More annual reports from Ladder Capital Corp:
2024 ReportPeers and competitors of Ladder Capital Corp:
Encore Capital Group, Inc.ANNUAL REPORT 2024
Board of Directors
Alan Fishman
Non-Executive Chairperson
Brian Harris
Director
Chief Executive Officer
Pamela McCormack
Director
President
Mark Alexander
Director
Head of Technology and Operations, Rockefeller
Capital Management
Douglas Durst
Director
Chairperson, Durst Organization
Jeffrey Steiner
Director
Partner, McDermott Will & Emery LLP
David Weiner
Director
Senior Vice President, Stifel
Executive Officers
Brian Harris
Chief Executive Officer
Pamela McCormack
President
Paul Miceli
Chief Financial Officer
Robert Perelman
Head of Asset Management
Kelly Porcella
Chief Administrative Officer & General Counsel
Corporate Information
Corporate Headquarters
320 Park Avenue, 15th Floor
New York, NY 10022
Independent Auditor
Ernst & Young LLP
Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
Investor Relations
investor.relations@laddercapital.com
(917) 369-3207
Stock Listing
Symbol: LADR
New York Stock Exchange
Transfer Agent and Registrar
Equiniti Trust Company, LLC
55 Challenger Road, Floor 2
Ridgefield Park, NJ 07660
(800) 937-5449 (US & CA) / (718) 921-8124 (Int’l)
https://equiniti.com/us/ast-access
Annual Report on Form 10-K
Ladder Capital Corp’s Annual Report on Form 10-K
for the year ended December 31, 2024 is included in
this Annual Report. The exhibits accompanying the
report are filed with the Securities and Exchange
Commission and can be accessed on www.sec.gov or
through the “Investor Relations” section of our
website at www.laddercapital.com. We will provide
these items to stockholders upon request. The
information contained on our website is not
incorporated by reference into this Annual Report.
Certifications
Ladder Capital Corp has filed with the Securities and
Exchange Commission as exhibits to its Form 10-K
for the fiscal year ended December 31, 2024 the
certifications required pursuant to Section 302 of the
Sarbanes-Oxley Act of its Chief Executive Officer and
Chief Financial Officer relating to the quality of our
public disclosure.
Forward-Looking Statements
In accordance with the Private Securities Litigation
Reform Act of 1995, Ladder Capital Corp notes that
this
Annual
Report
contains
forward-looking
statements that involve risks and uncertainties,
including those related to Ladder Capital Corp’s future
success and growth. Actual results may differ
materially due to risks and uncertainties as described
in Ladder Capital Corp’s fillings with the Securities
and Exchange Commission. Ladder Capital Corp does
not intend to update these forward-looking statements.
Annual Meeting of Stockholders
Stockholders of Ladder Capital Corp are cordially
invited to attend the 2025 Annual Meeting of
Stockholders on June 5, 2025 via live webcast at
www.virtualshareholdermeeting.com/LADR2025.
Dear Fellow Stockholders,
I am pleased to share Ladder Capital Corp’s (“Ladder,” “us,” “our,” or the “Company”) key achievements in 2024 —
a transformative year in which our conservative, durable business model reinforced our position as a leading middle-
market-focused commercial real estate finance REIT. Overall in 2024, we took proactive steps to enhance our capital
structure and advance toward our investment grade goal.
Despite a challenging macroeconomic environment, our disciplined business model continued to generate strong
earnings, driven by steady net interest income on our credit investments and consistent net operating income on our
real estate investments. For the year ended December 31, 2024, Ladder generated $153.9 million of distributable
earnings,0F1 or $1.21 of distributable EPS,1 representing a 9.9% after-tax distributable return on equity.1
As of December 31, 2024, we had $4.8 billion in total assets and $1.5 billion of total book equity. In 2024, our
underwriting expertise and conservative investment approach enabled us to maintain a steady book value, setting us
apart in the commercial mortgage REIT space. Book value per share at December 31, 2024 was $12.08 per share
on a GAAP basis and $13.88 per share on an undepreciated basis1 – relatively unchanged versus the prior year. As
of December 31, 2024, our assets included $1.6 billion of loans, $904 million of real estate investments
(undepreciated asset value), $1.1 billion of securities and $1.3 billion in cash and cash equivalents. For the full
year 2024, Ladder received $1.7 billion in proceeds from loan payoffs across 61 loan positions, representing the
highest annual payoffs in our history and underscoring the strong credit performance of our middle market lending
strategy.
Unsecured bonds and non-recourse, non-mark-to-market funding sources continue to be cornerstones of our
capital structure as we pursue investment grade credit ratings. In conjunction with a $500 million unsecured bond
issuance completed in July of 2024, Ladder received a “Positive Outlook” from both Moody’s and Fitch, who
rate Ladder just one notch below investment grade, while S&P upgraded our credit rating by one notch 2 In
late 2024/early 2025, we Hxtended and upsized our unsecured corporate revolving credit facility from $324 million
to $850 million, and secured an accordion feature allowing us to further upsize the facility to $1.25 billion, all
at a reduced cost versus our prior facility. These achievements marked significant milestones in Ladder’s strategy
of transitioning to primarily unsecured debt financing and position us well on our path to an investment grade
credit rating, which we believe could unlock broader growth opportunities and enhance our access to the
capital markets.
On the investment side in 2024, we rotated capital into AAA-rated securities, more than doubling our
holdings, and we geared up for new lending opportunities by the fourth quarter after the Federal Reserve began
to reduce interest rates and the volume of commercial real estate transactions started to increase.
We now enter 2025 in a position of strength with a strong balance sheet, robust liquidity position, and growing
origination pipeline. We are well-prepared to deploy our capital into new investment opportunities while maintaining
our disciplined approach to risk and growth.
1 Represents non-GAAP financial measures. Additional information regarding these measures can be found in the
Company’s Fourth Quarter 2024 Earnings Supplement, available at ir.laddercapital.com.
2 These ratings are not a recommendation to buy, sell or hold any security of the Company or its subsidiaries. The
ratings may be subject to revision or withdrawal at any time by the relevant rating agency. No report of any rating
agency is incorporated by reference herein.
As effectively Ladder’s largest stockholder, our management team and Board of Directors are excited about the
opportunities ahead and remain focused on delivering attractive risk-adjusted returns. We once again thank you for
your continued confidence and support.
Sincerely,
Brian Harris
Chief Executive Officer
Ladder Capital Corp
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