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Table of Contents

 
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, 2019
 
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
400902276_ladrlogo3312017a24.jpg
(Exact name of registrant as specified in its charter)
 
 
Delaware
 
80-0925494
(State or other jurisdiction of
incorporation or organization)
 
(IRS Employer
Identification No.)
 
 
 
 
 
345 Park Avenue,
New York,
NY
 
10154
(Address of principal executive offices)
 
(Zip Code)
 
(212) 715-3170
(Registrant’s telephone number, including area code)
 
 

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Class A common stock, $0.001 par value
LADR
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    No  
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
 
Large accelerated filer
Accelerated filer
 
 
 
 
Non-accelerated filer
Smaller reporting company
 
 
 
 
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): 
Yes   No
 
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
 
Class
 
Outstanding at October 31, 2019
Class A common stock, $0.001 par value
 
107,573,820
Class B common stock, $0.001 par value
 
12,158,933

 



Table of Contents

LADDER CAPITAL CORP
 
FORM 10-Q
September 30, 2019

Index
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




 




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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, 2018 (“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 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, 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.

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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.


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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

Table of Contents

Ladder Capital Corp
Consolidated Balance Sheets
(Dollars in Thousands)
 
September 30, 2019(1)
 
December 31, 2018(1)
 
(Unaudited)
 
 
Assets
 

 
 

Cash and cash equivalents
$
83,097

 
$
67,878

Restricted cash
38,656

 
30,572

Mortgage loan receivables held for investment, net, at amortized cost:
 
 
 
Mortgage loans held by consolidated subsidiaries
3,231,443

 
3,318,390

Provision for loan losses
(18,500
)
 
(17,900
)
Mortgage loan receivables held for sale
174,214

 
182,439

Real estate securities
1,911,456

 
1,410,126

Real estate and related lease intangibles, net
981,333

 
998,022

Investments in and advances to unconsolidated joint ventures
51,419

 
40,354

FHLB stock
61,619

 
57,915

Derivative instruments
22

 

Due from brokers
3,962

 

Accrued interest receivable
22,699

 
27,214

Other assets
78,454

 
157,862

Total assets
$
6,619,874

 
$
6,272,872

Liabilities and Equity
 

 
 

Liabilities
 

 
 

Debt obligations, net
$
4,860,687

 
$
4,452,574

Due to brokers
7,000

 
1,301

Derivative instruments
82

 
975

Amount payable pursuant to tax receivable agreement
1,559

 
1,570

Dividends payable
2,384

 
37,316

Accrued expenses
45,761

 
82,425

Other liabilities
63,151

 
53,076

Total liabilities
4,980,624

 
4,629,237

Commitments and contingencies (Note 18)

 

Equity
 

 
 

Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 110,693,832 and 106,642,335 shares issued and 107,573,820 and 103,941,173 shares outstanding
108

 
105

Class B common stock, par value $0.001 per share, 100,000,000 shares authorized; 12,158,933 and 13,117,419 shares issued and outstanding
12

 
13

Additional paid-in capital
1,529,599

 
1,471,157

Treasury stock, 3,120,012 and 2,701,162 shares, at cost
(41,556
)
 
(32,815
)
Retained earnings (dividends in excess of earnings)
(39,860
)
 
11,342

Accumulated other comprehensive income (loss)
10,367

 
(4,649
)
Total shareholders’ equity
1,458,670

 
1,445,153

Noncontrolling interest in operating partnership
171,731

 
188,427

Noncontrolling interest in consolidated joint ventures
8,849

 
10,055

Total equity
1,639,250

 
1,643,635

 
 
 
 
Total liabilities and equity
$
6,619,874

 
$
6,272,872

 
(1)
Includes amounts relating to consolidated variable interest entities. See Note 10.
 
The accompanying notes are an integral part of these consolidated financial statements.

6

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

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net interest income
 

 
 

 
 

 
 

Interest income
$
82,251

 
$
90,386

 
$
254,040

 
$
253,822

Interest expense
51,397

 
51,476

 
155,015

 
144,606

Net interest income
30,854

 
38,910

 
99,025

 
109,216

Provision for loan losses

 
10,300

 
600

 
13,600

Net interest income after provision for loan losses
30,854

 
28,610

 
98,425

 
95,616

 
 
 
 
 
 
 
 
Other income (loss)