Ladder Capital Corp
For the period ended Sep 30, 2024. Filed Oct 28, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 28, 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 Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $76,116 | $81,477 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| (Gain) loss on extinguishment of debt | (197) | (10,600) |
| Depreciation and amortization | 24,861 | 22,144 |
| Non-cash operating lease expense | 2 | 1,457 |
| Unrealized (gain) loss on derivative instruments | 1,552 | 175 |
| Provision for (release of) loan loss reserves, net | 13,886 | 19,090 |
| Amortization of equity based compensation | 16,592 | 15,375 |
| Amortization of deferred financing costs included in interest expense | 8,203 | 9,662 |
| Amortization of premium/discount on mortgage loan financing included in interest expense | (558) | (452) |
| Amortization of above- and below-market lease intangibles | (1,287) | (1,360) |
| (Accretion)/amortization of discount, premium and other fees on loans | (10,935) | (14,971) |
| (Accretion)/amortization of discount and premium on securities | (724) | (796) |
| Net result from mortgage loan receivables held for sale | (638) | 1,119 |
| Realized (gain) loss on securities | (75) | 276 |
| (Gain) loss on real estate, net | (12,858) | (8,808) |
| Realized (gain) loss on sale of derivative instruments | (290) | 269 |
| (Earnings) loss from investments in unconsolidated ventures in excess of distributions received | 11 | (813) |
| Change in deferred tax asset (liability) | 565 | 2,929 |
| Changes in operating assets and liabilities: | ||
| Accrued interest receivable | 7,530 | 1,883 |
| Other assets | 2,926 | 6,941 |
| Accrued expenses and other liabilities | 69,360 | (2,792) |
| Net cash provided by (used in) operating activities | 194,042 | 122,205 |
| Cash flows from investing activities: | ||
| Origination and funding of mortgage loan receivables held for investment | (71,810) | (61,412) |
| Repayment of mortgage loan receivables held for investment | 1,122,690 | 531,797 |
| Purchases of securities | (583,018) | (76,557) |
| Repayment of securities | 208,414 | 172,992 |
| Basis recovery of interest-only securities | 2,589 | 3,066 |
| Proceeds from sales of securities | 10,581 | 17,838 |
| Capital improvements of real estate | (4,846) | (2,640) |
| Proceeds from sale of real estate | 57,645 | 13,391 |
| Capital contributions and advances to investment in unconsolidated joint ventures | (13,125) | — |
| Proceeds from FHLB stock | 5,175 | 4,410 |
| Purchase of derivative instruments | (1,164) | (223) |
| Sale of derivative instruments | 539 | — |
| Net cash provided by (used in) investing activities | 733,670 | 602,662 |
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from financing activities: | ||
| Deferred financing costs paid | (9,567) | (2,384) |
| Proceeds from borrowings under debt obligations | 654,705 | 744,339 |
| Repayment and repurchase of borrowings under debt obligations | (849,600) | (1,159,993) |
| Cash dividends paid to Class A common shareholders | (88,813) | (87,732) |
| Capital distributed to noncontrolling interests in consolidated ventures | (223) | (526) |
| Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock | (8,894) | (7,862) |
| Purchase of treasury stock | (2,049) | (2,481) |
| Net cash provided by (used in) financing activities | (304,441) | (516,639) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 623,271 | 208,228 |
| Cash, cash equivalents and restricted cash at beginning of period | 1,075,942 | 659,602 |
| Cash, cash equivalents and restricted cash at end of period | $1,699,213 | $867,830 |
| Non-cash investing and financing activities: | ||
| Repayment in transit of mortgage loans receivable held for investment (other assets) | (27,519) | 47,070 |
| Non-cash disposition of loans via foreclosure | (55,946) | (30,497) |
| Real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment, net | 48,796 | 30,400 |
| Net settlement of sale of real estate, subject to debt - real estate | — | (31,292) |
| Net settlement of sale of real estate, subject to debt - debt obligations | — | 31,292 |
| Transfer of real estate, net into real estate held for sale | 18,078 | — |
| Dividends declared, not paid | 31,673 | 31,788 |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows ($ in thousands):
| September 30, 2024 | September 30, 2023 | |
|---|---|---|
| Cash and cash equivalents | $1,607,204 | $798,391 |
| Restricted cash | 12,301 | 59,523 |
| Short-term unsettled U.S. Treasury securities classified in other assets on the consolidated balance sheet | 79,708 | 9,916 |
| Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $1,699,213 | $867,830 |
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