Part I [Business](index=7&type=section&id=Item%201.%20Business) Ladder Capital Corp is an internally-managed REIT focused on commercial real estate finance through loans, securities, and real estate investments - Ladder Capital operates as an internally-managed REIT with three core business segments: **loans, securities, and real estate investments**[19](index=19&type=chunk) - Since inception through December 31, 2018, the company originated **$22.8 billion** in commercial real estate loans and acquired **$10.6 billion** in securities and **$1.7 billion** in real estate assets[20](index=20&type=chunk) - The company maintains a diversified financing strategy with **$1.2 billion** in unsecured debt and **$3.3 billion** in secured debt, with **$2.6 billion** in total committed, undrawn funding capacity as of year-end 2018[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - The company's REIT election requires it to distribute at least **90%** of its taxable income to shareholders[28](index=28&type=chunk)[96](index=96&type=chunk) [Overview](index=7&type=section&id=Item%201.%20Business%23Overview) The company's overview highlights key financial metrics as of December 31, 2018, and significant management equity interest Key Financial Metrics as of December 31, 2018 | Metric | Value (in billions) | | :--- | :--- | | Total Assets | $6.3 | | Total Equity | $1.6 | | Debt-to-Equity Ratio | 2.7:1.0 | | Adjusted Leverage (Non-GAAP) | 2.3:1.0 | - The company is a significant non-bank contributor to CMBS, having sold **$15.4 billion** of **$15.5 billion** in originated conduit loans into **59** securitizations since inception[21](index=21&type=chunk) - As of year-end 2018, management and directors held a significant equity interest, comprising **11.5%** of the company's total equity[26](index=26&type=chunk) [Our Businesses](index=9&type=section&id=Item%201.%20Business%23Our%20Businesses) The company's investment portfolio is primarily composed of loans, securities, and real estate, with specific characteristics for each asset class Investment Portfolio Breakdown ($ in thousands) | Category | Dec 31, 2018 | % of Total | Dec 31, 2017 | % of Total | | :--- | :--- | :--- | :--- | :--- | | **Total Loans** | **$3,482,929** | **55.5%** | **$3,508,642** | **58.2%** | | Balance sheet loans | $3,300,490 | 52.6% | $3,278,462 | 54.4% | | Conduit first mortgage loans | $182,439 | 2.9% | $230,180 | 3.8% | | **Total Securities** | **$1,410,126** | **22.5%** | **$1,106,517** | **18.4%** | | CMBS investments | $1,308,331 | 20.8% | $1,066,570 | 17.7% | | **Total Real Estate** | **$998,022** | **15.9%** | **$1,032,041** | **17.1%** | | **Total Investments** | **$5,989,346** | **95.4%** | **$5,760,556** | **95.6%** | - The balance sheet first mortgage loan portfolio comprised **157** loans with an aggregate book value of **$3.2 billion** and a weighted average loan-to-value ratio of **68.2%** at origination[35](index=35&type=chunk) - The CMBS investment portfolio totaled **$1.3 billion**, with **100%** of investments rated investment grade, of which **84.4%** were AAA/Aaa-rated[42](index=42&type=chunk) - The real estate portfolio included **143** single-tenant net leased properties with a book value of **$673.4 million**, **100%** leased with a weighted average remaining lease term of **13.3 years**[46](index=46&type=chunk) [Our Financing Strategies](index=14&type=section&id=Item%201.%20Business%23Our%20Financing%20Strategies) The company employs diverse financing strategies, including committed facilities, CLOs, and unsecured notes, while maintaining a targeted debt-to-equity ratio - The company funds investments through multiple sources, including **$1.8 billion** in committed term facilities, a **$266.4 million** revolving credit facility, CLO transactions, FHLB membership, and **$1.2 billion** in unsecured notes[58](index=58&type=chunk)[59](index=59&type=chunk) - The company generally seeks to maintain a debt-to-equity ratio of approximately **3.0:1.0** or below, which was **2.7:1.0** as of December 31, 2018[62](index=62&type=chunk) - Interest rate and credit spread derivative contracts are utilized to mitigate exposure, particularly for assets with durations exceeding **five years**[61](index=61&type=chunk) [Regulation](index=19&type=section&id=Item%201.%20Business%23Regulation) The company is subject to various state and federal regulations, including the Dodd-Frank Act, and maintains specific exemptions for its REIT status and subsidiaries - The company's operations are subject to state and federal regulation, with the Dodd-Frank Act's Risk Retention Rule impacting securitization activities since December 2016[99](index=99&type=chunk)[100](index=100&type=chunk) - Subsidiaries are regulated as a registered investment adviser (LCAM), a registered broker-dealer (LCS), and a captive insurance company (Tuebor), each under specific regulatory frameworks[104](index=104&type=chunk)[108](index=108&type=chunk)[110](index=110&type=chunk) - The company maintains an exemption from Investment Company Act of 1940 registration, primarily via Section 3(c)(5)(C) for real estate-focused subsidiaries, which limits investment activities[111](index=111&type=chunk)[118](index=118&type=chunk) [Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including operational, market, portfolio, financing, and regulatory challenges that could impact its financial performance [Risks Related to Our Operations](index=24&type=section&id=Item%201A.%20Risk%20Factors%23Risks%20Related%20to%20Our%20Operations) Operational risks include potential changes to investment strategy, volatility in financial results, dependence on key personnel, and cybersecurity threats - The company's business model and investment strategy may change without stockholder consent, with no guarantee of success[127](index=127&type=chunk) - Quarterly financial results are subject to significant volatility due to the timing, volume, and pricing of CMBS securitizations[131](index=131&type=chunk) - Dependence on attracting and retaining skilled loan originators and maintaining relationships with key loan brokers is critical for business generation[128](index=128&type=chunk) - Cybersecurity threats and security breaches pose significant risks, potentially compromising sensitive information and harming reputation and business operations[147](index=147&type=chunk)[148](index=148&type=chunk) [Market Risks Related to Real Estate Loans and Securities](index=28&type=section&id=Item%201A.%20Risk%20Factors%23Market%20Risks%20Related%20to%20Real%20Estate%20Loans%20and%20Securities) Market risks include high concentration in commercial real estate, intense competition, interest rate fluctuations, and shifts in consumer patterns - The company's high concentration in the commercial real estate sector increases exposure to economic downturns in this specific area[150](index=150&type=chunk) - The highly competitive lending and investment market may limit desirable asset acquisition at attractive prices and could decrease yields[153](index=153&type=chunk) - Changes in prevailing interest rates can negatively impact earnings due to misalignment of asset yields and borrowing costs, with **four** Federal Reserve rate hikes in 2018 potentially reducing mortgage demand[160](index=160&type=chunk)[161](index=161&type=chunk) - Shifts in consumer patterns and technology, such as online retail and remote work, may adversely affect the value of underlying retail and office properties[154](index=154&type=chunk)[155](index=155&type=chunk) [Risks Related to Our Portfolio](index=31&type=section&id=Item%201A.%20Risk%20Factors%23Risks%20Related%20to%20Our%20Portfolio) Portfolio risks include the non-recourse nature of loans, illiquidity of balance sheet assets, subordinate debt exposure, and securitization-related obligations - The vast majority of mortgage loans are non-recourse, limiting recovery in default to underlying collateral, which may be insufficient to cover the full loan amount[170](index=170&type=chunk) - Balance sheet loans for transitional properties are often more illiquid and carry a greater risk of loss than long-term mortgages on stabilized properties[176](index=176&type=chunk) - Investments in subordinate loans and CMBS tranches rank junior to senior debt, increasing loss risk in borrower default or bankruptcy[183](index=183&type=chunk)[184](index=184&type=chunk) - Participation in CMBS and CLO securitizations exposes the company to risks including repurchase obligations for breached representations and warranties, and potential losses on retained junior securities[199](index=199&type=chunk)[207](index=207&type=chunk) [Risks Related to Our Indebtedness](index=44&type=section&id=Item%201A.%20Risk%20Factors%23Risks%20Related%20to%20Our%20Indebtedness) Indebtedness risks include high leverage, subordination of unsecured notes, and uncertainty from the transition away from LIBOR - The highly leveraged business can magnify losses, with repurchase agreements and other financing facilities requiring additional collateral if pledged asset market value declines[239](index=239&type=chunk) - The company's unsecured notes are effectively subordinated to its **$3.3 billion** of secured indebtedness, granting secured debt holders priority claims on collateral in bankruptcy[243](index=243&type=chunk) - The transition away from LIBOR after **2021** creates uncertainty, potentially increasing financing costs or causing asset-liability interest rate mismatches[257](index=257&type=chunk)[259](index=259&type=chunk)[261](index=261&type=chunk) [Risks Related to Our Taxation as a REIT](index=61&type=section&id=Item%201A.%20Risk%20Factors%23Risks%20Related%20to%20Our%20Taxation%20as%20a%20REIT) REIT taxation risks include loss of REIT status, distribution requirements, limitations on Taxable REIT Subsidiaries, and built-in gains tax - Failure to qualify as a REIT would subject the company to corporate income tax, substantially reducing cash available for shareholder distribution[349](index=349&type=chunk)[350](index=350&type=chunk) - REIT distribution requirements, mandating at least **90%** of taxable income distribution, could adversely affect business plan execution by limiting retained earnings for growth[355](index=355&type=chunk) - The company's ownership of Taxable REIT Subsidiaries (TRSs) is limited to **20%** of total assets, requiring arm's-length transactions to avoid a **100%** excise tax[353](index=353&type=chunk) - The company is subject to a built-in gains tax on appreciated assets held before its REIT election (January 1, 2015) if sold within a **five-year** period[365](index=365&type=chunk) [Unresolved Staff Comments](index=68&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - The company reports no unresolved staff comments[388](index=388&type=chunk) [Properties](index=68&type=section&id=Item%202.%20Properties) As of December 31, 2018, the company's real estate portfolio comprised commercial properties, including single-tenant net leased and diversified assets, and residential condominium units Owned Property Summary as of December 31, 2018 | Property Type | Number of Properties/Units | Aggregate Book Value ($M) | Key Metrics | | :--- | :--- | :--- | :--- | | **Commercial Real Estate** | | | | | Single Tenant Net Leased | 143 | $673.4 | 100% leased, 13.3-year avg. remaining lease term | | Diversified Commercial | 69 | $318.1 | Includes student housing, office, industrial | | **Residential Real Estate** | | | | | Veer Towers, Las Vegas | 1 unit | $0.4 | Held through a joint venture | | Terrazas, Miami | 22 units | $6.1 | 62.5% rented and occupied | - The company leases its corporate headquarters in New York, NY, and maintains month-to-month regional offices in California and South Carolina[389](index=389&type=chunk) [Legal Proceedings](index=73&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - The company reports that it is not presently a party to any material litigation or enforcement proceedings[402](index=402&type=chunk) [Mine Safety Disclosures](index=73&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[403](index=403&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=74&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Ladder Capital's Class A common stock trades on the NYSE, with a stock repurchase program in place and a cumulative total return of **27.9%** since its **2014** IPO - The company's Class A common stock trades on the New York Stock Exchange under the ticker symbol **"LADR"**[406](index=406&type=chunk) - A stock repurchase program is in place, with **$41.8 million** available for repurchases as of year-end 2018, and no shares were repurchased during the year[407](index=407&type=chunk) - During 2018, **4,549,832** partnership units and Class B shares were exchanged for an equal number of Class A shares in a non-cash transaction[408](index=408&type=chunk) Cumulative Total Shareholder Return (IPO through 12/31/2018) | Index | 12/31/2018 Value of $100 Invested at IPO | | :--- | :--- | | **Ladder Capital Corp (LADR)** | **$127.90** | | Commercial Mortgage REIT Index | $120.33 | | S&P 500 Index | $141.36 | [Selected Financial Data](index=77&type=section&id=Item%206.%20Selected%20Financial%20Data) Selected financial data for **2014-2018** shows significant growth, with **net income** increasing to **$180.0 million** in **2018** and consistent dividends since **2015** Selected Financial Data (2014-2018, $ in thousands) | Metric | 2018 | 2017 | 2016 | 2015 | 2014 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Interest Income** | $150,525 | $117,549 | $115,545 | $128,236 | $109,751 | | **Net Income (to Class A shareholders)** | $180,015 | $95,276 | $66,727 | $73,821 | $44,187 | | **Diluted EPS** | $1.84 | $1.13 | $1.06 | $1.42 | $0.86 | | **Total Assets** | $6,272,872 | $6,025,615 | $5,578,337 | $5,895,212 | $5,814,235 | | **Total Debt Outstanding** | $4,452,574 | $4,379,826 | $3,942,138 | $4,274,723 | $4,182,954 | | **Total Equity** | $1,643,635 | $1,488,146 | $1,509,554 | $1,491,408 | $1,505,207 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=79&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights significant **net income** growth in **2018** driven by increased net interest income and real estate sales, supported by strong liquidity and risk management [Results of Operations](index=79&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%23Results%20of%20Operations) Results of operations show a significant increase in net income for **2018**, primarily driven by higher net interest income and gains from real estate sales Comparison of Results of Operations (Years ended Dec 31, $ in millions) | Metric | 2018 | 2017 | Change | | :--- | :--- | :--- | :--- | | Net Income (to Class A shareholders) | $180.0 | $95.3 | +$84.7 | | Net Interest Income | $150.5 | $117.5 | +$33.0 | | Total Other Income | $250.3 | $186.5 | +$63.8 | | Total Costs and Expenses | $158.6 | $170.4 | -$11.8 | | Core Earnings (Non-GAAP) | $230.1 | $178.8 | +$51.3 | - The **$84.7 million** increase in net income for **2018** was primarily driven by a **$33.0 million** increase in net interest income and a **$63.8 million** increase in total other income, including an **$84.5 million** increase in real estate sales profits[429](index=429&type=chunk) - Loan origination activity remained robust, with **$2.8 billion** in new loans funded in **2018**, compared to **$2.9 billion** in **2017**[427](index=427&type=chunk)[428](index=428&type=chunk) - Income from loan sales decreased by **$37.5 million** in **2018** compared to **2017**, primarily due to lower securitization volume and credit spreads[446](index=446&type=chunk) [Liquidity and Capital Resources](index=90&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%23Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity through diverse funding sources and a significant portfolio of unencumbered assets, though FHLB access will change - The company maintains diverse liquidity sources including cash from operations, repurchase agreements, CLOs, a revolving credit facility, unsecured notes, and FHLB borrowings[505](index=505&type=chunk) Debt Obligations Summary ($ in thousands) | Debt Type | Dec 31, 2018 | Dec 31, 2017 | | :--- | :--- | :--- | | Repurchase facilities | $663,685 | $473,410 | | Mortgage loan financing | $743,902 | $692,696 | | CLO debt | $601,543 | $688,479 | | Borrowings from the FHLB | $1,286,000 | $1,370,000 | | Senior unsecured notes | $1,154,991 | $1,152,134 | | **Total Debt Obligations, Net** | **$4,452,574** | **$4,379,826** | - As of December 31, 2018, the company had **$1.4 billion** of unencumbered loans, **$212.6 million** of unencumbered securities, and **$58.6 million** of unencumbered real estate[513](index=513&type=chunk) - The FHFA's revised FHLB membership regulation will prevent the company's captive insurance subsidiary from obtaining new advances after February 19, 2021[277](index=277&type=chunk)[546](index=546&type=chunk) [Critical Accounting Policies](index=101&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%23Critical%20Accounting%20Policies) Critical accounting policies involve significant management estimates and judgments, particularly for loan loss reserves, financial instrument valuation, and VIE consolidation - Significant management estimates and judgments are required for several accounting policies, including the reserve for loan losses, valuation of financial instruments, and impairment of long-lived assets[579](index=579&type=chunk)[581](index=581&type=chunk) - The reserve for loan losses includes general and asset-specific components; for **2018**, the provision was **$13.9 million**, with **$12.7 million** in asset-specific reserves[580](index=580&type=chunk)[586](index=586&type=chunk) - The company evaluates investments for Variable Interest Entity (VIE) status and consolidation requirements, involving significant judgment regarding control and economic performance[593](index=593&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=110&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risks, primarily interest rate, market value, and credit risks, which are managed through hedging and asset management strategies - The company's primary market risk is interest rate risk, impacting floating-rate debt and fixed-rate asset market value, managed through hedging instruments like interest rate swaps and futures[616](index=616&type=chunk) Interest Rate Sensitivity Analysis (as of Dec 31, 2018) | Change in LIBOR | Projected Change in Net Income (12-months) | Projected Change in Portfolio Value | | :--- | :--- | :--- | | +1.00% | +$19,014 thousand | -$20,512 thousand | | -1.00% | -$15,932 thousand | +$18,935 thousand | - The company is subject to credit risk, managed through deep credit analysis and ongoing asset management, and credit spread risk, impacting fixed-rate commercial mortgages and CMBS value[621](index=621&type=chunk)[622](index=622&type=chunk) - The portfolio's concentration in the real estate sector subjects it to more rapid value changes than a diversified portfolio[626](index=626&type=chunk) [Financial Statements and Supplementary Data](index=113&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for **2016-2018**, including balance sheets, income statements, and comprehensive notes, with an unqualified audit opinion [Consolidated Balance Sheets](index=116&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%23Consolidated%20Balance%20Sheets) The consolidated balance sheets provide a snapshot of the company's assets, liabilities, and equity as of December 31, 2018 and 2017 Consolidated Balance Sheet Summary ($ in thousands) | Account | Dec 31, 2018 | Dec 31, 2017 | | :--- | :--- | :--- | | **Total Assets** | **$6,272,872** | **$6,025,615** | | Cash, cash equivalents and restricted cash | $98,450 | $182,683 | | Mortgage loan receivables (net) | $3,482,929 | $3,508,642 | | Real estate securities | $1,410,126 | $1,106,517 | | Real estate and related lease intangibles, net | $998,022 | $1,032,041 | | **Total Liabilities** | **$4,629,237** | **$4,537,469** | | Debt obligations, net | $4,452,574 | $4,379,826 | | **Total Equity** | **$1,643,635** | **$1,488,146** | [Consolidated Statements of Income](index=117&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%23Consolidated%20Statements%20of%20Income) The consolidated statements of income detail the company's financial performance, including net interest income and net income, for **2016-2018** Consolidated Income Statement Summary ($ in thousands) | Account | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | | Net interest income after provision | $136,625 | $117,549 | $115,245 | | Total other income | $250,320 | $186,470 | $163,312 | | Total costs and expenses | $158,626 | $170,428 | $158,517 | | **Net income (loss)** | **$221,676** | **$125,879** | **$113,720** | | **Net income (loss) attributable to Class A common shareholders** | **$180,015** | **$95,276** | **$66,727** | [Notes to Consolidated Financial Statements](index=126&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%23Notes%20to%20Consolidated%20Financial%20Statements) Notes to financial statements detail accounting policies, REIT election, VIE consolidation, off-balance sheet arrangements, and segment reporting - The company elected REIT taxation effective January 1, 2015, operating through LCFH and subsidiaries segregated into Series REIT and Series TRS for asset and income management[672](index=672&type=chunk)[673](index=673&type=chunk) - The company consolidates Variable Interest Entities (VIEs) where it is the primary beneficiary, including the Operating Partnership and two CLO VIEs[681](index=681&type=chunk)[789](index=789&type=chunk) - As of December 31, 2018, the company had **$379.8 million** in unfunded loan commitments, representing off-balance sheet arrangements[1104](index=1104&type=chunk) - The company has three reportable segments: loans, securities, and real estate; for **2018**, profits were **$273.1 million** for loans, **$27.8 million** for securities, and **$94.9 million** for real estate[1106](index=1106&type=chunk)[1107](index=1107&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=228&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - The company reports no changes in or disagreements with its accountants on accounting and financial disclosure[1140](index=1140&type=chunk) [Controls and Procedures](index=228&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2018, with no material changes during the fourth quarter - As of December 31, 2018, the CEO and CFO concluded the company's disclosure controls and procedures are effective at a reasonable assurance level[1143](index=1143&type=chunk) - Management concluded the company's internal control over financial reporting was effective as of December 31, 2018, based on the COSO framework[1145](index=1145&type=chunk) - No material changes occurred in internal control over financial reporting during the fourth quarter of 2018[1147](index=1147&type=chunk) [Other Information](index=229&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - The company reports no other information for this item[1150](index=1150&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=230&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the **2019** proxy statement - Information regarding directors, executive officers, and corporate governance is incorporated by reference from the forthcoming **2019** proxy statement[1152](index=1152&type=chunk) [Executive Compensation](index=230&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation is incorporated by reference from the **2019** proxy statement - Information regarding executive compensation is incorporated by reference from the forthcoming **2019** proxy statement[1153](index=1153&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=230&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and related stockholder matters is incorporated by reference from the **2019** proxy statement - Information regarding security ownership is incorporated by reference from the forthcoming **2019** proxy statement[1154](index=1154&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=230&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence is incorporated by reference from the **2019** proxy statement - Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the forthcoming **2019** proxy statement[1156](index=1156&type=chunk) [Principal Accounting Fees and Services](index=230&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the **2019** proxy statement - Information regarding principal accounting fees and services is incorporated by reference from the forthcoming **2019** proxy statement[1157](index=1157&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=231&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the consolidated financial statements, financial statement schedules, and exhibits filed as part of the Annual Report - This section lists the consolidated financial statements, financial statement schedules, and exhibits filed with the Form 10-K[1159](index=1159&type=chunk) [Form 10-K Summary](index=231&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has not provided a summary for this item - The company has not provided a summary for this item[1162](index=1162&type=chunk)