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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.
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Distributable earnings were $39.0 million, resulting in $0.31 of distributable EPS.
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The company’s assets totaled $5.5 billion as of September 30, 2023.
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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:
Ladder continues to perform well with strong distributable earnings that comfortably cover our quarterly cash dividend. With a large portion of our liabilities carrying long-term, fixed-rate costs, our predominantly floating-rate asset base consistently delivers robust net interest margins. Additionally, loan payoffs further contribute to our already substantial liquidity, and we continue to manage the company with modest leverage.
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.
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.
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