$LADR

Ladder Capital Corp

CIK:0001577670|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net interest income
Interest income	$ 78,204	$ 62,735	$ 152,425	$ 127,061
Interest expense	55,617	41,205	106,821	85,202
Net interest income (expense)	22,587	21,530	45,604	41,859
Provision for (release of) loan loss reserves, net	122	(42)	94	(123)
Net interest income (expense) after provision for (release of) loan loss reserves	22,465	21,572	45,510	41,982
Other income (loss)
Real estate operating income	30,906	25,775	58,197	47,548
Net result from mortgage loan receivables held for sale	174	4,914	247	5,076
Gain (loss) on real estate, net	0	0	0	3,807
Fee and other income	3,564	2,803	4,969	8,088
Net result from derivative transactions	203	1,526	553	1,849
Earnings (loss) from investment in unconsolidated ventures	252	(288)	(4)	(1,020)
Gain on extinguishment of debt	72	1	72	257
Total other income (loss)	35,171	34,731	64,034	65,605
Costs and expenses
Compensation and employee benefits	12,260	11,561	34,584	30,322
Operating expenses	5,108	4,767	10,201	9,283
Real estate operating expenses	12,909	10,266	24,167	19,032
Investment related expenses	1,706	844	2,862	2,031
Depreciation and amortization	9,343	8,043	18,250	15,379
Total costs and expenses	41,326	35,481	90,064	76,047
Income (loss) before taxes	16,310	20,822	19,480	31,540
Effective income tax rate	1,749	3,714	2,315	2,876
Net income (loss)	14,561	17,108	17,165	28,664
Net (income) loss attributable to noncontrolling interests in consolidated ventures	$ 27	$ 220	$ 29	$ 440
Earnings per share:
Basic (in dollars per share)	$ 0.12	$ 0.14	$ 0.14	$ 0.23
Diluted (in dollars per share)	$ 0.12	$ 0.14	$ 0.14	$ 0.23
Weighted average shares outstanding:
Basic (in shares)	124,730,611	125,796,410		125,713,143
Diluted (in shares)	125,249,856	126,204,424		126,242,515
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders	$ 14,588	$ 17,328	$ 17,194	$ 29,104
Earnings per share:
Basic (in dollars per share)	$ 0.12	$ 0.14	$ 0.14	$ 0.23
Diluted (in dollars per share)	$ 0.12	$ 0.14	$ 0.14	$ 0.23
Weighted average shares outstanding:
Basic (in shares)	124,730,611	125,796,410	125,063,259	125,713,143
Diluted (in shares)	125,249,856	126,204,424	125,632,048	126,242,515

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 17,165	$ 28,664
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	(72)	(257)
Depreciation and amortization	18,250	15,379
Unrealized (gain) loss on derivative instruments	147	185
Unrealized (gain) loss on securities	1,848	(790)
Provision for (release of) loan loss reserves, net	94	(123)
Amortization of equity based compensation	17,811	14,211
Amortization of deferred financing costs included in interest expense	5,513	4,729
Amortization of (premium)/discount on mortgage loan financing included in interest expense	(292)	(330)
Amortization of above- and below-market lease intangibles	(456)	(748)
(Accretion)/amortization of discount, premium and other fees on mortgage loans receivable	(8,095)	(5,350)
(Accretion)/amortization of discount and premium on securities	(97)	(968)
Net result from mortgage loan receivables held for sale	(247)	(5,076)
Realized (gain) loss on securities	(2,777)	(1,029)
(Gain) loss on real estate, net	0	(3,807)
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received	4	1,020
Origination of mortgage loan receivables held for sale	(25,203)	(63,360)
Repayment of mortgage loan receivables held for sale	0	140
Proceeds from sales of mortgage loan receivables held for sale	26,231	66,847
Change in deferred tax liability	(842)	1,719
Changes in operating assets and liabilities:
Accrued interest receivable	(1,107)	(366)
Other assets	(4,190)	(3,807)
Accrued expenses and other liabilities	(12,404)	(31,565)
Net cash provided by (used in) operating activities	31,281	15,318
Cash flows from investing activities:
Origination and funding of mortgage loan receivables held for investment	(1,034,275)	(412,598)
Repayment of mortgage loan receivables held for investment	377,811	474,194
Purchases of securities	(581,249)	(1,113,514)
Repayment of securities	177,584	200,563
Basis recovery of interest-only securities	687	1,058
Proceeds from sales of securities	630,490	59,368
Capital improvements of real estate	(726)	(1,507)
Proceeds from sale of real estate	0	13,079
Capital contributions to investment in unconsolidated ventures	(10,030)	0
Capital distribution from investment in unconsolidated ventures	13,000	0
Net cash provided by (used in) investing activities	(426,708)	(779,357)
Cash flows from financing activities:
Deferred financing costs paid	(5,639)	(1,833)
Proceeds from borrowings under debt obligations	9,204,414	347,782
Repayment and repurchase of borrowings under debt obligations	(8,712,207)	(702,221)
Cash dividends paid to Class A common shareholders	(59,288)	(59,742)
Capital distributed to noncontrolling interests in consolidated ventures	(15)	(15)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(9,136)	(8,707)
Repurchase of treasury stock	(21,164)	(8,937)
Net cash provided by (used in) financing activities	396,965	(433,673)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,538	(1,197,712)
Cash, cash equivalents and restricted cash at beginning of period	52,841	1,346,039
Cash, cash equivalents and restricted cash at end of period	54,379	148,327
Non-cash investing and financing activities:
Securities purchased, not settled	27,042	31,796
Repurchase of treasury stock, not settled	300	0
Repayments in transit of securities (other assets)	15,737	0
Repayment in transit of mortgage loans receivable held for investment (other assets)	(3,825)	922
Non-cash disposition of loans via foreclosure	(87,971)	(42,400)
Real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment, net	87,971	42,400
Dividends declared, not paid	$ 31,057	$ 30,921