Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36299 Ladder Capital Corp (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...

Ladder Capital Corp. (NYSE:LADR) Q4 2021 Earnings Conference Call February 10, 2022 5:00 PM ET Company Participants Pamela McCormack – President Paul Miceli – Chief Financial Officer Brian Harris – Chief Executive Officer Conference Call Participants Tim Hayes – BTIG Jade Rahmani – KBW Steve Delaney – JMP Securities Operator Good afternoon, and welcome to Ladder Capital Corp's Earnings Call for the Fourth Quarter and Full Year 2021. As a reminder, today's call is being recorded. This afternoon, Ladder rele ...

DRAFT (09/30/2021; 4:30 PM) S-0 INVESTOR SUPPLEMENTAL DATA FOR PRESENTATION THE QUARTER ENDED SEPTEMBER 30, 2021 OCTOBER 2021 NYSE: LADR NYSE: LADR A Leading Commercial Real Estate Investment Trust A Leading Commercial Real Estate Investment Trust DISCLAIMERS S-1 This presentation contains forward-looking statements regarding possible or assumed future results of the business, financial condition, plans and objectives of Ladder Capital Corp and its subsidiaries and affiliates (collectively, "Ladder Capital, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36299 Ladder Capital Corp (Exact name of registrant as specified in its charter) Delaware 80-0925494 (Sta ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36299 Ladder Capital Corp (Exact name of registrant as specified in its charter) Delaware 80-0925494 (State or ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|---------------|-------|---------------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | JUNE 30, 2021 | | SUPPLEMENTAL DATA FOR THE QUARTER ENDED | | | | | | NYSE: | | LADR | | | | A Leading Commercial Real Estate Investment Trust | | | S-0 DISCLAIMERS S-1 This presentation contains forward-looking statements regarding possibl ...

Ladder Capital Corp (NYSE:LADR) Q2 2021 Earnings Conference Call July 29, 2021 5:00 PM ET Company Participants Pamela McCormack – Founder and President Paul Miceli – Chief Financial Officer Brian Harris – Founder and Chief Executive Officer Adam Siper – Head of Origination Conference Call Participants Tim Hayes – BTIG Stephen Laws – Raymond James Jade Rahmani – KBW Steve Delaney – JMP Securities Operator Good afternoon, and welcome to Ladder Capital Corp’s Earnings Call for the Second Quarter of 2021. After ...

[Introduction](index=1&type=section&id=Introduction) [General Information & Filing Details](index=1&type=section&id=General%20Information%20%26%20Filing%20Details) This section details Ladder Capital Corp's Form 10-Q filing information, including registrant details, stock class, filer status, and shares outstanding for the quarter ended March 31, 2021 - **Ladder Capital Corp** is a Large accelerated filer[5](index=5&type=chunk) Class A Common Stock Outstanding | Class | Outstanding at April 30, 2021 | | :--- | :--- | | Class A common stock, $0.001 par value | 126,342,094 | | Class B common stock, $0.001 par value | — | [Cautionary Statement Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section provides a cautionary statement on forward-looking statements, detailing their nature and factors that could cause actual results to differ materially - Forward-looking statements are identified by specific terms such as 'anticipate,' 'estimate,' 'expect,' and 'project'[10](index=10&type=chunk) - Key factors that may cause actual results to vary include: * Risks discussed in 'Risk Factors' in the Annual Report and this Quarterly Report[12](index=12&type=chunk) * The ongoing impact of the COVID-19 pandemic and governmental responses[12](index=12&type=chunk) * Impact of the new U.S. presidential administration on regulatory landscape and capital markets[12](index=12&type=chunk) * Changes in general economic conditions, industry, and commercial real estate markets[12](index=12&type=chunk) * Changes to business and investment strategy[12](index=12&type=chunk) * Ability to obtain and maintain financing arrangements, including LIBOR replacement rates[12](index=12&type=chunk) * Adequacy of collateral securing the loan portfolio and decline in asset fair value[12](index=12&type=chunk) * Interest rate mismatches and changes in interest rates and market value of assets[12](index=12&type=chunk) * Changes in prepayment rates on mortgages and mortgage-backed securities[12](index=12&type=chunk) * Effects of hedging instruments and protection from interest rate and credit risk volatility[12](index=12&type=chunk) * Increased default rates or decreased recovery rates on assets[12](index=12&type=chunk) * Adequacy of risk management policies, procedures, and systems[12](index=12&type=chunk) * Potential downgrade in credit ratings for Ladder or its investments[15](index=15&type=chunk) * Compliance with and changes in laws, regulations, and accounting guidance[15](index=15&type=chunk) * Ability to maintain REIT qualification and Investment Company Act exemptions[15](index=15&type=chunk) * Potential liability relating to environmental matters[15](index=15&type=chunk) * Inability of insurance to cover all losses on real estate collateral[15](index=15&type=chunk) * Availability of investment opportunities[15](index=15&type=chunk) * Fraud by potential borrowers[15](index=15&type=chunk) * Availability of qualified personnel[15](index=15&type=chunk) * Impact of tax legislation or IRS guidance[15](index=15&type=chunk) * Degree and nature of competition[15](index=15&type=chunk) * Market trends in industry, interest rates, real estate values, and debt securities markets[15](index=15&type=chunk) [References to Ladder Capital Corp](index=6&type=section&id=References%20to%20Ladder%20Capital%20Corp) This section clarifies terminology, defining 'Ladder' and related terms as Ladder Capital Corp and its consolidated subsidiaries, structured as a holding company with a controlling equity interest in LCFH - **Ladder Capital Corp** is a holding company with a controlling equity interest in **Ladder Capital Finance Holdings LLLP (LCFH)** and its consolidated subsidiaries[17](index=17&type=chunk) [PART I - FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Ladder Capital Corp's unaudited consolidated financial statements, including balance sheets, income, comprehensive income, equity, cash flows, and notes for periods ended March 31, 2021, and December 31, 2020 [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) The Consolidated Balance Sheets present Ladder Capital Corp's financial position, detailing assets, liabilities, and equity as of March 31, 2021, and December 31, 2020 | Metric | March 31, 2021 (Unaudited) ($ in Thousands) | December 31, 2020 ($ in Thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $1,305,686 | $1,254,432 | | Restricted cash | $146,373 | $29,852 | | Mortgage loan receivables held for investment, net | $1,971,489 | $2,312,552 | | Mortgage loan receivables held for sale | $71,482 | $30,518 | | Real estate securities | $764,083 | $1,058,298 | | Real estate and related lease intangibles, net | $976,971 | $985,304 | | Total assets | $5,405,811 | $5,881,229 | | Debt obligations, net | $3,767,819 | $4,209,864 | | Total liabilities | $3,874,972 | $4,332,804 | | Total shareholders' equity | $1,525,605 | $1,543,162 | | Total equity | $1,530,839 | $1,548,425 | - **Total assets decreased by $475,418 thousand (8.08%)** from December 31, 2020, to March 31, 2021[23](index=23&type=chunk) - **Total liabilities decreased by $457,832 thousand (10.57%)** from December 31, 2020, to March 31, 2021[23](index=23&type=chunk) - **Total equity decreased by $17,586 thousand (1.14%)** from December 31, 2020, to March 31, 2021[23](index=23&type=chunk) [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) The Consolidated Statements of Income detail the company's financial performance for the three months ended March 31, 2021, and 2020, including interest income/expense, other income, costs, and net income (loss) | Metric ($ in Thousands, Except Per Share Data) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Interest income | $39,287 | $72,589 | | Interest expense | $45,973 | $51,401 | | Net interest income | $(6,686) | $21,188 | | Provision for (release of) loan loss reserves | $(4,251) | $26,581 | | Total other income (loss) | $33,209 | $29,002 | | Total costs and expenses | $31,120 | $42,211 | | Net income (loss) attributable to Class A common shareholders | $192 | $(15,728) | | Basic EPS | $0.00 | $(0.15) | | Diluted EPS | $0.00 | $(0.15) | | Dividends per share of Class A common stock | $0.200 | $0.340 | - **Net income attributable to Class A common shareholders increased by $15,920 thousand**, shifting from a **loss of $(15,728) thousand in Q1 2020** to a **gain of $192 thousand in Q1 2021**[26](index=26&type=chunk) - **Net interest income decreased by $27,874 thousand**, moving from **$21,188 thousand in Q1 2020** to **$(6,686) thousand in Q1 2021**[26](index=26&type=chunk) - The company recorded a **release of loan loss reserves of $(4,251) thousand in Q1 2021**, contrasting with a **provision of $26,581 thousand in Q1 2020**[26](index=26&type=chunk) - **Dividends per share of Class A common stock decreased by $0.140 (41.18%)**, from **$0.340 in Q1 2020** to **$0.200 in Q1 2021**[27](index=27&type=chunk) [Consolidated Statements of Comprehensive Income](index=11&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) The Consolidated Statements of Comprehensive Income detail net income (loss) and other comprehensive income (loss), primarily reflecting unrealized gains/losses on available-for-sale securities for the three months ended March 31, 2021, and 2020 | Metric ($ in Thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net income (loss) | $432 | $(14,061) | | Unrealized gain (loss) on real estate securities, available for sale | $7,428 | $(76,252) | | Total other comprehensive income (loss) | $6,849 | $(78,007) | | Comprehensive income (loss) attributable to Class A common shareholders | $7,041 | $(85,870) | - **Total other comprehensive income (loss) significantly improved**, shifting from a **loss of $(78,007) thousand in Q1 2020** to a **gain of $6,849 thousand in Q1 2021**[30](index=30&type=chunk) [Consolidated Statements of Changes in Equity](index=12&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) The Consolidated Statements of Changes in Equity illustrate movements in shareholders' equity and noncontrolling interests, including net income, distributions, stock-based compensation, and treasury stock transactions for the three months ended March 31, 2021, and 2020 | Metric ($ in Thousands) | Balance, December 31, 2020 | Balance, March 31, 2021 | | :--- | :--- | :--- | | Class A Common Stock (Par Value) | $127 | $127 | | Additional Paid-in Capital | $1,780,074 | $1,785,350 | | Treasury Stock | $(62,859) | $(67,495) | | Retained Earnings (Dividends in Excess of Earnings) | $(163,717) | $(188,763) | | Accumulated Other Comprehensive Income (Loss) | $(10,463) | $(3,614) | | Total Shareholders' Equity | $1,543,162 | $1,525,605 | | Noncontrolling Interests | $5,263 | $5,234 | | Total Equity | $1,548,425 | $1,530,839 | - **Total equity decreased by $17,586 thousand** from December 31, 2020, to March 31, 2021[32](index=32&type=chunk) - **Dividends declared for Class A common stock totaled $(25,238) thousand** for the three months ended March 31, 2021[32](index=32&type=chunk) - **Amortization of equity-based compensation was $5,276 thousand** for the three months ended March 31, 2021[32](index=32&type=chunk) [Consolidated Statements of Cash Flows](index=14&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The Consolidated Statements of Cash Flows categorize cash movements into operating, investing, and financing activities, detailing cash generation and usage for the three months ended March 31, 2021, and 2020 | Metric ($ in Thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(43,590) | $(41,092) | | Net cash provided by (used in) investing activities | $688,739 | $(477,465) | | Net cash provided by (used in) financing activities | $(477,374) | $785,032 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $167,775 | $266,475 | | Cash, cash equivalents and restricted cash at end of period | $1,452,059 | $622,221 | - **Net cash provided by investing activities significantly increased**, shifting from a **use of $(477,465) thousand in Q1 2020** to a **provision of $688,739 thousand in Q1 2021**[37](index=37&type=chunk) - **Net cash provided by financing activities shifted** from a **provision of $785,032 thousand in Q1 2020** to a **use of $(477,374) thousand in Q1 2021**[37](index=37&type=chunk) - **Cash, cash equivalents and restricted cash at period-end increased by $829,838 thousand (133.37%)** from Q1 2020 to Q1 2021[37](index=37&type=chunk) [Notes to Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes provide comprehensive disclosures for the consolidated financial statements, covering organization, accounting policies, asset breakdowns, joint ventures, debt, derivatives, equity, EPS, compensation, fair value, income taxes, commitments, and segment reporting - **Ladder Capital** is an internally-managed REIT focused on originating and investing in a diverse portfolio of commercial real estate and real estate-related assets, primarily senior secured assets[42](index=42&type=chunk) - The company utilizes a **Current Expected Credit Loss (CECL) model** for estimating loan loss provisions, considering possible credit losses over an instrument's life, including portfolio-based and asset-specific components[49](index=49&type=chunk) Mortgage Loan Receivables (March 31, 2021 vs. December 31, 2020) | Category | March 31, 2021 ($ in Thousands) | December 31, 2020 ($ in Thousands) | | :--- | :--- | :--- | | Mortgage loan receivables held for investment, net, at amortized cost | $1,971,489 | $2,312,552 | | Mortgage loan receivables held for sale | $71,482 | $30,518 | | Total | $2,042,971 | $2,343,070 | - As of March 31, 2021, **79.9% of mortgage loan receivables held for investment** were at variable interest rates linked to LIBOR, all subject to interest rate floors[61](index=61&type=chunk) - The total change in reserve for provision for the three months ended March 31, 2021, was a **release of $4.3 million**, primarily due to an improvement in macroeconomic assumptions[72](index=72&type=chunk) Real Estate Securities Summary (March 31, 2021) | Asset Type | Carrying Value ($ in Thousands) | Weighted Average Rating | Weighted Average Yield % | Remaining Duration (years) | | :--- | :--- | :--- | :--- | :--- | | CMBS | $717,381 | AAA | 1.62% | 1.87 | | CMBS interest-only | $20,459 | AAA | 2.24% | 2.08 | | GNMA interest-only | $802 | AA+ | 5.10% | 3.46 | | Agency securities | $591 | AA+ | 1.62% | 1.11 | | GNMA permanent securities | $24,870 | AA+ | 3.54% | 1.41 | | Total real estate securities | $764,083 | | 1.71% | 1.86 | - The majority of the company's net leased commercial real estate properties are necessity-based businesses, remaining minimally impacted and stable during the COVID-19 pandemic[97](index=97&type=chunk) Debt Obligations, Net (March 31, 2021) | Debt Obligation Type | Outstanding ($ in Thousands) | Committed Financing ($ in Thousands) | Weighted Average Interest Rate at March 31, 2021 | | :--- | :--- | :--- | :--- | | Total Committed Loan Repurchase Facilities | $238,558 | $1,550,000 | 1.86% - 2.23% | | Total Repurchase Facilities | $576,697 | $1,950,000 | 0.57% - 2.11% | | Revolving Credit Facility | $256,430 | $266,430 | 3.11% - 5.25% | | Mortgage Loan Financing | $765,096 | $765,096 | 3.75% - 6.16% | | Secured Financing Facility | $194,662 | $206,350 | 10.75% | | CLO Debt | $233,195 | $234,968 | 5.5% | | Borrowings from the FHLB | $288,000 | $288,000 | 0.37% - 2.74% | | Senior Unsecured Notes | $1,453,739 | $1,465,644 | 4.25% - 5.25% | | Total Debt Obligations, Net | $3,767,819 | $5,176,488 | | - As of March 31, 2021, approximately **$871.4 million of total equity is restricted from dividend payment** due to debt facility covenants[140](index=140&type=chunk) - As of March 31, 2021, the Company had **$140.1 million of unfunded commitments** on mortgage loan receivables held for investment, with **66% related to 'good news' events**[255](index=255&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=62&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's analysis of Ladder Capital Corp's financial condition and results, detailing business segments, financing, operations, liquidity, and capital resources for the three months ended March 31, 2021, compared to 2020 [Overview](index=66&type=section&id=Overview) This overview introduces Ladder Capital as an internally-managed REIT specializing in commercial real estate finance, highlighting its diverse portfolio, in-house origination, flexible capital allocation, and strategic responses to the COVID-19 pandemic - **Ladder Capital** is an internally-managed REIT focused on originating and investing in a diverse portfolio of commercial real estate and real estate-related assets, with a focus on senior secured assets[266](index=266&type=chunk) Key Financial Metrics (March 31, 2021) | Metric | Amount | | :--- | :--- | | Total assets | $5.4 billion | | Total equity | $1.5 billion | | Loans | $2.0 billion | | Securities | $0.8 billion | | Real estate | $1.0 billion | | Unrestricted cash | $1.3 billion | - Since the onset of COVID-19 (for the 12 months ended March 31, 2021), the company monetized approximately **$3.0 billion of investment assets**, reduced its securities portfolio by **over 60%** (receiving **$1.3 billion from sales and amortization**), and received payoffs on **over one-third of its balance sheet loans (approximately $1.2 billion)**[273](index=273&type=chunk) - The company significantly reduced mark-to-market financing by **over $1.9 billion** and repurchased/redeemed approximately **$427 million of corporate bonds**[273](index=273&type=chunk) [Our Businesses](index=68&type=section&id=Our%20Businesses) This section details Ladder Capital's investment portfolio, categorized into loans, securities, real estate (net leased and diversified commercial properties), and other investments (unconsolidated joint ventures) Investment Portfolio Carrying Value (March 31, 2021 vs. December 31, 2020) | Investment Type | March 31, 2021 ($ in Thousands) | % of Total Assets (March 31, 2021) | December 31, 2020 ($ in Thousands) | % of Total Assets (December 31, 2020) | | :--- | :--- | :--- | :--- | :--- | | Total loans | $2,042,971 | 37.7% | $2,343,070 | 39.8% | | Total securities | $764,083 | 14.1% | $1,058,298 | 18.0% | | Total real estate | $976,971 | 18.1% | $985,304 | 16.8% | | Total other investments | $44,508 | 0.8% | $46,253 | 0.8% | | Total investments | $3,828,533 | 70.8% | $4,432,925 | 75.9% | | Cash, cash equivalents and restricted cash | $1,452,059 | 26.9% | $1,284,284 | 21.8% | | Other assets | $125,219 | 2.3% | $164,020 | 2.8% | | Total assets | $5,405,811 | 100% | $5,881,229 | 100% | - As of March 31, 2021, loans on hotel and retail properties comprised approximately **14.2% and 11.3%**, respectively, of the loan portfolio[274](index=274&type=chunk) - The balance sheet first mortgage loan portfolio had a **weighted average loan-to-value ratio of 69.2%** at March 31, 2021[276](index=276&type=chunk) - The **CMBS investment portfolio** had an estimated fair value of **$737.8 million** in 92 CUSIPs as of March 31, 2021, with **99.5% rated investment grade**[286](index=286&type=chunk) - As of March 31, 2021, the company owned **164 single tenant net leased properties** with a **100% lease rate** and a **weighted average remaining lease term of 11.1 years**, collecting **100% of rent** during the quarter[288](index=288&type=chunk) [Our Financing Strategies](index=73&type=section&id=Our%20Financing%20Strategies) This section outlines Ladder Capital's diversified financing approach, including unsecured corporate bonds, repurchase facilities, CLO transactions, mortgage debt, a revolving credit facility, and FHLB financing, with significantly decreased exposure to mark-to-market financing - As of March 31, 2021, the company had **$1.5 billion of unsecured corporate bonds outstanding**, comprising **5.25% senior notes due 2022 ($465.9 million)**, **5.25% senior notes due 2025 ($348.0 million)**, and **4.25% senior notes due 2027 ($651.8 million)**[293](index=293&type=chunk) - **Ladder maintains a $2.8 billion pool of unencumbered assets**, primarily first mortgage loans and unrestricted cash, as of March 31, 2021[294](index=294&type=chunk) - **Committed loan repurchase agreement facilities total $1.6 billion in credit capacity**, with **$238.6 million outstanding** and **$1.3 billion available** as of March 31, 2021[295](index=295&type=chunk) - The company's revolving credit facility has an aggregate maximum borrowing amount of **$266.4 million**, with a final maturity date (assuming all extensions) of February 2025[299](index=299&type=chunk) - As of March 31, 2021, Tuebor (a subsidiary) had **$288.0 million of borrowings outstanding from the FHLB**, with a **weighted-average interest rate of 1.09%** and maturities staggered through 2024[302](index=302&type=chunk) - The company has significantly decreased its exposure to **mark-to-market financing in 2020** through strategic financing actions, including a private CLO transaction and a secured financing facility[318](index=318&type=chunk)[309](index=309&type=chunk)[305](index=305&type=chunk) - The company was in compliance with all debt covenants as of March 31, 2021[324](index=324&type=chunk) [Results of Operations](index=78&type=section&id=Results%20of%20Operations) This section provides a comparative analysis of Ladder Capital's consolidated results of operations for the three months ended March 31, 2021, versus 2020, highlighting key drivers of changes in net income, interest income/expense, loan loss provisions, other income, and operating expenses Consolidated Results of Operations (Three Months Ended March 31, 2021 vs. 2020) | Metric ($ in Thousands) | 2021 | 2020 | Change | | :--- | :--- | :--- | :--- | | Net interest income | $(6,686) | $21,188 | $(27,874) | | Provision for (release of) loan loss reserves | $(4,251) | $26,581 | $(30,832) | | Net interest income (expense) after provision for (release of) loan losses | $(2,435) | $(5,393) | $2,958 | | Total other income (loss) | $33,209 | $29,002 | $4,207 | | Total costs and expenses | $31,120 | $42,211 | $(11,091) | | Net income (loss) | $432 | $(14,061) | $14,493 | - **Net income increased by $14.5 million**, primarily driven by a **$3.0 million increase in net interest income** after provision for loan losses, a **$4.2 million increase in total other income**, and an **$11.1 million decrease in total costs and expenses**[329](index=329&type=chunk) - **Interest income decreased by $33.3 million** due to a reduction in the securities and loan portfolio and lower prevailing LIBOR rates[332](index=332&type=chunk) - **Interest expense decreased by $5.4 million** due to reduced repurchase facility financing, redemption of 2021 Notes, and CLO interest expense paydowns[333](index=333&type=chunk) - A **release of $4.3 million in loan loss reserves** was recorded in Q1 2021, compared to a **provision of $26.6 million in Q1 2020**, mainly due to improved macroeconomic assumptions[339](index=339&type=chunk) - **Net result from derivative transactions showed a positive change of $20.2 million**, moving from a **loss of $15.4 million in Q1 2020** to a **gain of $4.8 million in Q1 2021**, primarily due to interest rate movements[345](index=345&type=chunk) [Liquidity and Capital Resources](index=82&type=section&id=Liquidity%20and%20Capital%20Resources) This section details Ladder Capital's liquidity and capital management strategies, outlining diverse funding sources, primary uses of liquidity, cash flows, unencumbered assets, stock repurchases, and dividend policy - Key liquidity sources include cash, cash from operations, proceeds from unsecured bonds, repurchase agreements, loan/security repayments, revolving credit facility, securitizations/sales, real estate sales, CLO debt, unencumbered assets, and equity issuance[357](index=357&type=chunk) - Primary uses of liquidity include funding loan and real estate investments, repaying borrowings and interest, covering operating expenses, and making distributions to maintain REIT status[358](index=358&type=chunk) Cash Flows Summary (Three Months Ended March 31, 2021 vs. 2020) | Cash Flow Activity ($ in Thousands) | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(43,590) | $(41,092) | | Net cash provided by (used in) investing activities | $688,739 | $(477,465) | | Net cash provided by (used in) financing activities | $(477,374) | $785,032 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $167,775 | $266,475 | - As of March 31, 2021, the company held **$1.3 billion in unencumbered cash**, **$1.0 billion in unencumbered loans**, **$150.7 million in unencumbered securities**, and **$75.3 million in unencumbered real estate**[370](index=370&type=chunk) - The board authorized a stock repurchase program of up to **$50.0 million of Class A common stock**, with **$37.9 million remaining available** as of March 31, 2021[371](index=371&type=chunk)[373](index=373&type=chunk) - As a REIT, the company must annually distribute at least **90% of its taxable income** to shareholders[374](index=374&type=chunk) [Critical Accounting Policies](index=86&type=section&id=Critical%20Accounting%20Policies) This section refers to the Annual Report for critical accounting policies, noting no material changes since December 31, 2020, beyond those disclosed in Note 2, Significant Accounting Policies - No material changes to critical accounting policies since December 31, 2020, other than those disclosed in **Note 2, Significant Accounting Policies**[385](index=385&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=87&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP financial measures, 'Distributable Earnings' and 'Adjusted Leverage,' explaining their purpose as supplemental measures of operating performance and leverage, and outlining their limitations - **Distributable earnings** is a non-GAAP measure used to compare operating performance and dividend-paying ability by excluding certain non-cash expenses, unrealized results, and timing differences[386](index=386&type=chunk) Distributable Earnings Reconciliation (Three Months Ended March 31, 2021 vs. 2020) | Metric ($ in Thousands) | 2021 | 2020 | | :--- | :--- | :--- | | Income (loss) before taxes | $(346) | $(18,602) | | Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (GAAP) | $(240) | $(1,523) | | Our share of real estate depreciation, amortization and gain adjustments | $8,424 | $1,373 | | Adjustments for unrecognized derivative results | $(6,096) | $17,590 | | Unrealized (gain) loss on fair value securities | $20 | $1,512 | | Adjustment for economic gain on loan sales not recognized under GAAP for which risk has been substantially transferred, net of reversal/amortization | $415 | $(233) | | Adjustment for impairment | $(4,251) | $18,581 | | Non-cash stock-based compensation | $5,298 | $12,158 | | Distributable earnings | $3,224 | $30,856 | - **Adjusted leverage** is a non-GAAP measure defined as the ratio of debt obligations (net of deferred financing costs, adjusted for non-recourse securitization debt and liability for transfers not considered sales) to GAAP total equity[396](index=396&type=chunk) Adjusted Leverage (March 31, 2021 vs. December 31, 2020) | Metric ($ in Thousands) | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Debt obligations, net | $3,767,819 | $4,209,864 | | Less: CLO debt | $(233,195) | $(276,516) | | Adjusted debt obligations | $3,534,624 | $3,933,348 | | Total equity | $1,530,839 | $1,548,425 | | Adjusted leverage | 2.3 | 2.5 | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=91&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section discusses Ladder Capital's exposure to various market risks, including interest rate, market value, liquidity, credit, credit spread, real estate, covenant, diversification, concentration, regulatory, and capital market risks, with attention to COVID-19 impacts - The company is exposed to **interest rate risk**, mitigated through hedging instruments like interest rate swap and futures agreements, primarily for assets with durations longer than five years[399](index=399&type=chunk) Projected Change in Net Income and Portfolio Value (12-month period from March 31, 2021) | Change in Interest Rate | Projected change in net income ($ in Thousands) | Projected change in portfolio value ($ in Thousands) | | :--- | :--- | :--- | | Decrease by 1.00% | $(3,056) | $4,703 | | Increase by 1.00% | $15,232 | $(4,798) | - The **COVID-19 pandemic** has significantly impacted commercial real estate markets, leading to reduced occupancy, rent deferral requests, and construction delays, potentially impairing borrowers' ability to pay[404](index=404&type=chunk) - The company's loan sponsors are generally committed to supporting assets, reflected in a **low weighted-average LTV of 68.8%** as of March 31, 2021[405](index=405&type=chunk) - The company was in compliance with all debt covenants as of March 31, 2021, and its **adjusted leverage ratio would be below 2.0x** when accounting for **$1.3 billion of unrestricted cash**[409](index=409&type=chunk)[410](index=410&type=chunk) [Item 4. Controls and Procedures](index=94&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms Ladder Capital Corp's disclosure controls and procedures were effective as of March 31, 2021, with no material changes in internal control over financial reporting during the quarter - **Disclosure controls and procedures were effective** as of March 31, 2021, providing reasonable assurance that required information is recorded, processed, summarized, and reported timely[415](index=415&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended March 31, 2021[416](index=416&type=chunk) [PART II - OTHER INFORMATION](index=95&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=95&type=section&id=Item%201.%20Legal%20Proceedings) This section confirms Ladder Capital Corp is not currently involved in any material legal proceedings or enforcement actions and maintains adequate insurance coverage for incidental litigation and claims - The company is not presently a party to any material enforcement proceedings, litigation related to regulatory compliance matters, or any other type of material litigation matters[419](index=419&type=chunk) [Item 1A. Risk Factors](index=95&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the Annual Report for a comprehensive discussion of risk factors and confirms no material changes occurred during the three months ended March 31, 2021 - No material changes to the risk factors in **Item 1A of the Annual Report** for the three months ended March 31, 2021[420](index=420&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=95&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section reports no unregistered sales of equity securities or use of proceeds for the period - No unregistered sales of equity securities and use of proceeds to report[421](index=421&type=chunk) [Item 3. Defaults Upon Senior Securities](index=95&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section reports no defaults upon senior securities during the period - No defaults upon senior securities to report[421](index=421&type=chunk) [Item 4. Mine Safety Disclosures](index=95&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that mine safety disclosures are not applicable to the company - Mine Safety Disclosures are not applicable[421](index=421&type=chunk) [Item 5. Other Information](index=95&type=section&id=Item%205.%20Other%20Information) This section indicates no other information to report for the period - No other information to report[422](index=422&type=chunk) [Item 6. Exhibits](index=96&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including employment agreements, CEO/CFO certifications, and interactive data files - Exhibits include: * Miceli Employment Agreement (Exhibit 10.1)[425](index=425&type=chunk) * Certifications of Brian Harris and Paul J. Miceli pursuant to Sarbanes-Oxley Act (Exhibits 31.1, 31.2, 32.1, 32.2)[425](index=425&type=chunk) * Interactive Data Files (Exhibit 101)[425](index=425&type=chunk) * Cover Page Interactive Data File (Exhibit 104)[425](index=425&type=chunk) [SIGNATURES](index=97&type=section&id=SIGNATURES) This section contains the duly authorized signatures of Ladder Capital Corp's Chief Executive Officer, Brian Harris, and Chief Financial Officer, Paul J. Miceli, certifying the report - The report is signed by **Brian Harris, Chief Executive Officer**, and **Paul J. Miceli, Chief Financial Officer**, on May 6, 2021[429](index=429&type=chunk)

Ladder Capital Corp. (NYSE:LADR) Q4 2020 Earnings Conference Call February 25, 2021 5:00 PM ET Company Participants Michelle Wallach - Senior Regulatory Counsel Brian Harris - Chief Executive Officer Pamela McCormack - President Marc Fox - Chief Financial Officer Paul Miceli - Director of Finance and Chief Financial Officer Conference Call Participants Tim Hayes - BTIG Randy Binner - B. Riley Charlie Arestia - JPMorgan Jade Rahmani - KBW Operator Greetings. Welcome to Ladder Capital Corp. Fourth Quarter 202 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36299 Ladder Capital Corp (Exact name of registrant as specified in its charter) Delaware 80-0925494 (State or oth ...