The following is a summary of the Ladder Capital Corp (LADR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ladder Capital reported Q1 distributable earnings of $42.3 million, or $0.33 per share, resulting in a 10.8% return on equity.

• The company reduced leverage to 1.5x from 1.8x in the previous year.

• The firm's balance sheet was 23% cash and cash equivalents, increasing liquidity over $1.5 billion.

• Ladder's $2.8 billion balance sheet loan portfolio saw a weighted average yield of 9.42%.

• Stable net operating income was contributed by the firm's $963 million real estate portfolio and $467 million securities portfolio.

Business Progress:

• The company received $400 million of payoffs in its loan and security portfolio, increasing liquidity.

• There's a shift of focus on new loans under application for future opportunities.

• Ladder successfully concluded foreclosure proceedings on a newly renovated Class A multifamily portfolio in Los Angeles.

• Company indicates starting to see attractive equity opportunities, particularly around properties being sold at fractions of their original price.

• The firm expects opportunities for purchasing buildings or office spaces to emerge more prominently by the end of 2024.

• Ladder Capital Corp believes the worst for the commercial real estate sector has passed and expects market conditions to improve.

• They are holding onto cash, aiming to invest in long-term, sustainable options.

• There is anticipation of adding more to their Current Expected Credit Loss (CECL) reserves.

• The company is preparing for a real estate cycle characterized by low interest rates, high leverage, and significant market implications.

More details: Ladder Capital IR

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