Workflow
Ladder Capital(LADR) - 2024 Q4 - Annual Results
LADRLadder Capital(LADR)2025-02-06 13:30

Financial Performance - For Q4 2024, Ladder Capital Corp reported GAAP income before taxes of 33.0millionanddilutedEPSof33.0 million and diluted EPS of 0.25, while for the full year, GAAP income before taxes was 110.9millionwithdilutedEPSof110.9 million with diluted EPS of 0.86[1]. - Distributable earnings for Q4 2024 were 33.6million,or33.6 million, or 0.27 of distributable EPS, and for the full year, distributable earnings totaled 153.9million,equatingto153.9 million, equating to 1.21 of distributable EPS[1]. - After-tax distributable earnings for the year ended December 31, 2024, were 151,799,000,downfrom151,799,000, down from 167,231,000 in 2023[28]. - Distributable EPS for the year ended December 31, 2024, was 1.21,downfrom1.21, down from 1.34 in 2023[25]. - The company reported income before taxes of 33,040,000forthethreemonthsendedDecember31,2024,anincreasefrom33,040,000 for the three months ended December 31, 2024, an increase from 28,463,000 in the previous quarter[25]. - Distributable earnings for the three months ended December 31, 2024, were 33,583,000,comparedto33,583,000, compared to 37,668,000 for the previous quarter[25]. - The effective tax rate used for non-GAAP measures may differ materially from the actual tax rate[32]. Liquidity and Capital Structure - The company maintained a strong liquidity position with an upsized 850millioncorporaterevolvingcreditfacility,allowingfocusonnewinvestmentopportunities[2].−TotalassetsasofDecember31,2024,were850 million corporate revolving credit facility, allowing focus on new investment opportunities[2]. - Total assets as of December 31, 2024, were 4.85 billion, a decrease from 5.51billionin2023[13].−Debtobligationsdecreasedto5.51 billion in 2023[13]. - Debt obligations decreased to 3.14 billion in 2024 from 3.78billionin2023,reflectingareductioninleverage[13].IncomeandExpenses−NetinterestincomeforQ42024was3.78 billion in 2023, reflecting a reduction in leverage[13]. Income and Expenses - Net interest income for Q4 2024 was 27.2 million, down from 38.4millioninQ32024,whiletotalotherincomeforthesamequarterwas38.4 million in Q3 2024, while total other income for the same quarter was 41.4 million[16]. - The total GAAP depreciation and amortization for the year ended December 31, 2024, was 32,327,000,comparedto32,327,000, compared to 29,914,000 in 2023[26]. - The company recorded a provision for loan loss of 3.1millionforthethreemonthsendedSeptember30,2024[27].−Thecompanyrecognizedacharge−offofallowanceforcreditlossesof3.1 million for the three months ended September 30, 2024[27]. - The company recognized a charge-off of allowance for credit losses of 5,023,000 during the three months ended September 30, 2024[27]. Shareholder Returns - Dividends per share for Class A common stock remained stable at $0.23 for Q4 2024, consistent with the previous quarter[16]. - The company must annually distribute at least 90% of its REIT taxable income to maintain its REIT status[30]. - The company has declared regular quarterly distributions to shareholders approximating the REIT's net taxable income[30]. Management and Strategy - The management team and board collectively own over 11% of Ladder's equity, aligning their interests with shareholders[7]. - The company plans to continue its middle market business model, which has shown success through significant loan payoffs and overall strong credit performance[2]. Non-GAAP Measures - Distributable earnings and EPS do not reflect certain cash charges considered non-indicative of ongoing operations[32]. - Other companies in the industry may calculate non-GAAP financial measures differently, limiting comparability[32].