Ladder Capital Corp
For the period ended Dec 31, 2023. Filed Feb 12, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
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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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $100,501 | $165,305 | $56,893 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| (Gain) loss on extinguishment of debt | (10,718) | (685) | — |
| Depreciation and amortization | 29,914 | 32,673 | 37,801 |
| Non-cash operating lease expense | 1,522 | — | — |
| Unrealized (gain) loss on derivative instruments | 390 | (645) | (42) |
| Unrealized (gain) loss on equity securities | (25) | 41 | — |
| Unrealized (gain) loss on Agency interest-only securities | (4) | 45 | 91 |
| Provision for (release of) loan loss reserves | 25,096 | 3,711 | (8,713) |
| Amortization of equity based compensation | 18,577 | 31,584 | 15,300 |
| Amortization of deferred financing costs included in interest expense | 12,428 | 15,565 | 21,530 |
| Amortization of premium/discount on mortgage loan financing included in interest expense | (604) | (731) | (1,226) |
| Amortization of above- and below-market lease intangibles | (1,797) | (1,763) | (1,888) |
| (Accretion)/amortization of discount, premium and other fees on loans | (19,046) | (20,759) | (13,832) |
| (Accretion)/amortization of discount and premium on securities | (1,352) | (827) | 236 |
| Net result from mortgage loan receivables held for sale | 523 | 2,511 | (8,398) |
| Realized (gain) loss on disposition of loan via foreclosure | — | — | 26 |
| Realized (gain) loss on securities | 276 | 73 | (1,594) |
| Realized (gain) loss on sale of real estate, net | (8,808) | (115,998) | (55,766) |
| Realized (gain) loss on sale of derivative instruments | 291 | (64) | — |
| (Earnings) loss from investments in unconsolidated ventures in excess of distributions received | (658) | (785) | (1,462) |
| Insurance proceeds for remediation work due to property damage | 473 | — | 2,092 |
| Insurance proceeds used for remediation work due to property damage | (462) | (27) | (1,888) |
| Origination of mortgage loan receivables held for sale | — | (61,318) | (220,359) |
| Repayment of mortgage loan receivables held for sale | — | 68 | 183 |
| Proceeds from sales of mortgage loan receivables held for sale | — | 29,151 | 259,092 |
| Change in deferred tax asset (liability) | 1,182 | (505) | 271 |
| Changes in operating assets and liabilities: | |||
| Accrued interest receivable | 706 | (11,294) | 649 |
| Other assets | 7,552 | 4,425 | 5,758 |
| Accrued expenses and other liabilities | 24,647 | 36,959 | (5,015) |
| Net cash provided by (used in) operating activities | 180,604 | 106,710 | 79,739 |
| Cash flows from investing activities: | |||
| Origination and funding of mortgage loan receivables held for investment | (68,415) | (1,234,765) | (2,309,888) |
| Purchases of mortgage loan receivables held for investment | — | — | (63,600) |
| Repayment of mortgage loan receivables held for investment | 738,464 | 909,766 | 1,103,614 |
| Proceeds from sale of mortgage loan receivables held for investment | — | — | 46,557 |
| Purchases of securities | (143,953) | (96,173) | (247,022) |
| Repayment of securities | 232,124 | 184,838 | 164,494 |
| Basis recovery of interest-only securities | 4,116 | 4,960 | 6,589 |
| Proceeds from sales of securities | 17,838 | 5,780 | 438,594 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Purchases of real estate | — | — | (20,452) |
| Capital improvements of real estate | (4,374) | (6,949) | (4,873) |
| Proceeds from sale of real estate | 13,391 | 310,527 | 190,870 |
| Capital distribution from investment in unconsolidated ventures | — | 2,284 | 24,561 |
| Proceeds from FHLB stock | 4,410 | 2,250 | 19,165 |
| Purchase of derivative instruments | (223) | (1,097) | (69) |
| Sale of derivative instruments | 125 | 169 | — |
| Net cash provided by (used in) investing activities | 793,503 | 81,590 | (651,460) |
| Cash flows from financing activities: | |||
| Deferred financing costs paid | (3,378) | (8,311) | (3,221) |
| Proceeds from borrowings under debt obligations | 921,008 | 2,426,666 | 4,519,064 |
| Repayment and repurchase of borrowings under debt obligations | (1,348,093) | (2,412,961) | (4,493,566) |
| Cash dividends paid to Class A common shareholders | (116,419) | (107,011) | (100,553) |
| Capital contributed by noncontrolling interests in consolidated ventures | — | 186 | 1,506 |
| Capital distributed to noncontrolling interests in consolidated ventures | (541) | (29,541) | (783) |
| Re-issuance of treasury stock | — | — | (1) |
| Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock | (7,862) | (11,356) | (4,457) |
| Purchase of treasury stock | (2,481) | (7,916) | (9,007) |
| Issuance of common stock | — | — | 1 |
| Net cash provided by (used in) financing activities | (557,766) | (150,244) | (91,017) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 416,341 | 38,056 | (662,738) |
| Cash, cash equivalents and restricted cash at beginning of period | 659,602 | 621,546 | 1,284,284 |
| Cash, cash equivalents and restricted cash at end of period | $1,075,943 | $659,602 | $621,546 |
| Supplemental information: | |||
| Cash paid for interest, net of amounts capitalized | $233,637 | $177,977 | $173,128 |
| Cash paid (received) for income taxes | (2,402) | (1,169) | (2,527) |
| Non-cash investing and financing activities: | |||
| Securities and derivatives purchased, not settled | — | 2,953 | 18 |
| Securities and derivatives sold, not settled | — | 10 | 10 |
| Repayment in transit of mortgage loans receivable held for investment (other assets) | 7,867 | 18,928 | 26,636 |
| Settlement of mortgage loan receivable held for investment by real estate, net | (91,408) | — | (81,129) |
| Real estate acquired in settlement of mortgage loan receivable held for investment, net | 87,526 | 9,386 | 81,750 |
| Net settlement of sale of real estate, subject to debt - real estate | (31,292) | — | (29,827) |
| Net settlement of sale of real estate, subject to debt - debt obligations | 31,292 | — | 29,827 |
| Real estate acquired in former unconsolidated venture agreement | — | 15,436 | — |
| Transfer of real estate, net into real estate held for sale | — | — | 25,179 |
| Dividends declared, not paid | 32,294 | 32,000 | 27,591 |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows ($ in thousands):
| December 31, 2023 | December 31, 2022 | December 31, 2021 | |
|---|---|---|---|
| Cash and cash equivalents | $1,015,678 | $609,078 | $548,744 |
| Restricted cash | 15,450 | 50,524 | 72,802 |
| Short-term unsettled U.S. Treasury securities classified in other assets on the consolidated balance sheet | 44,815 | — | — |
| Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $1,075,943 | $659,602 | $621,546 |
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