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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, 2020
 
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
403886533_ladrlogo3312017a27.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 April 22, 2020
Class A common stock, $0.001 par value
 
108,337,782
Class B common stock, $0.001 par value
 
12,158,933

 



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LADDER CAPITAL CORP
 
FORM 10-Q
March 31, 2020

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” herein and in our Annual Report on Form 10-K for the year ended December 31, 2019 (“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 impact of the COVID-19 pandemic and of responsive measures implemented by various governmental authorities, businesses and other third parties;
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 Ladder or 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

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the market trends in our industry, interest rates, real estate values, the debt securities markets or the general economy.
 
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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





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Ladder Capital Corp
Consolidated Balance Sheets
(Dollars in Thousands)
 
March 31, 2020(1)
 
December 31, 2019(1)
 
(Unaudited)
 
 
Assets
 

 
 

Cash and cash equivalents
$
358,352

 
$
58,171

Restricted cash
263,869

 
297,575

Mortgage loan receivables held for investment, net, at amortized cost
3,383,322

 
3,236,536

Mortgage loan receivables held for sale
146,713

 
122,325

Real estate securities
1,930,605

 
1,721,305

Real estate and related lease intangibles, net
1,047,418

 
1,048,081

Investments in and advances to unconsolidated joint ventures
48,659

 
48,433

FHLB stock
61,619

 
61,619

Derivative instruments
950

 
693

Accrued interest receivable
23,231

 
21,066

Other assets
67,134

 
53,348

Total assets
$
7,331,872

 
$
6,669,152

Liabilities and Equity
 

 
 

Liabilities
 

 
 

Debt obligations, net
$
5,681,020

 
$
4,859,873

Dividends payable
38,256

 
38,696

Accrued expenses
38,476

 
72,397

Other liabilities
73,293

 
59,209

Total liabilities
5,831,045

 
5,030,175

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 110,693,832 shares issued and 108,337,782 and 107,509,563 shares outstanding
109

 
108

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

 
12

Additional paid-in capital
1,546,143

 
1,532,384

Treasury stock, 2,356,050 and 3,184,269 shares, at cost
(52,983
)
 
(42,699
)
Retained earnings (dividends in excess of earnings)
(94,171
)
 
(35,746
)
Accumulated other comprehensive income (loss)
(65,920
)
 
4,218

Total shareholders’ equity
1,333,190

 
1,458,277

Noncontrolling interest in operating partnership
160,466

 
172,054

Noncontrolling interest in consolidated joint ventures
7,171

 
8,646

Total equity
1,500,827

 
1,638,977

 
 
 
 
Total liabilities and equity
$
7,331,872

 
$
6,669,152

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

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

 
Three Months Ended March 31,
 
2020
 
2019
 
 
 
 
Net interest income
 

 
 

Interest income
$
72,589

 
$
86,466

Interest expense
51,401

 
51,248

Net interest income
21,188

 
35,218

Provision for loan losses
26,581

 
300

Net interest income after provision for loan losses
(5,393
)
 
34,918

 
 
 
 
Other income (loss)
 

 
 

Operating lease income
26,328

 
28,921

Sale of loans, net
1,005

 
7,079

Realized gain (loss) on securities
3,011

 
2,865

Unrealized gain (loss) on equity securities
(533
)
 
2,078

Unrealized gain (loss) on Agency interest-only securities
76

 
11

Realized gain (loss) on sale of real estate, net
10,529

 
4

Impairment of real estate

 
(1,350
)
Fee and other income
1,519

 
4,685

Net result from derivative transactions
(15,435
)
 
(11,034
)
Earnings (loss) from investment in unconsolidated joint ventures
441

 
959

Gain (loss) on extinguishment/defeasance of debt
2,061

 
(1,070
)
Total other income (loss)
29,002

 
33,148

Costs and expenses
 

 
 

Salaries and employee benefits
17,021

 
23,574

Operating expenses
5,794

 
5,403

Real estate operating expenses
7,948

 
5,474

Fee expense
1,439

 
1,712

Depreciation and amortization
10,009

 
10,227

Total costs and expenses
42,211

 
46,390

Income (loss) before taxes
(18,602
)
 
21,676

Income tax expense (benefit)
(4,541
)
 
(2,854
)
Net income (loss)
(14,061
)
 
24,530

Net (income) loss attributable to noncontrolling interest in consolidated joint ventures
(1,519
)
 
447

Net (income) loss attributable to noncontrolling interest in operating partnership
(148
)
 
(2,802
)
Net income (loss) attributable to Class A common shareholders
$
(15,728
)
 
$
22,175

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

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Three Months Ended March 31,
 
2020
 
2019
 
 
 
 
Earnings per share:
 

 
 

Basic
$
(0.15
)
 
$
0.21

Diluted
$
(0.15
)
 
$
0.21

 
 
 
 
Weighted average shares outstanding:
 

 
 

Basic
106,329,796

 
104,259,549

Diluted
106,329,796

 
105,006,315

 
 
 
 
Dividends per share of Class A common stock
$
0.340

 
$
0.340


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

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

 
Three Months Ended March 31,
 
2020
 
2019
 
 
 
 
Net income (loss)
$
(14,061
)
 
$
24,530

 
 
 
 
Other comprehensive income (loss)
 

 
 

Unrealized gain (loss) on securities, net of tax:
 

 
 

Unrealized gain (loss) on real estate securities, available for sale
(76,252
)
 
15,971

Reclassification adjustment for (gain) loss included in net income (loss)
(1,755
)
 
(2,778
)
 
 
 
 
Total other comprehensive income (loss)
(78,007
)
 
13,193

 
 
 
 
Comprehensive income (loss)
(92,068
)
 
37,723

Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures
(1,519
)
 
447

Comprehensive income (loss) of combined Class A common shareholders and Operating Partnership unitholders
(93,587
)
 
38,170

Comprehensive (income) loss attributable to noncontrolling interest in operating partnership
7,717

 
(4,265
)
Comprehensive income (loss) attributable to Class A common shareholders
$
(85,870
)
 
$
33,905





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

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Ladder Capital Corp
Consolidated Statements of Changes in Equity
(Dollars and Shares in Thousands)


 
Shareholders’ Equity
 
 
 
 
 
 
 
Class A Common Stock 
  
Class B 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 
  
Shares 
  
Par 
  
  
 
  
  
Operating 
Partnership 
  
Consolidated 
Joint Ventures 
  
 
 

 
 

 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

Balance, December 31, 2019
107,509

 
$
108

 
12,160

 
$
12

 
$
1,532,384

 
$
(42,699
)
 
$
(35,746
)
 
$
4,218

 
$
172,054

 
$
8,646

 
$
1,638,977

Contributions

 

 

 

 

 

 

 

 

 
302

 
302

Distributions

 

 

 

 

 

 

 

 
(4,133
)
 
(3,296
)
 
(7,429
)
Amortization of equity based compensation

 

 

 

 
14,026

 

 

 

 

 

 
14,026

Purchase of treasury stock
(146
)
 

 

 

 

 
(1,206
)
 

 

 

 

 
(1,206
)
Re-issuance of treasury stock
1,466

 
1

 

 

 
(1
)
 

 

 

 

 

 

Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units
(486
)
 

 

 

 

 
(9,078
)
 

 

 

 

 
(9,078
)
Forfeitures
(6
)
 

 

 

 

 

 

 

 

 

 

Dividends declared

 

 

 

 

 

 
(36,900
)
 

 

 

 
(36,900
)
CECL Adoption

 

 

 

 

 

 
(5,797
)
 

 

 

 
(5,797
)
Net income (loss)

 

 

 

 

 

 
(15,728
)
 

 
148

 
1,519

 
(14,061
)
Other comprehensive income (loss)