Ladder Capital Corp
For the period ended Dec 31, 2023. Filed Feb 12, 2024.
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FY2023 · Filed Feb 12, 2024
LADR$8.84-1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
(Dollars in Thousands, Except Per Share Data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net interest income | |||
| Interest income | $407,284 | $293,520 | 176,099 |
| Interest expense | 245,097 | 195,602 | 182,949 |
| Net interest income (expense) | 162,187 | 97,918 | (6,850) |
| Provision for (release of) loan loss reserves, net | 25,096 | 3,711 | (8,713) |
| Net interest income (expense) after provision for (release of) loan loss reserves | 137,091 | 94,207 | 1,863 |
| Other income (loss) | |||
| Real estate operating income | 96,950 | 108,269 | 101,564 |
| Net result from mortgage loan receivables held for sale | (523) | (2,511) | 8,398 |
| Realized gain (loss) on securities | (276) | (73) | 1,594 |
| Unrealized gain (loss) on securities | 29 | (86) | (91) |
| Realized gain (loss) on sale of real estate, net | 8,808 | 115,998 | 55,766 |
| Fee and other income | 9,178 | 15,020 | 11,190 |
| Net result from derivative transactions | 1,481 | 12,360 | 1,749 |
| Earnings from investment in unconsolidated ventures | 758 | 1,410 | 1,579 |
| Gain on extinguishment of debt | 10,718 | 685 | — |
| Total other income (loss) | 127,123 | 251,072 | 181,749 |
| Costs and expenses | |||
| Compensation and employee benefits | 63,618 | 75,836 | 38,347 |
| Operating expenses | 19,503 | 20,716 | 17,672 |
| Real estate operating expenses | 37,587 | 38,605 | 26,161 |
| Investment related expenses | 8,847 | 7,235 | 5,810 |
| Depreciation and amortization | 29,914 | 32,673 | 37,801 |
| Total costs and expenses | 159,469 | 175,065 | 125,791 |
| Income (loss) before taxes | 104,745 | 170,214 | 57,821 |
| Income tax expense (benefit) | 4,244 | 4,909 | 928 |
| Net income (loss) | 100,501 | 165,305 | 56,893 |
| Net (income) loss attributable to noncontrolling interests in consolidated ventures | 624 | (23,088) | (371) |
| Net income (loss) attributable to Class A common shareholders | $101,125 | $142,217 | $56,522 |
| Earnings per share: | |||
| Basic | $0.81 | $1.14 | $0.46 |
| Diluted | $0.81 | $1.13 | $0.45 |
| Weighted average shares outstanding: | |||
| Basic | 124,667,877 | 124,301,421 | 123,763,843 |
| Diluted | 124,882,398 | 125,823,671 | 124,563,051 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.