Ladder Capital Corp (LADR) Announces Q3 2023 Earnings

• Ladder Capital Corp (NYSE:LADR) reported a GAAP income before taxes of $34.3 million for Q3 2023, with a diluted earnings per share (EPS) of $0.25.

• Distributable earnings were $39.0 million, resulting in $0.31 of distributable EPS.

• The company’s assets totaled $5.5 billion as of September 30, 2023.

• LADR’s management and board of directors collectively own over 10% of the company’s equity.

On October 26, 2023, Ladder Capital Corp (NYSE:LADR) announced its operating results for the quarter ended September 30, 2023. The company reported a GAAP income before taxes of $34.3 million and a diluted earnings per share (EPS) of $0.25. Distributable earnings were $39.0 million, resulting in $0.31 of distributable EPS.

Company Performance and Financial Highlights

The CEO of LADR, Brian Harris, expressed satisfaction with the company’s performance, stating that:

As of September 30, 2023, Ladder Capital Corp had assets worth $5.5 billion. The company specializes in commercial real estate underwriting and offers flexible capital solutions within a sophisticated platform. It originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, with a particular focus on senior secured assets.

Consolidated Balance Sheets

According to the consolidated balance sheets, LADR’s total assets amounted to $5,503,142 thousand as of September 30, 2023, compared to $5,951,173 thousand as of December 31, 2022. The company’s total liabilities were $3,964,989 thousand as of September 30, 2023, compared to $4,417,612 thousand as of December 31, 2022.

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Consolidated Statements of Income

For the quarter that ended on September 30, 2023, LADR’s net interest income was $38,831 thousand, and the provision for loan loss reserves was $7,473 thousand. Total other income stood at $40,923 thousand, while total costs and expenses amounted to $37,939 thousand. The net income attributable to Class A common shareholders was $31,319 thousand.

Non-GAAP Financial Measures

LADR employs distributable earnings, distributable EPS, and after-tax distributable return on average equity (ROAE) as non-GAAP financial measures to supplement its operating performance. The company believes these measures aid in comparing its operating performance and dividend-paying ability across reporting periods in a more relevant and consistent manner.

For media inquiries, please contact Ladder Capital Corp Investor Relations at (917) 369-3207 or [email protected].

Read the complete 8-K earnings release (here) from Ladder Capital Corp for more details.

This article was originally published on GuruFocus.