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Section 1: 10-Q (10-Q)

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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
Form 10-Q
 
 
(Mark One)
 
ý      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2017
 
Or
 
o         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
389751546_ladrlogo3312017a01.jpg
(Exact name of registrant as specified in its charter)
 
 
Delaware
(State or other jurisdiction of
incorporation or organization)
 
80-0925494
(IRS Employer
Identification No.)
 
 
 
345 Park Avenue, New York
(Address of principal executive offices)
 
10154
(Zip Code)
 
(212) 715-3170
(Registrant’s telephone number, including area code)
 
 

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  ý  No  o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).  Yes  ý  No  o

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 o
 
Accelerated filer ý
 
 
 
Non-accelerated filer o
(Do not check if a smaller reporting company)
 
Smaller reporting company o
 
 
Emerging growth company ý

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. ý

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): 
Yes o  No ý
 
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 August 1, 2017
Class A Common Stock, $0.001 par value
 
86,050,681
Class B Common Stock, $0.001 par value
 
24,697,293

 



Table of Contents

LADDER CAPITAL CORP
 
FORM 10-Q
June 30, 2017
 
Index
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




1

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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” in our Annual Report on Form 10-K for the year ended December 31, 2016 (“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”);
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;
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 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 our investments;
our compliance with, and the impact of and changes in, 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”);
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 degree and nature of our competition; and
the market trends in our industry, interest rates, real estate values, the debt securities markets or the general economy.
 

2

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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

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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

Table of Contents

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 1.
 
Index to Consolidated Financial Statements (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


5

Table of Contents

Ladder Capital Corp
Consolidated Balance Sheets
(Dollars in Thousands)
 
June 30, 2017
 
December 31, 2016
 
(Unaudited)
 
 
Assets
 

 
 

Cash and cash equivalents
$
58,225

 
$
44,615

Restricted cash
97,260

 
44,813

Mortgage loan receivables held for investment, net, at amortized cost:
 
 
 
Mortgage loans held by consolidated subsidiaries
2,626,732

 
2,000,095

Mortgage loans transferred but not considered sold
599,513

 

Provision for loan losses
(4,000
)
 
(4,000
)
Mortgage loan receivables held for sale
200,726

 
357,882

Real estate securities, available-for-sale
1,407,545

 
2,100,947

Real estate and related lease intangibles, net
1,006,286

 
822,338

Investments in unconsolidated joint ventures
34,520

 
34,025

FHLB stock
77,915

 
77,915

Derivative instruments
4,554

 
5,018

Due from brokers
26,443

 
10

Accrued interest receivable
26,486

 
24,439

Other assets
55,919

 
70,240

Total assets
$
6,218,124

 
$
5,578,337

Liabilities and Equity
 

 
 

Liabilities
 

 
 

Debt obligations, net:
 
 
 
Secured and unsecured debt obligations
$
3,998,801

 
$
3,942,138

Liability for transfers not considered sales
632,130

 

Due to brokers
1,661

 
394

Derivative instruments
4,276

 
3,446

Amount payable pursuant to tax receivable agreement
2,438

 
2,520

Dividends payable
1,308

 
24,682

Accrued expenses
54,230

 
66,597

Other liabilities
55,604

 
29,006

Total liabilities
4,750,448

 
4,068,783

Commitments and contingencies (Note 17)

 

Equity
 

 
 

Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 88,091,272 and 72,681,218 shares issued and 86,050,681 and 71,586,170 shares outstanding
87

 
72

Class B common stock, par value $0.001 per share, 100,000,000 shares authorized; 24,697,293 and 38,002,344 shares issued and outstanding
25

 
38

Additional paid-in capital
1,199,905

 
992,307

Treasury stock, 2,040,591 and 1,095,048 shares, at cost
(24,501
)
 
(11,244
)
Retained Earnings/(Dividends in Excess of Earnings)
(54,871
)
 
(11,148
)
Accumulated other comprehensive income (loss)
6,268

 
1,365

Total shareholders’ equity
1,126,913

 
971,390

Noncontrolling interest in operating partnership
330,238

 
533,246

Noncontrolling interest in consolidated joint ventures
10,525

 
4,918

Total equity
1,467,676

 
1,509,554

 
 
 
 
Total liabilities and equity
$
6,218,124

 
$
5,578,337

 
The accompanying notes are an integral part of these consolidated financial statements.

6

Table of Contents

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

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
Net interest income
 

 
 

 
 

 
 

Interest income
$
66,136

 
$
55,766

 
$
123,647

 
$
115,366

Interest expense
35,604

 
28,402

 
67,019

 
57,938

Net interest income
30,532

 
27,364

 
56,628

 
57,428

Provision for loan losses

 
150

 

 
300

Net interest income after provision for loan losses
30,532

 
27,214

 
56,628

 
57,128

 
 
 
 
 
 
 
 
Other income
 

 
 

 
 

 
 

Operating lease income
22,187

 
19,085

 
41,816

 
38,379

Tenant recoveries
1,159

 
1,324

 
2,739

 
2,659

Sale of loans, net

 
2,795

 
(999
)
 
10,625

Realized gain (loss) on securities
7,132

 
2,971

 
12,494

 
2,398

Unrealized gain (loss) on Agency interest-only securities
299

 
(584
)
 
457

 
76

Realized gain on sale of real estate, net
2,232

 
4,873

 
4,563

 
10,968

Fee and other income
4,574

 
6,181

 
9,040

 
9,156

Net result from derivative transactions
(16,022
)
 
(24,642
)
 
(18,003
)