NEW YORK--(BUSINESS WIRE)--
Ladder Capital Corp (“Ladder” or the “Company”) (LADR) today announced that it has completed the payment of its previously announced fourth quarter 2018 dividend of $0.57 per share of Class A common stock. The dividend was paid in a combination of cash and stock on January 24, 2019 to stockholders of record as of the close of business on December 10, 2018.
In payment of the dividend, Ladder issued 1,433,647 shares of its Class A common stock, par value $0.01 per share, and paid approximately $35.3 million in cash to its Class A shareholders. The number of shares issued was determined based on the volume weighted average price of the Company’s common stock for the three trading days commencing on January 11, 2019, or $16.674243 per share.
Class A shareholders electing cash will receive $0.422942 in cash plus 0.008819 shares of the Company’s Class A common stock, per share of Class A common stock held on the record date, which together represents $0.57 per share of Class A common stock. Class A shareholders electing stock or not making an election will receive 0.034184 shares of the Company’s Class A common stock, per share of Class A common stock held on the record date, which represents $0.57 per share of Class A common stock. Stockholders will also receive cash in lieu of fractional shares.
In total, in connection with the dividend, Ladder issued 1,433,647 shares of Class A common stock and 180,925 shares of Class B common stock. Each of Series REIT and Series TRS of Ladder Capital Finance Holdings LLLP, Ladder’s consolidated subsidiary, issued 1,614,572 Series LP units corresponding to these Class A and Class B shares.
Ladder is an internally-managed real estate investment trust that is a leader in commercial real estate finance. Ladder originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Ladder’s investment activities include: (i) direct origination of commercial real estate first mortgage loans; (ii) investments in investment grade securities secured by first mortgage loans on commercial real estate; and (iii) investments in net leased and other commercial real estate equity. Founded in 2008, Ladder is run by a highly experienced management team with extensive expertise in all aspects of the commercial real estate industry, including origination, credit, underwriting, structuring, capital markets and asset management. Led by Brian Harris, the Company’s Chief Executive Officer, Ladder is headquartered in New York City with regional offices in California and Florida.
Certain statements in this release may constitute “forward-looking” statements. These statements are based on management’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Ladder believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are a number of risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, as well as its consolidated financial statements, related notes, and other financial information appearing therein, and its other filings with the U.S. Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this release. Ladder expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or changes in events, conditions, or circumstances on which any such statement is based.