Ladder Capital Corp Reports Results for the Quarter and Year Ended December 31, 2023
- None.
- None.
Insights
Examining Ladder Capital Corp's financial results reveals a robust fiscal posture, with an increase in GAAP income before taxes to $18.4 million for the quarter and a notable annual rise to $104.7 million. The delineation between GAAP income and distributable earnings is key; the latter, often considered a more accurate reflection of cash earnings for REITs, stood at $40.0 million for the quarter and $167.7 million for the year. This distinction is crucial for investors as distributable earnings exclude non-cash expenses such as depreciation, which can substantially affect real estate companies' reported income.
The reported diluted EPS of $0.15 for the quarter and $0.81 for the year, alongside distributable EPS of $0.32 and $1.34 respectively, provides a clear picture of profitability on a per-share basis. These figures suggest a solid performance in earnings growth and imply a potential for attractive dividend payouts, a key factor in investor decisions for REITs. Additionally, the company's liquidity position at $1.3 billion indicates a strong capacity to manage debt obligations and invest in new opportunities, which is essential for sustaining growth in the real estate investment sector.
The strategic commentary provided by Ladder's CEO, Brian Harris, underscores the company's operational strategy, highlighting a reduction in asset base and leverage compared to the previous year. This is indicative of a conservative approach to growth, focusing on profitability and returns on equity rather than aggressive expansion. The emphasis on a 'unique liability structure' with long-term, fixed-rate, unsecured corporate bonds suggests a stable funding strategy that could appeal to risk-averse investors.
For market observers, the double-digit earnings growth and return on equity mentioned are signals of a strong competitive position within the commercial real estate finance industry. In a market where interest rate fluctuations can significantly impact real estate investment trusts, Ladder's financial health could provide a buffer against potential market volatility. Furthermore, the company's liquidity and strategic positioning may give it an advantage in seizing new investment opportunities that arise from market shifts, thereby potentially enhancing shareholder value.
“2023 was another positive year for Ladder, as we generated both double-digit earnings growth and returns on equity with a smaller asset base and lower leverage than the previous year. With
Supplemental
The Company issued a supplemental presentation detailing its fourth quarter and full year 2023 operating results, which can be viewed at http://ir.laddercapital.com.
Conference Call and Webcast
We will host a conference call on Thursday, February 8, 2024 at 10:00 a.m. Eastern Time to discuss fourth quarter and full year 2023 results. The conference call can be accessed by dialing (877) 407-4018 domestic or (201) 689-8471 international. Individuals who dial in will be asked to identify themselves and their affiliations. For those unable to participate, an audio replay will be available until midnight on Thursday, February 22, 2024. To access the replay, please call (844) 512-2921 domestic or (412) 317-6671 international, access code 13743559. The conference call will also be webcast though a link on Ladder Capital Corp’s Investor Relations website at ir.laddercapital.com/event. A web-based archive of the conference call will also be available at the above website.
About Ladder
Ladder Capital Corp is an internally-managed commercial real estate investment trust with
Ladder originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Our investment activities include: (i) our primary business of originating senior first mortgage fixed and floating rate loans collateralized by commercial real estate with flexible loan structures; (ii) owning and operating commercial real estate, including net leased commercial properties; and (iii) investing in investment grade securities secured by first mortgage loans on commercial real estate.
Founded in 2008, Ladder is run by a highly experienced management team with extensive expertise in all aspects of the commercial real estate industry, including origination, credit, underwriting, structuring, capital markets and asset management. Members of Ladder’s management and board of directors are highly aligned with the Company’s investors, owning over
Forward-Looking Statements
Certain statements in this release may constitute “forward-looking” statements. These statements are based on management’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Ladder believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results on the Company's business. There are a number of risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading “Risk Factors” in each of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as well as its consolidated financial statements, related notes, and other financial information appearing therein, and its other filings with the
Ladder Capital Corp Consolidated Balance Sheets (Dollars in Thousands) |
|||||||
|
December 31, |
|
December 31, |
||||
|
|
2023(1) |
|
|
|
2022(1) |
|
|
(Unaudited) |
|
|
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
1,015,678 |
|
|
$ |
609,078 |
|
Restricted cash |
|
15,450 |
|
|
|
50,524 |
|
Mortgage loan receivables held for investment, net, at amortized cost: |
|
|
|
||||
Mortgage loans receivable |
|
3,155,089 |
|
|
|
3,885,746 |
|
Allowance for credit losses |
|
(43,165 |
) |
|
|
(20,755 |
) |
Mortgage loan receivables held for sale |
|
26,868 |
|
|
|
27,391 |
|
Securities |
|
485,533 |
|
|
|
587,519 |
|
Real estate and related lease intangibles, net |
|
726,442 |
|
|
|
700,136 |
|
Investments in and advances to unconsolidated ventures |
|
6,877 |
|
|
|
6,219 |
|
Derivative instruments |
|
1,454 |
|
|
|
2,038 |
|
Accrued interest receivable |
|
24,233 |
|
|
|
24,938 |
|
Other assets |
|
98,218 |
|
|
|
78,339 |
|
Total assets |
$ |
5,512,677 |
|
|
$ |
5,951,173 |
|
Liabilities and Equity |
|
|
|
||||
Liabilities |
|
|
|
||||
Debt obligations, net |
$ |
3,783,946 |
|
|
$ |
4,245,697 |
|
Dividends payable |
|
32,294 |
|
|
|
32,000 |
|
Accrued expenses |
|
65,144 |
|
|
|
68,227 |
|
Other liabilities |
|
99,095 |
|
|
|
71,688 |
|
Total liabilities |
|
3,980,479 |
|
|
|
4,417,612 |
|
Commitments and contingencies |
|
— |
|
|
|
— |
|
Equity |
|
|
|
||||
Class A common stock, par value |
|
127 |
|
|
|
127 |
|
Additional paid-in capital |
|
1,756,750 |
|
|
|
1,826,833 |
|
Treasury stock, 1,115,789 and 1,525,429 shares, at cost |
|
(12,001 |
) |
|
|
(95,600 |
) |
Retained earnings (dividends in excess of earnings) |
|
(197,875 |
) |
|
|
(177,005 |
) |
Accumulated other comprehensive income (loss) |
|
(13,853 |
) |
|
|
(21,009 |
) |
Total shareholders’ equity |
|
1,533,148 |
|
|
|
1,533,346 |
|
Noncontrolling interests in consolidated ventures |
|
(950 |
) |
|
|
215 |
|
Total equity |
|
1,532,198 |
|
|
|
1,533,561 |
|
Total liabilities and equity |
$ |
5,512,677 |
|
|
$ |
5,951,173 |
|
(1) |
|
Includes amounts relating to consolidated variable interest entities. |
| Ladder Capital Corp
Consolidated Statements of Income (Dollars in Thousands, Except Per Share and Dividend Data) (Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Net interest income |
|
|
|
|
|
|
|
||||||||
Interest income |
$ |
100,569 |
|
|
$ |
101,090 |
|
|
$ |
407,284 |
|
|
$ |
293,520 |
|
Interest expense |
|
60,747 |
|
|
|
62,259 |
|
|
|
245,097 |
|
|
|
195,602 |
|
Net interest income (expense) |
|
39,822 |
|
|
|
38,831 |
|
|
|
162,187 |
|
|
|
97,918 |
|
Provision for (release of) loan loss reserves, net |
|
6,006 |
|
|
|
7,473 |
|
|
|
25,096 |
|
|
|
3,711 |
|
Net interest income (expense) after provision for (release of) loan loss reserves |
|
33,816 |
|
|
|
31,358 |
|
|
|
137,091 |
|
|
|
94,207 |
|
Other income (loss) |
|
|
|
|
|
|
|
||||||||
Real estate operating income |
|
23,103 |
|
|
|
24,761 |
|
|
|
96,950 |
|
|
|
108,269 |
|
Net result from mortgage loan receivables held for sale |
|
596 |
|
|
|
(629 |
) |
|
|
(523 |
) |
|
|
(2,511 |
) |
Realized gain (loss) on securities |
|
— |
|
|
|
23 |
|
|
|
(276 |
) |
|
|
(73 |
) |
Unrealized gain (loss) on securities |
|
49 |
|
|
|
(42 |
) |
|
|
29 |
|
|
|
(86 |
) |
Realized gain (loss) on sale of real estate, net |
|
— |
|
|
|
8,808 |
|
|
|
8,808 |
|
|
|
115,998 |
|
Fee and other income |
|
2,192 |
|
|
|
1,829 |
|
|
|
9,178 |
|
|
|
15,020 |
|
Net result from derivative transactions |
|
(5,199 |
) |
|
|
4,773 |
|
|
|
1,481 |
|
|
|
12,360 |
|
Earnings from investment in unconsolidated ventures |
|
(155 |
) |
|
|
479 |
|
|
|
758 |
|
|
|
1,410 |
|
Gain on extinguishment of debt |
|
118 |
|
|
|
921 |
|
|
|
10,718 |
|
|
|
685 |
|
Total other income (loss) |
|
20,704 |
|
|
|
40,923 |
|
|
|
127,123 |
|
|
|
251,072 |
|
Costs and expenses |
|
|
|
|
|
|
|
||||||||
Compensation and employee benefits |
|
13,006 |
|
|
|
14,285 |
|
|
|
63,618 |
|
|
|
75,836 |
|
Operating expenses |
|
4,485 |
|
|
|
4,775 |
|
|
|
19,503 |
|
|
|
20,716 |
|
Real estate operating expenses |
|
8,516 |
|
|
|
9,456 |
|
|
|
37,587 |
|
|
|
38,605 |
|
Investment related expenses |
|
2,388 |
|
|
|
2,279 |
|
|
|
8,847 |
|
|
|
7,235 |
|
Depreciation and amortization |
|
7,770 |
|
|
|
7,144 |
|
|
|
29,914 |
|
|
|
32,673 |
|
Total costs and expenses |
|
36,165 |
|
|
|
37,939 |
|
|
|
159,469 |
|
|
|
175,065 |
|
Income (loss) before taxes |
|
18,355 |
|
|
|
34,342 |
|
|
|
104,745 |
|
|
|
170,214 |
|
Income tax expense (benefit) |
|
(670 |
) |
|
|
3,147 |
|
|
|
4,244 |
|
|
|
4,909 |
|
Net income (loss) |
|
19,025 |
|
|
|
31,195 |
|
|
|
100,501 |
|
|
|
165,305 |
|
Net (income) loss attributable to noncontrolling interests in consolidated ventures |
|
211 |
|
|
|
124 |
|
|
|
624 |
|
|
|
(23,088 |
) |
Net income (loss) attributable to Class A common shareholders |
$ |
19,236 |
|
|
$ |
31,319 |
|
|
$ |
101,125 |
|
|
$ |
142,217 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.15 |
|
|
$ |
0.25 |
|
|
$ |
0.81 |
|
|
$ |
1.14 |
|
Diluted |
$ |
0.15 |
|
|
$ |
0.25 |
|
|
$ |
0.81 |
|
|
$ |
1.13 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
124,713,728 |
|
|
|
124,730,343 |
|
|
|
124,667,877 |
|
|
|
124,301,421 |
|
Diluted |
|
125,077,085 |
|
|
|
124,968,545 |
|
|
|
124,882,398 |
|
|
|
125,823,671 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends per share of Class A common stock |
$ |
0.23 |
|
|
$ |
0.23 |
|
|
$ |
0.92 |
|
|
$ |
0.88 |
|
Non-GAAP Financial Measures
The Company utilizes distributable earnings, distributable EPS, and after-tax distributable return on average equity (“ROAE”), non-GAAP financial measures, as supplemental measures of our operating performance. We believe distributable earnings, distributable EPS and after-tax distributable ROAE assist investors in comparing our operating performance and our ability to pay dividends across reporting periods on a more relevant and consistent basis by excluding from GAAP measures certain non-cash expenses and unrealized results as well as eliminating timing differences related to securitization gains and changes in the values of assets and derivatives. In addition, we use distributable earnings, distributable EPS and after-tax distributable ROAE: (i) to evaluate our earnings from operations because management believes that they may be useful performance measures; and (ii) because our board of directors considers distributable earnings in determining the amount of quarterly dividends.
We define distributable earnings as income before taxes adjusted for: (i) real estate depreciation and amortization; (ii) the impact of derivative gains and losses related to the hedging of assets on our balance sheet as of the end of the specified accounting period; (iii) unrealized gains/(losses) related to our investments in fair value securities and passive interest in unconsolidated ventures; (iv) economic gains on loan sales not recognized under GAAP accounting for which risk has substantially transferred during the period and the exclusion of resultant GAAP recognition of the related economics during the subsequent periods; (v) unrealized provision for loan losses and unrealized real estate impairment; (vi) realized provisions for loan losses and realized real estate impairment; (vii) non-cash stock-based compensation; and (viii) certain transactional items. For the purpose of computing distributable earnings, management recognizes loan and real estate losses as being realized generally in the period in which the asset is sold or the Company determines a decline in value to be non-recoverable and the loss to be nearly certain. Distributable EPS is defined as after-tax distributable earnings divided by the weighted average diluted shares outstanding during the period.
For distributable earnings, we include adjustments for economic gains on loan sales not recognized under GAAP accounting for which risk has substantially transferred during the period and exclude the resultant GAAP recognition of the related economics during the subsequent periods. This adjustment is reflected in distributable earnings when there is a true risk transfer on the mortgage loan transfer and settlement. Historically, this adjustment has represented the impact of economic gains/(discounts) on intercompany loans secured by our own real estate which we had not previously recognized because such gains were eliminated in consolidation. Conversely, if the economic risk was not substantially transferred, no adjustments to net income would be made relating to those transactions for distributable earnings purposes. Management believes recognizing these amounts for distributable earnings purposes in the period of transfer of economic risk is a reasonable supplemental measure of our performance.
We do not designate derivatives as hedges to qualify for hedge accounting and, therefore, any net payments under, or fluctuations in the fair value of, our derivatives are recognized currently in our GAAP income statement. However, fluctuations in the fair value of the related assets are not included in our income statement. We consider the gain or loss on our hedging positions related to assets that we still own as of the reporting date to be “open hedging positions.” While recognized for GAAP purposes, we exclude the results on the hedges from distributable earnings until the related asset is sold and/or the hedge position is considered “closed,” whereupon they would then be included in distributable earnings in that period. These are reflected as “Adjustments for unrecognized derivative results” for purposes of computing distributable earnings for the period. We believe that excluding these specifically identified gains and losses associated with the open hedging positions adjusts for timing differences between when we recognize changes in the fair values of our assets and changes in the fair value of the derivatives used to hedge such assets.
Our investments in Agency interest-only securities and equity securities are recorded at fair value with changes in fair value recorded in current period earnings. We believe that excluding these specifically-identified gains and losses associated with the fair value securities adjusts for timing differences between when we recognize changes in the fair values of our assets. With regard to securities valuation, distributable earnings includes a decline in fair value deemed to be an impairment for GAAP purposes only if the decline is determined to be nearly certain to be eventually realized. In those cases, an impairment is included in distributable earnings for the period in which such determination was made.
Set forth below is an unaudited reconciliation of income (loss) before taxes to distributable earnings, and an unaudited computation of distributable EPS (in thousands, except per share data):
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Income (loss) before taxes |
$ |
18,355 |
|
|
$ |
34,342 |
|
|
|
104,745 |
|
|
|
170,214 |
|
Net (income) loss attributable to noncontrolling interests in consolidated ventures (GAAP) |
|
211 |
|
|
|
124 |
|
|
|
624 |
|
|
|
(23,088 |
) |
Our share of real estate depreciation, amortization and gain adjustments (1) |
|
7,273 |
|
|
|
(2,016 |
) |
|
|
18,602 |
|
|
|
(29,188 |
) |
Adjustments for derivative results (2) |
|
5,149 |
|
|
|
(3,969 |
) |
|
|
716 |
|
|
|
(9,381 |
) |
Unrealized (gain) loss on fair value securities |
|
(49 |
) |
|
|
42 |
|
|
|
(29 |
) |
|
|
86 |
|
Adjustment for economic gain on loan sales not recognized under GAAP for which risk has been substantially transferred, net of reversal/amortization |
|
(152 |
) |
|
|
(152 |
) |
|
|
(604 |
) |
|
|
1,356 |
|
Adjustment for impairment (3) |
|
6,006 |
|
|
|
7,473 |
|
|
|
25,096 |
|
|
|
6,816 |
|
Non-cash stock-based compensation |
|
3,202 |
|
|
|
3,205 |
|
|
|
18,577 |
|
|
|
31,584 |
|
Distributable earnings |
|
39,995 |
|
|
|
39,049 |
|
|
|
167,727 |
|
|
|
148,399 |
|
Estimated corporate tax (expense) benefit (4) |
|
198 |
|
|
|
(274 |
) |
|
|
(496 |
) |
|
|
(2,002 |
) |
After-tax distributable earnings |
$ |
40,193 |
|
|
$ |
38,775 |
|
|
$ |
167,231 |
|
|
$ |
146,397 |
|
Weighted average diluted shares outstanding |
|
125,077 |
|
|
|
124,969 |
|
|
|
124,882 |
|
|
|
125,824 |
|
Distributable EPS |
$ |
0.32 |
|
|
$ |
0.31 |
|
|
$ |
1.34 |
|
|
$ |
1.16 |
|
(1) The following is a reconciliation of GAAP depreciation and amortization to our share of real estate depreciation, amortization and gain adjustments ($ in thousands):
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Total GAAP depreciation and amortization |
$ |
7,770 |
|
|
$ |
7,144 |
|
|
|
29,914 |
|
|
$ |
32,673 |
|
Less: Depreciation and amortization related to non-rental property fixed assets |
|
(110 |
) |
|
|
(110 |
) |
|
|
(431 |
) |
|
|
(42 |
) |
Less: Non-controlling interests in consolidated ventures’ share of depreciation and amortization and adjustment for passive interest in unconsolidated ventures |
|
50 |
|
|
|
(581 |
) |
|
|
(1,068 |
) |
|
|
(1,943 |
) |
Our share of real estate depreciation and amortization |
|
7,710 |
|
|
|
6,453 |
|
|
|
28,415 |
|
|
|
30,688 |
|
Accumulated depreciation and amortization on real estate sold (a) |
|
— |
|
|
|
(8,016 |
) |
|
|
(8,016 |
) |
|
|
(58,113 |
) |
Less: Our share of operating lease income on above/below market lease intangible amortization |
|
(437 |
) |
|
|
(453 |
) |
|
|
(1,797 |
) |
|
|
(1,763 |
) |
Our share of real estate depreciation, amortization and gain adjustments |
$ |
7,273 |
|
|
$ |
(2,016 |
) |
|
$ |
18,602 |
|
|
$ |
(29,188 |
) |
(a) GAAP gains/losses on sales of real estate include the effects of previously-recognized real estate depreciation and amortization. For purposes of distributable earnings, our share of real estate depreciation and amortization is eliminated and, accordingly, the resultant gains/losses also must be adjusted. The following is a reconciliation of the related consolidated GAAP amounts to the amounts reflected in distributable earnings ($ in thousands): |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP realized gain (loss) on sale of real estate, net |
$ |
— |
|
|
$ |
8,808 |
|
|
$ |
8,808 |
|
|
$ |
115,998 |
|
Adjusted gain/loss on sale of real estate for purposes of distributable earnings |
|
— |
|
|
(792 |
) |
|
|
(792 |
) |
|
|
(57,885 |
) |
|
Accumulated depreciation and amortization on real estate sold |
$ |
— |
|
|
$ |
8,016 |
|
|
$ |
8,016 |
|
|
$ |
58,113 |
|
(2) The following is a reconciliation of GAAP net results from derivative transactions to our derivative results presented in the computation of distributable earnings ($ in thousands):
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Net results from derivative transactions |
$ |
5,199 |
|
|
$ |
(4,773 |
) |
|
$ |
(1,481 |
) |
|
$ |
(12,360 |
) |
Hedging interest income (expense) |
|
414 |
|
|
|
175 |
|
|
|
1,220 |
|
|
|
(1,652 |
) |
Other hedging related activity (a) |
|
(464 |
) |
|
|
629 |
|
|
|
977 |
|
|
|
4,631 |
|
Adjustments for derivative results |
$ |
5,149 |
|
|
$ |
(3,969 |
) |
|
$ |
716 |
|
|
$ |
(9,381 |
) |
(a) Includes unrealized lower of cost or market adjustments of |
|||||||||||||||
(3) The adjustment reflects the portion of the loan loss provision that management determined to be recoverable. Additional provisions and releases of those provisions are excluded from distributable earnings as a result.
(4) Estimated corporate tax benefit (expense) is based on an effective tax rate applied to distributable earnings generated by the activity within our taxable REIT subsidiaries.
After-tax distributable ROAE is presented on an annualized basis and is defined as after-tax distributable earnings divided by the average total shareholders’ equity during the period. Set forth below is an unaudited computation of after-tax distributable ROAE ($ in thousands):
|
Three Months Ended |
|
Year Ended December 31, |
||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
After-tax distributable earnings |
$ |
40,193 |
|
|
$ |
38,775 |
|
|
$ |
167,231 |
|
|
$ |
146,397 |
|
Average shareholders’ equity |
|
1,536,012 |
|
|
|
1,535,488 |
|
|
|
1,533,307 |
|
|
|
1,506,810 |
|
After-tax distributable ROAE |
|
10.5 |
% |
|
|
10.1 |
% |
|
|
10.9 |
% |
|
|
9.7 |
% |
Non-GAAP Measures - Limitations
Our non-GAAP financial measures have limitations as analytical tools. Some of these limitations are:
- distributable earnings, distributable EPS and after-tax distributable ROAE do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations and are not necessarily indicative of cash necessary to fund cash needs;
- distributable EPS and after-tax distributable ROAE are based on a non-GAAP estimate of our effective tax rate, including the impact of Unincorporated Business Tax and the impact of our election to be taxed as a REIT effective January 1, 2015. Our actual tax rate may differ materially from this estimate; and
- other companies in our industry may calculate non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.
Because of these limitations, our non-GAAP financial measures should not be considered in isolation or as a substitute for net income (loss) attributable to shareholders, earnings per share or book value per share, or any other performance measures calculated in accordance with GAAP. Our non-GAAP financial measures should not be considered an alternative to cash flows from operations as a measure of our liquidity.
In addition, distributable earnings should not be considered to be the equivalent to REIT taxable income calculated to determine the minimum amount of dividends the Company is required to distribute to shareholders to maintain REIT status. In order for the Company to maintain its qualification as a REIT under the Internal Revenue Code, we must annually distribute at least
In the future, we may incur gains and losses that are the same as or similar to some of the adjustments in this presentation. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240208144213/en/
Investor Contact
Ladder Capital Corp Investor Relations
(917) 369-3207
investor.relations@laddercapital.com
Source: Ladder Capital Corp
FAQ
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