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Section 1: 10-Q (10-Q)

ladr-20200630
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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 June 30, 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
404816869_ladr-20200630_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


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 July 15, 2020
Class A common stock, $0.001 par value 115,015,738
Class B common stock, $0.001 par value 5,379,708



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LADDER CAPITAL CORP
 
FORM 10-Q
June 30, 2020
IndexPage
 
 
 
 
 
 



 



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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 ongoing 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;
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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.
 
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)
 June 30, 2020(1)December 31, 2019(1)
(Unaudited)
Assets  
Cash and cash equivalents$826,059  $58,171  
Restricted cash47,945  297,575  
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans held by consolidated subsidiaries2,955,084  3,257,036  
Allowance for loan losses(49,102) (20,500) 
Mortgage loan receivables held for sale85,977  122,325  
Real estate securities1,506,713  1,721,305  
Real estate and related lease intangibles, net1,042,210  1,048,081  
Investments in and advances to unconsolidated joint ventures48,919  48,433  
FHLB stock61,619  61,619  
Derivative instruments380  693  
Accrued interest receivable18,783  21,066  
Other assets64,963  53,348  
Total assets$6,609,550  $6,669,152  
Liabilities and Equity  
Liabilities  
Debt obligations, net$4,953,514  $4,859,873  
Dividends payable23,583  38,696  
Accrued expenses55,616  72,397  
Other liabilities68,457  59,209  
Total liabilities5,101,170  5,030,175  
Commitments and contingencies (Note 18)
    
Equity  
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 117,473,057 and 110,693,832 shares issued and 115,015,738 and 107,509,563 shares outstanding
116  108  
Class B common stock, par value $0.001 per share, 100,000,000 shares authorized; 5,379,708 and 12,158,933 shares issued and outstanding
5  12  
Additional paid-in capital1,649,170  1,532,384  
Treasury stock, 2,457,319 and 3,184,269 shares, at cost
(53,619) (42,699) 
Retained earnings (dividends in excess of earnings)(120,082) (35,746) 
Accumulated other comprehensive income (loss)(45,080) 4,218  
Total shareholders’ equity1,430,510  1,458,277  
Noncontrolling interest in operating partnership70,968  172,054  
Noncontrolling interest in consolidated joint ventures6,902  8,646  
Total equity1,508,380  1,638,977  
Total liabilities and equity$6,609,550  $6,669,152  
(1)Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.
 
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 June 30,Six Months Ended June 30,
 2020201920202019
Net interest income    
Interest income$62,096  $85,322  $134,686  $171,789  
Interest expense68,425  52,369  119,827  103,618  
Net interest income(6,329) 32,953  14,859  68,171  
Provision for/(release of) loan loss reserves(729) 300  25,852  600  
Net interest income (expense) after provision for loan losses(5,600) 32,653  (10,993) 67,571  
Other income (loss)    
Operating lease income23,773  27,780  50,101  56,701  
Sale of loans, net(744) 20,264  261  27,342  
Realized gain (loss) on securities(14,798) 4,464  (11,787) 7,329  
Unrealized gain (loss) on equity securities401  (990) (132) 1,088  
Unrealized gain (loss) on Agency interest-only securities98  11  174  22  
Realized gain (loss) on sale of real estate, net(1) (1,124) 10,528  (1,119) 
Impairment of real estate      (1,350) 
Fee and other income3,505  7,196  5,024  11,882  
Net result from derivative transactions(813) (15,457) (16,248) (26,491) 
Earnings (loss) from investment in unconsolidated joint ventures471  1,564  912  2,522  
Gain (loss) on extinguishment/defeasance of debt19,017    21,077  (1,070) 
Total other income (loss)30,909  43,708  59,910  76,856  
Costs and expenses    
Salaries and employee benefits7,001  14,907  24,023  38,481  
Operating expenses6,224  6,012  12,018  11,413  
Real estate operating expenses6,034  6,032  13,981  11,506  
Fee expense1,977  1,183  3,415  2,895  
Depreciation and amortization9,816  9,935  19,825  20,162  
Total costs and expenses31,052  38,069  73,262  84,457  
Income (loss) before taxes(5,743) 38,292  (24,345) 59,970  
Income tax expense (benefit)(550) 2,219  (5,091) (634) 
Net income (loss)(5,193) 36,073  (19,254) 60,604  
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures250  307  (1,269) 754  
Net (income) loss attributable to noncontrolling interest in operating partnership754  (4,136) 605  (6,939) 
Net income (loss) attributable to Class A common shareholders$(4,189) $32,244  $(19,918) $54,419  
The accompanying notes are an integral part of these consolidated financial statements.
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 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Earnings per share:    
Basic$(0.04) $0.31  $(0.19) $0.52  
Diluted$(0.04) $0.30  $(0.19) $