities  
Debt obligations, net$4,343,311 $4,219,703 
Dividends payable26,763 27,591 
Accrued expenses42,028 40,249 
Other liabilities52,938 50,090 
Total liabilities4,465,040 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 capital1,815,661 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’ equity1,502,693 1,507,137 
Noncontrolling interests in consolidated joint ventures6,464 6,482 
Total equity1,509,157 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.
6

Ladder Capital Corp
Consolidated Statements of Income
(Dollars in Thousands, Except Per Share Data)
(Unaudited)
 Three Months Ended March 31,
 20222021
Net interest income  
Interest income$56,205 $39,287 
Interest expense47,035 45,973 
Net interest income9,170 (6,686)
Provision for (release of) loan loss reserves874 (4,251)
Net interest income (expense) after provision for (release of) loan losses8,296 (2,435)
Other income (loss)  
Real estate operating income26,354 24,159 
Sale of loans, net(949) 
Realized gain (loss) on securities(96)579 
Unrealized gain (loss) on equity securities14  
Unrealized gain (loss) on Agency interest-only securities3 (20)
Realized gain (loss) on sale of real estate, net29,154  
Fee and other income7,194 3,284 
Net result from derivative transactions3,135 4,771 
Earnings (loss) from investment in unconsolidated joint ventures434 436 
Total other income (loss)65,243 33,209 
Costs and expenses  
Compensation and employee benefits29,864 9,533 
Operating expenses5,508 4,241 
Real estate operating expenses8,992 6,211 
Fee expense1,988 1,599 
Depreciation and amortization9,342 9,536 
Total costs and expenses55,694 31,120 
Income (loss) before taxes17,845 (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:  
Basic124,305,943 123,974,970 
Diluted125,478,001 124,324,683 

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 March 31,
 20222021
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.
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
Joint Ventures
Balance, December 31, 2021125,453 $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 stock2,248 2 — (3)— — — (1)
Purchase of treasury stock(55)— — (611)— — — (611)
Re-issuance of treasury stock596 — — — — — — — 
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, 2022127,224 $127 $1,815,661 $(88,258)$(214,084)$(10,753)$6,464 $1,509,157 

Refer to the accompanying notes to consolidated financial statements.
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 Ventures
Balance, December 31, 2020126,378 $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 stock748 — — (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, 2021126,342 $127 $1,785,350 $(67,495)$(188,763)$(3,614)$5,234 $1,530,839 

Refer to the accompanying notes to consolidated financial statements.


10

Ladder Capital Corp
Consolidated Statements of Cash Flows
(Dollars in Thousands)
(Unaudited)
 Three Months Ended March 31,
 20222021
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 amortization9,342 9,536 
Unrealized (gain) loss on derivative instruments162 (2)
Unrealized (gain) loss on equity securities(14) 
Unrealized (gain) loss on Agency interest-only securities(3)20 
Provision for (release of) loan loss reserves874 (4,251)
Amortization of equity based compensation20,412 5,276 
Amortization of deferred financing costs included in interest expense5,857 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)