Ladder Capital Corp announced GAAP income before taxes of $28.5 million for the third quarter of 2024, with diluted earnings per share (EPS) of $0.22. Distributable earnings reached $37.7 million, translating to $0.30 of distributable EPS, demonstrating solid financial performance.
The company reported substantial liquidity, totaling over $1.9 billion as of September 30, 2024, which included $1.6 billion in unrestricted cash and cash equivalents, alongside a $324 million undrawn revolving credit facility. This robust financial position is further bolstered by the recent closing of a $500 million unsecured corporate bond offering, enhancing capital for new investments.
CEO Brian Harris stated that with stabilizing real estate markets and significant liquidity, Ladder is actively pursuing new origination opportunities and is 'excited to return to offense.' The company declared a cash dividend of $0.23 per share for Q3 2024, which represents 1.3x dividend coverage based on distributable EPS, indicating a well-supported payout.
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