Ladder Capital(US:LADR)2025-04-24 17:24Financial Performance - Ladder Capital reported distributable earnings of $25.5 million, resulting in a distributable EPS of $0.20 and an after-tax distributable ROAE of 6.6%[9] - The company declared a Q1 2025 cash dividend of $0.23 per LADR share, representing a 9.0% annual dividend yield[9] - Net interest income was $20.3 million for Q1 2025[42] Balance Sheet & Liquidity - Total liquidity exceeded $1.3 billion, including $480 million in unrestricted cash and cash equivalents, and an undrawn corporate revolving credit facility[7, 9] - The company's investment assets and unrestricted cash totaled $4.6 billion, including $1.7 billion in senior secured first mortgage loans (38% of total), $892 million in CRE equity (20%), and $1.5 billion in securities (32%)[7, 9] - Unencumbered assets totaled $3.7 billion, representing 83% of total assets, with 85% comprised of cash, first mortgage loans, and investment grade securities[7, 9, 34] Loan Portfolio - New loan originations amounted to $329 million, leading to a $138 million growth in the loan portfolio[7] - The weighted average spread on new balance sheet loans was 394 basis points[7] - The loan portfolio totaled $1.7 billion with a weighted average loan-to-value (LTV) of 67%[7, 15] Capital Structure - 72% of total debt was comprised of unsecured corporate bonds[9, 33] - The adjusted leverage ratio was 1.4x, or 1.2x net of cash[7, 9, 33] - 98% of debt is non-mark-to-market[7, 9, 33]