2024-04-25 15:54:09 ET
Ladder Capital Corp (LADR)
Q1 2024 Earnings Conference Call
April 25, 2024 10:00 AM ET
Company Participants
Pamela McCormack - President
Paul Miceli - Chief Financial Officer
Brian Harris - Chief Executive Officer
Adam Siper - Head of Origination
Craig Robertson - Head of Underwriting and Loan Portfolio Manager
Conference Call Participants
Sarah Barcomb - BTIG
Stephen Laws - Raymond James
Jade Rahmani - Keefe, Bruyette & Woods
Steven DeLaney - Citizens JMP
Matthew Howlett - B. Riley Securities, Inc.
Presentation
Operator
Good morning, and welcome to Ladder Capital Corp's Earnings Call for the First Quarter of 2024. As a reminder, today's call is being recorded. This morning, Ladder released its financial results for the quarter ended March 31, 2024.
Before the call begins, I'd like to call your attention to the customary Safe Harbor disclosure in our earnings release regarding forward-looking statements. Today's call may include forward-looking statements and projections, and we refer you to our most recent Form 10-K for important factors that could cause actual results to differ materially from these statements and projections. We do not undertake any obligation to update our forward-looking statements or projections unless required by law.
In addition, Ladder will discuss certain non-GAAP financial measures on this call, which management believes are relevant to assessing the Company's financial performance. The Company's presentation of this information is not intended to be considered in isolation, or as a substitute for the financial information presented in accordance with GAAP. These measures are reconciled to GAAP figures in our earnings supplemental presentation, which is available in the Investor Relations section of our website. We also refer you to our Form 10-K and earnings supplement presentation for definitions of certain metrics, which we may cite on today's call.
At this time, I'd like to turn the call over to Ladder's President, Pamela McCormack.
Pamela McCormack
Good morning. We are pleased to provide an overview of Ladder's performance for the first quarter of 2024. Ladder generated distributable earnings of $42.3 million, or $0.33 per share, resulting in a 10.8% return on equity. As of March 31, $1.2 billion or 23% of our $5.3 billion balance sheet was comprised of cash and cash equivalents....
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Ladder Capital Corp (LADR) Q1 2024 Earnings Call Transcript