Ladder Capital Corp ("Ladder" or the "Company") (NYSE: LADR) today announced the declaration by its Board of Directors of a second quarter 2020 dividend of $0.20 per share of Class A common stock. The cash dividend is payable on July 1, 2020 to stockholders of record as of the close of business on June 10, 2020.
Commenting on the dividend, Brian Harris, Chief Executive Officer of Ladder, said: "When setting the dividend, Ladder’s Board of Directors considers multiple factors, including the near and intermediate-term earnings that our investments are expected to produce, our funding costs and the appropriate level of leverage in these uncertain times. Since 2015, we have followed a policy characterized by the payment of sustainable dividends supported by normalized earnings expectations, with a focus on capital preservation and access to liquidity. We believe the second quarter dividend set by the Board of Directors is consistent with that approach."
Mr. Harris continued: "While today’s unique circumstances make it difficult to project the future with certainty, we are confident that Ladder’s historically conservative approach and the results of our recent proactive measures, resulting in over $860 million of cash on hand today, leave the Company well-positioned to manage the impacts of COVID-19 and take advantage of compelling opportunities that may arise in our sector from the current market disruption."
Ladder Capital Corp is an internally-managed commercial real estate investment trust with over $6 billion of assets. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns. As one of the nation’s leading commercial real estate capital providers, we specialize in underwriting commercial real estate and offering flexible capital solutions within a sophisticated platform.
Ladder originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Our investment activities include: (i) our primary business of originating senior first mortgage fixed and floating rate loans collateralized by commercial real estate with flexible loan structures; (ii) investing in investment grade securities secured by first mortgage loans on commercial real estate; and (iii) owning and operating commercial real estate, including net leased commercial properties.
Founded in 2008, and led by Brian Harris, the Company’s Chief Executive Officer, 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. Members of Ladder’s management and Board of Directors are highly aligned with the Company’s investors, owning over 10% of the Company’s equity.
This press release contains "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 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, including the impact of the COVID-19 pandemic on the Company’s business, liquidity and market opportunities. 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 under the heading "Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the period ended March 31, 2020, as well as its consolidated financial statements, related notes, and other financial information appearing in such reports, and its other filings with the SEC. 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.
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Ladder Capital Corp Investor Relations