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Ladder Capital Corp Class A (LADR-0.34%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, detailing a net income of $107.4 million, compared to $100.5 million in the previous year. The increase is attributed to gains on real estate sales and reduced interest expenses.
Interest income decreased to $358.6 million from $407.3 million, primarily due to net payoffs within the loan portfolio. Interest expense also decreased to $221.5 million from $245.1 million due to lower outstanding balances on financing facilities.
The company reported a provision for loan losses of $13.9 million, down from $25.1 million in the previous year, reflecting continued uncertainty in macroeconomic conditions affecting commercial real estate.
Real estate operating income increased slightly to $98.7 million from $96.9 million, driven by income from properties acquired via foreclosure.
Ladder Capital's total assets as of December 31, 2024, were $4.8 billion, down from $5.5 billion at the end of the previous year, primarily due to a decrease in mortgage loan receivables.
The company held $1.3 billion in cash and cash equivalents at year-end, up from $1.0 billion the previous year, reflecting net cash provided by investing activities.
Ladder Capital's liabilities decreased to $3.3 billion from $4.0 billion, with total equity remaining relatively stable at $1.5 billion.
The filing also discusses the company's financing strategies, including the use of unsecured corporate bonds, revolving credit facilities, and collateralized loan obligations.
Ladder Capital continues to focus on its core business activities, including originating senior first mortgage loans, owning and operating commercial real estate, and investing in real estate securities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ladder Capital Corp Class A annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.