Ladder Capital(US:LADR)2025-04-24 12:30Financial Performance - For the quarter ended March 31, 2025, Ladder Capital Corp reported GAAP income before taxes of $10.7 million and diluted earnings per share (EPS) of $0.09[1] - Distributable earnings for the same period were $25.5 million, translating to a distributable EPS of $0.20[1] - Income before taxes for Q1 2025 was $10,717,000, a decrease from $33,040,000 in Q4 2024[25] - Distributable earnings for Q1 2025 were $25,452,000, compared to $33,583,000 in Q4 2024, reflecting a decline of approximately 24%[25] - Distributable EPS for Q1 2025 was $0.20, down from $0.27 in Q4 2024, indicating a decrease of about 26%[25] - After-tax distributable earnings for Q1 2025 were $25,246,000, compared to $34,061,000 in Q4 2024, representing a decline of approximately 26%[25] - Net interest income for Q1 2025 was $20.3 million, down from $27.2 million in Q4 2024[17] - Total other income for the quarter was $30.9 million, compared to $41.4 million in the previous quarter[17] Asset and Debt Management - Total assets as of March 31, 2025, were $4.47 billion, a decrease from $4.85 billion as of December 31, 2024[14] - Debt obligations decreased to $2.77 billion from $3.14 billion, reflecting a reduction in leverage[14] - Average shareholders' equity for Q1 2025 was $1,525,849,000, slightly down from $1,533,826,000 in Q4 2024[26] Stock and Dividend Information - The board of directors authorized a stock repurchase program of $100 million, increasing the authorization from $66.8 million[3] - The company maintained a dividend of $0.23 per share for both Q1 2025 and Q4 2024[17] - The company intends to continue declaring regular quarterly distributions approximating the REIT's net taxable income to maintain REIT status[29] Investment and Origination - The company experienced a record year of loan payoffs in 2024, with new loans outpacing payoffs in Q1 2025, indicating strong origination efforts[2] - Ladder Capital has invested over $47 billion in debt and equity since 2008, focusing on commercial real estate financing[7] Other Financial Metrics - The company recognized a GAAP realized gain on the sale of real estate of $3,807,000 for Q1 2025, compared to $12,419,000 in Q4 2024[26] - Adjustments for derivative results and loan sale activity resulted in a negative impact of $435,000 for Q1 2025, slightly improved from a negative $474,000 in Q4 2024[25] - Non-cash stock-based compensation for Q1 2025 was $11,215,000, significantly higher than $2,237,000 in Q4 2024[25] - After-tax distributable ROAE for Q1 2025 was 6.6%, down from 8.9% in Q4 2024[26]